Business Segment Information

12 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Business Segment Information

NOTE 18:  Business Segment Information

The Company’s businesses are organized and managed in three reporting segments:  Avionics & Controls, Sensors & Systems and Advanced Materials.  Operating segments within each reporting segment are aggregated.  Operations within the Avionics & Controls segment focus on integrated cockpit systems, technology interface systems for commercial and military aircraft, and similar devices for land- and sea-based military vehicles, visualization solutions for defense and commercial applications, secure communication systems, military audio and data products, specialized medical equipment and other industrial applications.  Sensors & Systems includes operations that produce high-precision temperature and pressure sensors, electrical power switching, electrical interconnection systems, and other related systems principally for aerospace and defense customers.  The Advanced Materials segment focuses on thermally engineered components for critical aerospace applications, high-performance elastomer products used in a wide range of commercial aerospace and military applications, and combustible ordnance and warfare countermeasure devices.  All segments include sales to domestic, international, defense and commercial customers.

Geographic sales information is based on product origin.  The Company evaluates these segments based on segment profits prior to net interest, other income/expense, corporate expenses and federal/foreign income taxes.

Details of the Company’s operations by business segment for the last three fiscal years were as follows:

										Eleven
										Months
	Twelve Months Ended									Ended
In Thousands	2016			2015			2014			2015
				(Unaudited) (Recast)
Sales
Avionics & Controls	$	860,494		$	826,044		$	766,838		$	727,801
Sensors & Systems		696,032			714,965			771,369			633,446
Advanced Materials		436,105			461,784			491,264			413,202
	$	1,992,631		$	2,002,793		$	2,029,471		$	1,774,449
Earnings from Continuing Operations
Avionics & Controls	$	78,356		$	93,225		$	119,649		$	65,910
Sensors & Systems		87,768			84,235			86,101			71,787
Advanced Materials		74,515			91,334			104,833			80,951
Segment Earnings		240,639			268,794			310,583			218,648
Corporate expense		(70,480	)		(82,131	)		(68,297	)		(74,166	)
Other income		-			12,503			-			12,503
Interest income		367			632			555			578
Interest expense		(30,091	)		(33,114	)		(33,010	)		(30,090	)
Loss on extinguishment of debt		-			(11,451	)		(533	)		(11,451	)
	$	140,435		$	155,233		$	209,298		$	116,022

							Eleven
							Months
	Twelve Months Ended						Ended
In Thousands	2016		2015		2014		2015
			(Unaudited) (Recast)
Capital Expenditures
Avionics & Controls 1	$	36,423	$	14,537	$	9,312	$	13,074
Sensors & Systems 2		14,319		21,766		21,070		19,489
Advanced Materials 3		15,868		16,309		13,629		14,324
Discontinued Operations		-		789		1,199		542
Corporate		1,862		2,006		468		1,912
	$	68,472	$	55,407	$	45,678	$	49,341
Depreciation and Amortization
Avionics & Controls	$	38,909	$	38,070	$	35,604	$	33,415
Sensors & Systems		40,399		41,200		43,507		37,250
Advanced Materials		18,691		19,708		20,217		17,474
Discontinued Operations		12		1,877		14,588		496
Corporate		2,247		2,502		2,111		1,940
	$	100,258	$	103,357	$	116,027	$	90,575
In Thousands	2016		2015		2014
Identifiable Assets
Avionics & Controls	$	1,304,860	$	1,276,678	$	1,125,850
Sensors & Systems		1,140,624		1,116,282		1,240,153
Advanced Materials		498,442		493,968		498,984
Discontinued Operations		29,488		57,095		212,712
Corporate 4		58,617		56,465		115,768
	$	3,032,031	$	3,000,488	$	3,193,467

¹ Excludes capital expenditures accounted for as a capitalized lease obligation of $2.8 million in fiscal 2014.

² Excludes capital expenditures accounted for as a capitalized lease obligation of $8.0 million in fiscal 2016.

³ Excludes capital expenditures accounted for as a capitalized lease obligation of $3.3 million in fiscal 2016.

⁴ Primarily cash and deferred tax assets (see Note 10).

The Company’s operations by geographic area for the last three fiscal years were as follows:

	Twelve			Eleven			Twelve
	Months			Months			Months
	Ended			Ended			Ended
In Thousands	2016			2015			2014
Sales 1
Domestic
Unaffiliated customers - U.S.	$	838,259		$	706,586		$	763,345
Unaffiliated customers - export		172,209			168,459			218,955
Intercompany		77,472			58,039			32,515
		1,087,940			933,084			1,014,815
Canada
Unaffiliated customers		182,690			173,394			231,937
Intercompany		3,378			4,013			7,544
		186,068			177,407			239,481
France
Unaffiliated customers		398,909			364,882			460,836
Intercompany		51,461			42,903			60,763
		450,370			407,785			521,599
United Kingdom
Unaffiliated customers		237,134			242,077			266,570
Intercompany		25,100			23,769			22,846
		262,234			265,846			289,416
All other Foreign
Unaffiliated customers		163,430			119,051			87,828
Intercompany		167,565			125,386			42,686
		330,995			244,437			130,514
Eliminations		(324,976	)		(254,110	)		(166,354	)
	$	1,992,631		$	1,774,449		$	2,029,471

	Twelve		Eleven			Twelve
	Months		Months			Months
	Ended		Ended			Ended
In Thousands	2016		2015			2014
Segment Earnings 2
Domestic	$	135,107	$	121,052		$	178,029
Canada		7,670		19,133			33,599
France		61,381		51,599			50,750
United Kingdom		25,646		28,826			38,686
All other foreign		10,835		(1,962	)		9,519
	$	240,639	$	218,648		$	310,583
	2016		2015			2014
Identifiable Assets 3
Domestic	$	1,055,567	$	933,631		$	1,028,879
Canada		452,466		458,635			514,520
France		770,625		747,660			839,467
United Kingdom		394,811		501,969			555,620
All other foreign		299,945		302,128			139,213
	$	2,973,414	$	2,944,023		$	3,077,699

¹ Based on country from which the sale originated and the sale was recorded.

² Before corporate expense, shown on page 80.

³ Excludes corporate, shown on page 81.

The Company’s foreign operations consist of manufacturing facilities located in Belgium, Canada, China, the Dominican Republic, France, Germany, India, Mexico, Morocco, and the United Kingdom, and include sales and service operations located in Brazil, China, and Singapore.  Intercompany sales are at prices comparable with sales to unaffiliated customers.  U.S. government sales as a percent of Advanced Materials and Avionics & Controls sales were 9.8% and 2.0%, respectively, in fiscal 2016 and 3.1% of consolidated sales.  In fiscal 2015, the U.S. government sales as a percent of Advanced Materials and Avionics & Controls sales were 9.9% and 1.1%, respectively, and 2.9% of consolidated sales.  In fiscal 2014, the U.S. government sales as a percent of Advanced Materials and Avionics & Controls sales were 14.7% and 1.7%, respectively, and 4.0% of consolidated sales.

Product lines contributing sales of 10% or more of total sales in any of the last three fiscal years were as follows:

	2016			2015			2014
Connectors		16	%		16	%		18	%
Avionics		9	%		10	%		10	%