Cover
Cover - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Sep. 30, 2021 | Oct. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | |
Cover [Abstract] | ||||
Document Type | 10-K | |||
Document Annual Report | true | |||
Document Period End Date | Sep. 30, 2021 | |||
Document Transition Report | false | |||
Entity File Number | 001-38272 | |||
Entity Registrant Name | EVOQUA WATER TECHNOLOGIES CORP. | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 46-4132761 | |||
Entity Address, Address Line One | 210 Sixth Avenue | |||
Entity Address, City or Town | Pittsburgh, | |||
Entity Address, State or Province | PA | |||
Entity Address, Postal Zip Code | 15222 | |||
City Area Code | 724 | |||
Local Phone Number | 772-0044 | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |||
Trading Symbol | AQUA | |||
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 | |||
ICFR Auditor Attestation Flag | true | |||
Entity Shell Company | false | |||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | ||
Entity Public Float | $ 3,100 | |||
Entity Common Stock, Shares Outstanding | 120,587,273 | |||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement (the “Proxy Statement”) for its annual meeting of shareholders to be held in February 2022, are incorporated by reference into Part III of this Report. The Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. | |||
Amendment Flag | false | |||
Document Fiscal Period Focus | FY | |||
Document Fiscal Year Focus | 2021 | |||
Entity Central Index Key | 0001604643 | |||
Current Fiscal Year End Date | --09-30 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
ASSETS | ||
Current assets | $ 678,458 | $ 695,712 |
Cash and cash equivalents | 146,244 | 193,001 |
Receivables, net | 277,995 | 260,479 |
Inventories, net | 158,503 | 142,379 |
Contract assets | 72,746 | 80,759 |
Prepaid and other current assets | 21,871 | 18,715 |
Income tax receivable | 1,099 | 379 |
Property, plant, and equipment, net | 374,988 | 364,461 |
Goodwill | 407,376 | 397,205 |
Intangible assets, net | 290,075 | 309,967 |
Deferred income taxes, net of valuation allowance | 8,285 | 3,639 |
Operating Lease, Right-of-Use Asset | 45,521 | 45,965 |
Other non‑current assets | 64,188 | 27,509 |
Total assets | 1,868,891 | 1,844,458 |
LIABILITIES AND EQUITY | ||
Current liabilities | 405,989 | 349,555 |
Accounts payable | 164,535 | 153,890 |
Current portion of debt, net of deferred financing fees and discounts | 12,775 | 14,339 |
Contract liabilities | 55,883 | 26,259 |
Product warranties | 8,138 | 6,115 |
Accrued expenses and other liabilities | 160,367 | 143,389 |
Income tax payable | 4,291 | 5,563 |
Non‑current liabilities | 880,683 | 1,012,840 |
Long‑term debt, net of deferred financing fees and discounts | 730,430 | 861,695 |
Product warranties | 2,966 | 1,724 |
Obligations under operating leases, excluding current installments | 37,935 | 37,796 |
Other non‑current liabilities | 92,909 | 98,456 |
Deferred income taxes | 16,443 | 13,169 |
Total liabilities | 1,286,672 | 1,362,395 |
Commitments and Contingencies | ||
Shareholders’ equity | ||
Common Stock, Value, Issued | 1,223 | 1,189 |
Treasury Stock, Value | (2,837) | (2,837) |
Additional paid‑in capital | 582,052 | 564,928 |
Retained deficit | (11,182) | (62,664) |
Accumulated other comprehensive income (loss), net of tax | 11,415 | (20,472) |
Total Evoqua Water Technologies Corp. equity | 580,671 | 480,144 |
Non‑controlling interest | 1,548 | 1,919 |
Total shareholders’ equity | 582,219 | 482,063 |
Total liabilities and shareholders’ equity | $ 1,868,891 | $ 1,844,458 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares, Issued | 122,173,000 | 119,486,000 |
Common Stock, Shares, Outstanding | 120,509,000 | 117,291,000 |
Treasury Stock, Shares | 1,664,000 | 2,195,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues [Abstract] | |||
Sales to external customers | $ 1,464,429 | $ 1,429,456 | $ 1,444,441 |
Cost of Revenue [Abstract] | |||
Cost of product sales and services | (1,007,077) | (979,653) | (1,018,479) |
Gross profit | 457,352 | 449,803 | 425,962 |
Operating Expenses [Abstract] | |||
General and administrative expense | (206,455) | (192,597) | (217,013) |
Sales and marketing expense | (143,110) | (136,167) | (138,936) |
Research and development expense | (13,445) | (13,198) | (15,300) |
Total operating expenses | (363,010) | (341,962) | (371,249) |
Other operating income | 5,743 | 61,662 | 5,613 |
Other operating expense | (768) | (1,055) | (654) |
Income before interest expense and income taxes | 99,317 | 168,448 | 59,672 |
Interest expense | (37,575) | (46,682) | (58,556) |
Income before income taxes | 61,742 | 121,766 | 1,116 |
Income tax expense | (10,080) | (7,371) | (9,587) |
Net income (loss) | 51,662 | 114,395 | (8,471) |
Net income attributable to non‑controlling interest | 180 | 746 | 1,052 |
Net income (loss) attributable to Evoqua Water Technologies Corp. | $ 51,482 | $ 113,649 | $ (9,523) |
Basic income (loss) per common share | $ 0.43 | $ 0.97 | $ (0.08) |
Diluted income (loss) per common share | $ 0.42 | $ 0.94 | $ (0.08) |
Product | |||
Revenues [Abstract] | |||
Sales to external customers | $ 861,026 | $ 839,857 | $ 851,161 |
Cost of Revenue [Abstract] | |||
Cost of product sales and services | (607,693) | (588,264) | (615,171) |
Service | |||
Revenues [Abstract] | |||
Sales to external customers | 603,403 | 589,599 | 593,280 |
Cost of Revenue [Abstract] | |||
Cost of product sales and services | $ (399,384) | $ (391,389) | $ (403,308) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 51,662 | $ 114,395 | $ (8,471) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustments | 21,672 | (2,830) | 1,507 |
Unrealized derivative gain (loss) on cash flow hedges, net of tax | 7,293 | (4,717) | 74 |
Change in pension liability, net of tax | 2,922 | 79 | (5,568) |
Total other comprehensive income (loss) | 31,887 | (7,468) | (3,987) |
Less: Comprehensive income attributable to non‑controlling interest | (180) | (746) | (1,052) |
Comprehensive income (loss) attributable to Evoqua Water Technologies Corp. | $ 83,369 | $ 106,181 | $ (13,510) |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid‑in Capital | Retained Deficit | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRetained Deficit |
Common stock issued at the beginning of the period (shares) at Sep. 30, 2018 | 115,016,000 | ||||||||
Stockholders' equity, balance at the beginning of the period at Sep. 30, 2018 | $ 362,016 | $ 1,145 | $ (2,837) | $ 533,435 | $ (163,871) | $ (9,017) | $ 3,161 | $ (1,582) | $ (1,582) |
Treasury stock, balance at the beginning of the period (shares) at Sep. 30, 2018 | 1,087,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Equity based compensation expense | 19,903 | 19,903 | |||||||
Issuance of common stock (shares) | 108,000 | ||||||||
Shares withheld related to net share settlement (including tax withholdings) | $ 0 | ||||||||
Shares of common stock issued in initial public offering, net of offering costs | 363 | 363 | |||||||
Dividends paid to non‑controlling interest | (1,150) | (1,150) | |||||||
Net income (loss) | (8,471) | (9,523) | 1,052 | ||||||
Shares withheld related to net share settlement (including tax withholdings) (shares) | 884,000 | 577,000 | |||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (1,270) | $ 9 | (1,279) | ||||||
Common stock issued at the end of the period (shares) at Sep. 30, 2019 | 116,008,000 | ||||||||
Stockholders' equity, balance at the end of the period at Sep. 30, 2019 | 365,822 | $ 1,154 | $ (2,837) | 552,422 | (174,976) | (13,004) | 3,063 | $ (1,337) | |
Treasury stock, balance at the end of the period (shares) at Sep. 30, 2019 | 1,664,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (3,987) | ||||||||
Equity based compensation expense | 10,509 | 10,509 | |||||||
Issuance of common stock (shares) | 3,478,000 | 531,000 | |||||||
Shares withheld related to net share settlement (including tax withholdings) | 18,927 | $ 35 | 18,892 | ||||||
Dividends paid to non‑controlling interest | (1,890) | (1,890) | |||||||
Net income (loss) | $ 114,395 | 113,649 | 746 | ||||||
Common stock issued at the end of the period (shares) at Sep. 30, 2020 | 119,486,000 | 119,486,000 | |||||||
Stockholders' equity, balance at the end of the period at Sep. 30, 2020 | $ 482,063 | $ 1,189 | $ (2,837) | 564,928 | (62,664) | (20,472) | 1,919 | ||
Treasury stock, balance at the end of the period (shares) at Sep. 30, 2020 | 2,195,000 | 2,195,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Other Comprehensive Income (Loss), Net of Tax | $ (7,468) | ||||||||
Divestiture of Lange product line | (16,895) | ||||||||
Equity based compensation expense | 15,524 | 15,524 | |||||||
Issuance of common stock (shares) | 2,687,000 | (531,000) | |||||||
Shares withheld related to net share settlement (including tax withholdings) | 1,634 | $ 34 | 1,600 | ||||||
Dividends paid to non‑controlling interest | (551) | (551) | |||||||
Net income (loss) | $ 51,662 | 51,482 | |||||||
Common stock issued at the end of the period (shares) at Sep. 30, 2021 | 122,173,000 | 122,173,000 | |||||||
Stockholders' equity, balance at the end of the period at Sep. 30, 2021 | $ 582,219 | $ 1,223 | $ (2,837) | $ 582,052 | $ (11,182) | $ 11,415 | $ 1,548 | ||
Treasury stock, balance at the end of the period (shares) at Sep. 30, 2021 | 1,664,000 | 1,664,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Other Comprehensive Income (Loss), Net of Tax | $ 31,887 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 146,244 | $ 193,001 | $ 109,881 |
Operating activities | |||
Net income (loss) | 51,662 | 114,395 | (8,471) |
Reconciliation of net income to cash flows provided by operating activities: | |||
Depreciation and amortization | 113,664 | 107,268 | 98,236 |
Amortization of Debt Issuance Costs | 3,280 | 4,026 | 2,612 |
Deferred income taxes | (2,363) | (1,234) | 1,948 |
Share-based compensation | 15,524 | 10,509 | 19,903 |
Loss (gain) on sale of property, plant, and equipment | 1,287 | 950 | (932) |
Loss (gain) on sale of business | 193 | (68,051) | 0 |
Foreign currency exchange (gains) losses on intercompany loans and other non-cash items | (1,094) | (8,202) | 10,713 |
Changes in assets and liabilities | |||
Accounts receivable | (13,281) | (6,844) | (13,235) |
Inventories | (15,985) | (7,604) | (1,469) |
Contract assets | 8,426 | (4,136) | (23,827) |
Prepaids and other current assets | 260 | 2,088 | 9,447 |
Accounts payable | 9,824 | 8,017 | 9,408 |
Accrued expenses and other liabilities | 21,881 | 22,078 | (9,159) |
Contract liabilities | 28,447 | (12,556) | 21,311 |
Income taxes | (2,091) | 592 | (3,651) |
Other non‑current assets and liabilities | (40,929) | 15,730 | 12,362 |
Net cash provided by operating activities | 178,705 | 177,026 | 125,196 |
Investing activities | |||
Purchase of property, plant, and equipment | (75,293) | (88,456) | (88,869) |
Purchase of intangibles | (3,780) | (6,529) | (6,426) |
Proceeds from sale of property, plant, and equipment | 2,041 | 1,191 | 3,636 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | 897 | 118,894 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | (21,037) | (13,108) | (2,873) |
Net cash (used in) provided by investing activities | (97,172) | 11,992 | (94,532) |
Financing activities | |||
Issuance of debt, net of deferred issuance costs | 761,915 | 21,959 | 38,381 |
Borrowings under credit facility | 0 | 2,597 | 292,825 |
Repayment of debt | (898,024) | (117,131) | (307,809) |
Finance Lease, Principal Payments | (13,396) | (13,441) | (12,900) |
Payment of earn-out related to previous acquisitions | (170) | (470) | (461) |
Proceeds from issuance of common stock | 21,205 | 10,091 | 363 |
Taxes paid related to net share settlements of share-based compensation awards | (1,323) | (9,832) | (1,270) |
Cash paid for interest rate cap | 0 | 0 | (2,235) |
Distribution to non‑controlling interest | (551) | (1,890) | (1,150) |
Net cash (used in) provided by financing activities | (130,344) | (108,117) | 5,744 |
Effect of exchange rate changes on cash | 2,054 | 2,219 | (1,601) |
Cash and cash equivalents classified as held for sale | 0 | 0 | (7,291) |
Change in cash and cash equivalents | (46,757) | 83,120 | 27,516 |
Cash and cash equivalents | |||
Beginning of period | 109,881 | 82,365 | |
End of period | 109,881 | ||
Supplemental disclosure of cash flow information | |||
Cash paid for taxes | 14,194 | 8,427 | 10,340 |
Cash paid for interest | 26,502 | 38,680 | 52,786 |
Non‑cash investing and financing activities | |||
Accrued earn-out related to acquisitions | 0 | 204 | 0 |
Finance lease transactions | 14,351 | 12,600 | 18,640 |
Operating Lease Obligation Incurred | 12,894 | 23,727 | 0 |
Noncash put and mandatory call option | 8,305 | 7,739 | 0 |
Landlord incentives | 0 | 0 | 1,000 |
Cash divested with sale of business | $ 0 | $ 12,117 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2018 | |
Statement of Cash Flows [Abstract] | |||
Write off of Deferred Debt Issuance Cost | $ 1,333 | $ 1,795 | $ 0 |
Cash Acquired from Acquisition | $ 0 | $ 0 | $ 2,073 |
Description of the Company and
Description of the Company and Basis of Presentation | 12 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation Background Evoqua Water Technologies Corp. (referred to herein as the “Company” or “EWT”) is a holding company and does not conduct any business operations of its own. The Company was incorporated on October 7, 2013. On January 15, 2014, the Company acquired, through its wholly owned subsidiaries, EWT Holdings II Corp. (“EWT II”) and EWT Holdings III Corp. (“EWT III”), the Water Technologies business unit formerly owned by Siemens AG (“Siemens”). On November 6, 2017, the Company completed its initial public offering (“IPO”). On December 4, 2020, the Company completed a secondary public offering, pursuant to which 12,000 shares of common stock were sold by certain selling shareholders. On February 11, 2021, the Company completed an additional secondary public offering, pursuant to which 16,383 shares of common stock were sold by certain selling shareholders. Upon completion of these offerings, AEA Investors LP disposed of all of their shares of the Company’s common stock. The Company did not receive any proceeds from the sale of shares by the selling shareholders in either of these secondary public offerings. The Business EWT provides a wide range of product brands and advanced water and wastewater treatment systems and technologies, as well as mobile and emergency water supply solutions and service contract options through its branch network. Headquartered in Pittsburgh, Pennsylvania, EWT is a multinational corporation with operations in the United States (“U.S.”), Canada, the United Kingdom (“UK”), the Netherlands, Germany, Australia, the People’s Republic of China, Singapore, the Republic of Korea, and India. The Company is organizationally structured into two reportable operating segments for the purpose of making operational decisions and assessing financial performance: (i) Integrated Solutions and Services and (ii) Applied Product Technologies. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) from the accounting records of the Company and reflect the consolidated financial position and results of operations for the fiscal years ended September 30, 2021, 2020 and 2019. Unless otherwise specified, references in this section to a year refer to its fiscal year. All intercompany transactions have been eliminated. Unless otherwise specified, all dollar and share amounts in this section are referred to in thousands. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company’s fiscal year ends on September 30 of each year and references in this section to a year refer to the Company’s fiscal year. As such, references to: 2021 relates to the fiscal year ended September 30, 2021, 2020 relates to the fiscal year ended September 30, 2020 and 2019 relates to the fiscal year ended September 30, 2019. Correction of Immaterial Errors During the quarter ended March 31, 2021, the Company identified errors related to the reporting of tax remittances associated with certain equity awards, resulting in a classification error of $18,669 between additional paid in capital and accumulated other comprehensive loss. Management recorded the correction to additional paid in capital and accumulated other comprehensive balances during the quarter ended March 31, 2021. Management considered both the quantitative and qualitative factors within the provisions of SEC Staff Accounting Bulletin No. 99, Materiality , and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements . Based on evaluation of the errors, management has concluded that the prior period errors were immaterial to the previously issued financial statements. As a result of that classification error, management also identified a second, related immaterial classification error for the understatement of net cash provided by operating cash flows of $18,669 and an overstatement of net cash provided by financing activities of $18,669 for the period from October 1, 2019 to September 30, 2020. The Company has elected to voluntarily correct the identified immaterial classification error in the prior period Consolidated Statements of Changes to Cash Flows to enhance comparability. In doing so, balances in the Consolidated Statements of Changes to Cash Flows included in this Form 10-K have been adjusted to reflect the voluntary immaterial classification error correction of $18,669 between financing and operating in the prior period. Future filings that include prior periods will be corrected, as needed, when filed. The correction of the above classification errors did not have any effect on the Consolidated Statements of Operations in any of the periods previously presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on September 30. Use of Estimates The Consolidated Financial Statements have been prepared in conformity with GAAP and require management to make estimates and assumptions. These assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the audited Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used for, but not limited to: (i) revenue recognition; (ii) allowance for credit losses; (iii) inventory valuation, asset valuations, impairment, and recoverability assessments; (iv) depreciable lives of assets; (v) useful lives of intangible assets; (vi) income tax reserves and valuation allowances; and (vii) product warranty and litigation reserves. Estimates are revised as additional information becomes available. Actual results could differ from these estimates. Cash and Cash Equivalents Cash and cash equivalents are liquid investments with an original maturity of three or fewer months when purchased. Accounts Receivable Receivables are primarily comprised of uncollected amounts owed to the Company from transactions with customers and are reported on the Consolidated Balance Sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macroeconomic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Write‑offs are recorded at the time all collection efforts have been exhausted. The Company reviews its allowance for credit losses on a quarterly basis. Inventories Inventories are stated at the lower of cost or net realizable value, where cost is generally determined on the basis of an average or first‑in, first‑out (“FIFO”) method. Production costs comprise direct material and labor and applicable manufacturing overheads, including depreciation charges. The Company regularly reviews inventory quantities on hand and writes off excess or obsolete inventory based on estimated forecasts of product demand and production requirements. Manufacturing operations recognize cost of product sales using standard costing rates with overhead absorption which generally approximates actual cost. Property, Plant, and Equipment Property, plant, and equipment is valued at cost less accumulated depreciation. Depreciation expense is recognized using the straight‑line method. Useful lives are reviewed annually and, if expectations differ from previous estimates, adjusted accordingly. Estimated useful lives for major classes of depreciable assets are as follows: Asset Class Estimated Useful Life Machinery and equipment 3 to 20 years Buildings and improvements 10 to 40 years Leasehold improvements are depreciated over the shorter of their estimated useful life or the term of the lease. Costs related to maintenance and repairs that do not extend the assets’ useful life are expensed as incurred. Acquisitions Acquisitions are recorded using the purchase method of accounting. The purchase price of acquisitions is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. The excess of the acquisition price over those estimated fair values is recorded as goodwill. Changes to the acquisition date preliminary fair values prior to the expiration of the measurement period, a period not to exceed 12 months from date of acquisition, are recorded as an adjustment to the associated goodwill. Contingent consideration resulting from acquisitions is recorded at its estimated fair value on the acquisition date. These obligations are revalued during each subsequent reporting period and changes in the fair value of the contingent consideration obligations can result from adjustments in the probability of achieving future development steps, sales targets and profitability and are recorded in General and administrative expenses in the Consolidated Statements of Operations. Acquisition-related expenses and restructuring costs, if any, are recognized separately from the business combination and are expensed as incurred. Goodwill and Intangible Assets Goodwill represents purchase consideration paid in a business combination that exceeds the value assigned to the net assets of acquired businesses. Intangible assets consist of customer‑related intangibles, proprietary technology, software, trademarks, and other intangible assets. The Company amortizes intangible assets with definite useful lives on a straight‑line basis over their respective estimated economic lives which range from 1 to 26 years. The Company reviews goodwill and indefinite-lived intangible assets to determine potential impairment annually during the fourth quarter of its fiscal year, or more frequently if events and circumstances indicate that the asset might be impaired. Impairment testing for goodwill is performed at a reporting unit level and the Company has determined that it has three reporting units. The quantitative impairment testing for goodwill utilizes both a market (guideline public company) and income (discounted cash flows) method for determining fair value. In estimating the fair value of the reporting unit utilizing a discounted cash flow (“DCF”) valuation technique, the Company incorporates its judgment and estimates of future cash flows, future revenue and gross profit growth rates, terminal value amount, capital expenditures and applicable weighted‑average cost of capital used to discount these estimated cash flows. The estimates and projections used in the estimate of fair value are consistent with the Company’s current budget and long‑range plans, including anticipated change in market conditions, industry trend, growth rates and planned capital expenditures, among other considerations. The impairment test for indefinite-lived intangibles consists of a comparison of the asset’s fair value with its carrying value. The fair value is calculated using the income approach DCF method. Impairment is determined to exist when the fair value is less than the carrying value of the assets being tested. Impairment of Long‑Lived Assets Long‑lived assets, such as property, plant, and equipment, purchased intangibles and lease right-of-use assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of the asset or asset group is measured by comparison of its carrying amount to undiscounted future net cash flows the asset or asset group is expected to generate. If the carrying amount of an asset or asset group is not recoverable, the Company recognizes an impairment loss based on the excess of the carrying amount of the asset or asset group over its respective fair value which is generally determined as the present value of estimated future cash flows or as the appraised value. Debt Issuance Costs and Debt Discounts Debt issuance costs are capitalized and amortized over the contractual term of the underlying debt using the effective interest method. Debt discounts and lender arrangement fees deducted from the proceeds have been included as a component of the carrying value of debt and are being amortized to interest expense using the effective interest method. Revenue Recognition The Company recognizes sales of products and services based on the five-step analysis of transactions as provided in Topic 606, Revenue from Contracts with Customers. For sales of aftermarket parts or products with a low level of customization and engineering time, the Company recognizes revenue at the time risks and rewards of ownership pass, which is generally when products are shipped or delivered to the customer as the Company has no obligation for installation. The Company considers shipping and handling services to be fulfillment activities and as such they do not represent separate performance obligations for revenue recognition. Sales of short‑term service arrangements are recognized as the services are performed, and sales of long‑term service arrangements are typically recognized on a straight‑line basis over the life of the agreement. For certain arrangements where there is significant customization to the product and for long-term construction-type sales contracts, revenue may be recognized over time. These arrangements include large capital water treatment projects, systems, and solutions for municipal and industrial applications. The nature of the contracts is generally fixed price with milestone billings. Contract revenue and cost estimates are reviewed and revised quarterly at a minimum and the cumulative effect of such adjustments are recognized in current operations. The amount of such adjustments has not been material. Contract assets relate to costs incurred to perform in advance of scheduled billings. Contract liabilities relate to payments received in advance of performance under the contracts. Change in contract assets and liabilities are due to the Company’s performance under the contract. The Company has made accounting policy elections to exclude all taxes by governmental authorities from the measurement of the transaction price and that long-term construction-type sales contracts, or those contracts for products with significant customization that the total contract price is less than $100 will be recorded at the point in time when the construction is complete. The recording of assets recognized from the costs to obtain and fulfill customer contracts primarily relate to the deferral of sales commissions. The Company’s costs incurred to obtain or fulfill a contract with a customer are classified as non-current assets and amortized to expense over the period of benefit of the related revenue. These costs are recorded within Cost of product sales and services. The amount of contract costs was insignificant at September 30, 2021. The Company offers standard warranties that generally do not represent a separate performance obligation. In certain instances, a warranty is obtained separately from the original equipment sale or the warranty provides incremental services and as such is treated as a separate performance obligation. Variable consideration in contracts for the years ended September 30, 2021 and 2020 was insignificant. Product Warranties Accruals for estimated expenses related to warranties are made at the time products are sold and are recorded as a component of Cost of product sales in the Consolidated Statements of Operations. The estimated warranty obligation is based on product warranty terms offered to customers, ongoing product failure rates, material usage and service delivery costs expected to be incurred in correcting a product failure, as well as specific obligations for known failures and other currently available evidence. The Company assesses the adequacy of the recorded warranty liabilities on a regular basis and adjusts amounts as necessary. The Company accrues warranty obligations associated with certain products as revenue is recognized. Provisions for the warranty obligations are based upon historical experience of costs incurred for such obligations, adjusted for site‑specific risk factors, and, as necessary, for current conditions and factors. There are significant uncertainties and judgments involved in estimating warranty obligations, including changing product designs, differences in customer installation processes and future claims experience which may vary from historical claims experience. Leases The Company accounts for leases in accordance with ASC Topic No. 842, Leases . Lessee Accounting The Company leases office space, buildings, vehicles, forklifts, computers, copiers and other assets under non-cancelable operating and finance leases. The Company determines whether an arrangement is or contains a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. If the arrangement contains a lease, the Company recognizes a right-of-use (“ROU”) asset and an operating lease liability as of the lease commencement date. Any lease arrangements with a term of 12 months or less are not recorded on the Consolidated Balance Sheets, and lease costs for these arrangements are recognized on a straight-line basis over the lease term. Many of the Company’s lease arrangements provide for an option to exercise one or more renewal terms or to terminate the lease arrangement. The Company includes these options when the Company is reasonably certain to exercise them in the leased term used to establish the ROU asset and lease liabilities. The discount rate utilized in calculating the lease liability is the rate implicit in the lease, if known, otherwise, the incremental borrowing rate (“IBR”) for the expected lease term is used. Operating lease assets and finance lease assets are included in Operating lease right-of-use assets, net and Property, plant, and equipment, net, respectively, on the Consolidated Balance Sheets. The corresponding operating lease liabilities are included in Accrued expenses and other liabilities and Obligation under operating leases on the Consolidated Balance Sheets. The corresponding finance lease liabilities are included in Accrued expenses and other liabilities and Other non‑current liabilities on the Consolidated Balance Sheets. Lessor Accounting The Company generates revenue through the lease of its water treatment equipment and systems to customers. In certain instances, the Company enters into a contract with a customer but must construct the underlying asset prior to its lease. At the time of contract inception, the Company determines if an arrangement is or contains a lease. These contracts generally contain both lease and non-lease components, including installation, maintenance, and monitoring services of the Company-owned equipment, in addition to sale of certain constructed assets. In situations where arrangements contain multiple elements, contract consideration is allocated based on relative standalone selling price. Lease components associated with underlying assets that have an alternative use are classified as operating leases with revenue recognized over time throughout the lease term. Lease components associated with underlying assets that have no alternative are classified as sales-type leases, with point in time revenue recognition at the on-set of the lease, or classified as financing transactions, with over time revenue recognition at the on-set of the construction of the underlying assets. In order for a component to be separate, the customer would be able to benefit from the right of use of the component separately or with other resources readily available to the customer and the right of the use is not highly dependent or highly interrelated with the other rights to use the other underlying assets or components. Shipping and Handling Cost Shipping and handling costs are included as a component of Cost of product sales. Derivative Financial Instruments The Company’s risk-management strategy uses derivative financial instruments to manage interest rate risk, foreign currency exchange rate risk, equity price risk and commodity price risk. The Company does not enter into derivatives for trading or speculative purposes. The Company accounts for derivatives and hedging activities in accordance with ASC Topic No. 815, Derivatives and Hedging (“Topic No. 815”). As required by Topic No. 815, the Company records all derivatives on the Consolidated Balance Sheets at fair value and adjusts to market on a quarterly basis. Changes in the fair value of derivatives are recorded in earnings or Accumulated other comprehensive income (loss), net of tax (“AOCI”), based on whether the instrument is designated and effective as a hedge transaction. Gains and losses on derivative instruments recorded to AOCI are reclassified to earnings in the period the hedged item affects earnings. The Company’s interest rate swaps are valued based on readily-observable market inputs, such as quotations on interest rates and LIBOR yield curves at the reporting date. The Company’s foreign currency forward contracts are valued based on quoted forward foreign exchange prices and spot rates at the reporting date. The Company’s total return swaps are valued using closing stock prices at the reporting date. Income Taxes The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets when it is considered more likely than not that some portion or all of the deferred tax asset will not be realized within a reasonable time period. The Company assesses tax positions using a two‑step process. A tax position is recognized if it meets a more‑likely‑than‑not threshold and is measured at the largest amount of benefit that has a greater than 50% percent likelihood of being realized. Uncertain tax positions are reviewed each balance sheet date. Foreign Currency Translation and Transactions The functional currency for the international subsidiaries is the local currency. Assets and liabilities are translated into U.S. dollars using current rates of exchange, with the resulting translation adjustments recorded in Accumulated other comprehensive loss, net of tax within shareholders’ equity. Revenue and expenses are translated at the weighted‑average exchange rate for the period, with the resulting translation adjustments recorded in the Consolidated Statements of Operations. Foreign currency translation (gains) losses, mainly related to intercompany loans, which aggregated ($927), $(8,216) and $12,599 for the years ended September 30, 2021, 2020 and 2019, respectively, are primarily included in General and administrative expenses in the Consolidated Statements of Operations. Research and Development Costs Research and development costs are expensed as incurred. Equity‑based Compensation The Company measures the cost of awards of equity instruments to employees based on the grant‑date fair value of the award. The grant‑date fair value of a non-qualified stock option is determined using the Black‑Scholes model. The grant-date fair value of restricted stock unit awards is determined using the closing price of the Company’s common stock on date of grant. As there is a market condition associated with the award, the grant-date fair value of the performance share units was determined using a Monte Carlo Simulation. Compensation costs resulting from equity-based payment transactions are recognized primarily within General and administrative expenses, at fair value over the requisite vesting period on a straight-line basis. Earnings (Loss) Per Share Basic earnings (loss) per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock, plus the effect of diluted common shares outstanding during the period using the treasury stock method. Diluted potential common shares include outstanding stock options. Retirement Benefits The Company applies ASC Topic 715, Compensation—Retirement Benefits , which requires the recognition in pension obligations and accumulated other comprehensive income of actuarial gains or losses, prior service costs or credits and transition assets or obligations that have previously been deferred. The determination of retirement benefit pension obligations and associated costs requires the use of actuarial computations to estimate participant plan benefits to which the employees will be entitled. The significant assumptions primarily relate to discount rates, expected long‑term rates of return on plan assets, rate of future compensation increases, mortality, years of service, and other factors. The Company develops each assumption using relevant experience in conjunction with market‑related data for each individual country in which such plans exist. All actuarial assumptions are reviewed annually with third‑party consultants and adjusted as necessary. For the recognition of net periodic postretirement cost, the calculation of the expected return on plan assets is generally derived by applying the expected long‑term rate of return on the market‑related value of plan assets. The fair value of plan assets is determined based on actual market prices or estimated fair value at the measurement date. Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and also issued subsequent amendments to the initial guidance (collectively, “Topic 848”). Topic 848 became effective immediately and expires on December 21, 2022. Topic 848 allows eligible contracts that are modified to be accounted for as a continuation of those contracts, permits companies to preserve their hedging accounting during the transition period and enables companies to make a one-time election to transfer or sell held-to-maturity debt securities that are affected by rate reform. Topic 848 provides optional expedients and exceptions for contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met. The Company is currently assessing the impact of adoption on the Company’s Consolidated Financial Statements and related disclosures. Accounting Pronouncements Recently Adopted The Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on October 1, 2020 (“ASU 2016-13”). ASU 2016-13 requires entities to use a new forward-looking “expected loss” model that reflects expected credit losses, including credit losses related to trade receivables, and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates, which generally will result in the earlier recognition of allowances for losses. The Company adopted ASU 2016-13 us ing a modified retrospective approach and determined that there was no cumulative-effect adjustment to its beginning Retained deficit on the Consolidated Balance Sheets. The adoption of this standard did not hav e a material impact on the Company’s Consolidated Financial Statements. See Note 7, “Accounts Receivable” for further details and related disclosures. The following accounting pronouncements were adopted by the Company on October 1, 2020, and the adoptions did not have a material impact on the Company’s Consolidated Financial Statements or disclosures: Accounting Standards Updates ASU 2020-03, Codification Improvements to Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses ASU 2018-18, Collaborative Arrangements (Topic 808) Clarifying the Interaction between Topic 808 and Topic 606 ASU 2018-13, Fair Value Measurement (Subtopic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity Disclosure | Variable Interest Entities Treated Water Outsourcing (“TWO”) is a joint venture between the Company and Nalco Water, an Ecolab company, in which the Company holds a 50% partnership interest. The Company is obligated to absorb all risk of loss up to 100% of the joint venture partner’s equity. As such, the Company fully consolidates TWO as a variable interest entity (“VIE”) under ASC Topic No. 810, Consolidation . The Company has not provided, and is not contractually required to provide, additional financial support to this entity, and the Company does not have the ability to use the assets of TWO to settle obligations of the Company’s other subsidiaries. The following provides a summary of TWO’s balance sheet as of September 30, 2021 and September 30, 2020 and summarized financial information for the fiscal years ended September 30, 2021, 2020 and 2019. September 30, September 30, Current assets (includes cash of $1,380 and $2,088) $ 3,202 $ 4,016 Property, plant, and equipment 903 1,145 Goodwill 2,206 2,206 Total liabilities (1,009) (1,324) Year Ended September 30, 2021 2020 2019 Total revenue $ 3,315 $ 5,944 $ 10,633 Total operating expenses (2,922) (4,519) (8,732) Income from operations $ 393 $ 1,425 $ 1,901 On October 1, 2019, the Company acquired a 60% investment position in San Diego-based Frontier Water Systems, LLC (“Frontier”). The Frontier acquisition is a VIE because it has insufficient equity to finance its activities due to key assets being assigned to the Company upon acquisition. The Company is the primary beneficiary of Frontier because the Company has the power to direct the activities that most significantly affect Frontier’s economic performance. In addition, the Company entered into an agreement to acquire the remaining 40% interest in Frontier on or prior to March 30, 2024. This agreement (a) gave holders of the remaining 40% interest in Frontier (the “Minority Owners”) the right to sell to Evoqua up to approximately 10% of the outstanding equity in Frontier at a predetermined price, which right was exercisable by the Minority Owners between January 1, 2021 and February 28, 2021 (the “Option”), and (b) obligates the Company to purchase and the Minority Owners to sell all of the Minority Owners’ remaining interest in Frontier at the fair market value at the time of sale on or prior to March 30, 2024 (the “Purchase Right”). The Purchase Right may be exercised early by the Minority Owners. The agreement to purchase the remaining interest was determined to be financing due to the mandatory Purchase Right, as per ASC Topic 480, Distinguishing Liabilities From Equity , and as such, the Company recognized a liability for the remaining 40% interest. The Minority Owners exercised the Option, and on April 8, 2021, the Company completed the purchase of an additional 8% of the outstanding equity in Frontier for approximately $1,490. As a result, the Company’s ownership position in Frontier increased to 68%. Additionally, the Company fully consolidates Frontier as a VIE under ASC Topic No. 810, Consolidation . The following provides a summary of Frontier’s balance sheet as of September 30, 2021 and September 30, 2020, and summarized financial information for the fiscal years ended September 30, 2021 and 2020. September 30, September 30, Current assets (includes cash of $2,095 and $1,675) $ 12,495 $ 4,024 Property, plant, and equipment 2,113 3,159 Goodwill 1,798 1,798 Intangible assets, net 8,265 9,918 Total liabilities (9,425) (3,692) Year Ended September 30, 2021 2020 Total revenue $ 14,340 $ 5,365 Total operating expenses (14,362) (8,219) Loss from operations $ (22) $ (2,854) |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions support the Company’s strategy of delivering a broad solutions portfolio with robust technology across multiple geographies and end markets. The Company continues to evaluate potential strategic acquisitions of businesses, assets and product lines and believes that capex-like, tuck-in acquisitions present a key opportunity within its overall growth strategy. 2021 Acquisitions On April 1, 2021, the Company acquired the assets of Water Consulting Specialists, Inc. (“WCSI”) for $12,025 cash paid at closing. In addition, the Company recorded a liability of $761 at closing associated with an earn-out related to the WCSI acquisition, which was subsequently revalued to $150 and is included in Accrued expenses and other liabilities on the Consolidated Balance Sheets. During the year ended September 30, 2021, the Company received cash of $21 from the seller as a result of net working capital adjustments. WCSI is a leader in the design, manufacturing, and service of industrial high-purity water treatment systems. The acquisition strengthens the Company’s portfolio of high-purity water treatment systems and provides the opportunity to further expand its digitally enabled solutions and services in key industrial markets. WCSI is a part of the Integrated Solutions and Services segment. During the year ended September 30, 2021, the Company incurred approximately $83 in acquisition costs, which are included in General and administrative expense on the Consolidated Statements of Operations. The Company has not finalized the valuations of the acquired assets, assumed liabilities, and identifiable intangible assets, including goodwill. The preliminary opening balance sheet for WCSI is summarized as follows: Current assets $ 1,813 Property, plant, and equipment 221 Goodwill 4,340 Intangible assets, net 7,336 Other non-current assets 86 Total assets acquired 13,796 Liabilities assumed (1,792) Net assets acquired $ 12,004 On December 17, 2020, the Company acquired the industrial water business of Ultrapure & Industrial Services, LLC (“Ultrapure”) for $8,743 cash paid at closing. On April 1, 2021, the Company paid an additional $290 as a result of net working capital adjustments. Ultrapure, based out of Texas, provides customers across multiple end markets with a variety of water treatment products and services, including service deionization, reverse osmosis, UV, and ozonation. Ultrapure will strengthen the Company’s service capabilities in the Houston and Dallas markets and is a part of the Integrated Solutions and Services segment. During the year ended September 30, 2021, the Company incurred approximately $230 in acquisition costs, which are included in General and administrative expense on the Consolidated Statements of Operations. The opening balance sheet for Ultrapure is summarized as follows: Current assets $ 2,366 Property, plant, and equipment 963 Goodwill 2,836 Intangible assets, net 3,751 Other non-current assets 21 Total assets acquired 9,937 Liabilities assumed (904) Net assets acquired $ 9,033 2021 Divestitures On March 1, 2021, the Company completed the divestiture of the Lange containment system, geomembrane and geosynthetic liner product line (the “Lange Product Line”) for $897 in cash at closing. The Lange Product Line was a part of the Integrated Solutions and Services segment. During the year ended September 30, 2021, the Company recognized a loss of $193 on the divestiture. 2020 Acquisitions On September 3, 2020, the Company acquired the assets of privately held Aquapure Technologies of Cincinnati (“Aquapure”), a Hamilton, Ohio based water service and equipment company. Aquapure serves the commercial and light industrial markets and provides customers with a variety of water treatment products and services, including deionization, reverse osmosis, softeners, and filtration systems. Aquapure is part of the Integrated Solutions and Services segment. On October 1, 2019, the Company acquired a 60% investment position in San Diego-based Frontier Water Systems, LLC (“Frontier”) for a purchase price of $10,885, which is net of working capital adjustments. Frontier is a pioneer in the development of patented, engineered equipment packages for high-rate treatment and removal of selenium, nitrate, and other metals from complex water systems. During the year September 30, 2020, the Company incurred approximately $591 in acquisition costs, which are included in General and administrative expenses. Frontier is part of the Integrated Solutions and Services segment. The Company entered into an agreement to acquire the remaining 40% interest in Frontier on or prior to March 30, 2024. This agreement (a) gives holders of the remaining 40% interest in Frontier (the “Minority Owners”) the right to sell to Evoqua up to approximately 10% of the outstanding equity in Frontier at a predetermined price, which right may be exercised by the Minority Owners between January 1, 2021 and February 28, 2021 (the “Option”), and (b) obligates the Company to purchase and the Minority Owners to sell all of the Minority Owners’ remaining interest in Frontier at the fair market value at the time of sale on or prior to March 30, 2024 (the “Purchase Right”). The Purchase Right may be exercised early by the Minority Owners. The agreement to purchase the remaining interest was determined to be financing due to the mandatory Purchase Right, as per ASC Topic 480, Distinguishing Liabilities From Equity, and as such, the Company recognized a liability for the remaining 40% interest. The value of the Option was determined to be $506 using a Black Scholes model, and was included within Accrued expenses and other liabilities on the Consolidated Balance Sheets. The value of the Purchase Right was determined to be $6,661 and was included within Other non‑current liabilities on the Consolidated Balance Sheets, based upon the enterprise value of Frontier upon the acquisition date as per ASC Topic 480, Distinguishing Liabilities From Equity. Pursuant to ASC Topic 480, the Company determined that this should be recorded as a liability and should be recognized at the fair value at the time of inception, adjusted for any consideration or unstated rights or privileges. The liability will be subsequently measured at an amount that would be paid on the reporting date with any change in value from the previous reporting date recognized as interest cost. Refer to Note 6, “Fair Value Measurements” for a discussion of subsequent measurement of the Option and Purchase Right. The opening balance sheet for Frontier is summarized as follows: Current assets $ 3,186 Property, plant, and equipment 2,963 Goodwill 1,798 Intangible assets 11,571 Total assets acquired $ 19,518 Liabilities related to Option and Purchase Right (7,167) Other liabilities assumed (1,466) Net assets acquired $ 10,885 2020 Divestitures |
Revenue
Revenue | 12 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue In accordance with Topic 606, the Company disaggregates revenue from contracts with customers into source of revenue, reportable operating segment, and geographical regions. The Company determined that disaggregating revenue into these categories meets the disclosure objective in Topic 606 which is to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Information regarding the source of revenue: Year Ended September 30, 2021 2020 2019 Revenue from contracts with customers recognized under Topic 606 $ 1,274,096 $ 1,279,772 $ 1,309,303 Other (1) 190,333 149,684 135,138 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 (1) Other revenue relates to revenue recognized pursuant to ASU 2016-02, Leases (Topic 842) , primarily attributable to long term rentals. Information regarding revenue disaggregated by segment and source of revenue is as follows: Year Ended September 30, 2021 2020 2019 Integrated Solutions and Services Revenue from capital projects $ 250,187 $ 257,528 $ 219,289 Revenue from aftermarket 128,585 119,051 122,719 Revenue from service 581,114 567,603 568,826 Total $ 959,886 $ 944,182 $ 910,834 Applied Product Technologies Revenue from capital projects $ 365,791 $ 335,227 $ 344,097 Revenue from aftermarket 116,463 128,051 165,056 Revenue from service 22,289 21,996 24,454 Total $ 504,543 $ 485,274 $ 533,607 Total Revenue Revenue from capital projects $ 615,978 $ 592,755 $ 563,386 Revenue from aftermarket $ 245,048 $ 247,102 $ 287,775 Revenue from service $ 603,403 $ 589,599 $ 593,280 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 Information regarding revenue disaggregated by geographic area is as follows: Year Ended September 30, 2021 2020 2019 United States $ 1,174,474 $ 1,164,634 $ 1,147,649 Europe 113,559 108,139 102,998 Asia 113,316 77,253 90,273 Canada 49,952 65,223 80,083 Australia 13,128 14,207 23,438 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 Performance Obligations The Company elects to apply the practical expedient to exclude from this disclosure revenue related to performance obligations if the product has an alternative use and the Company does not have an enforceable right to payment for the performance completed to date, including a normal profit margin, in the event of termination for convenience. The Company maintains a backlog of confirmed orders of approximately $275,589 at September 30, 2021. This backlog represents the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied as of the end of the reporting period. The Company estimates that the majority of these performance obligations will be satisfied within the next twelve Contract Balances The tables below provide a roll-forward of contract assets and contract liabilities balances for the periods presented: Year Ended September 30, Contract assets (a) 2021 2020 Balance at beginning of period $ 80,759 $ 73,467 Recognized in current period 316,864 347,660 Reclassified to accounts receivable (325,405) (342,371) Amounts related to sale of the Memcor product line — 2,710 Foreign currency 528 (707) Balance at end of period $ 72,746 $ 80,759 (a) Excludes receivable balances which are disclosed on the Consolidated Balance Sheets. Year Ended September 30, Contract Liabilities 2021 2020 Balance at beginning of period $ 26,259 $ 39,051 Recognized in current period 349,046 322,595 Amounts in beginning balance reclassified to revenue (25,523) (39,100) Current period amounts reclassified to revenue (294,033) (295,085) Amounts related to sale of the Memcor product line — (700) Foreign currency 134 (502) Balance at end of period $ 55,883 $ 26,259 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurements As of September 30, 2021 and 2020, the fair values of cash and cash equivalents, accounts receivable and accounts payable approximated carrying values due to the short maturity of these items. The Company measures the fair value of pension plan assets and liabilities, deferred compensation and plan assets and liabilities on a recurring basis pursuant to ASC Topic 820. ASC Topic 820 establishes a three‑tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model‑derived valuations whose inputs are observable or whose significant value driver is observable. Level 3: Unobservable inputs in which little or no market data is available, therefore requiring an entity to develop its own assumptions. The following table presents the Company’s financial assets and liabilities at fair value. The fair values related to the pension assets are determined using net asset value (“NAV”) as a practical expedient, or by information categorized in the fair value hierarchy level based on the inputs used to determine fair value. The reported carrying amounts of deferred compensation assets and liabilities and debt approximate their fair values. The Company uses interest rates and other relevant information generated by market transactions involving similar instruments to measure the fair value of these assets and liabilities, therefore, all are classified as Level 2 within the valuation hierarchy. Net Asset Value Quoted Market Significant Other Significant As of September 30, 2021 Assets: Pension plan Cash $ — $ 831 $ — $ — Global Multi-Asset Fund 15,244 — — — Government Securities 5,158 — — — Liability Driven Investment 2,793 — — — Guernsey Unit Trust 2,387 — — — Global Absolute Return 2,225 — — — Deferred compensation plan assets Cash — 1,251 — — Mutual Funds — 17,806 — — Interest rate swaps — — 3,127 — Foreign currency forward contracts — — 24 — Liabilities: Pension plan — — (46,013) — Deferred compensation plan liabilities — — (24,382) — Total return swaps—deferred compensation — — (130) — Long‑term debt — — (752,988) — Interest rate swaps — — (303) — Foreign currency forward contracts — — (102) — Commodity swaps — — (19) — Earn-outs related to acquisitions — — — (150) Purchase Right — — — (8,305) As of September 30, 2020 Assets: Pension plan Cash $ — $ 15,061 $ — $ — Government Securities 4,924 — — — Liability Driven Investment 3,604 — — — Guernsey Unit Trust 1,881 — — — Global Absolute Return 2,060 — — — Deferred compensation plan assets Trust Assets — 55 — — Insurance — — 19,804 — Foreign currency forward contracts — — 140 — Liabilities: Pension plan — — (47,389) — Deferred compensation plan liabilities — — (21,439) — Long‑term debt — — (872,441) — Interest rate swap — — (4,669) — Foreign currency forward contracts — — (47) — Earn-outs related to acquisitions — — — (295) Option and Purchase Right — — — (7,739) The pension plan assets and liabilities and deferred compensation assets and liabilities are included in other non-current assets and other non-current liabilities on the Consolidated Balance Sheets at September 30, 2021 and 2020. The unrealized gain on mutual funds was $445 at September 30, 2021. The Company records contingent consideration arrangements at fair value on a recurring basis and the associated balances presented as of September 30, 2021 and 2020 are earn-outs related to acquisitions. See Note 4, “Acquisitions and Divestitures” for further discussion regarding the earn-outs recorded for specific acquisitions. The fair value of earn-outs related to acquisitions is based on significant unobservable inputs including the achievement of certain performance metrics. Significant changes in these inputs would result in corresponding increases or decreases in the fair value of the earn-out each period until the related contingency has been resolved. Changes in the fair value of the contingent consideration obligations can result from adjustments in the probability of achieving future development steps, sales targets and profitability and are recorded in General and administrative expenses in the Consolidated Statements of Operations. A rollforward of the activity in the Company’s fair value of earn-outs related to acquisitions is as follows: Current Portion (1) Long-term Portion (2) Total Balance at September 30, 2019 $ 611 $ 934 $ 1,545 Payments (187) — (187) Reclassifications 204 — 204 Fair value adjustment (333) (934) (1,267) Balance at September 30, 2020 $ 295 $ — $ 295 Acquisitions 761 — 761 Payments (170) — (170) Fair value adjustment (736) — (736) Balance at September 30, 2021 $ 150 $ — $ 150 (1) Included in Accrued expenses and other liabilities on the Consolidated Balance Sheets. (2) Included in Other non‑current liabilities on the Consolidated Balance Sheets. Pursuant to the acquisition of Frontier, the Company recorded a liability for the Option and Purchase Right to purchase the remaining 40% interest. The fair value of the options is based upon significant unobservable inputs including future earnings and other market factors. Significant changes in these inputs would result in corresponding increases or decreases in the fair value of the options each period until the purchase of the remaining 40% interest has occurred. Changes in the fair value can result from earnings achieved over the passage of time and will be recorded in Interest expense in the Consolidated Statements of Operations. The Minority Owners exercised the Option, and on April 8, 2021 the Company completed the purchase of an additional 8% of the outstanding equity in Frontier for approximately $1,490. During the year ended September 30, 2021, the Company recorded an increase in the fair value of the Purchase Right liability for $2,056, which was recorded to Interest expense on the Consolidated Statements of Operations. As of September 30, 2021, $8,305 is included in Other non‑current liabilities related to the Purchase Right on the Consolidated Balance Sheets. As of September 30, 2020, $7,739 is included in Other non‑current liabilities related to the Purchase Right on the Consolidated Balance Sheets. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Accounts receivable | Accounts Receivable Accounts receivable are summarized as follows: September 30, 2021 September 30, 2020 Accounts Receivable $ 282,819 $ 264,536 Allowance for Credit Losses (4,824) (4,057) Receivables, net $ 277,995 $ 260,479 The movement in the allowance for credit losses was as follows: Year Ended September 30, 2021 2020 2019 Balance at beginning of period $ (4,057) $ (4,906) $ (4,199) Charged to costs and expenses (1,733) (537) (788) Write-offs 780 1,277 39 Foreign currency and other 186 109 42 Balance at end of period $ (4,824) $ (4,057) $ (4,906) |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The major classes of inventory, net are as follows: September 30, 2021 September 30, 2020 Raw materials and supplies $ 86,469 $ 78,319 Work in progress 19,842 15,654 Finished goods and products held for resale 59,624 56,435 Costs of unbilled projects 2,277 3,438 Reserves for excess and obsolete (9,709) (11,467) Inventories, net $ 158,503 $ 142,379 The following is the activity in the reserves for excess and obsolete inventory: Year Ended September 30, 2021 2020 2019 Balance at beginning of period $ (11,467) $ (13,370) $ (9,313) Change to reserve requirement 265 (310) (5,754) Write-offs 1,516 2,197 1,541 Foreign currency and other (23) 16 156 Balance at end of period $ (9,709) $ (11,467) $ (13,370) |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant, and Equipment Property, plant, and equipment consists of the following: September 30, 2021 September 30, 2020 Machinery and equipment $ 388,352 $ 357,650 Rental equipment 246,257 221,953 Land and buildings 70,048 70,245 Construction in process 59,737 48,325 $ 764,394 $ 698,173 Less: accumulated depreciation (389,406) (333,712) Property, plant, and equipment, net $ 374,988 $ 364,461 The Company entered into secured financing agreements that require providing a security interest in specified equipment. As of September 30, 2021 and September 30, 2020, the gross and net amounts of those assets are as follows: September 30, 2021 September 30, 2020 Gross Net Gross Net Machinery and equipment $ 89,115 $ 72,666 $ 63,305 $ 52,620 Construction in process 30,504 30,504 8,098 8,098 $ 119,619 $ 103,170 $ 71,403 $ 60,718 Depreciation expense and maintenance and repairs expense for the years ended September 30, 2021, 2020 and 2019 were as follows: Year Ended September 30, 2021 2020 2019 Depreciation expense $ 76,279 $ 73,002 $ 66,031 Maintenance and repair expense $ 22,354 $ 20,303 $ 23,861 |
Goodwill
Goodwill | 12 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Changes in the carrying amount of goodwill are as follows: Integrated Solutions and Services Applied Product Technologies Total Balance at September 30, 2019 $ 222,013 $ 170,877 $ 392,890 Business combinations and divestitures 2,723 (405) $ 2,318 Measurement period adjustments — 298 $ 298 Foreign currency translation (355) 2,054 $ 1,699 Balance at September 30, 2020 $ 224,381 $ 172,824 $ 397,205 Business combinations and divestitures 10,349 — $ 10,349 Measurement period adjustments (3,216) — $ (3,216) Foreign currency translation 2,316 722 $ 3,038 Balance at September 30, 2021 $ 233,830 $ 173,546 $ 407,376 As of September 30, 2021 and 2020, $159,730 and $153,004, respectively, of goodwill is deductible for tax purposes. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Other Intangible Assets Intangible assets consist of the following: September 30, 2021 Estimated Life (years) Carrying Amount Accumulated Amortization Net Amortizing intangible assets Customer related 5 - 26 $ 300,963 $ (101,272) $ 199,691 Proprietary technology 7 - 10 61,692 (36,921) $ 24,771 Trademark 5 - 15 27,195 (12,191) $ 15,004 Backlog 1 82,355 (82,355) $ — Other 3 - 10 47,903 (31,501) $ 16,402 Total amortizing intangible assets $ 520,108 $ (264,240) $ 255,868 Indefinite‑lived intangible assets 34,207 — $ 34,207 Total intangible assets $ 554,315 $ (264,240) $ 290,075 September 30, 2020 Estimated Life (years) Carrying Amount Accumulated Amortization Net Amortizing intangible assets Customer related 5 - 26 $ 292,316 $ (83,486) $ 208,830 Proprietary technology 7 - 10 61,990 (30,886) $ 31,104 Trademark 5 - 15 27,114 (9,142) $ 17,972 Backlog 1 82,181 (82,181) $ — Other 3 39,010 (21,156) $ 17,854 Total amortizing intangible assets $ 502,611 $ (226,851) $ 275,760 Indefinite‑lived intangible assets 34,207 — $ 34,207 Total intangible assets $ 536,818 $ (226,851) $ 309,967 The Company’s indefinite-lived intangible asset relate to Federal hazardous waste treatment management permits obtained for locations operated by the Integrated Solutions and Services segment. The permits are considered perpetually renewable. The Company performs an indefinite-lived intangible asset impairment analysis on an annual basis during the fourth quarter of the year and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company assessed the carrying value of the permits at the Integrated Solutions and Services segment as of July 1, 2021 using a quantitative analysis outlined in ASU No. 2012-02 to determine whether the existence of events or circumstances would lead to the conclusion that it is more likely than not that the fair values of the permits are less than the carrying amounts. Events and circumstances considered in this review included macroeconomic conditions, new competition, financial performance of the entities which utilizes the permits and other financial and non-financial events. Based on these factors, the Company concluded the fair value of the permits were not more likely than not less than the carrying amounts. For the amortizing intangible assets, the remaining weighted-average amortization period at September 30, 2021 was as follows: Years Customer-related intangibles 9 Proprietary technology 4 Trademarks 6 Other 2 Aggregate net intangible assets 6 Intangible asset amortization was $37,385, $34,266, and $32,205 for the years ended September 30, 2021, 2020 and 2019, respectively. The estimated future amortization expense is as follows: 2022 $ 36,702 2023 33,086 2024 27,616 2025 22,703 2026 19,904 Thereafter 115,857 Total $ 255,868 |
Debt
Debt | 12 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long‑term debt consists of the following: September 30, September 30, 2021 Term Loan, due April 1, 2028 (1) $ 473,837 $ — 2021 Revolving Credit Facility, due April 1, 2026 (1) 37,268 — 2014 Term Loan, due December 20, 2024 (1) — 819,276 2014 Revolving Credit Facility (1) — — Securitization Facility, due April 1, 2024 150,061 — Equipment Financing, due September 30, 2023 to July 5, 2029, interest rates ranging from 3.13% to 8.07% 93,375 63,918 Notes Payable, due July 31, 2023 402 611 Mortgage (2) — 1,665 Total debt 754,943 885,470 Less unamortized deferred financing fees (11,738) (9,436) Total net debt 743,205 876,034 Less current portion (12,775) (14,339) Total long‑term debt $ 730,430 $ 861,695 (1) On April 1, 2021, the Company paid off the outstanding balance of the 2014 Term Loan (as defined below) entered into the 2021 Credit Agreement (as defined below) and terminated the 2014 Credit Agreement (as defined below) (2) In November 2020, the Company paid off the outstanding balance of the mortgage due June 30, 2028. 2014 Credit Agreement On January 15, 2014, EWT III entered into a First Lien Credit Agreement (as modified, amended or supplemented from time to time, the “2014 Credit Agreement”) and a Second Lien Credit Agreement among EWT III, EWT II, the lenders party thereto and Credit Suisse AG as administrative agent and collateral agent. The term loans outstanding under the Second Lien Credit Agreement were prepaid on October 28, 2016. The 2014 Credit Agreement also made available to the Company a revolving credit facility (the “2014 Revolving Credit Facility”) of up to $125,000, with a letter of credit sublimit of up to $45,000. The term loan outstanding under the 2014 Credit Agreement (the “2014 Term Loan”) was scheduled to mature on December 20, 2024, and the 2014 Revolving Credit Facility was scheduled to mature on December 20, 2022. As described below, on April 1, 2021, we completed a refinancing of the outstanding 2014 Term Loan and terminated the 2014 Credit Agreement. 2021 Credit Agreement On April 1, 2021, EWT III entered into a Credit Agreement (the “2021 Credit Agreement”) among EWT III, as borrower, EWT II, as parent guarantor, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and ING Capital, LLC, as sustainability coordinator. The 2021 Credit Agreement provides for a multi-currency senior secured revolving credit facility in an aggregate principal amount not to exceed the U.S. dollar equivalent of $350,000 (the “2021 Revolving Credit Facility”) and a discounted senior secured term (the “2021 Term Loan”) in the amount of $475,000 (together with the 2021 Revolving Credit Facility, the “Senior Facilities”). The 2021 Credit Agreement also provides for a letter of credit sub-facility not to exceed $60,000. The Senior Facilities are guaranteed by EWT II and certain existing and future direct or indirect wholly-owned domestic subsidiaries of EWT III (together with EWT III, collectively, the “Loan Parties”), and collateralized by a first lien on substantially all of the assets of the Loan Parties, with certain exceptions. In connection with entering into the 2021 Credit Agreement, on April 1, 2021, EWT III repaid all outstanding indebtedness under the 2014 Credit Agreement and terminated that facility. The 2021 Credit Agreement contains customary representations, warranties, affirmative covenants, and negative covenants, each substantially similar to those included in the 2014 Credit Agreement, including, among other things, a springing maximum first lien leverage ratio of 5.55 to 1.00. The Company did not exceed this ratio during the year ended September 30, 2021, does not anticipate exceeding this ratio during the fiscal year ending September 30, 2022, and therefore does not anticipate any additional repayments during the year ending September 30, 2022. With respect to the 2021 Revolving Credit Facility, EWT III is required to pay a commitment fee based on the daily unused portion of the 2021 Revolving Credit Facility, as well as certain other fees to the agents and the arrangers under the Senior Facilities. Amounts outstanding under the Senior Facilities, at EWT III’s option, bear interest at either (i) a Base Rate determined in accordance with the terms of the 2021 Credit Agreement, (ii) with respect to any amounts denominated in U.S. dollars or Sterling, LIBOR, or replacement thereof, as determined in accordance with the terms of the 2021 Credit Agreement, or (iii) with respect to amounts denominated in Euros, the EURIBOR, or replacement thereof, as determined in accordance with the terms of the 2021 Credit Agreement. In the case of the 2021 Revolving Credit Facility, an applicable margin based on the consolidated total leverage of EWT III and its restricted subsidiaries, as calculated in accordance with the terms of the 2021 Credit Agreement, will be added to the interest rate elected by EWT III; provided that the interest rate may be adjusted if EWT III meets certain metrics for a sustainability price adjustment prior to December 31, 2021. In the case of the 2021 Term Loan, a fixed applicable margin, calculated in accordance with the terms of the 2021 Credit Agreement, will be added to the interest rate elected by EWT III. On April 1, 2021, EWT III borrowed the full amount of $475,000 under the 2021 Term Loan and $105,000 under the 2021 Revolving Credit Facility. The 2021 Term Loan was issued at a discount of $2,375, which is recorded as a contra-liability to the carrying amount of debt issued, and is being amortized to interest expense using the effective interest method. The net proceeds of these borrowings under the Senior Facilities, together with the net proceeds of the Receivables Securitization Program (as defined below) and cash on hand, were used to repay all outstanding indebtedness, in an aggregate principal amount of approximately $814,538, under the 2014 Credit Agreement. The proceeds of the 2021 Revolving Credit Facility may also be used to finance or refinance the working capital and capital expenditures needs of EWT III and certain of its subsidiaries and for general corporate purposes. The 2021 Term Loan matures on April 1, 2028 and requires quarterly principal payments of $1,188 starting in the fourth quarter of 2021. Subject to the terms of the 2021 Credit Agreement, to the extent not previously paid, any amount owed under the 2021 Revolving Credit Facility will become due and payable in full on April 1, 2026. At September 30, 2021, the Company had (a) $473,837 outstanding under the 2021 Term Loan, which includes $25 of accrued interest, at an interest rate of 2.63%, comprised of 0.13% LIBOR plus the 2.50% spread, and (b) $37,268 outstanding under the 2021 Revolving Credit Facility, which includes $268 of accrued interest, at an interest rate of 2.38%, comprised of 0.13% LIBOR plus the 2.25% spread. The following table summarizes the amount of the Company’s outstanding borrowings and outstanding letters of credit under the 2021 Revolving Credit Facility as of September 30, 2021, and under the 2014 Revolving Credit Facility as of September 30, 2020. September 30, September 30, Borrowing availability $ 350,000 $ 125,000 Outstanding borrowings 37,000 — Outstanding letters of credit 10,112 12,963 Unused amounts $ 302,888 $ 112,037 Additional letters of credit under a separate arrangement $ — $ 52 Receivables Securitization Program On April 1, 2021, Evoqua Finance LLC (“Evoqua Finance”), an indirect wholly-owned subsidiary of the Company, entered into an accounts receivable securitization program (the “Receivables Securitization Program”) consisting of, among other agreements, (i) a Receivables Financing Agreement (the “Receivables Financing Agreement”) among Evoqua Finance, as the borrower, the lenders from time to time party thereto (the “Receivables Financing Lenders”), PNC Bank, National Association (“PNC Bank”), as administrative agent, Evoqua Water Technologies LLC (“EWT LLC”), an indirect wholly-owned subsidiary of the Company, as initial servicer, and PNC Capital Markets LLC (“PNC Markets”), as structuring agent, pursuant to which the lenders have made available to Evoqua Finance a receivables finance facility (the “Securitization Facility”) in an amount up to $150,000 and (ii) a Sale and Contribution Agreement (the “Sale Agreement”) among Evoqua Finance, as purchaser, EWT LLC, as initial servicer and as an originator, and Neptune Benson, Inc., an indirectly wholly-owned subsidiary of the Company, as an originator (together with EWT LLC, the “Originators”). Under the Receivables Securitization Program, the Originators, pursuant to the Sale Agreement, are required to sell substantially all of their domestic trade receivables and certain related rights to payment and obligations of the Originators with respect to such receivables (the “Receivables”) to Evoqua Finance, which, in turn, will obtain loans secured by the Receivables from the Receivables Financing Lenders pursuant to the Receivables Financing Agreement. The Receivables underlying any borrowings will continue to be included in Accounts receivable, net, in the Consolidated Balance Sheets of the Company. On April 1, 2021, Evoqua Finance borrowed $142,200 under the Securitization Facility. During the year ended September 30, 2021, Evoqua Finance borrowed additional amounts under the Securitization Facility and had $150,061 outstanding at September 30, 2021, which includes $61 of accrued interest. The Receivables Securitization Program contains certain customary representations, warranties, affirmative covenants, and negative covenants, subject to certain cure periods in some cases, including the eligibility of the Receivables being sold by the Originators and securing the loans made by the Receivables Financing Lenders, as well as customary reserve requirements, events of default, termination events, and servicer defaults. The Company was in compliance with all covenants during the fiscal year ended September 30, 2021, does not anticipate becoming noncompliant during the year ending September 30, 2022, and therefore does not anticipate any additional repayments during the year ending September 30, 2022. The Receivables Financing Lenders under the Receivables Securitization Program receive interest at LIBOR or LMIR as selected by Evoqua Finance. The Receivables Financing Agreement contains customary LIBOR benchmark replacement language. The interest rate on the Securitization Facility was 1.33% as of September 30, 2021, comprised of 0.08% LIBOR plus the 1.25% spread. The Receivables Securitization Program matures on April 1, 2024. Equipment Financings During the year ended September 30, 2021, the Company completed the following equipment financings: Date Entered Due Interest Rate at 9/30/2021 Principal Amount September 30, 2021 September 30, 2028 3.80 % $ 6,264 June 30, 2021 June 30, 2028 3.85 % $ 1,348 June 30, 2021 July 31, 2029 (1) 4.75 % 14,238 June 30, 2021 June 30, 2029 4.09 % 1,653 March 31, 2021 March 31, 2028 3.85 % 3,630 March 31, 2021 June 30, 2029 4.09 % 2,559 December 31, 2020 June 30, 2029 4.09 % 3,899 December 30, 2020 December 30, 2027 3.73 % 3,905 $ 37,496 (1) Represents an advance received from the lender on a multiple draw term loan in which the Company is making interest only payments through August 1, 2022 based on a 1.00% LIBOR floor plus a 3.75% spread. The Company entered into an interest rate swap with an effective date of August 1, 2022 to mitigate risk associated with this variable rate equipment financing, see Note 13, “Derivative Financial Instruments” for further discussion. Deferred Financing Fees and Discounts Deferred financing fees and discounts related to the Company’s long-term debt were included as a contra liability to debt on the Consolidated Balance Sheets as follows: September 30, September 30, Current portion of deferred financing fees and discounts (1) $ (1,866) $ (2,112) Long-term portion of deferred financing fees and discounts (2) (9,872) (7,324) Total deferred financing fees and discounts $ (11,738) $ (9,436) (1) Included in Current portion of debt, net of deferred financing fees and discounts on the Consolidated Balance Sheets. (2) Included in Long-term debt, net of deferred financing fees and discounts on the Consolidated Balance Sheets. As a result of the refinancing on April 1, 2021, the Company wrote off approximately $1,333 of deferred financing fees related to the 2014 Term Loan. In addition, the Company incurred approximately $4,985 of fees, of which approximately $1,931 were recorded as deferred financing fees on the Consolidated Balance Sheets and approximately $3,054 were expensed. During the year ended September 30, 2021, the Company incurred approximately $822 of fees related to the Receivables Securitization Program and $453 of fees related to an equipment financing which were recorded as deferred financing fees on the Consolidated Balance Sheets. Amortization of deferred financing fees and discounts included in interest expense were $1,946, $1,735, and $1,991 for the year ended September 30, 2021, 2020 and 2019, respectively. Repayment Schedule Aggregate maturities of all long‑term debt, including current portion of long‑term debt and excluding finance lease obligations as of September 30, 2021, are presented below: Fiscal Year 2022 $ 14,641 2023 15,562 2024 164,105 2025 15,647 2026 18,916 Thereafter 526,072 Total $ 754,943 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments Interest Rate Risk Management The Company is subject to market risk exposure arising from changes in interest rates on the senior secured credit facilities as well as variable rate equipment financings, which bear interest at rates that are indexed against LIBOR. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to mitigate its exposure to rising interest rates. To accomplish these objectives, on June 30, 2021, the Company entered into an interest rate swap with an effective date of August 1, 2022 to mitigate risk associated with a variable rate equipment financing. The interest rate swap provides for a fixed rate of 5.25%, has a notional amount of $31,000 and a term of seven years. The interest rate swap has been designated as a cash flow hedge. On May 22, 2020, the Company entered into an interest rate swap to mitigate risks associated with variable rate debt. The interest rate swap became effective on June 30, 2020, has a term of five years to hedge the variability of interest payments on the first $500,000 of the Company’s senior secured debt and fixes LIBOR on this portion of the senior secured debt at 0.61%. The interest rate swap has been designated as a cash flow hedge. Foreign Currency Risk Management The Company’s functional currency is the U.S. dollar. By operating internationally, the Company is subject to foreign currency risk from transactions denominated in currencies other than the U.S. dollar (“foreign currencies”). To mitigate cross-currency transaction risk, the Company analyzes significant exposures where it has receipts or payments in a currency other than the functional currency of its operations, and from time to time may strategically enter into short-term foreign currency forward contracts to lock in some or all of the cash flows associated with these transactions. The Company is also subject to currency translation risk associated with converting the foreign operations’ financial results into U.S. dollars. The Company uses foreign currency derivative contracts in order to manage the effect of exchange fluctuations on forecasted sales and purchases that are denominated in foreign currencies. To mitigate the impact of foreign exchange rate risk, the Company entered into a series of forward contracts designated as cash flow hedges. As of September 30, 2021, the notional amount of the forward contracts was $7,076. Equity Price Risk Management The Company is exposed to variability in compensation charges related to certain deferred compensation obligations to employees. Equity price movements affect the compensation expense as certain investments made by the Company’s employees in the deferred compensation plan are revalued. Although not designated as accounting hedges, the Company utilizes derivatives such as total return swaps to economically hedge this exposure and offset the related compensation expense. As of September 30, 2021, the notional amount of the total return swaps was $4,540. Credit Risk Management The counterparties to the Company’s derivative contracts are highly rated financial institutions. The Company regularly reviews the creditworthiness of its financial counterparties and does not expect to incur a significant failure of any counterparties to perform under any agreements. The Company is not subject to any obligations to post collateral under derivative instrument contracts. The Company records all derivative instruments on a gross basis in the Consolidated Balance Sheets. Accordingly, there are no offsetting amounts that net assets against liabilities. Derivatives Designated as Cash Flow Hedges The following represents the fair value recorded for derivatives designated as cash flow hedges for the periods presented: Asset Derivatives Balance Sheet Location September 30, 2021 September 30, 2020 Interest rate swaps Prepaid and other current assets $ 3,127 $ — Foreign currency forward contracts Prepaid and other current assets 6 133 Liability Derivatives Balance Sheet Location September 30, 2021 September 30, 2020 Interest rate swaps Accrued expenses and other current liabilities $ 303 $ 4,669 Foreign currency forward contracts Accrued expenses and other current liabilities 102 47 Commodity swaps Accrued expenses and other current liabilities 19 — The following represents the amount of (loss) gain recognized in AOCI (net of tax) during the periods presented: Year Ended September 30, 2021 2020 2019 Interest rate swap $ 5,252 $ (5,155) $ — Interest rate cap — (19) 19 Foreign currency forward contracts (324) (201) (443) Commodity swaps (19) — — $ 4,909 $ (5,375) $ (424) The following represents the amount of (loss) gain reclassified from AOCI into earnings during the periods presented: Year Ended September 30, Location of (Loss) Gain 2021 2020 2019 Cost of product sales and services $ (70) $ (8) $ (309) General and administrative expense (4) (192) 82 Selling and marketing expense (69) 28 — Research and development expense — — (271) Interest expense (2,241) (486) — $ (2,384) $ (658) $ (498) Based on the fair value amounts of the Company’s cash flow hedges at September 30, 2021, the Company expects that approximately $71 of pre-tax net losses will be reclassified from AOCI into earnings during the next twelve months. The amount ultimately realized, however, will differ as exchange rates vary and the underlying contracts settle. Derivatives Not Designated as Hedging Instruments The following represents the fair value recorded for derivatives not designated as hedges for the periods presented: Asset Derivatives Balance Sheet Location September 30, September 30, Foreign currency forward contracts Prepaid and other current assets $ 18 $ 7 Liability Derivatives Balance Sheet Location September 30, September 30, Total return swaps—deferred compensation Accrued expenses and other current liabilities $ 130 $ — The following represents the amount of loss recognized in earnings for derivatives not designated as hedges during the periods presented: Year Ended September 30, Location of Loss 2021 2020 2019 General and administrative expense $ (106) $ — $ — $ (106) $ — $ — |
Product Warranties
Product Warranties | 12 Months Ended |
Sep. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Product warranties | Product Warranties A reconciliation of the activity related to the accrued warranty, including both the current and long‑term portions, is as follows: Current Product Warranties Non-Current Product Warranties Year Ended September 30, Year Ended September 30, 2021 2020 2019 2021 2020 2019 Balance at beginning of the period $ 6,115 $ 4,922 $ 8,907 $ 1,724 $ 2,332 $ 3,360 Warranty provision for sales 6,939 4,738 5,745 2,065 701 1,915 Settlement of warranty claims (4,720) (4,890) (6,529) (830) (1,170) (999) Foreign currency translation and other (196) 550 63 7 (274) (350) Amounts related to sale of the Memcor product line — 795 (3,264) — 135 (1,594) Balance at end of the period $ 8,138 $ 6,115 $ 4,922 $ 2,966 $ 1,724 $ 2,332 |
Restructuring and Related Charg
Restructuring and Related Charges | 12 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and related charges | Restructuring and Related Charges To better align its resources with its growth strategies and reduce the cost structure, the Company commits to restructuring plans as necessary. The Company has undertaken various restructuring initiatives, including undertaking activities to reduce the cost structure and rationalize location footprint following the sale of the Memcor product line, transitioning from a three-segment structure to a two-segment operating model designed to better serve the needs of customers worldwide, and various initiatives within the Integrated Solutions and Services segment to drive efficiency and effectiveness in certain divisions. The Company currently expects to incur approximately $400 to $1,400 of costs during fiscal 2022 related to restructuring charges following the sale of the Memcor product line. The Company currently expects to incur approximately $500 of cash costs during fiscal 2022 as a result of its transition to a two-segment operating model related to other non-employee related business optimizations. The Company currently expects to incur approximately $600 to $1,000 of costs during fiscal 2022 related to the restructuring within certain divisions of the Integrated Solutions and Services segment. The table below sets forth the amounts accrued for the restructuring components and related activity: Year Ended September 30, 2021 2020 2019 Balance at beginning of the period $ 970 $ 655 $ 710 Restructuring charges following the sale of the Memcor product line 5,588 8,274 — Restructuring charges related to two-segment realignment 1,060 2,092 11,090 Restructuring charges related to other initiatives 2,830 1,867 2,444 Release of prior reserves (329) (98) (541) Write-off charges (1,340) (2,461) — Cash payments (8,484) (9,367) (12,966) Other adjustments 9 8 (82) Balance at end of the period $ 304 $ 970 $ 655 The balances for accrued restructuring liabilities at September 30, 2021 and 2020, are recorded in Accrued expenses and other liabilities on the Consolidated Balance Sheets. Restructuring charges primarily represent severance charges and other employee costs, fixed asset write-offs and certain relocation expenses. The Company expects to pay the remaining amounts accrued as of September 30, 2021 during the first half of 2022. The table below sets forth the location of amounts recorded above on the Consolidated Statements of Operations: Year Ended September 30, 2021 2020 2019 Cost of product sales and services $ 4,554 $ 8,305 $ 6,257 General and administrative expense 3,199 3,053 5,531 Sales and marketing expense 348 305 1,082 Research and development expense (16) 23 123 Other operating expense, net 1,064 449 — $ 9,149 $ 12,135 $ 12,993 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee benefit plans | Employee Benefit Plans Defined Benefit Plans The Company maintains multiple employee benefit plans. Certain of the Company’s employees in the UK were participants in a Siemen’s defined benefit plan established for employees of a UK-based operation acquired by Siemens in 2004. The plan was frozen with respect to future service credits for active employees, however the benefit formula recognized future compensation increases. The Company agreed to establish a replacement defined benefit plan, with the assets of the Siemens scheme transferring to the new scheme on April 1, 2015. Certain of the Company’s employees in Germany also participate in a defined benefit plan. Assets equaling the plan’s accumulated benefit obligation were transferred to a German defined benefit plan sponsored by the Company upon the acquisition of EWT from Siemens. The German entity also sponsors a defined benefit plan for a small group of employees located in France. The changes in projected benefit obligations, plan assets and the funded status of the UK and German defined benefit plans as of and for the years ended September 30, 2021 and 2020, respectively, are as follows: 2021 2020 Change in projected benefit obligation Projected benefit obligation at prior year measurement date $ 47,389 $ 42,948 Service cost 1,156 1,125 Interest cost 482 492 Actuarial (gains) losses (2,312) 5 Benefits paid from company assets (738) (173) Foreign currency exchange impact 36 2,992 Projected benefit obligation at measurement date $ 46,013 $ 47,389 Change in plan assets Fair value of assets at prior year measurement date 27,530 25,525 Actual return on plan assets 971 205 Benefits paid (515) (60) Employer contribution 258 255 Foreign currency exchange impact 394 1,605 Fair value of assets at measurement date $ 28,638 $ 27,530 Funded status and amount recognized in assets and liabilities $ (17,375) $ (19,859) Amount recognized in assets and liabilities Other non‑current assets $ 2,960 $ 2,831 Other non‑current liabilities $ (20,335) $ (22,690) Amount recognized in accumulated other comprehensive loss, before taxes Actuarial loss $ 7,071 $ 11,235 The following table provides summary information for the UK and German plans where the projected benefit obligation is in excess of plan assets: September 30, 2021 September 30, 2020 Projected benefit obligation $ 46,013 $ 47,389 Accumulated benefit obligation $ 24,578 $ 25,489 Fair value of plan assets $ 28,638 $ 27,530 The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year indicated as well as net periodic pension cost for the following year. The discount rate is based on settling the obligation with high grade, high yield corporate bonds, and the rate of compensation increase is based upon actual experience. The expected return on assets is based on historical performance as well as expected future rates of return on plan assets considering the current investment portfolio mix and the long‑term investment strategy. 2021 2020 Discount rate 1.00% - 2.03% 0.80% - 1.97% Expected long‑term rate of return on plan assets 1.97% - 3.50% 1.98% - 2.40% Salary scale 2.25% - 4.36% 2.25% - 4.44% Pension increases 1.00% - 3.27% 1.00% - 2.99% The Plan trustees for the UK and German pension plans have established investment policies and strategies. The UK Pension Committee established and implemented a liability driven investment approach to take advantage of, and seeking to protect, its well‑funded status. The German investment strategy is to close the current funding gap by taking a risk-balanced growth approach through investing assets in marketable securities. Through a trust arrangement, the German plan assets are held in a global multi-asset fund. The actual overall asset allocation for the UK pension plan as compared to the investment policy goals as of September 30, 2021 was as follows by asset category: 2021 Actual 2021 Target Equity 17.8 % — % Index‑linked gilts 76.0 % 70 % Cash 6.2 % 30 % Pension expense for the German and UK plans were as follows: Year Ended September 30, 2021 2020 2019 Service cost $ 1,156 $ 1,125 $ 898 Interest cost 482 492 699 Expected return on plan assets (615) (387) (440) Amortization of actuarial losses 1,042 1006 371 Pension expense for defined benefit plans $ 2,065 $ 2,236 $ 1,528 The components of pension expense, other than the service cost component, which is included in General and administrative expense, are included in the line item Other operating expense in the Consolidated Statements of Operations. Benefits expected to be paid to participants of the plans are as follows: Year Ended September 30, 2022 $ 680 2023 530 2024 606 2025 727 2026 1,001 Five years thereafter 7,261 Total $ 10,805 Defined Contribution Plans The Company maintains a defined contribution 401(k) plan, which covers all U.S.-based employees who meet minimum age and length of service requirements. Plan participants can elect to defer pre-tax compensation through payroll deductions. These deferrals are regulated under Section 401(k) of the Internal Revenue Code. Prior to January 1, 2021, the Company matched 100% of eligible participants’ deferrals that did not exceed 6% of their pay. Effective January 1, 2021, the Company matches 100% of eligible participants’ deferrals that do not exceed 4% of their pay. Also, effective January 1, 2021, the Company may make a discretionary profit sharing contribution of up to 4% of each plan participant’s compensation. All such contributions are subject to limitations imposed by the Internal Revenue Code. The Company’s total contributions were $16,559, $14,243, and $14,533 for the years ended September 30, 2021, 2020 and 2019, respectively. Employees in the UK and Germany also participate in a defined contribution plan maintained by the Company. For the years ended September 30, 2021, 2020 and 2019, contributions made to the Company’s plan in the UK and Germany were $919, $1,021, and $796, respectively. Deferred Compensation On April 1, 2014, the Company adopted a non-qualified deferred compensation plan for certain highly compensated employees. The Plan matches, on a dollar-for-dollar basis, up to the first 6% of a participant’s pay. The Company’s obligation under the plan represents an unsecured promise to pay benefits in the future. In the event of bankruptcy or insolvency of the Company, assets of the plan would be available to satisfy the claims of general creditors. To increase the security of the participants’ deferred compensation plan benefits, the Company has established and funded a grantor trust (known as a rabbi trust). The rabbi trust is specifically designed so that assets are available to pay plan benefits to participants in the event the Company is unwilling or unable to pay the plan benefits for any reason other than bankruptcy or insolvency. As a result, the Company is prevented from withdrawing or accessing assets for corporate needs. Plan participants choose to receive a return on their account balances equal to the return on the various investment options. The rabbi trust assets are primarily invested in mutual funds and insurance contracts of which the rabbi trust is the owner and beneficiary. Health Benefit Plan The Company maintains a qualified employee health benefit plan in the U.S. and is self‑funded by the Company with respect to claims up to a certain amount. The plan requires contributions from eligible employees and their dependents. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For financial reporting purposes, income (loss) before income taxes includes the following components: Year Ended September 30, 2021 2020 2019 Domestic $ 19,927 $ 81,276 $ (9,140) Foreign 41,815 40,490 10,256 Income before income taxes $ 61,742 $ 121,766 $ 1,116 The components of income tax (expense) benefit were as follows: Year Ended September 30, 2021 2020 2019 Current: Federal $ — $ — $ — State (1,233) (591) (400) Foreign (11,210) (8,014) (7,239) $ (12,443) $ (8,605) $ (7,639) Deferred: Federal (2,153) 115 (3,597) State (630) 401 196 Foreign 5,146 718 1,453 $ 2,363 $ 1,234 $ (1,948) Total income tax (expense) benefit $ (10,080) $ (7,371) $ (9,587) For the years ended September 30, 2021, 2020 and 2019, the U.S. federal statutory rate was 21.0%. A reconciliation of income tax (expense) benefit and the amount computed by applying the applicable statutory rate to income from operations before income taxes was as follows: Year Ended September 30, 2021 2020 2019 Income tax (expense) benefit at the federal statutory rate of 21% $ (12,966) $ (25,571) $ (234) State and local income taxes, net of federal tax benefit (757) (74) (204) Foreign tax rate differential (3,009) (1,129) (1,471) Nondeductible interest expense (588) (1,032) (1,073) Meals and entertainment expense (176) (760) (953) U.S. tax on foreign earnings (5,687) (8,438) (1,421) Nondeductible legal expenses — — (112) Other nondeductible expenses (786) (479) (223) Impact of tax rate changes 819 286 (548) Valuation allowances 854 19,013 (3,886) Share-based compensation 11,598 4,931 475 Non-taxable gain on sale of subsidiary — 4,789 — Return-to-provision adjustments (44) 516 (655) Non-controlling interest 30 (466) 221 Net benefit of foreign R&D expenses — 18 191 Transaction related contingent liabilities 155 143 (58) Contingent liabilities - warranty — — 93 Foreign withholding taxes — — 369 Non-deductible exchange gain or loss — — (587) Deferred tax adjustments 87 491 2,016 Accrued tax adjustments 27 (6) (1,348) Tax benefits of other comprehensive income — — (154) Other 363 397 (25) Total $ (10,080) $ (7,371) $ (9,587) Annual Tax (Expense) Benefit For the year ended September 30, 2021, tax expense was $10,080 as compared to tax expense based on the U.S. statutory rate of $12,966. The actual tax expense was lower principally due to U.S. income not attracting U.S. tax due to the valuation allowance against U.S. deferred tax assets and the reversal of the valuation allowance with respect to the Company’s German operating company. These tax benefits were mostly offset by an increase in foreign tax expense due to improved profitability in certain jurisdictions with tax rates higher than the U.S. and the impact of a one-time state tax adjustment for prior periods. Tax expense increased $2,709 to $10,080 for the year ended September 30, 2021 as compared to $7,371 in the prior year. The increase in tax expense was primarily attributable to an increase in foreign tax expense due to improved profitability in certain countries and the impact of a one-time state tax adjustment for prior periods. The increase in expense was partially offset by a one-time tax benefit for the reversal of the valuation allowance with respect to the Company’s German operating company. For the year ended September 30, 2020, the Company provided tax expense of $7,371 as compared to expense of $9,587 in the fiscal year ended September 30, 2019. The decrease in expense was primarily the result of the favorable impact on deferred tax liabilities related to indefinite lived intangibles, a portion of which were reversed in relation to the sale of the Memcor product line. Significant components of deferred tax assets and liabilities were as follows: September 30, 2021 September 30, 2020 Deferred Tax Assets Receivable allowances $ 885 $ 856 Reserves and accruals 24,913 24,141 Inventory valuation and other assets 3,141 4,617 Investment in partnership 1,977 1,592 Unrealized foreign exchange gains (losses), including related hedges 4,468 5,332 Other deferred taxes 2,811 3,474 Net operating loss carryforwards 48,605 29,407 Gross deferred tax assets $ 86,800 $ 69,419 Less: Valuation allowance (21,299) (23,298) Deferred tax assets less valuation allowance $ 65,501 $ 46,121 Deferred Tax Liabilities Goodwill (9,849) (6,579) Fixed assets (46,057) (32,136) Intangibles (15,313) (15,509) Other deferred tax liabilities (2,440) (1,427) Gross deferred tax liabilities $ (73,659) $ (55,651) Net deferred tax liabilities $ (8,158) $ (9,530) Accounting standards require that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. This assessment requires significant judgment, and in making this evaluation, the Company considers all available positive and negative evidence, including the potential to carryback net operating losses and credits, the future reversal of certain taxable temporary differences, actual and forecasted results, and tax planning strategies that are both prudent and feasible. A significant piece of objective evidence evaluated is the cumulative income or loss incurred over recent years including the three‑year period ended September 30, 2021. The U.S. group was in a three-year cumulative loss at September 30, 2019 but was no longer in a three-year cumulative loss position at September 30, 2020, primarily due to the sale of the Memcor business. The Company believes the favorable evidence of no longer being in a three-year cumulative loss is outweighed by the losses of the U.S. group and the significant global economic uncertainty due to the COVID-19 health crisis. Our German operations have demonstrated strong profitability in the most recent three years, are cumulatively profitable, and have fully utilized their net operating loss carryforwards. After considering all available evidence, both positive and negative, management determined that a valuation allowance was necessary in certain jurisdictions. As of September 30, 2021, the Company reversed the German valuation allowance and continues to maintain a full valuation allowance against its deferred tax assets (excluding certain deferred tax liabilities including those related to indefinite lived intangibles) in the U.S. and the UK. A partial valuation allowance continues to be maintained in the Netherlands related to a net operating loss generated prior to the Magneto acquisition as well as certain foreign tax credits. A reconciliation of the valuation allowance on deferred tax assets is as follows: Year Ended September 30, 2021 2020 2019 Valuation allowance beginning of period $ 23,298 $ 41,084 $ 36,683 Change in assessment (6,140) 1,650 (865) Current year operations 7,300 (19,856) 3,495 Foreign currency and other (3,219) 3,012 2,254 Acquisitions / Dispositions 60 (2,592) (483) Valuation allowance end of period $ 21,299 $ 23,298 $ 41,084 The Company does not anticipate that it will dispose any of its foreign subsidiaries in the foreseeable future and as such has not recorded a U.S. deferred tax asset where the tax basis exceeds the financial reporting basis of these investments. Additionally, the Company has not provided a U.S. deferred tax liability on the excess of financial reporting over tax basis of its investments. As of September 30, 2021, 2020 and 2019, undistributed earnings of non-U.S. affiliates were approximately $77,709, $53,766, and $49,480, respectively, which are considered to be indefinitely reinvested. Upon distribution of these earnings the Company may be subject to U.S. income taxes and foreign withholding taxes. The amount of taxes that may be payable on remittance of these earnings is dependent on the tax laws and profile of the Company at that time and the availability of foreign tax credits in the year in which such earnings are remitted. Therefore, it is not practicable to estimate the amount of taxes that may be payable when these earnings are remitted in the future. The Company utilizes the more-likely-than-not standard in recognizing a tax benefit in its financial statements. For the years ended September 30, 2021, 2020, and 2019, the Company had unrecognized tax benefits of $1,123, $1,050, and $1,075 respectively. The following is a reconciliation of the Company’s total gross unrecognized tax benefits: Year Ended September 30, 2021 2020 2019 Balance as of beginning of period $ 1,050 $ 1,075 $ — Tax positions related to the current year Additions — — — Tax positions related to prior years Additions 73 — 1,075 Reductions — (25) — Expiration of statutes of limitations — — — Balance as of end of period $ 1,123 $ 1,050 $ 1,075 At September 30, 2021, 2020, and 2019, the Company had $1,599, $1,288, and $1,170 classified as a current liability respectively. The amount of unrecognized tax benefits is not expected to change significantly during the next 12 months. At September 30, 2021, 2020, and 2019, if the Company’s tax positions are sustained by the taxing authorities in favor of the Company, the amount that would affect the Company’s effective tax rate would be approximately $1,599, $1,288, and $1,170 respectively. The Company classifies interest expense and, if applicable, penalties which could be assessed related to unrecognized tax benefits as component of income tax (expense) benefit. For the years ended September 30, 2021, 2020, and 2019 the Company recognized approximately $(238), $(143), and $(95) of gross interest and penalties, respectively. Tax attributes available to reduce future taxable income begin to expire as follows: September 30, 2021 First year of Expiration Federal net operating loss $ 190,386 September 30, 2035 State net operating loss 106,687 September 30, 2019 Foreign net operating loss 2,558 September 30, 2023 Foreign net operating loss 8,107 Indefinite During the fourth quarter of the year ending September 30, 2020 the Company undertook a secondary offering. As a result of that offering, the Company experienced an ownership change for purposes of I.R.C. Section 382. There was no impact to current or deferred tax expense resulting from the ownership change for the years ending September 30, 2021 and 2020. The Company may be subject to tax audits in the U.S. as well as various state and foreign jurisdictions. The following table summarizes the Company’s open years by major jurisdiction as of September 30, 2021: Jurisdiction Open Tax Years United States 2018-2021 Australia 2017-2021 Canada 2017-2021 China 2016-2021 Germany 2017-2021 Netherlands 2016-2021 Singapore 2017-2021 United Kingdom 2019-2021 |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | Share-Based Compensation The Company designs equity compensation plans to attract and retain employees while also aligning employees’ interests with the interests of the Company’s shareholders. In addition, members of the Company’s Board of Directors (the “Board”) participate in equity compensation plans in connection with their service on the Company’s Board. The Company established the Evoqua Water Technologies Corp. Stock Option Plan (the “Stock Option Plan”) shortly after the acquisition date of January 16, 2014 . The plan allows certain management employees and the Board to purchase shares in Evoqua Water Technologies Corp. Under the Stock Option Plan, the number of shares available for award was 11,083. As of September 30, 2021, there were approximately 2,089 shares available for future grants, however, the Company does not currently intend to make additional grants under the Stock Option Plan. In connection with the IPO, the Board adopted and the Company’s shareholders approved the Evoqua Water Technologies Corp. 2017 Equity Incentive Plan (or the “Equity Incentive Plan”), under which equity awards may be granted in the form of options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalent rights, share awards and performance-based awards (including performance share units and performance-based restricted stock). Upon adoption of the Equity Incentive Plan, 5,100 shares of common stock of the Company were reserved for issuance thereunder. On February 18, 2020, the Company’s shareholders approved the amendment and restatement of the Equity Incentive Plan in order to increase the number of shares of common stock reserved for issuance thereunder by 5,000 shares and incorporate other changes. On May 18, 2021 (the “Grant Date”), the Compensation Committee of the Board approved and the Company granted special one-time awards of 234 restricted stock units (“Special RSUs”) and 469 performance share units (“Special PSUs”), at a target award level, under the Equity Incentive Plan to certain executive officers of the Company. Subject to the applicable executive officer’s continued employment with the Company and the terms and conditions of the Equity Incentive Plan and the related award agreement, the Special RSUs will vest ratably over a three-year period on each annual anniversary of the Grant Date, and the Special PSUs will be earned incrementally in three tranches of 25%, 25%, and 50% after one-, two-, and three-year performance periods, respectively, and will cumulatively be paid, if earned, after the end of the three-year performance period ending on May 18, 2024, based on the Company’s total stockholder return (“TSR”) compared to peer water companies, including certain U.S.-listed companies included in the S&P Global Water Index (the “Peer Companies”). Each tranche of the Special PSUs reflects the right to receive between 50% and 100% of the shares underlying such tranche based on the Company’s TSR as compared to the Peer Companies (“Relative TSR”) for the applicable performance period. Subject to certain exceptions provided in the award agreements in the event of death, disability, or change in control, for each tranche, Special PSUs will be earned as follows: 100% if Relative TSR for the period is at the 80th percentile or above; 50% if Relative TSR for the period is at the 60th percentile; and 0% if Relative TSR is below the 60th percentile. Linear interpolation will be used to determine the percentage of each tranche earned when Relative TSR is between the 60th percentile and the 80th percentile for the applicable performance period. The payout for each tranche of the Special PSUs is capped at 100% even if Relative TSR exceeds the 80th percentile for the applicable period. If the Company’s TSR is negative for any performance period, the number of Special PSUs that may vest for the corresponding tranche will be capped at 50% of the amount that otherwise would have been earned for the period. As of September 30, 2021, there were approximately 4,340 shares available for grants under the Equity Incentive Plan. Option awards are granted at various times during the year, generally vest ratably at 25% per year, and are exercisable at the time of vesting. The options granted have a ten-year contractual term. A summary of the stock option activity for the years ended September 30, 2021 and 2020 is presented below: (In thousands, except per share amounts) Options Weighted Average Exercise Price/Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at September 30, 2019 8,619 8.15 6.3 years $ 80,826 Granted 823 23.52 Exercised (1,834) 5.62 Forfeited (172) 15.54 Cancelled (6) 20.60 Expired — — Outstanding at September 30, 2020 7,430 $ 10.30 5.9 years $ 83,152 Granted 612 $ 24.78 Exercised (2,884) $ 6.81 Forfeited (67) $ 21.25 Cancelled (1) 16.63 Expired — — Outstanding at September 30, 2021 5,090 $ 13.87 5.9 years $ 120,611 Options exercisable at September 30, 2021 3,189 $ 9.72 4.6 years $ 88,776 Options vested and expected to vest at September 30, 2021 5,047 $ 13.79 5.9 years $ 119,992 The total intrinsic value of options exercised (which is the amount by which the stock price exceeded the exercise price of the options of the date of exercise) during the year ended September 30, 2021 was $60,370. During the year ended September 30, 2021, $21,205 was received from the exercise of stock options. A summary of the status of the Company's nonvested stock options as of and for the years ended September 30, 2021, 2020 and 2019 is presented below. 2021 2020 2019 (In thousands, except per share amounts) Shares Weighted Average Grant Date Fair Value/Share Shares Weighted Average Grant Date Fair Value/Share Shares Weighted Average Grant Date Fair Value/Share Nonvested at beginning of period 2,166 $ 5.56 2,379 $ 4.96 3,335 $ 4.11 Granted 612 $ 9.00 823 $ 6.06 1,114 $ 3.87 Vested (810) $ 5.48 (864) $ 4.52 (1,559) $ 2.61 Forfeited (67) $ 6.82 (172) $ 4.94 (511) $ 4.38 Nonvested at end of period 1,901 $ 6.69 2,166 $ 5.56 2,379 $ 4.96 The total fair value of options vested during the year was $4,434, $3,906, and $4,064 for the years ended September 30, 2021, 2020 and 2019, respectively. Restricted Stock Units The following is a summary of the RSU activity for the years ended September 30, 2021 and 2020. Shares Weighted Average Grant Date Fair Value/Share Outstanding at September 30, 2019 2,002 $ 17.45 Granted 394 $ 23.05 Vested (1,555) $ 18.79 Forfeited (91) $ 15.35 Outstanding at September 30, 2020 750 $ 17.86 Granted 731 $ 25.98 Vested (240) $ 17.55 Forfeited (25) $ 20.31 Cancelled (7) $ 21.22 Outstanding at September 30, 2021 1,209 $ 22.77 Expected to vest at September 30, 2021 1,165 $ 22.67 The following is a summary of the Special PSU activity for the year ended September 30, 2021. (In thousands, except per share amounts) Shares Weighted Average Grant Date Fair Value/Share Granted 469 $ 16.92 Nonvested at end of period 469 $ 16.92 Expected to vest 426 $ 16.92 Expense Measurement and Recognition The Company recognizes share-based compensation for all current award grants and, in future periods, will recognize compensation costs for the unvested portion of previous award grants based on grant date fair values. Total share-based compensation expense was $17,703 and $10,535 during the year ended September 30, 2021 and 2020, respectively, of which $15,524 and $10,509 was non-cash, respectively. Share-based compensation expense was $19,903 during the year ended September 30, 2019. Reported non-cash share-based compensation expense was classified on the Consolidated Statements of Operations as shown in the following table: Year Ended September 30, 2021 2020 2019 Cost of services $ 143 $ 91 $ 142 General and administrative 15,381 10,418 19,761 $ 15,524 $ 10,509 $ 19,903 The unrecognized compensation expense related to stock options, RSUs, and Special PSUs was $8,872, $20,177 and $6,946, respectively at September 30, 2021, and is expected to be recognized over a weighted average period of 2.0 years, 2.2 years, and 2.6 years, respectively. The Company estimates the fair value of each stock option award on the grant date using the Black-Scholes valuation model incorporating the assumptions noted in the following table. Option valuation models require the input of highly subjective assumptions, and changes in assumptions used can materially affect the fair value estimate. Option valuation assumptions for options granted are as follows: Year Ended September 30, 2021 2020 2019 Expected volatility 38.3% - 56.7% 24.2% - 77.1% 26.3% - 30.0% Expected dividends — — — Expected term (in years) 5.3 - 6.0 5.4 - 6.0 5.6 - 6.0 Risk free rate 0.4% - 0.9% 0.2% - 1.7% 1.5% - 2.6% Grant date fair value per share of options granted $8.12 - $19.76 $5.33 - $8.56 $3.14 - $7.06 The risk‑free interest rate is based on the U.S. treasury security rate in effect as of the date of grant. Beginning in fiscal year 2021, the Company utilized historical realized volatility for expected volatility which is based on historical stock prices during a period of time. Prior to fiscal year 2021, the Company had little history with respect to volatility of share prices, and as such, the expected volatility was not based on realized volatility. The Company, as permitted under ASC 718, had identified guideline public companies who are participants in the Company’s markets. The Company obtained share price trading data from the guideline companies and based their estimate of expected volatility on the implied volatility of the guideline companies in addition to the Company’s own implied volatility. As the guideline companies were comparable in most significant respects, the Company believed they represent an appropriate basis for estimating expected volatility. The Company estimated the fair value of PSUs on the grant date using a Monte Carlo Simulation incorporating the assumptions noted in the following table. Year Ended September 30, 2021 Expected volatility 61.0% Expected dividends — Expected term (in years) 3 Risk free rate 0.34% Grant date fair value per share of PSUs granted $16.92 The risk‑free interest rate is based on the U.S. treasury security rate in effect as of the date of grant. The Company utilized historical realized volatility for expected volatility which is based on historical stock prices during a period of time. Employee Stock Purchase Plan Effective October 1, 2018, the Company implemented an employee stock purchase plan (“ESPP”) which allows employees to purchase shares of the Company’s stock at 85% of the lower of the fair market value on the first day of the applicable offering period or on the last business day of a six-month purchase period within the offering period. These purchases are offered twice throughout each fiscal year and were paid by employees through payroll deductions over the respective six month purchase period, at which point the stock was transferred to the employees. On December 21, 2018, the Company registered 11,297 shares of common stock, par value $0.01 per share, of which 5,000 are available for future issuance under the ESPP. During the years ended September 30, 2021, 2020 and 2019, the Company incurred compensation expense of $887, $392 and $400, respectively, primarily in salaries and wages in respect of the ESPP, representing the fair value of the discounted price of the shares. These amounts are included in the total share-based compensation expense above. During the years ended September 30, 2021, 2020 and 2019, 182 shares, 58 shares and 46 shares, respectively, were issued under the ESPP plan. |
Other Comprehensive Loss
Other Comprehensive Loss | 12 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Other Comprehensive Loss | Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) were: September 30, 2021 September 30, 2020 Foreign currency translation income (loss) $ 16,137 $ (5,535) Pension benefit plans, net of tax expense (benefit) of $403 and $(839) (7,474) (10,396) Unrealized derivative gain (loss) on cash flow hedges, net of tax expense of $135 and $135 2,752 (4,541) Total accumulated other comprehensive income (loss) $ 11,415 $ (20,472) The (losses) gains in accumulated other comprehensive income (loss) by component, net of tax, for the years ended September 30, 2021, 2020 and 2019 are as follows: Foreign currency Pension Cash flow Hedges Balance at September 30, 2018 $ (4,212) $ (4,907) $ 102 Other comprehensive income (loss) before reclassifications 1,507 (5,939) (424) Amounts gains reclassified from accumulated other comprehensive loss into earnings — 371 498 Balance at September 30, 2019 $ (2,705) $ (10,475) $ 176 Other comprehensive loss before reclassifications (2,830) (927) (5,375) Amounts gains reclassified from accumulated other comprehensive loss into earnings — 1,006 658 Balance at September 30, 2020 $ (5,535) $ (10,396) $ (4,541) Other comprehensive income before reclassifications 21,672 1,880 4,909 Amounts gains reclassified from accumulated other comprehensive income (loss) into earnings — 1,042 2,384 Balance at September 30, 2021 $ 16,137 $ (7,474) $ 2,752 Amounts reclassified out of other comprehensive income (loss) related to the amortization of actuarial losses are included in pension expense. Refer to Note 13, “Derivative Financial Instruments” for the location in the Consolidated Statements of Operations of amounts reclassified out of other comprehensive income (loss) related to cash flow hedges. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s cash and cash equivalents and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivable is derived from revenue earned from customers located in the U.S. and internationally and generally do not require collateral. The Company’s trade receivables do not represent a significant concentration of credit risk at September 30, 2021 and 2020 due to the wide variety of customers and markets into which products are sold and their dispersion across geographic areas. The Company does perform ongoing credit evaluations of its customers and maintains an allowance for potential credit losses on trade receivables. As of and for the years ended September 30, 2021, 2020 and 2019, no customer accounted for more than 10% of net sales or net accounts receivable. The Company operates predominantly in ten countries worldwide and provides a wide range of proven product brands and advanced water and wastewater treatment technologies, mobile and emergency water supply solutions and service contract options through its Integrated Solutions and Services and Applied Product Technologies segments. The Company is a multi-national business, but its sales and operations are primarily in the U.S. External sales to unaffiliated customers are transacted with the Company location that maintains the customer relationship. The following tables set forth external net revenue, net of intercompany eliminations, and net asset information by region: Year Ended September 30, 2021 2020 2019 Sales to external customers United States $ 1,174,474 $ 1,164,634 $ 1,147,649 Rest of World 289,955 264,822 296,792 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 September 30, 2021 September 30, 2020 Net Assets United States $ 462,883 $ 408,330 Rest of World 119,336 73,733 $ 582,219 $ 482,063 Long Lived Assets United States $ 357,597 $ 347,832 Rest of World 17,391 16,629 $ 374,988 $ 364,461 |
Leases
Leases | 12 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Lessee Accounting The following represents the components of lease cost for the years ended September 30, 2021 and 2020, and other information for both operating and finance leases for the years ended September 30, 2021 and 2020: Year Ended September 30, 2021 2020 Lease cost Finance lease cost: Amortization of ROU assets $ 13,572 $ 13,738 Interest on lease liabilities 1,793 1,981 Operating lease cost 15,357 16,052 Short-term lease cost 2,935 4,970 Variable lease cost — — Sublease income (58) (56) Total lease cost $ 33,599 $ 36,685 Total lease cost for operating leases was $20,088 for the year ended September 30, 2019. Year Ended September 30, Other information 2021 2020 (Gains)/losses on sale and leaseback transactions, net $ — $ — Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,810 $ 1,968 Operating cash flows from operating leases $ 15,758 $ 16,034 Financing cash flows from finance leases $ 13,373 $ 13,459 ROU assets obtained in exchange for new finance lease liabilities $ 14,257 $ 14,934 ROU assets obtained in exchange for new operating lease liabilities $ 4,839 $ 8,456 ROU asset remeasurement $ 8,177 $ (960) Weighted average remaining lease term - finance leases 3.6 years 3.9 years Weighted average remaining lease term - operating leases 4.8 years 5.2 years Weighted average discount rate - finance leases 4.3 % 4.6 % Weighted average discount rate - operating leases 4.0 % 4.2 % The following table reconciles future minimum undiscounted rental commitments for operating leases to operating lease liabilities record on the Consolidated Balance Sheet as of September 30, 2021: Fiscal Year 2022 $ 15,055 2023 12,566 2024 9,945 2025 7,969 2026 5,605 Thereafter 5,056 Total undiscounted lease payments $ 56,196 Present value adjustment (4,945) Operating lease liabilities $ 51,251 Less current installments of obligations under operating leases 13,316 Obligations under operating leases, excluding current installments $ 37,935 The gross and net carrying values of the equipment under finance leases as of September 30, 2021 and September 30, 2020 was as follows: September 30, 2021 September 30, 2020 Gross carrying amount $ 92,247 $ 89,254 Net carrying amount $ 36,884 $ 36,577 The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the Consolidated Balance Sheet as of September 30, 2021: Fiscal Year 2022 $ 13,433 2023 10,947 2024 8,349 2025 5,567 2026 2,339 Thereafter 356 Total undiscounted lease payments $ 40,991 Present value adjustment (2,813) Finance lease liabilities $ 38,178 Less current installments of obligations under finance leases 12,093 Obligations under finance leases, excluding current installments $ 26,085 The current installments of obligations under finance leases are included in Accrued expenses and other liabilities. Obligations under finance leases, excluding current installments, are included in Other non-current liabilities. Lessor Accounting The following represents the components of lease revenue for the years ended September 30, 2021 and 2020: Year Ended September 30, 2021 2020 Lease revenue: operating leases $ 152,435 $ 148,703 Lease revenue: sales-type leases 37,898 981 Total lease revenue $ 190,333 $ 149,684 As of September 30, 2021, future minimum lease payments receivable under operating leases are as follows: Fiscal year 2022 $ 157,369 2023 93,292 2024 62,714 2025 47,359 2026 34,804 Thereafter 152,792 Future minimum lease payments $ 548,330 At September 30, 2021, the Company had current and long-term lease receivables of $1,068 and $37,812, respectively, recorded in Prepaid and other current assets and Other non‑current assets, respectively, in the Consolidated Balance Sheets related to sales-type leases. As of September 30, 2021, the maturities of the Company’s sales type lease receivables are as follows: Fiscal year 2022 $ 1,068 2023 2,836 2024 2,836 2025 2,836 2026 2,836 Thereafter 26,468 Total $ 38,880 |
Lessor, Operating Leases [Text Block] | Leases Lessee Accounting The following represents the components of lease cost for the years ended September 30, 2021 and 2020, and other information for both operating and finance leases for the years ended September 30, 2021 and 2020: Year Ended September 30, 2021 2020 Lease cost Finance lease cost: Amortization of ROU assets $ 13,572 $ 13,738 Interest on lease liabilities 1,793 1,981 Operating lease cost 15,357 16,052 Short-term lease cost 2,935 4,970 Variable lease cost — — Sublease income (58) (56) Total lease cost $ 33,599 $ 36,685 Total lease cost for operating leases was $20,088 for the year ended September 30, 2019. Year Ended September 30, Other information 2021 2020 (Gains)/losses on sale and leaseback transactions, net $ — $ — Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,810 $ 1,968 Operating cash flows from operating leases $ 15,758 $ 16,034 Financing cash flows from finance leases $ 13,373 $ 13,459 ROU assets obtained in exchange for new finance lease liabilities $ 14,257 $ 14,934 ROU assets obtained in exchange for new operating lease liabilities $ 4,839 $ 8,456 ROU asset remeasurement $ 8,177 $ (960) Weighted average remaining lease term - finance leases 3.6 years 3.9 years Weighted average remaining lease term - operating leases 4.8 years 5.2 years Weighted average discount rate - finance leases 4.3 % 4.6 % Weighted average discount rate - operating leases 4.0 % 4.2 % The following table reconciles future minimum undiscounted rental commitments for operating leases to operating lease liabilities record on the Consolidated Balance Sheet as of September 30, 2021: Fiscal Year 2022 $ 15,055 2023 12,566 2024 9,945 2025 7,969 2026 5,605 Thereafter 5,056 Total undiscounted lease payments $ 56,196 Present value adjustment (4,945) Operating lease liabilities $ 51,251 Less current installments of obligations under operating leases 13,316 Obligations under operating leases, excluding current installments $ 37,935 The gross and net carrying values of the equipment under finance leases as of September 30, 2021 and September 30, 2020 was as follows: September 30, 2021 September 30, 2020 Gross carrying amount $ 92,247 $ 89,254 Net carrying amount $ 36,884 $ 36,577 The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the Consolidated Balance Sheet as of September 30, 2021: Fiscal Year 2022 $ 13,433 2023 10,947 2024 8,349 2025 5,567 2026 2,339 Thereafter 356 Total undiscounted lease payments $ 40,991 Present value adjustment (2,813) Finance lease liabilities $ 38,178 Less current installments of obligations under finance leases 12,093 Obligations under finance leases, excluding current installments $ 26,085 The current installments of obligations under finance leases are included in Accrued expenses and other liabilities. Obligations under finance leases, excluding current installments, are included in Other non-current liabilities. Lessor Accounting The following represents the components of lease revenue for the years ended September 30, 2021 and 2020: Year Ended September 30, 2021 2020 Lease revenue: operating leases $ 152,435 $ 148,703 Lease revenue: sales-type leases 37,898 981 Total lease revenue $ 190,333 $ 149,684 As of September 30, 2021, future minimum lease payments receivable under operating leases are as follows: Fiscal year 2022 $ 157,369 2023 93,292 2024 62,714 2025 47,359 2026 34,804 Thereafter 152,792 Future minimum lease payments $ 548,330 At September 30, 2021, the Company had current and long-term lease receivables of $1,068 and $37,812, respectively, recorded in Prepaid and other current assets and Other non‑current assets, respectively, in the Consolidated Balance Sheets related to sales-type leases. As of September 30, 2021, the maturities of the Company’s sales type lease receivables are as follows: Fiscal year 2022 $ 1,068 2023 2,836 2024 2,836 2025 2,836 2026 2,836 Thereafter 26,468 Total $ 38,880 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees From time to time, the Company is required to provide letters of credit, bank guarantees, or surety bonds in support of its commitments and as part of the terms and conditions on water treatment projects. In addition, the Company is required to provide letters of credit or surety bonds to the department of environmental protection or equivalent in some states in order to maintain its licenses to handle toxic substances at certain of its water treatment facilities. These financial instruments typically expire after all Company commitments have been met, a period typically ranging from twelve months to ten years, or more in some circumstances. The letters of credit, bank guarantees, or surety bonds are arranged through major banks or insurance companies. In the case of surety bonds, the Company generally indemnifies the issuer for all costs incurred if a claim is made against the bond. The following summarizes the Company’s outstanding letters of credit and surety bonds as of September 30, 2021 and September 30, 2020, respectively. September 30, 2021 September 30, 2020 Revolving credit capacity $ 60,000 $ 45,000 Letters of credit outstanding 10,112 12,963 Remaining revolving credit capacity $ 49,888 $ 32,037 Surety capacity $ 250,000 $ 230,000 Surety issuances 147,845 152,990 Remaining surety available $ 102,155 $ 77,010 The longest maturity date of letters of credit and surety bonds in effect as of September 30, 2021 was March 20, 2030. Litigation |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following: September 30, September 30, Salaries, wages, and other benefits $ 79,110 $ 67,766 Obligation under operating leases 13,316 12,767 Obligation under finance leases 12,093 11,362 Third party commissions 10,031 9,270 Taxes, other than income 4,575 5,316 Insurance liabilities 3,720 3,954 Provisions for litigation 2,938 2,580 Fair value of liability derivatives 554 4,716 Severance payments 304 970 Earn-outs related to acquisitions 150 295 Other 33,576 24,393 $ 160,367 $ 143,389 |
Business Segments
Business Segments | 12 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Business segments | Business Segments The Company’s reportable operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision maker, or decision making group, in deciding how to allocate resources to an individual segment and in assessing performance. The key factors used to identify these reportable operating segments are the organization and alignment of the Company’s internal operations, the nature of the products and services, and customer type. The Company has two reportable operating segments, Integrated Solutions and Services and Applied Product Technologies. The business segments are described as follows: Integrated Solutions and Services is a group entirely focused on engaging directly with end users through direct sales with a market vertical focus. Integrated Solutions and Services provides tailored services and solutions in collaboration with the customers backed by life‑cycle services including on‑demand water, outsourced water, recycle / reuse, and emergency response service alternatives to improve operational reliability, performance, and environmental compliance. Key offerings within this segment also include equipment systems for industrial needs (influent water, boiler feed water, ultrahigh purity, process water, wastewater treatment and recycle / reuse), full-scale outsourcing of operations and maintenance, and municipal services, including odor and corrosion control services. Applied Product Technologies is focused on developing product platforms to be sold primarily through third party channels. This segment primarily engages in indirect sales through independent sales representatives, distributors, and aftermarket channels. Applied Product Technologies provides a range of highly differentiated and scalable products and technologies specified by global water treatment designers, OEMs, engineering firms, and integrators. Key offerings within this segment include filtration and separation, disinfection, wastewater solutions, anode and electrochlorination technology, and aquatics technologies and solutions for the global recreational and commercial pool market. The Company evaluates its business segments’ operating results based on earnings before interest, taxes, depreciation and amortization, and certain other charges that are specific to the activities of the respective segments. Corporate activities include general corporate expenses, elimination of intersegment transactions, interest income and expense and certain other charges. Certain other charges include restructuring and other business transformation charges that have been undertaken to align and reposition the Company to the current reporting structure, acquisition related costs (including transaction costs and certain integration costs) and share-based compensation charges. Since certain administrative costs and other operating expenses have not been allocated to business segments, the results in the below table are not necessarily a measure computed in accordance with generally accepted accounting principles and may not be comparable to other companies. The tables below provide segment information for the periods presented and a reconciliation to total consolidated information: Year Ended September 30, 2021 2020 2019 Total sales Integrated Solutions and Services $ 980,852 $ 954,542 $ 919,985 Applied Product Technologies 588,080 559,635 631,332 Total sales $ 1,568,932 $ 1,514,177 $ 1,551,317 Intersegment sales Integrated Solutions and Services $ 20,966 $ 10,360 $ 9,151 Applied Product Technologies 83,537 74,361 97,725 Total intersegment sales $ 104,503 $ 84,721 $ 106,876 Sales to external customers Integrated Solutions and Services $ 959,886 $ 944,182 $ 910,834 Applied Product Technologies 504,543 485,274 533,607 Total sales $ 1,464,429 $ 1,429,456 $ 1,444,441 Income from operations Integrated Solutions and Services $ 147,251 $ 145,655 $ 148,593 Applied Product Technologies 82,891 134,258 69,377 Corporate (130,825) (111,465) (158,298) Total income from operations $ 99,317 $ 168,448 $ 59,672 Interest expense (37,575) (46,682) (58,556) Income before income taxes $ 61,742 $ 121,766 $ 1,116 Income tax expense (10,080) (7,371) (9,587) Net income (loss) $ 51,662 $ 114,395 $ (8,471) Depreciation and amortization Integrated Solutions and Services $ 70,585 $ 67,489 $ 57,217 Applied Product Technologies 14,423 14,226 17,675 Corporate 28,656 25,553 23,344 Total depreciation and amortization $ 113,664 $ 107,268 $ 98,236 Capital expenditures Integrated Solutions and Services $ 60,407 $ 75,551 $ 73,656 Applied Product Technologies 6,955 6,237 7,589 Corporate 7,931 6,668 7,624 Total Capital expenditures $ 75,293 $ 88,456 $ 88,869 September 30, 2021 September 30, 2020 Assets Integrated Solutions and Services $ 887,265 $ 835,307 Applied Product Technologies 656,362 598,701 Corporate 325,264 410,450 Total assets $ 1,868,891 $ 1,844,458 Goodwill Integrated Solutions and Services $ 233,830 $ 224,381 Applied Product Technologies 173,546 172,824 Total goodwill $ 407,376 $ 397,205 |
Earnings per share
Earnings per share | 12 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings Per Share The following table sets forth the computation of basic and diluted income from continuing operations per common share: Year Ended September 30, (In thousands, except per share data) 2021 2020 2019 Numerator: Net income (loss) attributable to Evoqua Water Technologies Corp. $ 51,482 $ 113,649 $ (9,523) Denominator: Denominator for basic net income per common share—weighted average shares 119,575 116,721 114,703 Effect of dilutive securities: Share‑based compensation 3,368 4,342 — Denominator for diluted net loss per common share—adjusted weighted average shares 122,943 121,063 114,703 Basic income (loss) per common share $ 0.43 $ 0.97 $ (0.08) Diluted income (loss) per common share $ 0.42 $ 0.94 $ (0.08) Since the Company was in a net loss position for the year ended September 30, 2019, there was no difference between the number of shares used to calculate basic and diluted loss per share. Because of their anti-dilutive effect, 1,784 and 2,512 common share equivalents, comprised of employee stock options, have been excluded from the diluted EPS calculation for the years ended September 30, 2021 and 2020, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsNone. |
SCHEDULE_I - Evoqua Water Techn
SCHEDULE I - Evoqua Water Technologies Corp. | 12 Months Ended |
Sep. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | SCHEDULE I-Evoqua Water Technologies Corp. (Parent company only) Condensed Consolidated Balance Sheets (In thousands) September 30, 2021 September 30, 2020 ASSETS Current assets $ 51,777 $ 10,871 Due from affiliates 39,982 5,821 Cash and cash equivalents 11,681 4,972 Prepaid and other current assets 114 78 Investment in affiliate 517,479 489,745 Total assets $ 569,256 $ 500,616 LIABILITIES AND EQUITY Due to affiliates — — Total liabilities $ — $ — Common stock, par value $0.01: authorized 1,000,000 shares; issued 122,173 shares, outstanding 120,509 at September 30, 2021; issued 119,486 shares, outstanding 117,291 at September 30, 2020 1,223 1,189 Treasury stock: 1,664 shares at September 30, 2021 and 2,195 shares at September 30, 2020 (2,837) (2,837) Additional paid‑in capital 582,052 564,928 Retained deficit (11,182) (62,664) Total shareholders’ equity $ 569,256 $ 500,616 Total liabilities and shareholder’s equity $ 569,256 $ 500,616 SCHEDULE I-Evoqua Water Technologies Corp. (Parent company only) Condensed Statements of Operations (In thousands) Year Ended September 30, 2021 2020 2019 Other operating (expense) income $ (1,073) $ 16 $ 73 General and administrative expense (426) (476) (303) Net income (loss) of subsidiaries 52,981 114,109 (9,293) Income (loss) before taxes 51,482 113,649 (9,523) Benefit for income taxes — — — Net income (loss) $ 51,482 $ 113,649 $ (9,523) SCHEDULE 1-Evoqua Water Technologies Corp. Condensed Statements of Changes in Cash Flows (Parent company only) (In thousands) Year Ended September 30, 2021 2020 2019 Operating activities Net income (loss) $ 51,482 $ 113,649 $ (9,523) Adjustments to reconcile net income (loss) to net cash used in operating activities Net (income) loss of subsidiaries (52,981) (114,109) 9,293 Foreign currency exchange gains on intercompany loans — (15) — Changes in assets and liabilities Due from affiliates (11,638) 5,842 — Due to affiliates — (9,747) 1,343 Accrued expenses — 160 — Prepaids and other current assets (36) (24) (161) Net cash (used in) provided by operating activities $ (13,173) $ (4,244) $ 952 Investing activities Contributed capital $ — $ — $ — Net cash used in investing activities $ — $ — $ — Financing activities Proceeds from issuance of common stock $ 21,205 $ 18,927 $ 363 Taxes paid related to net share settlements of share-based compensation awards (1,323) (9,832) (1,270) Net cash provided by (used in) financing activities $ 19,882 $ 9,095 $ (907) Change in cash and cash equivalents $ 6,709 $ 4,851 $ 45 Cash and cash equivalents Beginning of period 4,972 121 76 End of period $ 11,681 $ 4,972 $ 121 SCHEDULE I-Evoqua Water Technologies Corp. (Parent company only) Notes to Financial Statements (In thousands) 1. Basis of Presentation Basis of Presentation In the parent‑company‑only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries. The Company’s share of net income (loss) of its consolidated subsidiaries is included in consolidated income (loss) using the equity method. The parent‑company‑only financial statements should be read in conjunction with the Company’s consolidated financial statements. 2. Guarantees and Restrictions On April 1, 2021, EWT Holdings III Corp. (“EWT III”), a subsidiary of the Company, entered into a Credit Agreement (the “2021 Credit Agreement”) among EWT III, as borrower, EWT Holdings II Corp. (“EWT II”), as parent guarantor, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and ING Capital, LLC, as sustainability coordinator. The 2021 Credit Agreement provides for a multi-currency senior secured revolving credit facility in an aggregate principal amount not to exceed the U.S. dollar equivalent of $350,000 (the “2021 Revolving Credit Facility”) and a discounted senior secured term (the “2021 Term Loan”) in the amount of $475,000 (together with the 2021 Revolving Credit Facility, the “Senior Facilities”). The Senior Facilities are guaranteed by EWT II and certain existing and future direct or indirect wholly-owned domestic subsidiaries of EWT III (together with EWT III, collectively, the “Loan Parties”), and collateralized by a first lien on substantially all of the assets of the Loan Parties, with certain exceptions. In connection with entering into the 2021 Credit Agreement, on April 1, 2021, EWT III repaid all outstanding indebtedness under the 2014 Credit Agreement and terminated that facility. As of September 30, 2021, EWT III had $511,105 collectively of debt outstanding under the Senior Facilities. Under the terms of the credit agreements governing the Company’s senior secured credit facilities, EWT II has guaranteed the payment of all principal and interest. In the event of a default under our senior secured credit facilities, certain of the Company’s subsidiaries will be directly liable to the debt holders. The 2021 Term Loan matures on April 1, 2028. Subject to the terms of the 2021 Credit Agreement, to the extent not previously paid, any amount owed under the 2021 Revolving Credit Facility will become due and payable in full on April 1, 2026. The credit agreements governing the Company’s senior secured credit facilities also include restrictions on the ability of the Company and its subsidiaries to (i) incur additional indebtedness and liens in connection therewith; (ii) pay dividends and make certain other restricted payments; (iii) effect mergers or consolidations; (iv) enter into transactions with affiliates; (v) sell or dispose of property or assets; and (vi) engage in unrelated lines of business. 3. Dividends from Subsidiaries There were no cash dividends paid to Evoqua Water Technologies Corp. from the Company’s consolidated subsidiaries of each of the periods ended September 30, 2021, 2020 and 2019. |
Description of the Company an_2
Description of the Company and Basis of Presentation - (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Basis of presentation | Basis of PresentationThe accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) from the accounting records of the Company and reflect the consolidated financial position and results of operations for the fiscal years ended September 30, 2021, 2020 and 2019. Unless otherwise specified, references in this section to a year refer to its fiscal year. All intercompany transactions have been eliminated. |
Fiscal Year | Fiscal YearThe Company’s fiscal year ends on September 30. |
Use of estimates | Use of Estimates The Consolidated Financial Statements have been prepared in conformity with GAAP and require management to make estimates and assumptions. These assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the audited Consolidated Financial Statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used for, but not limited to: (i) revenue recognition; (ii) allowance for credit losses; (iii) inventory valuation, asset valuations, impairment, and recoverability assessments; (iv) depreciable lives of assets; (v) useful lives of intangible assets; (vi) income tax reserves and valuation allowances; and (vii) product warranty and litigation reserves. Estimates are revised as additional information becomes available. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and Cash Equivalents Cash and cash equivalents are liquid investments with an original maturity of three or fewer months when purchased. |
Accounts receivable | Accounts Receivable Receivables are primarily comprised of uncollected amounts owed to the Company from transactions with customers and are reported on the Consolidated Balance Sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macroeconomic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Write‑offs are recorded at the time all collection efforts have been exhausted. The Company reviews its allowance for credit losses on a quarterly basis. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, where cost is generally determined on the basis of an average or first‑in, first‑out (“FIFO”) method. Production costs comprise direct material and labor and applicable manufacturing overheads, including depreciation charges. The Company regularly reviews inventory quantities on hand and writes off excess or obsolete inventory based on estimated forecasts of product demand and production requirements. Manufacturing operations recognize cost of product sales using standard costing rates with overhead absorption which generally approximates actual cost. |
Property, plant and equipment | Property, Plant, and Equipment Property, plant, and equipment is valued at cost less accumulated depreciation. Depreciation expense is recognized using the straight‑line method. Useful lives are reviewed annually and, if expectations differ from previous estimates, adjusted accordingly. Estimated useful lives for major classes of depreciable assets are as follows: Asset Class Estimated Useful Life Machinery and equipment 3 to 20 years Buildings and improvements 10 to 40 years Leasehold improvements are depreciated over the shorter of their estimated useful life or the term of the lease. Costs related to maintenance and repairs that do not extend the assets’ useful life are expensed as incurred. |
Acquisitions | AcquisitionsAcquisitions are recorded using the purchase method of accounting. The purchase price of acquisitions is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. The excess of the acquisition price over those estimated fair values is recorded as goodwill. Changes to the acquisition date preliminary fair values prior to the expiration of the measurement period, a period not to exceed 12 months from date of acquisition, are recorded as an adjustment to the associated goodwill. Contingent consideration resulting from acquisitions is recorded at its estimated fair value on the acquisition date. These obligations are revalued during each subsequent reporting period and changes in the fair value of the contingent consideration obligations can result from adjustments in the probability of achieving future development steps, sales targets and profitability and are recorded in General and administrative expenses in the Consolidated Statements of Operations. Acquisition-related expenses and restructuring costs, if any, are recognized separately from the business combination and are expensed as incurred. |
Goodwill and other intangible assets | Goodwill and Intangible Assets Goodwill represents purchase consideration paid in a business combination that exceeds the value assigned to the net assets of acquired businesses. Intangible assets consist of customer‑related intangibles, proprietary technology, software, trademarks, and other intangible assets. The Company amortizes intangible assets with definite useful lives on a straight‑line basis over their respective estimated economic lives which range from 1 to 26 years. The Company reviews goodwill and indefinite-lived intangible assets to determine potential impairment annually during the fourth quarter of its fiscal year, or more frequently if events and circumstances indicate that the asset might be impaired. Impairment testing for goodwill is performed at a reporting unit level and the Company has determined that it has three reporting units. The quantitative impairment testing for goodwill utilizes both a market (guideline public company) and income (discounted cash flows) method for determining fair value. In estimating the fair value of the reporting unit utilizing a discounted cash flow (“DCF”) valuation technique, the Company incorporates its judgment and estimates of future cash flows, future revenue and gross profit growth rates, terminal value amount, capital expenditures and applicable weighted‑average cost of capital used to discount these estimated cash flows. The estimates and projections used in the estimate of fair value are consistent with the Company’s current budget and long‑range plans, including anticipated change in market conditions, industry trend, growth rates and planned capital expenditures, among other considerations. |
Impairment of long-lived assets | Impairment of Long‑Lived Assets Long‑lived assets, such as property, plant, and equipment, purchased intangibles and lease right-of-use assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of the asset or asset group is measured by comparison of its carrying amount to undiscounted future net cash flows the asset or asset group is expected to generate. |
Debt Issuance Costs And Debt Discounts | Debt Issuance Costs and Debt Discounts Debt issuance costs are capitalized and amortized over the contractual term of the underlying debt using the effective interest method. Debt discounts and lender arrangement fees deducted from the proceeds have been included as a component of the carrying value of debt and are being amortized to interest expense using the effective interest method. |
Revenue Recognition | Revenue Recognition The Company recognizes sales of products and services based on the five-step analysis of transactions as provided in Topic 606, Revenue from Contracts with Customers. For sales of aftermarket parts or products with a low level of customization and engineering time, the Company recognizes revenue at the time risks and rewards of ownership pass, which is generally when products are shipped or delivered to the customer as the Company has no obligation for installation. The Company considers shipping and handling services to be fulfillment activities and as such they do not represent separate performance obligations for revenue recognition. Sales of short‑term service arrangements are recognized as the services are performed, and sales of long‑term service arrangements are typically recognized on a straight‑line basis over the life of the agreement. For certain arrangements where there is significant customization to the product and for long-term construction-type sales contracts, revenue may be recognized over time. These arrangements include large capital water treatment projects, systems, and solutions for municipal and industrial applications. The nature of the contracts is generally fixed price with milestone billings. Contract revenue and cost estimates are reviewed and revised quarterly at a minimum and the cumulative effect of such adjustments are recognized in current operations. The amount of such adjustments has not been material. Contract assets relate to costs incurred to perform in advance of scheduled billings. Contract liabilities relate to payments received in advance of performance under the contracts. Change in contract assets and liabilities are due to the Company’s performance under the contract. The Company has made accounting policy elections to exclude all taxes by governmental authorities from the measurement of the transaction price and that long-term construction-type sales contracts, or those contracts for products with significant customization that the total contract price is less than $100 will be recorded at the point in time when the construction is complete. The recording of assets recognized from the costs to obtain and fulfill customer contracts primarily relate to the deferral of sales commissions. The Company’s costs incurred to obtain or fulfill a contract with a customer are classified as non-current assets and amortized to expense over the period of benefit of the related revenue. These costs are recorded within Cost of product sales and services. The amount of contract costs was insignificant at September 30, 2021. The Company offers standard warranties that generally do not represent a separate performance obligation. In certain instances, a warranty is obtained separately from the original equipment sale or the warranty provides incremental services and as such is treated as a separate performance obligation. |
Derivatives, Policy | Derivative Financial Instruments The Company’s risk-management strategy uses derivative financial instruments to manage interest rate risk, foreign currency exchange rate risk, equity price risk and commodity price risk. The Company does not enter into derivatives for trading or speculative purposes. The Company accounts for derivatives and hedging activities in accordance with ASC Topic No. 815, Derivatives and Hedging (“Topic No. 815”). As required by Topic No. 815, the Company records all derivatives on the Consolidated Balance Sheets at fair value and adjusts to market on a quarterly basis. Changes in the fair value of derivatives are recorded in earnings or Accumulated other comprehensive income (loss), net of tax (“AOCI”), based on whether the instrument is designated and effective as a hedge transaction. Gains and losses on derivative instruments recorded to AOCI are reclassified to earnings in the period the hedged item affects earnings. The Company’s interest rate swaps are valued based on readily-observable market inputs, such as quotations on interest rates and LIBOR yield curves at the reporting date. The Company’s foreign currency forward contracts are valued based on quoted forward foreign exchange prices and spot rates at the reporting date. The Company’s total return swaps are valued using closing stock prices at the reporting date. |
Product warranties | Product Warranties Accruals for estimated expenses related to warranties are made at the time products are sold and are recorded as a component of Cost of product sales in the Consolidated Statements of Operations. The estimated warranty obligation is based on product warranty terms offered to customers, ongoing product failure rates, material usage and service delivery costs expected to be incurred in correcting a product failure, as well as specific obligations for known failures and other currently available evidence. The Company assesses the adequacy of the recorded warranty liabilities on a regular basis and adjusts amounts as necessary. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets when it is considered more likely than not that some portion or all of the deferred tax asset will not be realized within a reasonable time period. The Company assesses tax positions using a two‑step process. A tax position is recognized if it meets a more‑likely‑than‑not threshold and is measured at the largest amount of benefit that has a greater than 50% percent likelihood of being realized. Uncertain tax positions are reviewed each balance sheet date. |
Foreign currency translations and transactions | Foreign Currency Translation and TransactionsThe functional currency for the international subsidiaries is the local currency. Assets and liabilities are translated into U.S. dollars using current rates of exchange, with the resulting translation adjustments recorded in Accumulated other comprehensive loss, net of tax within shareholders’ equity. |
Research and Development Costs | Research and Development CostsResearch and development costs are expensed as incurred. |
Equity-based compensation | Equity‑based Compensation The Company measures the cost of awards of equity instruments to employees based on the grant‑date fair value of the award. The grant‑date fair value of a non-qualified stock option is determined using the Black‑Scholes model. The grant-date fair value of restricted stock unit awards is determined using the closing price of the Company’s common stock on date of grant. As there is a market condition associated with the award, the grant-date fair value of the performance share units was determined using a Monte Carlo Simulation. Compensation costs resulting from equity-based payment transactions are recognized primarily within General and administrative expenses, at fair value over the requisite vesting period on a straight-line basis. |
Earnings per share | Earnings (Loss) Per Share Basic earnings (loss) per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock, plus the effect of diluted common shares outstanding during the period using the treasury stock method. Diluted potential common shares include outstanding stock options. |
Retirement benefits | Retirement Benefits The Company applies ASC Topic 715, Compensation—Retirement Benefits , which requires the recognition in pension obligations and accumulated other comprehensive income of actuarial gains or losses, prior service costs or credits and transition assets or obligations that have previously been deferred. The determination of retirement benefit pension obligations and associated costs requires the use of actuarial computations to estimate participant plan benefits to which the employees will be entitled. The significant assumptions primarily relate to discount rates, expected long‑term rates of return on plan assets, rate of future compensation increases, mortality, years of service, and other factors. The Company develops each assumption using relevant experience in conjunction with market‑related data for each individual country in which such plans exist. All actuarial assumptions are reviewed annually with third‑party consultants and adjusted as necessary. For the recognition of net periodic postretirement cost, the calculation of the expected return on plan assets is generally derived by applying the expected long‑term rate of return on the market‑related value of plan assets. The fair value of plan assets is determined based on actual market prices or estimated fair value at the measurement date. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , and also issued subsequent amendments to the initial guidance (collectively, “Topic 848”). Topic 848 became effective immediately and expires on December 21, 2022. Topic 848 allows eligible contracts that are modified to be accounted for as a continuation of those contracts, permits companies to preserve their hedging accounting during the transition period and enables companies to make a one-time election to transfer or sell held-to-maturity debt securities that are affected by rate reform. Topic 848 provides optional expedients and exceptions for contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform if certain criteria are met. The Company is currently assessing the impact of adoption on the Company’s Consolidated Financial Statements and related disclosures. Accounting Pronouncements Recently Adopted The Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on October 1, 2020 (“ASU 2016-13”). ASU 2016-13 requires entities to use a new forward-looking “expected loss” model that reflects expected credit losses, including credit losses related to trade receivables, and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates, which generally will result in the earlier recognition of allowances for losses. The Company adopted ASU 2016-13 us ing a modified retrospective approach and determined that there was no cumulative-effect adjustment to its beginning Retained deficit on the Consolidated Balance Sheets. The adoption of this standard did not hav e a material impact on the Company’s Consolidated Financial Statements. See Note 7, “Accounts Receivable” for further details and related disclosures. The following accounting pronouncements were adopted by the Company on October 1, 2020, and the adoptions did not have a material impact on the Company’s Consolidated Financial Statements or disclosures: Accounting Standards Updates ASU 2020-03, Codification Improvements to Financial Instruments ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses ASU 2018-18, Collaborative Arrangements (Topic 808) Clarifying the Interaction between Topic 808 and Topic 606 ASU 2018-13, Fair Value Measurement (Subtopic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement |
Shipping and Handling Cost | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Revenue Recognition | Shipping and Handling Cost Shipping and handling costs are included as a component of Cost of product sales. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Lessee, Leases | Leases The Company accounts for leases in accordance with ASC Topic No. 842, Leases . Lessee Accounting The Company leases office space, buildings, vehicles, forklifts, computers, copiers and other assets under non-cancelable operating and finance leases. The Company determines whether an arrangement is or contains a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. If the arrangement contains a lease, the Company recognizes a right-of-use (“ROU”) asset and an operating lease liability as of the lease commencement date. Any lease arrangements with a term of 12 months or less are not recorded on the Consolidated Balance Sheets, and lease costs for these arrangements are recognized on a straight-line basis over the lease term. Many of the Company’s lease arrangements provide for an option to exercise one or more renewal terms or to terminate the lease arrangement. The Company includes these options when the Company is reasonably certain to exercise them in the leased term used to establish the ROU asset and lease liabilities. The discount rate utilized in calculating the lease liability is the rate implicit in the lease, if known, otherwise, the incremental borrowing rate (“IBR”) for the expected lease term is used. |
Lessor, Leases | Lessor Accounting The Company generates revenue through the lease of its water treatment equipment and systems to customers. In certain instances, the Company enters into a contract with a customer but must construct the underlying asset prior to its lease. At the time of contract inception, the Company determines if an arrangement is or contains a lease. These contracts generally contain both lease and non-lease components, including installation, maintenance, and monitoring services of the Company-owned equipment, in addition to sale of certain constructed assets. In situations where arrangements contain multiple elements, contract consideration is allocated based on relative standalone selling price. Lease components associated with underlying assets that have an alternative use are classified as operating leases with revenue recognized over time throughout the lease term. Lease components associated with underlying assets that have no alternative are classified as sales-type leases, with point in time revenue recognition at the on-set of the lease, or classified as financing transactions, with over time revenue recognition at the on-set of the construction of the underlying assets. In order for a component to be separate, the customer would be able to benefit from the right of use of the component separately or with other resources readily available to the customer and the right of the use is not highly dependent or highly interrelated with the other rights to use the other underlying assets or components. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives For Major Classes Of Depreciable Assets | Estimated useful lives for major classes of depreciable assets are as follows: Asset Class Estimated Useful Life Machinery and equipment 3 to 20 years Buildings and improvements 10 to 40 years Property, plant, and equipment consists of the following: September 30, 2021 September 30, 2020 Machinery and equipment $ 388,352 $ 357,650 Rental equipment 246,257 221,953 Land and buildings 70,048 70,245 Construction in process 59,737 48,325 $ 764,394 $ 698,173 Less: accumulated depreciation (389,406) (333,712) Property, plant, and equipment, net $ 374,988 $ 364,461 Depreciation expense and maintenance and repairs expense for the years ended September 30, 2021, 2020 and 2019 were as follows: Year Ended September 30, 2021 2020 2019 Depreciation expense $ 76,279 $ 73,002 $ 66,031 Maintenance and repair expense $ 22,354 $ 20,303 $ 23,861 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary opening balance sheet for WCSI is summarized as follows: Current assets $ 1,813 Property, plant, and equipment 221 Goodwill 4,340 Intangible assets, net 7,336 Other non-current assets 86 Total assets acquired 13,796 Liabilities assumed (1,792) Net assets acquired $ 12,004 The opening balance sheet for Ultrapure is summarized as follows: Current assets $ 2,366 Property, plant, and equipment 963 Goodwill 2,836 Intangible assets, net 3,751 Other non-current assets 21 Total assets acquired 9,937 Liabilities assumed (904) Net assets acquired $ 9,033 The opening balance sheet for Frontier is summarized as follows: Current assets $ 3,186 Property, plant, and equipment 2,963 Goodwill 1,798 Intangible assets 11,571 Total assets acquired $ 19,518 Liabilities related to Option and Purchase Right (7,167) Other liabilities assumed (1,466) Net assets acquired $ 10,885 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Information regarding the source of revenue: Year Ended September 30, 2021 2020 2019 Revenue from contracts with customers recognized under Topic 606 $ 1,274,096 $ 1,279,772 $ 1,309,303 Other (1) 190,333 149,684 135,138 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 (1) Other revenue relates to revenue recognized pursuant to ASU 2016-02, Leases (Topic 842) , primarily attributable to long term rentals. Information regarding revenue disaggregated by segment and source of revenue is as follows: Year Ended September 30, 2021 2020 2019 Integrated Solutions and Services Revenue from capital projects $ 250,187 $ 257,528 $ 219,289 Revenue from aftermarket 128,585 119,051 122,719 Revenue from service 581,114 567,603 568,826 Total $ 959,886 $ 944,182 $ 910,834 Applied Product Technologies Revenue from capital projects $ 365,791 $ 335,227 $ 344,097 Revenue from aftermarket 116,463 128,051 165,056 Revenue from service 22,289 21,996 24,454 Total $ 504,543 $ 485,274 $ 533,607 Total Revenue Revenue from capital projects $ 615,978 $ 592,755 $ 563,386 Revenue from aftermarket $ 245,048 $ 247,102 $ 287,775 Revenue from service $ 603,403 $ 589,599 $ 593,280 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 |
Schedule of Revenue from External Customers by Geographic Areas | Information regarding revenue disaggregated by geographic area is as follows: Year Ended September 30, 2021 2020 2019 United States $ 1,174,474 $ 1,164,634 $ 1,147,649 Europe 113,559 108,139 102,998 Asia 113,316 77,253 90,273 Canada 49,952 65,223 80,083 Australia 13,128 14,207 23,438 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 The following tables set forth external net revenue, net of intercompany eliminations, and net asset information by region: Year Ended September 30, 2021 2020 2019 Sales to external customers United States $ 1,174,474 $ 1,164,634 $ 1,147,649 Rest of World 289,955 264,822 296,792 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 |
Contract with Customer, Asset and Liability | The tables below provide a roll-forward of contract assets and contract liabilities balances for the periods presented: Year Ended September 30, Contract assets (a) 2021 2020 Balance at beginning of period $ 80,759 $ 73,467 Recognized in current period 316,864 347,660 Reclassified to accounts receivable (325,405) (342,371) Amounts related to sale of the Memcor product line — 2,710 Foreign currency 528 (707) Balance at end of period $ 72,746 $ 80,759 (a) Excludes receivable balances which are disclosed on the Consolidated Balance Sheets. Year Ended September 30, Contract Liabilities 2021 2020 Balance at beginning of period $ 26,259 $ 39,051 Recognized in current period 349,046 322,595 Amounts in beginning balance reclassified to revenue (25,523) (39,100) Current period amounts reclassified to revenue (294,033) (295,085) Amounts related to sale of the Memcor product line — (700) Foreign currency 134 (502) Balance at end of period $ 55,883 $ 26,259 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s financial assets and liabilities at fair value. The fair values related to the pension assets are determined using net asset value (“NAV”) as a practical expedient, or by information categorized in the fair value hierarchy level based on the inputs used to determine fair value. The reported carrying amounts of deferred compensation assets and liabilities and debt approximate their fair values. The Company uses interest rates and other relevant information generated by market transactions involving similar instruments to measure the fair value of these assets and liabilities, therefore, all are classified as Level 2 within the valuation hierarchy. Net Asset Value Quoted Market Significant Other Significant As of September 30, 2021 Assets: Pension plan Cash $ — $ 831 $ — $ — Global Multi-Asset Fund 15,244 — — — Government Securities 5,158 — — — Liability Driven Investment 2,793 — — — Guernsey Unit Trust 2,387 — — — Global Absolute Return 2,225 — — — Deferred compensation plan assets Cash — 1,251 — — Mutual Funds — 17,806 — — Interest rate swaps — — 3,127 — Foreign currency forward contracts — — 24 — Liabilities: Pension plan — — (46,013) — Deferred compensation plan liabilities — — (24,382) — Total return swaps—deferred compensation — — (130) — Long‑term debt — — (752,988) — Interest rate swaps — — (303) — Foreign currency forward contracts — — (102) — Commodity swaps — — (19) — Earn-outs related to acquisitions — — — (150) Purchase Right — — — (8,305) As of September 30, 2020 Assets: Pension plan Cash $ — $ 15,061 $ — $ — Government Securities 4,924 — — — Liability Driven Investment 3,604 — — — Guernsey Unit Trust 1,881 — — — Global Absolute Return 2,060 — — — Deferred compensation plan assets Trust Assets — 55 — — Insurance — — 19,804 — Foreign currency forward contracts — — 140 — Liabilities: Pension plan — — (47,389) — Deferred compensation plan liabilities — — (21,439) — Long‑term debt — — (872,441) — Interest rate swap — — (4,669) — Foreign currency forward contracts — — (47) — Earn-outs related to acquisitions — — — (295) Option and Purchase Right — — — (7,739) |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A rollforward of the activity in the Company’s fair value of earn-outs related to acquisitions is as follows: Current Portion (1) Long-term Portion (2) Total Balance at September 30, 2019 $ 611 $ 934 $ 1,545 Payments (187) — (187) Reclassifications 204 — 204 Fair value adjustment (333) (934) (1,267) Balance at September 30, 2020 $ 295 $ — $ 295 Acquisitions 761 — 761 Payments (170) — (170) Fair value adjustment (736) — (736) Balance at September 30, 2021 $ 150 $ — $ 150 (1) Included in Accrued expenses and other liabilities on the Consolidated Balance Sheets. (2) Included in Other non‑current liabilities on the Consolidated Balance Sheets. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of accounts receivable | Accounts receivable are summarized as follows: September 30, 2021 September 30, 2020 Accounts Receivable $ 282,819 $ 264,536 Allowance for Credit Losses (4,824) (4,057) Receivables, net $ 277,995 $ 260,479 The movement in the allowance for credit losses was as follows: Year Ended September 30, 2021 2020 2019 Balance at beginning of period $ (4,057) $ (4,906) $ (4,199) Charged to costs and expenses (1,733) (537) (788) Write-offs 780 1,277 39 Foreign currency and other 186 109 42 Balance at end of period $ (4,824) $ (4,057) $ (4,906) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The major classes of inventory, net are as follows: September 30, 2021 September 30, 2020 Raw materials and supplies $ 86,469 $ 78,319 Work in progress 19,842 15,654 Finished goods and products held for resale 59,624 56,435 Costs of unbilled projects 2,277 3,438 Reserves for excess and obsolete (9,709) (11,467) Inventories, net $ 158,503 $ 142,379 |
Schedule of Activity in Reserves for Excess and Obsolete Inventory | The following is the activity in the reserves for excess and obsolete inventory: Year Ended September 30, 2021 2020 2019 Balance at beginning of period $ (11,467) $ (13,370) $ (9,313) Change to reserve requirement 265 (310) (5,754) Write-offs 1,516 2,197 1,541 Foreign currency and other (23) 16 156 Balance at end of period $ (9,709) $ (11,467) $ (13,370) |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Estimated useful lives for major classes of depreciable assets are as follows: Asset Class Estimated Useful Life Machinery and equipment 3 to 20 years Buildings and improvements 10 to 40 years Property, plant, and equipment consists of the following: September 30, 2021 September 30, 2020 Machinery and equipment $ 388,352 $ 357,650 Rental equipment 246,257 221,953 Land and buildings 70,048 70,245 Construction in process 59,737 48,325 $ 764,394 $ 698,173 Less: accumulated depreciation (389,406) (333,712) Property, plant, and equipment, net $ 374,988 $ 364,461 Depreciation expense and maintenance and repairs expense for the years ended September 30, 2021, 2020 and 2019 were as follows: Year Ended September 30, 2021 2020 2019 Depreciation expense $ 76,279 $ 73,002 $ 66,031 Maintenance and repair expense $ 22,354 $ 20,303 $ 23,861 |
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | The Company entered into secured financing agreements that require providing a security interest in specified equipment. As of September 30, 2021 and September 30, 2020, the gross and net amounts of those assets are as follows: September 30, 2021 September 30, 2020 Gross Net Gross Net Machinery and equipment $ 89,115 $ 72,666 $ 63,305 $ 52,620 Construction in process 30,504 30,504 8,098 8,098 $ 119,619 $ 103,170 $ 71,403 $ 60,718 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill are as follows: Integrated Solutions and Services Applied Product Technologies Total Balance at September 30, 2019 $ 222,013 $ 170,877 $ 392,890 Business combinations and divestitures 2,723 (405) $ 2,318 Measurement period adjustments — 298 $ 298 Foreign currency translation (355) 2,054 $ 1,699 Balance at September 30, 2020 $ 224,381 $ 172,824 $ 397,205 Business combinations and divestitures 10,349 — $ 10,349 Measurement period adjustments (3,216) — $ (3,216) Foreign currency translation 2,316 722 $ 3,038 Balance at September 30, 2021 $ 233,830 $ 173,546 $ 407,376 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following: September 30, 2021 Estimated Life (years) Carrying Amount Accumulated Amortization Net Amortizing intangible assets Customer related 5 - 26 $ 300,963 $ (101,272) $ 199,691 Proprietary technology 7 - 10 61,692 (36,921) $ 24,771 Trademark 5 - 15 27,195 (12,191) $ 15,004 Backlog 1 82,355 (82,355) $ — Other 3 - 10 47,903 (31,501) $ 16,402 Total amortizing intangible assets $ 520,108 $ (264,240) $ 255,868 Indefinite‑lived intangible assets 34,207 — $ 34,207 Total intangible assets $ 554,315 $ (264,240) $ 290,075 September 30, 2020 Estimated Life (years) Carrying Amount Accumulated Amortization Net Amortizing intangible assets Customer related 5 - 26 $ 292,316 $ (83,486) $ 208,830 Proprietary technology 7 - 10 61,990 (30,886) $ 31,104 Trademark 5 - 15 27,114 (9,142) $ 17,972 Backlog 1 82,181 (82,181) $ — Other 3 39,010 (21,156) $ 17,854 Total amortizing intangible assets $ 502,611 $ (226,851) $ 275,760 Indefinite‑lived intangible assets 34,207 — $ 34,207 Total intangible assets $ 536,818 $ (226,851) $ 309,967 |
Schedule of Finite-lived Intangible Assets Amortization Expense | For the amortizing intangible assets, the remaining weighted-average amortization period at September 30, 2021 was as follows: Years Customer-related intangibles 9 Proprietary technology 4 Trademarks 6 Other 2 Aggregate net intangible assets 6 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense is as follows: 2022 $ 36,702 2023 33,086 2024 27,616 2025 22,703 2026 19,904 Thereafter 115,857 Total $ 255,868 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long‑term debt consists of the following: September 30, September 30, 2021 Term Loan, due April 1, 2028 (1) $ 473,837 $ — 2021 Revolving Credit Facility, due April 1, 2026 (1) 37,268 — 2014 Term Loan, due December 20, 2024 (1) — 819,276 2014 Revolving Credit Facility (1) — — Securitization Facility, due April 1, 2024 150,061 — Equipment Financing, due September 30, 2023 to July 5, 2029, interest rates ranging from 3.13% to 8.07% 93,375 63,918 Notes Payable, due July 31, 2023 402 611 Mortgage (2) — 1,665 Total debt 754,943 885,470 Less unamortized deferred financing fees (11,738) (9,436) Total net debt 743,205 876,034 Less current portion (12,775) (14,339) Total long‑term debt $ 730,430 $ 861,695 (1) On April 1, 2021, the Company paid off the outstanding balance of the 2014 Term Loan (as defined below) entered into the 2021 Credit Agreement (as defined below) and terminated the 2014 Credit Agreement (as defined below) (2) In November 2020, the Company paid off the outstanding balance of the mortgage due June 30, 2028. |
Schedule of Credit Facilities | The following table summarizes the amount of the Company’s outstanding borrowings and outstanding letters of credit under the 2021 Revolving Credit Facility as of September 30, 2021, and under the 2014 Revolving Credit Facility as of September 30, 2020. September 30, September 30, Borrowing availability $ 350,000 $ 125,000 Outstanding borrowings 37,000 — Outstanding letters of credit 10,112 12,963 Unused amounts $ 302,888 $ 112,037 Additional letters of credit under a separate arrangement $ — $ 52 The following summarizes the Company’s outstanding letters of credit and surety bonds as of September 30, 2021 and September 30, 2020, respectively. September 30, 2021 September 30, 2020 Revolving credit capacity $ 60,000 $ 45,000 Letters of credit outstanding 10,112 12,963 Remaining revolving credit capacity $ 49,888 $ 32,037 Surety capacity $ 250,000 $ 230,000 Surety issuances 147,845 152,990 Remaining surety available $ 102,155 $ 77,010 |
Schedule of Equipment Financings | During the year ended September 30, 2021, the Company completed the following equipment financings: Date Entered Due Interest Rate at 9/30/2021 Principal Amount September 30, 2021 September 30, 2028 3.80 % $ 6,264 June 30, 2021 June 30, 2028 3.85 % $ 1,348 June 30, 2021 July 31, 2029 (1) 4.75 % 14,238 June 30, 2021 June 30, 2029 4.09 % 1,653 March 31, 2021 March 31, 2028 3.85 % 3,630 March 31, 2021 June 30, 2029 4.09 % 2,559 December 31, 2020 June 30, 2029 4.09 % 3,899 December 30, 2020 December 30, 2027 3.73 % 3,905 $ 37,496 |
Schedule of Debt Deferred Financing Costs And Discounts | Deferred financing fees and discounts related to the Company’s long-term debt were included as a contra liability to debt on the Consolidated Balance Sheets as follows: September 30, September 30, Current portion of deferred financing fees and discounts (1) $ (1,866) $ (2,112) Long-term portion of deferred financing fees and discounts (2) (9,872) (7,324) Total deferred financing fees and discounts $ (11,738) $ (9,436) (1) Included in Current portion of debt, net of deferred financing fees and discounts on the Consolidated Balance Sheets. (2) Included in Long-term debt, net of deferred financing fees and discounts on the Consolidated Balance Sheets. |
Schedule of Aggregate Maturities of Long-term Debt | Aggregate maturities of all long‑term debt, including current portion of long‑term debt and excluding finance lease obligations as of September 30, 2021, are presented below: Fiscal Year 2022 $ 14,641 2023 15,562 2024 164,105 2025 15,647 2026 18,916 Thereafter 526,072 Total $ 754,943 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | Year Ended September 30, 2021 2020 2019 Interest rate swap $ 5,252 $ (5,155) $ — Interest rate cap — (19) 19 Foreign currency forward contracts (324) (201) (443) Commodity swaps (19) — — $ 4,909 $ (5,375) $ (424) |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following represents the amount of (loss) gain reclassified from AOCI into earnings during the periods presented: Year Ended September 30, Location of (Loss) Gain 2021 2020 2019 Cost of product sales and services $ (70) $ (8) $ (309) General and administrative expense (4) (192) 82 Selling and marketing expense (69) 28 — Research and development expense — — (271) Interest expense (2,241) (486) — $ (2,384) $ (658) $ (498) |
Designated as Hedging Instrument | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Asset Derivatives Balance Sheet Location September 30, 2021 September 30, 2020 Interest rate swaps Prepaid and other current assets $ 3,127 $ — Foreign currency forward contracts Prepaid and other current assets 6 133 Liability Derivatives Balance Sheet Location September 30, 2021 September 30, 2020 Interest rate swaps Accrued expenses and other current liabilities $ 303 $ 4,669 Foreign currency forward contracts Accrued expenses and other current liabilities 102 47 Commodity swaps Accrued expenses and other current liabilities 19 — |
Not Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following represents the fair value recorded for derivatives not designated as hedges for the periods presented: Asset Derivatives Balance Sheet Location September 30, September 30, Foreign currency forward contracts Prepaid and other current assets $ 18 $ 7 Liability Derivatives Balance Sheet Location September 30, September 30, Total return swaps—deferred compensation Accrued expenses and other current liabilities $ 130 $ — |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following represents the amount of loss recognized in earnings for derivatives not designated as hedges during the periods presented: Year Ended September 30, Location of Loss 2021 2020 2019 General and administrative expense $ (106) $ — $ — $ (106) $ — $ — |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of product warranty liability | A reconciliation of the activity related to the accrued warranty, including both the current and long‑term portions, is as follows: Current Product Warranties Non-Current Product Warranties Year Ended September 30, Year Ended September 30, 2021 2020 2019 2021 2020 2019 Balance at beginning of the period $ 6,115 $ 4,922 $ 8,907 $ 1,724 $ 2,332 $ 3,360 Warranty provision for sales 6,939 4,738 5,745 2,065 701 1,915 Settlement of warranty claims (4,720) (4,890) (6,529) (830) (1,170) (999) Foreign currency translation and other (196) 550 63 7 (274) (350) Amounts related to sale of the Memcor product line — 795 (3,264) — 135 (1,594) Balance at end of the period $ 8,138 $ 6,115 $ 4,922 $ 2,966 $ 1,724 $ 2,332 |
Restructuring and Related Cha_2
Restructuring and Related Charges (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring components | The table below sets forth the amounts accrued for the restructuring components and related activity: Year Ended September 30, 2021 2020 2019 Balance at beginning of the period $ 970 $ 655 $ 710 Restructuring charges following the sale of the Memcor product line 5,588 8,274 — Restructuring charges related to two-segment realignment 1,060 2,092 11,090 Restructuring charges related to other initiatives 2,830 1,867 2,444 Release of prior reserves (329) (98) (541) Write-off charges (1,340) (2,461) — Cash payments (8,484) (9,367) (12,966) Other adjustments 9 8 (82) Balance at end of the period $ 304 $ 970 $ 655 The table below sets forth the location of amounts recorded above on the Consolidated Statements of Operations: Year Ended September 30, 2021 2020 2019 Cost of product sales and services $ 4,554 $ 8,305 $ 6,257 General and administrative expense 3,199 3,053 5,531 Sales and marketing expense 348 305 1,082 Research and development expense (16) 23 123 Other operating expense, net 1,064 449 — $ 9,149 $ 12,135 $ 12,993 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | The changes in projected benefit obligations, plan assets and the funded status of the UK and German defined benefit plans as of and for the years ended September 30, 2021 and 2020, respectively, are as follows: 2021 2020 Change in projected benefit obligation Projected benefit obligation at prior year measurement date $ 47,389 $ 42,948 Service cost 1,156 1,125 Interest cost 482 492 Actuarial (gains) losses (2,312) 5 Benefits paid from company assets (738) (173) Foreign currency exchange impact 36 2,992 Projected benefit obligation at measurement date $ 46,013 $ 47,389 Change in plan assets Fair value of assets at prior year measurement date 27,530 25,525 Actual return on plan assets 971 205 Benefits paid (515) (60) Employer contribution 258 255 Foreign currency exchange impact 394 1,605 Fair value of assets at measurement date $ 28,638 $ 27,530 Funded status and amount recognized in assets and liabilities $ (17,375) $ (19,859) Amount recognized in assets and liabilities Other non‑current assets $ 2,960 $ 2,831 Other non‑current liabilities $ (20,335) $ (22,690) Amount recognized in accumulated other comprehensive loss, before taxes Actuarial loss $ 7,071 $ 11,235 |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table provides summary information for the UK and German plans where the projected benefit obligation is in excess of plan assets: September 30, 2021 September 30, 2020 Projected benefit obligation $ 46,013 $ 47,389 Accumulated benefit obligation $ 24,578 $ 25,489 Fair value of plan assets $ 28,638 $ 27,530 |
Defined Benefit Plan, Assumptions [Table Text Block] | 2021 2020 Discount rate 1.00% - 2.03% 0.80% - 1.97% Expected long‑term rate of return on plan assets 1.97% - 3.50% 1.98% - 2.40% Salary scale 2.25% - 4.36% 2.25% - 4.44% Pension increases 1.00% - 3.27% 1.00% - 2.99% |
Schedule of Allocation of Plan Assets [Table Text Block] | The actual overall asset allocation for the UK pension plan as compared to the investment policy goals as of September 30, 2021 was as follows by asset category: 2021 Actual 2021 Target Equity 17.8 % — % Index‑linked gilts 76.0 % 70 % Cash 6.2 % 30 % |
Schedule of net benefit costs | Pension expense for the German and UK plans were as follows: Year Ended September 30, 2021 2020 2019 Service cost $ 1,156 $ 1,125 $ 898 Interest cost 482 492 699 Expected return on plan assets (615) (387) (440) Amortization of actuarial losses 1,042 1006 371 Pension expense for defined benefit plans $ 2,065 $ 2,236 $ 1,528 |
Schedule of Expected Benefit Payments [Table Text Block] | Benefits expected to be paid to participants of the plans are as follows: Year Ended September 30, 2022 $ 680 2023 530 2024 606 2025 727 2026 1,001 Five years thereafter 7,261 Total $ 10,805 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | For financial reporting purposes, income (loss) before income taxes includes the following components: Year Ended September 30, 2021 2020 2019 Domestic $ 19,927 $ 81,276 $ (9,140) Foreign 41,815 40,490 10,256 Income before income taxes $ 61,742 $ 121,766 $ 1,116 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax (expense) benefit were as follows: Year Ended September 30, 2021 2020 2019 Current: Federal $ — $ — $ — State (1,233) (591) (400) Foreign (11,210) (8,014) (7,239) $ (12,443) $ (8,605) $ (7,639) Deferred: Federal (2,153) 115 (3,597) State (630) 401 196 Foreign 5,146 718 1,453 $ 2,363 $ 1,234 $ (1,948) Total income tax (expense) benefit $ (10,080) $ (7,371) $ (9,587) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax (expense) benefit and the amount computed by applying the applicable statutory rate to income from operations before income taxes was as follows: Year Ended September 30, 2021 2020 2019 Income tax (expense) benefit at the federal statutory rate of 21% $ (12,966) $ (25,571) $ (234) State and local income taxes, net of federal tax benefit (757) (74) (204) Foreign tax rate differential (3,009) (1,129) (1,471) Nondeductible interest expense (588) (1,032) (1,073) Meals and entertainment expense (176) (760) (953) U.S. tax on foreign earnings (5,687) (8,438) (1,421) Nondeductible legal expenses — — (112) Other nondeductible expenses (786) (479) (223) Impact of tax rate changes 819 286 (548) Valuation allowances 854 19,013 (3,886) Share-based compensation 11,598 4,931 475 Non-taxable gain on sale of subsidiary — 4,789 — Return-to-provision adjustments (44) 516 (655) Non-controlling interest 30 (466) 221 Net benefit of foreign R&D expenses — 18 191 Transaction related contingent liabilities 155 143 (58) Contingent liabilities - warranty — — 93 Foreign withholding taxes — — 369 Non-deductible exchange gain or loss — — (587) Deferred tax adjustments 87 491 2,016 Accrued tax adjustments 27 (6) (1,348) Tax benefits of other comprehensive income — — (154) Other 363 397 (25) Total $ (10,080) $ (7,371) $ (9,587) |
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities were as follows: September 30, 2021 September 30, 2020 Deferred Tax Assets Receivable allowances $ 885 $ 856 Reserves and accruals 24,913 24,141 Inventory valuation and other assets 3,141 4,617 Investment in partnership 1,977 1,592 Unrealized foreign exchange gains (losses), including related hedges 4,468 5,332 Other deferred taxes 2,811 3,474 Net operating loss carryforwards 48,605 29,407 Gross deferred tax assets $ 86,800 $ 69,419 Less: Valuation allowance (21,299) (23,298) Deferred tax assets less valuation allowance $ 65,501 $ 46,121 Deferred Tax Liabilities Goodwill (9,849) (6,579) Fixed assets (46,057) (32,136) Intangibles (15,313) (15,509) Other deferred tax liabilities (2,440) (1,427) Gross deferred tax liabilities $ (73,659) $ (55,651) Net deferred tax liabilities $ (8,158) $ (9,530) |
Summary of Valuation Allowance | A reconciliation of the valuation allowance on deferred tax assets is as follows: Year Ended September 30, 2021 2020 2019 Valuation allowance beginning of period $ 23,298 $ 41,084 $ 36,683 Change in assessment (6,140) 1,650 (865) Current year operations 7,300 (19,856) 3,495 Foreign currency and other (3,219) 3,012 2,254 Acquisitions / Dispositions 60 (2,592) (483) Valuation allowance end of period $ 21,299 $ 23,298 $ 41,084 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the Company’s total gross unrecognized tax benefits: Year Ended September 30, 2021 2020 2019 Balance as of beginning of period $ 1,050 $ 1,075 $ — Tax positions related to the current year Additions — — — Tax positions related to prior years Additions 73 — 1,075 Reductions — (25) — Expiration of statutes of limitations — — — Balance as of end of period $ 1,123 $ 1,050 $ 1,075 |
Summary of Operating Loss Carryforwards | Tax attributes available to reduce future taxable income begin to expire as follows: September 30, 2021 First year of Expiration Federal net operating loss $ 190,386 September 30, 2035 State net operating loss 106,687 September 30, 2019 Foreign net operating loss 2,558 September 30, 2023 Foreign net operating loss 8,107 Indefinite |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock options, activity | A summary of the stock option activity for the years ended September 30, 2021 and 2020 is presented below: (In thousands, except per share amounts) Options Weighted Average Exercise Price/Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at September 30, 2019 8,619 8.15 6.3 years $ 80,826 Granted 823 23.52 Exercised (1,834) 5.62 Forfeited (172) 15.54 Cancelled (6) 20.60 Expired — — Outstanding at September 30, 2020 7,430 $ 10.30 5.9 years $ 83,152 Granted 612 $ 24.78 Exercised (2,884) $ 6.81 Forfeited (67) $ 21.25 Cancelled (1) 16.63 Expired — — Outstanding at September 30, 2021 5,090 $ 13.87 5.9 years $ 120,611 Options exercisable at September 30, 2021 3,189 $ 9.72 4.6 years $ 88,776 Options vested and expected to vest at September 30, 2021 5,047 $ 13.79 5.9 years $ 119,992 |
Schedule of Nonvested Share Activity | A summary of the status of the Company's nonvested stock options as of and for the years ended September 30, 2021, 2020 and 2019 is presented below. 2021 2020 2019 (In thousands, except per share amounts) Shares Weighted Average Grant Date Fair Value/Share Shares Weighted Average Grant Date Fair Value/Share Shares Weighted Average Grant Date Fair Value/Share Nonvested at beginning of period 2,166 $ 5.56 2,379 $ 4.96 3,335 $ 4.11 Granted 612 $ 9.00 823 $ 6.06 1,114 $ 3.87 Vested (810) $ 5.48 (864) $ 4.52 (1,559) $ 2.61 Forfeited (67) $ 6.82 (172) $ 4.94 (511) $ 4.38 Nonvested at end of period 1,901 $ 6.69 2,166 $ 5.56 2,379 $ 4.96 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following is a summary of the RSU activity for the years ended September 30, 2021 and 2020. Shares Weighted Average Grant Date Fair Value/Share Outstanding at September 30, 2019 2,002 $ 17.45 Granted 394 $ 23.05 Vested (1,555) $ 18.79 Forfeited (91) $ 15.35 Outstanding at September 30, 2020 750 $ 17.86 Granted 731 $ 25.98 Vested (240) $ 17.55 Forfeited (25) $ 20.31 Cancelled (7) $ 21.22 Outstanding at September 30, 2021 1,209 $ 22.77 Expected to vest at September 30, 2021 1,165 $ 22.67 The following is a summary of the Special PSU activity for the year ended September 30, 2021. (In thousands, except per share amounts) Shares Weighted Average Grant Date Fair Value/Share Granted 469 $ 16.92 Nonvested at end of period 469 $ 16.92 Expected to vest 426 $ 16.92 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Reported non-cash share-based compensation expense was classified on the Consolidated Statements of Operations as shown in the following table: Year Ended September 30, 2021 2020 2019 Cost of services $ 143 $ 91 $ 142 General and administrative 15,381 10,418 19,761 $ 15,524 $ 10,509 $ 19,903 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Option valuation assumptions for options granted are as follows: Year Ended September 30, 2021 2020 2019 Expected volatility 38.3% - 56.7% 24.2% - 77.1% 26.3% - 30.0% Expected dividends — — — Expected term (in years) 5.3 - 6.0 5.4 - 6.0 5.6 - 6.0 Risk free rate 0.4% - 0.9% 0.2% - 1.7% 1.5% - 2.6% Grant date fair value per share of options granted $8.12 - $19.76 $5.33 - $8.56 $3.14 - $7.06 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) were: September 30, 2021 September 30, 2020 Foreign currency translation income (loss) $ 16,137 $ (5,535) Pension benefit plans, net of tax expense (benefit) of $403 and $(839) (7,474) (10,396) Unrealized derivative gain (loss) on cash flow hedges, net of tax expense of $135 and $135 2,752 (4,541) Total accumulated other comprehensive income (loss) $ 11,415 $ (20,472) The (losses) gains in accumulated other comprehensive income (loss) by component, net of tax, for the years ended September 30, 2021, 2020 and 2019 are as follows: Foreign currency Pension Cash flow Hedges Balance at September 30, 2018 $ (4,212) $ (4,907) $ 102 Other comprehensive income (loss) before reclassifications 1,507 (5,939) (424) Amounts gains reclassified from accumulated other comprehensive loss into earnings — 371 498 Balance at September 30, 2019 $ (2,705) $ (10,475) $ 176 Other comprehensive loss before reclassifications (2,830) (927) (5,375) Amounts gains reclassified from accumulated other comprehensive loss into earnings — 1,006 658 Balance at September 30, 2020 $ (5,535) $ (10,396) $ (4,541) Other comprehensive income before reclassifications 21,672 1,880 4,909 Amounts gains reclassified from accumulated other comprehensive income (loss) into earnings — 1,042 2,384 Balance at September 30, 2021 $ 16,137 $ (7,474) $ 2,752 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of Revenue from External Customers by Geographic Areas | Information regarding revenue disaggregated by geographic area is as follows: Year Ended September 30, 2021 2020 2019 United States $ 1,174,474 $ 1,164,634 $ 1,147,649 Europe 113,559 108,139 102,998 Asia 113,316 77,253 90,273 Canada 49,952 65,223 80,083 Australia 13,128 14,207 23,438 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 The following tables set forth external net revenue, net of intercompany eliminations, and net asset information by region: Year Ended September 30, 2021 2020 2019 Sales to external customers United States $ 1,174,474 $ 1,164,634 $ 1,147,649 Rest of World 289,955 264,822 296,792 Total $ 1,464,429 $ 1,429,456 $ 1,444,441 |
Schedule of Long-lived Assets by Geographic Areas | September 30, 2021 September 30, 2020 Net Assets United States $ 462,883 $ 408,330 Rest of World 119,336 73,733 $ 582,219 $ 482,063 Long Lived Assets United States $ 357,597 $ 347,832 Rest of World 17,391 16,629 $ 374,988 $ 364,461 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost | The following represents the components of lease cost for the years ended September 30, 2021 and 2020, and other information for both operating and finance leases for the years ended September 30, 2021 and 2020: Year Ended September 30, 2021 2020 Lease cost Finance lease cost: Amortization of ROU assets $ 13,572 $ 13,738 Interest on lease liabilities 1,793 1,981 Operating lease cost 15,357 16,052 Short-term lease cost 2,935 4,970 Variable lease cost — — Sublease income (58) (56) Total lease cost $ 33,599 $ 36,685 |
Schedule of Other Lease Information | Year Ended September 30, Other information 2021 2020 (Gains)/losses on sale and leaseback transactions, net $ — $ — Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 1,810 $ 1,968 Operating cash flows from operating leases $ 15,758 $ 16,034 Financing cash flows from finance leases $ 13,373 $ 13,459 ROU assets obtained in exchange for new finance lease liabilities $ 14,257 $ 14,934 ROU assets obtained in exchange for new operating lease liabilities $ 4,839 $ 8,456 ROU asset remeasurement $ 8,177 $ (960) Weighted average remaining lease term - finance leases 3.6 years 3.9 years Weighted average remaining lease term - operating leases 4.8 years 5.2 years Weighted average discount rate - finance leases 4.3 % 4.6 % Weighted average discount rate - operating leases 4.0 % 4.2 % |
Lessee, Operating Lease, Liability, Maturity | The following table reconciles future minimum undiscounted rental commitments for operating leases to operating lease liabilities record on the Consolidated Balance Sheet as of September 30, 2021: Fiscal Year 2022 $ 15,055 2023 12,566 2024 9,945 2025 7,969 2026 5,605 Thereafter 5,056 Total undiscounted lease payments $ 56,196 Present value adjustment (4,945) Operating lease liabilities $ 51,251 Less current installments of obligations under operating leases 13,316 Obligations under operating leases, excluding current installments $ 37,935 |
Schedule Of Finance Lease, Right-of-Use Asset | The gross and net carrying values of the equipment under finance leases as of September 30, 2021 and September 30, 2020 was as follows: September 30, 2021 September 30, 2020 Gross carrying amount $ 92,247 $ 89,254 Net carrying amount $ 36,884 $ 36,577 |
Finance Lease, Liability, Fiscal Year Maturity | The following table reconciles future minimum undiscounted rental commitments for finance leases to the finance lease liabilities recorded on the Consolidated Balance Sheet as of September 30, 2021: Fiscal Year 2022 $ 13,433 2023 10,947 2024 8,349 2025 5,567 2026 2,339 Thereafter 356 Total undiscounted lease payments $ 40,991 Present value adjustment (2,813) Finance lease liabilities $ 38,178 Less current installments of obligations under finance leases 12,093 Obligations under finance leases, excluding current installments $ 26,085 |
Schedule of Components of Lease Revenue | The following represents the components of lease revenue for the years ended September 30, 2021 and 2020: Year Ended September 30, 2021 2020 Lease revenue: operating leases $ 152,435 $ 148,703 Lease revenue: sales-type leases 37,898 981 Total lease revenue $ 190,333 $ 149,684 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | As of September 30, 2021, future minimum lease payments receivable under operating leases are as follows: Fiscal year 2022 $ 157,369 2023 93,292 2024 62,714 2025 47,359 2026 34,804 Thereafter 152,792 Future minimum lease payments $ 548,330 |
Sales-type Lease Receivable, Maturity | As of September 30, 2021, the maturities of the Company’s sales type lease receivables are as follows: Fiscal year 2022 $ 1,068 2023 2,836 2024 2,836 2025 2,836 2026 2,836 Thereafter 26,468 Total $ 38,880 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit Facilities | The following table summarizes the amount of the Company’s outstanding borrowings and outstanding letters of credit under the 2021 Revolving Credit Facility as of September 30, 2021, and under the 2014 Revolving Credit Facility as of September 30, 2020. September 30, September 30, Borrowing availability $ 350,000 $ 125,000 Outstanding borrowings 37,000 — Outstanding letters of credit 10,112 12,963 Unused amounts $ 302,888 $ 112,037 Additional letters of credit under a separate arrangement $ — $ 52 The following summarizes the Company’s outstanding letters of credit and surety bonds as of September 30, 2021 and September 30, 2020, respectively. September 30, 2021 September 30, 2020 Revolving credit capacity $ 60,000 $ 45,000 Letters of credit outstanding 10,112 12,963 Remaining revolving credit capacity $ 49,888 $ 32,037 Surety capacity $ 250,000 $ 230,000 Surety issuances 147,845 152,990 Remaining surety available $ 102,155 $ 77,010 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consisted of the following: September 30, September 30, Salaries, wages, and other benefits $ 79,110 $ 67,766 Obligation under operating leases 13,316 12,767 Obligation under finance leases 12,093 11,362 Third party commissions 10,031 9,270 Taxes, other than income 4,575 5,316 Insurance liabilities 3,720 3,954 Provisions for litigation 2,938 2,580 Fair value of liability derivatives 554 4,716 Severance payments 304 970 Earn-outs related to acquisitions 150 295 Other 33,576 24,393 $ 160,367 $ 143,389 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Year Ended September 30, 2021 2020 2019 Total sales Integrated Solutions and Services $ 980,852 $ 954,542 $ 919,985 Applied Product Technologies 588,080 559,635 631,332 Total sales $ 1,568,932 $ 1,514,177 $ 1,551,317 Intersegment sales Integrated Solutions and Services $ 20,966 $ 10,360 $ 9,151 Applied Product Technologies 83,537 74,361 97,725 Total intersegment sales $ 104,503 $ 84,721 $ 106,876 Sales to external customers Integrated Solutions and Services $ 959,886 $ 944,182 $ 910,834 Applied Product Technologies 504,543 485,274 533,607 Total sales $ 1,464,429 $ 1,429,456 $ 1,444,441 Income from operations Integrated Solutions and Services $ 147,251 $ 145,655 $ 148,593 Applied Product Technologies 82,891 134,258 69,377 Corporate (130,825) (111,465) (158,298) Total income from operations $ 99,317 $ 168,448 $ 59,672 Interest expense (37,575) (46,682) (58,556) Income before income taxes $ 61,742 $ 121,766 $ 1,116 Income tax expense (10,080) (7,371) (9,587) Net income (loss) $ 51,662 $ 114,395 $ (8,471) Depreciation and amortization Integrated Solutions and Services $ 70,585 $ 67,489 $ 57,217 Applied Product Technologies 14,423 14,226 17,675 Corporate 28,656 25,553 23,344 Total depreciation and amortization $ 113,664 $ 107,268 $ 98,236 Capital expenditures Integrated Solutions and Services $ 60,407 $ 75,551 $ 73,656 Applied Product Technologies 6,955 6,237 7,589 Corporate 7,931 6,668 7,624 Total Capital expenditures $ 75,293 $ 88,456 $ 88,869 September 30, 2021 September 30, 2020 Assets Integrated Solutions and Services $ 887,265 $ 835,307 Applied Product Technologies 656,362 598,701 Corporate 325,264 410,450 Total assets $ 1,868,891 $ 1,844,458 Goodwill Integrated Solutions and Services $ 233,830 $ 224,381 Applied Product Technologies 173,546 172,824 Total goodwill $ 407,376 $ 397,205 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table sets forth the computation of basic and diluted income from continuing operations per common share: Year Ended September 30, (In thousands, except per share data) 2021 2020 2019 Numerator: Net income (loss) attributable to Evoqua Water Technologies Corp. $ 51,482 $ 113,649 $ (9,523) Denominator: Denominator for basic net income per common share—weighted average shares 119,575 116,721 114,703 Effect of dilutive securities: Share‑based compensation 3,368 4,342 — Denominator for diluted net loss per common share—adjusted weighted average shares 122,943 121,063 114,703 Basic income (loss) per common share $ 0.43 $ 0.97 $ (0.08) Diluted income (loss) per common share $ 0.42 $ 0.94 $ (0.08) |
SCHEDULE_I - Evoqua Water Tec_2
SCHEDULE I - Evoqua Water Technologies Corp. (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed Consolidated Balance Sheets (In thousands) September 30, 2021 September 30, 2020 ASSETS Current assets $ 51,777 $ 10,871 Due from affiliates 39,982 5,821 Cash and cash equivalents 11,681 4,972 Prepaid and other current assets 114 78 Investment in affiliate 517,479 489,745 Total assets $ 569,256 $ 500,616 LIABILITIES AND EQUITY Due to affiliates — — Total liabilities $ — $ — Common stock, par value $0.01: authorized 1,000,000 shares; issued 122,173 shares, outstanding 120,509 at September 30, 2021; issued 119,486 shares, outstanding 117,291 at September 30, 2020 1,223 1,189 Treasury stock: 1,664 shares at September 30, 2021 and 2,195 shares at September 30, 2020 (2,837) (2,837) Additional paid‑in capital 582,052 564,928 Retained deficit (11,182) (62,664) Total shareholders’ equity $ 569,256 $ 500,616 Total liabilities and shareholder’s equity $ 569,256 $ 500,616 |
Condensed Income Statement | Condensed Statements of Operations (In thousands) Year Ended September 30, 2021 2020 2019 Other operating (expense) income $ (1,073) $ 16 $ 73 General and administrative expense (426) (476) (303) Net income (loss) of subsidiaries 52,981 114,109 (9,293) Income (loss) before taxes 51,482 113,649 (9,523) Benefit for income taxes — — — Net income (loss) $ 51,482 $ 113,649 $ (9,523) |
Condensed Cash Flow Statement | Condensed Statements of Changes in Cash Flows (Parent company only) (In thousands) Year Ended September 30, 2021 2020 2019 Operating activities Net income (loss) $ 51,482 $ 113,649 $ (9,523) Adjustments to reconcile net income (loss) to net cash used in operating activities Net (income) loss of subsidiaries (52,981) (114,109) 9,293 Foreign currency exchange gains on intercompany loans — (15) — Changes in assets and liabilities Due from affiliates (11,638) 5,842 — Due to affiliates — (9,747) 1,343 Accrued expenses — 160 — Prepaids and other current assets (36) (24) (161) Net cash (used in) provided by operating activities $ (13,173) $ (4,244) $ 952 Investing activities Contributed capital $ — $ — $ — Net cash used in investing activities $ — $ — $ — Financing activities Proceeds from issuance of common stock $ 21,205 $ 18,927 $ 363 Taxes paid related to net share settlements of share-based compensation awards (1,323) (9,832) (1,270) Net cash provided by (used in) financing activities $ 19,882 $ 9,095 $ (907) Change in cash and cash equivalents $ 6,709 $ 4,851 $ 45 Cash and cash equivalents Beginning of period 4,972 121 76 End of period $ 11,681 $ 4,972 $ 121 |
Description of the Company an_3
Description of the Company and Basis of Presentation (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 11, 2021shares | Dec. 04, 2020shares | Oct. 29, 2018segment | Sep. 30, 2021segment$ / shares | Sep. 30, 2021USD ($)segment$ / shares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Number of reportable segments | segment | 3 | 2 | 2 | ||||
Net Cash Provided by (Used in) Operating Activities | $ 178,705 | $ 177,026 | $ 125,196 | ||||
Net Cash Provided by (Used in) Financing Activities | 130,344 | $ 108,117 | $ (5,744) | ||||
Classification Error | Additional Paid‑in Capital | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 18,669 | ||||||
Classification Error | Accumulated Other Comprehensive (Loss) Income | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 18,669 | ||||||
Understatement | Revision of Prior Period, Error Correction, Adjustment | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Net Cash Provided by (Used in) Operating Activities | 18,669 | ||||||
Overstatement | Revision of Prior Period, Error Correction, Adjustment | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Net Cash Provided by (Used in) Financing Activities | $ 18,669 | ||||||
Additional Secondary Public Offering [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of shares issued in transaction | shares | 16,383 | 12,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Foreign currency losses (gains) on intracompany loans | $ (927) | $ (8,216) | $ 12,599 |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 1 year | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 26 years | ||
Machinery and equipment | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Machinery and equipment | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Building and Building Improvements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Building and Building Improvements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Property, plant and equipment, useful life | 40 years |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 08, 2021 | Feb. 28, 2021 | Oct. 01, 2019 | |
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Obligation To Absorb Risk, Percentage Of Equity | 100.00% | |||||
Current assets | $ 678,458 | $ 695,712 | ||||
Property, plant, and equipment, net | 374,988 | 364,461 | ||||
Goodwill | 407,376 | 397,205 | $ 392,890 | |||
Other non‑current assets | 64,188 | 27,509 | ||||
Liabilities | (1,286,672) | (1,362,395) | ||||
Revenue | 1,464,429 | 1,429,456 | 1,444,441 | |||
Operating Expenses | (363,010) | (341,962) | (371,249) | |||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | $ 99,317 | 168,448 | 59,672 | |||
Frontier | ||||||
Variable Interest Entity [Line Items] | ||||||
Business Acquisition, Percentage Of Voting Interest Remaining | 40.00% | |||||
Business acquisition, percentage of voting interests acquired | 68.00% | 8.00% | 60.00% | |||
Open Option Contracts Written, at Fair Value | $ 1,490 | |||||
Goodwill | 1,798 | |||||
Maximum | Frontier | ||||||
Variable Interest Entity [Line Items] | ||||||
Business Acquisition, Percentage Of Voting Interest Remaining | 10.00% | |||||
Frontier | ||||||
Variable Interest Entity [Line Items] | ||||||
Cash | $ 2,095 | 1,675 | ||||
Current assets | 12,495 | 4,024 | ||||
Property, plant, and equipment, net | 2,113 | 3,159 | ||||
Goodwill | 1,798 | 1,798 | ||||
Other non‑current assets | 8,265 | 9,918 | ||||
Liabilities | (9,425) | (3,692) | ||||
Revenue | 14,340 | 5,365 | ||||
Operating Expenses | (14,362) | (8,219) | ||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | $ (22) | (2,854) | ||||
Treated Water Outsourcing [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 50.00% | |||||
Cash | $ 1,380 | 2,088 | ||||
Current assets | 3,202 | 4,016 | ||||
Property, plant, and equipment, net | 903 | 1,145 | ||||
Goodwill | 2,206 | 2,206 | ||||
Liabilities | (1,009) | (1,324) | ||||
Revenue | 3,315 | 5,944 | 10,633 | |||
Operating Expenses | (2,922) | (4,519) | (8,732) | |||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | $ 393 | $ 1,425 | $ 1,901 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (WCSI Acquisition) (Details) - USD ($) $ in Thousands | Apr. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | ||||
Cash paid to acquire assets | $ 21,037 | $ 13,108 | $ 2,873 | |
Goodwill | 407,376 | $ 397,205 | $ 392,890 | |
Water consulting specialists, inc | ||||
Business Acquisition [Line Items] | ||||
Cash paid to acquire assets | $ 12,025 | |||
Contingent consideration, liability | 761 | 150 | ||
Proceeds from Previous Acquisition | 21 | |||
Business Acquisition, Transaction Costs | $ 83 | |||
Current assets | 1,813 | |||
Property, plant, and equipment | 221 | |||
Goodwill | 4,340 | |||
Intangible assets | 7,336 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 86 | |||
Total assets acquired | 13,796 | |||
Other liabilities assumed | (1,792) | |||
Net assets acquired | $ 12,004 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Ultrapure Acquisition) (Details) - USD ($) $ in Thousands | Apr. 01, 2021 | Dec. 17, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | |||||
Cash paid to acquire assets | $ 21,037 | $ 13,108 | $ 2,873 | ||
Goodwill | 407,376 | $ 397,205 | $ 392,890 | ||
Ultrapure | |||||
Business Acquisition [Line Items] | |||||
Cash paid to acquire assets | $ 8,743 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ 290 | ||||
Net assets acquired | 9,033 | ||||
Business Acquisition, Transaction Costs | $ 230 | ||||
Current assets | 2,366 | ||||
Property, plant, and equipment | 963 | ||||
Goodwill | 2,836 | ||||
Intangible assets | 3,751 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 21 | ||||
Total assets acquired | 9,937 | ||||
Other liabilities assumed | $ (904) |
Acquisitions and Divestitures_4
Acquisitions and Divestitures (Lange Divestiture) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 897 | $ 118,894 | $ 0 |
Loss (gain) on sale of business | 193 | $ (68,051) | $ 0 |
Lange Product Line | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 897 | ||
Loss (gain) on sale of business | $ 193 |
Acquisitions and Divestitures_5
Acquisitions and Divestitures (Frontier Acquisition) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Apr. 08, 2021 | Sep. 30, 2020 | Oct. 01, 2019 | Sep. 30, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 407,376 | $ 397,205 | $ 392,890 | ||
Frontier | |||||
Business Acquisition [Line Items] | |||||
Current assets | 3,186 | ||||
Business Acquisition, Transaction Costs | 591 | ||||
Business acquisition, percentage of voting interests acquired | 68.00% | 8.00% | 60.00% | ||
Net assets acquired | $ 10,885 | ||||
Business Acquisition, Percentage Of Voting Interest Remaining | 40.00% | ||||
Business Acquisition, Maximum Percentage Of Voting Interest To Be Acquired With Predetermined Price | 10.00% | ||||
Open Option Contracts Written, at Fair Value | $ 1,490 | ||||
Property, plant, and equipment | 2,963 | ||||
Goodwill | 1,798 | ||||
Intangible assets | 11,571 | ||||
Total assets acquired | 19,518 | ||||
Liabilities related to Option and Purchase Right | (7,167) | ||||
Other liabilities assumed | (1,466) | ||||
Other Current Liabilities | Frontier | |||||
Business Acquisition [Line Items] | |||||
Open Option Contracts Written, at Fair Value | 506 | ||||
Other Noncurrent Liabilities | Frontier | |||||
Business Acquisition [Line Items] | |||||
Open Option Contracts Written, at Fair Value | $ 6,661 |
Acquisitions and Divestitures_6
Acquisitions and Divestitures (Memcor Divestiture) (Details) - USD ($) $ in Thousands | Jan. 17, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss (gain) on sale of business | $ 193 | $ (68,051) | $ 0 | ||
Payments to Employees | 8,300 | ||||
Memcor [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from Divestiture of Businesses | $ 110,000 | ||||
Payments for (Proceeds from) Businesses and Interest in Affiliates | 131,011 | ||||
Loss (gain) on sale of business | 57,700 | ||||
Business Acquisition, Transaction Costs | $ 2,100 | ||||
2014 Term Loan, due December 20, 2024 | Memcor [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Repayments of debt | $ 100,000 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Sales to external customers | $ 1,464,429 | $ 1,429,456 | $ 1,444,441 | |
Transferred over Time | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Sales to external customers | $ 615,978 | $ 592,755 | $ 563,386 | |
Minimum | Transferred at Point in Time | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Sales to external customers | $ 100 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | $ 1,464,429 | $ 1,429,456 | $ 1,444,441 |
Other | 190,333 | 149,684 | 135,138 |
Transferred over Time | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 615,978 | 592,755 | 563,386 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 1,174,474 | 1,164,634 | 1,147,649 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 113,559 | 108,139 | 102,998 |
Asia | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 113,316 | 77,253 | 90,273 |
CANADA | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 49,952 | 65,223 | 80,083 |
AUSTRALIA | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 13,128 | 14,207 | 23,438 |
Manufactured Product, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 245,048 | 247,102 | 287,775 |
Service | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 603,403 | 589,599 | 593,280 |
Applied Product Technologies | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 504,543 | 485,274 | 533,607 |
Applied Product Technologies | Transferred over Time | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 365,791 | 335,227 | 344,097 |
Applied Product Technologies | Manufactured Product, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 116,463 | 128,051 | 165,056 |
Applied Product Technologies | Service | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 22,289 | 21,996 | 24,454 |
Integrated Solutions and Services | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 959,886 | 944,182 | 910,834 |
Integrated Solutions and Services | Transferred over Time | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 250,187 | 257,528 | 219,289 |
Integrated Solutions and Services | Manufactured Product, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 128,585 | 119,051 | 122,719 |
Integrated Solutions and Services | Service | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | 581,114 | 567,603 | 568,826 |
Accounting Standards Update 2014-09 [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Sales to external customers | $ 1,274,096 | $ 1,279,772 | $ 1,309,303 |
Revenue (Performance Obligation
Revenue (Performance Obligations) (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 275,589 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 24 months |
Revenue (Contract Assets and Li
Revenue (Contract Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 72,746 | $ 80,759 | $ 73,467 |
Recognized in current period | 316,864 | 347,660 | |
Reclassified to accounts receivable | (325,405) | (342,371) | |
Contract with Customer, Asset, increase (decrease) for contract divested in sale of business | 0 | 2,710 | |
Foreign currency | 528 | (707) | |
Contract liabilities | 55,883 | 26,259 | $ 39,051 |
Recognized in current period | 349,046 | 322,595 | |
Amounts in beginning balance reclassified to revenue | (25,523) | (39,100) | |
Current period amounts reclassified to revenue | (294,033) | (295,085) | |
Contract with Customer, Liability, increase (decrease) for contract divested in sale of business | 0 | (700) | |
Foreign currency | $ 134 | $ (502) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2021 | Apr. 08, 2021 | Sep. 30, 2020 | Oct. 01, 2019 | Sep. 30, 2019 | |
Liabilities: | |||||
Unrealized gain | $ 445 | ||||
Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||||
Deferred compensation plan assets | |||||
Trust Assets | 1,251 | $ 55 | |||
Deferred Compensation Plan Assets, Mutual Funds | 17,806 | ||||
Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||||
Assets: | |||||
Interest Rate Derivative Assets, at Fair Value | 3,127 | ||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 24 | 140 | |||
Deferred compensation plan assets | |||||
Insurance | 19,804 | ||||
Liabilities: | |||||
Pension plan | (46,013) | (47,389) | |||
Deferred compensation plan liabilities | (24,382) | (21,439) | |||
Long‑term debt | (752,988) | (872,441) | |||
Interest Rate Derivative Liabilities, at Fair Value | (303) | (4,669) | |||
Foreign Currency Contracts, Liability, Fair Value Disclosure | (102) | (47) | |||
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Total return swaps—deferred compensation | |||||
Liabilities: | |||||
Derivative Liability | (130) | ||||
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Commodity Contract | |||||
Liabilities: | |||||
Derivative Liability | (19) | ||||
Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||
Liabilities: | |||||
Open Option Contracts Written, at Fair Value | 8,305 | 7,739 | |||
Business Combinations, Earn-out Payments, Fair Value | (150) | (295) | $ (1,545) | ||
Fair Value, Recurring | Cash | Fair Value, Inputs, Level 1 | |||||
Assets: | |||||
Fair value of plan assets | 831 | 15,061 | |||
Fair Value, Recurring | US Government Agencies Debt Securities [Member] | |||||
Assets: | |||||
Plan assets at net asset value | 5,158 | 4,924 | |||
Fair Value, Recurring | Liability Driven Investment [Member] | |||||
Assets: | |||||
Plan assets at net asset value | 2,793 | 3,604 | |||
Fair Value, Recurring | Guernsey Unit Trust [Member] | |||||
Assets: | |||||
Plan assets at net asset value | 2,387 | 1,881 | |||
Fair Value, Recurring | Global Absolute Return [Member] | |||||
Assets: | |||||
Plan assets at net asset value | 2,225 | 2,060 | |||
Fair Value, Recurring | Hedge Funds, Multi-strategy | |||||
Assets: | |||||
Plan assets at net asset value | 15,244 | ||||
Other Current Liabilities | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||
Liabilities: | |||||
Business Combinations, Earn-out Payments, Fair Value | (150) | (295) | (611) | ||
Other Noncurrent Liabilities | Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||||
Liabilities: | |||||
Business Combinations, Earn-out Payments, Fair Value | $ 0 | 0 | $ (934) | ||
Frontier | |||||
Liabilities: | |||||
Open Option Contracts Written, at Fair Value | $ 1,490 | ||||
Business Acquisition, Percentage Of Voting Interest Remaining | 40.00% | ||||
Business acquisition, percentage of voting interests acquired | 68.00% | 8.00% | 60.00% | ||
Liabilities, fair value adjustment | $ 2,056 | ||||
Frontier | Other Current Liabilities | |||||
Liabilities: | |||||
Open Option Contracts Written, at Fair Value | 506 | ||||
Frontier | Other Noncurrent Liabilities | |||||
Liabilities: | |||||
Open Option Contracts Written, at Fair Value | $ 6,661 |
Fair Value Measurements (Rollfo
Fair Value Measurements (Rollforward of acquisition earnouts) (Details) - Fair Value, Recurring - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | $ 295 | $ 1,545 |
Payments | (187) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (170) | |
Reclassifications | 204 | |
Fair value adjustment | (736) | (1,267) |
Balance at the end of the period | 150 | 295 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 761 | |
Other Current Liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | 295 | 611 |
Payments | (187) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (170) | |
Reclassifications | 204 | |
Fair value adjustment | (736) | (333) |
Balance at the end of the period | 150 | 295 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 761 | |
Other Noncurrent Liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | 0 | 934 |
Payments | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | |
Reclassifications | 0 | |
Fair value adjustment | 0 | (934) |
Balance at the end of the period | 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | $ 0 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Receivables [Abstract] | ||
Accounts Receivable | $ 282,819 | $ 264,536 |
Allowance for Credit Losses | (4,824) | (4,057) |
Receivables, net | $ 277,995 | $ 260,479 |
Accounts Receivable - Movement
Accounts Receivable - Movement in the allowance for credit losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ (4,057) | $ (4,906) | $ (4,199) |
Charged to costs and expenses | (1,733) | (537) | (788) |
Write-offs | 780 | 1,277 | 39 |
Foreign currency and other | 186 | 109 | 42 |
Balance at end of period | $ (4,824) | $ (4,057) | $ (4,906) |
Inventories (Schedule of Major
Inventories (Schedule of Major Classes of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 86,469 | $ 78,319 |
Work in progress | 19,842 | 15,654 |
Finished goods and products held for resale | 59,624 | 56,435 |
Costs of unbilled projects | 2,277 | 3,438 |
Reserves for excess and obsolete | (9,709) | (11,467) |
Inventory, Net | $ 158,503 | $ 142,379 |
Inventories (Activity in Reserv
Inventories (Activity in Reserves for Excess and Obsolete Inventory) (Details) - SEC Schedule, 12-09, Reserve, Inventory [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowance beginning of period | $ (11,467) | $ (13,370) | $ (9,313) |
Change to reserve requirement | 265 | (310) | (5,754) |
Write-offs | 1,516 | 2,197 | 1,541 |
Foreign currency and other | (23) | 16 | 156 |
Valuation allowance end of period | $ (9,709) | $ (11,467) | $ (13,370) |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 764,394 | $ 698,173 |
Less: accumulated depreciation | (389,406) | (333,712) |
Property, plant and equipment, net | 374,988 | 364,461 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 388,352 | 357,650 |
Rental equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 246,257 | 221,953 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 70,048 | 70,245 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 59,737 | $ 48,325 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment (Secured Financings) (Details) - Equipment Financings - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Property, plant and equipment gross [Member] | ||
Debt Instrument [Line Items] | ||
Pledged Assets, Not Separately Reported, Other | $ 119,619 | $ 71,403 |
Property, plant and equipment net [Member] | ||
Debt Instrument [Line Items] | ||
Pledged Assets, Not Separately Reported, Other | 103,170 | 60,718 |
Machinery and equipment | Property, plant and equipment gross [Member] | ||
Debt Instrument [Line Items] | ||
Pledged Assets, Not Separately Reported, Other | 89,115 | 63,305 |
Machinery and equipment | Property, plant and equipment net [Member] | ||
Debt Instrument [Line Items] | ||
Pledged Assets, Not Separately Reported, Other | 72,666 | 52,620 |
Construction in process | Property, plant and equipment gross [Member] | ||
Debt Instrument [Line Items] | ||
Pledged Assets, Not Separately Reported, Other | 30,504 | 8,098 |
Construction in process | Property, plant and equipment net [Member] | ||
Debt Instrument [Line Items] | ||
Pledged Assets, Not Separately Reported, Other | $ 30,504 | $ 8,098 |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment (Depreciation and maintenance and repairs expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 76,279 | $ 73,002 | $ 66,031 |
Maintenance and repair expense | $ 22,354 | $ 20,303 | $ 23,861 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill deductible for tax purposes | $ 159,730 | $ 153,004 |
Goodwill (Schedule) (Details)
Goodwill (Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning of the period | $ 397,205 | $ 392,890 |
Business combinations and divestitures | 10,349 | 2,318 |
Measurement period adjustments | (3,216) | 298 |
Foreign currency translation | 3,038 | 1,699 |
Goodwill, end of the period | 407,376 | 397,205 |
Integrated Solutions and Services | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of the period | 222,013 | |
Business combinations and divestitures | 2,723 | |
Measurement period adjustments | 0 | |
Foreign currency translation | (355) | |
Applied Product Technologies | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of the period | 170,877 | |
Business combinations and divestitures | (405) | |
Measurement period adjustments | 298 | |
Foreign currency translation | 2,054 | |
Operating Segments [Member] | Integrated Solutions and Services | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of the period | 224,381 | |
Business combinations and divestitures | 10,349 | |
Measurement period adjustments | (3,216) | |
Foreign currency translation | 2,316 | |
Goodwill, end of the period | 233,830 | 224,381 |
Operating Segments [Member] | Applied Product Technologies | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning of the period | 172,824 | |
Business combinations and divestitures | 0 | |
Measurement period adjustments | 0 | |
Foreign currency translation | 722 | |
Goodwill, end of the period | $ 173,546 | $ 172,824 |
Other Intangible Assets (Detail
Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired finite-lived intangible assets, weighted average useful life | 6 years | |
Carrying amount, finite-lived intangible assets | $ 520,108 | $ 502,611 |
Accumulated Amortization | (264,240) | (226,851) |
Total | 255,868 | 275,760 |
Indefinite‑lived intangible assets | 34,207 | 34,207 |
Carrying amount, intangible assets | 554,315 | 536,818 |
Intangible assets, net | $ 290,075 | 309,967 |
Customer related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired finite-lived intangible assets, weighted average useful life | 9 years | |
Carrying amount, finite-lived intangible assets | $ 300,963 | 292,316 |
Accumulated Amortization | (101,272) | (83,486) |
Total | $ 199,691 | 208,830 |
Proprietary technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired finite-lived intangible assets, weighted average useful life | 4 years | |
Carrying amount, finite-lived intangible assets | $ 61,692 | 61,990 |
Accumulated Amortization | (36,921) | (30,886) |
Total | $ 24,771 | 31,104 |
Trademark | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired finite-lived intangible assets, weighted average useful life | 6 years | |
Carrying amount, finite-lived intangible assets | $ 27,195 | 27,114 |
Accumulated Amortization | (12,191) | (9,142) |
Total | 15,004 | 17,972 |
Backlog | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount, finite-lived intangible assets | 82,355 | 82,181 |
Accumulated Amortization | (82,355) | (82,181) |
Total | $ 0 | $ 0 |
Finite-lived intangible asset, useful life | 1 year | 1 year |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired finite-lived intangible assets, weighted average useful life | 2 years | |
Carrying amount, finite-lived intangible assets | $ 47,903 | $ 39,010 |
Accumulated Amortization | (31,501) | (21,156) |
Total | $ 16,402 | $ 17,854 |
Finite-lived intangible asset, useful life | 3 years | |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 1 year | |
Minimum | Customer related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 5 years | 5 years |
Minimum | Proprietary technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 7 years | 7 years |
Minimum | Trademark | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 5 years | 5 years |
Minimum | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 3 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 26 years | |
Maximum | Customer related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 26 years | 26 years |
Maximum | Proprietary technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 10 years | 10 years |
Maximum | Trademark | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 15 years | 15 years |
Maximum | Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible asset, useful life | 10 years |
Other Intangible Assets (Remain
Other Intangible Assets (Remaining weighted-average amortization period) (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 6 years |
Customer related | |
Finite-Lived Intangible Assets [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 9 years |
Proprietary technology | |
Finite-Lived Intangible Assets [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 4 years |
Trademark | |
Finite-Lived Intangible Assets [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 6 years |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 2 years |
Other Intangible Assets (Estima
Other Intangible Assets (Estimated future amortization expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 37,385 | $ 34,266 | $ 32,205 |
2022 | 36,702 | ||
2023 | 33,086 | ||
2024 | 27,616 | ||
2025 | 22,703 | ||
2026 | 19,904 | ||
Thereafter | 115,857 | ||
Total | $ 255,868 | $ 275,760 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Apr. 01, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Total debt | $ 754,943 | $ 885,470 | ||
Less unamortized deferred financing fees | (11,738) | $ (2,375) | (9,436) | |
Total net debt | 743,205 | 876,034 | ||
Current portion of debt | (12,775) | (14,339) | ||
Total long‑term debt | 730,430 | 861,695 | ||
2021 Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 473,837 | $ 814,538 | 0 | |
Debt instrument, basis spread on variable rate | 2.50% | |||
2021 Revolving Credit Facility, due April 2026 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 37,268 | 0 | ||
Debt instrument, basis spread on variable rate | 2.25% | |||
2014 Term Loan, due December 20, 2024 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | 819,276 | ||
2014 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | 0 | 0 | ||
Securitization Facility, due April 1, 2024 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 150,061 | 0 | ||
Notes Payable, due July 31, 2023 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 402 | 611 | ||
Equipment Financings | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Total debt | 93,375 | 63,918 | ||
Facility Financing | Mortgages | MAGENTO | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | $ 1,665 | ||
Minimum | Equipment Financings | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 3.13% | |||
Maximum | Equipment Financings | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, stated percentage | 8.07% |
Debt (Term Facilities and Revol
Debt (Term Facilities and Revolving Credit Facility) (Details) - USD ($) | Apr. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2021 |
Line of Credit Facility [Line Items] | ||||||
Unamortized discount (premium) and debt issuance costs, net | $ 2,375,000 | $ 11,738,000 | $ 9,436,000 | |||
Line of credit facility, remaining borrowing capacity | 60,000,000 | 45,000,000 | ||||
Write off of deferred debt issuance cost | 1,333,000 | 1,795,000 | $ 0 | |||
Debt instrument, unused borrowing capacity, amount | 49,888,000 | 32,037,000 | ||||
Long-term debt, gross | 754,943,000 | 885,470,000 | ||||
Borrowings under credit facility | 0 | 2,597,000 | $ 292,825,000 | |||
2014 Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, remaining borrowing capacity | 350,000,000 | 125,000,000 | ||||
Borrowings under credit facility | 105,000,000 | |||||
Letter of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Letters of credit outstanding, amount | 10,112,000 | 12,963,000 | ||||
Debt instrument, unused borrowing capacity, amount | 302,888,000 | 112,037,000 | ||||
2021 Credit Agreement | 2014 Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 350,000,000 | |||||
2021 Credit Agreement | Letter of Credit | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 60,000,000 | |||||
2014 Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, gross | $ 0 | 0 | ||||
Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, periodic payment, principal | 1,188,000 | |||||
Payments of Financing Costs | 4,985,000 | |||||
Proceeds from Issuance of Secured Debt | 475,000,000 | |||||
Term Loan [Member] | 2021 Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Face Amount | $ 475,000,000 | |||||
2021 Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||
Long-term debt, gross | $ 473,837,000 | 0 | $ 814,538,000 | |||
Interest Payable, Current | $ 25,000 | |||||
Debt instrument, interest rate, | 2.63% | |||||
2021 Term Loan | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.13% | |||||
2021 Revolving Credit Facility, due April 2026 | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||
Long-term debt, gross | $ 37,268,000 | 0 | ||||
Interest Payable, Current | $ 268,000 | |||||
Debt instrument, interest rate, | 2.38% | |||||
2021 Revolving Credit Facility, due April 2026 | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 0.13% | |||||
Securitization Facility, due April 1, 2024 | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt, gross | $ 150,061,000 | $ 0 | ||||
Accrued interest | $ 61,000 |
Debt (Accounts Receivable Secur
Debt (Accounts Receivable Securitization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Apr. 01, 2021 | Sep. 30, 2020 | |
Line of Credit Facility [Line Items] | |||
Accounts Receivable from Securitization | $ 142,200 | ||
Outstanding borrowings | $ 754,943 | $ 885,470 | |
Maximum | |||
Line of Credit Facility [Line Items] | |||
Accounts Receivable from Securitization | $ 150,000 | ||
Securitization Facility, due April 1, 2024 | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, interest rate, | 1.33% | ||
Debt instrument, basis spread on variable rate | 1.25% | ||
Securitization Facility, due April 1, 2024 | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.08% |
Debt (Schedule of Line of Credi
Debt (Schedule of Line of Credit Facilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, remaining borrowing capacity | $ 60,000 | $ 45,000 |
Outstanding borrowings | 754,943 | 885,470 |
Unused amounts | $ 49,888 | 32,037 |
Schedule of Credit Facilities | The following table summarizes the amount of the Company’s outstanding borrowings and outstanding letters of credit under the 2021 Revolving Credit Facility as of September 30, 2021, and under the 2014 Revolving Credit Facility as of September 30, 2020. September 30, September 30, Borrowing availability $ 350,000 $ 125,000 Outstanding borrowings 37,000 — Outstanding letters of credit 10,112 12,963 Unused amounts $ 302,888 $ 112,037 Additional letters of credit under a separate arrangement $ — $ 52 The following summarizes the Company’s outstanding letters of credit and surety bonds as of September 30, 2021 and September 30, 2020, respectively. September 30, 2021 September 30, 2020 Revolving credit capacity $ 60,000 $ 45,000 Letters of credit outstanding 10,112 12,963 Remaining revolving credit capacity $ 49,888 $ 32,037 Surety capacity $ 250,000 $ 230,000 Surety issuances 147,845 152,990 Remaining surety available $ 102,155 $ 77,010 | |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding, amount | $ 10,112 | 12,963 |
Unused amounts | 302,888 | 112,037 |
2014 Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 350,000 | 125,000 |
2014 Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Outstanding borrowings | 0 | 0 |
Line of Credit | Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding, amount | $ 0 | $ 52 |
Debt (Long-term Debt Maturities
Debt (Long-term Debt Maturities) (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 14,641 |
2023 | 15,562 |
2024 | 164,105 |
2025 | 15,647 |
2026 | 18,916 |
Long-Term Debt, Maturity, after Year Five | 526,072 |
Long-term Debt, Total | $ 754,943 |
Debt (Equipment Financings) (De
Debt (Equipment Financings) (Details) - Loans Payable $ in Thousands | 12 Months Ended |
Sep. 30, 2021USD ($) | |
Equipment Financing Due Jun 30 2028 | |
Line of Credit Facility [Line Items] | |
Debt instrument, interest rate, stated percentage | 0.0385% |
Debt Instrument, Face Amount | $ 1,348 |
Equipment Financing Due July 31 2029 | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Face Amount | $ 14,238 |
Debt instrument, interest rate, | 0.0475% |
Debt instrument, basis spread on variable rate | 3.75% |
Equipment Financing Due July 31 2029 | LIBOR | |
Line of Credit Facility [Line Items] | |
Debt instrument, basis spread on variable rate | 1.00% |
Equipment Financing Due Jun 30 2029 | |
Line of Credit Facility [Line Items] | |
Debt instrument, interest rate, stated percentage | 0.0409% |
Debt Instrument, Face Amount | $ 1,653 |
Equipment Financing Due March 31 2028 | |
Line of Credit Facility [Line Items] | |
Debt instrument, interest rate, stated percentage | 0.0385% |
Debt Instrument, Face Amount | $ 3,630 |
2021 Equipment Financing Due April 30 2021 | |
Line of Credit Facility [Line Items] | |
Debt instrument, interest rate, stated percentage | 0.0409% |
Debt Instrument, Face Amount | $ 2,559 |
2020 Equipment Financing Due April 30, 2021 | |
Line of Credit Facility [Line Items] | |
Debt instrument, interest rate, stated percentage | 0.0409% |
Debt Instrument, Face Amount | $ 3,899 |
Equipment Financing Due December, 2027 | |
Line of Credit Facility [Line Items] | |
Debt instrument, interest rate, stated percentage | 0.0373% |
Debt Instrument, Face Amount | $ 3,905 |
Equipment Financings | |
Line of Credit Facility [Line Items] | |
Debt Instrument, Face Amount | $ 37,496 |
Equipment Financing Due Sept 30 2028 | |
Line of Credit Facility [Line Items] | |
Debt instrument, interest rate, stated percentage | 0.038% |
Debt Instrument, Face Amount | $ 6,264 |
Debt (Deferred Financing Fees)
Debt (Deferred Financing Fees) (Details) - USD ($) $ in Thousands | Apr. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 |
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Write off of deferred debt issuance cost | $ 1,333 | $ 1,795 | $ 0 | ||
Amortization of debt issuance costs and discounts | 1,946 | 1,735 | $ 1,991 | ||
Less unamortized deferred financing fees | $ (2,375) | (11,738) | (9,436) | ||
2014 Term Loan, due December 20, 2024 | |||||
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Less unamortized deferred financing fees | (11,738) | (9,436) | |||
Securitization Facility, due April 1, 2024 | |||||
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Unamortized Debt Issuance Expense | 822 | ||||
Other Current Liabilities | 2014 Term Loan, due December 20, 2024 | |||||
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Less unamortized deferred financing fees | (1,866) | (2,112) | |||
Other Noncurrent Liabilities | 2014 Term Loan, due December 20, 2024 | |||||
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Less unamortized deferred financing fees | (9,872) | $ (7,324) | |||
2014 Term Loan, due December 20, 2024 | |||||
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Write off of deferred debt issuance cost | 1,333 | ||||
Term Loan [Member] | |||||
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Payments of Financing Costs | 4,985 | ||||
Unamortized Debt Issuance Expense | 1,931 | ||||
Term Loan [Member] | Interest Expense [Member] | |||||
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Debt Issuance Costs, Gross | $ 3,054 | ||||
Loans Payable | Equipment Financing Due July 31 2029 | |||||
Schedule of debt deferred financing costs and discounts [Line Items] | |||||
Unamortized Debt Issuance Expense | $ 453 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | May 22, 2020 | Sep. 30, 2021 |
Derivative [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (71) | |
Description of Reclassification of Cash Flow Hedge Gain (Loss) | twelve months | |
Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 7,076 | |
Total return swaps—deferred compensation | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 4,540 | |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 0.61% | 5.25% |
Derivative, Notional Amount | $ 500,000 | $ 31,000 |
Derivative, Term of Contract | 5 years | 7 years |
Derivative Financial Instrume_4
Derivative Financial Instruments (Fair Values) (Details) - Fair Value, Recurring - Fair Value, Inputs, Level 2 - Designated as Hedging Instrument - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Interest rate swaps | Prepaid Expenses and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 3,127 | $ 0 |
Interest rate swaps | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 303 | 4,669 |
Foreign currency forward contracts | Prepaid Expenses and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 6 | 133 |
Foreign currency forward contracts | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 102 | 47 |
Commodity swaps | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 19 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Amounts Recognized in AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized derivative gain (loss) on cash flow hedges, net of tax | $ 7,293 | $ (4,717) | $ 74 |
Other Comprehensive Income (Loss) | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized derivative gain (loss) on cash flow hedges, net of tax | 4,909 | (5,375) | (424) |
Interest rate swaps | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized derivative gain (loss) on cash flow hedges, net of tax | 5,252 | (5,155) | 0 |
Interest rate cap | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized derivative gain (loss) on cash flow hedges, net of tax | 0 | (19) | 19 |
Foreign currency forward contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized derivative gain (loss) on cash flow hedges, net of tax | (324) | (201) | (443) |
Commodity swaps | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized derivative gain (loss) on cash flow hedges, net of tax | $ (19) | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Amounts Reclassified out of AOCI) (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (2,384) | $ (658) | $ (498) |
Cost of services | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (70) | (8) | (309) |
General and administrative expense | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (4) | (192) | 82 |
Sales and marketing expense | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (69) | 28 | 0 |
Research and development expense | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0 | 0 | (271) |
Interest Expense [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (2,241) | $ (486) | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Derivatives Not Designated for Hedging) (Details) - Fair Value, Inputs, Level 2 - Fair Value, Recurring - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Prepaid Expenses and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 18 | $ 7 |
Other Current Liabilities | Total return swaps—deferred compensation | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 130 | $ 0 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Location of Loss Recognized in Earnings) (Details) - General and administrative expense - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss on derivatives | $ (106) | $ 0 | $ 0 |
Total return swaps—deferred compensation | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss on derivatives | $ (106) | $ 0 | $ 0 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Product Warranty Liability [Line Items] | ||||
Product Warranty Accrual, Current | $ 8,138 | $ 6,115 | ||
Product warranties | 2,966 | 1,724 | ||
Other Current Liabilities | ||||
Product Warranty Liability [Line Items] | ||||
Product Warranty Accrual, Current | 8,138 | 6,115 | $ 4,922 | $ 8,907 |
Warranty provision for sales | 6,939 | 4,738 | 5,745 | |
Settlement of warranty claims | (4,720) | (4,890) | (6,529) | |
Foreign currency translation and other | (196) | 550 | 63 | |
Standard and Extended Product Warranty Accrual, Sale of Business | 0 | (795) | (3,264) | |
Other Noncurrent Liabilities | ||||
Product Warranty Liability [Line Items] | ||||
Product warranties | 2,966 | 1,724 | 2,332 | $ 3,360 |
Warranty provision for sales | 2,065 | 701 | 1,915 | |
Settlement of warranty claims | (830) | (1,170) | (999) | |
Foreign currency translation and other | 7 | (274) | (350) | |
Standard and Extended Product Warranty Accrual, Sale of Business | $ 0 | $ (135) | $ (1,594) |
Restructuring and Related Cha_3
Restructuring and Related Charges (Details) $ in Thousands | Oct. 29, 2018segment | Sep. 30, 2021USD ($)segment | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Restructuring Cost and Reserve [Line Items] | |||||
Number of reportable segments | segment | 3 | 2 | 2 | ||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve, beginning of the period | $ 970 | $ 655 | $ 710 | ||
Restructuring charges related to two-segment realignment | 9,149 | 12,135 | 12,993 | ||
Release of prior reserves | (329) | (98) | (541) | ||
Write-off charges | (1,340) | (2,461) | 0 | ||
Cash payments | (8,484) | (9,367) | (12,966) | ||
Restructuring Reserve, Translation and Other Adjustment | 9 | 8 | (82) | ||
Restructuring reserve, end of the period | $ 304 | 304 | 970 | 655 | |
Post Memcor product line sale | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges related to two-segment realignment | 5,588 | 8,274 | 0 | ||
Two-segment realignment | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges related to two-segment realignment | 1,060 | 2,092 | 11,090 | ||
Other Restructuring | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges related to two-segment realignment | 2,830 | $ 1,867 | $ 2,444 | ||
Other Restructuring | Two-segment realignment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 500 | 500 | |||
Other Restructuring | Minimum | Integrated Solutions and Services | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 600 | 600 | |||
Other Restructuring | Minimum | Post Memcor product line sale | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 400 | 400 | |||
Other Restructuring | Maximum | Integrated Solutions and Services | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 1,000 | 1,000 | |||
Other Restructuring | Maximum | Post Memcor product line sale | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | $ 1,400 | $ 1,400 |
Restructuring and Related Cha_4
Restructuring and Related Charges (Location of restructuring amounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 9,149 | $ 12,135 | $ 12,993 |
Cost of services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4,554 | 8,305 | 6,257 |
General and administrative expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,199 | 3,053 | 5,531 |
Sales and marketing expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 348 | 305 | 1,082 |
Research and development expense | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (16) | 23 | 123 |
Other operating expense, net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1,064 | $ 449 | $ 0 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions | $ 16,559 | $ 14,243 | $ 14,533 |
Nonqualified Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred compensation arrangement with individual, cash awards granted, percentage | 4.00% | 6.00% | |
Discretionary profit sharing contribution | 4.00% | ||
UNITED KINGDOM | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions | $ 919 | $ 1,021 | $ 796 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 1,156 | $ 1,125 | $ 898 |
Interest cost | 482 | 492 | 699 |
Expected return on plan assets | (615) | (387) | (440) |
Amortization of actuarial losses | 1,042 | 1,006 | 371 |
Pension expense for defined benefit plans | $ 2,065 | $ 2,236 | $ 1,528 |
Employee Benefit Plans Change i
Employee Benefit Plans Change in Projected Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Change in projected benefit obligation | |||
Service cost | $ 1,156 | $ 1,125 | $ 898 |
Interest cost | 482 | 492 | 699 |
Pension Plan [Member] | Foreign Plan [Member] | |||
Change in projected benefit obligation | |||
Projected benefit obligation at prior year measurement date | 47,389 | 42,948 | |
Service cost | 1,156 | 1,125 | |
Interest cost | 482 | 492 | |
Actuarial (gains) losses | (2,312) | 5 | |
Benefits paid from company assets | (738) | (173) | |
Foreign currency exchange impact | 36 | 2,992 | |
Projected benefit obligation at measurement date | 46,013 | 47,389 | 42,948 |
Change in plan assets | |||
Fair value of assets at prior year measurement date | 27,530 | 25,525 | |
Actual return on plan assets | 971 | 205 | |
Benefits paid | (515) | (60) | |
Employer contribution | 258 | 255 | |
Foreign currency exchange impact | 394 | 1,605 | |
Fair value of assets at measurement date | 28,638 | 27,530 | $ 25,525 |
Funded status and amount recognized in assets and liabilities | (17,375) | (19,859) | |
Amount recognized in assets and liabilities | |||
Other non‑current assets | 2,960 | 2,831 | |
Other non‑current liabilities | (20,335) | (22,690) | |
Amount recognized in accumulated other comprehensive loss, before taxes | |||
Actuarial loss | $ 7,071 | $ 11,235 |
Employee Benefit Plans Projecte
Employee Benefit Plans Projected Benefit Obligation and Accumulated Benefit Obligation are in Excess of Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 46,013 | $ 47,389 | $ 42,948 |
Fair value of plan assets | 28,638 | 27,530 | $ 25,525 |
GERMANY | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 46,013 | 47,389 | |
Accumulated benefit obligation | 24,578 | 25,489 | |
Fair value of plan assets | $ 28,638 | $ 27,530 |
Employee Benefit Plans Weighted
Employee Benefit Plans Weighted Average Assumptions (Details) - Pension Plan [Member] | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.00% | 0.80% |
Expected long‑term rate of return on plan assets | 1.97% | 1.98% |
Salary scale | 2.25% | 2.25% |
Pension increases | 1.00% | 1.00% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.03% | 1.97% |
Expected long‑term rate of return on plan assets | 3.50% | 2.40% |
Salary scale | 4.36% | 4.44% |
Pension increases | 3.27% | 2.99% |
Employee Benefit Plans Allocati
Employee Benefit Plans Allocation of Plan Assets (Details) - UNITED KINGDOM | Sep. 30, 2021 |
Equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual plan asset allocations, percentage | 17.80% |
Target plan assets allocation, percentage | 0.00% |
Index‑linked gilts | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual plan asset allocations, percentage | 76.00% |
Target plan assets allocation, percentage | 70.00% |
Cash | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual plan asset allocations, percentage | 6.20% |
Target plan assets allocation, percentage | 30.00% |
Employee Benefit Plans Benefits
Employee Benefit Plans Benefits expected to be paid (Details) - Pension Plan [Member] $ in Thousands | Sep. 30, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 680 |
2023 | 530 |
2024 | 606 |
2025 | 727 |
2026 | 1,001 |
Five years thereafter | 7,261 |
Total | $ 10,805 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 1,123 | $ 1,050 | $ 1,075 | $ 0 |
Income Tax Examination, Penalties and Interest Accrued | $ (238) | (143) | (95) | |
Federal statutory income tax rate, percent | 21.00% | |||
Income tax expense | $ (10,080) | (7,371) | (9,587) | |
Undistributed earnings of foreign subsidiaries | 77,709 | 53,766 | 49,480 | |
Net operating loss carryforwards | 48,605 | 29,407 | ||
Domestic Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 190,386 | |||
State and Local Jurisdiction | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 106,687 | |||
Foreign Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 2,558 | |||
Foreign Tax Authority with Indefinite Expiration | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 8,107 | |||
Other Current Liabilities | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 1,599 | $ 1,288 | $ 1,170 |
Income Taxes Summary of Income
Income Taxes Summary of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 19,927 | $ 81,276 | $ (9,140) |
Foreign | 41,815 | 40,490 | 10,256 |
Income before income taxes | $ 61,742 | $ 121,766 | $ 1,116 |
Income Taxes Components of Inco
Income Taxes Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | (1,233) | (591) | (400) |
Foreign | (11,210) | (8,014) | (7,239) |
Current income tax provision | (12,443) | (8,605) | (7,639) |
Deferred: | |||
Federal | (2,153) | 115 | (3,597) |
State | (630) | 401 | 196 |
Foreign | 5,146 | 718 | 1,453 |
Deferred income tax provision | 2,363 | 1,234 | (1,948) |
Income taxes | $ (10,080) | $ (7,371) | $ (9,587) |
Income Taxes Schedule of Effect
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Contingency [Line Items] | |||
Income tax (expense) benefit at the federal statutory rate of 21% | $ (12,966) | $ (25,571) | $ (234) |
State and local income taxes, net of federal tax benefit | (757) | (74) | (204) |
Foreign tax rate differential | (3,009) | (1,129) | (1,471) |
Nondeductible interest expense | (588) | (1,032) | (1,073) |
Meals and entertainment expense | (176) | (760) | (953) |
U.S. tax on foreign earnings | (5,687) | (8,438) | (1,421) |
Nondeductible legal expenses | 0 | 0 | (112) |
Other nondeductible expenses | (786) | (479) | (223) |
Impact of tax rate changes | 819 | 286 | (548) |
Valuation allowances | 854 | 19,013 | (3,886) |
Share-based compensation | 11,598 | 4,931 | 475 |
Non-taxable gain on sale of subsidiary | 0 | 4,789 | 0 |
Return-to-provision adjustments | (44) | 516 | (655) |
Non-controlling interest | 30 | (466) | 221 |
Net benefit of foreign R&D expenses | 0 | 18 | 191 |
Transaction related contingent liabilities | 155 | 143 | (58) |
Contingent liabilities - warranty | 0 | 0 | 93 |
Foreign withholding taxes | 0 | 0 | 369 |
Non-deductible exchange gain or loss | 0 | 0 | (587) |
Deferred tax adjustments | 87 | 491 | 2,016 |
Accrued tax adjustments | 27 | (6) | (1,348) |
Tax benefits of other comprehensive income | 0 | 0 | (154) |
Other | 363 | 397 | (25) |
Income taxes | $ (10,080) | $ (7,371) | $ (9,587) |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Receivable allowances | $ 885 | $ 856 |
Reserves and accruals | 24,913 | 24,141 |
Inventory valuation and other assets | 3,141 | 4,617 |
Investment in partnership | 1,977 | 1,592 |
Unrealized foreign exchange gains (losses), including related hedges | 4,468 | 5,332 |
Other deferred taxes | 2,811 | 3,474 |
Net operating loss carryforwards | 48,605 | 29,407 |
Gross deferred tax assets | 86,800 | 69,419 |
Less: Valuation allowance | (21,299) | (23,298) |
Deferred Tax Assets, Net of Valuation Allowance | 65,501 | 46,121 |
Goodwill | (9,849) | (6,579) |
Fixed assets | (46,057) | (32,136) |
Intangibles | (15,313) | (15,509) |
Other deferred tax liabilities | (2,440) | (1,427) |
Gross deferred tax liabilities | (73,659) | (55,651) |
Net deferred tax liabilities | $ (8,158) | $ (9,530) |
Income Taxes Tax attributes ava
Income Taxes Tax attributes available to reduce future taxable income (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Domestic Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 190,386 |
State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 106,687 |
Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 2,558 |
Foreign Tax Authority with Indefinite Expiration | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 8,107 |
Income Taxes Reconciliation of
Income Taxes Reconciliation of our valuation allowance on deferred tax assets (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance beginning of period | $ 23,298 | $ 41,084 | $ 36,683 |
Change in assessment | (6,140) | 1,650 | (865) |
Current year operations | 7,300 | (19,856) | 3,495 |
Foreign currency and other | (3,219) | 3,012 | 2,254 |
Acquisitions / Dispositions | (60) | (2,592) | (483) |
Valuation allowance end of period | $ 21,299 | $ 23,298 | $ 41,084 |
Income Taxes Gross Unrecognized
Income Taxes Gross Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of beginning of period | $ 1,050 | $ 1,075 | $ 0 |
Tax positions related to the current year | 0 | 0 | 0 |
Tax positions related to prior years | 73 | 0 | 1,075 |
Reductions | 0 | (25) | 0 |
Expiration of statutes of limitations | 0 | 0 | 0 |
Balance as of end of period | $ 1,123 | $ 1,050 | $ 1,075 |
Share Based Compensation (Narra
Share Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 18, 2021 | Dec. 21, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Feb. 18, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 11,297,000 | |||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | $ 17,703 | $ 10,535 | ||||
Proceeds from issuance of common stock | 21,205 | $ 10,091 | $ 363 | |||
Intrinsic value, exercised | $ 60,370 | |||||
Weighted average grant date fair value, granted (in dollars per share) | $ 9 | $ 6.06 | $ 3.87 | |||
Fair value of options vested | $ 4,434 | $ 3,906 | $ 4,064 | |||
Share-based compensation | 15,524 | $ 10,509 | $ 19,903 | |||
Compensation cost not yet recognized, period for recognition | $ 20,177 | |||||
Granted (shares) | 612,000 | 823,000 | 1,114,000 | |||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (shares) | 11,083,000 | |||||
Number of shares available for grant (shares) | 2,089,000 | |||||
Compensation cost not yet recognized, period for recognition | $ 8,872 | |||||
Period for recognition for unrecognized compensation expense | 2 years | |||||
Restricted Stock Units (RSUs) [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, Vested in Period | 240,000 | 1,555,000 | ||||
Stock-settled RSU's (shares) | 1,209,000 | 750,000 | 2,002,000 | |||
Period for recognition for unrecognized compensation expense | 2 years 2 months 12 days | |||||
Employee Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (shares) | 5,100,000 | 5,000,000 | ||||
Number of shares available for grant (shares) | 4,340,000 | |||||
Employee Stock Ownership Plan (ESOP), Plan [Domain] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 5,000,000 | |||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | $ 887 | $ 392 | $ 400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 182,000 | 58,000 | 46,000 | |||
Special PSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (shares) | 469,000 | |||||
Special RSU | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value, granted (in dollars per share) | $ 16.92 | |||||
Stock-settled RSU's (shares) | 469,000 | |||||
Period for recognition for unrecognized compensation expense | 2 years 7 months 6 days | |||||
Granted (shares) | 234,000 | |||||
Evoqua Water Technologies Corp. Stock Option Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards vesting percentage | 25.00% | |||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 2,687,000 | 3,478,000 | 108,000 | |||
Shares withheld related to net share settlement (including tax withholdings) (shares) | 884,000 | |||||
Treasury Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | (531,000) | 531,000 | ||||
Shares withheld related to net share settlement (including tax withholdings) (shares) | 577,000 |
Share Based Compensation (Stock
Share Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at beginning of the period (shares) | 7,430,000 | 8,619,000 | |
Granted (shares) | 612,000 | 823,000 | 1,114,000 |
Exercised (shares) | (2,884,000) | (1,834,000) | |
Forfeited (shares) | (67,000) | (172,000) | |
Expired (shares) | 0 | 0 | |
Outstanding at end of the period (shares) | 5,090,000 | 7,430,000 | 8,619,000 |
Options exercisable (shares) | 3,189,000 | ||
Options vested and expected to vest (shares) | 5,047,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price, outstanding, beginning balance (in dollars per share) | $ 10.30 | $ 8.15 | |
Weighted average exercise price, granted (in dollars per share) | 24.78 | 23.52 | |
Weighted average exercise price, exercised (in dollars per share) | 6.81 | 5.62 | |
Weighted average exercise price, forfeited (in dollars per share) | 21.25 | 15.54 | |
Weighted average exercise price, expired (in dollars per share) | 0 | 0 | |
Weighted average exercise price, outstanding, ending balance (in dollars per share) | 13.87 | $ 10.30 | $ 8.15 |
Weighted average exercise price, exercisable (in dollars per share) | 9.72 | ||
Weighted average exercise price, options vested and expected to vest (in dollars per share) | $ 13.79 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted average remaining contractual term, outstanding | 5 years 10 months 24 days | 5 years 10 months 24 days | 6 years 3 months 18 days |
Weighted average remaining contractual term, exercisable | 4 years 7 months 6 days | ||
Weighted average remaining contractual term, options vested and expected to vest | 5 years 10 months 24 days | ||
Aggregate intrinsic value, outstanding | $ 120,611 | $ 83,152 | $ 80,826 |
Aggregate intrinsic value, exercised | (60,370) | ||
Aggregate intrinsic value, exercisable | 88,776 | ||
Aggregate intrinsic value, options vested and expected to vest, outstanding | $ 119,992 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | (1,000) | (6,000) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 16.63 | $ 20.60 |
Share Based Compensation (Nonve
Share Based Compensation (Nonvested Share Activity) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested at beginning of period | 2,166,000 | 2,379,000 | 3,335,000 |
Granted (shares) | 612,000 | 823,000 | 1,114,000 |
Vested (shares) | (810,000) | (864,000) | (1,559,000) |
Forfeited (shares) | (67,000) | (172,000) | (511,000) |
Nonvested at end of period | 1,901,000 | 2,166,000 | 2,379,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, nonvested, beginning balance (in dollars per share) | $ 5.56 | $ 4.96 | $ 4.11 |
Weighted average grant date fair value, granted (in dollars per share) | 9 | 6.06 | 3.87 |
Weighted average grant date fair value, vested (in dollars per share) | 5.48 | 4.52 | 2.61 |
Weighted average grant date fair value, forfeited (in dollars per share) | 6.82 | 4.94 | 4.38 |
Weighted average grant date fair value, nonvested, ending balance (in dollars per share) | $ 6.69 | $ 5.56 | $ 4.96 |
Share Based Compensation (RSU A
Share Based Compensation (RSU Activity) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Vested and expected to vest (shares) | 3,189,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average exercise price, vested and expected to vest (in dollars per share) | $ 13.79 | ||
Forfeited (shares) | (67,000) | (172,000) | (511,000) |
Weighted average grant date fair value, forfeited (in dollars per share) | $ 6.82 | $ 4.94 | $ 4.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | (1,000) | (6,000) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 16.63 | $ 20.60 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Outstanding at beginning of the period (shares) | 750,000 | 2,002,000 | |
Granted (shares) | 731,000 | 394,000 | |
Outstanding at the end of the period (in shares) | 1,209,000 | 750,000 | 2,002,000 |
Vested and expected to vest (shares) | 1,165,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, nonvested, equity instruments other than options, beginning of the period (in dollar per share) | $ 17.86 | $ 17.45 | |
Weighted average grant date fair value, granted (in dollars per share) | 25.98 | 23.05 | |
Weighted average grant date fair value, nonvested, equity instruments other than options, end of the period (in dollar per share) | 22.77 | $ 17.86 | $ 17.45 |
Weighted average exercise price, vested and expected to vest (in dollars per share) | $ 22.67 | ||
Forfeited (shares) | (25,000) | (91,000) | |
Vested and expected to vest (shares) | (240,000) | (1,555,000) | |
Weighted average grant date fair value, vested and expected to vest (in dollars per share) | $ 17.55 | $ 18.79 | |
Weighted average grant date fair value, forfeited (in dollars per share) | $ 20.31 | $ 15.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | (7,000) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 21.22 | ||
Special RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Granted (shares) | 469,000 | ||
Outstanding at the end of the period (in shares) | 469,000 | ||
Vested and expected to vest (shares) | 426,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, granted (in dollars per share) | $ 16.92 | ||
Weighted average grant date fair value, nonvested, equity instruments other than options, end of the period (in dollar per share) | 16.92 | ||
Weighted average exercise price, vested and expected to vest (in dollars per share) | $ 16.92 |
Share Based Compensation (Valua
Share Based Compensation (Valuation Assumptions for Options Granted) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 38.30% | 24.20% | 26.30% |
Expected volatility, maximum | 56.70% | 77.10% | 30.00% |
Weighted average grant date fair value, granted (in dollars per share) | $ 9 | $ 6.06 | $ 3.87 |
Special RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 34.00% | ||
Weighted average grant date fair value, granted (in dollars per share) | $ 16.92 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 61.00% | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 3 months 18 days | 5 years 4 months 24 days | 5 years 7 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.40% | 0.20% | 1.50% |
Grant date fair value per share of options granted (in dollars per share) | $ 8.12 | $ 5.33 | $ 3.14 |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years | 6 years | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.90% | 1.70% | 2.60% |
Grant date fair value per share of options granted (in dollars per share) | $ 19.76 | $ 8.56 | $ 7.06 |
Share Based Compensation (Share
Share Based Compensation (Share-based compensation expense classified in the Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 15,524 | $ 10,509 | $ 19,903 |
Cost of services | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | 143 | 91 | 142 |
General and administrative expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 15,381 | $ 10,418 | $ 19,761 |
Other Comprehensive Loss (Compo
Other Comprehensive Loss (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive income (loss) | $ 582,219 | $ 482,063 | $ 365,822 | $ 362,016 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive income (loss) | 16,137 | (5,535) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive income (loss) | (7,474) | (10,396) | ||
Other comprehensive income (loss), tax expense (benefit) | (403) | 839 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive income (loss) | 2,752 | (4,541) | ||
Other comprehensive income (loss), tax expense (benefit) | (135) | (135) | ||
Accumulated Other Comprehensive (Loss) Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total accumulated other comprehensive income (loss) | $ 11,415 | $ (20,472) | $ (13,004) | $ (9,017) |
Other Comprehensive Loss (Gains
Other Comprehensive Loss (Gains (losses) in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | $ 480,144 | ||
Accumulated other comprehensive income (loss), ending balance | 580,671 | $ 480,144 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | (5,535) | (2,705) | $ (4,212) |
Other comprehensive income (loss) before reclassifications | 21,672 | (2,830) | 1,507 |
Amounts gains reclassified from accumulated other comprehensive loss into earnings | 0 | 0 | 0 |
Accumulated other comprehensive income (loss), ending balance | 16,137 | (5,535) | (2,705) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | (10,396) | (10,475) | (4,907) |
Other comprehensive income (loss) before reclassifications | 1,880 | (927) | (5,939) |
Amounts gains reclassified from accumulated other comprehensive loss into earnings | 1,042 | 1,006 | 371 |
Accumulated other comprehensive income (loss), ending balance | (7,474) | (10,396) | (10,475) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | (4,541) | 176 | 102 |
Other comprehensive income (loss) before reclassifications | 4,909 | (5,375) | (424) |
Amounts gains reclassified from accumulated other comprehensive loss into earnings | 2,384 | 658 | 498 |
Accumulated other comprehensive income (loss), ending balance | $ 2,752 | $ (4,541) | $ 176 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | Sep. 30, 2021country |
Risks and Uncertainties [Abstract] | |
Number of countries in which entity operates | 10 |
Concentration of Credit Risk -
Concentration of Credit Risk - External net revenue, net of intercompany eliminations, and net asset information by region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 1,464,429 | $ 1,429,456 | $ 1,444,441 |
Net Assets | 582,219 | 482,063 | |
Property, plant, and equipment, net | 374,988 | 364,461 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,174,474 | 1,164,634 | 1,147,649 |
Net Assets | 462,883 | 408,330 | |
Property, plant, and equipment, net | 357,597 | 347,832 | |
Rest of World | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 289,955 | 264,822 | $ 296,792 |
Net Assets | 119,336 | 73,733 | |
Property, plant, and equipment, net | $ 17,391 | $ 16,629 |
Leases (Leases, Lessee Disclosu
Leases (Leases, Lessee Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | |||
Amortization of ROU assets | $ 13,572 | $ 13,738 | |
Interest on lease liabilities | 1,793 | 1,981 | |
Operating lease cost | 15,357 | 16,052 | |
Short-term lease cost | 2,935 | 4,970 | |
Variable lease cost | 0 | 0 | |
Sublease income | (58) | (56) | |
Total lease cost | 33,599 | 36,685 | $ 20,088 |
(Gains)/losses on sale and leaseback transactions, net | 0 | 0 | |
Operating cash flows from finance leases | 1,810 | 1,968 | |
Operating cash flows from operating leases | 15,758 | 16,034 | |
Financing cash flows from finance leases | 13,373 | 13,459 | |
ROU assets obtained in exchange for new finance lease liabilities | 14,257 | 14,934 | |
ROU assets obtained in exchange for new operating lease liabilities | 4,839 | 8,456 | |
ROU asset remeasurement | $ 8,177 | $ (960) | |
Weighted average remaining lease term - finance leases | 3 years 7 months 6 days | 3 years 10 months 24 days | |
Weighted average remaining lease term - operating leases | 4 years 9 months 18 days | 5 years 2 months 12 days | |
Weighted average discount rate - finance leases | 4.30% | 4.60% | |
Weighted average discount rate - operating leases | 4.00% | 4.20% | |
Lease, Cost | $ 33,599 | $ 36,685 | $ 20,088 |
Leases (Operating Leases Future
Leases (Operating Leases Future Payments) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Leases [Abstract] | ||
2022 | $ 15,055 | |
2023 | 12,566 | |
2024 | 9,945 | |
2025 | 7,969 | |
2026 | 5,605 | |
Thereafter | 5,056 | |
Total undiscounted lease payments | 56,196 | |
Present value adjustment | (4,945) | |
Operating lease liabilities | $ 51,251 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Less current installments of obligations under operating leases | $ 13,316 | $ 12,767 |
Obligations under operating leases, excluding current installments | $ 37,935 | $ 37,796 |
Leases (Finance Lease Assets) (
Leases (Finance Lease Assets) (Details) - Equipment - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Lessee, Lease, Description [Line Items] | ||
Gross carrying amount | $ 92,247 | $ 89,254 |
Net carrying amount | $ 36,884 | $ 36,577 |
Leases (Finance Lease Maturitie
Leases (Finance Lease Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Leases [Abstract] | ||
2022 | $ 13,433 | |
2023 | 10,947 | |
2024 | 8,349 | |
2025 | 5,567 | |
2025 | 2,339 | |
Thereafter | 356 | |
Total undiscounted lease payments | 40,991 | |
Present value adjustment | (2,813) | |
Finance lease liabilities | $ 38,178 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Less current installments of obligations under finance leases | $ 12,093 | $ 11,362 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non‑current liabilities | |
Obligations under finance leases, excluding current installments | $ 26,085 |
Leases (Components of Lease Rev
Leases (Components of Lease Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Lease revenue: operating leases | $ 152,435 | $ 148,703 |
Lease revenue: sales-type leases | 37,898 | 981 |
Lease Income | $ 190,333 | $ 149,684 |
Leases (Lessor Operating Lease
Leases (Lessor Operating Lease Future Receivables) (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 157,369 |
2023 | 93,292 |
2024 | 62,714 |
2025 | 47,359 |
2026 | 34,804 |
Thereafter | 152,792 |
Lessor, Operating Lease, Payments to be Received | $ 548,330 |
Leases (Sales Type Leases) (Det
Leases (Sales Type Leases) (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Fiscal year | |
2022 | $ 1,068 |
2023 | 2,836 |
2024 | 2,836 |
2025 | 2,836 |
2026 | 2,836 |
Thereafter | 26,468 |
Total | 38,880 |
Prepaid Expenses and Other Current Assets | |
Lessee, Lease, Description [Line Items] | |
Lease receivable | 1,068 |
Other Noncurrent Assets | |
Lessee, Lease, Description [Line Items] | |
Lease receivable | $ 37,812 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Letters of Credit and Surety Bonds) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Other Commitments [Line Items] | ||
Line of credit facility, remaining borrowing capacity | $ 60,000 | $ 45,000 |
Debt instrument, unused borrowing capacity, amount | 49,888 | 32,037 |
Surety Bond [Member] | ||
Other Commitments [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 250,000 | 230,000 |
Guarantor Obligations, Current Carrying Value | 147,845 | 152,990 |
Guarantor Obligations, Remaining Surety Bonds Available | $ 102,155 | $ 77,010 |
Minimum | Surety Bond [Member] | ||
Other Commitments [Line Items] | ||
Letter of Credit, Guarantee, Bond Commitments, Expiration Period | 12 months | |
Maximum | Surety Bond [Member] | ||
Other Commitments [Line Items] | ||
Letter of Credit, Guarantee, Bond Commitments, Expiration Period | 10 years |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Payables and Accruals [Abstract] | ||
Accrued Salaries, Current | $ 79,110 | $ 67,766 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Obligation under operating leases | $ 13,316 | $ 12,767 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Less current installments of obligations under finance leases | $ 12,093 | $ 11,362 |
Accrued Sales Commission, Current | 10,031 | 9,270 |
Accrual for Taxes Other than Income Taxes, Current | 4,575 | 5,316 |
Accrued Insurance, Current | 3,720 | 3,954 |
Estimated Litigation Liability, Current | 2,938 | 2,580 |
Restructuring Reserve, Current | 304 | 970 |
Business Combination, Contingent Consideration, Liability, Current | 150 | 295 |
Other Accrued Liabilities, Current | 33,576 | 24,393 |
Accrued expenses and other liabilities | 160,367 | 143,389 |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $ 554 | $ 4,716 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | Oct. 29, 2018segment | Sep. 30, 2021USD ($)segment | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Segment Reporting [Abstract] | |||||
Number of reportable segments | segment | 3 | 2 | 2 | ||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 1,464,429 | $ 1,429,456 | $ 1,444,441 | ||
Sales to external customers | 1,464,429 | 1,429,456 | 1,444,441 | ||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 99,317 | 168,448 | 59,672 | ||
Depreciation and amortization | 113,664 | 107,268 | 98,236 | ||
Interest expense | (37,575) | (46,682) | (58,556) | ||
Income before income taxes | 61,742 | 121,766 | 1,116 | ||
Income tax expense | (10,080) | (7,371) | (9,587) | ||
Net income (loss) | 51,662 | 114,395 | (8,471) | ||
Capital expenditures | 75,293 | 88,456 | 88,869 | ||
Assets | $ 1,868,891 | 1,868,891 | 1,844,458 | ||
Goodwill | 407,376 | 407,376 | 397,205 | 392,890 | |
Integrated Solutions and Services | |||||
Segment Reporting Information [Line Items] | |||||
Sales to external customers | 959,886 | 944,182 | 910,834 | ||
Capital expenditures | 60,407 | 75,551 | 73,656 | ||
Goodwill | 222,013 | ||||
Applied Product Technologies | |||||
Segment Reporting Information [Line Items] | |||||
Sales to external customers | 504,543 | 485,274 | 533,607 | ||
Capital expenditures | 6,955 | 6,237 | 7,589 | ||
Goodwill | 170,877 | ||||
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1,568,932 | 1,514,177 | 1,551,317 | ||
Operating Segments [Member] | Integrated Solutions and Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 980,852 | 954,542 | 919,985 | ||
Sales to external customers | 959,886 | 910,834 | |||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 147,251 | 145,655 | 148,593 | ||
Depreciation and amortization | 70,585 | 67,489 | 57,217 | ||
Assets | 887,265 | 887,265 | 835,307 | ||
Goodwill | 233,830 | 233,830 | 224,381 | ||
Operating Segments [Member] | Applied Product Technologies | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 588,080 | 559,635 | 631,332 | ||
Sales to external customers | 504,543 | 533,607 | |||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 82,891 | 134,258 | 69,377 | ||
Depreciation and amortization | 14,423 | 14,226 | 17,675 | ||
Assets | 656,362 | 656,362 | 598,701 | ||
Goodwill | 173,546 | 173,546 | 172,824 | ||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales to external customers | 104,503 | 84,721 | 106,876 | ||
Intersegment Eliminations [Member] | Integrated Solutions and Services | |||||
Segment Reporting Information [Line Items] | |||||
Sales to external customers | 20,966 | 10,360 | 9,151 | ||
Intersegment Eliminations [Member] | Applied Product Technologies | |||||
Segment Reporting Information [Line Items] | |||||
Sales to external customers | 83,537 | 74,361 | 97,725 | ||
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | (130,825) | (111,465) | (158,298) | ||
Depreciation and amortization | 28,656 | 25,553 | 23,344 | ||
Capital expenditures | 7,931 | 6,668 | $ 7,624 | ||
Assets | $ 325,264 | $ 325,264 | $ 410,450 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | |||
Net income (loss) attributable to Evoqua Water Technologies Corp. | $ 51,482 | $ 113,649 | $ (9,523) |
Denominator: | |||
Denominator for basic net income per common share—weighted average shares | 119,575 | 116,721 | 114,703 |
Effect of dilutive securities: | |||
Share‑based compensation | 3,368 | 4,342 | 0 |
Denominator for diluted net loss per common share—adjusted weighted average shares | 122,943 | 121,063 | 114,703 |
Basic income (loss) per common share | $ 0.43 | $ 0.97 | $ (0.08) |
Diluted income (loss) per common share | $ 0.42 | $ 0.94 | $ (0.08) |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,784 | 2,512 |
SCHEDULE_I - Evoqua Water Tec_3
SCHEDULE I - Evoqua Water Technologies Corp. Condensed Consolidated Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 |
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | $ 678,458 | $ 695,712 | |
Cash and cash equivalents | 146,244 | 193,001 | $ 109,881 |
Prepaid and other current assets | 21,871 | 18,715 | |
Total assets | 1,868,891 | 1,844,458 | |
Total liabilities | 1,286,672 | 1,362,395 | |
Common Stock, Value, Issued | 1,223 | 1,189 | |
Treasury Stock, Value | (2,837) | (2,837) | |
Additional paid‑in capital | 582,052 | 564,928 | |
Retained deficit | (11,182) | (62,664) | |
Total Evoqua Water Technologies Corp. equity | 580,671 | 480,144 | |
Total liabilities and shareholders’ equity | $ 1,868,891 | $ 1,844,458 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 | |
Common Stock, Shares, Issued | 122,173,000 | 119,486,000 | |
Common Stock, Shares, Outstanding | 120,509,000 | 117,291,000 | |
Treasury Stock, Shares | 1,664,000 | 2,195,000 | |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Current assets | $ 51,777 | $ 10,871 | |
Due from Affiliates | 39,982 | 5,821 | |
Cash and cash equivalents | 11,681 | 4,972 | |
Prepaid and other current assets | 114 | 78 | |
Investment in affiliate | 517,479 | 489,745 | |
Total assets | 569,256 | 500,616 | |
Due to affiliates | 0 | 0 | |
Total liabilities | 0 | 0 | |
Common Stock, Value, Issued | 1,223 | 1,189 | |
Treasury Stock, Value | (2,837) | (2,837) | |
Additional paid‑in capital | 582,052 | 564,928 | |
Retained deficit | (11,182) | (62,664) | |
Total Evoqua Water Technologies Corp. equity | 569,256 | 500,616 | |
Total liabilities and shareholders’ equity | $ 569,256 | $ 500,616 |
SCHEDULE_I - Evoqua Water Tec_4
SCHEDULE I - Evoqua Water Technologies Corp. Condensed Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
General and administrative expense | $ (206,455) | $ (192,597) | $ (217,013) |
Income tax expense | (10,080) | (7,371) | (9,587) |
Net income (loss) attributable to Evoqua Water Technologies Corp. | 51,482 | 113,649 | (9,523) |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Other operating income | (1,073) | 16 | 73 |
General and administrative expense | (426) | (476) | (303) |
Net income (loss) of subsidiaries | 52,981 | 114,109 | (9,293) |
Income before income taxes | 51,482 | 113,649 | (9,523) |
Income tax expense | 0 | $ 0 | 0 |
Net income (loss) attributable to Evoqua Water Technologies Corp. | $ 51,482 | $ (9,523) |
SCHEDULE_I - Evoqua Water Tec_5
SCHEDULE I - Evoqua Water Technologies Corp. Condensed Statements of Changes in Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reconciliation of net income to cash flows provided by operating activities: | |||
Foreign currency exchange (gains) losses on intercompany loans and other non-cash items | $ (1,094) | $ (8,202) | $ 10,713 |
Changes in assets and liabilities | |||
Accrued expenses and other liabilities | 21,881 | 22,078 | (9,159) |
Prepaids and other current assets | 260 | 2,088 | 9,447 |
Net cash provided by operating activities | 178,705 | 177,026 | 125,196 |
Investing activities | |||
Net cash (used in) provided by investing activities | (97,172) | 11,992 | (94,532) |
Financing activities | |||
Proceeds from issuance of common stock | 21,205 | 10,091 | 363 |
Taxes paid related to net share settlements of share-based compensation awards | (1,323) | (9,832) | (1,270) |
Net cash (used in) provided by financing activities | (130,344) | (108,117) | 5,744 |
Change in cash and cash equivalents | (46,757) | 83,120 | 27,516 |
Beginning of period | 109,881 | 82,365 | |
End of period | 109,881 | ||
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (51,482) | (113,649) | 9,523 |
Reconciliation of net income to cash flows provided by operating activities: | |||
Net (loss) income of subsidiaries | (52,981) | (114,109) | 9,293 |
Foreign currency exchange (gains) losses on intercompany loans and other non-cash items | 0 | (15) | 0 |
Changes in assets and liabilities | |||
Due from affiliates | (11,638) | 5,842 | 0 |
Due to affiliates | 0 | (9,747) | 1,343 |
Accrued expenses and other liabilities | 0 | 160 | 0 |
Prepaids and other current assets | (36) | (24) | (161) |
Net cash provided by operating activities | (13,173) | (4,244) | 952 |
Investing activities | |||
Contributed capital | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | 0 | 0 | 0 |
Financing activities | |||
Proceeds from issuance of common stock | 21,205 | 18,927 | 363 |
Taxes paid related to net share settlements of share-based compensation awards | (1,323) | (9,832) | (1,270) |
Net cash (used in) provided by financing activities | 19,882 | 9,095 | (907) |
Change in cash and cash equivalents | 6,709 | 4,851 | 45 |
Beginning of period | 4,972 | 121 | 76 |
End of period | $ 11,681 | $ 4,972 | $ 121 |
SCHEDULE_I - Evoqua Water Tec_6
SCHEDULE I - Evoqua Water Technologies Corp. (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 754,943 | $ 885,470 | |
Net Cash Provided by (Used in) Operating Activities | 178,705 | 177,026 | $ 125,196 |
Net Cash Provided by (Used in) Financing Activities | 130,344 | 108,117 | (5,744) |
Revision of Prior Period, Error Correction, Adjustment | Understatement | |||
Debt Instrument [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 18,669 | ||
Revision of Prior Period, Error Correction, Adjustment | Overstatement | |||
Debt Instrument [Line Items] | |||
Net Cash Provided by (Used in) Financing Activities | 18,669 | ||
2014 Term Loan, due December 20, 2024 | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 0 | 819,276 | |
Parent Company | |||
Debt Instrument [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | (13,173) | (4,244) | 952 |
Net Cash Provided by (Used in) Financing Activities | (19,882) | $ (9,095) | $ 907 |
Parent Company | 2021 Credit Agreement | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 511,105 |