Basis Of Presentation (Policies)

3 Months Ended

Dec. 29, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The accompanying unaudited consolidated condensed financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the three months ended December 29, 2018 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended September 29, 2018. All references to years in these financial statements are to fiscal years.

Reclassification

Certain prior year amounts have been reclassified to conform to current year's presentation. Management does not consider the amounts reclassified to be material.

Recent Accounting Pronouncements

Recent Accounting Pronouncements Adopted



Standard	Description	Financial Statement Effect or Other Significant Matters
ASU no. 2014-09 Revenue from Contracts with Customers (and all related ASUs)	The standard requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach.	We adopted this standard using the modified retrospective method, under which prior years' results are not restated, but supplemental information is provided in our disclosures to present 2019 results before effect of the standard. In addition, a cumulative adjustment was made to shareholders' equity at the beginning of 2019. Supplemental information is provided in our disclosures to present 2019 results before effect of the standard.
		Date adopted: Q1 2019
ASU no. 2017-07 Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost	The standard amends existing guidance on the presentation of net periodic benefit cost in the income statement and what qualifies for capitalization on the balance sheet. The provisions of the standard are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The amendment requires income statement presentation provisions to be applied retrospectively and capitalization in assets provisions to be applied prospectively.	We adopted this standard retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the Consolidated Condensed Statement of Earnings. Supplemental information is provided in our disclosures to present 2018 results before effect of the standard.
		Date adopted: Q1 2019

Recent Accounting Pronouncements Not Yet Adopted



Standard	Description	Financial Statement Effect or Other Significant Matters
ASU no. 2016-02 Leases (and all related ASUs)	The standard requires most lease arrangements to be recognized in the balance sheet as lease assets and lease liabilities. The standard also requires additional disclosures about the leasing arrangements. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted.	We are currently evaluating the effect on our financial statements and related disclosures.
		Planned date of adoption: Q1 2020
ASU no. 2017-12 Targeted Improvements to Accounting for Hedging Activities	The standard expands the hedging strategies eligible for hedge accounting, while simplifying presentation and disclosure by eliminating separate measurement and reporting of hedge ineffectiveness. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted.	We are currently evaluating the effect on our financial statements and related disclosures.
		Planned date of adoption: Q1 2020
ASU no. 2018-15 Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The standard amends ASC 350 to include in its scope implementation costs of a Cloud Computing Arrangement (CCA) that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.	We are currently evaluating the effect on our financial statements and related disclosures.
		Planned date of adoption: Q1 2021

We consider the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, or had or are expected to have minimal impact on our financial statements and related disclosures. Impact of Recent Accounting Pronouncements Adopted

On September 30, 2018, we adopted ASC 606: Revenue from Contracts with Customers and the related amendments (ASC 606), using the modified retrospective method, as described above. ASC 606 was applied to contracts that were not completed as of September 29, 2018. Prior periods have not been restated and continue to be reported under the accounting standard in effect for those periods. Previously, we recognized revenue under ASC 605: Revenue Recognition (ASC 605).

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

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

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 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

Shareholders' Equity

In accordance with SEC Final Rule Release No. 33-10532, we have adopted Rule 3-04 of Regulation S-X during the first quarter of 2019 and have disclosed changes in the Consolidated Condensed Statement of Shareholders' Equity and the amount of dividends per share for each class of shares for all periods presented. Refer to Note 16, Earnings per Share and Dividends.