Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Oct. 01, 2022 | Nov. 07, 2022 | Apr. 01, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Oct. 01, 2022 | ||
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 Road | ||
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 | ||
Title of 12(g) Security | None | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,679,000,000 | ||
Entity Central Index Key | 0000067887 | ||
Current Fiscal Year End Date | --10-01 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class A Common Stock | |||
Document 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 | 28,711,352 | ||
Class B Common Stock | |||
Document 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 | 3,018,196 |
Audit Information
Audit Information | 12 Months Ended |
Oct. 01, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Buffalo, NY |
Auditor Firm ID | 42 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Income Statement [Abstract] | |||
Net sales | $ 3,035,783 | $ 2,851,993 | $ 2,884,554 |
Cost of sales | 2,211,384 | 2,076,270 | 2,118,150 |
Inventory write-down | 3,598 | 0 | 22,708 |
Gross profit | 820,801 | 775,723 | 743,696 |
Research and development | 109,527 | 125,528 | 110,865 |
Selling, general and administrative | 448,531 | 412,028 | 397,947 |
Interest | 36,757 | 33,892 | 38,897 |
Asset impairment | 18,053 | 1,500 | 37,839 |
Restructuring | 9,509 | 0 | 10,700 |
Loss on sale of businesses | 3,346 | 1,536 | 0 |
Gain on sale of building | 9,075 | 0 | 0 |
Pension settlement | 0 | 0 | 121,324 |
Other | 1,174 | (2,535) | 20,707 |
Earnings before income taxes | 202,979 | 203,774 | 5,417 |
Income taxes (benefit) | 47,802 | 46,554 | (3,788) |
Net earnings | $ 155,177 | $ 157,220 | $ 9,205 |
Net earnings per share | |||
Basic | $ 4.85 | $ 4.90 | $ 0.28 |
Diluted | $ 4.83 | $ 4.87 | $ 0.28 |
Average common shares outstanding | |||
Basic | 31,977,482 | 32,112,589 | 33,257,684 |
Diluted | 32,117,028 | 32,297,956 | 33,437,801 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 155,177 | $ 157,220 | $ 9,205 |
Other comprehensive income (loss) ("OCI"), net of tax: | |||
Foreign currency translation adjustment | (89,035) | 10,005 | 26,405 |
Retirement liability adjustment | 27,979 | 30,443 | 102,081 |
Change in accumulated loss (income) on derivatives | (2,426) | (2,555) | 1,538 |
Other comprehensive income (loss), net of tax | (63,482) | 37,893 | 130,024 |
Comprehensive income | $ 91,695 | $ 195,113 | $ 139,229 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Current assets | ||
Cash and cash equivalents | $ 103,895 | $ 99,599 |
Restricted cash | 15,338 | 1,315 |
Receivables, net | 990,262 | 945,929 |
Inventories, net | 588,466 | 613,095 |
Prepaid expenses and other current assets | 60,349 | 58,842 |
Total current assets | 1,758,310 | 1,718,780 |
Property, plant and equipment, net | 668,908 | 645,778 |
Operating lease right-of-use assets | 69,072 | 60,355 |
Goodwill | 805,320 | 851,605 |
Intangible assets, net | 85,410 | 106,095 |
Deferred income taxes | 8,630 | 17,769 |
Other assets | 36,191 | 32,787 |
Total assets | 3,431,841 | 3,433,169 |
Current liabilities | ||
Current installments of long-term debt | 916 | 80,365 |
Accounts payable | 232,104 | 200,602 |
Accrued compensation | 93,141 | 112,703 |
Contract advances | 296,899 | 263,686 |
Accrued liabilities and other | 215,376 | 212,005 |
Total current liabilities | 838,436 | 869,361 |
Long-term debt, excluding current installments | 836,872 | 823,355 |
Long-term pension and retirement obligations | 140,602 | 162,728 |
Deferred income taxes | 63,527 | 64,642 |
Other long-term liabilities | 115,591 | 112,939 |
Total liabilities | 1,995,028 | 2,033,025 |
Shareholders’ equity | ||
Additional paid-in capital | 516,123 | 509,622 |
Retained earnings | 2,360,055 | 2,237,848 |
Treasury shares | (1,047,012) | (1,007,506) |
Accumulated other comprehensive loss | (311,042) | (247,560) |
Total shareholders’ equity | 1,436,813 | 1,400,144 |
Total liabilities and shareholders’ equity | 3,431,841 | 3,433,169 |
Class A Common Stock | ||
Shareholders’ equity | ||
Common stock | 43,807 | 43,803 |
Class B Common Stock | ||
Shareholders’ equity | ||
Common stock | 7,473 | 7,477 |
Stock Employee Compensation Trust (SECT) | ||
Shareholders’ equity | ||
Common stock issued to trust | (73,602) | (79,776) |
Total shareholders’ equity | (73,602) | (79,776) |
Supplemental Retirement Plan (SERP) Trust | ||
Shareholders’ equity | ||
Common stock issued to trust | (58,989) | (63,764) |
Total shareholders’ equity | $ (58,989) | $ (63,764) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 01, 2022 | Oct. 02, 2021 |
Common Stock, Par Value | $ 1 | $ 1 |
Class A Common Stock | ||
Common Stock, Shares, Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 43,806,835 | 43,803,236 |
Common Stock, Shares, Outstanding | 28,767,243 | 29,220,367 |
Class B Common Stock | ||
Common Stock, Shares, Authorized | 20,000,000 | 20,000,000 |
Common Stock, Shares, Issued | 7,472,878 | 7,476,477 |
Common Stock, Shares, Outstanding | 3,014,475 | 2,870,372 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares At Cost | Stock Employee Compensation Trust (SECT) | Supplemental Retirement Plan (SERP) Trust | Accumulated Other Comprehensive (Loss) Income | Class A Common Stock | Class A Common Stock Treasury Shares At Cost | Class A Common Stock Stock Employee Compensation Trust (SECT) | Class B Common Stock | Class B Common Stock Treasury Shares At Cost | Class B Common Stock Stock Employee Compensation Trust (SECT) | Class B Common Stock Supplemental Retirement Plan (SERP) Trust |
Beginning of year at Sep. 28, 2019 | $ 51,280 | $ 510,546 | $ 2,128,739 | $ (769,569) | $ (111,492) | $ (71,546) | $ (415,477) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of shares | 142 | 11,887 | |||||||||||||
Equity-based compensation expense | 5,661 | ||||||||||||||
Adjustment to market - SECT and SERP | (43,704) | ||||||||||||||
Net earnings | $ 9,205 | 9,205 | |||||||||||||
Dividends (1) | (25,210) | ||||||||||||||
Class A and B shares purchased | (233,101) | ||||||||||||||
Issuance of shares | 28,768 | ||||||||||||||
Purchase of shares - SECT | (6,774) | (6,774) | |||||||||||||
Adjustment to market | 25,256 | 18,448 | |||||||||||||
Other comprehensive income (loss) | 130,024 | 130,024 | |||||||||||||
End of year at Oct. 03, 2020 | $ 1,243,083 | 51,280 | 472,645 | 2,112,734 | (990,783) | (64,242) | (53,098) | (285,453) | |||||||
Beginning of year - Common stock at Sep. 28, 2019 | 43,794,935 | 7,484,778 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Conversion of Class B to Class A | 4,294 | (4,294) | |||||||||||||
End of year - Common stock at Oct. 03, 2020 | 43,799,229 | 7,480,484 | |||||||||||||
Beginning of year - Shares at Sep. 28, 2019 | (11,101,512) | (425,148) | (3,345,489) | (886,300) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Shares issued related to equity awards | 31,943 | 215,040 | |||||||||||||
Shares purchased | (2,890,429) | (214,428) | |||||||||||||
Shares issued | 408,641 | ||||||||||||||
Purchase of shares - SECT | (79,884) | ||||||||||||||
End of year - Shares at Oct. 03, 2020 | (13,959,998) | (425,148) | (3,344,877) | (557,543) | (826,170) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividends declared per share | $ 0.75 | ||||||||||||||
Issuance of shares | 7,478 | 14,139 | |||||||||||||
Equity-based compensation expense | 6,859 | ||||||||||||||
Adjustment to market - SECT and SERP | 22,640 | ||||||||||||||
Net earnings | $ 157,220 | 157,220 | |||||||||||||
Dividends (1) | (32,106) | ||||||||||||||
Class A and B shares purchased | (30,862) | ||||||||||||||
Issuance of shares | 679 | ||||||||||||||
Purchase of shares - SECT | (4,239) | (4,239) | |||||||||||||
Adjustment to market | (11,974) | (10,666) | |||||||||||||
Other comprehensive income (loss) | 37,893 | 37,893 | |||||||||||||
End of year at Oct. 02, 2021 | $ 1,400,144 | 51,280 | 509,622 | 2,237,848 | (1,007,506) | (79,776) | (63,764) | (247,560) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Conversion of Class B to Class A | 4,007 | (4,007) | |||||||||||||
End of year - Common stock at Oct. 02, 2021 | 43,803,236 | 7,476,477 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Shares issued related to equity awards | 39,227 | 346,585 | |||||||||||||
Shares purchased | (236,950) | (180,763) | |||||||||||||
Shares issued | 8,683 | ||||||||||||||
Purchase of shares - SECT | (52,020) | ||||||||||||||
End of year - Shares at Oct. 02, 2021 | (14,157,721) | (425,148) | (3,179,055) | (600,880) | (826,170) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividends declared per share | $ 1 | ||||||||||||||
Issuance of shares | 11,570 | 11,326 | |||||||||||||
Equity-based compensation expense | 7,460 | ||||||||||||||
Adjustment to market - SECT and SERP | (12,529) | ||||||||||||||
Net earnings | $ 155,177 | 155,177 | |||||||||||||
Dividends (1) | (32,970) | ||||||||||||||
Class A and B shares purchased | (50,832) | ||||||||||||||
Issuance of shares | 13,250 | ||||||||||||||
Purchase of shares - SECT | (14,830) | (14,830) | |||||||||||||
Adjustment to market | 7,754 | 4,775 | |||||||||||||
Other comprehensive income (loss) | (63,482) | (63,482) | |||||||||||||
End of year at Oct. 01, 2022 | $ 1,436,813 | $ 51,280 | $ 516,123 | $ 2,360,055 | $ (1,047,012) | $ (73,602) | $ (58,989) | $ (311,042) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Conversion of Class B to Class A | 3,599 | (3,599) | |||||||||||||
End of year - Common stock at Oct. 01, 2022 | 43,806,835 | 7,472,878 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Shares issued related to equity awards | 45,201 | 333,200 | |||||||||||||
Shares purchased | (501,924) | (174,436) | |||||||||||||
Shares issued | 165,592 | ||||||||||||||
Purchase of shares - SECT | (176,654) | ||||||||||||||
End of year - Shares at Oct. 01, 2022 | (14,614,444) | (425,148) | (3,020,291) | (611,942) | (826,170) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividends declared per share | $ 1.03 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net earnings | $ 155,177 | $ 157,220 | $ 9,205 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 75,238 | 76,671 | 74,243 |
Amortization | 13,151 | 13,488 | 12,729 |
Deferred income taxes | 11,739 | 8,162 | (40,845) |
Equity-based compensation expense | 8,882 | 7,461 | 5,661 |
Loss on sale of businesses | 3,346 | 1,536 | 0 |
Asset impairment and Inventory write-down | 21,651 | 1,500 | 60,547 |
Pension settlement | 0 | 0 | 121,324 |
Other | (2,257) | (791) | 9,636 |
Changes in assets and liabilities providing (using) cash: | |||
Receivables | (86,867) | (73,459) | 111,525 |
Inventories | (28,677) | 19,576 | (99,015) |
Accounts payable | 43,349 | 20,520 | (84,065) |
Contract advances | 42,097 | 59,298 | 65,680 |
Accrued expenses | (4,445) | 2,290 | (3,516) |
Accrued income taxes | 3,070 | 4,653 | (17,964) |
Net pension and post retirement liabilities | 18,093 | 12,503 | 33,305 |
Other assets and liabilities | (26,745) | (17,402) | 20,727 |
Net cash provided by operating activities | 246,802 | 293,226 | 279,177 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisitions of businesses, net of cash acquired | (11,832) | (77,600) | (54,265) |
Purchase of property, plant and equipment | (139,431) | (128,734) | (88,284) |
Net proceeds from businesses and buildings sold | 70,612 | 14,675 | 971 |
Other investing transactions | (2,668) | 502 | (4,615) |
Net cash used by investing activities | (83,319) | (191,157) | (146,193) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from revolving lines of credit | 840,475 | 799,950 | 1,151,550 |
Payments on revolving lines of credit | (827,801) | (838,936) | (1,187,159) |
Proceeds from long-term debt | 0 | 78,700 | 15,128 |
Payments on long-term debt | (80,364) | (68,080) | (74,470) |
Proceeds from senior notes, net of issuance costs | 0 | 0 | 491,769 |
Payments on senior notes | 0 | 0 | (300,000) |
Payments on finance lease obligations | (2,524) | (2,156) | (1,167) |
Payment of dividends | (32,970) | (32,106) | (25,210) |
Proceeds from sale of treasury stock | 18,414 | 10,866 | 7,014 |
Purchase of outstanding shares for treasury | (48,558) | (31,673) | (232,290) |
Proceeds from sale of stock held by SECT | 13,250 | 679 | 24,721 |
Purchase of stock held by SECT | (14,830) | (4,239) | (6,774) |
Other financing transactions | 0 | 0 | (5,878) |
Net cash used by financing activities | (134,908) | (86,995) | (142,766) |
Effect of exchange rate changes on cash | (10,256) | 768 | 2,306 |
Increase (decrease) in cash, cash equivalents and restricted cash | 18,319 | 15,842 | (7,476) |
Cash, cash equivalents and restricted cash at beginning of year | 100,914 | 85,072 | 92,548 |
Cash, cash equivalents and restricted cash at end of year | 119,233 | 100,914 | 85,072 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Interest paid | 34,765 | 35,220 | 38,420 |
Income taxes paid, net of refunds | 24,047 | 44,043 | 59,053 |
Treasury shares issued as compensation | 4,482 | 10,751 | 9,063 |
Equipment and property acquired through lease financing | $ 36,897 | $ 14,894 | $ 24,904 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Consolidation: The consolidated financial statements include the accounts of Moog Inc. and all of our U.S. and foreign subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Fiscal Year: Our fiscal year ends on the Saturday that is closest to September 30. The consolidated financial statements include 52 weeks for the year ended October 1, 2022, 52 weeks for the year ended October 2, 2021 and 53 weeks for the year ended October 3, 2020. Operating Cycle: Consistent with industry practice, aerospace and defense related inventories, unbilled recoverable costs and profits on over-time contract receivables, customer advances, warranties and contract reserves include amounts relating to contracts having long production and procurement cycles, portions of which are not expected to be realized or settled within one year. Foreign Currency Translation: Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated using rates of exchange as of the balance sheet date and the statements of earnings are translated at the average rates of exchange for each reporting period. Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Revenue Recognition: We recognize revenue from contracts with customers using an over-time, cost-to-cost method of accounting or at the point in time that control transfers to the customer. For additional discussion on revenue recognition, see Note 2 - Revenue from Contracts with Customers. Shipping and Handling Costs: Shipping and handling costs are included in cost of sales. Research and Development : Research and development costs are expensed as incurred and include salaries, benefits, consulting, material costs depreciation and amortization. Bid and Proposal Costs: Bid and proposal costs are expensed as incurred and classified as selling, general and administrative expenses. Equity-Based Compensation: Our equity-based compensation plans allow for various types of equity-based incentive awards. The types and mix of these incentive awards are evaluated on an on-going basis and may vary based on our overall strategy regarding compensation. Equity-based compensation expense is based on awards that are ultimately expected to vest over the requisite service periods and are based on the fair value of the award measured on the grant date. Vesting requirements vary for directors, officers and key employees. In general, awards granted to officers and key employees principally vest over three years, in equal annual installments for time-based awards and in three years cliff vest for performance-based awards. We have elected to account for forfeitures when the forfeiture of the underlying awards occur. Equity-based compensation expense is included in selling, general and administrative expenses. Cash and Cash Equivalents: All highly liquid investments with an original maturity of three months or less are considered cash equivalents. Restricted Cash: Restricted cash principally represents funds held for capital expenditures and to satisfy supplemental retirement obligations. Allowance for Credit Losses: The allowance for credit losses is based on our assessment of the collectibility of customer accounts. The allowance is determined by considering factors such as historical experience, credit quality, age of the accounts receivable, current economic conditions and reasonable forecasted financial information that may affect a customer’s ability to pay. Inventories: Inventories are stated at the lower of cost or net realizable value with cost determined primarily on the first-in, first-out (FIFO) method of valuation. Property, Plant and Equipment: Property, plant and equipment are stated at cost. Plant and equipment are depreciated principally using the straight-line method over the estimated useful lives of the assets, generally ranging from 15 to 40 years for buildings and improvements, 5 to 15 years for machinery and equipment and 3 to 10 years for computer equipment and software. Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful life of the asset, whichever is shorter. Goodwill: We test goodwill for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that indicate that the fair value of a reporting unit is likely to be below its carrying amount. We also test goodwill for impairment when there is a change in reporting units. We may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for all or selected reporting units. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a quantitative test. We may also elect to perform a quantitative test instead of a qualitative assessment for any or all of our reporting units. We performed a qualitative test for all reporting units in 2021 and 2020. Quantitative testing requires a comparison of the fair value of each reporting unit to its carrying value. We typically use the discounted cash flow method to estimate the fair value of our reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating margins and cash flows, the terminal growth rate and the weighted-average cost of capital. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and any loss must be measured. To determine the amount of the impairment loss, the implied fair value of goodwill is determined by assigning a fair value to all of the reporting unit's assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination at fair value. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss would be recognized in an amount equal to that excess. We performed a quantitative test for all reporting units in 2022. There were no goodwill impairment charges recorded in 2022, 2021 or 2020. Acquired Intangible Assets: Acquired identifiable intangible assets are recorded at cost and are amortized over their estimated useful lives. Impairment of Long-Lived Assets: Long-lived assets, including acquired identifiable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows. In 2022, we recorded impairment charges on long-lived assets in our Aircraft Controls and Industrial Systems segment. These charges relate to property, plant and equipment that experienced a significant decline in value due to the slower than expected recovery of our commercial aircraft business. In addition, we recorded impairment charges on intangible assets associated with a product line we are no longer pursuing. These charges are included in asset impairment in the Consolidated Statements of Earnings. In 2021, we recorded impairment charges on long-lived assets in our Space and Defense Controls segment. These charges relate to property, plant and equipment and intangibles assets that experienced a decline in value. These charges are included in asset impairment in the Consolidated Statements of Earnings. In 2020, we recorded impairment charges on long-lived assets primarily in our Aircraft Controls and Industrial Systems segments. These charges relate to property, plant and equipment, right-of-use-assets and intangible assets that experienced significant decline in value due to economic impacts of the COVID-19 pandemic. These charges are included in asset impairment in the Consolidated Statements of Earnings. See Note 4 - Receivables, Note 5 - Inventories, Note 6 - Property, Plant and Equipment, Note 7 - Leases, Note 8 - Goodwill and Intangible Assets and Note 12 - Fair Value for additional disclosures relating to impairment charges recorded. Product Warranties: In the ordinary course of business, we warrant our products against defect 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. Financial Instruments: Our financial instruments consist primarily of cash and cash equivalents, restricted cash, receivables, notes payable, accounts payable, long-term debt, interest rate swaps and foreign currency contracts. The carrying values for our financial instruments approximate fair value with the exception at times of long-term debt. We do not hold or issue financial instruments for trading purposes. We carry derivative instruments on the Consolidated Balance Sheets at fair value, determined by reference to quoted market prices. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. Our use of derivative instruments is generally limited to cash flow hedges of certain interest rate risks and minimizing foreign currency exposure on foreign currency transactions, which are typically designated in hedging relationships, and intercompany balances, which are not designated as hedging instruments. Cash flows resulting from forward contracts are accounted for as hedges of identifiable transactions or events and classified in the same category as the cash flows from the items being hedged. Reclassifications: Certain prior year amounts have been reclassified to conform to current year's presentation, which management does not consider to be material. Recent Accounting Pronouncements : Recent Accounting Pronouncements Adopted There have been no accounting pronouncements adopted for the year ended October 1, 2022. Recent Accounting Pronouncements Not Yet Adopted We consider the applicability and impact of all Accounting Standard Updates ("ASU"). ASUs not listed 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. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Oct. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from 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. Revenue is recognized either over time using the cost-to-cost method, or point in time method. 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 recognized at the point in time control is transferred to the customer 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. Revenue is recognized on contracts using the cost-to-cost met hod 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. In 2022, we recognized lower revenues of $3,518 for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods. In 2021, we recognized re venues of $11,167 for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods. In 2020, we recognized re venues of $15,785 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. As of October 1, 2022, revenue recognized on contracts for unresolved claims or unapproved contract change orders was not material. As of October 1, 2022, we had contract reserves of $46,547. 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. In accordance with ASC 606, we calculate contract losses at the contract level, versus the performance obligation level. Recall reserves are recorded when additional work is needed on completed products for them to meet contract 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. 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 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: October 1, October 2, Unbilled receivables $ 614,760 $ 546,764 Contract advances 296,899 263,686 Net contract assets $ 317,861 $ 283,078 The increase in contract assets reflects the net impact of additional unbilled revenues recorded in excess of revenue recognized during the period. The increase in contract liabilities reflects the net impact of additional deferred revenues recorded in excess of revenue recognized during the period. As of October 1, 2022, we recognized $180,789 of revenue that was included in the contract liability balance at the beginning of the period. Remaining Performance Obligations As of October 1, 2022, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) was $5,200,000. We expect to recognize approximately 44% of that amount as sales over the next twelve months and the balance thereafter. Disaggregation of Revenue See Note 21 - Segments, for disclosures related to disaggregation of revenue. |
Acquisitions, Divestitures and
Acquisitions, Divestitures and Equity Method Investments | 12 Months Ended |
Oct. 01, 2022 | |
Business Combinations [Abstract] | |
Acquisitions, Divestitures and Equity Method Investments | Acquisitions, Divestitures and Equity Method Investments Acquisitions On February 21, 2022, we acquired TEAM Accessories Limited ("TEAM") based in Dublin, Ireland for a purchase price, net of acquired cash, of $14,885, consisting of $11,832 in cash and contingent consideration with an initial fair value of $3,053. TEAM specializes in Maintenance, Repair and Overhaul ("MRO") of engine and airframe components. This operation is included in our Aircraft Controls segment. The purchase price allocation is subject to adjustments as we obtain additional information for our estimates during the measurement period. On December 18, 2020, we acquired Genesys Aerosystems Group, Inc. ("Genesys"), headquartered in Mineral Wells, Texas for a purchase price of $77,600, net of acquired cash. Genesys designs and manufactures a full suite of electronic flight instrument systems and autopilot solutions. This operation is included in our Aircraft Controls segment. Divestitures On September 30, 2022, we sold a sonar business based in the United Kingdom previously included in our Industrial Systems segment. We received net proceeds of $12,401 and recorded a loss of $15,379, net of transaction costs. The loss is subject to adjustments associated with amounts currently held in escrow. On September 20, 2022, we sold assets of a security business based in Northbrook, Illinois previously included in our Space and Defense Controls segment. We received net proceeds of $9,823 and recorded a loss of $4,112, net of transaction costs. The loss is subject to adjustments associated with amounts currently held in escrow. On December 3, 2021, we sold the assets of our Navigation Aids ("NAVAIDS") business based in Salt Lake City, Utah previously included in our Aircraft Controls segment. We received net proceeds of $35,550 and recorded a gain of $16,146, net of transaction costs. The gain is subject to adjustments associated with amounts currently held in escrow. In the fourth quarter of 2021, we sold a non-core business of our Industrial Systems segment. We received net proceeds of $11,285 and recorded a loss of $1,536. In the first quarter of 2021, we sold a non-core business in our Aircraft Controls segment for $2,081 in net consideration and recorded a loss of $683. Equity Method Investments On August 31, 2022, we contributed $1,024 to Suffolk Technologies Fund 1, L.P., a limited partnership that invests in startups to transform the construction, real estate and property maintenance industries in the U.S. As we are a limited partner in this investment, we are accounting for it using the equity method. We have a remaining on-call capital commitment of up to $6,976. This operation is included in our Industrial Systems segment. On June 3, 2022, we increased our investment in NOVI LLC ("NOVI") by $571 and now hold a 42.5% ownership interest. NOVI specializes is applying machine learning algorithms to space situational awareness. We are accounting for this investment using the equity method. This operation is included in our Space and Defense Controls segment. |
Receivables
Receivables | 12 Months Ended |
Oct. 01, 2022 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables consist of: October 1, October 2, Accounts receivable $ 363,137 $ 395,674 Unbilled receivables 614,760 546,764 Other 16,973 7,842 Less allowance for credit losses (4,608) (4,351) Receivables, net $ 990,262 $ 945,929 Net receivables disclosed above reflects a non-cash write-down of $642 recorded for the year ended October 1, 2022 associated with Russian activities in Ukraine. On November 4, 2021, Moog Receivables LLC (the "Receivables Subsidiary"), a wholly owned bankruptcy remote special purpose subsidiary of Moog Inc. (the "Company"), as seller, the Company, as master servicer, Wells Fargo Bank, N.A., as administrative agent (the "Agent") and certain purchasers (collectively, the "Purchasers") entered into an Amended and Restated Receivables Purchase Agreement (the "RPA"). The RPA matures on November 4, 2024 and is subject to customary termination events related to transactions of this type. Under the RPA, the Receivables Subsidiary may sell receivables to the Purchasers in amounts up to a $100,000 limit. The receivables will be sold to the Purchasers in consideration for the Purchasers making payments of cash, which is referred to as "capital" for purposes of the RPA, to the Receivables Subsidiary in accordance with the terms of the RPA. The Receivables Subsidiary may sell receivables to the Purchasers so long as certain conditions are satisfied, including that, at any date of determination, the aggregate capital paid to the Receivables Subsidiary does not exceed a "capital coverage amount", equal to an adjusted net receivables pool balance minus a required reserve. Each Purchaser's share of capital accrues yield at a variable rate plus an applicable margin. The parties intend that the conveyance of receivables to the Agent, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not a pledge for security. The Receivables Subsidiary has guaranteed to each Purchaser and Agent the prompt payment of sold receivables, and to secure the prompt payment and performance of such guaranteed obligations, the Receivables Subsidiary has granted a security interest to the Agent, for the benefit of the Purchasers, in all assets of the Receivables Subsidiary. The assets of the Receivables Subsidiary are not available to pay our creditors or any affiliate thereof. In our capacity as master servicer under the RPA, we are responsible for administering and collecting receivables and have made customary representations, warranties, covenants and indemnities. We also provided a performance guarantee for the benefit of the Purchaser. The proceeds of the RPA are classified as operating activities in our Consolidated Statement of Cash Flows and were used to pay off the outstanding balance of the Securitization Program. Cash received from collections of sold receivables is used by the Receivables Subsidiary to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchaser. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows at the time of collection. Total receivables sold under the RPA were $522,822 for the year ended October 1, 2022. Total cash collections under the RPA were $422,822 for the year ended October 1, 2022. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded. The amount sold to the Purchasers was $100,000 at October 1, 2022, which was derecognized from the Consolidated Balance Sheets. As collateral against sold receivables, the Receivables Subsidiary maintains a certain level of unsold receivables, which was $657,658 at October 1, 2022. Previously we securitized certain trade receivables in transactions that were accounted for as secured borrowings (the "Securitization Program"). We maintained a subordinated interest in a portion of the pool of trade receivables that were securitized. The retained interest, which is included in Receivables in the Consolidated Balance Sheets, is recorded at fair value, which approximates the total amount of the designated pool of accounts receivable. Refer to Note 9 - Indebtedness, for additional disclosures related to the Securitization Program. Over-time contract receivables are primarily associated with prime contractors and subcontractors in connection with U.S. Government contracts, as well as commercial aircraft and satellite manufacturers. Amounts billed for over-time contracts to the U.S. Government were $18,750 at October 1, 2022 and $11,330 at October 2, 2021. Unbilled recoverable costs and accrued profits under over-time contracts to be billed to the U.S. Government were $38,020 at October 1, 2022 and $32,245 at October 2, 2021. Unbilled recoverable costs and accrued profits principally represent revenues recognized on contracts that were not billable on the balance sheet date. These amounts will be billed in accordance with contract terms, generally as certain milestones are reached or upon shipment. Unbilled amounts expected to be collected beyond one year are not material. In situations where billings exceed revenues recognized, the excess is included in contract advances. There are no material amounts of claims or unapproved change orders included in the Consolidated Balance Sheets. There are no material balances billed but not paid by customers under retainage provisions. Concentrations of credit risk on receivables are limited to those from significant customers who are believed to be financially sound. Receivables from Boeing were $235,405 at October 1, 2022 and $209,653 at October 2, 2021 and receivables from Lockheed Martin were $99,707 at October 1, 2022 and $88,744 at October 2, 2021. We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral. |
Inventories
Inventories | 12 Months Ended |
Oct. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net of reserves, consist of: October 1, October 2, Raw materials and purchased parts $ 219,893 $ 231,406 Work in progress 305,328 315,762 Finished goods 63,245 65,927 Inventories, net $ 588,466 $ 613,095 There a re no m aterial inventoried costs relating to over-time contracts where revenue is accounted for using the cost-to-cost method of a ccounting as of October 1, 2022 and October 2, 2021. In 2022, we have recorded impairment charges on inventory of $1,907 associated with Russian actions in the Ukraine. See Note 13 - Restructuring for additional disclosures relating to inventory write-downs. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Oct. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment consists of: October 1, October 2, Land $ 32,164 $ 35,762 Buildings and improvements 496,632 506,450 Machinery and equipment 791,980 791,984 Computer equipment and software 201,960 179,066 Property, plant and equipment, at cost 1,522,736 1,513,262 Less accumulated depreciation and amortization (853,828) (867,484) Property, plant and equipment, net $ 668,908 $ 645,778 In 2022, we recorded $15,048 of impairment charges for owned assets $356 of impairment charges for owned assets, based on expected cash flows over the remaining life of the assets in relation to a decline in the related business. In 2020, we recorded $25,419 of impairment charges for owned and finance lease ROU assets, based on expected cash flows over the remaining life of the assets in relation to the impact of the COVID-19 pandemic. |
Leases
Leases | 12 Months Ended |
Oct. 01, 2022 | |
Leases [Abstract] | |
Lessee, Finance Leases | Leases We lease certain manufacturing facilities, office space and machinery and equipment globally. At inception we evaluate whether a contractual arrangement contains a lease. Specifically, we consider whether we control the underlying asset and have the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, we then determine the classification of the lease, operating or finance, using the classification criteria described in ASC 842. We then determine the term of the lease based on terms and conditions of the contractual arrangement, including whether the options to extend or terminate the lease are reasonably certain to be exercised. We have elected to not separate lease components from non-lease components, such as common area maintenance charges and instead, account for the lease and non-lease components as a single component. Our lease right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and our lease liabilities represent our obligation to make lease payments. Operating lease ROU assets are included in Operating lease right-of-use assets and operating lease liabilities are included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheets. Finance lease ROU assets are included in Property, plant and equipment and finance lease liabilities are included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheets. Operating lease cost is included in Cost of sales and Selling, general and administrative on the Consolidated Statements of Earnings. Finance lease cost is included in Cost of sales, Selling, general and administrative and Interest on the Consolidated Statements of Earnings. The ROU assets and lease liabilities for both operating and finance leases are recognized as of the commencement date at the net present value of the fixed minimum lease payments over the term of the lease, using the discount rate described below. Variable lease payments are recorded in the period in which the obligation for the payment is incurred. Variable lease payments based on an index or rate are initially measured using the index or rate as of the commencement date of the lease and included in the fixed minimum lease payments. For short-term leases that have a term of 12 months or less as of the commencement date, we do not recognize a ROU asset or lease liability on our balance sheet; we recognize expense as the lease payments are made over the lease term. The discount rate used to calculate the present value of our leases is the rate implicit in the lease. If the information necessary to determine the rate implicit in the lease is not available, we use our incremental borrowing rate for collateralized debt, which is determined using our credit rating and other information available as of the lease commencement date. The components of lease expense were as follows: 2022 2021 2020 Operating lease cost $ 28,670 $ 30,353 $ 27,493 Finance lease cost: Amortization of right-of-use assets $ 2,884 $ 2,282 $ 1,175 Interest on lease liabilities 1,057 736 367 Total finance lease cost $ 3,941 $ 3,018 $ 1,542 Supplemental cash flow information related to leases was as follows: 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 28,914 $ 29,926 $ 24,218 Operating cash flow for finance leases 1,057 736 367 Financing cash flow for finance leases 2,524 2,156 1,167 Assets obtained in exchange for lease obligations: Operating leases 24,659 9,426 13,738 Finance leases 12,238 5,558 11,166 Supplemental balance sheet information related to leases was as follows: October 1, 2022 October 2, 2021 Operating Leases Operating lease right-of-use assets $ 69,072 $ 60,355 Accrued liabilities and other $ 13,002 $ 14,176 Other long-term liabilities 66,167 57,277 Total operating lease liabilities $ 79,169 $ 71,453 Finance Leases Property, plant, and equipment, at cost $ 30,614 $ 19,861 Accumulated depreciation (5,606) (3,375) Property, plant, and equipment, net $ 25,008 $ 16,486 Accrued liabilities and other $ 3,244 $ 2,014 Other long-term liabilities 23,529 15,904 Total finance lease liabilities $ 26,773 $ 17,918 Weighted average remaining lease term in years Operating leases 7.7 7.4 Finance leases 16.7 15.5 Weighted average discount rate Operating leases 5.0 % 4.7 % Finance leases 4.8 % 5.0 % Maturities of lease liabilities were as follows: October 1, 2022 Operating Leases Finance Leases 2023 $ 16,684 $ 4,401 2024 14,109 4,366 2025 11,799 4,193 2026 10,917 3,929 2027 9,771 3,187 Thereafter 35,430 26,279 Total lease payments 98,710 46,355 Less: imputed interest (19,541) (19,582) Total $ 79,169 $ 26,773 On September 30, 2022, we sold a building located in Murray, Utah and concurrently entered into a lease agreement for the building with an initial term of two years, which also includes the option to extend the terms of the lease for up to two consecutive terms of six months each. The transaction resulted in a net gain of $9,075 which is included in the Consolidated Statements of Earnings. |
Lessee, Operating Leases | Leases We lease certain manufacturing facilities, office space and machinery and equipment globally. At inception we evaluate whether a contractual arrangement contains a lease. Specifically, we consider whether we control the underlying asset and have the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, we then determine the classification of the lease, operating or finance, using the classification criteria described in ASC 842. We then determine the term of the lease based on terms and conditions of the contractual arrangement, including whether the options to extend or terminate the lease are reasonably certain to be exercised. We have elected to not separate lease components from non-lease components, such as common area maintenance charges and instead, account for the lease and non-lease components as a single component. Our lease right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and our lease liabilities represent our obligation to make lease payments. Operating lease ROU assets are included in Operating lease right-of-use assets and operating lease liabilities are included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheets. Finance lease ROU assets are included in Property, plant and equipment and finance lease liabilities are included in Accrued liabilities and other and Other long-term liabilities on the Consolidated Balance Sheets. Operating lease cost is included in Cost of sales and Selling, general and administrative on the Consolidated Statements of Earnings. Finance lease cost is included in Cost of sales, Selling, general and administrative and Interest on the Consolidated Statements of Earnings. The ROU assets and lease liabilities for both operating and finance leases are recognized as of the commencement date at the net present value of the fixed minimum lease payments over the term of the lease, using the discount rate described below. Variable lease payments are recorded in the period in which the obligation for the payment is incurred. Variable lease payments based on an index or rate are initially measured using the index or rate as of the commencement date of the lease and included in the fixed minimum lease payments. For short-term leases that have a term of 12 months or less as of the commencement date, we do not recognize a ROU asset or lease liability on our balance sheet; we recognize expense as the lease payments are made over the lease term. The discount rate used to calculate the present value of our leases is the rate implicit in the lease. If the information necessary to determine the rate implicit in the lease is not available, we use our incremental borrowing rate for collateralized debt, which is determined using our credit rating and other information available as of the lease commencement date. The components of lease expense were as follows: 2022 2021 2020 Operating lease cost $ 28,670 $ 30,353 $ 27,493 Finance lease cost: Amortization of right-of-use assets $ 2,884 $ 2,282 $ 1,175 Interest on lease liabilities 1,057 736 367 Total finance lease cost $ 3,941 $ 3,018 $ 1,542 Supplemental cash flow information related to leases was as follows: 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 28,914 $ 29,926 $ 24,218 Operating cash flow for finance leases 1,057 736 367 Financing cash flow for finance leases 2,524 2,156 1,167 Assets obtained in exchange for lease obligations: Operating leases 24,659 9,426 13,738 Finance leases 12,238 5,558 11,166 Supplemental balance sheet information related to leases was as follows: October 1, 2022 October 2, 2021 Operating Leases Operating lease right-of-use assets $ 69,072 $ 60,355 Accrued liabilities and other $ 13,002 $ 14,176 Other long-term liabilities 66,167 57,277 Total operating lease liabilities $ 79,169 $ 71,453 Finance Leases Property, plant, and equipment, at cost $ 30,614 $ 19,861 Accumulated depreciation (5,606) (3,375) Property, plant, and equipment, net $ 25,008 $ 16,486 Accrued liabilities and other $ 3,244 $ 2,014 Other long-term liabilities 23,529 15,904 Total finance lease liabilities $ 26,773 $ 17,918 Weighted average remaining lease term in years Operating leases 7.7 7.4 Finance leases 16.7 15.5 Weighted average discount rate Operating leases 5.0 % 4.7 % Finance leases 4.8 % 5.0 % Maturities of lease liabilities were as follows: October 1, 2022 Operating Leases Finance Leases 2023 $ 16,684 $ 4,401 2024 14,109 4,366 2025 11,799 4,193 2026 10,917 3,929 2027 9,771 3,187 Thereafter 35,430 26,279 Total lease payments 98,710 46,355 Less: imputed interest (19,541) (19,582) Total $ 79,169 $ 26,773 On September 30, 2022, we sold a building located in Murray, Utah and concurrently entered into a lease agreement for the building with an initial term of two years, which also includes the option to extend the terms of the lease for up to two consecutive terms of six months each. The transaction resulted in a net gain of $9,075 which is included in the Consolidated Statements of Earnings. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Oct. 01, 2022 | |
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 September 28, 2019 $ 176,939 $ 261,684 $ 345,617 $ 784,240 Acquisition — — 25,237 25,237 Divestiture — — (635) (635) Foreign currency translation 2,582 42 10,390 13,014 Balance at October 3, 2020 179,521 261,726 380,609 821,856 Acquisition 29,123 — — 29,123 Divestitures (312) — (3,092) (3,404) Foreign currency translation 2,447 41 1,542 4,030 Balance at October 2, 2021 210,779 261,767 379,059 851,605 Acquisition 5,344 — — 5,344 Divestitures (6,961) (2,205) (4,137) (13,303) Foreign currency translation (9,643) (155) (28,528) (38,326) Balance at October 1, 2022 $ 199,519 $ 259,407 $ 346,394 $ 805,320 Goodwill in our Space and Defense Controls segment is net of a $4,800 accumulated impairment loss at October 1, 2022. Goodwill in our Medical Devices reporting unit, included in our Industrial Systems segment, is net of a $38,200 accumulated impairment loss at October 1, 2022. The components of intangible assets are as follows: October 1, 2022 October 2, 2021 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 135,899 $ (88,179) $ 163,215 $ (108,844) Technology-related 9 69,856 (52,951) 82,716 (58,119) Program-related 23 35,305 (18,817) 40,211 (19,707) Marketing-related 8 21,925 (17,833) 28,590 (22,212) Other 10 1,693 (1,488) 1,963 (1,718) Intangible assets 12 $ 264,678 $ (179,268) $ 316,695 $ (210,600) 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. In 2022, we recorded $2,125 in impairment charges on long-lived assets in our Industrial Systems segment. These charges relate to intangibles assets associated with a product line we are no longer pursuing. In 2021, we recorded $1,144 in impairment charges on long-lived assets in our Space and Defense Controls segment, relating to intangibles assets that experienced a decline in value. In 2020, we recorded a $8,723 write down of intangible assets in our Aircraft Controls and Industrial Systems segments based on expected cash flows over the remaining life of the assets in relation to the impairment charges associated with the COVID-19 pandemic. These charges are included in asset impairment in the Consolidated Statements of Earnings. Amortization of acquired intangible assets is as follows: 2022 2021 2020 Acquired intangible asset amortization $ 13,106 $ 13,454 $ 12,524 Based on acquired intangible assets recorded at October 1, 2022, amortization is estimated to be approximately: 2023 2024 2025 2026 2027 Estimated future amortization of acquired intangible assets $ 11,300 $ 10,500 $ 9,400 $ 9,200 $ 8,300 |
Indebtedness
Indebtedness | 12 Months Ended |
Oct. 01, 2022 | |
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: October 1, October 2, U.S. revolving credit facility $ 321,300 $ 321,886 SECT revolving credit facility 20,000 7,000 Senior notes 4.25% 500,000 500,000 Securitization program — 80,000 Other long-term debt 916 1,280 Senior debt 842,216 910,166 Less deferred debt issuance cost (4,428) (6,446) Less current installments (916) (80,365) Long-term debt $ 836,872 $ 823,355 Our U.S. revolving credit facility, which matures on October 15, 2024, has a capacity of $1,100,000 and provides an expansion option, which permits us to request an increase of up to $400,000 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 weighted-average interest rate on the majority of the outstanding credit facility borrowings is 4.16% and is principally based on LIBOR plus the applicable margin, which was 1.50% at October 1, 2022. See Note 24 - Subsequent Events, for information related to the amended and restated U.S. revolving credit facility. The SECT has a revolving credit facility with a borrowing capacity of $35,000, maturing on July 26, 2024. Interest is based on LIBOR plus an applicable margin of 2.13%. A commitment fee is also charged based on a percentage of the unused amounts available and is not material. At October 1, 2022 , we had $500,000 aggregate principal amount of 4.25% senior notes due December 15, 2027 with interest paid semiannually on June 15 and December 15 of each year, which commenced on June 15, 2020. 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. We are in compliance with all covenants. The aggregate net proceeds of $491,769 were used to repay indebtedness under our U.S. revolving credit facility, thereby increasing the unused portion of our U.S. revolving credit facility. The effective interest rate for these notes after considering the amortization of deferred debt issuance costs is 4.60%. The Securitization Program, effectively increasing our borrowing capacity by up to $80,000, was extended on October 29, 2021 and matured on December 29, 2021. Under the Securitization Program, we sold certain trade receivables and related rights to an affiliate, which in turn sold 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 was based on 30-day LIBOR plus an applicable margin. A commitment fee was also charged based on a percentage of the unused amounts available and was not material. The agreement governing the Securitization Program contained restrictions and covenants which included 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 had a minimum borrowing requirement equal to the lesser of either 80% of our borrowing capacity or 100% of our borrowing base, which was a subset of the trade receivables sold under this agreement. See Note 4 - Receivables, for information related to the amended and restated RPA, which replaced the Securitization Program. Maturities of long-term debt are: 2023 2024 2025 2026 2027 Thereafter Long-term debt maturities $ 916 $ 20,000 $ 321,300 $ — $ — $ 500,000 At October 1, 2022, we had pledged assets with a net book value of $1,485,188 as security for long-term debt. At October 1, 2022, we had $787,530 of unused short and long-term borrowing capacity, including $762,313 from the U.S. revolving credit facility. Commitment fees are charged on some of these arrangements and on the U.S. revolving credit facility based on a percentage of the unused amounts available and are not material. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Oct. 01, 2022 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consists of: October 1, 2022 October 2, 2021 Employee benefits $ 56,136 $ 54,146 Contract reserves 46,547 58,857 Warranty accrual 23,072 26,602 Accrued income taxes 17,776 12,908 Other 71,845 59,492 Other accrued liabilities $ 215,376 $ 212,005 Activity in the warranty accrual is summarized as follows: 2022 2021 2020 Warranty accrual at beginning of period $ 26,602 $ 27,707 $ 28,061 Additions from acquisitions — 990 767 Warranties issued during current period 9,227 13,937 14,820 Adjustments to pre-existing warranties (764) (519) (1,779) Reductions for settling warranties (10,366) (15,630) (14,656) Divestiture adjustment (618) — — Foreign currency translation (1,009) 117 494 Warranty accrual at end of period $ 23,072 $ 26,602 $ 27,707 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Oct. 01, 2022 | |
Derivative Instrument Detail [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We principally use derivative financial instruments to manage foreign exchange risk related to foreign operations and foreign currency transactions and interest rate risk associated with long-term debt. We enter into derivative financial instruments with a number of major financial institutions to minimize counterparty credit risk. Derivatives designated as hedging instruments We use foreign currency contracts as cash flow hedges to effectively fix the exchange rates on future payments and revenue. To mitigate exposure in movements between various currencies, including the Philippine peso and the British pound, we had outstanding foreign currency contracts with notional amounts of $31,740 at October 1, 2022. These contracts mature at various times through March 1, 2024. We use forward currency contracts to hedge our net investment in certain foreign subsidiaries. As of October 1, 2022, we ha d no outstanding net investment hedges. 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 October 1, 2022, we had no outstanding interest rate swaps. Foreign currency contracts, net investment hedges and interest rate swaps are recorded in the Consolidated 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 Statements of Earnings, as necessary, during the periods in which the related payments or receipts affect earnings. However, to the extent the foreign currency contracts and interest rate swaps 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 2022, 2021 or 2020. Derivatives not designated as hedging instruments We also have foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. The resulting gains or losses are recorded in the Consolidated Statements of Earnings. To minimize foreign currency exposure, we have foreign currency contracts with notional amounts of $106,219 at October 1, 2022. The foreign currency contracts are recorded in the Consolidated Balance Sheets at fair value and resulting gains or losses are recorded in the Consolidated Statements of Earnings. We recorded the following gains and 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: Statements of Earnings location 2022 2021 2020 Net gain (loss) Foreign currency contracts Other $ (10,396) $ 648 $ 1,306 Summary of derivatives The fair value and classification of derivatives is summarized as follows: Balance Sheets location October 1, 2022 October 2, 2021 Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 562 $ 325 Foreign currency contracts Other assets 165 104 Total asset derivatives $ 727 $ 429 Foreign currency contracts Accrued liabilities and other $ 3,877 $ 1,235 Foreign currency contracts Other long-term liabilities 751 537 Total liability derivatives $ 4,628 $ 1,772 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 679 $ 226 Foreign currency contracts Accrued liabilities and other $ 738 $ 480 |
Fair Value
Fair Value | 12 Months Ended |
Oct. 01, 2022 | |
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, except for the acquisition contingent consideration, which is classified as Level 3: Balance Sheets location October 1, 2022 October 2, 2021 Foreign currency contracts Other current assets $ 1,241 $ 551 Foreign currency contracts Other assets 165 104 Total assets $ 1,406 $ 655 Foreign currency contracts Accrued liabilities and other $ 4,615 $ 1,715 Foreign currency contracts Other long-term liabilities 751 537 Acquisition contingent consideration Other long-term liabilities 3,272 — Total liabilities $ 8,638 $ 2,252 The changes in financial liabilities classified as Level 3 within the fair value hierarchy are as follows: October 1, 2022 October 2, 2021 Balance at beginning of period $ — $ — Additions from acquisition 3,053 — Increase in discounted future cash flows recorded as interest expense 219 — Balance at end of period $ 3,272 $ — Our only financial instrument for which the carrying value differs from its fair value is long-term debt. At October 1, 2022, the fair value of long-term debt was $775,900 compared to its carrying value of $842,216. The fair value of long-term debt is classified as Level 2 within the fair value hierarchy and was estimated based on quoted market prices. Receivables, inventories, property, plant and equipment, ROU assets, and intangible assets have been measured at fair values on a nonrecurring basis using future discounted cash flows and other observable inputs (Level 3) and are not included in the fair value tables above. Impairment losses of $19,960, $1,500 and $37,839 in 2022, 2021 and 2020, respectively, are recorded as a result of these measurements and are described in Note 4 - Receivables, Note 5 - Inventories, Note 6 - Property, Plant and Equipment, Note 7 - Leases and Note 8 - Goodwill and Intangible Assets. |
Restructuring
Restructuring | 12 Months Ended |
Oct. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In 2022, we initiated restructuring actions in relation to portfolio shaping activities in our Space and Defense and Industrial Systems segments and for slower than expected commercial aircraft business recovery in our Aircraft Controls segment. These actions have and will result in workforce reductions, principally in the U.S., China, Europe and the U.K.. The 2022 restructuring charge consists of non-cash charges related to an inventory write-down of $1,692 and equipment of $538 as well as severance and other costs of $8,971. In 2020, we initiated restructuring actions in relation to impacts of the COVID-19 pandemic. The actions resulted in workforce reductions, primarily in the Philippines, Europe and the U.S. We have recorded a total of $10,466 for severance. Restructuring activity for severance and other costs by segment and reconciliation to consolidated amounts is as follows: Aircraft Controls Space and Defense Controls Industrial Systems Total Balance at September 28, 2019 $ — $ 27 $ 4,096 $ 4,123 Charged to expense - 2020 plan 3,340 185 7,175 10,700 Non-cash charges - 2020 plan (234) — — (234) Adjustments to provision — (1) (892) (893) Cash payments - 2020 plan (1,859) (185) (828) (2,872) Cash payments - 2018 plan — (26) (705) (731) Foreign currency translation — — 249 249 Balance at October 3, 2020 1,247 — 9,095 10,342 Adjustments to provision (457) — (711) (1,168) Cash payments - 2020 plan (611) — (2,423) (3,034) Cash payments - 2018 plan — — (524) (524) Foreign currency translation — — 49 49 Balance at October 2, 2021 179 — 5,486 5,665 Charged to expense - 2022 plan 3,996 3,755 3,450 11,201 Non-cash charges - 2022 plan — (2,230) — (2,230) Cash payments - 2022 plan (3,767) (1,297) (613) (5,677) Cash payments - 2020 plan (179) — (443) (622) Cash payments - 2018 plan — — (432) (432) Foreign currency translation — — (770) (770) Balance at October 1, 2022 $ 229 $ 228 $ 6,678 $ 7,135 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Oct. 01, 2022 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans We maintain multiple employee benefit plans, covering employees at certain locations. Our qualified U.S. defined benefit pension plan is not open to new entrants. New employees are not eligible to participate in the pension plan. Instead, we make contributions for those employees to an employee-directed investment fund in the Moog Inc. Retirement Savings Plan ("RSP"), which consists of two defined contribution options, the RSP and the RSP(+). Effective January 1, 2020, all employees hired prio r to January 1, 2019 are eligible to either participate in the new RSP(+) or remain in the existing RSP. All employees hired after January 1, 2019 are automatically enrolled in the new RSP(+). The Company’s co ntributions to both the RSP and RSP(+) are based on a percentage of the employee’s eligible compensation and age and are in addition to the employer match on voluntary employee contributions. The Company's contributions and the employer match were both enhanced under the new RSP(+). The RSP and RSP(+) includes an employee stock ownership feature. As one of the investment alternatives, participants in the RSP and RSP(+) can acquire our stock at market value. Shares are allocated and compensation expense is recognized as the employer share match is earned. At October 1, 2022, the participants in the RSP and RSP(+) owned 1,735,412 Class B shares. Expense for all defined contribution plans consists of: 2022 2021 2020 U.S. defined contribution plans $ 43,550 $ 36,131 $ 27,698 Non-U.S. defined contribution plans 8,157 8,890 5,965 Total expense for defined contribution plans $ 51,707 $ 45,021 $ 33,663 As of January 1, 2021, one of our non-U.S. defined benefit plans was replaced by a defined contribution plan. The transaction eliminated balance sheet exposure for the plan, reducing the projected benefit obligation by $63,333, the fair value of plan assets by $57,643 and resulted in a curtailment gain of $5,830. The changes in projected benefit obligations and plan assets and the funded status of the U.S. and non-U.S. defined benefit plans are as follows: U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 Change in projected benefit obligation: Projected benefit obligation at prior year measurement date $ 704,989 $ 688,689 $ 205,093 $ 264,419 Service cost 19,827 22,488 4,248 5,290 Interest cost 18,246 17,103 2,413 2,277 Contributions by plan participants — — 184 380 Actuarial (gains) losses (198,538) (13,815) (48,255) 2,224 Foreign currency exchange impact — — (28,435) 68 Benefits paid (12,845) (8,298) (5,136) (5,271) Curtailments — — — (5,690) Settlements — — (2,312) (58,604) Other (733) (1,178) (61) — Projected benefit obligation at measurement date $ 530,946 $ 704,989 $ 127,739 $ 205,093 Change in plan assets: Fair value of assets at prior year measurement date $ 640,513 $ 615,872 $ 127,766 $ 170,765 Actual return on plan assets (186,536) 28,718 (17,686) 11,552 Employer contributions 5,324 5,399 8,210 8,119 Contributions by plan participants — — 184 380 Benefits paid (12,845) (8,298) (5,136) (5,271) Settlements — — (2,312) (58,604) Foreign currency exchange impact — — (19,971) 825 Other (733) (1,178) (61) — Fair value of assets at measurement date $ 445,723 $ 640,513 $ 90,994 $ 127,766 Funded status and amount recognized in assets and liabilities $ (85,223) $ (64,476) $ (36,745) $ (77,327) Amount recognized in assets and liabilities: Long-term assets $ — $ 40,873 $ 10,672 $ 9,266 Current and long-term pension liabilities (85,223) (105,349) (47,417) (86,593) Amount recognized in assets and liabilities $ (85,223) $ (64,476) $ (36,745) $ (77,327) Amount recognized in AOCIL, before taxes: Prior service cost (credit) $ — $ — $ 724 $ 940 Actuarial losses 160,659 158,445 13,209 49,196 Amount recognized in AOCIL, before taxes $ 160,659 $ 158,445 $ 13,933 $ 50,136 Our funding policy is to contribute at least the amount required by law in the respective countries. The total accumulated benefit obligation as of the measurement date for all defined benefit pension plans was $611,225 in 2022 and $832,053 in 2021. At the measurement date in 2022, our plans had fair values of plan assets totaling $536,717. The following table provides aggregate information for the pension plans, which have accumulated benefit obligations in excess of plan assets: October 1, 2022 October 2, 2021 Accumulated benefit obligation $ 130,315 $ 223,933 Fair value of plan assets 11,231 48,884 The following table provides aggregate information for the pension plans, which have projected benefit obligations in excess of plan assets: October 1, 2022 October 2, 2021 Projected benefit obligation $ 615,339 $ 256,084 Fair value of plan assets 482,700 64,143 Weighted-average assumptions used to determine net periodic benefit cost and weighted-average assumptions used to determine benefit obligations as of the measurement dates are as follows: U.S. Plans Non-U.S. Plans 2022 2021 2020 2022 2021 2020 Assumptions for net periodic benefit cost: Service cost discount rate 3.3 % 3.1 % 3.5 % 2.0 % 1.5 % 1.6 % Interest cost discount rate 2.7 % 2.6 % 2.9 % 1.7 % 1.2 % 1.3 % Return on assets 5.0 % 5.0 % 4.5 % 2.9 % 3.2 % 2.7 % Rate of compensation increase 3.5 % 3.3 % 2.9 % 3.0 % 2.6 % 2.1 % Assumptions for benefit obligations: Discount rate 5.5 % 3.2 % 3.0 % 4.4 % 1.8 % 1.4 % Rate of compensation increase 3.8 % 3.5 % 3.3 % 3.1 % 2.8 % 2.2 % Pension plan investment policies and strategies are developed on a plan specific basis, which varies by country. The overall objective for the long-term expected return on both domestic and international plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of both the domestic and international retirement plans is to maintain the economic value of plan assets and future contributions by producing positive rates of investment return after subtracting inflation, benefit payments and expenses. Each of the plan’s strategic asset allocations is based on this long-term perspective and short-term fluctuations are viewed with appropriate perspective. The U.S. qualified defined benefit plan’s assets are invested for long-term investment results. To accommodate the long-term investment horizon while providing appropriate liquidity, the plan maintains a liquid cash reserve sufficient to allow the plan to meet its benefit payment, fee and expense obligations. Its assets are broadly diversified to help alleviate the risk of adverse returns in any one security or investment class. The international plans’ assets are invested in both low-risk and high-risk investments in order to achieve the long-term investment strategy objective. Investment risks for both domestic and international plans are considered within the context of the entire asset allocation, rather than on a security-by-security basis. The U.S. qualified defined benefit plan and certain international plans have investment committees that are responsible for formulating investment policies, developing manager guidelines and objectives and approving and managing qualified advisors and investment managers. The guidelines established for each of the plans define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings in order to meet overall investment objectives. Pension obligations and the related costs are determined using actuarial valuations that involve several assumptions. The return on assets assumption reflects the average rate of return expected on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. In determining the return on assets assumption, we consider the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and to provide adequate liquidity to meet immediate and future benefit payment requirements. In determining our U.S. pension expense for 2022, we assumed an average rate of return on U.S. pension assets of approxi mately 5.0% measured over a planning horizon with reasonable and acceptable levels of risk. The rate of return was based on the actual ass et allocation of 35% in equity securities and 65% i n fixed income securities at October 2, 2021. In determining our non-U.S. pension expense for 2022, we assumed an average rate of return on non-U.S. pension assets of approximately 2.9% measured over a planning horizon with reasonable and acceptable levels of risk. The rate of return assumed an average asset allocation of 30% in equity securities and 70% in fixed income securities and other investments. The weighted average asset allocations by asset category for the pension plans as of October 1, 2022 and October 2, 2021 are as follows: U.S. Plans Non-U.S. Plans Target 2022 2021 Target 2022 2021 Asset category: Equity 30%-40% 30% 35% 20%-40% 26% 32% Fixed Income 60%-70% 70% 65% 50%-70% 65% 63% Other —% —% —% 5%-15% 9% 5% The valuation methodologies used for pension plan assets measured at fair value have been applied consistently. Shares of registered investment companies: Consists of both equity and fixed income mutual funds. Valued at quoted market prices that represent the net asset value ("NAV") of shares held by the plan at year end. Equity securities: Traded on national exchanges are valued at the last reported sales price. Investments denominated in foreign currencies are translated into U.S. dollars using the last reported exchange rate. Fixed income securities: Valued using methods, such as dealer quotes, available trade information, spreads, bids and offers provided by a pricing vendor. Money market funds : Institutional short-term investment vehicles valued daily. Cash and cash equivalents: Direct cash holdings valued at cost (Level 1) or cash collateral for the initial margin requirements on futures contracts (Level 2) which approximates fair value. Collective investment trust : NAV of the fund is calculated daily or weekly by the investment manager. Unit linked life insurance funds : NAV value of the fund is calculated daily by the investment manager. Investment in insurance contracts: Valued at contract value, which is the fair value of the underlying investment of the insurance company . Limited partnerships : Valued at NAV of units held. The NAV is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liability. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV. Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established under the supervision and responsibility of the Trustee of that investment. Such procedures may include the use of independent pricing services or affiliated advisor pricing, which use prices based upon yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, operating data and general market conditions. The following tables present the consolidated plan assets using the fair value hierarchy, which is described in Note 12 - Fair Value, as of October 1, 2022 and October 2, 2021. U.S. Plans, October 1, 2022 Level 1 Level 2 Level 3 Total Investments at fair value: Shares of registered investment companies: Equity funds $ 116,598 $ — $ — $ 116,598 Fixed income funds 180,291 — — 180,291 Money market funds — 7,144 — 7,144 Cash and cash equivalents — 5,790 — 5,790 Total investments in fair value hierarchy 296,889 12,934 — 309,823 Investments measured at NAV practical expedient (1) 135,900 Total investments at fair value $ 296,889 $ 12,934 $ — $ 445,723 Non-U.S. Plans, October 1, 2022 Level 1 Level 2 Level 3 Total Investments at fair value: Mutual funds: Equity funds $ — $ 5,091 $ — $ 5,091 Fixed income funds — 6,020 — 6,020 Equity securities 5,739 — — 5,739 Fixed income securities — 18,515 — 18,515 Collective investment trusts — 17,229 — 17,229 Unit linked life insurance funds — 35,089 — 35,089 Money market funds — 840 — 840 Cash and cash equivalents 465 — — 465 Insurance contracts and other — — 2,006 2,006 Total investments at fair value $ 6,204 $ 82,784 $ 2,006 $ 90,994 U.S. Plans, October 2, 2021 Level 1 Level 2 Level 3 Total Investments at fair value: Shares of registered investment companies: Equity funds $ 200,929 $ — $ — $ 200,929 Fixed income funds 261,945 — — 261,945 Money market funds — 17,905 — 17,905 Cash and cash equivalents — 7,370 — 7,370 Total investments in fair value hierarchy 462,874 25,275 — 488,149 Investments measured at NAV practical expedient (1) 152,364 Total investments at fair value $ 462,874 $ 25,275 $ — $ 640,513 Non-U.S. Plans, October 2, 2021 Level 1 Level 2 Level 3 Total Investments at fair value: Mutual funds: Equity funds $ — $ 6,971 $ — $ 6,971 Fixed income funds — 8,152 — 8,152 Equity securities 9,843 — — 9,843 Fixed income securities — 18,594 — 18,594 Collective investment trusts — 21,681 — 21,681 Unit linked life insurance funds — 58,643 — 58,643 Money market funds — 542 — 542 Cash and cash equivalents 349 — — 349 Insurance contracts and other — — 2,991 2,991 Total investments at fair value $ 10,192 $ 114,583 $ 2,991 $ 127,766 (1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total retirement plan assets. The following is a roll forward of the consolidated plan assets classified as Level 3 within the fair value hierarchy: Non-U.S. Plans Balance at October 3, 2020 $ 56,461 Return on assets 2,882 Purchases from contributions to Plans 1,914 Settlements paid in cash (59,180) Foreign currency translation 914 Balance at October 2, 2021 2,991 Return on assets 36 Purchases from contributions to Plans 1,430 Settlements paid in cash (1,801) Foreign currency translation (650) Balance at October 1, 2022 $ 2,006 The following table summarizes investments measured at fair value based on NAV per share as of October 1, 2022: Fair Value October 1, 2022 October 2, 2021 Unfunded Commitments Redemption Frequency Redemption Notice Period Collective investment trusts $ 119,470 $ 128,941 $ — Daily 5 days Limited partnerships (1) 16,430 23,423 4,444 Varies 10-45 days Total $ 135,900 $ 152,364 $ 4,444 (1) Investments in limited partnerships held by us invest primarily in emerging markets, equity and equity related securities. The strategy for the partnerships is to have exposure to certain markets or to securities that are judged to achieve superior earnings growth and/or judged undervalued relative to intrinsic value. The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Expense for all defined benefit plans is as follows: U.S. Plans Non-U.S. Plans 2022 2021 2020 2022 2021 2020 Service cost $ 19,827 $ 22,488 $ 23,033 $ 4,248 $ 5,290 $ 6,771 Interest cost 18,246 17,103 30,597 2,413 2,277 2,785 Expected return on plan assets (29,803) (30,543) (44,084) (3,401) (4,102) (4,577) Amortization of prior service cost — — 133 58 45 (3) Amortization of actuarial loss 15,586 13,721 25,316 3,877 5,568 4,943 Curtailment gain — — — — (5,830) 100 Settlement (gain) loss — — 121,324 280 (44) 676 Total expense for defined benefit plans $ 23,856 $ 22,769 $ 156,319 $ 7,475 $ 3,204 $ 10,695 On September 16, 2020, we entered into an agreement to purchase a single premium non-participating group annuity contract and transferred the future benefit obligations and annuity administration for certain retirees and beneficiaries in our qualified U.S defined benefit pension plan. This settlement resulted in a one-time settlement charge of $121,324. Benefits expected to be paid to the participants of the plans are: U.S. Plans Non-U.S. Plans 2023 $ 16,407 $ 7,173 2024 20,225 5,888 2025 23,757 6,408 2026 27,184 7,371 2027 30,192 6,678 Five years thereafter 195,782 38,300 We presently anticipate contributing approximately $5,200 to the SERP Trust for the non-qualified plan and $6,500 to the non-U.S. plans in 2023. We provide postretirement health care benefits to certain domestic retirees, who were hired prior to October 1, 1989. There are no plan assets. The changes in the accumulated benefit obligation of this unfunded plan for 2022 and 2021 are shown in the following table: October 1, 2022 October 2, 2021 Change in Accumulated Postretirement Benefit Obligation (APBO): APBO at prior year measurement date $ 6,281 $ 9,274 Service cost 33 52 Interest cost 90 124 Contributions by plan participants 559 553 Benefits paid (478) (464) Actuarial (gains) losses (2,811) (3,258) APBO at measurement date $ 3,674 $ 6,281 Funded status $ (3,674) $ (6,281) Accrued postretirement benefit liability $ 3,674 $ 6,281 Amount recognized in AOCIL, before taxes: Actuarial gains 7,579 6,042 Amount recognized in AOCIL, before taxes $ 7,579 $ 6,042 The cost of the postretirement benefit plan is as follows: 2022 2021 2020 Service cost $ 33 $ 52 $ 55 Interest cost 90 124 211 Amortization of prior service credit — — (259) Amortization of actuarial gain (1,274) (513) (607) Net periodic postretirement benefit income $ (1,151) $ (337) $ (600) As of the measurement date, the assumed discount rate used in the accounting for the postretirement benefit obligation was 5.2% in 2022, 2.5% in 2021 and 2.3% in 2020. The assumed service cost discount rate and interest cost discount rate used in the accounting for the net periodic postretirement benefit cost were 2.7% and 1.5% , respectively in 2022, 2.5% and 1.4%, respectively in 2021 and 3.1% and 2.5%, respectively in 2020. For measurement purposes, a 7.5% annual per capita rate of increase of medical and drug costs were assumed for 2023, gradually decreasing to 4.5% for 2035 and years thereafter. Employee and management profit sharing reflects a discretionary payment based on our financial performance. Profit share expense was $32,993, $34,257 and $21,968 in 2022, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The reconciliation of the provision for income taxes to the amount computed by applying the U.S. federal statutory tax rate to earnings before income taxes is as follows: 2022 2021 2020 Earnings before income taxes: Domestic $ 151,870 $ 141,665 $ 1,126 Foreign 51,109 62,109 4,291 Total $ 202,979 $ 203,774 $ 5,417 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: Impacts of Tax Act (0.4) % (1.2) % (96.4) % Revaluation of deferred taxes — % 1.6 % (21.6) % Withholding taxes 0.6 % 0.4 % 27.5 % Reversal of indefinite reinvestment assertion — % 0.2 % (2.9) % R&D and foreign tax credits (5.4) % (4.6) % (102.8) % Divestiture impacts 2.3 % — % — % Foreign tax rates 4.5 % 4.4 % 76.0 % Equity-based compensation (0.2) % (0.1) % (6.5) % Change in valuation allowance for deferred taxes (2.3) % (1.6) % 21.1 % State taxes, net of federal benefit 1.9 % 2.1 % (1.9) % Other 1.6 % 0.6 % 16.6 % Effective income tax rate 23.6 % 22.8 % (69.9) % Our accounting policy is to treat tax on the Global Intangible Low-Tax Income ("GILTI") as a current period cost included in tax expenses the year incurred. As such, we don't measure the impact of the GILTI in our determination of deferred taxes. In 2022, we recorded $443 of GILTI tax and received a benefit of $646 related to the Foreign-Derived Intangible Income deduction. In 2022, we also recorded a tax benefit for provision to return adjustments of $4,871 primarily related to domestic research and development tax credits. In addition, we recorded a current year expense of $1,700 for a total accrual of $9,283 for taxes on undistributed earnings not considered permanently reinvested. During 2022, 2021 and 2020, we repatriated available unremitted ear nings from various foreign subsidiaries that were previously taxed under the Tax Act of $37,986, $41,987 and $23,001, respectively. We no longer indefinitely reinvest unremitted earnings and therefore we record a liability related to the remaining unremitted earnings generated by the foreign subsidiaries in the current year. We continue to be permanently invested in outside basis differences other than the unremitted earnings as we have no plans to liquidate or sell those foreign subsidiaries. The components of income taxes are as follows: 2022 2021 2020 Current: Federal $ 6,270 $ 9,907 $ 14,789 Foreign 26,730 23,801 18,997 State 3,063 4,684 3,271 Total current 36,063 38,392 37,057 Deferred: Federal 8,076 4,625 (35,603) Foreign 1,742 2,898 (1,843) State 1,921 639 (3,399) Total deferred 11,739 8,162 (40,845) Income taxes (benefit) $ 47,802 $ 46,554 $ (3,788) Realization of deferred tax assets is dependent, in part, upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers projected future taxable income, tax planning strategies, carryback opportunities and reversal of existing deferred tax liabilities in making its assessment of the recoverability of deferred tax assets. The tax effects of temporary differences that generated deferred tax assets and liabilities are as follows: October 1, October 2, Deferred tax assets: Benefit accruals $ 65,863 $ 68,657 Inventory reserves 30,053 31,900 Tax benefit carryforwards 10,885 15,434 Contract reserves not currently deductible 10,447 13,294 Lease liability 18,473 16,997 Other accrued expenses 14,824 10,983 Total gross deferred tax assets 150,545 157,265 Less valuation allowance (8,650) (13,896) Total net deferred tax assets $ 141,895 $ 143,369 Deferred tax liabilities: Differences in bases and depreciation of property, plant and equipment $ 167,990 $ 164,591 Pension 28,802 25,661 Total gross deferred tax liabilities 196,792 190,252 Net deferred tax liabilities $ (54,897) $ (46,883) Deferred tax assets and liabilities are reported in separate captions on the Consolidated Balance Sheets. At October 2, 2022, foreign tax loss carryforwards total $19,953 with expirations ranging from 2023 to indefinite life. We have $245 and $5,988 of federal and state tax credit carryforward with expirations of 2031 and 2027 to indefinite life, respectively. The change in the valuation allowance primarily relates to tax benefit carryforwards that were utilized during 2022. We record unrecognized tax benefits as liabilities and we adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Further, we record interest and penalties related to unrecognized tax benefits in income tax expense. We expensed interest and penalties of $43 related to $848 of unrecognized tax benefits in 2022. We are subject to income taxes in the U.S. and in various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require the application of significant judgment. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities in significant jurisdictions for tax years before 2020. The statute of limitations in several jurisdictions will expire in the next twelve months and we will have no unrecognized tax benefits recognized if the statute of limitations expires without the relevant taxing authority examining the applicable returns. The Inflation Reduction Act ("the Act") was signed into law on August 16, 2022. We evaluated the Act and have determined the we do not expect it to have a material impact on our financial statements and related disclosures. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Basic and diluted weighted-average shares outstanding, as well as shares considered to be anti-dilutive, are as follows: 2022 2021 2020 Basic weighted-average shares outstanding 31,977,482 32,112,589 33,257,684 Dilutive effect of equity-based awards 139,546 185,367 180,117 Diluted weighted-average shares outstanding 32,117,028 32,297,956 33,437,801 Anti-dilutive shares from equity-based awards 50,320 50,012 136,323 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Oct. 01, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Class A and Class B common stock share equally in our earnings and are identical with certain exceptions. Other than on matters relating to the election of directors or as required by law where the holders of Class A and Class B shares vote as separate classes, Class A shares have limited voting rights, with each share of Class A being entitled to one-tenth of a vote on most matters, and each share of Class B being entitled to one vote. Class A shareholders are entitled, subject to certain limitations, to elect at least 25% of the Board of Directors (rounded up to the nearest whole number) with Class B shareholders entitled to elect the balance of the directors. No cash dividend may be paid on Class B shares unless at least an equal cash dividend is paid on Class A shares. Class B shares are convertible at any time into Class A shares on a one-for-one basis at the option of the shareholder. Class A shares and Class B shares reserved for issuance at October 1, 2022 are as follows: Shares Conversion of Class B to Class A shares 7,472,878 Employee Stock Purchase Plan 1,466,247 2014 Long Term Incentive Plan 1,701,956 2008 Stock Appreciation Rights Plan 1,083,790 Class A and B shares reserved for issuance 11,724,871 We are authorized to issue up to 10,000,000 shares of preferred stock. The Board of Directors may authorize, without further shareholder action, the issuance of additional preferred stock which ranks senior to both classes of our common stock with respect to the payment of dividends and the distribution of assets on liquidation. The preferred stock, when issued, would have such designations relative to voting and conversion rights, preferences, privileges and limitations as determined by the Board of Directors. We issue common stock under our equity-based compensation plans from treasury stock or from stock held by the SECT. As of October 1, 2022, in addition to the shares reserved for issuance upon the exercise of outstanding equity awards, there were 737,625 shares authorized for awards that may be granted in the future under the 2014 Long Term Incentive Plan, assuming performance-based awards currently outstanding are all settled at the targeted payout. On November 20, 2020, the Board of Directors authorized a new share repurchase program to replace the previously existing share repurchase program. This program authorizes repurchases that includes both Class A and Class B common stock, and allows us to buy up to an aggregate 3,000,000 common shares. Shares acquired by the SECT or the SERP Trust are not included in this program. During 2022, we repurchased 486,923 of our Class A and B common stock for $35,626. During 2021, we repurchased 243,147 of our Class A and B common stock for $19,253. As of October 1, 2022, the total remaining authorization for future common share repurchases under our program is 2,269,930 shares. Previously, the Board of Directors authorized a share repurchase program that was amended from time to time to authorize additional repurchases. Shares acquired by the SECT or the SERP Trust are not included in this program. During 2021, we repurchased 155,963 of our Class A and Class B common stock for $10,193. During 2020, we repurchased 2,881,116 of our Class A and Class B common stock for $215,776. As of October 1, 2022, there are no shares remaining for future common share repurchases under this program. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Oct. 01, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation We have equity-based compensation plans that authorize the issuance of equity-based awards for shares of Class A and Class B common stock to directors, officers and key employees. Equity-based compensation grants are designed to reward long-term contributions to Moog and provide incentives for recipients to remain with Moog. We have an Employee Stock Purchase Plan ("ESPP") that allows for qualified employees (as defined in the plan) to purchase our common stock at a price equal to 85% of the fair market value at the lower of the beginning or the end of the semi-annual offering period. The 2014 Long Term Incentive Plan ("2014 Plan") authorizes the issuance of a total of 2,000,000 shares of either Class A or Class B common stock. The 2014 Plan is intended to provide a flexible framework that permits the development and implementation of a variety of equity-based programs that base awards on key performance metrics as well as align our long term incentive compensation with our peers and shareholder interests. During 2022, we granted awards in the form of stock appreciations rights ("SARs"), performance-based restricted stock units ("PSUs"), time vested restricted stock units ("TVAs") and restricted stock awards ("RSAs"). The compensation cost for employee and non-employee director equity-based compensation programs for all current and prior year awards granted are as follows: 2022 2021 2020 Stock appreciation rights $ 2,370 $ 2,345 $ 2,643 Performance-based restricted stock units 1,718 1,151 221 Time vested restricted stock units 1,423 602 — Restricted stock awards 850 730 680 Employee stock purchase plan 2,521 2,633 2,117 Total compensation cost before income taxes $ 8,882 $ 7,461 $ 5,661 Income tax benefit $ 970 $ 893 $ 677 Stock Appreciation Rights The fair value of SARs granted was estimated on the date of grant using the Black-Scholes option-pricing model. The following table provides the range of assumptions used to value awards and the weighted-average fair value of the awards granted. 2022 2021 2020 Expected volatility 39% - 40% 38% - 41% 27% - 28% Risk-free rate 1.3 % 0.4% - 0.5% 1.7% - 1.8% Expected dividends 1.2 % 1.4 % 1.2 % Expected term 5-6 years 5-6 years 5-6 years Weighted-average fair value of awards granted $ 27.86 $ 23.11 $ 21.45 To determine expected volatility, we generally use historical volatility based on daily closing prices of our Class A and Class B common stock over periods that correlate with the expected terms of the awards granted. The risk-free rate is based on the United States Treasury yield curve at the time of grant for the appropriate expected term of the awards granted. Expected dividends are based on our history and expectation of dividend payouts. The expected term of equity-based awards is based on vesting schedules, expected exercise patterns and contractual terms. The number of shares received upon the exercise of a SAR is equal in value to the difference between the fair market value of the common stock on the exercise date and the exercise price of the SAR. The term of a SAR may not exceed ten years from the grant date. The exercise price of SARs and options, determined by a committee of the Board of Directors, may not be less than the fair value of the common stock on the grant date. SARs are as follows: Stock Appreciation Rights Number of Awards Weighted- Weighted- Aggregate Outstanding at October 2, 2021 883,423 $ 69.37 Granted in 2022 91,788 83.00 Exercised in 2022 (108,390) 46.72 Expired in 2022 (6,963) 70.15 Forfeited in 2022 (1,355) 80.43 Outstanding at October 1, 2022 858,503 $ 73.67 5.1 years $ 3,085,580 Exercisable at October 1, 2022 666,816 $ 71.65 4.2 years $ 3,085,580 The aggregate intrinsic value in the preceding tables represents the total pre-tax intrinsic value, based on our closing price of Class A common stock of $70.35 and Class B common stock of $71.40 as of October 1, 2022. That value would have been effectively received by the SAR holders had all SARs been exercised as of that date. The intrinsic value of awards exercised and fair value of awards vested are as follows: Stock Appreciation Rights 2022 2021 2020 Intrinsic value of SARs exercised $ 3,777 $ 3,833 $ 2,665 Total fair value of SARs vested $ 2,346 $ 2,558 $ 2,825 As of October 1, 2022, total unvested compensation expense associated with SARs amounted to $2,663 and will be recognized over a weighted-average period of two years . Restricted Stock Units Performance-Based Awards PSU awards consist of shares of our stock which are payable upon the determination that we achieve certain established performance targets and can range from 0% to 200% of the targeted payout based on the actual results. PSU's granted in 2022 have a performance period of three years. The fair value of each PSU granted is equal to the fair market value of our common stock on the date of grant. PSUs granted generally have a cliff vesting schedule of three years; however, according to the grant agreements, if certain conditions are met, the employee (or beneficiary) will receive a prorated amount of the award based on active employment during the service period. PSUs are as follows: Performance-Based Restricted Stock Units Number of Awards Weighted- Nonvested at October 2, 2021 59,505 $ 80.12 Granted in 2022 30,836 83.00 Vested in 2022 (31,404) 85.95 Forfeited in 2022 (493) 79.67 Nonvested at October 1, 2022 58,444 $ 78.41 As of October 1, 2022, total unvested compensation expense associated with nonvested PSUs amounted to $2,469 and will be recognized over a weighted-average period of two years. The number of Class B shares to be issued for PSU awards granted in 2020 that vested based on the achievement of performance targets in 2022, will be approxim ately 14,500 sh ares. Time Vested Awards TVAs consist of shares of our stock which are payable over a vesting schedule determined at the time the award is granted. TVAs vest in equal fixed dollar tranches over the agreed upon vesting term beginning one year after the date of the grant and will settle using the fair market value of shares on the date of vesting of the tranche. Although it is our intention to settle vested amount in shares, we reserve the right to settle in cash at our discretion. TVAs are as follows: Time Vested Restricted Stock Units Number of Awards Weighted- Nonvested at October 2, 2021 26,702 $ 77.18 Granted in 2022 30,803 83.00 Vested in 2022 (8,305) 83.00 Forfeited in 2022 (458) 76.38 Period increase (decrease) in 2022 5,817 n/a Nonvested at October 1, 2022 54,559 $ 71.40 As of October 1, 2022, total unvested compensation expense associated with nonvested TVAs amounted to $2,558 and will be recognized over a weighted-average period of two years. The number of Class B shares to be issued for TVAs that are expected to vest in 2023 from time based service conditions is approximately 21,400 shares, based on our closing price of Class B common stock of $71.40 as of October 1, 2022. Restricted Stock Awards The fair value of each RSA granted is equal to the fair market value of our common stock on the date of grant. These shares vest and are issued upon grant. There were 18,594 RSAs granted and vested in 2022 at a price o f $82.79 resulting in a fair value of the RSAs vested of $1,539. Employee Stock Purchase Plan Shares and the weighted-average price per share associated with the ESPP are as follows: Employee Stock Purchase Plan 2022 2021 2020 Shares issued 139,121 141,647 119,470 Weighted-average price per share $ 67.91 $ 58.52 $ 58.71 |
Stock Employee Compensation Tru
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | 12 Months Ended |
Oct. 01, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Employee Compensation Trust and Supplemental Retirement Plan Trust | Stock Employee Compensation Trust and Supplemental Retirement Plan TrustThe SECT assists in administering and provides funding for equity-based compensation plans and benefit programs, including the RSP, RSP(+) and ESPP. The 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 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Oct. 01, 2022 | |
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 are as follows: Accumulated foreign currency translation Accumulated retirement liability Accumulated gain (loss) on derivatives Total AOCIL at October 3, 2020 $ (102,994) $ (183,653) $ 1,194 $ (285,453) OCI before reclassifications 12,559 21,958 (1,277) 33,240 Amounts reclassified from AOCIL (2,554) 8,485 (1,278) 4,653 OCI, net of tax 10,005 30,443 (2,555) 37,893 AOCIL at October 2, 2021 (92,989) (153,210) (1,361) (247,560) OCI before reclassifications (101,906) 13,845 (4,031) (92,092) Amounts reclassified from AOCIL 12,871 14,134 1,605 28,610 OCI, net of tax (89,035) 27,979 (2,426) (63,482) AOCIL at October 1, 2022 $ (182,024) $ (125,231) $ (3,787) $ (311,042) Net gains and losses on net investment hedges are recorded in Accumulated foreign currency translation to the extent that the instruments are effective in hedging the designated risk. The amounts reclassified from AOCIL into earnings are as follows: Statements of Earnings location 2022 2021 Retirement liability: Prior service cost $ 58 $ 45 Actuarial losses 18,189 18,776 Curtailment gain — (5,830) Settlement (gain) loss 280 (44) Reclassification from AOCIL into earnings 18,527 12,947 Tax effect (4,393) (4,462) Net reclassification from AOCIL into earnings $ 14,134 $ 8,485 Derivatives: Foreign currency contracts Sales $ 996 $ (130) Foreign currency contracts Cost of sales 1,044 (1,535) Reclassification from AOCIL into earnings 2,040 (1,665) Tax effect (435) 387 Net reclassification from AOCIL into earnings $ 1,605 $ (1,278) Reclassification from AOCIL into earnings for the Retirement liability are included in the computation of non-service pension expense, which is included in Other on the Consolidated Statements of Earnings. The effective portion of amounts deferred in AOCIL are as follows: 2022 2021 Retirement liability: Net actuarial gain during period $ 15,521 $ 26,157 Tax effect (1,676) (4,199) Net deferral in AOCIL of retirement liability $ 13,845 $ 21,958 Derivatives: Foreign currency contracts $ (5,190) $ (1,668) Net loss (5,190) (1,668) Tax effect 1,159 391 Net deferral in AOCIL of derivatives $ (4,031) $ (1,277) |
Segments
Segments | 12 Months Ended |
Oct. 01, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segments | Segments Aircraft Controls. We design, manufacture and integrate primary and secondary flight controls and avionics for military and commercial aircraft and provide aftermarket support. Our systems are used on both development and production programs in large commercial transports, supersonic fighters, multi-role military aircraft, business jets and rotorcraft. We are currently working on the KC-46 military air refueling tanker, MQ-25 aerial refueling drone and classified military development work on the military side, and the COMAC C919 on the commercial side. Typically development programs require concentrated periods of research and development by our engineering teams, while production programs are generally long-term manufacturing efforts that extend for as long as the aircraft builder receives new orders. Our large military programs include the F-35 Joint Strike Fighter, F/A-18E/F Super Hornet, the V-22 Osprey tiltrotor and the Black Hawk UH-60/Seahawk SH-60 helicopter, while our large commercial production programs include the full line of Boeing 7-series aircraft, Airbus A320, A330 and A350XWB and a variety of business jets. Aftermarket sales, which represented 30%, 27% and 30% of 2022, 2021 and 2020 sales, respectively, for this segment consist of the maintenance, repair, overhaul and parts supply for both military and commercial aircraft. Further, we sell spare parts and line replaceable units to both military and commercial customers that they store throughout the world in order to minimize down time. Space and Defense Controls. We provide solutions for a wide array of space and defense applications including space vehicles, launch vehicles, military vehicles, air defense platforms, naval vessels, as well as tactical, hypersonic, and strategic missiles. We design, manufacture, and integrate steering and propulsion controls for space launch vehicles, hypersonic missiles, and Missile Defense Agency (MDA) vehicles. Programs of note include Atlas, Vulcan, Space Launch System (SLS), LauncherOne, Minute Man III, Trident, and a variety of other platforms. We have also developed a family of orbital maneuvering vehicles (OMV) and spacecraft bus platforms that have their own avionics, power, propulsion, and communications systems. The Moog Evolved Secondary Payload Adapter (ESPA) is used as the structure of the OMV and has also enabled the rideshare market for many years. Our spacecraft avionics are used for a variety of purposes and missions, including a complete flight control computer, payload data processing, and processing of discrete elements onboard a spacecraft. Mission specific actuation mechanisms control solar array panels, antenna and thrusters. We also provide discrete isolation systems for the entire spacecraft during launch and for vibration sensitive systems during spacecraft operation. Our propulsion and fluid control solutions accelerate the spacecraft for orbit-insertion, station keeping, and attitude control. Our fluid control systems are also used in Environmental Control and Life Support System (ECLSS) for crewed missions, such as the Orion Multi-Purpose Crew Vehicle that is part of NASA’s Artemis program and the Habitation and Logistics Outpost (HALO), both of which will support humans working on the moon. We produce an innovative turreted weapon system, the Reconfigurable Integrated-weapons Platform (RIwP®), for several military vehicle programs. In addition, we design controls for gun aiming, stabilization and automatic ammunition loading. Our coordinated multi-axis control systems support military vehicles, radars and launchers. We also manufacture controls for steering tactical and strategic missiles including Lockheed Martin's HELLFIRE® and PAC-3 interceptor, the U.S. National Missile Defense Agency's (MDA) Layered Missile Defense initiatives, multiple hypersonic missiles, as well as Raytheon's TOW missiles. Further, we design, build, and integrate weapons Stores Management Systems (SMS) for light attack aerial reconnaissance, ground, and sea platforms. The SMS plays a critical role in supporting the U.S. Special Operations Command (USSOCOM) Armed Overwatch Program. We provide 24/7 support service for Unmanned Aerial System (UAS) detection, enforcing the Federal Aviation Administration (FAA) restricted airspace for NASA's Kennedy Space Center. We also produce high-power, quiet controls designed and built for many naval vessels including surface ships, Unmanned Undersea Vehicles (UUVs) and submarines such as the U.S. Los Angeles, Seawolf, Virginia, Ohio and Columnia Class. Our torpedo actuation can be found on the MK48 heavyweight torpedo. All our defense solutions are supported by Moog Total Support for defense sustainment services. Also, we design and manufacture various component products that serve both the space and defense segments by providing mission critical power, data and motion control capabilities. Slip rings allow unimpeded rotation while delivering power and data through a rotating interface. Our motion control products include high-performance motors, position feedback devices and actuators. The military electronics include a range of transceiver and Ethernet-based devices. These capabilities can be vertically integrated to support a broad range of applications which include military vehicles, aircraft, missiles, radar, and satellites . Industrial Systems. We provide customized machine performance components and systems utilizing electrohydraulic, electromechanical and control technologies in applications involving motion control, fluid control and power and data management across a variety of markets. In the industrial automation market, we design, manufacture and integrate components and systems for applications in injection and blow molding machinery, metal forming presses and heavy industry for steel and aluminum production. Our components and systems allow for precise controls of critical parameters in the industrial manufacturing processes, using both hydraulic and electric technologies. Other industrial automation applications we serve include material handling and paper mills. In the simulation and test market, we supply electromechanical motion simulation bases for the flight simulation and training applications. We also supply custom test systems and controls for automotive, structural and fatigue testing. In the energy market, we supply solutions for power generation applications which allow for precise control and greater safety of fuel metering and guide vane positioning on steam and gas turbines. We also design and manufacture high reliability systems and components for applications in oil and gas exploration and production, including downhole drilling, topside and subsea environments. We supply high-reliability components for wind turbine applications. In the medical market, we supply components and systems for diagnostic imaging CT scan medical equipment, sleep apnea equipment, oxygen concentrators, infusion therapy and enteral clinical nutrition. Our components product categories include hydraulics, slip rings, rotary unions and fiber optic rotary joints, motors and infusion and enteral pumps and associated sets across similar markets. Hydraulic components include high-performance servo valves with mechanical or electronic feedback, high-dynamic performance hydraulic servo pumps, energy-efficient electro hydrostatic actuators and complex hydraulic manifold systems. Slip rings, rotary unions and fiber optic rotary joints come in a range of sizes that allow them to be used in many applications, including diagnostic imaging CT scan medical equipment, construction equipment, remotely operated vehicles and floating platforms for offshore oil exploration, surveillance cameras and wind turbines. Electric motors are used in an equally broad range of solutions, many of which are the same as for slip rings. We design and manufacture a series of fractional horsepower brushless motors that provide extremely low acoustic noise and reliable long life operation, with the largest programs being sleep apnea equipment and data center cooling. Industrial customers use our motors for material handling and electric pumps. Infusion therapy products include infusion pumps and associated administration sets. They offer IV, intra-arterial, subcutaneous or epidural flow of fluids and precise medicine delivery and can be applied to many applications, including hydration, nutrition, patient-controlled analgesia, local anesthesia, chemotherapy and antibiotics. Enteral clinical nutrition products include a complete line of portable and stationary pumps along with disposable sets. They are designed for ease of use and mobility. Medical customers use our enteral feeding products in the delivery of enteral nutrition for patients in their own homes, hospitals and long-term care facilities. Disaggregation of net sales by segment are as follows: Market Type 2022 2021 2020 Net sales: Military $ 745,376 $ 781,921 $ 721,024 Commercial 511,085 379,317 484,726 Aircraft Controls 1,256,461 1,161,238 1,205,750 Space 337,773 332,946 294,254 Defense 534,570 466,289 475,860 Space and Defense Controls 872,343 799,235 770,114 Energy 125,574 120,173 127,693 Industrial Automation 435,074 427,076 405,291 Simulation and Test 99,815 89,459 102,600 Medical 246,516 254,812 273,106 Industrial Systems 906,979 891,520 908,690 Net sales $ 3,035,783 $ 2,851,993 $ 2,884,554 Customer Type 2022 2021 2020 Net sales: Commercial $ 511,085 $ 379,317 $ 484,726 U.S. Government (including OEM) 566,855 617,034 593,093 Other 178,521 164,887 127,931 Aircraft Controls 1,256,461 1,161,238 1,205,750 Commercial 111,569 126,751 133,715 U.S. Government (including OEM) 704,675 614,984 571,045 Other 56,099 57,500 65,354 Space and Defense Controls 872,343 799,235 770,114 Commercial 891,238 865,269 877,148 U.S. Government (including OEM) 7,565 18,510 23,184 Other 8,176 7,741 8,358 Industrial Systems 906,979 891,520 908,690 Commercial 1,513,892 1,371,337 1,495,589 U.S. Government (including OEM) 1,279,095 1,250,528 1,187,322 Other 242,796 230,128 201,643 Net sales $ 3,035,783 $ 2,851,993 $ 2,884,554 Revenue Recognition Method 2022 2021 2020 Net sales: Over-time $ 1,003,432 $ 939,251 $ 1,018,190 Point in time 253,029 221,987 187,560 Aircraft Controls 1,256,461 1,161,238 1,205,750 Over-time 806,994 746,613 700,068 Point in time 65,349 52,622 70,046 Space and Defense Controls 872,343 799,235 770,114 Over-time 121,405 122,066 152,366 Point in time 785,574 769,454 756,324 Industrial Systems 906,979 891,520 908,690 Over-time 1,931,831 1,807,930 1,870,624 Point in time 1,103,952 1,044,063 1,013,930 Net sales $ 3,035,783 $ 2,851,993 $ 2,884,554 Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension 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, manpower or profit. Operating profit by segment and reconciliations to consolidated amounts are as follows: 2022 2021 2020 Operating profit: Aircraft Controls $ 123,620 $ 96,678 $ 34,670 Space and Defense Controls 86,844 88,333 101,667 Industrial Systems 72,384 85,948 80,025 Total operating profit 282,848 270,959 216,362 Deductions from operating profit: Interest expense 36,757 33,892 38,897 Equity-based compensation expense 8,882 7,461 5,661 Pension settlement — — 121,324 Non-service pension expense (income) 6,072 (2,194) 15,231 Corporate and other expenses, net 28,158 28,026 29,832 Earnings before income taxes $ 202,979 $ 203,774 $ 5,417 Depreciation and amortization: Aircraft Controls $ 42,337 $ 41,580 $ 39,782 Space and Defense Controls 19,399 18,655 18,039 Industrial Systems 26,515 29,731 28,644 Corporate 138 193 507 Total depreciation and amortization $ 88,389 $ 90,159 $ 86,972 Identifiable assets: Aircraft Controls $ 1,469,968 $ 1,471,338 $ 1,322,335 Space and Defense Controls 873,341 839,783 761,874 Industrial Systems 1,046,754 1,078,025 1,102,222 Corporate 41,778 44,023 39,400 Total assets $ 3,431,841 $ 3,433,169 $ 3,225,831 Capital expenditures: Aircraft Controls $ 70,526 $ 63,514 $ 47,954 Space and Defense Controls 44,255 39,863 22,505 Industrial Systems 24,620 25,338 17,700 Corporate 30 19 125 Total capital expenditures $ 139,431 $ 128,734 $ 88,284 Sales, based on the customer’s location, and property, plant and equipment by geographic area are as follows: 2022 2021 2020 Net sales: United States $ 2,041,952 $ 1,935,626 $ 1,873,667 Germany 164,388 148,739 175,598 Japan 87,435 108,813 159,025 Other 742,008 658,815 676,264 Net sales $ 3,035,783 $ 2,851,993 $ 2,884,554 Property, plant and equipment, net: United States $ 466,427 $ 438,851 $ 389,454 United Kingdom 61,950 62,662 58,888 Philippines 32,905 35,851 37,270 Other 107,626 108,414 114,886 Property, plant and equipment, net $ 668,908 $ 645,778 $ 600,498 Sales to Boeing were $339,119, $345,907 and $402,960, or 11%, 12% and 14% of sales, in 2022, 2021 and 2020, respectively, including sales to Boeing Commercial Airplanes of $139,615, $118,549 and $206,648 in 2022, 2021 and 2020, respectively. Sales to Lockheed Martin were $260,902, $330,778 and $366,609, or 9%, 12% and 13% in 2022, 2021 and 2020, respectively. Sales arising from U.S. Government prime or sub-contracts, including military sales to Boeing and Lockheed Martin, were $1,279,095, $1,250,528 and $1,187,322 in 2022, 2021 and 2020, respectively. Sales to Boeing, Lockheed Martin and the U.S. Government and its prime- or sub-contractors are made primarily from our Aircraft Controls and Space and Defense Controls segments. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 01, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsJohn Scannell, Moog's Chairman of the Board of Directors and Chief Executive Officer, is a member of 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 totaled $14,284, $14,176 and $15,533 for 2022, 2021 and 2020, respectively. At October 1, 2022, we held outstanding leases with a total original cost of $16,609. At October 1, 2022, outstanding deposits on our behalf for future equipment leases totaled $2,445. 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 9 - Indebtedness. Wilmington Trust, a subsidiary of M&T Bank, is the trustee of the pension assets for our qualified U.S. defined benefit pension plan. For further details, see Note 14 - Employee Benefit Plans. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Oct. 01, 2022 | |
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 is still significant effort required to complete the ultimate deliverable. Future variability in internal cost and 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 $20,450 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Oct. 01, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 27, 2022, we entered into the Sixth Amended and Restated Loan Agreement (the "Agreement") amending the terms of the Company's Fifth Amended and Restated Loan Agreement. Among other matters, the Agreement extended the maturity of the credit facility from October 15, 2024 to October 27, 2027. On November 3, 2022, the Board of Directors declared a $0.26 per share quarterly dividend payable on issued and outstanding shares of our Class A and Class B common stock on December 5, 2022 to shareholders of record at the close of business on November 18, 2022. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Oct. 01, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | Valuation and Qualifying Accounts (dollars in thousands) Schedule II Additions Foreign Balance at charged to exchange Balance beginning expenses and impact at end Description of year other accounts Deductions* and other of year Fiscal year ended October 3, 2020 Contract reserves $ 60,914 $ 76,747 $ 66,885 $ 1,636 $ 72,412 Allowance for credit losses 5,402 3,774 3,144 281 6,313 Reserve for inventory valuation 134,185 52,956 35,747 1,917 153,311 Deferred tax valuation allowance 13,137 2,003 860 504 14,784 Fiscal year ended October 2, 2021 Contract reserves $ 72,412 $ 41,572 $ 55,377 $ 250 $ 58,857 Allowance for credit losses 6,313 2,245 4,238 31 4,351 Reserve for inventory valuation 153,311 26,513 25,151 982 155,655 Deferred tax valuation allowance 14,784 2,513 3,729 328 13,896 Fiscal year ended October 1, 2022 Contract reserves $ 58,857 $ 23,607 $ 35,099 $ (818) $ 46,547 Allowance for credit losses 4,351 1,686 1,083 (346) 4,608 Reserve for inventory valuation 155,655 25,252 33,876 (6,426) 140,605 Deferred tax valuation allowance 13,896 — 4,598 (648) 8,650 * Includes the effects of divestitures. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Oct. 01, 2022 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation: The consolidated financial statements include the accounts of Moog Inc. and all of our U.S. and foreign subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year: Our fiscal year ends on the Saturday that is closest to September 30. The consolidated financial statements include 52 weeks for the year ended October 1, 2022, 52 weeks for the year ended October 2, 2021 and 53 weeks for the year ended |
Operating Cycle | Operating Cycle: Consistent with industry practice, aerospace and defense related inventories, unbilled recoverable costs and profits on over-time contract receivables, customer advances, warranties and contract reserves include amounts relating to contracts having long production and procurement cycles, portions of which are not expected to be realized or settled within one year. |
Foreign Currency Translation | Foreign Currency Translation: Assets and liabilities of subsidiaries that prepare financial statements in currencies other than the U.S. dollar are translated using rates of exchange as of the balance sheet date and the statements of earnings are translated at the average rates of exchange for each reporting period. |
Use Of Estimates | Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. |
Revenue Recognition | Revenue Recognition: We recognize revenue from contracts with customers using an over-time, cost-to-cost method of accounting or at the point in time that control transfers to the customer. For additional discussion on revenue recognition, see Note 2 - Revenue from Contracts with Customers. |
Shipping and Handling Costs | Shipping and Handling Costs: Shipping and handling costs are included in cost of sales. |
Research and Development | Research and Development : Research and development costs are expensed as incurred and include salaries, benefits, consulting, material costs depreciation and amortization. |
Bid And Proposal Costs | Bid and Proposal Costs: Bid and proposal costs are expensed as incurred and classified as selling, general and administrative expenses. |
Equity-Based Compensation | Equity-Based Compensation: Our equity-based compensation plans allow for various types of equity-based incentive awards. The types and mix of these incentive awards are evaluated on an on-going basis and may vary based on our overall strategy regarding compensation. Equity-based compensation expense is based on awards that are ultimately expected to vest over the requisite service periods and are based on the fair value of the award measured on the grant date. Vesting requirements vary for directors, officers and key employees. In general, awards granted to officers and key employees principally vest over three years, in equal annual installments for time-based awards and in three years cliff vest for performance-based awards. We have elected to account for forfeitures when the forfeiture of the underlying awards occur. Equity-based compensation expense is included in selling, general and administrative expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents: All highly liquid investments with an original maturity of three months or less are considered cash equivalents. |
Restricted Cash | Restricted Cash: Restricted cash principally represents funds held for capital expenditures and to satisfy supplemental retirement obligations. |
Allowance for Credit Losses | Allowance for Credit Losses: The allowance for credit losses is based on our assessment of the collectibility of customer accounts. The allowance is determined by considering factors such as historical experience, credit quality, age of the accounts receivable, current economic conditions and reasonable forecasted financial information that may affect a customer’s ability to pay. |
Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value with cost determined primarily on the first-in, first-out (FIFO) method of valuation. |
Property, Plant And Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost. Plant and equipment are depreciated principally using the straight-line method over the estimated useful lives of the assets, generally ranging from 15 to 40 years for buildings and improvements, 5 to 15 years for machinery and equipment and 3 to 10 years for computer equipment and software. Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful life of the asset, whichever is shorter. |
Goodwill | Goodwill: We test goodwill for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that indicate that the fair value of a reporting unit is likely to be below its carrying amount. We also test goodwill for impairment when there is a change in reporting units. We may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for all or selected reporting units. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a quantitative test. We may also elect to perform a quantitative test instead of a qualitative assessment for any or all of our reporting units. We performed a qualitative test for all reporting units in 2021 and 2020. Quantitative testing requires a comparison of the fair value of each reporting unit to its carrying value. We typically use the discounted cash flow method to estimate the fair value of our reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected revenue growth rates, operating margins and cash flows, the terminal growth rate and the weighted-average cost of capital. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and any loss must be measured. To determine the amount of the impairment loss, the implied fair value of goodwill is determined by assigning a fair value to all of the reporting unit's assets and liabilities, including any unrecognized intangible assets, as if the reporting unit had been acquired in a business combination at fair value. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss would be recognized in an amount equal to that excess. We performed a quantitative test for all reporting units in 2022. There were no goodwill impairment charges recorded in 2022, 2021 or 2020. |
Acquired Intangible Assets | Acquired Intangible Assets: Acquired identifiable intangible assets are recorded at cost and are amortized over their estimated useful lives. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: Long-lived assets, including acquired identifiable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. We use undiscounted cash flows to determine whether impairment exists and measure any impairment loss using discounted cash flows. In 2022, we recorded impairment charges on long-lived assets in our Aircraft Controls and Industrial Systems segment. These charges relate to property, plant and equipment that experienced a significant decline in value due to the slower than expected recovery of our commercial aircraft business. In addition, we recorded impairment charges on intangible assets associated with a product line we are no longer pursuing. These charges are included in asset impairment in the Consolidated Statements of Earnings. In 2021, we recorded impairment charges on long-lived assets in our Space and Defense Controls segment. These charges relate to property, plant and equipment and intangibles assets that experienced a decline in value. These charges are included in asset impairment in the Consolidated Statements of Earnings. In 2020, we recorded impairment charges on long-lived assets primarily in our Aircraft Controls and Industrial Systems segments. These charges relate to property, plant and equipment, right-of-use-assets and intangible assets that experienced significant decline in value due to economic impacts of the COVID-19 pandemic. These charges are included in asset impairment in the Consolidated Statements of Earnings. |
Product Warranties | Product Warranties: In the ordinary course of business, we warrant our products against defect 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. |
Financial Instruments | Financial Instruments: Our financial instruments consist primarily of cash and cash equivalents, restricted cash, receivables, notes payable, accounts payable, long-term debt, interest rate swaps and foreign currency contracts. The carrying values for our financial instruments approximate fair value with the exception at times of long-term debt. We do not hold or issue financial instruments for trading purposes. We carry derivative instruments on the Consolidated Balance Sheets at fair value, determined by reference to quoted market prices. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it. Our use of derivative instruments is generally limited to cash flow hedges of certain interest rate risks and minimizing foreign currency exposure on foreign currency transactions, which are typically designated in hedging relationships, and intercompany balances, which are not designated as hedging instruments. Cash flows resulting from forward contracts are accounted for as hedges of identifiable transactions or events and classified in the same category as the cash flows from the items being hedged. |
Reclassifications | Reclassifications: Certain prior year amounts have been reclassified to conform to current year's presentation, which management does not consider to be material. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements : Recent Accounting Pronouncements Adopted There have been no accounting pronouncements adopted for the year ended October 1, 2022. Recent Accounting Pronouncements Not Yet Adopted We consider the applicability and impact of all Accounting Standard Updates ("ASU"). ASUs not listed 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. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contracts with Customers, Assets and Liabilities | Total contract assets and contract liabilities are as follows: October 1, October 2, Unbilled receivables $ 614,760 $ 546,764 Contract advances 296,899 263,686 Net contract assets $ 317,861 $ 283,078 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables consist of: October 1, October 2, Accounts receivable $ 363,137 $ 395,674 Unbilled receivables 614,760 546,764 Other 16,973 7,842 Less allowance for credit losses (4,608) (4,351) Receivables, net $ 990,262 $ 945,929 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, net of reserves | Inventories, net of reserves, consist of: October 1, October 2, Raw materials and purchased parts $ 219,893 $ 231,406 Work in progress 305,328 315,762 Finished goods 63,245 65,927 Inventories, net $ 588,466 $ 613,095 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Property, plant and equipment consists of: October 1, October 2, Land $ 32,164 $ 35,762 Buildings and improvements 496,632 506,450 Machinery and equipment 791,980 791,984 Computer equipment and software 201,960 179,066 Property, plant and equipment, at cost 1,522,736 1,513,262 Less accumulated depreciation and amortization (853,828) (867,484) Property, plant and equipment, net $ 668,908 $ 645,778 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: 2022 2021 2020 Operating lease cost $ 28,670 $ 30,353 $ 27,493 Finance lease cost: Amortization of right-of-use assets $ 2,884 $ 2,282 $ 1,175 Interest on lease liabilities 1,057 736 367 Total finance lease cost $ 3,941 $ 3,018 $ 1,542 |
Schedule of Supplemental Cash Flow Lease Information | Supplemental cash flow information related to leases was as follows: 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 28,914 $ 29,926 $ 24,218 Operating cash flow for finance leases 1,057 736 367 Financing cash flow for finance leases 2,524 2,156 1,167 Assets obtained in exchange for lease obligations: Operating leases 24,659 9,426 13,738 Finance leases 12,238 5,558 11,166 |
Schedule of Supplemental Balance Sheet Lease Information | Supplemental balance sheet information related to leases was as follows: October 1, 2022 October 2, 2021 Operating Leases Operating lease right-of-use assets $ 69,072 $ 60,355 Accrued liabilities and other $ 13,002 $ 14,176 Other long-term liabilities 66,167 57,277 Total operating lease liabilities $ 79,169 $ 71,453 Finance Leases Property, plant, and equipment, at cost $ 30,614 $ 19,861 Accumulated depreciation (5,606) (3,375) Property, plant, and equipment, net $ 25,008 $ 16,486 Accrued liabilities and other $ 3,244 $ 2,014 Other long-term liabilities 23,529 15,904 Total finance lease liabilities $ 26,773 $ 17,918 Weighted average remaining lease term in years Operating leases 7.7 7.4 Finance leases 16.7 15.5 Weighted average discount rate Operating leases 5.0 % 4.7 % Finance leases 4.8 % 5.0 % |
Finance Lease, Liability, Fiscal Year Maturity | Maturities of lease liabilities were as follows: October 1, 2022 Operating Leases Finance Leases 2023 $ 16,684 $ 4,401 2024 14,109 4,366 2025 11,799 4,193 2026 10,917 3,929 2027 9,771 3,187 Thereafter 35,430 26,279 Total lease payments 98,710 46,355 Less: imputed interest (19,541) (19,582) Total $ 79,169 $ 26,773 |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities were as follows: October 1, 2022 Operating Leases Finance Leases 2023 $ 16,684 $ 4,401 2024 14,109 4,366 2025 11,799 4,193 2026 10,917 3,929 2027 9,771 3,187 Thereafter 35,430 26,279 Total lease payments 98,710 46,355 Less: imputed interest (19,541) (19,582) Total $ 79,169 $ 26,773 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In Carrying Amount Of Goodwill | The changes in the carrying amount of goodwill are as follows: Aircraft Space and Industrial Total Balance September 28, 2019 $ 176,939 $ 261,684 $ 345,617 $ 784,240 Acquisition — — 25,237 25,237 Divestiture — — (635) (635) Foreign currency translation 2,582 42 10,390 13,014 Balance at October 3, 2020 179,521 261,726 380,609 821,856 Acquisition 29,123 — — 29,123 Divestitures (312) — (3,092) (3,404) Foreign currency translation 2,447 41 1,542 4,030 Balance at October 2, 2021 210,779 261,767 379,059 851,605 Acquisition 5,344 — — 5,344 Divestitures (6,961) (2,205) (4,137) (13,303) Foreign currency translation (9,643) (155) (28,528) (38,326) Balance at October 1, 2022 $ 199,519 $ 259,407 $ 346,394 $ 805,320 |
Components of Intangible Assets | The components of intangible assets are as follows: October 1, 2022 October 2, 2021 Weighted- Gross Carrying Accumulated Gross Carrying Accumulated Customer-related 11 $ 135,899 $ (88,179) $ 163,215 $ (108,844) Technology-related 9 69,856 (52,951) 82,716 (58,119) Program-related 23 35,305 (18,817) 40,211 (19,707) Marketing-related 8 21,925 (17,833) 28,590 (22,212) Other 10 1,693 (1,488) 1,963 (1,718) Intangible assets 12 $ 264,678 $ (179,268) $ 316,695 $ (210,600) |
Finite-lived Intangible Assets Amortization Expense | Amortization of acquired intangible assets is as follows: 2022 2021 2020 Acquired intangible asset amortization $ 13,106 $ 13,454 $ 12,524 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on acquired intangible assets recorded at October 1, 2022, amortization is estimated to be approximately: 2023 2024 2025 2026 2027 Estimated future amortization of acquired intangible assets $ 11,300 $ 10,500 $ 9,400 $ 9,200 $ 8,300 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Debt Disclosure [Abstract] | |
Components of Long-term debt | Long-term debt consists of: October 1, October 2, U.S. revolving credit facility $ 321,300 $ 321,886 SECT revolving credit facility 20,000 7,000 Senior notes 4.25% 500,000 500,000 Securitization program — 80,000 Other long-term debt 916 1,280 Senior debt 842,216 910,166 Less deferred debt issuance cost (4,428) (6,446) Less current installments (916) (80,365) Long-term debt $ 836,872 $ 823,355 |
Schedule of Maturities of Long-term Debt | Maturities of long-term debt are: 2023 2024 2025 2026 2027 Thereafter Long-term debt maturities $ 916 $ 20,000 $ 321,300 $ — $ — $ 500,000 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Other accrued liabilities consists of: October 1, 2022 October 2, 2021 Employee benefits $ 56,136 $ 54,146 Contract reserves 46,547 58,857 Warranty accrual 23,072 26,602 Accrued income taxes 17,776 12,908 Other 71,845 59,492 Other accrued liabilities $ 215,376 $ 212,005 |
Schedule of Product Warranty Liability | Activity in the warranty accrual is summarized as follows: 2022 2021 2020 Warranty accrual at beginning of period $ 26,602 $ 27,707 $ 28,061 Additions from acquisitions — 990 767 Warranties issued during current period 9,227 13,937 14,820 Adjustments to pre-existing warranties (764) (519) (1,779) Reductions for settling warranties (10,366) (15,630) (14,656) Divestiture adjustment (618) — — Foreign currency translation (1,009) 117 494 Warranty accrual at end of period $ 23,072 $ 26,602 $ 27,707 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Derivative Instrument Detail [Abstract] | |
Derivatives Not Designated as Hedging Instruments | We recorded the following gains and 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: Statements of Earnings location 2022 2021 2020 Net gain (loss) Foreign currency contracts Other $ (10,396) $ 648 $ 1,306 |
Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets | The fair value and classification of derivatives is summarized as follows: Balance Sheets location October 1, 2022 October 2, 2021 Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 562 $ 325 Foreign currency contracts Other assets 165 104 Total asset derivatives $ 727 $ 429 Foreign currency contracts Accrued liabilities and other $ 3,877 $ 1,235 Foreign currency contracts Other long-term liabilities 751 537 Total liability derivatives $ 4,628 $ 1,772 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 679 $ 226 Foreign currency contracts Accrued liabilities and other $ 738 $ 480 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
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, except for the acquisition contingent consideration, which is classified as Level 3: Balance Sheets location October 1, 2022 October 2, 2021 Foreign currency contracts Other current assets $ 1,241 $ 551 Foreign currency contracts Other assets 165 104 Total assets $ 1,406 $ 655 Foreign currency contracts Accrued liabilities and other $ 4,615 $ 1,715 Foreign currency contracts Other long-term liabilities 751 537 Acquisition contingent consideration Other long-term liabilities 3,272 — Total liabilities $ 8,638 $ 2,252 |
Financial Liabilities Classified as Level 3 Within the Fair Value Hierarchy | The changes in financial liabilities classified as Level 3 within the fair value hierarchy are as follows: October 1, 2022 October 2, 2021 Balance at beginning of period $ — $ — Additions from acquisition 3,053 — Increase in discounted future cash flows recorded as interest expense 219 — Balance at end of period $ 3,272 $ — |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve Activity | Restructuring activity for severance and other costs by segment and reconciliation to consolidated amounts is as follows: Aircraft Controls Space and Defense Controls Industrial Systems Total Balance at September 28, 2019 $ — $ 27 $ 4,096 $ 4,123 Charged to expense - 2020 plan 3,340 185 7,175 10,700 Non-cash charges - 2020 plan (234) — — (234) Adjustments to provision — (1) (892) (893) Cash payments - 2020 plan (1,859) (185) (828) (2,872) Cash payments - 2018 plan — (26) (705) (731) Foreign currency translation — — 249 249 Balance at October 3, 2020 1,247 — 9,095 10,342 Adjustments to provision (457) — (711) (1,168) Cash payments - 2020 plan (611) — (2,423) (3,034) Cash payments - 2018 plan — — (524) (524) Foreign currency translation — — 49 49 Balance at October 2, 2021 179 — 5,486 5,665 Charged to expense - 2022 plan 3,996 3,755 3,450 11,201 Non-cash charges - 2022 plan — (2,230) — (2,230) Cash payments - 2022 plan (3,767) (1,297) (613) (5,677) Cash payments - 2020 plan (179) — (443) (622) Cash payments - 2018 plan — — (432) (432) Foreign currency translation — — (770) (770) Balance at October 1, 2022 $ 229 $ 228 $ 6,678 $ 7,135 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Schedule of Defined Contribution Plan Expense | Expense for all defined contribution plans consists of: 2022 2021 2020 U.S. defined contribution plans $ 43,550 $ 36,131 $ 27,698 Non-U.S. defined contribution plans 8,157 8,890 5,965 Total expense for defined contribution plans $ 51,707 $ 45,021 $ 33,663 |
Schedule Of Changes In Projected Benefit Obligations And Plan Assets And Funded Status | The changes in projected benefit obligations and plan assets and the funded status of the U.S. and non-U.S. defined benefit plans are as follows: U.S. Plans Non-U.S. Plans 2022 2021 2022 2021 Change in projected benefit obligation: Projected benefit obligation at prior year measurement date $ 704,989 $ 688,689 $ 205,093 $ 264,419 Service cost 19,827 22,488 4,248 5,290 Interest cost 18,246 17,103 2,413 2,277 Contributions by plan participants — — 184 380 Actuarial (gains) losses (198,538) (13,815) (48,255) 2,224 Foreign currency exchange impact — — (28,435) 68 Benefits paid (12,845) (8,298) (5,136) (5,271) Curtailments — — — (5,690) Settlements — — (2,312) (58,604) Other (733) (1,178) (61) — Projected benefit obligation at measurement date $ 530,946 $ 704,989 $ 127,739 $ 205,093 Change in plan assets: Fair value of assets at prior year measurement date $ 640,513 $ 615,872 $ 127,766 $ 170,765 Actual return on plan assets (186,536) 28,718 (17,686) 11,552 Employer contributions 5,324 5,399 8,210 8,119 Contributions by plan participants — — 184 380 Benefits paid (12,845) (8,298) (5,136) (5,271) Settlements — — (2,312) (58,604) Foreign currency exchange impact — — (19,971) 825 Other (733) (1,178) (61) — Fair value of assets at measurement date $ 445,723 $ 640,513 $ 90,994 $ 127,766 Funded status and amount recognized in assets and liabilities $ (85,223) $ (64,476) $ (36,745) $ (77,327) Amount recognized in assets and liabilities: Long-term assets $ — $ 40,873 $ 10,672 $ 9,266 Current and long-term pension liabilities (85,223) (105,349) (47,417) (86,593) Amount recognized in assets and liabilities $ (85,223) $ (64,476) $ (36,745) $ (77,327) Amount recognized in AOCIL, before taxes: Prior service cost (credit) $ — $ — $ 724 $ 940 Actuarial losses 160,659 158,445 13,209 49,196 Amount recognized in AOCIL, before taxes $ 160,659 $ 158,445 $ 13,933 $ 50,136 |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | The following table provides aggregate information for the pension plans, which have accumulated benefit obligations in excess of plan assets: October 1, 2022 October 2, 2021 Accumulated benefit obligation $ 130,315 $ 223,933 Fair value of plan assets 11,231 48,884 |
Schedule of Projected Benefit Obligations in Excess of Plan Assets | The following table provides aggregate information for the pension plans, which have projected benefit obligations in excess of plan assets: October 1, 2022 October 2, 2021 Projected benefit obligation $ 615,339 $ 256,084 Fair value of plan assets 482,700 64,143 |
Schedule Of Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost And Benefit Obligations | Weighted-average assumptions used to determine net periodic benefit cost and weighted-average assumptions used to determine benefit obligations as of the measurement dates are as follows: U.S. Plans Non-U.S. Plans 2022 2021 2020 2022 2021 2020 Assumptions for net periodic benefit cost: Service cost discount rate 3.3 % 3.1 % 3.5 % 2.0 % 1.5 % 1.6 % Interest cost discount rate 2.7 % 2.6 % 2.9 % 1.7 % 1.2 % 1.3 % Return on assets 5.0 % 5.0 % 4.5 % 2.9 % 3.2 % 2.7 % Rate of compensation increase 3.5 % 3.3 % 2.9 % 3.0 % 2.6 % 2.1 % Assumptions for benefit obligations: Discount rate 5.5 % 3.2 % 3.0 % 4.4 % 1.8 % 1.4 % Rate of compensation increase 3.8 % 3.5 % 3.3 % 3.1 % 2.8 % 2.2 % |
Schedule of Weighted Average Asset Allocations by Asset Category | The weighted average asset allocations by asset category for the pension plans as of October 1, 2022 and October 2, 2021 are as follows: U.S. Plans Non-U.S. Plans Target 2022 2021 Target 2022 2021 Asset category: Equity 30%-40% 30% 35% 20%-40% 26% 32% Fixed Income 60%-70% 70% 65% 50%-70% 65% 63% Other —% —% —% 5%-15% 9% 5% |
Schedule Of Consolidated Plan Assets Using the Fair Value Hierarchy | The following tables present the consolidated plan assets using the fair value hierarchy, which is described in Note 12 - Fair Value, as of October 1, 2022 and October 2, 2021. U.S. Plans, October 1, 2022 Level 1 Level 2 Level 3 Total Investments at fair value: Shares of registered investment companies: Equity funds $ 116,598 $ — $ — $ 116,598 Fixed income funds 180,291 — — 180,291 Money market funds — 7,144 — 7,144 Cash and cash equivalents — 5,790 — 5,790 Total investments in fair value hierarchy 296,889 12,934 — 309,823 Investments measured at NAV practical expedient (1) 135,900 Total investments at fair value $ 296,889 $ 12,934 $ — $ 445,723 Non-U.S. Plans, October 1, 2022 Level 1 Level 2 Level 3 Total Investments at fair value: Mutual funds: Equity funds $ — $ 5,091 $ — $ 5,091 Fixed income funds — 6,020 — 6,020 Equity securities 5,739 — — 5,739 Fixed income securities — 18,515 — 18,515 Collective investment trusts — 17,229 — 17,229 Unit linked life insurance funds — 35,089 — 35,089 Money market funds — 840 — 840 Cash and cash equivalents 465 — — 465 Insurance contracts and other — — 2,006 2,006 Total investments at fair value $ 6,204 $ 82,784 $ 2,006 $ 90,994 U.S. Plans, October 2, 2021 Level 1 Level 2 Level 3 Total Investments at fair value: Shares of registered investment companies: Equity funds $ 200,929 $ — $ — $ 200,929 Fixed income funds 261,945 — — 261,945 Money market funds — 17,905 — 17,905 Cash and cash equivalents — 7,370 — 7,370 Total investments in fair value hierarchy 462,874 25,275 — 488,149 Investments measured at NAV practical expedient (1) 152,364 Total investments at fair value $ 462,874 $ 25,275 $ — $ 640,513 Non-U.S. Plans, October 2, 2021 Level 1 Level 2 Level 3 Total Investments at fair value: Mutual funds: Equity funds $ — $ 6,971 $ — $ 6,971 Fixed income funds — 8,152 — 8,152 Equity securities 9,843 — — 9,843 Fixed income securities — 18,594 — 18,594 Collective investment trusts — 21,681 — 21,681 Unit linked life insurance funds — 58,643 — 58,643 Money market funds — 542 — 542 Cash and cash equivalents 349 — — 349 Insurance contracts and other — — 2,991 2,991 Total investments at fair value $ 10,192 $ 114,583 $ 2,991 $ 127,766 |
Schedule Of Roll-Forward Of The Consolidated Plan Assets Classified As Level 3 Within The Fair Value Hierarchy | The following is a roll forward of the consolidated plan assets classified as Level 3 within the fair value hierarchy: Non-U.S. Plans Balance at October 3, 2020 $ 56,461 Return on assets 2,882 Purchases from contributions to Plans 1,914 Settlements paid in cash (59,180) Foreign currency translation 914 Balance at October 2, 2021 2,991 Return on assets 36 Purchases from contributions to Plans 1,430 Settlements paid in cash (1,801) Foreign currency translation (650) Balance at October 1, 2022 $ 2,006 |
Schedule Of Fair Value, Investments, Entities that Calculate Net Asset Value Per Share | The following table summarizes investments measured at fair value based on NAV per share as of October 1, 2022: Fair Value October 1, 2022 October 2, 2021 Unfunded Commitments Redemption Frequency Redemption Notice Period Collective investment trusts $ 119,470 $ 128,941 $ — Daily 5 days Limited partnerships (1) 16,430 23,423 4,444 Varies 10-45 days Total $ 135,900 $ 152,364 $ 4,444 |
Schedule Of Pension Expense | Expense for all defined benefit plans is as follows: U.S. Plans Non-U.S. Plans 2022 2021 2020 2022 2021 2020 Service cost $ 19,827 $ 22,488 $ 23,033 $ 4,248 $ 5,290 $ 6,771 Interest cost 18,246 17,103 30,597 2,413 2,277 2,785 Expected return on plan assets (29,803) (30,543) (44,084) (3,401) (4,102) (4,577) Amortization of prior service cost — — 133 58 45 (3) Amortization of actuarial loss 15,586 13,721 25,316 3,877 5,568 4,943 Curtailment gain — — — — (5,830) 100 Settlement (gain) loss — — 121,324 280 (44) 676 Total expense for defined benefit plans $ 23,856 $ 22,769 $ 156,319 $ 7,475 $ 3,204 $ 10,695 |
Schedule Of Benefits Expected To Be Paid To The Participants Of The Plans | Benefits expected to be paid to the participants of the plans are: U.S. Plans Non-U.S. Plans 2023 $ 16,407 $ 7,173 2024 20,225 5,888 2025 23,757 6,408 2026 27,184 7,371 2027 30,192 6,678 Five years thereafter 195,782 38,300 |
Schedule Of Changes In The Accumulated Benefit Obligation Of Unfunded Plan | The changes in the accumulated benefit obligation of this unfunded plan for 2022 and 2021 are shown in the following table: October 1, 2022 October 2, 2021 Change in Accumulated Postretirement Benefit Obligation (APBO): APBO at prior year measurement date $ 6,281 $ 9,274 Service cost 33 52 Interest cost 90 124 Contributions by plan participants 559 553 Benefits paid (478) (464) Actuarial (gains) losses (2,811) (3,258) APBO at measurement date $ 3,674 $ 6,281 Funded status $ (3,674) $ (6,281) Accrued postretirement benefit liability $ 3,674 $ 6,281 Amount recognized in AOCIL, before taxes: Actuarial gains 7,579 6,042 Amount recognized in AOCIL, before taxes $ 7,579 $ 6,042 |
Schedule Of Cost Of The Postretirement Benefit Plan | The cost of the postretirement benefit plan is as follows: 2022 2021 2020 Service cost $ 33 $ 52 $ 55 Interest cost 90 124 211 Amortization of prior service credit — — (259) Amortization of actuarial gain (1,274) (513) (607) Net periodic postretirement benefit income $ (1,151) $ (337) $ (600) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | |
Reconciliation Of The Provision For Income Taxes | The reconciliation of the provision for income taxes to the amount computed by applying the U.S. federal statutory tax rate to earnings before income taxes is as follows: 2022 2021 2020 Earnings before income taxes: Domestic $ 151,870 $ 141,665 $ 1,126 Foreign 51,109 62,109 4,291 Total $ 202,979 $ 203,774 $ 5,417 Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: Impacts of Tax Act (0.4) % (1.2) % (96.4) % Revaluation of deferred taxes — % 1.6 % (21.6) % Withholding taxes 0.6 % 0.4 % 27.5 % Reversal of indefinite reinvestment assertion — % 0.2 % (2.9) % R&D and foreign tax credits (5.4) % (4.6) % (102.8) % Divestiture impacts 2.3 % — % — % Foreign tax rates 4.5 % 4.4 % 76.0 % Equity-based compensation (0.2) % (0.1) % (6.5) % Change in valuation allowance for deferred taxes (2.3) % (1.6) % 21.1 % State taxes, net of federal benefit 1.9 % 2.1 % (1.9) % Other 1.6 % 0.6 % 16.6 % Effective income tax rate 23.6 % 22.8 % (69.9) % |
Components Of Income Taxes | The components of income taxes are as follows: 2022 2021 2020 Current: Federal $ 6,270 $ 9,907 $ 14,789 Foreign 26,730 23,801 18,997 State 3,063 4,684 3,271 Total current 36,063 38,392 37,057 Deferred: Federal 8,076 4,625 (35,603) Foreign 1,742 2,898 (1,843) State 1,921 639 (3,399) Total deferred 11,739 8,162 (40,845) Income taxes (benefit) $ 47,802 $ 46,554 $ (3,788) |
Schedule of Deferred Tax Assets And Liabilities | The tax effects of temporary differences that generated deferred tax assets and liabilities are as follows: October 1, October 2, Deferred tax assets: Benefit accruals $ 65,863 $ 68,657 Inventory reserves 30,053 31,900 Tax benefit carryforwards 10,885 15,434 Contract reserves not currently deductible 10,447 13,294 Lease liability 18,473 16,997 Other accrued expenses 14,824 10,983 Total gross deferred tax assets 150,545 157,265 Less valuation allowance (8,650) (13,896) Total net deferred tax assets $ 141,895 $ 143,369 Deferred tax liabilities: Differences in bases and depreciation of property, plant and equipment $ 167,990 $ 164,591 Pension 28,802 25,661 Total gross deferred tax liabilities 196,792 190,252 Net deferred tax liabilities $ (54,897) $ (46,883) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Weighted-Average Shares Outstanding | Basic and diluted weighted-average shares outstanding, as well as shares considered to be anti-dilutive, are as follows: 2022 2021 2020 Basic weighted-average shares outstanding 31,977,482 32,112,589 33,257,684 Dilutive effect of equity-based awards 139,546 185,367 180,117 Diluted weighted-average shares outstanding 32,117,028 32,297,956 33,437,801 |
Antidilutive Securities Excluded from Computation of Earnings Per Share | Anti-dilutive shares from equity-based awards 50,320 50,012 136,323 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Shares Reserved For Future Issuance | Class A shares and Class B shares reserved for issuance at October 1, 2022 are as follows: Shares Conversion of Class B to Class A shares 7,472,878 Employee Stock Purchase Plan 1,466,247 2014 Long Term Incentive Plan 1,701,956 2008 Stock Appreciation Rights Plan 1,083,790 Class A and B shares reserved for issuance 11,724,871 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The compensation cost for employee and non-employee director equity-based compensation programs for all current and prior year awards granted are as follows: 2022 2021 2020 Stock appreciation rights $ 2,370 $ 2,345 $ 2,643 Performance-based restricted stock units 1,718 1,151 221 Time vested restricted stock units 1,423 602 — Restricted stock awards 850 730 680 Employee stock purchase plan 2,521 2,633 2,117 Total compensation cost before income taxes $ 8,882 $ 7,461 $ 5,661 Income tax benefit $ 970 $ 893 $ 677 |
Schedule Of Range Of Assumptions Used To Value Equity-Based Awards And The Weighted-Average Fair Value Of The Awards Granted | The following table provides the range of assumptions used to value awards and the weighted-average fair value of the awards granted. 2022 2021 2020 Expected volatility 39% - 40% 38% - 41% 27% - 28% Risk-free rate 1.3 % 0.4% - 0.5% 1.7% - 1.8% Expected dividends 1.2 % 1.4 % 1.2 % Expected term 5-6 years 5-6 years 5-6 years Weighted-average fair value of awards granted $ 27.86 $ 23.11 $ 21.45 |
Schedule of Stock Appreciation Rights Activity | SARs are as follows: Stock Appreciation Rights Number of Awards Weighted- Weighted- Aggregate Outstanding at October 2, 2021 883,423 $ 69.37 Granted in 2022 91,788 83.00 Exercised in 2022 (108,390) 46.72 Expired in 2022 (6,963) 70.15 Forfeited in 2022 (1,355) 80.43 Outstanding at October 1, 2022 858,503 $ 73.67 5.1 years $ 3,085,580 Exercisable at October 1, 2022 666,816 $ 71.65 4.2 years $ 3,085,580 |
Schedule Of Intrinsic Value Of Awards Exercised And Fair Value Of Awards Vested | The intrinsic value of awards exercised and fair value of awards vested are as follows: Stock Appreciation Rights 2022 2021 2020 Intrinsic value of SARs exercised $ 3,777 $ 3,833 $ 2,665 Total fair value of SARs vested $ 2,346 $ 2,558 $ 2,825 |
Schedule of Nonvested PSU Activity | PSUs are as follows: Performance-Based Restricted Stock Units Number of Awards Weighted- Nonvested at October 2, 2021 59,505 $ 80.12 Granted in 2022 30,836 83.00 Vested in 2022 (31,404) 85.95 Forfeited in 2022 (493) 79.67 Nonvested at October 1, 2022 58,444 $ 78.41 |
Schedule of Nonvested TVA Activity | TVAs are as follows: Time Vested Restricted Stock Units Number of Awards Weighted- Nonvested at October 2, 2021 26,702 $ 77.18 Granted in 2022 30,803 83.00 Vested in 2022 (8,305) 83.00 Forfeited in 2022 (458) 76.38 Period increase (decrease) in 2022 5,817 n/a Nonvested at October 1, 2022 54,559 $ 71.40 |
Schedule of Employee Stock Purchase Plan Activity | Shares and the weighted-average price per share associated with the ESPP are as follows: Employee Stock Purchase Plan 2022 2021 2020 Shares issued 139,121 141,647 119,470 Weighted-average price per share $ 67.91 $ 58.52 $ 58.71 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of AOCIL | The changes in AOCIL, net of tax, by component are as follows: Accumulated foreign currency translation Accumulated retirement liability Accumulated gain (loss) on derivatives Total AOCIL at October 3, 2020 $ (102,994) $ (183,653) $ 1,194 $ (285,453) OCI before reclassifications 12,559 21,958 (1,277) 33,240 Amounts reclassified from AOCIL (2,554) 8,485 (1,278) 4,653 OCI, net of tax 10,005 30,443 (2,555) 37,893 AOCIL at October 2, 2021 (92,989) (153,210) (1,361) (247,560) OCI before reclassifications (101,906) 13,845 (4,031) (92,092) Amounts reclassified from AOCIL 12,871 14,134 1,605 28,610 OCI, net of tax (89,035) 27,979 (2,426) (63,482) AOCIL at October 1, 2022 $ (182,024) $ (125,231) $ (3,787) $ (311,042) Net gains and losses on net investment hedges are recorded in Accumulated foreign currency translation to the extent that the instruments are effective in hedging the designated risk. |
Reclassification from AOCIL | The amounts reclassified from AOCIL into earnings are as follows: Statements of Earnings location 2022 2021 Retirement liability: Prior service cost $ 58 $ 45 Actuarial losses 18,189 18,776 Curtailment gain — (5,830) Settlement (gain) loss 280 (44) Reclassification from AOCIL into earnings 18,527 12,947 Tax effect (4,393) (4,462) Net reclassification from AOCIL into earnings $ 14,134 $ 8,485 Derivatives: Foreign currency contracts Sales $ 996 $ (130) Foreign currency contracts Cost of sales 1,044 (1,535) Reclassification from AOCIL into earnings 2,040 (1,665) Tax effect (435) 387 Net reclassification from AOCIL into earnings $ 1,605 $ (1,278) Reclassification from AOCIL into earnings for the Retirement liability are included in the computation of non-service pension expense, which is included in Other on the Consolidated Statements of Earnings. |
Effective Portion of Amounts Deferred in AOCIL | The effective portion of amounts deferred in AOCIL are as follows: 2022 2021 Retirement liability: Net actuarial gain during period $ 15,521 $ 26,157 Tax effect (1,676) (4,199) Net deferral in AOCIL of retirement liability $ 13,845 $ 21,958 Derivatives: Foreign currency contracts $ (5,190) $ (1,668) Net loss (5,190) (1,668) Tax effect 1,159 391 Net deferral in AOCIL of derivatives $ (4,031) $ (1,277) |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Oct. 01, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Information And Reconciliations To Consolidated Amounts | Disaggregation of net sales by segment are as follows: Market Type 2022 2021 2020 Net sales: Military $ 745,376 $ 781,921 $ 721,024 Commercial 511,085 379,317 484,726 Aircraft Controls 1,256,461 1,161,238 1,205,750 Space 337,773 332,946 294,254 Defense 534,570 466,289 475,860 Space and Defense Controls 872,343 799,235 770,114 Energy 125,574 120,173 127,693 Industrial Automation 435,074 427,076 405,291 Simulation and Test 99,815 89,459 102,600 Medical 246,516 254,812 273,106 Industrial Systems 906,979 891,520 908,690 Net sales $ 3,035,783 $ 2,851,993 $ 2,884,554 Customer Type 2022 2021 2020 Net sales: Commercial $ 511,085 $ 379,317 $ 484,726 U.S. Government (including OEM) 566,855 617,034 593,093 Other 178,521 164,887 127,931 Aircraft Controls 1,256,461 1,161,238 1,205,750 Commercial 111,569 126,751 133,715 U.S. Government (including OEM) 704,675 614,984 571,045 Other 56,099 57,500 65,354 Space and Defense Controls 872,343 799,235 770,114 Commercial 891,238 865,269 877,148 U.S. Government (including OEM) 7,565 18,510 23,184 Other 8,176 7,741 8,358 Industrial Systems 906,979 891,520 908,690 Commercial 1,513,892 1,371,337 1,495,589 U.S. Government (including OEM) 1,279,095 1,250,528 1,187,322 Other 242,796 230,128 201,643 Net sales $ 3,035,783 $ 2,851,993 $ 2,884,554 Revenue Recognition Method 2022 2021 2020 Net sales: Over-time $ 1,003,432 $ 939,251 $ 1,018,190 Point in time 253,029 221,987 187,560 Aircraft Controls 1,256,461 1,161,238 1,205,750 Over-time 806,994 746,613 700,068 Point in time 65,349 52,622 70,046 Space and Defense Controls 872,343 799,235 770,114 Over-time 121,405 122,066 152,366 Point in time 785,574 769,454 756,324 Industrial Systems 906,979 891,520 908,690 Over-time 1,931,831 1,807,930 1,870,624 Point in time 1,103,952 1,044,063 1,013,930 Net sales $ 3,035,783 $ 2,851,993 $ 2,884,554 Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension 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, manpower or profit. Operating profit by segment and reconciliations to consolidated amounts are as follows: 2022 2021 2020 Operating profit: Aircraft Controls $ 123,620 $ 96,678 $ 34,670 Space and Defense Controls 86,844 88,333 101,667 Industrial Systems 72,384 85,948 80,025 Total operating profit 282,848 270,959 216,362 Deductions from operating profit: Interest expense 36,757 33,892 38,897 Equity-based compensation expense 8,882 7,461 5,661 Pension settlement — — 121,324 Non-service pension expense (income) 6,072 (2,194) 15,231 Corporate and other expenses, net 28,158 28,026 29,832 Earnings before income taxes $ 202,979 $ 203,774 $ 5,417 Depreciation and amortization: Aircraft Controls $ 42,337 $ 41,580 $ 39,782 Space and Defense Controls 19,399 18,655 18,039 Industrial Systems 26,515 29,731 28,644 Corporate 138 193 507 Total depreciation and amortization $ 88,389 $ 90,159 $ 86,972 Identifiable assets: Aircraft Controls $ 1,469,968 $ 1,471,338 $ 1,322,335 Space and Defense Controls 873,341 839,783 761,874 Industrial Systems 1,046,754 1,078,025 1,102,222 Corporate 41,778 44,023 39,400 Total assets $ 3,431,841 $ 3,433,169 $ 3,225,831 Capital expenditures: Aircraft Controls $ 70,526 $ 63,514 $ 47,954 Space and Defense Controls 44,255 39,863 22,505 Industrial Systems 24,620 25,338 17,700 Corporate 30 19 125 Total capital expenditures $ 139,431 $ 128,734 $ 88,284 |
Sales, Based On The Customer's Location, And Property, Plant And Equipment By Geographic Area | Sales, based on the customer’s location, and property, plant and equipment by geographic area are as follows: 2022 2021 2020 Net sales: United States $ 2,041,952 $ 1,935,626 $ 1,873,667 Germany 164,388 148,739 175,598 Japan 87,435 108,813 159,025 Other 742,008 658,815 676,264 Net sales $ 3,035,783 $ 2,851,993 $ 2,884,554 Property, plant and equipment, net: United States $ 466,427 $ 438,851 $ 389,454 United Kingdom 61,950 62,662 58,888 Philippines 32,905 35,851 37,270 Other 107,626 108,414 114,886 Property, plant and equipment, net $ 668,908 $ 645,778 $ 600,498 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Summary Of Significant Accounting Policies | |||
Fiscal Period Duration - Weeks | 1 year | 1 year | 1 year |
Goodwill impairment charge | $ 0 | $ 0 | $ 0 |
Minimum | |||
Summary Of Significant Accounting Policies | |||
Warranty period - months | twelve | ||
Maximum | |||
Summary Of Significant Accounting Policies | |||
Warranty period - months | sixty | ||
Buildings and Improvements | Minimum | |||
Summary Of Significant Accounting Policies | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Buildings and Improvements | Maximum | |||
Summary Of Significant Accounting Policies | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Machinery And Equipment | Minimum | |||
Summary Of Significant Accounting Policies | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Machinery And Equipment | Maximum | |||
Summary Of Significant Accounting Policies | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Computer Equipment and Software | Minimum | |||
Summary Of Significant Accounting Policies | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Computer Equipment and Software | Maximum | |||
Summary Of Significant Accounting Policies | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Stock Appreciation Rights (SARs) | |||
Summary Of Significant Accounting Policies | |||
Vesting period | 3 years | ||
Performance-based Restricted Stock Units (PSUs) | |||
Summary Of Significant Accounting Policies | |||
Vesting period | 3 years |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ (3,518) | $ 11,167 | $ 15,785 |
Contract reserves | 46,547 | $ 58,857 | |
Contract with Customer, Liability, Revenue Recognized | 180,789 | ||
Revenue, Remaining Performance Obligation, Amount | $ 5,200,000 | ||
Revenue, Remaining Performance Obligation, Percentage | 44% | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Description of Payment Terms | 30 | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Description of Payment Terms | 60 days | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Unbilled receivables | $ 614,760 | $ 546,764 |
Contract advances | 296,899 | 263,686 |
Net contract assets | $ 317,861 | $ 283,078 |
Acquisitions, Divestitures an_2
Acquisitions, Divestitures and Equity Method Investments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2022 | Sep. 20, 2022 | Aug. 31, 2022 | Feb. 21, 2022 | Dec. 03, 2021 | Dec. 18, 2020 | Oct. 02, 2021 | Jan. 02, 2021 | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Jun. 03, 2022 | |
Business Acquisitions and Divestitures | ||||||||||||
Net cash paid to acquire a business | $ 11,832 | $ 77,600 | $ 54,265 | |||||||||
Gain (Loss) on Sale of Business | $ (3,346) | $ (1,536) | $ 0 | |||||||||
Aircraft Controls | ||||||||||||
Business Acquisitions and Divestitures | ||||||||||||
Proceeds from divestiture of businesses | $ 2,081 | |||||||||||
Gain (Loss) on Sale of Business | $ (683) | |||||||||||
Aircraft Controls | Nav Aids Sale | ||||||||||||
Business Acquisitions and Divestitures | ||||||||||||
Proceeds from divestiture of businesses | $ 35,550 | |||||||||||
Gain (Loss) on Sale of Business | $ 16,146 | |||||||||||
Aircraft Controls | TEAM | ||||||||||||
Business Acquisitions and Divestitures | ||||||||||||
Purchase price, net of acquired cash | $ 14,885 | |||||||||||
Total cash consideration, net of acquired cash | 11,832 | |||||||||||
Fair value, contingent consideration, liability | $ 3,053 | |||||||||||
Aircraft Controls | Genesys Aerosystems Group, Inc. | ||||||||||||
Business Acquisitions and Divestitures | ||||||||||||
Net cash paid to acquire a business | $ 77,600 | |||||||||||
Industrial Systems | ||||||||||||
Business Acquisitions and Divestitures | ||||||||||||
Proceeds from divestiture of businesses | $ 11,285 | |||||||||||
Gain (Loss) on Sale of Business | $ (1,536) | |||||||||||
Industrial Systems | TriTech | ||||||||||||
Business Acquisitions and Divestitures | ||||||||||||
Proceeds from divestiture of businesses | $ 12,401 | |||||||||||
Gain (Loss) on Sale of Business | $ (15,379) | |||||||||||
Space and Defense Controls | QuickSet | ||||||||||||
Business Acquisitions and Divestitures | ||||||||||||
Proceeds from divestiture of businesses | $ 9,823 | |||||||||||
Gain (Loss) on Sale of Business | $ (4,112) | |||||||||||
Suffolk Technologies Fund 1, L.P. | Industrial Systems | ||||||||||||
Schedule of Equity Method Investments | ||||||||||||
Equity Method Investment, Aggregate Cost | $ 1,024 | |||||||||||
Equity Method Investment, Committed Capital | $ 6,976 | |||||||||||
NOVI LLC | Space and Defense Controls | ||||||||||||
Schedule of Equity Method Investments | ||||||||||||
Equity Method Investment, Aggregate Cost | $ 571 | |||||||||||
Equity Method Investment, Ownership Percentage | 42.50% |
Receivables (Schedule of Receiv
Receivables (Schedule of Receivables) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Receivables [Abstract] | ||
Accounts receivable | $ 363,137 | $ 395,674 |
Unbilled receivables | 614,760 | 546,764 |
Other | 16,973 | 7,842 |
Less allowance for credit losses | (4,608) | (4,351) |
Receivables, net | $ 990,262 | $ 945,929 |
Receivables (Narrative) (Detail
Receivables (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Nov. 04, 2021 | |
Accounts, Notes, Loans and Financing Receivable | ||||
Asset impairment | $ 21,651 | $ 1,500 | $ 60,547 | |
Maximum Amount of Receivables That May Be Sold to Purchasers | $ 100,000 | |||
Total Receivables Sold Under RPA | 522,822 | |||
Total Cash Collections Under RPA | 422,822 | |||
Gain Loss on Sale of Receivables | 0 | |||
Amount of Receivables Sold to Purchasers | 100,000 | |||
Receivables, net | 990,262 | 945,929 | ||
Unbilled receivables | 614,760 | 546,764 | ||
United States | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Amounts billed for over-time contract receivable to US Government | 18,750 | 11,330 | ||
United States | Government | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Unbilled receivables | 38,020 | 32,245 | ||
Boeing | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Receivables from customers | 235,405 | 209,653 | ||
Lockheed Martin | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Receivables from customers | 99,707 | $ 88,744 | ||
Asset Pledged as Collateral | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Receivables, net | 657,658 | |||
Accounts Receivable | ||||
Accounts, Notes, Loans and Financing Receivable | ||||
Asset impairment | $ 642 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 219,893 | $ 231,406 |
Work in progress | 305,328 | 315,762 |
Finished goods | 63,245 | 65,927 |
Inventories, net | $ 588,466 | $ 613,095 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Inventory | |||
Asset impairment | $ 21,651 | $ 1,500 | $ 60,547 |
Inventories | |||
Inventory | |||
Asset impairment | $ 1,907 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 |
Property, Plant and Equipment [Abstract] | |||
Land | $ 32,164 | $ 35,762 | |
Buildings and improvements | 496,632 | 506,450 | |
Machinery and equipment | 791,980 | 791,984 | |
Computer equipment and software | 201,960 | 179,066 | |
Property, plant and equipment, at cost | 1,522,736 | 1,513,262 | |
Less accumulated depreciation and amortization | (853,828) | (867,484) | |
Property, plant and equipment, net | $ 668,908 | $ 645,778 | $ 600,498 |
Property, Plant And Equipment P
Property, Plant And Equipment Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Impairment of Long-Lived Assets Held-for-use | $ 15,048 | $ 356 | $ 25,419 |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset impairment |
Leases (Components of Lease Exp
Leases (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 28,670 | $ 30,353 | $ 27,493 |
Finance lease cost - Amortization of right-of-use assets | 2,884 | 2,282 | 1,175 |
Finance least cost - Interest on lease liabilities | 1,057 | 736 | 367 |
Total finance lease cost | $ 3,941 | $ 3,018 | $ 1,542 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Lease Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Leases [Abstract] | |||
Operating cash flow for operating leases | $ 28,914 | $ 29,926 | $ 24,218 |
Operating cash flow for finance leases | 1,057 | 736 | 367 |
Financing cash flow for finance leases | 2,524 | 2,156 | 1,167 |
Assets obtained in exchange for lease obligations - operating leases | 24,659 | 9,426 | 13,738 |
Assets obtained in exchange for lease obligations - finance leases | $ 12,238 | $ 5,558 | $ 11,166 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Lease Information) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 69,072 | $ 60,355 |
Operating leases - Accrued liabilities and other | 13,002 | 14,176 |
Operating leases - Other long-term liabilities | 66,167 | 57,277 |
Total operating lease liabilities | $ 79,169 | $ 71,453 |
Operating leases - Accrued liabilities and other | Accrued liabilities and other | Accrued liabilities and other |
Operating leases - Other long-term liabilities | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total operating lease liabilities | Other Liabilities | Other Liabilities |
Finance leases - Property, plant and equipment, at cost | $ 30,614 | $ 19,861 |
Finance leases - Accumulated depreciation | (5,606) | (3,375) |
Finance leases - Property, plant and equipment, net | $ 25,008 | $ 16,486 |
Finance leases - Property, plant and equipment, at cost | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Finance leases - Accrued liabilities and other | $ 3,244 | $ 2,014 |
Finance leases - Other long-term liabilities | 23,529 | 15,904 |
Total finance lease liabilities | $ 26,773 | $ 17,918 |
Finance leases - Accrued liabilities and other | Accrued liabilities and other | Accrued liabilities and other |
Finance leases - Other long-term liabilities | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total finance lease liabilities | Other Liabilities | Other Liabilities |
Weighted average remaining lease term - Operating leases | 7 years 8 months 12 days | 7 years 4 months 24 days |
Weighted average remaining lease term - Finance leases | 16 years 8 months 12 days | 15 years 6 months |
Weighted average discount rate - Operating leases | 5% | 4.70% |
Weighted average discount rate - Finance leases | 4.80% | 5% |
Leases (Schedule of Maturities
Leases (Schedule of Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Leases [Abstract] | ||
Operating leases maturity - 2023 | $ 16,684 | |
Operating leases maturity - 2024 | 14,109 | |
Operating leases maturity - 2025 | 11,799 | |
Operating leases maturity - 2026 | 10,917 | |
Operating leases maturity - 2027 | 9,771 | |
Operating leases maturity - Thereafter | 35,430 | |
Operating leases - Total lease payments | 98,710 | |
Operating leases - imputed interest | (19,541) | |
Total operating lease liabilities | 79,169 | $ 71,453 |
Finance leases maturity - 2023 | 4,401 | |
Finance leases maturity - 2024 | 4,366 | |
Finance leases maturity - 2025 | 4,193 | |
Finance leases maturity - 2026 | 3,929 | |
Finance leases maturity - 2027 | 3,187 | |
Finance leases maturity - Thereafter | 26,279 | |
Finance leases - Total lease payments | 46,355 | |
Finance leases - imputed interest | (19,582) | |
Total finance lease liabilities | $ 26,773 | $ 17,918 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Leases [Abstract] | |||
Sale Leaseback Transaction, Lease Terms | On September 30, 2022, we sold a building located in Murray, Utah and concurrently entered into a lease agreement for the building with an initial term of two years, which also includes the option to extend the terms of the lease for up to two consecutive terms of six months each. | ||
Gain on sale of building | $ 9,075 | $ 0 | $ 0 |
Operating Lease, Impairment Loss | 3,696 | ||
Finance Lease, Impairment Loss | $ 1,112 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 851,605 | $ 821,856 | $ 784,240 |
Acquisitions | 5,344 | 29,123 | 25,237 |
Divestitures | (13,303) | (3,404) | (635) |
Foreign currency translation | (38,326) | 4,030 | 13,014 |
Ending balance | 805,320 | 851,605 | 821,856 |
Aircraft Controls | |||
Goodwill [Roll Forward] | |||
Beginning balance | 210,779 | 179,521 | 176,939 |
Acquisitions | 5,344 | 29,123 | 0 |
Divestitures | (6,961) | (312) | 0 |
Foreign currency translation | (9,643) | 2,447 | 2,582 |
Ending balance | 199,519 | 210,779 | 179,521 |
Space and Defense Controls | |||
Goodwill [Roll Forward] | |||
Beginning balance | 261,767 | 261,726 | 261,684 |
Acquisitions | 0 | 0 | 0 |
Divestitures | (2,205) | 0 | 0 |
Foreign currency translation | (155) | 41 | 42 |
Ending balance | 259,407 | 261,767 | 261,726 |
Industrial Systems | |||
Goodwill [Roll Forward] | |||
Beginning balance | 379,059 | 380,609 | 345,617 |
Acquisitions | 0 | 0 | 25,237 |
Divestitures | (4,137) | (3,092) | (635) |
Foreign currency translation | (28,528) | 1,542 | 10,390 |
Ending balance | $ 346,394 | $ 379,059 | $ 380,609 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Goodwill Narrative) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Sep. 28, 2019 |
Goodwill | ||||
Goodwill | $ 805,320 | $ 851,605 | $ 821,856 | $ 784,240 |
Space and Defense Controls | ||||
Goodwill | ||||
Goodwill | 259,407 | 261,767 | 261,726 | 261,684 |
Goodwill, accumulated impairment loss | 4,800 | |||
Industrial Systems | ||||
Goodwill | ||||
Goodwill | 346,394 | $ 379,059 | $ 380,609 | $ 345,617 |
Goodwill, accumulated impairment loss | $ 38,200 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Components Of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 12 years | |
Gross Carrying Amount | $ 264,678 | $ 316,695 |
Accumulated Amortization | $ (179,268) | (210,600) |
Customer-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 11 years | |
Gross Carrying Amount | $ 135,899 | 163,215 |
Accumulated Amortization | $ (88,179) | (108,844) |
Technology-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 9 years | |
Gross Carrying Amount | $ 69,856 | 82,716 |
Accumulated Amortization | $ (52,951) | (58,119) |
Program-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 23 years | |
Gross Carrying Amount | $ 35,305 | 40,211 |
Accumulated Amortization | $ (18,817) | (19,707) |
Marketing-Related | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 8 years | |
Gross Carrying Amount | $ 21,925 | 28,590 |
Accumulated Amortization | $ (17,833) | (22,212) |
Other Intangible Assets | ||
Finite-Lived Intangible Assets | ||
Weighted-Average Life (years) | 10 years | |
Gross Carrying Amount | $ 1,693 | 1,963 |
Accumulated Amortization | $ (1,488) | $ (1,718) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Intangible Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Finite-Lived Intangible Assets | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 8,723 | ||
Space and Defense Controls | |||
Finite-Lived Intangible Assets | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 1,144 | ||
Industrial Systems | |||
Finite-Lived Intangible Assets | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 2,125 |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets (Amortization of Acquired Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of acquired intangible assets | $ 13,106 | $ 13,454 | $ 12,524 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets (Estimated Future Amortization of Acquired Intangible Assets) (Details) $ in Thousands | Oct. 01, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 11,300 |
2024 | 10,500 |
2025 | 9,400 |
2026 | 9,200 |
2027 | $ 8,300 |
Indebtedness (Components Of Lon
Indebtedness (Components Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Debt Instrument | ||
Senior notes 4.25% | $ 500,000 | $ 500,000 |
Securitization program | 0 | 80,000 |
Other long-term debt | 916 | 1,280 |
Senior debt | 842,216 | 910,166 |
Less deferred debt issuance cost | (4,428) | (6,446) |
Less current installments | (916) | (80,365) |
Long-term debt | 836,872 | 823,355 |
U.S. revolving credit facility | ||
Debt Instrument | ||
Revolving credit facility | 321,300 | 321,886 |
SECT revolving credit facility | ||
Debt Instrument | ||
Revolving credit facility | $ 20,000 | $ 7,000 |
Indebtedness (Line of Credit Fa
Indebtedness (Line of Credit Facility Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jul. 15, 2021 | Nov. 06, 2020 | Dec. 13, 2019 | Oct. 15, 2019 | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Debt Instrument | |||||||
Pledged Assets, NBV | $ 3,431,841 | $ 3,433,169 | $ 3,225,831 | ||||
Unused borrowing capacity | $ 787,530 | ||||||
Line of Credit | U.S. revolving credit facility | |||||||
Debt Instrument | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,100,000 | ||||||
Expansion option to increase credit facility | $ 400,000 | ||||||
Debt, Weighted Average Interest Rate | 4.16% | ||||||
Applicable margin in interest rate of revolving credit facility, basis points | 1.50% | ||||||
Unused borrowing capacity | $ 762,313 | ||||||
Line of Credit | SECT revolving credit facility | |||||||
Debt Instrument | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 35,000 | ||||||
Applicable margin in interest rate of revolving credit facility, basis points | 2.13% | ||||||
Senior Notes | Senior notes 4.25% | |||||||
Debt Instrument | |||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||
Proceeds from Debt, Net of Issuance Costs | $ 491,769 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.60% | ||||||
Securitization program | |||||||
Debt Instrument | |||||||
Maximum credit facility amount that can borrow | $ 80,000 | ||||||
Percentage of borrowing capacity on the Securitization Program | 80% | ||||||
Percentage of borrowing base on the Securitization Program | 100% | ||||||
Asset Pledged as Collateral | |||||||
Debt Instrument | |||||||
Pledged Assets, NBV | $ 1,485,188 |
Indebtedness (Schedule of Long
Indebtedness (Schedule of Long Term Debt Maturities) (Details) - Senior debt $ in Thousands | Oct. 01, 2022 USD ($) |
Debt Instrument | |
2023 | $ 916 |
2024 | 20,000 |
2025 | 321,300 |
2026 | 0 |
2027 | 0 |
Thereafter | $ 500,000 |
Other Accrued Liabilities (Sche
Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Employee benefits | $ 56,136 | $ 54,146 |
Contract reserves | 46,547 | 58,857 |
Warranty accrual | 23,072 | 26,602 |
Accrued income taxes | 17,776 | 12,908 |
Other | 71,845 | 59,492 |
Other accrued liabilities | $ 215,376 | $ 212,005 |
Other Accrued Liabilities (Summ
Other Accrued Liabilities (Summary of Activity in Warranty Accrual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Warranty accrual at beginning of period | $ 26,602 | $ 27,707 | $ 28,061 |
Additions from acquisitions | 0 | 990 | 767 |
Warranties issued during current period | 9,227 | 13,937 | 14,820 |
Adjustments to pre-existing warranties | (764) | (519) | (1,779) |
Reductions for settling warranties | (10,366) | (15,630) | (14,656) |
Divestiture adjustment | (618) | 0 | 0 |
Foreign currency translation | (1,009) | 117 | 494 |
Warranty accrual at end of period | $ 23,072 | $ 26,602 | $ 27,707 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) $ in Thousands | Oct. 01, 2022 USD ($) |
Designated As Hedging Instruments | Foreign Currency Contracts | |
Derivative | |
Derivative notional amount | $ 31,740 |
Designated As Hedging Instruments | Net Investment Hedges | |
Derivative | |
Derivative notional amount | 0 |
Designated As Hedging Instruments | Interest Rate Swaps | |
Derivative | |
Derivative notional amount | 0 |
Not Designated As Hedging Instruments | Foreign Currency Contracts | |
Derivative | |
Derivative notional amount | $ 106,219 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gains And Losses On Foreign Currency Forwards Included In Other Income Or Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Foreign Currency Contracts | Other Income (Expense) | |||
Derivative | |||
Net gain (loss) | $ (10,396) | $ 648 | $ 1,306 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Fair Value And Classification Of Derivatives On The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Other current assets | Foreign currency contracts | ||
Derivative Instruments, Fair Value | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $ 562 | $ 325 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 679 | 226 |
Other assets | Foreign currency contracts | ||
Derivative Instruments, Fair Value | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 165 | 104 |
Total asset derivatives | ||
Derivative Instruments, Fair Value | ||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 727 | 429 |
Accrued liabilities and other | Foreign currency contracts | ||
Derivative Instruments, Fair Value | ||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 3,877 | 1,235 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 738 | 480 |
Other long-term liabilities | Foreign currency contracts | ||
Derivative Instruments, Fair Value | ||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | 751 | 537 |
Total liability derivatives | ||
Derivative Instruments, Fair Value | ||
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ 4,628 | $ 1,772 |
Fair Value (Fair Values And Cla
Fair Value (Fair Values And Classification Of Financial Assets And Liabilities Measured On A Recurring Basis) (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Other current assets | Level 2 | ||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | $ 1,241 | $ 551 |
Other assets | Level 2 | ||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value assets | 165 | 104 |
Total assets | Level 2 | ||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value assets | 1,406 | 655 |
Accrued liabilities and other | Level 2 | ||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 4,615 | 1,715 |
Other long-term liabilities | Level 2 | ||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign currency forwards, fair value liabilities | 751 | 537 |
Other long-term liabilities | Level 3 | ||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Acquisition contingent consideration, fair value liabilities | 3,272 | 0 |
Total liabilities | Level 2 | ||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total fair value liabilities | $ 8,638 | $ 2,252 |
Fair Value (Financial Liabiliti
Fair Value (Financial Liabilities Classified as Level 3 Within Fair Value Hierarchy) (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance at beginning of period | $ 0 | $ 0 |
Additions from acquisition | 3,053 | 0 |
Increase in discounted future cash flows recorded as interest expense | 219 | 0 |
Balance at end of period | $ 3,272 | $ 0 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Carrying value of long-term debt | $ 842,216 | $ 910,166 | |
Asset impairment | 18,053 | 1,500 | $ 37,839 |
Fair Value, Recurring | Level 2 | |||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of long-term debt | 775,900 | ||
Fair Value, Nonrecurring | Level 3 | |||
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Asset impairment | $ 19,960 | $ 1,500 | $ 37,839 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Sep. 28, 2019 | |
Restructuring Cost and Reserve | ||||
Charged to expense | $ 9,509 | $ 0 | $ 10,700 | |
Restructuring reserve | 7,135 | $ 5,665 | 10,342 | $ 4,123 |
2022 Plan | ||||
Restructuring Cost and Reserve | ||||
Charged to expense | 11,201 | |||
Restructuring reserve | 2,919 | |||
2022 Plan | Other Restructuring | Inventories | ||||
Restructuring Cost and Reserve | ||||
Charged to expense | 1,692 | |||
2022 Plan | Other Restructuring | Property, Plant and Equipment | ||||
Restructuring Cost and Reserve | ||||
Charged to expense | 538 | |||
2022 Plan | Employee Severance | ||||
Restructuring Cost and Reserve | ||||
Charged to expense | 8,971 | |||
2020 Plan | ||||
Restructuring Cost and Reserve | ||||
Charged to expense | 10,700 | |||
Restructuring reserve | 2,918 | |||
2020 Plan | Employee Severance | ||||
Restructuring Cost and Reserve | ||||
Charged to expense | $ 10,466 | |||
2018 Plan | ||||
Restructuring Cost and Reserve | ||||
Restructuring reserve | $ 1,298 |
Restructuring (Restructuring Ac
Restructuring (Restructuring Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | $ 5,665 | $ 10,342 | $ 4,123 |
Charged to expense | 9,509 | 0 | 10,700 |
Adjustment to provision | (1,168) | (893) | |
Foreign currency translation | (770) | 49 | 249 |
Balance at end of period | 7,135 | 5,665 | 10,342 |
2018 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Cash payments | (432) | (524) | (731) |
Balance at end of period | 1,298 | ||
2020 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charged to expense | 10,700 | ||
Non-cash charges | (234) | ||
Cash payments | (622) | (3,034) | (2,872) |
Balance at end of period | 2,918 | ||
2022 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charged to expense | 11,201 | ||
Non-cash charges | (2,230) | ||
Cash payments | (5,677) | ||
Balance at end of period | 2,919 | ||
Aircraft Controls | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 179 | 1,247 | 0 |
Adjustment to provision | (457) | 0 | |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of period | 229 | 179 | 1,247 |
Aircraft Controls | 2018 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Cash payments | 0 | 0 | 0 |
Aircraft Controls | 2020 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charged to expense | 3,340 | ||
Non-cash charges | (234) | ||
Cash payments | (179) | (611) | (1,859) |
Aircraft Controls | 2022 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charged to expense | 3,996 | ||
Non-cash charges | 0 | ||
Cash payments | (3,767) | ||
Space and Defense Controls | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 27 |
Adjustment to provision | 0 | (1) | |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of period | 228 | 0 | 0 |
Space and Defense Controls | 2018 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Cash payments | 0 | 0 | (26) |
Space and Defense Controls | 2020 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charged to expense | 185 | ||
Non-cash charges | 0 | ||
Cash payments | 0 | 0 | (185) |
Space and Defense Controls | 2022 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charged to expense | 3,755 | ||
Non-cash charges | (2,230) | ||
Cash payments | (1,297) | ||
Industrial Systems | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 5,486 | 9,095 | 4,096 |
Adjustment to provision | (711) | (892) | |
Foreign currency translation | (770) | 49 | 249 |
Balance at end of period | 6,678 | 5,486 | 9,095 |
Industrial Systems | 2018 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Cash payments | (432) | (524) | (705) |
Industrial Systems | 2020 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charged to expense | 7,175 | ||
Non-cash charges | 0 | ||
Cash payments | (443) | $ (2,423) | $ (828) |
Industrial Systems | 2022 Plan | |||
Restructuring Reserve [Roll Forward] | |||
Charged to expense | 3,450 | ||
Non-cash charges | 0 | ||
Cash payments | $ (613) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Defined Benefit Plan Disclosure | |||
One-time pension settlement charge | $ 0 | $ 0 | $ 121,324 |
Profit share expense | $ 32,993 | 34,257 | $ 21,968 |
Class B Common Stock | |||
Defined Benefit Plan Disclosure | |||
Number of shares owned by the participants under RSP (in shares) | 1,735,412 | ||
Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Total accumulated benefit obligation | $ 611,225 | $ 832,053 | |
Trust for Unqualified Plan | |||
Defined Benefit Plan Disclosure | |||
Estimated future employer contributions in next fiscal year | 5,200 | ||
Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure | |||
Plan assets | $ 0 | ||
Discount rate | 5.20% | 2.50% | 2.30% |
Service cost discount rate | 2.70% | 2.50% | 3.10% |
Interest cost discount rate | 1.50% | 1.40% | 2.50% |
Assumed annual per capita rate of increase of medical and drug costs for next fiscal year | 7.50% | ||
Defined benefit plan, ultimate trend rate | 4.50% | ||
U.S. Plans | Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Pension settlement reduced projected benefit obligation | $ 0 | $ 0 | |
Pension settlement reduced fair value of assets | 0 | 0 | |
Curtailment gain | $ 0 | $ 0 | $ 0 |
Assumptions for pension expense, average rate of return on plan assets | 5% | 5% | 4.50% |
One-time pension settlement charge | $ 121,324 | ||
Plan assets | $ 0 | $ 40,873 | |
Discount rate | 5.50% | 3.20% | 3% |
Service cost discount rate | 3.30% | 3.10% | 3.50% |
Interest cost discount rate | 2.70% | 2.60% | 2.90% |
U.S. Plans | Equity securities | Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Actual Plan Asset Allocations | 30% | 35% | |
U.S. Plans | Fixed income securities | Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Actual Plan Asset Allocations | 70% | 65% | |
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Pension settlement reduced projected benefit obligation | $ 2,312 | $ 58,604 | |
Pension settlement reduced fair value of assets | 2,312 | 58,604 | |
Curtailment gain | $ 0 | $ 5,830 | $ (100) |
Assumptions for pension expense, average rate of return on plan assets | 2.90% | 3.20% | 2.70% |
Estimated future employer contributions in next fiscal year | $ 6,500 | ||
Plan assets | $ 10,672 | $ 9,266 | |
Discount rate | 4.40% | 1.80% | 1.40% |
Service cost discount rate | 2% | 1.50% | 1.60% |
Interest cost discount rate | 1.70% | 1.20% | 1.30% |
Non-U.S. Plans | One of our non-U.S. plans | Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Pension settlement reduced projected benefit obligation | $ 63,333 | ||
Pension settlement reduced fair value of assets | 57,643 | ||
Curtailment gain | $ 5,830 | ||
Non-U.S. Plans | Equity securities | Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Actual Plan Asset Allocations | 26% | 32% | |
Assumptions for pension expense, assumed average asset allocation | 30% | ||
Non-U.S. Plans | Fixed income securities | Pension Plan | |||
Defined Benefit Plan Disclosure | |||
Actual Plan Asset Allocations | 65% | 63% | |
Assumptions for pension expense, assumed average asset allocation | 70% |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Defined Contribution Plan Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
U.S. Plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Total expense for defined contribution plans | $ 43,550 | $ 36,131 | $ 27,698 |
Non-U.S. Plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Total expense for defined contribution plans | 8,157 | 8,890 | 5,965 |
Pension Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Total expense for defined contribution plans | $ 51,707 | $ 45,021 | $ 33,663 |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule Of Changes In Projected Benefit Obligations And Plan Assets And Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Amount recognized in AOCIL, before taxes: | |||
Actuarial losses | $ (15,521) | $ (26,157) | |
Pension Plan | |||
Change in plan assets: | |||
Fair value of assets at measurement date | 536,717 | ||
Pension Plan | U.S. Plans | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at prior year measurement date | 704,989 | 688,689 | |
Service cost | 19,827 | 22,488 | $ 23,033 |
Interest cost | 18,246 | 17,103 | 30,597 |
Contributions by plan participants | 0 | 0 | |
Actuarial (gains) losses | (198,538) | (13,815) | |
Foreign currency exchange impact | 0 | 0 | |
Benefits paid | (12,845) | (8,298) | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Other | (733) | (1,178) | |
Projected benefit obligation at measurement date | 530,946 | 704,989 | 688,689 |
Change in plan assets: | |||
Fair value of assets at prior year measurement date | 640,513 | 615,872 | |
Actual return on plan assets | (186,536) | 28,718 | |
Employer contributions | 5,324 | 5,399 | |
Contributions by plan participants | 0 | 0 | |
Benefits paid | (12,845) | (8,298) | |
Settlements | 0 | 0 | |
Foreign currency exchange impact | 0 | 0 | |
Other | (733) | (1,178) | |
Fair value of assets at measurement date | 445,723 | 640,513 | 615,872 |
Funded status and amount recognized in assets and liabilities | (85,223) | (64,476) | |
Amount recognized in assets and liabilities: | |||
Long-term assets | 0 | 40,873 | |
Current and long-term pension liabilities | (85,223) | (105,349) | |
Amount recognized in assets and liabilities | (85,223) | (64,476) | |
Amount recognized in AOCIL, before taxes: | |||
Prior service cost (credit) | 0 | 0 | |
Actuarial losses | 160,659 | 158,445 | |
Amount recognized in AOCIL, before taxes | 160,659 | 158,445 | |
Pension Plan | Non-U.S. Plans | |||
Change in projected benefit obligation: | |||
Projected benefit obligation at prior year measurement date | 205,093 | 264,419 | |
Service cost | 4,248 | 5,290 | 6,771 |
Interest cost | 2,413 | 2,277 | 2,785 |
Contributions by plan participants | 184 | 380 | |
Actuarial (gains) losses | (48,255) | 2,224 | |
Foreign currency exchange impact | (28,435) | 68 | |
Benefits paid | (5,136) | (5,271) | |
Curtailments | 0 | (5,690) | |
Settlements | (2,312) | (58,604) | |
Other | (61) | 0 | |
Projected benefit obligation at measurement date | 127,739 | 205,093 | 264,419 |
Change in plan assets: | |||
Fair value of assets at prior year measurement date | 127,766 | 170,765 | |
Actual return on plan assets | (17,686) | 11,552 | |
Employer contributions | 8,210 | 8,119 | |
Contributions by plan participants | 184 | 380 | |
Benefits paid | (5,136) | (5,271) | |
Settlements | (2,312) | (58,604) | |
Foreign currency exchange impact | (19,971) | 825 | |
Other | (61) | 0 | |
Fair value of assets at measurement date | 90,994 | 127,766 | $ 170,765 |
Funded status and amount recognized in assets and liabilities | (36,745) | (77,327) | |
Amount recognized in assets and liabilities: | |||
Long-term assets | 10,672 | 9,266 | |
Current and long-term pension liabilities | (47,417) | (86,593) | |
Amount recognized in assets and liabilities | (36,745) | (77,327) | |
Amount recognized in AOCIL, before taxes: | |||
Prior service cost (credit) | 724 | 940 | |
Actuarial losses | 13,209 | 49,196 | |
Amount recognized in AOCIL, before taxes | $ 13,933 | $ 50,136 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - Pension Plan - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Defined Benefit Plan Disclosure | ||
Accumulated benefit obligation | $ 130,315 | $ 223,933 |
Fair value of plan assets | $ 11,231 | $ 48,884 |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule Of Projected Benefit Obligations in Excess of Plan Assets) (Details) - Pension Plan - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Defined Benefit Plan Disclosure | ||
Projected benefit obligation | $ 615,339 | $ 256,084 |
Fair value of plan assets | $ 482,700 | $ 64,143 |
Employee Benefit Plans (Sched_5
Employee Benefit Plans (Schedule Of Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost And Benefit Obligations) (Details) - Pension Plan | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
U.S. Plans | |||
Assumptions for net periodic benefit cost: | |||
Service cost discount rate | 3.30% | 3.10% | 3.50% |
Interest cost discount rate | 2.70% | 2.60% | 2.90% |
Return on assets | 5% | 5% | 4.50% |
Rate of compensation increase | 3.50% | 3.30% | 2.90% |
Assumptions for benefit obligations: | |||
Discount rate | 5.50% | 3.20% | 3% |
Rate of compensation increase | 3.80% | 3.50% | 3.30% |
Non-U.S. Plans | |||
Assumptions for net periodic benefit cost: | |||
Service cost discount rate | 2% | 1.50% | 1.60% |
Interest cost discount rate | 1.70% | 1.20% | 1.30% |
Return on assets | 2.90% | 3.20% | 2.70% |
Rate of compensation increase | 3% | 2.60% | 2.10% |
Assumptions for benefit obligations: | |||
Discount rate | 4.40% | 1.80% | 1.40% |
Rate of compensation increase | 3.10% | 2.80% | 2.20% |
Employee Benefit Plans (Sched_6
Employee Benefit Plans (Schedule Of Weighted-Average Asset Allocations By Asset Category For The Pension Plans) (Details) - Pension Plan | Oct. 01, 2022 | Oct. 02, 2021 |
U.S. Plans | Equity securities | ||
Defined Benefit Plan Disclosure | ||
Actual Plan Asset Allocations | 30% | 35% |
U.S. Plans | Fixed income securities | ||
Defined Benefit Plan Disclosure | ||
Actual Plan Asset Allocations | 70% | 65% |
U.S. Plans | Other | ||
Defined Benefit Plan Disclosure | ||
Actual Plan Asset Allocations | 0% | 0% |
U.S. Plans | Minimum | Equity securities | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 30% | |
U.S. Plans | Minimum | Fixed income securities | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 60% | |
U.S. Plans | Minimum | Other | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 0% | |
U.S. Plans | Maximum | Equity securities | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 40% | |
U.S. Plans | Maximum | Fixed income securities | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 70% | |
U.S. Plans | Maximum | Other | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 0% | |
Non-U.S. Plans | Equity securities | ||
Defined Benefit Plan Disclosure | ||
Actual Plan Asset Allocations | 26% | 32% |
Target Plan Asset Allocations | 30% | |
Non-U.S. Plans | Fixed income securities | ||
Defined Benefit Plan Disclosure | ||
Actual Plan Asset Allocations | 65% | 63% |
Target Plan Asset Allocations | 70% | |
Non-U.S. Plans | Other | ||
Defined Benefit Plan Disclosure | ||
Actual Plan Asset Allocations | 9% | 5% |
Non-U.S. Plans | Minimum | Equity securities | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 20% | |
Non-U.S. Plans | Minimum | Fixed income securities | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 50% | |
Non-U.S. Plans | Minimum | Other | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 5% | |
Non-U.S. Plans | Maximum | Equity securities | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 40% | |
Non-U.S. Plans | Maximum | Fixed income securities | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 70% | |
Non-U.S. Plans | Maximum | Other | ||
Defined Benefit Plan Disclosure | ||
Target Plan Asset Allocations | 15% |
Employee Benefit Plans (Sched_7
Employee Benefit Plans (Schedule Of Consolidated Plan Assets Using The Fair Value Hierarchy) (Details) - Pension Plan - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 |
Defined Benefit Plan Disclosure | |||
Total investment at fair value | $ 536,717 | ||
Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 135,900 | $ 152,364 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 445,723 | 640,513 | $ 615,872 |
U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 296,889 | 462,874 | |
U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 12,934 | 25,275 | |
U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 309,823 | 488,149 | |
U.S. Plans | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 135,900 | 152,364 | |
U.S. Plans | Equity funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 116,598 | 200,929 | |
U.S. Plans | Equity funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Equity funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Equity funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 116,598 | 200,929 | |
U.S. Plans | Fixed income funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 180,291 | 261,945 | |
U.S. Plans | Fixed income funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Fixed income funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Fixed income funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 180,291 | 261,945 | |
U.S. Plans | Money market funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Money market funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 7,144 | 17,905 | |
U.S. Plans | Money market funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Money market funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 7,144 | 17,905 | |
U.S. Plans | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 5,790 | 7,370 | |
U.S. Plans | Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
U.S. Plans | Cash and cash equivalents | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 5,790 | 7,370 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 90,994 | 127,766 | 170,765 |
Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 6,204 | 10,192 | |
Non-U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 82,784 | 114,583 | |
Non-U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 2,006 | 2,991 | $ 56,461 |
Non-U.S. Plans | Equity funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Equity funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 5,091 | 6,971 | |
Non-U.S. Plans | Equity funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Equity funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 5,091 | 6,971 | |
Non-U.S. Plans | Fixed income funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Fixed income funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 6,020 | 8,152 | |
Non-U.S. Plans | Fixed income funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Fixed income funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 6,020 | 8,152 | |
Non-U.S. Plans | Equity securities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 5,739 | 9,843 | |
Non-U.S. Plans | Equity securities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Equity securities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Equity securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 5,739 | 9,843 | |
Non-U.S. Plans | Fixed income securities | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Fixed income securities | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 18,515 | 18,594 | |
Non-U.S. Plans | Fixed income securities | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Fixed income securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 18,515 | 18,594 | |
Non-U.S. Plans | Collective investment trusts | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Collective investment trusts | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 17,229 | 21,681 | |
Non-U.S. Plans | Collective investment trusts | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Collective investment trusts | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 17,229 | 21,681 | |
Non-U.S. Plans | Unit linked life insurance funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Unit linked life insurance funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 35,089 | 58,643 | |
Non-U.S. Plans | Unit linked life insurance funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Unit linked life insurance funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 35,089 | 58,643 | |
Non-U.S. Plans | Money market funds | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Money market funds | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 840 | 542 | |
Non-U.S. Plans | Money market funds | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Money market funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 840 | 542 | |
Non-U.S. Plans | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 465 | 349 | |
Non-U.S. Plans | Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Cash and cash equivalents | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 465 | 349 | |
Non-U.S. Plans | Insurance contracts and other | Level 1 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Insurance contracts and other | Level 2 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 0 | 0 | |
Non-U.S. Plans | Insurance contracts and other | Level 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | 2,006 | 2,991 | |
Non-U.S. Plans | Insurance contracts and other | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure | |||
Total investment at fair value | $ 2,006 | $ 2,991 |
Employee Benefit Plans (Sched_8
Employee Benefit Plans (Schedule Of Roll-Forward Of The Consolidated Plan Assets Classified As Level 3 Within The Fair Value Hierarchy) (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of assets at measurement date | $ 536,717 | |
U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of assets at prior year measurement date | 640,513 | $ 615,872 |
Return on assets | (186,536) | 28,718 |
Foreign currency translation | 0 | 0 |
Fair value of assets at measurement date | 445,723 | 640,513 |
Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of assets at prior year measurement date | 127,766 | 170,765 |
Return on assets | (17,686) | 11,552 |
Foreign currency translation | (19,971) | 825 |
Fair value of assets at measurement date | 90,994 | 127,766 |
Level 3 | U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of assets at prior year measurement date | 0 | |
Fair value of assets at measurement date | 0 | 0 |
Level 3 | Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of assets at prior year measurement date | 2,991 | 56,461 |
Return on assets | 36 | 2,882 |
Purchases from contributions to Plans | 1,430 | 1,914 |
Settlements paid in cash | (1,801) | (59,180) |
Foreign currency translation | (650) | 914 |
Fair value of assets at measurement date | $ 2,006 | $ 2,991 |
Employee Benefit Plans (Sched_9
Employee Benefit Plans (Schedule Of Fair Value, Investments, Entities that Calculate Net Asset Value (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Defined Benefit Plan Disclosure | ||
Total investments at fair value - NAV | $ 536,717 | |
Unfunded Commitments | 4,444 | |
Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan Disclosure | ||
Total investments at fair value - NAV | 135,900 | $ 152,364 |
Collective investment trusts | ||
Defined Benefit Plan Disclosure | ||
Unfunded Commitments | 0 | |
Collective investment trusts | Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan Disclosure | ||
Investment at fair value | $ 119,470 | 128,941 |
Collective investment trusts | Minimum | ||
Defined Benefit Plan Disclosure | ||
Redemption Notice Period | 0 days | |
Collective investment trusts | Maximum | ||
Defined Benefit Plan Disclosure | ||
Redemption Notice Period | 5 days | |
Limited Partnerships | ||
Defined Benefit Plan Disclosure | ||
Unfunded Commitments | $ 4,444 | |
Limited Partnerships | Fair Value Measured at Net Asset Value Per Share | ||
Defined Benefit Plan Disclosure | ||
Investment at fair value | $ 16,430 | $ 23,423 |
Limited Partnerships | Minimum | ||
Defined Benefit Plan Disclosure | ||
Redemption Notice Period | 10 days | |
Limited Partnerships | Maximum | ||
Defined Benefit Plan Disclosure | ||
Redemption Notice Period | 45 days |
Employee Benefit Plans (Sche_10
Employee Benefit Plans (Schedule Of Pension Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Defined Benefit Plan Disclosure | |||
Interest cost | Other Nonoperating Income (Expense) | ||
Expected return on plan assets | Other Nonoperating Income (Expense) | ||
Amortization of prior service credit | Other Nonoperating Income (Expense) | ||
Amortization of actuarial gain | Other Nonoperating Income (Expense) | ||
Curtailment gain | Other Nonoperating Income (Expense) | ||
Settlement (gain) loss | Other Nonoperating Income (Expense) | ||
Pension Plan | U.S. Plans | |||
Defined Benefit Plan Disclosure | |||
Service cost | $ 19,827 | $ 22,488 | $ 23,033 |
Interest cost | 18,246 | 17,103 | 30,597 |
Expected return on plan assets | (29,803) | (30,543) | (44,084) |
Amortization of prior service cost | 0 | 0 | 133 |
Amortization of actuarial loss | 15,586 | 13,721 | 25,316 |
Curtailment gain | 0 | 0 | 0 |
Settlement (gain) loss | 0 | 0 | 121,324 |
Total Pension Expense (Income) | 23,856 | 22,769 | 156,319 |
Pension Plan | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure | |||
Service cost | 4,248 | 5,290 | 6,771 |
Interest cost | 2,413 | 2,277 | 2,785 |
Expected return on plan assets | (3,401) | (4,102) | (4,577) |
Amortization of prior service cost | 58 | 45 | (3) |
Amortization of actuarial loss | 3,877 | 5,568 | 4,943 |
Curtailment gain | 0 | (5,830) | 100 |
Settlement (gain) loss | 280 | (44) | 676 |
Total Pension Expense (Income) | $ 7,475 | $ 3,204 | $ 10,695 |
Employee Benefit Plans (Sche_11
Employee Benefit Plans (Schedule Of Benefits Expected To Be Paid To The Participants Of The Plans) (Details) - Pension Plan $ in Thousands | Oct. 01, 2022 USD ($) |
U.S. Plans | |
Defined Benefit Plan Disclosure | |
2023 | $ 16,407 |
2024 | 20,225 |
2025 | 23,757 |
2026 | 27,184 |
2027 | 30,192 |
Five years thereafter | 195,782 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure | |
2023 | 7,173 |
2024 | 5,888 |
2025 | 6,408 |
2026 | 7,371 |
2027 | 6,678 |
Five years thereafter | $ 38,300 |
Employee Benefit Plans (Sche_12
Employee Benefit Plans (Schedule Of Changes In The Accumulated Benefit Obligation Of Unfunded Plan) (Details) - Postretirement Benefit Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Change in Accumulated Postretirement Benefit Obligation (APBO): | |||
Projected benefit obligation at prior year measurement date | $ 6,281 | $ 9,274 | |
Service cost | 33 | 52 | $ 55 |
Interest cost | 90 | 124 | 211 |
Contributions by plan participants | 559 | 553 | |
Benefits paid | (478) | (464) | |
Actuarial (gains) losses | (2,811) | (3,258) | |
Projected benefit obligation at measurement date | 3,674 | 6,281 | $ 9,274 |
Funded status | (3,674) | (6,281) | |
Accrued postretirement benefit liability | 3,674 | 6,281 | |
Actuarial gains | 7,579 | 6,042 | |
Amount recognized in AOCIL, before taxes | $ 7,579 | $ 6,042 |
Employee Benefit Plans (Sche_13
Employee Benefit Plans (Schedule Of Cost Of The Postretirement Benefit Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | Other Nonoperating Income (Expense) | ||
Amortization of prior service credit | Other Nonoperating Income (Expense) | ||
Amortization of actuarial gain | Other Nonoperating Income (Expense) | ||
Postretirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 33 | $ 52 | $ 55 |
Interest cost | 90 | 124 | 211 |
Amortization of prior service credit | 0 | 0 | (259) |
Amortization of actuarial gain | (1,274) | (513) | (607) |
Total Pension Expense (Income) | $ (1,151) | $ (337) | $ (600) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 151,870 | $ 141,665 | $ 1,126 |
Foreign | 51,109 | 62,109 | 4,291 |
Earnings before income taxes | $ 202,979 | $ 203,774 | $ 5,417 |
Federal statutory income tax rate | 21% | 21% | 21% |
Impacts of Tax Act | (0.40%) | (1.20%) | (96.40%) |
Revaluation of deferred taxes | 0% | 1.60% | (21.60%) |
Withholding taxes | 0.60% | 0.40% | 27.50% |
Reversal of indefinite reinvestment assertion | 0% | 0.20% | (2.90%) |
R&D and foreign tax credits | (5.40%) | (4.60%) | (102.80%) |
Divestiture impacts | 2.30% | 0% | 0% |
Foreign tax rates | 4.50% | 4.40% | 76% |
Equity-based compensation | (0.20%) | (0.10%) | (6.50%) |
Change in valuation allowance for deferred taxes | (2.30%) | (1.60%) | 21.10% |
State taxes, net of federal benefit | 1.90% | 2.10% | (1.90%) |
Other | 1.60% | 0.60% | 16.60% |
Effective income tax rate | 23.60% | 22.80% | (69.90%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Income Tax Examination [Line Items] | |||
GILTI Tax | $ 443 | ||
Foreign Derived Intangible Income Deduction, Benefit | 646 | ||
Provision to Return Adjustment, Benefit | 4,871 | ||
Tax Cuts and Jobs Act, Withholding Tax for Accumulated Foreign Earnings, Income Tax Expense | 1,700 | ||
Tax Cuts and Jobs Act, Withholding Tax for Accumulated Foreign Earnings, Total Income Tax Accrual | 9,283 | ||
Foreign Earnings Repatriated | 37,986 | $ 41,987 | $ 23,001 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 43 | ||
Unrecognized Tax Benefits | 848 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | ||
Foreign Tax Authority | |||
Income Tax Examination [Line Items] | |||
Tax Credit Carryforward, Amount | 19,953 | ||
Domestic Tax Authority | |||
Income Tax Examination [Line Items] | |||
Tax Credit Carryforward, Amount | 245 | ||
State and Local Jurisdiction | |||
Income Tax Examination [Line Items] | |||
Tax Credit Carryforward, Amount | $ 5,988 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 6,270 | $ 9,907 | $ 14,789 |
Foreign | 26,730 | 23,801 | 18,997 |
State | 3,063 | 4,684 | 3,271 |
Total current | 36,063 | 38,392 | 37,057 |
Federal | 8,076 | 4,625 | (35,603) |
Foreign | 1,742 | 2,898 | (1,843) |
State | 1,921 | 639 | (3,399) |
Total deferred | 11,739 | 8,162 | (40,845) |
Income taxes (benefit) | $ 47,802 | $ 46,554 | $ (3,788) |
Income Taxes (Schedule Of Tax E
Income Taxes (Schedule Of Tax Effects Of Temporary Differences That Generated Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Oct. 02, 2021 |
Income Tax Disclosure [Abstract] | ||
Benefit accruals | $ 65,863 | $ 68,657 |
Inventory reserves | 30,053 | 31,900 |
Tax benefit carryforwards | 10,885 | 15,434 |
Contract reserves not currently deductible | 10,447 | 13,294 |
Lease liability | 18,473 | 16,997 |
Other accrued expenses | 14,824 | 10,983 |
Total gross deferred tax assets | 150,545 | 157,265 |
Less valuation allowance | (8,650) | (13,896) |
Total net deferred tax assets | 141,895 | 143,369 |
Differences in bases and depreciation of property, plant and equipment | 167,990 | 164,591 |
Pension | 28,802 | 25,661 |
Total gross deferred tax liabilities | 196,792 | 190,252 |
Net deferred tax liabilities | $ (54,897) | $ (46,883) |
Earnings Per Share (Basic and D
Earnings Per Share (Basic and Diluted Weighted-Average Shares Outstanding) (Details) - shares | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Earnings Per Share [Abstract] | |||
Basic weighted-average shares outstanding | 31,977,482 | 32,112,589 | 33,257,684 |
Dilutive effect of equity-based awards | 139,546 | 185,367 | 180,117 |
Diluted weighted-average shares outstanding | 32,117,028 | 32,297,956 | 33,437,801 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Shares Excluded from Computation of Earning Per Share) (Details) - shares | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from calculation of earnings per share, shares | 50,320 | 50,012 | 136,323 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Nov. 20, 2020 | |
Class A Common Stock | ||||
Class of Stock | ||||
Common stock voting rights | one-tenth | |||
Minimum percentage of the board of directors to be elected by class of shares | 25% | |||
Class B Common Stock | ||||
Class of Stock | ||||
Common stock voting rights | one | |||
Common stock conversion basis | one-for-one | |||
Preferred Stock | ||||
Class of Stock | ||||
Preferred stock, shares authorized | 10,000,000 | |||
2014 Long Term Incentive Plan | ||||
Class of Stock | ||||
Number of shares authorized for awards available for grant | 737,625 | |||
Share Repurchase Program - November 2020 | Class A and Class B Common Stock | ||||
Class of Stock | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,000,000 | |||
Stock repurchased during period, shares | 486,923 | 243,147 | ||
Stock repurchased during period, value | $ 35,626 | $ 19,253 | ||
Stock repurchase program, remaining number of shares authorized to be repurchased | 2,269,930 | |||
Share Repurchase Program | Class A and Class B Common Stock | ||||
Class of Stock | ||||
Stock repurchased during period, shares | 155,963 | 2,881,116 | ||
Stock repurchased during period, value | $ 10,193 | $ 215,776 | ||
Stock repurchase program, remaining number of shares authorized to be repurchased | 0 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Shares Reserved For Future Issuance) (Details) | Oct. 01, 2022 shares |
Share-based Compensation Arrangement by Share-based Payment Award | |
Class A shares and Class B shares reserved for issuance | 11,724,871 |
Conversion of Class B to Class A shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Class A shares and Class B shares reserved for issuance | 7,472,878 |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Class A shares and Class B shares reserved for issuance | 1,466,247 |
2014 Long Term Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Class A shares and Class B shares reserved for issuance | 1,701,956 |
2008 Stock Appreciation Rights Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Class A shares and Class B shares reserved for issuance | 1,083,790 |
Equity-Based Compensation (Narr
Equity-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | Jan. 07, 2015 | |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Maximum discounted purchase price of common stock as a percent of fair market value | 85% | |||
2014 Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Shares authorized for the issuance | 2,000,000 | |||
Class A Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Closing price of common stock | $ 70.35 | |||
Class B Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Closing price of common stock | $ 71.40 | |||
Stock Appreciation Rights (SARs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Award terms | 10 years | |||
Unvested compensation expense | $ 2,663 | |||
Unvested compensation expense weighted-average period of recognition, in years | 2 years | |||
Vesting schedule | 3 years | |||
Total fair value of awards vested | $ 2,346 | $ 2,558 | $ 2,825 | |
Performance-based Restricted Stock Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Unvested compensation expense | $ 2,469 | |||
Unvested compensation expense weighted-average period of recognition, in years | 2 years | |||
Performance period for PSUs | 3 years | |||
Vesting schedule | 3 years | |||
Common stock issued for awards granted | 14,500 | |||
Granted in period | 30,836 | |||
Weighted Average Grant Date Fair Value, Granted | $ 83 | |||
Vested in period | 31,404 | |||
Weighted Average Grant Date Fair Value, Vested | $ 85.95 | |||
Performance-based Restricted Stock Units (PSUs) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Performance targets for performance based units | 0% | |||
Performance-based Restricted Stock Units (PSUs) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Performance targets for performance based units | 200% | |||
Time vested restricted stock units (TVA) | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Unvested compensation expense | $ 2,558 | |||
TVA tranche vesting period start subsequent to award | 1 year | |||
Unvested compensation expense weighted-average period of recognition, in years | 2 years | |||
Common stock issued for awards granted | 21,400 | |||
Granted in period | 30,803 | |||
Weighted Average Grant Date Fair Value, Granted | $ 83 | |||
Vested in period | 8,305 | |||
Weighted Average Grant Date Fair Value, Vested | $ 83 | |||
Restricted Stock Awards (RSAs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Granted in period | 18,594 | |||
Weighted Average Grant Date Fair Value, Granted | $ 82.79 | |||
Vested in period | 18,594 | |||
Weighted Average Grant Date Fair Value, Vested | $ 82.79 | |||
Total fair value of awards vested | $ 1,539 |
Equity-Based Compensation (Sche
Equity-Based Compensation (Schedule of Compensation Cost By Award Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Total compensation cost before income taxes | $ 8,882 | $ 7,461 | $ 5,661 |
Income tax benefit | 970 | 893 | 677 |
Employee stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Total compensation cost before income taxes | 2,521 | 2,633 | 2,117 |
Stock appreciation rights | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Total compensation cost before income taxes | 2,370 | 2,345 | 2,643 |
Performance-based restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Total compensation cost before income taxes | 1,718 | 1,151 | 221 |
Time vested restricted stock units (TVA) | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Total compensation cost before income taxes | 1,423 | 602 | 0 |
Restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Total compensation cost before income taxes | $ 850 | $ 730 | $ 680 |
Equity-Based Compensation (Sc_2
Equity-Based Compensation (Schedule Of Range Of Assumptions Used To Value Equity-Based Awards And The Weighted-Average Fair Value Of The Awards Granted) (Details) - $ / shares | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected volatility, minimum | 39% | 38% | 27% |
Expected volatility, maximum | 40% | 41% | 28% |
Risk-free rate, minimum | 1.30% | 0.40% | 1.70% |
Risk-free rate, maximum | 1.30% | 0.50% | 1.80% |
Expected dividends | 1.20% | 1.40% | 1.20% |
Weighted-average fair value of awards granted | $ 27.86 | $ 23.11 | $ 21.45 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected term | 5 years | 5 years | 5 years |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Expected term | 6 years | 6 years | 6 years |
Equity-Based Compensation (Sc_3
Equity-Based Compensation (Schedule Of Stock Appreciation Rights Activity) (Details) - Stock Appreciation Rights (SARs) $ / shares in Units, $ in Thousands | 12 Months Ended |
Oct. 01, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
SARs, Outstanding, Beginning of period | shares | 883,423 |
SARs, Granted | shares | 91,788 |
SARs, Exercised | shares | (108,390) |
SARs, Expired | shares | (6,963) |
SARs, Forfeited | shares | (1,355) |
SARs, Outstanding, End of period | shares | 858,503 |
SARs, Exercisable | shares | 666,816 |
SARs, Weighted Average Exercise Price, Beginning of period | $ / shares | $ 69.37 |
SARs, Weighted Average Exercise Price, Granted | $ / shares | 83 |
SARs, Weighted Average Exercise Price, Exercised | $ / shares | 46.72 |
SARs, Weighted Average Exercise Price, Expired | $ / shares | 70.15 |
SARs, Weighted Average Exercise Price, Forfeited | $ / shares | 80.43 |
SARs, Weighted Average Exercise Price, End of period | $ / shares | 73.67 |
SARs, Weighted Average Exercise Price, Exercisable | $ / shares | $ 71.65 |
SARs, Weighted Average Remaining Contractual Terms, Outstanding | 5 years 1 month 6 days |
SARs, Weighted Average Remaining Contractual Terms, Exercisable | 4 years 2 months 12 days |
SARs, Aggregate Intrinsic Value, Outstanding | $ | $ 3,085,580 |
SARs, Aggregate Intrinsic Value, Exercisable | $ | $ 3,085,580 |
Equity-Based Compensation (Sc_4
Equity-Based Compensation (Schedule Of Intrinsic Value Of Awards Exercised And Fair Value Of Awards Vested) (Details) - Stock Appreciation Rights (SARs) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Intrinsic value of SARs exercised | $ 3,777 | $ 3,833 | $ 2,665 |
Total fair value of awards vested | $ 2,346 | $ 2,558 | $ 2,825 |
Equity-Based Compensation (Sc_5
Equity-Based Compensation (Schedule Of Performance-Based Restricted Stock Units Activity) (Details) - Performance-based Restricted Stock Units (PSUs) | 12 Months Ended |
Oct. 01, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, Beginning of period | shares | 59,505 |
Granted in period | shares | 30,836 |
Vested | shares | (31,404) |
Forfeited | shares | (493) |
Nonvested, End of period | shares | 58,444 |
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares | $ 80.12 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 83 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 85.95 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 79.67 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 78.41 |
Equity-Based Compensation (Sc_6
Equity-Based Compensation (Schedule of Time Vested Restricted Stock Units) (Details) - Time vested restricted stock units (TVA) | 12 Months Ended |
Oct. 01, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Nonvested, Beginning of period | 26,702 |
Granted in period | 30,803 |
Vested | (8,305) |
Forfeited | (458) |
Period increase (decrease) | 5,817 |
Nonvested, End of period | 54,559 |
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares | $ 77.18 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 83 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 83 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 76.38 |
Weighted Average Grant Date Fair Value, Ending balance | $ / shares | $ 71.40 |
Equity-Based Compensation (Sc_7
Equity-Based Compensation (Schedule of Employee Stock Purchase Plans Activity) (Details) - $ / shares | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Shares issued | 139,121 | 141,647 | 119,470 |
ESPP, weighted average price per share | $ 67.91 | $ 58.52 | $ 58.71 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Changes in AOCIL by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
AOCIL Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of year | $ 1,400,144 | $ 1,243,083 | |
Other comprehensive income (loss), net of tax | (63,482) | 37,893 | $ 130,024 |
End of year | 1,436,813 | 1,400,144 | 1,243,083 |
Accumulated foreign currency translation | |||
AOCIL Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of year | (92,989) | (102,994) | |
OCI before reclassifications | (101,906) | 12,559 | |
Amounts reclassified from AOCIL | 12,871 | (2,554) | |
Other comprehensive income (loss), net of tax | (89,035) | 10,005 | |
End of year | (182,024) | (92,989) | (102,994) |
Accumulated retirement liability | |||
AOCIL Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of year | (153,210) | (183,653) | |
OCI before reclassifications | 13,845 | 21,958 | |
Amounts reclassified from AOCIL | 14,134 | 8,485 | |
Other comprehensive income (loss), net of tax | 27,979 | 30,443 | |
End of year | (125,231) | (153,210) | (183,653) |
Accumulated gain (loss) on derivatives | |||
AOCIL Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of year | (1,361) | 1,194 | |
OCI before reclassifications | (4,031) | (1,277) | |
Amounts reclassified from AOCIL | 1,605 | (1,278) | |
Other comprehensive income (loss), net of tax | (2,426) | (2,555) | |
End of year | (3,787) | (1,361) | 1,194 |
Accumulated Other Comprehensive (Loss) Income | |||
AOCIL Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning of year | (247,560) | (285,453) | (415,477) |
OCI before reclassifications | (92,092) | 33,240 | |
Amounts reclassified from AOCIL | 28,610 | 4,653 | |
Other comprehensive income (loss), net of tax | (63,482) | 37,893 | 130,024 |
End of year | $ (311,042) | $ (247,560) | $ (285,453) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Reclassification from AOCIL) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) | ||
Prior service cost | $ 58 | $ 45 |
Actuarial losses | 18,189 | 18,776 |
Curtailment gain | 0 | (5,830) |
Settlement (gain) loss | 280 | (44) |
Reclassification from AOCIL into earnings - Retirement liability | 18,527 | 12,947 |
Tax effect - Retirement liability | (4,393) | (4,462) |
Net reclassification from AOCIL into earnings - Retirement liability | 14,134 | 8,485 |
Reclassification from AOCIL into earnings - Derivatives | 2,040 | (1,665) |
Tax effect - Derivatives | (435) | 387 |
Net reclassification from AOCIL into earnings - Derivatives | 1,605 | (1,278) |
Foreign currency contracts | Sales | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) | ||
Reclassification from AOCIL into earnings - Derivatives | 996 | (130) |
Foreign currency contracts | Cost of sales | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) | ||
Reclassification from AOCIL into earnings - Derivatives | $ 1,044 | $ (1,535) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Effective Portion of Amounts Deferred in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2022 | Oct. 02, 2021 | |
Derivative Instruments, Gain (Loss) | ||
Net actuarial gain during period | $ 15,521 | $ 26,157 |
Tax effect - Retirement liability | (1,676) | (4,199) |
Net deferral in AOCIL of retirement liability | 13,845 | 21,958 |
Net deferral in AOCIL of derivatives (effective portion) | (5,190) | (1,668) |
Tax effect - Derivatives | 1,159 | 391 |
Net deferral in AOCIL of derivatives | (4,031) | (1,277) |
Foreign currency contracts | ||
Derivative Instruments, Gain (Loss) | ||
Net deferral in AOCIL of derivatives (effective portion) | $ (5,190) | $ (1,668) |
Segments (Narrative) (Details)
Segments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Revenue, Major Customer and Product Lines | |||
Sales | $ 3,035,783 | $ 2,851,993 | $ 2,884,554 |
Aircraft Controls | |||
Revenue, Major Customer and Product Lines | |||
Sales | $ 1,256,461 | $ 1,161,238 | $ 1,205,750 |
Aircraft Controls | Aftermarket Sales | Net Sales, Segment | |||
Revenue, Major Customer and Product Lines | |||
Percentage of sales | 30% | 27% | 30% |
Boeing | |||
Revenue, Major Customer and Product Lines | |||
Sales | $ 339,119 | $ 345,907 | $ 402,960 |
Boeing | Customer Concentration Risk | Net Sales | |||
Revenue, Major Customer and Product Lines | |||
Percentage of sales | 11% | 12% | 14% |
Boeing Commercial Airplanes | |||
Revenue, Major Customer and Product Lines | |||
Sales | $ 139,615 | $ 118,549 | $ 206,648 |
Lockheed Martin | |||
Revenue, Major Customer and Product Lines | |||
Sales | $ 260,902 | $ 330,778 | $ 366,609 |
Lockheed Martin | Customer Concentration Risk | Net Sales | |||
Revenue, Major Customer and Product Lines | |||
Percentage of sales | 9% | 12% | 13% |
Government Prime and Sub-Contract | |||
Revenue, Major Customer and Product Lines | |||
Sales | $ 1,279,095 | $ 1,250,528 | $ 1,187,322 |
Segments (Sales by Market Type)
Segments (Sales by Market Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,035,783 | $ 2,851,993 | $ 2,884,554 |
Aircraft Controls | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,256,461 | 1,161,238 | 1,205,750 |
Aircraft Controls | Military | |||
Segment Reporting Information [Line Items] | |||
Net sales | 745,376 | 781,921 | 721,024 |
Aircraft Controls | Commercial | |||
Segment Reporting Information [Line Items] | |||
Net sales | 511,085 | 379,317 | 484,726 |
Space and Defense Controls | |||
Segment Reporting Information [Line Items] | |||
Net sales | 872,343 | 799,235 | 770,114 |
Space and Defense Controls | Space | |||
Segment Reporting Information [Line Items] | |||
Net sales | 337,773 | 332,946 | 294,254 |
Space and Defense Controls | Defense | |||
Segment Reporting Information [Line Items] | |||
Net sales | 534,570 | 466,289 | 475,860 |
Industrial Systems | |||
Segment Reporting Information [Line Items] | |||
Net sales | 906,979 | 891,520 | 908,690 |
Industrial Systems | Energy | |||
Segment Reporting Information [Line Items] | |||
Net sales | 125,574 | 120,173 | 127,693 |
Industrial Systems | Industrial Automation | |||
Segment Reporting Information [Line Items] | |||
Net sales | 435,074 | 427,076 | 405,291 |
Industrial Systems | Simulation and Test | |||
Segment Reporting Information [Line Items] | |||
Net sales | 99,815 | 89,459 | 102,600 |
Industrial Systems | Medical | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 246,516 | $ 254,812 | $ 273,106 |
Segments (Segment Sales by Cust
Segments (Segment Sales by Customer) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,035,783 | $ 2,851,993 | $ 2,884,554 |
Commercial | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,513,892 | 1,371,337 | 1,495,589 |
U.S. Government (including OEM) | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,279,095 | 1,250,528 | 1,187,322 |
Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 242,796 | 230,128 | 201,643 |
Aircraft Controls | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,256,461 | 1,161,238 | 1,205,750 |
Aircraft Controls | Commercial | |||
Segment Reporting Information [Line Items] | |||
Net sales | 511,085 | 379,317 | 484,726 |
Aircraft Controls | U.S. Government (including OEM) | |||
Segment Reporting Information [Line Items] | |||
Net sales | 566,855 | 617,034 | 593,093 |
Aircraft Controls | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 178,521 | 164,887 | 127,931 |
Space and Defense Controls | |||
Segment Reporting Information [Line Items] | |||
Net sales | 872,343 | 799,235 | 770,114 |
Space and Defense Controls | Commercial | |||
Segment Reporting Information [Line Items] | |||
Net sales | 111,569 | 126,751 | 133,715 |
Space and Defense Controls | U.S. Government (including OEM) | |||
Segment Reporting Information [Line Items] | |||
Net sales | 704,675 | 614,984 | 571,045 |
Space and Defense Controls | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | 56,099 | 57,500 | 65,354 |
Industrial Systems | |||
Segment Reporting Information [Line Items] | |||
Net sales | 906,979 | 891,520 | 908,690 |
Industrial Systems | Commercial | |||
Segment Reporting Information [Line Items] | |||
Net sales | 891,238 | 865,269 | 877,148 |
Industrial Systems | U.S. Government (including OEM) | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7,565 | 18,510 | 23,184 |
Industrial Systems | Other | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 8,176 | $ 7,741 | $ 8,358 |
Segments (Sales by Revenue Reco
Segments (Sales by Revenue Recognition Method) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,035,783 | $ 2,851,993 | $ 2,884,554 |
Transferred over Time | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,931,831 | 1,807,930 | 1,870,624 |
Transferred at Point in Time | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,103,952 | 1,044,063 | 1,013,930 |
Aircraft Controls | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,256,461 | 1,161,238 | 1,205,750 |
Aircraft Controls | Transferred over Time | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,003,432 | 939,251 | 1,018,190 |
Aircraft Controls | Transferred at Point in Time | |||
Segment Reporting Information [Line Items] | |||
Net sales | 253,029 | 221,987 | 187,560 |
Space and Defense Controls | |||
Segment Reporting Information [Line Items] | |||
Net sales | 872,343 | 799,235 | 770,114 |
Space and Defense Controls | Transferred over Time | |||
Segment Reporting Information [Line Items] | |||
Net sales | 806,994 | 746,613 | 700,068 |
Space and Defense Controls | Transferred at Point in Time | |||
Segment Reporting Information [Line Items] | |||
Net sales | 65,349 | 52,622 | 70,046 |
Industrial Systems | |||
Segment Reporting Information [Line Items] | |||
Net sales | 906,979 | 891,520 | 908,690 |
Industrial Systems | Transferred over Time | |||
Segment Reporting Information [Line Items] | |||
Net sales | 121,405 | 122,066 | 152,366 |
Industrial Systems | Transferred at Point in Time | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 785,574 | $ 769,454 | $ 756,324 |
Segments (Operating Profit By S
Segments (Operating Profit By Segment and Reconciliation to Consolidated Amounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating Income | $ 282,848 | $ 270,959 | $ 216,362 |
Interest Expense | 36,757 | 33,892 | 38,897 |
Equity-based compensation expense | 8,882 | 7,461 | 5,661 |
Pension settlement | 0 | 0 | 121,324 |
Non-service pension expense (income) | 6,072 | (2,194) | 15,231 |
Corporate expenses and other | 28,158 | 28,026 | 29,832 |
Earnings before income taxes | 202,979 | 203,774 | 5,417 |
Depreciation and amortization | 88,389 | 90,159 | 86,972 |
Assets | 3,431,841 | 3,433,169 | 3,225,831 |
Capital expenditures | $ 139,431 | 128,734 | 88,284 |
Non-service pension expense (income) | Other Nonoperating Income (Expense) | ||
Aircraft Controls | |||
Segment Reporting Information [Line Items] | |||
Operating Income | $ 123,620 | 96,678 | 34,670 |
Depreciation and amortization | 42,337 | 41,580 | 39,782 |
Assets | 1,469,968 | 1,471,338 | 1,322,335 |
Capital expenditures | 70,526 | 63,514 | 47,954 |
Space and Defense Controls | |||
Segment Reporting Information [Line Items] | |||
Operating Income | 86,844 | 88,333 | 101,667 |
Depreciation and amortization | 19,399 | 18,655 | 18,039 |
Assets | 873,341 | 839,783 | 761,874 |
Capital expenditures | 44,255 | 39,863 | 22,505 |
Industrial Systems | |||
Segment Reporting Information [Line Items] | |||
Operating Income | 72,384 | 85,948 | 80,025 |
Depreciation and amortization | 26,515 | 29,731 | 28,644 |
Assets | 1,046,754 | 1,078,025 | 1,102,222 |
Capital expenditures | 24,620 | 25,338 | 17,700 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 138 | 193 | 507 |
Assets | 41,778 | 44,023 | 39,400 |
Capital expenditures | $ 30 | $ 19 | $ 125 |
Segments Segments (Sales Based
Segments Segments (Sales Based on Customer Location and Property, Plant and Equipment by Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 3,035,783 | $ 2,851,993 | $ 2,884,554 |
Property, Plant and Equipment, Net | 668,908 | 645,778 | 600,498 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 2,041,952 | 1,935,626 | 1,873,667 |
Property, Plant and Equipment, Net | 466,427 | 438,851 | 389,454 |
Germany | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 164,388 | 148,739 | 175,598 |
Japan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 87,435 | 108,813 | 159,025 |
UNITED KINGDOM | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | 61,950 | 62,662 | 58,888 |
Philippines | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, Plant and Equipment, Net | 32,905 | 35,851 | 37,270 |
Other (Non-US) | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 742,008 | 658,815 | 676,264 |
Property, Plant and Equipment, Net | $ 107,626 | $ 108,414 | $ 114,886 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - Banking - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Related Party Transaction | |||
Related Party US Revolving Credit Facility Interest Percentage | 12% | ||
Credit Card Intermediary | |||
Related Party Transaction | |||
Related Party Transaction, Amounts of Transaction | $ 14,284 | $ 14,176 | $ 15,533 |
Lease Agreements | |||
Related Party Transaction | |||
Related Party Transaction, Amounts of Transaction | 16,609 | ||
Deposits | |||
Related Party Transaction | |||
Related Party Transaction, Amounts of Transaction | $ 2,445 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands | Oct. 01, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Contingently liable for standby letters of credit issued | $ 20,450 |
Long-term Purchase Commitment | |
Purchase Obligation | 1,113,990 |
Property, Plant and Equipment | |
Long-term Purchase Commitment | |
Purchase Obligation | $ 64,594 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - Subsequent Event - $ / shares | Nov. 03, 2022 | Oct. 27, 2022 |
Subsequent Event | ||
Dividends payable declared, per share | $ 0.26 | |
Subsequent Event, Description | we entered into the Sixth Amended and Restated Loan Agreement (the "Agreement") amending the terms of the Company's Fifth Amended and Restated Loan Agreement. Among other matters, the Agreement extended the maturity of the credit facility from October 15, 2024 to October 27, 2027. | |
Subsequent Event, Date | Nov. 03, 2022 | Oct. 27, 2022 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 01, 2022 | Oct. 02, 2021 | Oct. 03, 2020 | |
Contract Reserves | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 58,857 | $ 72,412 | $ 60,914 |
Additions charged to expenses and other accounts | 23,607 | 41,572 | 76,747 |
Deductions | 35,099 | 55,377 | 66,885 |
Foreign exchange impact and other | (818) | 250 | 1,636 |
Balance at end of year | 46,547 | 58,857 | 72,412 |
Allowance for Credit Losses | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 4,351 | 6,313 | 5,402 |
Additions charged to expenses and other accounts | 1,686 | 2,245 | 3,774 |
Deductions | 1,083 | 4,238 | 3,144 |
Foreign exchange impact and other | (346) | 31 | 281 |
Balance at end of year | 4,608 | 4,351 | 6,313 |
Reserve for Inventory Valuation | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 155,655 | 153,311 | 134,185 |
Additions charged to expenses and other accounts | 25,252 | 26,513 | 52,956 |
Deductions | 33,876 | 25,151 | 35,747 |
Foreign exchange impact and other | (6,426) | 982 | 1,917 |
Balance at end of year | 140,605 | 155,655 | 153,311 |
Deferred Tax Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 13,896 | 14,784 | 13,137 |
Additions charged to expenses and other accounts | 0 | 2,513 | 2,003 |
Deductions | 4,598 | 3,729 | 860 |
Foreign exchange impact and other | (648) | 328 | 504 |
Balance at end of year | $ 8,650 | $ 13,896 | $ 14,784 |