Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
(Address of principal executive offices) | (Zip Code) |
☒ | Accelerated Filer | ☐ | ||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||
Emerging Growth Company | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of each class: | Trading Symbol: | Name of each exchange on which registered: | ||
Page | |||
Part I | FINANCIAL INFORMATION | ||
Item 1 | Financial Statements | ||
Condensed Consolidated Balance Sheets – June 29, 2019 and September 30, 2018 | |||
Condensed Consolidated Statements of Income – Thirteen and Thirty-Nine Week Periods Ended June 29, 2019 and June 30, 2018 | |||
Condensed Consolidated Statements of Comprehensive Income – Thirteen and Thirty-Nine Week Periods Ended June 29, 2019 and June 30, 2018 | |||
Condensed Consolidated Statements of Changes in Stockholders’ Deficit – Thirty-Nine Week Periods Ended June 29, 2019 and June 30, 2018 | |||
Condensed Consolidated Statements of Cash Flows – Thirty-Nine Week Periods Ended June 29, 2019 and June 30, 2018 | |||
Notes to Condensed Consolidated Financial Statements | |||
Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 3 | Quantitative and Qualitative Disclosure About Market Risk | ||
Item 4 | Controls and Procedures | ||
Part II | OTHER INFORMATION | ||
Item 1 | Legal Proceedings | ||
Item 1A | Risk Factors | ||
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 6 | Exhibits | ||
SIGNATURES |
June 29, 2019 | September 30, 2018 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | $ | |||||
Trade accounts receivable - Net | |||||||
Inventories - Net | |||||||
Prepaid expenses and other | |||||||
Total current assets | |||||||
PROPERTY, PLANT AND EQUIPMENT - NET | |||||||
GOODWILL | |||||||
OTHER INTANGIBLE ASSETS - NET | |||||||
DEFERRED INCOME TAXES | |||||||
OTHER | |||||||
TOTAL ASSETS | $ | $ | |||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||
CURRENT LIABILITIES: | |||||||
Current portion of long-term debt | $ | $ | |||||
Short-term borrowings - trade receivable securitization facility | |||||||
Accounts payable | |||||||
Accrued liabilities | |||||||
Total current liabilities | |||||||
LONG-TERM DEBT | |||||||
DEFERRED INCOME TAXES | |||||||
OTHER NON-CURRENT LIABILITIES | |||||||
Total liabilities | |||||||
TD GROUP STOCKHOLDERS’ DEFICIT: | |||||||
Common stock - $.01 par value; authorized 224,400,000 shares; issued 57,450,206 and 56,895,686 at June 29, 2019 and September 30, 2018, respectively | |||||||
Additional paid-in capital | |||||||
Accumulated deficit | ( | ) | ( | ) | |||
Accumulated other comprehensive (loss) income | ( | ) | |||||
Treasury stock, at cost; 4,161,326 shares at June 29, 2019 and September 30, 2018, respectively | ( | ) | ( | ) | |||
Total TD Group stockholders’ deficit | ( | ) | ( | ) | |||
NONCONTROLLING INTERESTS | |||||||
Total stockholders' deficit | ( | ) | ( | ) | |||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | $ |
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
NET SALES | $ | $ | $ | $ | |||||||||||
COST OF SALES | |||||||||||||||
GROSS PROFIT | |||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | |||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | |||||||||||||||
INCOME FROM OPERATIONS | |||||||||||||||
INTEREST EXPENSE - NET | |||||||||||||||
REFINANCING COSTS | |||||||||||||||
OTHER (INCOME) EXPENSE | ( | ) | ( | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | |||||||||||||||
INCOME TAX PROVISION | ( | ) | |||||||||||||
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | |||||||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | ( | ) | ( | ) | |||||||||||
NET INCOME INCLUDING NONCONTROLLING INTERESTS | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ( | ) | ( | ) | |||||||||||
NET INCOME ATTRIBUTABLE TO TD GROUP | $ | $ | $ | $ | |||||||||||
NET INCOME APPLICABLE TO TD GROUP COMMON STOCK | $ | $ | $ | $ | |||||||||||
Net earnings per share attributable to TD Group stockholders: | |||||||||||||||
Net earnings per share from continuing operations - basic and diluted | $ | $ | $ | $ | |||||||||||
Net loss per share from discontinued operations - basic and diluted | ( | ) | |||||||||||||
Net earnings per share | $ | $ | $ | $ | |||||||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic and diluted |
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
Net income including noncontrolling interests | $ | $ | $ | $ | |||||||||||
Net income attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Net income attributable to TD Group | $ | $ | $ | $ | |||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Foreign currency translation | ( | ) | ( | ) | |||||||||||
Unrealized (loss) gain on derivatives | ( | ) | ( | ) | |||||||||||
Pensions and other postretirement benefits | ( | ) | ( | ) | |||||||||||
Other comprehensive (loss) income, net of tax, attributable to TD Group | ( | ) | ( | ) | ( | ) | |||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO TD GROUP | $ | $ | $ | $ |
TD Group Stockholders | |||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | ||||||||||||||||||||||||||||||
Number of Shares | Par Value | Accumulated Deficit | Number of Shares | Value | Non-controlling Interest | Total | |||||||||||||||||||||||||||
BALANCE, SEPTEMBER 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||||||
Cumulative effect of ASC 606, adopted October 1, 2018 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Cumulative effect of ASU 2016-16, adopted October 1, 2018 | — | — | — | ( | ) | — | — | — | — | ( | ) | ||||||||||||||||||||||
Accrued unvested dividend equivalents and other | — | — | — | ( | ) | — | — | — | — | ( | ) | ||||||||||||||||||||||
Compensation expense recognized for employee stock options | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Exercise of employee stock options | — | — | — | — | — | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
Unrealized (loss) gain on derivatives, net of tax | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
BALANCE, DECEMBER 29, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||||
Noncontrolling interests assumed related to acquisitions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Accrued unvested dividend equivalents and other | — | — | — | ( | ) | — | — | — | — | ( | ) | ||||||||||||||||||||||
Compensation expense recognized for employee stock options | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Exercise of employee stock options | — | — | — | — | — | ||||||||||||||||||||||||||||
Common stock issued | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
Unrealized (loss) gain on derivatives, net of tax | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
Pensions and other postretirement benefits adjustments, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
BALANCE, MARCH 30, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||||||||
Noncontrolling interests assumed related to acquisitions | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Accrued unvested dividend equivalents and other | — | — | — | ( | ) | — | — | — | — | ( | ) | ||||||||||||||||||||||
Compensation expense recognized for employee stock options | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Exercise of employee stock options | — | — | — | — | — | ||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Unrealized (loss) gain on derivatives, net of tax | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
Pensions and other postretirement benefits adjustments, net of tax | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
BALANCE, JUNE 29, 2019 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | $ | ( | ) |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | ||||||||||||||||||||||||||
Number of Shares | Par Value | Accumulated Deficit | Number of Shares | Value | Total | ||||||||||||||||||||||||
BALANCE, SEPTEMBER 30, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
Accrued unvested dividend equivalents and other | — | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Compensation expense recognized for employee stock options and restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||
Exercise of employee stock options, restricted stock activity and other, net | — | — | |||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
BALANCE, DECEMBER 30, 2017 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||
Accrued unvested dividend equivalents and other | — | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Compensation expense recognized for employee stock options and restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||
Exercise of employee stock options, restricted stock activity and other, net | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Common Stock Issued | — | — | — | — | — | ||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
BALANCE, MARCH 31, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||||||||
Accrued unvested dividend equivalents and other | — | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Compensation expense recognized for employee stock options and restricted stock | — | — | — | — | — | — | |||||||||||||||||||||||
Exercise of employee stock options, restricted stock activity and other, net | — | — | — | — | |||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||
Unrealized gain on derivatives, net of tax | — | — | — | — | — | — | |||||||||||||||||||||||
BALANCE, JUNE 30, 2018 | $ | $ | $ | ( | ) | $ | ( | ) | ( | ) | $ | ( | ) | $ | ( | ) |
Thirty-Nine Week Periods Ended | |||||||
June 29, 2019 | June 30, 2018 | ||||||
OPERATING ACTIVITIES: | |||||||
Net income from continuing operations including noncontrolling interests | $ | $ | |||||
Net loss from discontinued operations | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | |||||||
Amortization of intangible assets | |||||||
Amortization of debt issuance costs, original issue discount and premium | |||||||
Amortization of inventory step-up | |||||||
Refinancing costs | |||||||
Non-cash equity compensation | |||||||
Deferred income taxes | ( | ) | |||||
Changes in assets/liabilities, net of effects from acquisitions of businesses: | |||||||
Trade accounts receivable | ( | ) | ( | ) | |||
Inventories | ( | ) | ( | ) | |||
Income taxes receivable/payable | ( | ) | |||||
Other assets | ( | ) | ( | ) | |||
Accounts payable | ( | ) | |||||
Accrued interest | |||||||
Accrued and other liabilities | ( | ) | ( | ) | |||
Net cash provided by operating activities | |||||||
INVESTING ACTIVITIES: | |||||||
Capital expenditures | ( | ) | ( | ) | |||
Payments made in connection with acquisitions, net of cash acquired | ( | ) | ( | ) | |||
Proceeds in connection with the sale of discontinued operations | |||||||
Net cash used in investing activities | ( | ) | ( | ) | |||
FINANCING ACTIVITIES: | |||||||
Proceeds from exercise of stock options | |||||||
Dividend equivalent payments | ( | ) | ( | ) | |||
Proceeds from term loans, net | |||||||
Repayments on term loans | ( | ) | ( | ) | |||
Cash tender and redemption of senior subordinated notes due 2020 | ( | ) | |||||
Proceeds from senior subordinated notes due 2027, net | |||||||
Proceeds from senior secured notes due 2026, net | |||||||
Proceeds from senior subordinated notes due 2026, net | |||||||
Financing fees and other | ( | ) | ( | ) | |||
Net cash provided by financing activities | |||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ( | ) | |||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | |||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | |||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | $ | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
Cash paid during the period for interest | $ | $ | |||||
Cash paid during the period for income taxes | $ | $ |
Assets acquired: | |||
Current assets, excluding cash acquired | $ | ||
Property, plant, and equipment | |||
Other intangible assets | |||
Goodwill | |||
Other | |||
Total assets acquired | |||
Liabilities assumed: | |||
Current liabilities | |||
Other noncurrent liabilities | |||
Total liabilities assumed | |||
Net assets acquired | $ |
(Amounts in thousands, except per share amounts) | Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | |||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||
Income from continuing operations attributable to TD Group | $ | $ | $ | $ | |||||||||||
Net earnings per share attributable to TD Group stockholders from continuing operations - basic and diluted | $ | $ | $ | $ |
Assets acquired: | |||
Current assets, excluding cash acquired | $ | ||
Property, plant, and equipment | |||
Other intangible assets | |||
Goodwill | |||
Total assets acquired | |||
Liabilities assumed: | |||
Current liabilities | |||
Other noncurrent liabilities | |||
Total liabilities assumed | |||
Net assets acquired | $ |
Thirteen Week Period Ended | Thirty-Nine Week Period Ended | ||||||
June 30, 2018 | June 30, 2018 | ||||||
Net sales | $ | $ | |||||
Income from discontinued operations before income taxes | |||||||
Income tax benefit | |||||||
Income from discontinued operations, net of tax | |||||||
Net loss on sale of discontinued operations, net of tax | ( | ) | ( | ) | |||
Loss from discontinued operations | $ | ( | ) | $ | ( | ) |
September 30, 2018 | Adjustments due to ASC 606 | October 1, 2018 | |||||||||
Assets | |||||||||||
Unbilled receivables(1) | $ | $ | $ | ||||||||
Inventories - Net | ( | ) | |||||||||
Liabilities and Stockholders' Deficit | |||||||||||
Deferred income taxes | $ | $ | $ | ||||||||
Accumulated deficit | ( | ) | ( | ) |
(1) |
June 29, 2019 | October 1, 2018 | Change | |||||||||
Contract assets, current (1) | $ | $ | $ | ||||||||
Contract assets, non-current (2) | |||||||||||
Total contract assets | |||||||||||
Contract liabilities, current (3) | |||||||||||
Contract liabilities, non-current (4) | |||||||||||
Total contract liabilities | |||||||||||
Net contract assets | $ | $ | $ |
(1) | Included in prepaid expenses and other on the condensed consolidated balance sheet. |
(2) | Included in other non-current assets on the condensed consolidated balance sheet. |
(3) | Included in accrued liabilities on the condensed consolidated balance sheet. |
(4) | Included in other non-current liabilities on the condensed consolidated balance sheet. |
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
Numerator for earnings per share: | |||||||||||||||
Income from continuing operations including noncontrolling interests | $ | $ | $ | $ | |||||||||||
Net income attributable to noncontrolling interests | ( | ) | ( | ) | |||||||||||
Net income from continuing operations attributable to TD Group | |||||||||||||||
Less dividends paid on participating securities | ( | ) | ( | ) | |||||||||||
Loss from discontinued operations, net of tax | ( | ) | ( | ) | |||||||||||
Net income applicable to TD Group common stock - basic and diluted | $ | $ | $ | $ | |||||||||||
Denominator for basic and diluted earnings per share under the two-class method: | |||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||
Vested options deemed participating securities | |||||||||||||||
Total shares for basic and diluted earnings per share | |||||||||||||||
Net earnings per share from continuing operations - basic and diluted | $ | $ | $ | $ | |||||||||||
Net loss per share from discontinued operations - basic and diluted | ( | ) | |||||||||||||
Net earnings per share | $ | $ | $ | $ |
June 29, 2019 | September 30, 2018 | ||||||
Raw materials and purchased component parts | $ | $ | |||||
Work-in-progress | |||||||
Finished goods | |||||||
Total | |||||||
Reserves for excess and obsolete inventory | ( | ) | ( | ) | |||
Inventories - Net | $ | $ |
June 29, 2019 | September 30, 2018 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Trademarks and trade names | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Technology | |||||||||||||||||||||||
Order backlog | |||||||||||||||||||||||
Customer relationships | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Gross Amount | Amortization Period | ||||
Intangible assets not subject to amortization: | |||||
Goodwill | $ | ||||
Trademarks and trade names | |||||
Intangible assets subject to amortization: | |||||
Technology | |||||
Order backlog | |||||
Customer relationships | |||||
Total | $ |
Power & Control | Airframe | Non- aviation | Total | ||||||||||||
Balance - September 30, 2018 | $ | $ | $ | $ | |||||||||||
Goodwill acquired during the year | |||||||||||||||
Purchase price allocation adjustments | ( | ) | |||||||||||||
Currency translation adjustment | ( | ) | ( | ) | ( | ) | |||||||||
Balance - June 29, 2019 | $ | $ | $ | $ |
June 29, 2019 | |||||||||||||||
Gross Amount | Debt Issuance Costs | Original Issue Discount or Premium | Net Amount | ||||||||||||
Short-term borrowings—trade receivable securitization facility | $ | $ | ( | ) | $ | $ | |||||||||
Term loans | $ | $ | ( | ) | $ | ( | ) | $ | |||||||
6.00% senior subordinated notes due 2022 (2022 Notes) | ( | ) | |||||||||||||
6.50% senior subordinated notes due 2024 (2024 Notes) | ( | ) | |||||||||||||
6.50% senior subordinated notes due 2025 (2025 Notes) | ( | ) | |||||||||||||
6.375% senior subordinated notes due 2026 (6.375% 2026 Notes) | ( | ) | |||||||||||||
6.875% senior subordinated notes due 2026 (6.875% 2026 Notes) | ( | ) | ( | ) | |||||||||||
6.25% secured notes due 2026 (2026 Secured Notes) | ( | ) | |||||||||||||
7.50% senior subordinated notes due 2027 (2027 Notes) | ( | ) | |||||||||||||
Government refundable advances | |||||||||||||||
Capital lease obligations | |||||||||||||||
( | ) | ( | ) | ||||||||||||
Less current portion | ( | ) | |||||||||||||
Long-term debt | $ | $ | ( | ) | $ | ( | ) | $ |
September 30, 2018 | |||||||||||||||
Gross Amount | Debt Issuance Costs | Original Issue Discount or Premium | Net Amount | ||||||||||||
Short-term borrowings—trade receivable securitization facility | $ | $ | ( | ) | $ | $ | |||||||||
Term loans | $ | $ | ( | ) | $ | ( | ) | $ | |||||||
5.50% 2020 Notes | ( | ) | |||||||||||||
6.00% 2022 Notes | ( | ) | |||||||||||||
6.50% 2024 Notes | ( | ) | |||||||||||||
6.50% 2025 Notes | ( | ) | |||||||||||||
6.375% 2026 Notes | ( | ) | |||||||||||||
6.875% 2026 Notes | ( | ) | ( | ) | |||||||||||
( | ) | ( | ) | ||||||||||||
Less current portion | ( | ) | |||||||||||||
Long-term debt | $ | $ | ( | ) | $ | ( | ) | $ |
June 29, 2019 | September 30, 2018 | |||||||||||||||||
Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Assets: | ||||||||||||||||||
Cash and cash equivalents | 1 | $ | $ | $ | $ | |||||||||||||
Interest rate cap agreements (1) | 2 | |||||||||||||||||
Interest rate swap agreements (2) | 2 | |||||||||||||||||
Interest rate swap agreements (1) | 2 | |||||||||||||||||
Foreign currency forward exchange contracts and other (2) | 2 | |||||||||||||||||
Foreign currency forward exchange contracts and other (1) | 2 | |||||||||||||||||
Liabilities: | ||||||||||||||||||
Interest rate swap agreements (3) | 2 | |||||||||||||||||
Interest rate swap agreements (4) | 2 | |||||||||||||||||
Foreign currency forward exchange contracts and other (3) | 2 | |||||||||||||||||
Foreign currency forward exchange contracts and other (4) | 2 | |||||||||||||||||
Short-term borrowings - trade receivable securitization facility (5) | 1 | |||||||||||||||||
Long-term debt, including current portion: | ||||||||||||||||||
Term loans (5) | 2 | |||||||||||||||||
5.50% 2020 Notes (5) | 1 | |||||||||||||||||
6.00% 2022 Notes (5) | 1 | |||||||||||||||||
6.50% 2024 Notes (5) | 1 | |||||||||||||||||
6.50% 2025 Notes (5) | 1 | |||||||||||||||||
6.375% 2026 Notes (5) | 1 | |||||||||||||||||
6.875% 2026 Notes (5) | 1 | |||||||||||||||||
6.25% 2026 Notes (5) | 1 | |||||||||||||||||
7.50% 2027 Notes (5) | 1 | |||||||||||||||||
Government Refundable Advances | 2 | |||||||||||||||||
Capital Lease Obligations | 2 |
(1) | Included in other non-current assets on the condensed consolidated balance sheets. |
(2) | Included in prepaid expenses and other on the condensed consolidated balance sheets. |
(3) | Included in accrued liabilities on the condensed consolidated balance sheets. |
(4) | Included in other non-current liabilities on the condensed consolidated balance sheets. |
(5) | The carrying amount of the debt instrument is presented net of debt issuance costs, premium and discount. Refer to Note 9, "Debt," for gross carrying amounts. |
Aggregate Notional Amount (in millions) | Start Date | End Date | Related Term Loans | Conversion of Related Variable Rate Debt to Fixed Rate of: |
$ | 3/31/2016 | 6/30/2020 | Tranche E | 5.3% (2.8% plus the 2.5% margin percentage) |
$ | 6/29/2018 | 3/31/2025 | Tranche E | 5.5% (3.0% plus the 2.5% margin percentage) |
$ | 6/30/2020 | 6/30/2022 | Tranche E | 5.0% (2.5% plus the 2.5% margin percentage) |
$ | 6/30/2022 | 3/31/2025 | Tranche E | 5.6% (3.1% plus the 2.5% margin percentage) |
$ | 6/28/2019 | 6/30/2021 | Tranche F | 4.3% (1.8% plus the 2.5% margin percentage) |
$ | 6/30/2021 | 3/31/2023 | Tranche F | 5.5% (3.0% plus the 2.5% margin percentage) |
$ | 12/30/2016 | 12/31/2021 | Tranche G | 4.4% (1.9% plus the 2.5% margin percentage) |
$ | 9/30/2017 | 9/30/2022 | Tranche G | 4.4% (1.9% plus the 2.5% margin percentage) |
$ | 12/31/2021 | 6/28/2024 | Tranche G | 5.6% (3.1% plus the 2.5% margin percentage) |
$ | 9/30/2022 | 6/28/2024 | Tranche G | 5.5% (3.0% plus the 2.5% margin percentage) |
Aggregate Notional Amount (in millions) | Start Date | End Date | Related Term Loans | Offsets Variable Rate Debt Attributable to Fluctuations Above: |
$ | 9/30/2015 | 6/30/2020 | Tranche E | Three month LIBO rate of 2.5% |
$ | 6/30/2020 | 6/30/2022 | Tranche E | Three month LIBO rate of 2.5% |
$ | 6/30/2016 | 6/30/2021 | Tranche F | Three month LIBO rate of 2.0% |
$ | 12/30/2016 | 12/31/2021 | Tranche G | Three month LIBO rate of 2.5% |
June 29, 2019 | September 30, 2018 | |||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||
Interest rate cap agreements | $ | $ | $ | $ | ||||||||||||
Interest rate swap agreements (1) | ( | ) | ||||||||||||||
Total | ( | ) | ||||||||||||||
Effect of counterparty netting | ( | ) | ( | ) | ||||||||||||
Net derivatives as classified in the balance sheet (2) | $ | $ | ( | ) | $ | $ | ( | ) |
(1) | The increase in the interest rate swap liability is primarily attributable to a downward trend in the LIBO rate during fiscal 2019. |
(2) |
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
Net sales to external customers | |||||||||||||||
Power & Control | |||||||||||||||
Commercial OEM | $ | $ | $ | $ | |||||||||||
Commercial Aftermarket | |||||||||||||||
Defense | |||||||||||||||
Esterline (1) | |||||||||||||||
Total Power & Control | |||||||||||||||
Airframe | |||||||||||||||
Commercial OEM | |||||||||||||||
Commercial Aftermarket | |||||||||||||||
Defense | |||||||||||||||
Esterline (1) | |||||||||||||||
Total Airframe | |||||||||||||||
Total Non-aviation | |||||||||||||||
$ | $ | $ | $ |
(1) | The sales market classifications associated with the acquired Esterline businesses are currently being assessed by TransDigm management to ensure the reported market classifications are in compliance with TransDigm policy and being computed consistently with that of the existing TransDigm legacy businesses. Therefore, the sales associated with the Esterline acquisition are excluded from the market classifications reported above as of June 29, 2019. |
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
EBITDA As Defined | |||||||||||||||
Power & Control | $ | $ | $ | $ | |||||||||||
Airframe | |||||||||||||||
Non-aviation | |||||||||||||||
Total segment EBITDA As Defined | |||||||||||||||
Unallocated corporate expenses | |||||||||||||||
Total Company EBITDA As Defined | |||||||||||||||
Depreciation and amortization expense | |||||||||||||||
Interest expense - net | |||||||||||||||
Acquisition-related costs | |||||||||||||||
Stock compensation expense | |||||||||||||||
Refinancing costs | |||||||||||||||
Other, net | ( | ) | |||||||||||||
Income from continuing operations before income taxes | $ | $ | $ | $ |
June 29, 2019 | September 30, 2018 | ||||||
Total assets | |||||||
Power & Control | $ | $ | |||||
Airframe | |||||||
Non-aviation | |||||||
Corporate | |||||||
$ | $ |
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||||||||||||||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||||||||||||||||||
U.S. Pension Plans | Non-U.S. Pension Plans | U.S. Pension Plans | Non-U.S. Pension Plans | U.S. Pension Plans | Non-U.S. Pension Plans | U.S. Pension Plans | Non-U.S. Pension Plans | ||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Amortization of actuarial loss | |||||||||||||||||||||||||||||||
Amortization of transition obligation | |||||||||||||||||||||||||||||||
Total pension cost | $ | $ | $ | $ | $ | $ | $ | $ |
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1) | Defined benefit pension plan activity (2) | Currency translation adjustment | Total | ||||||||||||
Balance at September 30, 2018 | $ | $ | ( | ) | $ | ( | ) | $ | |||||||
Current-period other comprehensive (loss) gain | ( | ) | ( | ) | ( | ) | |||||||||
Amounts reclassified from AOCI related to derivative instruments | |||||||||||||||
Balance at June 29, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(1) | Unrealized (loss) gain represents derivative instruments, net of taxes of $ |
(2) |
Amount reclassified | ||||||||
Thirty-Nine Week Periods Ended | ||||||||
Description of reclassifications out of accumulated other comprehensive (loss) income | June 29, 2019 | June 30, 2018 | ||||||
Amortization from redesignated interest rate swap and cap agreements (1) | $ | $ | ||||||
Losses from settlement of foreign currency forward exchange contracts (2) | ||||||||
Deferred tax expense (benefit) on reclassifications out of accumulated other comprehensive (loss) income | ( | ) | ||||||
Losses reclassified into earnings, net of tax | $ | $ |
(1) | This component of accumulated other comprehensive (loss) income is included in interest expense (see Note 12, “Derivatives and Hedging Activities,” for additional information). |
(2) | This component of accumulated other comprehensive (loss) income is included in net sales (see Note 12, “Derivatives and Hedging Activities,” for additional information). |
TransDigm Group | TransDigm Inc. | TransDigm UK | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||||
Trade accounts receivable - Net | |||||||||||||||||||||||||||
Inventories - Net | ( | ) | |||||||||||||||||||||||||
Prepaid expenses and other | |||||||||||||||||||||||||||
Total current assets | ( | ) | |||||||||||||||||||||||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | ( | ) | ( | ) | |||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | |||||||||||||||||||||||||||
GOODWILL | |||||||||||||||||||||||||||
OTHER INTANGIBLE ASSETS - NET | |||||||||||||||||||||||||||
DEFERRED INCOME TAXES | |||||||||||||||||||||||||||
OTHER | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||||
Current portion of long-term debt | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Short-term borrowings - trade receivable securitization facility | |||||||||||||||||||||||||||
Accounts payable | |||||||||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||||||
Total current liabilities | |||||||||||||||||||||||||||
LONG-TERM DEBT | |||||||||||||||||||||||||||
DEFERRED INCOME TAXES | |||||||||||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | |||||||||||||||||||||||||||
Total liabilities | |||||||||||||||||||||||||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
NONCONTROLLING INTEREST | |||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ |
TransDigm Group | TransDigm Inc. | TransDigm UK | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
CURRENT ASSETS: | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | ( | ) | $ | $ | $ | ||||||||||||||||||
Trade accounts receivable - Net | |||||||||||||||||||||||||||
Inventories - Net | ( | ) | |||||||||||||||||||||||||
Prepaid expenses and other | |||||||||||||||||||||||||||
Total current assets | ( | ) | |||||||||||||||||||||||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | ( | ) | ( | ) | |||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT - NET | |||||||||||||||||||||||||||
GOODWILL | |||||||||||||||||||||||||||
OTHER INTANGIBLE ASSETS - NET | |||||||||||||||||||||||||||
OTHER | |||||||||||||||||||||||||||
TOTAL ASSETS | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |||||||||||||||||||||||||||
CURRENT LIABILITIES: | |||||||||||||||||||||||||||
Current portion of long-term debt | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Short-term borrowings - trade receivable securitization facility | |||||||||||||||||||||||||||
Accounts payable | |||||||||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||||||
Total current liabilities | |||||||||||||||||||||||||||
LONG-TERM DEBT | |||||||||||||||||||||||||||
DEFERRED INCOME TAXES | ( | ) | |||||||||||||||||||||||||
OTHER NON-CURRENT LIABILITIES | |||||||||||||||||||||||||||
Total liabilities | |||||||||||||||||||||||||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
NONCONTROLLING INTEREST | |||||||||||||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ | ( | ) | $ | $ | $ | $ | $ | ( | ) | $ |
TransDigm Group | TransDigm Inc. | TransDigm UK | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||||||||
NET SALES | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
COST OF SALES | ( | ) | |||||||||||||||||||||||||
GROSS PROFIT | ( | ) | |||||||||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | |||||||||||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | ( | ) | |||||||||||||||||||||||||
(LOSS) INCOME FROM OPERATIONS | ( | ) | ( | ) | |||||||||||||||||||||||
INTEREST EXPENSE (INCOME) - NET | ( | ) | ( | ) | |||||||||||||||||||||||
REFINANCING COSTS | |||||||||||||||||||||||||||
OTHER (INCOME) EXPENSE | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | ( | ) | ( | ) | |||||||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
INCOME TAX PROVISION | |||||||||||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | |||||||||||||||||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | ( | ) | ( | ) | |||||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ |
TransDigm Group | TransDigm Inc. | TransDigm UK | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||||||||
NET SALES | $ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
COST OF SALES | ( | ) | |||||||||||||||||||||||||
GROSS PROFIT | |||||||||||||||||||||||||||
SELLING AND ADMINISTRATIVE EXPENSES | |||||||||||||||||||||||||||
AMORTIZATION OF INTANGIBLE ASSETS | |||||||||||||||||||||||||||
(LOSS) INCOME FROM OPERATIONS | ( | ) | |||||||||||||||||||||||||
INTEREST EXPENSE (INCOME) - NET | ( | ) | |||||||||||||||||||||||||
REFINANCING COSTS | |||||||||||||||||||||||||||
OTHER (INCOME) EXPENSE | ( | ) | ( | ) | |||||||||||||||||||||||
EQUITY IN INCOME OF SUBSIDIARIES | ( | ) | ( | ) | |||||||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ( | ) | ( | ) | |||||||||||||||||||||||
INCOME TAX PROVISION | ( | ) | ( | ) | |||||||||||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | ( | ) | ( | ) | |||||||||||||||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
NET INCOME (LOSS) INCLUDING NONCONTROLLING INTERESTS | ( | ) | ( | ) | |||||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |||||||||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO TD GROUP | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | ( | ) | ( | ) | |||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
TransDigm Group | TransDigm Inc. | TransDigm UK | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Payments made in connection with acquisitions, net of cash acquired | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||
Intercompany activities | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Proceeds from exercise of stock options | |||||||||||||||||||||||||||
Dividend equivalent payments | ( | ) | ( | ) | |||||||||||||||||||||||
Repayment on term loans | ( | ) | ( | ) | |||||||||||||||||||||||
Cash tender and redemption of 2020 Notes | ( | ) | ( | ) | |||||||||||||||||||||||
Proceeds from 2027 Notes, net | |||||||||||||||||||||||||||
Proceeds from 2026 Secured Notes, net | |||||||||||||||||||||||||||
Financing fees and other | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Net cash provided by (used in) financing activities | ( | ) | ( | ) | |||||||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | |||||||||||||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | ) | |||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | ( | ) | |||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | $ | $ | $ | ( | ) | $ | $ | $ |
TransDigm Group | TransDigm Inc. | TransDigm UK | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | $ | ( | ) | $ | $ | $ | $ | $ | ||||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Payments made in connection with acquisitions, net of cash acquired | ( | ) | ( | ) | |||||||||||||||||||||||
Proceeds in connection with sale of discontinued operations | |||||||||||||||||||||||||||
Net cash used in investing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||||||||||
Intercompany activities | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
Proceeds from exercise of stock options | |||||||||||||||||||||||||||
Dividend equivalent payments | ( | ) | ( | ) | |||||||||||||||||||||||
Proceeds from term loans, net | |||||||||||||||||||||||||||
Repayment on term loans | ( | ) | ( | ) | |||||||||||||||||||||||
Proceeds from 6.875% 2026 Notes, net | |||||||||||||||||||||||||||
Financing fees and other | ( | ) | ( | ) | |||||||||||||||||||||||
Net cash (used in) provided by financing activities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ( | ) | ( | ) | |||||||||||||||||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ( | ) | |||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | ( | ) | |||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | $ | $ | $ | $ | $ | $ |
Thirteen Week Periods Ended | |||||||||||||
June 29, 2019 | % of Sales | June 30, 2018 | % of Sales | ||||||||||
Net sales | $ | 1,658,319 | 100.0 | % | $ | 980,662 | 100.0 | % | |||||
Cost of sales | 896,845 | 54.1 | % | 411,142 | 41.9 | % | |||||||
Selling and administrative expenses | 274,557 | 16.6 | % | 112,816 | 11.5 | % | |||||||
Amortization of intangible assets | 41,889 | 2.5 | % | 19,224 | 2.0 | % | |||||||
Income from operations | 445,028 | 26.8 | % | 437,480 | 44.6 | % | |||||||
Interest expense, net | 241,292 | 14.6 | % | 167,577 | 17.1 | % | |||||||
Refinancing costs | 106 | — | % | 4,159 | 0.4 | % | |||||||
Other (income) expense | (1,889 | ) | (0.1 | )% | 203 | — | % | ||||||
Income tax provision | 60,909 | 3.7 | % | 48,150 | 4.9 | % | |||||||
Income from continuing operations including noncontrolling interests | 144,610 | 8.7 | % | 217,391 | 22.2 | % | |||||||
Net income attributable to noncontrolling interests | (160 | ) | — | % | — | — | % | ||||||
Net income from continuing operations attributable to TD Group | 144,450 | 8.7 | % | 217,391 | 22.2 | % | |||||||
Loss from discontinued operations, net of tax | — | — | % | (145 | ) | — | % | ||||||
Net income attributable to TD Group | $ | 144,450 | 8.7 | % | $ | 217,246 | 22.2 | % |
Thirty-Nine Week Periods Ended | |||||||||||||
June 29, 2019 | % of Sales | June 30, 2018 | % of Sales | ||||||||||
Net sales | $ | 3,847,559 | 100.0 | % | $ | 2,761,692 | 100.0 | % | |||||
Cost of sales | 1,862,648 | 48.4 | % | 1,181,448 | 42.8 | % | |||||||
Selling and administrative expenses | 561,307 | 14.6 | % | 326,208 | 11.8 | % | |||||||
Amortization of intangible assets | 84,986 | 2.2 | % | 53,793 | 2.0 | % | |||||||
Income from operations | 1,338,618 | 34.8 | % | 1,200,243 | 43.5 | % | |||||||
Interest expense, net | 614,701 | 15.9 | % | 489,776 | 17.7 | % | |||||||
Refinancing costs | 3,540 | 0.1 | % | 5,910 | 0.2 | % | |||||||
Other (income) expense | (2,090 | ) | (0.1 | )% | 865 | — | % | ||||||
Income tax provision | 179,183 | 4.7 | % | (27,550 | ) | (1.0 | )% | ||||||
Income from continuing operations including noncontrolling interests | 543,284 | 14.1 | % | 731,242 | 26.5 | % | |||||||
Net income attributable to noncontrolling interests | (384 | ) | — | % | — | — | % | ||||||
Net income from continuing operations attributable to TD Group | 542,900 | 14.1 | % | 731,242 | 26.5 | % | |||||||
Loss from discontinued operations, net of tax | — | — | % | (2,943 | ) | (0.1 | )% | ||||||
Net income attributable to TD Group | $ | 542,900 | 14.1 | % | $ | 728,299 | 26.4 | % |
• | Net Sales. Net organic sales and acquisition sales and the related dollar and percentage changes for the thirteen week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirteen Week Periods Ended | % Change Total Sales | |||||||||||||
June 29, 2019 | June 30, 2018 | Change | ||||||||||||
Organic sales | $ | 1,096.9 | $ | 980.7 | 116.2 | 11.8 | % | |||||||
Acquisition sales | 561.4 | — | 561.4 | 57.2 | % | |||||||||
$ | 1,658.3 | $ | 980.7 | $ | 677.6 | 69.0 | % |
• | Cost of Sales and Gross Profit. Cost of sales increased by $485.7 million, or 118.1%, to $896.8 million for the thirteen week period ended June 29, 2019 compared to $411.1 million for the thirteen week period ended June 30, 2018. Cost of sales and the related percentage of total sales for the thirteen week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirteen Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | Change | % Change | |||||||||||
Cost of sales - excluding costs below | $ | 790.3 | $ | 412.4 | $ | 377.9 | 91.6 | % | ||||||
% of total sales | 47.7 | % | 42.1 | % | ||||||||||
Inventory acquisition accounting adjustments | 88.9 | 3.2 | 85.7 | 2,678.1 | % | |||||||||
% of total sales | 5.4 | % | 0.3 | % | ||||||||||
Foreign currency loss (gain) | 5.1 | (9.4 | ) | 14.5 | 154.3 | % | ||||||||
% of total sales | 0.3 | % | (1.0 | )% | ||||||||||
Acquisition integration costs | 9.3 | 3.5 | 5.8 | 165.7 | % | |||||||||
% of total sales | 0.6 | % | 0.4 | % | ||||||||||
Stock compensation expense | 3.2 | 1.4 | 1.8 | 128.6 | % | |||||||||
% of total sales | 0.2 | % | 0.1 | % | ||||||||||
Total cost of sales | $ | 896.8 | $ | 411.1 | $ | 485.7 | 118.1 | % | ||||||
% of total sales | 54.1 | % | 41.9 | % | ||||||||||
Gross profit | $ | 761.5 | $ | 569.5 | $ | 192.0 | 33.7 | % | ||||||
Gross profit percentage | 45.9 | % | 58.1 | % | -12.2 |
• | Gross profit on the sales from acquisitions included above (excluding acquisition-related costs) was approximately $215.1 million for the quarter ended June 29, 2019, which represented gross profit of approximately 38% of acquisition sales. |
• | Organic sales growth as described above, application of our three core value-driven operating strategies (obtaining profitable new business, continually improving our cost structure, and providing highly engineered value-added products to customers) and positive leverage on our fixed overhead costs spread over a higher production volume resulted in an increase in gross profit of approximately $84.7 million for the quarter ended June 29, 2019. |
• | Offsetting increases in gross profit by $107.8 million compared to the same period in the prior fiscal year was attributable to increased inventory acquisition accounting adjustments, foreign currency losses, higher integration costs and stock compensation expense. |
• | Selling and Administrative Expenses. Selling and administrative expenses increased by $161.8 million to $274.6 million, or 16.5% of sales, for the thirteen week period ended June 29, 2019 from $112.8 million, or 11.6% of sales, for the thirteen week period ended June 30, 2018. Selling and administrative expenses and the related percentage of total sales for the thirteen week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirteen Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | Change | % Change | |||||||||||
Selling and administrative expenses - excluding costs below | $ | 207.9 | $ | 96.8 | $ | 111.1 | 114.8 | % | ||||||
% of total sales | 12.5 | % | 9.9 | % | ||||||||||
Acquisition-related expenses | 38.1 | 3.7 | 34.4 | 929.7 | % | |||||||||
% of total sales | 2.3 | % | 0.4 | % | ||||||||||
Stock compensation expense | 28.6 | 12.3 | 16.3 | 132.5 | % | |||||||||
% of total sales | 1.7 | % | 1.3 | % | ||||||||||
Total selling and administrative expenses | $ | 274.6 | $ | 112.8 | $ | 161.8 | 143.4 | % | ||||||
% of total sales | 16.5 | % | 11.6 | % |
• | Amortization of Intangible Assets. Amortization of intangible assets was $41.9 million for the quarter ended June 29, 2019 compared to $19.2 million in the quarter ended June 30, 2018. The increase in amortization expense of $22.7 million was primarily due to the amortization expense on the definite-lived intangible assets recorded in connection with the fiscal 2019 acquisition of Esterline. |
• | Refinancing Costs. Refinancing costs of $0.1 million were recorded for the quarter ended June 29, 2019 primarily related to the debt financing activities that occurred in the second quarter of fiscal 2019. Refinancing costs of $4.2 million were recorded for the quarter ended June 30, 2018 representing debt issuance costs expensed in connection with the fiscal year 2018 debt financing activity. |
• | Interest Expense-Net. Interest expense-net includes interest on borrowings outstanding, amortization of debt issuance costs, original issue discount and premium and revolving credit facility fees slightly offset by interest income. Interest expense-net increased $73.7 million, or 44.0%, to $241.3 million for the quarter ended June 29, 2019 from $167.6 million for the comparable quarter last year. The net increase in interest expense-net was primarily due to an increase in the weighted average level of outstanding borrowings, which was approximately $17.0 billion for the quarter ended June 29, 2019 and approximately $13.0 billion for the quarter ended June 30, 2018. The increase in the weighted average level of borrowings was primarily due to the activity in the second quarter of fiscal 2019 consisting of the issuance of $4.0 billion in 2026 Secured Notes and $550 million in 2027 Notes and the activity in the third quarter of fiscal 2018 consisting of the issuance of additional term loans of $700 million (gross) and issuance of $500 million in 6.875% 2026 Notes. The increases in new debt described above were partially offset by principal payments made on the term loans over the comparable period and redemption of the 2020 Notes. The weighted average interest rate for cash interest payments on the total borrowings outstanding at June 29, 2019 was 5.7%. |
• | Income Taxes. Income tax expense as a percentage of income before income taxes was approximately 29.6% for the quarter ended June 29, 2019 compared to 18.1% for the quarter ended June 30, 2018. The Company's higher effective tax rate for the thirteen week period ended June 29, 2019 was primarily due to a net interest expense limitation under IRC Section 163(j) resulting from the provisions of The Tax Cuts and Jobs Act described in Note 10, "Income Taxes" in addition to a discrete detriment associated with the entity restructuring in anticipation of the Souriau-Sunbank Companies transaction described further in Note 17, "Subsequent Events." The Company’s effective tax rate for the period ended June 29, 2019 was higher than the Federal statutory rate of 21% primarily resulting from a net interest expense limitation under IRC Section 163(j), foreign earnings taxed at rates higher than the U.S. statutory rate, the taxes resulting from the entity restructuring described above offset by the benefit associated with the deduction for foreign-derived intangible income (FDII) and excess tax benefits for share-based payments. |
• | Loss from Discontinued Operations. On January 26, 2018, the Company completed the sale of Schroth in a management buyout to a private equity fund and certain members of Schroth management for approximately $61.4 million which included a working capital adjustment of $0.3 million paid in July 2018. There was no activity from the discontinued operations for the quarter ended June 29, 2019. Loss from discontinued operations was $0.1 million for the quarter ended June 30, 2018. |
• | Net Income Attributable to TD Group. Net income attributable to TD Group decreased $72.8 million, or 33.5%, to $144.5 million for the quarter ended June 29, 2019 compared to net income attributable to TD Group of $217.2 million for the quarter ended June 30, 2018, primarily as a result of the factors referred to above. |
• | Earnings per Share. Basic and diluted earnings per share was $2.57 for the quarter ended June 29, 2019 and $3.91 per share for the quarter ended June 30, 2018. There was no impact on earnings per share from discontinued operations for the quarter ended June 29, 2019 and June 30, 2018. |
• | Segment Net Sales. Net sales by segment for the thirteen week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirteen Week Periods Ended | ||||||||||||||||||||
June 29, 2019 | % of Sales | June 30, 2018 | % of Sales | Change | % Change | |||||||||||||||
Power & Control | $ | 768.6 | 46.4 | % | $ | 546.9 | 55.8 | % | $ | 221.7 | 40.5 | % | ||||||||
Airframe | 711.5 | 42.9 | % | 398.6 | 40.6 | % | 312.9 | 78.5 | % | |||||||||||
Non-aviation | 178.2 | 10.7 | % | 35.2 | 3.6 | % | 143.0 | 406.3 | % | |||||||||||
$ | 1,658.3 | 100.0 | % | $ | 980.7 | 100.0 | % | $ | 677.6 | 69.1 | % |
• | EBITDA As Defined. EBITDA As Defined by segment for the thirteen week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirteen Week Periods Ended | ||||||||||||||||||||
June 29, 2019 | % of Segment Sales | June 30, 2018 | % of Segment Sales | Change | % Change | |||||||||||||||
Power & Control | $ | 377.5 | 49.1 | % | $ | 288.2 | 52.7 | % | $ | 89.3 | 31.0 | % | ||||||||
Airframe | 306.0 | 43.0 | % | 196.7 | 49.4 | % | 109.3 | 55.6 | % | |||||||||||
Non-aviation | 45.2 | 25.3 | % | 11.1 | 31.5 | % | 34.1 | 307.2 | % | |||||||||||
$ | 728.7 | 43.9 | % | $ | 496.0 | 50.6 | % | $ | 232.7 | 46.9 | % |
• | Net Sales. Net organic sales and acquisition sales and the related dollar and percentage changes for the thirty-nine week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirty-Nine Week Periods Ended | % Change Total Sales | |||||||||||||
June 29, 2019 | June 30, 2018 | Change | ||||||||||||
Organic sales | $ | 3,079.0 | $ | 2,761.7 | $ | 317.3 | 11.5 | % | ||||||
Acquisition sales | 768.6 | — | 768.6 | 27.8 | % | |||||||||
$ | 3,847.6 | $ | 2,761.7 | $ | 1,085.9 | 39.3 | % |
• | Cost of Sales and Gross Profit. Cost of sales increased by $681.2 million, or 57.7%, to $1,862.6 million for the thirty-nine week period ended June 29, 2019 compared to $1,181.4 million for the thirty-nine week period ended June 30, 2018. Cost of sales and the related percentage of total sales for the thirty-nine week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirty-Nine Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | Change | % Change | |||||||||||
Cost of sales - excluding costs below | $ | 1,731.9 | $ | 1,168.8 | $ | 563.1 | 48.2 | % | ||||||
% of total sales | 45.0 | % | 42.3 | % | ||||||||||
Inventory acquisition accounting adjustments | 109.3 | 3.2 | 106.1 | 3,315.6 | % | |||||||||
% of total sales | 2.8 | % | 0.1 | % | ||||||||||
Acquisition integration costs | 12.1 | 7.0 | 5.1 | 72.9 | % | |||||||||
% of total sales | 0.3 | % | 0.3 | % | ||||||||||
Foreign currency loss (gain) | 2.3 | (1.2 | ) | 3.5 | 291.7 | % | ||||||||
% of total sales | 0.1 | % | — | % | ||||||||||
Stock compensation expense | 7.0 | 3.6 | 3.4 | 94.4 | % | |||||||||
% of total sales | 0.2 | % | 0.1 | % | ||||||||||
Total cost of sales | $ | 1,862.6 | $ | 1,181.4 | $ | 681.2 | 57.7 | % | ||||||
% of total sales | 48.4 | % | 42.8 | % | ||||||||||
Gross profit | $ | 1,984.9 | $ | 1,580.2 | $ | 404.7 | 25.6 | % | ||||||
Gross profit percentage | 51.6 | % | 57.2 | % |
• | Gross profit on the sales from the acquisitions indicated above (excluding acquisition-related costs) was approximately $280.8 million for the thirty-nine week period ended June 29, 2019, which represented gross profit of approximately 36% of the acquisition sales. |
• | Organic sales growth described above, application of our three core value-driven operating strategies (obtaining profitable new business, continually improving our cost structure, and providing highly engineered value-added products to |
• | Offsetting increases in gross profit by $118.1 million compared to the same period in the prior fiscal year was attributable to increased inventory acquisition accounting adjustments, foreign currency losses, stock compensation expense and acquisition integration costs. |
• | Selling and Administrative Expenses. Selling and administrative expenses increased by $235.1 million to $561.3 million, or 14.6% of sales, for the thirty-nine week period ended June 29, 2019 from $326.2 million, or 11.8% of sales, for the thirty-nine week period ended June 30, 2018. Selling and administrative expenses and the related percentage of total sales for the thirty-nine week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirty-Nine Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | Change | % Change | |||||||||||
Selling and administrative expenses - excluding costs below | $ | 433.2 | $ | 286.6 | $ | 146.6 | 51.2 | % | ||||||
% of total sales | 11.3 | % | 10.4 | % | ||||||||||
Acquisition-related expenses | 65.0 | 6.8 | 58.2 | 855.9 | % | |||||||||
% of total sales | 1.7 | % | 0.2 | % | ||||||||||
Stock compensation expense | 63.1 | 32.8 | 30.3 | 92.4 | % | |||||||||
% of total sales | 1.6 | % | 1.2 | % | ||||||||||
Total selling and administrative expenses | $ | 561.3 | $ | 326.2 | $ | 235.1 | 72.1 | % | ||||||
% of total sales | 14.6 | % | 11.8 | % |
• | Amortization of Intangible Assets. Amortization of intangible assets was $85.0 million for the thirty-nine week period ended June 29, 2019 compared to $53.8 million in the thirty-nine week period ended June 30, 2018. The increase in amortization expense of $31.2 million was primarily due to the amortization expense on the definite-lived intangible assets recorded in connection with the fiscal 2019 acquisition of Esterline. |
• | Refinancing Costs. Refinancing costs of $3.5 million were recorded for the thirty-nine week period ended June 29, 2019 and primarily related to the debt financing activities that occurred in the second quarter of fiscal 2019. Refinancing costs of $5.9 million were recorded for the thirty-nine week period ended June 30, 2018 representing debt issuance costs expensed in connection with the fiscal 2018 debt financing activity. |
• | Interest Expense-net. Interest expense-net includes interest on borrowings outstanding, amortization of debt issuance costs, original issue discount and premium and revolving credit facility fees slightly offset by interest income. Interest expense-net increased $124.9 million, or 25.5%, to $614.7 million for the thirty-nine week period ended June 29, 2019 from $489.8 million for the comparable thirty-nine week period last year. The net increase in interest expense-net was primarily due to an increase in the weighted average level of outstanding borrowings, which was approximately $15.1 billion for the thirty-nine week period ended June 29, 2019 and approximately $12.5 billion for the thirty-nine week period ended June 30, 2018. The increase in weighted average level of borrowings was primarily due to the activity in the second quarter of fiscal 2019 consisting of the issuance of $4.0 billion in 2026 Secured Notes and $550 million in 2027 Notes and the activity in the third quarter of fiscal 2018 consisting of issuing additional term loans of $700 million (gross) and issuing $500 million in 6.875% 2026 Notes. The increases in new debt described above were partially offset by principal payments on the term loans over the comparable period and redemption of the 2020 Notes. The weighted average interest rate for cash interest payments on total borrowings outstanding at June 29, 2019 was 4.2%. |
• | Income Taxes. Income tax expense as a percentage of income before income taxes was approximately 24.8% for the thirty-nine week period ended June 29, 2019 compared to (3.9)% for the thirty-nine week period ended June 30, 2018. The Company's higher effective tax rate for the thirty-nine week period ended June 29, 2019 was due to the discrete benefit recognized in the thirty-nine week period ended June 30, 2018 related to the enactment of the Tax Cuts and Jobs Act along with additional taxes recognized in the thirty-nine week period ended June 29, 2019 as described in Note 10, "Income Taxes". |
• | Loss from Discontinued Operations. On January 26, 2018, the Company completed the sale of Schroth in a management buyout to a private equity fund and certain members of Schroth management for approximately $61.4 million which included a working capital adjustment of $0.3 million paid in July 2018. There was no activity from the discontinued operations for |
• | Net Income Attributable to TD Group. Net income attributable to TD Group decreased $185.4 million, or 25.5%, to $542.9 million for the thirty-nine week period ended June 29, 2019 compared to net income attributable to TD Group of $728.3 million for the thirty-nine week period ended June 30, 2018, primarily as a result of the factors referred to above. |
• | Earnings per Share. Basic and diluted earnings per share was $9.22 for the thirty-nine week period ended June 29, 2019 and $12.09 per share for the thirty-nine week period ended June 30, 2018. There was no impact on earnings per share from discontinued operations for the thirty-nine week period ended June 29, 2019. For the thirty-nine week period ended June 30, 2018, basic and diluted earnings (loss) per share from continuing operations and discontinued operations were $12.14 and $(0.05), respectively. Net income attributable to TD Group for the thirty-nine week period ended June 29, 2019 of $542.9 million was decreased by dividend equivalent payments of $24.3 million, or $0.43 per share, resulting in net income available to common shareholders of $518.6 million, or $9.22 per share. Net income for the thirty-nine week period ended June 30, 2018 of $728.3 million was decreased by dividend equivalent payments of $56.1 million, or $1.01 per share, resulting in net income available to common shareholders of $672.2 million, or $12.09 per share. |
• | Segment Net Sales. Net sales by segment for the thirty-nine week period ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirty-Nine Week Periods Ended | ||||||||||||||||||||
June 29, 2019 | % of Sales | June 30, 2018 | % of Sales | Change | % Change | |||||||||||||||
Power & Control | $ | 1,960.0 | 51.0 | % | $ | 1,558.1 | 56.4 | % | $ | 401.9 | 25.8 | % | ||||||||
Airframe | 1,609.4 | 41.8 | % | 1,101.8 | 39.9 | % | 507.6 | 46.1 | % | |||||||||||
Non-aviation | 278.2 | 7.2 | % | 101.8 | 3.7 | % | 176.4 | 173.3 | % | |||||||||||
$ | 3,847.6 | 100.0 | % | $ | 2,761.7 | 100.0 | % | $ | 1,085.9 | 39.3 | % |
• | EBITDA As Defined. EBITDA As Defined by segment for the thirty-nine week periods ended June 29, 2019 and June 30, 2018 were as follows (amounts in millions): |
Thirty-Nine Week Periods Ended | ||||||||||||||||||||
June 29, 2019 | % of Segment Sales | June 30, 2018 | % of Segment Sales | Change | % Change | |||||||||||||||
Power & Control | $ | 1,006.0 | 51.3 | % | $ | 808.5 | 51.9 | % | $ | 197.5 | 24.4 | % | ||||||||
Airframe | 740.1 | 46.0 | % | 541.2 | 49.1 | % | 198.9 | 36.8 | % | |||||||||||
Non-aviation | 73.2 | 26.3 | % | 30.4 | 29.8 | % | 42.8 | 140.8 | % | |||||||||||
$ | 1,819.3 | 47.3 | % | $ | 1,380.1 | 50.0 | % | $ | 439.2 | 31.8 | % |
Term Loans Facility | Aggregate Principal | Maturity Date | Interest Rate | |||
Tranche E | $2,226.8 million | May 30, 2025 | LIBO rate + 2.5% | |||
Tranche F | $3,533.0 million | June 9, 2023 | LIBO rate + 2.5% | |||
Tranche G | $1,782.8 million | August 22, 2024 | LIBO rate + 2.5% |
Senior Subordinated Notes | Aggregate Principal | Maturity Date | Interest Rate | |||
2022 Notes | $1,150 million | July 15, 2022 | 6.00% | |||
2024 Notes | $1,200 million | July 15, 2024 | 6.50% | |||
2025 Notes | $750 million | May 15, 2025 | 6.50% | |||
2026 Secured Notes | $4,000 million | March 15, 2026 | 6.250% | |||
6.875% 2026 Notes | $500 million | May 15, 2026 | 6.875% | |||
6.375% 2026 Notes | $950 million | June 15, 2026 | 6.375% | |||
2027 Notes | $550 million | March 15, 2027 | 7.50% |
• | neither EBITDA nor EBITDA As Defined reflects the significant interest expense, or the cash requirements, necessary to service interest payments on our indebtedness; |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor EBITDA As Defined reflects any cash requirements for such replacements; |
• | the omission of the substantial amortization expense associated with our intangible assets further limits the usefulness of EBITDA and EBITDA As Defined; |
• | neither EBITDA nor EBITDA As Defined includes the payment of taxes, which is a necessary element of our operations; and |
• | EBITDA As Defined excludes the cash expense we have incurred to integrate acquired businesses into our operations, which is a necessary element of certain of our acquisitions. |
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||||||||||
June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
Net income including noncontrolling interests | $ | 144,610 | $ | 217,246 | $ | 543,284 | $ | 728,299 | |||||||
Less: Loss from discontinued operations, net of tax(1) | — | (145 | ) | — | (2,943 | ) | |||||||||
Income from continuing operations including noncontrolling interests | 144,610 | 217,391 | 543,284 | 731,242 | |||||||||||
Adjustments: | |||||||||||||||
Depreciation and amortization expense | 71,318 | 33,925 | 147,544 | 95,534 | |||||||||||
Interest expense, net | 241,292 | 167,577 | 614,701 | 489,776 | |||||||||||
Income tax provision | 60,909 | 48,150 | 179,183 | (27,550 | ) | ||||||||||
EBITDA | 518,129 | 467,043 | 1,484,712 | 1,289,002 | |||||||||||
Adjustments: | |||||||||||||||
Inventory acquisition accounting adjustments(2) | 88,923 | 3,165 | 109,348 | 3,165 | |||||||||||
Acquisition integration costs(3) | 42,355 | 5,486 | 49,768 | 10,815 | |||||||||||
Acquisition transaction-related expenses(4) | 5,107 | 1,730 | 27,335 | 2,960 | |||||||||||
Non-cash stock compensation expense(5) | 31,809 | 13,708 | 70,082 | 36,411 | |||||||||||
Refinancing costs(6) | 106 | 4,159 | 3,540 | 5,910 | |||||||||||
Other, net(7) | 4,568 | (8,150 | ) | 4,658 | 3,534 | ||||||||||
EBITDA As Defined | $ | 690,997 | $ | 487,141 | $ | 1,749,443 | $ | 1,351,797 |
(1) | Refer to Note 3, "Acquisitions and Divestitures," to the condensed consolidated financial statements included herein for further information. |
(2) | Represents accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when the inventory was sold. |
(3) | Represents costs incurred to integrate acquired businesses and product lines into TD Group’s operations, facility relocation costs and other acquisition-related costs. |
(4) | Represents transaction-related costs comprising deal fees; legal, financial and tax due diligence expenses, and valuation costs that are required to be expensed as incurred. |
(5) | Represents the compensation expense recognized by TD Group under our stock incentive plans. |
(6) | Represents costs expensed related to debt financing activities, including new issuances, extinguishments, refinancings and amendments to existing agreements. |
(7) | Primarily represents foreign currency transaction gain or loss, payroll withholding taxes related to dividend equivalent payments and stock option exercises, non-service related pension costs, deferred compensation and gain or loss on sale of fixed assets. |
Thirty-Nine Week Periods Ended | |||||||
June 29, 2019 | June 30, 2018 | ||||||
Net cash provided by operating activities | $ | 768,356 | $ | 690,910 | |||
Adjustments: | |||||||
Changes in assets and liabilities, net of effects from acquisitions of businesses | 21,442 | 31,112 | |||||
Interest expense, net (1) | 594,503 | 473,597 | |||||
Income tax provision - current | 174,033 | 139,233 | |||||
Non-cash stock compensation expense (2) | (70,082 | ) | (36,411 | ) | |||
Refinancing costs (6) | (3,540 | ) | (5,910 | ) | |||
EBITDA from discontinued operations (8) | — | (364 | ) | ||||
EBITDA | 1,484,712 | 1,292,167 | |||||
Adjustments: | |||||||
Inventory acquisition accounting adjustments (3) | 109,348 | 3,165 | |||||
Acquisition integration costs (4) | 49,768 | 10,815 | |||||
Acquisition transaction-related expenses (5) | 27,335 | 2,960 | |||||
Non-cash stock compensation expense (2) | 70,082 | 36,411 | |||||
Refinancing costs (6) | 3,540 | 5,910 | |||||
Other, net (7) | 4,658 | 3,534 | |||||
EBITDA As Defined | $ | 1,749,443 | $ | 1,354,962 |
(1) | Represents interest expense excluding the amortization of debt issuance costs and premium and discount on debt. |
(2) | Represents the compensation expense recognized by TD Group under our stock incentive plans. |
(3) | Represents accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when the inventory was sold. |
(4) | Represents costs incurred to integrate acquired businesses and product lines into TD Group’s operations, facility relocation costs and other acquisition-related costs. |
(5) | Represents transaction-related costs comprising deal fees; legal, financial and tax due diligence expenses, and valuation costs that are required to be expensed as incurred. |
(6) | Represents costs expensed related to debt financing activities, including new issuances, extinguishments, refinancings and amendments to existing agreements. |
(7) | Primarily represents foreign currency transaction gain or loss, payroll withholding taxes related to dividend equivalent payments and stock option exercises, non-service related pension costs, deferred compensation and gain or loss on sale of fixed assets. |
(8) | Refer to Note 3, "Acquisitions and Divestitures," to the condensed consolidated financial statements included herein for further information. |
Exhibit No. | Description | |
101 | Financial Statements and Notes to the Condensed Consolidated Financial Statements formatted in XBRL |
SIGNATURE | TITLE | DATE | ||
/s/ Kevin Stein | President, Chief Executive Officer and Director (Principal Executive Officer) | August 7, 2019 | ||
Kevin Stein | ||||
/s/ Michael Lisman | Chief Financial Officer (Principal Financial Officer) | August 7, 2019 | ||
Michael Lisman |
1. | I have reviewed this quarterly report on Form 10-Q of TransDigm Group Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s third fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors: |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Kevin Stein |
Name: Kevin Stein |
Title: President, Chief Executive Officer and Director |
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of TransDigm Group Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s third fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors: |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Michael Lisman |
Name: Michael Lisman |
Title: Chief Financial Officer |
(Principal Financial Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents in all material respects, the financial condition of the Company as of the dates indicated and results of operations of the Company for the periods indicated. |
/s/ Kevin Stein |
Name: Kevin Stein |
Title: President, Chief Executive Officer and Director |
(Principal Executive Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents in all material respects, the financial condition of the Company as of the dates indicated and results of operations of the Company for the periods indicated. |
/s/ Michael Lisman |
Name: Michael Lisman |
Title: Chief Financial Officer |
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets Parenthetical - $ / shares |
Jun. 29, 2019 |
Sep. 30, 2018 |
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Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 224,400,000 | 224,400,000 |
Common Stock, Shares, Issued | 57,450,206 | 56,895,686 |
Treasury Stock, Shares | 4,161,326 | 4,161,326 |
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
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Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Jun. 29, 2019 |
Jun. 30, 2018 |
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NET SALES | $ 1,658,319 | $ 980,662 | $ 3,847,559 | $ 2,761,692 | ||||
COST OF SALES | 896,845 | 411,142 | 1,862,648 | 1,181,448 | ||||
GROSS PROFIT | 761,474 | 569,520 | 1,984,911 | 1,580,244 | ||||
SELLING AND ADMINISTRATIVE EXPENSES | 274,557 | 112,816 | 561,307 | 326,208 | ||||
AMORTIZATION OF INTANGIBLE ASSETS | 41,889 | 19,224 | 84,986 | 53,793 | ||||
INCOME FROM OPERATIONS | 445,028 | 437,480 | 1,338,618 | 1,200,243 | ||||
INTEREST EXPENSE - NET | 241,292 | 167,577 | 614,701 | 489,776 | ||||
REFINANCING COSTS | 106 | 4,159 | 3,540 | 5,910 | ||||
OTHER (INCOME) EXPENSE | (1,889) | 203 | (2,090) | 865 | ||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 205,519 | 265,541 | 722,467 | 703,692 | ||||
INCOME TAX PROVISION | 60,909 | 48,150 | 179,183 | (27,550) | ||||
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | 144,610 | 217,391 | 543,284 | 731,242 | ||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | (145) | 0 | (2,943) | ||||
NET INCOME INCLUDING NONCONTROLLING INTERESTS | 144,610 | $ 202,632 | $ 196,042 | 217,246 | $ 196,278 | $ 314,775 | 543,284 | 728,299 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (160) | 0 | (384) | 0 | ||||
NET INCOME ATTRIBUTABLE TO TD GROUP | 144,450 | 217,246 | 542,900 | 728,299 | ||||
NET INCOME APPLICABLE TO TD GROUP COMMON STOCK | $ 144,450 | $ 217,246 | $ 518,591 | $ 672,151 | ||||
Net earnings per share attributable to TD Group stockholders: | ||||||||
Net earnings per share from continuing operations - basic and diluted | $ 2.57 | $ 3.91 | $ 9.22 | $ 12.14 | ||||
Net loss per share from discontinued operations - basic and diluted | 0 | 0 | 0 | (0.05) | ||||
Net earnings per share | $ 2.57 | $ 3.91 | $ 9.22 | $ 12.09 | ||||
Weighted-average shares outstanding: | ||||||||
Basic and diluted (in shares) | 56,265 | 55,597 | 56,265 | 55,598 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
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Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
Net income including noncontrolling interests | $ 144,610 | $ 202,632 | $ 196,042 | $ 217,246 | $ 196,278 | $ 314,775 | $ 543,284 | $ 728,299 |
Net income attributable to noncontrolling interests | (160) | 0 | (384) | 0 | ||||
NET INCOME ATTRIBUTABLE TO TD GROUP | 144,450 | 217,246 | 542,900 | 728,299 | ||||
Other comprehensive (loss) income, net of tax: | ||||||||
Foreign currency translation | 51,752 | (12,921) | (11,228) | (32,543) | 23,036 | 5,152 | 27,603 | (4,355) |
Unrealized (loss) gain on derivatives | (70,144) | (63,254) | $ (73,865) | 2,307 | $ 45,226 | $ 18,248 | (207,263) | 65,781 |
Pensions and other postretirement benefits | (346) | $ 131 | 0 | (215) | 0 | |||
Other comprehensive (loss) income, net of tax, attributable to TD Group | (18,738) | (30,236) | (179,875) | 61,426 | ||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO TD GROUP | $ 125,712 | $ 187,010 | $ 363,025 | $ 789,725 |
DESCRIPTION OF THE BUSINESS |
9 Months Ended |
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Jun. 29, 2019 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF THE BUSINESS | DESCRIPTION OF THE BUSINESS Description of the Business – TransDigm Group Incorporated (“TD Group”), through its wholly-owned subsidiary, TransDigm Inc., is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly every commercial and military aircraft in service today. TransDigm Inc., along with TransDigm Inc.’s direct and indirect wholly-owned operating subsidiaries (collectively, with TD Group, the “Company” or “TransDigm”), offers a broad range of proprietary aerospace components. TD Group has no significant assets or operations other than its 100% ownership of TransDigm Inc. TD Group’s common stock is listed on the New York Stock Exchange, or the NYSE, under the trading symbol “TDG.” TransDigm's major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, NiCad batteries and chargers, engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, databus and power controls, cockpit security components and systems, specialized cockpit displays, aircraft audio systems, specialized lavatory components, seat belts and safety restraints, engineered interior surfaces and related components, advanced sensor products, switches and relay panels, advanced displays, thermal protection and insulation, lighting and control technology, military personnel parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems. On March 14, 2019, TransDigm completed its acquisition of Esterline Technologies Corporation ("Esterline"). Refer to Note 3, "Acquisitions and Divestitures," for further information on this acquisition. Esterline includes a collection of businesses that primarily develop, produce and market products for the aerospace and defense industry.
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UNAUDITED INTERIM FINANCIAL INFORMATION |
9 Months Ended |
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Jun. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
UNAUDITED INTERIM FINANCIAL INFOMRATION | UNAUDITED INTERIM FINANCIAL INFORMATION The financial information included herein is unaudited; however, the information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations and cash flows for the interim periods presented. These financial statements and notes should be read in conjunction with the financial statements and related notes for the year ended September 30, 2018 included in TD Group’s Form 10-K filed on November 9, 2018. As disclosed therein, the Company’s annual consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). The September 30, 2018 condensed consolidated balance sheet was derived from TD Group’s audited financial statements. The results of operations for the thirty-nine week period ended June 29, 2019 are not necessarily indicative of the results to be expected for the full year. Certain reclassifications have been made to the prior year condensed consolidated financial statements to conform to current year classifications related to the adoption of ASU 2017-07, "Compensation—Retirement Benefits (ASC 715), impacting the presentation of the net periodic benefit cost in the income statement. The accounting pronouncement and impact of the fiscal year 2019 adoption of the pronouncement on the condensed consolidated financial statements is summarized in Note 4, "Recent Accounting Pronouncements." The Esterline businesses were acquired during the second quarter of fiscal 2019 and preliminarily assessed as a separate segment of the Company. During the third quarter of fiscal 2019, TransDigm evaluated the strategic fit and description of each Esterline reporting unit to determine the appropriate business segment and based on the assessment, the Esterline businesses were integrated into TransDigm's existing Power & Control, Airframe and Non-aviation segments. Previously reported operating results for the Esterline segment were reclassified to conform to the presentation for the thirteen and thirty-nine weeks ended June 29, 2019. The re-segmentation did not impact prior period results. See Note 13, "Segments," for additional information.
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ACQUISITIONS AND DIVESTITURES |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS AND DIVESTITURES During the thirty-nine week period ended June 29, 2019, the Company completed the acquisitions of Esterline and substantially all of the assets and technical data rights of NavCom Defense Electronics ("NavCom"). During the fiscal year ended September 30, 2018, the Company completed the acquisitions of Skandia Inc. ("Skandia"), Extant, and the Kirkhill elastomers business ("Kirkhill"). The Company accounted for the acquisitions using the acquisition method and included the results of operations of the acquisitions in its condensed consolidated financial statements from the effective date of each acquisition. As of June 29, 2019, the one year measurement period is open for Esterline, NavCom, and Skandia; therefore, the assets acquired and liabilities assumed related to these acquisitions are subject to adjustment until the end of their respective one year measurement periods. The Company is in the process of obtaining a third-party valuation of certain intangible assets and tangible assets of Esterline. Pro forma net sales and results of operations for the Esterline acquisition are provided in the Esterline section below. The pro forma information presents consolidated financial information as if Esterline had been acquired at the beginning of fiscal year 2018. Pro forma net sales and results of operations for the acquisitions other than Esterline, had they occurred at the beginning of the applicable thirty-nine week periods ended June 29, 2019 or June 30, 2018 are not material and, accordingly, are not provided. The acquisitions strengthen and expand the Company’s position to design, produce and supply highly engineered proprietary aerospace components in niche markets with significant aftermarket content and provide opportunities to create value through the application of our three core value-driven operating strategies (obtaining profitable new business, improving our cost structure, and providing highly engineered value-added products to customers). The purchase price paid for each acquisition reflects the current earnings before interest, taxes, depreciation and amortization (EBITDA) and cash flows, as well as the future EBITDA and cash flows expected to be generated by the business, which are driven in most cases by the recurring aftermarket consumption over the life of a particular aircraft, estimated to be approximately 25 to 30 years. Esterline – On March 14, 2019, TransDigm completed the acquisition of all the outstanding stock of Esterline for $122.50 per share in cash, plus the payoff of Esterline debt. The purchase price, net of cash acquired of approximately $398.2 million, totaled approximately $3,923.9 million. Of the $3,923.9 million purchase price, $3,536.3 million was paid at closing and the remaining $387.6 million was classified as restricted cash for the redemption of the outstanding senior notes due 2023 (herein the "2023 Notes"). The 2023 Notes were redeemed on April 15, 2019. Esterline, through its subsidiaries, is an industry leader in specialized manufacturing for the aerospace and defense industry, including significant aftermarket exposure, primarily within three core disciplines: advanced materials, avionics and controls and sensors and systems. The acquisition of Esterline expands TransDigm's platform of proprietary and sole source content for the aerospace and defense industry. TransDigm evaluated the strategic fit and description of each Esterline reporting unit to determine the appropriate business segment for the reporting unit. Each Esterline reporting unit is included in one of TransDigm's segments: Power and Control, Airframe, or Non-aviation. Refer to Note 13, "Segments," for additional information about the Company's segments. The total purchase price of Esterline was allocated to the underlying assets acquired and liabilities assumed based upon management’s estimated fair values at the date of acquisition. To the extent the purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired, such excess was allocated to goodwill. Allocations are based on the acquisition method of accounting and in-process third-party valuation appraisals. Given the timing and complexity of the Esterline acquisition, the allocation of the purchase price is preliminary and will likely change in future periods, perhaps materially, as fair value estimates of the assets acquired and liabilities assumed are refined and finalized during the allowable one year measurement period. Except where otherwise noted in the notes to condensed consolidated financial statements, changes in balances and activity where comparable periods are presented in the condensed consolidated financial statements were generally driven by the Esterline acquisition. The preliminary allocation of the fair value of the Esterline acquisition is summarized in the table below (presented in thousands).
The Company currently expects that the approximately $2.5 billion of goodwill and $1.0 billion of other intangible assets recognized for the acquisition will not be deductible for tax purposes. The Company's net sales and loss from continuing operations for the thirteen and thirty-nine week periods ended June 29, 2019 include net sales of $545.3 million and $670.3 million, respectively and loss from continuing operations before tax of $18.1 million and $12.8 million, respectively related to the Esterline acquisition. Net income from continuing operations for the thirteen and thirty-nine week periods ended June 29, 2019 includes approximately $21.2 million and $24.8 million of other intangible asset amortization expense and $88.9 million and $103.9 million of inventory step-up amortization expense in cost of sales. Acquisition costs were expensed as incurred and for the thirteen and thirty-nine week periods ended June 29, 2019 totaled approximately $46.2 million and $71.7 million, respectively. These costs were recorded in selling and administrative expenses and cost of sales within the condensed consolidated statements of income. In connection with the financing of the Esterline acquisition, approximately $64.7 million of net interest expense (comprised of gross interest expense of $64.7 million and no interest income) has been recorded for the thirteen week period ended June 29, 2019 and approximately $89.2 million of net interest expense (comprised of gross interest expense of $97.4 million and interest income of $8.2 million) has been recorded for the thirty-nine week period ended June 29, 2019. The following pro forma information presents consolidated financial information as if Esterline had been acquired at the beginning of fiscal year 2018. Interest expense has been adjusted as though the debt incurred to finance the Esterline acquisition had been outstanding at October 1, 2017. In the pro forma information presented, each quarter of fiscal 2018 and the first two quarters of fiscal 2019 include other intangible asset amortization expense of approximately $21.2 million resulting from the preliminary acquisition accounting. The third quarter of fiscal 2019 presented includes other intangible asset amortization of approximately $8.3 million resulting from the preliminary acquisition accounting. The full $118.7 million of inventory step-up amortization resulting from the preliminary acquisition accounting asset step-up has been included in the fiscal year 2018 pro forma results to reflect the pro forma transaction date of October 1, 2017, and thus the inventory step-up amortization expense of $88.9 million and $103.9 million recorded for the thirteen and thirty-nine week periods ended June 29, 2019, respectively has been excluded. The unaudited pro forma consolidated financial information does not necessarily reflect the actual results that would have occurred had the acquisition taken place on October 1, 2017, nor is it meant to be indicative of future results of operations of the combined companies under the ownership and operation of the Company.
NavCom – On October 1, 2018, the Company's Extant subsidiary completed the acquisition of substantially all of the assets and technical data rights from the Corona, California operations of NavCom for approximately $27 million in cash. NavCom develops, manufactures, and supports high-reliability, mission-critical electronics, avionics and sub-assemblies. NavCom is included as a product line of Extant, which is included in TransDigm's Power and Control segment. The Company expects that approximately $9 million of goodwill recognized for the acquisition will be deductible for tax purposes over 15 years. Skandia – On July 13, 2018, the Company acquired all of the outstanding stock of Skandia for a total purchase price of approximately $84.3 million, which includes a $0.2 million working capital settlement paid in the fourth quarter of fiscal 2018. Skandia provides highly engineered seating foam, foam fabrication, flammability testing and acoustic solutions for the business jet market. Skandia is included as a product line within an existing reporting unit in TransDigm's Airframe segment. No goodwill recognized for the acquisition is deductible for tax purposes. Extant – On April 24, 2018, the Company acquired all of the outstanding stock of Extant for a total purchase price of approximately $533.1 million in cash, which is net of a $0.2 million working capital settlement received in the third quarter of fiscal 2018. Extant provides a broad range of proprietary aftermarket products and repair and overhaul services to the aerospace and defense end markets. Extant is included in TransDigm's Power and Control segment. Prior to the Company's acquisition of Extant, Extant was owned by an equity fund sponsored by Warburg Pincus LLC. Michael Graff, a director of TransDigm, is a managing director of Warburg Pincus LLC and was chairman of the board of Extant. Robert Henderson, Vice Chairman of TransDigm, was also on the board of Extant and owned less than 2% of Extant on a fully diluted basis. In addition, Mr. Graff, Mr. W. Nicholas Howley, TransDigm's Executive Chairman, and Messrs. Douglas Peacock and David Barr, directors of TransDigm, each had minority interests of less than 1% in the Warburg Pincus LLC fund that owned Extant. The total purchase price of Extant was allocated to the underlying assets acquired and liabilities assumed based upon the fair values at the date of acquisition. To the extent the purchase price exceeded the fair value of the net identifiable tangible and intangible assets acquired, such excess was allocated to goodwill. The following table summarizes the purchase price allocation of the fair values of the assets acquired and liabilities assumed at the transaction date (presented in thousands).
Approximately $62.5 million of the $105.0 million other intangible assets recognized for the acquisition is deductible for tax purposes over 15 years. Of the $407.0 million of goodwill recognized for the acquisition, approximately $12.4 million is deductible for tax purposes. Kirkhill – On March 15, 2018, the Company acquired the assets and certain liabilities of the Kirkhill elastomers business from Esterline for a total purchase price of approximately $49.3 million, which is net of a $0.6 million working capital settlement received in the third quarter of fiscal 2018. Kirkhill's products are primarily proprietary, sole source with significant aftermarket content and used in a broad variety of most major commercial transport and military platforms. Kirkhill is included in TransDigm's Airframe segment. No goodwill recognized for the acquisition is deductible for tax purposes. Schroth – On February 22, 2017, the Company acquired all of the outstanding stock of Schroth Safety Products GmbH and certain aviation and defense assets and liabilities from subsidiaries of Takata Corporation (collectively, "Schroth"), for a total purchase price of approximately $89.7 million, which consisted primarily of $79.7 million paid in cash during fiscal 2017 and an approximately $9.0 million indemnity holdback, of which $8.5 million was paid in April 2018 and $0.5 million remains a reserve as of June 29, 2019. In connection with the settlement of a Department of Justice investigation into the competitive effects of the acquisition, during the fourth quarter of fiscal 2017, the Company committed to dispose of the Schroth business. Therefore, Schroth was classified as held-for-sale beginning in the fourth quarter of fiscal 2017 and the results of operations of were reflected as discontinued operations in the consolidated financial statements. On January 26, 2018, the Company completed the sale of Schroth in a management buyout to a private equity fund and certain members of Schroth management for approximately $61.4 million, which included a working capital adjustment of $0.3 million that was paid in July 2018. There was no activity from discontinued operations in the thirteen and thirty-nine week period ended June 29, 2019. Loss from discontinued operations was $0.1 million and $2.9 million in the condensed consolidated statements of income for the thirteen and thirty-nine week periods ended June 30, 2018, respectively, which is summarized as follows (amounts in thousands):
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RECENT ACCOUNTING PRONOUNCEMENTS |
9 Months Ended |
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Jun. 29, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, which created a new topic in the Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” In addition to superseding and replacing nearly all existing U.S. GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. The Company adopted this standard in the first quarter of 2019 using the modified retrospective method. The adoption of this standard did not have a material impact on our consolidated results of operations, financial position or cash flows. Refer to Note 5, "Revenue Recognition," for additional disclosures relating to ASC 606. In February 2016, the FASB issued ASU 2016-02, “Leases (ASC 842),” which will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. Additionally, in July 2018, the FASB issued ASU 2018-10, "Codification Improvements to ASC 842, Leases" which provides narrow amendments to clarify how to apply certain aspects of the new leases standard. The new leases standard guidance is effective for the Company for annual reporting periods, including interim periods therein, beginning October 1, 2019. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures. We are adopting ASC 842 on October 1, 2019 using the modified retrospective optional transition method, in which case prior periods presented will not be restated. Also, we intend to elect the package of practical expedients, which among other things, permits us to not reassess the identification, classification and initial direct costs of leases commencing before the October 1, 2019 effective date. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13)," which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company for annual and interim periods beginning after October 1, 2020 and early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures. In October 2016, the FASB issued ASU 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory” (ASU 2016-16). This accounting standard requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. Under previous guidance companies were required to defer the income tax effects of intercompany transfers of assets by recording prepaid taxes, until such assets were sold to an outside party or otherwise recognized. Current guidance requires companies to write off any income tax amounts previously deferred as prepaid taxes from past intercompany transactions, and to record deferred tax balances for amounts not previously recognized, through a cumulative-effect adjustment to retained earnings. ASU 2016-16 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. Refer to the condensed consolidated statements of stockholders' deficit for the impact of the adoption of ASU 2016-16 on retained earnings. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” to eliminate Step 2 from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. The guidance is effective for the Company for fiscal years beginning after October 1, 2020, with early adoption permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements and disclosures. In March 2017, the FASB issued ASU 2017-07, "Compensation—Retirement Benefits (ASC 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," that changes how employers that sponsor defined benefit and/or other postretirement benefit plans present the net periodic benefit cost in the income statement. Under previous guidance, companies included all components of the net periodic benefit costs in the same lines as the service cost component. Current guidance requires employers to present the other components of the net periodic benefit costs separately from the line items that include the service cost and outside of any subtotal of operating income. In addition, only the service cost component will be eligible for capitalization in assets. Employers will have to disclose the lines used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. The standard is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within the fiscal year. The Company adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, "Compensation—Stock Compensation (ASC 718): Scope of Modification Accounting," which provides clarity on which changes to the terms or conditions of share-based payment awards require an entity to apply the modification accounting provisions required in ASC 718. The standard is effective for all entities for annual periods beginning after December 15, 2017, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (ASC 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which gives entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the "Act") into retained earnings. The guidance allows entities to reclassify from accumulated other comprehensive income to retained earnings stranded tax effects resulting from the Act's new federal corporate income tax rate. The guidance also allows entities to elect to reclassify other stranded tax effects that relate to the Act but do not directly relate to the change in the federal tax rate (e.g., state taxes, changing from a worldwide tax system to a territorial system). Tax effects that are stranded in accumulated other comprehensive income for other reasons (e.g., prior changes in tax law, a change in valuation allowance) may not be reclassified. The standard is effective for the Company for fiscal years beginning after October 1, 2019, and interim periods within the fiscal year. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. Entities have the option to apply the guidance retrospectively or in the period of adoption. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (ASC 715-20)." ASU 2018-14 modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The ASU also requires an entity to disclose the weighted-average interest crediting rates for cash balance plans and to explain the reasons for significant gains and losses related to changes in the benefit obligation. The ASU is effective for the Company on October 1, 2020 and early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.
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REVENUE |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION The Company adopted ASC 606, “Revenue from Contracts with Customers,” beginning October 1, 2018 using the modified retrospective method. The new standard primarily impacted the Company's timing of revenue recognition for certain contracts and subcontracts with the U.S. government that contain termination for convenience clauses and resulted in an increase to retained earnings of $3.3 million. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of the changes made to our condensed consolidated balance sheet as of October 1, 2018 for the adoption of ASC 606 were as follows (in thousands):
The impact of the adoption of ASC 606 on the condensed consolidated statements of income and condensed consolidated balance sheet was immaterial for the thirteen and thirty-nine week periods ended June 29, 2019. Accounting Policy —Revenue is recognized from the sale of products when control transfers to the customer, which is demonstrated by our right to payment, a transfer of title, a transfer of the risk and rewards of ownership, or the customer acceptance, but most frequently upon shipment where the customer obtains physical possession of the goods. The majority of the Company's revenue is recorded at a point in time. In some contracts the Company found that under ASC 606, control transferred to the customer over time primarily in contracts where the customer is required to pay for the cost of both the finished and unfinished goods at the time of cancellation plus a reasonable profit relative to the work performed for products that were customized for the customer. Upon adoption of ASC 606, we recognize revenue over time for those agreements that have a right to margin and where the products being produced have no alternative use. Prior to the adoption date, revenue related to these agreements was recognized when the goods were shipped; as a result of the adoption of ASC 606, a portion of our revenue may be earned in periods earlier than it would have been in prior years. The cumulative adjustment to retained earnings upon adoption, which is presented in the table above, represents those earnings that would have been recognized in the previous year had ASC 606 been in effect during that time. Based on our production cycle, it is generally expected that goods related to the revenue represented in that adjustment will be shipped and billed within the current year. For revenue recognized over time, we estimate the amount of revenue attributable to a contract earned at a given point during the production cycle based on certain costs, such as materials and labor incurred to date, plus the expected profit, which is a cost-to-cost input method. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a significant financing component under ASC 606. Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of sales in the consolidated statements of income, and are not considered a performance obligation to our customers. The Company pays sales commissions that relate to contracts for products or services that are satisfied at a point in time or over a period of one year or less and are expensed as incurred. These costs are reported as a component of selling and administrative expenses in the unaudited condensed consolidated statement of operations. We offer assurance type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term. Variable consideration is estimated at the expected value (sum of the probability of weighted amounts) or most likely amount, whichever method is found to be most appropriate to estimate the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Variable consideration is treated as a change to the sales transaction price and based largely on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company. Variable consideration is estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Contract Assets and Liabilities - Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing or reimbursable costs related to a specific contract. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. The following table summarizes our contract assets and liabilities balances (in thousands):
Changes in the contract asset and liability balances during the thirty-nine week period ended June 29, 2019 were not materially impacted by any factors other than the Esterline acquisition. For the thirteen and thirty-nine week periods ended June 29, 2019, the revenue recognized that was previously included in the beginning balance of contract liabilities was immaterial. Refer to Note 13, “Segments,” for disclosures related to the disaggregation of revenue.
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EARNINGS PER SHARE (TWO-CLASS METHOD) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE (TWO-CLASS METHOD) | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data) using the two-class method:
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INVENTORIES |
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INVENTORIES | INVENTORIES Inventories are stated at the lower of cost or net realizable value. Cost of inventories is generally determined by the average cost and the first-in, first-out (FIFO) methods and includes material, labor and overhead related to the manufacturing process. Inventories consist of the following (in thousands):
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INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS | INTANGIBLE ASSETS Other intangible assets - net in the condensed consolidated balance sheets consist of the following (in thousands):
As disclosed in Note 3, "Acquisitions and Divestitures," the estimated fair value of the net identifiable tangible and intangible assets acquired from Esterline are based on the acquisition method of accounting and are subject to adjustment upon completion of the third-party valuation appraisals. Material adjustments may occur. The fair value of the net identifiable tangible and intangible assets acquired will be finalized within the allowable one year measurement period. Intangible assets acquired during the thirty-nine week period ended June 29, 2019 are summarized in the table below (in thousands)
The aggregate amortization expense on identifiable intangible assets for the thirty-nine week periods ended June 29, 2019 and June 30, 2018 was approximately $85.0 million and $53.8 million, respectively. The estimated amortization expense is $126.5 million for fiscal year 2019, $164.4 million for fiscal year 2020, and $112.3 million for each of the four succeeding fiscal years 2021 through 2024. The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2018 through June 29, 2019 (in
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DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The Company’s debt consists of the following (in thousands):
Accrued interest, which is classified as a component of accrued liabilities, was $191.7 million and $96.6 million as of June 29, 2019 and September 30, 2018, respectively. Issuance of Senior Secured Notes due 2026 – On January 30, 2019, the Company entered into a purchase agreement in connection with a private offering of $3.8 billion aggregate principal amount of 6.25% senior secured notes due 2026. In addition, on February 1, 2019, the Company entered into a purchase agreement in connection with a private offering of $200 million aggregate principal amount of 6.25% senior secured notes due 2026 (herein the "2026 Secured Notes"). All $4.0 billion aggregate principal amount of the 2026 Secured Notes constituted a single class and were issued under a single indenture. The notes in the $3.8 billion secured notes offering were issued at a price of 100% of their principal amount and the notes in the $200 million secured notes offering were issued at a price of 101% of their principal amount. The 2026 Secured Notes are guaranteed, with certain exceptions, by TransDigm Group, TransDigm UK and all of TransDigm Inc.’s existing U.S. subsidiaries on a senior secured basis. The 2026 Secured Notes bear interest at a rate of 6.25% per annum, which accrues from February 13, 2019 and is payable semiannually in arrears on March 15th and September 15th of each year, commencing on September 15, 2019. The 2026 Secured Notes mature on March 15, 2026, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the Secured Notes Indenture. In addition to the premium of $2.0 million capitalized upon the issuance of the $200 million issuance of the 2026 Senior Notes, the Company capitalized $65.5 million and expensed $0.8 million of debt issuance costs associated with the issuance of the 2026 Senior Secured Notes during the thirty-nine week period ended June 29, 2019. Issuance of Senior Subordinated Notes due 2027 – On February 1, 2019, the Company entered into a purchase agreement in connection with a private offering of $550 million in new 7.50% senior subordinated notes due 2027 (herein the "2027 Notes"). The 2027 Notes were issued pursuant to an indenture, dated as of February 13, 2019, among TransDigm, as issuer, TD Group, TD UK and the other subsidiaries of TransDigm named therein, as guarantors, and The Bank of New York Mellon Trust Company, N.A., as trustee. The 2027 Notes bear interest at the rate of 7.50% per annum, which accrues from February 13, 2019 and is payable in arrears on March 15th and September 15th of each year, commencing on September 15, 2019. The 2027 Notes mature on March 15, 2027, unless earlier redeemed or repurchased, and are subject to the terms and conditions set forth in the indenture. The Company capitalized $5.5 million of debt issuance costs associated with the 2027 Notes during the thirty-nine week period ended June 29, 2019. Repurchase of Senior Subordinated Notes due 2020 - On February 13, 2019, the Company announced a cash tender offer for any and all of its 2020 Notes outstanding. On March 15, 2019, the Company redeemed the principal amount of $550 million, plus accrued interest of approximately $12.6 million. The Company wrote off $1.7 million in unamortized debt issuance costs during the thirty-nine week period ended June 29, 2019 in conjunction with the redemption of the 2020 Notes. Amendment No. 6 to the Second Amended and Restated Credit Agreement - On March 14, 2019, the Company entered into Amendment No. 6 to the Second Amended and Restated Credit Agreement (herein "Amendment No. 6"). Under the terms of Amendment No. 6, certain existing lenders increased the revolving commitments, including $52.1 million in multicurrency revolving commitments, in an aggregate principal amount of $160 million, to a total revolving commitments capacity of $760 million. The revolving commitments consist of two tranches which include up to $151.5 million of multicurrency revolving commitments. The terms and conditions that apply to the revolving credit facility, other than the additional revolving credit commitments, are substantially the same as the terms and conditions that applied to the revolving credit facility immediately prior to Amendment No. 6. At June 29, 2019, the Company had $34.0 million in letters of credit outstanding, and $726.0 million of borrowings available under the revolving commitments, subject to restrictions under existing debt covenants. Government Refundable Advances - Government refundable advances consist of payments received from the Canadian government to assist in research and development related to commercial aviation. The requirement to repay this advance is solely based on year-over-year commercial aviation revenue growth at CMC, which is a subsidiary of TransDigm (acquired via the Esterline acquisition). These obligations were assumed in connection with the Esterline acquisition and the balance was $39.6 million at June 29, 2019. Obligations under Capital Leases - The Company leases certain buildings and equipment under capital leases. These obligations were assumed in connection with the Esterline acquisition and the present value of the minimum capital lease payments, net of the current portion, represents a balance of $65.0 million at June 29, 2019.
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INCOME TAXES |
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Jun. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES At the end of each reporting period, TD Group makes an estimate of its annual effective income tax rate. The estimate used in the year-to-date period may change in subsequent periods. During the thirteen week periods ended June 29, 2019 and June 30, 2018, the effective income tax rate was 29.6% and 18.1%, respectively. During the thirty-nine week periods ended June 29, 2019 and June 30, 2018, the effective income tax rate was 24.8% and (3.9)%, respectively. The Company's higher effective tax rate for the thirteen week period ended June 29, 2019 was primarily due to the detriment associated with our net interest expense limitation under IRC Section 163(j) resulting from the provisions of The Tax Cuts and Jobs Act enacted on December 22, 2017 (the "Act") along with taxes recognized as a result of the Company’s entity restructuring during the thirteen week period ended June 29, 2019. The Company's higher effective tax rate for the thirty-nine week period ended June 29, 2019 was primarily due to the discrete benefit recognized in the thirty-nine week period ended June 30, 2018 related to the remeasurement of deferred tax balances resulting from certain provisions of the Act that did not recur in fiscal 2019, in addition to the detriment associated with the net interest expense limitation under IRC Section 163(j) along with taxes recognized as a result of the Company’s entity restructuring in anticipation of the Souriau-Sunbank Companies transaction described further in Note 17, "Subsequent Events," during the thirty-nine week period ended June 29, 2019. The Company’s effective tax rate for the thirteen and thirty-nine week periods ended June 29, 2019 was higher than the Federal statutory rate of 21% primarily resulting from the net interest expense limitation under IRC Section 163(j), our foreign earnings taxed at rates higher than the U.S. statutory rate, the taxes associated with the entity restructuring (described above), offset by the benefit associated with the deduction for foreign-derived intangible income (FDII) and excess tax benefits for share-based payments. The Company’s effective tax rate for the thirteen and thirty-nine week periods ended June 30, 2018 was less than the Federal statutory tax rate primarily due to provisions of the Act described above, along with excess tax benefits for share-based payments and the domestic manufacturing deduction. FDII was introduced, and interest deductibility under IRC Section 163(j) was modified by the Act and were both effective for TD Group beginning October 1, 2018. The Act subjects a U.S. corporation to a tax on its Global Intangible Low-Taxed Income (GILTI). The FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that a Company can make an accounting policy election to either treat such inclusion as a current period expense or to factor such amounts into the measurement of deferred taxes. The Company has elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred and has not reflected any corresponding deferred taxes associated with GILTI in the condensed consolidated financial statements. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state, local and foreign jurisdictions. The Company is currently under audit in Belgium for fiscal years 2016 through 2018, in France for fiscal years 2015 through 2017, and in Germany for fiscal years 2012 through 2015. The Company is no longer subject to U.S. federal examinations for years before fiscal year 2014. The Company is subject to state income tax examinations for fiscal years 2011 and later. At June 29, 2019 and September 30, 2018, TD Group had $18.6 million and $14.1 million, respectively, in unrecognized tax benefits, the recognition of which would have an effect of approximately $16.8 million and $13.1 million on the effective tax rate at June 29, 2019 and September 30, 2018, respectively. The Company believes the tax positions that comprise the unrecognized tax benefits will be reduced by approximately $2.3 million over the next 12 months. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following summarizes the carrying amounts and fair values of financial instruments (in thousands):
The Company values its financial instruments using an industry standard market approach, in which prices and other relevant information are generated by market transactions involving identical or comparable assets or liabilities. No financial instruments were recognized using unobservable inputs. Interest rate swaps were measured at fair value using quoted market prices for the swap interest rate indexes over the term of the swap discounted to present value versus the fixed rate of the contract. The interest rate caps were measured at fair value using implied volatility rates of each individual caplet and the yield curve for the related periods. The Company’s derivative contracts consist of foreign currency exchange contracts and, from time to time, interest rate swap and cap agreements. These derivative contracts are over-the-counter, and their fair value is determined using modeling techniques that include market inputs such as interest rates, yield curves, and currency exchange rates. These contracts are categorized as Level 2 in the fair value hierarchy. The estimated fair value of the Company’s term loans was based on information provided by the agent under the Company’s senior secured credit facility. The estimated fair values of the Company’s notes were based upon quoted market prices. There has not been any impact to the fair value of derivative liabilities due to the Company's own credit risk. Similarly, there has not been any impact to the fair value of derivative assets based on the Company's evaluation of counterparties' credit risks. The fair value of cash and cash equivalents, restricted cash, trade accounts receivable-net and accounts payable approximated book value due to the short-term nature of these instruments at June 29, 2019 and September 30, 2018.
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DERIVATIVES AND HEDGING ACTIVITIES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to, among other things, the impact of changes in foreign currency exchange rates and interest rates in the normal course of business. The Company’s risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes derivative financial instruments to offset a portion of these risks. The Company uses derivative financial instruments only to the extent necessary to hedge identified business risks and does not enter into such transactions for trading purposes. The Company generally does not require collateral or other security with counterparties to these financial instruments and is therefore subject to credit risk in the event of nonperformance; however, the Company monitors credit risk and currently does not anticipate nonperformance by other parties. These derivative financial instruments do not subject the Company to undue risk, as gains and losses on these instruments generally offset gains and losses on the underlying assets, liabilities, or anticipated transactions that are being hedged. The Company has agreements with each of its swap and cap counterparties that contain a provision whereby if the Company defaults on the credit facility the Company could also be declared in default on its swaps and caps, resulting in an acceleration of payment under the swaps and caps. All derivative financial instruments are recorded at fair value in the condensed consolidated balance sheets. For a derivative that has not been designated as an accounting hedge, the change in the fair value is recognized immediately through earnings. For a derivative that has been designated as an accounting hedge of an existing asset or liability (a fair value hedge), the change in the fair value of both the derivative and underlying asset or liability is recognized immediately through earnings. For a derivative designated as an accounting hedge of an anticipated transaction (a cash flow hedge), the change in the fair value is recorded on the condensed consolidated balance sheet in accumulated other comprehensive income to the extent the derivative is effective in mitigating the exposure related to the anticipated transaction. The change in the fair value related to the ineffective portion of the hedge, if any, is immediately recognized in earnings. The amount recorded within accumulated other comprehensive income is reclassified into earnings in the same period during which the underlying hedged transaction affects earnings. Interest Rate Swap and Cap Agreements – Interest rate swap and cap agreements are used to manage interest rate risk associated with floating-rate borrowings under our credit facility. The interest rate swap and cap agreements utilized by the Company effectively modify the Company’s exposure to interest rate risk by converting a portion of the Company’s floating-rate debt to a fixed rate basis through the expiration date of the interest rate swap and cap agreements, thereby reducing the impact of interest rate changes on future interest expense. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the term of the agreements without an exchange of the underlying principal amount. These derivative instruments qualify as effective cash flow hedges under GAAP. For these cash flow hedges, the effective portion of the gain or loss from the financial instruments was initially reported as a component of accumulated other comprehensive (loss) income in stockholders’ deficit and subsequently reclassified into earnings in the same line as the hedged item in the same period or periods during which the hedged item affected earnings. As the interest rate swap and cap agreements are used to manage interest rate risk, any gains or losses from the derivative instruments that are reclassified into earnings are recognized in interest expense - net in the condensed consolidated statements of income. The following table summarizes the Company's interest rate swap agreements:
The following table summarizes the Company's interest rate cap agreements:
Certain derivative asset and liability balances are offset where master netting agreements provide for the legal right of setoff. For classification purposes, we record the net fair value of each type of derivative position that is expected to settle in less than one year with each counterparty as a net current asset or liability and each type of long-term position as a net non-current asset or liability. The amounts shown in the table below represent the gross amounts of recognized assets and liabilities, the amounts offset in the condensed consolidated balance sheet and the net amounts of assets and liabilities presented therein.
Based on the fair value amounts of the interest rate swap and cap agreements determined as of June 29, 2019, the estimated net amount of existing gains and losses and caplet amortization expected to be reclassified into interest expense within the next twelve months is approximately $13.4 million. Effective September 30, 2016, the Company redesignated the interest rate cap agreements related to the $400 million and the $750 million aggregate notional amount with cap rates of 2.0% and 2.5%, respectively, based on the expected probable cash flows associated with the 2016 term loans and 2015 term loans in consideration of the Company’s ability to select one-month, two-month, three-month, or six-month LIBO rate set forth in the Second Amended and Restated Credit Agreement. Accordingly, amounts previously recorded as a component of accumulated other comprehensive (loss) income in stockholder’s deficit amortized into interest expense was $3.6 million and $3.0 million for the thirty-nine week periods ended June 29, 2019 and June 30, 2018, respectively. The accumulated other comprehensive loss to be reclassified into interest expense over the remaining term of the cap agreements is $7.4 million with a related tax benefit of $1.7 million as of June 29, 2019. Effective December 30, 2017, the Company redesignated the existing interest rate swap agreements related to the $750 million, $500 million, $1,000 million and $750 million aggregate notional amounts with swap rates of 5.0%, 4.4%, 4.3% and 5.3%, respectively, based on the expected probable cash flows associated with certain term loans in consideration of the Company’s removal of the LIBO rate floor on the certain term loans as set forth in Amendment No. 4 to the Second Amended and Restated Credit Agreement. Accordingly, the amount recorded as a component of accumulated other comprehensive (loss) income in stockholders’ deficit related to these redesignated interest rate swap hedges will be amortized into earnings based on the original maturity date of the related interest rate swap agreements. Amounts previously recorded as a component of accumulated other comprehensive (loss) income in stockholders' deficit amortized into interest expense was $0.8 million and $0.5 million for the thirty-nine week periods ended June 29, 2019 and June 30, 2018. The accumulated other comprehensive income to be reclassified into interest income over the remaining term of the swaps agreements is $1.4 million with a related tax expense of $0.3 million as of June 29, 2019. Effective March 31, 2018, the Company redesignated the existing interest rate swap agreements related to the $1,000 million aggregate notional amount with a swap rate of 4.9%, which expired in June 2019, and the $400 million aggregate notional amount with a swap rate of 4.4%, based on the expected probable cash flows associated with certain term loans in consideration of the Company’s removal of the LIBO rate floor on the certain term loans as set forth in the refinancing facility agreement dated February 22, 2018 related to the Second Amended and Restated Credit Agreement. Accordingly, the amount recorded as a component of accumulated other comprehensive (loss) income in stockholders’ deficit related to these redesignated interest rate swap hedges will be amortized into earnings based on the original maturity date of the related interest rate swap agreements. Amounts previously recorded as a component of accumulated other comprehensive (loss) income in stockholders' deficit amortized into interest income was $2.1 million for the thirty-nine week period ended June 29, 2019. The accumulated other comprehensive income to be reclassified into interest income over the remaining term of the swaps agreements is $9.3 million with a related tax expense of $2.2 million as of June 29, 2019. Foreign Currency Forward Exchange Contracts – The Company transacts business in various foreign currencies, which subjects the Company’s cash flows and earnings to exposure related to changes in foreign currency exchange rates. These exposures arise primarily from purchases or sales of products and services from third parties. Foreign currency forward exchange contracts provide for the purchase or sale of foreign currencies at specified future dates at specified exchange rates, and are used to offset changes in the fair value of certain assets or liabilities or forecasted cash flows resulting from transactions denominated in foreign currencies. At June 29, 2019, the Company had outstanding foreign currency forward exchange contracts principally to sell U.S. dollars with notional amounts of $327.5 million. These notional values consist primarily of contracts for the British pound sterling, Canadian dollar, and European euro and are stated in U.S. dollar equivalents at spot exchange rates at the respective dates. During the thirty-nine week period ended June 29, 2019, the losses the Company recognized on foreign currency forward exchange contracts designated as fair value hedges in the condensed consolidated statement of income is immaterial. During the thirty-nine week period ended June 29, 2019, the Company reclassified losses on foreign currency forward exchange contracts designated as cash flow hedges of $0.4 million to net sales in the condensed consolidated income statement. The losses were previously recorded as a component of accumulated other comprehensive (loss) income in stockholders' deficit. During the thirty-nine week period ended June 29, 2019, the Company recorded a gain of $0.2 million on foreign currency forward exchange contracts that have not been designated as accounting hedges. These foreign currency exchange gains are included in selling and administrative expenses. There was an immaterial impact to the Company’s earnings related to the ineffective portion of any hedging instruments during the thirty-nine week period ended June 29, 2019. In addition, there was an immaterial impact to the Company’s earnings when a hedged firm commitment no longer qualified as a fair value hedge or when a hedged forecasted transaction no longer qualified as a cash flow hedge during the thirty-nine week period ended June 29, 2019. Amounts related to foreign currency forward exchange contracts included in accumulated other comprehensive (loss) income in stockholders' deficit are reclassified into earnings when the hedged transaction settles. The Company expects to reclassify approximately $6.2 million of net losses into earnings over the next 12 months. The maximum duration of the Company’s foreign currency cash flow hedge contracts at June 29, 2019 was 24 months.
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SEGMENTS |
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Jun. 29, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS The Company’s businesses are organized and managed in three reporting segments: Power & Control, Airframe and Non-aviation. The Power & Control segment includes operations that primarily develop, produce and market systems and components that predominately provide power to or control power of the aircraft utilizing electronic, fluid, power and mechanical motion control technologies. Major product offerings include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, databus and power controls, advanced sensor products, switches and relay panels, high performance hoists, winches and lifting devices and cargo loading and handling systems. Primary customers of this segment are engine and power system and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies and repair depots. Products are sold in the original equipment and aftermarket market channels. The Airframe segment includes operations that primarily develop, produce and market systems and components that are used in non-power airframe applications utilizing airframe and cabin structure technologies. Major product offerings include engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, cockpit security components and systems, aircraft audio systems, specialized lavatory components, seat belts and safety restraints, engineered interior surfaces and related components, advanced displays, thermal protection, lighting and control technology, military personnel parachutes and cargo delivery systems. Primary customers of this segment are airframe manufacturers and cabin system suppliers and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies and repair depots. Products are sold in the original equipment and aftermarket market channels. The Non-aviation segment includes operations that primarily develop, produce and market products for non-aviation markets. Major product offerings include interconnect solutions for harsh environments serving customers primarily in aerospace, defense and space end markets, interface solutions serving leading OEMs in the medical, commercial, industrial, diagnostics and gaming end markets, seat belts and safety restraints for ground transportation applications, mechanical/electro-mechanical actuators and controls for space applications, hydraulic/electromechanical actuators and fuel valves for land based gas turbines, and refueling systems for heavy equipment used in mining, construction and other industries and turbine controls for the energy and oil and gas markets. Primary customers of this segment are off-road vehicle suppliers and subsystem suppliers, child restraint system suppliers, satellite and space system suppliers, manufacturers of heavy equipment used in mining, construction and other industries and turbine original equipment manufacturers, gas pipeline builders and electric utilities. The Esterline businesses were acquired during the second quarter of fiscal 2019 and preliminarily assessed as a separate segment of the Company. During the third quarter of fiscal 2019, the Esterline businesses were integrated into TransDigm's existing Power & Control, Airframe and Non-aviation segments. Previously reported operating results for the Esterline segment were reclassified to conform to the presentation for the thirteen and thirty-nine weeks ended June 29, 2019. The re-segmentation did not impact prior period results. The primary measurement used by management to review and assess the operating performance of each segment is EBITDA As Defined. The Company defines EBITDA As Defined as earnings before interest, taxes, depreciation and amortization plus certain non-operating items recorded as corporate expenses including refinancing costs, acquisition-related costs, transaction-related costs, foreign currency gains and losses, and non-cash compensation charges incurred in connection with the Company’s stock incentive plans. Acquisition-related costs represent accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when the inventory was sold; costs incurred to integrate acquired businesses and product lines into the Company’s operations, facility relocation costs and other acquisition-related costs; transaction related costs comprising deal fees; legal, financial and tax diligence expenses and valuation costs that are required to be expensed as incurred and other acquisition accounting adjustments. EBITDA As Defined is not a measurement of financial performance under GAAP. Although the Company uses EBITDA As Defined to assess the performance of its business and for various other purposes, the use of this non-GAAP financial measure as an analytical tool has limitations, and it should not be considered in isolation or as a substitute for analysis of the Company’s results of operations as reported in accordance with GAAP. The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The accounting policies for each segment are the same as those described in the summary of significant accounting policies in the Company’s consolidated financial statements. Intersegment sales and transfers are recorded at values based on market prices, which creates intercompany profit on intersegment sales or transfers that is eliminated in consolidation. Intersegment sales were immaterial for the periods presented below. Certain corporate-level expenses are allocated to the operating segments.
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RETIREMENT BENEFITS (Notes) |
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Pension and Other Postretirement Benefits Disclosure [Text Block] | RETIREMENT BENEFITS The components of total pension cost were as follows (in thousands):
The defined benefit plan components of total pension cost, other than service cost, are included in other income (expense) in the Company's condensed consolidated statements of income. Pension costs related to the Esterline acquisition are based on the acquisition method of accounting and an in-process third-party valuation appraisal. The valuation is preliminary and may change in future periods as the valuation is refined and finalized during the allowable one year measurement period.
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ACCUMULATED OTHER COMPREHENSIVE LOSS |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following table presents the components of accumulated other comprehensive (loss) income, net of taxes, for the thirty-nine week period ended June 29, 2019 (in thousands):
A summary of reclassifications out of accumulated other comprehensive (loss) income for the thirty-nine week periods ended June 29, 2019 and June 30, 2018 is provided below (in thousands):
(2) This component of accumulated other comprehensive (loss) income is included in net sales (see Note 12, “Derivatives and Hedging Activities,” for additional information).
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SUPPLEMENTAL GUARANTOR INFORMATION |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL GUARANTOR INFORMATION | SUPPLEMENTAL GUARANTOR INFORMATION TransDigm Inc.’s 2022 Notes, 2024 Notes, 2025 Notes, 6.375% 2026 Notes, 2026 Secured Notes and 2027 Notes are jointly and severally guaranteed, on a senior subordinated basis, by TD Group, TransDigm UK Holdings plc ("TransDigm UK") and TransDigm Inc.’s Domestic Restricted Subsidiaries, as defined in the applicable Indentures. TransDigm UK's 6.875% 2026 Notes are jointly and severally guaranteed, on a senior subordinated basis, by TD Group, TransDigm Inc. and TransDigm Inc.'s Domestic Restricted Subsidiaries as defined in the applicable indenture. The following supplemental condensed consolidating financial information presents, in separate columns, the balance sheets of the Company as of June 29, 2019 and September 30, 2018 and its statements of income and comprehensive income and cash flows for the thirty-nine week periods ended June 29, 2019 and June 30, 2018 for (i) TransDigm Group on a parent only basis with its investment in subsidiaries recorded under the equity method, (ii) TransDigm Inc. including its directly owned operations and non-operating entities, excluding TransDigm UK, (iii) TransDigm UK (iv) the Subsidiary Guarantors (other than TransDigm UK) on a combined basis, (v) Non-Guarantor Subsidiaries and (vi) the Company on a consolidated basis. Separate financial statements of TransDigm Inc. are not presented because TransDigm Inc.’s 2022 Notes, 2024 Notes, 2025 Notes, 6.375% 2026 Notes, 2026 Secured Notes and 2027 Notes are fully and unconditionally guaranteed on a senior subordinated basis by TD Group, TransDigm UK and all of TransDigm Inc's Domestic Restricted Subsidiaries and because TD Group has no significant operations or assets separate from its investment in TransDigm Inc. Separate financial statements of TransDigm UK are not presented because TransDigm UK's 6.875% 2026 Notes, issued in May 2018, are fully and unconditionally guaranteed on a senior subordinated basis by TD Group, TransDigm Inc. and all of TransDigm Inc.'s Domestic Restricted Subsidiaries. TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 29, 2019 (Amounts in thousands)
TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2018 (Amounts in thousands)
TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 29, 2019 (Amounts in thousands)
TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 30, 2018 (Amounts in thousands)
TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 29, 2019 (Amounts in thousands)
TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 30, 2018 (Amounts in thousands)
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SUBSEQUENT EVENTS |
9 Months Ended |
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Jun. 29, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On July 21, 2019, TransDigm and certain of its subsidiaries entered into a binding offer (the “Put Agreement”) with Eaton Corporation plc (“Eaton”) for the acquisition by Eaton of the shares of Souriau SAS, Souriau USA Inc. and Sunbank Family of Companies LLC (collectively, the “Souriau-Sunbank Companies”). Pursuant to the terms of the Put Agreement, after completion of the consultation process with the French works council, TransDigm will have the right to require Eaton to enter into a securities purchase agreement (the “Purchase Agreement”) providing for the purchase by Eaton from the TransDigm of the shares of the Souriau-Sunbank Companies. Pursuant to the terms of the Purchase Agreement, Eaton will purchase the shares of the Souriau-Sunbank Companies for approximately $920 million. The Souriau-Sunbank Companies were acquired by TransDigm as part of its acquisition of Esterline in March 2019 and are included within TransDigm's Non-aviation segment. In addition to the consultation with the French works council, the transaction is subject to execution and delivery of the Purchase Agreement and other definitive agreements, the satisfaction or waiver of customary closing conditions and receipt of required regulatory approvals. The transaction is expected to be completed during the first quarter of fiscal 2020. On July 30, 2019, the Company amended its $350 million trade receivable securitization facility to extend the maturity date to July 28, 2020. As of June 29, 2019, the Company has borrowed $300 million under the trade receivable securitization facility and has an unused borrowing capacity of $50 million. The trade receivable securitization facility is collateralized by substantially all of the Company’s domestic operations’ trade accounts receivable. On August 6, 2019, the Company announced that TD Group's Board of Directors authorized and declared a special cash dividend of $30.00 on each outstanding share of common stock and cash dividend equivalent payments on options granted under its stock incentive plans. The record date for the special dividend is August 16, 2019, and the payment date for the dividend is August 23, 2019. The total cash payment related to the special dividend and dividend equivalent payments in the fourth quarter of fiscal 2019 will be approximately $1.7 billion. On August 6, 2019, TransDigm entered into a definitive agreement with an affiliate of KPS Capital Partners, LP pursuant to which TransDigm agreed to sell the Esterline Interface Technology group of businesses (the “EIT Companies”) for approximately $190 million. The EIT Companies were acquired by TransDigm as part of its acquisition of Esterline in March 2019 and are included within TransDigm's Non-aviation segment. Subject to regulatory approvals and customary closing conditions, the sale is expected to be completed during the first quarter of fiscal 2020.
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RECENT ACCOUNTING PRONOUNCEMENTS (Policies) |
9 Months Ended |
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Jun. 29, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, which created a new topic in the Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers.” In addition to superseding and replacing nearly all existing U.S. GAAP revenue recognition guidance, including industry-specific guidance, ASC 606 requires an entity to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also specifies the accounting of some costs to obtain or fulfill a contract with a customer and expands the disclosure requirements around contracts with customers. The Company adopted this standard in the first quarter of 2019 using the modified retrospective method. The adoption of this standard did not have a material impact on our consolidated results of operations, financial position or cash flows. Refer to Note 5, "Revenue Recognition," for additional disclosures relating to ASC 606. In February 2016, the FASB issued ASU 2016-02, “Leases (ASC 842),” which will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. Additionally, in July 2018, the FASB issued ASU 2018-10, "Codification Improvements to ASC 842, Leases" which provides narrow amendments to clarify how to apply certain aspects of the new leases standard. The new leases standard guidance is effective for the Company for annual reporting periods, including interim periods therein, beginning October 1, 2019. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures. We are adopting ASC 842 on October 1, 2019 using the modified retrospective optional transition method, in which case prior periods presented will not be restated. Also, we intend to elect the package of practical expedients, which among other things, permits us to not reassess the identification, classification and initial direct costs of leases commencing before the October 1, 2019 effective date. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13)," which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company for annual and interim periods beginning after October 1, 2020 and early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures. In October 2016, the FASB issued ASU 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory” (ASU 2016-16). This accounting standard requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. Under previous guidance companies were required to defer the income tax effects of intercompany transfers of assets by recording prepaid taxes, until such assets were sold to an outside party or otherwise recognized. Current guidance requires companies to write off any income tax amounts previously deferred as prepaid taxes from past intercompany transactions, and to record deferred tax balances for amounts not previously recognized, through a cumulative-effect adjustment to retained earnings. ASU 2016-16 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. Refer to the condensed consolidated statements of stockholders' deficit for the impact of the adoption of ASU 2016-16 on retained earnings. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment,” to eliminate Step 2 from the goodwill impairment test in order to simplify the subsequent measurement of goodwill. The guidance is effective for the Company for fiscal years beginning after October 1, 2020, with early adoption permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements and disclosures. In March 2017, the FASB issued ASU 2017-07, "Compensation—Retirement Benefits (ASC 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," that changes how employers that sponsor defined benefit and/or other postretirement benefit plans present the net periodic benefit cost in the income statement. Under previous guidance, companies included all components of the net periodic benefit costs in the same lines as the service cost component. Current guidance requires employers to present the other components of the net periodic benefit costs separately from the line items that include the service cost and outside of any subtotal of operating income. In addition, only the service cost component will be eligible for capitalization in assets. Employers will have to disclose the lines used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. The standard is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within the fiscal year. The Company adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, "Compensation—Stock Compensation (ASC 718): Scope of Modification Accounting," which provides clarity on which changes to the terms or conditions of share-based payment awards require an entity to apply the modification accounting provisions required in ASC 718. The standard is effective for all entities for annual periods beginning after December 15, 2017, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company adopted this standard in the first quarter of fiscal 2019. The adoption of this standard did not have a material impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (ASC 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which gives entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act (the "Act") into retained earnings. The guidance allows entities to reclassify from accumulated other comprehensive income to retained earnings stranded tax effects resulting from the Act's new federal corporate income tax rate. The guidance also allows entities to elect to reclassify other stranded tax effects that relate to the Act but do not directly relate to the change in the federal tax rate (e.g., state taxes, changing from a worldwide tax system to a territorial system). Tax effects that are stranded in accumulated other comprehensive income for other reasons (e.g., prior changes in tax law, a change in valuation allowance) may not be reclassified. The standard is effective for the Company for fiscal years beginning after October 1, 2019, and interim periods within the fiscal year. Early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. Entities have the option to apply the guidance retrospectively or in the period of adoption. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (ASC 715-20)." ASU 2018-14 modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The ASU also requires an entity to disclose the weighted-average interest crediting rates for cash balance plans and to explain the reasons for significant gains and losses related to changes in the benefit obligation. The ASU is effective for the Company on October 1, 2020 and early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.
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REVENUE Narrative (Policies) |
9 Months Ended |
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Jun. 29, 2019 | |
Revenue Recognition [Abstract] | |
Revenue [Policy Text Block] | Accounting Policy —Revenue is recognized from the sale of products when control transfers to the customer, which is demonstrated by our right to payment, a transfer of title, a transfer of the risk and rewards of ownership, or the customer acceptance, but most frequently upon shipment where the customer obtains physical possession of the goods. The majority of the Company's revenue is recorded at a point in time. In some contracts the Company found that under ASC 606, control transferred to the customer over time primarily in contracts where the customer is required to pay for the cost of both the finished and unfinished goods at the time of cancellation plus a reasonable profit relative to the work performed for products that were customized for the customer. Upon adoption of ASC 606, we recognize revenue over time for those agreements that have a right to margin and where the products being produced have no alternative use. Prior to the adoption date, revenue related to these agreements was recognized when the goods were shipped; as a result of the adoption of ASC 606, a portion of our revenue may be earned in periods earlier than it would have been in prior years. The cumulative adjustment to retained earnings upon adoption, which is presented in the table above, represents those earnings that would have been recognized in the previous year had ASC 606 been in effect during that time. Based on our production cycle, it is generally expected that goods related to the revenue represented in that adjustment will be shipped and billed within the current year. For revenue recognized over time, we estimate the amount of revenue attributable to a contract earned at a given point during the production cycle based on certain costs, such as materials and labor incurred to date, plus the expected profit, which is a cost-to-cost input method. The Company’s payment terms vary by the type and location of the customer and the products or services offered. The Company does not offer any payment terms that would meet the requirements for consideration as a significant financing component under ASC 606. Shipping and handling fees and costs incurred in connection with products sold are recorded in cost of sales in the consolidated statements of income, and are not considered a performance obligation to our customers. The Company pays sales commissions that relate to contracts for products or services that are satisfied at a point in time or over a period of one year or less and are expensed as incurred. These costs are reported as a component of selling and administrative expenses in the unaudited condensed consolidated statement of operations. We offer assurance type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term. Variable consideration is estimated at the expected value (sum of the probability of weighted amounts) or most likely amount, whichever method is found to be most appropriate to estimate the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Variable consideration is treated as a change to the sales transaction price and based largely on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company. Variable consideration is estimated at contract inception and updated at the end of each reporting period as additional information becomes available.
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ACQUISITIONS AND DIVESTITURES (Tables) |
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Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is the summarized operating results for Schroth for the </font><font style="font-family:inherit;font-size:10pt;">thirteen and thirty-nine</font><font style="font-family:inherit;font-size:10pt;"> week periods ended </font><font style="font-family:inherit;font-size:10pt;">June 29, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">June 30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:42%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Thirteen Week Period Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Twenty-six Week Period Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 29, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 29, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 30, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net sales</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,808</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from discontinued operations before income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">354</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income tax benefit</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,016</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from discontinued operations, net of tax</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,370</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss on sale of discontinued operations, net of tax</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(145</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,313</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loss from discontinued operations</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(145</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,943</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div> | from discontinued operations was $0.1 million and $2.9 million in the condensed consolidated statements of income for the thirteen and thirty-nine week periods ended June 30, 2018, respectively, which is summarized as follows (amounts in thousands):
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | summarizes the purchase price allocation of the fair values of the assets acquired and liabilities assumed at the transaction date (presented in thousands).
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ACQUISITIONS AND DIVESTITURES Discontinued Operations (Tables) |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DISCONTINUED OPERATIONS</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the settlement of a Department of Justice investigation into the competitive effects of the acquisition, during the fourth quarter of 2017, the Company committed to dispose of the Schroth business.  Therefore, Schroth was classified as held-for-sale in the fourth quarter of 2017. The results of operations of Schroth are reflected as discontinued operations in the accompanying consolidated financial statements for all periods presented. On January 26, 2018, the Company completed the sale of Schroth in a management buyout to a private equity fund and certain members of Schroth management for approximately </font><font style="font-family:inherit;font-size:10pt;">$61.4 million</font><font style="font-family:inherit;font-size:10pt;">, which includes a working capital adjustment of </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> that was settled on July 6, 2018. The Company previously acquired Schroth in February 2017 (refer to Note 3, “Acquisitions and Divestitures”).</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The income from discontinued operations was </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> in the condensed consolidated statements of income for the </font><font style="font-family:inherit;font-size:10pt;">thirteen and thirty-nine</font><font style="font-family:inherit;font-size:10pt;"> week periods ended </font><font style="font-family:inherit;font-size:10pt;">June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">. The following is the summarized operating results for Schroth for the </font><font style="font-family:inherit;font-size:10pt;">thirteen and thirty-nine</font><font style="font-family:inherit;font-size:10pt;"> week periods ended </font><font style="font-family:inherit;font-size:10pt;">June 29, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">June 30, 2018</font><font style="font-family:inherit;font-size:10pt;"> (in thousands):</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:48px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:42%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Thirteen Week Period Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Twenty-six Week Period Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 29, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 29, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 30, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net sales</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,808</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from discontinued operations before income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">354</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income tax benefit</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,016</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income from discontinued operations, net of tax</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,370</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net loss on sale of discontinued operations, net of tax</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(145</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,313</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Loss from discontinued operations</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(145</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,943</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div> |
REVENUE (Tables) |
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition, Explanation of Change [Table Text Block] | The cumulative effect of the changes made to our condensed consolidated balance sheet as of October 1, 2018 for the adoption of ASC 606 were as follows (in thousands):
(1) Included in prepaid expenses and other on the condensed consolidated balance sheet
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REVENUE Contract Assets and Liabilities (Tables) |
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Assets and Liabilities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability [Table Text Block] | The following table summarizes our contract assets and liabilities balances (in thousands):
(4) Included in other non-current liabilities on the condensed consolidated balance sheet.
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EARNINGS PER SHARE (TWO-CLASS METHOD) (Tables) |
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data) using the two-class method:
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INVENTORIES (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories consist of the following (in thousands):
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INTANGIBLE ASSETS (Tables) |
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Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquired Intangible Assets by Major Class [Table Text Block] | As disclosed in Note 3, "Acquisitions and Divestitures," the estimated fair value of the net identifiable tangible and intangible assets acquired from Esterline are based on the acquisition method of accounting and are subject to adjustment upon completion of the third-party valuation appraisals. Material adjustments may occur. The fair value of the net identifiable tangible and intangible assets acquired will be finalized within the allowable one year measurement period. Intangible assets acquired during the thirty-nine week period ended June 29, 2019 are summarized in the table below (in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Subject to Amortization | Other intangible assets - net in the condensed consolidated balance sheets consist of the following (in thousands):
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Summary of Changes in Carrying Value of Goodwill | The following is a summary of changes in the carrying value of goodwill by segment from September 30, 2018 through June 29, 2019 (in thousands):
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DEBT (Tables) |
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The Company’s debt consists of the following (in thousands):
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FAIR VALUE MEASUREMENTS (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | The following summarizes the carrying amounts and fair values of financial instruments (in thousands):
(5) The carrying amount of the debt instrument is presented net of debt issuance costs, premium and discount. Refer to Note 9, "Debt," for gross carrying amounts.
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DERIVATIVES AND HEDGING ACTIVITIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table summarizes the Company's interest rate swap agreements:
The following table summarizes the Company's interest rate cap agreements:
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Schedule of Interest Rate Derivatives |
(2) Refer to Note
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SEGMENTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales by Reportable Segments | The following table presents net sales by reportable segment (in thousands):
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EBITDA Defined by Segment to Consolidated Income Before Taxes | The following table reconciles EBITDA As Defined by segment to consolidated income from continuing operations before income taxes (in thousands):
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Total Assets by Segment | The following table presents total assets by segment (in thousands):
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RETIREMENT BENEFITS (Tables) |
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The components of total pension cost were as follows (in thousands):
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The following table presents the components of accumulated other comprehensive (loss) income, net of taxes, for the thirty-nine week period ended June 29, 2019 (in thousands):
(2) Defined benefit pension plan and other postretirement plan activity represents pension liability adjustments, net of taxes of $130 and $79 for the thirteen and thirty-nine week periods ended June 29, 2019,
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | A summary of reclassifications out of accumulated other comprehensive (loss) income for the thirty-nine week periods ended June 29, 2019 and June 30, 2018 is provided below (in thousands):
(2) This component of accumulated other comprehensive (loss) income is included in net sales (see Note 12, “Derivatives and Hedging Activities,” for additional information).
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SUPPLEMENTAL GUARANTOR INFORMATION (Tables) |
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Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Condensed Consolidating Balance Sheet | TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 29, 2019 (Amounts in thousands)
TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2018 (Amounts in thousands)
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Supplemental Condensed Consolidating Income Statement | TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 29, 2019 (Amounts in thousands)
TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 30, 2018 (Amounts in thousands)
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Supplemental Condensed Consolidating Cash Flow Statement | TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 29, 2019 (Amounts in thousands)
TRANSDIGM GROUP INCORPORATED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 30, 2018 (Amounts in thousands)
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DESCRIPTION OF THE BUSINESS - Narratives (Details) |
Jun. 29, 2019 |
---|---|
Accounting Policies [Abstract] | |
Percentage of ownership in subsidiary | 100.00% |
ACQUISITIONS AND DIVESTITURES - Business Combinations Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Jun. 29, 2019 |
Mar. 14, 2019 |
Sep. 30, 2018 |
Apr. 24, 2018 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Goodwill | $ 8,684,663 | $ 6,223,290 | ||
Extant [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets, excluding cash acquired | $ 53,325 | |||
Property, plant, and equipment | 4,103 | |||
Intangible assets | 105,000 | |||
Goodwill | 407,046 | |||
Total assets acquired | 569,474 | |||
Current liabilities | 9,876 | |||
Other noncurrent liabilities | 26,453 | |||
Total liabilities assumed | 36,329 | |||
Net assets acquired | $ 533,145 | |||
Extant [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets, excluding cash acquired | $ 1,417,467 | |||
Property, plant, and equipment | 338,843 | |||
Intangible assets | 992,000 | |||
Goodwill | 2,503,798 | |||
Other | 71,130 | |||
Total assets acquired | 5,323,238 | |||
Current liabilities | 918,649 | |||
Other noncurrent liabilities | 480,739 | |||
Total liabilities assumed | 1,399,388 | |||
Net assets acquired | $ 3,923,850 |
REVENUE (Details) - Accounting Standards Update 2014-09 - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Dec. 29, 2018 |
Jun. 29, 2019 |
|
Cumulative Effect on Retained Earnings, Net of Tax | $ 3,284 | |
Accumulated Deficit | ||
Cumulative Effect on Retained Earnings, Net of Tax | $ 3,284 | $ 3,300 |
EARNINGS PER SHARE (TWO-CLASS METHOD) - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
Earnings Per Share [Abstract] | ||||
Income from continuing operations including noncontrolling interests | $ 144,610 | $ 217,391 | $ 543,284 | $ 731,242 |
Net income attributable to noncontrolling interests | (160) | 0 | (384) | 0 |
Net income from continuing operations attributable to TD Group | 144,450 | 217,391 | 542,900 | 731,242 |
Numerator for earnings per share: | ||||
Less dividends paid on participating securities | 0 | 0 | (24,309) | (56,148) |
Net Income Loss Attributable to Continuing Operations Available To Common Stockholders Basic And Vested Options Deemed Participating Securities | 144,450 | 217,391 | 518,591 | 675,094 |
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | (145) | 0 | (2,943) |
Net income applicable to TD Group common stock - basic and diluted | $ 144,450 | $ 217,246 | $ 518,591 | $ 672,151 |
Denominator for basic and diluted earnings per share under the two-class method, in shares: | ||||
Weighted-average common shares outstanding | 53,208 | 52,470 | 52,994 | 52,241 |
Vested options deemed participating securities | 3,057 | 3,127 | 3,271 | 3,357 |
Basic and diluted (in shares) | 56,265 | 55,597 | 56,265 | 55,598 |
Net earnings per share from continuing operations - basic and diluted | $ 2.57 | $ 3.91 | $ 9.22 | $ 12.14 |
Net loss per share from discontinued operations - basic and diluted | 0 | 0 | 0 | (0.05) |
Basic and diluted earnings per share (in dollars per share) | $ 2.57 | $ 3.91 | $ 9.22 | $ 12.09 |
INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Jun. 29, 2019 |
Oct. 01, 2018 |
Sep. 30, 2018 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Raw materials and purchased component parts | $ 839,458 | $ 540,290 | |
Work-in-progress | 457,894 | 237,335 | |
Finished goods | 233,103 | 127,018 | |
Total | 1,530,455 | 904,643 | |
Reserves for excess and obsolete inventory | (116,521) | (99,351) | |
Inventories - Net | $ 1,413,934 | $ 801,315 | $ 805,292 |
INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands |
Jun. 29, 2019 |
Sep. 30, 2018 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 3,263,310 | $ 2,232,697 |
Intangible Assets, Accumulated Amortization | 529,296 | 444,293 |
Total | 2,734,014 | 1,788,404 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,867,800 | 1,347,314 |
Accumulated Amortization | 474,621 | 416,579 |
Net | 1,393,179 | 930,735 |
Order backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 89,628 | 12,200 |
Accumulated Amortization | 24,352 | 5,409 |
Net | 65,276 | 6,791 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 251,718 | 62,561 |
Accumulated Amortization | 21,453 | 14,277 |
Net | 230,265 | 48,284 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,848 | 10,873 |
Accumulated Amortization | 8,870 | 8,028 |
Net | 7,978 | 2,845 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross | 1,037,316 | 799,749 |
Indefinite-Lived Intangible Assets, Accumulated Amortization | 0 | 0 |
Intangible Assets (Excluding Goodwill), Net | $ 1,037,316 | $ 799,749 |
INTANGIBLE ASSETS - Summary of changes in carrying value of Goodwill (Details) $ in Thousands |
9 Months Ended |
---|---|
Jun. 29, 2019
USD ($)
| |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | $ 2,446,686 |
Goodwill [Roll Forward] | |
Balance at beginning of period | 6,223,290 |
Purchase price allocation adjustments | 22,121 |
Currency translation adjustment | (7,434) |
Balance at end of period | 8,684,663 |
Power & Control | |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | 668,355 |
Goodwill [Roll Forward] | |
Balance at beginning of period | 3,677,683 |
Purchase price allocation adjustments | 13,111 |
Currency translation adjustment | 268 |
Balance at end of period | 4,359,417 |
Airframe | |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | 1,224,542 |
Goodwill [Roll Forward] | |
Balance at beginning of period | 2,452,332 |
Purchase price allocation adjustments | 13,979 |
Currency translation adjustment | (5,824) |
Balance at end of period | 3,685,029 |
Non- aviation | |
Goodwill [Line Items] | |
Goodwill, Acquired During Period | 553,789 |
Goodwill [Roll Forward] | |
Balance at beginning of period | 93,275 |
Purchase price allocation adjustments | (4,969) |
Currency translation adjustment | (1,878) |
Balance at end of period | $ 640,217 |
INTANGIBLE ASSETS - Narratives (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 41,889 | $ 19,224 | $ 84,986 | $ 53,793 |
Estimated Amortization Expense, 2019 | 126,500 | 126,500 | ||
Estimated Amortization Expense, 2020 | 164,400 | 164,400 | ||
Estimated Amortization Expense, 2021 | 112,300 | 112,300 | ||
Estimated Amortization Expense, 2022 | 112,300 | 112,300 | ||
Estimated Amortization Expense, 2023 | 112,300 | 112,300 | ||
Estimated Amortization Expense, 2024 | $ 112,300 | $ 112,300 |
INTANGIBLE ASSETS - Acquired Intangibles (Details) $ in Thousands |
9 Months Ended |
---|---|
Jun. 29, 2019
USD ($)
| |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Acquired During Period | $ 2,446,686 |
Indefinite-lived Intangible Assets Acquired | 2,698,386 |
Finite-lived Intangible Assets Acquired | $ 743,535 |
Finite-Lived Intangible Asset, Useful Life | 18 years |
Intangible Assets, Acquired During the Period | $ 3,441,921 |
Technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 509,500 |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Order backlog | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 78,000 |
Finite-Lived Intangible Asset, Useful Life | 1 year 6 months |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 156,035 |
Finite-Lived Intangible Asset, Useful Life | 20 years |
Goodwill [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Acquired During Period | $ 2,446,686 |
Trademarks and trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Indefinite-lived Intangible Assets Acquired | $ 251,700 |
DEBT - Schedule of Debt (Detail) - USD ($) $ in Thousands |
Jun. 29, 2019 |
Feb. 01, 2019 |
Sep. 30, 2018 |
|||
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Gross Amount | $ 16,747,245 | $ 12,699,932 | ||||
Debt Issuance Costs | (154,184) | (101,170) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | (16,313) | (20,999) | ||||
Short-term borrowings - trade receivable securitization facility | 299,951 | 299,519 | ||||
Total debt outstanding | 16,576,748 | 12,577,763 | ||||
Long-term Debt, Current Maturities, Net | 80,863 | 75,817 | ||||
Long-term Debt, Excluding Current Maturities, Gross | 16,665,611 | 12,623,505 | ||||
Deferred Finance Costs, Excluding Current Maturities | (153,413) | (100,560) | ||||
Debt Instrument, Unamortized Discount, Excluding Current Maturities | (16,313) | (20,999) | ||||
Long-term debt | 16,495,885 | 12,501,946 | ||||
Term loans | ||||||
Debt Instrument [Line Items] | ||||||
Gross Amount | 7,542,612 | 7,599,932 | ||||
Debt Issuance Costs | (60,847) | (69,697) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | (18,168) | (21,030) | ||||
Total debt outstanding | [1] | 7,463,597 | $ 7,509,205 | |||
Senior Subordinated Notes | 5.50% senior subordinated notes due 2020 (2020 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.50% | |||||
Gross Amount | $ 550,000 | |||||
Debt Issuance Costs | (2,187) | |||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | |||||
Total debt outstanding | [1] | $ 0 | $ 547,813 | |||
Senior Subordinated Notes | 6.00% senior subordinated notes due 2022 (2022 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.00% | 6.00% | ||||
Gross Amount | $ 1,150,000 | $ 1,150,000 | ||||
Debt Issuance Costs | (4,421) | (5,501) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | 0 | ||||
Total debt outstanding | [1] | $ 1,145,579 | $ 1,144,499 | |||
Senior Subordinated Notes | 6.50% senior subordinated notes due 2024 (2024 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.50% | 6.50% | ||||
Gross Amount | $ 1,200,000 | $ 1,200,000 | ||||
Debt Issuance Costs | (5,984) | (6,866) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | 0 | ||||
Total debt outstanding | [1] | $ 1,194,016 | $ 1,193,134 | |||
Senior Subordinated Notes | 6.50% senior subordinated notes due 2025 (2025 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.50% | 6.50% | ||||
Gross Amount | $ 750,000 | $ 750,000 | ||||
Debt Issuance Costs | (3,109) | (3,505) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 3,226 | 3,636 | ||||
Total debt outstanding | [1] | $ 750,117 | $ 750,131 | |||
Senior Subordinated Notes | 6.375% senior subordinated notes due 2026 (6.375% 2026 Notes) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.375% | 6.375% | ||||
Gross Amount | $ 950,000 | $ 950,000 | ||||
Debt Issuance Costs | (7,042) | (7,798) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | 0 | ||||
Total debt outstanding | [1] | $ 942,958 | $ 942,202 | |||
Senior Subordinated Notes | 6.875% senior subordinated noted due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.875% | 6.875% | ||||
Gross Amount | $ 500,000 | $ 500,000 | ||||
Debt Issuance Costs | (5,723) | (5,616) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | (3,254) | (3,605) | ||||
Total debt outstanding | [1] | $ 491,023 | 490,779 | |||
Senior Subordinated Notes | Senior Subordinated Notes $550M Due 2027 7.50% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 7.50% | 7.50% | ||||
Gross Amount | $ 550,000 | $ 550,000 | ||||
Debt Issuance Costs | (5,259) | |||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | |||||
Total debt outstanding | [1] | $ 544,741 | 0 | |||
Senior Notes | Senior Secured Notes $4B Due 2026 6.25% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.25% | |||||
Gross Amount | $ 4,000,000 | |||||
Debt Issuance Costs | (61,799) | |||||
Debt Instrument, Unamortized Discount (Premium), Net | 1,883 | |||||
Total debt outstanding | 3,940,084 | |||||
Government Refundable Advances [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs | 0 | |||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | |||||
Government refundable advances | 39,641 | 0 | ||||
Capital Lease Obligations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs | 0 | |||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | |||||
Capital Lease Obligations | 64,992 | 0 | ||||
Asset-backed Securities | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings—trade receivable securitization facility, Gross | 300,000 | 300,000 | ||||
Debt Issuance Costs | (49) | (481) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | 0 | ||||
Short-term borrowings - trade receivable securitization facility | [1] | 299,951 | 299,519 | |||
Less current portion | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs | (771) | (610) | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 0 | |||||
Original Issue Discount or Premium | 0 | |||||
Long-term Debt, Current Maturities, Gross | 81,634 | 76,427 | ||||
Long-term Debt, Current Maturities, Net | $ 80,863 | $ 75,817 | ||||
|
DEBT - Narratives (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2019 |
Jan. 30, 2019 |
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
Mar. 15, 2019 |
Mar. 14, 2019 |
Sep. 30, 2018 |
|
Debt Instrument [Line Items] | |||||||||
Interest Payable, Current | $ 191,700,000 | $ 191,700,000 | $ 96,600,000 | ||||||
Gross Amount | 16,747,245,000 | 16,747,245,000 | 12,699,932,000 | ||||||
Refinancing Costs | 106,000 | $ 4,159,000 | 3,540,000 | $ 5,910,000 | |||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 726,000,000.0 | 726,000,000.0 | |||||||
Debt Instrument, Increase in Face Amount | $ 160,000,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 760,000,000 | 760,000,000 | |||||||
Letters of Credit Outstanding, Amount | 34,000,000.0 | 34,000,000.0 | |||||||
Multi-currency Revolving Commitment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Increase in Face Amount | $ 52,100,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 151,500,000 | 151,500,000 | |||||||
Secured Debt [Member] | Senior Secured Notes $3.8B Due 2026 6.25% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gross Amount | $ 3,800,000,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Interest rate | 6.25% | ||||||||
Secured Debt [Member] | Senior Secured Notes $200M Due 2026 6.25% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gross Amount | $ 200,000,000 | 200,000,000 | 200,000,000 | ||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||||||
Interest rate | 6.25% | ||||||||
Debt Instrument, Unamortized Premium | 2,000,000.0 | 2,000,000.0 | |||||||
Secured Debt [Member] | Senior Secured Notes $4B Due 2026 6.25% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gross Amount | $ 4,000,000,000.0 | ||||||||
Interest rate | 6.25% | ||||||||
Refinancing Costs | 800,000 | ||||||||
Debt Issuance Costs, Gross | 65,500,000 | 65,500,000 | |||||||
Senior Subordinated Notes | 6.875% senior subordinated noted due 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gross Amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
Interest rate | 6.875% | 6.875% | 6.875% | ||||||
Senior Subordinated Notes | Senior Subordinated Notes $550M Due 2027 7.50% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gross Amount | $ 550,000,000 | $ 550,000,000 | $ 550,000,000 | ||||||
Interest rate | 7.50% | 7.50% | 7.50% | ||||||
Debt Instrument, Unamortized Premium | $ 5,500,000 | $ 5,500,000 | |||||||
Senior Subordinated Notes | 5.50% senior subordinated notes due 2020 (2020 Notes) | |||||||||
Debt Instrument [Line Items] | |||||||||
Gross Amount | $ 550,000,000 | ||||||||
Interest rate | 5.50% | ||||||||
Debt Instrument, Repurchased Face Amount | $ 550,000,000 | ||||||||
Debt Instrument, Repurchase Amount | $ 12,600,000 | ||||||||
Write off of Deferred Debt Issuance Cost | 1,700,000 | ||||||||
Term loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Gross Amount | 7,542,612,000 | 7,542,612,000 | $ 7,599,932,000 | ||||||
Government Refundable Advances [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Government refundable advances | 39,641,000 | 39,641,000 | 0 | ||||||
Capital Lease Obligations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Capital Lease Obligations | $ 64,992,000 | $ 64,992,000 | $ 0 |
INCOME TAXES - Narratives (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
Sep. 30, 2018 |
|
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Effective income tax rate | 29.60% | 18.10% | 24.80% | (3.90%) | |
Unrecognized tax benefits | $ 18.6 | $ 18.6 | $ 14.1 | ||
Tax rate effect | 16.8 | 16.8 | $ 13.1 | ||
Reduction in tax position in next 12 months | $ 2.3 | $ 2.3 |
FAIR VALUE MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) |
Jun. 29, 2019 |
Sep. 30, 2018 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Cash and cash equivalents | $ 2,716,812,000 | $ 2,073,017,000 | ||||||||||||
Short-term borrowings - trade receivable securitization facility | 299,951,000 | 299,519,000 | ||||||||||||
Long-term Debt | 16,576,748,000 | 12,577,763,000 | ||||||||||||
Other Noncurrent Assets | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Interest Rate Cash Flow Hedge Asset at Carrying Value | [1] | 3,007,000 | 36,160,000 | |||||||||||
Interest rate cap agreements | [1] | 0 | 61,126,000 | |||||||||||
Foreign Currency Contract, Asset | 242,000 | 0 | ||||||||||||
Prepaid Expenses and Other Current Assets [Member] | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Interest rate cap agreements | [2] | 687,000 | 11,634,000 | |||||||||||
Foreign Currency Contract, Asset | 548,000 | 0 | ||||||||||||
Accrued Liabilities | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Interest rate swap agreements | [3] | 8,914,000 | 528,000 | |||||||||||
Foreign Currency Contracts, Liability | [3] | 7,497,000 | 0 | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Interest rate swap agreements | [4] | 165,065,000 | 142,000 | |||||||||||
Foreign Currency Contracts, Liability | [4] | 337,000 | 0 | |||||||||||
Term loans | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 7,463,597,000 | 7,509,205,000 | |||||||||||
Government Refundable Advances [Member] | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Government refundable advances | 39,641,000 | 0 | ||||||||||||
Capital Lease Obligations [Member] | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Capital Lease Obligations | 64,992,000 | 0 | ||||||||||||
Level 1 | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Cash and cash equivalents, Fair Value | 2,716,812,000 | 2,073,017,000 | ||||||||||||
Level 2 | Other Noncurrent Assets | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Interest rate cap agreements, Fair Value | [1] | 3,007,000 | 36,160,000 | |||||||||||
Interest Rate Swap Asset at Fair Value | [1] | 0 | 61,126,000 | |||||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 242,000 | 0 | ||||||||||||
Level 2 | Prepaid Expenses and Other Current Assets [Member] | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Interest Rate Swap Asset at Fair Value | [2] | 687,000 | 11,634,000 | |||||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 548,000 | 0 | ||||||||||||
Level 2 | Accrued Liabilities | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Interest rate swap agreements, Fair Value | [3] | 8,914,000 | 528,000 | |||||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [3] | 7,497,000 | 0 | |||||||||||
Level 2 | Other Noncurrent Liabilities | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Interest rate swap agreements, Fair Value | [4] | 165,065,000 | 142,000 | |||||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | [4] | 337,000 | 0 | |||||||||||
Level 2 | Term loans | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 7,358,955,000 | 7,607,323,000 | ||||||||||||
Level 2 | Capital Lease Obligations [Member] | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Government Refundable Advances, Fair Value | 39,641,000 | 0 | ||||||||||||
Capital Lease Obligations, Fair Value | 64,992,000 | 0 | ||||||||||||
5.50% senior subordinated notes due 2020 (2020 Notes) | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 0 | 547,813,000 | |||||||||||
5.50% senior subordinated notes due 2020 (2020 Notes) | Level 1 | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 0 | 548,625,000 | ||||||||||||
6.00% senior subordinated notes due 2022 (2022 Notes) | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 1,145,579,000 | 1,144,499,000 | |||||||||||
6.00% senior subordinated notes due 2022 (2022 Notes) | Level 1 | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 1,161,500,000 | 1,155,750,000 | ||||||||||||
6.50% senior subordinated notes due 2024 (2024 Notes) | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 1,194,016,000 | 1,193,134,000 | |||||||||||
6.50% senior subordinated notes due 2024 (2024 Notes) | Level 1 | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 1,209,000,000 | 1,215,000,000 | ||||||||||||
6.50% senior subordinated notes due 2025 (2025 Notes) | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 750,117,000 | 750,131,000 | |||||||||||
6.50% senior subordinated notes due 2025 (2025 Notes) | Level 1 | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 753,750,000 | 757,500,000 | ||||||||||||
6.375% senior subordinated notes due 2026 (6.375% 2026 Notes) | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 942,958,000 | 942,202,000 | |||||||||||
6.375% senior subordinated notes due 2026 (6.375% 2026 Notes) | Level 1 | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 954,750,000 | 942,875,000 | ||||||||||||
6.875% senior subordinated noted due 2026 [Member] | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 491,023,000 | 490,779,000 | |||||||||||
6.875% senior subordinated noted due 2026 [Member] | Level 1 | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 502,500,000 | 507,500,000 | ||||||||||||
Senior Secured Notes $4B Due 2026 6.25% [Member] | Secured Debt [Member] | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 3,940,084,000 | 0 | |||||||||||
Senior Secured Notes $4B Due 2026 6.25% [Member] | Level 1 | Secured Debt [Member] | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 4,190,000,000 | 0 | ||||||||||||
Senior Subordinated Notes $550M Due 2027 7.50% [Member] | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term Debt | [5] | 544,741,000 | 0 | |||||||||||
Senior Subordinated Notes $550M Due 2027 7.50% [Member] | Level 1 | Senior Subordinated Notes | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Long-term debt, including current portion, Fair Value | 572,000,000 | 0 | ||||||||||||
Asset-backed Securities | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Short-term borrowings - trade receivable securitization facility | [5] | 299,951,000 | 299,519,000 | |||||||||||
Asset-backed Securities | Level 1 | ||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Short-term borrowings - trade receivable securitization facility, Fair Value | $ 299,951,000 | $ 299,519,000 | [5] | |||||||||||
|
DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Notional Amounts of Outstanding Derivatives (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
|||
Tranche F | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 1,000,000 | |||
Derivative, Fixed Interest Rate | 4.90% | |||
Derivative, Variable Interest Rate | 2.40% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche F | Interest rate swap June 28, 2016 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 1,000,000 | |||
Tranche F | Interest rate swap beginning June 30, 2021 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 1,400,000 | |||
Derivative, Fixed Interest Rate | 5.50% | |||
Derivative, Variable Interest Rate | 3.00% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche F | Interest Rate Cap | ||||
Derivative [Line Items] | ||||
Derivative, Cap Interest Rate | 2.50% | |||
Tranche F | Interest rate cap agreements beginning June 30, 2016 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 400,000 | |||
Derivative, Cap Interest Rate | 2.00% | |||
Tranche E | Interest rate cap beginning September 30, 2015 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 750,000 | |||
Derivative, Cap Interest Rate | 2.50% | |||
Tranche E | Interest rate cap beginning June 30, 2020 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 750,000 | |||
Tranche E | Interest rate swap beginning March 31, 2016 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 750,000 | |||
Derivative, Fixed Interest Rate | 5.30% | |||
Derivative, Variable Interest Rate | 2.80% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche E | Interest rate swap beginning June 29, 2018 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 500,000 | |||
Derivative, Fixed Interest Rate | 5.50% | |||
Derivative, Variable Interest Rate | 3.00% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche E | Interest rate swap beginning June 30, 2020 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 750,000 | |||
Derivative, Fixed Interest Rate | 5.00% | |||
Derivative, Variable Interest Rate | 2.50% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche E | Interest rate swap beginning June 30, 2022 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 1,500,000 | |||
Derivative, Fixed Interest Rate | 5.60% | |||
Derivative, Variable Interest Rate | 3.10% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche G [Member] | Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 500,000 | |||
Derivative, Fixed Interest Rate | 4.40% | |||
Derivative, Variable Interest Rate | 1.90% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche G [Member] | Interest Rate Cap | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 400,000 | |||
Tranche G [Member] | Interest rate swap beginning September 30, 2017 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 400,000 | |||
Derivative, Fixed Interest Rate | 4.40% | |||
Derivative, Variable Interest Rate | 1.90% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche G [Member] | Interest rate swap beginning December 31, 2021 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 900,000 | |||
Derivative, Fixed Interest Rate | 5.60% | |||
Derivative, Variable Interest Rate | 3.10% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Tranche G [Member] | Interest rate swap beginning September 30, 2022 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 400,000 | |||
Derivative, Fixed Interest Rate | 5.50% | |||
Derivative, Variable Interest Rate | 3.00% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1) | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative [Line Items] | ||||
Interest Expense | [1] | $ (2,277) | $ (2,816) | |
|
DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Interest Rate Derivatives (Details) - USD ($) $ in Thousands |
Jun. 29, 2019 |
Sep. 30, 2018 |
|||||
---|---|---|---|---|---|---|---|
Derivative [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | $ 3,007 | $ 108,250 | |||||
Derivative Asset, Fair Value, Gross Liability | (173,292) | 0 | |||||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 687 | 670 | |||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | (687) | (670) | |||||
Derivative Asset | [1] | 3,694 | 108,920 | ||||
Derivative Liability | [1] | 173,979 | 670 | ||||
Interest Rate Cap | |||||||
Derivative [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 3,007 | 36,160 | |||||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |||||
Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | [2] | 0 | 72,090 | ||||
Derivative Asset, Fair Value, Gross Liability | [2] | $ (173,292) | $ 0 | ||||
|
DERIVATIVES AND HEDGING ACTIVITIES - Narratives (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
|||
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1) | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative [Line Items] | ||||
Interest Expense | [1] | $ (2,277) | $ (2,816) | |
December 30, 2017 Redesignation [Member] | Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1) | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative [Line Items] | ||||
Interest Expense | 800 | 500 | ||
September 30, 2016 Redesignation [Member] | Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1) | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative [Line Items] | ||||
Interest Expense | 3,600 | $ 3,000 | ||
March 31, 2018 Redesignation [Member] | Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1) | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Derivative [Line Items] | ||||
Interest Income, Other | $ 2,100 | |||
Interest Rate Swap and Cap | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 13,400 | |||
Interest Rate Cap | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Gross Amount to be Transferred | 7,400 | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Tax to be Transferred | $ 1,700 | |||
Interest Rate Cap | Tranche F | ||||
Derivative [Line Items] | ||||
Derivative, Cap Interest Rate | 2.50% | |||
Interest Rate Cap | Tranche G [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 400,000 | |||
Interest rate swap beginning June 30, 2020 [Member] | Tranche E | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 750,000 | |||
Derivative, Fixed Interest Rate | 5.00% | |||
Derivative, Variable Interest Rate | 2.50% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Interest rate cap beginning September 30, 2015 [Member] | Tranche E | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 750,000 | |||
Derivative, Cap Interest Rate | 2.50% | |||
Interest rate cap agreements beginning June 30, 2016 [Member] | Tranche F | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 400,000 | |||
Derivative, Cap Interest Rate | 2.00% | |||
Interest Rate Swap | Tranche F | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 1,000,000 | |||
Derivative, Fixed Interest Rate | 4.90% | |||
Derivative, Variable Interest Rate | 2.40% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Interest Rate Swap | Tranche G [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 500,000 | |||
Derivative, Fixed Interest Rate | 4.40% | |||
Derivative, Variable Interest Rate | 1.90% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Interest Rate Swap | December 30, 2017 Redesignation [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Gross Amount to be Transferred | $ 1,400 | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Tax to be Transferred | 300 | |||
Interest Rate Swap | March 31, 2018 Redesignation [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Gross Amount to be Transferred | 9,300 | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Tax to be Transferred | 2,200 | |||
Interest rate swap beginning September 30, 2017 [Member] | Tranche G [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 400,000 | |||
Derivative, Fixed Interest Rate | 4.40% | |||
Derivative, Variable Interest Rate | 1.90% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Interest rate swap June 28, 2016 [Member] | Tranche F | ||||
Derivative [Line Items] | ||||
Derivative, Fixed Interest Rate | 4.30% | |||
Derivative, Variable Interest Rate | 1.80% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Interest rate swap beginning March 31, 2016 [Member] | Tranche E | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 750,000 | |||
Derivative, Fixed Interest Rate | 5.30% | |||
Derivative, Variable Interest Rate | 2.80% | |||
Derivative, Basis Spread on Variable Rate | 2.50% | |||
Foreign Exchange Forward [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 327,500 | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Gross Amount to be Transferred | 6,200 | |||
Selling, General and Administrative Expenses [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on foreign currency contracts not designated as accounting hedges | 200 | |||
Sales [Member] | ||||
Derivative [Line Items] | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 400 | |||
|
SEGMENTS - Narratives (Details) |
9 Months Ended |
---|---|
Jun. 29, 2019
Segment
| |
Segment Reporting [Abstract] | |
Number of reporting segments | 3 |
SEGMENTS - Net Sales by Reportable Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | $ 1,658,319 | $ 980,662 | $ 3,847,559 | $ 2,761,692 | |||
Operating Segments | Power & Control | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 768,548 | 546,905 | 1,960,040 | 1,558,083 | |||
Operating Segments | Airframe | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 711,536 | 398,596 | 1,609,360 | 1,101,771 | |||
Operating Segments | Non- aviation | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 178,235 | 35,161 | 278,159 | 101,838 | |||
Commercial OEM [Member] | Operating Segments | Power & Control | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 142,539 | 130,935 | 404,207 | 367,818 | |||
Commercial OEM [Member] | Operating Segments | Airframe | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 153,218 | 137,030 | 437,567 | 368,172 | |||
Commercial Aftermarket [Member] | Operating Segments | Power & Control | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 185,727 | 180,895 | 524,631 | 500,098 | |||
Commercial Aftermarket [Member] | Operating Segments | Airframe | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 197,750 | 179,337 | 567,208 | 511,156 | |||
Defense [Member] | Operating Segments | Power & Control | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 293,631 | 235,075 | 854,096 | 690,167 | |||
Defense [Member] | Operating Segments | Airframe | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | 103,264 | 82,229 | 284,765 | 222,443 | |||
Esterline [Member] | Operating Segments | Power & Control | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | [1] | 146,651 | 0 | 177,106 | 0 | ||
Esterline [Member] | Operating Segments | Airframe | |||||||
Segment Reporting Information [Line Items] | |||||||
NET SALES | [1] | $ 257,304 | $ 0 | $ 319,820 | $ 0 | ||
|
SEGMENTS - EBITDA Defined by Segment to Consolidated Income Before Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
EBITDA As Defined | $ 690,997 | $ 487,141 | $ 1,749,443 | $ 1,351,797 |
Interest expense - net | 241,292 | 167,577 | 614,701 | 489,776 |
Stock compensation expense | 70,082 | 36,411 | ||
Refinancing Costs | 106 | 4,159 | 3,540 | 5,910 |
Income from continuing operations before income taxes | 205,519 | 265,541 | 722,467 | 703,692 |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
EBITDA As Defined | 728,668 | 496,023 | 1,819,308 | 1,380,102 |
Operating Segments | Power & Control | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
EBITDA As Defined | 377,469 | 288,202 | 1,005,955 | 808,539 |
Operating Segments | Airframe | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
EBITDA As Defined | 306,027 | 196,746 | 740,146 | 541,171 |
Operating Segments | Non- aviation | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
EBITDA As Defined | 45,172 | 11,075 | 73,207 | 30,392 |
Corporate, Non-Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
EBITDA As Defined | 37,671 | 8,882 | 69,865 | 28,305 |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Depreciation and amortization expense | 71,318 | 33,925 | 147,544 | 95,534 |
Interest expense - net | 241,292 | 167,577 | 614,701 | 489,776 |
Acquisition-related costs | 136,385 | 10,381 | 186,451 | 16,940 |
Stock compensation expense | 31,809 | 13,708 | 70,082 | 36,411 |
Refinancing Costs | 4,159 | 5,910 | ||
Other, net | $ 4,568 | $ (8,150) | $ 4,658 | $ 3,534 |
SEGMENTS - Total Assets by Segment (Details) - USD ($) $ in Thousands |
Jun. 29, 2019 |
Sep. 30, 2018 |
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 17,702,598 | $ 12,197,467 |
Operating Segments | Power & Control | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 7,587,184 | 5,698,524 |
Operating Segments | Airframe | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 7,371,933 | 4,091,011 |
Operating Segments | Non- aviation | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,284,616 | 234,770 |
Corporate, Non-Segment | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,458,865 | $ 2,173,162 |
RETIREMENT BENEFITS Tables (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
UNITED STATES | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 1,974 | $ 73 | $ 2,921 | $ 218 |
Defined Benefit Plan, Interest Cost | 3,251 | 189 | 4,914 | 519 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (4,574) | (131) | (6,654) | (390) |
Defined Benefit Plan, Amortization of Gain (Loss) | 93 | 79 | 272 | 205 |
Defined Benefit Plan, Amortization of Transition Asset (Obligation) | 90 | 50 | 258 | 149 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 834 | 260 | 1,711 | 701 |
Non-US [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Service Cost | 1,516 | 54 | 2,054 | 162 |
Defined Benefit Plan, Interest Cost | 1,467 | 46 | 2,014 | 136 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1,705) | 0 | (2,356) | 2 |
Defined Benefit Plan, Amortization of Gain (Loss) | 4 | 6 | 11 | 17 |
Defined Benefit Plan, Amortization of Transition Asset (Obligation) | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 1,282 | $ 106 | $ 1,723 | $ 317 |
ACCUMULATED OTHER COMPREHENSIVE LOSS - Narratives (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 130 | $ 79 | ||
Other Comprehensive Loss, Derivatives Qualifying as Hedges, Tax | $ 22,281 | $ (954) | $ 63,761 | $ (25,679) |
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Accumulated Other Comprehensive Loss (Details) $ in Thousands |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 29, 2019
USD ($)
| ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | $ 4,100 | |||||
Current-period other comprehensive (loss) gain | (183,197) | |||||
Amounts reclassified from AOCI related to derivative instruments | 3,322 | |||||
Balance at end of period | (175,775) | |||||
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | 67,191 | [1] | ||||
Current-period other comprehensive (loss) gain | (210,585) | [1] | ||||
Amounts reclassified from AOCI related to derivative instruments | (3,322) | [1] | ||||
Balance at end of period | (140,072) | [1] | ||||
Defined benefit pension plan activity (2) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | (10,729) | [2] | ||||
Current-period other comprehensive (loss) gain | (215) | [2] | ||||
Amounts reclassified from AOCI related to derivative instruments | 0 | [2] | ||||
Balance at end of period | (10,944) | [2] | ||||
Currency translation adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Balance at beginning of period | (52,362) | |||||
Current-period other comprehensive (loss) gain | 27,603 | |||||
Amounts reclassified from AOCI related to derivative instruments | 0 | |||||
Balance at end of period | $ (24,759) | |||||
|
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Amounts Recognized in Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2019 |
Mar. 30, 2019 |
Dec. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Jun. 29, 2019 |
Jun. 30, 2018 |
||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Deferred tax expense (benefit) on reclassifications out of accumulated other comprehensive (loss) income | $ (60,909) | $ (48,150) | $ (179,183) | $ 27,550 | |||||||||
Losses reclassified into earnings, net of tax | $ 144,610 | $ 202,632 | $ 196,042 | $ 217,246 | $ 196,278 | $ 314,775 | 543,284 | 728,299 | |||||
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges (1) | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Amortization from redesignated interest rate swap and cap agreements (1) | [1] | 2,277 | 2,816 | ||||||||||
Losses from settlement of foreign currency forward contracts | [2] | 413 | 0 | ||||||||||
Deferred tax expense (benefit) on reclassifications out of accumulated other comprehensive (loss) income | 632 | (777) | |||||||||||
Losses reclassified into earnings, net of tax | $ 3,322 | $ 2,039 | |||||||||||
|
SUPPLEMENTAL GUARANTOR INFORMATION - Supplemental Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands |
Jun. 29, 2019 |
Oct. 01, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
---|---|---|---|---|---|---|---|
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | $ 2,716,812 | $ 2,073,017 | |||||
Trade accounts receivable - Net | 1,162,345 | 704,310 | |||||
Inventories - Net | 1,413,934 | $ 801,315 | 805,292 | ||||
Prepaid expenses and other | 118,104 | 74,668 | |||||
Total current assets | 5,411,195 | 3,657,287 | |||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 0 | 0 | |||||
PROPERTY, PLANT AND EQUIPMENT - NET | 745,538 | 388,333 | |||||
GOODWILL | 8,684,663 | 6,223,290 | |||||
OTHER INTANGIBLE ASSETS - NET | 2,734,014 | 1,788,404 | |||||
DEFERRED INCOME TAXES | 62,775 | ||||||
OTHER | 64,413 | 140,153 | |||||
TOTAL ASSETS | 17,702,598 | 12,197,467 | |||||
Current portion of long-term debt | 80,863 | 75,817 | |||||
Short-term borrowings - trade receivable securitization facility | 299,951 | 299,519 | |||||
Accounts payable | 310,448 | 173,603 | |||||
Accrued liabilities | 689,378 | 351,443 | |||||
Total current liabilities | 1,380,640 | 900,382 | |||||
LONG-TERM DEBT | 16,495,885 | 12,501,946 | |||||
DEFERRED INCOME TAXES | 641,002 | $ 400,507 | 399,496 | ||||
OTHER NON-CURRENT LIABILITIES | 495,685 | 204,114 | |||||
Total liabilities | 19,013,212 | 14,005,938 | |||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | (1,321,244) | (1,808,471) | $ (2,098,480) | $ (2,309,337) | $ (2,599,713) | $ (2,951,204) | |
NONCONTROLLING INTERESTS | 10,630 | 0 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | 17,702,598 | 12,197,467 | |||||
Eliminations | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 0 | 0 | |||||
Trade accounts receivable - Net | 0 | 0 | |||||
Inventories - Net | (14,707) | (4,457) | |||||
Prepaid expenses and other | 0 | 0 | |||||
Total current assets | (14,707) | (4,457) | |||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | (37,022,280) | (20,839,485) | |||||
PROPERTY, PLANT AND EQUIPMENT - NET | 0 | 0 | |||||
GOODWILL | 0 | 0 | |||||
OTHER INTANGIBLE ASSETS - NET | 0 | 0 | |||||
DEFERRED INCOME TAXES | 0 | ||||||
OTHER | 0 | 0 | |||||
TOTAL ASSETS | (37,036,987) | (20,843,942) | |||||
Current portion of long-term debt | 0 | 0 | |||||
Short-term borrowings - trade receivable securitization facility | 0 | 0 | |||||
Accounts payable | 0 | 0 | |||||
Accrued liabilities | 0 | 0 | |||||
Total current liabilities | 0 | 0 | |||||
LONG-TERM DEBT | 0 | 0 | |||||
DEFERRED INCOME TAXES | 0 | 0 | |||||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | |||||
Total liabilities | 0 | 0 | |||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | (37,036,987) | (20,843,942) | |||||
NONCONTROLLING INTERESTS | 0 | 0 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | (37,036,987) | (20,843,942) | |||||
TransDigm Group | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 6,036 | 389 | |||||
Trade accounts receivable - Net | 0 | 0 | |||||
Inventories - Net | 0 | 0 | |||||
Prepaid expenses and other | 0 | 0 | |||||
Total current assets | 6,036 | 389 | |||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | (1,327,280) | (1,808,860) | |||||
PROPERTY, PLANT AND EQUIPMENT - NET | 0 | 0 | |||||
GOODWILL | 0 | 0 | |||||
OTHER INTANGIBLE ASSETS - NET | 0 | 0 | |||||
DEFERRED INCOME TAXES | 0 | ||||||
OTHER | 0 | 0 | |||||
TOTAL ASSETS | (1,321,244) | (1,808,471) | |||||
Current portion of long-term debt | 0 | 0 | |||||
Short-term borrowings - trade receivable securitization facility | 0 | 0 | |||||
Accounts payable | 0 | 0 | |||||
Accrued liabilities | 0 | 0 | |||||
Total current liabilities | 0 | 0 | |||||
LONG-TERM DEBT | 0 | 0 | |||||
DEFERRED INCOME TAXES | 0 | 0 | |||||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | |||||
Total liabilities | 0 | 0 | |||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | (1,321,244) | (1,808,471) | |||||
NONCONTROLLING INTERESTS | 0 | 0 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | (1,321,244) | (1,808,471) | |||||
TransDigm Inc. | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 2,295,239 | 1,821,437 | |||||
Trade accounts receivable - Net | 0 | 0 | |||||
Inventories - Net | 52,727 | 45,262 | |||||
Prepaid expenses and other | 29,572 | 16,231 | |||||
Total current assets | 2,377,538 | 1,882,930 | |||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 20,451,875 | 10,459,497 | |||||
PROPERTY, PLANT AND EQUIPMENT - NET | 18,615 | 15,562 | |||||
GOODWILL | 82,924 | 97,002 | |||||
OTHER INTANGIBLE ASSETS - NET | 25,670 | 31,362 | |||||
DEFERRED INCOME TAXES | 18,270 | ||||||
OTHER | 9,619 | 104,633 | |||||
TOTAL ASSETS | 22,984,511 | 12,590,986 | |||||
Current portion of long-term debt | 75,656 | 75,817 | |||||
Short-term borrowings - trade receivable securitization facility | 0 | 0 | |||||
Accounts payable | 16,556 | 18,470 | |||||
Accrued liabilities | 252,767 | 118,600 | |||||
Total current liabilities | 344,979 | 212,887 | |||||
LONG-TERM DEBT | 15,905,437 | 12,011,166 | |||||
DEFERRED INCOME TAXES | 560,530 | 345,357 | |||||
OTHER NON-CURRENT LIABILITIES | 265,776 | 77,573 | |||||
Total liabilities | 17,076,722 | 12,646,983 | |||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | 5,907,789 | (55,997) | |||||
NONCONTROLLING INTERESTS | 0 | 0 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | 22,984,511 | 12,590,986 | |||||
TransDigm UK [Member] | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 280 | 125 | |||||
Trade accounts receivable - Net | 0 | 0 | |||||
Inventories - Net | 0 | 0 | |||||
Prepaid expenses and other | 0 | 0 | |||||
Total current assets | 280 | 125 | |||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 974,678 | 1,099,886 | |||||
PROPERTY, PLANT AND EQUIPMENT - NET | 0 | 0 | |||||
GOODWILL | 0 | 0 | |||||
OTHER INTANGIBLE ASSETS - NET | 0 | 0 | |||||
DEFERRED INCOME TAXES | 0 | ||||||
OTHER | 0 | 0 | |||||
TOTAL ASSETS | 974,958 | 1,100,011 | |||||
Current portion of long-term debt | 0 | 0 | |||||
Short-term borrowings - trade receivable securitization facility | 0 | 0 | |||||
Accounts payable | 0 | 0 | |||||
Accrued liabilities | 4,297 | 13,274 | |||||
Total current liabilities | 4,297 | 13,274 | |||||
LONG-TERM DEBT | 491,023 | 490,780 | |||||
DEFERRED INCOME TAXES | 0 | 0 | |||||
OTHER NON-CURRENT LIABILITIES | 0 | 0 | |||||
Total liabilities | 495,320 | 504,054 | |||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | 479,638 | 595,957 | |||||
NONCONTROLLING INTERESTS | 0 | 0 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | 974,958 | 1,100,011 | |||||
Subsidiary Guarantors | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | (12,394) | (1,763) | |||||
Trade accounts receivable - Net | 214,145 | 40,916 | |||||
Inventories - Net | 922,218 | 648,574 | |||||
Prepaid expenses and other | 44,549 | 47,020 | |||||
Total current assets | 1,168,518 | 734,747 | |||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 11,087,173 | 8,928,726 | |||||
PROPERTY, PLANT AND EQUIPMENT - NET | 482,399 | 319,567 | |||||
GOODWILL | 6,453,835 | 5,466,148 | |||||
OTHER INTANGIBLE ASSETS - NET | 1,900,577 | 1,514,983 | |||||
DEFERRED INCOME TAXES | 7 | ||||||
OTHER | 34,290 | 29,805 | |||||
TOTAL ASSETS | 21,126,799 | 16,993,976 | |||||
Current portion of long-term debt | 1,745 | 0 | |||||
Short-term borrowings - trade receivable securitization facility | 0 | 0 | |||||
Accounts payable | 166,610 | 115,735 | |||||
Accrued liabilities | 213,292 | 162,618 | |||||
Total current liabilities | 381,647 | 278,353 | |||||
LONG-TERM DEBT | 57,770 | 0 | |||||
DEFERRED INCOME TAXES | 19 | (2,329) | |||||
OTHER NON-CURRENT LIABILITIES | 152,382 | 104,829 | |||||
Total liabilities | 591,818 | 380,853 | |||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | 20,534,981 | 16,613,123 | |||||
NONCONTROLLING INTERESTS | 0 | 0 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | 21,126,799 | 16,993,976 | |||||
Non- Guarantor Subsidiaries | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Cash and cash equivalents | 427,651 | 252,829 | |||||
Trade accounts receivable - Net | 948,200 | 663,394 | |||||
Inventories - Net | 453,696 | 115,913 | |||||
Prepaid expenses and other | 43,983 | 11,417 | |||||
Total current assets | 1,873,530 | 1,043,553 | |||||
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | 5,835,834 | 2,160,236 | |||||
PROPERTY, PLANT AND EQUIPMENT - NET | 244,524 | 53,204 | |||||
GOODWILL | 2,147,904 | 660,140 | |||||
OTHER INTANGIBLE ASSETS - NET | 807,767 | 242,059 | |||||
DEFERRED INCOME TAXES | 44,498 | ||||||
OTHER | 20,504 | 5,715 | |||||
TOTAL ASSETS | 10,974,561 | 4,164,907 | |||||
Current portion of long-term debt | 3,462 | 0 | |||||
Short-term borrowings - trade receivable securitization facility | 299,951 | 299,519 | |||||
Accounts payable | 127,282 | 39,398 | |||||
Accrued liabilities | 219,022 | 56,951 | |||||
Total current liabilities | 649,717 | 395,868 | |||||
LONG-TERM DEBT | 41,655 | 0 | |||||
DEFERRED INCOME TAXES | 80,453 | 56,468 | |||||
OTHER NON-CURRENT LIABILITIES | 77,527 | 21,712 | |||||
Total liabilities | 849,352 | 474,048 | |||||
TD GROUP STOCKHOLDERS' (DEFICIT) EQUITY | 10,114,579 | 3,690,859 | |||||
NONCONTROLLING INTERESTS | 10,630 | 0 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ 10,974,561 | $ 4,164,907 |
SUPPLEMENTAL GUARANTOR INFORMATION - Supplemental Condensed Consolidating Income Statement (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
Jun. 29, 2019 |
Jun. 30, 2018 |
|
Condensed Income Statements, Captions [Line Items] | ||||
NET SALES | $ 1,658,319 | $ 980,662 | $ 3,847,559 | $ 2,761,692 |
COST OF SALES | 896,845 | 411,142 | 1,862,648 | 1,181,448 |
GROSS PROFIT | 761,474 | 569,520 | 1,984,911 | 1,580,244 |
SELLING AND ADMINISTRATIVE EXPENSES | 274,557 | 112,816 | 561,307 | 326,208 |
AMORTIZATION OF INTANGIBLE ASSETS | 41,889 | 19,224 | 84,986 | 53,793 |
(LOSS) INCOME FROM OPERATIONS | 445,028 | 437,480 | 1,338,618 | 1,200,243 |
INTEREST EXPENSE - NET | 241,292 | 167,577 | 614,701 | 489,776 |
REFINANCING COSTS | 106 | 4,159 | 3,540 | 5,910 |
OTHER (INCOME) EXPENSE | (1,889) | 203 | (2,090) | 865 |
EQUITY IN INCOME OF SUBSIDIARIES | 0 | 0 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 205,519 | 265,541 | 722,467 | 703,692 |
INCOME TAX PROVISION | 60,909 | 48,150 | 179,183 | (27,550) |
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | 144,610 | 217,391 | 543,284 | 731,242 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (160) | 0 | (384) | 0 |
NET INCOME INCLUDING NONCONTROLLING INTERESTS | 144,450 | 217,391 | 542,900 | 731,242 |
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | (145) | 0 | (2,943) |
NET INCOME ATTRIBUTABLE TO TD GROUP | 144,450 | 217,246 | 542,900 | 728,299 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | (18,738) | (30,236) | (179,875) | 61,426 |
TOTAL COMPREHENSIVE INCOME (LOSS) | 125,712 | $ 187,010 | 363,025 | 789,725 |
Eliminations | ||||
Condensed Income Statements, Captions [Line Items] | ||||
NET SALES | (143,104) | (60,500) | ||
COST OF SALES | (143,104) | (60,500) | ||
GROSS PROFIT | 0 | 0 | ||
SELLING AND ADMINISTRATIVE EXPENSES | 0 | 0 | ||
AMORTIZATION OF INTANGIBLE ASSETS | 0 | 0 | ||
(LOSS) INCOME FROM OPERATIONS | 0 | 0 | ||
INTEREST EXPENSE - NET | 0 | 0 | ||
REFINANCING COSTS | 0 | 0 | ||
OTHER (INCOME) EXPENSE | 0 | 0 | ||
EQUITY IN INCOME OF SUBSIDIARIES | 1,823,875 | 1,641,822 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,823,875) | (1,641,822) | ||
INCOME TAX PROVISION | 0 | 0 | ||
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | (1,823,875) | (1,641,822) | ||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | ||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | 0 | ||
NET INCOME ATTRIBUTABLE TO TD GROUP | (1,823,875) | (1,641,822) | ||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | (61,132) | (59,910) | ||
TOTAL COMPREHENSIVE INCOME (LOSS) | (1,885,007) | (1,701,732) | ||
TransDigm Group | ||||
Condensed Income Statements, Captions [Line Items] | ||||
NET SALES | 0 | 0 | ||
COST OF SALES | 0 | 0 | ||
GROSS PROFIT | 0 | 0 | ||
SELLING AND ADMINISTRATIVE EXPENSES | 0 | 0 | ||
AMORTIZATION OF INTANGIBLE ASSETS | 0 | 0 | ||
(LOSS) INCOME FROM OPERATIONS | 0 | 0 | ||
INTEREST EXPENSE - NET | 0 | 0 | ||
REFINANCING COSTS | 0 | 0 | ||
OTHER (INCOME) EXPENSE | 0 | 0 | ||
EQUITY IN INCOME OF SUBSIDIARIES | (542,900) | (728,299) | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 542,900 | 728,299 | ||
INCOME TAX PROVISION | 0 | 0 | ||
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | $ 144,610 | 542,900 | 728,299 | |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | ||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | 0 | ||
NET INCOME ATTRIBUTABLE TO TD GROUP | 542,900 | 728,299 | ||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | (179,875) | 61,426 | ||
TOTAL COMPREHENSIVE INCOME (LOSS) | 363,025 | 789,725 | ||
TransDigm Inc. | ||||
Condensed Income Statements, Captions [Line Items] | ||||
NET SALES | 136,514 | 118,783 | ||
COST OF SALES | 144,252 | 68,022 | ||
GROSS PROFIT | (7,738) | 50,761 | ||
SELLING AND ADMINISTRATIVE EXPENSES | 198,924 | 74,949 | ||
AMORTIZATION OF INTANGIBLE ASSETS | (7,047) | 1,038 | ||
(LOSS) INCOME FROM OPERATIONS | (199,615) | (25,226) | ||
INTEREST EXPENSE - NET | 604,886 | 478,341 | ||
REFINANCING COSTS | 3,272 | 5,839 | ||
OTHER (INCOME) EXPENSE | (69,698) | (241) | ||
EQUITY IN INCOME OF SUBSIDIARIES | (1,280,975) | (913,523) | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 542,900 | 404,358 | ||
INCOME TAX PROVISION | 0 | (323,941) | ||
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | 542,900 | 728,299 | ||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | ||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | 0 | ||
NET INCOME ATTRIBUTABLE TO TD GROUP | 542,900 | 728,299 | ||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | 57,853 | 66,480 | ||
TOTAL COMPREHENSIVE INCOME (LOSS) | 600,753 | 794,779 | ||
TransDigm UK [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
NET SALES | 0 | 0 | ||
COST OF SALES | 0 | 0 | ||
GROSS PROFIT | 0 | 0 | ||
SELLING AND ADMINISTRATIVE EXPENSES | 14 | 0 | ||
AMORTIZATION OF INTANGIBLE ASSETS | 0 | 0 | ||
(LOSS) INCOME FROM OPERATIONS | (14) | 0 | ||
INTEREST EXPENSE - NET | 26,501 | 2,569 | ||
REFINANCING COSTS | 268 | 71 | ||
OTHER (INCOME) EXPENSE | 89,539 | 0 | ||
EQUITY IN INCOME OF SUBSIDIARIES | 0 | 0 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (116,322) | (2,640) | ||
INCOME TAX PROVISION | 0 | 0 | ||
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | (116,322) | (2,640) | ||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | ||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | 0 | ||
NET INCOME ATTRIBUTABLE TO TD GROUP | (116,322) | (2,640) | ||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | 0 | 0 | ||
TOTAL COMPREHENSIVE INCOME (LOSS) | (116,322) | (2,640) | ||
Subsidiary Guarantors | ||||
Condensed Income Statements, Captions [Line Items] | ||||
NET SALES | 2,981,434 | 2,243,838 | ||
COST OF SALES | 1,285,205 | 895,381 | ||
GROSS PROFIT | 1,696,229 | 1,348,457 | ||
SELLING AND ADMINISTRATIVE EXPENSES | 257,146 | 200,298 | ||
AMORTIZATION OF INTANGIBLE ASSETS | 66,588 | 46,533 | ||
(LOSS) INCOME FROM OPERATIONS | 1,372,495 | 1,101,626 | ||
INTEREST EXPENSE - NET | (6,605) | (4) | ||
REFINANCING COSTS | 0 | 0 | ||
OTHER (INCOME) EXPENSE | (593,642) | (1,646) | ||
EQUITY IN INCOME OF SUBSIDIARIES | 0 | 0 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,972,742 | 1,103,276 | ||
INCOME TAX PROVISION | 112,108 | 283,975 | ||
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | 1,860,634 | 819,301 | ||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | ||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | (2,310) | ||
NET INCOME ATTRIBUTABLE TO TD GROUP | 1,860,634 | 816,991 | ||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | 12,290 | 8,553 | ||
TOTAL COMPREHENSIVE INCOME (LOSS) | 1,872,924 | 825,544 | ||
Non- Guarantor Subsidiaries | ||||
Condensed Income Statements, Captions [Line Items] | ||||
NET SALES | 872,715 | 459,571 | ||
COST OF SALES | 576,295 | 278,545 | ||
GROSS PROFIT | 296,420 | 181,026 | ||
SELLING AND ADMINISTRATIVE EXPENSES | 105,223 | 50,961 | ||
AMORTIZATION OF INTANGIBLE ASSETS | 25,445 | 6,222 | ||
(LOSS) INCOME FROM OPERATIONS | 165,752 | 123,843 | ||
INTEREST EXPENSE - NET | (10,081) | 8,870 | ||
REFINANCING COSTS | 0 | 0 | ||
OTHER (INCOME) EXPENSE | 571,711 | 2,752 | ||
EQUITY IN INCOME OF SUBSIDIARIES | 0 | 0 | ||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (395,878) | 112,221 | ||
INCOME TAX PROVISION | 67,075 | 12,416 | ||
INCOME FROM CONTINUING OPERATIONS INCLUDING NONCONTROLLING INTERESTS | (462,953) | 99,805 | ||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (384) | 0 | ||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | (633) | ||
NET INCOME ATTRIBUTABLE TO TD GROUP | (463,337) | 99,172 | ||
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX | (9,011) | (15,123) | ||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (472,348) | $ 84,049 |
SUPPLEMENTAL GUARANTOR INFORMATION - Supplemental Condensed Consolidating Cash Flow Statement (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Jun. 29, 2019 |
Jun. 30, 2018 |
|
Condensed Cash Flow Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ 768,356,000 | $ 690,910,000 |
Capital expenditures | (80,421,000) | (50,097,000) |
Payments made in connection with acquisitions, net of cash acquired | (3,956,944,000) | (582,262,000) |
Proceeds in connection with the sale of discontinued operations | 0 | 57,686,000 |
Net cash used in investing activities | (4,037,365,000) | (574,673,000) |
Intercompany activities | 0 | 0 |
Proceeds from exercise of stock options | 64,279,000 | 40,621,000 |
Dividend equivalent payments | (24,309,000) | (56,148,000) |
Proceeds from term loans, net | 0 | 12,779,772,000 |
Repayments on term loans | (57,321,000) | (12,155,198,000) |
Cash tender and redemption of 2020 Notes | (550,000,000) | 0 |
Proceeds from senior subordinated notes due 2026, net | 0 | 490,411,000 |
Proceeds from senior subordinated notes due 2027, net | 544,462,000 | 0 |
Proceeds from senior secured notes due 2026, net | 3,935,715,000 | 0 |
Financing fees and other | (1,186,000) | (9,904,000) |
Net cash provided by (used in) financing activities | 3,911,640,000 | 1,089,554,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 1,164,000 | (2,979,000) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 643,795,000 | 1,202,812,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,073,017,000 | 650,561,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 2,716,812,000 | 1,853,373,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 1,202,812,000 | |
Eliminations | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 9,859,000 | 0 |
Capital expenditures | 0 | 0 |
Payments made in connection with acquisitions, net of cash acquired | 0 | 0 |
Proceeds in connection with the sale of discontinued operations | 0 | |
Net cash used in investing activities | 0 | 0 |
Intercompany activities | (9,859,000) | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Dividend equivalent payments | 0 | 0 |
Proceeds from term loans, net | 0 | |
Repayments on term loans | 0 | 0 |
Cash tender and redemption of 2020 Notes | 0 | |
Proceeds from senior subordinated notes due 2026, net | 0 | |
Proceeds from senior subordinated notes due 2027, net | 0 | |
Proceeds from senior secured notes due 2026, net | 0 | |
Financing fees and other | 0 | 0 |
Net cash provided by (used in) financing activities | (9,859,000) | 0 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | |
TransDigm Group | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 0 | 0 |
Capital expenditures | 0 | 0 |
Payments made in connection with acquisitions, net of cash acquired | 0 | 0 |
Proceeds in connection with the sale of discontinued operations | 0 | |
Net cash used in investing activities | 0 | 0 |
Intercompany activities | (34,323,000) | 14,035,000 |
Proceeds from exercise of stock options | 64,279,000 | 40,621,000 |
Dividend equivalent payments | (24,309,000) | (56,148,000) |
Proceeds from term loans, net | 0 | |
Repayments on term loans | 0 | 0 |
Cash tender and redemption of 2020 Notes | 0 | |
Proceeds from senior subordinated notes due 2026, net | 0 | |
Proceeds from senior subordinated notes due 2027, net | 0 | |
Proceeds from senior secured notes due 2026, net | 0 | |
Financing fees and other | 0 | 0 |
Net cash provided by (used in) financing activities | 5,647,000 | (1,492,000) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,647,000 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 389,000 | 2,416,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 6,036,000 | 924,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | (1,492,000) | |
TransDigm Inc. | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (420,927,000) | (291,416,000) |
Capital expenditures | (2,760,000) | (1,372,000) |
Payments made in connection with acquisitions, net of cash acquired | (3,923,850,000) | (582,262,000) |
Proceeds in connection with the sale of discontinued operations | 57,686,000 | |
Net cash used in investing activities | (3,926,610,000) | (525,948,000) |
Intercompany activities | 946,145,000 | 1,392,169,000 |
Proceeds from exercise of stock options | 0 | 0 |
Dividend equivalent payments | 0 | 0 |
Proceeds from term loans, net | 12,779,772,000 | |
Repayments on term loans | 57,321,000 | (12,155,198,000) |
Cash tender and redemption of 2020 Notes | (550,000,000) | |
Proceeds from senior subordinated notes due 2026, net | 0 | |
Proceeds from senior subordinated notes due 2027, net | 544,462,000 | |
Proceeds from senior secured notes due 2026, net | 3,935,715,000 | |
Financing fees and other | 2,338,000 | (9,904,000) |
Net cash provided by (used in) financing activities | 4,821,339,000 | 2,006,839,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 473,802,000 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,821,437,000 | 439,473,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 2,295,239,000 | 1,628,948,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 1,189,475,000 | |
TransDigm UK [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (110,835,000) | 2,110,000 |
Capital expenditures | 0 | 0 |
Payments made in connection with acquisitions, net of cash acquired | 0 | 0 |
Proceeds in connection with the sale of discontinued operations | 0 | |
Net cash used in investing activities | 0 | 0 |
Intercompany activities | 112,012,000 | (492,371,000) |
Proceeds from exercise of stock options | 0 | 0 |
Dividend equivalent payments | 0 | 0 |
Proceeds from term loans, net | 0 | |
Repayments on term loans | 0 | 0 |
Cash tender and redemption of 2020 Notes | 0 | |
Proceeds from senior subordinated notes due 2026, net | 490,411,000 | |
Proceeds from senior subordinated notes due 2027, net | 0 | |
Proceeds from senior secured notes due 2026, net | 0 | |
Financing fees and other | (1,022,000) | 0 |
Net cash provided by (used in) financing activities | 110,990,000 | (1,960,000) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 155,000 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 125,000 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 280,000 | 150,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 150,000 | |
Subsidiary Guarantors | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 1,951,008,000 | 863,173,000 |
Capital expenditures | (69,992,000) | (41,999,000) |
Payments made in connection with acquisitions, net of cash acquired | (33,094,000) | 0 |
Proceeds in connection with the sale of discontinued operations | 0 | |
Net cash used in investing activities | (103,086,000) | (41,999,000) |
Intercompany activities | (1,858,553,000) | (820,946,000) |
Proceeds from exercise of stock options | 0 | 0 |
Dividend equivalent payments | 0 | 0 |
Proceeds from term loans, net | 0 | |
Repayments on term loans | 0 | 0 |
Cash tender and redemption of 2020 Notes | 0 | |
Proceeds from senior subordinated notes due 2026, net | 0 | |
Proceeds from senior subordinated notes due 2027, net | 0 | |
Proceeds from senior secured notes due 2026, net | 0 | |
Financing fees and other | 0 | 0 |
Net cash provided by (used in) financing activities | (1,858,553,000) | (820,946,000) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (10,631,000) | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | (1,763,000) | (203,000) |
CASH AND CASH EQUIVALENTS, END OF PERIOD | (12,394,000) | 25,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 228,000 | |
Non- Guarantor Subsidiaries | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (660,749,000) | 117,043,000 |
Capital expenditures | (7,669,000) | (6,726,000) |
Payments made in connection with acquisitions, net of cash acquired | 0 | 0 |
Proceeds in connection with the sale of discontinued operations | 0 | |
Net cash used in investing activities | (7,669,000) | (6,726,000) |
Intercompany activities | 844,578,000 | (92,887,000) |
Proceeds from exercise of stock options | 0 | 0 |
Dividend equivalent payments | 0 | 0 |
Proceeds from term loans, net | 0 | |
Repayments on term loans | 0 | 0 |
Cash tender and redemption of 2020 Notes | 0 | |
Proceeds from senior subordinated notes due 2026, net | 0 | |
Proceeds from senior subordinated notes due 2027, net | 0 | |
Proceeds from senior secured notes due 2026, net | 0 | |
Financing fees and other | (2,502,000) | 0 |
Net cash provided by (used in) financing activities | 842,076,000 | (92,887,000) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 1,164,000 | (2,979,000) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 174,822,000 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 252,829,000 | 208,875,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 427,651,000 | 223,326,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | $ 14,451,000 |
SUPPLEMENTAL GUARANTOR INFORMATION Narrative (Details) |
Jun. 29, 2019 |
---|---|
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiary | 100.00% |
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands |
Aug. 07, 2019 |
Jul. 21, 2019 |
Aug. 06, 2019 |
Jul. 30, 2019 |
Jun. 29, 2019 |
Sep. 30, 2018 |
---|---|---|---|---|---|---|
Subsequent Event [Line Items] | ||||||
Interest Payable, Current | $ 191,700 | $ 96,600 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends Payable, Amount Per Share | $ 30.00 | |||||
Dividends Payable, Current | $ 1,700,000 | |||||
Asset-backed Securities | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Short-term borrowings—trade receivable securitization facility, Gross | $ 350,000 | |||||
Souriau Sunbank [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Divestiture, Sale Price | $ 920,000 | |||||
Esterline Interface Technology Group [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Divestiture, Sale Price | $ 190,000 | |||||
Asset-backed Securities | ||||||
Subsequent Event [Line Items] | ||||||
Short-term borrowings—trade receivable securitization facility, Gross | 300,000 | $ 300,000 | ||||
Unused capacity [Member] | Asset-backed Securities | ||||||
Subsequent Event [Line Items] | ||||||
Short-term borrowings—trade receivable securitization facility, Gross | $ 50,000 |
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