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Revenue (Tables)
 6 Months Ended
Mar. 30, 2019
Revenue from Contract with Customer [Abstract]  
Impact of 606 Adoption
The impact of adopting the new revenue standard on our Consolidated Statements of Income and Consolidated Balance Sheets is as follows:
Consolidated Statements of Income
 
Three Months Ended March 30, 2019
 
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Revenue
 
$
233,046

 
$
224,665

 
$
8,381

Cost of sales
 
145,696

 
140,312

 
5,384

Gross profit
 
87,350

 
84,353

 
2,997

Selling and marketing
 
33,395

 
33,239

 
156

Income tax provision (benefit)
 
2,916

 
2,422

 
494

Net income
 
14,160

 
11,813

 
2,347

 
 
 
 
 
 
 
 
 
Six Months Ended March 30, 2019
 
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Revenue
 
$
436,227

 
$
423,103

 
$
13,124

Cost of sales
 
270,572

 
260,732

 
9,840

Gross profit
 
165,655

 
162,371

 
3,284

Selling and marketing
 
65,484

 
65,491

 
(7
)
Income tax provision (benefit)
 
3,612

 
3,037

 
575

Net income
 
24,661

 
21,945

 
2,716

 
 
 
 
 
 
 
Consolidated Balance Sheets
 
March 30, 2019
 
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Assets
 
 
 
 
 
 
Accounts receivable, net
 
$
117,349

 
$
121,678

 
$
(4,329
)
Unbilled accounts receivable, net
 
71,175

 
79,819

 
(8,644
)
Inventories, net
 
179,071

 
160,914

 
18,157

Prepaid expenses and other current assets
 
32,307

 
28,216

 
4,091

Other long-term assets
 
3,900

 
2,794

 
1,106

Deferred income taxes
 
4,058

 
3,417

 
641

Liabilities and Shareholders' Equity
 
 
 
 
 
 
Advance payments from customers
 
102,033

 
100,589

 
1,444

Accrued income taxes
 
5,709

 
5,861

 
(152
)
Other accrued liabilities
 
34,494

 
20,855

 
13,639

Deferred income taxes
 
50,659

 
51,886

 
(1,227
)
Other long-term liabilities
 
12,508

 
11,748

 
760

Accumulated other comprehensive income (loss)
 
(4,618
)
 
(4,687
)
 
69

Retained earnings
 
308,279

 
311,790

 
(3,511
)
The cumulative effect of the changes made to our September 29, 2018 Consolidated Balance Sheet from the modified retrospective adoption of the new revenue standard is as follows:
Consolidated Balance Sheets
 
 
 
 
Balance at September 29, 2018
 
Adjustments due to ASC 606 Adoption
 
Balance at September 30, 2018
Assets
 
 
 
 
 
 
Accounts receivable, net
 
$
122,243

 
$
(4,481
)
 
$
117,762

Unbilled accounts receivable, net
 
70,474

 
(8,002
)
 
62,472

Inventories, net
 
139,109

 
16,727

 
155,836

Prepaid expenses and other current assets
 
24,572

 
4,651

 
29,223

Other long-term assets
 
2,263

 
1,060

 
3,323

Deferred income taxes
 
3,249

 
643

 
3,892

Liabilities and Shareholders' Equity
 
 
 
 
 
 
Advance payments from customers
 
80,131

 
13,568

 
93,699

Other accrued liabilities
 
19,146

 
(2,504
)
 
16,642

Deferred income taxes
 
46,482

 
(1,228
)
 
45,254

Other long-term liabilities
 
4,894

 
6,989

 
11,883

Retained earnings
 
300,585

 
(6,227
)
 
294,358
Disaggregation of Revenue
 
 
Three Months Ended March 30, 2019
 
 
Test & Simulation
 
Sensors
 
Intersegment
 
Total
Sales type
 
 
 
 
 
 
 
 
Product
 
$
126,511

 
$
80,540

 
$
(361
)
 
$
206,690

Service
 
24,521

 
1,835

 
—

 
26,356

Total revenue
 
$
151,032

 
$
82,375

 
$
(361
)
 
$
233,046

 
 
 
 
 
 
 
 
 
Timing of recognition
 
 
 
 
 
 
 
 
Point-in-time
 
$
98,360

 
$
82,375

 
$
(361
)
 
$
180,374

Over time
 
52,672

 
—

 
—

 
52,672

Total revenue
 
$
151,032

 
$
82,375

 
$
(361
)
 
$
233,046

 
 
 
 
 
 
 
 
 
Geographic market
 
 
 
 
 
 
 
 
Americas
 
$
51,399

 
$
38,975

 
$
(361
)
 
$
90,013

Europe
 
29,536

 
27,653

 
—

 
57,189

Asia
 
70,097

 
15,747

 
—

 
85,844

Total revenue
 
$
151,032

 
$
82,375

 
$
(361
)
 
$
233,046

 
 
 
 
 
 
 
 
 
 
 
Six Months Ended March 30, 2019
 
 
Test & Simulation
 
Sensors
 
Intersegment
 
Total
Sales type
 
 
 
 
 
 
 
 
Product
 
$
225,419

 
$
157,040

 
$
(690
)
 
$
381,769

Service
 
51,173

 
3,285

 
—

 
54,458

Total revenue
 
$
276,592

 
$
160,325

 
$
(690
)
 
$
436,227

 
 
 
 
 
 
 
 
 
Timing of recognition
 
 
 
 
 
 
 
 
Point-in-time
 
$
177,979

 
$
160,325

 
$
(690
)
 
$
337,614

Over time
 
98,613

 
—

 
—

 
98,613

Total revenue
 
$
276,592

 
$
160,325

 
$
(690
)
 
$
436,227

 
 
 
 
 
 
 
 
 
Geographic market
 
 
 
 
 
 
 
 
Americas
 
$
90,888

 
$
76,704

 
$
(690
)
 
$
166,902

Europe
 
58,163

 
53,001

 
—

 
111,164

Asia
 
127,541

 
30,620

 
—

 
158,161

Total revenue
 
$
276,592

 
$
160,325

 
$
(690
)
 
$
436,227
Contract Assets and Contract Liabilities
Contract assets and contract liabilities are as follows:
 
 
March 30,
2019
 
September 29,
2018
Contract assets
 
$
71,175

 
$
70,474

Contract liabilities
 
109,763

 
80,131

Significant changes in contract assets and contract liabilities are as follows:
 
 
Contract Assets
Balance, September 29, 2018
 
$
70,474

Cumulative transition adjustment upon adoption
 
(8,002
)
Changes in estimated stage of completion
 
69,857

Transfers to accounts receivable, net
 
(62,265
)
Acquisitions1
 
1,518

Other
 
(407
)
Balance, March 30, 2019
 
$
71,175

 
 
 
 
 
Contract Liabilities
Balance, September 29, 2018
 
$
80,131

Cumulative transition adjustment upon adoption
 
20,557

Revenue recognized included in balance at beginning of period
 
(58,947
)
Increases due to payments received, excluding amounts recognized as revenue during period
 
64,121

Acquisitions1
 
4,777

Other
 
(876
)
Balance, March 30, 2019
 
$
109,763

1    See Note 18 for additional information regarding acquisitions.