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Basis Of Presentation Basis Of Presentation (Tables) | 3 Months Ended
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Dec. 29, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The table below represents the impact of the adoption of ASU 2017-07 on the Consolidated Condensed Statement of Earnings for the three months ended December 30, 2017.
|  | As Reported, December 30, 2017 |  | Impact of Adoption |  | As Adjusted, December 30, 2017
Cost of sales |  | $ | 443,426 |  |  | $ | (276 | ) |  | $ | 443,150 |
Gross profit |  | 184,109 |  |  | 276 |  |  | 184,385 |
Research and development |  | 32,420 |  |  | (86 | ) |  | 32,334 |
Selling, general and administrative |  | 95,950 |  |  | (1,331 | ) |  | 94,619 |
Other |  | (741 | ) |  | 1,693 |  |  | 952 |
The table below represents the impact of the adoption of ASU 2017-07 on operating profit and deductions from operating profit for the three months ended December 30, 2017.
|  | As Reported, December 30, 2017 |  | Impact of Adoption |  | As Adjusted, December 30, 2017
Operating profit: |  |  |  |  |  |
Aircraft Controls |  | $ | 30,768 |  |  | $ | 275 |  |  | $ | 31,043 |
Space and Defense Controls |  | 16,289 |  |  | 184 |  |  | 16,473 |
Industrial Systems |  | 19,246 |  |  | 665 |  |  | 19,911 |
Total operating profit |  | $ | 66,303 |  |  | $ | 1,124 |  |  | $ | 67,427 |
Deductions from operating profit: |  |  |  |  |  |
Non-service pension expense |  | $ | — |  |  | $ | 1,693 |  |  | $ | 1,693 |
Corporate and other expenses, net |  | $ | 7,822 |  |  | $ | (569 | ) |  | $ | 7,253 |
The cumulative effect from the adoption of ASC 606 as of September 30, 2018 was as follows:
|  | September 29, 2018 |  | Adjustments due to adoption of ASC 606 |  | September 30, 2018
ASSETS |  |  |  |  |  |
Receivables |  | $ | 793,911 |  |  | $ | 89,121 |  |  | $ | 883,032 |
Inventories |  | 512,522 |  |  | (65,991 | ) |  | 446,531 |
Deferred income taxes |  | 17,328 |  |  | 134 |  |  | 17,462 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
Contract advances |  | $ | 151,687 |  |  | $ | 921 |  |  | $ | 152,608 |
Contract and contract-related loss reserves |  | 42,258 |  |  | 2,430 |  |  | 44,688 |
Other accrued liabilities |  | 120,944 |  |  | 1,139 |  |  | 122,083 |
Deferred income taxes |  | 46,477 |  |  | 3,851 |  |  | 50,328 |
Retained earnings |  | 1,973,514 |  |  | 14,923 |  |  | 1,988,437 |
Schedule of Prospective Adoption of New Accounting Pronouncements | The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of December 29, 2018.
|  | Under ASC 605 |  | Effect of ASC 606 |  | As Reported Under ASC 606
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Receivables |  | $ | 773,865 |  |  | $ | 93,550 |  |  | $ | 867,415 |
Inventories |  | 536,364 |  |  | (68,553 | ) |  | 467,811 |
Total current assets |  | 1,466,493 |  |  | 24,997 |  |  | 1,491,490 |
Deferred income taxes |  | 16,005 |  |  | (103 | ) |  | 15,902 |
Total assets |  | 2,942,610 |  |  | 24,894 |  |  | 2,967,504 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Contract advances |  | $ | 180,967 |  |  | $ | 2,888 |  |  | $ | 183,855 |
Contract and contract-related loss reserves |  | 40,312 |  |  | 2,371 |  |  | 42,683 |
Other accrued liabilities |  | 118,477 |  |  | 1,145 |  |  | 119,622 |
Total current liabilities |  | 670,406 |  |  | 6,404 |  |  | 676,810 |
Deferred income taxes |  | 46,020 |  |  | 3,313 |  |  | 49,333 |
Total liabilities |  | 1,684,523 |  |  | 9,717 |  |  | 1,694,240 |
Shareholders’ equity |  |  |  |  |  |
Retained earnings |  | 2,008,845 |  |  | 14,958 |  |  | 2,023,803 |
Accumulated other comprehensive loss |  | (376,304 | ) |  | 219 |  |  | (376,085 | )
Total shareholders’ equity |  | 1,258,087 |  |  | 15,177 |  |  | 1,273,264 |
Total liabilities and shareholders’ equity |  | 2,942,610 |  |  | 24,894 |  |  | 2,967,504 |
The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Statement of Earnings for the three months ended December 29, 2018.
|  | Under ASC 605 |  | Effect of ASC 606 |  | As Reported Under ASC 606
Net sales |  | $ | 677,334 |  |  | $ | 2,342 |  |  | $ | 679,676 |
Cost of sales |  | 477,879 |  |  | 2,295 |  |  | 480,174 |
Gross profit |  | 199,455 |  |  | 47 |  |  | 199,502 |
Earnings before income taxes |  | 58,137 |  |  | 47 |  |  | 58,184 |
Income taxes |  | 14,103 |  |  | 12 |  |  | 14,115 |
Net earnings |  | $ | 44,034 |  |  | $ | 35 |  |  | $ | 44,069 |

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