We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Moog Inc | NYSE:MOG.B | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 160.80 | 169.98 | 169.98 | 169.98 | 49 | 22:00:00 |
ý
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
New York
|
|
16-0757636
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
East Aurora, New York
|
|
14052-0018
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
Class A Common Stock, $1.00 Par Value
|
|
New York Stock Exchange
|
Class B Common Stock, $1.00 Par Value
|
|
New York Stock Exchange
|
|
Item 1.
|
|
Business.
|
•
|
Aircraft Controls: Curtiss-Wright, Liebherr, Nabtesco, Parker Hannifin, UTC (Goodrich, Hamilton Sundstrand) and Woodward.
|
•
|
Space and Defense Controls: Aeroflex, Airbus, ATA Engineering, BAE, Chess Dynamics, Cohu, Curtiss-Wright, ESW, Flowserve Limitorque, Honeywell, Marotta, RUAG, Lord Corp., Pelco, SABCA, Sargent Aerospace & Defense, SEAKR, Sierra Nevada Corp., Southwest Research Institute, UTC, Vacco, Valcor,
Videotec, ValveTech and Woodward.
|
•
|
Industrial Systems: Allen-Bradley, Bosch Rexroth, Danaher, DEIF Wind Power, KEB, MTS Systems Corp., Parker Hannifin, Siemens and SSB Wind Systems.
|
•
|
Components: Allied Motion Technologies, Ametek, Cobham, CME Medical, General Dynamics Mission Systems, Kearfott, Kollmorgen, Medtronic, Pfizer, Schleifring, Smiths Medical, Stemmann, Woodward and Whippany Actuation Systems.
|
•
|
Aircraft Controls: Boeing, Airbus, Lockheed Martin, Japan Aerospace, United Technologies, Honeywell, Goodrich, Gulfstream, Bombardier, Embraer and the U.S. Government.
|
•
|
Space and Defense Controls: Lockheed Martin, Raytheon, Aerojet Rocketdyne, Boeing, Airbus, General Dynamics, Orbital ATK, United Launch Alliance, Northrup Grumman and the U.S. Government.
|
•
|
Industrial Systems: CAE, Alstom, FlightSafety, Senvion, Rockwell Automation, Japan Aerospace, Arburg, Schuler, Husky Energy and Doosan.
|
•
|
Components: Philips Healthcare, Northrup Grumman, Nestle, Raytheon, Lockheed Martin, Nutricia, Turbo Chef Technologies, MacArtney, Boeing, General Dynamics and the U.S. Government.
|
Executive Officers
|
|
Age
|
|
Year First Elected Officer
|
|
|
|
|
|
John R. Scannell
|
|
|
|
|
Chairman of the Board; Chief Executive Officer
|
|
|
|
|
Director
|
|
53
|
|
2006
|
Richard A. Aubrecht
|
|
|
|
|
Vice Chairman of the Board; Vice President - Strategy and Technology;
|
|
|
|
|
Director
|
|
72
|
|
1980
|
Donald R. Fishback
|
|
|
|
|
Director; Vice President; Chief Financial Officer
|
|
60
|
|
1985
|
Lawrence J. Ball
|
|
|
|
|
Vice President
|
|
62
|
|
2004
|
Harald E. Seiffer
|
|
|
|
|
Vice President
|
|
57
|
|
2005
|
Gary A. Szakmary
|
|
|
|
|
Vice President
|
|
65
|
|
2011
|
Patrick J. Roche
|
|
|
|
|
Vice President
|
|
53
|
|
2012
|
Maureen M. Athoe
|
|
|
|
|
Vice President
|
|
58
|
|
2015
|
R. Eric Burghardt
|
|
|
|
|
Vice President
|
|
57
|
|
2015
|
Mark J. Trabert
|
|
|
|
|
Vice President
|
|
57
|
|
2015
|
Jennifer Walter
|
|
|
|
|
Controller; Principal Accounting Officer
|
|
45
|
|
2008
|
Timothy P. Balkin
|
|
|
|
|
Treasurer; Assistant Secretary
|
|
57
|
|
2000
|
Item 1A.
|
|
Risk Factors.
|
•
|
develop products that are superior to our products,
|
•
|
develop products of comparable quality and performance that are more competitively priced than our products,
|
•
|
develop methods of more efficiently and effectively providing products and services, or
|
•
|
adapt more quickly than we do to new technologies or evolving customer requirements.
|
Item 1B.
|
|
Unresolved Staff Comments.
|
Item 2.
|
|
Properties.
|
|
|
Square Feet
|
|||||||
|
|
Owned
|
|
Leased
|
|
Total
|
|||
Aircraft Controls
|
|
1,431,000
|
|
|
422,000
|
|
|
1,853,000
|
|
Space and Defense Controls
|
|
486,000
|
|
|
446,000
|
|
|
932,000
|
|
Industrial Systems
|
|
737,000
|
|
|
535,000
|
|
|
1,272,000
|
|
Components
|
|
835,000
|
|
|
267,000
|
|
|
1,102,000
|
|
Corporate Headquarters
|
|
20,000
|
|
|
2,000
|
|
|
22,000
|
|
Total
|
|
3,509,000
|
|
|
1,672,000
|
|
|
5,181,000
|
|
•
|
Aircraft Controls - U.S., Philippines and United Kingdom.
|
•
|
Space and Defense Controls - U.S., United Kingdom, Netherlands, Ireland and Germany.
|
•
|
Industrial Systems - Germany, Italy, U.S., China, Netherlands, Luxembourg, Philippines, Japan, India, Ireland, Brazil and United Kingdom.
|
•
|
Components - U.S., United Kingdom, Costa Rica, Canada and Lithuania.
|
Item 3.
|
|
Legal Proceedings.
|
Item 4.
|
|
Mine Safety Disclosures.
|
Item 5.
|
|
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
|
|
Class A
|
|
Class B
|
||||||||||||
Fiscal Year Ended
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||
October 1, 2016
|
|
|
|
|
|
|
|
|
||||||||
1st Quarter
|
|
$
|
67.92
|
|
|
$
|
54.93
|
|
|
$
|
67.46
|
|
|
$
|
55.35
|
|
2nd Quarter
|
|
59.66
|
|
|
38.11
|
|
|
59.17
|
|
|
38.32
|
|
||||
3rd Quarter
|
|
55.96
|
|
|
42.61
|
|
|
55.50
|
|
|
42.90
|
|
||||
4th Quarter
|
|
61.64
|
|
|
50.96
|
|
|
61.24
|
|
|
51.11
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
October 3, 2015
|
|
|
|
|
|
|
|
|
||||||||
1st Quarter
|
|
$
|
79.24
|
|
|
$
|
65.80
|
|
|
$
|
78.51
|
|
|
$
|
66.60
|
|
2nd Quarter
|
|
77.28
|
|
|
68.07
|
|
|
76.77
|
|
|
69.23
|
|
||||
3rd Quarter
|
|
75.69
|
|
|
65.72
|
|
|
75.26
|
|
|
66.11
|
|
||||
4th Quarter
|
|
71.55
|
|
|
52.33
|
|
|
70.11
|
|
|
52.74
|
|
Period
|
(a) Total
Number of Shares Purchased (1)(2) |
|
(b) Average
Price Paid Per Share |
|
(c) Total number
of Shares Purchased as Part of Publicly Announced Plans or Programs (3) |
|
(d) Maximum
Number (or Approx. Dollar Value) of Shares that May Yet Be Purchased Under Plans or Programs (3) |
|||||
July 3, 2016 - July 31, 2016
|
8,113
|
|
|
$
|
55.47
|
|
|
—
|
|
|
3,352,009
|
|
August 1, 2016 - August 31, 2016
|
30,469
|
|
|
59.12
|
|
|
—
|
|
|
3,352,009
|
|
|
September 1, 2016 - October 1, 2016
|
42,119
|
|
|
59.22
|
|
|
—
|
|
|
3,352,009
|
|
|
Total
|
80,701
|
|
|
$
|
58.81
|
|
|
—
|
|
|
3,352,009
|
|
(1)
|
Reflects purchases by the Moog Inc. Stock Employee Compensation Trust Agreement ("SECT") of shares of Class B common stock from the Moog Inc. Retirement Savings Plan ("RSP") as follows: 8,113 shares at $55.47 per share during July; 16,402 shares at $60.11 per share during August; and 10,467 shares at $55.22 per share during September. Excluded above is the SECT purchase of 425,148 shares of Class A common stock from the RSP in exchange for an equivalent value of Class B common stock.
|
(2)
|
In connection with the exercise of equity-based compensation awards, we accept delivery of shares to pay for the exercise price and withhold shares for tax withholding obligations. In August, we accepted delivery of 14,067 shares at $57.97 per share and in September, we accepted delivery of 31,652 shares at $60.55 per share, in connection with the exercise of equity-based awards.
|
(3)
|
The Board of Directors has authorized a share repurchase program. This program has been amended from time to time to authorize additional repurchases up to an aggregate 13 million common shares. The program permits the purchase of shares of Class A or Class B common stock in open market or privately negotiated transactions at the discretion of management.
|
|
|
9/11
|
|
9/12
|
|
9/13
|
|
9/14
|
|
9/15
|
|
9/16
|
||||||||||||
Moog Inc. - Class A Common Stock
|
|
$
|
100.00
|
|
|
$
|
116.09
|
|
|
$
|
179.86
|
|
|
$
|
209.69
|
|
|
$
|
165.76
|
|
|
$
|
182.53
|
|
NYSE Composite - Total Return Index
|
|
100.00
|
|
|
124.79
|
|
|
149.27
|
|
|
170.05
|
|
|
159.55
|
|
|
179.25
|
|
||||||
S&P Aerospace & Defense Index
|
|
100.00
|
|
|
121.88
|
|
|
176.78
|
|
|
208.93
|
|
|
216.77
|
|
|
255.50
|
|
Item 6.
|
|
Selected Financial Data.
|
(dollars in thousands, except per share data)
|
2016(1)(2)(3)
|
2015(1)
|
2014(1)
|
2013(2)(3)
|
2012(3)
|
||||||||||
RESULTS FROM OPERATIONS
|
|
|
|
|
|
||||||||||
Net sales
|
$
|
2,411,937
|
|
$
|
2,525,532
|
|
$
|
2,648,385
|
|
$
|
2,610,311
|
|
$
|
2,469,536
|
|
Net earnings (4)
|
126,745
|
|
131,883
|
|
158,198
|
|
120,497
|
|
152,462
|
|
|||||
Net earnings per share (4)
|
|
|
|
|
|
||||||||||
Basic
|
$
|
3.49
|
|
$
|
3.39
|
|
$
|
3.57
|
|
$
|
2.66
|
|
$
|
3.37
|
|
Diluted
|
$
|
3.47
|
|
$
|
3.35
|
|
$
|
3.52
|
|
$
|
2.63
|
|
$
|
3.33
|
|
Weighted-average shares outstanding
|
|
|
|
|
|
||||||||||
Basic
|
36,277,445
|
|
38,945,880
|
|
44,362,412
|
|
45,335,336
|
|
45,246,960
|
|
|||||
Diluted
|
36,529,344
|
|
39,334,520
|
|
44,952,437
|
|
45,823,720
|
|
45,718,324
|
|
|||||
FINANCIAL POSITION
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
325,128
|
|
$
|
309,853
|
|
$
|
231,292
|
|
$
|
157,090
|
|
$
|
148,841
|
|
Working capital
|
1,030,915
|
|
1,021,990
|
|
941,260
|
|
924,145
|
|
885,032
|
|
|||||
Total assets
|
3,041,859
|
|
3,086,471
|
|
3,208,452
|
|
3,237,095
|
|
3,105,907
|
|
|||||
Indebtedness - total
|
1,011,850
|
|
1,075,184
|
|
874,036
|
|
709,157
|
|
764,622
|
|
|||||
Shareholders’ equity
|
988,411
|
|
994,532
|
|
1,347,415
|
|
1,535,765
|
|
1,304,790
|
|
|||||
Shareholders’ equity per common share outstanding
|
$
|
27.56
|
|
$
|
27.09
|
|
$
|
32.51
|
|
$
|
33.86
|
|
$
|
28.80
|
|
SUPPLEMENTAL FINANCIAL DATA
|
|
|
|
|
|||||||||||
Capital expenditures
|
$
|
67,208
|
|
$
|
80,693
|
|
$
|
78,771
|
|
$
|
93,174
|
|
$
|
107,030
|
|
Depreciation and amortization
|
98,732
|
|
103,609
|
|
109,259
|
|
108,073
|
|
100,816
|
|
|||||
Research and development
|
147,336
|
|
132,271
|
|
139,462
|
|
134,652
|
|
116,403
|
|
|||||
Twelve-month backlog (5)
|
1,224,878
|
|
1,273,495
|
|
1,339,959
|
|
1,296,371
|
|
1,279,307
|
|
|||||
RATIOS
|
|
|
|
|
|
||||||||||
Net return on sales
|
5.3
|
%
|
5.2
|
%
|
6.0
|
%
|
4.6
|
%
|
6.2
|
%
|
|||||
Return on shareholders’ equity
|
12.6
|
%
|
11.3
|
%
|
10.4
|
%
|
8.6
|
%
|
12.1
|
%
|
|||||
Current ratio
|
2.7
|
|
2.7
|
|
2.3
|
|
2.3
|
|
2.3
|
|
|||||
Net debt to capitalization (6)
|
41.0
|
%
|
43.5
|
%
|
32.3
|
%
|
26.4
|
%
|
32.1
|
%
|
(1)
|
Includes the effects of our share repurchase program. See the Consolidated Statements of Shareholders' Equity and Consolidated Statements of Cash Flow at Item 8, Financial Statements and Supplementary Data of this report.
|
(2)
|
Includes goodwill impairment charge. See Note 6 of the Consolidated Financial Statements at Item 8, Financial Statements and Supplementary Data of this report.
|
(3)
|
Includes the effects of acquisitions. See Note 2 of the Consolidated Financial Statements at Item 8, Financial Statements and Supplementary Data of this report. In 2013, we acquired two businesses, one in our Space and Defense Controls segment and one in our Components segment. In 2012, we acquired four businesses, two each in our Components and Space and Defense Controls segments.
|
(4)
|
Represents net earnings attributable to common shareholders and net earnings per share attributable to common shareholders.
|
(5)
|
Twelve-month backlog is defined as confirmed orders we believe will be recognized as revenue within the next twelve months.
|
(6)
|
Net debt is total debt less cash and cash equivalents. Capitalization is the sum of net debt and shareholders’ equity.
|
Item 7.
|
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
Defense market - primary and secondary flight controls for military aircraft, stabilization and automatic ammunition loading controls for armored combat vehicles, tactical and strategic missile steering controls and gun aiming controls.
|
•
|
Commercial aircraft market - primary and secondary flight controls for commercial aircraft.
|
•
|
Commercial space market - satellite positioning controls and thrust vector controls for space launch vehicles.
|
•
|
Industrial automation market - injection molding, metal forming, heavy industry, material and automotive testing and pilot training simulators.
|
•
|
Energy market - wind energy, power generation and oil and gas exploration.
|
•
|
Medical market - enteral clinical nutrition and infusion therapy pumps, CT scanners and ultrasonic sensors and surgical handpieces.
|
•
|
superior technical competence in delivering mission-critical solutions,
|
•
|
an innovative customer-intimacy approach,
|
•
|
a diverse base of customers and end markets served by a broad product portfolio, and
|
•
|
a well-established international presence serving customers worldwide.
|
•
|
maintaining our technological excellence by building upon our systems integration capabilities while solving our customers’ most demanding technical problems in applications "When Performance Really Matters
®
,"
|
•
|
utilizing our global capabilities and strong engineering heritage to innovate,
|
•
|
maximizing customer value by implementing lean enterprise principles, and
|
•
|
investing in talent development to strengthen our leadership capability and employee performance.
|
•
|
Net sales for fiscal
2016
decreased 4% to $2.4 billion, as sales were lower across all of our segments.
|
•
|
Total operating profit decreased 3% to $238 million.
|
•
|
Net earnings attributable to common shareholders decreased 4% to $127 million.
|
•
|
We repurchased 1 million shares of common stock in 2016, lowering our average outstanding shares 7%.
|
•
|
Diluted earnings per share increased 4% to $3.47.
|
•
|
Strong cash from operating activities at $216 million, continuing the strong pattern of recent years.
|
|
|
|
|
|
|
2016 vs. 2015
|
2015 vs. 2014
|
||||||||||||||||||
(dollars and shares in millions, except per share data)
|
2016
|
|
2015
|
|
2014
|
$ Variance
|
% Variance
|
$ Variance
|
% Variance
|
||||||||||||||||
Net sales
|
$
|
2,412
|
|
|
$
|
2,526
|
|
|
$
|
2,648
|
|
|
$
|
(114
|
)
|
|
(4
|
%)
|
|
$
|
(123
|
)
|
|
(5
|
%)
|
Gross margin
|
29.5
|
%
|
|
29.2
|
%
|
|
30.1
|
%
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development expenses
|
$
|
147
|
|
|
$
|
132
|
|
|
$
|
139
|
|
|
$
|
15
|
|
|
11
|
%
|
|
$
|
(7
|
)
|
|
(5
|
%)
|
Selling, general and administrative expenses as a percentage of sales
|
14.1
|
%
|
|
14.7
|
%
|
|
15.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
$
|
35
|
|
|
$
|
29
|
|
|
$
|
13
|
|
|
$
|
6
|
|
|
19
|
%
|
|
$
|
16
|
|
|
131
|
%
|
Restructuring expense
|
$
|
15
|
|
|
$
|
15
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
3
|
|
|
20
|
%
|
Goodwill impairment
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
n/a
|
|
|
$
|
—
|
|
|
n/a
|
|
Other
|
$
|
(3
|
)
|
|
$
|
5
|
|
|
$
|
10
|
|
|
$
|
(8
|
)
|
|
(172
|
%)
|
|
$
|
(6
|
)
|
|
(54
|
%)
|
Effective tax rate
|
28.5
|
%
|
|
28.3
|
%
|
|
27.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net earnings attributable to common shareholders and noncontrolling interest
|
$
|
124
|
|
|
$
|
132
|
|
|
$
|
158
|
|
|
$
|
(8
|
)
|
|
(6
|
%)
|
|
$
|
(26
|
)
|
|
(17
|
%)
|
Diluted average common shares outstanding
|
37
|
|
|
39
|
|
|
45
|
|
|
(3
|
)
|
|
(7
|
%)
|
|
(6
|
)
|
|
(12
|
%)
|
|||||
Diluted earnings per share attributable to common shareholders
|
$
|
3.47
|
|
|
$
|
3.35
|
|
|
$
|
3.52
|
|
|
$
|
0.12
|
|
|
4
|
%
|
|
$
|
(0.17
|
)
|
|
(5
|
%)
|
|
|
|
|
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||||||||||
(dollars in millions)
|
2016
|
|
2015
|
|
2014
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net sales - military aircraft
|
$
|
512
|
|
|
$
|
546
|
|
|
$
|
572
|
|
|
$
|
(34
|
)
|
|
(6
|
%)
|
|
$
|
(26
|
)
|
|
(4
|
%)
|
Net sales - commercial aircraft
|
551
|
|
|
540
|
|
|
546
|
|
|
11
|
|
|
2
|
%
|
|
(6
|
)
|
|
(1
|
%)
|
|||||
|
$
|
1,064
|
|
|
$
|
1,087
|
|
|
$
|
1,118
|
|
|
$
|
(24
|
)
|
|
(2
|
%)
|
|
$
|
(31
|
)
|
|
(3
|
%)
|
Operating profit
|
$
|
99
|
|
|
$
|
100
|
|
|
$
|
116
|
|
|
$
|
(1
|
)
|
|
(1
|
%)
|
|
$
|
(16
|
)
|
|
(14
|
%)
|
Operating margin
|
9.3
|
%
|
|
9.2
|
%
|
|
10.4
|
%
|
|
|
|
|
|
|
|
|
|
||||||||
Backlog
|
$
|
632
|
|
|
$
|
678
|
|
|
$
|
715
|
|
|
$
|
(46
|
)
|
|
(7
|
%)
|
|
$
|
(36
|
)
|
|
(5
|
%)
|
|
|
|
|
|
|
|
2016 vs. 2015
|
2015 vs. 2014
|
|||||||||||||||||
(dollars in millions)
|
2016
|
|
2015
|
|
2014
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net sales
|
$
|
366
|
|
|
$
|
381
|
|
|
$
|
395
|
|
|
$
|
(15
|
)
|
|
(4
|
%)
|
|
$
|
(13
|
)
|
|
(3
|
%)
|
Operating profit
|
$
|
41
|
|
|
$
|
33
|
|
|
$
|
26
|
|
|
$
|
8
|
|
|
25
|
%
|
|
$
|
7
|
|
|
27
|
%
|
Operating margin
|
11.3
|
%
|
|
8.7
|
%
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
||||||||
Backlog
|
$
|
277
|
|
|
$
|
250
|
|
|
$
|
254
|
|
|
$
|
27
|
|
|
11
|
%
|
|
$
|
(4
|
)
|
|
(2
|
%)
|
|
|
|
|
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||||||||||
(dollars in millions)
|
2016
|
|
2015
|
|
2014
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net sales
|
$
|
515
|
|
|
$
|
522
|
|
|
$
|
591
|
|
|
$
|
(7
|
)
|
|
(1
|
%)
|
|
$
|
(69
|
)
|
|
(12
|
%)
|
Operating profit
|
$
|
49
|
|
|
$
|
45
|
|
|
$
|
58
|
|
|
$
|
4
|
|
|
8
|
%
|
|
$
|
(13
|
)
|
|
(23
|
%)
|
Operating margin
|
9.4
|
%
|
|
8.6
|
%
|
|
9.8
|
%
|
|
|
|
|
|
|
|
|
|||||||||
Backlog
|
$
|
145
|
|
|
$
|
178
|
|
|
$
|
182
|
|
|
$
|
(32
|
)
|
|
(18
|
%)
|
|
$
|
(5
|
)
|
|
(3
|
%)
|
|
|
|
|
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||||||||||
(dollars in millions)
|
2016
|
|
2015
|
|
2014
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net sales
|
$
|
467
|
|
|
$
|
536
|
|
|
$
|
545
|
|
|
$
|
(69
|
)
|
|
(13
|
%)
|
|
$
|
(9
|
)
|
|
(2
|
%)
|
Operating profit
|
$
|
50
|
|
|
$
|
67
|
|
|
$
|
76
|
|
|
$
|
(17
|
)
|
|
(26
|
%)
|
|
$
|
(9
|
)
|
|
(11
|
%)
|
Operating margin
|
10.7
|
%
|
|
12.5
|
%
|
|
13.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||||
Backlog
|
$
|
170
|
|
|
$
|
168
|
|
|
$
|
188
|
|
|
$
|
2
|
|
|
1
|
%
|
|
$
|
(21
|
)
|
|
(11
|
%)
|
|
|
|
|
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||||||||||
(dollars in millions)
|
2016
|
|
2015
|
|
2014
|
|
$ Variance
|
|
% Variance
|
|
$ Variance
|
|
% Variance
|
||||||||||||
Net cash provided (used) by:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating activities
|
$
|
216
|
|
|
$
|
335
|
|
|
$
|
287
|
|
|
$
|
(119
|
)
|
|
(35
|
%)
|
|
$
|
47
|
|
|
17
|
%
|
Investing activities
|
(77
|
)
|
|
(68
|
)
|
|
(87
|
)
|
|
(9
|
)
|
|
14
|
%
|
|
19
|
|
|
(22
|
%)
|
|||||
Financing activities
|
(120
|
)
|
|
(166
|
)
|
|
(118
|
)
|
|
46
|
|
|
(28
|
%)
|
|
(48
|
)
|
|
40
|
%
|
(dollars in millions)
|
|
Payments due by period
|
||||||||||||||||||
Contractual Obligations
|
|
Total
|
|
2017
|
|
2018-
2019 |
|
2020-
2021 |
|
After
2021 |
||||||||||
Long-term debt
|
|
$
|
1,010
|
|
|
$
|
—
|
|
|
$
|
120
|
|
|
$
|
590
|
|
|
$
|
300
|
|
Interest on long-term debt
|
|
80
|
|
|
16
|
|
|
32
|
|
|
31
|
|
|
1
|
|
|||||
Operating leases
|
|
130
|
|
|
22
|
|
|
38
|
|
|
26
|
|
|
45
|
|
|||||
Purchase obligations
|
|
656
|
|
|
507
|
|
|
127
|
|
|
8
|
|
|
14
|
|
|||||
Total contractual obligations
|
|
$
|
1,876
|
|
|
$
|
545
|
|
|
$
|
317
|
|
|
$
|
655
|
|
|
$
|
360
|
|
(dollars in millions)
|
|
Commitments expiring by period
|
||||||||||||||||||
Other Commercial Commitments
|
|
Total
|
|
2017
|
|
2018-
2019 |
|
2020-
2021 |
|
After
2021 |
||||||||||
Standby letters of credit
|
|
$
|
19
|
|
|
$
|
14
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
—
|
|
Item 7A.
|
|
Quantitative and Qualitative Disclosures about Market Risk.
|
Item 8.
|
|
Financial Statements and Supplementary Data.
|
|
|
Fiscal Years Ended
|
||||||||||
(dollars in thousands, except per share data)
|
|
October 1, 2016
|
|
October 3, 2015
|
|
September 27, 2014
|
||||||
Net sales
|
|
$
|
2,411,937
|
|
|
$
|
2,525,532
|
|
|
$
|
2,648,385
|
|
Cost of sales
|
|
1,700,354
|
|
|
1,788,828
|
|
|
1,850,809
|
|
|||
Gross profit
|
|
711,583
|
|
|
736,704
|
|
|
797,576
|
|
|||
Research and development
|
|
147,336
|
|
|
132,271
|
|
|
139,462
|
|
|||
Selling, general and administrative
|
|
339,961
|
|
|
371,498
|
|
|
403,487
|
|
|||
Interest
|
|
34,605
|
|
|
28,967
|
|
|
12,513
|
|
|||
Restructuring
|
|
15,393
|
|
|
15,449
|
|
|
12,913
|
|
|||
Goodwill impairment
|
|
4,800
|
|
|
—
|
|
|
—
|
|
|||
Other
|
|
(3,372
|
)
|
|
4,685
|
|
|
10,278
|
|
|||
Earnings before income taxes
|
|
172,860
|
|
|
183,834
|
|
|
218,923
|
|
|||
Income taxes
|
|
49,227
|
|
|
51,951
|
|
|
60,725
|
|
|||
Net earnings attributable to common shareholders and noncontrolling interest
|
|
$
|
123,633
|
|
|
$
|
131,883
|
|
|
$
|
158,198
|
|
|
|
|
|
|
|
|
||||||
Net earnings (loss) attributable to noncontrolling interest
|
|
(3,112
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
Net earnings attributable to common shareholders
|
|
$
|
126,745
|
|
|
$
|
131,883
|
|
|
$
|
158,198
|
|
|
|
|
|
|
|
|
||||||
Net earnings per share attributable to common shareholders
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
3.49
|
|
|
$
|
3.39
|
|
|
$
|
3.57
|
|
Diluted
|
|
$
|
3.47
|
|
|
$
|
3.35
|
|
|
$
|
3.52
|
|
|
|
|
|
|
|
|
||||||
Average common shares outstanding
|
|
|
|
|
|
|
||||||
Basic
|
|
36,277,445
|
|
|
38,945,880
|
|
|
44,362,412
|
|
|||
Diluted
|
|
36,529,344
|
|
|
39,334,520
|
|
|
44,952,437
|
|
|
|
Fiscal Years Ended
|
||||||||||
(dollars in thousands)
|
|
October 1,
2016 |
|
October 3,
2015 |
|
September 27,
2014 |
||||||
Net earnings attributable to common shareholders and noncontrolling interest
|
|
$
|
123,633
|
|
|
$
|
131,883
|
|
|
$
|
158,198
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
|
(37,838
|
)
|
|
(82,042
|
)
|
|
(31,318
|
)
|
|||
Retirement liability adjustment
|
|
(54,184
|
)
|
|
(51,926
|
)
|
|
(41,289
|
)
|
|||
Change in accumulated income (loss) on derivatives
|
|
(1,304
|
)
|
|
(929
|
)
|
|
(73
|
)
|
|||
Other comprehensive income (loss), net of tax
|
|
(93,326
|
)
|
|
(134,897
|
)
|
|
(72,680
|
)
|
|||
Comprehensive income (loss)
|
|
$
|
30,307
|
|
|
$
|
(3,014
|
)
|
|
$
|
85,518
|
|
Comprehensive income (loss) attributable to noncontrolling interest
|
|
(3,112
|
)
|
|
—
|
|
|
—
|
|
|||
Comprehensive income (loss) attributable to common shareholders
|
|
$
|
33,419
|
|
|
$
|
(3,014
|
)
|
|
$
|
85,518
|
|
(dollars in thousands, except per share data)
|
|
October 1, 2016
|
|
October 3, 2015
|
||||
ASSETS
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
325,128
|
|
|
$
|
309,853
|
|
Receivables
|
|
688,388
|
|
|
698,419
|
|
||
Inventories
|
|
479,040
|
|
|
493,360
|
|
||
Deferred income taxes
|
|
92,903
|
|
|
91,210
|
|
||
Prepaid expenses and other current assets
|
|
34,688
|
|
|
34,653
|
|
||
Total current assets
|
|
1,620,147
|
|
|
1,627,495
|
|
||
Property, plant and equipment, net
|
|
522,369
|
|
|
536,756
|
|
||
Goodwill
|
|
740,162
|
|
|
737,212
|
|
||
Intangible assets, net
|
|
113,560
|
|
|
143,723
|
|
||
Other assets
|
|
45,621
|
|
|
41,285
|
|
||
Total assets
|
|
$
|
3,041,859
|
|
|
$
|
3,086,471
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Short-term borrowings
|
|
$
|
1,379
|
|
|
$
|
83
|
|
Current installments of long-term debt
|
|
167
|
|
|
34
|
|
||
Accounts payable
|
|
144,450
|
|
|
165,973
|
|
||
Accrued salaries, wages and commissions
|
|
126,319
|
|
|
125,270
|
|
||
Customer advances
|
|
167,514
|
|
|
167,423
|
|
||
Contract loss reserves
|
|
32,543
|
|
|
30,422
|
|
||
Other accrued liabilities
|
|
116,860
|
|
|
116,300
|
|
||
Total current liabilities
|
|
589,232
|
|
|
605,505
|
|
||
Long-term debt, excluding current installments
|
|
1,010,304
|
|
|
1,075,067
|
|
||
Long-term pension and retirement obligations
|
|
401,747
|
|
|
348,239
|
|
||
Deferred income taxes
|
|
42,171
|
|
|
60,209
|
|
||
Other long-term liabilities
|
|
4,343
|
|
|
2,919
|
|
||
Total liabilities
|
|
2,047,797
|
|
|
2,091,939
|
|
||
Commitments and contingencies (Note 18)
|
|
—
|
|
|
—
|
|
||
Redeemable noncontrolling interest
|
|
5,651
|
|
|
—
|
|
||
Shareholders’ equity
|
|
|
|
|
||||
Common stock - par value $1.00
|
|
|
|
|
||||
Class A - Authorized 100,000,000 shares
|
|
43,667
|
|
|
43,639
|
|
||
Issued 43,666,801 and outstanding 32,131,566 shares at October 1, 2016
|
|
|
|
|
||||
Issued 43,638,618 and outstanding 33,320,187 shares at October 3, 2015
|
|
|
|
|
||||
Class B - Authorized 20,000,000 shares. Convertible to Class A on a one-for-one basis
|
|
7,613
|
|
|
7,641
|
|
||
Issued 7,612,912 and outstanding 3,734,067 shares at October 1, 2016
|
|
|
|
|
||||
Issued 7,641,095 and outstanding 3,388,788 shares at October 3, 2015
|
|
|
|
|
||||
Additional paid-in capital
|
|
465,762
|
|
|
456,512
|
|
||
Retained earnings
|
|
1,706,539
|
|
|
1,579,794
|
|
||
Treasury shares
|
|
(741,700
|
)
|
|
(701,771
|
)
|
||
Stock Employee Compensation Trust
|
|
(49,463
|
)
|
|
(44,211
|
)
|
||
Supplemental Retirement Plan Trust
|
|
(8,946
|
)
|
|
(5,337
|
)
|
||
Accumulated other comprehensive loss
|
|
(435,061
|
)
|
|
(341,735
|
)
|
||
Total shareholders’ equity
|
|
988,411
|
|
|
994,532
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
3,041,859
|
|
|
$
|
3,086,471
|
|
|
|
Fiscal Years Ended
|
||||||||||
(dollars in thousands)
|
|
October 1, 2016
|
|
October 3, 2015
|
|
September 27, 2014
|
||||||
COMMON STOCK
|
|
|
|
|
|
|
||||||
Beginning and end of year
|
|
$
|
51,280
|
|
|
$
|
51,280
|
|
|
$
|
51,280
|
|
ADDITIONAL PAID-IN CAPITAL
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
456,512
|
|
|
463,965
|
|
|
447,478
|
|
|||
Issuance of treasury shares
|
|
(429
|
)
|
|
(4,529
|
)
|
|
256
|
|
|||
Equity-based compensation expense
|
|
3,271
|
|
|
5,074
|
|
|
7,189
|
|
|||
Adjustment to market - SECT, SERP and other
|
|
6,408
|
|
|
(7,998
|
)
|
|
9,042
|
|
|||
End of year
|
|
465,762
|
|
|
456,512
|
|
|
463,965
|
|
|||
RETAINED EARNINGS
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
1,579,794
|
|
|
1,447,911
|
|
|
1,289,713
|
|
|||
Net earnings attributable to common shareholders
|
|
126,745
|
|
|
131,883
|
|
|
158,198
|
|
|||
End of year
|
|
1,706,539
|
|
|
1,579,794
|
|
|
1,447,911
|
|
|||
TREASURY SHARES AT COST
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
(701,771
|
)
|
|
(360,445
|
)
|
|
(83,003
|
)
|
|||
Class A shares issued related to equity awards
|
|
5,003
|
|
|
15,965
|
|
|
1,991
|
|
|||
Class A and B shares purchased
|
|
(44,932
|
)
|
|
(357,291
|
)
|
|
(279,433
|
)
|
|||
End of year
|
|
(741,700
|
)
|
|
(701,771
|
)
|
|
(360,445
|
)
|
|||
STOCK EMPLOYEE COMPENSATION TRUST (SECT)
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
(44,211
|
)
|
|
(48,458
|
)
|
|
(35,545
|
)
|
|||
Issuance of shares
|
|
28,048
|
|
|
7,395
|
|
|
1,144
|
|
|||
Purchase of shares
|
|
(28,799
|
)
|
|
(15,151
|
)
|
|
(7,924
|
)
|
|||
Adjustment to market
|
|
(4,501
|
)
|
|
12,003
|
|
|
(6,133
|
)
|
|||
End of year
|
|
(49,463
|
)
|
|
(44,211
|
)
|
|
(48,458
|
)
|
|||
SUPPLEMENTAL RETIREMENT PLAN (SERP) TRUST
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
(5,337
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase of shares
|
|
(2,300
|
)
|
|
(7,328
|
)
|
|
—
|
|
|||
Adjustment to market
|
|
(1,309
|
)
|
|
1,991
|
|
|
—
|
|
|||
End of year
|
|
(8,946
|
)
|
|
(5,337
|
)
|
|
—
|
|
|||
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
(341,735
|
)
|
|
(206,838
|
)
|
|
(134,158
|
)
|
|||
Other comprehensive income (loss)
|
|
(93,326
|
)
|
|
(134,897
|
)
|
|
(72,680
|
)
|
|||
End of year
|
|
(435,061
|
)
|
|
(341,735
|
)
|
|
(206,838
|
)
|
|||
TOTAL SHAREHOLDERS’ EQUITY
|
|
$
|
988,411
|
|
|
$
|
994,532
|
|
|
$
|
1,347,415
|
|
REDEEMABLE NONCONTROLLING INTEREST
|
|
|
|
|
|
|
||||||
Beginning of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Redeemable noncontrolling interest of acquired entity
|
|
8,763
|
|
|
—
|
|
|
—
|
|
|||
Net loss attributable to redeemable noncontrolling interest
|
|
(3,112
|
)
|
|
—
|
|
|
—
|
|
|||
End of year
|
|
$
|
5,651
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Fiscal Years Ended
|
|||||||
(share data)
|
|
October 1, 2016
|
|
October 3, 2015
|
|
September 27, 2014
|
|||
TREASURY SHARES - CLASS A COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
(10,318,431
|
)
|
|
(5,806,702
|
)
|
|
(2,004,262
|
)
|
Class A shares issued related to equity awards
|
|
152,099
|
|
|
543,923
|
|
|
283,921
|
|
Class A shares purchased
|
|
(943,755
|
)
|
|
(5,055,652
|
)
|
|
(4,086,361
|
)
|
End of year
|
|
(11,110,087
|
)
|
|
(10,318,431
|
)
|
|
(5,806,702
|
)
|
TREASURY SHARES - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
(3,323,926
|
)
|
|
(3,319,038
|
)
|
|
(3,305,971
|
)
|
Class B shares purchased
|
|
—
|
|
|
(4,888
|
)
|
|
(13,067
|
)
|
End of year
|
|
(3,323,926
|
)
|
|
(3,323,926
|
)
|
|
(3,319,038
|
)
|
SECT SHARES - CLASS A COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
—
|
|
|
—
|
|
|
—
|
|
Purchase of shares
|
|
(425,148
|
)
|
|
—
|
|
|
—
|
|
End of year
|
|
(425,148
|
)
|
|
—
|
|
|
—
|
|
SECT SHARES - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
(828,381
|
)
|
|
(710,841
|
)
|
|
(610,223
|
)
|
Issuance of shares
|
|
487,678
|
|
|
101,000
|
|
|
18,444
|
|
Purchase of shares
|
|
(64,216
|
)
|
|
(218,540
|
)
|
|
(119,062
|
)
|
End of year
|
|
(404,919
|
)
|
|
(828,381
|
)
|
|
(710,841
|
)
|
SERP TRUST SHARES - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|||
Beginning of year
|
|
(100,000
|
)
|
|
—
|
|
|
—
|
|
Purchase of shares
|
|
(50,000
|
)
|
|
(100,000
|
)
|
|
—
|
|
End of year
|
|
(150,000
|
)
|
|
(100,000
|
)
|
|
—
|
|
|
|
Fiscal Years Ended
|
||||||||||
(dollars in thousands)
|
|
October 1, 2016
|
|
October 3, 2015
|
|
September 27, 2014
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net earnings attributable to common shareholders and noncontrolling interest
|
|
$
|
123,633
|
|
|
$
|
131,883
|
|
|
$
|
158,198
|
|
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation
|
|
77,407
|
|
|
78,610
|
|
|
78,078
|
|
|||
Amortization
|
|
21,325
|
|
|
24,999
|
|
|
31,181
|
|
|||
Deferred income taxes
|
|
4,248
|
|
|
12,991
|
|
|
5,021
|
|
|||
Equity-based compensation expense
|
|
3,271
|
|
|
5,074
|
|
|
7,189
|
|
|||
Redemption of senior subordinated notes
|
|
—
|
|
|
—
|
|
|
8,002
|
|
|||
Other
|
|
13,440
|
|
|
7,826
|
|
|
7,260
|
|
|||
Changes in assets and liabilities providing (using) cash:
|
|
|
|
|
|
|
||||||
Receivables
|
|
1,672
|
|
|
60,616
|
|
|
23,707
|
|
|||
Inventories
|
|
12,644
|
|
|
3,821
|
|
|
23,666
|
|
|||
Accounts payable
|
|
(21,821
|
)
|
|
8,107
|
|
|
(17,783
|
)
|
|||
Customer advances
|
|
2,903
|
|
|
24,112
|
|
|
(304
|
)
|
|||
Accrued expenses
|
|
(727
|
)
|
|
(6,525
|
)
|
|
7,685
|
|
|||
Accrued income taxes
|
|
4,481
|
|
|
(9,986
|
)
|
|
6,273
|
|
|||
Net pension and post retirement liabilities
|
|
(29,708
|
)
|
|
(15,048
|
)
|
|
(43,612
|
)
|
|||
Other assets and liabilities
|
|
3,086
|
|
|
8,066
|
|
|
(7,459
|
)
|
|||
Net cash provided by operating activities
|
|
215,854
|
|
|
334,546
|
|
|
287,102
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||
Acquisitions of businesses, net of cash acquired
|
|
(11,016
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase of property, plant and equipment
|
|
(67,208
|
)
|
|
(80,693
|
)
|
|
(78,771
|
)
|
|||
Other investing transactions
|
|
1,256
|
|
|
13,095
|
|
|
(8,124
|
)
|
|||
Net cash used by investing activities
|
|
(76,968
|
)
|
|
(67,598
|
)
|
|
(86,895
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net short-term repayments
|
|
—
|
|
|
(3,570
|
)
|
|
(977
|
)
|
|||
Proceeds from revolving lines of credit
|
|
324,670
|
|
|
428,130
|
|
|
680,875
|
|
|||
Payments on revolving lines of credit
|
|
(409,670
|
)
|
|
(518,130
|
)
|
|
(319,740
|
)
|
|||
Proceeds from long-term debt
|
|
20,000
|
|
|
—
|
|
|
—
|
|
|||
Payments on long-term debt
|
|
(10,098
|
)
|
|
(5,259
|
)
|
|
(3,256
|
)
|
|||
Proceeds from senior notes, net of issuance costs
|
|
—
|
|
|
294,430
|
|
|
—
|
|
|||
Payments on senior subordinated notes
|
|
—
|
|
|
—
|
|
|
(191,575
|
)
|
|||
Payment of premium on redemption of senior subordinated notes
|
|
—
|
|
|
—
|
|
|
(6,945
|
)
|
|||
Proceeds from sale of treasury stock
|
|
4,574
|
|
|
11,436
|
|
|
2,247
|
|
|||
Purchase of outstanding shares for treasury
|
|
(44,933
|
)
|
|
(363,848
|
)
|
|
(272,876
|
)
|
|||
Proceeds from sale of stock held by SECT
|
|
28,048
|
|
|
7,395
|
|
|
1,144
|
|
|||
Purchase of stock held by SECT
|
|
(28,799
|
)
|
|
(15,151
|
)
|
|
(7,924
|
)
|
|||
Purchase of stock held by SERP Trust
|
|
(2,300
|
)
|
|
(7,328
|
)
|
|
—
|
|
|||
Excess tax benefits from equity-based payment arrangements
|
|
598
|
|
|
5,996
|
|
|
2,910
|
|
|||
Other financing transactions
|
|
(1,950
|
)
|
|
(100
|
)
|
|
(2,288
|
)
|
|||
Net cash used by financing activities
|
|
(119,860
|
)
|
|
(165,999
|
)
|
|
(118,405
|
)
|
|||
Effect of exchange rate changes on cash
|
|
(3,751
|
)
|
|
(22,388
|
)
|
|
(7,600
|
)
|
|||
Increase in cash and cash equivalents
|
|
15,275
|
|
|
78,561
|
|
|
74,202
|
|
|||
Cash and cash equivalents at beginning of period
|
|
309,853
|
|
|
231,292
|
|
|
157,090
|
|
|||
Cash and cash equivalents at end of year
|
|
$
|
325,128
|
|
|
$
|
309,853
|
|
|
$
|
231,292
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
|
|
|
||||||
Interest paid
|
|
$
|
34,150
|
|
|
$
|
23,718
|
|
|
$
|
17,300
|
|
Income taxes paid, net of refunds
|
|
41,517
|
|
|
39,890
|
|
|
41,999
|
|
|||
Unsecured notes issued for acquisitions
|
|
1,280
|
|
|
—
|
|
|
—
|
|
|
|
2016
|
|
2015
|
|
2014
|
|||
Basic weighted-average shares outstanding
|
|
36,277,445
|
|
|
38,945,880
|
|
|
44,362,412
|
|
Dilutive effect of equity-based awards
|
|
251,899
|
|
|
388,640
|
|
|
590,025
|
|
Diluted weighted-average shares outstanding
|
|
36,529,344
|
|
|
39,334,520
|
|
|
44,952,437
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Warranty accrual at beginning of period
|
|
$
|
18,660
|
|
|
$
|
19,953
|
|
|
$
|
17,429
|
|
Warranties issued during current year
|
|
13,272
|
|
|
9,666
|
|
|
12,611
|
|
|||
Adjustments to pre-existing warranties
|
|
(1,463
|
)
|
|
(2,416
|
)
|
|
(2,037
|
)
|
|||
Reductions for settling warranties
|
|
(8,486
|
)
|
|
(7,448
|
)
|
|
(7,759
|
)
|
|||
Foreign currency translation
|
|
(620
|
)
|
|
(1,095
|
)
|
|
(291
|
)
|
|||
Warranty accrual at end of period
|
|
$
|
21,363
|
|
|
$
|
18,660
|
|
|
$
|
19,953
|
|
|
|
October 1,
2016 |
|
October 3,
2015 |
||||
Accounts receivable
|
|
$
|
306,469
|
|
|
$
|
291,188
|
|
Long-term contract receivables:
|
|
|
|
|
||||
Amounts billed
|
|
130,429
|
|
|
113,565
|
|
||
Unbilled recoverable costs and accrued profits
|
|
245,376
|
|
|
286,395
|
|
||
Total long-term contract receivables
|
|
375,805
|
|
|
399,960
|
|
||
Other
|
|
10,652
|
|
|
12,557
|
|
||
Total receivables
|
|
692,926
|
|
|
703,705
|
|
||
Less allowance for doubtful accounts
|
|
(4,538
|
)
|
|
(5,286
|
)
|
||
Receivables
|
|
$
|
688,388
|
|
|
$
|
698,419
|
|
|
|
October 1,
2016 |
|
October 3,
2015 |
||||
Raw materials and purchased parts
|
|
$
|
174,331
|
|
|
$
|
188,843
|
|
Work in progress
|
|
235,258
|
|
|
243,373
|
|
||
Finished goods
|
|
69,451
|
|
|
61,144
|
|
||
Inventories
|
|
$
|
479,040
|
|
|
$
|
493,360
|
|
|
|
October 1,
2016 |
|
October 3,
2015 |
||||
Land
|
|
$
|
28,932
|
|
|
$
|
27,132
|
|
Buildings and improvements
|
|
408,107
|
|
|
397,340
|
|
||
Machinery and equipment
|
|
684,995
|
|
|
669,578
|
|
||
Computer equipment and software
|
|
126,144
|
|
|
119,874
|
|
||
Property, plant and equipment, at cost
|
|
1,248,178
|
|
|
1,213,924
|
|
||
Less accumulated depreciation and amortization
|
|
(725,809
|
)
|
|
(677,168
|
)
|
||
Property, plant and equipment, net
|
|
$
|
522,369
|
|
|
$
|
536,756
|
|
|
Aircraft
Controls |
Space and
Defense Controls |
Industrial
Systems |
Components
|
Total
|
||||||||||
Balance at September 28, 2013
|
$
|
192,413
|
|
$
|
163,136
|
|
$
|
121,320
|
|
$
|
290,055
|
|
$
|
766,924
|
|
Adjustments to prior year acquisitions
|
—
|
|
(2,734
|
)
|
—
|
|
—
|
|
(2,734
|
)
|
|||||
Foreign currency translation
|
439
|
|
(795
|
)
|
(3,311
|
)
|
(2,671
|
)
|
(6,338
|
)
|
|||||
Balance at September 27, 2014
|
192,852
|
|
159,607
|
|
118,009
|
|
287,384
|
|
757,852
|
|
|||||
Divestiture
|
—
|
|
—
|
|
—
|
|
(1,715
|
)
|
(1,715
|
)
|
|||||
Foreign currency translation
|
(4,327
|
)
|
(1,394
|
)
|
(7,166
|
)
|
(6,038
|
)
|
(18,925
|
)
|
|||||
Balance at October 3, 2015
|
188,525
|
|
158,213
|
|
110,843
|
|
279,631
|
|
737,212
|
|
|||||
Acquisitions
|
—
|
|
21,076
|
|
—
|
|
—
|
|
21,076
|
|
|||||
Impairment
|
—
|
|
(4,800
|
)
|
—
|
|
—
|
|
(4,800
|
)
|
|||||
Foreign currency translation
|
(8,831
|
)
|
25
|
|
(4,525
|
)
|
5
|
|
(13,326
|
)
|
|||||
Balance at October 1, 2016
|
$
|
179,694
|
|
$
|
174,514
|
|
$
|
106,318
|
|
$
|
279,636
|
|
$
|
740,162
|
|
|
October 1, 2016
|
October 3, 2015
|
|||||||||||
|
Weighted-
Average Life (years) |
Gross Carrying
Amount |
Accumulated
Amortization |
Gross Carrying
Amount |
Accumulated
Amortization |
||||||||
Customer-related
|
11
|
$
|
165,445
|
|
$
|
(117,434
|
)
|
$
|
171,779
|
|
$
|
(110,697
|
)
|
Technology-related
|
9
|
70,277
|
|
(52,060
|
)
|
73,299
|
|
(49,723
|
)
|
||||
Program-related
|
19
|
64,774
|
|
(26,018
|
)
|
75,720
|
|
(27,463
|
)
|
||||
Marketing-related
|
9
|
25,031
|
|
(17,649
|
)
|
25,997
|
|
(16,648
|
)
|
||||
Other
|
10
|
4,269
|
|
(3,075
|
)
|
4,771
|
|
(3,312
|
)
|
||||
Intangible assets
|
12
|
$
|
329,796
|
|
$
|
(216,236
|
)
|
$
|
351,566
|
|
$
|
(207,843
|
)
|
|
|
October 1, 2016
|
|
October 3,
2015 |
||||
Lines of credit
|
|
$
|
99
|
|
|
$
|
83
|
|
Other short-term debt
|
|
1,280
|
|
|
—
|
|
||
Short-term borrowings
|
|
$
|
1,379
|
|
|
$
|
83
|
|
|
|
October 1,
2016 |
|
October 3,
2015 |
||||
U.S. revolving credit facility
|
|
$
|
590,000
|
|
|
$
|
675,000
|
|
Senior notes
|
|
300,000
|
|
|
300,000
|
|
||
Securitization program
|
|
120,000
|
|
|
100,000
|
|
||
Obligations under capital leases
|
|
471
|
|
|
101
|
|
||
Senior debt
|
|
1,010,471
|
|
|
1,075,101
|
|
||
Less current installments
|
|
(167
|
)
|
|
(34
|
)
|
||
Long-term debt
|
|
$
|
1,010,304
|
|
|
$
|
1,075,067
|
|
|
|
|
October 1, 2016
|
|
October 3, 2015
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
$
|
379
|
|
|
$
|
12
|
|
Foreign currency contracts
|
Other assets
|
|
56
|
|
|
39
|
|
||
Interest rate swaps
|
Other current assets
|
|
52
|
|
|
—
|
|
||
Interest rate swaps
|
Other assets
|
|
69
|
|
|
—
|
|
||
|
Total asset derivatives
|
|
$
|
556
|
|
|
$
|
51
|
|
Foreign currency contracts
|
Other accrued liabilities
|
|
$
|
4,080
|
|
|
$
|
1,755
|
|
Foreign currency contracts
|
Other long-term liabilities
|
|
448
|
|
|
572
|
|
||
Interest rate swaps
|
Other accrued liabilities
|
|
201
|
|
|
756
|
|
||
Interest rate swaps
|
Other long-term liabilities
|
|
—
|
|
|
268
|
|
||
|
Total liability derivatives
|
|
$
|
4,729
|
|
|
$
|
3,351
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
Foreign currency contracts
|
Other current assets
|
|
$
|
422
|
|
|
$
|
115
|
|
Foreign currency contracts
|
Other accrued liabilities
|
|
$
|
76
|
|
|
$
|
429
|
|
|
Classification
|
|
October 1, 2016
|
|
October 3, 2015
|
||||
Foreign currency contracts
|
Other current assets
|
|
$
|
801
|
|
|
$
|
127
|
|
Foreign currency contracts
|
Other assets
|
|
56
|
|
|
39
|
|
||
Interest rate swaps
|
Other current assets
|
|
52
|
|
|
—
|
|
||
Interest rate swaps
|
Other assets
|
|
69
|
|
|
—
|
|
||
|
Total assets
|
|
$
|
978
|
|
|
$
|
166
|
|
Foreign currency contracts
|
Other accrued liabilities
|
|
$
|
4,156
|
|
|
$
|
2,184
|
|
Foreign currency contracts
|
Other long-term liabilities
|
|
448
|
|
|
572
|
|
||
Interest rate swaps
|
Other accrued liabilities
|
|
201
|
|
|
756
|
|
||
Interest rate swaps
|
Other long-term liabilities
|
|
—
|
|
|
268
|
|
||
|
Total liabilities
|
|
$
|
4,805
|
|
|
$
|
3,780
|
|
|
Aircraft Controls
|
Space and Defense Controls
|
Industrial Systems
|
Components
|
Corporate
|
Total
|
||||||||||||
Balance at September 28, 2013
|
$
|
36
|
|
$
|
4,376
|
|
$
|
2,717
|
|
$
|
—
|
|
$
|
—
|
|
$
|
7,129
|
|
Charged to expense - 2014 plan
|
5,440
|
|
5,438
|
|
739
|
|
1,296
|
|
—
|
|
12,913
|
|
||||||
Cash payments - 2013 plan
|
(35
|
)
|
(4,014
|
)
|
(2,452
|
)
|
—
|
|
—
|
|
(6,501
|
)
|
||||||
Non-cash charges - 2014 plan
|
—
|
|
—
|
|
(739
|
)
|
(1,296
|
)
|
—
|
|
(2,035
|
)
|
||||||
Foreign currency translation
|
(2
|
)
|
(36
|
)
|
(79
|
)
|
—
|
|
—
|
|
(117
|
)
|
||||||
Balance at September 27, 2014
|
5,439
|
|
5,764
|
|
186
|
|
—
|
|
—
|
|
11,389
|
|
||||||
Charged to expense - 2015 plan
|
2,955
|
|
6,324
|
|
5,150
|
|
1,020
|
|
—
|
|
15,449
|
|
||||||
Adjustments to provision
|
(407
|
)
|
(309
|
)
|
—
|
|
—
|
|
—
|
|
(716
|
)
|
||||||
Cash payments - 2013 plan
|
—
|
|
(490
|
)
|
—
|
|
—
|
|
—
|
|
(490
|
)
|
||||||
Cash payments - 2014 plan
|
(4,833
|
)
|
(3,822
|
)
|
(178
|
)
|
—
|
|
—
|
|
(8,833
|
)
|
||||||
Cash payments - 2015 plan
|
(80
|
)
|
(167
|
)
|
(679
|
)
|
(761
|
)
|
—
|
|
(1,687
|
)
|
||||||
Non-cash charges - 2015 plan
|
—
|
|
—
|
|
(472
|
)
|
—
|
|
—
|
|
(472
|
)
|
||||||
Foreign currency translation
|
(27
|
)
|
(63
|
)
|
(4
|
)
|
—
|
|
—
|
|
(94
|
)
|
||||||
Balance at October 3, 2015
|
3,047
|
|
7,237
|
|
4,003
|
|
259
|
|
—
|
|
14,546
|
|
||||||
Charged to expense - 2016 plan
|
7,317
|
|
—
|
|
4,824
|
|
1,525
|
|
1,727
|
|
15,393
|
|
||||||
Adjustments to provision
|
(275
|
)
|
(328
|
)
|
(243
|
)
|
(5
|
)
|
—
|
|
(851
|
)
|
||||||
Cash payments - 2014 plan
|
(72
|
)
|
(776
|
)
|
—
|
|
—
|
|
—
|
|
(848
|
)
|
||||||
Cash payments - 2015 plan
|
(2,342
|
)
|
(5,455
|
)
|
(3,088
|
)
|
(234
|
)
|
—
|
|
(11,119
|
)
|
||||||
Cash payments - 2016 plan
|
(1,244
|
)
|
—
|
|
(2,015
|
)
|
(1,176
|
)
|
—
|
|
(4,435
|
)
|
||||||
Non-cash charges - 2016 plan
|
(4,913
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,913
|
)
|
||||||
Foreign currency translation
|
(44
|
)
|
(13
|
)
|
130
|
|
—
|
|
—
|
|
73
|
|
||||||
Balance at October 1, 2016
|
$
|
1,474
|
|
$
|
665
|
|
$
|
3,611
|
|
$
|
369
|
|
$
|
1,727
|
|
$
|
7,846
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Projected benefit obligation at prior year measurement date
|
$
|
850,991
|
|
|
$
|
784,203
|
|
|
$
|
180,111
|
|
|
$
|
188,942
|
|
Service cost
|
23,637
|
|
|
23,635
|
|
|
5,204
|
|
|
6,087
|
|
||||
Interest cost
|
37,659
|
|
|
34,031
|
|
|
4,928
|
|
|
4,814
|
|
||||
Contributions by plan participants
|
—
|
|
|
—
|
|
|
863
|
|
|
774
|
|
||||
Actuarial losses
|
96,107
|
|
|
35,064
|
|
|
38,265
|
|
|
4,639
|
|
||||
Foreign currency exchange impact
|
—
|
|
|
—
|
|
|
(4,063
|
)
|
|
(19,149
|
)
|
||||
Benefits paid from plan assets
|
(24,710
|
)
|
|
(22,612
|
)
|
|
(1,632
|
)
|
|
(2,186
|
)
|
||||
Benefits paid by Moog
|
(2,754
|
)
|
|
(2,508
|
)
|
|
(2,429
|
)
|
|
(2,312
|
)
|
||||
Other
|
(1,875
|
)
|
|
(822
|
)
|
|
(1,939
|
)
|
|
(1,498
|
)
|
||||
Projected benefit obligation at measurement date
|
$
|
979,055
|
|
|
$
|
850,991
|
|
|
$
|
219,308
|
|
|
$
|
180,111
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of assets at prior year measurement date
|
$
|
578,783
|
|
|
$
|
585,677
|
|
|
$
|
117,693
|
|
|
$
|
120,754
|
|
Actual return on plan assets
|
57,646
|
|
|
(28,435
|
)
|
|
19,926
|
|
|
4,437
|
|
||||
Employer contributions
|
67,928
|
|
|
47,666
|
|
|
6,155
|
|
|
8,208
|
|
||||
Contributions by plan participants
|
—
|
|
|
—
|
|
|
863
|
|
|
774
|
|
||||
Benefits paid
|
(27,464
|
)
|
|
(25,120
|
)
|
|
(4,061
|
)
|
|
(4,498
|
)
|
||||
Foreign currency exchange impact
|
—
|
|
|
—
|
|
|
(3,801
|
)
|
|
(10,983
|
)
|
||||
Other
|
(1,875
|
)
|
|
(1,005
|
)
|
|
(1,336
|
)
|
|
(999
|
)
|
||||
Fair value of assets at measurement date
|
$
|
675,018
|
|
|
$
|
578,783
|
|
|
$
|
135,439
|
|
|
$
|
117,693
|
|
Funded status and amount recognized in assets and liabilities
|
$
|
(304,037
|
)
|
|
$
|
(272,208
|
)
|
|
$
|
(83,869
|
)
|
|
$
|
(62,418
|
)
|
Amount recognized in assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
Other assets - non-current
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
108
|
|
|
$
|
220
|
|
Accrued and long-term pension liabilities
|
(304,037
|
)
|
|
(272,208
|
)
|
|
(83,977
|
)
|
|
(62,638
|
)
|
||||
Amount recognized in assets and liabilities
|
$
|
(304,037
|
)
|
|
$
|
(272,208
|
)
|
|
$
|
(83,869
|
)
|
|
$
|
(62,418
|
)
|
Amount recognized in AOCIL, before taxes:
|
|
|
|
|
|
|
|
||||||||
Prior service cost (credit)
|
$
|
694
|
|
|
$
|
881
|
|
|
$
|
(1,269
|
)
|
|
$
|
(737
|
)
|
Actuarial losses
|
449,377
|
|
|
386,759
|
|
|
57,926
|
|
|
38,869
|
|
||||
Amount recognized in AOCIL, before taxes
|
$
|
450,071
|
|
|
$
|
387,640
|
|
|
$
|
56,657
|
|
|
$
|
38,132
|
|
|
|
October 1, 2016
|
|
October 3, 2015
|
||||
Projected benefit obligation
|
|
$
|
1,128,524
|
|
|
$
|
968,848
|
|
Accumulated benefit obligation
|
|
1,045,034
|
|
|
886,663
|
|
||
Fair value of plan assets
|
|
744,751
|
|
|
634,406
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||
Assumptions for net periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
4.5
|
%
|
|
4.4
|
%
|
|
5.0
|
%
|
|
3.0
|
%
|
|
3.1
|
%
|
|
3.7
|
%
|
Return on assets
|
7.7
|
%
|
|
8.0
|
%
|
|
8.4
|
%
|
|
4.1
|
%
|
|
4.5
|
%
|
|
4.1
|
%
|
Rate of compensation increase
|
4.1
|
%
|
|
4.1
|
%
|
|
4.1
|
%
|
|
2.6
|
%
|
|
3.0
|
%
|
|
2.8
|
%
|
Assumptions for benefit obligations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
3.8
|
%
|
|
4.5
|
%
|
|
4.4
|
%
|
|
1.9
|
%
|
|
3.0
|
%
|
|
3.1
|
%
|
Rate of compensation increase
|
3.5
|
%
|
|
4.1
|
%
|
|
4.1
|
%
|
|
2.3
|
%
|
|
3.0
|
%
|
|
2.7
|
%
|
U.S. Plans, October 1, 2016
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Shares of registered investment companies:
|
|
|
|
|
|
|
|
||||||||
Non-investment grade
|
$
|
—
|
|
|
$
|
45,709
|
|
|
$
|
—
|
|
|
$
|
45,709
|
|
Real assets
|
—
|
|
|
37,337
|
|
|
—
|
|
|
37,337
|
|
||||
Other
|
—
|
|
|
177,037
|
|
|
—
|
|
|
177,037
|
|
||||
Fixed income funds:
|
|
|
|
|
|
|
|
||||||||
U.S. Government obligations
|
—
|
|
|
23,867
|
|
|
—
|
|
|
23,867
|
|
||||
Corporate and other
|
—
|
|
|
230
|
|
|
—
|
|
|
230
|
|
||||
Employer securities
|
68,574
|
|
|
—
|
|
|
—
|
|
|
68,574
|
|
||||
Interest in common collective trusts
|
—
|
|
|
237,032
|
|
|
—
|
|
|
237,032
|
|
||||
Money market funds
|
—
|
|
|
18,962
|
|
|
—
|
|
|
18,962
|
|
||||
Limited partnerships
|
—
|
|
|
—
|
|
|
44,003
|
|
|
44,003
|
|
||||
Insurance contracts and other
|
—
|
|
|
—
|
|
|
22,267
|
|
|
22,267
|
|
||||
Fair value
|
$
|
68,574
|
|
|
$
|
540,174
|
|
|
$
|
66,270
|
|
|
$
|
675,018
|
|
Non-U.S. Plans, October 1, 2016
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Shares of registered investment companies
|
$
|
—
|
|
|
$
|
6,523
|
|
|
$
|
—
|
|
|
$
|
6,523
|
|
Domestic equity
|
7,616
|
|
|
—
|
|
|
—
|
|
|
7,616
|
|
||||
International equity
|
10,562
|
|
|
—
|
|
|
—
|
|
|
10,562
|
|
||||
Fixed income funds
|
6,246
|
|
|
23,574
|
|
|
—
|
|
|
29,820
|
|
||||
Unit linked life insurance funds
|
—
|
|
|
36,889
|
|
|
—
|
|
|
36,889
|
|
||||
Cash and cash equivalents
|
73
|
|
|
553
|
|
|
—
|
|
|
626
|
|
||||
Insurance contracts and other
|
—
|
|
|
789
|
|
|
42,614
|
|
|
43,403
|
|
||||
Fair value
|
$
|
24,497
|
|
|
$
|
68,328
|
|
|
$
|
42,614
|
|
|
$
|
135,439
|
|
U.S. Plans, October 3, 2015
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Shares of registered investment companies:
|
|
|
|
|
|
|
|
||||||||
Non-investment grade
|
$
|
—
|
|
|
$
|
38,517
|
|
|
$
|
—
|
|
|
$
|
38,517
|
|
Real assets
|
—
|
|
|
35,647
|
|
|
—
|
|
|
35,647
|
|
||||
Other
|
—
|
|
|
78,102
|
|
|
—
|
|
|
78,102
|
|
||||
Fixed income funds:
|
|
|
|
|
|
|
|
||||||||
U.S. Government obligations
|
—
|
|
|
64,441
|
|
|
—
|
|
|
64,441
|
|
||||
Corporate and other
|
—
|
|
|
106,120
|
|
|
—
|
|
|
106,120
|
|
||||
Employer securities
|
62,214
|
|
|
—
|
|
|
—
|
|
|
62,214
|
|
||||
Interest in common collective trusts
|
—
|
|
|
88,870
|
|
|
—
|
|
|
88,870
|
|
||||
Money market funds
|
—
|
|
|
16,887
|
|
|
—
|
|
|
16,887
|
|
||||
Limited partnerships
|
—
|
|
|
—
|
|
|
64,760
|
|
|
64,760
|
|
||||
Insurance contracts and other
|
—
|
|
|
—
|
|
|
23,225
|
|
|
23,225
|
|
||||
Fair value
|
$
|
62,214
|
|
|
$
|
428,584
|
|
|
$
|
87,985
|
|
|
$
|
578,783
|
|
Non-U.S. Plans, October 3, 2015
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Shares of registered investment companies
|
$
|
—
|
|
|
$
|
3,683
|
|
|
$
|
—
|
|
|
$
|
3,683
|
|
Domestic equity
|
6,142
|
|
|
209
|
|
|
—
|
|
|
6,351
|
|
||||
International equity
|
8,806
|
|
|
—
|
|
|
—
|
|
|
8,806
|
|
||||
Fixed income funds
|
5,615
|
|
|
24,131
|
|
|
—
|
|
|
29,746
|
|
||||
Unit linked life insurance funds
|
—
|
|
|
38,260
|
|
|
—
|
|
|
38,260
|
|
||||
Cash and cash equivalents
|
252
|
|
|
880
|
|
|
—
|
|
|
1,132
|
|
||||
Insurance contracts and other
|
—
|
|
|
779
|
|
|
28,936
|
|
|
29,715
|
|
||||
Fair value
|
$
|
20,815
|
|
|
$
|
67,942
|
|
|
$
|
28,936
|
|
|
$
|
117,693
|
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
Total
|
||||||
Balance at September 27, 2014
|
|
$
|
103,717
|
|
|
$
|
30,183
|
|
|
$
|
133,900
|
|
Return on assets
|
|
849
|
|
|
1,083
|
|
|
1,932
|
|
|||
Purchases from contributions to Plans
|
|
39,188
|
|
|
3,118
|
|
|
42,306
|
|
|||
Proceeds from sales of investments
|
|
(54,479
|
)
|
|
—
|
|
|
(54,479
|
)
|
|||
Settlements paid in cash
|
|
(1,290
|
)
|
|
(1,985
|
)
|
|
(3,275
|
)
|
|||
Foreign currency translation
|
|
—
|
|
|
(3,463
|
)
|
|
(3,463
|
)
|
|||
Balance at October 3, 2015
|
|
87,985
|
|
|
28,936
|
|
|
116,921
|
|
|||
Return on assets
|
|
(704
|
)
|
|
11,723
|
|
|
11,019
|
|
|||
Purchases from contributions to Plans
|
|
12,366
|
|
|
3,472
|
|
|
15,838
|
|
|||
Proceeds from sales of investments
|
|
(30,695
|
)
|
|
—
|
|
|
(30,695
|
)
|
|||
Settlements paid in cash
|
|
(2,682
|
)
|
|
(2,231
|
)
|
|
(4,913
|
)
|
|||
Foreign currency translation
|
|
—
|
|
|
714
|
|
|
714
|
|
|||
Balance at October 1, 2016
|
|
$
|
66,270
|
|
|
$
|
42,614
|
|
|
$
|
108,884
|
|
|
|
Unfunded Commitments
|
|
Redemption Frequency
|
|
Redemption Notice Period
|
||
Interest in common collective trusts (1)
|
|
$
|
—
|
|
|
Daily, Weekly
|
|
0-5 days
|
Insurance contracts and other (2)
|
|
—
|
|
|
Quarterly
|
|
60-90 days
|
|
Limited partnerships (3)
|
|
7,052
|
|
|
Varies
|
|
10-45 days
|
|
Total
|
|
$
|
7,052
|
|
|
|
|
|
(1)
|
Interest in common collective trusts consist of pools of investments used by institutional investors to obtain exposure to equity and fixed income markets. Common collective trusts held by us invest primarily in investment grade fixed income securities, common stock and real property assets.
|
(2)
|
Insurance contracts and other includes hedge funds held by us, which invest primarily in global equity long and short positions. The primary strategy for the hedge funds is to seek risk-adjusted returns with volatility lower than the broad equity markets primarily through long and short investment opportunities in the global markets.
|
(3)
|
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.
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
Service cost
|
$
|
23,637
|
|
|
$
|
23,635
|
|
|
$
|
21,571
|
|
|
$
|
5,204
|
|
|
$
|
6,087
|
|
|
$
|
5,533
|
|
Interest cost
|
37,659
|
|
|
34,031
|
|
|
33,354
|
|
|
4,928
|
|
|
4,814
|
|
|
5,984
|
|
||||||
Expected return on plan assets
|
(50,383
|
)
|
|
(47,136
|
)
|
|
(43,374
|
)
|
|
(4,862
|
)
|
|
(5,166
|
)
|
|
(4,487
|
)
|
||||||
Amortization of prior service cost (credit)
|
187
|
|
|
149
|
|
|
149
|
|
|
(103
|
)
|
|
(70
|
)
|
|
(57
|
)
|
||||||
Amortization of actuarial loss
|
26,168
|
|
|
22,355
|
|
|
16,346
|
|
|
2,600
|
|
|
2,289
|
|
|
1,398
|
|
||||||
Settlement loss
|
59
|
|
|
54
|
|
|
37
|
|
|
131
|
|
|
77
|
|
|
—
|
|
||||||
Pension expense for defined benefit plans
|
$
|
37,327
|
|
|
$
|
33,088
|
|
|
$
|
28,083
|
|
|
$
|
7,898
|
|
|
$
|
8,031
|
|
|
$
|
8,371
|
|
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||
2017
|
|
$
|
31,020
|
|
|
$
|
5,305
|
|
2018
|
|
34,368
|
|
|
5,814
|
|
||
2019
|
|
37,030
|
|
|
6,229
|
|
||
2020
|
|
40,106
|
|
|
5,692
|
|
||
2021
|
|
43,557
|
|
|
6,476
|
|
||
Five years thereafter
|
|
266,881
|
|
|
42,631
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
U.S. defined contribution plans
|
|
$
|
14,128
|
|
|
$
|
13,621
|
|
|
$
|
13,196
|
|
Non-U.S. defined contribution plans
|
|
6,029
|
|
|
6,570
|
|
|
6,458
|
|
|||
Total pension expense for defined contribution plans
|
|
$
|
20,157
|
|
|
$
|
20,191
|
|
|
$
|
19,654
|
|
|
|
October 1, 2016
|
|
October 3, 2015
|
||||
Change in Accumulated Postretirement Benefit Obligation (APBO):
|
|
|
|
|
||||
APBO at prior year measurement date
|
|
$
|
12,532
|
|
|
$
|
15,331
|
|
Service cost
|
|
161
|
|
|
226
|
|
||
Interest cost
|
|
468
|
|
|
576
|
|
||
Contributions by plan participants
|
|
1,944
|
|
|
2,228
|
|
||
Benefits paid
|
|
(3,043
|
)
|
|
(2,795
|
)
|
||
Actuarial losses (gains)
|
|
763
|
|
|
(3,034
|
)
|
||
APBO at measurement date
|
|
$
|
12,825
|
|
|
$
|
12,532
|
|
Funded status
|
|
$
|
(12,825
|
)
|
|
$
|
(12,532
|
)
|
Accrued postretirement benefit liability
|
|
$
|
12,825
|
|
|
$
|
12,532
|
|
Amount recognized in AOCIL, before taxes:
|
|
|
|
|
||||
Actuarial gains
|
|
3,896
|
|
|
5,232
|
|
||
Amount recognized in AOCIL, before taxes
|
|
$
|
3,896
|
|
|
$
|
5,232
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Service cost
|
|
$
|
161
|
|
|
$
|
226
|
|
|
$
|
225
|
|
Interest cost
|
|
468
|
|
|
576
|
|
|
624
|
|
|||
Amortization of actuarial gain
|
|
(572
|
)
|
|
(106
|
)
|
|
(261
|
)
|
|||
Net periodic postretirement benefit cost
|
|
$
|
57
|
|
|
$
|
696
|
|
|
$
|
588
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Earnings before income taxes:
|
|
|
|
|
|
|
||||||
Domestic
|
|
$
|
82,848
|
|
|
$
|
78,074
|
|
|
$
|
106,671
|
|
Foreign
|
|
90,012
|
|
|
105,760
|
|
|
112,252
|
|
|||
Total
|
|
$
|
172,860
|
|
|
$
|
183,834
|
|
|
$
|
218,923
|
|
Federal statutory income tax rate
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|||
Increase (decrease) in income taxes resulting from:
|
|
|
|
|
|
|
||||||
Repatriated earnings
|
|
26.8
|
%
|
|
—
|
|
|
—
|
|
|||
R&D and foreign tax credits
|
|
(30.6
|
)%
|
|
(2.7
|
)%
|
|
(1.2
|
)%
|
|||
Foreign tax rates
|
|
(2.7
|
)%
|
|
(4.8
|
)%
|
|
(5.2
|
)%
|
|||
Export and manufacturing incentives
|
|
(1.0
|
)%
|
|
(0.7
|
)%
|
|
(0.8
|
)%
|
|||
Change in enacted tax rates
|
|
(0.9
|
)%
|
|
(0.3
|
)%
|
|
(0.5
|
)%
|
|||
State taxes, net of federal benefit
|
|
0.5
|
%
|
|
0.8
|
%
|
|
1.0
|
%
|
|||
Change in valuation allowance for deferred taxes
|
|
0.9
|
%
|
|
1.1
|
%
|
|
0.6
|
%
|
|||
Other
|
|
0.5
|
%
|
|
(0.1
|
)%
|
|
(1.2
|
)%
|
|||
Effective income tax rate
|
|
28.5
|
%
|
|
28.3
|
%
|
|
27.7
|
%
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Current:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
12,812
|
|
|
$
|
12,065
|
|
|
$
|
25,325
|
|
Foreign
|
|
29,794
|
|
|
25,844
|
|
|
28,074
|
|
|||
State
|
|
2,373
|
|
|
1,051
|
|
|
2,305
|
|
|||
Total current
|
|
44,979
|
|
|
38,960
|
|
|
55,704
|
|
|||
Deferred:
|
|
|
|
|
|
|
||||||
Federal
|
|
10,078
|
|
|
10,800
|
|
|
5,034
|
|
|||
Foreign
|
|
(4,734
|
)
|
|
882
|
|
|
(1,148
|
)
|
|||
State
|
|
(1,096
|
)
|
|
1,309
|
|
|
1,135
|
|
|||
Total deferred
|
|
4,248
|
|
|
12,991
|
|
|
5,021
|
|
|||
Income taxes
|
|
$
|
49,227
|
|
|
$
|
51,951
|
|
|
$
|
60,725
|
|
|
|
October 1,
2016 |
|
October 3,
2015 |
||||
Deferred tax assets:
|
|
|
|
|
||||
Benefit accruals
|
|
$
|
237,261
|
|
|
$
|
210,241
|
|
Inventory reserves
|
|
33,950
|
|
|
32,948
|
|
||
Tax benefit carryforwards
|
|
17,349
|
|
|
14,245
|
|
||
Contract loss reserves not currently deductible
|
|
10,931
|
|
|
9,049
|
|
||
Other accrued expenses
|
|
17,669
|
|
|
17,676
|
|
||
Total gross deferred tax assets
|
|
317,160
|
|
|
284,159
|
|
||
Less valuation allowance
|
|
(10,938
|
)
|
|
(9,583
|
)
|
||
Total net deferred tax assets
|
|
306,222
|
|
|
274,576
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Differences in bases and depreciation of property, plant and equipment
|
|
163,977
|
|
|
162,661
|
|
||
Pension
|
|
77,471
|
|
|
70,273
|
|
||
Total gross deferred tax liabilities
|
|
241,448
|
|
|
232,934
|
|
||
Net deferred tax assets
|
|
$
|
64,774
|
|
|
$
|
41,642
|
|
|
|
October 1,
2016 |
|
October 3,
2015 |
||||
Current assets
|
|
$
|
92,903
|
|
|
$
|
91,210
|
|
Other assets
|
|
14,325
|
|
|
11,158
|
|
||
Other accrued liabilities
|
|
(283
|
)
|
|
(517
|
)
|
||
Long-term liabilities
|
|
(42,171
|
)
|
|
(60,209
|
)
|
||
Net deferred tax assets
|
|
$
|
64,774
|
|
|
$
|
41,642
|
|
|
|
October 1,
2016 |
|
October 3,
2015 |
||||
Balance at beginning of year
|
|
$
|
1,184
|
|
|
$
|
1,793
|
|
Reductions as a result of lapse of statute of limitations
|
|
(686
|
)
|
|
(609
|
)
|
||
Balance at end of year
|
|
$
|
498
|
|
|
$
|
1,184
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Stock appreciation rights
|
|
$
|
2,482
|
|
|
$
|
4,955
|
|
|
$
|
6,751
|
|
Performance-based restricted stock units
|
|
755
|
|
|
—
|
|
|
—
|
|
|||
Stock options
|
|
34
|
|
|
119
|
|
|
438
|
|
|||
Total compensation cost
|
|
$
|
3,271
|
|
|
$
|
5,074
|
|
|
$
|
7,189
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Expected volatility
|
|
24% - 29%
|
|
|
24% - 38%
|
|
|
29% - 39%
|
|
|||
Risk-free rate
|
|
1.4% - 1.8%
|
|
|
.9% - 1.9%
|
|
|
.7% - 2.0%
|
|
|||
Expected dividends
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|||
Expected term
|
|
4-6 years
|
|
|
3-7 years
|
|
|
3-7 years
|
|
|||
Weighted-average fair value of awards granted
|
|
$
|
18.24
|
|
|
$
|
28.71
|
|
|
$
|
23.74
|
|
Stock Appreciation Rights
|
|
Number of Awards
|
|
Weighted-
Average Exercise Price |
|
Weighted-
Average Remaining Contractual Life |
|
Aggregate
Intrinsic Value |
|||||
Outstanding at October 3, 2015
|
|
1,373,544
|
|
|
$
|
45.90
|
|
|
|
|
|
||
Granted in 2016
|
|
194,000
|
|
|
65.02
|
|
|
|
|
|
|||
Exercised in 2016
|
|
(37,996
|
)
|
|
37.13
|
|
|
|
|
|
|||
Expired in 2016
|
|
(32,337
|
)
|
|
56.56
|
|
|
|
|
|
|||
Forfeited in 2016
|
|
(29,992
|
)
|
|
67.89
|
|
|
|
|
|
|
||
Outstanding at October 1, 2016
|
|
1,467,219
|
|
|
$
|
47.97
|
|
|
5.2 years
|
|
$
|
20,923
|
|
Exercisable at October 1, 2016
|
|
1,157,117
|
|
|
$
|
42.81
|
|
|
4.3 years
|
|
$
|
20,923
|
|
Stock Options
|
|
|
|
|
|
|
|
|
|||||
Outstanding at October 3, 2015
|
|
255,883
|
|
|
$
|
36.81
|
|
|
|
|
|
||
Exercised in 2016
|
|
(137,785
|
)
|
|
33.20
|
|
|
|
|
|
|||
Outstanding at October 1, 2016
|
|
118,098
|
|
|
$
|
41.02
|
|
|
0.9 years
|
|
$
|
2,187
|
|
Exercisable at October 1, 2016
|
|
111,216
|
|
|
$
|
41.02
|
|
|
0.9 years
|
|
$
|
2,060
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Stock Appreciation Rights
|
|
|
|
|
|
|
||||||
Intrinsic value of SARs exercised
|
|
$
|
865
|
|
|
$
|
14,566
|
|
|
$
|
9,534
|
|
Total fair value of SARs vested
|
|
$
|
5,876
|
|
|
$
|
5,424
|
|
|
$
|
7,633
|
|
Stock Options
|
|
|
|
|
|
|
||||||
Intrinsic value of options exercised
|
|
$
|
4,100
|
|
|
$
|
14,205
|
|
|
$
|
6,977
|
|
Total fair value of options vested
|
|
$
|
947
|
|
|
$
|
981
|
|
|
$
|
1,009
|
|
Performance-Based Restricted Stock Units
|
|
Number of Awards
|
|
Weighted-
Average Grant Date Fair Value |
|||
Nonvested at October 3, 2015
|
|
—
|
|
|
$
|
—
|
|
Granted in 2016
|
|
41,550
|
|
|
64.95
|
|
|
Forfeited in 2016
|
|
(3,500
|
)
|
|
64.95
|
|
|
Nonvested at October 1, 2016
|
|
38,050
|
|
|
$
|
64.95
|
|
|
|
Accumulated foreign currency translation
|
|
Accumulated retirement liability
|
|
Accumulated gain (loss) on derivatives
|
|
Total
|
||||||||
AOCIL at September 27, 2014
|
|
$
|
9,254
|
|
|
$
|
(214,984
|
)
|
|
$
|
(1,108
|
)
|
|
$
|
(206,838
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(82,042
|
)
|
|
(67,432
|
)
|
|
(2,848
|
)
|
|
(152,322
|
)
|
||||
Amounts reclassified from AOCIL
|
|
—
|
|
|
15,506
|
|
|
1,919
|
|
|
17,425
|
|
||||
Other comprehensive income (loss)
|
|
(82,042
|
)
|
|
(51,926
|
)
|
|
(929
|
)
|
|
(134,897
|
)
|
||||
AOCIL at October 3, 2015
|
|
(72,788
|
)
|
|
(266,910
|
)
|
|
(2,037
|
)
|
|
(341,735
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
|
(37,838
|
)
|
|
(72,094
|
)
|
|
(4,227
|
)
|
|
(114,159
|
)
|
||||
Amounts reclassified from AOCIL
|
|
—
|
|
|
17,910
|
|
|
2,923
|
|
|
20,833
|
|
||||
Other comprehensive income (loss)
|
|
(37,838
|
)
|
|
(54,184
|
)
|
|
(1,304
|
)
|
|
(93,326
|
)
|
||||
AOCIL at October 1, 2016
|
|
$
|
(110,626
|
)
|
|
$
|
(321,094
|
)
|
|
$
|
(3,341
|
)
|
|
$
|
(435,061
|
)
|
|
|
Statement of earnings classification
|
|
2016
|
|
2015
|
||||
Retirement liability:
|
|
|
|
|
|
|
||||
Prior service cost
|
|
|
|
$
|
108
|
|
|
$
|
98
|
|
Actuarial losses
|
|
|
|
28,196
|
|
|
24,457
|
|
||
Reclassification from AOCIL into earnings
|
|
28,304
|
|
|
24,555
|
|
||||
Tax effect
|
|
|
|
(10,394
|
)
|
|
(9,049
|
)
|
||
Net reclassification from AOCIL into earnings
|
|
$
|
17,910
|
|
|
$
|
15,506
|
|
||
Derivatives:
|
|
|
|
|
|
|
||||
Foreign currency contracts
|
|
Sales
|
|
$
|
1,287
|
|
|
$
|
233
|
|
Foreign currency contracts
|
|
Cost of sales
|
|
1,598
|
|
|
1,333
|
|
||
Interest rate swaps
|
|
Interest
|
|
771
|
|
|
1,378
|
|
||
Reclassification from AOCIL into earnings
|
|
3,656
|
|
|
2,944
|
|
||||
Tax effect
|
|
|
|
(733
|
)
|
|
(1,025
|
)
|
||
Net reclassification from AOCIL into earnings
|
|
$
|
2,923
|
|
|
$
|
1,919
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net sales:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
1,063,718
|
|
|
$
|
1,086,547
|
|
|
$
|
1,117,656
|
|
Space and Defense Controls
|
|
366,091
|
|
|
381,444
|
|
|
394,505
|
|
|||
Industrial Systems
|
|
514,984
|
|
|
521,505
|
|
|
590,971
|
|
|||
Components
|
|
467,144
|
|
|
536,036
|
|
|
545,253
|
|
|||
Net sales
|
|
$
|
2,411,937
|
|
|
$
|
2,525,532
|
|
|
$
|
2,648,385
|
|
Operating profit:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
98,509
|
|
|
$
|
100,006
|
|
|
$
|
115,726
|
|
Space and Defense Controls
|
|
41,419
|
|
|
33,236
|
|
|
26,119
|
|
|||
Industrial Systems
|
|
48,542
|
|
|
45,021
|
|
|
58,108
|
|
|||
Components
|
|
49,772
|
|
|
67,250
|
|
|
75,764
|
|
|||
Total operating profit
|
|
238,242
|
|
|
245,513
|
|
|
275,717
|
|
|||
Deductions from operating profit:
|
|
|
|
|
|
|
||||||
Interest expense
|
|
34,605
|
|
|
28,967
|
|
|
12,513
|
|
|||
Equity-based compensation expense
|
|
3,271
|
|
|
5,074
|
|
|
7,189
|
|
|||
Corporate and other expenses, net
|
|
27,506
|
|
|
27,638
|
|
|
37,092
|
|
|||
Earnings before income taxes
|
|
$
|
172,860
|
|
|
$
|
183,834
|
|
|
$
|
218,923
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
46,541
|
|
|
$
|
51,385
|
|
|
$
|
49,021
|
|
Space and Defense Controls
|
|
16,033
|
|
|
14,054
|
|
|
15,735
|
|
|||
Industrial Systems
|
|
20,487
|
|
|
20,731
|
|
|
23,170
|
|
|||
Components
|
|
14,422
|
|
|
16,576
|
|
|
19,467
|
|
|||
Corporate
|
|
1,249
|
|
|
863
|
|
|
1,866
|
|
|||
Total depreciation and amortization
|
|
$
|
98,732
|
|
|
$
|
103,609
|
|
|
$
|
109,259
|
|
Identifiable assets:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
1,150,138
|
|
|
$
|
1,220,814
|
|
|
$
|
1,257,099
|
|
Space and Defense Controls
|
|
450,606
|
|
|
440,439
|
|
|
480,806
|
|
|||
Industrial Systems
|
|
574,053
|
|
|
591,367
|
|
|
648,580
|
|
|||
Components
|
|
667,387
|
|
|
607,436
|
|
|
657,327
|
|
|||
Corporate
|
|
199,675
|
|
|
226,415
|
|
|
164,640
|
|
|||
Total assets
|
|
$
|
3,041,859
|
|
|
$
|
3,086,471
|
|
|
$
|
3,208,452
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Capital expenditures:
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
28,437
|
|
|
$
|
47,389
|
|
|
$
|
45,243
|
|
Space and Defense Controls
|
|
7,498
|
|
|
9,022
|
|
|
8,992
|
|
|||
Industrial Systems
|
|
15,276
|
|
|
15,371
|
|
|
12,459
|
|
|||
Components
|
|
15,576
|
|
|
8,371
|
|
|
11,816
|
|
|||
Corporate
|
|
421
|
|
|
540
|
|
|
261
|
|
|||
Total capital expenditures
|
|
$
|
67,208
|
|
|
$
|
80,693
|
|
|
$
|
78,771
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net sales:
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
1,353,398
|
|
|
$
|
1,413,877
|
|
|
$
|
1,485,556
|
|
Germany
|
|
173,182
|
|
|
199,351
|
|
|
205,005
|
|
|||
Japan
|
|
164,702
|
|
|
156,999
|
|
|
180,026
|
|
|||
France
|
|
120,907
|
|
|
84,733
|
|
|
75,963
|
|
|||
United Kingdom
|
|
74,378
|
|
|
97,359
|
|
|
133,777
|
|
|||
Other
|
|
525,370
|
|
|
573,213
|
|
|
568,058
|
|
|||
Net sales
|
|
$
|
2,411,937
|
|
|
$
|
2,525,532
|
|
|
$
|
2,648,385
|
|
Property, plant and equipment, net:
|
|
|
|
|
|
|
||||||
United States
|
|
$
|
302,446
|
|
|
$
|
307,874
|
|
|
$
|
312,790
|
|
Philippines
|
|
65,000
|
|
|
68,101
|
|
|
72,602
|
|
|||
United Kingdom
|
|
64,280
|
|
|
77,949
|
|
|
74,111
|
|
|||
Other
|
|
90,643
|
|
|
82,832
|
|
|
95,845
|
|
|||
Property, plant and equipment, net
|
|
$
|
522,369
|
|
|
$
|
536,756
|
|
|
$
|
555,348
|
|
2016
|
1st Qtr.
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
Total
|
||||||||||
Net sales
|
$
|
568,457
|
|
|
$
|
611,142
|
|
|
$
|
613,260
|
|
|
$
|
619,078
|
|
|
$
|
2,411,937
|
|
Gross profit
|
161,460
|
|
|
179,187
|
|
|
183,662
|
|
|
187,274
|
|
|
711,583
|
|
|||||
Net earnings attributable to common shareholders
|
26,241
|
|
|
31,050
|
|
|
36,311
|
|
|
33,143
|
|
|
126,745
|
|
|||||
Net earnings per share attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
0.71
|
|
|
$
|
0.85
|
|
|
$
|
1.01
|
|
|
$
|
0.92
|
|
|
$
|
3.49
|
|
Diluted
|
$
|
0.71
|
|
|
$
|
0.85
|
|
|
$
|
1.00
|
|
|
$
|
0.92
|
|
|
$
|
3.47
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2015
|
1st Qtr.
|
|
2nd Qtr.
|
|
3rd Qtr.
|
|
4th Qtr.
|
|
Total
|
||||||||||
Net sales
|
$
|
630,523
|
|
|
$
|
637,246
|
|
|
$
|
634,539
|
|
|
$
|
623,224
|
|
|
$
|
2,525,532
|
|
Gross profit
|
183,918
|
|
|
173,550
|
|
|
190,576
|
|
|
188,660
|
|
|
736,704
|
|
|||||
Net earnings attributable to common shareholders
|
35,265
|
|
|
32,093
|
|
|
36,331
|
|
|
28,194
|
|
|
131,883
|
|
|||||
Net earnings per share attributable to common shareholders:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
0.87
|
|
|
$
|
0.81
|
|
|
$
|
0.95
|
|
|
$
|
0.76
|
|
|
$
|
3.39
|
|
Diluted
|
$
|
0.86
|
|
|
$
|
0.80
|
|
|
$
|
0.94
|
|
|
$
|
0.75
|
|
|
$
|
3.35
|
|
|
/s/ JOHN R. SCANNELL
|
John R. Scannell
|
Chief Executive Officer
|
(Principal Executive Officer)
|
/s/ DONALD R. FISHBACK
|
Donald R. Fishback
|
Vice President,
|
Chief Financial Officer
|
(Principal Financial Officer)
|
Item 9.
|
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
|
Item 9A.
|
|
Controls and Procedures.
|
Item 9B.
|
|
Other Information.
|
Item 11.
|
|
Executive Compensation.
|
Item 12.
|
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
Item 13.
|
|
Certain Relationships and Related Transactions, and Director Independence.
|
Item 14.
|
|
Principal Accountant Fees and Services.
|
Item 15.
|
|
Exhibits and Financial Statement Schedules.
|
1
|
Financial Statements
|
|
Consolidated Statements of Earnings
|
|
Consolidated Statements of Comprehensive Income (Loss)
|
|
Consolidated Balance Sheets
|
|
Consolidated Statements of Shareholders’ Equity
|
|
Consolidated Statements of Cash Flows
|
|
Notes to Consolidated Financial Statements
|
|
Reports of Independent Registered Public Accounting Firm
|
2
|
Financial Statement Schedules
|
|
II.
|
Valuation and Qualifying Accounts.
|
3
|
Exhibits
|
(3
|
)
|
Articles of Incorporation and By-Laws.
|
|
|
(i)
|
Restated Certificate of Incorporation of Moog Inc., incorporated by reference to exhibit 3(i) of our report on Form 10-K for the year ended September 28, 2013.
|
|
|
(ii)
|
Restated By-laws of Moog Inc., dated November 30, 2011, as amended, incorporated by reference to exhibit 3.2 of our report on Form 10-K for the year ended October 1, 2011.
|
|
(4
|
)
|
Instruments defining the rights of security holders, including indentures.
|
|
|
(a)
|
Form of Indenture between Moog Inc. and MUFG Union Bank, N.A. as Trustee, dated November 21, 2014, relating to the 5.25% Senior Notes due 2022, incorporated by reference to exhibit 4.1 of our report on Form 8-K dated November 21, 2014.
|
|
(9
|
)
|
Voting trust agreement.
|
|
|
(a)
|
Agreement as to Voting, effective November 30, 1983, incorporated by reference to exhibit 9A of our report on Form 10-K for the year ended September 27, 2014.
|
|
(10
|
)
|
Material contracts.
|
|
|
Credit and Securitization agreements.
|
||
|
(a)
|
Form of Receivables Purchase Agreement, by and among Moog Receivables LLC, as Seller, Moog Inc., as Servicer, Market Street Funding LLC, as Issuer, and PNC Bank, National Association, as Administrator, dated as of March 5, 2012, incorporated by reference to exhibit 10.1 on Form 8-K dated March 9, 2012.
|
|
|
(b)
|
Second Amendment to the Receivables Purchase Agreement, dated March 4, 2013, by and among Moog Receivables LLC, as Seller, Moog Inc., as Servicer, Market Street Funding LLC, as Issuer and PNC Bank, National Association, as Administrator, incorporated by reference to exhibit 10.1 on Form 8-K dated March 6, 2013.
|
|
|
(c)
|
Fifth Amendment to the Receivables Purchase Agreement, dated February 14, 2014, by and among Moog Receivables LLC, as Seller, Moog Inc., as Servicer, Market Street Funding LLC, as Issuer and PNC Bank, National Association, as Administrator, incorporated by reference to exhibit 10.1 on Form 8-K dated February 14, 2014.
|
|
|
(d)
|
Seventh Amendment to the Receivables Purchase Agreement, dated February 10, 2015, by and among Moog Receivables LLC, as Seller, Moog Inc. as Servicer, Market Street Funding LLC, as Issuer and PNC Bank, National Association, as Administrator, incorporated by reference to exhibit 10.1 on Form 8-K dated February 10, 2015.
|
|
|
(e)
|
Eighth Amendment to the Receivables Purchase Agreement, dated April 15, 2016, by
and among Moog Receivables LLC, as Seller, Moog Inc. as Servicer, Market Street Funding
LLC, as Issuer and PNC Bank, National Association, as Administrator, incorporated by
reference to exhibit 10.1 on Form 8-K dated April 15, 2016.
|
|
|
(f)
|
Fourth Amended and Restated Loan Agreement between Moog Inc., HSBC Bank USA, National Association, Manufacturers and Traders Trust Company, Bank of America, N.A. and JPMorgan Chase Bank, N.A. dated as of March 28, 2013, incorporated by reference to exhibit 10.1 of our report on Form 8-K dated April 1, 2013.
|
|
|
(g)
|
Amendment No. 1 dated as of May 22, 2014, to the Fourth Amended and Restated Loan Agreement, incorporated by reference to exhibit 10.1 of our report on Form 8-K dated May 22, 2014.
|
|
|
(h)
|
Amendment No. 3 dated as of June 28, 2016, to the Fourth Amended and Restated Loan
Agreement, incorporated by reference to exhibit 10.1 of our report on Form 8-K dated June 28, 2016.
|
|
|
Management contracts or compensatory plan or arrangement.
|
||
|
(i)
|
2003 Stock Option Plan, incorporated by reference to exhibit A of definitive proxy statement filed under Schedule 14A on January 9, 2003.
|
|
|
(j)
|
Forms of Stock Option Agreements under the 1998 Stock Option Plan and 2003 Stock Option Plan, incorporated by reference to exhibit 10.12 of our report on Form 10-K for the year ended September 25, 2004.
|
|
|
(k)
|
2008 Stock Appreciation Rights Plan, incorporated by reference to exhibit A of definitive proxy statement filed under Schedule 14A on December 10, 2007.
|
|
|
(l)
|
Form of Stock Appreciation Rights Award Agreement under 2008 Stock Appreciation Rights Plan, incorporated by reference to exhibit 10.14 of our report on Form 10-K for the year ended September 27, 2008.
|
|
(m)
|
First Amendment to the Moog Inc. 2008 Stock Appreciation Rights Plan, incorporated by reference to Appendix A of definitive proxy statement filed under Schedule 14A on December 13, 2012.
|
|
|
(n)
|
Second Amendment to the Moog Inc. 2008 Stock Appreciation Rights Plan, incorporated by reference to Item 8.01 on Form 8-K dated December 26, 2012.
|
|
|
(o)
|
2014 Long Term Incentive Plan, incorporated by reference to exhibit A of definitive proxy statement filed under Schedule 14A on December 12, 2014.
|
|
|
(p)
|
Form of Stock Appreciation Rights Award Agreement under the 2014 Long Term Incentive Plan, incorporated by reference to exhibit 10.2 (Class A common stock) and exhibit 10.3 (Class B common stock) of our report on Form 8-K dated November 20, 2015.
|
|
|
(q)
|
Form of Restricted Stock Unit Award Agreement under the 2014 Long Term Incentive Plan, incorporated by reference to exhibit 10.4 (Class A common stock) and exhibit 10.5 (Class B common stock) of our report on Form 8-K dated November 20, 2015.
|
|
|
(r)
|
Form of Employment Termination Benefits Agreement between Moog Inc. and Employee-Officers, incorporated by reference to exhibit 10(vii) of our report on Form 10-K for the year ended September 25, 1999.
|
|
|
(s)
|
Deferred Compensation Plan for Directors and Officers, amended and restated May 16, 2002, incorporated by reference to exhibit 10(ii) of our report on Form 10-K for the year ended September 28, 2002.
|
|
|
(t)
|
Form of Indemnification Agreement for officers, directors and key employees, incorporated by reference to exhibit 10.1 of our report on Form 8-K dated November 30, 2004.
|
|
|
(u)
|
Description of Management Short Term Incentive Plan, incorporated by reference to exhibit 10.1 of our report on Form 8-K/A dated November 24, 2015.
|
|
|
(v)
|
Supplemental Retirement Plan, as amended and restated, effective January 1, 2013, as amended May 8, 2013, incorporated by reference to exhibit 10.1 of our report on Form 10-Q for the quarter ended January 3, 2015.
|
|
|
(w)
|
Amendment No. 1 to the Supplemental Retirement Plan, dated July 28, 2015, effective July 31, 2015, incorporated by reference to exhibit 10.1 of our report on Form 8-K dated July 31, 2015.
|
|
|
(x)
|
Amendment No. 2 to the Supplemental Retirement Plan, as amended and restated, effective January 1, 2013, as amended effective November 30, 2015, incorporated by reference to exhibit 10.6 of our report on Form 8-K dated November 20, 2015.
|
|
|
(y)
|
Defined Contribution Supplemental Executive Retirement Plan, dated March 4, 2016, incorporated by reference to exhibit 10.1 of our report on Form 10-Q for the quarter ended April 2, 2016.
|
|
|
Other material contracts.
|
||
|
(z)
|
Moog Inc. Stock Employee Compensation Trust Agreement amended and restated as of August 13, 2014, incorporated by reference to exhibit 10.2 of our report on Form 10-Q for the quarter ended January 3, 2015.
|
|
|
(aa)
|
Moog Inc. Supplemental Retirement Plan Trust, as amended and restated, effective January 1, 2015, incorporated by reference to exhibit 10.1 of our Form 10-Q for the quarter ended April 4, 2015.
|
(21
|
)
|
|
Our subsidiaries. (All of which are wholly owned by the Corporation, directly or indirectly, unless otherwise noted). The names of indirectly owned subsidiaries are indented under the names of their respective parent corporations.
|
Name
|
State/Country of Incorporation
|
Bradford Engineering B.V.
|
Netherlands
|
Broad Reach Engineering Company
|
Delaware
|
Octant Technologies Inc.
|
California
|
Curlin Medical Inc.
|
Delaware
|
Moog MDG SRL
|
Costa Rica
|
Viltechmeda UAB
|
Lithuania
|
ZEVEX, Inc.
|
Delaware
|
Harmonic Linear Drives Ltd.
|
England and Wales
|
Ingenieurburo Pieper GmbH
|
Germany
|
Linear AMS, Inc. (70% owned by Moog Inc.)
|
Michigan
|
Moog Asset Management LLC
|
Delaware
|
Moog Australia Pty., Ltd.
|
Australia
|
Moog do Brasil Controles Ltda.
|
Brazil
|
Moog Components Group GmbH
|
Germany
|
Moog Controls Corp.
|
Ohio
|
Moog Controls Hong Kong Ltd.
|
Hong Kong
|
Moog Control Systems (Shanghai) Co., Ltd.
|
People's Republic of China
|
Moog Industrial Controls (Shanghai) Co., Ltd.
|
People's Republic of China
|
Moog Controls (India) Pvt. Ltd.
|
India
|
Moog Controls Ltd.
|
United Kingdom
|
Moog Fernau Ltd.
|
United Kingdom
|
Moog Components Group Limited
|
United Kingdom
|
Tritech Holdings Limited
|
United Kingdom
|
Tritech International Limited
|
United Kingdom
|
Tritech do Brasil Servicos E Equipamentos Submarinos Ltda.
|
Brazil
|
Moog Norden AB
|
Sweden
|
Moog OY
|
Finland
|
Moog Wolverhampton Limited
|
United Kingdom
|
Moog Europe Holdings Luxembourg SCS
|
Luxembourg
|
Focal Technologies Corporation
|
Nova Scotia
|
Moog Holding GmbH & Co. KG
|
Germany
|
Insensys Holdings Ltd.
|
United Kingdom
|
Moog Insensys Limited
|
United Kingdom
|
Moog B.V.
|
Netherlands
|
Moog GmbH
|
Germany
|
Moog Italiana S.r.l.
|
Italy
|
Moog Luxembourg S.A.R.L.
|
Luxembourg
|
Moog Unna GmbH
|
Germany
|
Moog Control Equipment (Shanghai) Co. Ltd.
|
People's Republic of China
|
Obshestwo s Ogranizennoi Otwetstwennostju MOOG
|
Russia
|
Moog Luxembourg Finance S.A.R.L.
|
Luxembourg
|
Moog International Financial Services Center S.a.r.l.
|
Luxembourg
|
Moog Verwaltungs GmbH
|
Germany
|
Moog Holdings Ltd.
|
Ireland
|
Moog Dublin Ltd.
|
Ireland
|
Moog UK Cheltenham Ltd.
|
United Kingdom
|
Moog Ireland Limited
|
Ireland
|
Moog Japan Ltd.
|
Japan
|
Moog Korea Ltd.
|
South Korea
|
Moog Receivables LLC
|
Delaware
|
Moog S.A.R.L. (95% owned by Moog Inc.; 5% owned by Moog GmbH)
|
France
|
Moog Singapore Pte. Ltd.
|
Singapore
|
Moog India Technology Center Pvt. Ltd.
|
India
|
Moog Motion Controls Private Limited
|
India
|
Moog UK Westcott Ltd.
|
United Kingdom
|
(23)
|
Consent of Ernst & Young LLP. (Filed herewith)
|
|
|
(31.1)
|
Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith)
|
|
|
(31.2)
|
Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith)
|
|
|
(32.1)
|
Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith)
|
|
|
(101)
|
Interactive Data Files (submitted electronically herewith)
|
(101.INS)
|
XBRL Instance Document
|
|
|
(101.SCH)
|
XBRL Taxonomy Extension Schema Document
|
|
|
(101.CAL)
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
(101.DEF)
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
(101.LAB)
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
(101.PRE)
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
Schedule II
|
||||||||||
|
|
|
|
Additions
|
|
|
|
Foreign
|
|
|
||||||||||
|
|
Balance at
|
|
charged to
|
|
|
|
exchange
|
|
Balance
|
||||||||||
|
|
beginning
|
|
costs and
|
|
|
|
impact
|
|
at end
|
||||||||||
Description
|
|
of year
|
|
expenses
|
|
Deductions
|
|
and other
|
|
of year
|
||||||||||
Fiscal year ended September 27, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract loss reserves
|
|
$
|
44,228
|
|
|
$
|
35,692
|
|
|
$
|
43,909
|
|
|
$
|
(27
|
)
|
|
$
|
35,984
|
|
Allowance for doubtful accounts
|
|
4,499
|
|
|
3,192
|
|
|
3,248
|
|
|
(102
|
)
|
|
4,341
|
|
|||||
Reserve for inventory valuation
|
|
98,113
|
|
|
17,791
|
|
|
11,783
|
|
|
(1,549
|
)
|
|
102,572
|
|
|||||
Deferred tax valuation allowance
|
|
7,906
|
|
|
1,585
|
|
|
108
|
|
|
(167
|
)
|
|
9,216
|
|
|||||
Fiscal year ended October 3, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract loss reserves
|
|
$
|
35,984
|
|
|
$
|
24,073
|
|
|
$
|
29,120
|
|
|
$
|
(515
|
)
|
|
$
|
30,422
|
|
Allowance for doubtful accounts
|
|
4,341
|
|
|
2,889
|
|
|
1,624
|
|
|
(320
|
)
|
|
5,286
|
|
|||||
Reserve for inventory valuation
|
|
102,572
|
|
|
21,166
|
|
|
17,911
|
|
|
(2,477
|
)
|
|
103,350
|
|
|||||
Deferred tax valuation allowance
|
|
9,216
|
|
|
1,313
|
|
|
281
|
|
|
(665
|
)
|
|
9,583
|
|
|||||
Fiscal year ended October 1, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract loss reserves
|
|
$
|
30,422
|
|
|
$
|
29,469
|
|
|
$
|
27,152
|
|
|
$
|
(196
|
)
|
|
$
|
32,543
|
|
Allowance for doubtful accounts
|
|
5,286
|
|
|
1,594
|
|
|
2,095
|
|
|
(247
|
)
|
|
4,538
|
|
|||||
Reserve for inventory valuation
|
|
103,350
|
|
|
24,183
|
|
|
17,622
|
|
|
(719
|
)
|
|
109,192
|
|
|||||
Deferred tax valuation allowance
|
|
9,583
|
|
|
2,981
|
|
|
1,521
|
|
|
(105
|
)
|
|
10,938
|
|
By
|
/s/ JOHN R. SCANNELL
|
|
John R. Scannell
|
|
Chief Executive Officer
|
|
Date: November 14, 2016
|
/s/ JOHN R. SCANNELL
|
|
/s/ PETER J. GUNDERMANN
|
John R. Scannell
|
|
Peter J. Gundermann
|
Chairman of the Board and Director
|
|
Director
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
/s/ DONALD R. FISHBACK
|
|
/s/ KRAIG H. KAYSER
|
Donald R. Fishback
|
|
Kraig H. Kayser
|
Director
|
|
Director
|
Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
/s/ JENNIFER WALTER
|
|
/s/ R. BRADLEY LAWRENCE
|
Jennifer Walter
|
|
R. Bradley Lawrence
|
Controller
|
|
Director
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
/s/ RICHARD A. AUBRECHT
|
|
/s/ BRIAN J. LIPKE
|
Richard A. Aubrecht
|
|
Brian J. Lipke
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/ WILLIAM G. GISEL, JR.
|
|
/s/ BRENDA L. REICHELDERFER
|
William G. Gisel, Jr.
|
|
Brenda L. Reichelderfer
|
Director
|
|
Director
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year Moog Chart |
1 Month Moog Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions