REVENUE (Tables)

12 Months Ended

Sep. 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		(1,621		)	105,089
Total Liabilities	1,610,499		6,661			1,617,160
SHAREHOLDERS' EQUITY
Retained Earnings	550,523		(5,618		)	544,905
Total Shareholders' Equity	474,391		(5,618		)	468,773
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 year ended September 30, 2019 and to the Company's Balance Sheet as of September 30, 2019 was as follows:

	For the Year Ended September 30, 2019
Income Statement	As Reported		Balances Without Adoption of ASC 606		Effect of Adoption Higher/(Lower)
Net sales	$	2,209,289	$	2,202,544	$	6,745
Cost of goods and services	1,614,020		1,609,807		4,213
Income before taxes from continuing operations	72,178		69,646		2,532
Provision (benefit) from income taxes	26,556		26,004		552
Income from continuing operations	45,622		43,642		1,980

	As of September 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	$	105,111	$	119,348	$	(14,237	)
Inventories	442,121		424,309		17,812
Total Current Assets	925,179		921,604		3,575
Total Assets	2,074,939		2,071,364		3,575
CURRENT LIABILITIES
Accounts payable	250,576		242,294		8,282
Billings in excess of costs	26,259		17,977		8,282
Total Current Liabilities	390,099		381,817		8,282
OTHER LIABILITIES	109,997		111,066		(1,069		)
Total Liabilities	1,597,176		1,589,963		7,213
SHAREHOLDERS' EQUITY
Retained Earnings	568,516		572,154		(3,638		)
Total Shareholders' Equity	477,763		481,401		(3,638		)
Total Liabilities and Shareholders’ Equity	$	2,074,939	$	2,071,364	$	3,575