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Basis Of Presentation Basis Of Presentation (Tables) | 6 Months Ended
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Mar. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The tables below represent the impact of the adoption of ASU 2017-07 on operating profit and deductions from operating profit for the three and six months ended March 31, 2018.
|  | Three Months Ended
|  | As Reported, March 31, 2018 |  | Impact of Adoption |  | As Adjusted, March 31, 2018
Operating profit (loss): |  |  |  |  |  |
Aircraft Controls |  | $ | 33,480 |  |  | $ | 313 |  |  | $ | 33,793 |
Space and Defense Controls |  | 16,841 |  |  | 201 |  |  | 17,042 |
Industrial Systems |  | (6,050 | ) |  | 622 |  |  | (5,428 | )
Total operating profit |  | $ | 44,271 |  |  | $ | 1,136 |  |  | $ | 45,407 |
Deductions from operating profit: |  |  |  |  |  |
Non-service pension expense |  | $ | — |  |  | $ | 1,707 |  |  | $ | 1,707 |
Corporate and other expenses, net |  | $ | 8,014 |  |  | $ | (571 | ) |  | $ | 7,443 |
|  | Six Months Ended
|  | As Reported, March 31, 2018 |  | Impact of Adoption |  | As Adjusted, March 31, 2018
Operating profit (loss): |  |  |  |  |  |
Aircraft Controls |  | $ | 64,248 |  |  | $ | 588 |  |  | $ | 64,836 |
Space and Defense Controls |  | 33,130 |  |  | 385 |  |  | 33,515 |
Industrial Systems |  | 13,196 |  |  | 1,287 |  |  | 14,483 |
Total operating profit |  | $ | 110,574 |  |  | $ | 2,260 |  |  | $ | 112,834 |
Deductions from operating profit: |  |  |  |  |  |
Non-service pension expense |  | $ | — |  |  | $ | 3,400 |  |  | $ | 3,400 |
Corporate and other expenses, net |  | $ | 15,836 |  |  | $ | (1,140 | ) |  | $ | 14,696 |
The tables below represent the impact of the adoption of ASU 2017-07 on the Consolidated Condensed Statement of Earnings for the three and six months ended March 31, 2018.
|  | Three Months Ended
|  | As Reported, March 31, 2018 |  | Impact of Adoption |  | As Adjusted, March 31, 2018
Cost of sales |  | $ | 489,071 |  |  | $ | (283 | ) |  | $ | 488,788 |
Gross profit |  | 192,649 |  |  | 283 |  |  | 192,932 |
Research and development |  | 34,085 |  |  | (90 | ) |  | 33,995 |
Selling, general and administrative |  | 99,999 |  |  | (1,334 | ) |  | 98,665 |
Other |  | (251 | ) |  | 1,707 |  |  | 1,456 |
|  | Six Months Ended
|  | As Reported, March 31, 2018 |  | Impact of Adoption |  | As Adjusted, March 31, 2018
Cost of sales |  | $ | 932,497 |  |  | $ | (559 | ) |  | $ | 931,938 |
Gross profit |  | 376,758 |  |  | 559 |  |  | 377,317 |
Research and development |  | 66,505 |  |  | (176 | ) |  | 66,329 |
Selling, general and administrative |  | 195,949 |  |  | (2,665 | ) |  | 193,284 |
Other |  | (992 | ) |  | 3,400 |  |  | 2,408 |
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 tables below represent the impact of the adoption of ASC 606 on the Consolidated Condensed Statement of Earnings for the three and six months ended March 30, 2019.
|  | Three Months Ended
|  | Under ASC 605 |  | Effect of ASC 606 |  | As Reported Under ASC 606
Net sales |  | $ | 704,600 |  |  | $ | 14,211 |  |  | $ | 718,811 |
Cost of sales |  | 511,889 |  |  | 9,521 |  |  | 521,410 |
Gross profit |  | 192,711 |  |  | 4,690 |  |  | 197,401 |
Earnings before income taxes |  | 50,928 |  |  | 4,690 |  |  | 55,618 |
Income taxes |  | 12,025 |  |  | 1,234 |  |  | 13,259 |
Net earnings |  | $ | 38,903 |  |  | $ | 3,456 |  |  | $ | 42,359 |
|  | Six Months Ended
|  | Under ASC 605 |  | Effect of ASC 606 |  | As Reported Under ASC 606
Net sales |  | $ | 1,381,934 |  |  | $ | 16,553 |  |  | $ | 1,398,487 |
Cost of sales |  | 989,768 |  |  | 11,816 |  |  | 1,001,584 |
Gross profit |  | 392,166 |  |  | 4,737 |  |  | 396,903 |
Earnings before income taxes |  | 109,065 |  |  | 4,737 |  |  | 113,802 |
Income taxes |  | 26,128 |  |  | 1,246 |  |  | 27,374 |
Net earnings |  | $ | 82,937 |  |  | $ | 3,491 |  |  | $ | 86,428 |
The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of March 30, 2019.
|  | Under ASC 605 |  | Effect of ASC 606 |  | As Reported Under ASC 606
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Receivables |  | $ | 792,124 |  |  | $ | 106,677 |  |  | $ | 898,801 |
Inventories |  | 568,287 |  |  | (79,220 | ) |  | 489,067 |
Total current assets |  | 1,519,712 |  |  | 27,457 |  |  | 1,547,169 |
Deferred income taxes |  | 15,776 |  |  | (105 | ) |  | 15,671 |
Total assets |  | 3,005,605 |  |  | 27,352 |  |  | 3,032,957 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Contract advances |  | $ | 169,349 |  |  | $ | 487 |  |  | $ | 169,836 |
Contract and contract-related loss reserves |  | 47,223 |  |  | 2,160 |  |  | 49,383 |
Other accrued liabilities |  | 114,728 |  |  | 2,366 |  |  | 117,094 |
Total current liabilities |  | 683,079 |  |  | 5,013 |  |  | 688,092 |
Deferred income taxes |  | 49,658 |  |  | 3,614 |  |  | 53,272 |
Total liabilities |  | 1,709,888 |  |  | 8,627 |  |  | 1,718,515 |
Shareholders’ equity |  |  |  |  |  |
Retained earnings |  | 2,039,021 |  |  | 18,414 |  |  | 2,057,435 |
Accumulated other comprehensive loss |  | (370,692 | ) |  | 311 |  |  | (370,381 | )
Total shareholders’ equity |  | 1,295,717 |  |  | 18,725 |  |  | 1,314,442 |
Total liabilities and shareholders’ equity |  | 3,005,605 |  |  | 27,352 |  |  | 3,032,957 |

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