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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 | 24 | 21:00:11 |
New York State
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16-0757636
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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East Aurora, New York
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14052-0018
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(Address of principal executive offices)
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(Zip Code)
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(716) 652-2000
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(Telephone number including area code)
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Three Months Ended
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Six Months Ended
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||||||||||||
(dollars in thousands, except share and per share data)
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
Net sales
|
|
$
|
718,811
|
|
|
$
|
689,049
|
|
|
$
|
1,398,487
|
|
|
$
|
1,316,584
|
|
Cost of sales
|
|
521,410
|
|
|
488,788
|
|
|
1,001,584
|
|
|
931,938
|
|
||||
Inventory write-down - restructuring
|
|
—
|
|
|
7,329
|
|
|
—
|
|
|
7,329
|
|
||||
Gross profit
|
|
197,401
|
|
|
192,932
|
|
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396,903
|
|
|
377,317
|
|
||||
Research and development
|
|
31,344
|
|
|
33,995
|
|
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63,220
|
|
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66,329
|
|
||||
Selling, general and administrative
|
|
99,860
|
|
|
98,665
|
|
|
196,186
|
|
|
193,284
|
|
||||
Interest
|
|
9,939
|
|
|
9,089
|
|
|
19,621
|
|
|
17,735
|
|
||||
Restructuring
|
|
—
|
|
|
24,058
|
|
|
—
|
|
|
24,058
|
|
||||
Other
|
|
640
|
|
|
1,456
|
|
|
4,074
|
|
|
2,408
|
|
||||
Earnings before income taxes
|
|
55,618
|
|
|
25,669
|
|
|
113,802
|
|
|
73,503
|
|
||||
Income taxes
|
|
13,259
|
|
|
11,704
|
|
|
27,374
|
|
|
58,239
|
|
||||
Net earnings
|
|
$
|
42,359
|
|
|
$
|
13,965
|
|
|
$
|
86,428
|
|
|
$
|
15,264
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net earnings per share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.21
|
|
|
$
|
0.39
|
|
|
$
|
2.48
|
|
|
$
|
0.43
|
|
Diluted
|
|
$
|
1.20
|
|
|
$
|
0.39
|
|
|
$
|
2.46
|
|
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$
|
0.42
|
|
|
|
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||||||||
Dividends declared per share
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
0.50
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
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||||||||
Average common shares outstanding
|
|
|
|
|
|
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|
||||||||
Basic
|
|
34,886,541
|
|
|
35,770,089
|
|
|
34,850,898
|
|
|
35,771,247
|
|
||||
Diluted
|
|
35,241,113
|
|
|
36,179,858
|
|
|
35,183,471
|
|
|
36,190,455
|
|
||||
See accompanying Notes to Consolidated Condensed Financial Statements.
|
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|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(dollars in thousands)
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
Net earnings
|
|
$
|
42,359
|
|
|
$
|
13,965
|
|
|
$
|
86,428
|
|
|
$
|
15,264
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
|
1,106
|
|
|
20,297
|
|
|
(8,281
|
)
|
|
30,661
|
|
||||
Retirement liability adjustment
|
|
4,677
|
|
|
4,682
|
|
|
9,496
|
|
|
8,938
|
|
||||
Change in accumulated income (loss) on derivatives
|
|
(79
|
)
|
|
(579
|
)
|
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585
|
|
|
655
|
|
||||
Other comprehensive income (loss), net of tax
|
|
5,704
|
|
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24,400
|
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|
1,800
|
|
|
40,254
|
|
||||
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings
|
|
—
|
|
|
(47,077
|
)
|
|
—
|
|
|
(47,077
|
)
|
||||
Comprehensive income (loss)
|
|
$
|
48,063
|
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$
|
(8,712
|
)
|
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$
|
88,228
|
|
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$
|
8,441
|
|
See accompanying Notes to Consolidated Condensed Financial Statements.
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(dollars in thousands)
|
|
March 30,
2019 |
|
September 29,
2018 |
||||
ASSETS
|
|
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|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
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$
|
112,072
|
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$
|
125,584
|
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Receivables
|
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898,801
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793,911
|
|
||
Inventories
|
|
489,067
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512,522
|
|
||
Prepaid expenses and other current assets
|
|
47,229
|
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|
44,404
|
|
||
Total current assets
|
|
1,547,169
|
|
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1,476,421
|
|
||
Property, plant and equipment, net of accumulated depreciation of $812,879 and $816,837, respectively
|
|
569,624
|
|
|
552,865
|
|
||
Goodwill
|
|
791,398
|
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|
797,217
|
|
||
Intangible assets, net
|
|
88,089
|
|
|
95,537
|
|
||
Deferred income taxes
|
|
15,671
|
|
|
17,328
|
|
||
Other assets
|
|
21,006
|
|
|
24,680
|
|
||
Total assets
|
|
$
|
3,032,957
|
|
|
$
|
2,964,048
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Short-term borrowings
|
|
$
|
90
|
|
|
$
|
3,623
|
|
Current installments of long-term debt
|
|
315
|
|
|
365
|
|
||
Accounts payable
|
|
224,555
|
|
|
213,982
|
|
||
Accrued compensation
|
|
126,819
|
|
|
147,765
|
|
||
Contract advances
|
|
169,836
|
|
|
151,687
|
|
||
Contract and contract-related loss reserves
|
|
49,383
|
|
|
42,258
|
|
||
Other accrued liabilities
|
|
117,094
|
|
|
120,944
|
|
||
Total current liabilities
|
|
688,092
|
|
|
680,624
|
|
||
Long-term debt, excluding current installments
|
|
825,692
|
|
|
858,836
|
|
||
Long-term pension and retirement obligations
|
|
116,466
|
|
|
117,471
|
|
||
Deferred income taxes
|
|
53,272
|
|
|
46,477
|
|
||
Other long-term liabilities
|
|
34,993
|
|
|
35,654
|
|
||
Total liabilities
|
|
1,718,515
|
|
|
1,739,062
|
|
||
Commitments and contingencies (Note 19)
|
|
—
|
|
|
—
|
|
||
Shareholders’ equity
|
|
|
|
|
||||
Common stock - Class A
|
|
43,786
|
|
|
43,785
|
|
||
Common stock - Class B
|
|
7,494
|
|
|
7,495
|
|
||
Additional paid-in capital
|
|
510,538
|
|
|
502,257
|
|
||
Retained earnings
|
|
2,057,435
|
|
|
1,973,514
|
|
||
Treasury shares
|
|
(749,845
|
)
|
|
(738,494
|
)
|
||
Stock Employee Compensation Trust
|
|
(109,506
|
)
|
|
(118,449
|
)
|
||
Supplemental Retirement Plan Trust
|
|
(75,079
|
)
|
|
(72,941
|
)
|
||
Accumulated other comprehensive loss
|
|
(370,381
|
)
|
|
(372,181
|
)
|
||
Total shareholders’ equity
|
|
1,314,442
|
|
|
1,224,986
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
3,032,957
|
|
|
$
|
2,964,048
|
|
See accompanying Notes to Consolidated Condensed Financial Statements.
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(dollars in thousands)
|
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||||||
COMMON STOCK
|
|
|
|
|
|
|
|
|
||||||||
Beginning and end of period
|
|
$
|
51,280
|
|
|
$
|
51,280
|
|
|
$
|
51,280
|
|
|
$
|
51,280
|
|
ADDITIONAL PAID-IN CAPITAL
|
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
|
491,945
|
|
|
498,699
|
|
|
502,257
|
|
|
492,246
|
|
||||
Issuance of treasury shares
|
|
(1,390
|
)
|
|
(1,100
|
)
|
|
1,070
|
|
|
(2,733
|
)
|
||||
Equity-based compensation expense
|
|
1,683
|
|
|
1,499
|
|
|
3,691
|
|
|
3,500
|
|
||||
Adjustment to market - SECT, SERP and other
|
|
18,300
|
|
|
(9,043
|
)
|
|
3,520
|
|
|
(2,958
|
)
|
||||
End of period
|
|
510,538
|
|
|
490,055
|
|
|
510,538
|
|
|
490,055
|
|
||||
RETAINED EARNINGS
|
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
|
2,023,803
|
|
|
1,849,118
|
|
|
1,973,514
|
|
|
1,847,819
|
|
||||
Net earnings
|
|
42,359
|
|
|
13,965
|
|
|
86,428
|
|
|
15,264
|
|
||||
Dividends
|
|
(8,727
|
)
|
|
(8,978
|
)
|
|
(17,430
|
)
|
|
(8,978
|
)
|
||||
Adoption of ASC 606
|
|
—
|
|
|
—
|
|
|
14,923
|
|
|
—
|
|
||||
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings
|
|
—
|
|
|
47,077
|
|
|
—
|
|
|
47,077
|
|
||||
End of period
|
|
2,057,435
|
|
|
1,901,182
|
|
|
2,057,435
|
|
|
1,901,182
|
|
||||
TREASURY SHARES AT COST
|
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
|
(747,900
|
)
|
|
(739,210
|
)
|
|
(738,494
|
)
|
|
(739,157
|
)
|
||||
Class A and B shares issued related to compensation
|
|
3,833
|
|
|
2,503
|
|
|
4,968
|
|
|
5,184
|
|
||||
Class A and B shares purchased
|
|
(5,778
|
)
|
|
(2,384
|
)
|
|
(16,319
|
)
|
|
(5,118
|
)
|
||||
End of period
|
|
(749,845
|
)
|
|
(739,091
|
)
|
|
(749,845
|
)
|
|
(739,091
|
)
|
||||
STOCK EMPLOYEE COMPENSATION TRUST (SECT)
|
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
|
(102,182
|
)
|
|
(98,990
|
)
|
|
(118,449
|
)
|
|
(89,919
|
)
|
||||
Issuance of shares
|
|
8,918
|
|
|
1,941
|
|
|
17,679
|
|
|
1,941
|
|
||||
Purchase of shares
|
|
(5,424
|
)
|
|
(4,091
|
)
|
|
(7,354
|
)
|
|
(7,914
|
)
|
||||
Adjustment to market
|
|
(10,818
|
)
|
|
7,810
|
|
|
(1,382
|
)
|
|
2,562
|
|
||||
End of period
|
|
(109,506
|
)
|
|
(93,330
|
)
|
|
(109,506
|
)
|
|
(93,330
|
)
|
||||
SUPPLEMENTAL RETIREMENT PLAN (SERP) TRUST
|
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
|
(67,597
|
)
|
|
(13,311
|
)
|
|
(72,941
|
)
|
|
(12,474
|
)
|
||||
Adjustment to market
|
|
(7,482
|
)
|
|
1,233
|
|
|
(2,138
|
)
|
|
396
|
|
||||
End of period
|
|
(75,079
|
)
|
|
(12,078
|
)
|
|
(75,079
|
)
|
|
(12,078
|
)
|
||||
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
||||||||
Beginning of period
|
|
(376,085
|
)
|
|
(319,637
|
)
|
|
(372,181
|
)
|
|
(335,491
|
)
|
||||
Other comprehensive income (loss)
|
|
5,704
|
|
|
24,400
|
|
|
1,800
|
|
|
40,254
|
|
||||
Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings
|
|
—
|
|
|
(47,077
|
)
|
|
—
|
|
|
(47,077
|
)
|
||||
End of period
|
|
(370,381
|
)
|
|
(342,314
|
)
|
|
(370,381
|
)
|
|
(342,314
|
)
|
||||
TOTAL SHAREHOLDERS’ EQUITY
|
|
$
|
1,314,442
|
|
|
$
|
1,255,704
|
|
|
$
|
1,314,442
|
|
|
$
|
1,255,704
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
(share data)
|
|
March 30, 2019
|
|
March 31, 2018
|
|
March 30, 2019
|
|
March 31, 2018
|
||||
COMMON STOCK - CLASS A
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
43,785,435
|
|
|
43,715,586
|
|
|
43,784,489
|
|
|
43,704,286
|
|
Conversion of Class B to Class A
|
|
—
|
|
|
19,972
|
|
|
946
|
|
|
31,272
|
|
End of period
|
|
43,785,435
|
|
|
43,735,558
|
|
|
43,785,435
|
|
|
43,735,558
|
|
COMMON STOCK - CLASS B
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
7,494,278
|
|
|
7,564,127
|
|
|
7,495,224
|
|
|
7,575,427
|
|
Conversion of Class B to Class A
|
|
—
|
|
|
(19,972
|
)
|
|
(946
|
)
|
|
(31,272
|
)
|
End of period
|
|
7,494,278
|
|
|
7,544,155
|
|
|
7,494,278
|
|
|
7,544,155
|
|
TREASURY SHARES - CLASS A COMMON STOCK
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
(10,897,407
|
)
|
|
(10,901,537
|
)
|
|
(10,872,575
|
)
|
|
(10,933,003
|
)
|
Class A shares issued related to compensation
|
|
48,122
|
|
|
15,193
|
|
|
71,863
|
|
|
79,679
|
|
Class A shares purchased
|
|
(33,495
|
)
|
|
(4,764
|
)
|
|
(82,068
|
)
|
|
(37,784
|
)
|
End of period
|
|
(10,882,780
|
)
|
|
(10,891,108
|
)
|
|
(10,882,780
|
)
|
|
(10,891,108
|
)
|
TREASURY SHARES - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
(3,348,499
|
)
|
|
(3,328,064
|
)
|
|
(3,323,996
|
)
|
|
(3,333,927
|
)
|
Class B shares issued related to compensation
|
|
39,536
|
|
|
22,361
|
|
|
98,329
|
|
|
28,239
|
|
Class B shares purchased
|
|
(38,287
|
)
|
|
(22,150
|
)
|
|
(121,583
|
)
|
|
(22,165
|
)
|
End of period
|
|
(3,347,250
|
)
|
|
(3,327,853
|
)
|
|
(3,347,250
|
)
|
|
(3,327,853
|
)
|
SECT - CLASS A COMMON STOCK
|
|
|
|
|
|
|
|
|
||||
Beginning and end of period
|
|
(425,148
|
)
|
|
(425,148
|
)
|
|
(425,148
|
)
|
|
(425,148
|
)
|
SECT - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
(899,864
|
)
|
|
(699,415
|
)
|
|
(983,772
|
)
|
|
(654,753
|
)
|
Issuance of shares
|
|
113,749
|
|
|
21,871
|
|
|
221,326
|
|
|
21,871
|
|
Purchase of shares
|
|
(60,412
|
)
|
|
(46,419
|
)
|
|
(84,081
|
)
|
|
(91,081
|
)
|
End of period
|
|
(846,527
|
)
|
|
(723,963
|
)
|
|
(846,527
|
)
|
|
(723,963
|
)
|
SERP - CLASS B COMMON STOCK
|
|
|
|
|
|
|
|
|
||||
Beginning and end of period
|
|
(876,170
|
)
|
|
(150,000
|
)
|
|
(876,170
|
)
|
|
(150,000
|
)
|
|
||||||||
|
|
Six Months Ended
|
||||||
(dollars in thousands)
|
|
March 30,
2019 |
|
March 31,
2018 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net earnings
|
|
$
|
86,428
|
|
|
$
|
15,264
|
|
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
|
|
|
|
|
||||
Depreciation
|
|
36,074
|
|
|
35,536
|
|
||
Amortization
|
|
7,212
|
|
|
9,425
|
|
||
Deferred income taxes
|
|
2,182
|
|
|
30,709
|
|
||
Equity-based compensation expense
|
|
3,691
|
|
|
3,500
|
|
||
Impairment of long-lived assets and inventory write-down associated with restructuring
|
|
—
|
|
|
21,811
|
|
||
Other
|
|
1,331
|
|
|
2,960
|
|
||
Changes in assets and liabilities providing (using) cash:
|
|
|
|
|
||||
Receivables
|
|
(16,621
|
)
|
|
(30,111
|
)
|
||
Inventories
|
|
(44,428
|
)
|
|
(20,685
|
)
|
||
Accounts payable
|
|
11,158
|
|
|
11,351
|
|
||
Contract advances
|
|
17,127
|
|
|
5,547
|
|
||
Accrued expenses
|
|
(6,715
|
)
|
|
10,558
|
|
||
Accrued income taxes
|
|
(1,767
|
)
|
|
4,953
|
|
||
Net pension and post retirement liabilities
|
|
13,039
|
|
|
(70,309
|
)
|
||
Other assets and liabilities
|
|
137
|
|
|
14,721
|
|
||
Net cash provided by operating activities
|
|
108,848
|
|
|
45,230
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired
|
|
—
|
|
|
(42,116
|
)
|
||
Purchase of property, plant and equipment
|
|
(59,971
|
)
|
|
(43,924
|
)
|
||
Other investing transactions
|
|
2,447
|
|
|
(3,710
|
)
|
||
Net cash (used) by investing activities
|
|
(57,524
|
)
|
|
(89,750
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Net short-term repayments
|
|
(3,560
|
)
|
|
—
|
|
||
Proceeds from revolving lines of credit
|
|
327,300
|
|
|
209,500
|
|
||
Payments on revolving lines of credit
|
|
(361,300
|
)
|
|
(269,610
|
)
|
||
Proceeds from long-term debt
|
|
—
|
|
|
10,000
|
|
||
Payments on long-term debt
|
|
(167
|
)
|
|
(20,614
|
)
|
||
Payment of dividends
|
|
(17,430
|
)
|
|
—
|
|
||
Proceeds from sale of treasury stock
|
|
2,443
|
|
|
2,451
|
|
||
Purchase of outstanding shares for treasury
|
|
(16,319
|
)
|
|
(5,118
|
)
|
||
Proceeds from sale of stock held by SECT
|
|
9,479
|
|
|
1,941
|
|
||
Purchase of stock held by SECT
|
|
(7,354
|
)
|
|
(7,914
|
)
|
||
Net cash (used) by financing activities
|
|
(66,908
|
)
|
|
(79,364
|
)
|
||
Effect of exchange rate changes on cash
|
|
(50
|
)
|
|
11,418
|
|
||
Increase (decrease) in cash, cash equivalents and restricted cash
|
|
(15,634
|
)
|
|
(112,466
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
127,706
|
|
|
386,969
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
112,072
|
|
|
$
|
274,503
|
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
|
||||
Treasury shares issued as compensation
|
|
$
|
11,795
|
|
|
$
|
—
|
|
Equipment acquired through financing
|
|
148
|
|
|
—
|
|
||
See accompanying Notes to Consolidated Condensed Financial Statements.
|
Standard
|
|
Description
|
|
Financial Statement Effect or Other Significant Matters
|
ASU no. 2014-09
Revenue from Contracts with Customers (and all related ASUs) |
|
The standard requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach.
|
|
We adopted this standard using the modified retrospective method, under which prior years' results are not restated, but supplemental information is provided in our disclosures to present 2019 results before effect of the standard. In addition, a cumulative adjustment was made to shareholders' equity at the beginning of 2019. Supplemental information is provided in our disclosures to present 2019 results before effect of the standard.
|
ASU no. 2017-07
Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
|
The standard amends existing guidance on the presentation of net periodic benefit cost in the income statement and what qualifies for capitalization on the balance sheet. The provisions of the standard are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The amendment requires income statement presentation provisions to be applied retrospectively and capitalization in assets provisions to be applied prospectively.
|
|
We adopted this standard retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the Consolidated Condensed Statement of Earnings. Supplemental information is provided in our disclosures to present 2018 results before effect of the standard.
|
|
Date adopted:
Q1 2019 |
Standard
|
|
Description
|
|
Financial Statement Effect or Other Significant Matters
|
ASU no. 2016-02
Leases
(and all related ASUs)
|
|
The standard requires most lease arrangements to be recognized in the balance sheet as lease assets and lease liabilities. The standard also requires additional disclosures about the leasing arrangements. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted.
|
|
We are currently evaluating the effect on our financial statements and related disclosures.
|
Planned date of adoption:
Q1 2020
|
||||
ASU no. 2017-12
Targeted Improvements to Accounting for Hedging Activities
|
|
The standard expands the hedging strategies eligible for hedge accounting, while simplifying presentation and disclosure by eliminating separate measurement and reporting of hedge ineffectiveness. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted.
|
|
We are currently evaluating the effect on our financial statements and related disclosures.
|
Planned date of adoption:
Q1 2020
|
||||
ASU no. 2018-15
Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract |
|
The standard amends ASC 350 to include in its scope implementation costs of a Cloud Computing Arrangement (CCA) that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.
|
|
We are currently evaluating the effect on our financial statements and related disclosures.
|
Planned date of adoption:
Q1 2021 |
|
|
September 29, 2018
|
|
Adjustments due to adoption of ASC 606
|
|
September 30, 2018
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Receivables
|
|
$
|
793,911
|
|
|
$
|
89,121
|
|
|
$
|
883,032
|
|
Inventories
|
|
512,522
|
|
|
(65,991
|
)
|
|
446,531
|
|
|||
Deferred income taxes
|
|
17,328
|
|
|
134
|
|
|
17,462
|
|
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
||||||
Contract advances
|
|
$
|
151,687
|
|
|
$
|
921
|
|
|
$
|
152,608
|
|
Contract and contract-related loss reserves
|
|
42,258
|
|
|
2,430
|
|
|
44,688
|
|
|||
Other accrued liabilities
|
|
120,944
|
|
|
1,139
|
|
|
122,083
|
|
|||
Deferred income taxes
|
|
46,477
|
|
|
3,851
|
|
|
50,328
|
|
|||
Retained earnings
|
|
1,973,514
|
|
|
14,923
|
|
|
1,988,437
|
|
|
|
Three Months Ended
|
||||||||||
|
|
Under ASC 605
|
|
Effect of ASC 606
|
|
As Reported Under ASC 606
|
||||||
Net sales
|
|
$
|
704,600
|
|
|
$
|
14,211
|
|
|
$
|
718,811
|
|
Cost of sales
|
|
511,889
|
|
|
9,521
|
|
|
521,410
|
|
|||
Gross profit
|
|
192,711
|
|
|
4,690
|
|
|
197,401
|
|
|||
Earnings before income taxes
|
|
50,928
|
|
|
4,690
|
|
|
55,618
|
|
|||
Income taxes
|
|
12,025
|
|
|
1,234
|
|
|
13,259
|
|
|||
Net earnings
|
|
$
|
38,903
|
|
|
$
|
3,456
|
|
|
$
|
42,359
|
|
|
|
Six Months Ended
|
||||||||||
|
|
Under ASC 605
|
|
Effect of ASC 606
|
|
As Reported Under ASC 606
|
||||||
Net sales
|
|
$
|
1,381,934
|
|
|
$
|
16,553
|
|
|
$
|
1,398,487
|
|
Cost of sales
|
|
989,768
|
|
|
11,816
|
|
|
1,001,584
|
|
|||
Gross profit
|
|
392,166
|
|
|
4,737
|
|
|
396,903
|
|
|||
Earnings before income taxes
|
|
109,065
|
|
|
4,737
|
|
|
113,802
|
|
|||
Income taxes
|
|
26,128
|
|
|
1,246
|
|
|
27,374
|
|
|||
Net earnings
|
|
$
|
82,937
|
|
|
$
|
3,491
|
|
|
$
|
86,428
|
|
|
|
Under ASC 605
|
|
Effect of ASC 606
|
|
As Reported Under ASC 606
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
|
||||||
Receivables
|
|
$
|
792,124
|
|
|
$
|
106,677
|
|
|
$
|
898,801
|
|
Inventories
|
|
568,287
|
|
|
(79,220
|
)
|
|
489,067
|
|
|||
Total current assets
|
|
1,519,712
|
|
|
27,457
|
|
|
1,547,169
|
|
|||
Deferred income taxes
|
|
15,776
|
|
|
(105
|
)
|
|
15,671
|
|
|||
Total assets
|
|
3,005,605
|
|
|
27,352
|
|
|
3,032,957
|
|
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
|
||||||
Contract advances
|
|
$
|
169,349
|
|
|
$
|
487
|
|
|
$
|
169,836
|
|
Contract and contract-related loss reserves
|
|
47,223
|
|
|
2,160
|
|
|
49,383
|
|
|||
Other accrued liabilities
|
|
114,728
|
|
|
2,366
|
|
|
117,094
|
|
|||
Total current liabilities
|
|
683,079
|
|
|
5,013
|
|
|
688,092
|
|
|||
Deferred income taxes
|
|
49,658
|
|
|
3,614
|
|
|
53,272
|
|
|||
Total liabilities
|
|
1,709,888
|
|
|
8,627
|
|
|
1,718,515
|
|
|||
Shareholders’ equity
|
|
|
|
|
|
|
||||||
Retained earnings
|
|
2,039,021
|
|
|
18,414
|
|
|
2,057,435
|
|
|||
Accumulated other comprehensive loss
|
|
(370,692
|
)
|
|
311
|
|
|
(370,381
|
)
|
|||
Total shareholders’ equity
|
|
1,295,717
|
|
|
18,725
|
|
|
1,314,442
|
|
|||
Total liabilities and shareholders’ equity
|
|
3,005,605
|
|
|
27,352
|
|
|
3,032,957
|
|
|
|
Three Months Ended
|
||||||||||
|
|
As Reported,
March 31, 2018 |
|
Impact of Adoption
|
|
As Adjusted,
March 31, 2018 |
||||||
Cost of sales
|
|
$
|
489,071
|
|
|
$
|
(283
|
)
|
|
$
|
488,788
|
|
Gross profit
|
|
192,649
|
|
|
283
|
|
|
192,932
|
|
|||
Research and development
|
|
34,085
|
|
|
(90
|
)
|
|
33,995
|
|
|||
Selling, general and administrative
|
|
99,999
|
|
|
(1,334
|
)
|
|
98,665
|
|
|||
Other
|
|
(251
|
)
|
|
1,707
|
|
|
1,456
|
|
|
|
Six Months Ended
|
||||||||||
|
|
As Reported,
March 31, 2018 |
|
Impact of Adoption
|
|
As Adjusted,
March 31, 2018 |
||||||
Cost of sales
|
|
$
|
932,497
|
|
|
$
|
(559
|
)
|
|
$
|
931,938
|
|
Gross profit
|
|
376,758
|
|
|
559
|
|
|
377,317
|
|
|||
Research and development
|
|
66,505
|
|
|
(176
|
)
|
|
66,329
|
|
|||
Selling, general and administrative
|
|
195,949
|
|
|
(2,665
|
)
|
|
193,284
|
|
|||
Other
|
|
(992
|
)
|
|
3,400
|
|
|
2,408
|
|
|
|
Three Months Ended
|
||||||||||
|
|
As Reported,
March 31, 2018 |
|
Impact of Adoption
|
|
As Adjusted,
March 31, 2018 |
||||||
Operating profit (loss):
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
33,480
|
|
|
$
|
313
|
|
|
$
|
33,793
|
|
Space and Defense Controls
|
|
16,841
|
|
|
201
|
|
|
17,042
|
|
|||
Industrial Systems
|
|
(6,050
|
)
|
|
622
|
|
|
(5,428
|
)
|
|||
Total operating profit
|
|
$
|
44,271
|
|
|
$
|
1,136
|
|
|
$
|
45,407
|
|
Deductions from operating profit:
|
|
|
|
|
|
|
||||||
Non-service pension expense
|
|
$
|
—
|
|
|
$
|
1,707
|
|
|
$
|
1,707
|
|
Corporate and other expenses, net
|
|
$
|
8,014
|
|
|
$
|
(571
|
)
|
|
$
|
7,443
|
|
|
|
Six Months Ended
|
||||||||||
|
|
As Reported,
March 31, 2018 |
|
Impact of Adoption
|
|
As Adjusted,
March 31, 2018 |
||||||
Operating profit (loss):
|
|
|
|
|
|
|
||||||
Aircraft Controls
|
|
$
|
64,248
|
|
|
$
|
588
|
|
|
$
|
64,836
|
|
Space and Defense Controls
|
|
33,130
|
|
|
385
|
|
|
33,515
|
|
|||
Industrial Systems
|
|
13,196
|
|
|
1,287
|
|
|
14,483
|
|
|||
Total operating profit
|
|
$
|
110,574
|
|
|
$
|
2,260
|
|
|
$
|
112,834
|
|
Deductions from operating profit:
|
|
|
|
|
|
|
||||||
Non-service pension expense
|
|
$
|
—
|
|
|
$
|
3,400
|
|
|
$
|
3,400
|
|
Corporate and other expenses, net
|
|
$
|
15,836
|
|
|
$
|
(1,140
|
)
|
|
$
|
14,696
|
|
|
|
March 30, 2019
|
|
September 30, 2018
|
||||
Unbilled receivables
|
|
$
|
430,901
|
|
|
$
|
405,610
|
|
Contract advances
|
|
169,836
|
|
|
152,608
|
|
||
Net contract assets
|
|
$
|
261,065
|
|
|
$
|
253,002
|
|
|
|
March 30,
2019 |
|
September 29,
2018 |
||||
Accounts receivable
|
|
$
|
240,180
|
|
|
$
|
295,180
|
|
Long-term contract receivables:
|
|
|
|
|
||||
Billed receivables
|
|
210,464
|
|
|
156,414
|
|
||
Unbilled receivables
|
|
430,901
|
|
|
316,489
|
|
||
Total long-term contract receivables
|
|
641,365
|
|
|
472,903
|
|
||
Other
|
|
21,900
|
|
|
30,787
|
|
||
Less allowance for doubtful accounts
|
|
(4,644
|
)
|
|
(4,959
|
)
|
||
Receivables
|
|
$
|
898,801
|
|
|
$
|
793,911
|
|
|
|
March 30,
2019 |
|
September 29,
2018 |
||||
Raw materials and purchased parts
|
|
$
|
173,916
|
|
|
$
|
197,071
|
|
Work in progress
|
|
244,948
|
|
|
240,885
|
|
||
Finished goods
|
|
70,203
|
|
|
74,566
|
|
||
Inventories
|
|
$
|
489,067
|
|
|
$
|
512,522
|
|
|
Aircraft
Controls |
Space and
Defense Controls |
Industrial
Systems |
Total
|
||||||||
Balance at September 29, 2018
|
$
|
179,907
|
|
$
|
261,732
|
|
$
|
355,578
|
|
$
|
797,217
|
|
Divestitures
|
—
|
|
—
|
|
(1,237
|
)
|
(1,237
|
)
|
||||
Foreign currency translation
|
(32
|
)
|
(1
|
)
|
(4,549
|
)
|
(4,582
|
)
|
||||
Balance at March 30, 2019
|
$
|
179,875
|
|
$
|
261,731
|
|
$
|
349,792
|
|
$
|
791,398
|
|
|
|
|
|
March 30, 2019
|
|
September 29, 2018
|
||||||||||||
|
|
Weighted-
Average Life (years) |
|
Gross Carrying
Amount |
|
Accumulated
Amortization |
|
Gross Carrying
Amount |
|
Accumulated
Amortization |
||||||||
Customer-related
|
|
11
|
|
$
|
134,124
|
|
|
$
|
(98,531
|
)
|
|
$
|
135,379
|
|
|
$
|
(96,090
|
)
|
Technology-related
|
|
9
|
|
69,771
|
|
|
(51,081
|
)
|
|
69,393
|
|
|
(49,731
|
)
|
||||
Program-related
|
|
19
|
|
64,955
|
|
|
(35,627
|
)
|
|
64,988
|
|
|
(33,740
|
)
|
||||
Marketing-related
|
|
8
|
|
23,418
|
|
|
(19,518
|
)
|
|
23,489
|
|
|
(18,868
|
)
|
||||
Other
|
|
10
|
|
4,164
|
|
|
(3,586
|
)
|
|
4,305
|
|
|
(3,588
|
)
|
||||
Intangible assets
|
|
12
|
|
$
|
296,432
|
|
|
$
|
(208,343
|
)
|
|
$
|
297,554
|
|
|
$
|
(202,017
|
)
|
|
|
March 30,
2019 |
|
September 29,
2018 |
||||
U.S. revolving credit facility
|
|
$
|
392,000
|
|
|
$
|
430,000
|
|
SECT revolving credit facility
|
|
4,000
|
|
|
—
|
|
||
Senior notes
|
|
300,000
|
|
|
300,000
|
|
||
Securitization program
|
|
130,000
|
|
|
130,000
|
|
||
Obligations under capital leases
|
|
870
|
|
|
918
|
|
||
Senior debt
|
|
826,870
|
|
|
860,918
|
|
||
Less deferred debt issuance cost
|
|
(863
|
)
|
|
(1,717
|
)
|
||
Less current installments
|
|
(315
|
)
|
|
(365
|
)
|
||
Long-term debt
|
|
$
|
825,692
|
|
|
$
|
858,836
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
Warranty accrual at beginning of period
|
|
$
|
24,256
|
|
|
$
|
27,748
|
|
|
$
|
25,537
|
|
|
$
|
25,848
|
|
Warranties issued during current period
|
|
4,055
|
|
|
3,280
|
|
|
6,025
|
|
|
8,037
|
|
||||
Adjustments to pre-existing warranties
|
|
(307
|
)
|
|
(175
|
)
|
|
(398
|
)
|
|
(245
|
)
|
||||
Reductions for settling warranties
|
|
(3,892
|
)
|
|
(3,007
|
)
|
|
(6,869
|
)
|
|
(5,922
|
)
|
||||
Foreign currency translation
|
|
105
|
|
|
409
|
|
|
(78
|
)
|
|
537
|
|
||||
Warranty accrual at end of period
|
|
$
|
24,217
|
|
|
$
|
28,255
|
|
|
$
|
24,217
|
|
|
$
|
28,255
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||||
Net gain (loss)
|
|
$
|
2,419
|
|
|
$
|
(2,381
|
)
|
|
$
|
769
|
|
|
$
|
(3,009
|
)
|
|
|
Classification
|
|
March 30,
2019 |
|
September 29,
2018 |
||||
Foreign currency contracts
|
|
Other current assets
|
|
$
|
1,066
|
|
|
$
|
944
|
|
Foreign currency contracts
|
|
Other assets
|
|
178
|
|
|
41
|
|
||
Interest rate swaps
|
|
Other current assets
|
|
673
|
|
|
1,444
|
|
||
Interest rate swaps
|
|
Other assets
|
|
24
|
|
|
322
|
|
||
|
|
Total assets
|
|
$
|
1,941
|
|
|
$
|
2,751
|
|
Foreign currency contracts
|
|
Other accrued liabilities
|
|
$
|
1,180
|
|
|
$
|
1,929
|
|
Foreign currency contracts
|
|
Other long-term liabilities
|
|
63
|
|
|
464
|
|
||
|
|
Total liabilities
|
|
$
|
1,243
|
|
|
$
|
2,393
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
U.S. Plans
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
5,251
|
|
|
$
|
5,633
|
|
|
$
|
10,502
|
|
|
$
|
11,267
|
|
Interest cost
|
|
9,231
|
|
|
8,073
|
|
|
18,462
|
|
|
16,146
|
|
||||
Expected return on plan assets
|
|
(11,771
|
)
|
|
(13,575
|
)
|
|
(23,542
|
)
|
|
(27,151
|
)
|
||||
Amortization of prior service cost (credit)
|
|
47
|
|
|
47
|
|
|
93
|
|
|
94
|
|
||||
Amortization of actuarial loss
|
|
5,466
|
|
|
6,902
|
|
|
10,932
|
|
|
13,804
|
|
||||
Pension expense for U.S. defined benefit plans
|
|
$
|
8,224
|
|
|
$
|
7,080
|
|
|
$
|
16,447
|
|
|
$
|
14,160
|
|
Non-U.S. Plans
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
1,248
|
|
|
$
|
1,519
|
|
|
$
|
2,494
|
|
|
$
|
2,989
|
|
Interest cost
|
|
1,101
|
|
|
1,092
|
|
|
2,202
|
|
|
2,147
|
|
||||
Expected return on plan assets
|
|
(1,303
|
)
|
|
(1,290
|
)
|
|
(2,601
|
)
|
|
(2,533
|
)
|
||||
Amortization of prior service cost (credit)
|
|
(4
|
)
|
|
(15
|
)
|
|
(9
|
)
|
|
(29
|
)
|
||||
Amortization of actuarial loss
|
|
638
|
|
|
648
|
|
|
1,278
|
|
|
1,272
|
|
||||
Pension expense for non-U.S. defined benefit plans
|
|
$
|
1,680
|
|
|
$
|
1,954
|
|
|
$
|
3,364
|
|
|
$
|
3,846
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
U.S. defined contribution plans
|
|
$
|
4,713
|
|
|
$
|
4,136
|
|
|
$
|
9,327
|
|
|
$
|
8,108
|
|
Non-U.S. defined contribution plans
|
|
1,340
|
|
|
1,353
|
|
|
2,536
|
|
|
2,570
|
|
||||
Total pension expense for defined contribution plans
|
|
$
|
6,053
|
|
|
$
|
5,489
|
|
|
$
|
11,863
|
|
|
$
|
10,678
|
|
|
Aircraft Controls
|
Space and Defense Controls
|
Industrial Systems
|
Corporate
|
Total
|
||||||||||
Balance at September 29, 2018
|
$
|
626
|
|
$
|
64
|
|
$
|
6,994
|
|
$
|
429
|
|
$
|
8,113
|
|
Adjustments to provision
|
20
|
|
—
|
|
—
|
|
—
|
|
20
|
|
|||||
Cash payments - 2016 plan
|
—
|
|
—
|
|
—
|
|
(297
|
)
|
(297
|
)
|
|||||
Cash payments - 2018 plan
|
(650
|
)
|
(23
|
)
|
(2,298
|
)
|
—
|
|
(2,971
|
)
|
|||||
Foreign currency translation
|
4
|
|
—
|
|
(95
|
)
|
—
|
|
(91
|
)
|
|||||
Balance at March 30, 2019
|
$
|
—
|
|
$
|
41
|
|
$
|
4,601
|
|
$
|
132
|
|
$
|
4,774
|
|
|
|
Accumulated foreign currency translation
|
|
Accumulated retirement liability
|
|
Accumulated gain (loss) on derivatives
|
|
Total
|
||||||||
AOCIL at September 29, 2018
|
|
$
|
(99,415
|
)
|
|
$
|
(272,317
|
)
|
|
$
|
(449
|
)
|
|
$
|
(372,181
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(4,650
|
)
|
|
687
|
|
|
529
|
|
|
(3,434
|
)
|
||||
Amounts reclassified from AOCIL
|
|
(3,631
|
)
|
|
8,809
|
|
|
56
|
|
|
5,234
|
|
||||
Other comprehensive income (loss)
|
|
(8,281
|
)
|
|
9,496
|
|
|
585
|
|
|
1,800
|
|
||||
AOCIL at March 30, 2019
|
|
$
|
(107,696
|
)
|
|
$
|
(262,821
|
)
|
|
$
|
136
|
|
|
$
|
(370,381
|
)
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
Statement of earnings classification
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
Retirement liability:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Prior service cost (credit)
|
|
|
|
$
|
(75
|
)
|
|
$
|
(86
|
)
|
|
$
|
(151
|
)
|
|
$
|
(171
|
)
|
Actuarial losses
|
|
|
|
5,925
|
|
|
7,423
|
|
|
11,853
|
|
|
14,819
|
|
||||
Reclassification from AOCIL into earnings (1)
|
|
5,850
|
|
|
7,337
|
|
|
11,702
|
|
|
14,648
|
|
||||||
Tax effect
|
|
|
|
(1,446
|
)
|
|
(1,796
|
)
|
|
(2,893
|
)
|
|
(4,488
|
)
|
||||
Net reclassification from AOCIL into earnings
|
|
$
|
4,404
|
|
|
$
|
5,541
|
|
|
$
|
8,809
|
|
|
$
|
10,160
|
|
||
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
|
Sales
|
|
$
|
(67
|
)
|
|
$
|
(138
|
)
|
|
$
|
(100
|
)
|
|
$
|
(256
|
)
|
Foreign currency contracts
|
|
Cost of sales
|
|
235
|
|
|
502
|
|
|
895
|
|
|
1,198
|
|
||||
Interest rate swaps
|
|
Interest
|
|
(317
|
)
|
|
(102
|
)
|
|
(717
|
)
|
|
(116
|
)
|
||||
Reclassification from AOCIL into earnings
|
|
(149
|
)
|
|
262
|
|
|
78
|
|
|
826
|
|
||||||
Tax effect
|
|
|
|
35
|
|
|
(72
|
)
|
|
(22
|
)
|
|
(307
|
)
|
||||
Net reclassification from AOCIL into earnings
|
|
$
|
(114
|
)
|
|
$
|
190
|
|
|
$
|
56
|
|
|
$
|
519
|
|
|
|
Net deferral in AOCIL - effective portion
|
||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
Foreign currency contracts
|
|
$
|
150
|
|
|
$
|
(1,655
|
)
|
|
$
|
1,049
|
|
|
$
|
(827
|
)
|
Interest rate swaps
|
|
(107
|
)
|
|
630
|
|
|
(342
|
)
|
|
1,247
|
|
||||
Net gain (loss)
|
|
43
|
|
|
(1,025
|
)
|
|
707
|
|
|
420
|
|
||||
Tax effect
|
|
(8
|
)
|
|
256
|
|
|
(178
|
)
|
|
(284
|
)
|
||||
Net deferral in AOCIL of derivatives
|
|
$
|
35
|
|
|
$
|
(769
|
)
|
|
$
|
529
|
|
|
$
|
136
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||
Basic weighted-average shares outstanding
|
|
34,886,541
|
|
|
35,770,089
|
|
|
34,850,898
|
|
|
35,771,247
|
|
Dilutive effect of equity-based awards
|
|
354,572
|
|
|
409,769
|
|
|
332,573
|
|
|
419,208
|
|
Diluted weighted-average shares outstanding
|
|
35,241,113
|
|
|
36,179,858
|
|
|
35,183,471
|
|
|
36,190,455
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
Military
|
|
$
|
155,016
|
|
|
$
|
155,659
|
|
|
$
|
301,817
|
|
|
$
|
279,859
|
|
Commercial
|
|
165,611
|
|
|
155,780
|
|
|
322,855
|
|
|
310,114
|
|
||||
Aircraft Controls
|
|
320,627
|
|
|
311,439
|
|
|
624,672
|
|
|
589,973
|
|
||||
Space
|
|
53,349
|
|
|
57,789
|
|
|
103,525
|
|
|
107,202
|
|
||||
Defense
|
|
111,476
|
|
|
85,738
|
|
|
217,368
|
|
|
169,718
|
|
||||
Space and Defense Controls
|
|
164,825
|
|
|
143,527
|
|
|
320,893
|
|
|
276,920
|
|
||||
Energy
|
|
29,977
|
|
|
40,878
|
|
|
59,274
|
|
|
78,980
|
|
||||
Industrial Automation
|
|
116,369
|
|
|
108,323
|
|
|
225,499
|
|
|
204,768
|
|
||||
Simulation and Test
|
|
31,245
|
|
|
32,041
|
|
|
60,295
|
|
|
62,878
|
|
||||
Medical
|
|
55,768
|
|
|
52,841
|
|
|
107,854
|
|
|
103,065
|
|
||||
Industrial Systems
|
|
233,359
|
|
|
234,083
|
|
|
452,922
|
|
|
449,691
|
|
||||
Net sales
|
|
$
|
718,811
|
|
|
$
|
689,049
|
|
|
$
|
1,398,487
|
|
|
$
|
1,316,584
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
Net sales:
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
$
|
165,611
|
|
|
$
|
155,780
|
|
|
$
|
322,855
|
|
|
$
|
310,114
|
|
U.S. Government (including OEM)
|
|
122,779
|
|
|
116,886
|
|
|
239,960
|
|
|
212,883
|
|
||||
Other
|
|
32,237
|
|
|
38,773
|
|
|
61,857
|
|
|
66,976
|
|
||||
Aircraft Controls
|
|
320,627
|
|
|
311,439
|
|
|
624,672
|
|
|
589,973
|
|
||||
Commercial
|
|
32,188
|
|
|
33,300
|
|
|
62,241
|
|
|
57,221
|
|
||||
U.S. Government (including OEM)
|
|
121,821
|
|
|
102,721
|
|
|
236,286
|
|
|
199,185
|
|
||||
Other
|
|
10,816
|
|
|
7,506
|
|
|
22,366
|
|
|
20,514
|
|
||||
Space and Defense Controls
|
|
164,825
|
|
|
143,527
|
|
|
320,893
|
|
|
276,920
|
|
||||
Commercial
|
|
226,894
|
|
|
228,277
|
|
|
437,462
|
|
|
436,890
|
|
||||
U.S. Government (including OEM)
|
|
4,511
|
|
|
5,081
|
|
|
10,953
|
|
|
10,575
|
|
||||
Other
|
|
1,954
|
|
|
725
|
|
|
4,507
|
|
|
2,226
|
|
||||
Industrial Systems
|
|
233,359
|
|
|
234,083
|
|
|
452,922
|
|
|
449,691
|
|
||||
Commercial
|
|
424,693
|
|
|
417,357
|
|
|
822,558
|
|
|
804,225
|
|
||||
U.S. Government (including OEM)
|
|
249,111
|
|
|
224,688
|
|
|
487,199
|
|
|
422,643
|
|
||||
Other
|
|
45,007
|
|
|
47,004
|
|
|
88,730
|
|
|
89,716
|
|
||||
Net sales
|
|
$
|
718,811
|
|
|
$
|
689,049
|
|
|
$
|
1,398,487
|
|
|
$
|
1,316,584
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
March 30,
2019 |
|
March 31,
2018 |
|
March 30,
2019 |
|
March 31,
2018 |
||||||||
Operating profit (loss):
|
|
|
|
|
|
|
|
|
||||||||
Aircraft Controls
|
|
$
|
27,122
|
|
|
$
|
33,793
|
|
|
$
|
60,321
|
|
|
$
|
64,836
|
|
Space and Defense Controls
|
|
20,504
|
|
|
17,042
|
|
|
38,977
|
|
|
33,515
|
|
||||
Industrial Systems
|
|
30,228
|
|
|
(5,428
|
)
|
|
57,933
|
|
|
14,483
|
|
||||
Total operating profit
|
|
77,854
|
|
|
45,407
|
|
|
157,231
|
|
|
112,834
|
|
||||
Deductions from operating profit:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
9,939
|
|
|
9,089
|
|
|
19,621
|
|
|
17,735
|
|
||||
Equity-based compensation expense
|
|
1,683
|
|
|
1,499
|
|
|
3,691
|
|
|
3,500
|
|
||||
Non-service pension expense
|
|
3,187
|
|
|
1,707
|
|
|
6,380
|
|
|
3,400
|
|
||||
Corporate and other expenses, net
|
|
7,427
|
|
|
7,443
|
|
|
13,737
|
|
|
14,696
|
|
||||
Earnings before income taxes
|
|
$
|
55,618
|
|
|
$
|
25,669
|
|
|
$
|
113,802
|
|
|
$
|
73,503
|
|
•
|
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.
|
•
|
Medical market - enteral clinical nutrition and infusion therapy pumps, ultrasonic sensors and surgical handpieces and CT scanners.
|
•
|
Energy market - power generation and oil and gas exploration.
|
•
|
a strong leadership team that has positioned the company for growth,
|
•
|
utilizing our global capabilities and strong engineering heritage to innovate,
|
•
|
maintaining our technological excellence by solving our customers’ most demanding technical problems in applications "When Performance Really Matters
®
,"
|
•
|
continuing to invest in talent development to strengthen employee performance, and
|
•
|
maximizing customer value by implementing lean enterprise principles.
|
CONSOLIDATED RESULTS OF OPERATIONS
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||
(dollars and shares in millions, except per share data)
|
March 30, 2019
|
March 31, 2018
|
$ Variance
|
% Variance
|
|
March 30, 2019
|
March 31, 2018
|
$ Variance
|
% Variance
|
||||||||||||||
Net sales
|
$
|
719
|
|
$
|
689
|
|
$
|
30
|
|
4
|
%
|
|
$
|
1,398
|
|
$
|
1,317
|
|
$
|
82
|
|
6
|
%
|
Gross margin
|
27.5
|
%
|
28.0
|
%
|
|
|
|
28.4
|
%
|
28.7
|
%
|
|
|
||||||||||
Research and development expenses
|
$
|
31
|
|
$
|
34
|
|
$
|
(3
|
)
|
(8
|
%)
|
|
$
|
63
|
|
$
|
66
|
|
$
|
(3
|
)
|
(5
|
%)
|
Selling, general and administrative expenses as a percentage of sales
|
13.9
|
%
|
14.3
|
%
|
|
|
|
14.0
|
%
|
14.7
|
%
|
|
|
||||||||||
Interest expense
|
$
|
10
|
|
$
|
9
|
|
$
|
1
|
|
9
|
%
|
|
$
|
20
|
|
$
|
18
|
|
$
|
2
|
|
11
|
%
|
Restructuring expense
|
$
|
—
|
|
$
|
24
|
|
$
|
(24
|
)
|
(100
|
%)
|
|
$
|
—
|
|
$
|
24
|
|
$
|
(24
|
)
|
(100
|
%)
|
Other
|
$
|
1
|
|
$
|
1
|
|
$
|
(1
|
)
|
(56
|
%)
|
|
$
|
4
|
|
$
|
2
|
|
$
|
2
|
|
69
|
%
|
Effective tax rate
|
23.8
|
%
|
45.6
|
%
|
|
|
|
24.1
|
%
|
79.2
|
%
|
|
|
||||||||||
Net earnings
|
$
|
42
|
|
$
|
14
|
|
$
|
28
|
|
n/a
|
|
|
$
|
86
|
|
$
|
15
|
|
$
|
71
|
|
n/a
|
|
Diluted earnings per share
|
$
|
1.20
|
|
$
|
0.39
|
|
$
|
0.81
|
|
n/a
|
|
|
$
|
2.46
|
|
$
|
0.42
|
|
$
|
2.04
|
|
n/a
|
|
Total backlog
|
|
|
|
|
|
$
|
2,230
|
|
n/a
|
|
n/a
|
|
n/a
|
|
|||||||||
Twelve month backlog
|
|
|
|
|
|
$
|
1,636
|
|
$
|
1,295
|
|
$
|
341
|
|
26
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||
(dollars in millions)
|
March 30, 2019
|
March 31, 2018
|
$ Variance
|
% Variance
|
|
March 30, 2019
|
March 31, 2018
|
$ Variance
|
% Variance
|
||||||||||||||
Net sales - military aircraft
|
$
|
155
|
|
$
|
156
|
|
$
|
(1
|
)
|
—
|
%
|
|
$
|
302
|
|
$
|
280
|
|
$
|
22
|
|
8
|
%
|
Net sales - commercial aircraft
|
166
|
|
156
|
|
10
|
|
6
|
%
|
|
323
|
|
310
|
|
13
|
|
4
|
%
|
||||||
|
$
|
321
|
|
$
|
311
|
|
$
|
9
|
|
3
|
%
|
|
$
|
625
|
|
$
|
590
|
|
$
|
35
|
|
6
|
%
|
Operating profit
|
$
|
27
|
|
$
|
34
|
|
$
|
(7
|
)
|
(20
|
%)
|
|
$
|
60
|
|
$
|
65
|
|
$
|
(5
|
)
|
(7
|
%)
|
Operating margin
|
8.5
|
%
|
10.9
|
%
|
|
|
|
9.7
|
%
|
11.0
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||
(dollars in millions)
|
March 30, 2019
|
March 31, 2018
|
$ Variance
|
% Variance
|
|
March 30, 2019
|
March 31, 2018
|
$ Variance
|
% Variance
|
||||||||||||||
Net sales
|
$
|
165
|
|
$
|
144
|
|
$
|
21
|
|
15
|
%
|
|
$
|
321
|
|
$
|
277
|
|
$
|
44
|
|
16
|
%
|
Operating profit
|
$
|
21
|
|
$
|
17
|
|
$
|
3
|
|
20
|
%
|
|
$
|
39
|
|
$
|
34
|
|
$
|
5
|
|
16
|
%
|
Operating margin
|
12.4
|
%
|
11.9
|
%
|
|
|
|
12.1
|
%
|
12.1
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||
(dollars in millions)
|
March 30, 2019
|
March 31, 2018
|
$ Variance
|
% Variance
|
|
March 30, 2019
|
March 31, 2018
|
$ Variance
|
% Variance
|
||||||||||||||
Net sales
|
$
|
233
|
|
$
|
234
|
|
$
|
(1
|
)
|
—
|
%
|
|
$
|
453
|
|
$
|
450
|
|
$
|
3
|
|
1
|
%
|
Operating profit (loss)
|
$
|
30
|
|
$
|
(5
|
)
|
$
|
36
|
|
n/a
|
|
|
$
|
58
|
|
$
|
14
|
|
$
|
43
|
|
n/a
|
|
Operating margin
|
13.0
|
%
|
(2.3
|
)%
|
|
|
|
12.8
|
%
|
3.2
|
%
|
|
|
CONSOLIDATED AND SEGMENT OUTLOOK
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
2019 vs. 2018
|
|||||||||
(dollars in millions, except per share data )
|
2019 Outlook
|
|
2018
|
|
$ Variance
|
|
% Variance
|
|||||||
Net sales:
|
|
|
|
|
|
|
|
|||||||
Aircraft Controls
|
$
|
1,265
|
|
|
$
|
1,194
|
|
|
$
|
71
|
|
|
6
|
%
|
Space and Defense Controls
|
681
|
|
|
581
|
|
|
100
|
|
|
17
|
%
|
|||
Industrial Systems
|
931
|
|
|
935
|
|
|
(4
|
)
|
|
—
|
%
|
|||
|
$
|
2,877
|
|
|
$
|
2,709
|
|
|
$
|
167
|
|
|
6
|
%
|
Operating profit:
|
|
|
|
|
|
|
|
|||||||
Aircraft Controls
|
$
|
134
|
|
|
$
|
130
|
|
|
$
|
5
|
|
|
3
|
%
|
Space and Defense Controls
|
81
|
|
|
68
|
|
|
13
|
|
|
19
|
%
|
|||
Industrial Systems
|
112
|
|
|
65
|
|
|
47
|
|
|
72
|
%
|
|||
|
$
|
327
|
|
|
$
|
262
|
|
|
$
|
64
|
|
|
24
|
%
|
Operating margin:
|
|
|
|
|
|
|
|
|||||||
Aircraft Controls
|
10.6
|
%
|
|
10.9
|
%
|
|
|
|
|
|||||
Space and Defense Controls
|
11.8
|
%
|
|
11.6
|
%
|
|
|
|
|
|||||
Industrial Systems
|
12.0
|
%
|
|
6.9
|
%
|
|
|
|
|
|||||
|
11.4
|
%
|
|
9.7
|
%
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||
Net earnings
|
$
|
178
|
|
|
$
|
97
|
|
|
$
|
82
|
|
|
84
|
%
|
Diluted earnings per share
|
$4.85 - $5.25
|
|
|
$
|
2.68
|
|
|
$
|
2.37
|
|
|
88
|
%
|
|
Six Months Ended
|
||||||||||
(dollars in millions)
|
March 30,
2019 |
March 31,
2018 |
$ Variance
|
% Variance
|
|||||||
Net cash provided (used) by:
|
|
|
|
|
|||||||
Operating activities
|
$
|
109
|
|
$
|
45
|
|
$
|
64
|
|
141
|
%
|
Investing activities
|
(58
|
)
|
(90
|
)
|
32
|
|
(36
|
%)
|
|||
Financing activities
|
(67
|
)
|
(79
|
)
|
12
|
|
(16
|
%)
|
•
|
the markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;
|
•
|
we operate in highly competitive markets with competitors who may have greater resources than we possess;
|
•
|
we depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;
|
•
|
we make estimates in accounting for over time contracts, and changes in these estimates may have significant impacts on our earnings;
|
•
|
we enter into fixed-price contracts, which could subject us to losses if we have cost overruns;
|
•
|
we may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects;
|
•
|
if our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted;
|
•
|
contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting kickbacks and false claims, and any non-compliance could subject us to fines and penalties or possible debarment;
|
•
|
the loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results;
|
•
|
our new product research and development efforts may not be successful which could reduce our sales and earnings;
|
•
|
our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete;
|
•
|
our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations;
|
•
|
our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility;
|
•
|
significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements;
|
•
|
a write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth;
|
•
|
our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or if we engage in divesting activities;
|
•
|
our operations in foreign countries expose us to political and currency risks and adverse changes in local legal and regulatory environments;
|
•
|
unforeseen exposure to additional income tax liabilities may affect our operating results;
|
•
|
government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business;
|
•
|
governmental regulations and customer demands related to conflict minerals may adversely impact our operating results;
|
•
|
the failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages;
|
•
|
future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business;
|
•
|
our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs; and
|
•
|
we are involved in various legal proceedings, the outcome of which may be unfavorable to us.
|
(a)
|
Disclosure Controls and Procedures. We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures are effective as of the end of the period covered by this report, to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
|
(b)
|
Changes in Internal Control over Financial Reporting. There have been no changes during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
|
(c)
|
The following table summarizes our purchases of our common stock for the quarter ended
March 30, 2019
.
|
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) |
|||||
December 30, 2018 - January 31, 2019
|
|
63,586
|
|
|
$
|
77.02
|
|
|
18,001
|
|
|
3,290,130
|
|
February 1, 2019 - February 28, 2019
|
|
61,121
|
|
|
92.08
|
|
|
186
|
|
|
3,289,944
|
|
|
March 1, 2019 - March 30, 2019
|
|
7,487
|
|
|
90.38
|
|
|
40
|
|
|
3,289,904
|
|
|
Total
|
|
132,194
|
|
|
$
|
84.74
|
|
|
18,227
|
|
|
3,289,904
|
|
(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") at average prices as follows: 7,777 shares at $79.04 per share during January; 45,188 shares at $91.53 per share during February; and 7,447 shares at $90.41 per share during March. In connection with the issuance of shares to the Employee Stock Purchase Plan ("ESPP"), we purchased 37,069 Class B shares at $77.48 per share from the SECT.
|
(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 January, we accepted delivery of 739 shares at $83.88 per share, and in February, we accepted delivery of 15,747 shares at $93.66 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. In January, we purchased 17,858 Class A shares at an average price of $74.87 per share and 143 Class B shares at an average price of $79.86 per share, in February, we purchased 186 Class B shares at an average price of $93.04 per share, and in March, we purchased 40 Class B shares at an average price of $85.16 per share.
|
(a)
|
Exhibits
|
||
|
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.
|
||
|
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.
|
||
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
||
|
101
|
Interactive Date files (submitted electronically herewith)
|
(101.INS)
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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
|
|
|
|
|
Moog Inc.
|
|
|
|
|
|
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date:
|
April 26, 2019
|
|
By
|
/s/ John R. Scannell
|
|
|
|
|
|
John R. Scannell
|
|
|
|
|
|
Chairman of the Board and Director
Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
Date:
|
April 26, 2019
|
|
By
|
/s/ Donald R. Fishback
|
|
|
|
|
|
Donald R. Fishback
|
|
|
|
|
|
Director
Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
|
Date:
|
April 26, 2019
|
|
By
|
/s/ Michael J. Swope
|
|
|
|
|
|
Michael J. Swope
|
|
|
|
|
|
Controller (Principal Accounting Officer)
|
|
|
|
|
|
|
|
1 Year Moog Chart |
1 Month Moog Chart |
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