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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 29, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________  to _________

Commission file number 1-05129
MOOG Inc.
(Exact name of registrant as specified in its charter)
NY
 
16-0757636
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
400 Jamison Rd
East Aurora,
New York
14052-0018
 
(Address of Principal Executive Offices)
(Zip Code)
 
(716) 652-2000
Registrant's telephone number, including area code

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock
MOG.A
New York Stock Exchange
Class B common stock
MOG.B
New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes     No   

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes     No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
 
 
Emerging growth company
                


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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes       No  

The number of shares outstanding of each class of common stock as of July 22, 2019 was:
Class A common stock, 32,503,359 shares
Class B common stock, 2,434,033 shares



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Moog Inc.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Table of Contents


PART I FINANCIAL INFORMATION
Item 1. Financial Statements
moogimage2a10.jpg
Consolidated Condensed Statements of Earnings
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
(dollars in thousands, except share and per share data)
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net sales
 
$
740,969

 
$
692,018

 
$
2,139,456

 
$
2,008,602

Cost of sales
 
529,050

 
491,959

 
1,530,634

 
1,423,897

Inventory write-down - restructuring
 

 
2,398

 

 
9,727

Gross profit
 
211,919

 
197,661

 
608,822

 
574,978

Research and development
 
31,298

 
30,953

 
94,518

 
97,282

Selling, general and administrative
 
103,655

 
101,722

 
299,841

 
295,006

Interest
 
9,780

 
8,850

 
29,401

 
26,585

Restructuring
 

 
(1,549
)
 

 
22,509

Other
 
5,466

 
2,730

 
9,540

 
5,138

Earnings before income taxes
 
61,720

 
54,955

 
175,522

 
128,458

Income taxes
 
14,255

 
14,205

 
41,629

 
72,444

Net earnings attributable to Moog and noncontrolling interest
 
47,465

 
40,750

 
133,893

 
56,014

 
 
 
 
 
 
 
 
 
Net earnings attributable to noncontrolling interest
 

 
67

 

 
67

 
 
 
 
 
 
 
 
 
Net earnings attributable to Moog
 
$
47,465

 
$
40,683

 
$
133,893

 
$
55,947

 
 
 
 
 
 
 
 
 
Net earnings per share attributable to Moog
 
 
 
 
 
 
 
 
Basic
 
$
1.36

 
$
1.14

 
$
3.84

 
$
1.56

Diluted
 
$
1.35

 
$
1.13

 
$
3.80

 
$
1.55

 
 
 
 
 
 
 
 
 
Dividends declared per share
 
$
0.25

 
$

 
$
0.75

 
$
0.25

 
 
 
 
 
 
 
 
 
Average common shares outstanding
 
 
 
 
 
 
 
 
Basic
 
34,904,487

 
35,762,918

 
34,869,021

 
35,768,471

Diluted
 
35,239,834

 
36,143,367

 
35,202,519

 
36,174,759

See accompanying Notes to Consolidated Condensed Financial Statements.



4

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moogimage2a10.jpg
Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
(dollars in thousands)
 
June 29,
2019
 
June 30,
2018
 
June 29,
2019

June 30,
2018
Net earnings attributable to Moog and noncontrolling interest
 
$
47,465

 
$
40,750

 
$
133,893

 
$
56,014

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
(996
)
 
(40,788
)
 
(9,277
)
 
(10,127
)
Retirement liability adjustment
 
4,264

 
7,080

 
13,760

 
16,018

Change in accumulated income (loss) on derivatives
 
559

 
(747
)
 
1,144

 
(92
)
Other comprehensive income (loss), net of tax
 
3,827

 
(34,455
)
 
5,627

 
5,799

Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings
 

 

 

 
(47,077
)
Comprehensive income (loss)
 
51,292

 
6,295

 
139,520

 
14,736

Comprehensive income (loss) attributable to noncontrolling interest
 

 
41

 

 
41

Comprehensive income (loss) attributable to Moog
 
$
51,292

 
$
6,254

 
$
139,520

 
$
14,695

See accompanying Notes to Consolidated Condensed Financial Statements.



5

Table of Contents


moogimage2a10.jpg
Consolidated Condensed Balance Sheets
(Unaudited)
(dollars in thousands)
 
June 29,
2019
 
September 29,
2018
ASSETS
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
89,045

 
$
125,584

Receivables
 
922,853

 
793,911

Inventories
 
515,055

 
512,522

Prepaid expenses and other current assets
 
44,239

 
44,404

Total current assets
 
1,571,192

 
1,476,421

Property, plant and equipment, net of accumulated depreciation of $825,426 and $816,837, respectively
 
582,105

 
552,865

Goodwill
 
791,678

 
797,217

Intangible assets, net
 
84,629

 
95,537

Deferred income taxes
 
15,736

 
17,328

Other assets
 
20,799

 
24,680

Total assets
 
$
3,066,139

 
$
2,964,048

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Current liabilities
 
 
 
 
Short-term borrowings
 
$
93

 
$
3,623

Current installments of long-term debt
 
292

 
365

Accounts payable
 
227,600

 
208,823

Accrued compensation
 
134,015

 
147,765

Contract advances
 
147,677

 
151,687

Contract loss and contract-related reserves
 
57,556

 
47,417

Other accrued liabilities
 
108,541

 
120,944

Total current liabilities
 
675,774

 
680,624

Long-term debt, excluding current installments
 
825,965

 
858,836

Long-term pension and retirement obligations
 
119,269

 
117,471

Deferred income taxes
 
56,664

 
46,477

Other long-term liabilities
 
32,810

 
35,654

Total liabilities
 
1,710,482

 
1,739,062

Shareholders’ equity
 
 
 
 
Common stock - Class A
 
43,789

 
43,785

Common stock - Class B
 
7,491

 
7,495

Additional paid-in capital
 
525,962

 
502,257

Retained earnings
 
2,096,174

 
1,973,514

Treasury shares
 
(750,326
)
 
(738,494
)
Stock Employee Compensation Trust
 
(124,128
)
 
(118,449
)
Supplemental Retirement Plan Trust
 
(76,751
)
 
(72,941
)
Accumulated other comprehensive loss
 
(366,554
)
 
(372,181
)
Total shareholders’ equity
 
1,355,657

 
1,224,986

Total liabilities and shareholders’ equity
 
$
3,066,139

 
$
2,964,048

See accompanying Notes to Consolidated Condensed Financial Statements.
 
 
 
 

6

Table of Contents


moogimage2a10.jpg
Consolidated Condensed Statements of Shareholders' Equity
(Unaudited)
  
 
Three Months Ended
 
Nine Months Ended
(dollars in thousands)
 
June 29, 2019
 
June 30, 2018
 
June 29, 2019
 
June 30, 2018
COMMON STOCK
 
 
 
 
 
 
 
 
Beginning and end of period
 
$
51,280

 
$
51,280

 
$
51,280

 
$
51,280

ADDITIONAL PAID-IN CAPITAL
 
 
 
 
 
 
 
 
Beginning of period
 
510,538

 
490,055

 
502,257

 
492,246

Issuance of treasury shares
 
(1,186
)
 
(141
)
 
(116
)
 
(2,874
)
Equity-based compensation expense
 
1,439

 
894

 
5,130

 
4,394

Adjustment to market - SECT, SERP and other
 
15,171

 
(4,298
)
 
18,691

 
(7,256
)
End of period
 
525,962

 
486,510

 
525,962

 
486,510

RETAINED EARNINGS
 
 
 
 
 
 
 
 
Beginning of period
 
2,057,435

 
1,901,182

 
1,973,514

 
1,847,819

Net earnings attributable to Moog
 
47,465

 
40,683

 
133,893

 
55,947

Dividends
 
(8,726
)
 
37

 
(26,156
)
 
(8,941
)
Adoption of ASC 606
 

 

 
14,923

 

Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings
 

 

 

 
47,077

End of period
 
2,096,174

 
1,941,902

 
2,096,174

 
1,941,902

TREASURY SHARES AT COST
 
 
 
 
 
 
 
 
Beginning of period
 
(749,845
)
 
(739,091
)
 
(738,494
)
 
(739,157
)
Class A and B shares issued related to compensation
 
1,186

 
141

 
6,154

 
5,325

Class A and B shares purchased
 
(1,667
)
 
(92
)
 
(17,986
)
 
(5,210
)
End of period
 
(750,326
)
 
(739,042
)
 
(750,326
)
 
(739,042
)
STOCK EMPLOYEE COMPENSATION TRUST (SECT)
 
 
 
 
 
 
 
 
Beginning of period
 
(109,506
)
 
(93,330
)
 
(118,449
)
 
(89,919
)
Issuance of shares
 
557

 

 
18,236

 
1,941

Purchase of shares
 
(5,973
)
 
(530
)
 
(13,327
)
 
(8,444
)
Adjustment to market
 
(9,206
)
 
3,956

 
(10,588
)
 
6,518

End of period
 
(124,128
)
 
(89,904
)
 
(124,128
)
 
(89,904
)
SUPPLEMENTAL RETIREMENT PLAN (SERP) TRUST
 
 
 
 
 
 
 
 
Beginning of period
 
(75,079
)
 
(12,078
)
 
(72,941
)
 
(12,474
)
Issuance of shares
 
4,293

 

 
4,293

 

Adjustment to market
 
(5,965
)
 
342

 
(8,103
)
 
738

End of period
 
(76,751
)
 
(11,736
)
 
(76,751
)
 
(11,736
)
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
 
 
 
 
 
 
 
Beginning of period
 
(370,381
)
 
(342,314
)
 
(372,181
)
 
(335,491
)
Other comprehensive income (loss)
 
3,827

 
(34,429
)
 
5,627

 
5,825

Tax Cuts and Jobs Act, reclassification from AOCIL to retained earnings
 

 

 

 
(47,077
)
End of period
 
(366,554
)
 
(376,743
)
 
(366,554
)
 
(376,743
)
TOTAL MOOG SHAREHOLDERS’ EQUITY
 
$
1,355,657

 
$
1,262,267

 
$
1,355,657

 
$
1,262,267

NONCONTROLLING INTEREST
 
 
 
 
 
 
 
 
Beginning of period
 

 

 

 

Net earnings attributable to noncontrolling interest
 

 
67

 

 
67

Foreign currency translation adjustment
 

 
(26
)
 

 
(26
)
Acquisition of noncontrolling interest
 

 
485

 

 
485

End of period
 

 
526

 

 
526

TOTAL SHAREHOLDERS’ EQUITY
 
$
1,355,657

 
$
1,262,793

 
$
1,355,657

 
$
1,262,793



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moogimage2a10.jpg
Consolidated Statements of Shareholders’ Equity, Shares
(Unaudited)
  
 
Three Months Ended
 
Nine Months Ended
(share data)
 
June 29, 2019
 
June 30, 2018
 
June 29, 2019
 
June 30, 2018
COMMON STOCK - CLASS A
 
 
 
 
 
 
 
 
Beginning of period
 
43,785,435

 
43,735,558

 
43,784,489

 
43,704,286

Conversion of Class B to Class A
 
3,612

 
44,679

 
4,558

 
75,951

End of period
 
43,789,047

 
43,780,237

 
43,789,047

 
43,780,237

COMMON STOCK - CLASS B
 
 
 
 
 
 
 
 
Beginning of period
 
7,494,278

 
7,544,155

 
7,495,224

 
7,575,427

Conversion of Class B to Class A
 
(3,612
)
 
(44,679
)
 
(4,558
)
 
(75,951
)
End of period
 
7,490,666

 
7,499,476

 
7,490,666

 
7,499,476

TREASURY SHARES - CLASS A COMMON STOCK
 
 
 
 
 
 
 
 
Beginning of period
 
(10,882,780
)
 
(10,891,108
)
 
(10,872,575
)
 
(10,933,003
)
Class A shares issued related to compensation
 
31,369

 
3,514

 
103,232

 
83,193

Class A shares purchased
 
(13,430
)
 
(806
)
 
(95,498
)
 
(38,590
)
End of period
 
(10,864,841
)
 
(10,888,400
)
 
(10,864,841
)
 
(10,888,400
)
TREASURY SHARES - CLASS B COMMON STOCK
 
 
 
 
 
 
 
 
Beginning of period
 
(3,347,250
)
 
(3,327,853
)
 
(3,323,996
)
 
(3,333,927
)
Class B shares issued related to compensation
 
6,136

 
221

 
104,465

 
28,460

Class B shares purchased
 
(4,000
)
 
(304
)
 
(125,583
)
 
(22,469
)
End of period
 
(3,345,114
)
 
(3,327,936
)
 
(3,345,114
)
 
(3,327,936
)
SECT - CLASS A COMMON STOCK
 
 
 
 
 
 
 
 
Beginning and end of period
 
(425,148
)
 
(425,148
)
 
(425,148
)
 
(425,148
)
SECT - CLASS B COMMON STOCK
 
 
 
 
 
 
 
 
Beginning of period
 
(846,527
)
 
(723,963
)
 
(983,772
)
 
(654,753
)
Issuance of shares
 
6,490

 

 
227,816

 
21,871

Purchase of shares
 
(67,712
)
 
(6,774
)
 
(151,793
)
 
(97,855
)
End of period
 
(907,749
)
 
(730,737
)
 
(907,749
)
 
(730,737
)
SERP - CLASS B COMMON STOCK
 
 
 
 
 
 
 
 
Beginning of period
 
(876,170
)
 
(150,000
)
 
(876,170
)
 
(150,000
)
Issuance of shares
 
50,000

 

 
50,000

 

Beginning and end of period
 
(826,170
)
 
(150,000
)
 
(826,170
)
 
(150,000
)


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moogimage2a10.jpg
Consolidated Condensed Statements of Cash Flows
(Unaudited)

 
 
Nine Months Ended
(dollars in thousands)
 
June 29,
2019
 
June 30,
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Net earnings attributable to Moog and noncontrolling interest
 
$
133,893

 
$
56,014

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
Depreciation
 
53,744

 
54,693

Amortization
 
10,364

 
13,628

Deferred income taxes
 
3,764

 
35,549

Equity-based compensation expense
 
5,130

 
4,394

Impairment of long-lived assets and inventory write-down associated with restructuring
 

 
24,246

Other
 
2,550

 
4,743

Changes in assets and liabilities providing (using) cash:
 
 
 
 
Receivables
 
(42,267
)
 
(27,597
)
Inventories
 
(68,519
)
 
(27,840
)
Accounts payable
 
19,412

 
12,778

Contract advances
 
(4,670
)
 
(165
)
Accrued expenses
 
(9,450
)
 
11,709

Accrued income taxes
 
(5,564
)
 
(1,817
)
Net pension and post retirement liabilities
 
20,486

 
(130,135
)
Other assets and liabilities
 
10,222

 
16,150

Net cash provided by operating activities
 
129,095

 
46,350

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
Acquisitions of businesses, net of cash acquired
 

 
(47,947
)
Purchase of property, plant and equipment
 
(91,083
)
 
(70,759
)
Other investing transactions
 
2,518

 
(3,448
)
Net cash used by investing activities
 
(88,565
)
 
(122,154
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
Net short-term (borrowings) repayments
 
(3,560
)
 
1,357

Proceeds from revolving lines of credit
 
570,200

 
301,500

Payments on revolving lines of credit
 
(604,513
)
 
(411,610
)
Proceeds from long-term debt
 

 
11,216

Payments on long-term debt
 
(255
)
 
(21,849
)
Payment of dividends
 
(26,156
)
 
(8,941
)
Proceeds from sale of treasury stock
 
2,443

 
2,451

Purchase of outstanding shares for treasury
 
(17,986
)
 
(5,210
)
Proceeds from sale of stock held by SECT
 
10,036

 
1,941

Purchase of stock held by SECT
 
(13,327
)
 
(8,444
)
Proceeds from sale of SERP stock
 
4,293

 

Other financing transactions
 

 
484

Net cash used by financing activities
 
(78,825
)
 
(137,105
)
Effect of exchange rate changes on cash
 
(366
)
 
2,266

Decrease in cash, cash equivalents and restricted cash
 
(38,661
)
 
(210,643
)
Cash, cash equivalents and restricted cash at beginning of period
 
127,706

 
386,969

Cash, cash equivalents and restricted cash at end of period
 
$
89,045

 
$
176,326

 
 
 
 
 
SUPPLEMENTAL CASH FLOW INFORMATION
 
 
 
 
Treasury shares issued as compensation
 
$
11,795

 
$

Equipment acquired through financing
 
148

 

See accompanying Notes to Consolidated Condensed Financial Statements.

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moogimage2a10.jpg
Notes to Consolidated Condensed Financial Statements
Nine Months Ended Ended June 29, 2019
(Unaudited)
(dollars in thousands, except per share data)
Note 1 - Basis of Presentation
The accompanying unaudited consolidated condensed financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the three and nine months ended June 29, 2019 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated condensed financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended September 29, 2018. All references to years in these financial statements are to fiscal years.
Certain prior year amounts have been reclassified to conform to current year's presentation. Management does not consider the amounts reclassified to be material.

Recent Accounting Pronouncements Adopted
Standard
 
Description
 
Financial Statement Effect or Other Significant Matters
ASU no. 2014-09
Revenue from Contracts with Customers
(and all related ASUs)
 
 
The standard requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. The provisions of the standard, as well as all subsequently issued clarifications to the standard, are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The standard can be adopted using either a full retrospective or modified retrospective approach.
 
We adopted this standard using the modified retrospective method, under which prior years' results are not restated, but supplemental information is provided in our disclosures to present 2019 results before effect of the standard. In addition, a cumulative adjustment was made to shareholders' equity at the beginning of 2019. Supplemental information is provided in our disclosures to present 2019 results before effect of the standard.
Date adopted:
Q1 2019
ASU no. 2017-07
Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
 
The standard amends existing guidance on the presentation of net periodic benefit cost in the income statement and what qualifies for capitalization on the balance sheet. The provisions of the standard are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The amendment requires income statement presentation provisions to be applied retrospectively and capitalization in assets provisions to be applied prospectively.
 
We adopted this standard retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the Consolidated Condensed Statement of Earnings. Supplemental information is provided in our disclosures to present 2018 results before effect of the standard.

 
Date adopted:
Q1 2019
    

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Recent Accounting Pronouncements Not Yet Adopted
Standard
 
Description
 
Financial Statement Effect or Other Significant Matters
ASU no. 2016-02
Leases
(and all related ASUs)

 
The standard requires most lease arrangements to be recognized in the balance sheet as lease assets and lease liabilities. The standard also requires additional disclosures about the leasing arrangements. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted.
 
We plan to adopt the standard using the modified retrospective method without adjusting prior comparative periods. We expect to record a material right-of-use asset and lease liability on the Consolidated Condensed Balance Sheet. We have identified, and are in the process of implementing, changes to our financial statements and related disclosures, internal controls, financial policies and information technology systems. Upon adoption, we do not anticipate material changes to our Consolidated Condensed Statement of Earnings or Consolidated Condensed Statement of Cash Flows. We have not yet fully quantified the impact on our financial statements and related disclosures.
Planned date of adoption:
Q1 2020
ASU no. 2017-12
Targeted Improvements to Accounting for Hedging Activities
 
The standard expands the hedging strategies eligible for hedge accounting, while simplifying presentation and disclosure by eliminating separate measurement and reporting of hedge ineffectiveness. The provisions of the standard are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted.
 
We are currently evaluating the effect on our financial statements and related disclosures.
Planned date of adoption:
Q1 2020
ASU no. 2018-15
Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
 
The standard amends ASC 350 to include in its scope implementation costs of a Cloud Computing Arrangement (CCA) that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The amendments should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.
 
We are currently evaluating the effect on our financial statements and related disclosures.
Planned date of adoption:
Q1 2021


We consider the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, or had or are expected to have an immaterial impact on our financial statements and related disclosures.
In accordance with SEC Final Rule Release No. 33-10532, we have adopted Rule 3-04 of Regulation S-X during the first quarter of 2019 and have disclosed changes in the Consolidated Condensed Statement of Shareholders' Equity and the amount of dividends per share for each class of shares for all periods presented. Refer to Note 16, Earnings per Share and Dividends.


11

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Impact of Recent Accounting Pronouncements Adopted

On September 30, 2018, we adopted ASC 606: Revenue from Contracts with Customers and the related amendments (ASC 606), using the modified retrospective method, as described above. ASC 606 was applied to contracts that were not completed as of September 29, 2018. Prior periods have not been restated and continue to be reported under the accounting standard in effect for those periods. Previously, we recognized revenue under ASC 605: Revenue Recognition (ASC 605).

The cumulative effect from the adoption of ASC 606 as of September 30, 2018 was as follows:

 
September 29, 2018
 
Adjustments due to adoption of ASC 606
 
September 30, 2018
ASSETS
 
 
 
 
 
 
Receivables
 
$
793,911

 
$
89,121

 
$
883,032

Inventories
 
512,522

 
(65,991
)
 
446,531

Deferred income taxes
 
17,328