Company Quick10K Filing
Quick10K
Moog
10-Q 2019-03-30 Quarter: 2019-03-30
10-Q 2018-12-29 Quarter: 2018-12-29
10-K 2018-09-29 Annual: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-30 Quarter: 2017-12-30
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-10-01 Annual: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-Q 2016-01-02 Quarter: 2016-01-02
10-K 2015-10-03 Annual: 2015-10-03
10-Q 2015-07-04 Quarter: 2015-07-04
10-Q 2015-04-04 Quarter: 2015-04-04
10-Q 2015-01-03 Quarter: 2015-01-03
10-K 2014-09-27 Annual: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-Q 2013-12-28 Quarter: 2013-12-28
8-K 2019-05-03 Officers
8-K 2019-04-26 Earnings, Other Events, Exhibits
8-K 2019-02-12 Shareholder Vote
8-K 2019-01-25 Earnings, Other Events, Exhibits
8-K 2019-01-25 Earnings, Other Events, Exhibits
8-K 2018-11-02 Earnings, Other Events, Exhibits
8-K 2018-07-27 Earnings, Other Events, Exhibits
8-K 2018-05-08 Amend Bylaw, Exhibits
8-K 2018-03-15 Other Events, Exhibits
8-K 2018-02-14 Amend Bylaw, Shareholder Vote, Exhibits
AMT American Tower 85,100
BHGE Baker Hughes 23,450
DGX Quest Diagnostics 13,270
WEN Wendy's 4,340
WLDN Willdan Group 411
ACER Acer Therapeutics 198
TCKI Turnkey Capital 0
EXEO Exeo Entertainment 0
ARGQ Argentum 47 0
GRP Granite Real Estate 0
MOG 2019-03-30
Part I Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Revenue From Contracts with Customers
Note 3 - Acquisitions, Divestitures and Equity Method Investments
Note 4 - Receivables
Note 5 - Inventories
Note 6 - Goodwill and Intangible Assets
Note 7 - Indebtedness
Note 8 - Product Warranties
Note 9 - Derivative Financial Instruments
Note 10 - Fair Value
Note 11 - Employee Benefit Plans
Note 12 - Restructuring
Note 13 - Income Taxes
Note 14 - Accumulated Other Comprehensive Income (Loss)
Note 15 - Stock Employee Compensation Trust and Supplemental Retirement Plan Trust
Note 16 - Earnings per Share and Dividends
Note 17 - Segment Information
Note 18 - Related Party Transactions
Note 19 - Commitments and Contingencies
Note 20 - Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 exhibit311apr2619wconf.htm
EX-31.2 exhibit312apr2619wconf.htm
EX-32.1 exhibit321apr2619wconf.htm

Moog Earnings 2019-03-30

MOG 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________
FORM 10-Q
___________________________________________
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 30, 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
_________________________________________
moogimagea07.jpg
(Exact name of registrant as specified in its charter)
__________________________________________
New York State
16-0757636
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
East Aurora, New York
14052-0018
(Address of principal executive offices)
(Zip Code)
        (716) 652-2000
 (Telephone number including area code)
__________________________________________________________
Former name, former address and former fiscal year, if changed since last report.

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 ý    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 ý    No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý     Accelerated filer ¨     Non-accelerated filer ¨ (Do not check if smaller reporting company) Smaller reporting company ¨    Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for the 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 Exchange Act).
Yes ¨    No ý

The number of shares outstanding of each class of common stock as of April 23, 2019 was:
Class A common stock, $1.00 par value, 32,477,568 shares
Class B common stock, $1.00 par value, 2,423,575 shares



Table of Contents




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


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Table of Contents


PART I FINANCIAL INFORMATION
Item 1. Financial Statements
moogimage2a09.jpg
Consolidated Condensed Statements of Earnings
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
(dollars in thousands, except share and per share data)
 
March 30,
2019
 
March 31,
2018
 
March 30,
2019
 
March 31,
2018
Net sales
 
$
718,811

 
$
689,049

 
$
1,398,487

 
$
1,316,584

Cost of sales
 
521,410

 
488,788

 
1,001,584

 
931,938

Inventory write-down - restructuring
 

 
7,329

 

 
7,329

Gross profit
 
197,401

 
192,932

 
396,903

 
377,317

Research and development
 
31,344

 
33,995

 
63,220

 
66,329

Selling, general and administrative
 
99,860

 
98,665

 
196,186

 
193,284

Interest
 
9,939

 
9,089

 
19,621

 
17,735

Restructuring
 

 
24,058

 

 
24,058

Other
 
640

 
1,456

 
4,074

 
2,408

Earnings before income taxes
 
55,618

 
25,669

 
113,802

 
73,503

Income taxes
 
13,259

 
11,704

 
27,374

 
58,239

Net earnings
 
$
42,359

 
$
13,965

 
$
86,428

 
$
15,264

 
 
 
 
 
 
 
 
 
Net earnings per share
 
 
 
 
 
 
 
 
Basic
 
$
1.21

 
$
0.39

 
$
2.48

 
$
0.43

Diluted
 
$
1.20

 
$
0.39

 
$
2.46

 
$
0.42

 
 
 
 
 
 
 
 
 
Dividends declared per share
 
$
0.25

 
$
0.25

 
$
0.50

 
$
0.25

 
 
 
 
 
 
 
 
 
Average common shares outstanding
 
 
 
 
 
 
 
 
Basic
 
34,886,541

 
35,770,089

 
34,850,898

 
35,771,247

Diluted
 
35,241,113

 
36,179,858

 
35,183,471

 
36,190,455

See accompanying Notes to Consolidated Condensed Financial Statements.



3

Table of Contents


moogimage2a09.jpg
Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
(dollars in thousands)
 
March 30,
2019
 
March 31,
2018
 
March 30,
2019

March 31,
2018
Net earnings
 
$
42,359

 
$
13,965

 
$
86,428

 
$
15,264

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
1,106

 
20,297

 
(8,281
)
 
30,661

Retirement liability adjustment
 
4,677

 
4,682

 
9,496

 
8,938

Change in accumulated income (loss) on derivatives
 
(79
)
 
(579
)
 
585

 
655

Other comprehensive income (loss), net of tax
 
5,704

 
24,400

 
1,800

 
40,254

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

 
(47,077
)
 

 
(47,077
)
Comprehensive income (loss)
 
$
48,063

 
$
(8,712
)
 
$
88,228

 
$
8,441

See accompanying Notes to Consolidated Condensed Financial Statements.



4

Table of Contents


moogimage2a09.jpg
Consolidated Condensed Balance Sheets
(Unaudited)
(dollars in thousands)
 
March 30,
2019
 
September 29,
2018
ASSETS
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
112,072

 
$
125,584

Receivables
 
898,801

 
793,911

Inventories
 
489,067

 
512,522

Prepaid expenses and other current assets
 
47,229

 
44,404

Total current assets
 
1,547,169

 
1,476,421

Property, plant and equipment, net of accumulated depreciation of $812,879 and $816,837, respectively
 
569,624

 
552,865

Goodwill
 
791,398

 
797,217

Intangible assets, net
 
88,089

 
95,537

Deferred income taxes
 
15,671

 
17,328

Other assets
 
21,006

 
24,680

Total assets
 
$
3,032,957

 
$
2,964,048

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Current liabilities
 
 
 
 
Short-term borrowings
 
$
90

 
$
3,623

Current installments of long-term debt
 
315

 
365

Accounts payable
 
224,555

 
213,982

Accrued compensation
 
126,819

 
147,765

Contract advances
 
169,836

 
151,687

Contract and contract-related loss reserves
 
49,383

 
42,258

Other accrued liabilities
 
117,094

 
120,944

Total current liabilities
 
688,092

 
680,624

Long-term debt, excluding current installments
 
825,692

 
858,836

Long-term pension and retirement obligations
 
116,466

 
117,471

Deferred income taxes
 
53,272

 
46,477

Other long-term liabilities
 
34,993

 
35,654

Total liabilities
 
1,718,515

 
1,739,062

Commitments and contingencies (Note 19)
 

 

Shareholders’ equity
 
 
 
 
Common stock - Class A
 
43,786

 
43,785

Common stock - Class B
 
7,494

 
7,495

Additional paid-in capital
 
510,538

 
502,257

Retained earnings
 
2,057,435

 
1,973,514

Treasury shares
 
(749,845
)
 
(738,494
)
Stock Employee Compensation Trust
 
(109,506
)
 
(118,449
)
Supplemental Retirement Plan Trust
 
(75,079
)
 
(72,941
)
Accumulated other comprehensive loss
 
(370,381
)
 
(372,181
)
Total shareholders’ equity
 
1,314,442

 
1,224,986

Total liabilities and shareholders’ equity
 
$
3,032,957

 
$
2,964,048

See accompanying Notes to Consolidated Condensed Financial Statements.
 
 
 
 

5

Table of Contents


moogimage2a09.jpg
Consolidated Condensed Statements of Shareholders' Equity
(Unaudited)
  
 
Three Months Ended
 
Six Months Ended
(dollars in thousands)
 
March 30, 2019
 
March 31, 2018
 
March 30, 2019
 
March 31, 2018
COMMON STOCK
 
 
 
 
 
 
 
 
Beginning and end of period
 
$
51,280

 
$
51,280

 
$
51,280

 
$
51,280

ADDITIONAL PAID-IN CAPITAL
 
 
 
 
 
 
 
 
Beginning of period
 
491,945

 
498,699

 
502,257

 
492,246

Issuance of treasury shares
 
(1,390
)
 
(1,100
)
 
1,070

 
(2,733
)
Equity-based compensation expense
 
1,683

 
1,499

 
3,691

 
3,500

Adjustment to market - SECT, SERP and other
 
18,300

 
(9,043
)
 
3,520

 
(2,958
)
End of period
 
510,538

 
490,055

 
510,538

 
490,055

RETAINED EARNINGS
 
 
 
 
 
 
 
 
Beginning of period
 
2,023,803

 
1,849,118

 
1,973,514

 
1,847,819

Net earnings
 
42,359

 
13,965

 
86,428

 
15,264

Dividends
 
(8,727
)
 
(8,978
)
 
(17,430
)
 
(8,978
)
Adoption of ASC 606
 

 

 
14,923

 

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

 
47,077

 

 
47,077

End of period
 
2,057,435

 
1,901,182

 
2,057,435

 
1,901,182

TREASURY SHARES AT COST
 
 
 
 
 
 
 
 
Beginning of period
 
(747,900
)
 
(739,210
)
 
(738,494
)
 
(739,157
)
Class A and B shares issued related to compensation
 
3,833

 
2,503

 
4,968

 
5,184

Class A and B shares purchased
 
(5,778
)
 
(2,384
)
 
(16,319
)
 
(5,118
)
End of period
 
(749,845
)
 
(739,091
)
 
(749,845
)
 
(739,091
)
STOCK EMPLOYEE COMPENSATION TRUST (SECT)
 
 
 
 
 
 
 
 
Beginning of period
 
(102,182
)
 
(98,990
)
 
(118,449
)
 
(89,919
)
Issuance of shares
 
8,918

 
1,941

 
17,679

 
1,941

Purchase of shares
 
(5,424
)
 
(4,091
)
 
(7,354
)
 
(7,914
)
Adjustment to market
 
(10,818
)
 
7,810

 
(1,382
)
 
2,562

End of period
 
(109,506
)
 
(93,330
)
 
(109,506
)
 
(93,330
)
SUPPLEMENTAL RETIREMENT PLAN (SERP) TRUST
 
 
 
 
 
 
 
 
Beginning of period
 
(67,597
)
 
(13,311
)
 
(72,941
)
 
(12,474
)
Adjustment to market
 
(7,482
)
 
1,233

 
(2,138
)
 
396

End of period
 
(75,079
)
 
(12,078
)
 
(75,079
)
 
(12,078
)
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
 
 
 
 
 
 
 
Beginning of period
 
(376,085
)
 
(319,637
)
 
(372,181
)
 
(335,491
)
Other comprehensive income (loss)
 
5,704

 
24,400

 
1,800

 
40,254

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

 
(47,077
)
 

 
(47,077
)
End of period
 
(370,381
)
 
(342,314
)
 
(370,381
)
 
(342,314
)
TOTAL SHAREHOLDERS’ EQUITY
 
$
1,314,442

 
$
1,255,704

 
$
1,314,442

 
$
1,255,704



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moogimage2a09.jpg
Consolidated Statements of Shareholders’ Equity, Shares
(Unaudited)
  
 
Three Months Ended
 
Six Months Ended
(share data)
 
March 30, 2019
 
March 31, 2018
 
March 30, 2019
 
March 31, 2018
COMMON STOCK - CLASS A
 
 
 
 
 
 
 
 
Beginning of period
 
43,785,435

 
43,715,586

 
43,784,489

 
43,704,286

Conversion of Class B to Class A
 

 
19,972

 
946

 
31,272

End of period
 
43,785,435

 
43,735,558

 
43,785,435

 
43,735,558

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

 
7,564,127

 
7,495,224

 
7,575,427

Conversion of Class B to Class A
 

 
(19,972
)
 
(946
)
 
(31,272
)
End of period
 
7,494,278

 
7,544,155

 
7,494,278

 
7,544,155

TREASURY SHARES - CLASS A COMMON STOCK
 
 
 
 
 
 
 
 
Beginning of period
 
(10,897,407
)
 
(10,901,537
)
 
(10,872,575
)
 
(10,933,003
)
Class A shares issued related to compensation
 
48,122

 
15,193

 
71,863

 
79,679

Class A shares purchased
 
(33,495
)
 
(4,764
)
 
(82,068
)
 
(37,784
)
End of period
 
(10,882,780
)
 
(10,891,108
)
 
(10,882,780
)
 
(10,891,108
)
TREASURY SHARES - CLASS B COMMON STOCK
 
 
 
 
 
 
 
 
Beginning of period
 
(3,348,499
)
 
(3,328,064
)
 
(3,323,996
)
 
(3,333,927
)
Class B shares issued related to compensation
 
39,536

 
22,361

 
98,329

 
28,239

Class B shares purchased
 
(38,287
)
 
(22,150
)
 
(121,583
)
 
(22,165
)
End of period
 
(3,347,250
)
 
(3,327,853
)
 
(3,347,250
)
 
(3,327,853
)
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
 
(899,864
)
 
(699,415
)
 
(983,772
)
 
(654,753
)
Issuance of shares
 
113,749

 
21,871

 
221,326

 
21,871

Purchase of shares
 
(60,412
)
 
(46,419
)
 
(84,081
)
 
(91,081
)
End of period
 
(846,527
)
 
(723,963
)
 
(846,527
)
 
(723,963
)
SERP - CLASS B COMMON STOCK
 
 
 
 
 
 
 
 
Beginning and end of period
 
(876,170
)
 
(150,000
)
 
(876,170
)
 
(150,000
)


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moogimage2a09.jpg
Consolidated Condensed Statements of Cash Flows
(Unaudited)

 
 
Six Months Ended
(dollars in thousands)
 
March 30,
2019
 
March 31,
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Net earnings
 
$
86,428

 
$
15,264

Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
 
 
 
 
Depreciation
 
36,074

 
35,536

Amortization
 
7,212

 
9,425

Deferred income taxes
 
2,182

 
30,709

Equity-based compensation expense
 
3,691

 
3,500

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

 
21,811

Other
 
1,331

 
2,960

Changes in assets and liabilities providing (using) cash:
 
 
 
 
Receivables
 
(16,621
)
 
(30,111
)
Inventories
 
(44,428
)
 
(20,685
)
Accounts payable
 
11,158

 
11,351

Contract advances
 
17,127

 
5,547

Accrued expenses
 
(6,715
)
 
10,558

Accrued income taxes
 
(1,767
)
 
4,953

Net pension and post retirement liabilities
 
13,039

 
(70,309
)
Other assets and liabilities
 
137

 
14,721

Net cash provided by operating activities
 
108,848

 
45,230

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

 
(42,116
)
Purchase of property, plant and equipment
 
(59,971
)
 
(43,924
)
Other investing transactions
 
2,447

 
(3,710
)
Net cash (used) by investing activities
 
(57,524
)
 
(89,750
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
Net short-term repayments
 
(3,560
)
 

Proceeds from revolving lines of credit
 
327,300

 
209,500

Payments on revolving lines of credit
 
(361,300
)
 
(269,610
)
Proceeds from long-term debt
 

 
10,000

Payments on long-term debt
 
(167
)
 
(20,614
)
Payment of dividends
 
(17,430
)
 

Proceeds from sale of treasury stock
 
2,443

 
2,451

Purchase of outstanding shares for treasury
 
(16,319
)
 
(5,118
)
Proceeds from sale of stock held by SECT
 
9,479

 
1,941

Purchase of stock held by SECT
 
(7,354
)
 
(7,914
)
Net cash (used) by financing activities
 
(66,908
)
 
(79,364
)
Effect of exchange rate changes on cash
 
(50
)
 
11,418

Increase (decrease) in cash, cash equivalents and restricted cash
 
(15,634
)
 
(112,466
)
Cash, cash equivalents and restricted cash at beginning of period
 
127,706

 
386,969

Cash, cash equivalents and restricted cash at end of period
 
$
112,072

 
$
274,503

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

 
$

Equipment acquired through financing
 
148

 

See accompanying Notes to Consolidated Condensed Financial Statements.

8

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moogimage2a09.jpg
Notes to Consolidated Condensed Financial Statements
Six Months Ended Ended March 30, 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 six months ended March 30, 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 are currently evaluating the effect 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 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 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.


10

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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

 
134

 
17,462

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
Contract advances
 
$
151,687

 
$
921

 
$
152,608

Contract and contract-related loss reserves
 
42,258

 
2,430

 
44,688

Other accrued liabilities
 
120,944

 
1,139

 
122,083

Deferred income taxes
 
46,477

 
3,851

 
50,328

Retained earnings
 
1,973,514

 
14,923

 
1,988,437



The tables below represent the impact of the adoption of ASC 606 on the Consolidated Condensed Statement of Earnings for the three and six months ended March 30, 2019.

 
 
Three Months Ended

 
Under ASC 605
 
Effect of ASC 606
 
As Reported Under ASC 606
Net sales
 
$
704,600

 
$
14,211

 
$
718,811

Cost of sales
 
511,889

 
9,521

 
521,410

Gross profit
 
192,711

 
4,690

 
197,401

Earnings before income taxes
 
50,928

 
4,690

 
55,618

Income taxes
 
12,025

 
1,234

 
13,259

Net earnings
 
$
38,903

 
$
3,456

 
$
42,359

 
 
Six Months Ended
 
 
Under ASC 605
 
Effect of ASC 606
 
As Reported Under ASC 606
Net sales
 
$
1,381,934

 
$
16,553

 
$
1,398,487

Cost of sales
 
989,768

 
11,816

 
1,001,584

Gross profit
 
392,166

 
4,737

 
396,903

Earnings before income taxes