Restructuring

6 Months Ended

Mar. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

In 2024, we initiated restructuring actions in relation to portfolio shaping activities in our Military Aircraft and Industrial segments. These actions have and will result in workforce reductions, principally in the U.S. The 2024 restructuring charges include $2,293 for severance, $733 of non-cash charges related to intangibles written off and $2,390 of other costs. These actions contain certain elements that will continue through 2025 and are expected to result in additional costs of up to $2,000.

In 2023, we initiated restructuring actions in relation to portfolio shaping activities which contains certain elements, primarily retention agreements, that will continue through 2027 and are expected to result in additional costs of up to approximately $9,000.

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

	Space and Defense		Military Aircraft		Industrial		Total
Balance at October 1, 2023	$	1,622	$	347	$	8,208	$	10,177
Charged to expense - 2024 plan	—		3,123		2,293		5,416
Charged to expense - 2023 plan	—		—		3,283		3,283
Adjustments to provision	(178)		—		(60)		(238)
Non-cash charges - 2024 plan	—		(733)		—		(733)
Cash payments - 2024 plan	—		(1,219)		(176)		(1,395)
Cash payments - 2023 plan	(1,444)		(198)		(3,231)		(4,873)
Cash payments - 2022 plan	—		—		(241)		(241)
Cash payments - 2020 plan	—		—		(24)		(24)
Cash payments - 2018 plan	—		—		(251)		(251)
Foreign currency translation	—		—		127		127
Balance at March 30, 2024	$	—	$	1,320	$	9,928	$	11,248

As of March 30, 2024, the restructuring accrual consists of $3,288 for the 2024 plan, $4,417 for the 2023 plan, $388 for the 2022 plan, $2,141 for the 2020 plan and $1,014 for the 2018 plan. Restructuring is expected to be paid within a year, except portions classified as long-term liabilities based on the nature of the reserve.