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Revenues | 12 Months Ended
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Sep. 30, 2019
Revenues |
Revenues | 16. Revenues
(a) | Disaggregation of Revenues
Our revenues by customer type, geographic location, and revenue recognition method for the year ended September 30, 2019 are presented in the table below as the Company deems it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The table below also includes a reconciliation of the disaggregated revenue within our reportable segments. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended September 30, 2019 | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | Technical | ​ |
(In thousands) |  | Filtration |  | USG |  | Test |  | Packaging |  | Total
Customer type: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Commercial | ​ | $ | 180,356 | ​ | $ | 207,666 | ​ | $ | 168,201 | ​ | $ | 86,599 | ​ | $ | 642,822
Government | ​ |  | 145,379 | ​ |  | 4,249 | ​ |  | 20,193 | ​ |  | 327 | ​ |  | 170,148
Total revenues | ​ | $ | 325,735 | ​ | $ | 211,915 | ​ | $ | 188,394 | ​ | $ | 86,926 | ​ | $ | 812,970
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Geographic location: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
United States | ​ | $ | 274,446 | ​ | $ | 150,381 | ​ | $ | 112,358 | ​ | $ | 45,787 | ​ | $ | 582,972
International | ​ |  | 51,289 | ​ |  | 61,534 | ​ |  | 76,036 | ​ |  | 41,139 | ​ |  | 229,998
Total revenues | ​ | $ | 325,735 | ​ | $ | 211,915 | ​ | $ | 188,394 | ​ | $ | 86,926 | ​ | $ | 812,970
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognition method: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Point in time | ​ | $ | 164,224 | ​ | $ | 164,126 | ​ | $ | 36,787 | ​ | $ | — | ​ | $ | 365,137
Over time | ​ |  | 161,511 | ​ |  | 47,789 | ​ |  | 151,607 | ​ |  | 86,926 | ​ |  | 447,833
Total revenues | ​ | $ | 325,735 | ​ | $ | 211,915 | ​ | $ | 188,394 | ​ | $ | 86,926 | ​ | $ | 812,970
​
(b) | Remaining Performance Obligations
Our remaining performance obligations, which is the equivalent of our backlog, represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. These remaining obligations include amounts that have been formally appropriated under contracts with the U.S. Government, and exclude unexercised contract options and potential orders under ordering-type contracts such as Indefinite Delivery, Indefinite Quantity contracts. At September 30, 2019, we had $475 million in remaining performance obligations of which we expect to recognize revenues of 90% in the next twelve months.
(c) | Contract assets and liabilities
Assets and liabilities related to our contracts with customers are reported on a contract-by-contract basis at the end of each reporting period. At September 30, 2019, contract assets and liabilities totaled $115.3 million and $81.2 million, respectively. Upon adoption of ASC 606 on October 1, 2018, contract assets and liabilities related to our contracts with customers were $87 million and $51 million, respectively. During 2019, we recognized approximately $40 million in revenues that were included in the contract liabilities balance at the adoption date.
(d) | Reconciliation of ASC 606 to Prior Accounting Standards
The amount by which each financial statement line item is affected in 2019 as a result of applying the new accounting standard as discussed in Note 2 is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2019
​ | ​ | ​ | ​ | ​ | Effect of the | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | adoption of | ​ | Under Prior
(In thousands) |  | As Reported |  | ASC 606 |  | Accounting
Consolidated Balance Sheets |  | ​ |  |  | ​ |  |  | ​ |
Contract assets (1) | ​ | $ | 115,310 | ​ | $ | (39,055) | ​ | $ | 76,255
Inventories | ​ |  | 128,825 | ​ |  | 34,065 | ​ |  | 162,890
Total current assets | ​ |  | 495,194 | ​ |  | (4,990) | ​ |  | 490,204
Total assets | ​ |  | 1,466,720 | ​ |  | (4,990) | ​ |  | 1,461,730
Contract liabilities (2) | ​ |  | 81,177 | ​ |  | 2,870 | ​ |  | 84,047
Total current liabilities | ​ |  | 251,635 | ​ |  | 2,870 | ​ |  | 254,505
Deferred tax liabilities | ​ |  | 64,855 | ​ |  | (658) | ​ |  | 64,197
Total liabilities | ​ |  | 640,498 | ​ |  | 2,212 | ​ |  | 642,710
Retained earnings | ​ |  | 684,741 | ​ |  | (7,202) | ​ |  | 677,539
Total shareholders’ equity | ​ |  | 826,222 | ​ |  | (7,202) | ​ |  | 819,020
Total liabilities and shareholders’ equity | ​ | $ | 1,466,720 | ​ |  | (4,990) | ​ |  | 1,461,730
| (1) | Previously “cost and estimated earnings on long-term contracts”
| (2) | Previously “advance payments on long-term contracts” and “current portion of deferred revenue”
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended
​ | ​ | September 30, 2019
​ | ​ | ​ | ​ | ​ | Effect of the | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | adoption of | ​ | Under Prior
(In thousands, except per share amounts) |  | As Reported |  | ASC 606 |  | Accounting
Consolidated Statements of Operations |  | ​ |  |  | ​ |  |  | ​ |
Net sales | ​ | $ | 812,970 | ​ | $ | (5,598) | ​ | $ | 807,372
Cost of sales | ​ |  | 508,521 | ​ |  | (6,658) | ​ |  | 501,863
Total costs and expenses | ​ |  | 710,754 | ​ |  | (6,658) | ​ |  | 704,096
Earnings before income tax | ​ |  | 102,216 | ​ |  | 1,060 | ​ |  | 103,276
Income tax expense | ​ |  | 21,177 | ​ |  | 255 | ​ |  | 21,432
Net earnings | ​ |  | 81,039 | ​ |  | 805 | ​ |  | 81,844
Earnings per share: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Basic: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Net earnings | ​ | $ | 3.12 | ​ | $ | 0.03 | ​ | $ | 3.15
Diluted: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Net earnings | ​ | $ | 3.10 | ​ | $ | 0.03 | ​ | $ | 3.13
Consolidated Statements of Comprehensive Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 81,039 | ​ | $ | 805 | ​ | $ | 81,844
Comprehensive income | ​ | ​ | 68,593 | ​ | ​ | 805 | ​ | ​ | 69,398
Consolidated Statements of Cash flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 81,039 | ​ | $ | 805 | ​ | $ | 81,844
Adjustments to reconcile net earnings to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in assets and liabilities | ​ | $ | (9,944) | ​ | ​ | (805) | ​ | $ | (10,749)
Net cash provided by operating activities | ​ | ​ | 105,137 | ​ | ​ | — | ​ | ​ | 105,137
​

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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