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REVENUES (Tables) | 6 Months Ended
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Mar. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract] |
Disaggregation of Revenue | Our revenues by customer type, geographic location, and revenue recognition method for the three and six-month periods ended March 31, 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.
Three Months Ended March 31, 2019 (In thousands) |  | Filtration |  |  | Test |  |  | USG |  |  | Technical Packaging |  |  | Total |
Customer type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 46,325 |  |  | $ | 37,451 |  |  | $ | 47,551 |  |  | $ | 22,630 |  |  | $ | 153,957 |
Government |  |  | 33,153 |  |  |  | 5,424 |  |  |  | 1,339 |  |  |  | 76 |  |  |  | 39,992 |
Total revenues |  | $ | 79,478 |  |  | $ | 42,875 |  |  | $ | 48,890 |  |  | $ | 22,706 |  |  | $ | 193,949 |
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 66,068 |  |  | $ | 26,694 |  |  | $ | 33,798 |  |  | $ | 11,457 |  |  | $ | 138,017 |
International |  |  | 13,410 |  |  |  | 16,181 |  |  |  | 15,092 |  |  |  | 11,249 |  |  |  | 55,932 |
Total revenues |  | $ | 79,478 |  |  | $ | 42,875 |  |  | $ | 48,890 |  |  | $ | 22,706 |  |  | $ | 193,949 |
Revenue recognition method: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Point in time |  | $ | 42,400 |  |  | $ | 12,166 |  |  | $ | 36,874 |  |  | $ | - |  |  | $ | 91,440 |
Over time |  |  | 37,078 |  |  |  | 30,709 |  |  |  | 12,016 |  |  |  | 22,706 |  |  |  | 102,509 |
Total revenues |  | $ | 79,478 |  |  | $ | 42,875 |  |  | $ | 48,890 |  |  | $ | 22,706 |  |  | $ | 193,949 |
Six Months Ended March 31, 2019 (In thousands) |  | Filtration |  |  | Test |  |  | USG |  |  | Technical Packaging |  |  | Total |
Customer type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 83,546 |  |  | $ | 73,688 |  |  | $ | 102,206 |  |  | $ | 41,744 |  |  | $ | 301,184 |
Government |  |  | 62,156 |  |  |  | 10,473 |  |  |  | 2,539 |  |  |  | 194 |  |  |  | 75,362 |
Total revenues |  | $ | 145,702 |  |  | $ | 84,161 |  |  | $ | 104,745 |  |  | $ | 41,938 |  |  | $ | 376,546 |
Geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 120,833 |  |  | $ | 55,148 |  |  | $ | 73,879 |  |  | $ | 21,306 |  |  | $ | 271,166 |
International |  |  | 24,869 |  |  |  | 29,013 |  |  |  | 30,866 |  |  |  | 20,632 |  |  |  | 105,380 |
Total revenues |  | $ | 145,702 |  |  | $ | 84,161 |  |  | $ | 104,745 |  |  | $ | 41,938 |  |  | $ | 376,546 |
Revenue recognition method: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Point in time |  | $ | 74,214 |  |  | $ | 22,608 |  |  | $ | 81,107 |  |  | $ | - |  |  | $ | 177,929 |
Over time |  |  | 71,488 |  |  |  | 61,553 |  |  |  | 23,638 |  |  |  | 41,938 |  |  |  | 198,617 |
Total revenues |  | $ | 145,702 |  |  | $ | 84,161 |  |  | $ | 104,745 |  |  | $ | 41,938 |  |  | $ | 376,546 |
Amount of Each Financial Statement Line Item Affected When Applying New Accounting Standard | 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:
|  | March 31, 2019 |
(In thousands) |  | As Reported |  |  | Effect of the adoption of ASC 606 |  |  | Under Prior Accounting |
Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |
Contract assets (1) |  | $ | 100,540 |  |  | $ | (39,565 | ) |  | $ | 60,975 |
Inventories |  |  | 124,493 |  |  |  | 34,692 |  |  |  | 159,185 |
Total current assets |  |  | 435,959 |  |  |  | (4,874 | ) |  |  | 431,085 |
Total assets |  |  | 1,293,963 |  |  |  | (4,874 | ) |  |  | 1,289,089 |
Contract liabilities (2) |  |  | 55,453 |  |  |  | 1,754 |  |  |  | 57,207 |
Total current liabilities |  |  | 201,945 |  |  |  | 1,754 |  |  |  | 203,699 |
Deferred tax liabilities |  |  | 62,938 |  |  |  | (1,122 | ) |  |  | 61,816 |
Total liabilities |  |  | 499,567 |  |  |  | 631 |  |  |  | 500,198 |
Retained earnings |  |  | 643,018 |  |  |  | (5,505 | ) |  |  | 637,513 |
Total shareholders’ equity |  |  | 794,396 |  |  |  | (5,505 | ) |  |  | 788,891 |
Total liabilities and shareholders’ equity |  | $ | 1,293,963 |  |  |  | (4,874 | ) |  |  | 1,289,089 |
| (1) | Previously “cost and estimated earnings on long-term contracts”
| (2) | Previously “advance payments on long-term contracts” and “current portion of deferred revenue”
|  | Three Months Ended March 31, 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Effect of the adoption of ASC 606 |  |  | Under Prior Accounting |
Consolidated Statements of Operations |  |  |  |  |  |  |  |  |
Net sales |  | $ | 193,949 |  |  | $ | (2,879 | ) |  | $ | 191,070 |
Cost of sales |  |  | 121,946 |  |  |  | (3,719 | ) |  |  | 118,227 |
Total costs and expenses |  |  | 172,594 |  |  |  | (3,719 | ) |  |  | 168,875 |
Earnings before income tax |  |  | 21,355 |  |  |  | 839 |  |  |  | 22,194 |
Income tax expense (benefit) |  |  | 2,558 |  |  |  | 117 |  |  |  | 2,675 |
Net earnings |  |  | 18,797 |  |  |  | 723 |  |  |  | 19,520 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 0.73 |  |  | $ | 0.02 |  |  | $ | 0.75 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 0.72 |  |  | $ | 0.03 |  |  | $ | 0.75 |
Consolidated Statements of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 18,797 |  |  | $ | 723 |  |  | $ | 19,520 |
Comprehensive income |  |  | 19,600 |  |  |  | 723 |  |  |  | 20,323 |
|  | Six Months Ended March 31, 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Effect of the adoption of ASC 606 |  |  | Under Prior Accounting |
Consolidated Statements of Operations |  |  |  |  |  |  |  |  |
Net sales |  | $ | 376,546 |  |  | $ | (5,779 | ) |  | $ | 370,767 |
Cost of sales |  |  | 240,854 |  |  |  | (6,981 | ) |  |  | 233,873 |
Total costs and expenses |  |  | 331,934 |  |  |  | (6,981 | ) |  |  | 324,953 |
Earnings before income tax |  |  | 44,612 |  |  |  | 1,201 |  |  |  | 45,813 |
Income tax expense (benefit) |  |  | 8,498 |  |  |  | 228 |  |  |  | 8,726 |
Net earnings |  |  | 36,114 |  |  |  | 973 |  |  |  | 37,087 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 1.39 |  |  | $ | 0.04 |  |  | $ | 1.43 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 1.38 |  |  | $ | 0.04 |  |  | $ | 1.42 |
Consolidated Statements of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 36,114 |  |  | $ | 973 |  |  | $ | 37,087 |
Comprehensive income |  |  | 32,363 |  |  |  | 973 |  |  |  | 33,336 |
Consolidated Statements of Cash flows |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 36,114 |  |  | $ | 973 |  |  | $ | 37,087 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Change in assets and liabilities |  | $ | (28,847 | ) |  |  | (973 | ) |  | $ | (29,820 | )
Net cash provided by operating activities |  |  | 16,992 |  |  |  | - |  |  |  | 16,992 |

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