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v3.24.2.u1

Segment Information | 9 Months Ended
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Jun. 29, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Segment Information | Segments Disaggregation of net sales by segment for the three and nine months ended June 29, 2024 and July 1, 2023 are as follows:
|  | Three Months Ended |  | Nine Months Ended
Market Type |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net sales: |  |  |  |  |  |  |  |
Space |  | $ | 108,965 |  |  | $ | 102,520 |  |  | $ | 322,272 |  |  | $ | 310,278 |
Defense |  | 149,444 |  |  | 139,882 |  |  | 433,052 |  |  | 395,762 |
Space and Defense |  | 258,409 |  |  | 242,402 |  |  | 755,324 |  |  | 706,040 |
Original Equipment Manufacturers |  | 160,691 |  |  | 132,020 |  |  | 455,673 |  |  | 403,489 |
Aftermarket |  | 46,486 |  |  | 44,197 |  |  | 140,248 |  |  | 133,281 |
Military Aircraft |  | 207,177 |  |  | 176,217 |  |  | 595,921 |  |  | 536,770 |
Original Equipment Manufacturers |  | 132,374 |  |  | 118,447 |  |  | 402,357 |  |  | 310,108 |
Aftermarket |  | 56,991 |  |  | 60,361 |  |  | 188,824 |  |  | 165,410 |
Commercial Aircraft |  | 189,365 |  |  | 178,808 |  |  | 591,181 |  |  | 475,518 |
Energy |  | 37,168 |  |  | 30,667 |  |  | 104,442 |  |  | 91,217 |
Industrial Automation |  | 109,100 |  |  | 124,400 |  |  | 341,474 |  |  | 361,056 |
Simulation and Test |  | 40,019 |  |  | 36,668 |  |  | 115,577 |  |  | 89,758 |
Medical |  | 63,497 |  |  | 61,014 |  |  | 187,969 |  |  | 186,712 |
Industrial |  | 249,784 |  |  | 252,749 |  |  | 749,462 |  |  | 728,743 |
Net sales |  | $ | 904,735 |  |  | $ | 850,176 |  |  | $ | 2,691,888 |  |  | $ | 2,447,071 |
|  | Three Months Ended |  | Nine Months Ended
Customer Type |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net sales: |  |  |  |  |  |  |  |
Commercial |  | $ | 49,916 |  |  | $ | 28,334 |  |  | $ | 129,253 |  |  | $ | 82,123 |
U.S. Government (including OEM) |  | 178,636 |  |  | 192,897 |  |  | 553,261 |  |  | 574,914 |
Other |  | 29,857 |  |  | 21,171 |  |  | 72,810 |  |  | 49,003 |
Space and Defense |  | 258,409 |  |  | 242,402 |  |  | 755,324 |  |  | 706,040 |
U.S. Government (including OEM) |  | 148,928 |  |  | 108,509 |  |  | 424,539 |  |  | 372,353 |
Other |  | 58,249 |  |  | 67,708 |  |  | 171,382 |  |  | 164,417 |
Military Aircraft (1) |  | 207,177 |  |  | 176,217 |  |  | 595,921 |  |  | 536,770 |
Commercial |  | 179,384 |  |  | 158,927 |  |  | 564,612 |  |  | 452,184 |
Other |  | 9,981 |  |  | 19,881 |  |  | 26,569 |  |  | 23,334 |
Commercial Aircraft (1) |  | 189,365 |  |  | 178,808 |  |  | 591,181 |  |  | 475,518 |
Commercial |  | 244,834 |  |  | 249,849 |  |  | 737,028 |  |  | 715,878 |
U.S. Government (including OEM) |  | 3,226 |  |  | 1,301 |  |  | 8,150 |  |  | 3,419 |
Other |  | 1,724 |  |  | 1,599 |  |  | 4,284 |  |  | 9,446 |
Industrial |  | 249,784 |  |  | 252,749 |  |  | 749,462 |  |  | 728,743 |
Commercial |  | 474,134 |  |  | 437,110 |  |  | 1,430,893 |  |  | 1,250,185 |
U.S. Government (including OEM) |  | 330,790 |  |  | 302,707 |  |  | 985,950 |  |  | 950,686 |
Other |  | 99,811 |  |  | 110,359 |  |  | 275,045 |  |  | 246,200 |
Net sales |  | $ | 904,735 |  |  | $ | 850,176 |  |  | $ | 2,691,888 |  |  | $ | 2,447,071 |
(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.
|  | Three Months Ended |  | Nine Months Ended
Revenue Recognition Method |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Net sales: |  |  |  |  |  |  |  |
Over-time |  | $ | 226,405 |  |  | $ | 228,164 |  |  | $ | 679,231 |  |  | $ | 659,327 |
Point in time |  | 32,004 |  |  | 14,238 |  |  | 76,093 |  |  | 46,713 |
Space and Defense |  | 258,409 |  |  | 242,402 |  |  | 755,324 |  |  | 706,040 |
Over-time |  | 168,248 |  |  | 153,667 |  |  | 482,163 |  |  | 446,752 |
Point in time |  | 38,929 |  |  | 22,550 |  |  | 113,758 |  |  | 90,018 |
Military Aircraft |  | 207,177 |  |  | 176,217 |  |  | 595,921 |  |  | 536,770 |
Over-time |  | 149,220 |  |  | 122,018 |  |  | 449,230 |  |  | 352,264 |
Point in time |  | 40,145 |  |  | 56,790 |  |  | 141,951 |  |  | 123,254 |
Commercial Aircraft |  | 189,365 |  |  | 178,808 |  |  | 591,181 |  |  | 475,518 |
Over-time |  | 40,894 |  |  | 38,814 |  |  | 107,405 |  |  | 99,732 |
Point in time |  | 208,890 |  |  | 213,935 |  |  | 642,057 |  |  | 629,011 |
Industrial |  | 249,784 |  |  | 252,749 |  |  | 749,462 |  |  | 728,743 |
Over-time |  | 584,767 |  |  | 542,663 |  |  | 1,718,029 |  |  | 1,558,075 |
Point in time |  | 319,968 |  |  | 307,513 |  |  | 973,859 |  |  | 888,996 |
Net sales |  | $ | 904,735 |  |  | $ | 850,176 |  |  | $ | 2,691,888 |  |  | $ | 2,447,071 |
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 nine months ended June 29, 2024 and July 1, 2023 and a reconciliation of segment operating profit to earnings before income taxes are as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Operating profit: |  |  |  |  |  |  |  |
Space and Defense |  | $ | 32,635 |  |  | $ | 18,585 |  |  | $ | 100,175 |  |  | $ | 66,386 |
Military Aircraft |  | 23,965 |  |  | 18,143 |  |  | 60,323 |  |  | 49,525 |
Commercial Aircraft |  | 24,367 |  |  | 19,745 |  |  | 69,838 |  |  | 49,943 |
Industrial |  | 24,413 |  |  | 28,035 |  |  | 81,592 |  |  | 89,183 |
Total operating profit |  | 105,380 |  |  | 84,508 |  |  | 311,928 |  |  | 255,037 |
Deductions from operating profit: |  |  |  |  |  |  |  |
Interest expense |  | 18,153 |  |  | 17,256 |  |  | 52,850 |  |  | 45,351 |
Equity-based compensation expense |  | 4,089 |  |  | 2,356 |  |  | 11,301 |  |  | 8,121 |
Non-service pension expense |  | 3,188 |  |  | 3,124 |  |  | 9,566 |  |  | 9,338 |
Corporate and other expenses, net |  | 9,045 |  |  | 11,434 |  |  | 25,946 |  |  | 25,284 |
Earnings before income taxes |  | $ | 70,905 |  |  | $ | 50,338 |  |  | $ | 212,265 |  |  | $ | 166,943 |
Effective October 1, 2023, we made changes to our segment reporting structure that resulted in four reporting segments. Our former Aircraft Controls segment has been separated into Military Aircraft and Commercial Aircraft. All amounts in the preceding tables have been restated to reflect this change. Segment assets for Military and Commercial Aircraft were approximately $871,000 and $812,000, respectively, as of September 30, 2023.

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- Definition The entire disclosure for reporting segments including data and tables. 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