XML 42 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUES (Tables)
 3 Months Ended
Dec. 31, 2018
Revenue Recognition and Deferred Revenue [Abstract]  
Disaggregation of Revenue
Our revenues by customer type, geographic location, and revenue recognition method for the three-month period ended December 31, 2018
are presented in the table below as the Company deems it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The table below also includes a reconciliation of the disaggregated revenue within our reportable segments.
 
(In thousands)
 
Filtration
 
 
Test
 
 
USG
 
 
Technical

Packaging
 
 
Total
 
Customer type:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
$
37,523
 
 
$
36,297
 
 
$
54,662
 
 
$
19,114
 
 
$
147,596
 
U.S. Government
 
 
28,701
 
 
 
4,989
 
 
 
1,193
 
 
 
118
 
 
 
35,001
 
Total revenues
 
$
66,224
 
 
$
41,286
 
 
$
55,855
 
 
$
19,232
 
 
$
182,597
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Geographic location:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United States
 
$
54,847
 
 
$
28,453
 
 
$
40,228
 
 
$
9,849
 
 
$
133,377
 
International
 
 
11,377
 
 
 
12,833
 
 
 
15,627
 
 
 
9,383
 
 
 
49,220
 
Total revenues
 
$
66,224
 
 
$
41,286 
 
 
$
55,855 
 
 
$
19,232 
 
 
$
182,597 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue recognition method:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Point in time
 
$
32,054
 
 
$
10,382
 
 
$
44,303
 
 
$
-
 
 
$
86,739
 
Over time
 
 
34,170
 
 
 
30,904
 
 
 
11,552
 
 
 
19,232
 
 
 
95,858
 
Total revenues
 
$
66,224
 
 
$
41,286 
 
 
$
55,855 
 
 
$
19,232 
 
 
$
182,597 
 
Amount of Each Financial Statement Line Item Affected When Applying New Accounting Standard
The amount by which each financial statement line item is affected in 2019 as a result of applying the new accounting standard as discussed in Note 2 is presented below:
 
 
 
December 31, 2018
(In thousands)
 
As Reported
 
Effect of the

adoption of

ASC 606
 
Under Prior

Accounting
Consolidated Balance Sheets
 
 
 
 
 
 
Contract assets (1)
 
$
94,082
 
 
$
(41,836
)
 
$
52,246
 
Inventories
 
 
119,659
 
 
 
34,697
 
 
 
154,356
 
Total current assets
 
 
411,919
 
 
 
(7,139
)
 
 
404,780
 
Total assets
 
 
1,268,211
 
 
 
(7,139
)
 
 
1,261,072
 
Contract liabilities (2)
 
 
53,251
 
 
 
1,423
 
 
 
54,674
 
Total current liabilities
 
 
194,668
 
 
 
1,423
 
 
 
196,091
 
Deferred tax liabilities
 
 
61,536
 
 
 
226
 
 
 
61,762
 
Total liabilities
 
 
491,419
 
 
 
1,423
 
 
 
492,842
 
Retained earnings
 
 
627,670
 
 
 
(8,562
)
 
 
619,108
 
Total shareholders’ equity
 
 
776,792
 
 
 
(8,562
)
 
 
768,230
 
Total liabilities and shareholders’ equity
 
$
1,268,211
 
 
 
(7,139
)
 
 
1,261,072
 
 
 
 
 
(1)
Previously “cost and estimated earnings on long-term contracts”
 
(2)
Previously “advance payments on long-term contracts” and “current portion of deferred revenue”
 
 
 
Three Months Ended

December 31, 2018
(In thousands, except per share amounts)
 
As Reported
 
Effect of the

adoption of

ASC 606
 
Under Prior

Accounting
Consolidated Statements of Operations
 
 
 
 
 
 
Net sales
 
$
182,597
 
 
$
(4,746
)
 
$
177,851
 
Cost of sales
 
 
118,908
 
 
 
(4,448
)
 
 
114,460
 
Total costs and expenses
 
 
159,340
 
 
 
(4,448
)
 
 
154,892
 
Earnings before income tax
 
 
23,257
 
 
 
(297
)
 
 
22,960
 
Income tax (benefit) expense
 
 
5,940
 
 
 
(64
)
 
 
5,876
 
Net earnings
 
 
17,317
 
 
 
(234
)
 
 
17,083
 
Earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
$
0.67
 
 
$
(0.01
)
 
$
0.66
 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
$
0.66
 
 
$
(0.01
)
 
$
0.65
 
Consolidated Statements of Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
$
17,317
 
 
$
(234
)
 
$
17,083
 
Comprehensive income
 
 
12,763
 
 
 
(234
)
 
 
12,529
 
Consolidated Statements of Cash flows
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings
 
$
17,317
 
 
$
(234
)
 
$
17,083
 
Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Change in assets and liabilities
 
$
(7,912
)
 
 
234
 
 
$
(7,678
)
Net cash provided by operating activities
 
 
8,102
 
 
 
-
 
 
 
8,102