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Summary Of Significant Accounting Policies (Tables)
 12 Months Ended
Sep. 28, 2019
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements
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 Statement of Earnings. Supplemental information is provided in our disclosures to present 2018 and 2017 results before effect of the standard.
Date adopted:
Q1 2019



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 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 Statement of Earnings or Consolidated Statement of Cash Flows. Adoption of the standard will result in the recognition of right-of-use assets and lease liabilities for operating leases of approximately 2% of total assets.
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
ASU no. 2016-13 Measurement of Credit Losses on Financial Instruments

 
The standard replaces the incurred loss model with the current expected credit loss (CECL) model to estimate credit losses for financial assets measured at amortized cost and certain off-balance sheet credit exposures. The CECL model requires a Company to estimate credit losses expected over the life of the financial assets based on historical experience, current conditions and reasonable and supportable forecasts. The provisions of the standard are effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The amendment requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period 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 minimal 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 2019 and have disclosed the amount of dividends per share for each class of shares for all periods presented. Refer to Note 15, Earnings per Share and Dividends.
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

 
134

 
17,462

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
Contract advances
 
$
151,687

 
$
921

 
$
152,608

Other accrued liabilities
 
169,762

 
3,569

 
173,331

Deferred income taxes
 
46,477

 
3,851

 
50,328

Retained earnings
 
1,973,514

 
14,923

 
1,988,437


The following tables represent the impact of the adoption of ASU 2017-07: Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, on the Consolidated Statement of Earnings:

 
 
Fiscal Year Ended
 
 
As Reported,
September 29, 2018
 
Impact of Adoption
 
As Adjusted,
September 29, 2018
Cost of sales
 
$
1,924,283

 
$
(1,104
)
 
$
1,923,179

Gross profit
 
772,987

 
1,104

 
774,091

Research and development
 
130,186

 
(348
)
 
129,838

Selling, general and administrative
 
393,760

 
(5,326
)
 
388,434

Other
 
172

 
6,778

 
6,950

 
 
Fiscal Year Ended

 
As Reported September 30, 2017
 
Impact of Adoption
 
As Adjusted September 30, 2017
Cost of sales
 
$
1,766,002

 
$
(2,244
)
 
$
1,763,758

Gross profit
 
731,522

 
2,244

 
733,766

Research and development
 
144,647

 
(490
)
 
144,157

Selling, general and administrative
 
356,141

 
(9,860
)
 
346,281

Other
 
14,472

 
12,594

 
27,066



The following tables represent the impact of the adoption of ASU 2017-07 on operating profit and deductions from operating profit:

 
 
Fiscal Year Ended
 
 
As Reported,
September 29, 2018
 
Impact of Adoption
 
As Adjusted,
September 29, 2018
Operating profit:
 
 
 
 
 
 
Aircraft Controls
 
$
128,665

 
$
1,107

 
$
129,772

Space and Defense Controls
 
66,875

 
740

 
67,615

Industrial Systems
 
62,312

 
2,652

 
64,964

Total operating profit
 
$
257,852

 
$
4,499

 
$
262,351

Deductions from operating profit:
 
 
 
 
 
 
Non-service pension expense
 
$
—

 
$
6,778

 
$
6,778

Corporate and other expenses, net
 
$
31,973

 
$
(2,279
)
 
$
29,694

 
 
Fiscal Year Ended
 
 
As Reported September 30, 2017
 
Impact of Adoption
 
As Adjusted September 30, 2017
Operating profit:
 
 
 
 
 
 
Aircraft Controls
 
$
114,016

 
$
2,781

 
$
116,797

Space and Defense Controls
 
48,517

 
1,472

 
49,989

Industrial Systems
 
87,619

 
4,442

 
92,061

Total operating profit
 
$
250,152

 
$
8,695

 
$
258,847

Deductions from operating profit:
 
 
 
 
 
 
Non-service pension expense
 
$
—

 
$
12,594

 
$
12,594

Corporate and other expenses, net
 
$
29,308

 
$
(3,899
)
 
$
25,409
Schedule of Prospective Adoption of New Accounting Pronouncements
The following table represent the impact of the adoption of ASC 606 on the Consolidated Statement of Earnings for the fiscal year ended September 28, 2019:
 
 
Under ASC 605
 
Effect of ASC 606
 
As Reported Under ASC 606
Net sales
 
$
2,877,068

 
$
27,595

 
$
2,904,663

Cost of sales
 
2,073,519

 
15,312

 
2,088,831

Gross profit
 
803,549

 
12,283

 
815,832

Earnings before income taxes
 
221,475

 
12,283

 
233,758

Income taxes
 
51,177

 
2,833

 
54,010

Net earnings
 
$
170,298

 
$
9,450

 
$
179,748



The following table represents the impact of the adoption of ASC 606 on the Consolidated Balance Sheet as of September 28, 2019:

 
Under ASC 605
 
Impact of Adoption
 
As Reported Under ASC 606
ASSETS
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
Receivables
 
$
839,504

 
$
117,783

 
$
957,287

Inventories
 
618,909

 
(83,935
)
 
534,974

Total current assets
 
1,595,125

 
33,848

 
1,628,973

Deferred income taxes
 
20,086

 
(94
)
 
19,992

Total assets
 
3,080,483

 
33,754

 
3,114,237

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
Contract advances
 
$
137,307

 
$
(65
)
 
$
137,242

Other accrued liabilities
 
183,075

 
5,650

 
188,725

Total current liabilities
 
722,073

 
5,585

 
727,658

Deferred income taxes
 
36,913

 
3,615

 
40,528

Total liabilities
 
1,782,556

 
9,200

 
1,791,756

Shareholders’ equity
 
 
 
 
 
 
Retained earnings
 
2,108,955

 
24,373

 
2,133,328

Accumulated other comprehensive loss
 
(420,247
)
 
181

 
(420,066
)
Total shareholders’ equity
 
1,297,927

 
24,554

 
1,322,481

Total liabilities and shareholders’ equity
 
3,080,483

 
33,754

 
3,114,237