REVENUE (Tables)

6 Months Ended

Mar. 31, 2019

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 for the three and six months ended March 31, 2019 and to the Company's Balance Sheet as of March 31, 2019 was as follows:

	For the Three Months Ended March 31, 2019
Income Statement	As Reported		Balances Without Adoption of ASC 606		Effect of Adoption Higher/(Lower)
Net sales	$	549,633	$	548,053	$	1,580
Cost of goods and services	412,129		410,898		1,231
Income (loss) before taxes from continuing operations	9,684		9,335		349
Provision (benefit) from income taxes	3,194		3,118		76
Income from continuing operations	6,490		6,217		273

	For the Six Months Ended March 31, 2019
Income Statement	As Reported		Balances Without Adoption of ASC 606		Effect of Adoption Higher/(Lower)
Net sales	$	1,060,155	$	1,053,969	$	6,186
Cost of goods and services	779,605		775,109		4,496
Income before taxes from continuing operations	23,649		21,960		1,689
Provision (benefit) from income taxes	8,406		8,038		368
Income from continuing operations	15,243		13,922		1,321

	As of March 31, 2019
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	$	83,904	$	98,700	$	(14,796	)
Inventories	457,071		439,543		17,528
Total Current Assets	989,105		986,373		2,732
Total Assets	2,143,908		2,141,176		2,732
CURRENT LIABILITIES
Accounts payable	223,188		214,906		8,282
Billings in excess of costs	28,227		19,945		8,282
Total Current Liabilities	366,184		357,902		8,282
OTHER LIABILITIES	94,938		96,136		(1,198		)
Total Liabilities	1,669,624		1,662,540		7,084
SHAREHOLDERS' EQUITY
Retained Earnings	545,600		549,952		(4,352		)
Total Shareholders' Equity	474,284		478,636		(4,352		)
Total Liabilities and Shareholders’ Equity	$	2,143,908	$	2,141,176	$	2,732