REVENUE (Tables)

9 Months Ended

Jun. 30, 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 nine months ended June 30, 2019 and to the Company's Balance Sheet as of June 30, 2019 was as follows:

	For the Three Months Ended June 30, 2019
Income Statement	As Reported		Balances Without Adoption of ASC 606		Effect of Adoption Higher/(Lower)
Net sales	$	574,970	$	578,276	$	(3,306	)
Cost of goods and services	420,487		423,529		(3,042		)
Income (loss) before taxes from continuing operations	20,386		20,649		(263		)
Provision (benefit) from income taxes	6,258		6,316		(58		)
Income from continuing operations	14,128		14,334		(206		)

	For the Nine Months Ended June 30, 2019
Income Statement	As Reported		Balances Without Adoption of ASC 606		Effect of Adoption Higher/(Lower)
Net sales	$	1,635,125	$	1,632,245	$	2,880
Cost of goods and services	1,200,092		1,198,638		1,454
Income before taxes from continuing operations	44,035		42,609		1,426
Provision (benefit) from income taxes	14,664		14,353		311
Income from continuing operations	29,371		28,256		1,115

	As of June 30, 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	$	90,825	$	108,926	$	(18,101	)
Inventories	436,885		416,315		20,570
Total Current Assets	961,353		958,884		2,469
Total Assets	2,111,459		2,108,990		2,469
CURRENT LIABILITIES
Accounts payable	205,570		197,288		8,282
Billings in excess of costs	24,470		16,188		8,282
Total Current Liabilities	367,230		358,948		8,282
OTHER LIABILITIES	94,148		95,403		(1,255		)
Total Liabilities	1,623,294		1,616,267		7,027
SHAREHOLDERS' EQUITY
Retained Earnings	555,780		560,338		(4,558		)
Total Shareholders' Equity	488,165		492,723		(4,558		)
Total Liabilities and Shareholders’ Equity	$	2,111,459	$	2,108,990	$	2,469