XML 33 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Information
9 Months Ended
Jul. 02, 2016
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segment Information
Segment Information
During 2015, we made a change to our segment reporting. Our Components segment now includes our sensors and handpieces product line, which we previously included in the Medical Devices segment. This product line consists of manufactured ultrasonic and optical sensors as well as surgical handpieces distributed to medical OEMs. Since the customer base is different from the sale of medical pumps directly to end users, the chief operating decision maker is now reviewing performance and assessing the allocation of resources of this product line as part of the Components segment. All historical amounts have been restated to conform to this new organization.
Below are sales and operating profit by segment for the three and nine months ended July 2, 2016 and July 4, 2015 and a reconciliation of segment operating profit to earnings before income taxes. Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, number of employees or profit.
 
 
Three Months Ended
 
Nine Months Ended
 
 
July 2,
2016
 
July 4,
2015
 
July 2,
2016
 
July 4,
2015
Net sales:
 
 
 
 
 
 
 
 
Aircraft Controls
 
$
274,175

 
$
270,339

 
$
804,779

 
$
811,103

Space and Defense Controls
 
90,764

 
95,266

 
262,579

 
288,477

Industrial Systems
 
130,103

 
130,581

 
383,526

 
393,092

Components
 
92,285

 
112,630

 
265,673

 
335,396

Medical Devices
 
25,933

 
25,723

 
76,302

 
74,240

Net sales
 
$
613,260

 
$
634,539

 
$
1,792,859

 
$
1,902,308

Operating profit:
 
 
 
 
 
 
 
 
Aircraft Controls
 
$
30,532

 
$
28,401

 
$
67,705

 
$
75,195

Space and Defense Controls
 
13,747

 
6,149

 
38,920

 
19,784

Industrial Systems
 
11,534

 
13,068

 
38,437

 
38,972

Components
 
10,754

 
14,966

 
23,839

 
47,828

Medical Devices
 
2,182

 
3,506

 
8,015

 
6,558

Total operating profit
 
68,749

 
66,090

 
176,916

 
188,337

Deductions from operating profit:
 
 
 
 
 
 
 
 
Interest expense
 
8,662

 
7,916

 
25,919

 
20,953

Equity-based compensation expense
 
875

 
603

 
2,794

 
4,569

Corporate and other expenses, net
 
7,650

 
6,847

 
20,369

 
21,255

Earnings before income taxes
 
$
51,562

 
$
50,724

 
$
127,834

 
$
141,560