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Basis Of Presentation Basis Of Presentation (Tables)

3 Months Ended

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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Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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