XML 41 R29.htm IDEA: XBRL DOCUMENT v3.19.1

Basis Of Presentation Basis Of Presentation (Tables)

6 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the comparison between amounts disclosed under previous guidance and new guidance.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfProspectiveAdoptionOfNewAccountingPronouncementsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration