XML 25 R14.htm IDEA: XBRL DOCUMENT v3.23.4
Goodwill And Intangible Assets
 3 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Intangible Assets Goodwill and Intangible Assets
Effective October 1, 2023, we made a change to our reporting structure to separate our former Aircraft Controls operating segment into two operating segments, Military Aircraft and Commercial Aircraft, which also represent reporting units for purposes of assessing goodwill. We performed an impairment test consistent with the rules set forth under ASC 350, “Intangibles—Goodwill and Other,” by performing a quantitative analysis on the former reporting unit. Following this test, the Company reassigned the goodwill from the former Aircraft Controls reporting unit to its new reporting units using a relative fair value allocation approach. We then performed quantitative goodwill impairment tests on each of the new reporting units. Quantitative testing requires a comparison of the fair value of a reporting unit to its carrying value. We principally use the discounted cash flow method to estimate the fair value of a reporting unit. The discounted cash flow method incorporates various assumptions, the most significant being projected cash flows (inclusive of projected revenue growth rates and operating margins), the terminal growth rate and the discount rate. Management projects revenue growth rates, operating margins and cash flows based on each reporting unit's current business, expected developments and operational strategies typically over a five-year period. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss must be measured. The results of our quantitative assessments showed the fair value of the two new reporting units, Military Aircraft and Commercial Aircraft, exceeded their carrying value; and therefore, goodwill was not impaired.

The changes in the carrying amount of goodwill are as follows:
Space and
Defense		Military AircraftCommercial AircraftIndustrialTotal
Balance at September 30, 2023$259,475 $111,276 $92,612 $357,938 $821,301 
Acquisition— 2,689 — — 2,689 
Foreign currency translation(473)2,390 — 7,506 9,423 
Balance at December 30, 2023$259,002 $116,355 $92,612 $365,444 $833,413 
Goodwill in our Space and Defense segment is net of a $4,800 accumulated impairment loss at December 30, 2023. Goodwill in our Medical Devices reporting unit, included in our Industrial segment, is net of a $38,200 accumulated impairment loss at December 30, 2023.

The components of intangible assets are as follows:

December 30, 2023September 30, 2023
  Weighted-
Average
Life (years)		Gross Carrying
Amount		Accumulated
Amortization		Gross Carrying
Amount		Accumulated
Amortization
Customer-related11$134,739 $(95,943)$133,269 $(93,648)
Technology-related971,978 (57,381)69,242 (56,106)
Program-related2338,566 (22,751)37,465 (21,672)
Marketing-related822,644 (19,386)21,890 (18,995)
Other101,842 (1,645)1,773 (1,581)
Intangible assets12$269,769 $(197,106)$263,639 $(192,002)
All acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Technology-related intangible assets primarily consist of technology, patents, intellectual property and software. Program-related intangible assets consist of long-term programs represented by current contracts and probable follow on work. Marketing-related intangible assets primarily consist of trademarks, trade names and non-compete agreements.
Amortization of acquired intangible assets is as follows:
Three Months Ended
December 30, 2023December 31, 2022
Acquired intangible asset amortization$2,725 $2,987 
Based on acquired intangible assets recorded at December 30, 2023, amortization is estimated to be approximately:
20242025202620272028
Estimated future amortization of acquired intangible assets$10,900 $9,800 $9,600 $8,300 $7,500