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REVENUES | 9 Months Ended
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Jun. 30, 2019
REVENUES |
REVENUES | 14. REVENUES Disaggregation of Revenues Our revenues by customer type, geographic location, and revenue recognition method for the three and nine-month periods ended June 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ 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 June 30, 2019, we had $432.5 million in remaining performance obligations of which we expect to recognize revenues of 83% in the next twelve months. 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 June 30, 2019, contract assets and liabilities totaled $99.5 million and $53.8 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 the first nine months of 2019, we recognized approximately $35 million in revenues that were included in the contract liabilities balance at the adoption date. 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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- 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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