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REVENUES (Tables) | 9 Months Ended
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Jun. 30, 2019
REVENUES |
Schedule of disaggregation of revenue by reportable segment | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three Months Ended June 30, 2019 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Technical |  | ​ | ​
(In thousands) | ​ | Filtration | ​ | Test | ​ | USG | ​ | Packaging | ​ | Total
Customer type: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Commercial | ​ | $ | 47,482 | ​ | $ | 37,980 | ​ | $ | 52,065 | ​ | $ | 21,507 | ​ | $ | 159,034
Government | ​ |  | 35,585 | ​ |  | 4,318 | ​ |  | 829 | ​ |  | — | ​ |  | 40,732
Total revenues | ​ | $ | 83,067 | ​ | $ | 42,298 | ​ | $ | 52,894 | ​ | $ | 21,507 | ​ | $ | 199,766
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Geographic location: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
United States | ​ | $ | 69,872 | ​ | $ | 26,923 | ​ | $ | 38,414 | ​ | $ | 11,559 | ​ | $ | 146,268
International | ​ |  | 13,195 | ​ |  | 15,375 | ​ |  | 14,480 | ​ |  | 9,948 | ​ |  | 53,498
Total revenues | ​ | $ | 83,067 | ​ | $ | 42,298 | ​ | $ | 52,894 | ​ | $ | 21,507 | ​ | $ | 199,766
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Revenue recognition method: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Point in time | ​ | $ | 41,633 | ​ | $ | 6,485 | ​ | $ | 40,968 | ​ | $ | — | ​ | $ | 89,092
Over time | ​ |  | 41,434 | ​ |  | 35,813 | ​ |  | 11,926 | ​ |  | 21,507 | ​ |  | 110,674
Total revenues | ​ | $ | 83,067 | ​ | $ | 42,298 | ​ | $ | 52,894 | ​ | $ | 21,507 | ​ | $ | 199,766
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine Months Ended June 30, 2019 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | Technical |  | ​ | ​
(In thousands) | ​ | Filtration | ​ | Test | ​ | USG | ​ | Packaging | ​ | Total
Customer type: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |
Commercial | ​ | $ | 131,112 | ​ | $ | 111,577 | ​ | $ | 154,240 | ​ | $ | 63,251 | ​ | $ | 460,180
Government | ​ |  | 97,657 | ​ |  | 14,882 | ​ |  | 3,399 | ​ |  | 194 | ​ |  | 116,132
Total revenues | ​ | $ | 228,769 | ​ | $ | 126,459 | ​ | $ | 157,639 | ​ | $ | 63,445 | ​ | $ | 576,312
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Geographic location: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
United States | ​ | $ | 190,701 | ​ | $ | 82,072 | ​ | $ | 112,289 | ​ | $ | 32,865 | ​ | $ | 417,927
International | ​ |  | 38,068 | ​ |  | 44,387 | ​ |  | 45,350 | ​ |  | 30,580 | ​ |  | 158,385
Total revenues | ​ | $ | 228,769 | ​ | $ | 126,459 | ​ | $ | 157,639 | ​ | $ | 63,445 | ​ | $ | 576,312
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Revenue recognition method: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Point in time | ​ | $ | 115,852 | ​ | $ | 29,092 | ​ | $ | 122,075 | ​ | $ | - | ​ | $ | 267,021
Over time | ​ |  | 112,917 | ​ |  | 97,367 | ​ |  | 35,564 | ​ |  | 63,445 | ​ |  | 309,291
Total revenues | ​ | $ | 228,769 | ​ | $ | 126,459 | ​ | $ | 157,639 | ​ | $ | 63,445 | ​ | $ | 576,312
Schedule of 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2019
​ |  | ​ | ​ |  | Effect of the |  | ​ | ​
​ | ​ | ​ | ​ |  | adoption of |  | Under Prior
(In thousands) | ​ | As Reported |  | ASC 606 | ​ | Accounting
Consolidated Balance Sheets |  | ​ |  |  | ​ |  |  | ​ |
Contract assets (1) | ​ | $ | 99,499 | ​ | $ | (43,576) | ​ | $ | 55,923
Inventories | ​ |  | 126,816 | ​ |  | 36,089 | ​ |  | 162,905
Total current assets | ​ |  | 450,206 | ​ |  | (7,487) | ​ |  | 442,719
Total assets | ​ |  | 1,326,095 | ​ |  | (7,487) | ​ |  | 1,318,608
Contract liabilities (2) | ​ |  | 53,758 | ​ |  | 4,549 | ​ |  | 58,307
Total current liabilities | ​ |  | 199,736 | ​ |  | 4,549 | ​ |  | 204,285
Deferred tax liabilities | ​ |  | 66,286 | ​ |  | (1,678) | ​ |  | 64,608
Total liabilities | ​ |  | 514,288 | ​ |  | 2,871 | ​ |  | 517,159
Retained earnings | ​ |  | 661,003 | ​ |  | (10,358) | ​ |  | 650,645
Total shareholders’ equity | ​ |  | 811,807 | ​ |  | (10,358) | ​ |  | 801,449
Total liabilities and shareholders’ equity | ​ | $ | 1,326,095 | ​ |  | (7,487) | ​ |  | 1,318,608
| (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
​ | ​ | June 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 | ​ | $ | 199,766 | ​ | $ | (4,008) | ​ | $ | 195,758
Cost of sales | ​ |  | 122,172 | ​ |  | (1,380) | ​ |  | 120,792
Total costs and expenses | ​ |  | 174,874 | ​ |  | (1,380) | ​ |  | 173,494
Earnings before income tax | ​ |  | 24,892 | ​ |  | (2,628) | ​ |  | 22,264
Income tax expense (benefit) | ​ |  | 4,825 | ​ |  | (399) | ​ |  | 4,426
Net earnings | ​ | ​ | 20,067 | ​ | ​ | (2,229) | ​ | ​ | 17,838
Earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 0.77 | ​ | $ | (0.08) | ​ | $ | 0.69
Diluted: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 0.77 | ​ | $ | (0.08) | ​ | $ | 0.69
Consolidated Statements of Comprehensive Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 20,067 | ​ | $ | (2,229) | ​ | $ | 17,838
Comprehensive income | ​ |  | 21,899 | ​ |  | (2,229) | ​ |  | 19,670
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended
​ | ​ | June 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 | ​ | $ | 576,312 | ​ | $ | (9,787) | ​ | $ | 566,525
Cost of sales | ​ |  | 363,026 | ​ |  | (8,360) | ​ |  | 354,666
Total costs and expenses | ​ |  | 506,808 | ​ |  | (8,360) | ​ |  | 498,448
Earnings before income tax | ​ |  | 69,504 | ​ |  | (1,427) | ​ |  | 68,077
Income tax expense (benefit) | ​ |  | 13,323 | ​ |  | (171) | ​ |  | 13,152
Net earnings | ​ |  | 56,181 | ​ |  | (1,256) | ​ |  | 54,925
Earnings per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 2.17 | ​ | $ | (0.05) | ​ | $ | 2.12
Diluted: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 2.15 | ​ | $ | (0.04) | ​ | $ | 2.11
Consolidated Statements of Comprehensive Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 56,181 | ​ | $ | (1,256) | ​ | $ | 54,925
Comprehensive income | ​ |  | 54,262 | ​ |  | (1,256) | ​ |  | 53,006
Consolidated Statements of Cash flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 56,181 | ​ | $ | (1,256) | ​ | $ | 54,925
Adjustments to reconcile net earnings to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in assets and liabilities | ​ | $ | (41,851) | ​ | ​ | 1,256 | ​ | $ | (40,595)
Net cash provided by operating activities | ​ |  | 37,041 | ​ |  | — | ​ |  | 37,041
​

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