Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2020 | Nov. 10, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Document Information [Line Items] | ||||
Document Fiscal Period Focus | FY | |||
Document Period End Date | Sep. 30, 2020 | |||
Document Fiscal Year Focus | 2020 | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Registrant Name | MUELLER WATER PRODUCTS, INC. | |||
Entity Central Index Key | 0001350593 | |||
Current Fiscal Year End Date | --09-30 | |||
Entity Filer Category | Large Accelerated Filer | |||
Document Type | 10-K | |||
Property, plant and equipment, net | $ 253.8 | $ 217.1 | ||
Intangible Assets, Net (Including Goodwill) | $ 508.7 | $ 529.4 | ||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Amendment Flag | false | |||
Entity Common Stock, Shares Outstanding | 158,102,357 | |||
Entity Shell Company | false | |||
Entity Emerging Growth Company | false | |||
Entity Small Business | false | |||
Entity Public Float | $ 1,248.3 |
Cover Page Document
Cover Page Document | 12 Months Ended |
Sep. 30, 2020 | |
Cover Page [Abstract] | |
Document Type | 10-K |
Documents Incorporated by Reference [Text Block] | Applicable portions of the Proxy Statement for the upcoming 2021 Annual Meeting of Stockholders of the Company are incorporated by reference into Part III of this Form 10-K. |
Title of 12(b) Security | Common Stock, par value $0.01 |
Entity Address, Address Line Two | Suite 1200 |
Entity Incorporation, State or Country Code | DE |
Document Transition Report | false |
Document Annual Report | true |
Document Period End Date | Sep. 30, 2020 |
Entity File Number | 001-32892 |
Entity Registrant Name | MUELLER WATER PRODUCTS, INC. |
Entity Tax Identification Number | 20-3547095 |
Entity Address, Address Line One | 1200 Abernathy Road N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30328 |
City Area Code | (770) |
Local Phone Number | 206-4200 |
Trading Symbol | MWA |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Cover
Cover | 12 Months Ended |
Sep. 30, 2020 | |
Cover [Abstract] | |
Documents Incorporated by Reference [Text Block] | Applicable portions of the Proxy Statement for the upcoming 2021 Annual Meeting of Stockholders of the Company are incorporated by reference into Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Assets: | ||
Cash and cash equivalents | $ 208.9 | $ 176.7 |
Receivables, net | 180.8 | 172.8 |
Inventories | 162.5 | 191.4 |
Other current assets | 29 | 26 |
Total current assets | 581.2 | 566.9 |
Property, plant and equipment, net | 253.8 | 217.1 |
Intangible Assets, Net (Excluding Goodwill) | 408.9 | 433.7 |
Goodwill | 99.8 | 95.7 |
Other noncurrent assets | 51.3 | 23.9 |
Total assets | 1,395 | 1,337.3 |
Liabilities and equity: | ||
Current portion of long-term debt | 1.1 | 0.9 |
Accounts payable | 67.3 | 84.6 |
Other current liabilities | 86.6 | 93 |
Total current liabilities | 155 | 178.5 |
Long-term debt, excluding current maturities | 446.5 | 445.4 |
Deferred Tax Liabilities, Gross, Noncurrent | 96.5 | 87.9 |
Other noncurrent liabilities | 56.3 | 33.2 |
Total liabilities | 754.3 | 745 |
Common Stock | 1.6 | 1.6 |
Additional paid-in capital | 1,378 | 1,410.7 |
Accumulated deficit | (714.2) | (786.2) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (24.7) | (36) |
Stockholders' Equity Attributable to Parent | 640.7 | 590.1 |
Equity Attributable to Noncontrolling Interest | 0 | 2.2 |
Equity | 640.7 | 592.3 |
Total liabilities and equity | $ 1,395 | $ 1,337.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Sep. 30, 2020 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Series A common stock, shares authorized | 600,000,000 | 600,000,000 |
Series A common stock, shares outstanding | 158,064,750 | 157,462,140 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | $ 964.1 | $ 968 | $ 916 |
Cost of sales | 635.9 | 647.1 | 626.1 |
Gross profit | 328.2 | 320.9 | 289.9 |
Operating expenses: | |||
Selling, general and administrative | 198.4 | 182.7 | 166.7 |
Gain on sale of idle property | 0 | (2.4) | (9) |
Other Cost and Expense, Operating | 13 | 16.3 | 10.5 |
Total operating expenses | 211.4 | 196.6 | 168.2 |
Operating income | 116.8 | 124.3 | 121.7 |
Defined Benefit Plan, Net Periodic Benefit Cost other than Service Cost | (3) | 0.4 | 1 |
Interest expense, net | 25.5 | 19.8 | 20.9 |
Gain on settlement of interest rate swap contracts | 0 | 0 | (2.4) |
Walter Energy Accrual | 0.2 | 22 | 0 |
Loss on early extinguishment of debt | 0 | 0 | 6.5 |
Net Income Before Income Tax | 94.1 | 82.1 | 95.7 |
Income tax expense (benefit) | 22.1 | 18.3 | (9.9) |
Net Income (Loss) Attributable to Parent | $ 72 | $ 63.8 | $ 105.6 |
Net loss per basic share: | |||
Continuing operations, in dollars per share | $ 0.46 | $ 0.40 | $ 0.67 |
Net loss per diluted share: | |||
Continuing operations | $ 0.45 | $ 0.40 | $ 0.66 |
Weighted average shares outstanding: | |||
Basic, in shares | 157.8 | 157.8 | 158.2 |
Diluted, in shares | 158.6 | 159 | 159.7 |
Dividends declared per share, in dollars per share | $ 0.2100 | $ 0.2025 | $ 0.1900 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Income (Loss) Attributable to Parent | $ 72 | $ 63.8 | $ 105.6 |
Other comprehensive income (loss): | |||
Minimum pension liability | (4.4) | 13.3 | (27.4) |
Income tax effects | (1.1) | 3.8 | (6.9) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 8 | 6.3 | (3) |
Amortization of interest expense on terminated swap contracts | 0 | 0 | 2.4 |
Income tax effects | 0 | 0 | (0.9) |
Other Comprehensive Income (Loss), Net of Tax | 11.3 | (3.2) | 19 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 83.3 | $ 60.6 | $ 124.6 |
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] |
Balance at Sep. 30, 2017 | $ 489.5 | $ 1.6 | $ 1,494.2 | $ (955.6) | $ (51.8) | $ 1.1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 106 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0.4 | |||||||||||
Net Income (Loss) Attributable to Parent | 105.6 | 0 | 0 | 105.6 | 0 | |||||||
Dividends declared | (30.1) | 0 | (30.1) | 0 | 0 | 0 | ||||||
Stock-based compensation | 5.2 | 0 | 5.2 | 0 | 0 | 0 | ||||||
Shares retained for employee taxes | $ (2.1) | $ 0 | $ (2.1) | $ 0 | $ 0 | $ 0 | ||||||
Stock issued under stock compensation plans | 7.3 | 0 | 7.3 | 0 | 0 | 0 | ||||||
Stock repurchased under buyback program | (30) | 0 | (30) | 0 | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 19 | 0 | 0 | 0 | 19 | 0 | ||||||
Balance at Sep. 30, 2018 | 564.8 | 1.6 | 1,444.5 | (850) | (32.8) | 1.5 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 64.5 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0.7 | |||||||||||
Net Income (Loss) Attributable to Parent | 63.8 | 0 | 0 | 63.8 | 0 | |||||||
Dividends declared | (32) | 0 | (32) | 0 | 0 | 0 | ||||||
Stock-based compensation | 4.3 | 0 | 4.3 | 0 | 0 | 0 | ||||||
Shares retained for employee taxes | (1.3) | 0 | $ (1.3) | 0 | 0 | 0 | ||||||
Stock issued under stock compensation plans | 5.2 | 0 | 5.2 | 0 | 0 | 0 | ||||||
Stock repurchased under buyback program | (10) | 0 | (10) | 0 | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (3.2) | 0 | 0 | 0 | (3.2) | 0 | ||||||
Balance at Sep. 30, 2019 | 592.3 | 1.6 | 1,410.7 | (786.2) | (36) | 2.2 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 72 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | |||||||||||
Net Income (Loss) Attributable to Parent | 72 | 0 | 0 | 0 | ||||||||
Dividends declared | (33.1) | 0 | (33.1) | 0 | 0 | 0 | ||||||
Stock-based compensation | 5.3 | 0 | 5.3 | 0 | 0 | 0 | ||||||
Shares retained for employee taxes | $ (0.9) | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Stock issued under stock compensation plans | 3.5 | 0 | 3.5 | 0 | 0 | 0 | ||||||
Stock repurchased under buyback program | (5) | 0 | (5) | 0 | 0 | 0 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (4.7) | 0 | 2.5 | 0 | 0 | 2.2 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 11.3 | 0 | 0 | 0 | 11.3 | 0 | ||||||
Balance at Sep. 30, 2020 | $ 640.7 | $ 1.6 | $ 1,378 | $ (714.2) | $ (24.7) | $ 0 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities | |||
Net Income (Loss) Attributable to Parent | $ 72 | $ 63.8 | $ 105.6 |
Adjustments to reconcile net income (loss) to income (loss) from continuing operations: | |||
Depreciation | 29.6 | 26 | 20.9 |
Amortization | 28.2 | 27 | 22.8 |
Pension plans | 2.8 | 2 | 2.8 |
Deferred income taxes | 7.2 | 1.3 | (43.3) |
Stock-based compensation expense | 5.3 | 4.3 | 5.2 |
Loss on early extinguishment of debt | 0 | 0 | 6.5 |
Gain (Loss) on Disposition of Assets | 2.5 | ||
Gain on sale of idle property | 0 | (2.4) | (9) |
Other, net | 8 | 2.4 | 3.4 |
Changes in assets and liabilities, net of acquisitions: | |||
Receivables | (7.5) | (1.4) | (18.9) |
Inventories | 24.9 | (17.4) | (18.4) |
Other current assets and other noncurrent assets | 0.9 | (7.4) | (2) |
Accounts payable | (17.6) | (11) | 7.7 |
Walter Energy accrual | (22) | 22 | 0 |
Increase (Decrease) in Accrued Liabilities | 6.6 | (6.1) | 32.7 |
Pension contributions | 0 | (0.7) | 0 |
Long-term liabilities | 1.9 | (9.8) | 17.1 |
Net Cash Provided by (Used in) Operating Activities, Total | 140.3 | 92.5 | 133.1 |
Investing activities: | |||
Capital expenditures | (67.7) | (86.6) | (55.7) |
Acquisitions, net of cash acquired | 0 | (127.5) | 0 |
Proceeds from sales of assets | 0.2 | 2.3 | 7.8 |
Net Cash Provided by (Used in) Investing Activities, Total | (67.5) | (211.8) | (47.9) |
Financing activities: | |||
Dividends paid | (33.1) | (32) | (30.1) |
Payments to Noncontrolling Interests | (5.2) | 0 | 0 |
Payments for Repurchase of Common Stock | (5) | (10) | (30) |
Common stock issued | 3.5 | 5.2 | 7.3 |
Shares retained for employee taxes | (0.9) | (1.3) | (2.1) |
Repayment of debt | 0 | 0 | (486.3) |
Repayment of Krausz debt | 0 | (13.2) | 0 |
Issuance of debt | 0 | 0 | 450 |
Payment of deferred financing fees | (1.1) | 0 | (6.9) |
Other | 0.4 | 0.4 | (0.2) |
Net Cash Provided by (Used in) Financing Activities, Total | (41.4) | (50.9) | (98.3) |
Effect of currency exchange rate changes on cash | 0.8 | (0.2) | (1.5) |
Net change in cash and cash equivalents | 32.2 | (170.4) | (14.6) |
Cash and cash equivalents at beginning of period | 176.7 | 347.1 | 361.7 |
Cash and cash equivalents at end of period | $ 208.9 | $ 176.7 | $ 347.1 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 12 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information Selected supplemental asset information is presented below. September 30, 2020 2019 (in millions) Inventories: Purchased components and raw material $ 87.3 $ 95.2 Work in process 32.4 43.7 Finished goods 42.8 52.5 $ 162.5 $ 191.4 Other current assets: Prepaid expenses $ 10.9 $ 9.6 Non-trade receivables 8.5 6.3 Income taxes 5.5 4.7 Maintenance and repair tooling 3.7 4.2 Other 0.4 1.2 $ 29.0 $ 26.0 Property, plant and equipment: Land $ 6.2 $ 5.2 Buildings 80.4 68.9 Machinery and equipment 406.3 362.9 Construction in progress 57.4 48.0 $ 550.3 $ 485.0 Accumulated depreciation (296.5) (267.9) $ 253.8 $ 217.1 Other noncurrent assets: Operating lease right of use asset $ 25.6 $ — Maintenance and repair supplies and tooling 17.5 16.4 Workers compensation reimbursement receivable 2.1 3.1 Note receivable 1.8 1.8 Pension asset 0.9 — Other 3.4 2.6 $ 51.3 $ 23.9 Selected supplemental liability information is presented below. September 30, 2020 2019 (in millions) Other current liabilities: Compensation and benefits $ 35.5 $ 28.5 Customer rebates 9.6 8.7 Interest 7.3 7.3 Warranty 7.2 6.5 Deferred revenues 5.6 4.7 Refund liability 4.3 3.3 Operating lease liabilities 4.0 — Taxes other than income taxes 3.9 3.3 Restructuring and severance 2.8 1.7 Environmental 1.2 1.2 Income taxes 0.2 0.6 Accrued settlements 0.2 0.2 Walter tax liability — 22.0 Other 4.8 5.0 $ 86.6 $ 93.0 Other noncurrent liabilities: Operating lease liabilities $ 23.3 $ — Warranty 7.2 10.7 Transition tax 5.2 5.8 Unrecognized income tax benefits 4.5 3.3 Workers compensation 3.8 1.9 Asset retirement obligation 3.5 3.6 CARES Act deferred tax liabilities 3.3 — Deferred development grant 2.5 — Pension — 5.0 Other 3.0 2.9 $ 56.3 $ 33.2 CARES Act On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act is a relief package intended to assist in many aspects of the American economy through direct secured loans and deferrals of the employer portion of social security taxes through the end of calendar year 2020, with 50% of the deferral due December 31, 2021 and the remainder due December 31, 2022. For the fiscal year ended, September 30, 2020, we have elected these tax deferrals, which are approximately $3.3 million as shown above. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 30, 2020 | |
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 Pension liability, net of tax Total (in millions) Balance at September 30, 2019 $ — $ (36.0) $ (36.0) Other comprehensive income before reclassifications 8.0 1.2 9.2 Amounts reclassified out of accumulated other comprehensive loss — 2.1 2.1 Other comprehensive income 8.0 3.3 11.3 Balance at September 30, 2020 $ 8.0 $ (32.7) $ (24.7) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information Supplemental cash flow information is presented below. 2020 2019 2018 (in millions) Cash paid, net: Interest $ 24.3 $ 22.2 $ 8.9 Income taxes $ 15.3 $ 29.1 $ 10.7 |
Quarterly Consolidated Financia
Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended |
Sep. 30, 2020 | |
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) 2020 Net sales $ 265.3 $ 228.5 $ 257.7 $ 212.6 Gross profit 93.9 75.7 86.0 72.6 Operating income 40.7 20.0 35.8 20.3 Net income $ 26.7 $ 11.2 $ 23.8 $ 10.3 Earnings per basic share (1) $ 0.17 $ 0.07 $ 0.15 $ 0.07 Earnings per diluted share (1) $ 0.17 $ 0.07 $ 0.15 $ 0.06 2019 Net sales $ 266.9 $ 274.3 $ 234.0 $ 192.8 Gross profit 88.8 97.2 74.8 60.1 Operating income 39.0 47.2 22.2 15.9 Net income (loss) $ 40.2 $ 33.7 $ 10.9 $ (21.0) Earnings (loss) per basic share (1) $ 0.26 $ 0.21 $ 0.07 $ (0.13) Earnings (loss) per diluted share (1) $ 0.25 $ 0.21 $ 0.07 $ (0.13) (1) The sum of the quarterly amounts may not equal the full year amount due to rounding. |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tabular) | 12 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Selected Supplemental Balance Sheet Information [Table Text Block] | Selected supplemental asset information is presented below. September 30, 2020 2019 (in millions) Inventories: Purchased components and raw material $ 87.3 $ 95.2 Work in process 32.4 43.7 Finished goods 42.8 52.5 $ 162.5 $ 191.4 Other current assets: Prepaid expenses $ 10.9 $ 9.6 Non-trade receivables 8.5 6.3 Income taxes 5.5 4.7 Maintenance and repair tooling 3.7 4.2 Other 0.4 1.2 $ 29.0 $ 26.0 Property, plant and equipment: Land $ 6.2 $ 5.2 Buildings 80.4 68.9 Machinery and equipment 406.3 362.9 Construction in progress 57.4 48.0 $ 550.3 $ 485.0 Accumulated depreciation (296.5) (267.9) $ 253.8 $ 217.1 Other noncurrent assets: Operating lease right of use asset $ 25.6 $ — Maintenance and repair supplies and tooling 17.5 16.4 Workers compensation reimbursement receivable 2.1 3.1 Note receivable 1.8 1.8 Pension asset 0.9 — Other 3.4 2.6 $ 51.3 $ 23.9 |
Schedule of Accrued Liabilities | Selected supplemental liability information is presented below. September 30, 2020 2019 (in millions) Other current liabilities: Compensation and benefits $ 35.5 $ 28.5 Customer rebates 9.6 8.7 Interest 7.3 7.3 Warranty 7.2 6.5 Deferred revenues 5.6 4.7 Refund liability 4.3 3.3 Operating lease liabilities 4.0 — Taxes other than income taxes 3.9 3.3 Restructuring and severance 2.8 1.7 Environmental 1.2 1.2 Income taxes 0.2 0.6 Accrued settlements 0.2 0.2 Walter tax liability — 22.0 Other 4.8 5.0 $ 86.6 $ 93.0 Other noncurrent liabilities: Operating lease liabilities $ 23.3 $ — Warranty 7.2 10.7 Transition tax 5.2 5.8 Unrecognized income tax benefits 4.5 3.3 Workers compensation 3.8 1.9 Asset retirement obligation 3.5 3.6 CARES Act deferred tax liabilities 3.3 — Deferred development grant 2.5 — Pension — 5.0 Other 3.0 2.9 $ 56.3 $ 33.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tabular) | 12 Months Ended |
Sep. 30, 2020 | |
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 Pension liability, net of tax Total (in millions) Balance at September 30, 2019 $ — $ (36.0) $ (36.0) Other comprehensive income before reclassifications 8.0 1.2 9.2 Amounts reclassified out of accumulated other comprehensive loss — 2.1 2.1 Other comprehensive income 8.0 3.3 11.3 Balance at September 30, 2020 $ 8.0 $ (32.7) $ (24.7) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tabular) | 12 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information is presented below. 2020 2019 2018 (in millions) Cash paid, net: Interest $ 24.3 $ 22.2 $ 8.9 Income taxes $ 15.3 $ 29.1 $ 10.7 |
Quarterly Consolidated Financ_2
Quarterly Consolidated Financial Information (Unaudited) (Tabular) | 12 Months Ended |
Sep. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Fourth Third Second First (in millions, except per share amounts) 2020 Net sales $ 265.3 $ 228.5 $ 257.7 $ 212.6 Gross profit 93.9 75.7 86.0 72.6 Operating income 40.7 20.0 35.8 20.3 Net income $ 26.7 $ 11.2 $ 23.8 $ 10.3 Earnings per basic share (1) $ 0.17 $ 0.07 $ 0.15 $ 0.07 Earnings per diluted share (1) $ 0.17 $ 0.07 $ 0.15 $ 0.06 2019 Net sales $ 266.9 $ 274.3 $ 234.0 $ 192.8 Gross profit 88.8 97.2 74.8 60.1 Operating income 39.0 47.2 22.2 15.9 Net income (loss) $ 40.2 $ 33.7 $ 10.9 $ (21.0) Earnings (loss) per basic share (1) $ 0.26 $ 0.21 $ 0.07 $ (0.13) Earnings (loss) per diluted share (1) $ 0.25 $ 0.21 $ 0.07 $ (0.13) (1) The sum of the quarterly amounts may not equal the full year amount due to rounding. |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Schedule Of Selected Supplemental Balance Sheet Information) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Inventories: | ||
Purchased components and raw material | $ 87.3 | $ 95.2 |
Work in process | 32.4 | 43.7 |
Finished goods | 42.8 | 52.5 |
Inventories, net | 162.5 | 191.4 |
Other current assets: | ||
Prepaid Expense | 10.9 | 9.6 |
Nontrade Receivables | 8.5 | 6.3 |
Maintenance and repair tooling | 3.7 | 4.2 |
Prepaid income taxes | 5.5 | 4.7 |
Other | 0.4 | 1.2 |
Other current assets | 29 | 26 |
Property, plant and equipment: | ||
Land | 6.2 | 5.2 |
Buildings | 80.4 | 68.9 |
Machinery and equipment | 406.3 | 362.9 |
Construction in progress | 57.4 | 48 |
Property, plant and equipment, gross | 550.3 | 485 |
Accumulated depreciation | (296.5) | (267.9) |
Property, plant and equipment, net | 253.8 | 217.1 |
Other assets, noncurrent | ||
Operating Lease, Right-of-Use Asset | 25.6 | 0 |
Maintenance and repair supplies and tooling, Noncurrent | 17.5 | 16.4 |
Nontrade Receivables, Noncurrent | 1.8 | 1.8 |
Pension asset | 0.9 | 0 |
Other Assets | 3.4 | 2.6 |
Other noncurrent assets | 51.3 | 23.9 |
Other current liabilities: | ||
Compensation and benefits | 35.5 | 28.5 |
Customer rebates | 9.6 | 8.7 |
Interest | 7.3 | 7.3 |
Warranty | 7.2 | 6.5 |
Customer refund liability | 4.3 | 3.3 |
Taxes other than income taxes | 3.9 | 3.3 |
Deferred revenues | 5.6 | 4.7 |
Operating lease liability | 4 | 0 |
Restructuring | 2.8 | 1.7 |
Environmental | 1.2 | 1.2 |
Income taxes | 0.2 | 0.6 |
Accrued settlements | 0.2 | 0.2 |
Walter tax matter liability | 0 | 22 |
Other current liabilities | 4.8 | 5 |
Other current liabilities | 86.6 | 93 |
Other liabilities, noncurrent | ||
Operating Lease, Liability, Noncurrent | 23.3 | 0 |
Standard Product Warranty Accrual, Noncurrent | 7.2 | 10.7 |
transition tax liability | 5.2 | 5.8 |
Unrecognized Tax Benefits | 4.5 | 3.3 |
Asset Retirement Obligations, Noncurrent | 3.5 | 3.6 |
Liability, Defined Benefit Pension Plan, Noncurrent | 0 | 5 |
Workers' Compensation Liability, Noncurrent | 3.8 | 1.9 |
Deferred development grant | 2.5 | 0 |
Cares Act deferrals | 3.3 | 0 |
Other Accrued Liabilities, Noncurrent | 3 | 2.9 |
Other noncurrent liabilities | 56.3 | 33.2 |
Workers Compensation Reimbursement [Member] | ||
Other assets, noncurrent | ||
Nontrade Receivables, Noncurrent | $ 2.1 | $ 3.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 8 | $ 0 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 32.7 | 36 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 8 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | (1.2) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 9.2 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 8 | 6.3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 3.3 | |
Other Comprehensive Income (Loss), Net of Tax | $ 11.3 | $ (3.2) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule of Cash Flow, Supplemental Disclosures) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash paid, net: | |||
Interest | $ 24.3 | $ 22.2 | $ 8.9 |
Income taxes | $ 15.3 | $ 29.1 | $ 10.7 |
Quarterly Consolidated Financ_3
Quarterly Consolidated Financial Information (Unaudited) (Quarterly Financial Information Disclosure) - USD ($) $ in Millions | 3 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Revenues | $ 265.3 | $ 228.5 | $ 257.7 | $ 212.6 | $ 266.9 | $ 274.3 | $ 234 | $ 192.8 |
Gross profit | 93.9 | 75.7 | 86 | 72.6 | 88.8 | 97.2 | 74.8 | 60.1 |
Operating income | 40.7 | 20 | 35.8 | 20.3 | 39 | 47.2 | 22.2 | 15.9 |
Net Income (Loss) Attributable to Parent | $ 26.7 | $ 11.2 | $ 23.8 | $ 10.3 | $ 40.2 | $ 33.7 | $ 10.9 | $ (21) |
Net income (loss) per share(1) | ||||||||
Net income (loss) per basic share | $ 0.17 | $ 0.07 | $ 0.15 | $ 0.07 | $ 0.26 | $ 0.21 | $ 0.07 | $ (0.13) |
Net income (loss) per diluted share | $ 0.17 | $ 0.07 | $ 0.15 | $ 0.06 | $ 0.25 | $ 0.21 | $ 0.07 | $ (0.13) |
Summary of Significant Accounti
Summary of Significant Accounting Policies All (Notes) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies 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. We present trade receivables net of an allowance for credit losses. Our consolidated statements of operations reflect the measurement of credit losses for newly recognized trade receivables, as well as the expected increases or decreases of expected credit losses that have taken place during the period. When we determine a specific trade receivable will not be collected, we charge off the uncollectible amount against the allowance. Our periodic evaluations of expected credit losses are based upon our judgments regarding prior collection experience, specific customer creditworthiness, other current conditions, and forecasts of current economic trends within the industries served that may affect the collectability of the reported amounts. Significantly weaker than anticipated industry or economic conditions could impact customers’ ability to pay such that actual credit losses may be greater than the amounts provided for in this allowance. During 2016, FASB issued standard ASC 326 - Current Expected Credit Losses to replace the existing GAAP “incurred loss” impairment approach with an approach intended to reflect “expected credit losses,” which will require consideration of a broader range of reasonable and supportable information to inform credit loss estimates. We will be required to use a forward-looking expected credit loss model for receivables. While we are in process of completing our analysis, we do not expect the effect of this adoption on October 1, 2020 on our financial statements to be material. The following table summarizes information concerning our allowance for credit losses. 2020 2019 2018 (in millions) Balance at beginning of year $ 3.5 $ 4.0 $ 4.1 Provision charged to expense 1.0 0.3 0.5 Balances written off, net of recoveries — (0.2) (0.7) Reclassification due to adoption of revenue accounting standard — (0.6) — Other 0.3 — 0.1 Balance at end of year $ 4.8 $ 3.5 $ 4.0 Inventories- Inventories are recorded at the lower of first-in, first-out method cost or estimated net realizable 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. We periodically evaluate the effects of production levels and costs capitalized as part of inventory. The following table summarizes information concerning our inventory valuation reserves. 2020 2019 2018 (in millions) Balance at beginning of year $ 7.5 $ 5.1 $ 4.4 Provision charged to expense 4.7 3.4 2.2 Inventory disposed (0.7) (1.2) (1.2) Other 0.2 0.2 (0.3) Balance at end of year $ 11.7 $ 7.5 $ 5.1 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. 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 6 years, beginning when software is complete and ready for its intended use. Liabilities are recognized at fair value for asset retirement obligations related to plant and landfill closures in the period in which they are reasonably estimable 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, 2020 and 2019, asset retirement obligations were $3.8 million and $4.5 million, respectively. Leases- Refer to Note 4. for information regarding our leases. 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. Refer to Note 6. for information regarding our impairment testing. 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. We retained U.S. Pipe workers compensation liabilities related to incidents that occurred prior to the segment’s April 1, 2012 sale date, but the purchaser agreed to reimburse us for up to $11.8 million in payments we make related to these liabilities. At September 30, 2020, the remaining discounted reimbursement receivable may be up to $2.3 million, which we have recorded as $0.4 million in other current assets and $1.9 million in other noncurrent assets. On an undiscounted basis, workers compensation liabilities were $7.2 million and $8.7 million at September 30, 2020 and 2019, respectively. For purposes of discounting these liabilities, we apply a risk-free discount rate, generally a U.S. Treasury bill rate, for each policy period. We apply the rate 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. On a discounted basis, workers compensation liabilities were $6.2 million and $7.6 million at September 30, 2020 and 2019, respectively. Warranty Costs- We accrue for warranty expenses, which can include 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 probable and reasonably estimable at that time. We monitor and analyze our warranty experience and costs periodically and may revise our warranty accruals as necessary. Critical factors in our accrual analyses include warranty terms, specific claim situations, general incurred and projected failure rates, the nature of product failures, product and labor costs, and general business conditions. We recognized $14.1 million of Technologies’ warranty expense during the year ended September 30, 2018 related to certain radios and other products sold in prior periods. Activity in accrued warranty, reported as part of both other current liabilities and other noncurrent liabilities, is presented below. 2020 2019 2018 (in millions) Balance at beginning of year $ 17.1 $ 20.0 $ 8.5 Warranty accruals 2.6 3.9 18.7 Warranty costs (5.3) (6.8) (7.2) Balance at end of year $ 14.4 $ 17.1 $ 20.0 Deferred Financing Costs- Costs of debt financing are charged to expense over the lives of the related financing agreements. 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. ABL Agreement deferred financing costs are included in other noncurrent assets and other deferred financing costs are offset against long-term debt in the accompanying consolidated balance sheets. Deferred financing costs of $6.2 million at September 30, 2020 are scheduled to amortize as follows: $1.3 million related to the ABL Agreement amortizes on a straight-line basis; $4.9 million related to the Senior Unsecured Notes amortizes using the effective-interest rate method. All such amortization will be over the remaining term of the respective debt. Refer to Note 8. for disclosures related to our ABL agreement. Derivative Instruments and Hedging Activities- Prior to June 30, 2018, we managed interest rate risk to some extent using derivative instruments. We had 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 were reported as a component of accumulated other comprehensive loss and were reclassified into earnings in the periods during which the hedged transactions affected earnings. We recorded a cash gain of $2.4 million in the quarter ended June 30, 2018 upon termination of the interest rate swaps. We manage U.S. dollar - Canadian dollar exchange rate risk related to an intercompany loan with swap contracts, which we have not designated as hedges. As a result, the changes in the fair value of these contracts are reported currently in 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. On December 22, 2017, HR-1, commonly referred to as the Tax Cuts and Jobs Act (“Act”), was enacted, which made significant revisions to federal income tax laws, including lowering the corporate income tax rate to 21% from 35% effective January 1, 2018, overhauling the taxation of income earned outside the United States and eliminating or limiting certain deductions. The Act subjects us to current tax on global intangible low-taxed income (“GILTI”) earned by certain of our foreign subsidiaries. The Act states that we can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. We have elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. In September 2018, we adopted Accounting Standards Update 2018-02 Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits, but does not require, companies to reclassify from accumulated other comprehensive loss to retained earnings any “stranded tax effects” caused by the Act. We have elected to not make such a reclassification. 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. Refer to Note 18. for additional disclosures regarding our environmental liabilities. Revenue Recognition -Refer to Note 3. for disclosures regarding our revenues. 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 stock-settled share awards and is based on the fair value at each reporting date for our cash-settled share awards. Refer to Note 12. for more information regarding our stock-based compensation. Stock-based compensation expense is a component of selling, general and administrative expenses. 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 currencies are 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 earnings as incurred. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue from Contracts with Customers | 12 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers We recognize revenue when control of promised products or services is transferred to our customers, in amounts that reflect the consideration to which we expect to be entitled in exchange for those products or services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We determine the appropriate revenue recognition for our contracts with customers by analyzing the type, terms and conditions of each contract or arrangement with a customer. Disaggregation of Revenue Refer to Note 17. for disaggregation our revenues from contracts with customers by reportable segment and by geographical region, which we believe best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Geographical region represents the location of the customer. Contract Asset and Liability Balances Differences in the timing of revenue recognition, billing and cash collection result in customer receivables, advance payments and billings in excess of revenue recognized. Customer receivables include amounts billed and currently due from customers as well as unbilled amounts (contract assets). Amounts are billed in accordance with contractual terms and unbilled amounts arise when the timing of billing differs from the timing of revenue recognized. Advance payments and billings in excess of revenue are recognized and recorded as deferred revenue, the majority of which is classified as current based on the timing when we expect to recognize revenue. We include current deferred revenue as part of our accrued expenses. Deferred revenues represent contract liabilities and are recorded when customers remit cash payments in advance of our satisfaction of performance obligations under contractual arrangements. Contract liabilities are reversed when the performance obligation is satisfied and revenue is recognized. The table below represents the balances of our customer receivables and deferred revenues. September 30, 2020 2019 (in millions) Billed receivables $ 180.2 $ 171.0 Unbilled receivables 4.6 4.5 Total customer receivables, gross $ 184.8 $ 175.5 Deferred revenues $ 5.6 $ 4.7 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Our performance obligations are satisfied at a point in time as related to sales of equipment or over time as related to our software hosting and leak detection monitoring services. Performance obligations are supported by customer contracts, which provide frameworks for the nature of the distinct products or services. We allocate the transaction price of each contract to the performance obligations on the basis of standalone selling price and recognize revenue when, or as, control of the performance obligation transfers to the customers. We have elected to use the practical expedient to not adjust the transaction price of a contract for the effects of a significant financing component if, at the inception of the contract, we expect that the period between when we transfer a product or service to a customer and when a customer remits payment will be one year or less. Revenues from products and services transferred to customers at a point in time represented 99% of our revenues in the year ended September 30, 2020. The revenues recognized at a point in time related to the sale of our products and was recognized when the obligations of the terms of our contract were satisfied, which generally occurs upon shipment, when control of the product transfers to the customer. Revenues from products and services transferred to customers over time represented 1% of our revenues in the year ended September 30, 2020. We offer warranties to our customers in the form of assurance-type warranties, which provide assurance that the products provided will function as intended and comply with any agreed-upon specifications. These cannot be purchased separately. Costs to Obtain or Fulfill a Contract We incur certain incremental costs to obtain a contract, which primarily relate to incremental sales commissions. Our commissions are paid based on a combination of orders and shipments and we reserve the right to claw back any commissions in case of product returns or lost collections. As the expected benefit associated with these incremental costs is generally one year or less based on the nature of the product sold and benefits received, we have applied a practical expedient and therefore do not capitalize the related costs and expense them as incurred, consistent with our previous accounting treatment. |
Business Combination Business C
Business Combination Business Combination | 12 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions and Divestitures Divestiture of Burlington plant On December 4, 2017, we sold an idle property in Burlington, New Jersey that had previously been a plant in our former U.S. Pipe segment and recorded a gain of $9.0 million in our Corporate segment. We received $7.4 million, recorded net current assets of $0.8 million and conveyed plant, property and equipment with a net carrying value of $0.4 million, and the buyer assumed related environmental liabilities with a carrying value of $1.2 million. Acquisition of Krausz On December 3, 2018, we completed our acquisition of the outstanding equity of Krausz, a manufacturer of pipe couplings, grips and clamps with operations in the United States and Israel, for $140.7 million, net of cash acquired, including the assumption and simultaneous repayment of certain debt of $13.2 million. The acquisition of Krausz was financed with cash on hand. We believe that the Krausz product line is complementary to our existing Infrastructure products and will improve our positioning in the pipe repair market. We have recognized the assets acquired and liabilities assumed at their estimated acquisition date fair values, with the excess of the purchase price over the estimated fair values of the identifiable net assets acquired recorded as goodwill. During 2020, we reduced property, plant and equipment by $0.3 million, which resulted in an increase to goodwill of $0.3 million. The accounting for the business combination is considered final. The results of Krausz, including net sales of $37.2 million for 2019, are included within our Infrastructure segment for all periods following the acquisition date. The goodwill below is attributable to the strategic opportunities and synergies that we expect to arise from the acquisition of Krausz and the value of its workforce. The goodwill is nondeductible for income tax purposes. Identified intangible assets consist of patents, customer relationships and favorable leasehold interests with an estimated weighted average useful life of approximately 12 years and trade names with an indefinite life. Values of intangible assets were determined using a discounted cash flow method. The following is a summary of the estimated fair values of the net assets acquired (in millions): Assets, net of cash: Receivables $ 6.9 Inventories 17.0 Other current assets 0.2 Property, plant and equipment 8.1 Other non-current assets 1.7 Identified intangible assets: Patents 32.1 Customer relationships 8.7 Trade names 4.6 Favorable leasehold interests 2.3 Goodwill 80.4 Liabilities: Accounts payable (5.5) Other current liabilities (2.9) Deferred income taxes (11.2) Other non-current liabilities (1.7) Consideration paid 140.7 Repayment of Krausz debt (13.2) Consideration paid included in net cash used in investing activities $ 127.5 |
Identifiable Intangible Assets
Identifiable Intangible Assets | 12 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Identifiable Intangible Assets | Intangible Assets and Goodwill At March 31, 2020, as a result of the COVID-19 pandemic, we performed a quantitative interim impairment assessment for goodwill and indefinite-lived intangible assets associated with the Krausz acquisition and concluded that these assets were not impaired. We completed our annual goodwill impairment test and determined th ere were no impairments at September 1, 2020. Intangible Assets Direct internal and external costs to develop software licensed by Technologies’ customers are capitalized. Capitalized costs are amortized over the 6-year estimated useful life of the software, beginning when the software is complete and ready for its intended use. At September 30, 2020, the remaining weighted-average amortization period for this software was 2.0 years. Amortization expense related to such software assets was $3.3 million, $3.3 million and $2.9 million for 2020, 2019 and 2018, respectively. Amortization expense for each of the next five years is scheduled to be $3.2 million in 2021, $2.7 million in 2022, $2.2 million in 2023, $1.5 million in 2024 and $0.8 million in 2025. At September 30, 2020, the remaining weighted-average amortization period for the business combination-related finite-lived customer relationship and technology intangible assets were 4.2 years and 3.9 years, respectively. Amortization expense related to these assets was $24.9 million, $23.7 million and $19.9 million for 2020, 2019 and 2018, respectively. Amortization expense for each of the next five years is scheduled to be $24.9 million in 2021, $24.7 million in 2022, $24.7 million in 2023, $24.3 million in 2024 and $4.8 million in 2025. Intangible assets are presented below. September 30, 2020 2019 (in millions) Capitalized internal-use software: Cost $ 31.5 $ 30.2 Accumulated amortization (20.8) (17.5) Net book value 10.7 12.7 Business combination-related: Cost: Finite-lived intangible assets: Technology 118.5 116.6 Customer relationships and other 370.2 370.0 Indefinite-lived intangible assets: Trade names and trademarks 271.6 271.4 760.4 758.0 Accumulated amortization: Technology (81.0) (76.4) Customer relationships and other (281.2) (260.6) (362.2) (337.0) Net book value 398.2 421.0 Total intangible assets net book value $ 408.9 $ 433.7 Goodwill Changes in the carrying amount of goodwill were as follows: September 30, 2020 2019 (in millions) Balance at beginning of year $ 95.7 $ 12.1 Acquisition of Krausz 0.3 80.1 Change in foreign currency exchange rates 3.8 3.5 Balance at end of year $ 99.8 $ 95.7 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes from continuing operations are presented below. 2020 2019 2018 (in millions) U.S. $ 89.7 $ 78.4 $ 97.3 Non-U.S. 4.4 3.7 (1.6) Income before income taxes $ 94.1 $ 82.1 $ 95.7 On December 22, 2017, HR-1, commonly referred to as the Tax Cuts and Jobs Act (“Act”), was enacted, which made significant revisions to federal income tax laws, including lowering the corporate income tax rate to 21% from 35% effective January 1, 2018, overhauling the taxation of income earned outside the United States and eliminating or limiting certain deductions. Our deferred tax assets and liabilities are recorded at the enacted tax rates in effect when we expect to recognize the related tax expenses or benefits. The average of these rates varies slightly from year to year but historically had been approximately 39%. With the legislation changing rates taking place in the quarter ended December 31, 2017, we remeasured our deferred tax items at an average rate of approximately 25% and recorded an income tax benefit of $42.5 million. The Act also imposed a one-time transition tax on the undistributed, previously-untaxed, post-1986 foreign “earnings and profits” (as defined by the IRS) of certain U.S.-owned corporations. In 2018, we recorded a provisional transition tax of $7.5 million for the one-time deemed repatriation tax on accumulated foreign earnings of our foreign subsidiaries. We finalized our calculation of this transition tax liability during 2019 and reduced our initial provision by $0.6 million. At September 30, 2020, the remaining balance of our transition obligation is $5.8 million, which will be paid annually through January 2026, as provided in the Act. Other than for Krausz’s investment in its U.S. subsidiary, we have not provided income taxes for unrepatriated foreign earnings that may be subject to withholding tax or any outside basis differences inherent in our foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. We have a foreign tax credit carryforward of $4.5 million, which we have not recognized because we do not expect to utilize it prior to expiration. 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 2015 returns are closed except to the extent net operating losses from those years have been utilized on subsequent years’ returns. We also remain liable for any taxes related to U.S. Pipe income for periods prior to 2012 pursuant to the terms of the sale agreement with the purchaser of the segment. Our state income tax returns are generally closed for years prior to 2016, except to the extent of our state net operating loss carryforwards. Our Canadian income tax returns are generally closed for years prior to 2013. We do not have any material unpaid assessments. The components of income tax (benefit) expense are presented below. 2020 2019 2018 (in millions) Current: U.S. federal $ 10.9 $ 11.6 $ 25.7 U.S. state and local 2.7 3.9 7.1 Non-U.S. 1.3 1.5 0.6 14.9 17.0 33.4 Deferred: U.S. federal 5.6 2.5 (42.6) U.S. state and local 2.0 (0.4) (1.0) Non-U.S. (0.4) (0.8) 0.3 7.2 1.3 (43.3) Income tax (benefit) expense $ 22.1 $ 18.3 $ (9.9) The reconciliation between income tax expense at the U.S. federal statutory income tax rate and reported income tax expense is presented below. 2020 2019 2018 (in millions) Expense at U.S. federal statutory income tax rates of 21%, 24.5% and 35%, respectively $ 19.8 $ 17.2 $ 23.4 Adjustments to reconcile to income tax expense: State income taxes, net of federal benefit 3.3 3.2 4.8 Uncertain tax positions 1.0 (1.4) — Nondeductible compensation 0.6 0.3 0.2 Nondeductible expenses, other than compensation 0.4 1.3 0.5 Valuation allowances 0.1 1.3 0.5 Basis difference in foreign investment 0.1 (1.1) — Foreign income taxes — 0.1 — Domestic production activities deduction — — (2.4) Federal tax rate change — — (42.5) Federal transition tax — (0.6) 7.5 Excess tax benefits related to stock compensation (0.5) (0.3) (0.6) Tax credits (1.8) (1.8) (1.7) Other (0.9) 0.1 0.4 Income tax expense (benefit) $ 22.1 $ 18.3 $ (9.9) The following table summarizes information concerning our gross unrecognized tax benefits. 2020 2019 (in millions) Balance at beginning of year $ 3.3 $ 3.3 Increases related to current year positions 1.5 0.4 Increases related to prior year positions — 2.0 Decreases due to lapse in statute of limitations (0.3) (2.4) Balance at end of year $ 4.5 $ 3.3 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, 2020 and 2019, we had $0.4 million and $0.3 million, respectively, of accrued interest expense related to unrecognized tax benefits. Deferred income tax balances are presented below. September 30, 2020 2019 (in millions) Deferred income tax assets: Accrued expenses $ 12.2 $ 10.0 Lease liabilities 7.3 — Inventory 4.6 11.7 State net operating losses 3.0 2.8 Federal credit carryovers 3.0 2.8 Stock-based compensation 2.6 2.7 Pension 0.2 1.7 Other 1.1 2.4 34.0 34.1 Valuation allowance (2.9) (2.8) Total deferred income tax assets, net of valuation allowance 31.1 31.3 Deferred income tax liabilities: Intangible assets 90.2 95.6 Lease assets 6.6 — Basis difference in foreign investment 5.0 4.7 Other 25.6 18.9 Total deferred income tax liabilities 127.4 119.2 Net deferred income tax liabilities $ 96.3 $ 87.9 We reevaluate the need for a valuation allowance against our deferred tax assets each quarter, considering results to date, projections of taxable income, tax planning strategies and reversing taxable temporary differences. Our state net operating loss carryforwards, which expire between years 2024 and 2032, remain available to offset future taxable earnings. |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Sep. 30, 2020 | |
Long-term Debt and Lease Obligation [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements The components of our long-term debt are presented below. September 30, 2020 2019 (in millions) 5.5% Senior Notes $ 450.0 $ 450.0 ABL Agreement — — Other 2.5 2.1 452.5 452.1 Less deferred financing costs (4.9) (5.8) Less current portion of long-term debt (1.1) (0.9) Long-term debt $ 446.5 $ 445.4 The scheduled maturities of all borrowings outstanding at September 30, 2020 for each of the following years are $1.1 million in 2021, $0.9 million in 2022, $0.5 million in 2023, $0.1 million in 2024 and zero in 2025. ABL Agreement . Our asset based lending agreement (“ABL Agreement”) consists of a revolving credit facility for up to $175 million of revolving credit borrowings, swing line loans and letters of credit. On July 30, 2020, we amended the ABL Agreement. The amendment, among other things, (i) extended the termination date of the facility, (ii) established a LIBOR “floor” of 75 basis points, (iii) increased interest rates on borrowings, (iv) increased the rate of unused commitment fee, and (v) increased our ability to pay cash dividends. The amended ABL Agreement 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 amended ABL Agreement bear interest at a floating rate equal to LIBOR plus a margin ranging from 200 to 225 basis points, or a base rate, as defined in the ABL Agreement, plus a margin ranging from 100 to 125 basis points. At September 30, 2020 the applicable rate was LIBOR plus 200 basis points. The amended ABL Agreement terminates on July 29, 2025 and requires a commitment fee for any unused borrowing capacity under the ABL Agreement of 37.5 basis points per annum. Our obligations under the ABL agreement are secured by a first-priority perfected lien on all of our U.S. receivables and inventories, certain cash and other supporting obligations. Borrowings are not subject to financial maintenance covenants unless excess availability is less than the greater of $17.5 million and 10% of the Loan Cap as defined in the ABL Agreement. Excess availability based on September 30, 2020 data, as reduced by outstanding letters of credit and accrued fees and expenses of $14.1 million, was $133.9 million. 5.5% Senior Unsecured Notes. On June 12, 2018, we privately issued $450.0 million of 5.5% Senior Unsecured Notes (“Notes”), which mature in June 2026 and bear interest at 5.5%. We capitalized $6.6 million of financing costs, which are being amortized over the term of the Notes using the effective interest rate method. Proceeds from the Notes, along with other cash, were used to repay our Term Loan. Substantially all of our U.S. Subsidiaries guarantee the Notes, which are subordinate to borrowings under the ABL. Based on quoted market prices, the outstanding Notes had a fair value of $465.8 million at September 30, 2020. An indenture securing the Notes (“Indenture”) contains customary covenants and events of default, including covenants that limit our ability to incur debt, pay dividends, and make investments. We believe we were compliant with these covenants at September 30, 2020 and expect to remain in compliance through September 30, 2021. We may redeem some or all of the Notes at any time or from time to time prior to June 15, 2021 at certain “make-whole” redemption prices (as set forth in the Indenture) and on or after June 15, 2021 at specified redemption prices (as set forth in the Indenture). Additionally, we may redeem up to 40% of the aggregate principal amount of the Notes at any time or from time to time prior to June 15, 2021 with the net proceeds of specified equity offerings at specified redemption prices (as set forth in the Indenture). Upon a change of control (as defined in the Indenture), we will be required to make an offer to purchase the Notes at a price equal to 101% of the outstanding principal amount of the Notes. Term Loan . We had a $500.0 million senior secured term loan (“Term Loan”), which accrued interest at a floating rate equal to LIBOR, subject to a floor of 0.75%, plus 250 basis points. We repaid the Term Loan on June 15, 2018 with the proceeds from the issuance of the Notes and cash on hand. We wrote-off the associated deferred debt issuance costs and recorded a loss on the early extinguishment of debt of $6.2 million. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments Prior to the June 15, 2018 retirement of our Term Loan, we were exposed to interest rate risk that we managed to some extent using derivative instruments. We terminated these instruments in conjunction with the retirement of the Term Loan. Under our interest rate swap contracts, we received interest calculated using 3-month LIBOR, subject to a floor of 0.750%, and paid fixed interest at 2.341%, on an aggregate notional amount of $150.0 million. These swap contracts effectively had fixed the cash interest rate on $150.0 million of our borrowings under the Term Loan at 4.841% through September 30, 2021. We had 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 gains and losses on the swap contracts had been reported as a component of other comprehensive loss and were reclassified into interest expense as the related interest payments were made. Upon termination of the interest rate swaps, we reclassified all associated amounts from accumulated other comprehensive loss to earnings, which resulted in a cash gain of $2.4 million in June 2018. In connection with the acquisition of Singer Valve in 2017, we loaned funds to one of our Canadian subsidiaries. Although this intercompany loan has no direct effect on our consolidated financial statements, it creates exposure to currency risk for the Canadian subsidiary. To reduce this exposure, we entered into a U.S. dollar-Canadian dollar swap contract with the Canadian subsidiary and an offsetting Canadian dollar-U.S. dollar swap with a domestic bank. We have not designated these swaps as hedges and the changes in their fair value are included in earnings, where they offset the currency gains and losses associated with the intercompany loan. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Retirement Plans Defined Benefit Plans. We have had various pension plans (“Pension Plans”), which we funded in accordance with their requirements and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. The Pension Plans provided benefits based on years of service and compensation or at stated amounts for each year of service. The annual measurement date for all Pension Plans was September 30. After September 30, 2019, our only remaining defined benefit plan was our U.S. Pension Plan (“Plan”). During 2019, we settled our obligations to our Canadian pension plan participants through a combination of lump-sum payments and purchases of annuities. We made a net contribution to the plans of $0.7 million, which was included in pension costs other than service, to fund these settlements. As a result, we no longer have any plan assets or obligation in connection with any Canadian defined benefit pension plan. During 2018, under terms of a negotiated labor contract, a group of our collectively bargained employees are no longer accruing benefits under a multi-employer pension plan. The affected employees are now participants in our defined contribution retirement plan with an employer match and one-time contribution of $0.4 million, which vested through 2020. During 2019, we recorded and paid an estimated settlement liability for exiting this plan, which resulted in an expense of $1.1 million, which we included in other charges. As a result, we no longer have any plan assets or obligation in connection with any multi-employer pension plan. A summary of key assumptions for the valuations of our Pension Plans is below. 2020 2019 2018 Weighted average used to determine benefit obligations: Discount rate 2.84 % 3.26 % 4.37 % Weighted average used to determine net periodic cost: Discount rate 3.26 % 4.37 % 3.88 % Expected return on plan assets 5.00 % 4.93 % 4.68 % 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. The 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. Amounts recognized for Pension Plans are presented below. 2020 2019 (in millions) Projected benefit obligations: Beginning of year $ 356.6 $ 333.4 Service cost 1.5 1.6 Interest cost 11.2 13.9 Actuarial gain 13.7 38.2 Benefits paid (23.5) (23.9) Currency translation — (0.1) Decrease in obligation due to curtailment / settlement — (6.5) End of year $ 359.5 $ 356.6 Accumulated benefit obligations at end of year $ 359.5 $ 356.6 Plan assets: Beginning of year $ 351.6 $ 343.5 Actual return on plan assets 32.2 38.6 Employer contributions 0.1 0.6 Currency translation — (0.5) Benefits paid (23.5) (23.9) Settlements — (6.5) Other — (0.2) End of year $ 360.4 $ 351.6 Accrued benefit cost at end of year: Funded (unfunded) status $ 0.9 $ (5.0) Recognized on balance sheet: Other noncurrent assets $ 0.9 $ — Other noncurrent liabilities — (5.0) $ 0.9 $ (5.0) Recognized in accumulated other comprehensive loss, before tax: Net actuarial loss 74.0 78.4 $ 74.0 $ 78.4 The components of net periodic benefit cost for our Pension Plans are presented below. 2020 2019 2018 (in millions) Service cost $ 1.5 $ 1.6 $ 1.8 Components of net periodic cost (benefit) excluded from operating income: Interest cost 11.2 13.9 14.3 Expected return on plan assets (16.9) (16.2) (16.5) Amortization of actuarial net loss 2.8 1.9 3.2 Pension settlement — 0.7 — Other (0.1) 0.1 — Pension costs (benefit) other than service (3.0) 0.4 1.0 Net periodic benefit cost (benefit) $ (1.5) $ 2.0 $ 2.8 Plan activity in accumulated other comprehensive loss, before tax, in 2020 is presented below, in millions. Balance at beginning of year $ 78.4 Actuarial gain (1.6) Prior year actuarial loss amortization to net periodic cost (2.8) Balance at end of year $ 74.0 We amortize amounts in accumulated other comprehensive loss representing unrecognized prior year service cost and unrecognized loss related to the Pension Plans over the weighted average life expectancy of their inactive participants. Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to ten percent of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average remaining lifetime of the plan participants. We expect to amortize $2.5 million of unrecognized loss into net periodic benefit cost from accumulated other comprehensive loss in 2021. We maintain a single trust that holds the assets of the Plan. Near the end of 2020, we directed our investment manager to adjust the asset allocation from about 20% equity investments to about 30% equity investments in 2021. This trust’s strategic asset allocations, tactical range at September 30, 2020 and actual asset allocations are presented below. Strategic asset allocation Actual asset allocations at September 30, Tactical range 2020 2019 2018 Fixed income investments 80 % 75 - 80 % 78 % 79 % 77 % Equity investments 20 15 - 20 % 21 19 21 Cash — 0 - 5 % 1 2 2 100 % 100 % 100 % 100 % Assets of the Plan 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 assets of the Plan are primarily invested in investment trusts valued at net asset value, which in turn hold fixed income and equity investments. The valuation methodologies used to measure the assets of the Plan at fair value are: • Fixed income fund investments held by the investment trusts 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; • Equity investments held by the investment trusts are valued using the closing price reported on the active market when reliable market quotations are readily available. When market quotations are not readily available, these assets are valued by a method the trustees believe accurately reflects fair value; and • Mutual funds are valued at the closing price reported on the active market. The assets of the Plan by level within the fair value hierarchy are presented below. September 30, 2020 Level 1 Level 2 Total (in millions) Fixed income $ — $ 280.3 $ 280.3 Equity: Large cap index funds — 32.8 32.8 Mid cap index funds — 13.5 13.5 Small cap growth funds — 12.7 12.7 International stocks: Mutual funds 7.4 — 7.4 International funds — 10.4 10.4 Total equity 7.4 69.4 76.8 Cash and cash equivalents 3.3 — 3.3 $ 10.7 $ 349.7 $ 360.4 September 30, 2019 Level 1 Level 2 Total (in millions) Fixed income $ — $ 277.8 $ 277.8 Equity: Large cap index funds — 29.8 29.8 Mid cap index funds — 9.8 9.8 Small cap growth funds — 9.6 9.6 International stocks: Mutual funds 6.9 — 6.9 International funds — 10.3 10.3 Total equity 6.9 59.5 66.4 Cash and cash equivalents 7.4 — 7.4 $ 14.3 $ 337.3 $ 351.6 Our estimated future pension benefit payments are presented below in millions. 2021 $ 24.7 2022 24.5 2023 24.1 2024 23.7 2025 23.2 2026-2030 108.2 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 $5.3 million, $5.5 million and $4.7 million during 2020, 2019 and 2018, respectively. |
Capital Stock
Capital Stock | 12 Months Ended |
Sep. 30, 2020 | |
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, 2017 158,590,383 Vesting of restricted stock units, net of shares withheld for taxes 232,875 Exercise of stock options 851,628 Exercise of employee stock purchase plan instruments 150,669 Settlement of performance-based restricted stock units, net of shares withheld for taxes 86,516 Stock repurchased under buyback program (2,573,475) Other (6,475) Shares outstanding at September 30, 2018 157,332,121 Vesting of restricted stock units, net of shares withheld for taxes 200,431 Exercise of stock options 726,636 Exercise of employee stock purchase plan instruments 167,806 Settlement of performance-based restricted stock units, net of shares withheld for taxes 109,380 Stock repurchased under buyback program (1,074,234) Shares outstanding at September 30, 2019 157,462,140 Vesting of restricted stock units, net of shares withheld for taxes 242,112 Exercise of stock options 534,291 Exercise of employee stock purchase plan instruments 182,971 Settlement of performance-based restricted stock units, net of shares withheld for taxes 61,610 Stock repurchased under buyback program (418,374) Shares outstanding at September 30, 2020 158,064,750 |
Stock-based Compensation Plans
Stock-based Compensation Plans | 12 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | Stock-based Compensation Plans The effect of stock-based compensation on our statements of operations is presented below. 2020 2019 2018 (in millions, except per share data) Decrease in operating income $ 7.2 $ 5.5 $ 6.4 Decrease in net income 5.0 4.3 4.0 Decrease in earnings per basic share 0.03 0.03 0.03 Decrease in earnings per diluted share 0.03 0.03 0.03 We excluded 267,298, 106,896 and 214,435 instruments from the calculation of diluted earnings per share for 2020, 2019 and 2018, respectively, because the effect of including them would have been antidilutive. At September 30, 2020, there was approximately $7.6 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 1.49 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, 2020, 6,575,797 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 (“Comp. Committee”), but no award will be exercisable after the 10-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 2%. Restricted Stock Units. Depending on the specific terms of each award, restricted stock units generally vest ratably over the life of the award, usually 3 years, on each anniversary date of the original grant. 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 Weighted Aggregate Outstanding at September 30, 2017 625,830 $ 11.23 0.9 Granted 276,658 12.20 Vested (342,038) 10.84 $ 4.2 Cancelled (78,888) 11.41 Outstanding at September 30, 2018 481,562 12.14 1.0 Granted 233,830 10.10 Vested (259,107) 11.75 2.6 Cancelled (19,263) 11.43 Outstanding at September 30, 2019 437,022 11.31 0.9 Granted 301,979 11.55 Vested (295,241) 11.40 3.4 Cancelled (35,254) 11.48 Outstanding at September 30, 2020 408,506 11.41 0.8 Performance-Based Awards. Our performance-based awards consist of performance-based restricted stock units (“PRSUs”). 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 award, 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. The grant date for each year’s performance period is set when the Comp. Committee establishes performance goals for the period, normally within 90 days of the beginning of each performance period. At the end of each annual performance period, the Comp. 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. We recognize compensation expense for stock-settled PRSUs starting on the first day of the applicable performance period and ending on the respective vesting dates. We base the recognized compensation expense upon the number of units awarded for each performance period, the closing price of our common stock on the grant date and the estimated performance factor. In 2020 and 2019, 93,647 shares and 181,065 shares, respectively, vested related to PRSUs. Stock-settled PRSUs activity under the 2006 Plan is summarized below. Award date Settlement year Performance period Grant date per unit fair value Units Units forfeited Net units Performance factor Shares December 1, 2015 2019 2016 $ 9.38 77,823 (3,998) 73,825 1.021 75,375 2017 13.26 77,824 (3,997) 73,827 1.000 73,827 2018 12.50 77,824 (61,841) 15,983 1.357 21,689 November 29, 2016 2020 2017 13.26 59,285 (5,279) 54,006 1.000 54,006 2018 12.50 59,286 (39,910) 19,376 1.357 26,294 2019 10.53 59,290 (39,909) 19,381 0.645 12,501 January 23, 2017 2020 2017 13.15 19,012 — 19,012 1.000 19,012 2018 12.50 19,011 — 19,011 1.357 25,798 2019 10.53 19,011 — 19,011 0.645 12,263 November 28, 2017 2021 2018 12.50 57,092 — 57,092 1.357 77,474 2019 10.53 57,092 (4,793) 52,299 0.645 33,733 2020 11.26 57,104 (21,679) 35,425 0.909 32,202 November 27, 2018 2022 2019 10.53 110,954 (8,751) 102,203 0.645 65,921 2020 11.26 110,954 (13,182) 97,772 0.909 88,875 2021 110,967 (26,484) 84,483 December 3, 2019 2023 2020 11.26 69,988 (2,747) 67,241 0.909 61,123 2021 69,989 (9,970) 60,019 2022 69,989 (9,970) 60,019 Market-Based Awards. Our market-based awards consist of market-based restricted stock units (“MRSUs”). MRSUs represent a target number of units that may be paid out at the end of a three-fiscal year award cycle based on a calculation of our relative total shareholder return (“TSR”) performance as compared with the TSRs of a selected peer group. Settlements in our common shares, will range from zero to two times the number of MRSUs granted, depending on our TSR performance ranking within the peer group. The fair values of MRSUs are fixed at the date of grant and the related expense is recognized ratably over the vesting period, which is roughly three years from the date of grant. The table below provides information regarding MRSU awards, which were valued using Monte Carlo simulations on the dates the units were granted. December 3, 2019 January 28, 2020 February 24, 2020 Fair value at grant date $ 14.94 $ 16.76 $ 18.17 Units granted 147,213 2,763 7,498 Variables used in determining grant date fair value: Dividend yield 1.87 % 1.76 % 1.73 % Risk-free rate 1.53 % 1.44 % 1.23 % Expected term (in years) 2.83 2.67 2.60 Stock Options. Stock options generally vest ratably over 3 years on each anniversary date of the original grant. 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. No stock options were granted since 2015. Stock option activity under the 2006 Plan is summarized below. Options Weighted Weighted Aggregate Outstanding at September 30, 2017 2,440,654 $ 5.72 2.5 $ 17.3 Exercised (851,628) 7.00 3.8 Cancelled — — Outstanding at September 30, 2018 1,589,026 5.03 1.9 10.3 Exercised (726,636) 5.20 4.4 Cancelled — — Outstanding at September 30, 2019 862,390 4.89 2.0 5.5 Exercised (534,291) 4.15 3.3 Cancelled — — Outstanding at September 30, 2020 328,099 $ 6.11 2.3 $ 1.4 Exercisable at September 30, 2020 328,099 $ 6.11 2.3 $ 1.4 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, 2020 are summarized below. Exercise price Options Weighted Weighted Exercisable options Weighted $ 0.00 - $ 4.99 129,949 $ 3.19 0.8 129,949 $ 3.19 $ 5.00 - $ 9.99 198,150 8.02 3.3 198,150 8.02 328,099 $ 6.11 2.3 328,099 $ 6.11 Employee Stock Purchase Plan. The Mueller Water Products, Inc. 2006 Employee Stock Purchase Plan (“ESPP”) authorizes the sale of up to 5,800,000 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 85% of the lower of the closing price on the first day or the last day of the offering period. At September 30, 2020, 2,400,158 shares were available for issuance under the ESPP. Phantom Plan. Under the Mueller Water Products, Inc. Phantom Plan adopted in 2012 (“Phantom Plan”), we have awarded “phantom units” to certain non-officer employees. A phantom unit settles in cash equal to the price of one share of our common stock on the vesting date. Phantom units vest ratably over 3 years on each anniversary date of the original grant. We recognize compensation expense for phantom units 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. The outstanding phantom units had a fair value of $10.39 per unit at September 30, 2020 and our accrued liability for such units was $2.2 million. Phantom Plan activity is summarized below. Phantom Weighted Weighted Aggregate Outstanding at September 30, 2017 352,007 $ 11.36 0.9 Granted 163,199 12.40 Vested (170,675) $ 2.1 Cancelled (81,758) 12.10 Outstanding at September 30, 2018 262,773 12.12 0.6 Granted 180,747 10.53 Vested (132,289) 1.4 Cancelled (55,077) 11.61 Outstanding at September 30, 2019 256,154 11.39 0.9 Granted 188,973 11.26 Vested (118,908) 1.3 Cancelled (11,744) 11.23 Outstanding at September 30, 2020 314,475 11.16 0.9 |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information Our operations consist of two reportable segments: Infrastructure and 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. Infrastructure manufactures valves for water and gas systems including butterfly, iron gate, tapping, check, knife, plug, automatic control and ball valves and dry-barrel and wet-barrel fire hydrants and pipe repair products. Technologies offers 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. Infrastructure personnel provide certain administrative services, including management of accounts payable and accounts receivable, without any allocation of cost to Technologies. We do not believe the costs of such administrative services are material to the segments’ results. The determination of segment results excludes certain 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 sales of U.S. Pipe and Anvil. Corporate assets principally consist of our cash, operating lease assets, and certain real property previously owned by U.S. Pipe and Anvil. Business segment assets consist primarily of receivables, inventories, property, plant and equipment, intangible assets and other noncurrent assets. Our largest customers are Ferguson and Core & Main. Information regarding concentrations of our net sales and accounts receivable is presented below. 2020 2019 2018 Percentage of gross revenue: 10 largest customers 53 % 53 % 54 % 2 largest customers 34 % 34 % 34 % Ferguson percentage of gross revenue: Consolidated 17 % 18 % 19 % Infrastructure 16 % 17 % 18 % Technologies 22 % 30 % 28 % Core & Main percentage of gross revenue: Consolidated 17 % 16 % 15 % Infrastructure 19 % 18 % 17 % September 30, 2020 2019 (in millions) Customer receivables: Core & Main $ 37.1 $ 31.9 Ferguson 26.1 25.8 Geographical area information is presented below. United States Israel Other Total (in millions) Property, plant and equipment, net: September 30, 2020 $ 234.7 $ 12.8 $ 6.3 $ 253.8 September 30, 2019 201.3 9.7 6.1 217.1 Year ended September 30, 2020 2019 (in millions) Infrastructure disaggregated net revenues: Central $ 222.2 $ 214.2 Northeast 187.5 183.1 Southeast 162.3 162.7 West 216.9 212.8 United States $ 788.9 $ 772.8 Canada 65.5 69.0 Other international locations 31.1 29.2 $ 885.5 $ 871.0 Technologies disaggregated net revenues: Central $ 18.7 $ 27.8 Northeast 19.7 20.4 Southeast 22.1 33.5 West 13.6 10.3 United States $ 74.1 $ 92.0 Canada and other international locations 4.5 5.0 $ 78.6 $ 97.0 Summarized financial information for our segments is presented below. Infrastructure Technologies Corporate Total (in millions) Net revenue: 2020 $ 885.5 $ 78.6 $ — $ 964.1 2019 871.0 97.0 — 968.0 2018 818.8 97.2 — 916.0 Operating income (loss): 2020 $ 186.7 $ (13.1) $ (56.8) $ 116.8 2019 182.3 (8.7) (49.3) 124.3 2018 180.1 (24.4) (34.0) 121.7 Depreciation and amortization: 2020 $ 49.1 $ 8.5 $ 0.2 $ 57.8 2019 44.8 7.9 0.3 53.0 2018 37.4 6.1 0.2 43.7 Other charges: 2020 $ 0.6 $ 0.1 $ 12.3 $ 13.0 2019 1.7 — 14.6 16.3 2018 0.1 0.1 10.3 10.5 Capital expenditures: 2020 $ 64.5 $ 2.8 $ 0.4 $ 67.7 2019 80.4 5.5 0.7 86.6 2018 47.3 8.3 0.1 55.7 Total assets: September 30, 2020 $ 1,149.8 $ 93.2 $ 152.0 $ 1,395.0 September 30, 2019 1,107.8 100.3 129.2 1,337.3 Intangible assets, net: September 30, 2020 $ 490.8 $ 17.9 $ — $ 508.7 September 30, 2019 508.2 21.2 — 529.4 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2020 | |
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 and potential insurance coverage. 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. 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 (“CERCLA”) in connection with a former manufacturing facility operated by U.S. Pipe that was in the vicinity of a proposed Superfund site located in North Birmingham, Alabama. Under the terms of the acquisition agreement relating to our 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. 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, 2020. Walter Energy . We were a member of the Walter Energy, Inc (“Walter Energy”) federal tax consolidated group through December 14, 2006, at which time the Company was spun-off from Walter Energy. Until our spin-off from Walter Energy, we joined in the filing of Walter Energy’s consolidated federal income tax return for each taxable year during which we were a member of the consolidated group. As a result, we were jointly and severally liable for the federal income tax liability, if any, of the consolidated group for each of those years. In July 2015, Walter Energy filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in the Northern District of Alabama (“Bankruptcy Case”). The IRS alleged that Walter Energy owed substantial amounts (“Walter Tax Liability”), and on January 11, 2016, the IRS filed a proof of claim in the Bankruptcy Case, alleging that Walter Energy owed taxes, interest and penalties in an aggregate amount of $554.3 million. In the proof of claim, the IRS included an alternative calculation in an aggregate amount of $860.4 million. At September 30, 2019, we had accrued a current liability of $22.0 million in connection with this matter. On November 18, 2019, we paid $22.2 million, including additional accrued interest, to the IRS in final settlement of this tax dispute. All appeal periods have expired, and our liabilities with respect to the Walter Tax Liability have been fully resolved. City of Jackson, MS v. Siemens Industry, Inc., et al. On or about August 22, 2013, Mueller Systems, LLC (“Mueller Systems”) entered into an agreement with Siemens Industries, Inc (“Siemens”) to provide advanced metering infrastructure (“AMI”) products and services to Siemens as part of Siemens’ project for the City of Jackson, MS (the “City”). This project included products and services, which were provided by parties other than Mueller Systems, for the City’s water treatment plants, sewer lines and billing system (the “Project”). On June 11, 2018, the City filed a lawsuit against Siemens and several of its contractors (excluding Mueller Systems) for multiple claims related to the Project, including claims for fraud, negligence, breach of implied warranty of good workmanship, negligent representation, civil conspiracy, unjust enrichment, breach of contract and breach of covenant of good faith and fair dealing (“Siemens Lawsuit”). In the Siemens Lawsuit, the City alleged damages in excess of $450.0 million. On November 12, 2019, the City filed an amended complaint, adding Mueller Systems as a defendant in the Siemens Lawsuit. In February 2020, the City dismissed all claims against Mueller Systems in the Siemens Lawsuit. On March 27, 2020, the City and Siemens executed a settlement agreement whereby Siemens agreed to pay the City $89.8 million (“Settlement Amount”) in order to settle the Siemens Lawsuit (the “Settlement”). Following the Settlement, Siemens sought to recover a portion of the Settlement Amount from Mueller Systems, and the parties entered negotiations to resolve the matter. In September 2020, we resolved the matter, paid Siemens approximately $10 million, and recovered $5.0 million from insurance. The COVID-19 Pandemic. The pandemic has caused, and is likely to continue to cause, severe economic, market and other disruptions to the U.S. and global economies. As a result of the pandemic, we experienced adverse business conditions during the year, including significant costs to mitigate the pandemic effects. We have taken and continue to take steps to maximize liquidity by limiting cash expenditures, including furloughing significant numbers of our employees, implementing temporary shutdowns of our manufacturing facilities or portions of our manufacturing facilities, implementing temporary salary reductions for our senior leadership team, deferral of capital expenditures, reduced fees for our Board of Directors and aggressively reducing general and administrative spending. We are uncertain of the potential full magnitude or duration of the business and economic impacts from the unprecedented public health effort to contain and combat the spread of COVID-19, and while the extent to which the pandemic affects our results will depend on future developments, the outbreak could result in material effects to our future financial position, results of operations, cash flows and liquidity. Mass Shooting Event at our Henry Pratt Facility in Aurora, Illinois. On February 15, 2019, we experienced a mass shooting event at our Henry Pratt facility in Aurora, Illinois, in which five employees were killed and one employee and six law enforcement officers were injured. Various workers’ compensation claims arising from the event have been made to date, and we anticipate that additional claims may be made, and that liability under such claims, if any, is not expected to have a material adverse effect on our results of operations or cash flows. However, the possibility of other legal proceedings, and any related effects, arising from this event cannot be predicted with certainty. 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 divestitures of U.S. Pipe and Anvil, 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. We monitor and analyze our warranty experience and costs periodically and may revise our warranty accruals as necessary. Critical factors in our reserve analyses include warranty terms, specific claim situations, incurred and projected failure rates, the nature of product failures, product and labor costs, and general business conditions. During 2018, our warranty analysis identified that certain other Technologies products had been failing at higher-than-expected rates, and that the average cost to repair or replace certain products under warranty was higher than previously estimated. As a result, we recorded an additional warranty expense of $14.1 million associated with such products. 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. 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 material adverse effect on our business or prospects. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 23, 2020, our board of directors declared a dividend of $0.0550 per share on our common stock, a 5 percent increase from the prior quarter, payable on or about November 20, 2020 to stockholders of record at the close of business on November 10, 2020. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases We adopted the new leasing standard utilizing the modified retrospective approach on October 1, 2019. Adoption of the new standard resulted in an increase to total assets and liabilities due to the recording of lease right-of-use assets (“ROU”) and lease liabilities related to our operating lease portfolio. We elected the package of three practical expedients for transition, which include the carry forward of our leases without reassessing whether any contracts are leases or contain leases, lease classification and initial direct costs and applying hindsight when determining the lease term and when assessing impairment of right-of-use assets at the adoption date. This allows us to update our assessments according to new information and changes in facts and circumstances that have occurred since lease inception. Presentation of Leases We lease certain office, warehouse, manufacturing, distribution, and research and development facilities and equipment under operating leases. Our leases have remaining lease terms of up to 13 years. The terms and conditions of our leases may include options to extend or terminate the lease which are considered and included in the lease term when these options are reasonably certain of exercise. We determine if a contract is (or contains) a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. For all classes of leased assets, we have elected the practical expedient to account for any non-lease components in the contract together with the related lease component in the same unit of account. ROU assets and lease liabilities are recognized in our consolidated balance sheets at the commencement date based on the present value of remaining lease payments over the lease term. Additionally, ROU assets include any lease payments made at or before the commencement date, as well as any initial direct costs incurred, and are reduced by any lease incentives received. As most of our operating leases do not provide an implicit rate, we apply our incremental borrowing rate to determine the present value of remaining lease payments. Our incremental borrowing rate is determined based on information available at the commencement date of the lease. For all classes of leased assets, we have applied an accounting policy election to exclude short-term leases from recognition in our consolidated balance sheets. A short-term lease has a lease term of 12 months or less at the commencement date and does not include a purchase option that is reasonably certain of exercise. We recognize short-term lease expense in our condensed consolidated statements of operations on a straight-line basis over the lease term. Our short-term lease expense for the year ended September 30, 2020 and short-term lease commitments at September 30, 2020 are immaterial. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our condensed consolidated statements of operations as the obligation is incurred. At September 30, 2020, any legally-binding minimum lease payments for operating leases signed but not yet commenced, subleases, leases that imposed significant restrictions or covenants, related party leases or sale-leaseback arrangements were immaterial. The components of lease cost are presented below. Year ended September 30, 2020 2019 2018 (in millions) Operating lease cost $ 6.3 $ 5.8 $ 6.4 Finance lease cost 1.3 1.0 0.8 Total lease expense $ 7.6 $ 6.8 $ 7.2 Supplemental cash flow information related to leases for the year ended September 30, 2020 is presented below, in millions. Operating cash used for operating leases $ 6.1 Financing cash used for finance leases $ 1.3 Supplemental information describing where lease-related assets and liabilities are reflected in the Condensed Consolidated Balance Sheet at September 30, 2020 is presented below, in millions. Right of use assets: Operating leases Other noncurrent assets $ 25.6 Finance leases Plant, property and equipment 2.5 Total right of use assets $ 28.1 Lease liabilities: Operating leases - current Other current liabilities $ 4.0 Operating leases - noncurrent Other noncurrent liabilities 23.3 Finance leases - current Current portion of long-term debt 1.1 Finance leases - noncurrent Long-term debt 1.4 Total lease liabilities $ 29.8 Supplemental information related to lease terms and discount rates at September 30, 2020 is presented below. Weighted-average remaining lease term (years): Operating leases 7.87 Finance leases 2.52 Weighted-average interest rate: Operating leases 5.64 % Finance leases 4.96 % Total lease liabilities at September 30, 2020 have scheduled maturities as follows: Operating Leases Finance Leases (in millions) 2021 $ 5.5 $ 1.2 2022 4.8 0.9 2023 4.3 0.5 2024 4.1 0.1 2025 3.7 — Thereafter 12.5 — Total lease payments 34.9 2.7 Less: imputed interest 7.6 0.2 Present value of lease liabilities $ 27.3 $ 2.5 |
Other Income and Expenses
Other Income and Expenses | 12 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure | Supplemental Statement of Operations Information During October 2018, we announced the move of our Middleborough, Massachusetts facility to Atlanta, which will allow us to consolidate our resources and accelerate product innovation through creation of a research and development center of excellence for software and electronics in Atlanta, Georgia. We incurred expenses of $0.5 million and $4.3 million as of September 30, 2020 and 2019, respectively, related to this reorganization, which are included in other charges, and it was essentially completed in 2020. During November 2019, we announced the purchase of a new facility in Kimball, Tennessee, which will allow us to support and enhance our investment in our Chattanooga large casting foundry. As a result of this reorganization, we announced the subsequent closures of our facilities in Hammond, Indiana and Woodland, Washington. We have incurred expenses of $2.5 million related to this reorganization in fiscal 2020, which is included in other charges. On February 15, 2019, we experienced a mass shooting tragedy at our Henry Pratt facility in Aurora, Illinois. The event resulted in the deaths of five employees and injuries to one employee and six law enforcement officials. For the years ended September 30, 2020 and September 30, 2019, we incurred expenses of $0.9 million and $5.1 million, respectively, related to this tragedy, which are included in other charges. These amounts are net of anticipated insurance recoveries. Selected supplemental statement of operations information is presented below. 2020 2019 2018 (in millions) Included in selling, general and administrative expenses: Research and development $ 15.0 $ 14.3 $ 11.6 Advertising 3.3 7.1 7.1 Interest expense, net: 5.5% Senior Notes $ 24.8 $ 24.8 $ 7.5 Deferred financing costs amortization 1.2 1.2 1.6 ABL Agreement 0.6 0.6 0.6 Interest rate swap contracts — — 0.6 Term Loan — — 14.4 Capitalized interest (0.3) (3.0) — Other interest expense 0.3 (0.2) 0.6 26.6 23.3 25.3 Interest income (1.1) (3.5) (4.4) $ 25.5 $ 19.8 $ 20.9 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounting Policies [Abstract] | |||
Revenue Recognition | Revenue Recognition -Refer to Note 3. for disclosures regarding our revenues. | ||
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 stock-settled share awards and is based on the fair value at each reporting date for our cash-settled share awards. Refer to Note 12. 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. We present trade receivables net of an allowance for credit losses. Our consolidated statements of operations reflect the measurement of credit losses for newly recognized trade receivables, as well as the expected increases or decreases of expected credit losses that have taken place during the period. When we determine a specific trade receivable will not be collected, we charge off the uncollectible amount against the allowance. Our periodic evaluations of expected credit losses are based upon our judgments regarding prior collection experience, specific customer creditworthiness, other current conditions, and forecasts of current economic trends within the industries served that may affect the collectability of the reported amounts. Significantly weaker than anticipated industry or economic conditions could impact customers’ ability to pay such that actual credit losses may be greater than the amounts provided for in this allowance. During 2016, FASB issued standard ASC 326 - Current Expected Credit Losses | ||
Inventory Supplies, Policy | 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. | ||
Inventories | Inventories- Inventories are recorded at the lower of first-in, first-out method cost or estimated net realizable 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. We periodically evaluate 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 6 years, beginning when software is complete and ready for its intended use. Liabilities are recognized at fair value for asset retirement obligations related to plant and landfill closures in the period in which they are reasonably estimable 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, 2020 and 2019, asset retirement obligations were $3.8 million and $4.5 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. Refer to Note 6. for information regarding our impairment testing. | ||
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. We retained U.S. Pipe workers compensation liabilities related to incidents that occurred prior to the segment’s April 1, 2012 sale date, but the purchaser agreed to reimburse us for up to $11.8 million in payments we make related to these liabilities. At September 30, 2020, the remaining discounted reimbursement receivable may be up to $2.3 million, which we have recorded as $0.4 million in other current assets and $1.9 million in other noncurrent assets. On an undiscounted basis, workers compensation liabilities were $7.2 million and $8.7 million at September 30, 2020 and 2019, respectively. For purposes of discounting these liabilities, we apply a risk-free discount rate, generally a U.S. Treasury bill rate, for each policy period. We apply the rate 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. On a discounted basis, workers compensation liabilities were $6.2 million and $7.6 million at September 30, 2020 and 2019, respectively. | ||
Warranty Costs | Warranty Costs- We accrue for warranty expenses, which can include 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 probable and reasonably estimable at that time. We monitor and analyze our warranty experience and costs periodically and may revise our warranty accruals as necessary. Critical factors in our accrual analyses include warranty terms, specific claim situations, general incurred and projected failure rates, the nature of product failures, product and labor costs, and general business conditions. We recognized $14.1 million of Technologies’ warranty expense during the year ended September 30, 2018 related to certain radios and other products sold in prior periods. | ||
Deferred Financing Fees | Deferred Financing Costs- Costs of debt financing are charged to expense over the lives of the related financing agreements. 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. ABL Agreement deferred financing costs are included in other noncurrent assets and other deferred financing costs are offset against long-term debt in the accompanying consolidated balance sheets. Deferred financing costs of $6.2 million at September 30, 2020 are scheduled to amortize as follows: $1.3 million related to the ABL Agreement amortizes on a straight-line basis; $4.9 million related to the Senior Unsecured Notes amortizes using the effective-interest rate method. All such amortization will be over the remaining term of the respective debt. Refer to Note 8. for disclosures related to our ABL agreement. | ||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities- Prior to June 30, 2018, we managed interest rate risk to some extent using derivative instruments. We had 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 were reported as a component of accumulated other comprehensive loss and were reclassified into earnings in the periods during which the hedged transactions affected earnings. We recorded a cash gain of $2.4 million in the quarter ended June 30, 2018 upon termination of the interest rate swaps. We manage U.S. dollar - Canadian dollar exchange rate risk related to an intercompany loan with swap contracts, which we have not designated as hedges. As a result, the changes in the fair value of these contracts are reported currently in 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. On December 22, 2017, HR-1, commonly referred to as the Tax Cuts and Jobs Act (“Act”), was enacted, which made significant revisions to federal income tax laws, including lowering the corporate income tax rate to 21% from 35% effective January 1, 2018, overhauling the taxation of income earned outside the United States and eliminating or limiting certain deductions. The Act subjects us to current tax on global intangible low-taxed income (“GILTI”) earned by certain of our foreign subsidiaries. The Act states that we can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. We have elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. In September 2018, we adopted Accounting Standards Update 2018-02 Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which permits, but does not require, companies to reclassify from accumulated other comprehensive loss to retained earnings any “stranded tax effects” caused by the Act. We have elected to not make such a reclassification. | ||
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. Refer to Note 18. for additional disclosures regarding our environmental liabilities. | ||
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 currencies are 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 earnings as incurred. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | ||
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | The following table summarizes information concerning our allowance for credit losses. 2020 2019 2018 (in millions) Balance at beginning of year $ 3.5 $ 4.0 $ 4.1 Provision charged to expense 1.0 0.3 0.5 Balances written off, net of recoveries — (0.2) (0.7) Reclassification due to adoption of revenue accounting standard — (0.6) — Other 0.3 — 0.1 Balance at end of year $ 4.8 $ 3.5 $ 4.0 | |
Schedule of Reserves for Excess and Obsolete Inventory | The following table summarizes information concerning our inventory valuation reserves. 2020 2019 2018 (in millions) Balance at beginning of year $ 7.5 $ 5.1 $ 4.4 Provision charged to expense 4.7 3.4 2.2 Inventory disposed (0.7) (1.2) (1.2) Other 0.2 0.2 (0.3) Balance at end of year $ 11.7 $ 7.5 $ 5.1 | |
Schedule of Product Warranty Liability | Activity in accrued warranty, reported as part of both other current liabilities and other noncurrent liabilities, is presented below. 2020 2019 2018 (in millions) Balance at beginning of year $ 17.1 $ 20.0 $ 8.5 Warranty accruals 2.6 3.9 18.7 Warranty costs (5.3) (6.8) (7.2) Balance at end of year $ 14.4 $ 17.1 $ 20.0 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2018 | |
Business Combinations [Abstract] | ||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following is a summary of the estimated fair values of the net assets acquired (in millions): Assets, net of cash: Receivables $ 6.9 Inventories 17.0 Other current assets 0.2 Property, plant and equipment 8.1 Other non-current assets 1.7 Identified intangible assets: Patents 32.1 Customer relationships 8.7 Trade names 4.6 Favorable leasehold interests 2.3 Goodwill 80.4 Liabilities: Accounts payable (5.5) Other current liabilities (2.9) Deferred income taxes (11.2) Other non-current liabilities (1.7) Consideration paid 140.7 Repayment of Krausz debt (13.2) Consideration paid included in net cash used in investing activities $ 127.5 | |
Disposal Group, Details of Gain on Sale | Divestiture of Burlington plant On December 4, 2017, we sold an idle property in Burlington, New Jersey that had previously been a plant in our former U.S. Pipe segment and recorded a gain of $9.0 million in our Corporate segment. We received $7.4 million, recorded net current assets of $0.8 million and conveyed plant, property and equipment with a net carrying value of $0.4 million, and the buyer assumed related environmental liabilities with a carrying value of $1.2 million. |
Identifiable Intangible Assets
Identifiable Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill were as follows: September 30, 2020 2019 (in millions) Balance at beginning of year $ 95.7 $ 12.1 Acquisition of Krausz 0.3 80.1 Change in foreign currency exchange rates 3.8 3.5 Balance at end of year $ 99.8 $ 95.7 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Intangible assets are presented below. September 30, 2020 2019 (in millions) Capitalized internal-use software: Cost $ 31.5 $ 30.2 Accumulated amortization (20.8) (17.5) Net book value 10.7 12.7 Business combination-related: Cost: Finite-lived intangible assets: Technology 118.5 116.6 Customer relationships and other 370.2 370.0 Indefinite-lived intangible assets: Trade names and trademarks 271.6 271.4 760.4 758.0 Accumulated amortization: Technology (81.0) (76.4) Customer relationships and other (281.2) (260.6) (362.2) (337.0) Net book value 398.2 421.0 Total intangible assets net book value $ 408.9 $ 433.7 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income taxes from continuing operations are presented below. 2020 2019 2018 (in millions) U.S. $ 89.7 $ 78.4 $ 97.3 Non-U.S. 4.4 3.7 (1.6) Income before income taxes $ 94.1 $ 82.1 $ 95.7 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax (benefit) expense are presented below. 2020 2019 2018 (in millions) Current: U.S. federal $ 10.9 $ 11.6 $ 25.7 U.S. state and local 2.7 3.9 7.1 Non-U.S. 1.3 1.5 0.6 14.9 17.0 33.4 Deferred: U.S. federal 5.6 2.5 (42.6) U.S. state and local 2.0 (0.4) (1.0) Non-U.S. (0.4) (0.8) 0.3 7.2 1.3 (43.3) Income tax (benefit) expense $ 22.1 $ 18.3 $ (9.9) |
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 is presented below. 2020 2019 2018 (in millions) Expense at U.S. federal statutory income tax rates of 21%, 24.5% and 35%, respectively $ 19.8 $ 17.2 $ 23.4 Adjustments to reconcile to income tax expense: State income taxes, net of federal benefit 3.3 3.2 4.8 Uncertain tax positions 1.0 (1.4) — Nondeductible compensation 0.6 0.3 0.2 Nondeductible expenses, other than compensation 0.4 1.3 0.5 Valuation allowances 0.1 1.3 0.5 Basis difference in foreign investment 0.1 (1.1) — Foreign income taxes — 0.1 — Domestic production activities deduction — — (2.4) Federal tax rate change — — (42.5) Federal transition tax — (0.6) 7.5 Excess tax benefits related to stock compensation (0.5) (0.3) (0.6) Tax credits (1.8) (1.8) (1.7) Other (0.9) 0.1 0.4 Income tax expense (benefit) $ 22.1 $ 18.3 $ (9.9) |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax balances are presented below. September 30, 2020 2019 (in millions) Deferred income tax assets: Accrued expenses $ 12.2 $ 10.0 Lease liabilities 7.3 — Inventory 4.6 11.7 State net operating losses 3.0 2.8 Federal credit carryovers 3.0 2.8 Stock-based compensation 2.6 2.7 Pension 0.2 1.7 Other 1.1 2.4 34.0 34.1 Valuation allowance (2.9) (2.8) Total deferred income tax assets, net of valuation allowance 31.1 31.3 Deferred income tax liabilities: Intangible assets 90.2 95.6 Lease assets 6.6 — Basis difference in foreign investment 5.0 4.7 Other 25.6 18.9 Total deferred income tax liabilities 127.4 119.2 Net deferred income tax liabilities $ 96.3 $ 87.9 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes information concerning our gross unrecognized tax benefits. 2020 2019 (in millions) Balance at beginning of year $ 3.3 $ 3.3 Increases related to current year positions 1.5 0.4 Increases related to prior year positions — 2.0 Decreases due to lapse in statute of limitations (0.3) (2.4) Balance at end of year $ 4.5 $ 3.3 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Long-term Debt and Lease Obligation [Abstract] | |
Components of Long-Term Debt | The components of our long-term debt are presented below. September 30, 2020 2019 (in millions) 5.5% Senior Notes $ 450.0 $ 450.0 ABL Agreement — — Other 2.5 2.1 452.5 452.1 Less deferred financing costs (4.9) (5.8) Less current portion of long-term debt (1.1) (0.9) Long-term debt $ 446.5 $ 445.4 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost | The components of net periodic benefit cost for our Pension Plans are presented below. 2020 2019 2018 (in millions) Service cost $ 1.5 $ 1.6 $ 1.8 Components of net periodic cost (benefit) excluded from operating income: Interest cost 11.2 13.9 14.3 Expected return on plan assets (16.9) (16.2) (16.5) Amortization of actuarial net loss 2.8 1.9 3.2 Pension settlement — 0.7 — Other (0.1) 0.1 — Pension costs (benefit) other than service (3.0) 0.4 1.0 Net periodic benefit cost (benefit) $ (1.5) $ 2.0 $ 2.8 |
Schedule of Accumulated and Projected Benefit Obligations | P |
Schedule Of Defined Benefit Plans Disclosures | Amounts recognized for Pension Plans are presented below. 2020 2019 (in millions) Projected benefit obligations: Beginning of year $ 356.6 $ 333.4 Service cost 1.5 1.6 Interest cost 11.2 13.9 Actuarial gain 13.7 38.2 Benefits paid (23.5) (23.9) Currency translation — (0.1) Decrease in obligation due to curtailment / settlement — (6.5) End of year $ 359.5 $ 356.6 Accumulated benefit obligations at end of year $ 359.5 $ 356.6 Plan assets: Beginning of year $ 351.6 $ 343.5 Actual return on plan assets 32.2 38.6 Employer contributions 0.1 0.6 Currency translation — (0.5) Benefits paid (23.5) (23.9) Settlements — (6.5) Other — (0.2) End of year $ 360.4 $ 351.6 Accrued benefit cost at end of year: Funded (unfunded) status $ 0.9 $ (5.0) Recognized on balance sheet: Other noncurrent assets $ 0.9 $ — Other noncurrent liabilities — (5.0) $ 0.9 $ (5.0) Recognized in accumulated other comprehensive loss, before tax: Net actuarial loss 74.0 78.4 $ 74.0 $ 78.4 |
Schedule of Pension and Other Postretirement Benefits Activity in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | lan activity in accumulated other comprehensive loss, before tax, in 2020 is presented below, in millions. Balance at beginning of year $ 78.4 Actuarial gain (1.6) Prior year actuarial loss amortization to net periodic cost (2.8) Balance at end of year $ 74.0 |
Schedule of Assumptions Used | A summary of key assumptions for the valuations of our Pension Plans is below. 2020 2019 2018 Weighted average used to determine benefit obligations: Discount rate 2.84 % 3.26 % 4.37 % Weighted average used to determine net periodic cost: Discount rate 3.26 % 4.37 % 3.88 % Expected return on plan assets 5.00 % 4.93 % 4.68 % |
Schedule of Strategic Allocation of Plan Assets [Table Text Block] | This trust’s strategic asset allocations, tactical range at September 30, 2020 and actual asset allocations are presented below. Strategic asset allocation Actual asset allocations at September 30, Tactical range 2020 2019 2018 Fixed income investments 80 % 75 - 80 % 78 % 79 % 77 % Equity investments 20 15 - 20 % 21 19 21 Cash — 0 - 5 % 1 2 2 100 % 100 % 100 % 100 % |
Schedule of Allocation of Plan Assets | The assets of the Plan by level within the fair value hierarchy are presented below. September 30, 2020 Level 1 Level 2 Total (in millions) Fixed income $ — $ 280.3 $ 280.3 Equity: Large cap index funds — 32.8 32.8 Mid cap index funds — 13.5 13.5 Small cap growth funds — 12.7 12.7 International stocks: Mutual funds 7.4 — 7.4 International funds — 10.4 10.4 Total equity 7.4 69.4 76.8 Cash and cash equivalents 3.3 — 3.3 $ 10.7 $ 349.7 $ 360.4 September 30, 2019 Level 1 Level 2 Total (in millions) Fixed income $ — $ 277.8 $ 277.8 Equity: Large cap index funds — 29.8 29.8 Mid cap index funds — 9.8 9.8 Small cap growth funds — 9.6 9.6 International stocks: Mutual funds 6.9 — 6.9 International funds — 10.3 10.3 Total equity 6.9 59.5 66.4 Cash and cash equivalents 7.4 — 7.4 $ 14.3 $ 337.3 $ 351.6 |
Schedule of Expected Benefit Payments | Our estimated future pension benefit payments are presented below in millions. 2021 $ 24.7 2022 24.5 2023 24.1 2024 23.7 2025 23.2 2026-2030 108.2 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
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, 2017 158,590,383 Vesting of restricted stock units, net of shares withheld for taxes 232,875 Exercise of stock options 851,628 Exercise of employee stock purchase plan instruments 150,669 Settlement of performance-based restricted stock units, net of shares withheld for taxes 86,516 Stock repurchased under buyback program (2,573,475) Other (6,475) Shares outstanding at September 30, 2018 157,332,121 Vesting of restricted stock units, net of shares withheld for taxes 200,431 Exercise of stock options 726,636 Exercise of employee stock purchase plan instruments 167,806 Settlement of performance-based restricted stock units, net of shares withheld for taxes 109,380 Stock repurchased under buyback program (1,074,234) Shares outstanding at September 30, 2019 157,462,140 Vesting of restricted stock units, net of shares withheld for taxes 242,112 Exercise of stock options 534,291 Exercise of employee stock purchase plan instruments 182,971 Settlement of performance-based restricted stock units, net of shares withheld for taxes 61,610 Stock repurchased under buyback program (418,374) Shares outstanding at September 30, 2020 158,064,750 |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | The effect of stock-based compensation on our statements of operations is presented below. 2020 2019 2018 (in millions, except per share data) Decrease in operating income $ 7.2 $ 5.5 $ 6.4 Decrease in net income 5.0 4.3 4.0 Decrease in earnings per basic share 0.03 0.03 0.03 Decrease in earnings per diluted share 0.03 0.03 0.03 | |
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 Weighted Aggregate Outstanding at September 30, 2017 625,830 $ 11.23 0.9 Granted 276,658 12.20 Vested (342,038) 10.84 $ 4.2 Cancelled (78,888) 11.41 Outstanding at September 30, 2018 481,562 12.14 1.0 Granted 233,830 10.10 Vested (259,107) 11.75 2.6 Cancelled (19,263) 11.43 Outstanding at September 30, 2019 437,022 11.31 0.9 Granted 301,979 11.55 Vested (295,241) 11.40 3.4 Cancelled (35,254) 11.48 Outstanding at September 30, 2020 408,506 11.41 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 Settlement year Performance period Grant date per unit fair value Units Units forfeited Net units Performance factor Shares December 1, 2015 2019 2016 $ 9.38 77,823 (3,998) 73,825 1.021 75,375 2017 13.26 77,824 (3,997) 73,827 1.000 73,827 2018 12.50 77,824 (61,841) 15,983 1.357 21,689 November 29, 2016 2020 2017 13.26 59,285 (5,279) 54,006 1.000 54,006 2018 12.50 59,286 (39,910) 19,376 1.357 26,294 2019 10.53 59,290 (39,909) 19,381 0.645 12,501 January 23, 2017 2020 2017 13.15 19,012 — 19,012 1.000 19,012 2018 12.50 19,011 — 19,011 1.357 25,798 2019 10.53 19,011 — 19,011 0.645 12,263 November 28, 2017 2021 2018 12.50 57,092 — 57,092 1.357 77,474 2019 10.53 57,092 (4,793) 52,299 0.645 33,733 2020 11.26 57,104 (21,679) 35,425 0.909 32,202 November 27, 2018 2022 2019 10.53 110,954 (8,751) 102,203 0.645 65,921 2020 11.26 110,954 (13,182) 97,772 0.909 88,875 2021 110,967 (26,484) 84,483 December 3, 2019 2023 2020 11.26 69,988 (2,747) 67,241 0.909 61,123 2021 69,989 (9,970) 60,019 2022 69,989 (9,970) 60,019 | |
Schedule of Share-based Compensation. Options | Stock option activity under the 2006 Plan is summarized below. Options Weighted Weighted Aggregate Outstanding at September 30, 2017 2,440,654 $ 5.72 2.5 $ 17.3 Exercised (851,628) 7.00 3.8 Cancelled — — Outstanding at September 30, 2018 1,589,026 5.03 1.9 10.3 Exercised (726,636) 5.20 4.4 Cancelled — — Outstanding at September 30, 2019 862,390 4.89 2.0 5.5 Exercised (534,291) 4.15 3.3 Cancelled — — Outstanding at September 30, 2020 328,099 $ 6.11 2.3 $ 1.4 Exercisable at September 30, 2020 328,099 $ 6.11 2.3 $ 1.4 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | The ranges of exercise prices for stock options outstanding at September 30, 2020 are summarized below. Exercise price Options Weighted Weighted Exercisable options Weighted $ 0.00 - $ 4.99 129,949 $ 3.19 0.8 129,949 $ 3.19 $ 5.00 - $ 9.99 198,150 8.02 3.3 198,150 8.02 328,099 $ 6.11 2.3 328,099 $ 6.11 | |
Schedule of Share-based Compensation, Phantom Award, Activity | Phantom Plan activity is summarized below. Phantom Weighted Weighted Aggregate Outstanding at September 30, 2017 352,007 $ 11.36 0.9 Granted 163,199 12.40 Vested (170,675) $ 2.1 Cancelled (81,758) 12.10 Outstanding at September 30, 2018 262,773 12.12 0.6 Granted 180,747 10.53 Vested (132,289) 1.4 Cancelled (55,077) 11.61 Outstanding at September 30, 2019 256,154 11.39 0.9 Granted 188,973 11.26 Vested (118,908) 1.3 Cancelled (11,744) 11.23 Outstanding at September 30, 2020 314,475 11.16 0.9 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Our largest customers are Ferguson and Core & Main. Information regarding concentrations of our net sales and accounts receivable is presented below. 2020 2019 2018 Percentage of gross revenue: 10 largest customers 53 % 53 % 54 % 2 largest customers 34 % 34 % 34 % Ferguson percentage of gross revenue: Consolidated 17 % 18 % 19 % Infrastructure 16 % 17 % 18 % Technologies 22 % 30 % 28 % Core & Main percentage of gross revenue: Consolidated 17 % 16 % 15 % Infrastructure 19 % 18 % 17 % September 30, 2020 2019 (in millions) Customer receivables: Core & Main $ 37.1 $ 31.9 Ferguson 26.1 25.8 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Geographical area information is presented below. United States Israel Other Total (in millions) Property, plant and equipment, net: September 30, 2020 $ 234.7 $ 12.8 $ 6.3 $ 253.8 September 30, 2019 201.3 9.7 6.1 217.1 Year ended September 30, 2020 2019 (in millions) Infrastructure disaggregated net revenues: Central $ 222.2 $ 214.2 Northeast 187.5 183.1 Southeast 162.3 162.7 West 216.9 212.8 United States $ 788.9 $ 772.8 Canada 65.5 69.0 Other international locations 31.1 29.2 $ 885.5 $ 871.0 Technologies disaggregated net revenues: Central $ 18.7 $ 27.8 Northeast 19.7 20.4 Southeast 22.1 33.5 West 13.6 10.3 United States $ 74.1 $ 92.0 Canada and other international locations 4.5 5.0 $ 78.6 $ 97.0 |
Schedule Of Selected Supplemental Balance Sheet Information | Summarized financial information for our segments is presented below. Infrastructure Technologies Corporate Total (in millions) Net revenue: 2020 $ 885.5 $ 78.6 $ — $ 964.1 2019 871.0 97.0 — 968.0 2018 818.8 97.2 — 916.0 Operating income (loss): 2020 $ 186.7 $ (13.1) $ (56.8) $ 116.8 2019 182.3 (8.7) (49.3) 124.3 2018 180.1 (24.4) (34.0) 121.7 Depreciation and amortization: 2020 $ 49.1 $ 8.5 $ 0.2 $ 57.8 2019 44.8 7.9 0.3 53.0 2018 37.4 6.1 0.2 43.7 Other charges: 2020 $ 0.6 $ 0.1 $ 12.3 $ 13.0 2019 1.7 — 14.6 16.3 2018 0.1 0.1 10.3 10.5 Capital expenditures: 2020 $ 64.5 $ 2.8 $ 0.4 $ 67.7 2019 80.4 5.5 0.7 86.6 2018 47.3 8.3 0.1 55.7 Total assets: September 30, 2020 $ 1,149.8 $ 93.2 $ 152.0 $ 1,395.0 September 30, 2019 1,107.8 100.3 129.2 1,337.3 Intangible assets, net: September 30, 2020 $ 490.8 $ 17.9 $ — $ 508.7 September 30, 2019 508.2 21.2 — 529.4 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost | The components of lease cost are presented below. Year ended September 30, 2020 2019 2018 (in millions) Operating lease cost $ 6.3 $ 5.8 $ 6.4 Finance lease cost 1.3 1.0 0.8 Total lease expense $ 7.6 $ 6.8 $ 7.2 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information is presented below. 2020 2019 2018 (in millions) Cash paid, net: Interest $ 24.3 $ 22.2 $ 8.9 Income taxes $ 15.3 $ 29.1 $ 10.7 |
Supplemental Balance Sheet - Leases | Supplemental information describing where lease-related assets and liabilities are reflected in the Condensed Consolidated Balance Sheet at September 30, 2020 is presented below, in millions. Right of use assets: Operating leases Other noncurrent assets $ 25.6 Finance leases Plant, property and equipment 2.5 Total right of use assets $ 28.1 Lease liabilities: Operating leases - current Other current liabilities $ 4.0 Operating leases - noncurrent Other noncurrent liabilities 23.3 Finance leases - current Current portion of long-term debt 1.1 Finance leases - noncurrent Long-term debt 1.4 Total lease liabilities $ 29.8 |
Supplemental Information - Leases | Supplemental information related to lease terms and discount rates at September 30, 2020 is presented below. Weighted-average remaining lease term (years): Operating leases 7.87 Finance leases 2.52 Weighted-average interest rate: Operating leases 5.64 % Finance leases 4.96 % |
Lease Maturity Schedule | Total lease liabilities at September 30, 2020 have scheduled maturities as follows: Operating Leases Finance Leases (in millions) 2021 $ 5.5 $ 1.2 2022 4.8 0.9 2023 4.3 0.5 2024 4.1 0.1 2025 3.7 — Thereafter 12.5 — Total lease payments 34.9 2.7 Less: imputed interest 7.6 0.2 Present value of lease liabilities $ 27.3 $ 2.5 |
ScheduleOfCashFlowSupplementalDisclosures - Leases | Supplemental cash flow information related to leases for the year ended September 30, 2020 is presented below, in millions. Operating cash used for operating leases $ 6.1 Financing cash used for finance leases $ 1.3 |
Organization (Details)
Organization (Details) $ in Millions | Jul. 31, 2014 | Sep. 30, 2020business_segments | Sep. 30, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Organization | Organization Mueller Water Products, Inc., a Delaware corporation, together with its consolidated subsidiaries, operates in two business segments: Infrastructure and Technologies. Infrastructure (previously referred to as “Mueller Co.”) manufactures valves for water and gas systems, including butterfly, iron gate, tapping, check, knife, plug, automatic control and ball valves, as well as dry-barrel and wet-barrel fire hydrants and pipe repair products. Technologies (previously referred to as “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, Infrastructure 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 were included in our consolidated financial statements. We included an adjustment for the income attributable to noncontrolling interest in selling, general and administrative expenses. Noncontrolling interest was recorded at its carrying value, which approximated fair value. Infrastructure acquired the noncontrolling interest on October 3, 2019. On December 3, 2018, we completed our acquisition of Krausz Development Ltd. and subsidiaries (“Krausz”). We include the financial statements of Krausz in our consolidated financial statements on a one-month lag. Refer to Note 5. for additional disclosures related to the acquisition. 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. 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 | business_segments | 2 | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 49.00% | ||
Payments to Acquire Interest in Joint Venture | $ | $ 1.7 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Schedule of Allowance for Doubtful Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 3.5 | $ 4 | $ 4.1 |
Accounts Receivable, Credit Loss Expense (Reversal) | 1 | 0.3 | 0.5 |
Balances written off, net of recoveries | 0 | (0.2) | (0.7) |
Reclassification under ASC 606 | 0 | (0.6) | 0 |
Reclassifications | 0.3 | 0 | 0.1 |
Balance at end of year | $ 4.8 | $ 3.5 | $ 4 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Reserves for Excess and Obsolete Inventory) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 7.5 | $ 5.1 | $ 4.4 |
Provision charged to expense | (4.7) | (3.4) | (2.2) |
Inventory disposed | (0.7) | (1.2) | (1.2) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | 0.2 | 0.2 | (0.3) |
Balance at end of year | $ 11.7 | $ 7.5 | $ 5.1 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | ||||
Balance at end of year | $ 14.4 | $ 17.1 | $ 20 | $ 8.5 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of year | 6.5 | |||
Product Warranty Expense | 2.6 | 3.9 | 18.7 | |
Warranty payments | (5.3) | (6.8) | $ (7.2) | |
Balance at end of year | $ 7.2 | $ 6.5 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2015 | |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | $ 2.4 | |
Product Warranty Expense | 2.6 | 3.9 | 18.7 | |
Asset Retirement Obligation | 3.8 | 4.5 | ||
Exposure to Workers Compensation Claims, Per Incident | 1 | |||
Discontinued Operations, Receivable from Buyer of Discontinued Operation | $ 11.8 | |||
Workers Compensation Undiscounted Basis Liability | 7.2 | 8.7 | ||
Workers' Compensation Liability | $ 6.2 | $ 7.6 | ||
Income Tax Benefit, Likelihood of Realization Threshold | 50.00% | |||
Debt Issuance Costs, Net | $ 6.2 | |||
Minimum [Member] | ||||
Finite-Lived Tangible Asset, Useful Life, Maximum | 3 years | |||
Maximum [Member] | ||||
Finite-Lived Tangible Asset, Useful Life, Maximum | 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] | 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 | $ 2.3 | |||
Other Current Assets [Member] | U.S. Pipe [Member] | ||||
Discontinued Operations, Receivable from Buyer of Discontinued Operation | 0.4 | |||
Other Noncurrent Assets [Member] | U.S. Pipe [Member] | ||||
Discontinued Operations, Receivable from Buyer of Discontinued Operation | 1.9 | |||
Revolving Credit Facility [Member] | ||||
Debt Issuance Costs, Net | 1.3 | |||
Secured Debt [Member] | ||||
Debt Issuance Costs, Net | 4.9 | $ 5.8 | ||
Unsecured Debt [Member] | ||||
Debt Issuance Costs, Net | $ 4.9 | |||
Product Concentration Risk [Member] | ||||
Product Warranty Expense | $ 14.1 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers Components of Trade Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | The table below represents the balances of our customer receivables and deferred revenues. September 30, 2020 2019 (in millions) Billed receivables $ 180.2 $ 171.0 Unbilled receivables 4.6 4.5 Total customer receivables, gross $ 184.8 $ 175.5 Deferred revenues $ 5.6 $ 4.7 | |
Billed receivables | $ 180.2 | $ 171 |
Unbilled receivables | 4.6 | 4.5 |
Total customer receivables | 184.8 | 175.5 |
Deferred revenues | $ 5.6 | $ 4.7 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Narrative (Details) | 12 Months Ended |
Sep. 30, 2020 | |
Transferred over Time [Member] | |
Disaggregation of Revenue [Line Items] | |
Percent of Revenue by Recognition Timing | 1.00% |
Transferred at Point in Time [Member] | |
Disaggregation of Revenue [Line Items] | |
Percent of Revenue by Recognition Timing | 99.00% |
Business Combination Narrative
Business Combination Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 04, 2017 | |
Business Acquisition [Line Items] | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 37.2 | ||||
Business Combination, Consideration Transferred | $ 140.7 | ||||
Repayment of Krausz debt | 0 | $ (13.2) | $ 0 | ||
Payments for (Proceeds from) Other Investing Activities | $ 127.5 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0.3 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 0.3 | ||||
Property, Plant and Equipment [Member] | |||||
Business Acquisition [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 0.4 |
Business Combination Schedule o
Business Combination Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 04, 2017 | |
Assets acquired: | ||||||
Receivables | $ 6.9 | |||||
Inventories | 17 | |||||
Other current assets | 0.2 | |||||
Property, plant and equipment | 8.1 | |||||
Other non-current assets | 1.7 | |||||
Goodwill | $ 99.8 | $ 95.7 | $ 12.1 | |||
Goodwill | 80.4 | |||||
Tradenames | 4.6 | |||||
Accounts payable and other current liabilities | (5.5) | |||||
Other current liabilities | (2.9) | |||||
Other non-current liabilities | (1.7) | |||||
Consideration paid | 140.7 | |||||
Repayment of Krausz debt | 0 | 13.2 | 0 | |||
Deferred income tax liability | 11.2 | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 9 | $ 0 | $ 2.4 | $ 9 | ||
Cash [Member] | ||||||
Assets acquired: | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 7.4 | |||||
Prepaid Expenses and Other Current Assets [Member] | ||||||
Assets acquired: | ||||||
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets | 0.8 | |||||
Property, Plant and Equipment [Member] | ||||||
Assets acquired: | ||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 0.4 | |||||
Environmental Remediation [Member] | ||||||
Assets acquired: | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1.2 | |||||
Patents [Member] | ||||||
Assets acquired: | ||||||
Patents | 32.1 | |||||
Customer-Related Intangible Assets [Member] | ||||||
Assets acquired: | ||||||
Patents | 8.7 | |||||
Above Market Leases [Member] | ||||||
Assets acquired: | ||||||
Patents | $ 2.3 |
Identifiable Intangible Asset_2
Identifiable Intangible Assets Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||
Amortization | $ 28.2 | $ 27 | $ 22.8 |
Software and Software Development Costs [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||
Amortization | $ 3.3 | 3.3 | 2.9 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3.2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2.2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 0.8 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years 2 months 12 days | ||
Technology-Based Intangible Assets [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years 10 months 24 days | ||
Business Combination-Related Identifiable Intangible [Member] | |||
Amortization | $ 24.9 | $ 23.7 | $ 19.9 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 24.9 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 24.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 24.7 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 24.3 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 4.8 |
Identifiable Intangible Asset_3
Identifiable Intangible Assets Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Indefinite-lived intangible assets: | |||
Goodwill | $ 99.8 | $ 95.7 | $ 12.1 |
Intangible Assets, Gross, (Including Goodwill) | 760.4 | 758 | |
Accumulated amortization: | |||
Intangible Assets, Net (Excluding Goodwill) | 408.9 | 433.7 | |
Goodwill, Acquired During Period | 0.3 | 80.1 | |
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss) | 3.8 | 3.5 | |
Business Combination-Related Identifiable Intangible [Member] | |||
Accumulated amortization: | |||
Accumulated Amortization | 362.2 | 337 | |
Net book value | 398.2 | 421 | |
Trademarks and Trade Names [Member] | |||
Indefinite-lived intangible assets: | |||
Trade names and trademarks | 271.6 | 271.4 | |
Software and Software Development Costs [Member] | |||
Capitalized external-use software: | |||
Capitalized Computer Software, Gross | 31.5 | 30.2 | |
Accumulated amortization | 20.8 | 17.5 | |
Net book value | 10.7 | 12.7 | |
Technology-Based Intangible Assets [Member] | |||
Finite-lived intangible assets: | |||
Technology | 118.5 | 116.6 | |
Accumulated amortization: | |||
Accumulated Amortization | 81 | 76.4 | |
Customer Relationships [Member] | |||
Finite-lived intangible assets: | |||
Customer relationships and other | 370.2 | 370 | |
Accumulated amortization: | |||
Accumulated Amortization | $ 281.2 | $ 260.6 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |||
Weighted Average Deferred Income Tax Provision Rate | 25.00% | 39.00% | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 0 | $ (42.5) | ||
Transition Tax Expense | $ 7.5 | ||||
Effective Income Tax Rate Reconciliation, Federal Transition Tax, Amount | 0 | (0.6) | 7.5 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0.4 | 0.3 | |||
Income tax expense (benefit) | 22.1 | 18.3 | (9.9) | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 4.5 | ||||
Unrecognized Tax Benefits | $ 4.5 | $ 3.3 | $ 3.3 |
Income Taxes (Income before Inc
Income Taxes (Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Loss before income taxes, U.S. | $ 89.7 | $ 78.4 | $ 97.3 |
Loss before income taxes, Non-U.S. | 4.4 | 3.7 | (1.6) |
Net Income Before Income Tax | $ 94.1 | $ 82.1 | $ 95.7 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Current: | |||
Current Federal Tax Expense (Benefit) | $ 10.9 | $ 11.6 | $ 25.7 |
Current State and Local Tax Expense (Benefit) | 2.7 | 3.9 | 7.1 |
Current Foreign Tax Expense (Benefit) | 1.3 | 1.5 | 0.6 |
Current Income Tax Expense (Benefit) | 14.9 | 17 | 33.4 |
Deferred: | |||
Deferred Federal Income Tax Expense (Benefit) | 5.6 | 2.5 | (42.6) |
Deferred State and Local Income Tax Expense (Benefit) | 2 | (0.4) | (1) |
Deferred Foreign Income Tax Expense (Benefit) | (0.4) | (0.8) | 0.3 |
Deferred Income Tax Expense (Benefit) | 7.2 | 1.3 | (43.3) |
Income tax expense (benefit) | $ 22.1 | $ 18.3 | $ (9.9) |
Income Taxes (Disposal Groups,
Income Taxes (Disposal Groups, including Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income tax expense (benefit) | $ 22.1 | $ 18.3 | $ (9.9) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Statutory Taxes to Effective Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Tax at U.S. federal statutory income tax rate of 35% | $ 19.8 | $ 17.2 | $ 23.4 |
Adjustments to reconcile to income tax expense (benefit): | |||
Federal Valuation Allowance | 0.1 | 1.3 | 0.5 |
State income taxes, net of federal benefit | 3.3 | 3.2 | 4.8 |
Domestic production activities deduction | 0 | 0 | (2.4) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | 0 | (42.5) |
Federal transition tax | 0 | (0.6) | 7.5 |
Uncertain tax positions | 1 | (1.4) | 0 |
Basis difference in foreign investment | 0.1 | (1.1) | 0 |
Excess tax benefits related to stock compensation | (0.5) | (0.3) | (0.6) |
Tax Credits | (1.8) | (1.8) | (1.7) |
Other nondeductible expenses | 0.4 | 1.3 | 0.5 |
Foreign income taxes | 0 | 0.1 | 0 |
Nondeductible compensation | 0.6 | 0.3 | 0.2 |
Other income tax | (0.9) | 0.1 | 0.4 |
Income tax expense (benefit) | $ 22.1 | $ 18.3 | $ (9.9) |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Deferred income tax assets: | ||
Inventory reserves | $ 4.6 | $ 11.7 |
Accrued expenses | 12.2 | 10 |
Pension and other postretirement benefits | 0.2 | 1.7 |
Stock-based compensation | 2.6 | 2.7 |
State net operating losses | 3 | 2.8 |
Federal net operating losses and credit carryovers | 3 | 2.8 |
Deferred Tax Assets Leasing Liabilities | 7.3 | 0 |
All other | 1.1 | 2.4 |
Deferred income tax assets | 34 | 34.1 |
Valuation allowance | (2.9) | (2.8) |
Total deferred income tax assets | 31.1 | 31.3 |
Deferred income tax liabilities: | ||
Identifiable intangible assets | (90.2) | (95.6) |
Pension and other postretirement benefits | 5 | 4.7 |
Deferred Tax Liabilities, Leasing Arrangements | 6.6 | 0 |
Other | (25.6) | (18.9) |
Total deferred income tax liabilities | 127.4 | 119.2 |
Net deferred income tax liabilities | 96.3 | 87.9 |
Deferred Tax Liabilities, Gross, Noncurrent | $ 96.5 | $ 87.9 |
Income Taxes (Gross Unrecognize
Income Taxes (Gross Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Unrecognized Tax Benefits [Roll Forward] | ||
Balance at beginning of year | $ 3.3 | $ 3.3 |
Increases related to prior year positions | 0 | 2 |
Increases related to current year positions | 1.5 | 0.4 |
Decreases due to lapse in statute of limitations | (0.3) | (2.4) |
Balance at end of year | $ 4.5 | $ 3.3 |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) $ in Millions | Sep. 30, 2020USD ($) |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |
Balance at beginning of year | $ 2.8 |
Balance at end of year | $ 2.9 |
Borrowing Arrangements (Narrati
Borrowing Arrangements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | ||
Long-Term Debt, Maturity, Year One | $ 1.1 | |
Long-Term Debt, Maturity, Year Two | 0.9 | |
Long-Term Debt, Maturity, Year Three | 0.5 | |
Long-Term Debt, Maturity, Year Four | 0.1 | |
Long-Term Debt, Maturity, Year Five | $ 0 | |
Line of Credit Facility, Expiration Date | Jul. 29, 2025 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175 | |
Potential Increase In The Size Of Credit Facility | $ 150 | |
Line of Credit Facility, Interest Rate at Period End | 200.00% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 37.50% | |
Maximum excess availability level at which financial maintenance covenants would apply | $ 17.5 | |
Maximum excess availability level at which financial maintenance covenants would apply, as a percentage of aggregate commitments | 10.00% | |
Outstanding Letter Of Credit Accrued Fees And Expenses | $ 14.1 | |
Line of Credit Facility, Remaining Borrowing Capacity | 133.9 | |
Outstanding Letter Of Credit Accrued Fees And Expenses | 14.1 | |
Line of Credit Facility, Remaining Borrowing Capacity | 133.9 | |
Potential Increase In The Size Of Credit Facility | $ 150 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 175 | |
Line of Credit Facility, Interest Rate at Period End | 200.00% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 37.50% | |
Maximum excess availability level at which financial maintenance covenants would apply | $ 17.5 | |
Maximum excess availability level at which financial maintenance covenants would apply, as a percentage of aggregate commitments | 10.00% | |
Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | |
Financial Liabilities Fair Value Disclosure | $ 465.8 | |
Financial Liabilities Fair Value Disclosure | 465.8 | |
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Payments of Debt Issuance Costs | $ 6.6 | |
Payments of Debt Issuance Costs | $ 6.6 | |
Swing Line Loans [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25 | |
Line of Credit Facility, Maximum Borrowing Capacity | 25 | |
Letter Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 60 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 60 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 250.00% | |
Long-term Debt, Gross | $ 500 | |
Long-term Debt, Gross | $ 500 | |
Debt Instrument, Basis Spread on Variable Rate | 250.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 200.00% | |
Debt Instrument, Basis Spread on Variable Rate | 200.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | |
Debt Instrument, Interest Rate, Stated Percentage | 0.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 225.00% | |
Debt Instrument, Basis Spread on Variable Rate | 225.00% | |
Base Rate [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 100.00% | |
Debt Instrument, Basis Spread on Variable Rate | 100.00% | |
Base Rate [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 125.00% | |
Debt Instrument, Basis Spread on Variable Rate | 125.00% |
Borrowing Arrangements (Compone
Borrowing Arrangements (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Unsecured Debt | $ 452.5 | $ 452.1 |
Debt Issuance Costs, Net | (6.2) | |
Current portion of long-term debt | (1.1) | (0.9) |
Long-term debt, excluding current maturities | 446.5 | 445.4 |
Revolving Credit Facility [Member] | ||
Unsecured Debt | 0 | 0 |
Debt Issuance Costs, Net | (1.3) | |
Secured Debt [Member] | ||
Debt Issuance Costs, Net | (4.9) | (5.8) |
Other [Member] | ||
Unsecured Debt | 2.5 | 2.1 |
Unsecured Debt [Member] | ||
Unsecured Debt | 450 | |
5.5% Senior Notes | 450 | $ 450 |
Debt Issuance Costs, Net | $ (4.9) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | |||
Derivative, Cap Interest Rate | 0.75% | ||
Derivative, Fixed Interest Rate | 2.341% | ||
Derivative, Notional Amount | $ 150 | ||
Derivative, Maturity Date | Sep. 30, 2021 | ||
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 0 | $ 0 | $ 2.4 |
Secured Debt [Member] | |||
Derivative [Line Items] | |||
Derivative, Amount of Hedged Item | $ 150 | ||
Cash Flow Hedging [Member] | Secured Debt [Member] | |||
Derivative [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.841% | ||
Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Noncurrent | $ 0.2 | $ 0.3 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Payment for Pension and Other Postretirement Benefits | $ 0.7 | |||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (2.8) | (1.9) | $ (3.2) | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0.1 | 0.6 | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | (0.7) | 0 | |||
Payment for Pension Benefits | $ 0 | $ 0.7 | $ 0 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.84% | 3.26% | 4.37% | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |||||
Discount rate | 3.26% | 4.37% | 3.88% | |||
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 | |||||
Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | 30.00% | ||||
Equity Securities [Member] | Minimum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | |||||
Forecast [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (2.5) | |||||
Pension Plan, Defined Benefit [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Payment for Pension and Other Postretirement Benefits | $ 0.4 | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ 1.1 |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Service cost | $ 1.5 | $ 1.6 | $ 1.8 |
Interest cost | 11.2 | 13.9 | 14.3 |
Expected return on plan assets | (16.9) | (16.2) | (16.5) |
Amortization of net loss (gain) | 2.8 | 1.9 | 3.2 |
Curtailment / special settlement loss (gain) | 0 | 0.7 | 0 |
Other | (0.1) | 0.1 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost other than Service Cost | (3) | 0.4 | 1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (1.5) | 2 | $ 2.8 |
Pension Plan, Defined Benefit [Member] | |||
Service cost | 1.5 | 1.6 | |
Interest cost | $ 11.2 | 13.9 | |
Curtailment / special settlement loss (gain) | $ (1.1) |
Retirement Plans (Amounts Recog
Retirement Plans (Amounts Recognized for Pension and Other Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Projected benefit obligations: | |||
Service cost | $ 1.5 | $ 1.6 | $ 1.8 |
Interest cost | 11.2 | 13.9 | 14.3 |
Decrease in obligation due to curtailment / settlement | 0 | (6.5) | |
Plan assets: | |||
Beginning of year | 351.6 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0.1 | 0.6 | |
End of year | 360.4 | 351.6 | |
Recognized on balance sheet: | |||
Pension asset | 0.9 | 0 | |
Other noncurrent liabilities | 0 | (5) | |
Recognized in accumulated other comprehensive loss, before tax: | |||
Other | 0 | (0.2) | |
Pension Plan, Defined Benefit [Member] | |||
Projected benefit obligations: | |||
Beginning of year | 356.6 | 333.4 | |
Service cost | 1.5 | 1.6 | |
Interest cost | 11.2 | 13.9 | |
Actuarial loss (gain) | 13.7 | 38.2 | |
Benefits paid | (23.5) | (23.9) | |
Currency translation | 0 | (0.1) | |
Decrease in obligation due to curtailment / settlement | 0 | 6.5 | |
End of year | 359.5 | 356.6 | 333.4 |
Accumulated benefit obligation at end of year | 359.5 | 356.6 | |
Plan assets: | |||
Beginning of year | 351.6 | 343.5 | |
Actual return on plan assets | 32.2 | 38.6 | |
Currency translation | 0 | (0.5) | |
Benefits paid | (23.5) | (23.9) | |
End of year | 360.4 | 351.6 | $ 343.5 |
Accrued benefit cost at end of year: | |||
Unfunded status | 0.9 | (5) | |
Recognized on balance sheet: | |||
Pension asset | 0.9 | 0 | |
Other noncurrent liabilities | 0 | (5) | |
Amount recognized on balance sheet | 0.9 | (5) | |
Recognized in accumulated other comprehensive loss, before tax: | |||
Net actuarial loss (gain) | 74 | 78.4 | |
Recognized in accumulated other comprehensive loss, before tax | $ 74 | $ 78.4 |
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, 2020USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior year actuarial loss amortization to net periodic cost | $ 2.1 |
Other | 2.1 |
Pension Plan, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Balance at beginning of year | 78.4 |
Balance at beginning of year | 78.4 |
Actuarial gain | (1.6) |
Prior year service loss amortization to net periodic cost | (2.8) |
Balance at end of year | $ 74 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other | $ 2.1 | |||
Defined Benefit Plan, Amortization of Gain (Loss) | 2.8 | $ 1.9 | $ 3.2 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (2.8) | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 1.6 | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 74 | $ 78.4 | ||
Forecast [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ 2.5 |
Retirement Plans (Assumptions U
Retirement Plans (Assumptions Used) (Details) | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Weighted average used to determine benefit obligations: | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.84% | 3.26% | 4.37% |
Weighted average used to determine net periodic cost: | |||
Discount rate | 3.26% | 4.37% | 3.88% |
Expected return on plan assets | 5.00% | 4.93% | 4.68% |
Minimum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan Expected Return on Plan Assets Major Asset Classes Time Horizon | 10 |
Retirement Plans (Strategic All
Retirement Plans (Strategic Allocation of Plan Assets) (Details) | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |||
Actual asset allocations | ||||
Actual plan asset allocations | 100.00% | 100.00% | 100.00% | |
Equity Securities [Member] | ||||
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | 30.00% | ||
Actual asset allocations | ||||
Actual plan asset allocations | 21.00% | 19.00% | 21.00% | |
Fixed Income Securities [Member] | ||||
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | |||
Fixed Income Funds [Member] | ||||
Actual asset allocations | ||||
Actual plan asset allocations | 78.00% | 79.00% | 77.00% | |
Cash and Cash Equivalents [Member] | ||||
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |||
Actual asset allocations | ||||
Actual plan asset allocations | 1.00% | 2.00% | 2.00% | |
Minimum [Member] | Equity Securities [Member] | ||||
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | |||
Minimum [Member] | Fixed Income Funds [Member] | ||||
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 75.00% | |||
Minimum [Member] | Cash and Cash Equivalents [Member] | ||||
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |||
Maximum [Member] | Fixed Income Funds [Member] | ||||
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | |||
Maximum [Member] | Cash and Cash Equivalents [Member] | ||||
Strategic asset allocation | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% |
Retirement Plans (Fair Value As
Retirement Plans (Fair Value Asset Allocation) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 360.4 | $ 351.6 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10.7 | 14.3 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 349.7 | 337.3 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 76.8 | 66.4 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7.4 | 6.9 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 69.4 | 59.5 |
Large Cap Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29.8 | |
Large Cap Growth Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Large Cap Growth Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29.8 | |
Mid- Cap Growth Funds [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13.5 | 9.8 |
Mid- Cap Growth Funds [Member] [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mid- Cap Growth Funds [Member] [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13.5 | 9.8 |
Large Cap Index Funds [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 32.8 | |
Large Cap Index Funds [Member] [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Large Cap Index Funds [Member] [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 32.8 | |
Small Cap Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12.7 | 9.6 |
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 | 12.7 | 9.6 |
Mutual Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7.4 | 6.9 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7.4 | 6.9 |
Mutual Fund [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 | 10.4 | 10.3 |
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 | 10.4 | 10.3 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 280.3 | 277.8 |
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 | 280.3 | 277.8 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3.3 | 7.4 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3.3 | 7.4 |
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, 2020USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated benefit payments, CY plus 1 | $ 24.7 |
Estimated benefit payments, CY plus 2 | 24.5 |
Estimated benefit payments, CY plus 3 | 24.1 |
Estimated benefit payments, CY plus 4 | 23.7 |
Estimated benefit payments, CY plus 5 | 23.2 |
Estimated benefit payments, CY plus 6 and up | $ 108.2 |
Retirement Plans Schedule of Am
Retirement Plans Schedule of Amounts Expected to Amortize from AOCI to net income in the coming year (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (2.8) | $ (1.9) | $ (3.2) | |
Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (2.5) |
Capital Stock (Details)
Capital Stock (Details) - shares | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Outstanding Shares [Roll Forward] | |||
Shares outstanding | 157,462,140 | 157,332,121 | 158,590,383 |
Exercised stock options | 534,291 | 726,636 | 851,628 |
Exercise of employee stock purchase plan | 182,971 | 167,806 | 150,669 |
Vesting of restricted stock units, net of shares withheld for taxes | 242,112 | 200,431 | 232,875 |
Treasury Stock, Shares, Acquired | (6,475) | ||
Shares outstanding | 158,064,750 | 157,462,140 | 157,332,121 |
Stock repurchased under buyback program | (418,374) | (1,074,234) | (2,573,475) |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 109,380 | ||
Performance Shares [Member] | |||
Outstanding Shares [Roll Forward] | |||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 93,647,000,000 | 181,065 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 61,610 | 86,516 |
Stock-based Compensation Plan_2
Stock-based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 24, 2020 | Jan. 28, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 14, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 267,298 | 106,896 | 214,435 | ||||
Weighted-average recognition period, Compensation expense related to stock awards not yet vested | 1 year 5 months 26 days | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 7.6 | ||||||
Number of shares authorized under a Plan | 20,500,000 | ||||||
Shares available for future grants under a Plan | 6,575,797 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Share-based Compensation, Expected Forfeiture Rate | 2.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 7,498 | 2,763 | |||||
Share-based Payment Arrangement, 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 | ||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 118,908 | 132,289 | 170,675 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 188,973 | 180,747 | 163,199 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.16 | $ 11.39 | $ 12.12 | $ 11.36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 10.39 | ||||||
Share-based compensation liability | $ 2.2 | ||||||
Employee Stock [Member] | |||||||
Number of shares authorized under a Plan | 5,800,000 | ||||||
Shares available for future grants under a Plan | 2,400,158 | ||||||
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] | |||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 93,647,000,000 | 181,065 | |||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 295,241 | 259,107 | 342,038 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 301,979 | 233,830 | 276,658 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.41 | $ 11.31 | $ 12.14 | $ 11.23 | |||
Minimum [Member] | Performance Shares [Member] | |||||||
Performance Factor | 0.00% | ||||||
Maximum [Member] | Performance Shares [Member] | |||||||
Performance Factor | 200.00% |
Stock-based Compensation Plan_3
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, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Decrease in operating income | $ 7.2 | $ 5.5 | $ 6.4 |
Effect on net income or loss | $ (5) | $ (4.3) | $ (4) |
Effect on earnings or loss per basic share | $ (0.03) | $ (0.03) | $ (0.03) |
Effect on earnings or loss per diluted share | $ (0.03) | $ (0.03) | $ (0.03) |
Stock-based Compensation Plan_4
Stock-based Compensation Plans (Schedule of Share-based Compensation, Restricted Stock Units Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 24, 2020 | Jan. 28, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
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 | 7,498 | 2,763 | ||||
Granted, Weighted average grant date fair value per share | $ 18.17 | $ 16.76 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs, Outstanding, Number | 408,506 | 437,022 | 481,562 | 625,830 | ||
Outstanding, Weighted average grant date fair value per share | $ 11.41 | $ 11.31 | $ 12.14 | $ 11.23 | ||
Outstanding, Weighted average remaining contractual term | 9 months 18 days | 10 months 24 days | 1 year | 10 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 301,979 | 233,830 | 276,658 | |||
Granted, Weighted average grant date fair value per share | $ 11.55 | $ 10.10 | $ 12.20 | |||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 295,241 | 259,107 | 342,038 | |||
RSUs, Vested in Period, Weighted Average Grant Date Fair Value | $ 11.40 | $ 11.75 | $ 10.84 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3.4 | $ 2.6 | $ 4.2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (35,254) | (19,263) | (78,888) | |||
Canceled, Weighted average grant date fair value per share | $ 11.48 | $ 11.43 | $ 11.41 |
Stock-based Compensation Plan_5
Stock-based Compensation Plans (Schedule of Shared-Based Compensation, Performance Units (Details) - $ / shares | Feb. 24, 2020 | Jan. 28, 2020 | Dec. 03, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
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 | 7,498 | 2,763 | |||||||||||||||
Dividend yield | 1.73% | 1.76% | |||||||||||||||
Risk-free interest rate | 1.23% | 1.44% | |||||||||||||||
Expected life (years) | 2 years 7 months 6 days | 2 years 8 months 1 day | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 109,380 | ||||||||||||||||
Granted, Weighted average grant date fair value per share | $ 18.17 | $ 16.76 | |||||||||||||||
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 Weighted Aggregate Outstanding at September 30, 2017 625,830 $ 11.23 0.9 Granted 276,658 12.20 Vested (342,038) 10.84 $ 4.2 Cancelled (78,888) 11.41 Outstanding at September 30, 2018 481,562 12.14 1.0 Granted 233,830 10.10 Vested (259,107) 11.75 2.6 Cancelled (19,263) 11.43 Outstanding at September 30, 2019 437,022 11.31 0.9 Granted 301,979 11.55 Vested (295,241) 11.40 3.4 Cancelled (35,254) 11.48 Outstanding at September 30, 2020 408,506 11.41 0.8 | ||||||||||||||||
Performance Shares [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 61,610 | 86,516 | |||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 93,647,000,000 | 181,065 | |||||||||||||||
Market Based Performance Shares 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 | 147,213 | ||||||||||||||||
Dividend yield | 1.87% | ||||||||||||||||
Risk-free interest rate | 1.53% | ||||||||||||||||
Expected life (years) | 2 years 9 months 29 days | ||||||||||||||||
Granted, Weighted average grant date fair value per share | $ 14.94 | ||||||||||||||||
Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [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 | 57,092 | ||||||||||||||||
2016 [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, Nonvested, Weighted Average Grant Date Fair Value | $ 12.50 | $ 13.26 | |||||||||||||||
2016 [Member] | PRSU base units [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, Nonvested, Weighted Average Grant Date Fair Value | $ 9.38 | ||||||||||||||||
2016 [Member] | Share-based Payment Arrangement, Tranche One [Member] | Performance Shares [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 102.10% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 75,375 | ||||||||||||||||
2016 [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [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 | 77,823 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (3,998) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 73,825 | ||||||||||||||||
2016 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Performance Shares [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 100.00% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 73,827 | ||||||||||||||||
2016 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [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 | 77,824 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (3,997) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 73,827 | ||||||||||||||||
2016 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Performance Shares [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 135.70% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 21,689 | ||||||||||||||||
2016 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [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 | 77,824 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (61,841) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 15,983 | ||||||||||||||||
2017 member [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, Nonvested, Weighted Average Grant Date Fair Value | $ 10.53 | $ 12.50 | $ 13.26 | ||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 100.00% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 54,006 | ||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [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 | 59,285 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (5,279) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 54,006 | ||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 135.70% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 26,294 | ||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [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 | 59,286 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (39,910) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,376 | ||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 64.50% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 12,501 | ||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [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 | 59,290 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (39,909) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,381 | ||||||||||||||||
January 23, 2017 [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, Nonvested, Weighted Average Grant Date Fair Value | $ 13.15 | ||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 100.00% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 19,012 | ||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [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 | 19,012 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,012 | ||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 135.70% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 25,798 | ||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [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 | 19,011 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,011 | 19,011 | |||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 64.50% | ||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 12,263 | ||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [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 | 19,011 | ||||||||||||||||
November 28, 2017 [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, Nonvested, Weighted Average Grant Date Fair Value | $ 11.26 | $ 10.53 | $ 12.50 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 35,425 | 52,299 | |||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 135.70% | ||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [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, Forfeited in Period | 0 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 57,092 | ||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 64.50% | ||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [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 | 57,092 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (4,793) | ||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 90.90% | ||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [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 | 57,104 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (21,679) | ||||||||||||||||
November 27, 2018 [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, Nonvested, Weighted Average Grant Date Fair Value | $ 11.26 | $ 10.53 | |||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, 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, Nonvested, Number | 102,203 | ||||||||||||||||
Performance Factor | 64.50% | ||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [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 | 110,954 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (8,751) | ||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, 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, Nonvested, Number | 97,772 | ||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [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 | 110,954 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (13,182) | ||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, 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, Nonvested, Number | 84,483 | ||||||||||||||||
Performance Factor | 90.90% | ||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [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 | 110,967 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (26,484) | ||||||||||||||||
December 3, 2019 | |||||||||||||||||
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, Nonvested, Weighted Average Grant Date Fair Value | $ 11.26 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 60,019 | ||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, 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, Nonvested, Number | 67,241 | ||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [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 | 69,988 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (2,747) | ||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, 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, Nonvested, Number | 60,019 | ||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [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 | 69,989 | ||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Performance Factor | 90.90% | ||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [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 | 69,989 | ||||||||||||||||
Forecast [Member] | November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 77,474 | ||||||||||||||||
Forecast [Member] | November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 33,733 | ||||||||||||||||
Forecast [Member] | November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 32,202 | ||||||||||||||||
Forecast [Member] | November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 65,921 | ||||||||||||||||
Forecast [Member] | November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 88,875 | ||||||||||||||||
Forecast [Member] | December 3, 2019 | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 61,123 | ||||||||||||||||
Forecast [Member] | December 3, 2019 | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [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, Forfeited in Period | (9,970) | ||||||||||||||||
Forecast [Member] | December 3, 2019 | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [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, Forfeited in Period | (9,970) |
Stock-based Compensation Plan_6
Stock-based Compensation Plans (Schedule of Share-based Compensation. Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, shares | 862,390 | 1,589,026 | 2,440,654 | |
Outstanding, Weighted average exercise price (per share) | $ 6.11 | $ 4.89 | $ 5.03 | $ 5.72 |
Outstanding, Weighted average remaining contractual term, years | 2 years 3 months 18 days | 2 years | 1 year 10 months 24 days | 2 years 6 months |
Outstanding, Aggregate intrinsic value | $ 1.4 | $ 5.5 | $ 10.3 | $ 17.3 |
Exercised, shares | (534,291) | (726,636) | (851,628) | |
Exercised, Weighted average exercise price (per share) | $ 4.15 | $ 5.20 | $ 7 | |
Exercised, Aggregate intrinsic value | $ 3.3 | $ 4.4 | $ 3.8 | |
Canceled, shares | 0 | 0 | 0 | |
Canceled, Weighted average exercise price (per share) | $ 0 | $ 0 | $ 0 | |
Stock Options, Exercisable, Number | 328,099 | |||
Exercisable, Weighted average exercise price (per share) | $ 6.11 | |||
Exercisable, Weighted average remaining contractual term, years | 2 years 3 months 18 days | |||
Exercisable, Aggregate intrinsic value | $ 1.4 | |||
Outstanding, shares | 328,099 | 862,390 | 1,589,026 | 2,440,654 |
Stock-based Compensation Plan_7
Stock-based Compensation Plans Schedule of Share-based Compensation, Option Disclosures by Ranges of Exercise Prices (Details) | 12 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 328,099 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 6.11 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days |
Stock Options, Exercisable, Number | shares | 328,099 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 6.11 |
Exercise Price Range 1 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 129,949 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 3.19 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 9 months 18 days |
Stock Options, Exercisable, Number | shares | 129,949 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 3.19 |
Exercise Price Range 2 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 198,150 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 8.02 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 3 months 18 days |
Stock Options, Exercisable, Number | shares | 198,150 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 8.02 |
Minimum [Member] | Exercise Price Range 1 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Lower Range Limit | 0 |
Minimum [Member] | Exercise Price Range 2 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Lower Range Limit | 5 |
Maximum [Member] | Exercise Price Range 1 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Upper Range Limit | 4.99 |
Maximum [Member] | Exercise Price Range 2 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Upper Range Limit | $ 9.99 |
Stock-based Compensation Plan_8
Stock-based Compensation Plans (Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions) (Details) | Feb. 24, 2020 | Jan. 28, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.23% | 1.44% |
Dividend yield | 1.73% | 1.76% |
Expected life (years) | 2 years 7 months 6 days | 2 years 8 months 1 day |
Stock-based Compensation Plan_9
Stock-based Compensation Plans (Schedule of Share-based Compensation, Phantom Award Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 24, 2020 | Jan. 28, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
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 | 7,498 | 2,763 | ||||
Granted, Weighted average grant date fair value per share | $ 18.17 | $ 16.76 | ||||
Phantom Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Outstanding, shares | 256,154 | 262,773 | 352,007 | |||
Outstanding, Weighted average grant date fair value per share | $ 11.16 | $ 11.39 | $ 12.12 | $ 11.36 | ||
Outstanding, Weighted average remaining contractual term | 10 months 24 days | 10 months 24 days | 7 months 6 days | 10 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 188,973 | 180,747 | 163,199 | |||
Granted, Weighted average grant date fair value per share | $ 11.26 | $ 10.53 | $ 12.40 | |||
Vested, shares | (118,908) | (132,289) | (170,675) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1.3 | $ 1.4 | $ 2.1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (11,744) | (55,077) | (81,758) | |||
Canceled, Weighted average grant date fair value per share | $ 11.23 | $ 11.61 | $ 12.10 | |||
Outstanding, shares | 314,475 | 256,154 | 262,773 | 352,007 |
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, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 265.3 | $ 228.5 | $ 257.7 | $ 212.6 | $ 266.9 | $ 274.3 | $ 234 | $ 192.8 | $ 964.1 | $ 968 | $ 916 |
Intangible Assets, Net (Including Goodwill) | 508.7 | 529.4 | 508.7 | 529.4 | |||||||
Total assets | 1,395 | 1,337.3 | $ 1,395 | 1,337.3 | |||||||
Document Period End Date | Sep. 30, 2020 | ||||||||||
Property, plant and equipment, net | 253.8 | 217.1 | $ 253.8 | 217.1 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | 234.7 | 201.3 | 234.7 | 201.3 | |||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | 12.8 | 9.7 | 12.8 | 9.7 | |||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Property, plant and equipment, net | 6.3 | 6.1 | 6.3 | 6.1 | |||||||
Mueller Co. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 885.5 | 871 | 818.8 | ||||||||
Intangible Assets, Net (Including Goodwill) | 490.8 | 508.2 | 490.8 | 508.2 | |||||||
Total assets | 1,149.8 | 1,107.8 | 1,149.8 | 1,107.8 | |||||||
Mueller Co. [Member] | Central Region [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 222.2 | 214.2 | |||||||||
Mueller Co. [Member] | United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 788.9 | 772.8 | |||||||||
Mueller Co. [Member] | Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 65.5 | 69 | |||||||||
Mueller Co. [Member] | Northeast Region [Member] [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 187.5 | 183.1 | |||||||||
Mueller Co. [Member] | Southeast Region [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 162.3 | 162.7 | |||||||||
Mueller Co. [Member] | Western Region [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 216.9 | 212.8 | |||||||||
Mueller Co. [Member] | Other International Locations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 31.1 | 29.2 | |||||||||
Mueller Technologies [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 78.6 | 97 | 97.2 | ||||||||
Intangible Assets, Net (Including Goodwill) | 17.9 | 21.2 | 17.9 | 21.2 | |||||||
Total assets | 93.2 | 100.3 | 93.2 | 100.3 | |||||||
Mueller Technologies [Member] | Central Region [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 18.7 | 27.8 | |||||||||
Mueller Technologies [Member] | United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 74.1 | 92 | |||||||||
Mueller Technologies [Member] | Northeast Region [Member] [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 19.7 | 20.4 | |||||||||
Mueller Technologies [Member] | Southeast Region [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 22.1 | 33.5 | |||||||||
Mueller Technologies [Member] | Western Region [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 13.6 | 10.3 | |||||||||
Mueller Technologies [Member] | Other International Locations [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 4.5 | 5 | |||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Ferguson Enterprises | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Accounts and Other Receivables, Net, Current | 26.1 | $ 25.8 | 26.1 | $ 25.8 | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | HDS IP Holdings, LLC [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Accounts and Other Receivables, Net, Current | $ 37.1 | $ 37.1 | $ 31.9 | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | Major Customers, Group One | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
10 largest customers | 53.00% | 53.00% | 54.00% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | Major Customers, Group Two | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
10 largest customers | 34.00% | 34.00% | 34.00% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | Ferguson Enterprises | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
10 largest customers | 17.00% | 18.00% | 19.00% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | Ferguson Enterprises | Mueller Co. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
10 largest customers | 16.00% | 17.00% | 18.00% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | Ferguson Enterprises | Mueller Technologies [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
10 largest customers | 22.00% | 30.00% | 28.00% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | HDS IP Holdings, LLC [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
10 largest customers | 17.00% | 16.00% | 15.00% | ||||||||
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | HDS IP Holdings, LLC [Member] | Mueller Co. [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
10 largest customers | 19.00% | 18.00% | 17.00% |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020USD ($)business_segments | Sep. 30, 2019USD ($) | Sep. 30, 2018 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | business_segments | 2 | ||
Revenue, Major Customer [Line Items] | |||
Receivables, net | $ 180.8 | $ 172.8 | |
Intangible Assets, Net (Including Goodwill) | 508.7 | 529.4 | |
Total assets | $ 1,395 | 1,337.3 | |
Document Period End Date | Sep. 30, 2020 | ||
Mueller Co. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | $ 490.8 | 508.2 | |
Total assets | 1,149.8 | 1,107.8 | |
Mueller Technologies [Member] | |||
Revenue, Major Customer [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | 17.9 | 21.2 | |
Total assets | $ 93.2 | $ 100.3 | |
Customer Concentration Risk [Member] | Major Customers, Group One | Sales Revenue, Goods, Gross [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 53.00% | 53.00% | 54.00% |
Customer Concentration Risk [Member] | Major Customers, Group Two | Sales Revenue, Goods, Gross [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 34.00% | 34.00% | 34.00% |
Customer Concentration Risk [Member] | Ferguson Enterprises | Sales Revenue, Goods, Gross [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 17.00% | 18.00% | 19.00% |
Customer Concentration Risk [Member] | Ferguson Enterprises | Sales Revenue, Goods, Gross [Member] | Mueller Co. [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 16.00% | 17.00% | 18.00% |
Customer Concentration Risk [Member] | Ferguson Enterprises | Sales Revenue, Goods, Gross [Member] | Mueller Technologies [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 22.00% | 30.00% | 28.00% |
Customer Concentration Risk [Member] | HDS IP Holdings, LLC [Member] | Sales Revenue, Goods, Gross [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 17.00% | 16.00% | 15.00% |
Customer Concentration Risk [Member] | HDS IP Holdings, LLC [Member] | Sales Revenue, Goods, Gross [Member] | Mueller Co. [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 19.00% | 18.00% | 17.00% |
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, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | $ 265.3 | $ 228.5 | $ 257.7 | $ 212.6 | $ 266.9 | $ 274.3 | $ 234 | $ 192.8 | $ 964.1 | $ 968 | $ 916 |
Operating income | 40.7 | $ 20 | $ 35.8 | $ 20.3 | 39 | $ 47.2 | $ 22.2 | $ 15.9 | 116.8 | 124.3 | 121.7 |
Depreciation and amortization | 57.8 | 53 | 43.7 | ||||||||
2016 | 13 | 16.3 | 10.5 | ||||||||
Capital expenditures | (67.7) | (86.6) | (55.7) | ||||||||
Property, plant and equipment, net | 253.8 | 217.1 | 253.8 | 217.1 | |||||||
Total assets | 1,395 | 1,337.3 | $ 1,395 | 1,337.3 | |||||||
Document Period End Date | Sep. 30, 2020 | ||||||||||
Intangible Assets, Net (Including Goodwill) | 508.7 | 529.4 | $ 508.7 | 529.4 | |||||||
Mueller Co. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 885.5 | 871 | 818.8 | ||||||||
Operating income | 186.7 | 182.3 | 180.1 | ||||||||
Depreciation and amortization | 49.1 | 44.8 | 37.4 | ||||||||
2016 | 0.6 | 1.7 | 0.1 | ||||||||
Capital expenditures | (64.5) | (80.4) | (47.3) | ||||||||
Total assets | 1,149.8 | 1,107.8 | 1,149.8 | 1,107.8 | |||||||
Intangible Assets, Net (Including Goodwill) | 490.8 | 508.2 | 490.8 | 508.2 | |||||||
Mueller Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 78.6 | 97 | 97.2 | ||||||||
Operating income | (13.1) | (8.7) | (24.4) | ||||||||
Depreciation and amortization | 8.5 | 7.9 | 6.1 | ||||||||
2016 | 0.1 | 0 | 0.1 | ||||||||
Capital expenditures | (2.8) | (5.5) | (8.3) | ||||||||
Total assets | 93.2 | 100.3 | 93.2 | 100.3 | |||||||
Intangible Assets, Net (Including Goodwill) | 17.9 | 21.2 | 17.9 | 21.2 | |||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 0 | 0 | 0 | ||||||||
Operating income | (56.8) | (49.3) | (34) | ||||||||
Depreciation and amortization | 0.2 | 0.3 | 0.2 | ||||||||
2016 | 12.3 | 14.6 | 10.3 | ||||||||
Capital expenditures | (0.4) | (0.7) | $ (0.1) | ||||||||
Total assets | 152 | 129.2 | 152 | 129.2 | |||||||
Intangible Assets, Net (Including Goodwill) | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019CAD ($) | Sep. 30, 2018USD ($) | |
Loss Contingency, Damages Sought, Value | $ 10 | |||
Document Period End Date | Sep. 30, 2020 | |||
Product Warranty Expense | $ 2.6 | $ 3.9 | $ 18.7 | |
Accrued settlements | 0.2 | 0.2 | ||
Estimated Insurance Recoveries | 5 | |||
Accrued settlements | 0.2 | $ 0.2 | ||
Siemens [Member] | ||||
Accrued settlements | 10 | |||
Accrued settlements | $ 10 | |||
Product Concentration Risk [Member] | ||||
Product Warranty Expense | $ 14.1 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 20, 2020 | Nov. 10, 2020 | Oct. 23, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Subsequent Event [Line Items] | ||||||
Dividends declared, in dollars per share | $ 0.2100 | $ 0.2025 | $ 0.1900 | |||
Stock Repurchased During Period, Shares | 418,374 | 1,074,234 | 2,573,475 | |||
Stock Repurchased During Period, Value | $ 5 | $ 10 | $ 30 | |||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends Payable, Date Declared | Oct. 23, 2020 | |||||
Dividends declared, in dollars per share | $ 0.0550 | |||||
Dividends Payable, Date to be Paid | Nov. 20, 2020 | |||||
Dividends Payable, Date of Record | Nov. 10, 2020 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Expense | $ 6.3 | $ 5.8 | $ 6.4 |
Finance Lease, Right-of-Use Asset, Amortization | 1.3 | 1 | 0.8 |
Total lease expense | 7.6 | 6.8 | $ 7.2 |
Operating Lease, Payments | 6.1 | ||
Finance Lease, Principal Payments | 1.3 | ||
Operating Lease, Right-of-Use Asset | 25.6 | 0 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 2.5 | ||
Total Right of Use Assets | 28.1 | ||
Operating lease liability | 4 | 0 | |
Operating Lease, Liability, Noncurrent | 23.3 | $ 0 | |
Finance Lease, Liability, Current | 1.1 | ||
Finance Lease, Liability, Noncurrent | 1.4 | ||
Total Lease Liabilities | $ 29.8 | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 10 months 13 days | ||
Finance Lease, Weighted Average Remaining Lease Term | 2 years 6 months 7 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 5.64% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 4.96% | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 5.5 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 4.8 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 4.3 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 4.1 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Five | 3.7 | ||
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 12.5 | ||
Lessee, Operating Lease, Liability, to be Paid | 34.9 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 7.6 | ||
Operating Lease, Liability | 27.3 | ||
Finance Lease, Liability, to be Paid, Year One | 1.2 | ||
Finance Lease, Liability, to be Paid, Year Two | 0.9 | ||
Finance Lease, Liability, to be Paid, Year Three | 0.5 | ||
Finance Lease, Liability, to be Paid, Year Four | 0.1 | ||
Finance Lease, Liability, to be Paid, Year Five | 0 | ||
Finance Lease, Liability, to be Paid, after Year Five | 0 | ||
Finance Lease, Liability, Payment, Due | 2.7 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 0.2 | ||
Finance Lease, Liability | $ 2.5 | ||
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow information is presented below. 2020 2019 2018 (in millions) Cash paid, net: Interest $ 24.3 $ 22.2 $ 8.9 Income taxes $ 15.3 $ 29.1 $ 10.7 |
Other Income and Expenses (Deta
Other Income and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Nonrecurring Expense | $ 0.9 | $ 5.1 | |
Research and Development Expense | 15 | 14.3 | $ 11.6 |
Advertising Expense | 3.3 | 7.1 | 7.1 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0.6 |
Interest Costs Capitalized | (0.3) | (3) | 0 |
Interest Expense, Other | (0.3) | (0.2) | (0.6) |
Interest Expense | 26.6 | 23.3 | 25.3 |
Interest Income, Other | (1.1) | (3.5) | (4.4) |
Interest expense, net | 25.5 | 19.8 | 20.9 |
Amortization of Debt Issuance Costs | 1.2 | 1.2 | 1.6 |
5.5% Senior Notes | |||
Interest Expense, Debt | 24.8 | 24.8 | 7.5 |
Secured Debt [Member] | |||
Interest Expense, Debt | 0 | 0 | 14.4 |
ABL Agreement | |||
Interest Expense, Debt | 0.6 | 0.6 | $ 0.6 |
Project A [Member] | |||
Restructuring Costs | 0.5 | $ 4.3 | |
Project R [Member] | |||
Restructuring Costs | $ 2.5 |