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Restructuring

9 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

In 2024, we initiated restructuring actions in relation to portfolio shaping activities in our Military Aircraft, Commercial Aircraft and Industrial segments. These actions have and will result in workforce reductions, principally in the U.S. The 2024 restructuring charges include $4,717 for severance, $795 of non-cash charges related to intangibles and receivables written off and $3,121 of other costs. These actions contain certain elements that will continue through 2025 and are expected to result in additional costs of approximately $2,000.

In 2023, we initiated restructuring actions in relation to portfolio shaping activities which contains certain elements, primarily retention agreements, that will continue through 2027 and are expected to result in additional costs of approximately $8,000.

Restructuring activity for severance and other costs by segment and reconciliation to consolidated amounts is as follows:

			Space and Defense			Military Aircraft			Commercial Aircraft			Industrial						Total
Balance at October 1, 2023			$	1,622		$	347		$	—		$	8,208					$	10,177
Charged to expense - 2024 plan			—			3,628			408			4,597						8,633
Charged to expense - 2023 plan			—			—			—			4,162						4,162
Adjustments to provision			(178)			(129)			—			(43)						(350)
Non-cash charges - 2024 plan			—			(733)			—			(62)						(795)
Cash payments - 2024 plan			—			(1,590)			—			(1,491)						(3,081)
Cash payments - 2023 plan			(1,444)			(207)			—			(3,709)						(5,360)
Cash payments - 2022 plan			—			—			—			(378)						(378)
Cash payments - 2020 plan			—			—			—			(115)						(115)
Cash payments - 2018 plan			—			—			—			(348)						(348)
Foreign currency translation			—			—			—			59						59
Balance at June 29, 2024			$	—		$	1,316		$	408		$	10,880					$	12,604

As of June 29, 2024, the restructuring accrual consists of $4,751 for the 2024 plan, $4,616 for the 2023 plan, $292 for the 2022 plan, $2,033 for the 2020 plan and $912 for the 2018 plan. Restructuring is expected to be paid within a year, except portions classified as long-term liabilities based on the nature of the reserve.

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- References

No definition available.

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/420/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

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