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Segment Information (Tables)
9 Months Ended
Jun. 29, 2024
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Sales And Operating Profit By Segment And Reconciliation Of Segment Operating Profit To Earnings Before Income Taxes
Disaggregation of net sales by segment for the three and nine months ended June 29, 2024 and July 1, 2023 are as follows:
Three Months EndedNine Months Ended
Market TypeJune 29,
2024
July 1,
2023
June 29,
2024
July 1,
2023
Net sales:
Space$108,965 $102,520 $322,272 $310,278 
Defense149,444 139,882 433,052 395,762 
Space and Defense258,409 242,402 755,324 706,040 
Original Equipment Manufacturers160,691 132,020 455,673 403,489 
Aftermarket46,486 44,197 140,248 133,281 
Military Aircraft207,177 176,217 595,921 536,770 
Original Equipment Manufacturers132,374 118,447 402,357 310,108 
Aftermarket56,991 60,361 188,824 165,410 
Commercial Aircraft189,365 178,808 591,181 475,518 
Energy37,168 30,667 104,442 91,217 
Industrial Automation109,100 124,400 341,474 361,056 
Simulation and Test40,019 36,668 115,577 89,758 
Medical63,497 61,014 187,969 186,712 
Industrial249,784 252,749 749,462 728,743 
Net sales$904,735 $850,176 $2,691,888 $2,447,071 
Operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, headcount or profit. Operating profit by segment for the three and nine months ended June 29, 2024 and July 1, 2023 and a reconciliation of segment operating profit to earnings before income taxes are as follows:
Three Months EndedNine Months Ended
June 29,
2024
July 1,
2023
June 29,
2024
July 1,
2023
Operating profit:
Space and Defense$32,635 $18,585 $100,175 $66,386 
Military Aircraft23,965 18,143 60,323 49,525 
Commercial Aircraft24,367 19,745 69,838 49,943 
Industrial24,413 28,035 81,592 89,183 
Total operating profit105,380 84,508 311,928 255,037 
Deductions from operating profit:
Interest expense18,153 17,256 52,850 45,351 
Equity-based compensation expense4,089 2,356 11,301 8,121 
Non-service pension expense3,188 3,124 9,566 9,338 
Corporate and other expenses, net9,045 11,434 25,946 25,284 
Earnings before income taxes$70,905 $50,338 $212,265 $166,943 
Sales by Major Customer Type
Three Months EndedNine Months Ended
Customer TypeJune 29,
2024
July 1,
2023
June 29,
2024
July 1,
2023
Net sales:
Commercial$49,916 $28,334 $129,253 $82,123 
U.S. Government (including OEM)178,636 192,897 553,261 574,914 
Other29,857 21,171 72,810 49,003 
Space and Defense258,409 242,402 755,324 706,040 
U.S. Government (including OEM)148,928 108,509 424,539 372,353 
Other58,249 67,708 171,382 164,417 
Military Aircraft (1)
207,177 176,217 595,921 536,770 
Commercial179,384 158,927 564,612 452,184 
Other9,981 19,881 26,569 23,334 
Commercial Aircraft (1)
189,365 178,808 591,181 475,518 
Commercial244,834 249,849 737,028 715,878 
U.S. Government (including OEM)3,226 1,301 8,150 3,419 
Other1,724 1,599 4,284 9,446 
Industrial249,784 252,749 749,462 728,743 
Commercial474,134 437,110 1,430,893 1,250,185 
U.S. Government (including OEM)330,790 302,707 985,950 950,686 
Other99,811 110,359 275,045 246,200 
Net sales$904,735 $850,176 $2,691,888 $2,447,071 
(1) Prior period amounts have been recast to conform with the current presentation of certain customers between Commercial and Other as a result of the separation of our former Aircraft Controls segment into Military Aircraft and Commercial Aircraft.
Revenue Recognition Method
Three Months EndedNine Months Ended
Revenue Recognition MethodJune 29,
2024
July 1,
2023
June 29,
2024
July 1,
2023
Net sales:
Over-time$226,405 $228,164 $679,231 $659,327 
Point in time32,004 14,238 76,093 46,713 
Space and Defense258,409 242,402 755,324 706,040 
Over-time168,248 153,667 482,163 446,752 
Point in time38,929 22,550 113,758 90,018 
Military Aircraft207,177 176,217 595,921 536,770 
Over-time149,220 122,018 449,230 352,264 
Point in time40,145 56,790 141,951 123,254 
Commercial Aircraft189,365 178,808 591,181 475,518 
Over-time40,894 38,814 107,405 99,732 
Point in time208,890 213,935 642,057 629,011 
Industrial249,784 252,749 749,462 728,743 
Over-time584,767 542,663 1,718,029 1,558,075 
Point in time319,968 307,513 973,859 888,996 
Net sales$904,735 $850,176 $2,691,888 $2,447,071