Guarantors (Tables)

9 Months Ended

Aug. 01, 2014

Condensed Consolidating Balance Sheet as of August 1, 2014.

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries		Eliminations			Total
ASSETS
Current Assets
Cash and cash equivalents	$	4,039		$	5,617		$	200,800	$	-		$	210,456
Cash in escrow		-			-			-		-			-
Accounts receivable, net		(212	)		145,086			216,953		-			361,827
Inventories		-			216,485			277,327		-			493,812
Income tax refundable		-			-			7,681		-			7,681
Deferred income tax benefits		29,042			169			21,505		-			50,716
Prepaid expenses		169			7,968			16,679		-			24,816
Other current assets		84			116			4,086		-			4,286
Total Current Assets		33,122			375,441			745,031		-			1,153,594

Property, Plant & Equipment, Net		1,470			169,712			192,023		-			363,205
Goodwill		-			362,192			770,795		-			1,132,987
Intangibles, net		-			155,050			405,843		-			560,893
Debt issuance costs, net		4,453			-			184		-			4,637
Deferred income tax benefits		14,799			(1	)		53,618		-			68,416
Other assets		515			16,020			8,191		-			24,726
Amounts Due From (To) Subsidiaries		-			651,862			-		(651,862	)		-
Investment in Subsidiaries		2,772,194			1,415,794			115,373		(4,303,361	)		-
Total Assets	$	2,826,553		$	3,146,070		$	2,291,058	$	(4,955,223	)	$	3,308,458


LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	1,831		$	38,140		$	83,405	$	-		$	123,376
Accrued liabilities		10,770			85,711			142,487		-			238,968
Current maturities of long-term debt		8,750			371			3,701		-			12,822
Deferred income tax liabilities		444			19			2,742		-			3,205
Federal and foreign income taxes		(2,054	)		(8,882	)		13,245		-			2,309
Total Current Liabilities		19,741			115,359			245,580		-			380,680

Credit Facilities		115,000			-			-		-			115,000
Long-Term Debt, Net		405,313			55,273			52,533		-			513,119
Deferred Income Tax Liabilities		54,211			(7	)		124,592		-			178,796
Pension and Post-Retirement Obligations		17,388			713			44,658		-			62,759
Other Liabilities		16,313			3,944			27,056		-			47,313
Amounts Due To (From) Subsidiaries		187,796			-			454,020		(641,816	)		-
Shareholders' Equity		2,010,791			2,970,788			1,342,619		(4,313,407	)		2,010,791
Total Liabilities and Shareholders' Equity	$	2,826,553		$	3,146,070		$	2,291,058	$	(4,955,223	)	$	3,308,458

Condensed Consolidating Balance Sheet as of October 25, 2013.

(In thousands)						Non-
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries		Eliminations			Total
ASSETS
Current Assets
Cash and cash equivalents	$	7,826	$	4,876		$	166,476	$	-		$	179,178
Cash in escrow		4,018		-			-		-			4,018
Accounts receivable, net		316		154,492			228,858		-			383,666
Inventories		-		190,830			256,833		-			447,663
Income tax refundable		-		6,526			-		-			6,526
Deferred income tax benefits		26,731		171			20,375		-			47,277
Prepaid expenses		117		5,510			12,556		-			18,183
Other current assets		86		115			5,003		-			5,204
Total Current Assets		39,094		362,520			690,101		-			1,091,715

Property, Plant & Equipment, Net		1,754		175,402			194,041		-			371,197
Goodwill		-		344,995			783,982		-			1,128,977
Intangibles, net		-		144,222			436,727		-			580,949
Debt issuance costs, net		5,252		-			959		-			6,211
Deferred income tax benefits		16,782		-			55,058		-			71,840
Other assets		18		3,692			7,513		-			11,223
Amounts Due From (To) Subsidiaries		-		549,307			-		(549,307	)		-
Investment in Subsidiaries		2,588,478		979,123			349,104		(3,916,705	)		-
Total Assets	$	2,651,378	$	2,559,261		$	2,517,485	$	(4,466,012	)	$	3,262,112


LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	1,714	$	29,064		$	92,819	$	-		$	123,597
Accrued liabilities		21,652		87,826			144,083		-			253,561
Current maturities of long-term debt		8,750		237			12,292		-			21,279
Deferred income tax liabilities		568		24			1,715		-			2,307
Federal and foreign income taxes		2,408		(27,399	)		32,339		-			7,348
Total Current Liabilities		35,092		89,752			283,248		-			408,092

Credit Facilities		130,000		-			-		-			130,000
Long-Term Debt, Net		411,875		55,562			70,422		-			537,859
Deferred Income Tax Liabilities		57,757		(7	)		135,369		-			193,119
Pension and Post-Retirement Obligations		17,500		618			49,984		-			68,102
Other Liabilities		12,298		194			27,696		-			40,188
Amounts Due To (From) Subsidiaries		102,104		-			405,018		(507,122	)		-
Shareholders' Equity		1,884,752		2,413,142			1,545,748		(3,958,890	)		1,884,752
Total Liabilities and Shareholders' Equity	$	2,651,378	$	2,559,261		$	2,517,485	$	(4,466,012	)	$	3,262,112

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended August 1, 2014.

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Total
Net sales	$	-		$	248,443		$	284,366		$	(1,685	)	$	531,124
Cost of sales		-			156,486			193,850			(1,685	)		348,651
		-			91,957			90,516			-			182,473
Expenses
Selling, general and administrative		-			37,686			57,607			-			95,293
Research, development and engineering		-			11,452			13,682			-			25,134
Restructuring charges		-			2,577			828			-			3,405
Goodwill impairment		-			-			-			-			-
Total Expenses		-			51,715			72,117			-			123,832

Operating Earnings from Continuing Operations		-			40,242			18,399			-			58,641
Interest Income		(3,837	)		(1,948	)		(13,932	)		19,571			(146	)
Interest Expense		5,777			6,832			14,832			(19,571	)		7,870
Loss on Extinguishment of Debt		-			-			533			-			533
Earnings (Loss) from Continuing Operations Before Income Taxes		(1,940	)		35,358			16,966			-			50,384
Income Tax Expense (Benefit)		(466	)		7,446			4,450			-			11,430
Earnings (Loss) from Continuing Operations Including Noncontrolling Interests		(1,474	)		27,912			12,516			-			38,954
Earnings Attributable to Noncontrolling Interests		-			-			(46	)		-			(46	)
Earnings (Loss) from Continuing Operations Attributable to Esterline, Net of Tax		(1,474	)		27,912			12,470			-			38,908
Loss from Discontinued Operations Attributable to Esterline, Net of Tax		-			-			-			-			-
Equity in Net Earnings of Consolidated Subsidiaries		40,382			883			114			(41,379	)		-

Net Earnings (Loss) Attributable to Esterline	$	38,908		$	28,795		$	12,584		$	(41,379	)	$	38,908

Comprehensive Income (Loss)	$	15,707		$	26,224		$	(9,163	)	$	(16,289	)	$	16,479

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the nine month period ended August 1, 2014.

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Total
Net sales	$	-		$	733,826		$	836,055		$	(4,203	)	$	1,565,678
Cost of sales		-			468,901			562,867			(4,203	)		1,027,565
		-			264,925			273,188			-			538,113
Expenses
Selling, general and administrative		-			120,154			169,815			-			289,969
Research, development and engineering		-			37,005			41,436			-			78,441
Restructuring charges		-			6,898			3,381			-			10,279
Goodwill impairment		-			-			-			-			-
Total Expenses		-			164,057			214,632			-			378,689

Operating Earnings from Continuing Operations		-			100,868			58,556			-			159,424
Interest Income		(11,588	)		(5,886	)		(42,306	)		59,377			(403	)
Interest Expense		18,350			20,619			45,347			(59,377	)		24,939
Loss on Extinguishment of Debt		-			-			533			-			533
Earnings (Loss) from Continuing Operations Before Income Taxes		(6,762	)		86,135			54,982			-			134,355
Income Tax Expense (Benefit)		(1,462	)		18,122			11,033			-			27,693
Earnings (Loss) from Continuing Operations Including Noncontrolling Interests		(5,300	)		68,013			43,949			-			106,662
Earnings Attributable to Noncontrolling Interests		-			-			(429	)		-			(429	)
Earnings (Loss) from Continuing Operations Attributable to Esterline, Net of Tax		(5,300	)		68,013			43,520			-			106,233
Loss from Discontinued Operations Attributable to Esterline, Net of Tax		(343	)		-			-			-			(343	)
Equity in Net Earnings of Consolidated Subsidiaries		111,533			2,117			1,434			(115,084	)		-

Net Earnings (Loss) Attributable to Esterline	$	105,890		$	70,130		$	44,954		$	(115,084	)	$	105,890

Comprehensive Income (Loss)	$	88,374		$	68,693		$	35,471		$	(106,376	)	$	86,162

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the three month period ended July 26, 2013.

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Total
Net sales	$	-		$	216,949		$	262,068		$	(949	)	$	478,068
Cost of sales		-			132,786			167,329			(949	)		299,166
		-			84,163			94,739			-			178,902
Expenses
Selling, general and administrative		-			38,045			63,777			-			101,822
Research, development and engineering		-			12,684			11,419			-			24,103
Restructuring charges		-			-			-			-			-
Goodwill impairment		-			-			3,454			-			3,454
Total Expenses		-			50,729			78,650			-			129,379

Operating Earnings from Continuing Operations		-			33,434			16,089			-			49,523
Interest Income		(4,028	)		(2,028	)		(13,198	)		19,122			(132	)
Interest Expense		6,489			7,052			14,631			(19,122	)		9,050
Loss on Extinguishment of Debt		-			-			-			-			-
Earnings (Loss) from Continuing Operations Before Income Taxes		(2,461	)		28,410			14,656			-			40,605
Income Tax Expense (Benefit)		(671	)		6,264			(4,442	)		-			1,151
Earnings (Loss) from Continuing Operations Including Noncontrolling Interests		(1,790	)		22,146			19,098			-			39,454
Earnings Attributable to Noncontrolling Interests		-			-			(241	)		-			(241	)
Earnings (Loss) from Continuing Operations Attributable to Esterline, Net of Tax		(1,790	)		22,146			18,857			-			39,213
Loss from Discontinued Operations Attributable to Esterline, Net of Tax		(975	)		-			-			-			(975	)
Equity in Net Earnings of Consolidated Subsidiaries		41,003			294			50			(41,347	)		-

Net Earnings (Loss) Attributable to Esterline	$	38,238		$	22,440		$	18,907		$	(41,347	)	$	38,238

Comprehensive Income (Loss)	$	45,816		$	22,610		$	26,689		$	(49,914	)	$	45,201

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the nine month period ended July 26, 2013.

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Total
Net sales	$	-		$	653,959		$	784,389		$	(2,756	)	$	1,435,592
Cost of sales		-			405,830			511,895			(2,756	)		914,969
		-			248,129			272,494			-			520,623
Expenses
Selling, general and administrative		-			112,881			185,830			-			298,711
Research, development and engineering		-			37,448			35,389			-			72,837
Restructuring charges		-			-			-			-			-
Goodwill impairment		-			-			3,454			-			3,454
Total Expenses		-			150,329			224,673			-			375,002

Operating Earnings from Continuing Operations		-			97,800			47,821			-			145,621
Interest Income		(11,680	)		(5,723	)		(41,022	)		58,044			(381	)
Interest Expense		23,722			20,019			45,279			(58,044	)		30,976
Loss on Extinguishment of Debt		946			-			-			-			946
Earnings (Loss) from Continuing Operations Before Income Taxes		(12,988	)		83,504			43,564			-			114,080
Income Tax Expense (Benefit)		(2,894	)		15,178			743			-			13,027
Earnings (Loss) from Continuing Operations Including Noncontrolling Interests		(10,094	)		68,326			42,821			-			101,053
Earnings Attributable to Noncontrolling Interests		-			-			(1,207	)		-			(1,207	)
Earnings (Loss) from Continuing Operations Attributable to Esterline, Net of Tax		(10,094	)		68,326			41,614			-			99,846
Loss from Discontinued Operations Attributable to Esterline, Net of Tax		(975	)		-			-			-			(975	)
Equity in Net Earnings of Consolidated Subsidiaries		109,940			677			80			(110,697	)		-

Net Earnings (Loss) Attributable to Esterline	$	98,871		$	69,003		$	41,694		$	(110,697	)	$	98,871

Comprehensive Income (Loss)	$	87,090		$	68,102		$	35,100		$	(106,833	)	$	83,459

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the nine month period ended August 1, 2014.

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Total
Cash Flows Provided (Used) by Operating Activities
Net earnings (loss) including noncontrolling interests	$	106,319		$	70,130		$	44,954		$	(115,084	)	$	106,319
Depreciation & amortization		-			32,336			55,107			-			87,443
Deferred income taxes		(4,971	)		(2	)		(8,131	)		-			(13,104	)
Share-based compensation		-			4,248			5,585			-			9,833
Gain from sale of capital assets		-			-			-			-			-
Goodwill impairment		-			-			-			-			-
Working capital changes, net of effect of acquisitions:
Accounts receivable		528			13,887			9,065			-			23,480
Inventories		-			(17,289	)		(25,122	)		-			(42,411	)
Prepaid expenses		(52	)		(1,913	)		(4,237	)		-			(6,202	)
Other current assets		2			(1	)		(100	)		-			(99	)
Accounts payable		117			3,585			(8,210	)		-			(4,508	)
Accrued liabilities		(10,486	)		(1,534	)		(4,438	)		-			(16,458	)
Federal and foreign income taxes		(4,462	)		21,809			(25,330	)		-			(7,983	)
Other liabilities		5,415			95			(6,950	)		-			(1,440	)
Other, net		(497	)		(10,962	)		11,304			-			(155	)
		91,913			114,389			43,497			(115,084	)		134,715

Cash Flows Provided (Used) by Investing Activities
Purchases of capital assets		(186	)		(11,748	)		(23,075	)		-			(35,009	)
Proceeds from sale of capital assets		-			-			-			-			-
Acquisition of business, net of cash acquired		-			(44,745	)		-			-			(44,745	)
		(186	)		(56,493	)		(23,075	)		-			(79,754	)

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Total
Cash Flows Provided (Used) by Financing Activities
Proceeds provided by stock issuance under employee stock plans		23,173			-			-			-		23,173
Excess tax benefits from stock option exercises		6,392			-			-			-		6,392
Share repurchases		(5,176	)		-			-			-		(5,176	)
Repayment of long-term credit facilities		(40,000	)		-			-			-		(40,000	)
Repayment of long-term debt		(6,562	)		(245	)		(27,269	)		-		(34,076	)
Proceeds from issuance of long-term credit facilities		25,000			-			-			-		25,000
Proceeds from government assistance		-			-			3,362			-		3,362
Dividends paid to noncontrolling interests		-			-			(780	)		-		(780	)
Debt and other issuance costs		-			-			-			-		-
Net change in intercompany financing		(98,319	)		(56,888	)		40,123			115,084		-
		(95,492	)		(57,133	)		15,436			115,084		(22,105	)

Effect of Foreign Exchange Rates on Cash and Cash Equivalents		(22	)		(22	)		(1,534	)		-		(1,578	)

Net Increase (Decrease) in Cash and Cash Equivalents		(3,787	)		741			34,324			-		31,278
Cash and Cash Equivalents - Beginning of Period		7,826			4,876			166,476			-		179,178

Cash and Cash Equivalents - End of Period	$	4,039		$	5,617		$	200,800		$	-	$	210,456

Condensed Consolidating Statement of Cash Flows for the nine month period ended July 26, 2013.

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Total
Cash Flows Provided (Used) by Operating Activities
Net earnings (loss) including noncontrolling interests	$	100,078		$	69,003		$	41,694		$	(110,697	)	$	100,078
Depreciation & amortization		-			35,547			52,394			-			87,941
Deferred income taxes		11,252			(332	)		(23,158	)		-			(12,238	)
Share-based compensation		-			3,321			4,346			-			7,667
Gain from sale of capital assets		-			(322	)		(593	)					(915	)
Goodwill impairment		-			-			3,454			-			3,454
Working capital changes, net of effect of acquisitions:
Accounts receivable		(311	)		14,744			36,630			-			51,063
Inventories		-			(17,500	)		(15,274	)		-			(32,774	)
Prepaid expenses		29			287			(451	)		-			(135	)
Other current assets		22			433			(1,291	)		-			(836	)
Accounts payable		449			1,616			3,359			-			5,424
Accrued liabilities		9,740			7,382			(12,845	)		-			4,277
Federal and foreign income taxes		1,607			(3,706	)		(3,222	)		-			(5,321	)
Other liabilities		11,907			(13,422	)		(8,879	)		-			(10,394	)
Other, net		1,284			(675	)		(1,621	)		-			(1,012	)
		136,057			96,376			74,543			(110,697	)		196,279

Cash Flows Provided (Used) by Investing Activities
Purchases of capital assets		(105	)		(11,949	)		(25,711	)		-			(37,765	)
Proceeds from sale of capital assets		-			322			593			-			915
Acquisition of business, net of cash acquired		-			-			(40,689	)		-			(40,689	)
		(105	)		(11,627	)		(65,807	)		-			(77,539	)

(In thousands)							Non-
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Total
Cash Flows Provided (Used) by Financing Activities
Proceeds provided by stock issuance under employee stock plans		20,450			-			-			-		20,450
Excess tax benefits from stock option exercises		2,237			-			-			-		2,237
Shares repurchased		-			-			-			-		-
Repayment of long-term credit facilities		(70,000	)		-			-			-		(70,000	)
Repayment of long-term debt		(177,187	)		(151	)		(32,203	)		-		(209,541	)
Proceeds from issuance of long-term credit facilities		175,000			-			-			-		175,000
Proceeds from government assistance		-			-			5,114			-		5,114
Dividends paid to noncontrolling interests		-			-			(1,044	)		-		(1,044	)
Debt and other issuance costs		(453	)		-			-			-		(453	)
Net change in intercompany financing		(81,084	)		(84,563	)		54,950			110,697		-
		(131,037	)		(84,714	)		26,817			110,697		(78,237	)

Effect of Foreign Exchange Rates on Cash and Cash Equivalents		5			(12	)		(1,923	)		-		(1,930	)

Net Increase (Decrease) in Cash and Cash Equivalents		4,920			23			33,630			-		38,573
Cash and Cash Equivalents - Beginning of Period		16,770			1,324			142,581			-		160,675

Cash and Cash Equivalents - End of Period	$	21,690		$	1,347		$	176,211		$	-	$	199,248