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Goodwill And Intangible Assets | 12 Months Ended
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Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill And Intangible Assets | Goodwill and Intangible Assets Effective October 1, 2023, we made a change to our reporting structure to separate our former Aircraft Controls operating segment into two operating segments, Military Aircraft and Commercial Aircraft, which also represent reporting units for purposes of assessing goodwill. We performed an impairment test consistent with the rules set forth under ASC 350, “Intangibles—Goodwill and Other,” by performing a quantitative analysis on the former reporting unit. Following this test, we reassigned the goodwill from the former Aircraft Controls reporting unit to its new reporting units using a relative fair value allocation approach. We then performed quantitative goodwill impairment tests on each of the new reporting units. Quantitative testing requires a comparison of the fair value of a reporting unit to its carrying value. We principally use the discounted cash flow method to estimate the fair value of a reporting unit. The discounted cash flow method incorporates various assumptions, the most significant being projected cash flows (inclusive of projected revenue growth rates and operating margins), the terminal growth rate and the discount rate. Management projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments and operational strategies typically over a five-year period. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss must be measured. The results of our quantitative assessments showed the fair value of the two new reporting units, Military Aircraft and Commercial Aircraft, exceeded their carrying value; and therefore, goodwill was not impaired. The changes in the carrying amount of goodwill are as follows:
| Space and Defense | Military Aircraft | Commercial Aircraft | Industrial | Total
Balance at October 2, 2021 | $ | 261,767 |  | $ | 118,167 |  | $ | 92,612 |  | $ | 379,059 |  | $ | 851,605 |
Acquisition | — |  | 5,344 |  | — |  | — |  | 5,344 |
Divestitures | (2,205) |  | (6,961) |  | — |  | (4,137) |  | (13,303) |
Foreign currency translation | (155) |  | (9,643) |  | — |  | (28,528) |  | (38,326) |
Balance at October 1, 2022 | 259,407 |  | 106,907 |  | 92,612 |  | 346,394 |  | 805,320 |
Adjustments to prior year acquisitions | — |  | 122 |  | — |  | — |  | 122 |
Foreign currency translation | 68 |  | 4,247 |  | — |  | 11,544 |  | 15,859 |
Balance at September 30, 2023 | 259,475 |  | 111,276 |  | 92,612 |  | 357,938 |  | 821,301 |
Acquisition | — |  | 2,760 |  | — |  | — |  | 2,760 |
Held for sale | — |  | — |  | — |  | (3,719) |  | (3,719) |
Foreign currency translation | 76 |  | 4,906 |  | — |  | 8,440 |  | 13,422 |
Balance at September 28, 2024 | $ | 259,551 |  | $ | 118,942 |  | $ | 92,612 |  | $ | 362,659 |  | $ | 833,764 |
Goodwill in our Space and Defense segment is net of a $4,800 accumulated impairment loss at September 28, 2024 and September 30, 2023. Goodwill in our Medical Devices reporting unit, included in our Industrial segment, is net of a $38,200 accumulated impairment loss at September 28, 2024 and September 30, 2023. The components of intangible assets are as follows:
|  | September 28, 2024 | September 30, 2023
| Weighted- Average Life (years) | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization
Customer-related | 11 | $ | 130,092 |  | $ | (96,307) |  | $ | 133,269 |  | $ | (93,648) |
Technology-related | 9 | 68,275 |  | (56,236) |  | 69,242 |  | (56,106) |
Program-related | 23 | 39,865 |  | (24,887) |  | 37,465 |  | (21,672) |
Marketing-related | 8 | 22,141 |  | (19,486) |  | 21,890 |  | (18,995) |
Other | 3 | 1,407 |  | (1,385) |  | 1,773 |  | (1,581) |
Intangible assets | 12 | $ | 261,780 |  | $ | (198,301) |  | $ | 263,639 |  | $ | (192,002) |
All acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Technology-related intangible assets primarily consist of technology, patents and intellectual property. Program-related intangible assets consist of long-term programs represented by current contracts and probable follow on work. Marketing-related intangible assets primarily consist of trademarks and trade names. In 2024, we recorded charges of $2,345 related to restructuring actions in conjunction with exiting product lines within our Industrial and Military Aircraft segments, respectively, both of which included the write off of intangible assets. We have recorded these charges based on the expected cash flows over the remaining life of the assets and are included in Restructuring in the Consolidated Statements of Earnings. In 202 3, we recorded $4,409 in impairment charges on long-lived assets in our Industrial and Commercial Aircraft segments. These charges relate to a decline in value with the associated business and the retirement of a trade name intangible and are included as asset impairment in the Consolidated Statements of Earnings. In 2022, we recorded $2,125 in impairment charges on long-lived assets in our Industrial segment. These charges relate to intangibles assets associated with a product line we are no longer pursuing and are included as asset impairment in the Consolidated Statements of Earnings. Amortization of acquired intangible assets is as follows:
| 2024 | 2023 | 2022
Acquired intangible asset amortization | $ | 10,131 |  | $ | 11,514 |  | $ | 13,106 |
Based on acquired intangible assets recorded at September 28, 2024, amortization is estimated to be approximately:
| 2025 | 2026 | 2027 | 2028 | 2029
Estimated future amortization of acquired intangible assets | $ | 9,600 |  | $ | 9,500 |  | $ | 8,200 |  | $ | 7,400 |  | $ | 5,500 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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