Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |||
Sep. 30, 2015 | Nov. 12, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | |
Document Information [Line Items] | ||||
Document Fiscal Period Focus | FY | |||
Document Period End Date | Sep. 30, 2015 | |||
Document Fiscal Year Focus | 2,015 | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Registrant Name | Mueller Water Products, Inc. | |||
Entity Central Index Key | 1,350,593 | |||
Current Fiscal Year End Date | --09-30 | |||
Entity Filer Category | Large Accelerated Filer | |||
Document Type | 10-K | |||
Total intangible assets net book value | $ 507,300,000 | $ 533,600,000 | ||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Amendment Flag | false | |||
Entity Common Stock, Shares Outstanding | 160,563,634 | |||
Entity Public Float | $ 1,553,391,965 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Assets: | ||
Cash and cash equivalents | $ 113.1 | $ 161.1 |
Receivables, net | 175.3 | 182.1 |
Inventories | 219.1 | 198 |
Deferred income taxes | 28.3 | 38.6 |
Other current assets | 13.7 | 27.6 |
Total current assets | 549.5 | 607.4 |
Property, plant and equipment, net | 148.9 | 146.3 |
Total intangible assets net book value | 507.3 | 533.6 |
Other noncurrent assets | 24.1 | 25.2 |
Total assets | 1,229.8 | 1,312.5 |
Liabilities and equity: | ||
Current portion of long-term debt | 6.1 | 46.2 |
Accounts payable | 98.7 | 116 |
Other current liabilities | 63.2 | 82.2 |
Total current liabilities | 168 | 244.4 |
Long-term debt, excluding current maturities | 482.9 | 494.8 |
Deferred income taxes | 145.3 | 150.4 |
Other noncurrent liabilities | 65.8 | 71.3 |
Total liabilities | 862 | 960.9 |
Common Stock | 1.6 | 1.6 |
Additional paid-in capital | 1,574.8 | 1,582.8 |
Accumulated deficit | (1,142.8) | (1,173.7) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (67.3) | (60.7) |
Stockholders' Equity Attributable to Parent | 366.3 | 350 |
Equity Attributable to Noncontrolling Interest | 1.5 | 1.6 |
Equity | 367.8 | 351.6 |
Total liabilities and equity | $ 1,229.8 | $ 1,312.5 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2015 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Series A common stock, shares authorized | 600,000,000 | 600,000,000 |
Series A common stock, shares outstanding | 160,497,841 | 159,760,671 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenue, Net | $ 1,164.5 | $ 1,184.7 | $ 1,120.8 |
Cost of sales | 817.2 | 836.8 | 807.6 |
Gross profit | 347.3 | 347.9 | 313.2 |
Operating expenses: | |||
Selling, general and administrative | 216.9 | 220.7 | 214.4 |
Provision for Doubtful Accounts | 0.1 | 0 | 0.4 |
Restructuring Charges | 9.2 | 3.1 | 1.5 |
Total operating expenses | 237.7 | 223.8 | 215.9 |
Operating income | 109.6 | 124.1 | 97.3 |
Interest expense, net | 27.6 | 49.6 | 51.7 |
Loss on early extinguishment of debt | 31.3 | 1 | 1.4 |
Net Income Before Income Tax | 50.7 | 73.5 | 44.2 |
Income tax expense (benefit) | 19.8 | 18 | 8.8 |
Income (loss) from continuing operations | 30.9 | 55.5 | 35.4 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 5.4 |
Net Income (Loss) Attributable to Parent | $ 30.9 | $ 55.5 | $ 40.8 |
Net loss per basic share: | |||
Continuing operations, in dollars per share | $ 0.19 | $ 0.35 | $ 0.23 |
Discontinued operations, in dollars per share | 0 | 0 | 0.03 |
Net income (loss) per basic share | 0.19 | 0.35 | 0.26 |
Net loss per diluted share: | |||
Continuing operations, in dollars per share | 0.19 | 0.34 | 0.22 |
Discontinued operations, in dollars per share | 0 | 0 | 0.03 |
Net income (loss) per diluted share | $ 0.19 | $ 0.34 | $ 0.25 |
Weighted average shares outstanding: | |||
Basic, in shares | 160.5 | 159.2 | 157.7 |
Diluted, in shares | 163.2 | 162.2 | 160.3 |
Dividends declared per share, in dollars per share | $ 0.075 | $ 0.070 | $ 0.070 |
WalterEnergy [Member] | |||
Operating expenses: | |||
Provision for Doubtful Accounts | $ 11.6 | $ 0 | $ 0 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Income (Loss) Attributable to Parent | $ 30.9 | $ 55.5 | $ 40.8 |
Other comprehensive income (loss): | |||
Minimum pension liability | (6.3) | 45.1 | (55.2) |
Income tax effects | (2.6) | 17.4 | 6.3 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (8.7) | (4.4) | (2.4) |
Amortization of interest expense on terminated swap contracts | (2.6) | 0 | 0 |
Income tax effects | 1 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (6.6) | (32.1) | 59.1 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 24.3 | $ 23.4 | $ 99.9 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) | Noncontrolling Interest [Member] | Stock-based Compensation Related [Member] | Stock-based Compensation Related [Member]Common stock | Stock-based Compensation Related [Member]Additional paid-in capital | Stock-based Compensation Related [Member]Accumulated deficit | Stock-based Compensation Related [Member]Accumulated other comprehensive income (loss) | Stock-based Compensation Related [Member]Noncontrolling Interest [Member] | Stock Repurchase Program [Member] | Stock Repurchase Program [Member]Common stock | Stock Repurchase Program [Member]Additional paid-in capital | Stock Repurchase Program [Member]Accumulated deficit | Stock Repurchase Program [Member]Accumulated other comprehensive income (loss) | Stock Repurchase Program [Member]Noncontrolling Interest [Member] |
Balance at Sep. 30, 2012 | $ 231.2 | $ 1.6 | $ 1,587.3 | $ (1,270) | $ (87.7) | $ 0 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 40.8 | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||||||||||||
Net Income (Loss) Attributable to Parent | 40.8 | 0 | 0 | 40.8 | 0 | |||||||||||||
Dividends declared | (11) | 0 | (11) | 0 | 0 | 0 | ||||||||||||
Stock-based compensation | 6.5 | 0 | 6.5 | 0 | 0 | 0 | ||||||||||||
Shares retained for employee taxes | $ (1.5) | $ 0 | $ (1.5) | $ 0 | $ 0 | $ 0 | ||||||||||||
Stock issued under stock compensation plans | 3.1 | 0 | 3.1 | 0 | 0 | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 59.1 | 0 | 0 | 0 | 59.1 | 0 | ||||||||||||
Balance at Sep. 30, 2013 | 328.2 | 1.6 | 1,584.4 | (1,229.2) | (28.6) | 0 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 55.4 | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (0.1) | |||||||||||||||||
Net Income (Loss) Attributable to Parent | 55.5 | 0 | 0 | 55.5 | 0 | |||||||||||||
Dividends declared | (11.2) | 0 | (11.2) | 0 | 0 | 0 | ||||||||||||
Stock-based compensation | 8.5 | 0 | 8.5 | 0 | 0 | 0 | ||||||||||||
Shares retained for employee taxes | (3.1) | 0 | $ (3.1) | 0 | 0 | 0 | ||||||||||||
Stock issued under stock compensation plans | 4.2 | 0 | 4.2 | 0 | 0 | 0 | ||||||||||||
Payments to Acquire Interest in Joint Venture | 1.7 | 0 | 0 | 0 | 0 | 1.7 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (32.1) | 0 | 0 | 0 | (32.1) | 0 | ||||||||||||
Balance at Sep. 30, 2014 | 351.6 | 1.6 | 1,582.8 | (1,173.7) | (60.7) | 1.6 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income (loss) | 30.8 | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (0.1) | |||||||||||||||||
Net Income (Loss) Attributable to Parent | 30.9 | 0 | 0 | 0 | ||||||||||||||
Dividends declared | (12) | 0 | (12) | 0 | 0 | 0 | ||||||||||||
Stock-based compensation | 4.9 | 0 | 4.9 | 0 | 0 | 0 | ||||||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 3.2 | 0 | 3.2 | 0 | 0 | 0 | ||||||||||||
Shares retained for employee taxes | $ (2.4) | $ 0 | $ 0 | $ 0 | $ 0 | $ (5) | $ 0 | $ (5) | $ 0 | $ 0 | $ 0 | |||||||
Stock issued under stock compensation plans | 3.3 | 0 | 3.3 | 0 | 0 | 0 | ||||||||||||
Payments to Acquire Interest in Joint Venture | 1.7 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (6.6) | 0 | 0 | 0 | (6.6) | 0 | ||||||||||||
Balance at Sep. 30, 2015 | $ 367.8 | $ 1.6 | $ 1,574.8 | $ (1,142.8) | $ (67.3) | $ 1.5 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Income (Loss) Attributable to Parent | $ 30.9 | $ 55.5 | $ 40.8 |
Adjustments to reconcile net income (loss) to income (loss) from continuing operations: | |||
Income (loss) from discontinued operations, net of tax | 0 | 0 | (5.4) |
Depreciation | 28.7 | 27.3 | 27.4 |
Amortization | 29.4 | 29.4 | 31.8 |
Asset Impairment Charges | 11.6 | 0 | 0 |
Stock-based compensation expense | 4.8 | 8.6 | 7.1 |
Deferred income taxes | 6.9 | 15.6 | 7.3 |
Retirement plans | 1 | 1.5 | 4.3 |
Loss on early extinguishment of debt | 31.3 | 1 | 1.4 |
Other, net | 4.7 | 0.7 | 2.3 |
Changes in assets and liabilities, net of acquisitions: | |||
Receivables | 3.5 | (16.9) | 0.9 |
Inventories | (24.6) | 11 | (25.9) |
Other current assets and other noncurrent assets | (0.7) | 3.6 | 1.8 |
Accounts payable and other liabilities | (39.7) | 10.3 | 20.3 |
Net cash provided by (used in) operating activities | 87.8 | 147.6 | 114.1 |
Investing activities: | |||
Capital expenditures | (37.5) | (36.9) | (36.5) |
Acquisitions, net of cash acquired | 0.3 | (10) | (0.2) |
Proceeds from sales of assets | 5.6 | 4.7 | 0.5 |
Net cash provided by (used in) investing activities | (31.6) | (42.2) | (36.2) |
Financing activities: | |||
Repayment of debt | 589 | 55.7 | 23.2 |
Proceeds from Issuance of Long-term Debt | 512.5 | 0 | 0 |
Dividends paid | (12) | (11.2) | (11) |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 3.2 | 0 | 0 |
Common stock issued | 3.3 | 4.2 | 3.1 |
Payments for Repurchase of Common Stock | (5) | 0 | 0 |
Shares retained for employee taxes | (2.4) | (3.1) | (1.5) |
Payment of deferred financing fees | (8.5) | 0 | (0.7) |
Sale of noncontrolling interest | 0 | 1.7 | 0 |
Other | (1.1) | (1.1) | (2.4) |
Net cash used in financing activities | (99) | (65.2) | (35.7) |
Effect of currency exchange rate changes on cash | (5.2) | (2.7) | (1.2) |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | |||
Operating activities | 0 | 0 | (4.9) |
Investing activities | 0 | 0 | 4.5 |
Net cash provided by (used in) discontinued operations | 0 | 0 | (0.4) |
Net change in cash and cash equivalents | (48) | 37.5 | 40.6 |
Cash and cash equivalents at beginning of period | 161.1 | 123.6 | 83 |
Cash and cash equivalents at end of period | $ 113.1 | $ 161.1 | $ 123.6 |
Summary of Significant Accounti
Summary of Significant Accounting Policies All (Notes) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Revenue Recognition -Revenue is recognized when delivery of products has occurred or services have been rendered and there is persuasive evidence of a sales arrangement, selling prices are fixed or determinable and collectibility is reasonably assured. Revenue is reported net of estimated discounts, returns and rebates as “net sales.” In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance for the recognition of revenue. This new guidance applies to us beginning with our first quarter of fiscal 2019 and early adoption is not permitted. We are in the early stages of evaluating the impact of the adoption of this guidance on our financial statements and related disclosures and we have not yet reached any conclusions. Shipping and Handling- Costs to ship products to customers are included in cost of sales. Amounts billed to customers, if any, to cover shipping and handling costs are included in net sales. Stock-based Compensation- Compensation expense for stock-based awards granted to employees and directors is based on the fair value at the grant dates for our outstanding stock-settled share awards and is based on the fair value at each reporting date for our cash-settled share awards. See Note 11 for more information regarding our stock-based compensation. Stock-based compensation expense is a component of selling, general and administrative expenses. Cash and Cash Equivalents- All highly liquid investments with remaining maturities of 90 days or less when purchased are classified as cash equivalents. Where there is no right of offset against cash balances, outstanding checks are included in accounts payable. Receivables- Receivables are amounts due from customers. To reduce credit risk, credit investigations are generally performed prior to accepting orders from new customers and, when necessary, letters of credit, bonds or other instruments are required to ensure payment. The allowance for doubtful receivables is based upon judgments and estimates of expected losses and specific identification of problem accounts. Significantly weaker than anticipated industry or economic conditions could impact customers’ ability to pay such that actual losses may be greater than the amounts provided for in this allowance. The periodic evaluation of the adequacy of the allowance for doubtful receivables is based on an analysis of prior collection experience, specific customer creditworthiness and current economic trends within the industries served. In circumstances where we expect a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filings or substantial downgrading of credit ratings), we record a specific allowance to reduce the receivable to the amount management reasonably believes will be collected. The following table summarizes information concerning our allowance for doubtful receivables. 2015 2014 2013 (in millions) Balance at beginning of year $ 5.3 $ 5.3 $ 5.7 Provision charged to expense 0.1 — 0.4 Balances written off, net of recoveries (0.2 ) (0.1 ) (0.8 ) Other — 0.1 — Balance at end of year $ 5.2 $ 5.3 $ 5.3 Inventories- Inventories are recorded at the lower of first-in, first-out method cost or market value. We evaluate our inventory in terms of excess and obsolete exposures. This evaluation includes such factors as anticipated usage, inventory turnover, inventory levels and ultimate product sales value. Inventory cost includes an overhead component that is affected by levels of production and actual costs incurred. Management periodically evaluates the effects of production levels and costs capitalized as part of inventory. The following table summarizes information concerning our inventory valuation reserves. 2015 2014 2013 (in millions) Balance at beginning of year $ 8.5 $ 10.6 $ 12.5 Provision charged to expense 2.1 2.8 2.4 Inventory disposed (2.9 ) (4.3 ) (4.6 ) Other 0.1 (0.6 ) 0.3 Balance at end of year $ 7.8 $ 8.5 $ 10.6 Other Current Assets- Other current assets include maintenance supplies and tooling costs. Costs for perishable tools and maintenance items are expensed when put into service. Costs for more durable items are amortized over their estimated useful lives, ranging from 3 to 10 years. During 2015, we revised our presentation of supplies and tooling for all periods presented to include components of our production equipment in property, plant and equipment and to include any supplies we do not expect to use in the next year in other noncurrent assets. Property, Plant and Equipment- Property, plant and equipment is recorded at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Estimated useful lives are 10 to 20 years for land improvements, 10 to 40 years for buildings and 3 to 15 years for machinery and equipment. Leasehold improvements and capitalized leases are depreciated using the straight-line method over the lesser of the useful life of the asset or the remaining lease term. Gains and losses upon disposition are reflected in operating results in the period of disposition. Direct internal and external costs to implement computer systems and internal-use software are capitalized. Capitalized costs are depreciated over the estimated useful life of the system or software, generally 3 to 6 years, beginning when site installation or module development is complete and ready for use. Liabilities are recognized at fair value for asset retirement obligations related to plant and landfill closures in the period in which they are incurred and the carrying amounts of the related long-lived assets are correspondingly increased. Over time, the liabilities are accreted to their estimated future values. At September 30, 2015 and 2014 , asset retirement obligations were $2.9 million and $3.2 million , respectively. Accounting for the Impairment of Long-Lived Assets- We test indefinite-lived intangible assets and goodwill for impairment annually (or more frequently if events or circumstances indicate possible impairment.) We perform our annual impairment testing at September 1. We amortize finite-lived intangible assets over their respective estimated useful lives and review for impairment if events or circumstances indicate possible impairment. Workers Compensation- Our exposure to workers compensation claims is generally limited to $1 million per incident. Liabilities, including those related to claims incurred but not reported, are recorded principally using annual valuations based on discounted future expected payments and using historical data combined with insurance industry data when historical data is limited. We are indemnified under an agreement with a predecessor to Tyco for all Mueller Co. and Anvil workers compensation liabilities related to incidents that occurred prior to August 16, 1999. See Note 17 . We retained U.S. Pipe workers compensation liabilities related to incidents that occurred prior to April 1, 2012, but the Purchaser has agreed to reimburse us for up to $11.8 million in payments we make related to these liabilities. At September 30, 2015 , the remaining reimbursements may be up to $5.6 million , which we have recorded on a discounted basis as $0.8 million in other current assets and $4.3 million in other noncurrent assets. See Note 5 . On an undiscounted basis, workers compensation liabilities were $15.3 million and $17.0 million at September 30, 2015 and 2014 , respectively. On a discounted basis, workers compensation liabilities were $13.1 million and $14.7 million at September 30, 2015 and 2014 , respectively. We apply a discount rate at a risk-free interest rate, generally a U.S. Treasury bill rate, for each policy period. The rate used is one with a duration that corresponds to the weighted average expected payout period for each policy period. Once a discount rate is applied to a policy period, it remains the discount rate for that policy period until all claims are paid. Warranty Costs- We accrue for warranty expenses that can include customer costs of repair and/or replacement, including labor, materials, equipment, freight and reasonable overhead costs. We accrue for the estimated cost of product warranties at the time of sale if such costs are determined to be reasonably estimable at that time. Warranty cost estimates are revised throughout applicable warranty periods as better information regarding warranty costs becomes available. Activity in accrued warranty, reported as part of other current liabilities, is presented below. 2015 2014 2013 (in millions) Balance at beginning of year $ 2.6 $ 2.8 $ 1.6 Warranty expense 5.2 4.1 4.2 Warranty payments (4.9 ) (4.3 ) (3.0 ) Balance at end of year $ 2.9 $ 2.6 $ 2.8 Deferred Financing Costs- Costs of debt financing are charged to expense over the lives of the related financing agreements, which range from 5 to 10 years. Remaining costs and the future period over which they would be charged to expense are reassessed when amendments to the related financing agreements or prepayments occur. In August 2015, the FASB issued guidance on debt issuance costs. This new guidance requires us to present certain debt issuance costs related to our recognized debt liability as a direct deduction from the carrying amount of that debt liability. We adopted this guidance at September 30, 2015 for all periods presented. ABL Agreement-related deferred financing costs are included in other noncurrent assets and remaining deferred financing costs are offset against long-term debt in the accompanying consolidated balance sheets. Deferred financing costs of $8.8 million at September 30, 2015 are scheduled to amortize as follows: $1.4 million related to the ABL Agreement amortizes on a straight-line basis; $7.4 million related to the Term Loan amortizes using the effective-interest rate method. All such amortization will be over the remaining term of the respective debt. See Note 7 . Derivative Instruments and Hedging Activities- We manage interest rate risk to some extent using derivative instruments. We designated our interest rate swap contracts as cash flow hedges of interest payments. As a result the changes in the fair value of these contracts prior to settlement are reported as a component of accumulated other comprehensive loss and will be reclassified into earnings in the periods during which the hedged transactions affect earnings. Income Taxes- Deferred tax liabilities and deferred tax assets are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Such liabilities and assets are determined based on the differences between the financial statement basis and the tax basis of assets and liabilities, using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided when, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We only record tax benefits for positions that management believes are more likely than not of being sustained under audit based solely on the technical merits of the associated tax position. The amount of tax benefit recognized for any position that meets the more likely than not threshold is the largest amount of the tax benefit that we believe is greater than 50% likely of being realized. Environmental Expenditures- We capitalize environmental expenditures that increase the life or efficiency of noncurrent assets or that reduce or prevent environmental contamination. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable. We are indemnified under an agreement with a predecessor to Tyco for certain environmental liabilities that existed at August 16, 1999. See Note 17 . Research and Development- Research and development costs are expensed as incurred. Advertising- Advertising costs are expensed as incurred. Translation of Foreign Currency- Assets and liabilities of our businesses whose functional currency is other than the U.S. dollar are translated into U.S. dollars using currency exchange rates at the balance sheet date. Revenues and expenses are translated at average currency exchange rates during the period. Foreign currency translation gains and losses are reported as a component of accumulated other comprehensive loss. Gains and losses resulting from foreign currency transactions are included in operating results as incurred. |
Identifiable Intangible Assets
Identifiable Intangible Assets | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Identifiable Intangible Assets | Intangible Assets Direct internal and external costs to develop external-use software are capitalized. Capitalized costs are depreciated over the estimated useful life of the software, beginning when the software is complete and ready for sale. During 2014, we revised our estimate of the useful life of the software to 6 years from 3 years. At September 30, 2015 , the remaining weighted-average amortization period for the external-use software was 4.0 years. Amortization expense related to such software assets was $1.6 million , $1.1 million and $2.3 million for 2015 , 2014 and 2013 , respectively. Amortization expense for each of the next five years is scheduled to be $2.3 million in 2016 , $2.3 million in 2017 , $2.1 million in 2018 , $1.8 million in 2019 and $1.6 million in 2020 . At September 30, 2015 , the remaining weighted-average amortization period for the business combination-related finite-lived intangible assets was 8.1 years. Amortization expense related to these assets was $27.8 million , $28.3 million and $29.5 million for 2015 , 2014 and 2013 , respectively. Amortization expense for each of the next five years is scheduled to be $22.3 million in 2016 , $22.4 million in 2017 , $22.5 million in 2018 , $22.3 million in 2019 and $22.2 million in 2020 . Intangible assets are presented below. September 30, 2015 2014 (in millions) Capitalized external-use software: Cost $ 17.9 $ 14.3 Accumulated amortization (7.0 ) (5.4 ) Net book value 10.9 8.9 Business combination-related: Cost: Finite-lived intangible assets: Technology 80.3 80.4 Customer relationships and other 400.2 400.2 Indefinite-lived intangible assets: Trade names and trademarks 299.6 300.0 Goodwill 5.4 5.4 785.5 786.0 Accumulated amortization: Technology (74.2 ) (68.1 ) Customer relationships and other (214.9 ) (193.2 ) (289.1 ) (261.3 ) Net book value 496.4 524.7 Total intangible assets net book value $ 507.3 $ 533.6 |
Business Combination (Notes)
Business Combination (Notes) | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisition On July 1, 2014, Mueller Co.’s Henry Pratt unit completed the acquisition of certain assets of Lined Valve Company Inc., a privately-held company, for a final purchase price of $9.7 million . The fair values of the related assets and liabilities are presented below in millions. Assets acquired: Receivables $ 1.5 Inventories 1.2 Property, plant and equipment 0.6 Goodwill 5.4 Customer relationships and other identifiable intangible assets 2.1 Other noncurrent assets 0.4 Liabilities: Accounts payable and other current liabilities (0.5 ) Other noncurrent liabilities (1.0 ) $ 9.7 Most of the goodwill arising from the acquisition is tax-deductible, and the customer relationships and other identifiable intangible assets have an estimated useful life of 10.0 years. We believe that the purchase price attributable to goodwill represents the future benefits expected as a result of the acquisition. |
Discontinued Operations, Assets
Discontinued Operations, Assets Held for Sale and Divestitures | 12 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations, Assets Held for Sale and Divestitures | Restructuring and Discontinued Operations In 2015, Mueller Co. sold certain assets related to its municipal casting operations in Canada and closed the associated facility. These actions resulted in restructuring expense of $7.2 million , which was comprised of a $2.5 million impairment charge, $2.3 million of environmental remediation costs and $2.4 million of severance and other costs. These operations generated net sales of $11.5 million during 2014. In 2014, Anvil sold the production equipment and certain inventory at its Bloomington, Minnesota location for an immaterial gain. Anvil also signed a supply agreement with the buyer and terminated the employment of all employees at that location, which resulted in the withdrawal from the only multi-employer pension plan in which the Company had participated. Anvil recorded a related withdrawal liability of $0.9 million as restructuring expense. Also in 2014, Anvil sold the land and buildings at this location, which resulted in a net a gain of $2.5 million included in selling, general and administrative expenses. On April 1, 2012 , we sold our former U.S. Pipe segment and received proceeds of $94.0 million in cash, subject to adjustments, and the agreement by the purchaser to reimburse us for expenditures to settle certain previously-existing liabilities estimated at $10.1 million at March 31, 2012. During 2013, we received $4.5 million in cash for certain purchase price adjustments and reduced our loss on sale of discontinued operations accordingly. The table below represents a summary of the operating results for the U.S. Pipe discontinued operations. These operating results do not reflect what they would have been had U.S. Pipe not been classified as discontinued operations. 2013 (in millions) Operating income 0.5 Reduced loss on sale of discontinued operations 4.9 Income from discontinued operations, net of tax $ 5.4 We have retained certain assets, liabilities and activities previously associated with our former U.S. Pipe segment, including ownership of certain real property and retention of pension and workers compensation obligations. Cash flows associated with some of these items are anticipated to continue indefinitely, but they are not clearly and closely related to the future operations of U.S. Pipe under its new owners. See Note 17. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes are presented below. 2015 2014 2013 (in millions) U.S. $ 55.4 $ 71.6 $ 41.0 Non-U.S. (4.7 ) 1.9 3.2 Income before income taxes $ 50.7 $ 73.5 $ 44.2 The cumulative amount of undistributed earnings of foreign subsidiaries that we consider to be indefinitely reinvested, and thus for which United States income taxes have not been provided, was $54.4 million at September 30, 2015 . It is not currently practical to estimate the amount of unrecognized United States income taxes that might be payable on the repatriation of these earnings. Income tax expense of continuing operations is presented below. 2015 2014 2013 (in millions) Current: U.S. federal $ 12.4 $ 0.1 $ 0.6 U.S. state and local 0.7 1.6 0.1 Non-U.S. (0.2 ) 0.7 0.8 12.9 2.4 1.5 Deferred: U.S. federal 4.5 28.7 6.2 U.S. state and local 2.9 (12.8 ) 1.3 Non-U.S. (0.5 ) (0.3 ) (0.2 ) 6.9 15.6 7.3 Income tax expense $ 19.8 $ 18.0 $ 8.8 The allocations of current income tax expense between continuing and discontinued operations are provided below. 2013 Continuing operations Discontinued operations Expense from operations $ 17.5 $ 2.1 Valuation allowance-related benefit (8.5 ) (2.1 ) Other items (0.2 ) — Income tax expense $ 8.8 $ — The reconciliation between income tax expense at the U.S. federal statutory income tax rate and reported income tax expense from continuing operations is presented below. 2015 2014 2013 (in millions) Expense at U.S. federal statutory income tax rate of 35% $ 17.7 $ 25.7 $ 15.5 Adjustments to reconcile to income tax expense: State income taxes, net of federal benefit 2.4 3.6 2.0 Domestic production activities deduction (1.5 ) — — Tax credits (1.3 ) (0.1 ) (0.6 ) Nondeductible expenses, other than compensation 0.7 0.9 0.5 Federal valuation allowance 0.6 (1.2 ) (7.8 ) Foreign income taxes 0.4 (0.2 ) 0.4 Nondeductible compensation 0.3 0.8 0.2 State valuation allowance, net of federal benefit (0.1 ) (8.4 ) (1.1 ) State tax rate change — (2.5 ) — Other 0.6 (0.6 ) (0.3 ) Income tax expense $ 19.8 $ 18.0 $ 8.8 Deferred income tax balances are presented below. September 30, 2015 2014 (in millions) Deferred income tax assets: Inventory reserves $ 15.5 $ 15.2 Accrued expenses 13.6 15.3 Pension and other postretirement benefits 17.8 20.3 Stock-based compensation 8.9 10.7 State net operating losses 8.1 10.3 Federal net operating losses and credit carryovers 0.5 6.8 Other 3.0 1.9 67.4 80.5 Valuation allowance (1.3 ) (0.7 ) Total deferred income tax assets, net of valuation allowance 66.1 79.8 Deferred income tax liabilities: Intangible assets 182.3 190.1 Other 0.8 1.5 Total deferred income tax liabilities 183.1 191.6 Net deferred income tax liabilities $ 117.0 $ 111.8 We reevaluate the need for a valuation allowance against the U.S. deferred tax assets each quarter, considering results to date, projections of taxable income, tax planning strategies and reversing taxable temporary differences. After inclusion of the tax effect of the loss on the sale of U.S. Pipe in 2012, our net reversing deferred tax credits were insufficient to fully support our deferred tax assets, which include net operating loss carryforwards, and we concluded that a valuation allowance was necessary to reduce our U.S. net reversing deferred tax assets to zero. Accordingly, we recorded income tax expense in 2012 to establish valuation allowances related to deferred tax assets. In the 2014 fourth quarter, we credited to income almost all of the deferred tax valuation allowance based on our expectation of future taxable income. In the 2015 fourth quarter, we credited to income the remaining state net operating loss valuation allowance based on utilization. Our state net operating loss carryforwards, which expire between 2016 and 2033 , remain available to offset future taxable earnings. At September 30, 2015, we have utilized our federal net operating loss carryforwards. At September 30, 2015, we have $3.9 million of foreign net operating losses. We plan to utilize substantially all of this amount during 2016, and the remainder has no expiration date. The following table summarizes information concerning our gross unrecognized tax benefits. 2015 2014 (in millions) Balance at beginning of year $ 2.7 $ 3.7 Increases related to prior year positions 0.3 0.1 Decreases due to lapse in statute of limitations (0.4 ) (1.1 ) Balance at end of year $ 2.6 $ 2.7 Substantially all unrecognized tax benefits would, if recognized, impact the effective tax rate. We recognize interest related to uncertain tax positions as interest expense and recognize any penalties incurred as a component of selling, general and administrative expenses. At September 30, 2015 and 2014 , we had $0.6 million and $0.7 million , respectively, of accrued interest expense related to unrecognized tax benefits. We expect to settle certain state income tax audits within the next 12 months and believe it is reasonably possible that these audit settlements will reduce the gross unrecognized tax benefits by $0.8 million . The federal income tax returns for Mueller Co. and Anvil are closed for years prior to 2005 and for Mueller Water Products, Inc. for 2007 and 2008. Our 2009 through 2011 returns are closed except to the extent net operating losses from those years have been utilized on subsequent years’ returns. U.S. Pipe is subject to statute extension agreements that may be applicable to Walter Energy, and we remain liable for any tax related to U.S. Pipe pursuant to the terms of our sale of that segment. See Note 17 . Our state income tax returns are generally closed for years prior to 2010, except to the extent of our state net operating loss carryforwards. Our Canadian income tax returns are generally closed for years prior to 2008. We are currently under audit by several states at various levels of completion. We do not have any material unpaid assessments. |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Sep. 30, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements The components of our long-term debt are presented below. September 30, 2015 2014 (in millions) ABL Agreement $ — $ — Term Loan 494.0 — Senior Subordinated Notes — 365.0 Senior Unsecured Notes — 178.3 Other 2.4 2.3 496.4 545.6 Deferred financing costs (7.4 ) (4.6 ) Less current portion (6.1 ) (46.2 ) Long-term debt $ 482.9 $ 494.8 ABL Agreement . Our asset based lending agreement (“ABL Agreement”) consists of a revolving credit facility for up to $225 million of revolving credit borrowings, swing line loans and letters of credit. The ABL Agreement also permits us to increase the size of the credit facility by an additional $150 million in certain circumstances subject to adequate borrowing base availability. We may borrow up to $25 million through swing line loans and may have up to $60 million of letters of credit outstanding. Borrowings under the ABL Agreement bear interest at a floating rate equal to LIBOR plus a margin ranging from 175 to 225 basis points, or a base rate, as defined in the ABL Agreement, plus a margin ranging from 75 to 125 basis points. At September 30, 2015 the applicable rate was LIBOR plus 175 basis points. The ABL Agreement terminates on December 18, 2017 . We pay a commitment fee for any unused borrowing capacity under the ABL Agreement of either 37.5 basis points per annum or 25 basis points per annum, based on daily average availability during the previous calendar quarter. At September 30, 2015 , our commitment fee was 37.5 basis points. Borrowings are not subject to any financial maintenance covenants unless excess availability is less than the greater of $22.5 million and 10% of the aggregate commitments under the ABL Agreement. Excess availability based on September 30, 2015 data, as reduced by outstanding letters of credit, swap contract liabilities and accrued fees and expenses of $32.1 million , was approximately $170 million . Term Loan . On November 25, 2014 , we entered into a $500.0 million senior secured term loan (“Term Loan”). We capitalized $8.5 million of financing costs, which are being amortized over the term of the Term Loan using the effective interest rate method. The proceeds from the Term Loan, along with other cash, were used to prepay our 7.375% Senior Subordinated Notes (“Senior Subordinated Notes”) and 8.75% Senior Unsecured Notes (“Senior Unsecured Notes”) and to satisfy and discharge our obligations under the respective indentures. We recorded a loss on early extinguishment of debt of $31.3 million , which consisted of $25.2 million of tender and call premiums, $4.4 million of deferred financing costs and $1.7 million of unamortized discount written off. The Term Loan accrues interest at a floating rate equal to LIBOR, subject to a floor of 0.75% , plus 325 basis points. At September 30, 2015 , the weighted-average effective interest rate, including amortization of original issue discount, was 4.02% . We may voluntarily repay amounts borrowed under the Term Loan at any time. The principal amount of the Term Loan is required to be repaid in quarterly installments of $1.25 million , with any remaining principal due on November 25, 2021 . The Term Loan is guaranteed by substantially all of our U.S. subsidiaries and is secured by essentially all of our assets, although the ABL Agreement has a senior claim on certain collateral securing borrowings thereunder. The Term Loan is reported net of unamortized discount of $2.2 million . Based on quoted market prices, the outstanding Term Loan had a fair value of $496.9 million at September 30, 2015 . The Term Loan contains affirmative and negative operating covenants applicable to us and our restricted subsidiaries. We believe we were compliant with these covenants at September 30, 2015 and expect to remain in compliance through September 30, 2016 . The scheduled maturities of outstanding borrowings outstanding at September 30, 2015 for each of the following years are $6.1 million for 2016 , $5.7 million for 2017 , $5.4 million for 2018 , $5.2 million for 2019 , $5.0 million for 2020 and $471.2 million after 2020 . |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments We are exposed to interest rate risk that we manage to some extent using derivative instruments. We have four interest rate swap contracts with forward start dates of September 30, 2016 . Starting on that date, we will receive interest calculated using 3-month LIBOR, subject to a floor of 0.750% , and pay fixed interest at 2.341% , on an aggregate notional amount of $150.0 million . These swap contracts effectively fix the interest rate on $150.0 million of our borrowings under the Term Loan at 5.591% , including the 325 basis point spread, from September 30, 2016 through September 30, 2021 . Based on publicly available interest rate forward yield curve information, these swap contract liabilities had a fair value of $2.6 million at September 30, 2015 , which is included in other noncurrent liabilities . We have designated our interest rate swap contracts as cash flow hedges of our future interest payments and elected to apply the “shortcut” method of assessing hedge effectiveness. As a result, the gain or loss on the swap contracts is reported as a component of other comprehensive loss and will be reclassified into interest expense as the related interest payments are made. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Retirement Plans We have various pension plans (“Pension Plans”), which we fund in accordance with their requirements and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. The Pension Plans provide benefits based on years of service and compensation or at stated amounts for each year of service. The measurement date for all Pension Plans was September 30. We were not required to make, and we did not make, any contributions to our U.S. pension plan in 2015 . We contributed $1.2 million to terminate two of our Canadian plans in 2015 and recorded a settlement charge of $0.5 million in selling, general and administrative expenses. We currently estimate we will contribute approximately $0.8 million to our Pension Plans in 2016 . The components of net periodic benefit cost are presented below. 2015 2014 2013 (in millions) Service cost $ 1.9 $ 1.7 $ 2.0 Interest cost 20.1 19.9 18.3 Expected return on plan assets (24.6 ) (23.8 ) (25.1 ) Amortization of net loss 3.2 3.5 9.0 Curtailment / special settlement loss 0.5 0.2 0.1 Net periodic benefit cost $ 1.1 $ 1.5 $ 4.3 Balance sheet information for Pension Plans with accumulated benefit obligations in excess of plan assets is presented below. September 30, 2015 2014 (in millions) Projected benefit obligations $ 427.0 $ 459.9 Accumulated benefit obligations 427.0 459.9 Fair value of plan assets 381.3 407.6 Balance sheet information for Pension Plans with accumulated benefit obligations less than plan assets is presented below. September 30, 2015 2014 (in millions) Projected benefit obligations $ 1.2 $ 1.6 Accumulated benefit obligations 1.2 1.6 Fair value of plan assets 2.1 2.9 Amounts recognized for our Pension Plans and other postretirement benefit plans are presented below. Pension Plans 2015 2014 (in millions) Projected benefit obligations: Beginning of year $ 461.5 $ 399.6 Service cost 1.9 1.7 Interest cost 20.1 19.9 Actuarial loss (gain) (25.9 ) 67.3 Benefits paid (26.0 ) (26.0 ) Currency translation (1.6 ) (0.8 ) Decrease in obligation due to curtailment / settlement (1.8 ) (0.2 ) End of year $ 428.2 $ 461.5 Accumulated benefit obligations at end of year $ 428.2 $ 461.5 Plan assets: Beginning of year $ 410.5 $ 395.2 Actual return on plan assets 1.3 42.1 Employer contributions 1.2 0.1 Settlement (1.9 ) — Currency translation (1.7 ) (0.9 ) Benefits paid (26.0 ) (26.0 ) End of year $ 383.4 $ 410.5 Accrued benefit cost at end of year: Unfunded status $ (44.8 ) $ (51.0 ) Recognized on balance sheet: Other noncurrent assets $ 0.9 $ 1.3 Other noncurrent liabilities (45.7 ) (52.3 ) $ (44.8 ) $ (51.0 ) Recognized in accumulated other comprehensive loss, before tax: Prior year service cost $ — $ 0.1 Net actuarial loss 113.5 119.7 $ 113.5 $ 119.8 Change in actuarial loss (gain) in 2014 is due to actual rates of return on plans assets being lower than projected and the adoption of new mortality tables issued by the Society of Actuaries due to the increasing lifespan of North Americans. Our U.S. plan comprised 98% of the Pension Plans’ obligations and 98% of the Pension Plans’ assets at September 30, 2015 . Pension Plan activity in accumulated other comprehensive loss, before tax, in 2015 is presented below, in millions. Balance at beginning of year $ 119.8 Actuarial gain (2.6 ) Prior year actuarial loss amortization to net periodic cost (3.2 ) Settlement (0.5 ) Balance at end of year $ 113.5 Beginning in 2015, we amortized amounts in accumulated other comprehensive loss representing unrecognized prior year service cost and unrecognized loss related to our U.S. pension plan over the weighted average life expectancy of the plan’s inactive participants instead of the weighted average remaining service period for active participants, as we did through 2014. The effect of this change was not material to our consolidated financial statements. The components of accumulated other comprehensive loss related to pension that we expect to amortize into net periodic benefit cost in 2016 are presented below, in millions. Amortization of unrecognized prior year service cost $ 0.1 Amortization of unrecognized loss 3.1 $ 3.2 The discount rates for determining the present value of pension obligations were selected using a “bond settlement” approach, which constructs a hypothetical bond portfolio that could be purchased such that the coupon payments and maturity values could be used to satisfy the projected benefit payments. The discount rate is the equivalent rate that results in the present value of the projected benefit payments equaling the market value of this bond portfolio. Only high quality (AA graded or higher), non-callable corporate bonds are included in this bond portfolio. We rely on the Pension Plans’ actuaries to assist in the development of the discount rate model. Management’s expected returns on plan assets were determined with the assistance of the Pension Plans’ actuaries and investment consultants. Expected returns on plan assets were developed using forward looking returns over a time horizon of 10 to 15 years for major asset classes along with projected risk and historical correlations. A summary of key assumptions for our pension plans is below. Pension Plans 2015 2014 2013 Weighted average used to determine benefit obligations: Discount rate 4.84 % 4.49 % 5.16 % Weighted average used to determine net periodic cost: Discount rate 4.49 % 5.16 % 4.21 % Expected return on plan assets 6.21 6.24 6.71 We maintain a single trust to hold the assets of the U.S. pension plan. During 2013, the strategic asset allocation was adjusted to 40% equity investments from 60% equity investments. This trust’s strategic asset allocations, tactical range at September 30, 2015 and actual asset allocations are presented below. Strategic asset allocation Actual asset allocations at September 30, Tactical range 2015 2014 2013 Equity investments: Large capitalization stocks 26 % Small capitalization stocks 5 International stocks 9 40 30 - 50 % 39 % 40 % 40 % Fixed income investments 60 50 - 70 60 59 59 Cash — 0 - 5 1 1 1 100 % 100 % 100 % 100 % Assets of the Pension Plans are allocated to various investments to attain diversification and reasonable risk-adjusted returns while also managing the exposure to asset and liability volatility. These ranges are targets and deviations may occur from time to time due to market fluctuations. Portfolio assets are typically rebalanced to the allocation targets at least annually. The valuation methodologies used to measure the assets of the Pension Plans at fair value are: • Equity investments are valued at the closing price reported on the active market when reliable market quotations are readily available. When market quotations are not readily available, assets of the Pension Plans are valued by a method the trustees of the Pension Plans believe accurately reflects fair value; • Fixed income fund investments are valued using the closing price reported in the active market in which the investment is traded or based on yields currently available on comparable securities of issuers with similar credit ratings; and • Other investments are valued as determined by the trustees of the Pension Plans based on their net asset values and supported by the value of the underlying securities and by the unit prices of actual purchase and sale transactions occurring at or close to the financial statement date. The assets of the Pension Plans by level within the fair value hierarchy are presented below. September 30, 2015 Level 1 Level 2 Total (in millions) Equity: Large cap stocks: Large cap growth funds $ — $ 32.7 $ 32.7 Large cap index funds — 27.1 27.1 Large cap value funds — 15.7 15.7 Small cap stocks: Small cap growth funds — 18.5 18.5 International stocks: Mutual funds 42.1 — 42.1 International funds — 13.9 13.9 Total equity 42.1 107.9 150.0 Fixed income — 229.4 229.4 Cash and cash equivalents 4.0 — 4.0 $ 46.1 $ 337.3 $ 383.4 September 30, 2014 Level 1 Level 2 Total (in millions) Equity: Large cap stocks: Large cap growth funds $ — $ 31.5 $ 31.5 Large cap index funds — 35.9 35.9 Large cap value funds — 15.3 15.3 Small cap stocks: Small cap growth funds — 18.5 18.5 International stocks: Mutual funds 45.9 — 45.9 International funds — 15.4 15.4 Total equity 45.9 116.6 162.5 Fixed income — 243.5 243.5 Cash and cash equivalents 4.5 — 4.5 $ 50.4 $ 360.1 $ 410.5 Our estimated future pension benefit payments are presented below in millions. 2016 $ 32.9 2017 26.4 2018 26.6 2019 26.8 2020 27.1 2021-2025 138.0 Defined Contribution Retirement Plans- Certain of our employees participate in defined contribution 401(k) plans or similar non-U.S plans. We make matching contributions as a function of employee contributions. Matching contributions were $6.2 million , $5.6 million and $5.1 million during 2015 , 2014 and 2013 , respectively. |
Capital Stock
Capital Stock | 12 Months Ended |
Sep. 30, 2015 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Stockholders' Equity Note Disclosure | Capital Stock Common stock share activity is presented below. Shares outstanding at September 30, 2012 156,840,648 Exercise of stock options 384,475 Exercise of employee stock purchase plan instruments 290,173 Vesting of restricted stock units, net of shares withheld for taxes 719,004 Shares outstanding at September 30, 2013 158,234,300 Exercise of employee stock purchase plan instruments 204,360 Exercise of stock options 587,964 Vesting of restricted stock units, net of shares withheld for taxes 734,047 Shares outstanding at September 30, 2014 159,760,671 Exercise of employee stock purchase plan instruments 212,550 Exercise of stock options 506,632 Vesting of restricted stock units, net of shares withheld for taxes 541,839 Stock repurchased under buyback program (523,851 ) Shares outstanding at September 30, 2015 160,497,841 |
Stock-based Compensation Plans
Stock-based Compensation Plans | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-based Compensation Plans The effect of stock-based compensation on our statements of operations is presented below. 2015 2014 2013 (in millions, except per share data) Decrease in operating income $ 7.0 $ 13.2 $ 11.4 Decrease in net income 4.4 8.1 6.9 Decrease in earnings per basic share 0.03 0.05 0.04 Decrease in earnings per diluted share 0.03 0.05 0.04 We excluded 1,165,414 , 1,103,845 and 1,387,198 instruments from the calculation of diluted earnings per share for 2015 , 2014 and 2013 , respectively, because the effect of including them would have been antidilutive. At September 30, 2015 , there was approximately $3.3 million of unrecognized compensation expense related to stock-based awards not yet vested. We expect to recognize this expense over a weighted average life of approximately 1.1 years. The Mueller Water Products, Inc. 2006 Stock Incentive Plan (“2006 Plan”) authorizes an aggregate of 20,500,000 shares of common stock that may be granted through the issuance of stock-based awards. Any awards canceled are available for reissuance. Generally, all of our employees and members of our board of directors are eligible to participate in the 2006 Plan. At September 30, 2015 , 7,271,214 shares of common stock were available for future grants of awards under the 2006 Plan. This total assumes that the maximum number of shares will be earned for awards for which the final number of shares to be earned has not yet been determined. An award granted under the 2006 Plan vests at such times and in such installments as set by the Compensation and Human Resources Committee of the board of directors, but no award will be exercisable after the ten -year anniversary of the date on which it is granted. Management expects some instruments will be forfeited prior to vesting. Grants to members of our board of the directors are expected to vest fully. Based on historical forfeitures, we expect grants to others to be forfeited at an annual rate of 3% . Restricted Stock Units. Depending on the specific terms of each award, restricted stock units generally vest on the three -year anniversary of the grant date, or ratably over the life of the award, usually three years, on each anniversary date of the original grant. Restricted stock units granted since November 2007 also vest upon the Retirement (as defined in the 2006 Plan) of a participant. Compensation expense for restricted stock units is recognized between the grant date and the vesting date (or the date on which a participant becomes Retirement-eligible, if sooner) on a straight-line basis for each tranche of each award. Fair values of restricted stock units are determined using the closing price of our common stock on the respective dates of grant. Restricted stock unit activity under the 2006 Plan is summarized below. Restricted stock units Weighted average grant date fair value per unit Weighted average remaining contractual term (years) Aggregate intrinsic value (millions) Outstanding at September 30, 2012 2,423,762 $ 4.13 1.0 Granted 509,338 5.37 Vested (995,037 ) 4.77 $ 5.6 Cancelled (12,723 ) 12.28 Outstanding at September 30, 2013 1,925,340 4.30 0.9 Granted 381,012 8.51 Vested (1,099,591 ) 4.94 9.4 Cancelled — — Outstanding at September 30, 2014 1,206,761 5.04 0.7 Granted 459,659 9.70 Vested (793,630 ) 3.99 7.7 Cancelled — — Outstanding at September 30, 2015 872,790 $ 8.45 0.8 Performance Shares. Performance-based restricted stock units (“PRSUs”) represent a target number of units that may be paid out at the end of a multi-year award cycle consisting of annual performance periods coinciding with our fiscal years. As determined at the date of grant, PRSUs may settle in cash-value equivalent of, or directly in, shares of our common stock. Settlement will range from zero to two times the number of PRSUs granted, depending on our financial performance against predetermined targets. Performance goals are established within 90 days of the beginning of each performance period by the Compensation and Human Resources Committee of our board of directors (“Committee”). At the end of each annual performance period, the Committee confirms performance against the applicable performance targets. PRSUs do not convey voting rights or earn dividends. PRSUs vest on the last day of an award cycle, unless vested sooner due to a “Change of Control” of the Company, or the death, disability or Retirement of a participant. The 243,992 cash-settled PRSUs granted in the quarter ended December 31, 2012 settled in the quarter ended December 31, 2014 for $4.0 million . Compensation expense for cash-settled PRSU’s has been recognized over the applicable performance periods based on the estimated performance factor and the closing price of our common stock at each balance sheet date. The stock-settled PRSUs granted in 2013, 2014 and 2015 will be settled in November 2015 , December 2016 and December 2017 , respectively. Compensation expense for stock-settled PRSU’s is recognized over the applicable performance periods based on the estimated performance factors and the closing price of our common stock on the date each performance goal is established. The stock prices used to value the awards were $5.22 for the 2013 performance period, $8.52 for the 2014 performance period and $9.78 for the 2015 performance period. Stock-settled PRSUs activity under the 2006 Plan is summarized below. Award date Performance period Units awarded Shares earned November 27, 2012 2013 135,553 271,106 2014 135,553 271,106 2015 135,552 0 December 3, 2013 2014 90,841 181,682 2015 90,841 0 2016 90,849 n/a December 2, 2014 2015 80,233 0 2016 80,229 n/a 2017 80,229 n/a Stock Options. Outstanding stock options generally vest on each anniversary date of the original grant ratably over three years. Stock options granted since November 2007 also vest upon the Retirement of a participant. Compensation expense for stock options is recognized between the grant date and the vesting date (or the date on which a participant becomes Retirement-eligible, if sooner) on a straight-line basis for each tranche of each award. Stock option activity under the 2006 Plan is summarized below. Options Weighted average exercise price per option Weighted average remaining contractual term (years) Aggregate intrinsic value (millions) Outstanding at September 30, 2012 5,522,610 $ 6.30 6.8 $ 3.5 Granted 125,780 5.91 Exercised (384,475 ) 4.97 1.2 Cancelled (139,209 ) 12.52 Outstanding at September 30, 2013 5,124,706 6.22 5.9 14.6 Granted 86,904 8.58 Exercised (587,964 ) 4.61 — Cancelled (71,411 ) 12.92 Outstanding at September 30, 2014 4,552,235 6.37 5.0 13.6 Granted 97,119 9.97 Exercised (506,632 ) 3.42 3.2 Cancelled (150,056 ) 13.90 Outstanding at September 30, 2015 3,992,666 $ 6.54 4.2 $ 9.3 Exercisable at September 30, 2015 3,799,877 $ 6.43 3.9 $ 9.3 Expected to vest after September 30, 2015 192,789 $ 8.76 8.6 $ 0.1 Stock option exercise prices are equal to the closing price of our common stock on the relevant grant date. The ranges of exercise prices for stock options outstanding at September 30, 2015 are summarized below. Exercise price Options Weighted average exercise price Weighted average remaining contractual term (years) Exercisable options Weighted average exercise price $ 0.00 - $ 4.99 1,395,711 $ 3.34 5.4 1,395,711 $ 3.34 $ 5.00 - $ 9.99 1,799,892 6.07 4.3 1,607,103 5.74 $ 10.00 - $ 14.99 515,846 11.30 2.0 515,846 11.30 $ 15.00 - $ 20.99 281,217 16.76 0.8 281,217 16.76 3,992,666 $ 6.54 4.2 3,799,877 $ 6.43 Compensation expense attributed to stock options is based on the fair value of the awards on their respective grant dates, as determined using a Black-Scholes model. The weighted average grant-date fair values of stock options granted and the weighted average assumptions used to determine these fair values are indicated below. 2015 2014 2013 Grant-date fair value $ 5.93 $ 5.13 $ 5.91 Risk-free interest rate 1.74 % 2.44 % 1.63 % Dividend yield 0.80 % 1.10 % 2.17 % Expected life (years) 8.0 8.0 8.0 Expected annual volatility 0.6199 0.6386 0.6696 The risk-free interest rate is based on the U.S. Treasury zero-coupon yield in effect at the grant date with a term equal to the expected life. The expected dividend yield is based on our estimated annual dividend and stock price history at the grant date. The expected term represents the period of time the awards are expected to be outstanding. Employee Stock Purchase Plan. The Mueller Water Products, Inc. 2006 Employee Stock Purchase Plan (“ESPP”) authorizes the sale of up to 4,000,000 shares of our common stock to employees. Generally, all full-time, active employees are eligible to participate in the ESPP, subject to certain restrictions. Employee purchases are funded through payroll deductions, and any excess payroll withholdings are returned to the employee. The price for shares purchased under the ESPP is the lower of 85% of closing price on the first day or the last day of the offering period. At September 30, 2015 , 1,470,253 shares were available for issuance under the ESPP. Phantom Plan. In 2012, the Company adopted the Mueller Water Products, Inc. Phantom Plan (“Phantom Plan”). The Phantom Plan awards were awarded to certain non-officer employees. Outstanding phantom awards vest ratably on each anniversary date of the original grant for three years. Compensation expense for Phantom Plan awards is charged against income on a straight-line basis for each tranche of each award based on the closing price of our common stock at each balance sheet date. Phantom Plan awards are payable in cash and recorded as liability awards. The outstanding Phantom Plan awards had a fair value of $7.66 per award at September 30, 2015 and our liability for such awards was $2.7 million . Phantom Plan activity for 2015 is summarized below. Phantom Plan units Weighted average grant date fair value per unit Weighted average remaining contractual term (years) Aggregate intrinsic value (millions) Outstanding at September 30, 2012 358,866 $ 2.03 1.2 Granted 382,605 5.22 Vested (119,637 ) $ 0.7 Cancelled (12,852 ) 2.03 Outstanding at September 30, 2013 608,982 4.03 1.0 Granted 304,815 8.52 Vested (240,739 ) 2.1 Cancelled (29,770 ) 5.29 Outstanding at September 30, 2014 643,288 6.22 0.8 Granted 289,524 9.78 Vested (317,409 ) 3.1 Cancelled (56,525 ) 8.29 Outstanding at September 30, 2015 558,878 $ 8.49 0.8 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Selected supplemental balance sheet information is presented below. September 30, 2015 2014 (in millions) Inventories: Purchased components and raw material $ 77.8 $ 72.0 Work in process 40.7 34.5 Finished goods 100.6 91.5 $ 219.1 $ 198.0 Other current assets: Maintenance and repair tooling $ 5.0 $ 6.2 Income taxes 1.5 13.0 Other 7.2 8.4 $ 13.7 $ 27.6 Property, plant and equipment: Land $ 9.4 $ 9.6 Buildings 79.3 78.0 Machinery and equipment 350.7 332.9 Construction in progress 20.1 18.7 459.5 439.2 Accumulated depreciation (310.6 ) (292.9 ) $ 148.9 $ 146.3 Other current liabilities: Compensation and benefits $ 30.5 $ 39.5 Customer rebates 15.4 16.9 Taxes other than income taxes 4.0 4.7 Warranty 2.9 2.6 Environmental 1.9 0.1 Income taxes 0.8 0.7 Interest 0.5 10.7 Restructuring 0.1 0.9 Other 7.1 6.1 $ 63.2 $ 82.2 |
Supplemental Statement of Opera
Supplemental Statement of Operations Information | 12 Months Ended |
Sep. 30, 2015 | |
Supplemental Income Statement Elements [Abstract] | |
Statement of Operations, Supplemental Disclosures [Text Block] | Supplemental Statement of Operations Information Selected supplemental statement of operations information is presented below. 2015 2014 2013 (in millions) Included in selling, general and administrative expenses: Research and development $ 14.9 $ 14.4 $ 14.8 Advertising $ 5.2 $ 4.7 $ 5.0 Interest expense, net: Term loan $ 17.5 $ — $ — 7.375% Senior Subordinated Notes 4.0 30.6 31.0 8.75% Senior Unsecured Notes 2.4 16.0 16.8 Deferred financing costs amortization 2.0 2.0 2.0 ABL Agreement 1.7 1.2 1.5 Other interest expense 0.3 0.2 0.7 27.9 50.0 52.0 Interest income (0.3 ) (0.4 ) (0.3 ) $ 27.6 $ 49.6 $ 51.7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is presented below. Foreign currency translation Minimum pension liability, net of tax Derivative instruments, net of tax Total (in millions) Balance at September 30, 2014 $ 2.4 $ (63.1 ) $ — $ (60.7 ) Current period other comprehensive loss (8.7 ) 3.7 (1.6 ) (6.6 ) Balance at September 30, 2015 $ (6.3 ) $ (59.4 ) $ (1.6 ) $ (67.3 ) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information The impact these transactions had on our consolidated balance sheets is presented below. September 30, 2015 2014 2013 (in millions) Pension plans: Increase (decrease) in other noncurrent assets $ (1.3 ) $ — $ 0.3 Decrease (increase) in other noncurrent liabilities 28.3 (25.5 ) 51.5 Increase in other current liabilities — 0.1 — Decrease (increase) in deferred tax liabilities (10.6 ) 9.8 (20.1 ) Decrease (increase) in accumulated other comprehensive loss (16.4 ) 15.6 (31.7 ) $ — $ — $ — Cash paid, net: Interest $ 36.8 $ 48.7 $ 49.1 Income taxes $ 13.3 $ 2.6 $ 0.7 |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information Our operations consist of three business segments: Mueller Co., Anvil and Mueller Technologies. These segments are organized primarily based on products sold and customers served and are consistent with how the segments are managed, how resources are allocated and how information is used by the chief operating decision maker. Mueller Co. manufactures valves for water and gas systems including butterfly, iron gate, tapping, check, knife, plug and ball valves and dry-barrel and wet-barrel fire hydrants. Anvil manufactures and sources a broad range of products including a variety of fittings, couplings, hangers and related products. The Mueller Technologies businesses offer metering, leak detection, pipe condition assessment and other products and services for the water infrastructure industry. Segment results are not reflective of their results on a stand-alone basis. Intersegment sales and transfers are made at selling prices generally intended to cover costs. Mueller Co. personnel provide certain administrative services, including management of accounts payable and accounts receivable, without any allocation of cost to Mueller Technologies. We do not believe the costs of such administrative services are material to the segments’ results. The determination of segment results excludes certain corporate expenses designated as Corporate because they are not directly attributable to segment operations. Interest expense, loss on early extinguishment of debt and income taxes are not allocated to the segments. Corporate expenses include those costs incurred by our corporate function, such as accounting, treasury, risk management, human resources, legal, tax and other administrative functions and also costs associated with assets and liabilities retained following the sale of U.S. Pipe. Corporate assets principally consist of cash, income tax assets, assets related to the sale of our former U.S. Pipe segment and deferred financing costs. Segment assets consist primarily of receivables, inventories, property, plant and equipment, intangible assets and other noncurrent assets. Geographical area information is presented below. United States Canada Other Total (in millions) Net sales: 2015 $ 1,037.7 $ 82.7 $ 44.1 $ 1,164.5 2014 1,040.6 101.1 43.0 1,184.7 2013 970.9 101.5 48.4 1,120.8 Property, plant and equipment, net: September 30, 2015 $ 142.9 $ 2.7 $ 3.3 $ 148.9 September 30, 2014 138.5 4.3 3.5 146.3 Net sales in Canada declined in 2015 compared with 2014 due primarily to the sale of Mueller Co.’s municipal castings business in December 2014. Approximately 41% of our 2015 gross sales were to our 10 largest customers, and approximately 25% of our 2015 gross sales were to our two largest customers, Ferguson Enterprises, Inc. (“Ferguson Enterprises”) and HD Supply, Inc. (“HD Supply”). Sales to Ferguson Enterprises comprised approximately 13% , 13% and 12% of our total gross sales during 2015 , 2014 and 2013 , respectively. In 2015 , Ferguson Enterprises accounted for approximately 16% , 8% and 2% of gross sales for Mueller Co., Anvil and Mueller Technologies, respectively. Receivables from Ferguson Enterprises totaled $28.2 million and $25.7 million at September 30, 2015 and 2014 , respectively. Sales to HD Supply comprised approximately 12% , 11% and 11% of our total gross sales during 2015 , 2014 , and 2013 , respectively. In 2015 , HD Supply accounted for approximately 18% and 5% of gross sales for Mueller Co. and Anvil, respectively. Receivables from HD Supply totaled $17.4 million and $17.7 million at September 30, 2015 and 2014 , respectively. Summarized financial information for our segments is presented below. Mueller Co. Anvil Mueller Technologies Corporate Total (in millions) Net sales, excluding intercompany: 2015 $ 702.2 $ 371.1 $ 91.2 $ — $ 1,164.5 2014 679.1 401.4 104.2 — 1,184.7 2013 632.5 391.3 97.0 — 1,120.8 Intercompany sales: 2015 $ 7.2 $ 0.1 $ — $ — $ 7.3 2014 6.7 0.1 — — 6.8 2013 7.4 0.1 — — 7.5 Operating income (loss): 2015 $ 136.9 $ 30.0 $ (12.9 ) $ (44.4 ) $ 109.6 2014 126.7 41.3 (4.4 ) (39.5 ) 124.1 2013 100.3 40.2 (9.0 ) (34.2 ) 97.3 Depreciation and amortization: 2015 $ 38.8 $ 14.7 $ 4.2 $ 0.4 $ 58.1 2014 38.0 14.2 4.1 0.4 56.7 2013 38.3 14.2 6.3 0.4 59.2 Loss on Walter receivable and restructuring: 2015 $ 8.2 $ 0.4 $ 0.1 $ 12.1 $ 20.8 2014 2.1 0.9 0.1 — 3.1 2013 1.5 0.1 — (0.1 ) 1.5 Capital expenditures: 2015 $ 20.5 $ 10.3 $ 6.5 $ 0.2 $ 37.5 2014 18.8 11.6 6.1 0.4 36.9 2013 16.6 12.3 7.4 0.2 36.5 Total assets: September 30, 2015 $ 757.7 $ 255.3 $ 77.2 $ 139.6 $ 1,229.8 September 30, 2014 767.9 263.9 67.9 212.8 1,312.5 Intangible assets, net: September 30, 2015 $ 435.5 $ 54.5 $ 17.3 $ — $ 507.3 September 30, 2014 459.7 57.9 16.0 — 533.6 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies We are involved in various legal proceedings that have arisen in the normal course of operations, including the proceedings summarized below. The effect of the outcome of these matters on our financial statements cannot be predicted with certainty as any such effect depends on the amount and timing of the resolution of such matters. Other than the litigation described below, we do not believe that any of our outstanding litigation would have a material adverse effect on our business or prospects. Environmental. We are subject to a wide variety of laws and regulations concerning the protection of the environment, both with respect to the operations at many of our properties and with respect to remediating environmental conditions that may exist at our own or other properties. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable. In the acquisition agreement pursuant to which a predecessor to Tyco sold our businesses to a previous owner in August 1999, Tyco agreed to indemnify us and our affiliates, among other things, for all “Excluded Liabilities.” Excluded Liabilities include, among other things, substantially all liabilities relating to the time prior to August 1999, including environmental liabilities. The indemnity survives indefinitely. Tyco’s indemnity does not cover liabilities to the extent caused by us or the operation of our businesses after August 1999, nor does it cover liabilities arising with respect to businesses or sites acquired after August 1999. Since 2007, Tyco has engaged in multiple corporate restructurings, split-offs and divestitures. While none of these transactions directly affects the indemnification obligations of the Tyco indemnitors under the 1999 acquisition agreement, the result of such transactions is that the assets of, and control over, such Tyco indemnitors has changed. Should any of these Tyco indemnitors become financially unable or fail to comply with the terms of the indemnity, we may be responsible for such obligations or liabilities. In September 1987, we implemented an Administrative Consent Order (“ACO”) for our Burlington, New Jersey property, which was required under the New Jersey Environmental Cleanup Responsibility Act (now known as the Industrial Site Recovery Act). The ACO required soil and ground-water cleanup, and we completed, and received final approval on, the soil cleanup required by the ACO. We retained this property related to the sale of our former U.S. Pipe segment. We expect ground-water issues as well as issues associated with the demolition of former manufacturing facilities at this site will continue and remediation by us could be required. Long-term ground-water monitoring may also be required, but we do not know how long such monitoring would be required and do not believe monitoring or further remediation costs, if any, will have a material adverse effect on any of our financial statements. On July 13, 2010, Rohcan Investments Limited, the former owner of property leased by Mueller Canada Ltd. and located in Milton, Ontario, filed suit against Mueller Canada Ltd. and its directors seeking C$10.0 million in damages arising from the defendants’ alleged environmental contamination of the property and breach of lease. Mueller Canada Ltd. leased the property from 1988 through 2008. We are pursuing indemnification from a former owner for certain potential liabilities that are alleged in this lawsuit, and we have accrued for other liabilities not covered by indemnification. On December 7, 2011, the Court denied the plaintiff’s motion for summary judgment. The purchaser of U.S. Pipe has been identified as a “potentially responsible party” (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act (“Superfund”) in connection with a former manufacturing facility operated by U.S. Pipe that was in the vicinity of a Superfund site located in North Birmingham, Alabama. Under the terms of the acquisition agreement relating to the sale of U.S. Pipe, we agreed to indemnify the purchaser for certain environmental liabilities, including those arising out of the former manufacturing site in North Birmingham. Accordingly, the purchaser tendered the matter to us for indemnification, which we accepted. Ultimate liability for the site will depend on many factors that have not yet been determined, including the determination of EPA’s remediation costs, the number and financial viability of the other PRPs (there are four other PRPs currently) and the determination of the final allocation of the costs among the PRPs, if any. Accordingly, because the amount of such costs cannot be reasonably estimated at this time, no amounts had been accrued for this matter at September 30, 2015. Walter Energy . Each member of the Walter Energy consolidated group, which included us through December 14, 2006, is jointly and severally liable for the federal income tax liability of each other member of the consolidated group for any year in which it is a member of the group at any time during such year. Accordingly, we could be liable in the event any such federal income tax liability is incurred, and not discharged, by any other member of the Walter Energy consolidated group for any period during which we were included in the Walter Energy consolidated group. Walter Energy effectively controlled all of our tax decisions for periods during which we were a member of the Walter Energy consolidated group for federal income tax purposes and certain combined, consolidated or unitary state and local income tax groups. Under the terms of an income tax allocation agreement between us and Walter Energy, dated May 26, 2006, we generally compute our tax liability on a stand-alone basis, but Walter Energy has sole authority to respond to and conduct all tax proceedings (including tax audits) relating to our federal income and combined state tax returns, to file all such tax returns on our behalf and to determine the amount of our liability to (or entitlement to payment from) Walter Energy for such previous periods. A dispute exists with the IRS regarding federal income taxes allegedly owed by the Walter Energy consolidated group from multiple tax years. According to Walter Energy's quarterly report on Form 10-Q filed with the SEC on November 5, 2015 (the "Walter Form 10-Q"), at September 30, 2015, Walter Energy had $33.0 million of accruals for unrecognized tax benefits on the matters subject to disposition. Walter Energy has stated it believes that all of its current and prior tax filing positions have substantial merit and intends to vigorously defend any tax claims asserted. In addition, Walter Energy stated in the Walter Form 10-Q that it believes that it has sufficient accruals to address any claims, including interest and penalties, and does not believe that any potential difference between the final settlements and the amounts accrued will have a material effect on its financial position, but such potential difference could be material to results of its operations in a future reporting period. Walter Energy filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in July 2015. We are currently monitoring the filing inasmuch as we could be liable for all or a portion of this federal income tax liability if it is incurred, and not discharged, for any period during which we were included in the Walter Energy consolidated group. In accordance with the income tax allocation agreement, Walter Energy used certain tax assets of one of our predecessors in its calendar 2006 tax return for which payment to us is required. The income tax allocation agreement only requires Walter Energy to make the payment upon realization of this tax benefit by receiving a refund or otherwise offsetting taxes due. Walter Energy currently owes us $11.6 million that is payable pending completion of an IRS audit of Walter Energy’s 2006 tax year and the related refund of tax from that year. As a result of the aforementioned Chapter 11 petition, we recorded a provision for doubtful accounts of $11.6 million in the quarter ended June 30, 2015. During the quarter ended September 30, 2015, we wrote off this receivable. Indemnifications . We are a party to contracts in which it is common for us to agree to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct. We cannot estimate the potential amount of future payments under these indemnities until events arise that would trigger a liability under the indemnities. Additionally, in connection with the sale of assets and the divestiture of businesses, such as the divestiture of our U.S. Pipe segment, we may agree to indemnify buyers and related parties for certain losses or liabilities incurred by these parties with respect to: (i) the representations and warranties made by us to these parties in connection with the sale and (ii) liabilities related to the pre-closing operations of the assets or business sold. Indemnities related to pre-closing operations generally include certain environmental and tax liabilities and other liabilities not assumed by these parties in the transaction. Indemnities related to the pre-closing operations of sold assets or businesses normally do not represent additional liabilities to us, but simply serve to protect these parties from potential liability associated with our obligations existing at the time of the sale. As with any liability, we have accrued for those pre-closing obligations that are considered probable and reasonably estimable. Should circumstances change, increasing the likelihood of payments related to a specific indemnity, we will accrue a liability when future payment is probable and the amount is reasonably estimable. Other Matters. Anvil is in a dispute with Victaulic Company (“Victaulic”) regarding two patents held by Victaulic, U.S. Patent 7,086,131 (the “131 Patent”) and U.S. Patent 7,712,796 (the “796 Patent” and collectively with the 131 Patent, the “U.S. Patents”), which Anvil believes are invalid. The U.S. Patents potentially relate to a coupling product currently manufactured and marketed by Anvil. Anvil filed multiple reexamination requests with the U.S. Patent and Trademark Office (the “PTO”) regarding the U.S. Patents, and the PTO granted the requests. Although the PTO examiner initially invalidated most of the claims of the 796 Patent, the PTO examiner affirmed the validity of the 796 Patent in September 2014. In April 2015, the PTO examiner invalidated the original claim of the 131 Patent but found several claims added during reexamination that appear substantially similar to those included in the 796 Patent patentable. The PTO examiners’ decisions with respect to the U.S. Patents have been appealed by Anvil and Victaulic. Relatedly, Anvil and Victaulic are engaged in lawsuits in the U.S. District Court for the Northern District of Georgia and in the Federal Court of Toronto, Ontario, Canada. The Georgia District Court litigation has been stayed pending the final outcome of the ongoing reexaminations of the U.S. Patents by the PTO. Although Anvil intends to continue to vigorously contest the validity of the U.S. Patents, as well as Victaulic’s related patents in Canada, and to defend itself against any counterclaims made by Victaulic, the probability of a favorable or unfavorable outcome with respect to these proceedings is unknown. Any number of potential outcomes is possible due to the multiple claims associated with the proceedings, each of which is in different stages and subject to appeal. Further, there are a number of highly complex factual and technical issues involved, and it is uncertain whether a favorable or unfavorable result with respect to a particular ruling or proceeding will impact the other matters in controversy. Accordingly, we have not recorded any accrual with respect to these proceedings and a range of liability is not reasonably estimable. We are party to a number of other lawsuits arising in the ordinary course of business, including product liability cases for products manufactured by us or third parties. We provide for costs relating to these matters when a loss is probable and the amount is reasonably estimable. Administrative costs related to these matters are expensed as incurred. The effect of the outcome of these matters on our future financial statements cannot be predicted with certainty as any such effect depends on the amount and timing of the resolution of such matters. While the results of litigation cannot be predicted with certainty, we believe that the final outcome of such other litigation is not likely to have a materially adverse effect on our business or prospects. Operating Leases. We maintain operating leases primarily for equipment and facilities. Rent expense was $10.4 million , $9.3 million and $8.4 million for 2015 , 2014 and 2013 , respectively. Future minimum payments under non-cancellable operating leases are $6.7 million , $5.5 million , $3.0 million , $1.7 million and $0.6 million during 2016 , 2017 , 2018 , 2019 and 2020 , respectively. Total minimum payments due beyond 2020 are $1.9 million . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 21, 2015 , our board of directors declared a dividend of $0.02 per share on our common stock, payable on or about November 20, 2015 to stockholders of record at the close of business on November 10, 2015 . |
Quarterly Consolidated Financia
Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Consolidated Financial Information (Unaudited) Quarter Fourth Third Second First (in millions, except per share amounts) 2015 Net sales $ 311.4 $ 301.0 $ 290.3 $ 261.8 Gross profit $ 97.7 $ 96.2 $ 82.1 $ 71.3 Operating income $ 44.4 $ 31.5 $ 25.6 $ 8.1 Net income (loss) $ 22.3 $ 16.5 $ 12.3 $ (20.2 ) Net income (loss) per share (1) Basic $ 0.14 $ 0.10 $ 0.08 $ (0.13 ) Diluted $ 0.14 $ 0.10 $ 0.08 $ (0.13 ) 2014 Net sales $ 320.7 $ 318.5 $ 288.1 $ 257.4 Gross profit $ 101.3 $ 97.3 $ 82.2 $ 67.1 Operating income $ 43.0 $ 41.8 $ 25.3 $ 14.0 Net income $ 26.2 $ 18.5 $ 9.7 $ 1.1 Net income per share (1): Basic $ 0.16 $ 0.12 $ 0.06 $ 0.01 Diluted $ 0.16 $ 0.11 $ 0.06 $ 0.01 (1) The sum of the quarterly amounts may not equal the full year amount due to rounding. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition -Revenue is recognized when delivery of products has occurred or services have been rendered and there is persuasive evidence of a sales arrangement, selling prices are fixed or determinable and collectibility is reasonably assured. Revenue is reported net of estimated discounts, returns and rebates as “net sales.” In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance for the recognition of revenue. This new guidance applies to us beginning with our first quarter of fiscal 2019 and early adoption is not permitted. We are in the early stages of evaluating the impact of the adoption of this guidance on our financial statements and related disclosures and we have not yet reached any conclusions. |
Shipping and Handling | Shipping and Handling- Costs to ship products to customers are included in cost of sales. Amounts billed to customers, if any, to cover shipping and handling costs are included in net sales. |
Share-based Compensation | Stock-based Compensation- Compensation expense for stock-based awards granted to employees and directors is based on the fair value at the grant dates for our outstanding stock-settled share awards and is based on the fair value at each reporting date for our cash-settled share awards. See Note 11 for more information regarding our stock-based compensation. Stock-based compensation expense is a component of selling, general and administrative expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents- All highly liquid investments with remaining maturities of 90 days or less when purchased are classified as cash equivalents. Where there is no right of offset against cash balances, outstanding checks are included in accounts payable. |
Receivables | Receivables- Receivables are amounts due from customers. To reduce credit risk, credit investigations are generally performed prior to accepting orders from new customers and, when necessary, letters of credit, bonds or other instruments are required to ensure payment. The allowance for doubtful receivables is based upon judgments and estimates of expected losses and specific identification of problem accounts. Significantly weaker than anticipated industry or economic conditions could impact customers’ ability to pay such that actual losses may be greater than the amounts provided for in this allowance. The periodic evaluation of the adequacy of the allowance for doubtful receivables is based on an analysis of prior collection experience, specific customer creditworthiness and current economic trends within the industries served. In circumstances where we expect a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filings or substantial downgrading of credit ratings), we record a specific allowance to reduce the receivable to the amount management reasonably believes will be collected. |
Inventory Supplies, Policy | - Other current assets include maintenance supplies and tooling costs. Costs for perishable tools and maintenance items are expensed when put into service. Costs for more durable items are amortized over their estimated useful lives, ranging from 3 to 10 years. |
Inventories | Inventories- Inventories are recorded at the lower of first-in, first-out method cost or market value. We evaluate our inventory in terms of excess and obsolete exposures. This evaluation includes such factors as anticipated usage, inventory turnover, inventory levels and ultimate product sales value. Inventory cost includes an overhead component that is affected by levels of production and actual costs incurred. Management periodically evaluates the effects of production levels and costs capitalized as part of inventory. |
Property, Plant and Equipment | Property, Plant and Equipment- Property, plant and equipment is recorded at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Estimated useful lives are 10 to 20 years for land improvements, 10 to 40 years for buildings and 3 to 15 years for machinery and equipment. Leasehold improvements and capitalized leases are depreciated using the straight-line method over the lesser of the useful life of the asset or the remaining lease term. Gains and losses upon disposition are reflected in operating results in the period of disposition. Direct internal and external costs to implement computer systems and internal-use software are capitalized. Capitalized costs are depreciated over the estimated useful life of the system or software, generally 3 to 6 years, beginning when site installation or module development is complete and ready for use. Liabilities are recognized at fair value for asset retirement obligations related to plant and landfill closures in the period in which they are incurred and the carrying amounts of the related long-lived assets are correspondingly increased. Over time, the liabilities are accreted to their estimated future values. At September 30, 2015 and 2014 , asset retirement obligations were $2.9 million and $3.2 million , respectively. |
Accounting for the Impairment of Long-Lived Assets | Accounting for the Impairment of Long-Lived Assets- We test indefinite-lived intangible assets and goodwill for impairment annually (or more frequently if events or circumstances indicate possible impairment.) We perform our annual impairment testing at September 1. We amortize finite-lived intangible assets over their respective estimated useful lives and review for impairment if events or circumstances indicate possible impairment. |
Workers Compensation | Workers Compensation- Our exposure to workers compensation claims is generally limited to $1 million per incident. Liabilities, including those related to claims incurred but not reported, are recorded principally using annual valuations based on discounted future expected payments and using historical data combined with insurance industry data when historical data is limited. We are indemnified under an agreement with a predecessor to Tyco for all Mueller Co. and Anvil workers compensation liabilities related to incidents that occurred prior to August 16, 1999. See Note 17 . We retained U.S. Pipe workers compensation liabilities related to incidents that occurred prior to April 1, 2012, but the Purchaser has agreed to reimburse us for up to $11.8 million in payments we make related to these liabilities. At September 30, 2015 , the remaining reimbursements may be up to $5.6 million , which we have recorded on a discounted basis as $0.8 million in other current assets and $4.3 million in other noncurrent assets. See Note 5 . On an undiscounted basis, workers compensation liabilities were $15.3 million and $17.0 million at September 30, 2015 and 2014 , respectively. On a discounted basis, workers compensation liabilities were $13.1 million and $14.7 million at September 30, 2015 and 2014 , respectively. We apply a discount rate at a risk-free interest rate, generally a U.S. Treasury bill rate, for each policy period. The rate used is one with a duration that corresponds to the weighted average expected payout period for each policy period. Once a discount rate is applied to a policy period, it remains the discount rate for that policy period until all claims are paid. |
Warranty Costs | Warranty Costs- We accrue for warranty expenses that can include customer costs of repair and/or replacement, including labor, materials, equipment, freight and reasonable overhead costs. We accrue for the estimated cost of product warranties at the time of sale if such costs are determined to be reasonably estimable at that time. Warranty cost estimates are revised throughout applicable warranty periods as better information regarding warranty costs becomes available. |
Deferred Financing Fees | Deferred Financing Costs- Costs of debt financing are charged to expense over the lives of the related financing agreements, which range from 5 to 10 years. Remaining costs and the future period over which they would be charged to expense are reassessed when amendments to the related financing agreements or prepayments occur. In August 2015, the FASB issued guidance on debt issuance costs. This new guidance requires us to present certain debt issuance costs related to our recognized debt liability as a direct deduction from the carrying amount of that debt liability. We adopted this guidance at September 30, 2015 for all periods presented. ABL Agreement-related deferred financing costs are included in other noncurrent assets and remaining deferred financing costs are offset against long-term debt in the accompanying consolidated balance sheets. Deferred financing costs of $8.8 million at September 30, 2015 are scheduled to amortize as follows: $1.4 million related to the ABL Agreement amortizes on a straight-line basis; $7.4 million related to the Term Loan amortizes using the effective-interest rate method. All such amortization will be over the remaining term of the respective debt. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities- We manage interest rate risk to some extent using derivative instruments. We designated our interest rate swap contracts as cash flow hedges of interest payments. As a result the changes in the fair value of these contracts prior to settlement are reported as a component of accumulated other comprehensive loss and will be reclassified into earnings in the periods during which the hedged transactions affect earnings. |
Income Taxes | Income Taxes- Deferred tax liabilities and deferred tax assets are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Such liabilities and assets are determined based on the differences between the financial statement basis and the tax basis of assets and liabilities, using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided when, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We only record tax benefits for positions that management believes are more likely than not of being sustained under audit based solely on the technical merits of the associated tax position. The amount of tax benefit recognized for any position that meets the more likely than not threshold is the largest amount of the tax benefit that we believe is greater than 50% likely of being realized. |
Environmental Expenditures | Environmental Expenditures- We capitalize environmental expenditures that increase the life or efficiency of noncurrent assets or that reduce or prevent environmental contamination. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable. We are indemnified under an agreement with a predecessor to Tyco for certain environmental liabilities that existed at August 16, 1999. See Note 17 . |
Research and Development | Research and Development- Research and development costs are expensed as incurred. |
Advertising | Advertising- Advertising costs are expensed as incurred. |
Translation of Foreign Currency | Translation of Foreign Currency- Assets and liabilities of our businesses whose functional currency is other than the U.S. dollar are translated into U.S. dollars using currency exchange rates at the balance sheet date. Revenues and expenses are translated at average currency exchange rates during the period. Foreign currency translation gains and losses are reported as a component of accumulated other comprehensive loss. Gains and losses resulting from foreign currency transactions are included in operating results as incurred. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | The following table summarizes information concerning our allowance for doubtful receivables. 2015 2014 2013 (in millions) Balance at beginning of year $ 5.3 $ 5.3 $ 5.7 Provision charged to expense 0.1 — 0.4 Balances written off, net of recoveries (0.2 ) (0.1 ) (0.8 ) Other — 0.1 — Balance at end of year $ 5.2 $ 5.3 $ 5.3 |
Schedule of Reserves for Excess and Obsolete Inventory | The following table summarizes information concerning our inventory valuation reserves. 2015 2014 2013 (in millions) Balance at beginning of year $ 8.5 $ 10.6 $ 12.5 Provision charged to expense 2.1 2.8 2.4 Inventory disposed (2.9 ) (4.3 ) (4.6 ) Other 0.1 (0.6 ) 0.3 Balance at end of year $ 7.8 $ 8.5 $ 10.6 |
Schedule of Product Warranty Liability | Activity in accrued warranty, reported as part of other current liabilities, is presented below. 2015 2014 2013 (in millions) Balance at beginning of year $ 2.6 $ 2.8 $ 1.6 Warranty expense 5.2 4.1 4.2 Warranty payments (4.9 ) (4.3 ) (3.0 ) Balance at end of year $ 2.9 $ 2.6 $ 2.8 |
Identifiable Intangible Assets
Identifiable Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Intangible assets are presented below. September 30, 2015 2014 (in millions) Capitalized external-use software: Cost $ 17.9 $ 14.3 Accumulated amortization (7.0 ) (5.4 ) Net book value 10.9 8.9 Business combination-related: Cost: Finite-lived intangible assets: Technology 80.3 80.4 Customer relationships and other 400.2 400.2 Indefinite-lived intangible assets: Trade names and trademarks 299.6 300.0 Goodwill 5.4 5.4 785.5 786.0 Accumulated amortization: Technology (74.2 ) (68.1 ) Customer relationships and other (214.9 ) (193.2 ) (289.1 ) (261.3 ) Net book value 496.4 524.7 Total intangible assets net book value $ 507.3 $ 533.6 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The fair values of the related assets and liabilities are presented below in millions. Assets acquired: Receivables $ 1.5 Inventories 1.2 Property, plant and equipment 0.6 Goodwill 5.4 Customer relationships and other identifiable intangible assets 2.1 Other noncurrent assets 0.4 Liabilities: Accounts payable and other current liabilities (0.5 ) Other noncurrent liabilities (1.0 ) $ 9.7 |
Discontinued Operations, Asse30
Discontinued Operations, Assets Held for Sale and Divestitures (Tables) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The allocations of current income tax expense between continuing and discontinued operations are provided below. 2013 Continuing operations Discontinued operations Expense from operations $ 17.5 $ 2.1 Valuation allowance-related benefit (8.5 ) (2.1 ) Other items (0.2 ) — Income tax expense $ 8.8 $ — | The table below represents a summary of the operating results for the U.S. Pipe discontinued operations. These operating results do not reflect what they would have been had U.S. Pipe not been classified as discontinued operations. 2013 (in millions) Operating income 0.5 Reduced loss on sale of discontinued operations 4.9 Income from discontinued operations, net of tax $ 5.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income taxes are presented below. 2015 2014 2013 (in millions) U.S. $ 55.4 $ 71.6 $ 41.0 Non-U.S. (4.7 ) 1.9 3.2 Income before income taxes $ 50.7 $ 73.5 $ 44.2 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense of continuing operations is presented below. 2015 2014 2013 (in millions) Current: U.S. federal $ 12.4 $ 0.1 $ 0.6 U.S. state and local 0.7 1.6 0.1 Non-U.S. (0.2 ) 0.7 0.8 12.9 2.4 1.5 Deferred: U.S. federal 4.5 28.7 6.2 U.S. state and local 2.9 (12.8 ) 1.3 Non-U.S. (0.5 ) (0.3 ) (0.2 ) 6.9 15.6 7.3 Income tax expense $ 19.8 $ 18.0 $ 8.8 | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The allocations of current income tax expense between continuing and discontinued operations are provided below. 2013 Continuing operations Discontinued operations Expense from operations $ 17.5 $ 2.1 Valuation allowance-related benefit (8.5 ) (2.1 ) Other items (0.2 ) — Income tax expense $ 8.8 $ — | The table below represents a summary of the operating results for the U.S. Pipe discontinued operations. These operating results do not reflect what they would have been had U.S. Pipe not been classified as discontinued operations. 2013 (in millions) Operating income 0.5 Reduced loss on sale of discontinued operations 4.9 Income from discontinued operations, net of tax $ 5.4 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation between income tax expense at the U.S. federal statutory income tax rate and reported income tax expense from continuing operations is presented below. 2015 2014 2013 (in millions) Expense at U.S. federal statutory income tax rate of 35% $ 17.7 $ 25.7 $ 15.5 Adjustments to reconcile to income tax expense: State income taxes, net of federal benefit 2.4 3.6 2.0 Domestic production activities deduction (1.5 ) — — Tax credits (1.3 ) (0.1 ) (0.6 ) Nondeductible expenses, other than compensation 0.7 0.9 0.5 Federal valuation allowance 0.6 (1.2 ) (7.8 ) Foreign income taxes 0.4 (0.2 ) 0.4 Nondeductible compensation 0.3 0.8 0.2 State valuation allowance, net of federal benefit (0.1 ) (8.4 ) (1.1 ) State tax rate change — (2.5 ) — Other 0.6 (0.6 ) (0.3 ) Income tax expense $ 19.8 $ 18.0 $ 8.8 | |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax balances are presented below. September 30, 2015 2014 (in millions) Deferred income tax assets: Inventory reserves $ 15.5 $ 15.2 Accrued expenses 13.6 15.3 Pension and other postretirement benefits 17.8 20.3 Stock-based compensation 8.9 10.7 State net operating losses 8.1 10.3 Federal net operating losses and credit carryovers 0.5 6.8 Other 3.0 1.9 67.4 80.5 Valuation allowance (1.3 ) (0.7 ) Total deferred income tax assets, net of valuation allowance 66.1 79.8 Deferred income tax liabilities: Intangible assets 182.3 190.1 Other 0.8 1.5 Total deferred income tax liabilities 183.1 191.6 Net deferred income tax liabilities $ 117.0 $ 111.8 | |
Summary of Unrecognized Tax Benefits | The following table summarizes information concerning our gross unrecognized tax benefits. 2015 2014 (in millions) Balance at beginning of year $ 2.7 $ 3.7 Increases related to prior year positions 0.3 0.1 Decreases due to lapse in statute of limitations (0.4 ) (1.1 ) Balance at end of year $ 2.6 $ 2.7 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Components of Long-Term Debt | The components of our long-term debt are presented below. September 30, 2015 2014 (in millions) ABL Agreement $ — $ — Term Loan 494.0 — Senior Subordinated Notes — 365.0 Senior Unsecured Notes — 178.3 Other 2.4 2.3 496.4 545.6 Deferred financing costs (7.4 ) (4.6 ) Less current portion (6.1 ) (46.2 ) Long-term debt $ 482.9 $ 494.8 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Cost | The components of net periodic benefit cost are presented below. 2015 2014 2013 (in millions) Service cost $ 1.9 $ 1.7 $ 2.0 Interest cost 20.1 19.9 18.3 Expected return on plan assets (24.6 ) (23.8 ) (25.1 ) Amortization of net loss 3.2 3.5 9.0 Curtailment / special settlement loss 0.5 0.2 0.1 Net periodic benefit cost $ 1.1 $ 1.5 $ 4.3 |
Schedule of Accumulated and Projected Benefit Obligations | Balance sheet information for Pension Plans with accumulated benefit obligations in excess of plan assets is presented below. September 30, 2015 2014 (in millions) Projected benefit obligations $ 427.0 $ 459.9 Accumulated benefit obligations 427.0 459.9 Fair value of plan assets 381.3 407.6 Balance sheet information for Pension Plans with accumulated benefit obligations less than plan assets is presented below. September 30, 2015 2014 (in millions) Projected benefit obligations $ 1.2 $ 1.6 Accumulated benefit obligations 1.2 1.6 Fair value of plan assets 2.1 2.9 |
Schedule Of Defined Benefit Plans Disclosures | Amounts recognized for our Pension Plans and other postretirement benefit plans are presented below. Pension Plans 2015 2014 (in millions) Projected benefit obligations: Beginning of year $ 461.5 $ 399.6 Service cost 1.9 1.7 Interest cost 20.1 19.9 Actuarial loss (gain) (25.9 ) 67.3 Benefits paid (26.0 ) (26.0 ) Currency translation (1.6 ) (0.8 ) Decrease in obligation due to curtailment / settlement (1.8 ) (0.2 ) End of year $ 428.2 $ 461.5 Accumulated benefit obligations at end of year $ 428.2 $ 461.5 Plan assets: Beginning of year $ 410.5 $ 395.2 Actual return on plan assets 1.3 42.1 Employer contributions 1.2 0.1 Settlement (1.9 ) — Currency translation (1.7 ) (0.9 ) Benefits paid (26.0 ) (26.0 ) End of year $ 383.4 $ 410.5 Accrued benefit cost at end of year: Unfunded status $ (44.8 ) $ (51.0 ) Recognized on balance sheet: Other noncurrent assets $ 0.9 $ 1.3 Other noncurrent liabilities (45.7 ) (52.3 ) $ (44.8 ) $ (51.0 ) Recognized in accumulated other comprehensive loss, before tax: Prior year service cost $ — $ 0.1 Net actuarial loss 113.5 119.7 $ 113.5 $ 119.8 |
Schedule of Pension and Other Postretirement Benefits Activity in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pension Plan activity in accumulated other comprehensive loss, before tax, in 2015 is presented below, in millions. Balance at beginning of year $ 119.8 Actuarial gain (2.6 ) Prior year actuarial loss amortization to net periodic cost (3.2 ) Settlement (0.5 ) Balance at end of year $ 113.5 |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) Related to Pension and Other Postretirement Benefits Expected to be Amortized | The components of accumulated other comprehensive loss related to pension that we expect to amortize into net periodic benefit cost in 2016 are presented below, in millions. Amortization of unrecognized prior year service cost $ 0.1 Amortization of unrecognized loss 3.1 $ 3.2 |
Schedule of Assumptions Used | A summary of key assumptions for our pension plans is below. Pension Plans 2015 2014 2013 Weighted average used to determine benefit obligations: Discount rate 4.84 % 4.49 % 5.16 % Weighted average used to determine net periodic cost: Discount rate 4.49 % 5.16 % 4.21 % Expected return on plan assets 6.21 6.24 6.71 |
Schedule of Strategic Allocation of Plan Assets [Table Text Block] | This trust’s strategic asset allocations, tactical range at September 30, 2015 and actual asset allocations are presented below. Strategic asset allocation Actual asset allocations at September 30, Tactical range 2015 2014 2013 Equity investments: Large capitalization stocks 26 % Small capitalization stocks 5 International stocks 9 40 30 - 50 % 39 % 40 % 40 % Fixed income investments 60 50 - 70 60 59 59 Cash — 0 - 5 1 1 1 100 % 100 % 100 % 100 % |
Schedule of Allocation of Plan Assets | The assets of the Pension Plans by level within the fair value hierarchy are presented below. September 30, 2015 Level 1 Level 2 Total (in millions) Equity: Large cap stocks: Large cap growth funds $ — $ 32.7 $ 32.7 Large cap index funds — 27.1 27.1 Large cap value funds — 15.7 15.7 Small cap stocks: Small cap growth funds — 18.5 18.5 International stocks: Mutual funds 42.1 — 42.1 International funds — 13.9 13.9 Total equity 42.1 107.9 150.0 Fixed income — 229.4 229.4 Cash and cash equivalents 4.0 — 4.0 $ 46.1 $ 337.3 $ 383.4 September 30, 2014 Level 1 Level 2 Total (in millions) Equity: Large cap stocks: Large cap growth funds $ — $ 31.5 $ 31.5 Large cap index funds — 35.9 35.9 Large cap value funds — 15.3 15.3 Small cap stocks: Small cap growth funds — 18.5 18.5 International stocks: Mutual funds 45.9 — 45.9 International funds — 15.4 15.4 Total equity 45.9 116.6 162.5 Fixed income — 243.5 243.5 Cash and cash equivalents 4.5 — 4.5 $ 50.4 $ 360.1 $ 410.5 |
Schedule of Expected Benefit Payments | Our estimated future pension benefit payments are presented below in millions. 2016 $ 32.9 2017 26.4 2018 26.6 2019 26.8 2020 27.1 2021-2025 138.0 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common stock share activity is presented below. Shares outstanding at September 30, 2012 156,840,648 Exercise of stock options 384,475 Exercise of employee stock purchase plan instruments 290,173 Vesting of restricted stock units, net of shares withheld for taxes 719,004 Shares outstanding at September 30, 2013 158,234,300 Exercise of employee stock purchase plan instruments 204,360 Exercise of stock options 587,964 Vesting of restricted stock units, net of shares withheld for taxes 734,047 Shares outstanding at September 30, 2014 159,760,671 Exercise of employee stock purchase plan instruments 212,550 Exercise of stock options 506,632 Vesting of restricted stock units, net of shares withheld for taxes 541,839 Stock repurchased under buyback program (523,851 ) Shares outstanding at September 30, 2015 160,497,841 |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The effect of stock-based compensation on our statements of operations is presented below. 2015 2014 2013 (in millions, except per share data) Decrease in operating income $ 7.0 $ 13.2 $ 11.4 Decrease in net income 4.4 8.1 6.9 Decrease in earnings per basic share 0.03 0.05 0.04 Decrease in earnings per diluted share 0.03 0.05 0.04 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Restricted stock unit activity under the 2006 Plan is summarized below. Restricted stock units Weighted average grant date fair value per unit Weighted average remaining contractual term (years) Aggregate intrinsic value (millions) Outstanding at September 30, 2012 2,423,762 $ 4.13 1.0 Granted 509,338 5.37 Vested (995,037 ) 4.77 $ 5.6 Cancelled (12,723 ) 12.28 Outstanding at September 30, 2013 1,925,340 4.30 0.9 Granted 381,012 8.51 Vested (1,099,591 ) 4.94 9.4 Cancelled — — Outstanding at September 30, 2014 1,206,761 5.04 0.7 Granted 459,659 9.70 Vested (793,630 ) 3.99 7.7 Cancelled — — Outstanding at September 30, 2015 872,790 $ 8.45 0.8 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Stock-settled PRSUs activity under the 2006 Plan is summarized below. Award date Performance period Units awarded Shares earned November 27, 2012 2013 135,553 271,106 2014 135,553 271,106 2015 135,552 0 December 3, 2013 2014 90,841 181,682 2015 90,841 0 2016 90,849 n/a December 2, 2014 2015 80,233 0 2016 80,229 n/a 2017 80,229 n/a |
Schedule of Share-based Compensation. Options | Stock option activity under the 2006 Plan is summarized below. Options Weighted average exercise price per option Weighted average remaining contractual term (years) Aggregate intrinsic value (millions) Outstanding at September 30, 2012 5,522,610 $ 6.30 6.8 $ 3.5 Granted 125,780 5.91 Exercised (384,475 ) 4.97 1.2 Cancelled (139,209 ) 12.52 Outstanding at September 30, 2013 5,124,706 6.22 5.9 14.6 Granted 86,904 8.58 Exercised (587,964 ) 4.61 — Cancelled (71,411 ) 12.92 Outstanding at September 30, 2014 4,552,235 6.37 5.0 13.6 Granted 97,119 9.97 Exercised (506,632 ) 3.42 3.2 Cancelled (150,056 ) 13.90 Outstanding at September 30, 2015 3,992,666 $ 6.54 4.2 $ 9.3 Exercisable at September 30, 2015 3,799,877 $ 6.43 3.9 $ 9.3 Expected to vest after September 30, 2015 192,789 $ 8.76 8.6 $ 0.1 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The ranges of exercise prices for stock options outstanding at September 30, 2015 are summarized below. Exercise price Options Weighted average exercise price Weighted average remaining contractual term (years) Exercisable options Weighted average exercise price $ 0.00 - $ 4.99 1,395,711 $ 3.34 5.4 1,395,711 $ 3.34 $ 5.00 - $ 9.99 1,799,892 6.07 4.3 1,607,103 5.74 $ 10.00 - $ 14.99 515,846 11.30 2.0 515,846 11.30 $ 15.00 - $ 20.99 281,217 16.76 0.8 281,217 16.76 3,992,666 $ 6.54 4.2 3,799,877 $ 6.43 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The weighted average grant-date fair values of stock options granted and the weighted average assumptions used to determine these fair values are indicated below. 2015 2014 2013 Grant-date fair value $ 5.93 $ 5.13 $ 5.91 Risk-free interest rate 1.74 % 2.44 % 1.63 % Dividend yield 0.80 % 1.10 % 2.17 % Expected life (years) 8.0 8.0 8.0 Expected annual volatility 0.6199 0.6386 0.6696 |
Schedule of Share-based Compensation, Phantom Award, Activity | Phantom Plan activity for 2015 is summarized below. Phantom Plan units Weighted average grant date fair value per unit Weighted average remaining contractual term (years) Aggregate intrinsic value (millions) Outstanding at September 30, 2012 358,866 $ 2.03 1.2 Granted 382,605 5.22 Vested (119,637 ) $ 0.7 Cancelled (12,852 ) 2.03 Outstanding at September 30, 2013 608,982 4.03 1.0 Granted 304,815 8.52 Vested (240,739 ) 2.1 Cancelled (29,770 ) 5.29 Outstanding at September 30, 2014 643,288 6.22 0.8 Granted 289,524 9.78 Vested (317,409 ) 3.1 Cancelled (56,525 ) 8.29 Outstanding at September 30, 2015 558,878 $ 8.49 0.8 |
Supplemental Balance Sheet In36
Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Selected Supplemental Balance Sheet Information [Table Text Block] | Selected supplemental balance sheet information is presented below. September 30, 2015 2014 (in millions) Inventories: Purchased components and raw material $ 77.8 $ 72.0 Work in process 40.7 34.5 Finished goods 100.6 91.5 $ 219.1 $ 198.0 Other current assets: Maintenance and repair tooling $ 5.0 $ 6.2 Income taxes 1.5 13.0 Other 7.2 8.4 $ 13.7 $ 27.6 Property, plant and equipment: Land $ 9.4 $ 9.6 Buildings 79.3 78.0 Machinery and equipment 350.7 332.9 Construction in progress 20.1 18.7 459.5 439.2 Accumulated depreciation (310.6 ) (292.9 ) $ 148.9 $ 146.3 Other current liabilities: Compensation and benefits $ 30.5 $ 39.5 Customer rebates 15.4 16.9 Taxes other than income taxes 4.0 4.7 Warranty 2.9 2.6 Environmental 1.9 0.1 Income taxes 0.8 0.7 Interest 0.5 10.7 Restructuring 0.1 0.9 Other 7.1 6.1 $ 63.2 $ 82.2 |
Supplemental Statement of Ope37
Supplemental Statement of Operations Information (Tables) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Supplemental Income Statement Elements [Abstract] | |
Schedule of Operations, Supplemental Disclosures [Table Text Block] | Selected supplemental statement of operations information is presented below. 2015 2014 2013 (in millions) Included in selling, general and administrative expenses: Research and development $ 14.9 $ 14.4 $ 14.8 Advertising $ 5.2 $ 4.7 $ 5.0 Interest expense, net: Term loan $ 17.5 $ — $ — 7.375% Senior Subordinated Notes 4.0 30.6 31.0 8.75% Senior Unsecured Notes 2.4 16.0 16.8 Deferred financing costs amortization 2.0 2.0 2.0 ABL Agreement 1.7 1.2 1.5 Other interest expense 0.3 0.2 0.7 27.9 50.0 52.0 Interest income (0.3 ) (0.4 ) (0.3 ) $ 27.6 $ 49.6 $ 51.7 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive loss is presented below. Foreign currency translation Minimum pension liability, net of tax Derivative instruments, net of tax Total (in millions) Balance at September 30, 2014 $ 2.4 $ (63.1 ) $ — $ (60.7 ) Current period other comprehensive loss (8.7 ) 3.7 (1.6 ) (6.6 ) Balance at September 30, 2015 $ (6.3 ) $ (59.4 ) $ (1.6 ) $ (67.3 ) |
Supplemental Cash Flow Inform39
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The impact these transactions had on our consolidated balance sheets is presented below. September 30, 2015 2014 2013 (in millions) Pension plans: Increase (decrease) in other noncurrent assets $ (1.3 ) $ — $ 0.3 Decrease (increase) in other noncurrent liabilities 28.3 (25.5 ) 51.5 Increase in other current liabilities — 0.1 — Decrease (increase) in deferred tax liabilities (10.6 ) 9.8 (20.1 ) Decrease (increase) in accumulated other comprehensive loss (16.4 ) 15.6 (31.7 ) $ — $ — $ — Cash paid, net: Interest $ 36.8 $ 48.7 $ 49.1 Income taxes $ 13.3 $ 2.6 $ 0.7 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Geographical area information is presented below. United States Canada Other Total (in millions) Net sales: 2015 $ 1,037.7 $ 82.7 $ 44.1 $ 1,164.5 2014 1,040.6 101.1 43.0 1,184.7 2013 970.9 101.5 48.4 1,120.8 Property, plant and equipment, net: September 30, 2015 $ 142.9 $ 2.7 $ 3.3 $ 148.9 September 30, 2014 138.5 4.3 3.5 146.3 |
Schedule Of Selected Supplemental Balance Sheet Information | Summarized financial information for our segments is presented below. Mueller Co. Anvil Mueller Technologies Corporate Total (in millions) Net sales, excluding intercompany: 2015 $ 702.2 $ 371.1 $ 91.2 $ — $ 1,164.5 2014 679.1 401.4 104.2 — 1,184.7 2013 632.5 391.3 97.0 — 1,120.8 Intercompany sales: 2015 $ 7.2 $ 0.1 $ — $ — $ 7.3 2014 6.7 0.1 — — 6.8 2013 7.4 0.1 — — 7.5 Operating income (loss): 2015 $ 136.9 $ 30.0 $ (12.9 ) $ (44.4 ) $ 109.6 2014 126.7 41.3 (4.4 ) (39.5 ) 124.1 2013 100.3 40.2 (9.0 ) (34.2 ) 97.3 Depreciation and amortization: 2015 $ 38.8 $ 14.7 $ 4.2 $ 0.4 $ 58.1 2014 38.0 14.2 4.1 0.4 56.7 2013 38.3 14.2 6.3 0.4 59.2 Loss on Walter receivable and restructuring: 2015 $ 8.2 $ 0.4 $ 0.1 $ 12.1 $ 20.8 2014 2.1 0.9 0.1 — 3.1 2013 1.5 0.1 — (0.1 ) 1.5 Capital expenditures: 2015 $ 20.5 $ 10.3 $ 6.5 $ 0.2 $ 37.5 2014 18.8 11.6 6.1 0.4 36.9 2013 16.6 12.3 7.4 0.2 36.5 Total assets: September 30, 2015 $ 757.7 $ 255.3 $ 77.2 $ 139.6 $ 1,229.8 September 30, 2014 767.9 263.9 67.9 212.8 1,312.5 Intangible assets, net: September 30, 2015 $ 435.5 $ 54.5 $ 17.3 $ — $ 507.3 September 30, 2014 459.7 57.9 16.0 — 533.6 |
Quarterly Consolidated Financ41
Quarterly Consolidated Financial Information (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Fourth Third Second First (in millions, except per share amounts) 2015 Net sales $ 311.4 $ 301.0 $ 290.3 $ 261.8 Gross profit $ 97.7 $ 96.2 $ 82.1 $ 71.3 Operating income $ 44.4 $ 31.5 $ 25.6 $ 8.1 Net income (loss) $ 22.3 $ 16.5 $ 12.3 $ (20.2 ) Net income (loss) per share (1) Basic $ 0.14 $ 0.10 $ 0.08 $ (0.13 ) Diluted $ 0.14 $ 0.10 $ 0.08 $ (0.13 ) 2014 Net sales $ 320.7 $ 318.5 $ 288.1 $ 257.4 Gross profit $ 101.3 $ 97.3 $ 82.2 $ 67.1 Operating income $ 43.0 $ 41.8 $ 25.3 $ 14.0 Net income $ 26.2 $ 18.5 $ 9.7 $ 1.1 Net income per share (1): Basic $ 0.16 $ 0.12 $ 0.06 $ 0.01 Diluted $ 0.16 $ 0.11 $ 0.06 $ 0.01 (1) The sum of the quarterly amounts may not equal the full year amount due to rounding. |
Organization (Details)
Organization (Details) $ in Millions | Jul. 31, 2014 | Sep. 30, 2015USD ($)business_segments | Sep. 30, 2014USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Organization | Organization Mueller Water Products, Inc., a Delaware corporation, together with its consolidated subsidiaries, operates in three business segments: Mueller Co., Anvil and Mueller Technologies. Mueller Co. manufactures valves for water and gas systems, including butterfly, iron gate, tapping, check, knife, plug and ball valves, as well as dry-barrel and wet-barrel fire hydrants. Anvil manufactures and sources a broad range of products, including a variety of fittings, couplings, hangers and related products. Mueller Technologies offers metering systems, leak detection, pipe condition assessment and other products and services for the water infrastructure industry. The “Company,” “we,” “us” or “our” refer to Mueller Water Products, Inc. and its subsidiaries. With regard to the Company’s segments, “we,” “us” or “our” may also refer to the segment being discussed. In July 2014 , Mueller Co. acquired a 49% ownership in an industrial valve joint-venture for $1.7 million . Due to substantive control features in the joint-venture agreement, all of the joint venture’s assets, liabilities and results of operations are included in our consolidated financial statements. We included an adjustment for the loss attributable to noncontrolling interest in selling, general and administrative expenses. Noncontrolling interest is recorded at its carrying value, which approximates fair value. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, sales and expenses and the disclosure of contingent assets and liabilities for the reporting periods. Actual results could differ from those estimates. All significant intercompany balances and transactions have been eliminated. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. We have recently revised our reporting segments, presenting in this annual report Mueller Co., Anvil and a new segment, Mueller Technologies, which includes Mueller Systems and Echologics. Mueller Systems and Echologics were previously reported within the Mueller Co. segment. Segment results previously presented have been recast to conform to the current presentation. Unless the context indicates otherwise, whenever we refer to a particular year, we mean our fiscal year ended or ending September 30 in that particular calendar year. | ||
Number of Reportable Segments | 3 | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 49.00% | ||
Payments to Acquire Interest in Joint Venture | $ | $ 1.7 | $ 1.7 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Schedule of Allowance for Doubtful Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of year | $ 5.3 | $ 5.3 | $ 5.7 |
Provision for Doubtful Accounts | 0.1 | 0 | 0.4 |
Balances written off, net of recoveries | (0.2) | (0.1) | (0.8) |
Reclassifications | 0 | 0.1 | 0 |
Balance at end of year | $ 5.2 | $ 5.3 | $ 5.3 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Schedule of Reserves for Excess and Obsolete Inventory) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 8.5 | $ 10.6 | $ 12.5 |
Provision charged to expense | (2.1) | (2.8) | (2.4) |
Inventory disposed | (2.9) | (4.3) | (4.6) |
Valuation Allowances and Reserves, Adjustments | 0.1 | (0.6) | 0.3 |
Balance at end of year | $ 7.8 | $ 8.5 | $ 10.6 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of year | $ 2.6 | $ 2.8 | $ 1.6 |
Warranty expense | 5.2 | 4.1 | 4.2 |
Warranty payments | (4.9) | (4.3) | (3) |
Balance at end of year | $ 2.9 | $ 2.6 | $ 2.8 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2012 | |
Asset Retirement Obligation | $ 2.9 | $ 3.2 | |
Exposure to Workers Compensation Claims, Per Incident | 1 | ||
Discontinued Operations, Receivable from Buyer of Discontinued Operation | $ 11.8 | ||
Workers Compensation Undiscounted Basis Liability | 15.3 | 17 | |
Workers' Compensation Liability | $ 13.1 | $ 14.7 | |
Income Tax Benefit, Likelihood of Realization Threshold | 50.00% | ||
Deferred Finance Costs, Net | $ 8.8 | ||
Minimum [Member] | |||
Finite-Lived Tangible Asset, Useful Life, Maximum | 3 years | ||
Debt Instrument, Term | 5 years | ||
Maximum [Member] | |||
Finite-Lived Tangible Asset, Useful Life, Maximum | 10 years | ||
Debt Instrument, Term | 10 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 10 years | ||
Land Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 20 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 10 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 15 years | ||
Software and Software Development Costs [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 3 years | ||
Software and Software Development Costs [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 6 years | ||
U.S. Pipe [Member] | Maximum [Member] | |||
Discontinued Operations, Receivable from Buyer of Discontinued Operation | $ 5.6 | ||
Other Current Assets [Member] | U.S. Pipe [Member] | |||
Discontinued Operations, Receivable from Buyer of Discontinued Operation | 0.8 | ||
Other Noncurrent Assets [Member] | U.S. Pipe [Member] | |||
Discontinued Operations, Receivable from Buyer of Discontinued Operation | 4.3 | ||
ABL Agreement [Member] | |||
Deferred Finance Costs, Net | 1.4 | ||
Secured Debt [Member] | |||
Deferred Finance Costs, Net | $ 7.4 |
Identifiable Intangible Asset47
Identifiable Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Amortization | $ 29.4 | $ 29.4 | $ 31.8 | ||
Software and Software Development Costs [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years | 6 years | 4 years | ||
Amortization | $ 1.6 | 1.1 | 2.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 2.3 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2.3 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2.1 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1.8 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 1.6 | ||||
Business Combination-Related Identifiable Intangible [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years 1 month 2 days | ||||
Amortization | $ 27.8 | $ 28.3 | $ 29.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 22.3 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 22.4 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 22.5 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 22.3 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 22.2 |
Identifiable Intangible Asset48
Identifiable Intangible Assets Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Indefinite-lived intangible assets: | ||
Goodwill | $ 5.4 | $ 5.4 |
Intangible Assets, Gross (Excluding Goodwill) | 785.5 | 786 |
Accumulated amortization: | ||
Accumulated Amortization | 289.1 | 261.3 |
Total intangible assets net book value | 507.3 | 533.6 |
Business Combination-Related Identifiable Intangible [Member] | ||
Accumulated amortization: | ||
Net book value | 496.4 | 524.7 |
Trademarks and Trade Names [Member] | ||
Indefinite-lived intangible assets: | ||
Trade names and trademarks | 299.6 | 300 |
Software and Software Development Costs [Member] | ||
Capitalized external-use software: | ||
Capitalized Computer Software, Gross | 17.9 | 14.3 |
Accumulated amortization | 7 | 5.4 |
Net book value | 10.9 | 8.9 |
Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets: | ||
Technology | 80.3 | 80.4 |
Accumulated amortization: | ||
Accumulated Amortization | 74.2 | 68.1 |
Customer Relationships [Member] | ||
Finite-lived intangible assets: | ||
Customer relationships and other | 400.2 | 400.2 |
Accumulated amortization: | ||
Accumulated Amortization | $ 214.9 | $ 193.2 |
Business Combination (Details)
Business Combination (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 9.7 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Business Combination Schedule o
Business Combination Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Assets acquired: | ||
Receivables | $ 1.5 | |
Inventories | 1.2 | |
Property, plant and equipment | 0.6 | |
Goodwill | $ 5.4 | 5.4 |
Customer relationships and other identifiable intangible assets | 2.1 | |
Other noncurrent assets | 0.4 | |
Liabilities: | ||
Accounts payable and other current liabilities | 0.5 | |
Other noncurrent liabilities | 1 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 9.7 |
Discontinued Operations, Asse51
Discontinued Operations, Assets Held for Sale and Divestitures (Details) - USD ($) $ in Millions | Apr. 02, 2012 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Charges | $ 9.2 | $ 3.1 | $ 1.5 | ||||||||||
Asset Impairment Charges | 11.6 | 0 | 0 | ||||||||||
Revenue, Net | $ 311.4 | $ 301 | $ 290.3 | $ 261.8 | $ 320.7 | $ 318.5 | $ 288.1 | $ 257.4 | 1,164.5 | 1,184.7 | $ 1,120.8 | ||
Multiemployer Plans, Withdrawal Obligation | $ 0.9 | 0.9 | |||||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 2.5 | ||||||||||||
QUEBEC | |||||||||||||
Restructuring Charges | 7.2 | ||||||||||||
Asset Impairment Charges | 2.5 | ||||||||||||
Environmental Remediation Expense | 2.3 | ||||||||||||
Severance Costs | 2.4 | ||||||||||||
Revenue, Net | $ 11.5 | ||||||||||||
U.S. Pipe [Member] | |||||||||||||
Proceeds from Divestiture of Businesses | $ 94 | $ 4.5 | |||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 10.1 |
Discontinued Operations, Asse52
Discontinued Operations, Assets Held for Sale and Divestitures (Schedule Of Book Values Of Assets Sold And Fair Value Of Assets Acquired) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating income (loss) | $ 0.5 | ||
Loss (gain) on sale of discontinued operations | 4.9 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | $ 5.4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0.6 | $ 0.7 | |
Income tax expense (benefit) | 19.8 | $ 18 | $ 8.8 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 0.8 | ||
Operating Loss Carryforwards | 3.9 | ||
Undistributed foreign earnings | $ 54.4 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2016 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2033 |
Income Taxes (Income before Inc
Income Taxes (Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Loss before income taxes, U.S. | $ 55.4 | $ 71.6 | $ 41 |
Loss before income taxes, Non-U.S. | (4.7) | 1.9 | 3.2 |
Net Income Before Income Tax | $ 50.7 | $ 73.5 | $ 44.2 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Current: | |||
Current Federal Tax Expense (Benefit) | $ 12.4 | $ 0.1 | $ 0.6 |
Current State and Local Tax Expense (Benefit) | 0.7 | 1.6 | 0.1 |
Current Foreign Tax Expense (Benefit) | (0.2) | 0.7 | 0.8 |
Current Income Tax Expense (Benefit) | 12.9 | 2.4 | 1.5 |
Deferred: | |||
Deferred Federal Income Tax Expense (Benefit) | 4.5 | 28.7 | 6.2 |
Deferred State and Local Income Tax Expense (Benefit) | 2.9 | (12.8) | 1.3 |
Deferred Foreign Income Tax Expense (Benefit) | (0.5) | (0.3) | (0.2) |
Deferred Income Tax Expense (Benefit) | 6.9 | 15.6 | 7.3 |
Income tax expense (benefit) | $ 19.8 | $ 18 | $ 8.8 |
Income Taxes (Disposal Groups,
Income Taxes (Disposal Groups, including Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income tax expense (benefit) | $ 19.8 | $ 18 | $ 8.8 |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Expense from operations | (2.1) | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 2.1 | ||
Other items | 0 | ||
Income tax expense (benefit) | 0 | ||
Operating Expense [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Expense from operations | (17.5) | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 8.5 | ||
Other items | (0.2) | ||
Income tax expense (benefit) | $ (8.8) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Statutory Taxes to Effective Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Tax at U.S. federal statutory income tax rate of 35% | $ 17.7 | $ 25.7 | $ 15.5 |
Adjustments to reconcile to income tax expense (benefit): | |||
Federal Valuation Allowance | 0.6 | (1.2) | (7.8) |
State income taxes, net of federal benefit | 2.4 | 3.6 | 2 |
Domestic production activities deduction | (1.5) | 0 | 0 |
State tax rate change | 0 | (2.5) | 0 |
Effective Income Tax Rate Reconciliation, Change in State Deferred TAx Assets Valuation Allowance, Amount. | (0.1) | (8.4) | (1.1) |
Tax Credits | (1.3) | (0.1) | (0.6) |
Other nondeductible expenses | 0.7 | 0.9 | 0.5 |
Foreign income taxes | 0.4 | (0.2) | 0.4 |
Nondeductible compensation | 0.3 | 0.8 | 0.2 |
Other income tax | 0.6 | (0.6) | (0.3) |
Income tax expense (benefit) | $ 19.8 | $ 18 | $ 8.8 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred income tax assets: | ||
Inventory reserves | $ 15.5 | $ 15.2 |
Accrued expenses | 13.6 | 15.3 |
Pension and other postretirement benefits | 17.8 | 20.3 |
Stock-based compensation | 8.9 | 10.7 |
State net operating losses | 8.1 | 10.3 |
Federal net operating losses and credit carryovers | 0.5 | 6.8 |
All other | 3 | 1.9 |
Deferred income tax assets | 67.4 | 80.5 |
Valuation allowance | (1.3) | (0.7) |
Total deferred income tax assets | 66.1 | 79.8 |
Deferred income tax liabilities: | ||
Identifiable intangible assets | (182.3) | (190.1) |
Other | (0.8) | (1.5) |
Total deferred income tax liabilities | 183.1 | 191.6 |
Net deferred income tax liabilities | $ 117 | $ 111.8 |
Income Taxes (Gross Unrecognize
Income Taxes (Gross Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Unrecognized Tax Benefits [Roll Forward] | ||
Balance at beginning of year | $ 2.7 | $ 3.7 |
Increases related to prior year positions | 0.3 | 0.1 |
Decreases due to lapse in statute of limitations | (0.4) | (1.1) |
Balance at end of year | $ 2.6 | $ 2.7 |
Borrowing Arrangements (Narrati
Borrowing Arrangements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | 84 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Nov. 25, 2021 | Sep. 30, 2016 | |
Agreement termination date | Dec. 18, 2017 | ||||
Loss on early extinguishment of debt | $ 31,300 | $ 1,000 | $ 1,400 | ||
Gain (Loss) on Repurchase of Debt Instrument | 25,200 | ||||
Write off of Deferred Debt Issuance Cost | 4,400 | ||||
Debtor Reorganization Items, Write-off of Deferred Financing Costs and Debt Discounts | 1,700 | ||||
Future maturities of outstanding borrowings | |||||
CY plus 1 | 6,100 | ||||
CY plus 2 | 5,700 | ||||
CY plus 3 | 5,400 | ||||
CY plus 4 | 5,200 | ||||
CY plus 5 | 5,000 | ||||
CY plus 6 and more | 471,200 | ||||
Payments of Financing Costs | 8,500 | $ 0 | $ 700 | ||
Revolving Credit Facility [Member] | |||||
Revolving credit facility amount | 225,000 | ||||
Potential increase size of the credit facility by an additional amount | $ 150,000 | ||||
Line of Credit Facility, Interest Rate at Period End | 17500.00% | ||||
Aggregate commitments availability | $ 22,500 | ||||
Aggregate commitments availability, percentage | 10.00% | ||||
Outstanding letter of credit accrued fees and expenses | $ 32,100 | ||||
Excess availability reduced by outstanding borrowings, outstanding letters of credit and accrued fees and expenses | $ 170,000 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 3750.00% | ||||
Swing Line Loans [Member] | |||||
Revolving credit facility amount | $ 25,000 | ||||
Letter Of Credit [Member] | |||||
Revolving credit facility amount | 60,000 | ||||
Secured Debt [Member] | |||||
Deferred Finance Costs, Noncurrent, Gross | $ 8,500 | ||||
Borrowing rate in addition to LIBOR | 32500.00% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.02% | ||||
Debt Instrument, Periodic Payment, Principal | $ 1,250 | ||||
Long-term Debt, Gross | 500,000 | ||||
Future maturities of outstanding borrowings | |||||
Debt Instrument, Unamortized Discount | 2,200 | ||||
Financial Liabilities Fair Value Disclosure | $ 496,900 | ||||
Minimum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 2500.00% | ||||
Future maturities of outstanding borrowings | |||||
Debt Instrument, Term | 5 years | ||||
Maximum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 3750.00% | ||||
Future maturities of outstanding borrowings | |||||
Debt Instrument, Term | 10 years | ||||
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.75% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||
Borrowing rate in addition to LIBOR | 17500.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
Borrowing rate in addition to LIBOR | 22500.00% | ||||
Base Rate [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||
Borrowing rate in addition to LIBOR | 7500.00% | ||||
Base Rate [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
Borrowing rate in addition to LIBOR | 12500.00% | ||||
Scenario, Forecast [Member] | Secured Debt [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.591% | ||||
Agreement termination date | Nov. 25, 2021 |
Borrowing Arrangements (Compone
Borrowing Arrangements (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Debt | $ 496.4 | $ 545.6 |
Deferred Finance Costs, Net | (8.8) | |
Current portion of long-term debt | (6.1) | (46.2) |
Long-term debt, excluding current maturities | 482.9 | 494.8 |
Revolving Credit Facility [Member] | ||
Debt | 0 | |
Secured Debt [Member] | ||
Debt | 494 | 0 |
Deferred Finance Costs, Net | (7.4) | (4.6) |
ABL Agreement [Member] | ||
Debt | 0 | |
8.75% Senior Unsecured Notes [Member] | ||
Debt | 0 | 178.3 |
7.375% Senior Subordinated Notes [Member] | ||
Debt | 0 | 365 |
Other [Member] | ||
Debt | $ 2.4 | $ 2.3 |
Derivative Financial Instrume62
Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Maturity Date | Sep. 30, 2021 | |
Derivative, Notional Amount | $ 150 | |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ (2.6) | |
Scenario, Forecast [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Cap Interest Rate | 0.75% | |
Derivative, Fixed Interest Rate | 2.341% | |
Secured Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.02% | |
Secured Debt [Member] | Scenario, Forecast [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.591% | |
Derivative, Amount of Hedged Item | $ 150 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | $ 1.2 | |||
Percentage of Obligations Related to U.S. Plan | 98.00% | |||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |||
Defined Contribution Plan, Cost Recognized | $ 6.2 | $ 5.6 | $ 5.1 | |
Percentage of Assets Related to U.S. Plan | 98.00% | |||
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan Expected Return on Plan Assets Major Asset Classes Time Horizon | 10 | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan Expected Return on Plan Assets Major Asset Classes Time Horizon | 15 | |||
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Contributions by Employer | 0.1 | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ (0.5) | $ (0.2) | $ (0.1) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.84% | 4.49% | 5.16% | |
Discount rate | 4.49% | 5.16% | 4.21% | |
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 40.00% | |||
Fixed Income Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Target Plan Asset Allocations | 60.00% | |||
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Contributions | $ 0.8 |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Service cost | $ 1.9 | $ 1.7 | $ 2 |
Interest cost | 20.1 | 19.9 | 18.3 |
Expected return on plan assets | (24.6) | (23.8) | (25.1) |
Amortization of net loss (gain) | 3.2 | 3.5 | 9 |
Curtailment / special settlement loss (gain) | 0.5 | 0.2 | 0.1 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 1.1 | $ 1.5 | $ 4.3 |
Retirement Plans (Accumulated a
Retirement Plans (Accumulated and Projected Benefit Obligations) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Pension Plans with accumulated benefit obligations in excess of plan assets | ||
Projected benefit obligation | $ 427 | $ 459.9 |
Accumulated benefit obligation | 427 | 459.9 |
Fair value of plan assets | 381.3 | 407.6 |
Pension plans with plan assets in excess of accumulated benefit obligations | ||
Projected benefit obligation | 1.2 | 1.6 |
Accumulated benefit obligation | 1.2 | 1.6 |
Fair value of plan assets | $ 2.1 | $ 2.9 |
Retirement Plans (Amounts Recog
Retirement Plans (Amounts Recognized for Pension and Other Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Plan assets: | |||
Beginning of year | $ 410.5 | ||
Defined Benefit Plan, Contributions by Employer | 1.2 | ||
End of year | 383.4 | $ 410.5 | |
Pension Plan, Defined Benefit [Member] | |||
Projected benefit obligations: | |||
Beginning of year | 461.5 | 399.6 | |
Service cost | 1.9 | 1.7 | $ 2 |
Interest cost | 20.1 | 19.9 | 18.3 |
Actuarial loss (gain) | (25.9) | 67.3 | |
Benefits paid | (26) | (26) | |
Currency translation | (1.6) | (0.8) | |
Decrease in obligation due to curtailment / settlement | 1.8 | 0.2 | |
End of year | 428.2 | 461.5 | 399.6 |
Accumulated benefit obligation at end of year | 428.2 | 461.5 | |
Plan assets: | |||
Beginning of year | 410.5 | 395.2 | |
Actual return on plan assets | 1.3 | 42.1 | |
Defined Benefit Plan, Contributions by Employer | 0.1 | ||
Settlement | (1.9) | 0 | |
Currency translation | (1.7) | (0.9) | |
Benefits paid | (26) | (26) | |
End of year | 383.4 | 410.5 | $ 395.2 |
Accrued benefit cost at end of year: | |||
Unfunded status | (44.8) | (51) | |
Recognized on balance sheet: | |||
Other noncurrent assets | 0.9 | 1.3 | |
Other noncurrent liabilities | (45.7) | (52.3) | |
Amount recognized on balance sheet | (44.8) | (51) | |
Recognized in accumulated other comprehensive loss, before tax: | |||
Prior year service cost (gain) | 0 | 0.1 | |
Net actuarial loss (gain) | 113.5 | 119.7 | |
Recognized in accumulated other comprehensive loss, before tax | $ 113.5 | $ 119.8 |
Retirement Plans (Pension and O
Retirement Plans (Pension and Other Postretirement Benefits Activity in Accumulated Other Comprehensive Income) (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Settlement | $ (0.5) |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Balance at beginning of year | 119.8 |
Actuarial gain | (2.6) |
Prior year service loss amortization to net periodic cost | (3.2) |
Balance at end of year | $ 113.5 |
Retirement Plans (Components of
Retirement Plans (Components of Accumulated Other Comprehensive Income (Loss) Related to Pension and Other Postretirement Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Amortization of Gains (Losses) | $ 3.2 | $ 3.5 | $ 9 | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0.1 | |||
Defined Benefit Plan, Amortization of Gains (Losses) | 3.1 | |||
Defined Benefit Plans, Expected Future Amortization Into Net Periodic Benefit Cost in Year One | $ 3.2 |
Retirement Plans (Assumptions U
Retirement Plans (Assumptions Used) (Details) - Pension Plan, Defined Benefit [Member] | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Weighted average used to determine benefit obligations: | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.84% | 4.49% | 5.16% |
Weighted average used to determine net periodic cost: | |||
Discount rate | 4.49% | 5.16% | 4.21% |
Expected return on plan assets | 6.21% | 6.24% | 6.71% |
Retirement Plans (Strategic All
Retirement Plans (Strategic Allocation of Plan Assets) (Details) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Strategic asset allocation | |||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||
Actual asset allocations | |||
Actual plan asset allocations | 100.00% | 100.00% | 100.00% |
Equity Securities [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Target Plan Asset Allocations | 40.00% | ||
Equity investments tactical range, minimum | 30.00% | ||
Equity investments tactical range, maximum | 50.00% | ||
Actual asset allocations | |||
Actual plan asset allocations | 39.00% | 40.00% | 40.00% |
Large Capitalization Stocks [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Target Plan Asset Allocations | 26.00% | ||
Small Capitalization Stocks [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% | ||
International Stocks [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Target Plan Asset Allocations | 9.00% | ||
Fixed Income Funds [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Target Plan Asset Allocations | 60.00% | ||
Equity investments tactical range, minimum | 50.00% | ||
Equity investments tactical range, maximum | 70.00% | ||
Actual asset allocations | |||
Actual plan asset allocations | 60.00% | 59.00% | 59.00% |
Cash and Cash Equivalents [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | ||
Equity investments tactical range, minimum | 0.00% | ||
Equity investments tactical range, maximum | 5.00% | ||
Actual asset allocations | |||
Actual plan asset allocations | 1.00% | 1.00% | 1.00% |
Retirement Plans (Fair Value As
Retirement Plans (Fair Value Asset Allocation) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 383.4 | $ 410.5 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 46.1 | 50.4 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 337.3 | 360.1 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 150 | 162.5 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 42.1 | 45.9 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 107.9 | 116.6 |
Large Cap Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 32.7 | 31.5 |
Large Cap Growth Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Large Cap Growth Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 32.7 | 31.5 |
Large Cap Index Funds [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27.1 | 35.9 |
Large Cap Index Funds [Member] [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Large Cap Index Funds [Member] [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27.1 | 35.9 |
Large Cap Value Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 15.7 | 15.3 |
Large Cap Value Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Large Cap Value Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 15.7 | 15.3 |
Small Cap Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.5 | 18.5 |
Small Cap Growth Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Small Cap Growth Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.5 | 18.5 |
Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 42.1 | 45.9 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 42.1 | 45.9 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
International Stocks [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13.9 | 15.4 |
International Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
International Stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13.9 | 15.4 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 229.4 | 243.5 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 229.4 | 243.5 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4 | 4.5 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4 | 4.5 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | $ 0 |
Retirement Plans (Expected Bene
Retirement Plans (Expected Benefit Payments) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated benefit payments, CY plus 1 | $ 32.9 |
Estimated benefit payments, CY plus 2 | 26.4 |
Estimated benefit payments, CY plus 3 | 26.6 |
Estimated benefit payments, CY plus 4 | 26.8 |
Estimated benefit payments, CY plus 5 | 27.1 |
Estimated benefit payments, CY plus 6 and up | $ 138 |
Capital Stock (Details)
Capital Stock (Details) - shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Outstanding Shares [Roll Forward] | |||
Shares outstanding | 159,760,671 | 158,234,300 | 156,840,648 |
Exercised stock options | 506,632 | 587,964 | 384,475 |
Exercise of employee stock purchase plan | 212,550 | 204,360 | 290,173 |
Vesting of restricted stock units, net of shares withheld | 541,839 | 734,047 | 719,004 |
Treasury Stock, Shares, Acquired | (523,851) | ||
Shares outstanding | 160,497,841 | 159,760,671 | 158,234,300 |
Stock-based Compensation Plan74
Stock-based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014$ / sharesshares | Sep. 30, 2013$ / sharesshares | Sep. 30, 2012$ / shares | Dec. 14, 2011shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,165,414 | 1,103,845 | 1,387,198 | |||
Weighted-average recognition period, Compensation expense related to stock awards not yet vested | 1 year 1 month 10 days | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 3.3 | $ 3.3 | ||||
Number of shares authorized under a Plan | 20,500,000 | |||||
Shares available for future grants under a Plan | 7,271,214 | 7,271,214 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Compensation, Expected Forfeiture Rate | 3.00% | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Phantom Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 289,524 | 304,815 | 382,605 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 8.49 | $ 8.49 | $ 6.22 | $ 4.03 | $ 2.03 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ / shares | $ 7.66 | $ 7.66 | ||||
Share-based compensation liability | $ | $ 2.7 | $ 2.7 | ||||
Employee Stock [Member] | ||||||
Number of shares authorized under a Plan | 4,000,000 | 4,000,000 | ||||
Shares available for future grants under a Plan | 1,470,253 | 1,470,253 | ||||
Price for shares offered under ESPP, as a percentage of closing price on the first or last day of the offering period | 85.00% | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 9.78 | $ 9.78 | $ 8.52 | $ 5.22 | ||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 80,233 | 90,841 | 135,553 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 459,659 | 381,012 | 509,338 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 8.45 | $ 8.45 | $ 5.04 | $ 4.30 | $ 4.13 | |
Cash-settled Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 243,992 | |||||
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ | $ 4 | |||||
Minimum [Member] | Performance Shares [Member] | ||||||
Performance Factor | 0 | |||||
Maximum [Member] | Performance Shares [Member] | ||||||
Performance Factor | 2 |
Stock-based Compensation Plan75
Stock-based Compensation Plans (Schedule of Share-based Compensation, Effect on Statement of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Decrease in operating income | $ 7 | $ 13.2 | $ 11.4 |
Effect on net income or loss | $ (4.4) | $ (8.1) | $ (6.9) |
Effect on earnings or loss per basic share | $ (0.03) | $ (0.05) | $ (0.04) |
Effect on earnings or loss per diluted share | $ (0.03) | $ (0.05) | $ (0.04) |
Stock-based Compensation Plan76
Stock-based Compensation Plans (Schedule of Share-based Compensation, Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs, Outstanding, Number | 872,790 | 872,790 | 1,206,761 | 1,925,340 | 2,423,762 |
Outstanding, Weighted average grant date fair value per share | $ 8.45 | $ 8.45 | $ 5.04 | $ 4.30 | $ 4.13 |
Outstanding, Weighted average remaining contractual term | 9 months 26 days | 7 months 26 days | 11 months | 1 year | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 459,659 | 381,012 | 509,338 | ||
Granted, Weighted average grant date fair value per share | $ 9.70 | $ 8.51 | $ 5.37 | ||
Vested, shares | (793,630) | (1,099,591) | (995,037) | ||
RSUs, Vested in Period, Weighted Average Grant Date Fair Value | $ 3.99 | $ 4.94 | $ 4.77 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 7.7 | $ 9.4 | $ 5.6 | ||
Canceled, shares | 0 | 0 | (12,723) | ||
Canceled, Weighted average grant date fair value per share | $ 0 | $ 0 | $ 12.28 |
Stock-based Compensation Plan77
Stock-based Compensation Plans (Schedule of Shared-Based Compensation, Performance Units (Details) - Performance Shares [Member] - shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 80,233 | 90,841 | 135,553 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 181,682 | 271,106 |
Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 80,229 | 90,841 | 135,553 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 271,106 | |
Share-based Compensation Award, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 80,229 | 90,849 | 135,552 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 |
Stock-based Compensation Plan78
Stock-based Compensation Plans (Schedule of Share-based Compensation. Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, shares | 4,552,235 | 5,124,706 | 5,522,610 | |
Outstanding, Weighted average exercise price (per share) | $ 6.54 | $ 6.37 | $ 6.22 | $ 6.30 |
Outstanding, Weighted average remaining contractual term, years | 4 years 2 months 1 day | 5 years 11 days | 5 years 11 months | 6 years 10 months |
Outstanding, Aggregate intrinsic value | $ 9.3 | $ 13.6 | $ 14.6 | $ 3.5 |
Granted, shares | 97,119 | 86,904 | 125,780 | |
Granted, Weighted average exercise price (per share) | $ 9.97 | $ 8.58 | $ 5.91 | |
Exercised, shares | (506,632) | (587,964) | (384,475) | |
Exercised, Weighted average exercise price (per share) | $ 3.42 | $ 4.61 | $ 4.97 | |
Exercised, Aggregate intrinsic value | $ 3.2 | $ 0 | $ 1.2 | |
Canceled, shares | (150,056) | (71,411) | (139,209) | |
Canceled, Weighted average exercise price (per share) | $ 13.90 | $ 12.92 | $ 12.52 | |
Stock Options, Exercisable, Number | 3,799,877 | |||
Exercisable, Weighted average exercise price (per share) | $ 6.43 | |||
Exercisable, Weighted average remaining contractual term, years | 3 years 11 months 4 days | |||
Exercisable, Aggregate intrinsic value | $ 9.3 | |||
Expected to vest in subsequent periods, shares | 192,789 | |||
Expected to vest in subsequent periods, Weighted average exercise price (per share) | $ 8.76 | |||
Expected to vest in subsequent periods, Weighted average remaining contractual term, years | 8 years 7 months 10 days | |||
Expected to vest in subsequent periods, Aggregate intrinsic value | $ 0.1 | |||
Outstanding, shares | 3,992,666 | 4,552,235 | 5,124,706 | 5,522,610 |
Stock-based Compensation Plan79
Stock-based Compensation Plans Schedule of Share-based Compensation, Option Disclosures by Ranges of Exercise Prices (Details) | 12 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 3,992,666 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 6.54 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 2 months 1 day |
Stock Options, Exercisable, Number | shares | 3,799,877 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 6.43 |
Exercise Price Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Lower Range Limit | 0 |
Stock Options, Exercise Price Range, Upper Range Limit | $ 4.99 |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 1,395,711 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 3.34 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 5 months 2 days |
Stock Options, Exercisable, Number | shares | 1,395,711 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 3.34 |
Exercise Price Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Lower Range Limit | 5 |
Stock Options, Exercise Price Range, Upper Range Limit | $ 9.99 |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 1,799,892 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 6.07 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 3 months 2 days |
Stock Options, Exercisable, Number | shares | 1,607,103 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 5.74 |
Exercise Price Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Lower Range Limit | 10 |
Stock Options, Exercise Price Range, Upper Range Limit | $ 14.99 |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 515,846 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 11.30 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 7 days |
Stock Options, Exercisable, Number | shares | 515,846 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 11.30 |
Exercise Price Range 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Lower Range Limit | 15 |
Stock Options, Exercise Price Range, Upper Range Limit | $ 20.99 |
Exercise Price Range 4 [Domain] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 281,217 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 16.76 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 10 months 2 days |
Stock Options, Exercisable, Number | shares | 281,217 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 16.76 |
Stock-based Compensation Plan80
Stock-based Compensation Plans (Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions) (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grant-date fair value, in dollars per share | $ 5.93 | $ 5.13 | $ 5.91 |
Risk-free interest rate | 1.74% | 2.44% | 1.63% |
Dividend yield | 0.80% | 1.10% | 2.17% |
Expected life (years) | 8 years | 8 years | 8 years |
Expected annual volatility | 61.99% | 63.86% | 66.96% |
Stock-based Compensation Plan81
Stock-based Compensation Plans (Schedule of Share-based Compensation, Phantom Award Activity) (Details) - Phantom Share Units (PSUs) [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, shares | 643,288 | 608,982 | 358,866 | |
Outstanding, Weighted average grant date fair value per share | $ 8.49 | $ 6.22 | $ 4.03 | $ 2.03 |
Outstanding, Weighted average remaining contractual term | 9 months 7 days | 9 months 7 days | 1 year | 1 year 2 months 12 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 289,524 | 304,815 | 382,605 | |
Granted, Weighted average grant date fair value per share | $ 9.78 | $ 8.52 | $ 5.22 | |
Vested, shares | (317,409) | (240,739) | (119,637) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3.1 | $ 2.1 | $ 0.7 | |
Canceled, shares | (56,525) | (29,770) | (12,852) | |
Canceled, Weighted average grant date fair value per share | $ 8.29 | $ 5.29 | $ 2.03 | |
Outstanding, shares | 558,878 | 643,288 | 608,982 | 358,866 |
Supplemental Balance Sheet In82
Supplemental Balance Sheet Information (Schedule Of Selected Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Inventories: | ||||
Purchased components and raw material | $ 77.8 | $ 72 | ||
Work in process | 40.7 | 34.5 | ||
Finished goods | 100.6 | 91.5 | ||
Inventories, net | 219.1 | 198 | ||
Other current assets: | ||||
Maintenance and repair tooling | 5 | 6.2 | ||
Prepaid income taxes | 1.5 | 13 | ||
Other | 7.2 | 8.4 | ||
Other current assets | 13.7 | 27.6 | ||
Property, plant and equipment: | ||||
Land | 9.4 | 9.6 | ||
Buildings | 79.3 | 78 | ||
Machinery and equipment | 350.7 | 332.9 | ||
Construction in progress | 20.1 | 18.7 | ||
Property, plant and equipment, gross | 459.5 | 439.2 | ||
Accumulated depreciation | (310.6) | (292.9) | ||
Property, plant and equipment net | 148.9 | 146.3 | ||
Other current liabilities: | ||||
Compensation and benefits | 30.5 | 39.5 | ||
Customer rebates | 15.4 | 16.9 | ||
Interest | 0.5 | 10.7 | ||
Taxes other than income taxes | 4 | 4.7 | ||
Warranty | 2.9 | 2.6 | $ 2.8 | $ 1.6 |
Income taxes | 0.8 | 0.7 | ||
Restructuring | 0.1 | 0.9 | ||
Environmental | 1.9 | 0.1 | ||
Other | 7.1 | 6.1 | ||
Other current liabilities | $ 63.2 | $ 82.2 |
Supplemental Statement of Ope83
Supplemental Statement of Operations Information (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Included in selling, general and administrative expenses: | |||
Research and development | $ 14.9 | $ 14.4 | $ 14.8 |
Advertising | 5.2 | 4.7 | 5 |
Interest expense, net: | |||
Deferred financing fees amortization | 2 | 2 | 2 |
Other interest expense | 0.3 | 0.2 | 0.7 |
Interest Expense | 27.9 | 50 | 52 |
Interest income | (0.3) | (0.4) | (0.3) |
Interest expense, net | (27.6) | (49.6) | (51.7) |
Secured Debt [Member] | |||
Interest expense, net: | |||
Debt instrument interest expense | 17.5 | 0 | 0 |
Seven Point Three Seven Five Senior Subordinated Notes [Member] | |||
Interest expense, net: | |||
Debt instrument interest expense | 4 | 30.6 | 31 |
Eight Point Seven Five Senior Unsecured Notes [Member] | |||
Interest expense, net: | |||
Debt instrument interest expense | 2.4 | 16 | 16.8 |
ABL Agreement [Member] | |||
Interest expense, net: | |||
Debt instrument interest expense | $ 1.7 | $ 1.2 | $ 1.5 |
Accumulated Other Comprehensi84
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (2.4) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (63.1) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (60.7) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 6.6 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 6.3 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (59.4) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (1.6) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (67.3) |
Accumulated Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8.7 |
Accumulated Defined Benefit Plans Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3.7 |
Interest Rate Swap [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (1.6) |
Supplemental Cash Flow Inform85
Supplemental Cash Flow Information (Schedule of Cash Flow, Supplemental Disclosures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Cash Flow, Supplemental Disclosures [Line Items] | |||
Increase (decrease) in other noncurrent assets | $ 1.3 | $ 0 | $ (0.3) |
Decrease (increase) in other noncurrent liabilities | 28.3 | (25.5) | 51.5 |
Increase in other current liabilities | 0 | 0.1 | 0 |
Decrease (increase) in deferred tax liabilities | 10.6 | (9.8) | 20.1 |
Decrease (increase) in accumulated other comprehensive loss | 16.4 | (15.6) | 31.7 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 0 | 0 | 0 |
Cash paid, net: | |||
Interest | 36.8 | 48.7 | 49.1 |
Income taxes | $ 13.3 | $ 2.6 | $ 0.7 |
Segment Information (Revenue an
Segment Information (Revenue and Long-Lived Assets by Geographical Areas) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | $ 311.4 | $ 301 | $ 290.3 | $ 261.8 | $ 320.7 | $ 318.5 | $ 288.1 | $ 257.4 | $ 1,164.5 | $ 1,184.7 | $ 1,120.8 |
Property, plant and equipment, net | 148.9 | 146.3 | 148.9 | 146.3 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 1,037.7 | 1,040.6 | 970.9 | ||||||||
Property, plant and equipment, net | 142.9 | 138.5 | 142.9 | 138.5 | |||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 82.7 | 101.1 | 101.5 | ||||||||
Property, plant and equipment, net | 2.7 | 4.3 | 2.7 | 4.3 | |||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue, Net | 44.1 | 43 | $ 48.4 | ||||||||
Property, plant and equipment, net | $ 3.3 | $ 3.5 | $ 3.3 | $ 3.5 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Sep. 30, 2015USD ($)business_segmentscustomer | Sep. 30, 2014USD ($) | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting [Abstract] | ||||
Number of Reportable Segments | business_segments | 3 | |||
Revenue, Major Customer [Line Items] | ||||
Receivables, net | $ 175.3 | $ 182.1 | ||
Customer Concentration Risk [Member] | Major Customers, Group One | ||||
Revenue, Major Customer [Line Items] | ||||
Number of major customers | customer | 10 | |||
Customer Concentration Risk [Member] | Major Customers, Group One | Sales Revenue, Goods, Gross [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage of benchmark | 41.00% | |||
Customer Concentration Risk [Member] | Major Customers, Group Two | ||||
Revenue, Major Customer [Line Items] | ||||
Number of major customers | customer | 2 | |||
Customer Concentration Risk [Member] | Major Customers, Group Two | Sales Revenue, Goods, Gross [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage of benchmark | 25.00% | |||
Customer Concentration Risk [Member] | Ferguson Enterprises | Sales Revenue, Goods, Gross [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage of benchmark | 13.00% | 13.00% | 12.00% | |
Customer Concentration Risk [Member] | Ferguson Enterprises | Sales Revenue, Goods, Gross [Member] | Mueller Co. [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage of benchmark | 16.00% | |||
Customer Concentration Risk [Member] | Ferguson Enterprises | Sales Revenue, Goods, Gross [Member] | Anvil [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage of benchmark | 8.00% | |||
Customer Concentration Risk [Member] | Ferguson Enterprises | Accounts Receivable [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Receivables, net | $ 28.2 | $ 25.7 | ||
Customer Concentration Risk [Member] | HD Supply | Sales Revenue, Goods, Gross [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage of benchmark | 12.00% | 11.00% | 11.00% | |
Customer Concentration Risk [Member] | HD Supply | Sales Revenue, Goods, Gross [Member] | Mueller Co. [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage of benchmark | 18.00% | |||
Customer Concentration Risk [Member] | HD Supply | Sales Revenue, Goods, Gross [Member] | Anvil [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage of benchmark | 5.00% | |||
Customer Concentration Risk [Member] | HD Supply | Accounts Receivable [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Receivables, net | $ 17.4 | $ 17.7 |
Segment Information (Schedule O
Segment Information (Schedule Of Selected Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales, excluding intercompany | $ 311.4 | $ 301 | $ 290.3 | $ 261.8 | $ 320.7 | $ 318.5 | $ 288.1 | $ 257.4 | $ 1,164.5 | $ 1,184.7 | $ 1,120.8 |
Operating income | 44.4 | $ 31.5 | $ 25.6 | $ 8.1 | 43 | $ 41.8 | $ 25.3 | $ 14 | 109.6 | 124.1 | 97.3 |
Depreciation and amortization | 58.1 | 56.7 | 59.2 | ||||||||
Restructuring | 20.8 | 3.1 | 1.5 | ||||||||
Capital expenditures | (37.5) | (36.9) | (36.5) | ||||||||
Total assets | 1,229.8 | 1,312.5 | 1,229.8 | 1,312.5 | |||||||
Total intangible assets net book value | 507.3 | 533.6 | 507.3 | 533.6 | |||||||
Mueller Co. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales, excluding intercompany | 702.2 | 679.1 | 632.5 | ||||||||
Operating income | 136.9 | 126.7 | 100.3 | ||||||||
Depreciation and amortization | 38.8 | 38 | 38.3 | ||||||||
Restructuring | 8.2 | 2.1 | 1.5 | ||||||||
Capital expenditures | (20.5) | (18.8) | (16.6) | ||||||||
Total assets | 757.7 | 767.9 | 757.7 | 767.9 | |||||||
Total intangible assets net book value | 435.5 | 459.7 | 435.5 | 459.7 | |||||||
Anvil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales, excluding intercompany | 371.1 | 401.4 | 391.3 | ||||||||
Operating income | 30 | 41.3 | 40.2 | ||||||||
Depreciation and amortization | 14.7 | 14.2 | 14.2 | ||||||||
Restructuring | 0.4 | 0.9 | 0.1 | ||||||||
Capital expenditures | (10.3) | (11.6) | (12.3) | ||||||||
Total assets | 255.3 | 263.9 | 255.3 | 263.9 | |||||||
Total intangible assets net book value | 54.5 | 57.9 | 54.5 | 57.9 | |||||||
Mueller Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales, excluding intercompany | 91.2 | 104.2 | 97 | ||||||||
Operating income | (12.9) | (4.4) | (9) | ||||||||
Depreciation and amortization | 4.2 | 4.1 | 6.3 | ||||||||
Restructuring | 0.1 | 0.1 | 0 | ||||||||
Capital expenditures | (6.5) | (6.1) | (7.4) | ||||||||
Total assets | 77.2 | 67.9 | 77.2 | 67.9 | |||||||
Total intangible assets net book value | 17.3 | 16 | 17.3 | 16 | |||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales, excluding intercompany | 0 | 0 | 0 | ||||||||
Operating income | (44.4) | (39.5) | (34.2) | ||||||||
Depreciation and amortization | 0.4 | 0.4 | 0.4 | ||||||||
Restructuring | 12.1 | 0 | (0.1) | ||||||||
Capital expenditures | (0.2) | (0.4) | (0.2) | ||||||||
Total assets | 139.6 | 212.8 | 139.6 | 212.8 | |||||||
Total intangible assets net book value | $ 0 | $ 0 | 0 | 0 | |||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 7.3 | 6.8 | 7.5 | ||||||||
Intersegment Eliminations [Member] | Mueller Co. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 7.2 | 6.7 | 7.4 | ||||||||
Intersegment Eliminations [Member] | Anvil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 0.1 | 0.1 | 0.1 | ||||||||
Intersegment Eliminations [Member] | Mueller Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) CAD in Millions, $ in Millions | 12 Months Ended | ||||
Sep. 30, 2015USD ($) | Sep. 30, 2015CAD | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2015CAD | |
Loss Contingency, Damages Sought, Value | CAD | CAD 10 | ||||
Damages arising due to alleged environmental contamination of the property and breach of lease | CAD | CAD 10 | ||||
Walter Energy tax assessment | $ 33 | ||||
Amount payable pending completion of an IRS audit | 11.6 | ||||
Provision for Doubtful Accounts | 0.1 | $ 0 | $ 0.4 | ||
Operating Leases | |||||
Rent expense | 10.4 | 9.3 | 8.4 | ||
Future minimum payment under non-cancelable operating leases, CY Plus 1 | 6.7 | ||||
Future minimum payment under non-cancelable operating leases, CY Plus 2 | 5.5 | ||||
Future minimum payment under non-cancelable operating leases, CY Plus 3 | 3 | ||||
Future minimum payment under non-cancelable operating leases, CY Plus 4 | 1.7 | ||||
Future minimum payment under non-cancelable operating leases, CY Plus 5 | 0.6 | ||||
Future minimum payment under non-cancelable operating leases, CY plus 6 and up | 1.9 | ||||
WalterEnergy [Member] | |||||
Provision for Doubtful Accounts | $ 11.6 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Subsequent Event [Line Items] | ||||
Dividends declared, in dollars per share | $ 0.075 | $ 0.070 | $ 0.070 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Oct. 21, 2015 | |||
Dividends declared, in dollars per share | $ 0.02 | |||
Dividends Payable, Date to be Paid | Nov. 20, 2015 | |||
Dividends Payable, Date of Record | Nov. 10, 2015 |
Quarterly Consolidated Financ91
Quarterly Consolidated Financial Information (Unaudited) (Quarterly Financial Information Disclosure)(Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue, Net | $ 311.4 | $ 301 | $ 290.3 | $ 261.8 | $ 320.7 | $ 318.5 | $ 288.1 | $ 257.4 | $ 1,164.5 | $ 1,184.7 | $ 1,120.8 |
Gross profit | 97.7 | 96.2 | 82.1 | 71.3 | 101.3 | 97.3 | 82.2 | 67.1 | 347.3 | 347.9 | 313.2 |
Operating income | 44.4 | 31.5 | 25.6 | 8.1 | 43 | 41.8 | 25.3 | 14 | 109.6 | 124.1 | 97.3 |
Net Income (Loss) Attributable to Parent | $ 22.3 | $ 16.5 | $ 12.3 | $ (20.2) | $ 26.2 | $ 18.5 | $ 9.7 | $ 1.1 | $ 30.9 | $ 55.5 | $ 40.8 |
Net income (loss) per share(1) | |||||||||||
Net income (loss) per basic share | $ 0.14 | $ 0.10 | $ 0.08 | $ (0.13) | $ 0.16 | $ 0.12 | $ 0.06 | $ 0.01 | $ 0.19 | $ 0.35 | $ 0.26 |
Net income (loss) per diluted share | $ 0.14 | $ 0.10 | $ 0.08 | $ (0.13) | $ 0.16 | $ 0.11 | $ 0.06 | $ 0.01 | $ 0.19 | $ 0.34 | $ 0.25 |