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ADJUSTED QUARTERLY FINANCIAL INFORMATION | 9 Months Ended
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Jun. 30, 2021
ADJUSTED QUARTERLY FINANCIAL INFORMATION |
ADJUSTED QUARTERLY FINANCIAL INFORMATION | 13. ADJUSTED QUARTERLY FINANCIAL INFORMATION During the third quarter of 2021, the Company identified immaterial errors in the historical consolidated financial statements of Westland, within the A&D segment, and are being corrected as an immaterial revision of those financial statements. Specifically, the adjustments include $3.5 million related to net sales being overstated, of which $2.4 million related to the fourth quarter of 2020, $0.3 million related to the first quarter of 2021, and $0.8 million related to the second quarter of 2021. In addition, $2.1 million of the total adjustments resulted from inventory being overstated and cost of goods sold being understated, of which $0.9 million related to the fourth quarter of 2020, $0.8 million related to the first quarter of 2021, and $0.4 million related to the second quarter of 2021. The tax impact of correcting these errors was a reduction in tax expense of $0.8 million, $0.2 million, and $0.3 million in the fourth quarter of 2020, first quarter of 2021, and second quarter of 2021, respectively. This correction also resulted in a reclassification in the Consolidated Statements of Cash Flows between line items of net earnings, changes in assets and liabilities, and effect of deferred taxes totaling $3.3 million in the fourth quarter of 2020, $1.1 million in the first quarter of 2021, and $1.2 million in the second quarter of 2021, with no impact to the total net cash provided by operating activities for any period. The fiscal 2021 and 2020 quarterly results have been adjusted to reflect the correction of these adjustments in the proper periods. The table below shows the impact of all adjustments to the respective periods. Management has determined that all of these adjustments are not material to any prior periods or the current fiscal year. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter | ​ | First Quarter | ​ | Second Quarter | ​ | Second Quarter
(Dollars in thousands, except per share amounts) |  | (As Reported) |  | (As Adjusted) |  | (As Reported) |  | (As Adjusted)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | $ | 162,949 | ​ | 162,674 | ​ | 166,644 | ​ | 165,894
Cost of sales | ​ | ​ | 98,777 | ​ | 99,622 | ​ | 103,113 | ​ | 103,553
Earnings before income taxes | ​ | ​ | 17,660 | ​ | 16,540 | ​ | 21,339 | ​ | 20,149
Income tax expense | ​ | ​ | 3,974 | ​ | 3,722 | ​ | 5,025 | ​ | 4,745
Net earnings | ​ | ​ | 13,686 | ​ | 12,818 | ​ | 16,314 | ​ | 15,404
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted earnings (loss) per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net earnings | ​ | $ | 0.52 | ​ | 0.49 | ​ | 0.62 | ​ | 0.59
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | First Quarter |  | First Quarter |  | Second Quarter |  | Second Quarter
​ | ​ | (As Reported) | ​ | (As Adjusted) | ​ | (As Reported) | ​ | (As Adjusted)
Contract assets | ​ | $ | 93,762 |  | 91,043 |  | 95,002 |  | 91,533
Inventories | ​ |  | 144,054 |  | 142,316 |  | 145,342 |  | 143,164
Retained earnings | ​ | $ | 790,000 |  | 786,563 |  | 804,231 |  | 799,884
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Fourth Quarter |  | Fourth Quarter
(Dollars in thousands, except per share amounts) | ​ | (As Reported | ​ | (As Adjusted)
​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Net sales | ​ | $ | 208,030 |  | 205,586
Cost of sales | ​ |  | 129,763 |  | 130,656
Loss before income taxes | ​ |  | (16,461) |  | (19,798)
Income tax expense | ​ |  | 5,347 |  | 4,579
Net loss | ​ |  | (21,808) |  | (24,377)
​ | ​ | ​ | ​ | ​ | ​
Diluted earnings (loss) per share: | ​ |  |  |  |
Net loss | ​ | $ | (0.83) |  | (0.93)
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Fourth Quarter |  | Fourth Quarter
(Dollars in thousands, except per share amounts) | ​ | (As Reported | ​ | (As Adjusted)
​ | ​ | ​ | ​ | ​ | ​
September 30, 2020 |  | ​ | ​ |  |
​ | ​ | ​ | ​ | ​ | ​
Contract assets | ​ | $ | 96,746 |  | 94,302
Inventories | ​ |  | 136,189 |  | 135,296
Total current assets | ​ |  | 446,630 |  | 443,293
Total assets | ​ |  | 1,373,523 |  | 1,370,186
Total shareholders’ equity | ​ |  | 961,595 |  | 959,026
Total liabilities and shareholders’ equity | ​ |  | 1,373,523 |  | 1,370,186
​

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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