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v3.22.1

Segment Information | 6 Months Ended
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Apr. 02, 2022
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Segment Information | Segments Disaggregation of net sales by segment for the three and six months ended April 2, 2022 and April 3, 2021 are as follows:
|  | Three Months Ended |  | Six Months Ended
Market Type |  | April 2, 2022 |  | April 3, 2021 |  | April 2, 2022 |  | April 3, 2021
Net sales: |  |  |  |  |  |  |  |
Military |  | $ | 192,089 |  |  | $ | 201,520 |  |  | $ | 378,038 |  |  | $ | 407,218 |
Commercial |  | 119,179 |  |  | 102,841 |  |  | 236,547 |  |  | 183,917 |
Aircraft Controls |  | 311,268 |  |  | 304,361 |  |  | 614,585 |  |  | 591,135 |
Space |  | 87,074 |  |  | 87,837 |  |  | 174,657 |  |  | 165,648 |
Defense |  | 136,275 |  |  | 118,331 |  |  | 256,548 |  |  | 228,682 |
Space and Defense Controls |  | 223,349 |  |  | 206,168 |  |  | 431,205 |  |  | 394,330 |
Energy |  | 32,316 |  |  | 28,247 |  |  | 63,782 |  |  | 56,891 |
Industrial Automation |  | 110,411 |  |  | 111,206 |  |  | 212,554 |  |  | 206,437 |
Simulation and Test |  | 29,625 |  |  | 19,774 |  |  | 51,800 |  |  | 39,900 |
Medical |  | 63,818 |  |  | 66,646 |  |  | 120,947 |  |  | 131,663 |
Industrial Systems |  | 236,170 |  |  | 225,873 |  |  | 449,083 |  |  | 434,891 |
Net sales |  | $ | 770,787 |  |  | $ | 736,402 |  |  | $ | 1,494,873 |  |  | $ | 1,420,356 |
|  | Three Months Ended |  | Six Months Ended
Customer Type |  | April 2, 2022 |  | April 3, 2021 |  | April 2, 2022 |  | April 3, 2021
Net sales: |  |  |  |  |  |  |  |
Commercial |  | $ | 119,179 |  |  | $ | 102,841 |  |  | $ | 236,547 |  |  | $ | 183,917 |
U.S. Government (including OEM) |  | 138,026 |  |  | 151,479 |  |  | 281,905 |  |  | 308,156 |
Other |  | 54,063 |  |  | 50,041 |  |  | 96,133 |  |  | 99,062 |
Aircraft Controls |  | 311,268 |  |  | 304,361 |  |  | 614,585 |  |  | 591,135 |
Commercial |  | 28,554 |  |  | 37,019 |  |  | 52,877 |  |  | 68,153 |
U.S. Government (including OEM) |  | 180,109 |  |  | 157,955 |  |  | 350,124 |  |  | 296,127 |
Other |  | 14,686 |  |  | 11,194 |  |  | 28,204 |  |  | 30,050 |
Space and Defense Controls |  | 223,349 |  |  | 206,168 |  |  | 431,205 |  |  | 394,330 |
Commercial |  | 235,165 |  |  | 218,052 |  |  | 442,400 |  |  | 420,005 |
U.S. Government (including OEM) |  | 153 |  |  | 4,428 |  |  | 3,939 |  |  | 10,749 |
Other |  | 852 |  |  | 3,393 |  |  | 2,744 |  |  | 4,137 |
Industrial Systems |  | 236,170 |  |  | 225,873 |  |  | 449,083 |  |  | 434,891 |
Commercial |  | 382,898 |  |  | 357,912 |  |  | 731,824 |  |  | 672,075 |
U.S. Government (including OEM) |  | 318,288 |  |  | 313,862 |  |  | 635,968 |  |  | 615,032 |
Other |  | 69,601 |  |  | 64,628 |  |  | 127,081 |  |  | 133,249 |
Net sales |  | $ | 770,787 |  |  | $ | 736,402 |  |  | $ | 1,494,873 |  |  | $ | 1,420,356 |
|  | Three Months Ended |  | Six Months Ended
Revenue Recognition Method |  | April 2, 2022 |  | April 3, 2021 |  | April 2, 2022 |  | April 3, 2021
Net sales: |  |  |  |  |  |  |  |
Over-time |  | $ | 239,720 |  |  | $ | 241,935 |  |  | $ | 486,369 |  |  | $ | 472,055 |
Point in time |  | 71,548 |  |  | 62,426 |  |  | 128,216 |  |  | 119,080 |
Aircraft Controls |  | 311,268 |  |  | 304,361 |  |  | 614,585 |  |  | 591,135 |
Over-time |  | 207,309 |  |  | 189,434 |  |  | 399,755 |  |  | 363,745 |
Point in time |  | 16,040 |  |  | 16,734 |  |  | 31,450 |  |  | 30,585 |
Space and Defense Controls |  | 223,349 |  |  | 206,168 |  |  | 431,205 |  |  | 394,330 |
Over-time |  | 40,287 |  |  | 29,367 |  |  | 69,312 |  |  | 57,101 |
Point in time |  | 195,883 |  |  | 196,506 |  |  | 379,771 |  |  | 377,790 |
Industrial Systems |  | 236,170 |  |  | 225,873 |  |  | 449,083 |  |  | 434,891 |
Over-time |  | 487,316 |  |  | 460,736 |  |  | 955,436 |  |  | 892,901 |
Point in time |  | 283,471 |  |  | 275,666 |  |  | 539,437 |  |  | 527,455 |
Net sales |  | $ | 770,787 |  |  | $ | 736,402 |  |  | $ | 1,494,873 |  |  | $ | 1,420,356 |
Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, manpower or profit. Operating profit by segment for the three and six months ended April 2, 2022 and April 3, 2021 and a reconciliation of segment operating profit to earnings before income taxes are as follows:
|  | Three Months Ended |  | Six Months Ended
|  | April 2, 2022 |  | April 3, 2021 |  | April 2, 2022 |  | April 3, 2021
Operating profit: |  |  |  |  |  |  |  |
Aircraft Controls |  | $ | 12,441 |  |  | $ | 22,018 |  |  | $ | 54,356 |  |  | $ | 49,940 |
Space and Defense Controls |  | 24,075 |  |  | 26,652 |  |  | 45,374 |  |  | 49,698 |
Industrial Systems |  | 20,723 |  |  | 23,813 |  |  | 37,914 |  |  | 43,711 |
Total operating profit |  | 57,239 |  |  | 72,483 |  |  | 137,644 |  |  | 143,349 |
Deductions from operating profit: |  |  |  |  |  |  |  |
Interest expense |  | 8,263 |  |  | 8,629 |  |  | 16,245 |  |  | 17,049 |
Equity-based compensation expense |  | 1,920 |  |  | 2,127 |  |  | 4,578 |  |  | 4,629 |
Non-service pension expense (income) |  | 1,472 |  |  | (4,901) |  |  | 2,957 |  |  | (3,981) |
Corporate and other expenses, net |  | 6,871 |  |  | 4,500 |  |  | 13,728 |  |  | 13,153 |
Earnings before income taxes |  | $ | 38,713 |  |  | $ | 62,128 |  |  | $ | 100,136 |  |  | $ | 112,499 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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