REVENUES (Tables)

9 Months Ended

Jun. 30, 2019

REVENUES

Schedule of disaggregation of revenue by reportable segment

Three Months Ended June 30, 2019							Technical
(In thousands)	Filtration		Test		USG		Packaging		Total
Customer type:
Commercial	$	47,482	$	37,980	$	52,065	$	21,507	$	159,034
Government		35,585		4,318		829		—		40,732
Total revenues	$	83,067	$	42,298	$	52,894	$	21,507	$	199,766
Geographic location:
United States	$	69,872	$	26,923	$	38,414	$	11,559	$	146,268
International		13,195		15,375		14,480		9,948		53,498
Total revenues	$	83,067	$	42,298	$	52,894	$	21,507	$	199,766
Revenue recognition method:
Point in time	$	41,633	$	6,485	$	40,968	$	—	$	89,092
Over time		41,434		35,813		11,926		21,507		110,674
Total revenues	$	83,067	$	42,298	$	52,894	$	21,507	$	199,766

Nine Months Ended June 30, 2019							Technical
(In thousands)	Filtration		Test		USG		Packaging		Total
Customer type:
Commercial	$	131,112	$	111,577	$	154,240	$	63,251	$	460,180
Government		97,657		14,882		3,399		194		116,132
Total revenues	$	228,769	$	126,459	$	157,639	$	63,445	$	576,312
Geographic location:
United States	$	190,701	$	82,072	$	112,289	$	32,865	$	417,927
International		38,068		44,387		45,350		30,580		158,385

Total revenues	$	228,769	$	126,459	$	157,639	$	63,445	$	576,312
Revenue recognition method:
Point in time	$	115,852	$	29,092	$	122,075	$	-	$	267,021
Over time		112,917		97,367		35,564		63,445		309,291
Total revenues	$	228,769	$	126,459	$	157,639	$	63,445	$	576,312

Schedule of reconciliation of ASC 606 to prior accounting standards

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:

	June 30, 2019
			Effect of the
			adoption of		Under Prior
(In thousands)	As Reported		ASC 606		Accounting
Consolidated Balance Sheets
Contract assets (1)	$	99,499	$	(43,576)	$	55,923
Inventories		126,816		36,089		162,905
Total current assets		450,206		(7,487)		442,719
Total assets		1,326,095		(7,487)		1,318,608
Contract liabilities (2)		53,758		4,549		58,307
Total current liabilities		199,736		4,549		204,285
Deferred tax liabilities		66,286		(1,678)		64,608
Total liabilities		514,288		2,871		517,159
Retained earnings		661,003		(10,358)		650,645
Total shareholders’ equity		811,807		(10,358)		801,449
Total liabilities and shareholders’ equity	$	1,326,095		(7,487)		1,318,608

(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
	June 30, 2019
			Effect of the
			adoption of		Under Prior
(In thousands, except per share amounts)	As Reported		ASC 606		Accounting
Consolidated Statements of Operations
Net sales	$	199,766	$	(4,008)	$	195,758
Cost of sales		122,172		(1,380)		120,792
Total costs and expenses		174,874		(1,380)		173,494
Earnings before income tax		24,892		(2,628)		22,264
Income tax expense (benefit)		4,825		(399)		4,426
Net earnings		20,067		(2,229)		17,838
Earnings per share:
Basic:
Net earnings	$	0.77	$	(0.08)	$	0.69
Diluted:
Net earnings	$	0.77	$	(0.08)	$	0.69
Consolidated Statements of Comprehensive Income
Net earnings	$	20,067	$	(2,229)	$	17,838
Comprehensive income		21,899		(2,229)		19,670

	Nine Months Ended
	June 30, 2019
			Effect of the
			adoption of		Under Prior
(In thousands, except per share amounts)	As Reported		ASC 606		Accounting
Consolidated Statements of Operations
Net sales	$	576,312	$	(9,787)	$	566,525
Cost of sales		363,026		(8,360)		354,666
Total costs and expenses		506,808		(8,360)		498,448
Earnings before income tax		69,504		(1,427)		68,077
Income tax expense (benefit)		13,323		(171)		13,152
Net earnings		56,181		(1,256)		54,925
Earnings per share:
Basic:
Net earnings	$	2.17	$	(0.05)	$	2.12
Diluted:
Net earnings	$	2.15	$	(0.04)	$	2.11
Consolidated Statements of Comprehensive Income
Net earnings	$	56,181	$	(1,256)	$	54,925
Comprehensive income		54,262		(1,256)		53,006
Consolidated Statements of Cash flows
Net earnings	$	56,181	$	(1,256)	$	54,925
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in assets and liabilities	$	(41,851)		1,256	$	(40,595)
Net cash provided by operating activities		37,041		—		37,041