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Revision of Previously Issued Consolidated Financial Statements
12 Months Ended
Sep. 27, 2025
Accounting Changes and Error Corrections [Abstract]  
Error Correction
Note 25 - Revision of Previously Issued Consolidated Financial Statements
As discussed in Note 1, we identified misstatements in our consolidated financial statements for 2023, 2024 and 2025. As a result, we revised our annual consolidated financial statements for 2023 and 2024 and our quarterly consolidated condensed financial statements for 2024 and 2025. Basic and diluted net earnings per share may not sum across due to rounding. A summary of the corrections are as follows:
Consolidated Statement of Earnings
Fiscal Year Ended September 30, 2023
(dollars in thousands, except share and per share data)As ReportedRevisionsAs Revised
Net sales$3,319,122 $(2,932)$3,316,190 
Cost of sales2,423,245 (9,155)2,414,090 
Inventory write-down4,345 — 4,345 
Gross profit891,532 6,223 897,755 
Research and development106,551 — 106,551 
Selling, general and administrative469,836 5,101 474,937 
Interest63,578 (3,740)59,838 
Asset impairment and fair value adjustment14,628 — 14,628 
Restructuring7,997 — 7,997 
Loss on sale of businesses900 — 900 
Gain on sale of buildings(10,030)— (10,030)
Pension settlement12,542 — 12,542 
Other9,478 (606)8,872 
Earnings before income taxes216,052 5,468 221,520 
Income taxes45,054 1,310 46,364 
Net earnings$170,998 $4,158 $175,156 
Net earnings per share
Basic$5.37 $0.13 $5.50 
Diluted$5.34 $0.13 $5.47 
Consolidated Statement of Comprehensive Income
Fiscal Year Ended September 30, 2023
(dollars in thousands)As ReportedRevisionsAs Revised
Net earnings$170,998 $4,158 $175,156 
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment41,538 41,547 
Retirement liability adjustment11,626 — 11,626 
Change in accumulated gain (loss) on derivatives3,269 — 3,269 
Other comprehensive income (loss), net of tax56,433 56,442 
Comprehensive income$227,431 $4,167 $231,598 
Consolidated Balance Sheet
September 30, 2023
(dollars in thousands)As ReportedRevisionsAs Revised
ASSETS
Current assets
Cash and cash equivalents$68,959 $— $68,959 
Restricted cash185 — 185 
Receivables, net434,723 12,700 447,423 
Unbilled receivables706,601 (71,814)634,787 
Inventories, net724,002 (5,513)718,489 
Prepaid expenses and other current assets50,862 13,400 64,262 
Total current assets1,985,332 (51,227)1,934,105 
Property, plant and equipment, net814,696 11,564 826,260 
Operating lease right-of-use assets56,067 — 56,067 
Goodwill821,301 — 821,301 
Intangible assets, net71,637 — 71,637 
Deferred income taxes8,749 (26)8,723 
Other assets50,254 — 50,254 
Total assets$3,808,036 $(39,689)$3,768,347 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$264,573 $900 $265,473 
Accrued compensation111,154 1,500 112,654 
Contract advances and progress billings377,977 (40,270)337,707 
Accrued liabilities and other211,769 30,044 241,813 
Total current liabilities965,473 (7,826)957,647 
Long-term debt, excluding current installments863,092 — 863,092 
Long-term pension and retirement obligations157,455 — 157,455 
Deferred income taxes37,626 (4,151)33,475 
Other long-term liabilities148,303 6,618 154,921 
Total liabilities2,171,949 (5,359)2,166,590 
Shareholders’ equity
Common stock - Class A43,822 — 43,822 
Common stock - Class B7,458 — 7,458 
Additional paid-in capital608,270 — 608,270 
Retained earnings2,496,979 (34,339)2,462,640 
Treasury shares(1,057,938)— (1,057,938)
Stock Employee Compensation Trust(114,769)— (114,769)
Supplemental Retirement Plan Trust(93,126)— (93,126)
Accumulated other comprehensive loss(254,609)(254,600)
Total shareholders’ equity1,636,087 (34,330)1,601,757 
Total liabilities and shareholders’ equity$3,808,036 $(39,689)$3,768,347 
Consolidated Statement of Shareholders' Equity
Fiscal Year Ended September 30, 2023
(dollars in thousands)As ReportedRevisionsAs Revised
COMMON STOCK
Beginning and end of year$51,280 $— $51,280 
ADDITIONAL PAID-IN CAPITAL
Beginning of year516,123 — 516,123 
Issuance of treasury shares7,852 — 7,852 
Equity-based compensation expense8,119 — 8,119 
Adjustment to market - SECT and SERP76,176 — 76,176 
End of year608,270 — 608,270 
RETAINED EARNINGS
Beginning of year2,360,055 (38,497)2,321,558 
Net earnings170,998 4,158 175,156 
Dividends(34,074)— (34,074)
End of year2,496,979 (34,339)2,462,640 
TREASURY SHARES AT COST
Beginning of year(1,047,012)— (1,047,012)
Class A and B shares issued related to compensation16,107 — 16,107 
Class A and B shares purchased(27,033)— (27,033)
End of year(1,057,938)— (1,057,938)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of year(73,602)— (73,602)
Issuance of shares15,713 — 15,713 
Purchase of shares(14,841)— (14,841)
Adjustment to market(42,039)— (42,039)
End of year(114,769)— (114,769)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of year(58,989)— (58,989)
Adjustment to market(34,137)— (34,137)
End of year(93,126)— (93,126)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of year(311,042)— (311,042)
Other comprehensive income (loss)56,433 56,442 
End of year(254,609)(254,600)
TOTAL SHAREHOLDERS’ EQUITY$1,636,087 $(34,330)$1,601,757 
Consolidated Statement of Cash Flows
Fiscal Year Ended September 30, 2023
(dollars in thousands)As ReportedRevisionsAs Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$170,998 $4,158 $175,156 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation78,692 (929)77,763 
Amortization11,541 — 11,541 
Deferred income taxes(35,531)534 (34,997)
Equity-based compensation expense10,582 — 10,582 
Loss on sale of businesses900 — 900 
Asset impairment and inventory write-down18,973 — 18,973 
Gain on sale of buildings(10,030)— (10,030)
Pension settlement12,542 — 12,542 
Other6,244 — 6,244 
Changes in assets and liabilities providing (using) cash:
Receivables(56,575)(12,700)(69,275)
Unbilled receivables(87,915)52,492 (35,423)
Inventories(130,378)2,936 (127,442)
Accounts payable28,641 — 28,641 
Contract advances and progress billings79,983 (40,535)39,448 
Accrued expenses(1,692)(1,493)(3,185)
Accrued income taxes22,869 775 23,644 
Net pension and post retirement liabilities13,940 — 13,940 
Other assets and liabilities2,151 (1,522)629 
Net cash provided (used) by operating activities135,935 3,716 139,651 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(173,286)(4,023)(177,309)
Net proceeds from businesses sold1,892 — 1,892 
Net proceeds from buildings sold19,702 — 19,702 
Other investing transactions(11,455)— (11,455)
Net cash provided (used) by investing activities(163,147)(4,023)(167,170)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit1,044,101 — 1,044,101 
Payments on revolving lines of credit(1,017,420)— (1,017,420)
Payments on long-term debt(916)— (916)
Payments on finance lease obligations(4,620)307 (4,313)
Payment of dividends(34,074)— (34,074)
Proceeds from sale of treasury stock19,785 — 19,785 
Purchase of outstanding shares for treasury(29,306)— (29,306)
Proceeds from sale of stock held by SECT15,713 — 15,713 
Purchase of stock held by SECT(14,251)— (14,251)
Other financing transactions(2,027)— (2,027)
Net cash provided (used) by financing activities(23,015)307 (22,708)
Effect of exchange rate changes on cash2,043 — 2,043 
Increase (decrease) in cash, cash equivalents and restricted cash(48,184)— (48,184)
Cash, cash equivalents and restricted cash at beginning of year117,328 — 117,328 
Cash, cash equivalents and restricted cash at end of year
$69,144 $— $69,144 
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid$63,193 $(3,740)$59,453 
Income taxes paid, net of refunds69,253 — 69,253 
Treasury shares issued as compensation4,174 — 4,174 
Assets acquired through lease financing61,805 2,229 64,034 
Consolidated Condensed Statement of Earnings
Three Months Ended
December 30, 2023
(dollars in thousands, except share and per share data)As ReportedRevisionsAs Revised
Net sales$856,850 $(1,628)$855,222 
Cost of sales623,651 (9,859)613,792 
Inventory write-down— — — 
Gross profit233,199 8,231 241,430 
Research and development30,579 — 30,579 
Selling, general and administrative118,725 2,033 120,758 
Interest16,694 (1,547)15,147 
Restructuring1,889 — 1,889 
Other2,701 1,456 4,157 
Earnings before income taxes62,611 6,289 68,900 
Income taxes14,799 1,466 16,265 
Net earnings$47,812 $4,823 $52,635 
Net earnings per share
Basic$1.50 $0.15 $1.65 
Diluted$1.48 $0.15 $1.63 
Consolidated Condensed Statement of Comprehensive Income
Three Months Ended
December 30, 2023
(dollars in thousands)As ReportedRevisionsAs Revised
Net earnings$47,812 $4,823 $52,635 
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment31,013 31 31,044 
Retirement liability adjustment1,678 — 1,678 
Change in accumulated gain (loss) on derivatives318 — 318 
Other comprehensive income (loss), net of tax33,009 31 33,040 
Comprehensive income$80,821 $4,854 $85,675 
Consolidated Condensed Balance Sheet
December 30, 2023
(dollars in thousands)As ReportedRevisionsAs Revised
ASSETS
Current assets
Cash and cash equivalents$126,398 $— $126,398 
Restricted cash430 — 430 
Receivables, net381,609 — 381,609 
Unbilled receivables760,561 (17,064)743,497 
Inventories, net788,040 (4,372)783,668 
Prepaid expenses and other current assets59,577 — 59,577 
Total current assets2,116,615 (21,436)2,095,179 
Property, plant and equipment, net842,682 13,780 856,462 
Operating lease right-of-use assets59,489 — 59,489 
Goodwill833,413 — 833,413 
Intangible assets, net72,663 — 72,663 
Deferred income taxes9,284 (34)9,250 
Other assets53,809 — 53,809 
Total assets$3,987,955 $(7,690)$3,980,265 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$261,155 $900 $262,055 
Accrued compensation64,099 1,850 65,949 
Contract advances and progress billings445,706 841 446,547 
Accrued liabilities and other238,871 14,272 253,143 
Total current liabilities1,009,831 17,863 1,027,694 
Long-term debt, excluding current installments920,103 — 920,103 
Long-term pension and retirement obligations160,825 — 160,825 
Deferred income taxes35,214 (3,128)32,086 
Other long-term liabilities154,765 7,051 161,816 
Total liabilities2,280,738 21,786 2,302,524 
Shareholders’ equity
Common stock - Class A43,826 — 43,826 
Common stock - Class B7,454 — 7,454 
Additional paid-in capital673,261 — 673,261 
Retained earnings2,536,172 (29,516)2,506,656 
Treasury shares(1,065,654)— (1,065,654)
Stock Employee Compensation Trust(146,373)— (146,373)
Supplemental Retirement Plan Trust(119,869)— (119,869)
Accumulated other comprehensive loss(221,600)40 (221,560)
Total shareholders’ equity1,707,217 (29,476)1,677,741 
Total liabilities and shareholders’ equity$3,987,955 $(7,690)$3,980,265 
Consolidated Condensed Statement of Shareholders' Equity
Three Months Ended
December 30, 2023
(dollars in thousands)As ReportedRevisionsAs Revised
COMMON STOCK
Beginning and end of year$51,280 $— $51,280 
ADDITIONAL PAID-IN CAPITAL
Beginning of year608,270 — 608,270 
Issuance of treasury shares2,160 — 2,160 
Equity-based compensation expense3,454 — 3,454 
Adjustment to market - SECT and SERP59,377 — 59,377 
End of year673,261 — 673,261 
RETAINED EARNINGS
Beginning of year2,496,979 (34,339)2,462,640 
Net earnings47,812 4,823 52,635 
Dividends(8,619)— (8,619)
End of year2,536,172 (29,516)2,506,656 
TREASURY SHARES AT COST
Beginning of year(1,057,938)— (1,057,938)
Class A and B shares issued related to compensation995 — 995 
Class A and B shares purchased(8,711)— (8,711)
End of year(1,065,654)— (1,065,654)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of year(114,769)— (114,769)
Issuance of shares5,001 — 5,001 
Purchase of shares(3,971)— (3,971)
Adjustment to market(32,634)— (32,634)
End of year(146,373)— (146,373)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of year(93,126)— (93,126)
Adjustment to market(26,743)— (26,743)
End of year(119,869)— (119,869)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of year(254,609)(254,600)
Other comprehensive income (loss)33,009 31 33,040 
End of year(221,600)40 (221,560)
TOTAL SHAREHOLDERS’ EQUITY$1,707,217 $(29,476)$1,677,741 
Consolidated Condensed Statement of Cash Flows
Three Months Ended
December 30, 2023
(dollars in thousands)As ReportedRevisionsAs Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$47,812 $4,823 $52,635 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation20,927 (232)20,695 
Amortization2,720 — 2,720 
Deferred income taxes(4,547)1,028 (3,519)
Equity-based compensation expense4,165 — 4,165 
Other(2,478)— (2,478)
Changes in assets and liabilities providing (using) cash:
Receivables58,887 12,700 71,587 
Unbilled receivables(51,015)(54,708)(105,723)
Inventories(46,852)(1,141)(47,993)
Accounts payable(5,752)— (5,752)
Contract advances and progress billings64,171 41,063 105,234 
Accrued expenses(31,814)(15,848)(47,662)
Accrued income taxes12,324 436 12,760 
Net pension and post retirement liabilities2,957 — 2,957 
Other assets and liabilities(11,114)13,410 2,296 
Net cash provided (used) by operating activities60,391 1,531 61,922 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired(5,212)— (5,212)
Purchase of property, plant and equipment(37,416)(1,634)(39,050)
Other investing transactions(479)— (479)
Net cash provided (used) by investing activities(43,107)(1,634)(44,741)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit279,500 — 279,500 
Payments on revolving lines of credit(223,000)— (223,000)
Payments on finance lease obligations(1,286)103 (1,183)
Payment of dividends(8,619)— (8,619)
Proceeds from sale of treasury stock581 — 581 
Purchase of outstanding shares for treasury(8,711)— (8,711)
Proceeds from sale of stock held by SECT5,001 — 5,001 
Purchase of stock held by SECT(4,561)— (4,561)
Net cash provided (used) by financing activities38,905 103 39,008 
Effect of exchange rate changes on cash1,495 — 1,495 
Increase (decrease) in cash, cash equivalents and restricted cash57,684 — 57,684 
Cash, cash equivalents and restricted cash at beginning of year69,144 — 69,144 
Cash, cash equivalents and restricted cash at end of year
$126,828 $— $126,828 
SUPPLEMENTAL CASH FLOW INFORMATION
Treasury shares issued as compensation$2,574 $— $2,574 
Assets acquired through lease financing7,845 288 8,133 
Consolidated Condensed Statement of Earnings
Three Months EndedSix Months Ended
March 30, 2024March 30, 2024
(dollars in thousands, except share and per share data)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
Net sales$930,303 $(10,095)$920,208 $1,787,153 $(11,723)$1,775,430 
Cost of sales663,350 (2,151)661,199 1,287,001 (12,010)1,274,991 
Inventory write-down175 — 175 175 — 175 
Gross profit266,778 (7,944)258,834 499,977 287 500,264 
Research and development28,382 — 28,382 58,961 — 58,961 
Selling, general and administrative124,961 967 125,928 243,686 3,000 246,686 
Interest18,003 (1,246)16,757 34,697 (2,793)31,904 
Asset impairment and fair value adjustment6,750 — 6,750 6,750 — 6,750 
Restructuring6,750 — 6,750 8,639 — 8,639 
Other3,183 (483)2,700 5,884 973 6,857 
Earnings before income taxes78,749 (7,182)71,567 141,360 (893)140,467 
Income taxes18,746 (1,685)17,061 33,545 (219)33,326 
Net earnings$60,003 $(5,497)$54,506 $107,815 $(674)$107,141 
Net earnings per share
Basic$1.88 $(0.17)$1.71 $3.38 $(0.02)$3.35 
Diluted$1.86 $(0.17)$1.69 $3.34 $(0.02)$3.32 
Consolidated Condensed Statement of Comprehensive Income
Three Months EndedSix Months Ended
March 30, 2024March 30, 2024
(dollars in thousands)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
Net earnings$60,003 $(5,497)$54,506 $107,815 $(674)$107,141 
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment(13,726)(6)(13,732)17,287 25 17,312 
Retirement liability adjustment2,173 — 2,173 3,851 — 3,851 
Change in accumulated gain (loss) on derivatives200 — 200 518 — 518 
Other comprehensive income (loss), net of tax(11,353)(6)(11,359)21,656 25 21,681 
Comprehensive income$48,650 $(5,503)$43,147 $129,471 $(649)$128,822 
Consolidated Condensed Balance Sheet
March 30, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
ASSETS
Current assets
Cash and cash equivalents$59,066 $— $59,066 
Restricted cash665 — 665 
Receivables, net419,399 — 419,399 
Unbilled receivables794,167 (20,788)773,379 
Inventories, net810,483 (2,631)807,852 
Prepaid expenses and other current assets73,165 2,746 75,911 
Total current assets2,156,945 (20,673)2,136,272 
Property, plant and equipment, net869,303 16,742 886,045 
Operating lease right-of-use assets57,074 — 57,074 
Goodwill828,469 — 828,469 
Intangible assets, net68,876 — 68,876 
Deferred income taxes9,063 6,493 15,556 
Other assets49,390 — 49,390 
Total assets$4,039,120 $2,562 $4,041,682 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$267,731 $900 $268,631 
Accrued compensation73,961 2,200 76,161 
Contract advances and progress billings404,876 354 405,230 
Accrued liabilities and other257,960 23,781 281,741 
Total current liabilities1,004,528 27,235 1,031,763 
Long-term debt, excluding current installments948,615 — 948,615 
Long-term pension and retirement obligations160,265 — 160,265 
Deferred income taxes22,765 1,781 24,546 
Other long-term liabilities149,688 8,525 158,213 
Total liabilities2,285,861 37,541 2,323,402 
Shareholders’ equity
Common stock - Class A43,826 — 43,826 
Common stock - Class B7,454 — 7,454 
Additional paid-in capital702,272 — 702,272 
Retained earnings2,587,222 (35,013)2,552,209 
Treasury shares(1,071,558)— (1,071,558)
Stock Employee Compensation Trust(153,295)— (153,295)
Supplemental Retirement Plan Trust(129,709)— (129,709)
Accumulated other comprehensive loss(232,953)34 (232,919)
Total shareholders’ equity1,753,259 (34,979)1,718,280 
Total liabilities and shareholders’ equity$4,039,120 $2,562 $4,041,682 
Consolidated Condensed Statement of Shareholders' Equity
Three Months EndedSix Months Ended
March 30, 2024March 30, 2024
(dollars in thousands)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
COMMON STOCK
Beginning and end of year$51,280 $— $51,280 $51,280 $— $51,280 
ADDITIONAL PAID-IN CAPITAL
Beginning of year673,261 — 673,261 608,270 — 608,270 
Issuance of treasury shares4,126 — 4,126 6,286 — 6,286 
Equity-based compensation expense2,182 — 2,182 5,636 — 5,636 
Adjustment to market - SECT and SERP22,703 — 22,703 82,080 — 82,080 
End of year702,272 — 702,272 702,272 — 702,272 
RETAINED EARNINGS
Beginning of year2,536,172 (29,516)2,506,656 2,496,979 (34,339)2,462,640 
Net earnings60,003 (5,497)54,506 107,815 (674)107,141 
Dividends(8,953)— (8,953)(17,572)— (17,572)
End of year2,587,222 (35,013)2,552,209 2,587,222 (35,013)2,552,209 
TREASURY SHARES AT COST
Beginning of year(1,065,654)— (1,065,654)(1,057,938)— (1,057,938)
Class A and B shares issued related to compensation5,623 — 5,623 6,618 — 6,618 
Class A and B shares purchased(11,527)— (11,527)(20,238)— (20,238)
End of year(1,071,558)— (1,071,558)(1,071,558)— (1,071,558)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of year(146,373)— (146,373)(114,769)— (114,769)
Issuance of shares10,787 — 10,787 15,788 — 15,788 
Purchase of shares(4,846)— (4,846)(8,817)— (8,817)
Adjustment to market(12,863)— (12,863)(45,497)— (45,497)
End of year(153,295)— (153,295)(153,295)— (153,295)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of year(119,869)— (119,869)(93,126)— (93,126)
Adjustment to market(9,840)— (9,840)(36,583)— (36,583)
End of year(129,709)— (129,709)(129,709)— (129,709)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of year(221,600)40 (221,560)(254,609)(254,600)
Other comprehensive income (loss)(11,353)(6)(11,359)21,656 25 21,681 
End of year(232,953)34 (232,919)(232,953)34 (232,919)
TOTAL SHAREHOLDERS’ EQUITY$1,753,259 $(34,979)$1,718,280 $1,753,259 $(34,979)$1,718,280 
Consolidated Statement of Cash Flows
Six Months Ended
March 30, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$107,815 $(674)$107,141 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation42,276 (574)41,702 
Amortization5,296 — 5,296 
Deferred income taxes(17,805)(588)(18,393)
Equity-based compensation expense7,212 — 7,212 
Asset impairment and inventory write-down6,925 — 6,925 
Other2,207 — 2,207 
Changes in assets and liabilities providing (using) cash:
Receivables17,469 12,700 30,169 
Unbilled receivables(86,197)(50,984)(137,181)
Inventories(77,396)(2,882)(80,278)
Accounts payable1,847 — 1,847 
Contract advances and progress billings24,512 40,579 65,091 
Accrued expenses903 (8,575)(7,672)
Accrued income taxes10,833 369 11,202 
Net pension and post retirement liabilities5,687 — 5,687 
Other assets and liabilities(35,195)13,376 (21,819)
Net cash provided (used) by operating activities16,389 2,747 19,136 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired(5,911)— (5,911)
Purchase of property, plant and equipment(77,530)(2,980)(80,510)
Other investing transactions(515)— (515)
Net cash provided (used) by investing activities(83,956)(2,980)(86,936)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit509,500 — 509,500 
Payments on revolving lines of credit(425,000)— (425,000)
Payments on finance lease obligations(2,741)233 (2,508)
Payment of dividends(17,572)— (17,572)
Proceeds from sale of treasury stock7,579 — 7,579 
Purchase of outstanding shares for treasury(20,238)— (20,238)
Proceeds from sale of stock held by SECT15,788 — 15,788 
Purchase of stock held by SECT(9,407)— (9,407)
Net cash provided (used) by financing activities57,909 233 58,142 
Effect of exchange rate changes on cash245 — 245 
Increase (decrease) in cash, cash equivalents and restricted cash(9,413)— (9,413)
Cash, cash equivalents and restricted cash at beginning of year69,144 — 69,144 
Cash, cash equivalents and restricted cash at end of year
$59,731 $— $59,731 
SUPPLEMENTAL CASH FLOW INFORMATION
Treasury shares issued as compensation$5,325 $— $5,325 
Assets acquired through lease financing18,160 1,556 19,716 
Consolidated Condensed Statement of Earnings
Three Months EndedNine Months Ended
June 29, 2024June 29, 2024
(dollars in thousands, except share and per share data)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
Net sales$904,735 $9,400 $914,135 $2,691,888 $(2,323)$2,689,565 
Cost of sales651,672 5,202 656,874 1,938,673 (6,808)1,931,865 
Inventory write-down1,600 — 1,600 1,775 — 1,775 
Gross profit251,463 4,198 255,661 751,440 4,485 755,925 
Research and development27,791 — 27,791 86,752 — 86,752 
Selling, general and administrative126,361 1,829 128,190 370,047 4,829 374,876 
Interest18,153 (1,124)17,029 52,850 (3,917)48,933 
Asset impairment and fair value adjustment112 — 112 6,862 — 6,862 
Restructuring3,984 — 3,984 12,623 — 12,623 
Other4,157 (115)4,042 10,041 858 10,899 
Earnings before income taxes70,905 3,608 74,513 212,265 2,715 214,980 
Income taxes14,545 857 15,402 48,090 638 48,728 
Net earnings$56,360 $2,751 $59,111 $164,175 $2,077 $166,252 
Net earnings per share
Basic$1.76 $0.09 $1.85 $5.14 $0.07 $5.20 
Diluted$1.74 $0.08 $1.82 $5.08 $0.06 $5.14 
Consolidated Condensed Statement of Comprehensive Income
Three Months EndedNine Months Ended
June 29, 2024June 29, 2024
(dollars in thousands)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
Net earnings$56,360 $2,751 $59,111 $164,175 $2,077 $166,252 
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment(6,650)(5)(6,655)10,637 20 10,657 
Retirement liability adjustment2,059 — 2,059 5,910 — 5,910 
Change in accumulated gain (loss) on derivatives— — — 518 — 518 
Other comprehensive income (loss), net of tax(4,591)(5)(4,596)17,065 20 17,085 
Comprehensive income$51,769 $2,746 $54,515 $181,240 $2,097 $183,337 
Consolidated Condensed Balance Sheet
June 29, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
ASSETS
Current assets
Cash and cash equivalents$50,572 $— $50,572 
Restricted cash946 — 946 
Receivables, net452,967 — 452,967 
Unbilled receivables766,445 (20,765)745,680 
Inventories, net831,377 (2,859)828,518 
Prepaid expenses and other current assets70,081 2,515 72,596 
Total current assets2,172,388 (21,109)2,151,279 
Property, plant and equipment, net886,013 18,697 904,710 
Operating lease right-of-use assets57,669 — 57,669 
Goodwill827,319 — 827,319 
Intangible assets, net66,422 — 66,422 
Deferred income taxes9,050 15,051 24,101 
Other assets48,887 — 48,887 
Total assets$4,067,748 $12,639 $4,080,387 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$266,294 $900 $267,194 
Accrued compensation98,981 2,550 101,531 
Contract advances and progress billings353,496 240 353,736 
Accrued liabilities and other269,633 21,191 290,824 
Total current liabilities988,404 24,881 1,013,285 
Long-term debt, excluding current installments958,127 — 958,127 
Long-term pension and retirement obligations160,635 — 160,635 
Deferred income taxes13,668 10,951 24,619 
Other long-term liabilities153,122 9,040 162,162 
Total liabilities2,273,956 44,872 2,318,828 
Shareholders’ equity
Common stock - Class A43,835 — 43,835 
Common stock - Class B7,445 — 7,445 
Additional paid-in capital726,656 — 726,656 
Retained earnings2,634,633 (32,262)2,602,371 
Treasury shares(1,073,027)— (1,073,027)
Stock Employee Compensation Trust(167,757)— (167,757)
Supplemental Retirement Plan Trust(140,449)— (140,449)
Accumulated other comprehensive loss(237,544)29 (237,515)
Total shareholders’ equity1,793,792 (32,233)1,761,559 
Total liabilities and shareholders’ equity$4,067,748 $12,639 $4,080,387 
Consolidated Condensed Statement of Shareholders' Equity
Three Months EndedNine Months Ended
June 29, 2024June 29, 2024
(dollars in thousands)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
COMMON STOCK
Beginning and end of year$51,280 $— $51,280 $51,280 $— $51,280 
ADDITIONAL PAID-IN CAPITAL
Beginning of year702,272 — 702,272 608,270 — 608,270 
Issuance of treasury shares(127)— (127)6,159 — 6,159 
Equity-based compensation expense3,316 — 3,316 8,952 — 8,952 
Adjustment to market - SECT and SERP21,195 — 21,195 103,275 — 103,275 
End of year726,656 — 726,656 726,656 — 726,656 
RETAINED EARNINGS
Beginning of year2,587,222 (35,013)2,552,209 2,496,979 (34,339)2,462,640 
Net earnings56,360 2,751 59,111 164,175 2,077 166,252 
Dividends(8,949)— (8,949)(26,521)— (26,521)
End of year2,634,633 (32,262)2,602,371 2,634,633 (32,262)2,602,371 
TREASURY SHARES AT COST
Beginning of year(1,071,558)— (1,071,558)(1,057,938)— (1,057,938)
Class A and B shares issued related to compensation125 — 125 6,743 — 6,743 
Class A and B shares purchased(1,594)— (1,594)(21,832)— (21,832)
End of year(1,073,027)— (1,073,027)(1,073,027)— (1,073,027)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of year(153,295)— (153,295)(114,769)— (114,769)
Issuance of shares882 — 882 16,670 — 16,670 
Purchase of shares(4,889)— (4,889)(13,706)— (13,706)
Adjustment to market(10,455)— (10,455)(55,952)— (55,952)
End of year(167,757)— (167,757)(167,757)— (167,757)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of year(129,709)— (129,709)(93,126)— (93,126)
Adjustment to market(10,740)— (10,740)(47,323)— (47,323)
End of year(140,449)— (140,449)(140,449)— (140,449)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of year(232,953)34 (232,919)(254,609)(254,600)
Other comprehensive income (loss)(4,591)(5)(4,596)17,065 20 17,085 
End of year(237,544)29 (237,515)(237,544)29 (237,515)
TOTAL SHAREHOLDERS’ EQUITY$1,793,792 $(32,233)$1,761,559 $1,793,792 $(32,233)$1,761,559 
Consolidated Condensed Statement of Cash Flows
Nine Months Ended
June 29, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$164,175 $2,077 $166,252 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation64,302 (968)63,334 
Amortization7,677 — 7,677 
Deferred income taxes(26,483)25 (26,458)
Equity-based compensation expense11,301 — 11,301 
Asset impairment and inventory write-down8,637 — 8,637 
Other5,374 — 5,374 
Changes in assets and liabilities providing (using) cash:
Receivables(18,677)12,700 (5,977)
Unbilled receivables(57,723)(51,008)(108,731)
Inventories(105,629)(2,654)(108,283)
Accounts payable918 — 918 
Contract advances and progress billings(26,882)40,464 13,582 
Accrued expenses36,928 (10,756)26,172 
Accrued income taxes9,832 612 10,444 
Net pension and post retirement liabilities8,783 — 8,783 
Other assets and liabilities(35,978)13,353 (22,625)
Net cash provided (used) by operating activities46,555 3,845 50,400 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired(5,911)— (5,911)
Purchase of property, plant and equipment(109,616)(4,207)(113,823)
Net proceeds from businesses sold1,627 — 1,627 
Other investing transactions(646)— (646)
Net cash provided (used) by investing activities(114,546)(4,207)(118,753)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit784,500 — 784,500 
Payments on revolving lines of credit(691,000)— (691,000)
Payments on finance lease obligations(4,468)362 (4,106)
Payment of dividends(26,521)— (26,521)
Proceeds from sale of treasury stock7,579 — 7,579 
Purchase of outstanding shares for treasury(21,832)— (21,832)
Proceeds from sale of stock held by SECT16,670 — 16,670 
Purchase of stock held by SECT(14,296)— (14,296)
Net cash provided (used) by financing activities50,632 362 50,994 
Effect of exchange rate changes on cash(267)— (267)
Increase (decrease) in cash, cash equivalents and restricted cash(17,626)— (17,626)
Cash, cash equivalents and restricted cash at beginning of year69,144 — 69,144 
Cash, cash equivalents and restricted cash at end of year
$51,518 $— $51,518 
SUPPLEMENTAL CASH FLOW INFORMATION
Treasury shares issued as compensation$5,323 $— $5,323 
Assets acquired through lease financing27,034 1,876 28,910 
Consolidated Statement of Earnings
Fiscal Year Ended September 28, 2024
(dollars in thousands, except share and per share data)As ReportedRevisionsAs Revised
Net sales$3,609,160 $(200)$3,608,960 
Cost of sales2,605,214 (15,689)2,589,525 
Inventory write-down7,027 — 7,027 
Gross profit996,919 15,489 1,012,408 
Research and development112,773 — 112,773 
Selling, general and administrative494,887 6,366 501,253 
Interest62,112 4,218 66,330 
Asset impairment and fair value adjustment22,149 — 22,149 
Restructuring23,788 — 23,788 
Gain on sale of buildings(979)— (979)
Other14,376 2,972 17,348 
Earnings before income taxes267,813 1,933 269,746 
Income taxes60,593 367 60,960 
Net earnings$207,220 $1,566 $208,786 
Net earnings per share
Basic$6.48 $0.05 $6.53 
Diluted$6.40 $0.05 $6.45 
Consolidated Statement of Comprehensive Income
Fiscal Year Ended September 28, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
Net earnings$207,220 $1,566 $208,786 
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment44,948 44,955 
Retirement liability adjustment5,374 941 6,315 
Change in accumulated gain (loss) on derivatives518 — 518 
Other comprehensive income (loss), net of tax50,840 948 51,788 
Comprehensive income$258,060 $2,514 $260,574 
Consolidated Balance Sheet
September 28, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
ASSETS
Current assets
Cash and cash equivalents$61,694 $— $61,694 
Restricted cash123 — 123 
Receivables, net419,971 — 419,971 
Unbilled receivables709,014 (18,442)690,572 
Inventories, net863,702 (1,161)862,541 
Prepaid expenses and other current assets86,245 1,500 87,745 
Total current assets2,140,749 (18,103)2,122,646 
Property, plant and equipment, net929,357 (769)928,588 
Operating lease right-of-use assets52,591 — 52,591 
Goodwill833,764 — 833,764 
Intangible assets, net63,479 — 63,479 
Deferred income taxes20,991 2,893 23,884 
Other assets52,695 — 52,695 
Total assets$4,093,626 $(15,979)$4,077,647 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$292,988 $900 $293,888 
Accrued compensation101,127 2,900 104,027 
Contract advances and progress billings299,732 2,394 302,126 
Accrued liabilities and other305,180 8,193 313,373 
Total current liabilities999,027 14,387 1,013,414 
Long-term debt, excluding current installments874,139 — 874,139 
Long-term pension and retirement obligations167,161 — 167,161 
Deferred income taxes27,738 (86)27,652 
Other long-term liabilities164,928 1,536 166,464 
Total liabilities2,232,993 15,837 2,248,830 
Shareholders’ equity
Common stock - Class A43,835 — 43,835 
Common stock - Class B7,445 — 7,445 
Additional paid-in capital784,509 — 784,509 
Retained earnings2,668,723 (32,773)2,635,950 
Treasury shares(1,082,240)— (1,082,240)
Stock Employee Compensation Trust(194,049)— (194,049)
Supplemental Retirement Plan Trust(163,821)— (163,821)
Accumulated other comprehensive loss(203,769)957 (202,812)
Total shareholders’ equity1,860,633 (31,816)1,828,817 
Total liabilities and shareholders’ equity$4,093,626 $(15,979)$4,077,647 
Consolidated Statement of Shareholders' Equity
Fiscal Year Ended September 28, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
COMMON STOCK
Beginning and end of year$51,280 $— $51,280 
ADDITIONAL PAID-IN CAPITAL
Beginning of year608,270 — 608,270 
Issuance of treasury shares8,572 — 8,572 
Equity-based compensation expense11,737 — 11,737 
Adjustment to market - SECT and SERP155,930 — 155,930 
End of year784,509 — 784,509 
RETAINED EARNINGS
Beginning of year2,496,979 (34,339)2,462,640 
Net earnings207,220 1,566 208,786 
Dividends(35,476)— (35,476)
End of year2,668,723 (32,773)2,635,950 
TREASURY SHARES AT COST
Beginning of year(1,057,938)— (1,057,938)
Class A and B shares issued related to compensation12,436 — 12,436 
Class A and B shares purchased(36,738)— (36,738)
End of year(1,082,240)— (1,082,240)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of year(114,769)— (114,769)
Issuance of shares28,202 — 28,202 
Purchase of shares(22,247)— (22,247)
Adjustment to market(85,235)— (85,235)
End of year(194,049)— (194,049)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of year(93,126)— (93,126)
Adjustment to market(70,695)— (70,695)
End of year(163,821)— (163,821)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of year(254,609)(254,600)
Other comprehensive income (loss)50,840 948 51,788 
End of year(203,769)957 (202,812)
TOTAL SHAREHOLDERS’ EQUITY$1,860,633 $(31,816)$1,828,817 
Consolidated Statement of Cash Flows
Fiscal Year Ended September 28, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$207,220 $1,566 $208,786 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation82,957 2,921 85,878 
Amortization10,149 — 10,149 
Deferred income taxes(31,735)2,084 (29,651)
Equity-based compensation expense14,959 — 14,959 
Asset impairment and inventory write-down29,176 — 29,176 
Gain on sale of buildings(979)— (979)
Other6,512 (229)6,283 
Changes in assets and liabilities providing (using) cash:
Receivables23,262 12,700 35,962 
Unbilled receivables2,856 (53,330)(50,474)
Inventories(126,978)(4,352)(131,330)
Accounts payable26,446 — 26,446 
Contract advances and progress billings(84,296)42,579 (41,717)
Accrued expenses26,493 (18,593)7,900 
Accrued income taxes16,219 (1,717)14,502 
Net pension and post retirement liabilities11,791 — 11,791 
Other assets and liabilities(11,708)11,889 181 
Net cash provided (used) by operating activities202,344 (4,482)197,862 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired(5,911)— (5,911)
Purchase of property, plant and equipment(156,018)4,023 (151,995)
Net proceeds from businesses sold1,627 — 1,627 
Net proceeds from buildings sold1,453 — 1,453 
Other investing transactions(766)— (766)
Net cash provided (used) by investing activities(159,615)4,023 (155,592)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit1,038,500 — 1,038,500 
Payments on revolving lines of credit(1,029,500)— (1,029,500)
Payments on finance lease obligations(6,496)459 (6,037)
Payment of dividends(35,476)— (35,476)
Proceeds from sale of treasury stock15,685 — 15,685 
Purchase of outstanding shares for treasury(36,738)— (36,738)
Proceeds from sale of stock held by SECT28,202 — 28,202 
Purchase of stock held by SECT(22,837)— (22,837)
Net cash provided (used) by financing activities(48,660)459 (48,201)
Effect of exchange rate changes on cash1,324 — 1,324 
Increase (decrease) in cash, cash equivalents and restricted cash(4,607)— (4,607)
Cash, cash equivalents and restricted cash at beginning of year69,144 — 69,144 
Cash, cash equivalents and restricted cash at end of year
$64,537 $— $64,537 
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid$61,164 $4,218 $65,382 
Income taxes paid, net of refunds78,482 — 78,482 
Treasury shares issued as compensation5,323 — 5,323 
Assets acquired through lease financing45,086 (5,703)39,383 
Consolidated Condensed Statement of Earnings
Three Months Ended
December 28, 2024
(dollars in thousands, except share and per share data)As ReportedRevisionsAs Revised
Net sales$910,315 $(2,433)$907,882 
Cost of sales668,040 (5,236)662,804 
Inventory write-down— — — 
Gross profit242,275 2,803 245,078 
Research and development23,605 — 23,605 
Selling, general and administrative127,781 356 128,137 
Interest17,002 (754)16,248 
Restructuring3,784 — 3,784 
Other1,524 (2,655)(1,131)
Earnings before income taxes68,579 5,856 74,435 
Income taxes15,466 1,443 16,909 
Net earnings$53,113 $4,413 $57,526 
Net earnings per share
Basic$1.66 $0.14 $1.80 
Diluted$1.64 $0.14 $1.78 
Consolidated Condensed Statement of Comprehensive Income
Three Months Ended
December 28, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
Net earnings$53,113 $4,413 $57,526 
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment(41,696)100 (41,596)
Retirement liability adjustment3,092 (941)2,151 
Change in accumulated gain (loss) on derivatives262 — 262 
Other comprehensive income (loss), net of tax(38,342)(841)(39,183)
Comprehensive income$14,771 $3,572 $18,343 
Consolidated Condensed Balance Sheet
December 28, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
ASSETS
Current assets
Cash and cash equivalents$73,448 $— $73,448 
Restricted cash360 — 360 
Receivables, net472,310 — 472,310 
Unbilled receivables735,759 (13,375)722,384 
Inventories, net886,088 (1,260)884,828 
Prepaid expenses and other current assets77,783 — 77,783 
Total current assets2,245,748 (14,635)2,231,113 
Property, plant and equipment, net934,087 — 934,087 
Operating lease right-of-use assets56,744 — 56,744 
Goodwill818,503 — 818,503 
Intangible assets, net59,469 — 59,469 
Deferred income taxes24,219 3,471 27,690 
Other assets54,242 — 54,242 
Total assets$4,193,012 $(11,164)$4,181,848 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$267,054 $900 $267,954 
Accrued compensation68,366 — 68,366 
Contract advances and progress billings293,550 (390)293,160 
Accrued liabilities and other284,849 16,614 301,463 
Total current liabilities913,819 17,124 930,943 
Long-term debt, excluding current installments1,104,151 — 1,104,151 
Long-term pension and retirement obligations162,222 — 162,222 
Deferred income taxes26,080 (44)26,036 
Other long-term liabilities171,962 — 171,962 
Total liabilities2,378,234 17,080 2,395,314 
Shareholders’ equity
Common stock - Class A43,844 — 43,844 
Common stock - Class B7,436 — 7,436 
Additional paid-in capital777,060 — 777,060 
Retained earnings2,712,875 (28,360)2,684,515 
Treasury shares(1,141,242)— (1,141,242)
Stock Employee Compensation Trust(186,219)— (186,219)
Supplemental Retirement Plan Trust(156,865)— (156,865)
Accumulated other comprehensive loss(242,111)116 (241,995)
Total shareholders’ equity1,814,778 (28,244)1,786,534 
Total liabilities and shareholders’ equity$4,193,012 $(11,164)$4,181,848 
Consolidated Condensed Statement of Shareholders' Equity
Three Months Ended
December 28, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
COMMON STOCK
Beginning and end of year$51,280 $— $51,280 
ADDITIONAL PAID-IN CAPITAL
Beginning of year784,509 — 784,509 
Issuance of treasury shares2,413 — 2,413 
Equity-based compensation expense3,346 — 3,346 
Adjustment to market - SECT and SERP(13,208)— (13,208)
End of year777,060 — 777,060 
RETAINED EARNINGS
Beginning of year2,668,723 (32,773)2,635,950 
Net earnings53,113 4,413 57,526 
Dividends(8,961)— (8,961)
End of year2,712,875 (28,360)2,684,515 
TREASURY SHARES AT COST
Beginning of year(1,082,240)— (1,082,240)
Class A and B shares issued related to compensation773 — 773 
Class A and B shares purchased(59,775)— (59,775)
End of year(1,141,242)— (1,141,242)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of year(194,049)— (194,049)
Issuance of shares9,665 — 9,665 
Purchase of shares(8,087)— (8,087)
Adjustment to market6,252 — 6,252 
End of year(186,219)— (186,219)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of year(163,821)— (163,821)
Adjustment to market6,956 — 6,956 
End of year(156,865)— (156,865)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of year(203,769)957 (202,812)
Other comprehensive income (loss)(38,342)(841)(39,183)
End of year(242,111)116 (241,995)
TOTAL SHAREHOLDERS’ EQUITY$1,814,778 $(28,244)$1,786,534 
Consolidated Condensed Statement of Cash Flows
Three Months Ended
December 28, 2024
(dollars in thousands)As ReportedRevisionsAs Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$53,113 $4,413 $57,526 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation23,478 (1,049)22,429 
Amortization2,323 — 2,323 
Deferred income taxes(3,577)(684)(4,261)
Equity-based compensation expense4,325 — 4,325 
Other2,708 (1,307)1,401 
Changes in assets and liabilities providing (using) cash:
Receivables(63,037)— (63,037)
Unbilled receivables(31,073)(5,067)(36,140)
Inventories(48,711)99 (48,612)
Accounts payable(22,973)— (22,973)
Contract advances and progress billings(1,314)(2,729)(4,043)
Accrued expenses(29,372)2,071 (27,301)
Accrued income taxes(9,698)3,046 (6,652)
Net pension and post retirement liabilities1,555 (919)636 
Other assets and liabilities(10,031)1,500 (8,531)
Net cash provided (used) by operating activities(132,284)(626)(132,910)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(32,778)— (32,778)
Net proceeds from businesses sold13,487 — 13,487 
Other investing transactions169 — 169 
Net cash provided (used) by investing activities(19,122)— (19,122)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit426,500 — 426,500 
Payments on revolving lines of credit(197,000)— (197,000)
Payments on finance lease obligations(2,745)626 (2,119)
Payment of dividends(8,961)— (8,961)
Purchase of outstanding shares for treasury(55,692)— (55,692)
Proceeds from sale of stock held by SECT9,665 — 9,665 
Purchase of stock held by SECT(8,087)— (8,087)
Other financing transactions(439)— (439)
Net cash provided (used) by financing activities163,241 626 163,867 
Effect of exchange rate changes on cash(2,564)— (2,564)
Increase (decrease) in cash, cash equivalents and restricted cash9,271 — 9,271 
Cash, cash equivalents and restricted cash at beginning of year64,537 — 64,537 
Cash, cash equivalents and restricted cash at end of year
$73,808 $— $73,808 
SUPPLEMENTAL CASH FLOW INFORMATION
Treasury shares issued as compensation$3,186 $— $3,186 
Assets acquired through lease financing18,862 (1,690)17,172 
Consolidated Condensed Statement of Earnings
Three Months EndedSix Months Ended
March 29, 2025March 29, 2025
(dollars in thousands, except share and per share data)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
Net sales$934,840 $(818)$934,022 $1,845,155 $(3,251)$1,841,904 
Cost of sales676,648 (1,393)675,255 1,344,688 (6,629)1,338,059 
Inventory write-down2,149 — 2,149 2,149 — 2,149 
Gross profit256,043 575 256,618 498,318 3,378 501,696 
Research and development24,481 — 24,481 48,086 — 48,086 
Selling, general and administrative133,102 830 133,932 260,883 1,186 262,069 
Interest19,548 — 19,548 36,550 (754)35,796 
Restructuring2,425 — 2,425 6,209 — 6,209 
Other2,908 1,266 4,174 4,432 (1,389)3,043 
Earnings before income taxes73,579 (1,521)72,058 142,158 4,335 146,493 
Income taxes17,825 (377)17,448 33,291 1,066 34,357 
Net earnings$55,754 $(1,144)$54,610 $108,867 $3,269 $112,136 
Net earnings per share
Basic$1.77 $(0.04)$1.73 $3.43 $0.10 $3.53 
Diluted$1.75 $(0.04)$1.71 $3.38 $0.10 $3.48 
Consolidated Condensed Statement of Comprehensive Income
Three Months EndedSix Months Ended
March 29, 2025March 29, 2025
(dollars in thousands)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
Net earnings$55,754 $(1,144)$54,610 $108,867 $3,269 $112,136 
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment22,988 11 22,999 (18,708)111 (18,597)
Retirement liability adjustment1,724 — 1,724 4,816 (941)3,875 
Change in accumulated gain (loss) on derivatives400 — 400 662 — 662 
Other comprehensive income (loss), net of tax25,112 11 25,123 (13,230)(830)(14,060)
Comprehensive income$80,866 $(1,133)$79,733 $95,637 $2,439 $98,076 
Consolidated Condensed Balance Sheet
March 29, 2025
(dollars in thousands)As ReportedRevisionsAs Revised
ASSETS
Current assets
Cash and cash equivalents$62,124 $— $62,124 
Restricted cash602 — 602 
Receivables, net537,179 — 537,179 
Unbilled receivables733,762 (14,193)719,569 
Inventories, net902,551 (1,330)901,221 
Prepaid expenses and other current assets95,554 — 95,554 
Total current assets2,331,772 (15,523)2,316,249 
Property, plant and equipment, net960,015 — 960,015 
Operating lease right-of-use assets55,354 — 55,354 
Goodwill825,415 — 825,415 
Intangible assets, net57,915 — 57,915 
Deferred income taxes31,638 3,323 34,961 
Other assets57,146 — 57,146 
Total assets$4,319,255 $(12,200)$4,307,055 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$293,052 $900 $293,952 
Accrued compensation69,411 — 69,411 
Contract advances and progress billings306,772 868 307,640 
Accrued liabilities and other282,180 15,457 297,637 
Total current liabilities951,415 17,225 968,640 
Long-term debt, excluding current installments1,165,662 — 1,165,662 
Long-term pension and retirement obligations172,395 — 172,395 
Deferred income taxes26,384 (48)26,336 
Other long-term liabilities167,982 — 167,982 
Total liabilities2,483,838 17,177 2,501,015 
Shareholders’ equity
Common stock - Class A43,852 — 43,852 
Common stock - Class B7,428 — 7,428 
Additional paid-in capital750,119 — 750,119 
Retained earnings2,759,484 (29,504)2,729,980 
Treasury shares(1,204,032)— (1,204,032)
Stock Employee Compensation Trust(162,945)— (162,945)
Supplemental Retirement Plan Trust(141,490)— (141,490)
Accumulated other comprehensive loss(216,999)127 (216,872)
Total shareholders’ equity1,835,417 (29,377)1,806,040 
Total liabilities and shareholders’ equity$4,319,255 $(12,200)$4,307,055 
Consolidated Condensed Statement of Shareholders' Equity
Three Months EndedSix Months Ended
March 29, 2025March 29, 2025
(dollars in thousands)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
COMMON STOCK
Beginning and end of year$51,280 $— $51,280 $51,280 $— $51,280 
ADDITIONAL PAID-IN CAPITAL
Beginning of year777,060 — 777,060 784,509 — 784,509 
Issuance of treasury shares6,137 — 6,137 8,550 — 8,550 
Equity-based compensation expense2,668 — 2,668 6,014 — 6,014 
Adjustment to market - SECT and SERP(35,746)— (35,746)(48,954)— (48,954)
End of year750,119 — 750,119 750,119 — 750,119 
RETAINED EARNINGS
Beginning of year2,712,875 (28,360)2,684,515 2,668,723 (32,773)2,635,950 
Net earnings55,754 (1,144)54,610 108,867 3,269 112,136 
Dividends(9,145)— (9,145)(18,106)— (18,106)
End of year2,759,484 (29,504)2,729,980 2,759,484 (29,504)2,729,980 
TREASURY SHARES AT COST
Beginning of year(1,141,242)— (1,141,242)(1,082,240)— (1,082,240)
Class A and B shares issued related to compensation4,790 — 4,790 5,563 — 5,563 
Class A and B shares purchased(67,580)— (67,580)(127,355)— (127,355)
End of year(1,204,032)— (1,204,032)(1,204,032)— (1,204,032)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of year(186,219)— (186,219)(194,049)— (194,049)
Issuance of shares9,624 — 9,624 19,289 — 19,289 
Purchase of shares(6,721)— (6,721)(14,808)— (14,808)
Adjustment to market20,371 — 20,371 26,623 — 26,623 
End of year(162,945)— (162,945)(162,945)— (162,945)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of year(156,865)— (156,865)(163,821)— (163,821)
Adjustment to market15,375 — 15,375 22,331 — 22,331 
End of year(141,490)— (141,490)(141,490)— (141,490)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of year(242,111)116 (241,995)(203,769)957 (202,812)
Other comprehensive income (loss)25,112 11 25,123 (13,230)(830)(14,060)
End of year(216,999)127 (216,872)(216,999)127 (216,872)
TOTAL SHAREHOLDERS’ EQUITY$1,835,417 $(29,377)$1,806,040 $1,835,417 $(29,377)$1,806,040 
Consolidated Statement of Cash Flows
Six Months Ended
March 29, 2025
(dollars in thousands)As ReportedRevisionsAs Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$108,867 $3,269 $112,136 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation45,822 (1,043)44,779 
Amortization4,629 — 4,629 
Deferred income taxes(12,252)(572)(12,824)
Equity-based compensation expense8,020 — 8,020 
Other2,997 (706)2,291 
Changes in assets and liabilities providing (using) cash:
Receivables(123,555)— (123,555)
Unbilled receivables(26,967)(4,249)(31,216)
Inventories(54,209)169 (54,040)
Accounts payable1,975 — 1,975 
Contract advances and progress billings9,964 (1,463)8,501 
Accrued expenses(30,966)1,443 (29,523)
Accrued income taxes(24,986)2,557 (22,429)
Net pension and post retirement liabilities12,986 (919)12,067 
Other assets and liabilities(15,187)1,482 (13,705)
Net cash provided (used) by operating activities(92,862)(32)(92,894)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(70,382)— (70,382)
Net proceeds from businesses sold13,487 — 13,487 
Other investing transactions(2,062)— (2,062)
Net cash provided (used) by investing activities(58,957)— (58,957)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit752,500 — 752,500 
Payments on revolving lines of credit(462,000)— (462,000)
Payments on finance lease obligations(4,501)32 (4,469)
Payment of dividends(18,106)— (18,106)
Proceeds from sale of treasury stock7,825 — 7,825 
Purchase of outstanding shares for treasury(126,425)— (126,425)
Proceeds from sale of stock held by SECT19,289 — 19,289 
Purchase of stock held by SECT(14,808)— (14,808)
Other financing transactions(1,457)— (1,457)
Net cash provided (used) by financing activities152,317 32 152,349 
Effect of exchange rate changes on cash(2,309)— (2,309)
Increase (decrease) in cash, cash equivalents and restricted cash(1,811)— (1,811)
Cash, cash equivalents and restricted cash at beginning of year64,537 — 64,537 
Cash, cash equivalents and restricted cash at end of year
$62,726 $— $62,726 
SUPPLEMENTAL CASH FLOW INFORMATION
Treasury shares issued as compensation$6,288 $— $6,288 
Assets acquired through lease financing25,094 (1,095)23,999 
Consolidated Condensed Statement of Earnings
Three Months EndedNine Months Ended
June 28, 2025June 28, 2025
(dollars in thousands, except share and per share data)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
Net sales$971,363 $(1,781)$969,582 $2,816,518 $(5,032)$2,811,486 
Cost of sales699,685 (2,772)696,913 2,044,373 (9,401)2,034,972 
Inventory write-down5,839 — 5,839 7,988 — 7,988 
Gross profit265,839 991 266,830 764,157 4,369 768,526 
Research and development21,906 — 21,906 69,992 — 69,992 
Selling, general and administrative138,801 947 139,748 399,684 2,133 401,817 
Interest17,790 — 17,790 54,340 (754)53,586 
Asset impairment and fair value adjustment3,000 — 3,000 3,000 — 3,000 
Restructuring2,850 — 2,850 9,059 — 9,059 
Other3,510 1,673 5,183 7,942 284 8,226 
Earnings before income taxes77,982 (1,629)76,353 220,140 2,706 222,846 
Income taxes18,275 (408)17,867 51,566 658 52,224 
Net earnings$59,707 $(1,221)$58,486 $168,574 $2,048 $170,622 
Net earnings per share
Basic$1.89 $(0.04)$1.86 $5.32 $0.06 $5.38 
Diluted$1.87 $(0.04)$1.83 $5.25 $0.06 $5.32 
Consolidated Condensed Statement of Comprehensive Income
Three Months EndedNine Months Ended
June 28, 2025June 28, 2025
(dollars in thousands)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
Net earnings$59,707 $(1,221)$58,486 $168,574 $2,048 $170,622 
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment53,380 (57)53,323 34,672 54 34,726 
Retirement liability adjustment1,112 — 1,112 5,928 (941)4,987 
Change in accumulated gain (loss) on derivatives504 — 504 1,166 — 1,166 
Other comprehensive income (loss), net of tax54,996 (57)54,939 41,766 (887)40,879 
Comprehensive income$114,703 $(1,278)$113,425 $210,340 $1,161 $211,501 
Consolidated Condensed Balance Sheet
June 28, 2025
(dollars in thousands)As ReportedRevisionsAs Revised
ASSETS
Current assets
Cash and cash equivalents$58,191 $— $58,191 
Restricted cash823 — 823 
Receivables, net529,753 — 529,753 
Unbilled receivables734,976 (15,974)719,002 
Inventories, net924,682 — 924,682 
Prepaid expenses and other current assets153,479 — 153,479 
Total current assets2,401,904 (15,974)2,385,930 
Property, plant and equipment, net988,125 — 988,125 
Operating lease right-of-use assets52,877 — 52,877 
Goodwill802,089 — 802,089 
Intangible assets, net57,182 — 57,182 
Deferred income taxes37,701 3,420 41,121 
Other assets56,696 — 56,696 
Total assets$4,396,574 $(12,554)$4,384,020 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$289,160 $— $289,160 
Accrued compensation98,292 — 98,292 
Contract advances and progress billings298,648 2,622 301,270 
Accrued liabilities and other302,514 15,529 318,043 
Total current liabilities988,614 18,151 1,006,765 
Long-term debt, excluding current installments1,081,674 — 1,081,674 
Long-term pension and retirement obligations177,688 — 177,688 
Deferred income taxes27,664 (50)27,614 
Other long-term liabilities177,233 — 177,233 
Total liabilities2,452,873 18,101 2,470,974 
Shareholders’ equity
Common stock - Class A43,864 — 43,864 
Common stock - Class B7,416 — 7,416 
Additional paid-in capital769,935 — 769,935 
Retained earnings2,810,050 (30,725)2,779,325 
Treasury shares(1,205,305)— (1,205,305)
Stock Employee Compensation Trust(173,214)— (173,214)
Supplemental Retirement Plan Trust(147,042)— (147,042)
Accumulated other comprehensive loss(162,003)70 (161,933)
Total shareholders’ equity1,943,701 (30,655)1,913,046 
Total liabilities and shareholders’ equity$4,396,574 $(12,554)$4,384,020 
Consolidated Condensed Statement of Shareholders' Equity
Three Months EndedNine Months Ended
June 28, 2025June 28, 2025
(dollars in thousands)As ReportedRevisionsAs RevisedAs ReportedRevisionsAs Revised
COMMON STOCK
Beginning and end of year$51,280 $— $51,280 $51,280 $— $51,280 
ADDITIONAL PAID-IN CAPITAL
Beginning of year750,119 — 750,119 784,509 — 784,509 
Issuance of treasury shares3,035 — 3,035 11,585 — 11,585 
Equity-based compensation expense3,659 — 3,659 9,673 — 9,673 
Adjustment to market - SECT and SERP13,122 — 13,122 (35,832)— (35,832)
End of year769,935 — 769,935 769,935 — 769,935 
RETAINED EARNINGS
Beginning of year2,759,484 (29,504)2,729,980 2,668,723 (32,773)2,635,950 
Net earnings59,707 (1,221)58,486 168,574 2,048 170,622 
Dividends(9,141)— (9,141)(27,247)— (27,247)
End of year2,810,050 (30,725)2,779,325 2,810,050 (30,725)2,779,325 
TREASURY SHARES AT COST
Beginning of year(1,204,032)— (1,204,032)(1,082,240)— (1,082,240)
Class A and B shares issued related to compensation110 — 110 5,673 — 5,673 
Class A and B shares purchased(1,383)— (1,383)(128,738)— (128,738)
End of year(1,205,305)— (1,205,305)(1,205,305)— (1,205,305)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of year(162,945)— (162,945)(194,049)— (194,049)
Issuance of shares998 — 998 20,287 — 20,287 
Purchase of shares(3,697)— (3,697)(18,505)— (18,505)
Adjustment to market(7,570)— (7,570)19,053 — 19,053 
End of year(173,214)— (173,214)(173,214)— (173,214)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of year(141,490)— (141,490)(163,821)— (163,821)
Adjustment to market(5,552)— (5,552)16,779 — 16,779 
End of year(147,042)— (147,042)(147,042)— (147,042)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of year(216,999)127 (216,872)(203,769)957 (202,812)
Other comprehensive income (loss)54,996 (57)54,939 41,766 (887)40,879 
End of year(162,003)70 (161,933)(162,003)70 (161,933)
TOTAL SHAREHOLDERS’ EQUITY$1,943,701 $(30,655)$1,913,046 $1,943,701 $(30,655)$1,913,046 
Consolidated Condensed Statement of Cash Flows
Nine Months Ended
June 28, 2025
(dollars in thousands)As ReportedRevisionsAs Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings$168,574 $2,048 $170,622 
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation69,292 (1,040)68,252 
Amortization6,996 — 6,996 
Deferred income taxes(18,645)(997)(19,642)
Equity-based compensation expense12,669 — 12,669 
Asset impairment and inventory write-down10,988 — 10,988 
Other4,399 (751)3,648 
Changes in assets and liabilities providing (using) cash:
Receivables(105,346)— (105,346)
Unbilled receivables(35,174)(2,468)(37,642)
Inventories(64,095)(1,161)(65,256)
Accounts payable(3,301)(900)(4,201)
Contract advances and progress billings8,798 211 9,009 
Accrued expenses(6,645)1,849 (4,796)
Accrued income taxes(22,669)2,574 (20,095)
Net pension and post retirement liabilities15,563 (919)14,644 
Other assets and liabilities(8,941)1,488 (7,453)
Net cash provided (used) by operating activities32,463 (66)32,397 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(103,041)— (103,041)
Net proceeds from businesses sold13,487 — 13,487 
Other investing transactions(2,844)— (2,844)
Net cash provided (used) by investing activities(92,398)— (92,398)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit957,500 — 957,500 
Payments on revolving lines of credit(1,001,500)— (1,001,500)
Proceeds from long-term debt250,000 — 250,000 
Payments on finance lease obligations(7,194)66 (7,128)
Payment of dividends(27,247)— (27,247)
Proceeds from sale of treasury stock10,970 — 10,970 
Purchase of outstanding shares for treasury(127,808)— (127,808)
Proceeds from sale of stock held by SECT20,287 — 20,287 
Purchase of stock held by SECT(18,505)— (18,505)
Other financing transactions(1,600)— (1,600)
Net cash provided (used) by financing activities54,903 66 54,969 
Effect of exchange rate changes on cash(491)— (491)
Increase (decrease) in cash, cash equivalents and restricted cash(5,523)— (5,523)
Cash, cash equivalents and restricted cash at beginning of year64,537 — 64,537 
Cash, cash equivalents and restricted cash at end of year
$59,014 $— $59,014 
SUPPLEMENTAL CASH FLOW INFORMATION
Treasury shares issued as compensation$6,288 $— $6,288 
Assets acquired through lease financing36,787 (1,130)35,657