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Revenue (Tables)
 9 Months Ended
Jun. 29, 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 June 29, 2019
 
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Revenue
 
$
232,209

 
$
213,443

 
$
18,766

Cost of sales
 
147,106

 
136,563

 
10,543

Gross profit
 
85,103

 
76,880

 
8,223

Selling and marketing
 
33,321

 
33,075

 
246

Income tax provision (benefit)
 
2,605

 
1,326

 
1,279

Net income
 
13,585

 
6,887

 
6,698

 
 
 
 
 
 
 
 
 
Nine Months Ended June 29, 2019
 
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Revenue
 
$
668,436

 
$
636,546

 
$
31,890

Cost of sales
 
417,678

 
397,295

 
20,383

Gross profit
 
250,758

 
239,251

 
11,507

Selling and marketing
 
98,805

 
98,566

 
239

Income tax provision (benefit)
 
6,217

 
4,363

 
1,854

Net income
 
38,246

 
28,832

 
9,414

 
 
 
 
 
 
 
Consolidated Balance Sheets
 
June 29, 2019
 
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Assets
 
 
 
 
 
 
Accounts receivable, net
 
$
131,365

 
$
133,548

 
$
(2,183
)
Unbilled accounts receivable, net
 
68,804

 
59,784

 
9,020

Inventories, net
 
164,853

 
156,108

 
8,745

Prepaid expenses and other current assets
 
27,118

 
24,003

 
3,115

Other long-term assets
 
3,986

 
2,880

 
1,106

Deferred income taxes
 
3,818

 
3,167

 
651

Liabilities and Shareholders' Equity
 
 
 
 
 
 
Advance payments from customers
 
87,935

 
84,970

 
2,965

Accrued income taxes
 
3,736

 
3,345

 
391

Other accrued liabilities
 
35,367

 
20,566

 
14,801

Deferred income taxes
 
50,315

 
51,540

 
(1,225
)
Other long-term liabilities
 
15,305

 
15,021

 
284

Accumulated other comprehensive income (loss)
 
(5,409
)
 
(5,460
)
 
51

Retained earnings
 
316,249

 
313,062

 
3,187

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 June 29, 2019
 
 
Test & Simulation
 
Sensors
 
Intersegment
 
Total
Sales type
 
 
 
 
 
 
 
 
Product
 
$
123,573

 
$
82,305

 
$
(350
)
 
$
205,528

Service
 
24,755

 
1,926

 
—

 
26,681

Total revenue
 
$
148,328

 
$
84,231

 
$
(350
)
 
$
232,209

 
 
 
 
 
 
 
 
 
Timing of recognition
 
 
 
 
 
 
 
 
Point-in-time
 
$
95,247

 
$
77,978

 
$
(350
)
 
$
172,875

Over time
 
53,081

 
6,253

 
—

 
59,334

Total revenue
 
$
148,328

 
$
84,231

 
$
(350
)
 
$
232,209

 
 
 
 
 
 
 
 
 
Geographic market
 
 
 
 
 
 
 
 
Americas
 
$
47,892

 
$
42,365

 
$
(350
)
 
$
89,907

Europe
 
34,137

 
26,994

 
—

 
61,131

Asia
 
66,299

 
14,872

 
—

 
81,171

Total revenue
 
$
148,328

 
$
84,231

 
$
(350
)
 
$
232,209

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended June 29, 2019
 
 
Test & Simulation
 
Sensors
 
Intersegment
 
Total
Sales type
 
 
 
 
 
 
 
 
Product
 
$
348,992

 
$
239,345

 
$
(1,040
)
 
$
587,297

Service
 
75,928

 
5,211

 
—

 
81,139

Total revenue
 
$
424,920

 
$
244,556

 
$
(1,040
)
 
$
668,436

 
 
 
 
 
 
 
 
 
Timing of recognition
 
 
 
 
 
 
 
 
Point-in-time
 
$
273,226

 
$
231,507

 
$
(1,040
)
 
$
503,693

Over time
 
151,694

 
13,049

 
—

 
164,743

Total revenue
 
$
424,920

 
$
244,556

 
$
(1,040
)
 
$
668,436

 
 
 
 
 
 
 
 
 
Geographic market
 
 
 
 
 
 
 
 
Americas
 
$
138,780

 
$
119,069

 
$
(1,040
)
 
$
256,809

Europe
 
92,300

 
79,995

 
—

 
172,295

Asia
 
193,840

 
45,492

 
—

 
239,332

Total revenue
 
$
424,920

 
$
244,556

 
$
(1,040
)
 
$
668,436
Contract Assets and Contract Liabilities
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
 
92,958

Transfers to accounts receivable, net
 
(88,506
)
Acquisitions1
 
1,518

Other
 
362

Balance, June 29, 2019
 
$
68,804

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

Cumulative transition adjustment upon adoption
 
20,557

Revenue recognized included in balance at beginning of period
 
(70,294
)
Increases due to payments received, excluding amounts recognized as revenue during period
 
64,248

Acquisitions1
 
4,853

Other
 
(820
)
Balance, June 29, 2019
 
$
98,675

1    See Note 16 for additional information regarding acquisitions.
Contract assets and contract liabilities are as follows:
 
 
June 29,
2019
 
September 29,
2018
Contract assets
 
$
68,804

 
$
70,474

Contract liabilities
 
98,675

 
80,131