REVENUE (Tables)

3 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Cumulative Effect For Adoption of New Accounting Pronouncement

The cumulative effect of the changes made to the Company's Consolidated October 1, 2018 Balance Sheet for the adoption of ASC 606 is as follows:

Balance Sheet	As Reported at September 30, 2018		Adjustments			Balance as of October 1, 2018
CURRENT ASSETS
Contract costs and recognized income not yet billed, net of progress payments	$	121,803	$	(20,982	)	$	100,821
Inventories	398,359		22,025			420,384
Total Current Assets	912,874		1,043			913,917
Total Assets	2,084,890		1,043			2,085,933
CURRENT LIABILITIES
Accounts payable	233,658		8,282			241,940
Billings in excess of costs (1)	17,559		8,282			25,841
Total Current Liabilities	393,071		8,282			401,353
OTHER LIABILITIES	106,710		(1,566		)	105,144
Total Liabilities	1,610,499		6,716			1,617,215
SHAREHOLDERS' EQUITY
Retained Earnings	550,523		(5,673		)	544,850
Total Shareholders' Equity	474,391		(5,673		)	468,718
Total Liabilities and Shareholders’ Equity	$	2,084,890	$	1,043		$	2,085,933

⁽¹⁾ Billings in excess of costs is reported in Accounts payable on the Company's Consolidated Balance Sheets.

The impact to the Company's Consolidated Statement of Operations and Balance Sheet as of and for the quarter ended December 31, 2018 was as follows:

	For the Period Ended December 31, 2018
Income Statement	As Reported		Balances Without Adoption of ASC 606		Effect of Adoption Higher/(Lower)
Net sales	$	510,522	$	505,916	$	4,606
Cost of goods and services	367,476		364,210		3,266
Income (loss) before taxes from continuing operations	13,965		12,625		1,340
Provision (benefit) from income taxes	5,212		4,920		292
Income from continuing operations	8,753		7,705		1,048

	As of December 31, 2018
Balance Sheet	As Reported		Balances Without Adoption of ASC 606		Effect of Adoption Higher/(Lower)
CURRENT ASSETS
Contract costs and recognized income not yet billed, net of progress payments	$	89,232	$	105,608	$	(16,376	)
Inventories	452,362		433,603		18,759
Total Current Assets	916,637		914,254		2,383
Total Assets	2,074,789		2,072,406		2,383
CURRENT LIABILITIES
Accounts payable	209,202		200,920		8,282
Billings in excess of costs	29,113		20,831		8,282
Total Current Liabilities	367,324		359,042		8,282
OTHER LIABILITIES	91,315		92,589		(1,274		)
Total Liabilities	1,603,228		1,596,220		7,008
SHAREHOLDERS' EQUITY
Retained Earnings	550,460		555,085		(4,625		)
Total Shareholders' Equity	471,561		476,186		(4,625		)
Total Liabilities and Shareholders’ Equity	$	2,074,789	$	2,072,406	$	2,383