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v3.23.3

Segments (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Segment Information And Reconciliations To Consolidated Amounts | Disaggregation of net sales by segment are as follows:
Market Type |  | 2023 |  | 2022 |  | 2021
Net sales: |  |  |  |  |  |
Military |  | $ | 700,080 |  |  | $ | 745,376 |  |  | $ | 781,921 |
Commercial |  | 689,067 |  |  | 511,085 |  |  | 379,317 |
Aircraft Controls |  | 1,389,147 |  |  | 1,256,461 |  |  | 1,161,238 |
Space |  | 407,153 |  |  | 337,773 |  |  | 332,946 |
Defense |  | 540,098 |  |  | 534,570 |  |  | 466,289 |
Space and Defense Controls |  | 947,251 |  |  | 872,343 |  |  | 799,235 |
Energy |  | 123,864 |  |  | 125,574 |  |  | 120,173 |
Industrial Automation |  | 485,502 |  |  | 435,074 |  |  | 427,076 |
Simulation and Test |  | 124,980 |  |  | 99,815 |  |  | 89,459 |
Medical |  | 248,378 |  |  | 246,516 |  |  | 254,812 |
Industrial Systems |  | 982,724 |  |  | 906,979 |  |  | 891,520 |
Net sales |  | $ | 3,319,122 |  |  | $ | 3,035,783 |  |  | $ | 2,851,993 |
Customer Type |  | 2023 |  | 2022 |  | 2021
Net sales: |  |  |  |  |  |
Commercial |  | $ | 689,067 |  |  | $ | 511,085 |  |  | $ | 379,317 |
U.S. Government (including OEM) |  | 518,033 |  |  | 566,855 |  |  | 617,034 |
Other |  | 182,047 |  |  | 178,521 |  |  | 164,887 |
Aircraft Controls |  | 1,389,147 |  |  | 1,256,461 |  |  | 1,161,238 |
Commercial |  | 112,777 |  |  | 111,569 |  |  | 126,751 |
U.S. Government (including OEM) |  | 778,229 |  |  | 704,675 |  |  | 614,984 |
Other |  | 56,245 |  |  | 56,099 |  |  | 57,500 |
Space and Defense Controls |  | 947,251 |  |  | 872,343 |  |  | 799,235 |
Commercial |  | 965,867 |  |  | 891,238 |  |  | 865,269 |
U.S. Government (including OEM) |  | 5,204 |  |  | 7,565 |  |  | 18,510 |
Other |  | 11,653 |  |  | 8,176 |  |  | 7,741 |
Industrial Systems |  | 982,724 |  |  | 906,979 |  |  | 891,520 |
Commercial |  | 1,767,711 |  |  | 1,513,892 |  |  | 1,371,337 |
U.S. Government (including OEM) |  | 1,301,466 |  |  | 1,279,095 |  |  | 1,250,528 |
Other |  | 249,945 |  |  | 242,796 |  |  | 230,128 |
Net sales |  | $ | 3,319,122 |  |  | $ | 3,035,783 |  |  | $ | 2,851,993 |
Revenue Recognition Method |  | 2023 |  | 2022 |  | 2021
Net sales: |  |  |  |  |  |
Over-time |  | $ | 1,098,608 |  |  | $ | 1,003,432 |  |  | $ | 939,251 |
Point in time |  | 290,539 |  |  | 253,029 |  |  | 221,987 |
Aircraft Controls |  | 1,389,147 |  |  | 1,256,461 |  |  | 1,161,238 |
Over-time |  | 883,727 |  |  | 806,994 |  |  | 746,613 |
Point in time |  | 63,524 |  |  | 65,349 |  |  | 52,622 |
Space and Defense Controls |  | 947,251 |  |  | 872,343 |  |  | 799,235 |
Over-time |  | 137,338 |  |  | 121,405 |  |  | 122,066 |
Point in time |  | 845,386 |  |  | 785,574 |  |  | 769,454 |
Industrial Systems |  | 982,724 |  |  | 906,979 |  |  | 891,520 |
Over-time |  | 2,119,673 |  |  | 1,931,831 |  |  | 1,807,930 |
Point in time |  | 1,199,449 |  |  | 1,103,952 |  |  | 1,044,063 |
Net sales |  | $ | 3,319,122 |  |  | $ | 3,035,783 |  |  | $ | 2,851,993 |
Sales to Boeing were $349,961, $339,119 and $345,907, or 11%, 11% and 12% of sales, in 2023, 2022 and 2021, respectively, including sales to Boeing Commercial Airplanes of $166,748, $139,615 and $118,549 in 2023, 2022 and 2021, respectively. Sales to Lockheed Martin were $294,017, $260,902 and $330,778, or 9%, 9% and 12% in 2023, 2022 and 2021, respectively. Sales arising from U.S. Government prime or sub-contracts, including military sales to Boeing and Lockheed Martin are made primarily from our Aircraft Controls and Space and Defense Controls segments and are included in the Customer Type table above. Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, manpower or profit. Operating profit by segment and reconciliations to consolidated amounts are as follows:
|  | 2023 |  | 2022 |  | 2021
Operating profit: |  |  |  |  |  |
Aircraft Controls |  | $ | 144,803 |  |  | $ | 123,620 |  |  | $ | 96,678 |
Space and Defense Controls |  | 95,949 |  |  | 86,844 |  |  | 88,333 |
Industrial Systems |  | 102,165 |  |  | 72,384 |  |  | 85,948 |
Total operating profit |  | 342,917 |  |  | 282,848 |  |  | 270,959 |
Deductions from operating profit: |  |  |  |  |  |
Interest expense |  | 63,578 |  |  | 36,757 |  |  | 33,892 |
Equity-based compensation expense |  | 10,582 |  |  | 8,882 |  |  | 7,461 |
Pension settlement |  | 12,542 |  |  | — |  |  | — |
Non-service pension expense |  | 12,324 |  |  | 6,072 |  |  | (2,194) |
Corporate and other expenses, net |  | 27,839 |  |  | 28,158 |  |  | 28,026 |
Earnings before income taxes |  | $ | 216,052 |  |  | $ | 202,979 |  |  | $ | 203,774 |
Depreciation and amortization: |  |  |  |  |  |
Aircraft Controls |  | $ | 43,636 |  |  | $ | 42,337 |  |  | $ | 41,580 |
Space and Defense Controls |  | 20,227 |  |  | 19,399 |  |  | 18,655 |
Industrial Systems |  | 26,157 |  |  | 26,515 |  |  | 29,731 |
Corporate |  | 213 |  |  | 138 |  |  | 193 |
Total depreciation and amortization |  | $ | 90,233 |  |  | $ | 88,389 |  |  | $ | 90,159 |
Identifiable assets: |  |  |  |  |  |
Aircraft Controls |  | $ | 1,683,401 |  |  | $ | 1,469,968 |  |  | $ | 1,471,338 |
Space and Defense Controls |  | 1,012,616 |  |  | 873,341 |  |  | 839,783 |
Industrial Systems |  | 1,088,753 |  |  | 1,046,754 |  |  | 1,078,025 |
Corporate |  | 23,266 |  |  | 41,778 |  |  | 44,023 |
Total assets |  | $ | 3,808,036 |  |  | $ | 3,431,841 |  |  | $ | 3,433,169 |
Capital expenditures: |  |  |  |  |  |
Aircraft Controls |  | $ | 77,046 |  |  | $ | 70,526 |  |  | $ | 63,514 |
Space and Defense Controls |  | 65,130 |  |  | 44,255 |  |  | 39,863 |
Industrial Systems |  | 30,949 |  |  | 24,620 |  |  | 25,338 |
Corporate |  | 161 |  |  | 30 |  |  | 19 |
Total capital expenditures |  | $ | 173,286 |  |  | $ | 139,431 |  |  | $ | 128,734 |
Sales, Based On The Customer's Location, And Property, Plant And Equipment By Geographic Area | Sales, based on the customer’s location, and property, plant and equipment by geographic area are as follows:
|  | 2023 |  | 2022 |  | 2021
Net sales: |  |  |  |  |  |
United States |  | $ | 2,152,967 |  |  | $ | 2,041,952 |  |  | $ | 1,935,626 |
Germany |  | 203,666 |  |  | 164,388 |  |  | 148,739 |
Other |  | 962,489 |  |  | 829,443 |  |  | 767,628 |
Net sales |  | $ | 3,319,122 |  |  | $ | 3,035,783 |  |  | $ | 2,851,993 |
Property, plant and equipment, net: |  |  |  |  |  |
United States |  | $ | 537,908 |  |  | $ | 466,427 |  |  | $ | 438,851 |
United Kingdom |  | 125,471 |  |  | 61,950 |  |  | 62,662 |
Philippines |  | 33,559 |  |  | 32,905 |  |  | 35,851 |
Other |  | 117,758 |  |  | 107,626 |  |  | 108,414 |
Property, plant and equipment, net |  | $ | 814,696 |  |  | $ | 668,908 |  |  | $ | 645,778 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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