ESCO (ESE) 10-Q 9 May 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	ESCO TECHNOLOGIES INC
Entity Central Index Key	0000866706
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Trading Symbol	ESE
Entity Common Stock, Shares Outstanding		25,977,687
Entity Emerging Growth Company	false
Entity Small Business	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Net sales	$ 193,949	$ 174,778	$ 376,546	$ 348,273
Costs and expenses:
Cost of sales	121,946	112,370	240,854	224,106
Selling, general and administrative expenses	41,673	40,749	82,666	82,903
Amortization of intangible assets	4,620	4,564	9,272	9,010
Interest expense, net	1,925	2,036	3,815	4,221
Other (income) expenses, net	2,430	1,475	(4,673)	1,648
Total costs and expenses	172,594	161,194	331,934	321,888
Earnings before income taxes	21,355	13,584	44,612	26,385
Income tax expense (benefit)	2,558	3,590	8,498	(18,280)
Net earnings	$ 18,797	$ 9,994	$ 36,114	$ 44,665
Earnings per share:
Basic - Net earnings	$ 0.73	$ 0.39	$ 1.39	$ 1.73
Diluted - Net earnings	$ 0.72	$ 0.38	$ 1.38	$ 1.72

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Net earnings	$ 18,797	$ 9,994	$ 36,114	$ 44,665
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	677	2,837	(3,852)	4,125
Net unrealized gain on derivative instruments	126	138	100	155
Total other comprehensive income (loss), net of tax	803	2,975	(3,752)	4,280
Comprehensive income	$ 19,600	$ 12,969	$ 32,362	$ 48,945

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Current assets:
Cash and cash equivalents	$ 34,955	$ 30,477
Accounts receivable, net	159,923	163,740
Contract assets	100,540	53,034
Inventories	124,493	135,416
Other current assets	16,048	13,356
Total current assets	435,959	396,023
Property, plant and equipment, net of accumulated depreciation of $120,886 and $115,728, respectively	132,806	134,954
Intangible assets, net of accumulated amortization of $101,546 and $92,274, respectively	338,514	345,353
Goodwill	381,304	381,652
Other assets	5,380	7,140
Total assets	1,293,963	1,265,122
Current liabilities:
Current maturities of long-term debt	20,000	20,000
Accounts payable	58,090	63,033
Contract liabilities	55,453	49,035
Accrued salaries	27,239	29,379
Accrued other expenses	41,163	39,083
Total current liabilities	201,945	200,530
Pension obligations	15,991	16,286
Deferred tax liabilities	62,938	64,794
Other liabilities	21,693	24,102
Long-term debt	197,000	200,000
Total liabilities	499,567	505,712
Shareholders' equity:
Preferred stock, par value $.01 per share, authorized 10,000,000 shares	0	0
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,633,742 and 30,534,786 shares, respectively	305	305
Additional paid-in capital	293,612	291,190
Retained earnings	643,018	606,837
Accumulated other comprehensive loss, net of tax	(35,280)	(31,528)
Total stockholders' equity before Treasury Stock	901,655	866,804
Less treasury stock, at cost: 4,615,627 and 4,623,958 common shares, respectively	(107,259)	(107,394)
Total shareholders' equity	794,396	759,410
Total liabilities and shareholders' equity	$ 1,293,963	$ 1,265,122

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Property, plant and equipment, net of accumulated depreciation	$ 120,886	$ 115,728
Intangible assets, net of accumulated amortization	$ 101,546	$ 92,274
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	50,000,000	50,000,000
Common stock, shares issued	30,633,742	30,534,786
Treasury stock, shares	4,615,627	4,623,958

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net earnings	$ 36,114	$ 44,665
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	18,779	18,798
Stock compensation expense	2,557	2,648
Changes in assets and liabilities	(28,847)	(5,570)
Change in property, plant and equipment due to gain on sale of building	(8,922)	0
Effect of deferred taxes	(1,856)	(26,533)
Pension contributions	(833)	(537)
Net cash provided by operating activities	16,992	33,471
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	0	(11,369)
Additions to capitalized software	(4,494)	(4,608)
Capital expenditures	(17,425)	(10,095)
Proceeds from sale of building and land	17,201	0
Net cash used by investing activities	(4,718)	(26,072)
Cash flows from financing activities:
Proceeds from long-term debt	23,000	36,000
Principal payments on long-term debt	(26,000)	(46,000)
Dividends paid	(4,146)	(4,134)
Other	370	560
Net cash used by financing activities	(6,776)	(13,574)
Effect of exchange rate changes on cash and cash equivalents	(1,020)	3,564
Net increase (decrease) in cash and cash equivalents	4,478	(2,611)
Cash and cash equivalents, beginning of period	30,477	45,516
Cash and cash equivalents, end of period	34,955	42,905
Supplemental cash flow information:
Interest paid	3,594	4,167
Income taxes paid (including state and foreign)	$ 13,450	$ 3,737

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION The accompanying consolidated financial statements, in the opinion of management, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods presented. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required for annual financial statements by accounting principles generally accepted in the United States of America (GAAP). For further information, refer to the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018. The Company’s results for the three and six-month periods ended March 31, 2019 are not necessarily indicative of the results for the entire 2019 fiscal year. References to the second quarters of 2019 and 2018 represent the fiscal quarters ended March 31, 2019 and 2018, respectively. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UPDATE	6 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies Update	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UPDATE Our significant accounting policies are included in Note 1 of our Annual Report on Form 10-K for the year ended September 30, 2018. On October 1, 2018, we adopted ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) . Significant changes to our policies resulting from the adoption are provided below. We adopted ASC 606 using the modified retrospective transition method applied to contracts that were not substantially complete at the end of fiscal year 2018. We recorded a $4.2 million adjustment to increase retained earnings to reflect the cumulative impact of adopting this standard at the beginning of fiscal year 2019, primarily related to certain long-term contracts our Filtration and Technical Packaging segments have that converted to the cost-to-cost method for revenue recognition. The comparative information has not been restated and is reported under the accounting standards in effect for those periods. A reconciliation of the financial statement line items impacted for the three and six months ended March 31, 2019 under ASC 606 to the prior accounting standards is provided in Note 14. Revenue Recognition Revenue is recognized when control of the goods or services promised under the contract is transferred to the customer either at a point in time (e.g., upon delivery) or over time (e.g., as we perform under the contract). We account for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. Contracts are reviewed to determine whether there is one or multiple performance obligations. A performance obligation is a promise to transfer a distinct good or service to a customer and represents the unit of accounting for revenue recognition. For contracts with multiple performance obligations, the expected consideration, or the transaction price, is allocated to each performance obligation identified in the contract based on the relative standalone selling price of each performance obligation. Revenue is then recognized for the transaction price allocated to the performance obligation when control of the promised goods or services underlying the performance obligation is transferred. Payment terms with customers vary by the type and location of the customer and the products or services offered. The Company does not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant. Filtration: Within the Filtration segment, approximately 48% of revenues (approximately 18% of consolidated revenues) are recognized at a point in time when products are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial and military customers and have a single performance obligation as there is only one good promised or the promise to transfer the goods or services is not distinct or separately identifiable from other promises in the contract. The transaction price for these contracts reflects our estimate of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Approximately 52 % of the segment’s revenues (approximately 19 % of consolidated revenues) Contracts with the U.S. Government generally contain clauses that provide lien rights to work-in-process along with clauses that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work-in-process. Due to the continuous transfer of control to the U.S. Government, we recognize revenue over the time that we perform under the contract. Selecting the method to measure progress towards completion for the commercial and military contracts requires judgment and is based on the nature of the products or service to be provided. We generally use the cost-to-cost method to measure progress for our Filtration segment contracts the rate at which costs are incurred to fulfill a contract best depicts the transfer of control to the customer. Under this measure, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the estimated costs at completion of the performance obligation, and revenue is recorded proportionally as costs are incurred based on an estimated profit margin. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Certain of our long-term contracts contain incentive fees that can increase the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all other information that is reasonably available to us. Total contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to one or more years, and the estimation of these costs requires substantial judgment. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change. Under the typical payment terms of our long term fixed price contracts, the customer pays us either performance-based or progress payments. Performance-based payments represent interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments of costs incurred as the work progresses. Because of the timing difference of revenue recognition and customer billing, these contracts will often result in revenue recognized in excess of billings and billings in excess of costs incurred, which we present as contract assets and contract liabilities, respectively, in the Consolidated Balance Sheets. Amounts billed and due from our customers are classified in Accounts receivable, net. For short term fixed price and cost-type contracts, we are generally paid within a short period of time. For contracts where revenue is recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. Anticipated losses on contracts are recognized in full in the period in which the losses become probable and estimable. Test: Within the Test segment, approximately 25% of revenues (approximately 6% of consolidated revenues) are recognized at a point in time when products such as, antennas and probes are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial customers. The contracts may contain multiple products which are capable of being distinct as the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in context of the contract and will be accounted for as a separate performance obligation. The transaction price for these contracts reflects our estimate of variable consideration in the form of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Approximately 75% of the segment’s revenues (approximately 17% of consolidated revenues) are recorded over time as the product does not have an alternative use and the Company has an enforceable right to payment for costs incurred plus a reasonable margin. Products accounted for under this guidance include the construction and installation of complex test chambers to a buyer’s specifications that provide its customers with the ability to measure and contain magnetic, electromagnetic and acoustic energy. The goods and services related to each installed test chamber are not distinct due to the significant amount of integration provided and each installed chamber is accounted for as a single performance obligation. Selecting the method to measure progress towards completion for these contracts requires judgment and is based on the nature of the products and service to be provided. We use milestones to measure progress for our Test segment contracts because it best depicts the transfer of control to the customer that occurs as we incur costs on our contracts. For arrangements that are accounted for under this guidance, the Company estimates profit as the difference between total revenue and total estimated cost of a contract and recognizes these revenues and costs based primarily on contract milestones. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Total contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to a year, and the estimation of these costs requires substantial judgment. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change. Under the typical payment terms of our fixed price contracts, the customer pays us either performance-based or progress payments. Performance-based payments represent interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments of costs incurred as the work progresses. Because of the timing difference of revenue recognition and customer billing, these contracts result in revenue recognized in excess of billings and billings in excess of costs incurred, which we present as contract assets and contract liabilities, respectively, in the Consolidated Balance Sheets. Amounts billed and due from our customers are classified in Accounts receivable, net. For contracts where revenue is recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. Anticipated losses on contracts are recognized in full in the period in which the losses become probable and estimable. USG : Within the USG segment, approximately 80% of revenues (approximately 24% of consolidated revenues) are recognized at a point in time when products are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial customers. The contracts may contain multiple products which are capable of being distinct as the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in context of the contract and will be accounted for as a separate performance obligation. The transaction price for these contracts reflects our estimate of variable consideration in the form of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Approximately 20% of the segment’s revenues (approximately 6% of consolidated revenues) are recognized over time as services are performed. The services accounted for under this method include an obligation to provide testing services using hardware and embedded software, software maintenance, training, lab testing, and consulting services. The related contracts contain a bundle of goods and services that are integrated in the context of the contract. Therefore, the goods and services are not distinct and the Company has a single performance obligation. Selecting the method to measure progress towards completion for these contracts requires judgment and is based on the nature of the products and service to be provided. We will recognize revenue as a series of distinct services based on each day of providing services (straight-line over the contract term) for our USG segment contracts. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Under the typical payment terms of our service contracts, the customer pays us in advance of when services are performed. Because of the timing difference of revenue recognition and customer payment, which is typically received upon commencement of the contract, these contracts result in deferred revenue, which we present as contract liabilities, in the Consolidated Balance Sheets. Included in this category, approximately 8% of the segment’s revenues (approximately 2% of consolidated revenues) are recognized based on the terms of the software contract. For contracts that transfer a software license to the customer, revenue will be recognized at a point in time. These type of software contracts represent a right to use the software, or a functional license, in which revenue should be recognized upon transfer of the license. For contracts in software as a service (SaaS) arrangements, revenue will be recognized over time. The customer receives and consumes the benefits of the SaaS arrangement through access to the system which is for a stated period. We will recognize revenue based on each day of providing access (straight-line over the contract term). The transaction price for our contracts represent our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Under the typical payment terms of our software contracts, the customer pays us in advance of when services are performed. Because of the timing difference of revenue recognition and customer payment, these contracts result in deferred revenue, which we present as contract liabilities, in the Consolidated Balance Sheets. Technical Packaging: Within the Technical Packaging segment, 100% of the revenues (approximately 10% of consolidated revenues) are recognized over time as the product does not have an alternative use and the Company has an enforceable right to payment. Selecting the method to measure progress towards completion for the contracts requires judgment and is based on the nature of the products to be provided. We use the cost-to-cost method to measure progress for our Technical Packaging segment contracts because it best depicts the transfer of control to the customer that occurs as we incur costs on our contracts. Under this measure, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the estimated costs at completion of the performance obligation, and revenue is recorded proportionally as costs are incurred. The transaction price for our contracts reflects our estimate of variable consideration in the form of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Total contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of weeks, minimizing the amount of judgment in developing the cost estimate. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change. Under the typical payment terms of our contracts, the customer is billed upon shipment of product. Amounts billed and due from our customers are classified in Accounts receivable, net. Because of the timing difference of revenue recognition and customer billing, these contracts result in revenue recognized in excess of billings, which we present as contract assets in the Consolidated Balance Sheets. For contracts where revenue is recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. Anticipated losses on contracts are recognized in full in the period in which the losses become probable and estimable. Contract Assets and Liabilities Contract assets arise from contracts when revenue is recognized over time and the amount of revenue recognized, including our estimate of variable consideration that has been included in the transaction price, exceeds the amount billed to the customer. These amounts are included in contract assets until the right to payment is no longer conditional on events other than the passage of time. These contract assets are reclassified to receivables when the right to consideration becomes unconditional. Contract liabilities include deposits, deferred revenue, upfront payments and billings in excess of revenue recognized. Liabilities for customer rebates and discounts are included in other current liabilities in the accompanying balance sheet.

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)	6 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE (EPS)	3. EARNINGS PER SHARE (EPS) Basic EPS is calculated using the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the weighted average number of common shares outstanding during the period plus shares issuable upon the assumed exercise of dilutive common share options and vesting of performance-accelerated restricted shares (restricted shares) by using the treasury stock method. The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Weighted Average Shares Outstanding - Basic 25,918 25,844 25,915 25,840 Dilutive Options and Restricted Shares 118 144 163 195 Adjusted Shares - Diluted 26,036 25,988 26,078 26,035

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Mar. 31, 2019
Share-based Compensation [Abstract]
SHARE-BASED COMPENSATION	4. SHARE-BASED COMPENSATION The Company provides compensation benefits to certain key employees under several share-based plans providing for performance-accelerated restricted shares (restricted shares), and to non-employee directors under a non-employee directors compensation plan. Performance-Accelerated Restricted Share Awards Compensation expense related to the restricted share awards was $0.9 million and $2.0 million for the three and six-month periods ended March 31, 2019, respectively, and $1.0 million and $2.1 million for the corresponding periods of 2018. There were 204,392 non-vested shares outstanding as of March 31, 2019. Non-Employee Directors Plan Compensation expense related to the non-employee director grants was $0.3 million and $0.5 million for the three and six-month periods ended March 31, 2019, respectively, and $0.3 million and $0.5 million for the corresponding periods of 2018. The total share-based compensation cost that has been recognized in the results of operations and included within selling, general and administrative expenses (SG&A) was $1.2 million and $2.6 million for the three-and six-month periods ended March 31, 2019, respectively, and $1.3 million and $2.6 million for the three and six-month periods ended March 31, 2018. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $0.3 million and $0.6 million for the three and six-month periods ended March 31, 2019, respectively, and $0.4 million and $0.7 million for the three and six-month periods ended March 31, 2018, respectively. As of March 31, 2019, there was $5.6 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a remaining weighted-average period of 1.2 years.

INVENTORIES

INVENTORIES	6 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
INVENTORIES	5. INVENTORIES Inventories consist of the following: (In thousands) March 31, 2019 September 30, 2018 Finished goods $ 19,029 26,678 Work in process 41,677 47,765 Raw materials 63,787 60,973 Total inventories $ 124,493 135,416

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS Included on the Company’s Consolidated Balance Sheets at March 31, 2019 and September 30, 2018 are the following intangible assets gross carrying amounts and accumulated amortization: (Dollars in thousands) March 31, 2019 September 30, 2018 Goodwill $ 381,304 381,652 Intangible assets with determinable lives: Patents Gross carrying amount $ 1,866 1,833 Less: accumulated amortization 846 791 Net $ 1,020 1,042 Capitalized software Gross carrying amount $ 75,789 71,294 Less: accumulated amortization 45,304 41,624 Net $ 30,485 29,670 Customer relationships Gross carrying amount $ 184,924 185,333 Less: accumulated amortization 53,030 47,802 Net $ 131,894 137,531 Other Gross carrying amount $ 5,303 5,468 Less: accumulated amortization 2,365 2,056 Net $ 2,938 3,412 Intangible assets with indefinite lives: Trade names $ 172,177 173,698 The changes in the carrying amount of goodwill attributable to each business segment for the six months ended March 31, 2019 is as follows: (Dollars in millions) USG Test Filtration Packaging Total Balance as of September 30, 2018 254.1 34.1 73.7 19.8 381.7 Foreign currency translation - - - (0.4 ) (0.4 ) Balance as of March 31, 2019 $ 254.1 34.1 73.7 19.4 381.3

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Mar. 31, 2019
Segment Reporting, Measurement Disclosures [Abstract]
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION The Company is organized based on the products and services that it offers, and classifies its business operations in four reportable segments for financial reporting purposes: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), Utility Solutions Group (USG) and Technical Packaging. The Filtration segment’s operations consist of PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair), Westland Technologies Inc. (Westland), and Mayday Manufacturing Co. and its affiliate Hi-Tech Metals, Inc. (collectively referred to as Mayday). The companies within this segment primarily design and manufacture specialty filtration products, including hydraulic filter elements used in commercial aerospace applications, unique filter mechanisms used in micro-propulsion devices for satellites and custom designed filters for manned and unmanned aircraft; manufacture elastomeric-based signature reduction solutions for the U.S. Navy; and manufacture landing gear components for the aerospace and defense industry. The Test segment’s operations consist primarily of ETS-Lindgren Inc. (ETS-Lindgren). ETS-Lindgren is an industry leader in providing its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. The USG segment’s operations consist primarily of Doble Engineering Company (Doble), Morgan Schaffer Inc. (Morgan Schaffer), and NRG Systems, Inc. (NRG). Doble provides high-end, intelligent diagnostic test solutions for the electric power delivery industry and is a leading supplier of partial discharge testing instruments used to assess the integrity of high voltage power delivery equipment. Morgan Schaffer provides an integrated offering of dissolved gas analysis, oil testing, and data management solutions for the electric power industry. NRG designs and manufactures decision support tools for the renewable energy industry, primarily wind. The Technical Packaging segment’s operations consist of Thermoform Engineered Quality LLC (TEQ) and Plastique Limited and Plastique Sp. z o.o. (together, Plastique). The companies within this segment provide innovative solutions to the medical and commercial markets for thermoformed packages and specialty products using a wide variety of thin gauge plastics and pulp. Management evaluates and measures the performance of its reportable segments based on “Net Sales” and “EBIT”, which are detailed in the table below. EBIT is defined as earnings before interest and taxes. Three Months Ended March 31, Six Months Ended March 31, (In thousands) 2019 2018 2019 2018 NET SALES Filtration $ 79,478 65,775 145,702 125,810 Test 42,875 40,805 84,161 78,334 USG 48,890 46,699 104,745 102,453 Technical Packaging 22,706 21,499 41,938 41,676 Consolidated totals $ 193,949 174,778 376,546 348,273 EBIT Filtration $ 17,443 11,118 28,053 20,764 Test 5,554 5,300 8,864 7,895 USG 8,767 5,626 30,313 16,277 Technical Packaging 1,602 1,885 1,708 2,850 Corporate (loss) (10,086 ) (8,309 ) (20,511 ) (17,180 ) Consolidated EBIT 23,280 15,620 48,427 30,606 Less: Interest expense (1,925 ) (2,036 ) (3,815 ) (4,221 ) Earnings before income taxes $ 21,355 13,584 44,612 26,385 Non-GAAP Financial Measures The financial measure “EBIT” is presented in the above table and elsewhere in this Report. EBIT on a consolidated basis is a non-GAAP financial measure. Management believes that EBIT is useful in assessing the operational profitability of the Company’s business segments because it excludes interest and taxes, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by management in determining resource allocations within the Company as well as incentive compensation. A reconciliation of EBIT to net earnings is set forth in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations – EBIT. The Company believes that the presentation of EBIT provides important supplemental information to investors to facilitate comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. However, the Company’s non-GAAP financial measures may not be comparable to other companies’ non-GAAP financial performance measures. Furthermore, the use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

DEBT

DEBT	6 Months Ended
	Mar. 31, 2019
Long-term Debt, Unclassified [Abstract]
DEBT	8. DEBT The Company’s debt is summarized as follows: (In thousands) March 31, 2019 September 30, 2018 Total borrowings $ 217,000 220,000 Short-term borrowings and current portion of long-term debt (20,000 ) (20,000 ) Total long-term debt, less current portion $ 197,000 200,000 The Company’s existing credit facility (“the Credit Facility”) matures December 21, 2020. The Credit Facility includes a $450 million revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders. The bank syndication supporting the facility is comprised of a diverse group of nine banks led by JPMorgan Chase Bank, N.A., as Administrative Agent. At March 31, 2019, the Company had approximately $207.0 million available to borrow under the Credit Facility, and a $250 million increase option, in addition to $35.0 million cash on hand. At March 31, 2019, the Company had $217.0 million of outstanding borrowings under the Credit Facility in addition to outstanding letters of credit of $8.3 million. The Company classified $20.0 million as the current portion of long-term debt as of March 31, 2019, as the Company intends to repay this amount within the next twelve month period; however, the Company has no contractual obligation to repay such amount during the next twelve month period. The Credit Facility requires, as determined by certain financial ratios, a facility fee ranging from 12.5 to 27.5 basis points per year on the unused portion. The terms of the facility provide that interest on borrowings may be calculated at a spread over the London Interbank Offered Rate (LIBOR) or based on the prime rate, at the Company’s election. The facility is secured by the unlimited guaranty of the Company’s material domestic subsidiaries and a 65% pledge of the material foreign subsidiaries’ share equity. The financial covenants of the Credit Facility include a leverage ratio and an interest coverage ratio. The weighted average interest rates were 3.20% and 3.23% for the three and six-month periods ending March 31, 2019, respectively, and 2.99% and 2.87% for the corresponding periods of 2018. At March 31, 2019, the Company was in compliance with all debt covenants.

INCOME TAX EXPENSE

INCOME TAX EXPENSE	6 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAX EXPENSE	9. INCOME TAX EXPENSE The second quarter 2019 effective income tax rate was 12.0% compared to 26.4% in the second quarter of 2018. The income tax expense for the first six months of 2019 was $8.5 million compared to income tax benefit of $18.3 million for the first six months of 2018. The effective income tax rate for the first six months of 2019 was 19.0% compared to (69.3%) for the first six months of 2018. The income tax expense in the second quarter and first six months of 2019 was favorably impacted by tax planning strategies to increase foreign tax credits claimed retrospectively. The Company reduced the valuation allowance for excess foreign tax credits by $2.3 million and recorded an amended return receivable of $0.2 million which favorably impacted the second quarter and year-to-date effective tax rate by 12.1% and 5.8%, respectively. H.R. 1, Tax Cuts and Jobs Act (“TCJA”), was signed into law on December 22, 2017. The total impact of the TCJA in the second quarter and first six months of 2018 was a net expense of $0.7 million and a net benefit of $24.4 million, respectively. The impacts were as follows: First, the Company’s 2018 federal statutory rate dropped from 35.0% to 24.5% which required an adjustment to the value of its deferred tax assets and liabilities. This adjustment ($30.3 million provisional amount recorded in Q1) favorably impacted the year-to-date 2018 effective tax rate by 114.9%. Second, the TCJA subjected the Company’s cumulative foreign earnings to federal income tax ($3.6 million provisional amount of which $2.9 million was recorded in the first quarter of 2018 and $0.7 million was recorded in the second quarter of 2018) which unfavorably impacted the second quarter and year-to-date 2018 effective tax rate by 4.9% and 13.6%, respectively. In the first quarter of 2018, the Company recorded a $2.3 million provisional estimate of the income tax effects of the future repatriation of the cumulative earnings of its foreign subsidiaries which unfavorably impacted the year-to-date effective tax rate by 8.9%. An additional $7.5 million pension contribution for the 2017 plan year was approved during the second quarter of 2018 increasing the value of the deferred tax liability by $1.0 million. This favorable adjustment, net of the $0.3 million unfavorable impact to the 2017 Domestic Production Deduction, favorably impacted the second quarter and year-to-date effective tax rate by 5.8% and 3.0%, respectively. The income tax expense in the second quarter and first six months of 2018 was also unfavorably impacted by the cancellation of debt income triggered by the dissolution of a foreign subsidiary increasing the second quarter and year-to-date effective tax rate by 1.5% and 0.8%, respectively. Provisions under the TCJA that became effective for the Company in the current fiscal year include a further reduction in the U.S. statutory rate to 21%, a new minimum tax on global intangible low-taxed income (“GILTI”), the benefit of the deduction for foreign-derived intangible income (“FDII”), and changes to IRC Section 162(m) related to the deductibility of executive compensation.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Mar. 31, 2019
Equity [Abstract]
SHAREHOLDERS' EQUITY	10. SHAREHOLDERS’ EQUITY The change in shareholders’ equity for the first six months of 2019 is shown below (in thousands): Balance at September 30, 2018 $ 759,410 Net earnings 36,114 Other comprehensive (loss) (3,752 ) Cash dividends (4,146 ) Impact of ASC 606, Revenue Recognition 4,213 Stock compensation plans 2,557 Balance at March 31, 2019 $ 794,396

RETIREMENT PLANS

RETIREMENT PLANS	6 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
RETIREMENT PLANS	11. RETIREMENT PLANS A summary of net periodic benefit expense for the Company’s defined benefit plans for the three and six-month periods ended March 31, 2019 and 2018 is shown in the following table. Net periodic benefit cost for each period presented is comprised of the following: Three Months Six Months (In thousands) 2019 2018 2019 2018 Defined benefit plans Interest cost $ 875 821 1,750 1,641 Expected return on assets (1,086 ) (975 ) (2,172 ) (1,950 ) Amortization of: Prior service cost - - - - Actuarial loss 487 548 974 1,097 Net periodic benefit cost $ 276 394 552 788

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	12. DERIVATIVE FINANCIAL INSTRUMENTS Market risks relating to the Company’s operations result primarily from changes in interest rates and changes in foreign currency exchange rates. The Company is exposed to market risk related to changes in interest rates and selectively uses derivative financial instruments, including forward contracts and swaps, to manage these risks. In 2018, the Company entered into three interest rate swaps with a notional amount of $150 million to hedge some of its exposure to variability in future LIBOR-based interest payments on variable rate debt. In addition, the Company’s Canadian subsidiary Morgan Schaffer enters into foreign exchange contracts to manage foreign currency risk as a portion of their revenue is denominated in U.S. dollars. The Company expects hedging gains or losses to be essentially offset by losses or gains on the related underlying exposures. All derivative instruments are reported in either accrued expenses or other receivables on the balance sheet at fair value. For derivative instruments designated as cash flow hedges, the gain or loss on the derivative is deferred in accumulated other comprehensive income until recognized in earnings with the underlying hedged item. The interest rate swaps entered into during 2018 were not designated as cash flow hedges and, therefore, the gain or loss on the derivative is reflected in earnings each period. The following is a summary of the notional transaction amounts and fair values for the Company’s outstanding derivative financial instruments by risk category and instrument type as of March 31, 2018: (In thousands) Notional Fair Float Fix Forward contracts 700 GBP 7 Forward contracts 7,500 USD (227 ) Interest rate swap 150,000 USD 327 2.48 % 2.09 % Interest rate swap * 150,000 USD (101 ) N/A 2.24 % *This swap represents a forward contract and will be effective in November 2019.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	13. FAIR VALUE MEASUREMENTS The accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows:  Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.  Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.  Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. Financial Assets and Liabilities The Company has estimated the fair value of its financial instruments as of March 31, 2019 and September 30, 2018 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables, debt and other current assets and liabilities approximate fair value because of the short maturity of those instruments. Fair Value of Financial Instruments The Company’s forward contracts are classified within Level 2 of the valuation hierarchy in accordance with FASB Accounting Standards Codification (ASC) 825 , as presented below as of March 31, 2019 : (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Forward contracts $ - 6 $ - 6 Valuation was based on third party evidence of similarly priced derivative instruments. Nonfinancial Assets and Liabilities The Company’s nonfinancial assets such as property, plant and equipment, and other intangible assets are not measured at fair value on a recurring basis; however they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. No impairments were recorded during the three and six-month periods ended March 31, 2019.

REVENUES

REVENUES	6 Months Ended
	Mar. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]
REVENUES	14. REVENUES Disaggregation of Revenues Our revenues by customer type, geographic location, and revenue recognition method for the three and six-month periods ended March 31, 2019 are presented in the table below as the Company deems it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The table below also includes a reconciliation of the disaggregated revenue within our reportable segments. Three Months Ended March 31, 2019 (In thousands) Filtration Test USG Technical Packaging Total Customer type: Commercial $ 46,325 $ 37,451 $ 47,551 $ 22,630 $ 153,957 Government 33,153 5,424 1,339 76 39,992 Total revenues $ 79,478 $ 42,875 $ 48,890 $ 22,706 $ 193,949 Geographic location: United States $ 66,068 $ 26,694 $ 33,798 $ 11,457 $ 138,017 International 13,410 16,181 15,092 11,249 55,932 Total revenues $ 79,478 $ 42,875 $ 48,890 $ 22,706 $ 193,949 Revenue recognition method: Point in time $ 42,400 $ 12,166 $ 36,874 $ - $ 91,440 Over time 37,078 30,709 12,016 22,706 102,509 Total revenues $ 79,478 $ 42,875 $ 48,890 $ 22,706 $ 193,949 Six Months Ended March 31, 2019 (In thousands) Filtration Test USG Technical Packaging Total Customer type: Commercial $ 83,546 $ 73,688 $ 102,206 $ 41,744 $ 301,184 Government 62,156 10,473 2,539 194 75,362 Total revenues $ 145,702 $ 84,161 $ 104,745 $ 41,938 $ 376,546 Geographic location: United States $ 120,833 $ 55,148 $ 73,879 $ 21,306 $ 271,166 International 24,869 29,013 30,866 20,632 105,380 Total revenues $ 145,702 $ 84,161 $ 104,745 $ 41,938 $ 376,546 Revenue recognition method: Point in time $ 74,214 $ 22,608 $ 81,107 $ - $ 177,929 Over time 71,488 61,553 23,638 41,938 198,617 Total revenues $ 145,702 $ 84,161 $ 104,745 $ 41,938 $ 376,546 Remaining Performance Obligations Our remaining performance obligations, which is the equivalent of our backlog, represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. These remaining obligations include amounts that have been formally appropriated under contracts with the U.S. Government, and exclude unexercised contract options and potential orders under ordering-type contracts such as Indefinite Delivery, Indefinite Quantity contracts. At March 31, 2019, we had $436.1 million in remaining performance obligations of which we expect to recognize revenues of 83% Contract assets and liabilities Assets and liabilities related to our contracts with customers are reported on a contract-by-contract basis at the end of each reporting period. At March 31, 2019, contract assets and liabilities totaled $100.5 million and $55.5 million, respectively. Upon adoption of ASC 606 on October 1, 2018, contract assets and liabilities related to our contracts with customers were $87 million and $51 million, respectively. During the first six months of 2019, we recognized approximately $30 million in revenues that were included in the contract liabilities balance at the adoption date. Reconciliation of ASC 606 to Prior Accounting Standards The amount by which each financial statement line item is affected in 2019 as a result of applying the new accounting standard as discussed in Note 2 is presented below: March 31, 2019 (In thousands) As Reported Effect of the adoption of ASC 606 Under Prior Accounting Consolidated Balance Sheets Contract assets (1) $ 100,540 $ (39,565 ) $ 60,975 Inventories 124,493 34,692 159,185 Total current assets 435,959 (4,874 ) 431,085 Total assets 1,293,963 (4,874 ) 1,289,089 Contract liabilities (2) 55,453 1,754 57,207 Total current liabilities 201,945 1,754 203,699 Deferred tax liabilities 62,938 (1,122 ) 61,816 Total liabilities 499,567 631 500,198 Retained earnings 643,018 (5,505 ) 637,513 Total shareholders’ equity 794,396 (5,505 ) 788,891 Total liabilities and shareholders’ equity $ 1,293,963 (4,874 ) 1,289,089 (1) Previously “cost and estimated earnings on long-term contracts” (2) Previously “advance payments on long-term contracts” and “current portion of deferred revenue” Three Months Ended March 31, 2019 (In thousands, except per share amounts) As Reported Effect of the adoption of ASC 606 Under Prior Accounting Consolidated Statements of Operations Net sales $ 193,949 $ (2,879 ) $ 191,070 Cost of sales 121,946 (3,719 ) 118,227 Total costs and expenses 172,594 (3,719 ) 168,875 Earnings before income tax 21,355 839 22,194 Income tax expense (benefit) 2,558 117 2,675 Net earnings 18,797 723 19,520 Earnings per share: Basic: Net earnings $ 0.73 $ 0.02 $ 0.75 Diluted: Net earnings $ 0.72 $ 0.03 $ 0.75 Consolidated Statements of Comprehensive Income Net earnings $ 18,797 $ 723 $ 19,520 Comprehensive income 19,600 723 20,323 Six Months Ended March 31, 2019 (In thousands, except per share amounts) As Reported Effect of the adoption of ASC 606 Under Prior Accounting Consolidated Statements of Operations Net sales $ 376,546 $ (5,779 ) $ 370,767 Cost of sales 240,854 (6,981 ) 233,873 Total costs and expenses 331,934 (6,981 ) 324,953 Earnings before income tax 44,612 1,201 45,813 Income tax expense (benefit) 8,498 228 8,726 Net earnings 36,114 973 37,087 Earnings per share: Basic: Net earnings $ 1.39 $ 0.04 $ 1.43 Diluted: Net earnings $ 1.38 $ 0.04 $ 1.42 Consolidated Statements of Comprehensive Income Net earnings $ 36,114 $ 973 $ 37,087 Comprehensive income 32,363 973 33,336 Consolidated Statements of Cash flows Net earnings $ 36,114 $ 973 $ 37,087 Adjustments to reconcile net earnings to net cash provided by operating activities: Change in assets and liabilities $ (28,847 ) (973 ) $ (29,820 ) Net cash provided by operating activities 16,992 - 16,992

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	6 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
NEW ACCOUNTING STANDARDS	15. NEW ACCOUNTING STANDARDS In February 2016, the FASB issued ASU No. 2016-062, Leases (Topic 842) , which, among other things, requires an entity to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. This standard will increase an entities’ reported assets and liabilities. The standard is effective for fiscal years beginning after December 15, 2018 and mandates a modified retrospective transition period for all entities. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which eliminates the exception for all intra-entity sale of assets other than inventory. This standard is effective for annual periods beginning after December 15, 2017. There was no significant impact to the Company’s consolidated financial statements as a result of adopting this new standard.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UPDATE (Policies)	6 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition Revenue is recognized when control of the goods or services promised under the contract is transferred to the customer either at a point in time (e.g., upon delivery) or over time (e.g., as we perform under the contract). We account for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. Contracts are reviewed to determine whether there is one or multiple performance obligations. A performance obligation is a promise to transfer a distinct good or service to a customer and represents the unit of accounting for revenue recognition. For contracts with multiple performance obligations, the expected consideration, or the transaction price, is allocated to each performance obligation identified in the contract based on the relative standalone selling price of each performance obligation. Revenue is then recognized for the transaction price allocated to the performance obligation when control of the promised goods or services underlying the performance obligation is transferred. Payment terms with customers vary by the type and location of the customer and the products or services offered. The Company does not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant. Filtration: Within the Filtration segment, approximately 48% of revenues (approximately 18% of consolidated revenues) are recognized at a point in time when products are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial and military customers and have a single performance obligation as there is only one good promised or the promise to transfer the goods or services is not distinct or separately identifiable from other promises in the contract. The transaction price for these contracts reflects our estimate of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Approximately 52 % of the segment’s revenues (approximately 19 % of consolidated revenues) Contracts with the U.S. Government generally contain clauses that provide lien rights to work-in-process along with clauses that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work-in-process. Due to the continuous transfer of control to the U.S. Government, we recognize revenue over the time that we perform under the contract. Selecting the method to measure progress towards completion for the commercial and military contracts requires judgment and is based on the nature of the products or service to be provided. We generally use the cost-to-cost method to measure progress for our Filtration segment contracts the rate at which costs are incurred to fulfill a contract best depicts the transfer of control to the customer. Under this measure, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the estimated costs at completion of the performance obligation, and revenue is recorded proportionally as costs are incurred based on an estimated profit margin. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Certain of our long-term contracts contain incentive fees that can increase the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all other information that is reasonably available to us. Total contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to one or more years, and the estimation of these costs requires substantial judgment. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change. Under the typical payment terms of our long term fixed price contracts, the customer pays us either performance-based or progress payments. Performance-based payments represent interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments of costs incurred as the work progresses. Because of the timing difference of revenue recognition and customer billing, these contracts will often result in revenue recognized in excess of billings and billings in excess of costs incurred, which we present as contract assets and contract liabilities, respectively, in the Consolidated Balance Sheets. Amounts billed and due from our customers are classified in Accounts receivable, net. For short term fixed price and cost-type contracts, we are generally paid within a short period of time. For contracts where revenue is recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. Anticipated losses on contracts are recognized in full in the period in which the losses become probable and estimable. Test: Within the Test segment, approximately 25% of revenues (approximately 6% of consolidated revenues) are recognized at a point in time when products such as, antennas and probes are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial customers. The contracts may contain multiple products which are capable of being distinct as the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in context of the contract and will be accounted for as a separate performance obligation. The transaction price for these contracts reflects our estimate of variable consideration in the form of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Approximately 75% of the segment’s revenues (approximately 17% of consolidated revenues) are recorded over time as the product does not have an alternative use and the Company has an enforceable right to payment for costs incurred plus a reasonable margin. Products accounted for under this guidance include the construction and installation of complex test chambers to a buyer’s specifications that provide its customers with the ability to measure and contain magnetic, electromagnetic and acoustic energy. The goods and services related to each installed test chamber are not distinct due to the significant amount of integration provided and each installed chamber is accounted for as a single performance obligation. Selecting the method to measure progress towards completion for these contracts requires judgment and is based on the nature of the products and service to be provided. We use milestones to measure progress for our Test segment contracts because it best depicts the transfer of control to the customer that occurs as we incur costs on our contracts. For arrangements that are accounted for under this guidance, the Company estimates profit as the difference between total revenue and total estimated cost of a contract and recognizes these revenues and costs based primarily on contract milestones. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Total contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to a year, and the estimation of these costs requires substantial judgment. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change. Under the typical payment terms of our fixed price contracts, the customer pays us either performance-based or progress payments. Performance-based payments represent interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments of costs incurred as the work progresses. Because of the timing difference of revenue recognition and customer billing, these contracts result in revenue recognized in excess of billings and billings in excess of costs incurred, which we present as contract assets and contract liabilities, respectively, in the Consolidated Balance Sheets. Amounts billed and due from our customers are classified in Accounts receivable, net. For contracts where revenue is recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. Anticipated losses on contracts are recognized in full in the period in which the losses become probable and estimable. USG : Within the USG segment, approximately 80% of revenues (approximately 24% of consolidated revenues) are recognized at a point in time when products are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial customers. The contracts may contain multiple products which are capable of being distinct as the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in context of the contract and will be accounted for as a separate performance obligation. The transaction price for these contracts reflects our estimate of variable consideration in the form of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Approximately 20% of the segment’s revenues (approximately 6% of consolidated revenues) are recognized over time as services are performed. The services accounted for under this method include an obligation to provide testing services using hardware and embedded software, software maintenance, training, lab testing, and consulting services. The related contracts contain a bundle of goods and services that are integrated in the context of the contract. Therefore, the goods and services are not distinct and the Company has a single performance obligation. Selecting the method to measure progress towards completion for these contracts requires judgment and is based on the nature of the products and service to be provided. We will recognize revenue as a series of distinct services based on each day of providing services (straight-line over the contract term) for our USG segment contracts. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Under the typical payment terms of our service contracts, the customer pays us in advance of when services are performed. Because of the timing difference of revenue recognition and customer payment, which is typically received upon commencement of the contract, these contracts result in deferred revenue, which we present as contract liabilities, in the Consolidated Balance Sheets. Included in this category, approximately 8% of the segment’s revenues (approximately 2% of consolidated revenues) are recognized based on the terms of the software contract. For contracts that transfer a software license to the customer, revenue will be recognized at a point in time. These type of software contracts represent a right to use the software, or a functional license, in which revenue should be recognized upon transfer of the license. For contracts in software as a service (SaaS) arrangements, revenue will be recognized over time. The customer receives and consumes the benefits of the SaaS arrangement through access to the system which is for a stated period. We will recognize revenue based on each day of providing access (straight-line over the contract term). The transaction price for our contracts represent our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Under the typical payment terms of our software contracts, the customer pays us in advance of when services are performed. Because of the timing difference of revenue recognition and customer payment, these contracts result in deferred revenue, which we present as contract liabilities, in the Consolidated Balance Sheets. Technical Packaging: Within the Technical Packaging segment, 100% of the revenues (approximately 10% of consolidated revenues) are recognized over time as the product does not have an alternative use and the Company has an enforceable right to payment. Selecting the method to measure progress towards completion for the contracts requires judgment and is based on the nature of the products to be provided. We use the cost-to-cost method to measure progress for our Technical Packaging segment contracts because it best depicts the transfer of control to the customer that occurs as we incur costs on our contracts. Under this measure, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the estimated costs at completion of the performance obligation, and revenue is recorded proportionally as costs are incurred. The transaction price for our contracts reflects our estimate of variable consideration in the form of returns, rebates and discounts, which are based on historical, current and forecasted information to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Total contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of weeks, minimizing the amount of judgment in developing the cost estimate. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change. Under the typical payment terms of our contracts, the customer is billed upon shipment of product. Amounts billed and due from our customers are classified in Accounts receivable, net. Because of the timing difference of revenue recognition and customer billing, these contracts result in revenue recognized in excess of billings, which we present as contract assets in the Consolidated Balance Sheets. For contracts where revenue is recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. Anticipated losses on contracts are recognized in full in the period in which the losses become probable and estimable.
Contract Assets and Liabilities	Contract Assets and Liabilities Contract assets arise from contracts when revenue is recognized over time and the amount of revenue recognized, including our estimate of variable consideration that has been included in the transaction price, exceeds the amount billed to the customer. These amounts are included in contract assets until the right to payment is no longer conditional on events other than the passage of time. These contract assets are reclassified to receivables when the right to consideration becomes unconditional. Contract liabilities include deposits, deferred revenue, upfront payments and billings in excess of revenue recognized. Liabilities for customer rebates and discounts are included in other current liabilities in the accompanying balance sheet.

EARNINGS PER SHARE (EPS) (Table

EARNINGS PER SHARE (EPS) (Tables)	6 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands): Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Weighted Average Shares Outstanding - Basic 25,918 25,844 25,915 25,840 Dilutive Options and Restricted Shares 118 144 163 195 Adjusted Shares - Diluted 26,036 25,988 26,078 26,035

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Schedule Of Inventories	Inventories consist of the following: (In thousands) March 31, 2019 September 30, 2018 Finished goods $ 19,029 26,678 Work in process 41,677 47,765 Raw materials 63,787 60,973 Total inventories $ 124,493 135,416

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Included on the Company’s Consolidated Balance Sheets at March 31, 2019 and September 30, 2018 are the following intangible assets gross carrying amounts and accumulated amortization: (Dollars in thousands) March 31, 2019 September 30, 2018 Goodwill $ 381,304 381,652 Intangible assets with determinable lives: Patents Gross carrying amount $ 1,866 1,833 Less: accumulated amortization 846 791 Net $ 1,020 1,042 Capitalized software Gross carrying amount $ 75,789 71,294 Less: accumulated amortization 45,304 41,624 Net $ 30,485 29,670 Customer relationships Gross carrying amount $ 184,924 185,333 Less: accumulated amortization 53,030 47,802 Net $ 131,894 137,531 Other Gross carrying amount $ 5,303 5,468 Less: accumulated amortization 2,365 2,056 Net $ 2,938 3,412 Intangible assets with indefinite lives: Trade names $ 172,177 173,698
Schedule of Goodwill	The changes in the carrying amount of goodwill attributable to each business segment for the six months ended March 31, 2019 is as follows: (Dollars in millions) USG Test Filtration Packaging Total Balance as of September 30, 2018 254.1 34.1 73.7 19.8 381.7 Foreign currency translation - - - (0.4 ) (0.4 ) Balance as of March 31, 2019 $ 254.1 34.1 73.7 19.4 381.3

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Mar. 31, 2019
Segment Reporting, Measurement Disclosures [Abstract]
Schedule Of Net Sales And Earnings Before Income Tax	Management evaluates and measures the performance of its reportable segments based on “Net Sales” and “EBIT”, which are detailed in the table below. EBIT is defined as earnings before interest and taxes. Three Months Ended March 31, Six Months Ended March 31, (In thousands) 2019 2018 2019 2018 NET SALES Filtration $ 79,478 65,775 145,702 125,810 Test 42,875 40,805 84,161 78,334 USG 48,890 46,699 104,745 102,453 Technical Packaging 22,706 21,499 41,938 41,676 Consolidated totals $ 193,949 174,778 376,546 348,273 EBIT Filtration $ 17,443 11,118 28,053 20,764 Test 5,554 5,300 8,864 7,895 USG 8,767 5,626 30,313 16,277 Technical Packaging 1,602 1,885 1,708 2,850 Corporate (loss) (10,086 ) (8,309 ) (20,511 ) (17,180 ) Consolidated EBIT 23,280 15,620 48,427 30,606 Less: Interest expense (1,925 ) (2,036 ) (3,815 ) (4,221 ) Earnings before income taxes $ 21,355 13,584 44,612 26,385

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Mar. 31, 2019
Long-term Debt, Unclassified [Abstract]
Schedule Of Debt	The Company’s debt is summarized as follows: (In thousands) March 31, 2019 September 30, 2018 Total borrowings $ 217,000 220,000 Short-term borrowings and current portion of long-term debt (20,000 ) (20,000 ) Total long-term debt, less current portion $ 197,000 200,000

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule Of Change In Equity	The change in shareholders’ equity for the first six months of 2019 is shown below (in thousands): Balance at September 30, 2018 $ 759,410 Net earnings 36,114 Other comprehensive (loss) (3,752 ) Cash dividends (4,146 ) Impact of ASC 606, Revenue Recognition 4,213 Stock compensation plans 2,557 Balance at March 31, 2019 $ 794,396

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	6 Months Ended
	Mar. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule Of Components Of Net Periodic Benefit Cost For Plans	A summary of net periodic benefit expense for the Company’s defined benefit plans for the three and six-month periods ended March 31, 2019 and 2018 is shown in the following table. Net periodic benefit cost for each period presented is comprised of the following: Three Months Six Months (In thousands) 2019 2018 2019 2018 Defined benefit plans Interest cost $ 875 821 1,750 1,641 Expected return on assets (1,086 ) (975 ) (2,172 ) (1,950 ) Amortization of: Prior service cost - - - - Actuarial loss 487 548 974 1,097 Net periodic benefit cost $ 276 394 552 788

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivative Financial Instruments	The following is a summary of the notional transaction amounts and fair values for the Company’s outstanding derivative financial instruments by risk category and instrument type as of March 31, 2018: (In thousands) Notional Fair Float Fix Forward contracts 700 GBP 7 Forward contracts 7,500 USD (227 ) Interest rate swap 150,000 USD 327 2.48 % 2.09 % Interest rate swap * 150,000 USD (101 ) N/A 2.24 % *This swap represents a forward contract and will be effective in November 2019.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The Company’s forward contracts are classified within Level 2 of the valuation hierarchy in accordance with FASB Accounting Standards Codification (ASC) 825 , as presented below as of March 31, 2019 : (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Forward contracts $ - 6 $ - 6

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Mar. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]
Disaggregation of Revenue	Our revenues by customer type, geographic location, and revenue recognition method for the three and six-month periods ended March 31, 2019 are presented in the table below as the Company deems it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The table below also includes a reconciliation of the disaggregated revenue within our reportable segments. Three Months Ended March 31, 2019 (In thousands) Filtration Test USG Technical Packaging Total Customer type: Commercial $ 46,325 $ 37,451 $ 47,551 $ 22,630 $ 153,957 Government 33,153 5,424 1,339 76 39,992 Total revenues $ 79,478 $ 42,875 $ 48,890 $ 22,706 $ 193,949 Geographic location: United States $ 66,068 $ 26,694 $ 33,798 $ 11,457 $ 138,017 International 13,410 16,181 15,092 11,249 55,932 Total revenues $ 79,478 $ 42,875 $ 48,890 $ 22,706 $ 193,949 Revenue recognition method: Point in time $ 42,400 $ 12,166 $ 36,874 $ - $ 91,440 Over time 37,078 30,709 12,016 22,706 102,509 Total revenues $ 79,478 $ 42,875 $ 48,890 $ 22,706 $ 193,949 Six Months Ended March 31, 2019 (In thousands) Filtration Test USG Technical Packaging Total Customer type: Commercial $ 83,546 $ 73,688 $ 102,206 $ 41,744 $ 301,184 Government 62,156 10,473 2,539 194 75,362 Total revenues $ 145,702 $ 84,161 $ 104,745 $ 41,938 $ 376,546 Geographic location: United States $ 120,833 $ 55,148 $ 73,879 $ 21,306 $ 271,166 International 24,869 29,013 30,866 20,632 105,380 Total revenues $ 145,702 $ 84,161 $ 104,745 $ 41,938 $ 376,546 Revenue recognition method: Point in time $ 74,214 $ 22,608 $ 81,107 $ - $ 177,929 Over time 71,488 61,553 23,638 41,938 198,617 Total revenues $ 145,702 $ 84,161 $ 104,745 $ 41,938 $ 376,546
Amount of Each Financial Statement Line Item Affected When Applying New Accounting Standard	The amount by which each financial statement line item is affected in 2019 as a result of applying the new accounting standard as discussed in Note 2 is presented below: March 31, 2019 (In thousands) As Reported Effect of the adoption of ASC 606 Under Prior Accounting Consolidated Balance Sheets Contract assets (1) $ 100,540 $ (39,565 ) $ 60,975 Inventories 124,493 34,692 159,185 Total current assets 435,959 (4,874 ) 431,085 Total assets 1,293,963 (4,874 ) 1,289,089 Contract liabilities (2) 55,453 1,754 57,207 Total current liabilities 201,945 1,754 203,699 Deferred tax liabilities 62,938 (1,122 ) 61,816 Total liabilities 499,567 631 500,198 Retained earnings 643,018 (5,505 ) 637,513 Total shareholders’ equity 794,396 (5,505 ) 788,891 Total liabilities and shareholders’ equity $ 1,293,963 (4,874 ) 1,289,089 (1) Previously “cost and estimated earnings on long-term contracts” (2) Previously “advance payments on long-term contracts” and “current portion of deferred revenue” Three Months Ended March 31, 2019 (In thousands, except per share amounts) As Reported Effect of the adoption of ASC 606 Under Prior Accounting Consolidated Statements of Operations Net sales $ 193,949 $ (2,879 ) $ 191,070 Cost of sales 121,946 (3,719 ) 118,227 Total costs and expenses 172,594 (3,719 ) 168,875 Earnings before income tax 21,355 839 22,194 Income tax expense (benefit) 2,558 117 2,675 Net earnings 18,797 723 19,520 Earnings per share: Basic: Net earnings $ 0.73 $ 0.02 $ 0.75 Diluted: Net earnings $ 0.72 $ 0.03 $ 0.75 Consolidated Statements of Comprehensive Income Net earnings $ 18,797 $ 723 $ 19,520 Comprehensive income 19,600 723 20,323 Six Months Ended March 31, 2019 (In thousands, except per share amounts) As Reported Effect of the adoption of ASC 606 Under Prior Accounting Consolidated Statements of Operations Net sales $ 376,546 $ (5,779 ) $ 370,767 Cost of sales 240,854 (6,981 ) 233,873 Total costs and expenses 331,934 (6,981 ) 324,953 Earnings before income tax 44,612 1,201 45,813 Income tax expense (benefit) 8,498 228 8,726 Net earnings 36,114 973 37,087 Earnings per share: Basic: Net earnings $ 1.39 $ 0.04 $ 1.43 Diluted: Net earnings $ 1.38 $ 0.04 $ 1.42 Consolidated Statements of Comprehensive Income Net earnings $ 36,114 $ 973 $ 37,087 Comprehensive income 32,363 973 33,336 Consolidated Statements of Cash flows Net earnings $ 36,114 $ 973 $ 37,087 Adjustments to reconcile net earnings to net cash provided by operating activities: Change in assets and liabilities $ (28,847 ) (973 ) $ (29,820 ) Net cash provided by operating activities 16,992 - 16,992

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UPDATE (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Cumulative Effect on Retained Earnings, Tax	$ 4.2
Usg [Member]
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered	80.00%
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered	24.00%
Percentage of segment revenues recorded under percentage of completion method	20.00%
Percentage of consolidated revenues recorded under percentage of completion method	6.00%
Filtration [Member]
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered	48.00%
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered	18.00%
Percentage of segment revenues recorded under percentage of completion method	52.00%
Percentage of consolidated revenues recorded under percentage of completion method	19.00%
Test [Member]
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered	25.00%
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered	6.00%
Percentage of segment revenues recorded under percentage of completion method	75.00%
Percentage of consolidated revenues recorded under percentage of completion method	17.00%
Technical Packaging [Member]
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered	100.00%
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered	10.00%
Software Contract [Member]
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered	8.00%
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered	2.00%

EARNINGS PER SHARE (EPS) (Numbe

EARNINGS PER SHARE (EPS) (Number Of Shares Used In The Calculation Of Earnings Per Share) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted Average Shares Outstanding — Basic	25,918	25,844	25,915	25,840
Dilutive Options and Restricted Shares	118	144	163	195
Adjusted Shares - Diluted	26,036	25,988	26,078	26,035

SHARE-BASED COMPENSATION (Narra

SHARE-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation cost	$ 1.2	$ 1.3	$ 2.6	$ 2.6
Performance-Accelerated Restricted Share (PARS) Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 0.9	1	$ 2	2.1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	204,392		204,392
Non-Employee Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total income tax benefit recognized	$ 0.3	0.4	$ 0.6	0.7
Pretax compensation expense	0.3	$ 0.3	0.5	$ 0.5
Total unrecognized compensation cost related to share-based compensation arrangements	$ 5.6		$ 5.6
Remaining weighted-average period for recognition of total unrecognized compensation cost	1 year 2 months 12 days

INVENTORIES (Schedule Of Invent

INVENTORIES (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Inventory [Line Items]
Finished goods	$ 19,029	$ 26,678
Work in process	41,677	47,765
Raw materials	63,787	60,973
Total inventories	$ 124,493	$ 135,416

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule Of Intangible Assets Gross Carrying Amounts And Accumulated Amortization) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Goodwill and Other Intangible Assets [Line Items]
Goodwill	$ 381,304	$ 381,652
Less: accumulated amortization	101,546	92,274
Patents [Member]
Goodwill and Other Intangible Assets [Line Items]
Gross carrying amount	1,866	1,833
Less: accumulated amortization	846	791
Net	1,020	1,042
Capitalized software [Member]
Goodwill and Other Intangible Assets [Line Items]
Gross carrying amount	75,789	71,294
Less: accumulated amortization	45,304	41,624
Net	30,485	29,670
Customer relationships [Member]
Goodwill and Other Intangible Assets [Line Items]
Gross carrying amount	184,924	185,333
Less: accumulated amortization	53,030	47,802
Net	131,894	137,531
Other [Member]
Goodwill and Other Intangible Assets [Line Items]
Gross carrying amount	5,303	5,468
Less: accumulated amortization	2,365	2,056
Net	2,938	3,412
Trade names [Member]
Goodwill and Other Intangible Assets [Line Items]
Trade names	$ 172,177	$ 173,698

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule Of Changes In The Carrying Amount Of Goodwill Attributable To Business Segment) (Details) $ in Thousands	6 Months Ended
	Mar. 31, 2019USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 381,652
Foreign currency translation	(400)
Goodwill, Ending Balance	381,304
Filtration [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	73,700
Foreign currency translation	0
Goodwill, Ending Balance	73,700
Test [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	34,100
Foreign currency translation	0
Goodwill, Ending Balance	34,100
Utility Solutions [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	254,100
Foreign currency translation	0
Goodwill, Ending Balance	254,100
Packaging [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	19,800
Foreign currency translation	(400)
Goodwill, Ending Balance	$ 19,400

BUSINESS SEGMENT INFORMATION (S

BUSINESS SEGMENT INFORMATION (Schedule Of Net Sales And Earnings Before Income Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
NET SALES	$ 193,949	$ 174,778	$ 376,546	$ 348,273
Consolidated EBIT	23,280	15,620	48,427	30,606
Less: Interest expense	(1,925)	(2,036)	(3,815)	(4,221)
Earnings before income taxes	21,355	13,584	44,612	26,385
Filtration [Member]
Segment Reporting Information [Line Items]
NET SALES	79,478	65,775	145,702	125,810
Consolidated EBIT	17,443	11,118	28,053	20,764
Test [Member]
Segment Reporting Information [Line Items]
NET SALES	42,875	40,805	84,161	78,334
Consolidated EBIT	5,554	5,300	8,864	7,895
USG [Member]
Segment Reporting Information [Line Items]
NET SALES	48,890	46,699	104,745	102,453
Consolidated EBIT	8,767	5,626	30,313	16,277
Technical Packaging [Member]
Segment Reporting Information [Line Items]
NET SALES	22,706	21,499	41,938	41,676
Consolidated EBIT	1,602	1,885	1,708	2,850
Corporate (loss) [Member]
Segment Reporting Information [Line Items]
Consolidated EBIT	$ (10,086)	$ (8,309)	$ (20,511)	$ (17,180)

DEBT (Schedule Of Debt) (Detail

DEBT (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Total borrowings	$ 217,000	$ 220,000
Short-term borrowings and current portion of long-term debt	(20,000)	(20,000)
Total long-term debt, less current portion	$ 197,000	$ 200,000

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Available to borrow under the credit facility	$ 207,000		$ 207,000
Cash on hand	$ 34,955	$ 42,905	34,955	$ 42,905	$ 30,477	$ 45,516
Percentage of foreign subsidiaries' share equity	65.00%
Letters of Credit Outstanding, Amount	$ 8,300		8,300
Line of Credit Facility, Amount Outstanding	$ 217,000		$ 217,000
Weighted average interest rates	3.20%	2.99%	3.23%	2.87%
Long-term Debt, Current Maturities	$ 20,000		$ 20,000		$ 20,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding	450,000		450,000
Line of Credit Facility, Commitment Fee Amount	$ 250,000
Minimum [Member]
Debt Instrument [Line Items]
Credit facility fees	12.50%
Maximum [Member]
Debt Instrument [Line Items]
Incremental term loan	$ 250,000		$ 250,000
Credit facility fees	27.50%

INCOME TAX EXPENSE (Narrative)

INCOME TAX EXPENSE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2019	Mar. 31, 2018
Income Tax Expense [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount						$ 2,300
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				35.00%	24.50%	19.00%	69.30%
Effective Income Tax Rate Reconciliation, Percent	12.00%		26.40%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	4.90%					13.60%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount		$ 2,300
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Percent		8.90%
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Amount	$ 700	$ 2,900				$ 3,600
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	12.10%	114.90%	5.80%			5.80%	3.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount		$ 30,300
Effective Income Tax Rate Reconciliation, Tax Credit, Amount						$ 200
Postemployment Benefits Liability			$ 7,500				$ 7,500
Increase in Deferred Tax Liabilities			$ 1,000				1,000
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount							$ 300
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent			1.50%				0.80%
Income Tax Expense (Benefit)	$ 2,558		$ 3,590			$ 8,498	$ (18,280)
Tax Cuts And Jobs Act [Member]
Income Tax Expense [Line Items]
Income Tax Expense (Benefit)			$ 700				$ 24,400

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule Of Change In Equity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Balance			$ 759,410
Net earnings	$ 18,797	$ 9,994	36,114	$ 44,665
Other comprehensive (loss)	803	$ 2,975	(3,752)	$ 4,280
Cash dividends			(4,146)
Impact of ASC 606, Revenue Recognition			4,213
Stock compensation plans			2,557
Balance	$ 794,396		$ 794,396

RETIREMENT PLANS (Schedule Of C

RETIREMENT PLANS (Schedule Of Components Of Net Periodic Benefit Cost For Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Interest cost	$ 875	$ 821	$ 1,750	$ 1,641
Expected return on assets	(1,086)	(975)	(2,172)	(1,950)
Amortization of Prior service cost	0	0	0	0
Amortization of Actuarial loss	487	548	974	1,097
Net periodic benefit cost	$ 276	$ 394	$ 552	$ 788

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Outstanding Derivative Financial Instruments) (Details) £ in Thousands, $ in Thousands		Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2018GBP (£)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional amount		$ 150,000	$ 150,000
Fair Value			$ 327
Float Rate			2.48%	2.48%
Fix Rate			2.09%	2.09%
Interest Rate Swap One [Member]
Derivatives, Fair Value [Line Items]
Notional amount	[1]		$ 150,000
Fair Value	[1]		$ (101)
Fix Rate	[1]		2.24%	2.24%
Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amount | £				£ 700
Fair Value | £				£ 7
Forward Contracts One [Member]
Derivatives, Fair Value [Line Items]
Notional amount			$ 7,500
Fair Value			$ (227)
[1]	This swap represents a forward contract and will be effective in November 2019.

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) - Interest Rate Swap [Member] $ in Thousands	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 150,000	$ 150,000
Derivative, Number of Instruments Held	3

FAIR VALUE MEASUREMENTS (Schedu

FAIR VALUE MEASUREMENTS (Schedule of Fair Value of Financial Instruments) (Details) - Forward Contracts [Member] - Interest Rate Swap [Member] $ in Thousands	Mar. 31, 2019USD ($)
Derivative [Line Items]
Fair Value of Financial Instruments	$ 6
Fair Value, Inputs, Level 1 [Member]
Derivative [Line Items]
Fair Value of Financial Instruments	0
Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Fair Value of Financial Instruments	6
Fair Value, Inputs, Level 3 [Member]
Derivative [Line Items]
Fair Value of Financial Instruments	$ 0

REVENUES (Schedule Of Revenues)

REVENUES (Schedule Of Revenues) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 193,949	$ 174,778	$ 376,546	$ 348,273
Point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues	91,440		177,929
Over time [Member]
Disaggregation of Revenue [Line Items]
Revenues	102,509		198,617
United States [Member]
Disaggregation of Revenue [Line Items]
Revenues	138,017		271,166
International [Member]
Disaggregation of Revenue [Line Items]
Revenues	55,932		105,380
Commercial [Member]
Disaggregation of Revenue [Line Items]
Revenues	153,957		301,184
Government [Member]
Disaggregation of Revenue [Line Items]
Revenues	39,992		75,362
Filtration [Member]
Disaggregation of Revenue [Line Items]
Revenues	79,478	65,775	145,702	125,810
Filtration [Member] | Point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues	42,400		74,214
Filtration [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Revenues	37,078		71,488
Filtration [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenues	66,068		120,833
Filtration [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Revenues	13,410		24,869
Filtration [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Revenues	46,325		83,546
Filtration [Member] | Government [Member]
Disaggregation of Revenue [Line Items]
Revenues	33,153		62,156
Test [Member]
Disaggregation of Revenue [Line Items]
Revenues	42,875	40,805	84,161	78,334
Test [Member] | Point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues	12,166		22,608
Test [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Revenues	30,709		61,553
Test [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenues	26,694		55,148
Test [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Revenues	16,181		29,013
Test [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Revenues	37,451		73,688
Test [Member] | Government [Member]
Disaggregation of Revenue [Line Items]
Revenues	5,424		10,473
USG [Member]
Disaggregation of Revenue [Line Items]
Revenues	48,890	46,699	104,745	102,453
USG [Member] | Point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues	36,874		81,107
USG [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Revenues	12,016		23,638
USG [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenues	33,798		73,879
USG [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Revenues	15,092		30,866
USG [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Revenues	47,551		102,206
USG [Member] | Government [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,339		2,539
Technical Packaging [Member]
Disaggregation of Revenue [Line Items]
Revenues	22,706	$ 21,499	41,938	$ 41,676
Technical Packaging [Member] | Point in time [Member]
Disaggregation of Revenue [Line Items]
Revenues	0		0
Technical Packaging [Member] | Over time [Member]
Disaggregation of Revenue [Line Items]
Revenues	22,706		41,938
Technical Packaging [Member] | United States [Member]
Disaggregation of Revenue [Line Items]
Revenues	11,457		21,306
Technical Packaging [Member] | International [Member]
Disaggregation of Revenue [Line Items]
Revenues	11,249		20,632
Technical Packaging [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Revenues	22,630		41,744
Technical Packaging [Member] | Government [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 76		$ 194

REVENUES (Amount Of Each Financ

REVENUES (Amount Of Each Financial Statement to apply New Accounting Standard) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Consolidated Balance Sheets
Contract assets		$ 100,540		$ 100,540		$ 53,034
Inventories		124,493		124,493		135,416
Total current assets		435,959		435,959		396,023
Total assets		1,293,963		1,293,963		1,265,122
Contract liabilities		55,453		55,453		49,035
Total current liabilities		201,945		201,945		200,530
Deferred tax liabilities		62,938		62,938
Total liabilities		499,567		499,567		505,712
Retained earnings		643,018		643,018		606,837
Total shareholders' equity		794,396		794,396		759,410
Total liabilities and shareholders' equity		1,293,963		1,293,963		$ 1,265,122
Consolidated Statements of Operations
Net sales		193,949	$ 174,778	376,546	$ 348,273
Cost of sales		121,946	112,370	240,854	224,106
Total costs and expenses		172,594	161,194	331,934	321,888
Earnings before income tax		21,355	13,584	44,612	26,385
Income tax (benefit) expense		2,558	3,590	8,498	(18,280)
Net earnings		$ 18,797	$ 9,994	$ 36,114	$ 44,665
Basic:
Net earnings		$ 0.73	$ 0.39	$ 1.39	$ 1.73
Diluted:
Net earnings		$ 0.72	$ 0.38	$ 1.38	$ 1.72
Consolidated Statements of Comprehensive Income
Net earnings		$ 18,797	$ 9,994	$ 36,114	$ 44,665
Comprehensive income		19,600	12,969	32,362	48,945
Consolidated Statements of Cash flows
Net earnings		18,797	$ 9,994	36,114	44,665
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in assets and liabilities				(28,847)	(5,570)
Net cash provided by operating activities				16,992	$ 33,471
Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Consolidated Balance Sheets
Contract assets	[1]	(39,565)		(39,565)
Inventories		34,692		34,692
Total current assets		(4,874)		(4,874)
Total assets		(4,874)		(4,874)
Contract liabilities	[2]	1,754		1,754
Total current liabilities		1,754		1,754
Deferred tax liabilities		(1,122)		(1,122)
Total liabilities		631		631
Retained earnings		(5,505)		(5,505)
Total shareholders' equity		(5,505)		(5,505)
Total liabilities and shareholders' equity		(4,874)		(4,874)
Consolidated Statements of Operations
Net sales		(2,879)		(5,779)
Cost of sales		(3,719)		(6,981)
Total costs and expenses		(3,719)		(6,981)
Earnings before income tax		839		1,201
Income tax (benefit) expense		117		228
Net earnings		$ 723		$ 973
Basic:
Net earnings		$ 0.02		$ 0.04
Diluted:
Net earnings		$ 0.03		$ 0.04
Consolidated Statements of Comprehensive Income
Net earnings		$ 723		$ 973
Comprehensive income		723		973
Consolidated Statements of Cash flows
Net earnings		723		973
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in assets and liabilities				(973)
Net cash provided by operating activities				0
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Consolidated Balance Sheets
Contract assets	[1]	60,975		60,975
Inventories		159,185		159,185
Total current assets		431,085		431,085
Total assets		1,289,089		1,289,089
Contract liabilities	[2]	57,207		57,207
Total current liabilities		203,699		203,699
Deferred tax liabilities		61,816		61,816
Total liabilities		500,198		500,198
Retained earnings		637,513		637,513
Total shareholders' equity		788,891		788,891
Total liabilities and shareholders' equity		1,289,089		1,289,089
Consolidated Statements of Operations
Net sales		191,070		370,767
Cost of sales		118,227		233,873
Total costs and expenses		168,875		324,953
Earnings before income tax		22,194		45,813
Income tax (benefit) expense		2,675		8,726
Net earnings		$ 19,520		$ 37,087
Basic:
Net earnings		$ 0.75		$ 1.43
Diluted:
Net earnings		$ 0.75		$ 1.42
Consolidated Statements of Comprehensive Income
Net earnings		$ 19,520		$ 37,087
Comprehensive income		20,323		33,336
Consolidated Statements of Cash flows
Net earnings		$ 19,520		37,087
Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in assets and liabilities				(29,820)
Net cash provided by operating activities				$ 16,992
[1]	Previously “cost and estimated earnings on long-term contracts”
[2]	Previously “advance payments on long-term contracts” and “current portion of deferred revenue”

REVENUES (Narrative) (Details)

REVENUES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Mar. 31, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 436,100	$ 436,100
Percentage of Revenue Expected to be Recognized in Next Twelve Months	83.00%
Contract with Customer, Asset, Net	$ 87,000	87,000
Contract with Customer, Liability	51,000	51,000
Contract with Customer, Liability, Revenue Recognized		30,000
Contract with Customer, Asset, Net, Current	100,540	100,540	$ 53,034
Contract with Customer, Liability, Current	$ 55,453	$ 55,453	$ 49,035