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Basis Of Presentation Basis Of Presentation (Tables)

9 Months Ended

Jun. 29, 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 nine months ended June 30, 2018.

		Three Months Ended
		As Reported, June 30, 2018				Impact of Adoption				As Adjusted, June 30, 2018
Operating profit:
Aircraft Controls		$	33,342			$	259			$	33,601
Space and Defense Controls		16,513				176				16,689
Industrial Systems		24,283				689				24,972
Total operating profit		$	74,138			$	1,124			$	75,262
Deductions from operating profit:
Non-service pension expense		$	—			$	1,693			$	1,693
Corporate and other expenses, net		$	9,439			$	(569	)		$	8,870

		Nine Months Ended
		As Reported, June 30, 2018				Impact of Adoption				As Adjusted, June 30, 2018
Operating profit:
Aircraft Controls		$	97,590			$	847			$	98,437
Space and Defense Controls		49,643				561				50,204
Industrial Systems		37,479				1,976				39,455
Total operating profit		$	184,712			$	3,384			$	188,096
Deductions from operating profit:
Non-service pension expense		$	—			$	5,093			$	5,093
Corporate and other expenses, net		$	25,275			$	(1,709	)		$	23,566

The tables below represent the impact of the adoption of ASU 2017-07: Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, on the Consolidated Condensed Statement of Earnings for the three and nine months ended June 30, 2018.

		Three Months Ended
		As Reported, June 30, 2018				Impact of Adoption				As Adjusted, June 30, 2018
Cost of sales		$	492,234			$	(275	)		$	491,959
Gross profit		197,386				275				197,661
Research and development		31,040				(87		)		30,953
Selling, general and administrative		103,053				(1,331		)		101,722
Other		1,037				1,693				2,730

		Nine Months Ended
		As Reported, June 30, 2018				Impact of Adoption				As Adjusted, June 30, 2018
Cost of sales		$	1,424,731			$	(834	)		$	1,423,897
Gross profit		574,144				834				574,978
Research and development		97,545				(263		)		97,282
Selling, general and administrative		299,002				(3,996		)		295,006
Other		45				5,093				5,138

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 loss and contract-related reserves		47,417				2,430				49,847
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 nine months ended June 29, 2019.

		Three Months Ended
		Under ASC 605				Effect of ASC 606				As Reported Under ASC 606
Net sales		$	737,887			$	3,082			$	740,969
Cost of sales		531,952				(2,902		)		529,050
Gross profit		205,935				5,984				211,919
Earnings before income taxes		55,736				5,984				61,720
Income taxes		12,735				1,520				14,255
Net earnings		$	43,001			$	4,464			$	47,465

		Nine Months Ended
		Under ASC 605				Effect of ASC 606				As Reported Under ASC 606
Net sales		$	2,119,821			$	19,635			$	2,139,456
Cost of sales		1,521,720				8,914				1,530,634
Gross profit		598,101				10,721				608,822
Earnings before income taxes		164,801				10,721				175,522
Income taxes		38,863				2,766				41,629
Net earnings		$	125,938			$	7,955			$	133,893

The table below represents the impact of the adoption of ASC 606 on the Consolidated Condensed Balance Sheet as of June 29, 2019.

		Under ASC 605				Effect of ASC 606				As Reported Under ASC 606
ASSETS
Current assets
Receivables		$	813,187			$	109,666			$	922,853
Inventories		592,925				(77,870		)		515,055
Total current assets		1,539,396				31,796				1,571,192
Deferred income taxes		15,783				(47		)		15,736
Total assets		3,034,390				31,749				3,066,139
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Contract advances		$	148,393			$	(716	)		$	147,677
Contract loss and contract-related reserves		55,755				1,801				57,556
Other accrued liabilities		104,656				3,885				108,541
Total current liabilities		670,804				4,970				675,774
Deferred income taxes		53,054				3,610				56,664
Total liabilities		1,701,902				8,580				1,710,482
Shareholders’ equity
Retained earnings		2,073,296				22,878				2,096,174
Accumulated other comprehensive loss		(366,845		)		291				(366,554		)
Total shareholders’ equity		1,332,488				23,169				1,355,657
Total liabilities and shareholders’ equity		3,034,390				31,749				3,066,139

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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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