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Segment Information (Tables) | 6 Months Ended
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Mar. 30, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Sales And Operating Profit By Segment And Reconciliation Of Segment Operating Profit To Earnings Before Income Taxes | Disaggregation of net sales by segment for the three and six months ended March 30, 2024 and April 1, 2023 are as follows:
|  | Three Months Ended |  | Six Months Ended
Market Type |  | March 30, 2024 |  | April 1, 2023 |  | March 30, 2024 |  | April 1, 2023
Net sales: |  |  |  |  |  |  |  |
Space |  | $ | 113,697 |  |  | $ | 111,873 |  |  | $ | 213,307 |  |  | $ | 207,758 |
Defense |  | 153,090 |  |  | 133,980 |  |  | 283,608 |  |  | 255,880 |
Space and Defense |  | 266,787 |  |  | 245,853 |  |  | 496,915 |  |  | 463,638 |
Original Equipment Manufacturers |  | 153,611 |  |  | 138,701 |  |  | 294,982 |  |  | 271,469 |
Aftermarket |  | 48,889 |  |  | 44,052 |  |  | 93,762 |  |  | 89,084 |
Military Aircraft |  | 202,500 |  |  | 182,753 |  |  | 388,744 |  |  | 360,553 |
Original Equipment Manufacturers |  | 140,281 |  |  | 110,986 |  |  | 269,983 |  |  | 191,661 |
Aftermarket |  | 67,313 |  |  | 53,265 |  |  | 131,833 |  |  | 105,049 |
Commercial Aircraft |  | 207,594 |  |  | 164,251 |  |  | 401,816 |  |  | 296,710 |
Energy |  | 34,504 |  |  | 28,980 |  |  | 67,274 |  |  | 60,550 |
Industrial Automation |  | 115,959 |  |  | 125,538 |  |  | 232,374 |  |  | 236,656 |
Simulation and Test |  | 38,053 |  |  | 24,765 |  |  | 75,558 |  |  | 53,090 |
Medical |  | 64,906 |  |  | 64,652 |  |  | 124,472 |  |  | 125,698 |
Industrial |  | 253,422 |  |  | 243,935 |  |  | 499,678 |  |  | 475,994 |
Net sales |  | $ | 930,303 |  |  | $ | 836,792 |  |  | $ | 1,787,153 |  |  | $ | 1,596,895 |
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, headcount or profit. Operating profit by segment for the three and six months ended March 30, 2024 and April 1, 2023 and a reconciliation of segment operating profit to earnings before income taxes are as follows:
|  | Three Months Ended |  | Six Months Ended
|  | March 30, 2024 |  | April 1, 2023 |  | March 30, 2024 |  | April 1, 2023
Operating profit: |  |  |  |  |  |  |  |
Space and Defense |  | $ | 42,243 |  |  | $ | 27,507 |  |  | $ | 67,540 |  |  | $ | 47,801 |
Military Aircraft |  | 16,769 |  |  | 16,181 |  |  | 36,358 |  |  | 31,382 |
Commercial Aircraft |  | 24,845 |  |  | 15,681 |  |  | 45,471 |  |  | 30,198 |
Industrial |  | 28,155 |  |  | 24,397 |  |  | 57,179 |  |  | 61,148 |
Total operating profit |  | 112,012 |  |  | 83,766 |  |  | 206,548 |  |  | 170,529 |
Deductions from operating profit: |  |  |  |  |  |  |  |
Interest expense |  | 18,003 |  |  | 14,963 |  |  | 34,697 |  |  | 28,095 |
Equity-based compensation expense |  | 3,047 |  |  | 2,791 |  |  | 7,212 |  |  | 5,765 |
Non-service pension expense |  | 3,191 |  |  | 3,115 |  |  | 6,378 |  |  | 6,214 |
Corporate and other expenses, net |  | 9,022 |  |  | 6,593 |  |  | 16,901 |  |  | 13,850 |
Earnings before income taxes |  | $ | 78,749 |  |  | $ | 56,304 |  |  | $ | 141,360 |  |  | $ | 116,605 |
Sales by Major Customer Type |
|  | Three Months Ended |  | Six Months Ended
Customer Type |  | March 30, 2024 |  | April 1, 2023 |  | March 30, 2024 |  | April 1, 2023
Net sales: |  |  |  |  |  |  |  |
Commercial |  | $ | 45,033 |  |  | $ | 29,216 |  |  | $ | 79,337 |  |  | $ | 53,789 |
U.S. Government (including OEM) |  | 198,223 |  |  | 202,579 |  |  | 374,625 |  |  | 382,017 |
Other |  | 23,531 |  |  | 14,058 |  |  | 42,953 |  |  | 27,832 |
Space and Defense |  | 266,787 |  |  | 245,853 |  |  | 496,915 |  |  | 463,638 |
U.S. Government (including OEM) |  | 140,446 |  |  | 134,062 |  |  | 275,611 |  |  | 263,844 |
Other |  | 62,054 |  |  | 48,691 |  |  | 113,133 |  |  | 96,709 |
Military Aircraft (1) |  | 202,500 |  |  | 182,753 |  |  | 388,744 |  |  | 360,553 |
Commercial |  | 200,553 |  |  | 164,251 |  |  | 385,228 |  |  | 293,257 |
Other |  | 7,041 |  |  | — |  |  | 16,588 |  |  | 3,453 |
Commercial Aircraft (1) |  | 207,594 |  |  | 164,251 |  |  | 401,816 |  |  | 296,710 |
Commercial |  | 249,808 |  |  | 240,190 |  |  | 492,194 |  |  | 466,029 |
U.S. Government (including OEM) |  | 2,084 |  |  | 838 |  |  | 4,924 |  |  | 2,118 |
Other |  | 1,530 |  |  | 2,907 |  |  | 2,560 |  |  | 7,847 |
Industrial |  | 253,422 |  |  | 243,935 |  |  | 499,678 |  |  | 475,994 |
Commercial |  | 495,394 |  |  | 433,657 |  |  | 956,759 |  |  | 813,075 |
U.S. Government (including OEM) |  | 340,753 |  |  | 337,479 |  |  | 655,160 |  |  | 647,979 |
Other |  | 94,156 |  |  | 65,656 |  |  | 175,234 |  |  | 135,841 |
Net sales |  | $ | 930,303 |  |  | $ | 836,792 |  |  | $ | 1,787,153 |  |  | $ | 1,596,895 |
(1) Prior period amounts have been recast to conform with the current presentation of certain customers between Commercial and Other as a result of the separation of our former Aircraft Controls segment into Military Aircraft and Commercial Aircraft.
Revenue Recognition Method |
|  | Three Months Ended |  | Six Months Ended
Revenue Recognition Method |  | March 30, 2024 |  | April 1, 2023 |  | March 30, 2024 |  | April 1, 2023
Net sales: |  |  |  |  |  |  |  |
Over-time |  | $ | 242,631 |  |  | $ | 229,073 |  |  | $ | 452,826 |  |  | $ | 431,163 |
Point in time |  | 24,156 |  |  | 16,780 |  |  | 44,089 |  |  | 32,475 |
Space and Defense |  | 266,787 |  |  | 245,853 |  |  | 496,915 |  |  | 463,638 |
Over-time |  | 161,959 |  |  | 149,795 |  |  | 313,915 |  |  | 293,085 |
Point in time |  | 40,541 |  |  | 32,958 |  |  | 74,829 |  |  | 67,468 |
Military Aircraft |  | 202,500 |  |  | 182,753 |  |  | 388,744 |  |  | 360,553 |
Over-time |  | 157,107 |  |  | 126,680 |  |  | 300,010 |  |  | 230,246 |
Point in time |  | 50,487 |  |  | 37,571 |  |  | 101,806 |  |  | 66,464 |
Commercial Aircraft |  | 207,594 |  |  | 164,251 |  |  | 401,816 |  |  | 296,710 |
Over-time |  | 34,761 |  |  | 27,862 |  |  | 66,511 |  |  | 60,918 |
Point in time |  | 218,661 |  |  | 216,073 |  |  | 433,167 |  |  | 415,076 |
Industrial |  | 253,422 |  |  | 243,935 |  |  | 499,678 |  |  | 475,994 |
Over-time |  | 596,458 |  |  | 533,410 |  |  | 1,133,262 |  |  | 1,015,412 |
Point in time |  | 333,845 |  |  | 303,382 |  |  | 653,891 |  |  | 581,483 |
Net sales |  | $ | 930,303 |  |  | $ | 836,792 |  |  | $ | 1,787,153 |  |  | $ | 1,596,895 |

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