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Segments
 12 Months Ended
Sep. 30, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Segments Segments
Aircraft Controls. We design, manufacture and integrate primary and secondary flight controls and avionics for military and commercial aircraft and provide aftermarket support. Our systems are used on both development and production programs in large commercial transports, supersonic fighters, multi-role military aircraft, business jets and rotorcraft. Typically development programs require concentrated periods of research and development by our engineering teams, while production programs are generally long-term manufacturing efforts that extend for as long as the aircraft builder receives new orders.
Our military production programs include the F-35 Joint Strike Fighter, the V-22 Osprey tiltrotor and the Black Hawk UH-60/Seahawk SH-60 helicopter, while our large commercial production programs include the full line of Boeing 787 and 737-MAX, the Airbus A320, A330 and A350XWB programs, the Embraer E195-E2 and a variety of business jets.
We are currently working on the development of the Textron Bell V-280 Valor, the MQ-25 aerial refueling drone and other classified funded development military programs.
Aftermarket sales, which represented 30%, 30% and 27% of 2023, 2022 and 2021 sales, respectively, for this segment consist of the maintenance, repair, overhaul and parts supply for both military and commercial aircraft. Further, we sell spare parts and line replaceable units to both military and commercial customers that they store throughout the world in order to minimize down time.
Space and Defense Controls. We provide solutions for a wide array of space and defense applications including space vehicles, launch vehicles, military vehicles, air defense platforms, naval vessels, as well as tactical, hypersonic, and strategic missiles.
We design, manufacture, and integrate steering and propulsion controls for space launch vehicles, hypersonic missiles, and Missile Defense Agency (MDA) vehicles. Launch programs of note include NASA's new Space Launch System for the Artemis program, as well as legacy launch vehicles Atlas and Vulcan. We have also developed modular space vehicle products, which have their own avionics, power, propulsion, and communications systems and are configurable for short durations up through multiyear missions in a wide range of orbits and transfer capabilities. Our spacecraft avionics are used for a variety of purposes and missions, including a complete flight control computer, payload data processing, and processing of discrete elements onboard a spacecraft. Mission specific actuation mechanisms control solar array panels, antenna and thrusters. We also provide discrete isolation systems for the entire spacecraft during launch and for vibration sensitive systems during spacecraft operation. Our propulsion and fluid control solutions accelerate the spacecraft for orbit-insertion, station keeping, and attitude control. Our fluid control systems are also used in Environmental Control and Life Support System (ECLSS) for crewed missions, such as the Orion Multi-Purpose Crew Vehicle that is part of NASA’s Artemis program and the Habitation and Logistics Outpost (HALO), both of which will support humans working on the moon.
We produce an innovative turreted weapon system, the Reconfigurable Integrated-weapons Platform (RIwP®), for several military vehicle programs. In addition, we design controls for gun aiming, stabilization and automatic ammunition loading. Our coordinated multi-axis control systems support military vehicles, radars and launchers. We also manufacture controls for steering tactical and strategic missiles including Lockheed Martin's HELLFIRE® and PAC-3 interceptor, the U.S. National Missile Defense Agency's (MDA) Layered Missile Defense initiatives, multiple hypersonic missiles, as well as Raytheon's TOW missiles. Further, we design, build, and integrate weapons Stores Management Systems (SMS) for light attack aerial reconnaissance, ground, and sea platforms. We also produce high-power, quiet controls designed and built for many naval vessels including surface ships, Unmanned Undersea Vehicles (UUVs) and submarines such as the Ohio and Columbia classes.

Also, we design and manufacture various component products that serve both the space and defense segments by providing mission critical power, data and motion control capabilities. Slip rings allow unimpeded rotation while delivering power and data through a rotating interface. Our motion control products include high-performance motors, position feedback devices and actuators. The military electronics include a range of transceiver and Ethernet-based devices. These capabilities can be vertically integrated to support a broad range of applications which include military vehicles, aircraft, missiles, radar, and satellites.
Industrial Systems. We provide customized machine performance components and systems utilizing electrohydraulic, electromechanical and control technologies in applications involving motion control, fluid control and power and data management across a variety of markets.
In the industrial automation market, we design, manufacture and integrate components and systems for applications in injection and blow molding machinery, metal forming presses and heavy industry for steel and aluminum production. Our components and systems allow for precise controls of critical parameters in the industrial manufacturing processes, using both hydraulic and electric technologies. Our components product categories include hydraulics, slip rings, rotary unions and fiber optic rotary joints, motors and infusion and enteral pumps and associated sets across similar markets. We have also developed control components and systems for construction vehicles to run as zero-emission, autonomous machines with improved performance and safety capabilities.
In the simulation and test market, we supply electromechanical motion simulation bases for the flight simulation and training applications. We also supply custom test systems and controls for automotive, structural and fatigue testing.
In the energy market, we supply solutions for power generation applications which allow for precise control and greater safety of fuel metering and guide vane positioning on steam and gas turbines. We also design and manufacture high reliability systems and components for applications in oil and gas exploration and production, including downhole drilling, topside and subsea environments.
In the medical market, we supply components and systems for diagnostic imaging CT scan medical equipment, sleep apnea equipment, oxygen concentrators, infusion therapy and enteral clinical nutrition. We also manufacture medical devices including infusion therapy pumps and associated administration sets and enteral clinical nutrition pumps along with disposable sets. Medical device customers use our enteral feeding products in the delivery of enteral nutrition for patients in their own homes, hospitals and long-term care facilities.
Disaggregation of net sales by segment are as follows:
Market Type202320222021
Net sales:
Military$700,080 $745,376 $781,921 
Commercial689,067 511,085 379,317 
Aircraft Controls1,389,147 1,256,461 1,161,238 
Space407,153 337,773 332,946 
Defense540,098 534,570 466,289 
Space and Defense Controls947,251 872,343 799,235 
Energy123,864 125,574 120,173 
Industrial Automation485,502 435,074 427,076 
Simulation and Test124,980 99,815 89,459 
Medical248,378 246,516 254,812 
Industrial Systems982,724 906,979 891,520 
Net sales$3,319,122 $3,035,783 $2,851,993 
Customer Type202320222021
Net sales:
Commercial$689,067 $511,085 $379,317 
U.S. Government (including OEM)518,033 566,855 617,034 
Other182,047 178,521 164,887 
Aircraft Controls1,389,147 1,256,461 1,161,238 
Commercial112,777 111,569 126,751 
U.S. Government (including OEM)778,229 704,675 614,984 
Other56,245 56,099 57,500 
Space and Defense Controls947,251 872,343 799,235 
Commercial965,867 891,238 865,269 
U.S. Government (including OEM)5,204 7,565 18,510 
Other11,653 8,176 7,741 
Industrial Systems982,724 906,979 891,520 
Commercial1,767,711 1,513,892 1,371,337 
U.S. Government (including OEM)1,301,466 1,279,095 1,250,528 
Other249,945 242,796 230,128 
Net sales$3,319,122 $3,035,783 $2,851,993 

Revenue Recognition Method202320222021
Net sales:
Over-time$1,098,608 $1,003,432 $939,251 
Point in time290,539 253,029 221,987 
Aircraft Controls1,389,147 1,256,461 1,161,238 
Over-time883,727 806,994 746,613 
Point in time63,524 65,349 52,622 
Space and Defense Controls947,251 872,343 799,235 
Over-time137,338 121,405 122,066 
Point in time845,386 785,574 769,454 
Industrial Systems982,724 906,979 891,520 
Over-time2,119,673 1,931,831 1,807,930 
Point in time1,199,449 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:
202320222021
Operating profit:
Aircraft Controls$144,803 $123,620 $96,678 
Space and Defense Controls95,949 86,844 88,333 
Industrial Systems102,165 72,384 85,948 
Total operating profit342,917 282,848 270,959 
Deductions from operating profit:
Interest expense63,578 36,757 33,892 
Equity-based compensation expense10,582 8,882 7,461 
Pension settlement12,542 — — 
Non-service pension expense12,324 6,072 (2,194)
Corporate and other expenses, net27,839 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 Controls20,227 19,399 18,655 
Industrial Systems26,157 26,515 29,731 
Corporate213 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 Controls1,012,616 873,341 839,783 
Industrial Systems1,088,753 1,046,754 1,078,025 
Corporate23,266 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 Controls65,130 44,255 39,863 
Industrial Systems30,949 24,620 25,338 
Corporate161 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 are as follows:
202320222021
Net sales:
United States$2,152,967 $2,041,952 $1,935,626 
Germany203,666 164,388 148,739 
Other962,489 829,443 767,628 
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 Kingdom125,471 61,950 62,662 
Philippines33,559 32,905 35,851 
Other117,758 107,626 108,414 
Property, plant and equipment, net$814,696 $668,908 $645,778