Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 10, 2015 | Mar. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | LANDAUER INC | ||
Trading Symbol | ldr | ||
Entity Central Index Key | 825,410 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 334,000,000 | ||
Entity Common Stock, Shares Outstanding | 9,568,051 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 15,314 | $ 6,761 |
Receivables, net of allowances of $1,556 in 2015 and $1,872 in 2014 | 32,412 | 34,707 |
Inventories | 7,035 | 6,687 |
Deferred income tax assets - current (Note 9) | 4,871 | 2,369 |
Prepaid income taxes (Note 9) | 40 | 1,836 |
Prepaid expenses and other current assets | 2,081 | 1,973 |
Total current assets | 61,753 | 54,333 |
Property, plant and equipment, at cost: | ||
Land and improvements | 626 | 626 |
Buildings and improvements | 4,905 | 5,144 |
Internal software | 50,746 | 50,710 |
Equipment | 48,045 | 47,530 |
Total property, plant and equipment cost | 104,322 | 104,010 |
Accumulated depreciation and amortization | (57,955) | (57,253) |
Net property, plant and equipment | 46,367 | 46,757 |
Equity in joint ventures (Note 6) | 24,010 | 23,835 |
Goodwill (Note 7) | 35,072 | 43,218 |
Intangible assets, net of accumulated amortization of $38,662 in 2015 and $37,579 in 2014 | 13,052 | 14,077 |
Dosimetry devices, net of accumulated depreciation of $5,282 in 2015 and $4,353 in 2014 | 3,562 | 3,958 |
Deferred income tax assets (Note 9) | 16,702 | 18,374 |
Other assets (Note 2) | 8,226 | 12,034 |
Total Assets | 208,744 | 216,586 |
Current liabilities: | ||
Accounts payable | 5,773 | 6,248 |
Dividends payable (Note 11) | 2,684 | 5,329 |
Deferred contract revenue | 13,904 | 14,750 |
Accrued compensation and related costs | 8,603 | 7,132 |
Accrued severance (Note 3) | 972 | 2,731 |
Other accrued expenses | 6,557 | 8,538 |
Total current liabilities | 38,493 | 44,728 |
Long-term debt (Note 10) | 133,385 | 133,585 |
Pension and postretirement obligations (Note 12) | 20,508 | 19,475 |
Deferred income tax liabilities (Note 9) | 270 | 509 |
Uncertain income tax liabilities (Note 9) | 2,310 | 3,284 |
Other non-current liabilities | 1,451 | 1,271 |
Total liabilities | $ 196,417 | $ 202,852 |
Commitments and Contingencies (Note 13) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $.10 par value per share, authorized 1,000,000 shares; none issued | ||
Common stock, $.10 par value per share, authorized 20,000,000 shares; 9,641,532 and 9,577,874 issued and outstanding, respectively, in 2015 and 2014 (Note 11) | $ 964 | $ 958 |
Additional paid in capital | 41,531 | 40,317 |
Accumulated other comprehensive loss | (13,741) | (10,148) |
(Accumulated deficit) retained earnings | (17,559) | (18,873) |
Landauer, Inc. stockholders' equity | 11,195 | 12,254 |
Noncontrolling interest | 1,132 | 1,480 |
Total stockholders’ equity | 12,327 | 13,734 |
Total Liabilities and Stockholders’ Equity | $ 208,744 | $ 216,586 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Receivables, allowances | $ 1,556 | $ 1,872 |
Intangible assets, accumulated amortization | 38,662 | 37,579 |
Dosimetry devices, accumulated depreciation | $ 5,282 | $ 4,353 |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,641,532 | 9,577,874 |
Common stock, shares outstanding | 9,641,532 | 9,577,874 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues: | |||
Service revenues | $ 128,771 | $ 127,698 | $ 126,528 |
Product revenues | 22,543 | 27,364 | 23,162 |
Total revenues | 151,314 | 155,062 | 149,690 |
Costs and expenses: | |||
Service costs | 63,876 | 61,649 | 59,931 |
Product costs | 8,709 | 12,506 | 11,163 |
Total cost of sales | 72,585 | 74,155 | 71,094 |
Gross profit | 78,729 | 80,907 | 78,596 |
Selling, general, and administrative | 53,989 | 54,904 | 51,115 |
Goodwill and other intangible assets impairment charge | 62,188 | 22,700 | |
Acquisition, reorganization and nonrecurring costs | 1,041 | 3,802 | 1,392 |
Operating income (loss) | 23,699 | (39,987) | 3,389 |
Equity in income of joint ventures | 2,307 | 2,939 | 3,251 |
Interest expense, net | (4,370) | (3,424) | (4,311) |
Other (expense) income, net | (314) | (26) | 747 |
Income (loss) before taxes | 21,322 | (40,498) | 3,076 |
Income tax expense (benefit) | 6,273 | (15,800) | (560) |
Net income (loss) | 15,049 | (24,698) | 3,636 |
Less: Net income attributed to noncontrolling interest | 506 | 505 | 854 |
Net income (loss) attributed to Landauer, Inc. | $ 14,543 | $ (25,203) | $ 2,782 |
Net income (loss) per share attributed to Landauer, Inc. shareholders: | |||
Basic | $ 1.52 | $ (2.65) | $ 0.28 |
Weighted average basic shares outstanding | 9,511,000 | 9,524,000 | 9,434,000 |
Diluted | $ 1.52 | $ (2.65) | $ 0.27 |
Weighted average diluted shares outstanding | 9,540,000 | 9,524,000 | 9,482,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net income (loss) | $ 15,049 | $ (24,698) | $ 3,636 |
Other comprehensive income: | |||
Defined benefit pension and postretirement plans activity, net of taxes | (711) | (3,664) | 3,015 |
Unrealized gains (losses) on available-for-sale securities, net of taxes | 93 | 34 | 30 |
Foreign currency translation adjustment, net of taxes | (3,354) | (2,221) | (2,255) |
Comprehensive income | 11,077 | (30,549) | 4,426 |
Parent [Member] | |||
Net income (loss) | 14,543 | (25,203) | 2,782 |
Other comprehensive income: | |||
Defined benefit pension and postretirement plans activity, net of taxes | (711) | (3,664) | 3,015 |
Unrealized gains (losses) on available-for-sale securities, net of taxes | 93 | 34 | 30 |
Foreign currency translation adjustment, net of taxes | (2,975) | (2,110) | (2,078) |
Comprehensive income | 10,950 | (30,943) | 3,749 |
Non-Controlling Interest [Member] | |||
Net income (loss) | 506 | 505 | 854 |
Other comprehensive income: | |||
Foreign currency translation adjustment, net of taxes | (379) | (111) | (177) |
Comprehensive income | $ 127 | $ 394 | $ 677 |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||
Defined benefit pension and postretirement plans activity, tax | $ 418 | $ 2,152 | $ (1,790) |
Unrealized gains/(losses) on available-for-sale securities, tax | 17 | 4 | 5 |
Foreign currency translation adjustment, tax | $ 1,602 | $ 1,188 | $ (53) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | (Accumulated Deficit) Retained Earnings [Member] | Non-Controlling Interest [Member] | Total |
Balance at Sep. 30, 2012 | $ 949 | $ 35,898 | $ (5,375) | $ 45,596 | $ 1,334 | $ 78,402 |
Balance, shares at Sep. 30, 2012 | 9,493,368 | |||||
Stock-based compensation arrangements | $ 9 | 3,567 | 3,576 | |||
Stock-based compensation arrangements, shares | 82,558 | |||||
Dividends | (20,966) | (426) | (21,392) | |||
Net income | 2,782 | 854 | 3,636 | |||
Foreign currency translation adjustment | (2,078) | (177) | (2,255) | |||
Unrealized gains (losses) on available-for-sale securities, net of tax | 30 | 30 | ||||
Defined benefit pension and postretirement plans activity, net of tax | 3,015 | 3,015 | ||||
Balance at Sep. 30, 2013 | $ 958 | 39,465 | (4,408) | 27,412 | 1,585 | 65,012 |
Balance, shares at Sep. 30, 2013 | 9,575,926 | |||||
Stock-based compensation arrangements | 852 | 852 | ||||
Stock-based compensation arrangements, shares | 1,948 | |||||
Dividends | (21,082) | (499) | (21,581) | |||
Net income | (25,203) | 505 | (24,698) | |||
Foreign currency translation adjustment | (2,110) | (111) | (2,221) | |||
Unrealized gains (losses) on available-for-sale securities, net of tax | 34 | 34 | ||||
Defined benefit pension and postretirement plans activity, net of tax | (3,664) | (3,664) | ||||
Balance at Sep. 30, 2014 | $ 958 | 40,317 | (10,148) | (18,873) | 1,480 | $ 13,734 |
Balance, shares at Sep. 30, 2014 | 9,577,874 | 9,577,874 | ||||
Stock-based compensation arrangements | $ 6 | 1,214 | $ 1,220 | |||
Stock-based compensation arrangements, shares | 63,658 | |||||
Dividends | (13,229) | (475) | (13,704) | |||
Net income | 14,543 | 506 | 15,049 | |||
Foreign currency translation adjustment | (2,975) | (379) | (3,354) | |||
Unrealized gains (losses) on available-for-sale securities, net of tax | 93 | 93 | ||||
Defined benefit pension and postretirement plans activity, net of tax | (711) | (711) | ||||
Balance at Sep. 30, 2015 | $ 964 | $ 41,531 | $ (13,741) | $ (17,559) | $ 1,132 | $ 12,327 |
Balance, shares at Sep. 30, 2015 | 9,641,532 | 9,641,532 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 15,049 | $ (24,698) | $ 3,636 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 12,312 | 13,915 | 15,051 |
Goodwill and other intangible assets impairment charge | 62,188 | 22,700 | |
Loss (gain) on sale, disposal and abandonment of assets | 181 | 208 | (32) |
Loss (gain) on investments | 176 | (419) | (366) |
Loss on disposition of business | 366 | ||
Equity in net income of joint ventures | (2,307) | (2,939) | (3,251) |
Dividends from joint ventures | 1,144 | 1,340 | 1,891 |
Stock-based compensation and related net tax benefits | 1,583 | 2,074 | 2,541 |
Current and long-term deferred taxes, net | 238 | (26,920) | (4,680) |
Changes in operating assets and liabilities: | |||
Decrease (increase) in accounts receivable, net | 471 | 2,568 | (3,012) |
Decrease (increase) in prepaid income taxes | 1,694 | 1,363 | (1,130) |
(Increase) decrease in other operating assets, net | (544) | 1,497 | (4,547) |
(Decrease) increase in accounts payable and other accrued liabilities | (1,246) | 2,854 | 49 |
(Decrease) increase in other operating liabilities, net | (864) | 3,654 | (3,501) |
Net cash provided by operating activities | 28,253 | 36,685 | 25,349 |
Cash flows from investing activities: | |||
Acquisition of property, plant and equipment | (7,974) | (4,161) | (9,145) |
Proceeds from disposition of business | 6,958 | ||
Acquisition of joint ventures and businesses, net of cash acquired | (1,800) | ||
Other investing activities, net | (1,262) | (1,255) | (2,534) |
Net cash used in investing activities | (2,278) | (7,216) | (11,679) |
Cash flows from financing activities: | |||
Net borrowings on revolving credit facility | (60) | (19) | |
Long–term borrowings - loan | 30,300 | 33,800 | 27,691 |
Long–term borrowings - repayment | (30,500) | (43,000) | (27,187) |
Dividends paid to stockholders | (15,874) | (21,048) | (20,897) |
Other financing activities, net | (449) | (597) | (261) |
Net cash used in financing activities | (16,523) | (30,905) | (20,673) |
Effects of foreign currency translation | (899) | (475) | |
Net increase (decrease) in cash and cash equivalents | 8,553 | (1,911) | (7,003) |
Opening balance – cash and cash equivalents | 6,761 | 8,672 | 15,675 |
Ending balance – cash and cash equivalents | 15,314 | 6,761 | 8,672 |
Supplemental disclosure of cash flow information: | |||
Accrued capital spending included in accounts payable and other accrued liabilities | 1,068 | 351 | 347 |
Cash paid for interest, net of amounts capitalized | 3,799 | 3,930 | 4,441 |
Cash paid for income taxes, net of refunds | $ 6,661 | $ 6,704 | $ 7,374 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1 . Summary of Significant Accounting Policies Description of Business Landauer, Inc., together with the subsidiaries through which businesses are conducted (the “Company”), is a leading global provider of technical and analytical services to determine occupational and environmental radiation exposure, the leading domestic provider of outsourced medical physics services, and a provider of radiology related medical products. The Company operates in three primary business segments: Radiation Measurement; Medical Physics; and Medical Products. Additional information regarding the Company’s segments is contained in Note 1 6 . Basis of Presentation and Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its subsidiaries and variable interest entities in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Entities in which the Company does not have a controlling financial interest, but is considered to have significant influence, are accounted for on the equity method. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all unrestricted cash and highly liquid investments with an original maturity of three months or less, primarily short-term money market instruments. Restricted Cash Restricted cash represents funds that are restricted to satisfy designated current liabilities. As of September 30, 2014, the Company’s restricted cash represented deposits from an international customer that were held from the Company subject to the achievement of specified conditions. This balance was included in “Other current assets.” The Company successfully fulfilled the conditions in October 2014 and the funds were released and no longer restricted. Receivables, Net of Allowances Receivables, principally trade accounts receivable, are generally due within 30 to 90 days and are stated at amounts due from customers, net of an allowance for sales returns and doubtful accounts. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current creditworthiness, as determined by a review of their current credit information. We continuously monitor aging reports, collections and payments from customers, and a provision for estimated credit losses is maintained based upon the Company’s historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been within our expectations and the provisions established, we cannot guarantee that the same credit loss rates will be experienced in the future. The Company writes off accounts receivable when they are determined to be uncollectible. Inventories Inventories primarily include the components associated with dosimetry devices, which are stated at lower of cost or market utilizing a first-in, first-out method. Long-lived Assets Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Plant, equipment and internal use software are depreciated on a straight-line basis over their respective estimated useful lives. Dosimetry devices, principally badges, and the accompanying software are amortized on a straight-line basis over their estimated useful lives. Expenditures for maintenance and repairs are charged to expense as incurred, and renewals and betterments are capitalized. The following table provides a summary of estimated useful lives by asset category: Estimated Useful Lives Buildings and improvements 30 years Internal software 5 - 10 years Equipment 3 - 8 years Dosimetry devices 30 months - 8 years Long-lived assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in business circumstances indicate that the carrying value of the assets may not be fully recoverable. The Company performs undiscounted operating cash flow analyses to determine if an impairment exists. For purposes of recognition and measurement of an impairment for assets held for use, the Company groups assets and liabilities at the lowest level for which cash flows are separately identifiable. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. The Company also reviews the estimated remaining useful lives of long-lived assets whenever events or changes in business circumstances indicate the lives may have changed. Equity in Joint Ventures Entities in which the Company does not have a controlling financial interest but is considered to have significant influence are accounted for on the equity method. Under the equity method, a company records its share of net income or loss of an investment based on its percentage ownership. Additional information regarding the Company’s equity in joint ventures is contained in Note 6 . Goodwill and Other Intangible Assets Goodwill and other indefinite-lived intangible assets must be assessed for impairment annually or more frequently if events or changes in circumstances indicate that such assets might be impaired. Triggering events include, but are not limited to a current period operating or cash flow loss; a product, technology or service introduced by a competitor; or a loss of key personnel. Goodwill impairment testing first requires a comparison between the carrying value and fair value of a reporting unit with associated goodwill. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit. The Company estimates the fair value of the reporting units using the income approach and the market approach. If the Company believes that the fair value of a reporting unit exceeds its carrying value by a substantial margin, the Company may perform a qualitative analysis instead. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not to be impaired and the second step of the impairment test is unnecessary. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination, and the fair value of the reporting unit was the purchase price paid to acquire the segment. The impairment test for an indefinite-lived intangible asset other than goodwill consist s of first assessing qualitative factors, such as company, industry and economic trends. If determined to be necessary, the next step compares the fair value of the intangible asset to its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized for the difference. Additional information regarding the Company’s goodwill and other intangible assets is contained in Note 7 . Long-term Investments The Company had long-term investments of $3,509 and $3,734 at September 30, 2015 and 2014, respectively that are held in a Rabbi trust for benefits under the Company’s deferred compensation plan. Under the plan, participants designate investment options to serve as the basis for measurement of the notional value of their accounts. The investments, classified as trading securities, include a money market fund and mutual funds that are publicly traded. Trading securities are carried at fair value with unrealized gains and losses included in earnings. The fair values of the shares or underlying securities of these funds are based on quoted market prices. The Company had long-term investments of $1,763 and $2,382 at September 30, 2015 and 2014, respectively, consisting of fixed income mutual funds classified as available-for-sale securities. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of tax, reported in other comprehensive income. The cost of securities sold is based on the specific identification method. The investments are valued based on the net asset value of the underlying securities as provided by the investment account manager. The investments are not restricted or subject to a lockup and may be redeemed on demand. Notice within a certain period of time prior to redemption is not required. Long-term investments are included in other long-term assets. Revenue Recognition and Deferred Contract Revenue The majority of the Radiation Measurement revenues are realized from radiation measurement services and other services incidental to radiation dose measurement. The measuring and monitoring services provided by the Company to its customers are of a subscription nature and are continuous. The Company views its business in the Radiation Measurement segment as services provided to customers over a period of time and the wear period is the period over which those services are provided. Badge production, wearing of badges, badge analysis, and report preparation are integral to the benefit that the Company provides to its customers. These services are provided to customers on an agreed-upon recurring basis (monthly, bi-monthly, quarterly, semi-annually or annually) that the customer chooses for the wear period. Revenue is recognized on a straight-line basis, adjusted for changes in pricing and volume, over the wear period. Revenues are recognized over the periods in which the customers wear the badges irrespective of whether invoiced in advance or in arrears. Many customers pay for these services in advance. The amounts recorded as deferred contract revenue in the consolidated balance sheets represent customer deposits invoiced in advance during the preceding twelve months for services to be rendered over the succeeding twelve months, and are net of services rendered through the respective consolidated balance sheet date. Management believes that the amount of deferred contract revenue fairly represents the remaining business activity with customers invoiced in advance. Other services incidental to measuring and monitoring augment the basic radiation measurement services that the Company offers, providing administrative and informational tools to customers for the management of their radiation detection programs. Other service revenues are recognized upon delivery of the reports to customers or as other such services are provided. The Company sells radiation measurement products to its customers, principally InLight products, for their use in conducting radiation measurements or managing radiation detection programs. The Company recognizes Radiation Measurement segment product revenues upon shipment or delivery of goods when title and risk of loss pass to customers. The Company, through its Medical Physics segment, offers full scope medical physics services to hospitals and radiation therapy centers. Services offered include, but are not limited to, clinical physics support in radiation oncology, commissioning services, special projects support and imaging physics services. Delivery of the medical physics services can be of a contracted, recurring nature or as a discrete project with a defined service outcome. Recurring services often are provided on the customer’s premises by a full-time employee or fraction of a full-time employee. Revenue is recognized for recurring services on a straight-line basis over the life of the contract unless there is another discernable pattern as the services are rendered. Revenue is recognized for fee for service projects when the service is delivered. Contracted services are billed on an agreed-upon recurring basis, either in advance or arrears of the service being delivered. Customers may be billed monthly, quarterly, or at some other regular interval over the contracted period. The amounts recorded as deferred contract revenue represent amounts invoiced in advance of delivery of the service. Management believes that the amount of deferred contract revenue fairly represents remaining business activity with customers invoiced in advance. Fee for service revenue is typically associated with much shorter contract periods, or with discrete individual projects, and revenue is recognized upon completion of the project and customer acceptance thereof. Additional medical physics services under the full scope offering of the medical physics practice groups comprising the Medical Physics segment include radiation center design and consulting, accreditation work and quality assurance reviews. The Company, through its Medical Products segment, offers high quality medical consumable accessories used in radiology, radiation therapy, and image guided surgery procedures. The Medical Products segment recognizes revenues upon shipment or delivery of goods when title and risk of loss pass to customers. The amounts recorded as deferred contract revenue in the consolidated balance sheets represent invoiced amounts in advance of delivery of the service, and are net of services rendered through the respective consolidated balance sheet date. Deferred contract revenue was $13,904 and $14,750 , respectively, as of September 30, 2015 and 2014. Concentrations of credit risk with respect to accounts receivable are limited due to the high credit quality of the Company’s major customers, as well as the large number and geographic dispersion of smaller customers. The large diversified customer base results in no single customer representing greater than 5% of revenue. The Company routinely reviews outstanding customer balances and records allowances for bad debts as necessary. Research and Development The cost of research and development programs is charged to selling, general and administrative expense as incurred and amounted to $4,579 , $ 5,813 and $ 4 ,121 in fiscal 2015, 2014 and 2013, respectively. Research and development costs include salaries and allocated employee benefits, third-party research contracts and supplies. Advertising The Company expenses the costs of advertising as incurred. Advertising expense, primarily related to product shows and exhibits, amounted to $1,023 , $ 1,191 and $ 1,339 in fiscal 2015, 2014 and 2013, respectively . Income Taxes The Company files income tax returns in the jurisdictions in which it has sufficient presence. The Company estimates the income tax provision for income taxes that are currently payable, and records deferred income tax assets and liabilities for the temporary differences in tax consequences between the financial statements and tax returns. The Company records a valuation allowance in situations where the realization of deferred income tax assets is not more likely than not. The Company recognizes the financial statement effects of its tax positions in its current and deferred income tax assets and liabilities when it is more likely than not that the position will be sustained upon examination by a taxing authority. Additional information regarding the Company’s income taxes is contained in Note 9 . Stock-Based Compensation The Company measures and recognizes compensation cost at fair value for all share-based payments, including stock options. The Company has not granted stock options subsequent to fiscal 2005. Awards of stock options in prior fiscal years were granted with an exercise price equal to the market value of the stock on the date of grant. The fair value of stock options was estimated using the Black-Scholes option-pricing model. Expected volatility and the expected life of stock options were based on historical experience. The risk free interest rate was derived from the implied yield available on U.S. Treasury zero-coupon issues with a remaining term, as of the date of grant, equal to the expected term of the option. The dividend yield was based on annual dividends and the fair market value of the Company’s stock on the date of grant. Compensation expense was recognized ratably over the vesting period of the stock option. Subsequent to fiscal 2005, key employees and/or non-employee directors have been granted restricted share awards that consist of performance shares and time vested restricted stock. Performance shares represent a right to receive shares of common stock upon satisfaction of performance goals or other specified metrics. Restricted stock represents a right to receive shares of common stock upon the passage of a specified period of time. Upon the adoption of the Company’s Incentive Compensation Plan in February 2008, the fair value of performance shares and restricted stock granted under the new plan is based on the Company’s closing stock price on the date of grant. Compensation expense for performance shares is recorded ratably over the vesting period, assuming that achievement of performance goals is deemed probable. Compensation expense for restricted stock is cliff vested and recognized ratably over the vesting period. The Company also retains the discretion to make additional awards to executives at other times for recruiting or retention purposes. Stock-based compensation for these awards can be either cliff or graded vested depending on the agreement, and recognized ratably over the vesting period. Forfeitures of awards are estimated at the time of grant and stock-based compensation cost is recognized only for those awards expected to vest. The Company uses historical experience to estimate projected forfeitures. The Company recognizes the cumulative effect on current and prior periods of a change in the forfeiture rate, or actual forfeitures, as compensation cost or as a reduction of cost in the period of the revision. Foreign Currency Translation Financial statements of foreign subsidiaries are translated into U.S. dollars using period-end exchange rates for assets and liabilities and weighted-average exchange rates for revenues and expenses. Adjustments resulting from translating net assets are reported as a separate component of accumulated other comprehensive loss within common shareholders’ equity as currency translation adjustment. Recent Accounting Pronouncements Adoption of Accounting Standards Updates In April 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance to reduce the diversity in presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred income tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions listed in the guidance. This guidance was adopted by the Company in the first quarter of fiscal 2015. The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position and liquidity. In November 2014, the FASB issued new guidance on accounting for pushdown accounting in the event of a business combination. This update provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. This guidance was adopted by the Company in the first quarter of fiscal 2015. The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position and liquidity. In April 2014, the FASB issued new guidance related to the definition of a discontinued operation and requires new disclosure of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This new guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within those years. The Company early adopted this guidance beginning in the fourth quarter of fiscal 2015. The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position and liquidity. Accounting Standards Not Yet Adopted In May 2014, the FASB issued new guidance for recognizing revenue from contracts with customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. In July 2015, the FASB deferred the effective date of the new revenue standard by one year. Public companies would now be required to adopt the new guidance for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The FASB decided to allow earlier adoption of the new revenue standard, but not earlier than the original effective date. This guidance is effective for the Company in the first quarter of fiscal 2019. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity. In June 2014, the FASB issued new guidance on accounting for share-based payments requiring a specific performance target to be achieved in order for employees to become eligible to vest in the awards when that performance target may be achieved after the requisite service period for the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the requisite service has already been rendered. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity. In August 2014, the FASB issued new guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of doubt about the entity’s ability to continue as a going concern. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. This guidance will be effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity. In January 2015, the FASB issued new guidance on accounting for unusual and infrequently occurring items, which eliminates the concept of extraordinary items. An unusual and infrequently occurring item will no longer be classified as an extraordinary item and segregated from ordinary operations in the income statement, but will be shown as a component of income from continuing operations or separately disclosed in notes to the financial statements. This guidance is effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity. In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity. In April 2015, the FASB issued new guidance on the presentation of debt issuance costs. This update requires a company to present debt issuance costs related to a recognized debt liability in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with the presentation of debt discounts. Currently, debt issuance costs are presented as a deferred asset. The recognition and measurement requirements will not change as a result of this guidance. The update requires retrospective application and represents a change in accounting principle. This guidance is effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity . In July 2015, the FASB issued new guidance on simplifying the measurement of inventory. This update requires a company to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for the Company in the first quarter of fiscal 2018, and should be applied prospectively with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity . In September 2015, the FASB issued new guidance on business combination provisional adjustments during the measurement period. The new standard requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and sets forth new disclosure requirements related to the adjustments. This guidance is effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity. In November 2015, the FASB issued new guidance on the presentation of deferred income taxes. This update requires a company to present deferred tax liabilities and assets as noncurrent in a classified statement of financial position rather than the current requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts. This guidance is effective for the Company in the first quarter of fiscal 2018, with early adoption permitted. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 2 . Fair Value Measurements The Company estimates the fair value of assets and liabilities in accordance with the framework established by the authoritative guidance for fair value measurements. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows: · Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date . · Level 2 – Inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data . · Level 3 – Unobservable inputs for the asset or liability used to measure fair value that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Financial assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements at September 30, 2015 (Dollars in Thousands) Level 1 Level 2 Level 3 Asset Category Cash equivalents $ $ - $ - Mutual funds - - Available-for-sale securities - - Total Financial Assets at Fair Value $ $ $ - Fair Value Measurements at September 30, 2014 (Dollars in Thousands) Level 1 Level 2 Level 3 Asset Category Cash equivalents $ $ - $ - Mutual funds - - Available-for-sale securities - - Total Financial Assets at Fair Value $ $ $ - Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that were included in each category at September 30, 201 5 and 201 4 , measured on a recurring basis. The Level 1 financial assets were comprised of investments in trading securities, which are reported in other long-term assets. The investments are held in a Rabbi trust for benefits under the Company’s deferred compensation plan. Under the plan, participants designate investment options to serve as the basis for measurement of the notional value of their accounts. The investments include a money market fund and mutual funds that are publicly traded. The fair values of the shares or underlying securities of these funds are based on quoted market prices. The Level 2 financial assets are long-term investments consisting primarily of fixed income mutual funds classified as available-for-sale secu rities. These investments are reported in other long-term assets. The investments in fixed income mutual funds are valued based on the net asset value of the underlying securities as provided by the investment account manager. The investments are not restricted or subject to a lockup and may be redeemed on demand. Notice within a certain period of time prior to redemption is not required. The Company’s long term debt is classified as Level 2. The carrying amount of the Company’s long-term debt approximated fair value as the stated interest rates were variable in relation to prevailing market rates. The Company recorded a liability for contingent consideration during the second quarter of fiscal 2014 related to the acquisition of ilumark and the launch of its new medical products. The liability was recorded at f air value , which was determined using a discounted cash flow model based on assumptions and pr ojections relevant to revenues. A discount rate of 11% was used and payments are projected to occur in fiscal 2016 and 2017. The contingent consideration liability is classified as Level 3. The Company had no material assets or liabilities that were measured at fair value on a non-recurring basis during the fiscal year ended September 30, 2015. As discussed in Not e 7, the C ompany completed an impairment test for Medical Products goodwill and long-lived assets as of June 30, 2014 when it became apparent that anticipated revenue and profitability trends in our IZI Medical Product s reporting un i t were not being achieved to the extent forecasted . There were no transfers between fair value hierarchy levels during these periods. |
Acquisition, Reorganization And
Acquisition, Reorganization And Non-Recurring Costs | 12 Months Ended |
Sep. 30, 2015 | |
Acquisition, Reorganization And Non-Recurring Costs [Abstract] | |
Acquisition, Reorganization And Non-Recurring Costs | 3 . Acquisition, Reorganization and Non-recurring Costs Acquisition, reorganization and non-recurring costs during fiscal 201 5 , 201 4 and 201 3 were $1,041 , $ 3,802 and $ 1,392 , respectively. Acquisition expenses , consisting primarily of fees for accounting, financial, legal and tax advice to support the due diligence, transaction structure and accounting for acquisitions, as well as costs in the pursuit of acquisitions that may not be consummated, were $0 , $232 and $ 351, for fiscal 201 5 , 201 4 and 201 3 , respectively . Acquisition costs were expensed as incurred. Reorganization costs for severance to support changes in selected management roles throughout the organization were $1,041 , $3,486 and $ 647 , for fiscal 201 5 , 201 4 and 201 3 , respectively. In fiscal 2015 and 2014 the Company made severance payments of $2,677 and $398 , respectively . Remaining payments of $972 and $246 are expected to be paid in fiscal 2016 and 2017, respectively. |
Disposition Of Business
Disposition Of Business | 12 Months Ended |
Sep. 30, 2015 | |
Disposition Of Business [Abstract] | |
Disposition Of Business | 4 . D isposition of Business The Company divested its radon business on September 30, 2015, and received cash proceeds of approximately $7.0 million, net of cash assumed by the acquirer and net of cash paid for transaction expenses. Approximately $0.7 million of transaction expenses were paid subsequent to the closing of the divestiture and were recorded in other accrued expenses on the Consolidated Balance Sheet as of September 30, 2015. The Company recognized a $1.0 million pre-tax gain on sale from the disposition of this business. In conjunction with this transaction, the Company released $1.4 million of foreign currency translation losses previously recorded in accumulated other comprehensive loss, resulting in a $0.4 million net loss on the disposition of business. The Company has evaluated whether this divestiture qualifies as a discontinued operation pursuant to FASB Accounting Standards Codification 205-20 “Discontinued Operations.” The Company has concluded that the transaction should not be reported as a discontinued operation and is not material to the Company’s financial results. |
Income (Loss) Per Common Share
Income (Loss) Per Common Share | 12 Months Ended |
Sep. 30, 2015 | |
Income (Loss) Per Common Share [Abstract] | |
Income (Loss) Per Common Share | 5. Income (Loss) per Common Share Basic net income (loss) per share was computed by dividing net income (loss) available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share was computed by dividing net income (loss) available to common stockholders for the period by the weighted average number of shares of common stock that would have been outstanding assuming dilution from stock-based compensation awards during the period. Unvested stock-based compensation awards that contain non-forfeitable rights to dividends are treated as participating securities and included in the computation of earnings per share pursuant to the two-class method. The Company’s time vested restricted stock is a participating security. The following table sets forth the computation of net income (loss) per share for the years ended September 30: (Dollars in Thousands, Except per Share) 2015 2014 2013 Basic Net Income (Loss) per Share: Net income (loss) attributed to Landauer, Inc. $ $ $ Less: Income allocated to unvested restricted stock - Net income (loss) available to common stockholders $ $ $ Basic weighted average shares outstanding Net income (loss) per share – Basic $ $ $ Diluted Net Income (Loss) per Share: Net income (loss) attributed to Landauer, Inc. $ $ $ Less: Income allocated to unvested restricted stock - Net income (loss) available to common stockholders $ $ $ Basic weighted average shares outstanding Effect of dilutive securities - Diluted weighted average shares outstanding Net income (loss) per share – Diluted $ $ $ In periods where losses are recorded, inclusion of potentially dilutive securities in the calculation would decrease the loss per common share and, therefore, these securities are not added to the weighted average number of shares outstanding. The computations of diluted net loss per common share for fiscal 2014 did not include the following outstanding shares of restricted stock as well as the effects of options to acquire common stock as the inclusion of these securities would have been antidilutive: 2015 2014 2013 Effect of dilutive securities - - |
Equity In Joint Ventures
Equity In Joint Ventures | 12 Months Ended |
Sep. 30, 2015 | |
Equity In Joint Ventures [Abstract] | |
Equity In Joint Ventures | 6 . Equity in Joint Ventures Equity in Joint Ventures consists of amounts invested in joint ventures in which the Company holds a noncontrolling interest. These investments are accounted for using the equity method of accounting. At September 30, 2015, the Company had a 50 % equity interest in Nagase-Landauer, Ltd. (“Nagase”), a radiation measurement company in Japan; a 50 % equity interest in Epsilon-Landauer Dozimetri, a radiation measurement company in Turkey; and a 49 % equity interest in Yamasato, Fujiwara, Higa & Associates, Inc., a domestic small business supplier to the International Atomic Energy Agency and the U.S. military. The combined summary financial information as of and for the years ended September 30, 2015, 2014 and 2013 is presented for all equity method investments owned during the respective periods. (Dollars in Thousands) 2015 2014 2013 Revenues $ $ $ Gross profit Net income (Dollars in Thousands) 2015 2014 Current assets $ $ Other assets Current liabilities Other liabilities |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | 7 . Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill, by reportable segment, for the years ended September 30, 2015 and 2014 were as follows: (Dollars in Thousands) Radiation Measurement Medical Physics Medical Products Total Balance as of September 30, 2013 $ $ $ $ Increase related to acquisitions - - Effects of foreign currency - Accumulated goodwill impairment charges - - Balance as of September 30, 2014 $ $ $ $ Decrease related to dispositions - - Effects of foreign currency - Goodwill net, as of September 30, 2015 $ $ $ $ Goodwill and certain intangible assets with indefinite lives are reviewed annually for impairment and more frequently if an event occurs or circumstances change that would require the Company to perform an interim review. The Company has three segments: Radiation Measurement; Medical Physics; and Medical Products. The Company completed a quantitative assessment for the Radiation Measurement, Medical Physics and Medical Products reporting segments as of September 30, 2015 using the income approach and the market approach, and the estimated fair value of these reporting segments significantly exceeded their carrying values. The discount rates used in this valuation ranged from 11% to 13% . The accumulated impairment charge as of the beginning of the year and end of the year September 30, 2015 is $64.1 million as explained below. The Company completed an impairment test for the Medical Products segment as of June 30, 2014 when it became apparent that anticipated revenue and profitability trends in Medical Products were not being achieved to the extent forecasted. Based on the testing performed, the Company recorded a non-cash impairment charge of $62.2 million, of which $41.4 million related to goodwill and $20.8 million related to intangible assets for the fiscal year ended September 30, 2014. The tax benefit associated with the goodwill impairment charge was $15.3 million, and the tax benefit associated with the intangible assets charge was $7.7 million. During the third quarter of fiscal 2013, the Company performed an impairment analysis with respect to the carrying value of the goodwill in the Medical Products reporting unit. Based on the testing performed, the Company recorded a non-cash goodwill impairment charge of $22.7 million. The tax benefit associated with this charge was $8.5 million. Intangible assets for the years ended September 30 were as follows: 2015 (Dollars in Thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Intangibles Impairment Charge Customer lists $ $ $ $ Trademarks and tradenames Licenses and patents Other intangibles - Intangible assets $ $ $ $ 2014 (Dollars in Thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Intangibles Impairment Charge Customer lists $ $ $ Trademarks and tradenames Licenses and patents Other intangibles - Intangible assets $ $ $ $ The Company assumed customer lists relating to business combinations of $0 and $711 during fiscal 2015 and 2014, respectively. No tradenames were assumed during fiscal 201 5 and 201 4 relating to business combinations. Amortization of intangible assets was $2,243 , $3,978 and $ 4,095 for the years ended September 30, 2015, 2014 and 2013, respectively. Annual aggregate amortization expense related to intangible assets is estimated to be approximately $1,834 in fiscal 2016 and 2017 , $1,709 in fiscal 2018, $1,048 in fiscal 2019 and $905 in fiscal 20 20 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 8. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss included in the accompanying consolidated balance sheets consist of defined benefit pension and postretirement plan adjustments for net gains, losses and prior service costs, unrealized gains and losses on available-for-sale securities and cumulative foreign currency translation adjustments. Accumulated elements of other comprehensive loss , net of tax, ar e included in the stockholders’ equity section of t he consolidated balance sheets. Changes in each component are as follows: Cumulative Foreign Currency Translation Adjustments Unrealized Gains and Losses on Available-for-Sale Securities Pension and Postretirement Plan Adjustments Comprehensive (Loss) Income Balance at September 30, 2012 $ $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income - Net period other comprehensive income Balance at September 30, 2013 $ $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income - Net period other comprehensive income Balance at September 30, 2014 $ $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Net current period other comprehensive income Balance at September 30, 2015 $ $ $ $ The tables below presents impacts on net income of significant amounts r eclassifi ed out of each component of accumulated other comprehensive income: Pension and Postretirement Plan Adjustments (1) 2015 2014 2013 Service cost $ $ $ Interest cost Expected return on plan assets Amortization of net loss Total before tax (Benefit) provision for income taxes Total net of tax $ $ $ (1) These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit costs ( refer to Note 12 for additional details regarding employee benefit plans) . Unrealized Gains and Losses on Available-for-Sale Securities 2015 2014 2013 Realized losses on available-for-sale investments into earnings (1) $ $ $ Total before tax Provision for income taxes (2) Total net of tax $ $ $ (1) This amount is reported in Interest Expense, net on the Consolidated Statements of Operations. (2) This amount is reported in Income Tax (Benefit) Expense on the Consolidated Statements of Operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 9 . Income Taxes The components of pretax income for the years ended September 30 were as follows: (Dollars in Thousands) 2015 2014 2013 Pretax income: U.S. $ $ $ Foreign Total pretax income $ $ $ The components of the provision for income taxes for the years ended September 30 were as follows: (Dollars in Thousands) 2015 2014 2013 Current: U.S. Federal $ $ $ State and local Foreign Current tax provision $ $ $ Deferred: U.S. Federal $ $ $ State and local Foreign Deferred tax provision $ $ $ Income tax provision $ $ $ The effective tax rates for the fiscal years ended September 30, 201 5 , 201 4 and 201 3 were 29.4% , 39.0% and (18.1%) , respectively. The decrease in the fiscal 2015 effective tax rate was primarily due to the retroactive enactment of the research and development credit for calendar year 2014 in the first fiscal quarter of 2015, the mix of earnings between jurisdictions with differing tax rates and the realization of an unrecognized tax benefit . The following is a reconciliation of the U.S. federal statutory rate of 35.0 % to the effective income tax rate: 2015 2014 2013 U.S. Federal statutory rate State and local taxes net of Federal tax benefit -4.9% Effect of foreign affiliates -4.4% -20.7% Earnings of unconsolidated affiliates -3.2% -26.4% R&D credit -0.4% -9.5% Domestic production activity deduction -0.8% -8.3% Partnership income -1.3% Provision to return adjustments -0.9% -0.4% -16.4% Meals and entertainment -0.3% Change in deferred rate Uncertain tax positions -1.6% -0.3% Other -0.8% Effective income tax rate -18.1% The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities consisted of the following at September 30: (Dollars in Thousands) 2015 2014 Deferred tax assets: Pension accrual $ $ Compensation expense Transaction costs Medical insurance claims Retirement plans Accruals not currently deductible NOLs and attributes Intangible asset amortization Cumulative translation adjustment Other Deferred tax liabilities: Depreciation Software development Other Net deferred tax asset $ $ The Company believes that the realization of deferred tax assets is more likely than not based upon the expectation the Company will generate the necessary taxable income in the future periods. Therefore, no valuation allowances have been provided. The Company has provided for U.S. deferred income taxes and foreign withholding tax in the amount of $ 347 on undistributed earnings not considered permanently reinvested in its non-U.S. subsidiaries . The Company has no indefinite reinvested foreign earnings and profits . As of September 30, 201 5 , 201 4 and 201 3 , permanently reinvested cumulative undistributed earnings attributable to certain foreign operations were approximately $0 , $0 , and $13,085 , respectively. The change in the indefinitely reinvested cumulative undistributed earnings from fiscal 2013 to fiscal 2014 is due to the Company no longer asserting indefinite reinvestment of any foreign earnings and profits. As of September 30, 201 5 , the Company ’ s U.S. income tax returns for fiscal 201 3 and subsequent years remained subject to examination by the Internal Revenue Service ( “ IRS ” ). During fiscal 2015, the Company received a no change audit letter from the IRS officially closing the audit of fiscal 2012. State income tax returns generally have statute of limitations for periods between three and four years from the date of filing. The Company is currently undergoing a state income tax audit. The Company does not expect the audit to have a material impact on its consolidated financial statements. The Company is not currently under audit in any foreign jurisdictions. The Company’s foreign operations have statute of limitations on the examination of tax returns for periods between two and six years. The Company operates in numerous taxing jurisdictions and is subject to regular examinations by various U.S. federal, state, local and foreign jurisdictions for various tax periods. The Company’s income tax positions are based on research and interpretations of the income tax laws and rulings in each of the jurisdictions in which it does business. Due to the subjectivity of interpretations of the income tax laws and rulings in each jurisdiction, the differences and interplay in tax laws between those jurisdictions, as well as the inherent uncertainty in estimating the final resolution of complex tax audit matters, the Company’s estimates of income tax liabilities may differ from actual payments or assessments. Accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on its tax return. To the extent that the Company’s assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. A reconciliation of gross unrecognized tax benefits, exclusive of interest and penalties, is as follows: (Dollars in Thousands) 2015 2014 2013 Balance at beginning of year $ $ $ Tax positions related to current year: Gross increases Tax positions related to prior periods: Gross increases Decreases related to lapse of statute of limitations Balance at end of year $ $ $ The total amount of unrecognized tax benefits, net of federal benefit that, if recognized, would affect the effective tax rate was $1,274 , $ 1,840 and $ 1,362 , as of September 30, 201 5 , 201 4 and 201 3 , respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of September 30, 201 5 and 201 4 , the gross amount of interest and penalties recorded was $316 and $ 375 , respectively. The Company’s unrecognized tax benefits are primarily due to intercompany allo cations between jurisdictions. The amount of unrecognized tax benefits and the related interest and penalties expected to reverse within the next fiscal year is estimated to be approximately $ 636. |
Credit Facility
Credit Facility | 12 Months Ended |
Sep. 30, 2015 | |
Credit Facility [Abstract] | |
Credit Facility | 1 0 . Credit Facility On August 2, 2013, the Company entered into an A mended and R estated C redit A greement (the “Credit Agreement”) with its group of lenders that provided, among other things, the extension of the expiration date from November 14, 2016 to August 2, 2018 and the increase of the accordion feature from $25,000 to $50,000 . In addition, the covenants for minimum net worth were deleted from the Credit Agreement. The leverage ratio covenants changed to a maximum 3.50 to 1.00 for the period of September 30, 2013 through June 30, 2015, and to a maximum 3.25 to 1.00 for the periods September 30, 201 5 and thereafter. The fixed charge ratio covenants changed to a minimum 1.10 to 1.00 for the period of September 30, 2013 through June 30, 2015, and to a minimum 1.15 to 1.00 for the periods Sept ember 30, 2015 and thereafter. The amended terms also provide for an interest rate equal to LIBOR plus a margin of between 1.25% and 2.50% and for the base rate a margin of between 0.25% and 1.50% . On June 30, 2014 , the Company and its subsidiaries GPS and IZI (collectively, the “Borrowers”), entered into a First Amendment to Amended and Restated Credit Agreement (the “Amendment”) with BMO Harris Bank N.A., as administrative agent (the “Administrative Agent”), and the lenders that are party thereto (collectively, the “Lenders”). The Amendment amended, among other things, (i) the definition of Capital Expenditures and EBITDA and (ii) kept the fixed charge coverage ratio covenant and the leverage ratio covenant constant ( 1.10 to 1.00 and 3.50 to 1.00, respectively) through the remainder of the term of the Credit Agreement. In connection with the Amendment, the Company paid certain amendment fees to the Lenders and certain other fees and expenses to the Administrative Agent. On December 18, 2014, the Borrowers entered into a Consent and Amendment to the Credit Agreement (the “Consent”) with the Administrative Agent and the Lenders. The Company and the Lenders and the Administrative Agent agreed to consent, on a one time basis only, to a delay in the delivery of audited financial statements and related deliveries for fiscal 2014. The Company was required to provide its annual audited financial statements and related deliveries for fiscal 2014 only within 120 days after the end of fiscal 2014. The Company also was required to provide unaudited financial statements and related deliveries for fiscal 2014 within 90 days after the end of fiscal 2014. The Company paid a non-refundable consent fee to the Lenders in connection with the Consent. On January 28, 2015, the Borrowers, entered into a second Consent and Amendment to the Credit Agreement (the “Second Consent”) with the Administrative Agent and the Lenders. The Company and the Lenders and the Administrative Agent agreed to consent, on a one time basis only, to a delay in the delivery of audited financial statements and related deliveries for fiscal 2014, whereby the Company was required to provide its annual audited financial statements and related deliveries for fiscal 2014 no later than February 11, 2015. The Company complied with the terms and conditions of the Second Consent. Borrowings under the credit agreement are classified as long-term debt. The Company repaid $30,500 , $43,000 and $27,187 of the borrowings under the credit facility for the fiscal years ended September 30, 201 5 , 201 4 and 2013, respectively. The balance outstanding under the Company’s credit agreement was $133,385 and $133,585 as of September 30, 201 5 and 201 4 , respectively. Interest expense on the borrowings was $3,833 , $3,968 and $4,320 for the fiscal years ended September 30, 201 5, 201 4 and 2013 , respectively. The weighted average interest rate for the base and LIBOR rate was 2.7 % , 2.6% and 2.9% for fiscal 201 5, 201 4 and 2013, respectively. The applicable interest rate for the base and LIBOR rate separately was 4.75 % and 2.69% per annum at September 30, 201 5 and 4.50% and 2.65 % per annum at September 30, 201 4 . |
Capital Stock
Capital Stock | 12 Months Ended |
Sep. 30, 2015 | |
Capital Stock [Abstract] | |
Capital Stock | 1 1 . Capital Stock The Company has two classes of capital stock, preferred and common, with a par value of $ 0.10 per share for each class. Of 20,000,000 common shares which are authorized, there were 9,641,532, and 9,577,874 shares of common stock issued and outstanding as of September 30, 201 5 and 201 4 , respectively. Of 1,000,000 preferred shares which are authorized, there were no shares of preferred stock issued. Cash dividends of $ 1.375 per common share were declared in fiscal year 201 5 . As of September 30, 201 5 , there were accrued and unpaid dividends of $ 2,684 . The Company has reserved 500,000 shares of common stock under the Landauer, Inc. Incentive Compensation Plan approved by shareholders on February 7, 2008. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 1 2 . Employee Benefit Plans The Company sponsors postretirement benefit plans to provide pension, supplemental retirement funds, and medical expense reimbursement to eligible retired employees, as well as a directors’ retirement plan that provides for certain retirement benefits payable to non-employee directors. Following is a description of these benefit plans. Defined Contribution Plans The Company sponsors a 401(k) retirement savings plan covering substantially all Radiation Measurement U.S. full-time employees as well as substantially all of the employees of the Company’s Medical Physics and Medical Products segments. The Company also maintains a supplemental defined contribution plan for certain executives, which allows participating executives to make voluntary deferrals and provides for employer contributions at the Company ’s discretion. The plans are qualified under applicable sections of the Internal Revenue Code and allow employees to contribute a portion of their pre-tax income in accordance with specified guidelines. The Company matches a percentage of the employee contributions up to certain limits. Amounts expensed for Company contributions under these plans during the fiscal years ended September 30, 201 5 , 201 4 and 201 3 were $1,784 , $ 1,723 and $ 1,699 , respectively. Defined Benefit Plans Historically the Company provided, to substantially all full-time employees in the U.S., a qualified noncontributory defined benefit pension plan to provide a basic replacement income benefit upon retirement. For key executives, the basic benefit was augmented with a supplemental executive retirement plan to address U.S. tax law limitations placed on the benefits under the qualified pension plan. The supplemental plan is not separately funded and costs of the plan are expensed annually. The qualified noncontributory defined benefit pension plan and the supplemental executive retirement plan were frozen in fiscal 2009 and future benefit accruals under such plans ceased. The Company formerly maintained a directors ’ retirement plan that provide d certain retirement benefits for non-employee directors. The directors ’ plan was terminated in January 1997 and benefits accrued under the retirement plan we re frozen. The Company also maintains an unfunded retiree medical expense reimbursement plan. Under the terms of the plan, which covers retirees with ten or more years of service, the Company reimburses retirees to age 70, or to age 65 in accordance with plan changes effective October 1, 2005, for (i) a portion of the cost of coverage under the then-current medical and dental insurance plans if the retiree is under age 65, or (ii) all or a portion of the cost of Medicare and supplemental coverage if the retiree is over age 64. The assumptions for health-care cost ultimate trend rates were 6 % for those younger than 65, and 5 % for those 65 and older. The Company recognizes the over- or underfunded status of its defined benefit pension and postretirement plans on its balance sheet and recognizes changes in the funded status, as the changes occur, through comprehensive income. The Company uses its fiscal year end, September 30, as the measurement date for its plans. The following tables set forth the status of the combined defined benefit pension plans and the postretirement medical plan, as pension benefits and other benefits, respectively, at September 30. Pension Benefits Other Benefits (Dollars in Thousands) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ $ $ $ Service cost - - Interest cost Actuarial (gain) loss Benefits paid Benefit obligation at end of year Change in plan assets: Fair value of plan assets at beginning of year - - Actual return on plan assets - - Employer contributions Benefits paid Fair value of plan assets at end of year - - Funded status at end of year $ $ $ $ Pension Benefits Other Benefits (Dollars in Thousands) 2015 2014 2015 2014 Amounts recognized in consolidated balance sheets: Current liabilities – accrued pension and postretirement costs $ $ $ $ Noncurrent liabilities – pension and postretirement obligations Net amount recognized $ $ $ $ Amounts recognized in accumulated other comprehensive income (loss): Net loss (gain) $ $ $ $ Net amount recognized in accumulated other comprehensive income (loss) $ $ $ $ As of September 30, 201 5 and 201 4 , the accumulated benefit obligation for all defined benefit pension plans was $39,049 and $ 38,976 respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets as of September 30 is set forth in the following table: (Dollars in Thousands) 2015 2014 Projected benefit obligation $ $ Accumulated benefit obligation Fair value of plan assets The components of net periodic benefit cost that were amortized from Accumulated Other Comprehensive Income were as follows: Pension Benefits (Dollars in Thousands) 2015 2014 2013 Interest cost $ $ $ Expected return on plan assets Amortization of net loss Net periodic benefit cost $ $ $ Other Benefits (Dollars in Thousands) 2015 2014 2013 Service cost $ $ $ Interest cost Amortization of net gain Net periodic benefit cost $ $ $ Other changes in plan assets and benefit obligations recognized in other comprehensive income, pre-tax, were as follows: Pension Benefits (Dollars in Thousands) 2015 2014 2013 Net loss (gain) $ $ $ Amortization of net loss Total recognized in other comprehensive income (loss) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ $ $ Other Benefits (Dollars in Thousands) 2015 2014 2013 Net (gain) loss $ $ $ Amortization of net gain Total recognized in other comprehensive income (loss) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ $ $ The estimated pre-tax amount in accumulated other comprehensive income expected to be recognized in net periodic benefit cost over the next fiscal year for pension benefits is a net loss of $ 553 . The estimated pre-tax amount in accumulated other comprehensive income expected to be recognized in net periodic benefit cost over the next fiscal year for other benefits is a net gain of $ 39 . During fiscal 2014, the Company adopted the RP-2014 mortality tables and the Mortality Improvement Scale MP-2014 published by the Society of Actuaries’ Retirement Plans Experience Committee. The adoption of the updated mortality tables and the mortality improvement scale increased the Company’s pension liability more than $3 million. Assumptions The weighted-average discount rate used to determine benefit obligations at September 30, 2015 was 4.15% , 3.80% , 4.06% and 2.98% for Pension, Key Executive SERP, Manager SERP and Directors plans, respectively, which all fall under “Pension Benefits” in this footnote. The weighted-average discount rate used to determine benefit obligations under “Other Benefits” was 3.43% at September 30, 2015. The weighted-average assumptions used to determine net periodic benefit cost for years ended September 30 were as follows: Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate Expected long-term return on plan assets na na na Rate of compensation increase na na na na na na The expected long-term rate of return of plan assets is based on historical and projected rates of return for current and planned asset classes in the plan’s investment portfolio. Based on the target asset allocation for each asset class, the overall expected rate of return for the portfolio was developed and adjusted for historical and expected experience of the active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets. The Company reviews this long-term assumption on an annual basis. Assumed health care cost trend rates at September 30 were as follows: 2015 2014 Health care cost trend rate assumed for next year Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) Year that the rate reaches the ultimate trend rate Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects as of September 30, 201 5 . (Dollars in Thousands) 1-Percentage- Point Increase 1-Percentage- Point Decrease Effect on aggregate of service and interest cost $ $ Effect on postretirement benefit obligation $ $ Contributions The Company, under IRS minimum funding standards, has no required contributions to make to its defined benefit pension plan during fiscal 201 6 . Estimated Future Benefit Payments The following benefit payments, which reflect expected future service as appropriate, are expected to be paid: (Dollars in Thousands ) Pension Benefits Other Benefits 2016 $ $ 2017 2018 2019 2020 Years 2021-2025 Plan Assets The Company’s pension plan weighted-average asset allocations by asset category at September 30 were as follows: Plan Assets at September 30, Asset Category: 2015 2014 Fixed income Equity securities Cash equivalents Total Plan assets for the qualified defined benefit pension plan include marketable equity securities, corporate and government debt securities, and cash and short-term investments. The plan assets are not directly invested in the Company’s common stock. The supplemental executive retirement plans and the directors’ retirement plan are not separately funded. The plan’s investment strategy supports the objectives of the plan. These objectives are to maximize returns in order to meet long-term cash requirements within reasonable and prudent levels of risk. To achieve these objectives, the Company has established a strategic asset allocation policy which is to maintain approximately one half of plan assets in high quality fixed income securities such as investment grade bonds and short - term government securities, with the other half containing large capitalization equity securities. The plan’s objective is to periodically rebalance its assets to approximate weighted-average target asset allocations. Investments are diversified across classes and within each class to minimize the risk of large losses. Additional information regarding fair value inputs and hierarchy is contained in N ote 2 . Plan assets measured at fair value on a recurring basis are summarized below: Fair Value Measurements at September 30, 2015 (Dollars in Thousands) (Level 1) (Level 2) (Level 3) Asset Category: Money market accounts $ $ - $ - Debt securities: Domestic - - International - - Equity securities: Domestic - - International - - Total assets at fair value $ $ - $ - Fair Value Measurements at September 30, 2014 (Dollars in Thousands) (Level 1) (Level 2) (Level 3) Asset Category: Money market accounts $ $ - $ - Debt securities: Corporate bonds - - Government bonds - - Equity securities: Domestic - - International - - Total assets at fair value $ $ - $ - |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 3 . Commitments and Contingencies The Company is a party to a variety of legal proceedings that arise in the ordinary course of its business. While the results of these legal proceedings cannot be predicted with certainty, the Company regularly reviews legal matters and records provisions for claims that it can estimate and are considered probable of loss. As of September 30, 201 5 , management believes that the final outcome s of these proceedings are not probable or estimable and there are no claims that are reasonably possible that require disclosure . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 1 4. Stock-Based Compensation The Company maintains stock-based compensation awards for key employees and/or non-employee directors under the Landauer, Inc. Incentive Compensation Plan (the “IC Plan”) , which was approved by shareholders in February 2008. For future grants, the IC Plan replaced the previous three plans. The Company reserved 500,000 shares of its common stock for grant under the IC Plan, and shares reserved for award and unused under the previous three plans were cancelled. The IC Plan provide s for grants of options to purchase the Company’s common stock, restricted stock, restricted stock units, performance shares and units, and stock appreciation rights. Shares issued upon settlement of stock-based compensation awards are issued from the Company’s authorized, unissued stock. Stock-based compensation expense, primarily for grants of restricted stock, totaled approximately $1,583 , $2,092 and $2,634 for fiscal 2015, 2014 and 2013, respectively. The total income tax benefit recognized in the consolidated statements of operations related to expense for stock-based compensation was approximately $586 , $774 and $981 during fiscal 2015, 2014 and 2013, respectively. Restricted Share Awards Restricted share awards consist of performance shares and time - vested restricted stock. Expense related to performance shares and restricted stock is recognized ratably over the vesting period. Restricted stock issued to eligible employees and directors under the Plans vests, to date, over a period from 1 year to 5 years, and performance shares contingently vest over various periods, depending on the nature of the performance goal. Restricted share transactions during fiscal 201 5 were as follows: Number of Restricted Share Awards (in Thousands) Weighted-Average Fair Value Outstanding at October 1, 2014 $ Granted Vested Forfeited Outstanding at September 30, 2015 $ As of September 30, 2015, unrecognized compensation expense related to restricted share awards totaled $ 3,161 and is expected to be recognized over a weighted average period of 1. 49 years. The total fair value of shares vested during fiscal 2015, 2014 and 2013 was $ 1,453 , $ 3,556 and $ 1,999 , respectively. The per share weighted average fair value of restricted shares, including restricted stock and performance shares, granted during fiscal 2015, 2014 and 2013 was $34.62 , $47.97 and $58.19 , respectively. Stock Options Expense related to stock options issued to eligible employees and directors under the IC Plan is recognized ratably over the vesting period. Stock options generally vest over a period of 0 to 4 years and have 10 -year contractual terms. A summary of stock option activity during fiscal 201 5 is presented below: Number of Options (in Thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in Thousands) Outstanding at October 1, 2014 $ Exercised - - Forfeited Outstanding at September 30, 2015 $ - $ - Exercisable at September 30, 2015 $ - $ - As of September 30, 2015 , all outstanding stock options were vested and compensation expense related to stock options was recognized. The Company has not granted stock options subsequent to fiscal 2005. The intrinsic value of options exercised totaled $ 0 , $ 34 and $ 216 during fiscal 2015, 2014 and 2013, respectively. The total income tax benefit recognized in the consolidated statements of operations related to the exercise of stock options was $0 , $ 13 and $ 99 during fiscal 201 5 , 201 4 and 201 3 , respectively. |
Geographic Information
Geographic Information | 12 Months Ended |
Sep. 30, 2015 | |
Geographic Information [Abstract] | |
Geographic Information | 1 5 . Geographic Information The Company provides its services primarily to customers in the U.S., as well as to customers in other geographic markets. The Company does not have any significant long-lived assets in foreign countries. The following table shows the geographical distribution of external customer revenues that were attributed to a particular region based on whether the customer had a direct contract with the Company’s subsidiary located in that region for the fiscal years ended September 30: (Dollars in Thousands) 2015 2014 2013 Domestic $ $ $ Europe Other countries Consolidated revenues $ $ $ |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | 1 6 . Segment Information During fiscal 2014, t he Company changed the presentation of its reporting segments to separately disclose certain ‘corporate expenses’ that had previously been reported within the Radiation Measurement segment. As a result, the current segment disclosures reflect three reporting segments ( Radiation Measurement, Medical Physics and Medical Products ) and one functional group ( Corporate ) . The factors for determining the reportable segments reflect specific markets and the products and services offered combined with the nature of the individual business traits, as well as key financial information reviewed by management. The Radiation Measurement segment provides analytical services to determine occupational and environmental radiation exposure. These services are provided internationally primarily to hospitals, medical and dental offices, universities, national laboratories, and nuclear facilities. Radiation Measurement activities include the manufacture of various types of radiation detection monitors, the distribution and collection of the monitors to and from customers, and the analysis and reporting of exposure findings. In addition to providing analytical services, the Radiation Measurement segment sells dosimetry detectors and reading equipment. The Medical Physics segment provides therapeutic and imaging physics services to domestic hospitals and radiation therapy centers. Service offerings include clinical physics support, equipment commissioning, accreditation support and imaging equipment testing. These professional services are provided to customers on-site by skilled physicists. The Medical Products segment provides medical consumable accessories used in radiology, radiation therapy, and image guided surgery procedures. Medical products range from consumables used with MRI, CT, and mammography technologies to highly engineered passive reflective markers used during image guided surgery procedures. The Company primarily evaluates performance of the individual segments based upon, among other metrics, segment operating income or loss. Segment operating income or loss is segment revenues less segment cost of sales and segment selling, general and administrative expenses. Corporate expenses for shared functions, including corporate management, corporate finance and human resources, are recognized in the Corporate functional group. In addition, acquisition and reorganization costs are not allocated to the segments. Information about net other income, including interest income and expense, and income taxes is not provided at the segment level. As the Company’s business model evolves in increased complexity, management may determine it necessary to change this reporting practice to reflect any appropriate allocations. The following tables summarize financial information for each reportable segment for the years ended September 30: (Dollars in Thousands) 2015 2014 2013 Revenues by segment: Radiation Measurement $ $ $ Medical Physics Medical Products Consolidated revenues $ $ $ 2015 2014 2013 Operating income (loss) by segment: Radiation Measurement $ $ $ Medical Physics Medical Products (1) Corporate Consolidated operating income (loss) $ $ $ 2015 2014 2013 Depreciation and amortization by segment: Radiation Measurement $ $ $ Medical Physics Medical Products Consolidated depreciation and amortization $ $ $ (1) Includes goodwill and other intangible asset s impairment charge of $62,188 and $22,700 in fiscal 2014 and 2013, respectively. (Dollars in Thousands ) 2015 2014 Segment assets: Radiation Measurement $ $ Medical Physics Medical Products Eliminations Consolidated assets $ $ |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 1 7 . Related Party Transactions The Company has a minority interest in Yamasato, Fujiwara, Higa & Associates, Inc. doing business as Aquila. The Company provides dosimetry parts to Aquila for their military contract. The Company also has a 50% equity interest in Nagase. In connection with the preparation of the consolidated financial statements for the interim periods ended March 31, 2015, the Company identified errors in its previously issued financial statements for the interim periods ended June 30, 2014. The Company did not properly report sales to related parties in its Related Party Transactions footnote. As a result of these errors, the Company understated sales to Aquila by $215 and understated sales to Nagase by $271 , respectively, as previously reported for the year ended September 30, 2014. In accordance with accounting guidance presented in SAB 99, management assessed the materiality of these errors and concluded that they were not material to the Company’s financial statements for the year ended September 30, 2014. The sales to and purchases from Aquila are reported in the table below for the fiscal years ended September 30. Sales to Aquila for the fiscal year ended September 30, 2014 has been corrected for the error discussed above. (Dollars in Thousands) 2015 2014 2013 Sales to Aquila $ $ $ Purchases from Aquila Balance sheet items associated with Aquila at September 30 were as follows: (Dollars in Thousands) 2015 2014 Amounts in accounts receivable $ $ Amounts in accounts payable The sales to and purchases from Nagase are reported in the table below for the fiscal years ended September 30. Sales to Nagase for the fiscal year ended September 30, 2014 has been corrected for the error discussed above. (Dollars in Thousands) 2015 2014 2013 Sales to Nagase $ $ $ Purchases from Nagase Balance sheet items associated with Nagase at September 30 were as follows: (Dollars in Thousands) 2015 2014 Amounts in accounts receivable $ $ Amounts in accounts payable |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 1 8 . Quarterly Financial Data (unaudited) The following table sets forth certain consolidated statement of operations data for each of the quarters in fiscal 2015 and 2014. This information has been derived from our quarterly unaudited consolidated financial statements. First Second Third Fourth (Dollars in Thousands, Except per Share) Quarter Quarter Quarter Quarter Total Year 2015 Total revenues $ $ $ $ $ Gross profit $ $ $ $ $ Operating income (2) $ $ $ $ $ Net income attributed to Landauer, Inc. $ $ $ $ $ Basic net income per share $ $ $ $ $ Diluted net income per share (2) $ $ $ $ $ Weighted average basic shares outstanding Weighted average diluted shares outstanding 2014 Total revenues $ $ $ $ $ Gross profit $ $ $ $ $ Operating income (loss) (1) (2) $ $ $ $ $ Net income (loss) attributed to Landauer, Inc. $ $ $ $ $ Basic net income (loss) per share $ $ $ $ $ Diluted net income (loss) per share (1) (2) $ $ $ $ $ Weighted average basic shares outstanding Weighted average diluted shares outstanding (1) The third quarter of fiscal 2014 includes the goodwill and other intangible assets impairment charge of $62,188 and reorganization expenses of $1,558 , which had an adverse impact of ( $3.92 ) and ( $0.10 ), respectively, on diluted net loss per share. (2 ) The fourth quarter of fiscal 2015 and fiscal 2014 includes reorganization expenses of $1,041 and $2,024 , respectively, which had an adverse impact of ( $0.05 ) and ( $0.08 ), respectively, on diluted net income per share. |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Sep. 30, 2015 | |
Schedule II Valuation And Qualifying Accounts [Abstract] | |
Schedule II Valuation And Qualifying Accounts | Landauer, Inc. and Subsidiaries Schedule II – Valuation and Qualifying Accounts For the Years Ended September 30, Accounts Receivable Allowances (Dollars in Thousands) 2015 2014 2013 Balance at beginning of period $ $ $ Additions: Charged to costs and expenses Charged to other accounts (1) Deductions (2) Balance at end of period $ $ $ (1) Collection of accounts previously written off . (2) Uncollectible accounts written off. Inventory Obsolescence Reserve (Dollars in Thousands) 2015 2014 2013 Balance at beginning of period $ $ $ Additions: Charged to costs and expenses Charged to other accounts - - - Deductions (1) Balance at end of period $ $ $ (1) Inventory written off . |
Summary Of Significant Accoun28
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Description of Business | Description of Business Landauer, Inc., together with the subsidiaries through which businesses are conducted (the “Company”), is a leading global provider of technical and analytical services to determine occupational and environmental radiation exposure, the leading domestic provider of outsourced medical physics services, and a provider of radiology related medical products. The Company operates in three primary business segments: Radiation Measurement; Medical Physics; and Medical Products. Additional information regarding the Company’s segments is contained in Note 1 6 . |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its subsidiaries and variable interest entities in which the Company has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Entities in which the Company does not have a controlling financial interest, but is considered to have significant influence, are accounted for on the equity method. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all unrestricted cash and highly liquid investments with an original maturity of three months or less, primarily short-term money market instruments. |
Restricted Cash | Restricted Cash Restricted cash represents funds that are restricted to satisfy designated current liabilities. As of September 30, 2014, the Company’s restricted cash represented deposits from an international customer that were held from the Company subject to the achievement of specified conditions. This balance was included in “Other current assets.” The Company successfully fulfilled the conditions in October 2014 and the funds were released and no longer restricted. |
Receivables, Net of Allowances | Receivables, Net of Allowances Receivables, principally trade accounts receivable, are generally due within 30 to 90 days and are stated at amounts due from customers, net of an allowance for sales returns and doubtful accounts. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current creditworthiness, as determined by a review of their current credit information. We continuously monitor aging reports, collections and payments from customers, and a provision for estimated credit losses is maintained based upon the Company’s historical experience and any specific customer collection issues that have been identified. While such credit losses have historically been within our expectations and the provisions established, we cannot guarantee that the same credit loss rates will be experienced in the future. The Company writes off accounts receivable when they are determined to be uncollectible. |
Inventories | Inventories Inventories primarily include the components associated with dosimetry devices, which are stated at lower of cost or market utilizing a first-in, first-out method. |
Long-lived Assets | Long-lived Assets Property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Plant, equipment and internal use software are depreciated on a straight-line basis over their respective estimated useful lives. Dosimetry devices, principally badges, and the accompanying software are amortized on a straight-line basis over their estimated useful lives. Expenditures for maintenance and repairs are charged to expense as incurred, and renewals and betterments are capitalized. The following table provides a summary of estimated useful lives by asset category: Estimated Useful Lives Buildings and improvements 30 years Internal software 5 - 10 years Equipment 3 - 8 years Dosimetry devices 30 months - 8 years Long-lived assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in business circumstances indicate that the carrying value of the assets may not be fully recoverable. The Company performs undiscounted operating cash flow analyses to determine if an impairment exists. For purposes of recognition and measurement of an impairment for assets held for use, the Company groups assets and liabilities at the lowest level for which cash flows are separately identifiable. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. The Company also reviews the estimated remaining useful lives of long-lived assets whenever events or changes in business circumstances indicate the lives may have changed. |
Equity in Joint Ventures | Equity in Joint Ventures Entities in which the Company does not have a controlling financial interest but is considered to have significant influence are accounted for on the equity method. Under the equity method, a company records its share of net income or loss of an investment based on its percentage ownership. Additional information regarding the Company’s equity in joint ventures is contained in Note 6 . |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other indefinite-lived intangible assets must be assessed for impairment annually or more frequently if events or changes in circumstances indicate that such assets might be impaired. Triggering events include, but are not limited to a current period operating or cash flow loss; a product, technology or service introduced by a competitor; or a loss of key personnel. Goodwill impairment testing first requires a comparison between the carrying value and fair value of a reporting unit with associated goodwill. Carrying value is based on the assets and liabilities associated with the operations of that reporting unit. The Company estimates the fair value of the reporting units using the income approach and the market approach. If the Company believes that the fair value of a reporting unit exceeds its carrying value by a substantial margin, the Company may perform a qualitative analysis instead. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not to be impaired and the second step of the impairment test is unnecessary. If the carrying amount of the reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination, and the fair value of the reporting unit was the purchase price paid to acquire the segment. The impairment test for an indefinite-lived intangible asset other than goodwill consist s of first assessing qualitative factors, such as company, industry and economic trends. If determined to be necessary, the next step compares the fair value of the intangible asset to its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized for the difference. Additional information regarding the Company’s goodwill and other intangible assets is contained in Note 7 . |
Long-term Investments | Long-term Investments The Company had long-term investments of $3,509 and $3,734 at September 30, 2015 and 2014, respectively that are held in a Rabbi trust for benefits under the Company’s deferred compensation plan. Under the plan, participants designate investment options to serve as the basis for measurement of the notional value of their accounts. The investments, classified as trading securities, include a money market fund and mutual funds that are publicly traded. Trading securities are carried at fair value with unrealized gains and losses included in earnings. The fair values of the shares or underlying securities of these funds are based on quoted market prices. The Company had long-term investments of $1,763 and $2,382 at September 30, 2015 and 2014, respectively, consisting of fixed income mutual funds classified as available-for-sale securities. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of tax, reported in other comprehensive income. The cost of securities sold is based on the specific identification method. The investments are valued based on the net asset value of the underlying securities as provided by the investment account manager. The investments are not restricted or subject to a lockup and may be redeemed on demand. Notice within a certain period of time prior to redemption is not required. Long-term investments are included in other long-term assets. |
Revenue Recognition and Deferred Contract Revenue | Revenue Recognition and Deferred Contract Revenue The majority of the Radiation Measurement revenues are realized from radiation measurement services and other services incidental to radiation dose measurement. The measuring and monitoring services provided by the Company to its customers are of a subscription nature and are continuous. The Company views its business in the Radiation Measurement segment as services provided to customers over a period of time and the wear period is the period over which those services are provided. Badge production, wearing of badges, badge analysis, and report preparation are integral to the benefit that the Company provides to its customers. These services are provided to customers on an agreed-upon recurring basis (monthly, bi-monthly, quarterly, semi-annually or annually) that the customer chooses for the wear period. Revenue is recognized on a straight-line basis, adjusted for changes in pricing and volume, over the wear period. Revenues are recognized over the periods in which the customers wear the badges irrespective of whether invoiced in advance or in arrears. Many customers pay for these services in advance. The amounts recorded as deferred contract revenue in the consolidated balance sheets represent customer deposits invoiced in advance during the preceding twelve months for services to be rendered over the succeeding twelve months, and are net of services rendered through the respective consolidated balance sheet date. Management believes that the amount of deferred contract revenue fairly represents the remaining business activity with customers invoiced in advance. Other services incidental to measuring and monitoring augment the basic radiation measurement services that the Company offers, providing administrative and informational tools to customers for the management of their radiation detection programs. Other service revenues are recognized upon delivery of the reports to customers or as other such services are provided. The Company sells radiation measurement products to its customers, principally InLight products, for their use in conducting radiation measurements or managing radiation detection programs. The Company recognizes Radiation Measurement segment product revenues upon shipment or delivery of goods when title and risk of loss pass to customers. The Company, through its Medical Physics segment, offers full scope medical physics services to hospitals and radiation therapy centers. Services offered include, but are not limited to, clinical physics support in radiation oncology, commissioning services, special projects support and imaging physics services. Delivery of the medical physics services can be of a contracted, recurring nature or as a discrete project with a defined service outcome. Recurring services often are provided on the customer’s premises by a full-time employee or fraction of a full-time employee. Revenue is recognized for recurring services on a straight-line basis over the life of the contract unless there is another discernable pattern as the services are rendered. Revenue is recognized for fee for service projects when the service is delivered. Contracted services are billed on an agreed-upon recurring basis, either in advance or arrears of the service being delivered. Customers may be billed monthly, quarterly, or at some other regular interval over the contracted period. The amounts recorded as deferred contract revenue represent amounts invoiced in advance of delivery of the service. Management believes that the amount of deferred contract revenue fairly represents remaining business activity with customers invoiced in advance. Fee for service revenue is typically associated with much shorter contract periods, or with discrete individual projects, and revenue is recognized upon completion of the project and customer acceptance thereof. Additional medical physics services under the full scope offering of the medical physics practice groups comprising the Medical Physics segment include radiation center design and consulting, accreditation work and quality assurance reviews. The Company, through its Medical Products segment, offers high quality medical consumable accessories used in radiology, radiation therapy, and image guided surgery procedures. The Medical Products segment recognizes revenues upon shipment or delivery of goods when title and risk of loss pass to customers. The amounts recorded as deferred contract revenue in the consolidated balance sheets represent invoiced amounts in advance of delivery of the service, and are net of services rendered through the respective consolidated balance sheet date. Deferred contract revenue was $13,904 and $14,750 , respectively, as of September 30, 2015 and 2014. Concentrations of credit risk with respect to accounts receivable are limited due to the high credit quality of the Company’s major customers, as well as the large number and geographic dispersion of smaller customers. The large diversified customer base results in no single customer representing greater than 5% of revenue. The Company routinely reviews outstanding customer balances and records allowances for bad debts as necessary. |
Research and Development | Research and Development The cost of research and development programs is charged to selling, general and administrative expense as incurred and amounted to $4,579 , $ 5,813 and $ 4 ,121 in fiscal 2015, 2014 and 2013, respectively. Research and development costs include salaries and allocated employee benefits, third-party research contracts and supplies. |
Advertising | Advertising The Company expenses the costs of advertising as incurred. Advertising expense, primarily related to product shows and exhibits, amounted to $1,023 , $ 1,191 and $ 1,339 in fiscal 2015, 2014 and 2013, respectively . |
Income Taxes | Income Taxes The Company files income tax returns in the jurisdictions in which it has sufficient presence. The Company estimates the income tax provision for income taxes that are currently payable, and records deferred income tax assets and liabilities for the temporary differences in tax consequences between the financial statements and tax returns. The Company records a valuation allowance in situations where the realization of deferred income tax assets is not more likely than not. The Company recognizes the financial statement effects of its tax positions in its current and deferred income tax assets and liabilities when it is more likely than not that the position will be sustained upon examination by a taxing authority. Additional information regarding the Company’s income taxes is contained in Note 9 . |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation cost at fair value for all share-based payments, including stock options. The Company has not granted stock options subsequent to fiscal 2005. Awards of stock options in prior fiscal years were granted with an exercise price equal to the market value of the stock on the date of grant. The fair value of stock options was estimated using the Black-Scholes option-pricing model. Expected volatility and the expected life of stock options were based on historical experience. The risk free interest rate was derived from the implied yield available on U.S. Treasury zero-coupon issues with a remaining term, as of the date of grant, equal to the expected term of the option. The dividend yield was based on annual dividends and the fair market value of the Company’s stock on the date of grant. Compensation expense was recognized ratably over the vesting period of the stock option. Subsequent to fiscal 2005, key employees and/or non-employee directors have been granted restricted share awards that consist of performance shares and time vested restricted stock. Performance shares represent a right to receive shares of common stock upon satisfaction of performance goals or other specified metrics. Restricted stock represents a right to receive shares of common stock upon the passage of a specified period of time. Upon the adoption of the Company’s Incentive Compensation Plan in February 2008, the fair value of performance shares and restricted stock granted under the new plan is based on the Company’s closing stock price on the date of grant. Compensation expense for performance shares is recorded ratably over the vesting period, assuming that achievement of performance goals is deemed probable. Compensation expense for restricted stock is cliff vested and recognized ratably over the vesting period. The Company also retains the discretion to make additional awards to executives at other times for recruiting or retention purposes. Stock-based compensation for these awards can be either cliff or graded vested depending on the agreement, and recognized ratably over the vesting period. Forfeitures of awards are estimated at the time of grant and stock-based compensation cost is recognized only for those awards expected to vest. The Company uses historical experience to estimate projected forfeitures. The Company recognizes the cumulative effect on current and prior periods of a change in the forfeiture rate, or actual forfeitures, as compensation cost or as a reduction of cost in the period of the revision. |
Foreign Currency Translation | Foreign Currency Translation Financial statements of foreign subsidiaries are translated into U.S. dollars using period-end exchange rates for assets and liabilities and weighted-average exchange rates for revenues and expenses. Adjustments resulting from translating net assets are reported as a separate component of accumulated other comprehensive loss within common shareholders’ equity as currency translation adjustment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adoption of Accounting Standards Updates In April 2014, the Financial Accounting Standards Board (“FASB”) issued revised guidance to reduce the diversity in presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. This requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred income tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions listed in the guidance. This guidance was adopted by the Company in the first quarter of fiscal 2015. The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position and liquidity. In November 2014, the FASB issued new guidance on accounting for pushdown accounting in the event of a business combination. This update provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. This guidance was adopted by the Company in the first quarter of fiscal 2015. The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position and liquidity. In April 2014, the FASB issued new guidance related to the definition of a discontinued operation and requires new disclosure of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This new guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within those years. The Company early adopted this guidance beginning in the fourth quarter of fiscal 2015. The adoption of this guidance did not have a material impact on the Company’s results of operations, financial position and liquidity. Accounting Standards Not Yet Adopted In May 2014, the FASB issued new guidance for recognizing revenue from contracts with customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. In July 2015, the FASB deferred the effective date of the new revenue standard by one year. Public companies would now be required to adopt the new guidance for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The FASB decided to allow earlier adoption of the new revenue standard, but not earlier than the original effective date. This guidance is effective for the Company in the first quarter of fiscal 2019. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity. In June 2014, the FASB issued new guidance on accounting for share-based payments requiring a specific performance target to be achieved in order for employees to become eligible to vest in the awards when that performance target may be achieved after the requisite service period for the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period for which the requisite service has already been rendered. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity. In August 2014, the FASB issued new guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of doubt about the entity’s ability to continue as a going concern. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. This guidance will be effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity. In January 2015, the FASB issued new guidance on accounting for unusual and infrequently occurring items, which eliminates the concept of extraordinary items. An unusual and infrequently occurring item will no longer be classified as an extraordinary item and segregated from ordinary operations in the income statement, but will be shown as a component of income from continuing operations or separately disclosed in notes to the financial statements. This guidance is effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity. In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of fiscal 2017. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity. In April 2015, the FASB issued new guidance on the presentation of debt issuance costs. This update requires a company to present debt issuance costs related to a recognized debt liability in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with the presentation of debt discounts. Currently, debt issuance costs are presented as a deferred asset. The recognition and measurement requirements will not change as a result of this guidance. The update requires retrospective application and represents a change in accounting principle. This guidance is effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity . In July 2015, the FASB issued new guidance on simplifying the measurement of inventory. This update requires a company to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This guidance is effective for the Company in the first quarter of fiscal 2018, and should be applied prospectively with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity . In September 2015, the FASB issued new guidance on business combination provisional adjustments during the measurement period. The new standard requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and sets forth new disclosure requirements related to the adjustments. This guidance is effective for the Company in the first quarter of fiscal 2017, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its results of operations, financial position and liquidity. In November 2015, the FASB issued new guidance on the presentation of deferred income taxes. This update requires a company to present deferred tax liabilities and assets as noncurrent in a classified statement of financial position rather than the current requirement to separate deferred income tax liabilities and assets into current and noncurrent amounts. This guidance is effective for the Company in the first quarter of fiscal 2018, with early adoption permitted. The Company does not expect the adoption of this guidance will have a material impact on its results of operations, financial position and liquidity . |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Usefile Lives | Estimated Useful Lives Buildings and improvements 30 years Internal software 5 - 10 years Equipment 3 - 8 years Dosimetry devices 30 months - 8 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Financial Assets Measured At Fair Value On A Recurring Basis | Fair Value Measurements at September 30, 2015 (Dollars in Thousands) Level 1 Level 2 Level 3 Asset Category Cash equivalents $ $ - $ - Mutual funds - - Available-for-sale securities - - Total Financial Assets at Fair Value $ $ $ - Fair Value Measurements at September 30, 2014 (Dollars in Thousands) Level 1 Level 2 Level 3 Asset Category Cash equivalents $ $ - $ - Mutual funds - - Available-for-sale securities - - Total Financial Assets at Fair Value $ $ $ - |
Income (Loss) Per Common Share
Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income (Loss) Per Common Share [Abstract] | |
Computation Of Net Income Per Share | (Dollars in Thousands, Except per Share) 2015 2014 2013 Basic Net Income (Loss) per Share: Net income (loss) attributed to Landauer, Inc. $ $ $ Less: Income allocated to unvested restricted stock - Net income (loss) available to common stockholders $ $ $ Basic weighted average shares outstanding Net income (loss) per share – Basic $ $ $ Diluted Net Income (Loss) per Share: Net income (loss) attributed to Landauer, Inc. $ $ $ Less: Income allocated to unvested restricted stock - Net income (loss) available to common stockholders $ $ $ Basic weighted average shares outstanding Effect of dilutive securities - Diluted weighted average shares outstanding Net income (loss) per share – Diluted $ $ $ |
Schedule Of Antidilutive Shares | 2015 2014 2013 Effect of dilutive securities - - |
Equity In Joint Ventures (Table
Equity In Joint Ventures (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Equity In Joint Ventures [Abstract] | |
Schedule Of Equity Method Investments | (Dollars in Thousands) 2015 2014 2013 Revenues $ $ $ Gross profit Net income (Dollars in Thousands) 2015 2014 Current assets $ $ Other assets Current liabilities Other liabilities |
Goodwill And Other Intangible33
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Changes In The Carrying Amount Of Goodwill, By Reportable Segment | (Dollars in Thousands) Radiation Measurement Medical Physics Medical Products Total Balance as of September 30, 2013 $ $ $ $ Increase related to acquisitions - - Effects of foreign currency - Accumulated goodwill impairment charges - - Balance as of September 30, 2014 $ $ $ $ Decrease related to dispositions - - Effects of foreign currency - Goodwill net, as of September 30, 2015 $ $ $ $ |
Other Intangible Assets | Intangible assets for the years ended September 30 were as follows: 2015 (Dollars in Thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Intangibles Impairment Charge Customer lists $ $ $ $ Trademarks and tradenames Licenses and patents Other intangibles - Intangible assets $ $ $ $ 2014 (Dollars in Thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Accumulated Intangibles Impairment Charge Customer lists $ $ $ Trademarks and tradenames Licenses and patents Other intangibles - Intangible assets $ $ $ $ |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Cumulative Foreign Currency Translation Adjustments Unrealized Gains and Losses on Available-for-Sale Securities Pension and Postretirement Plan Adjustments Comprehensive (Loss) Income Balance at September 30, 2012 $ $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income - Net period other comprehensive income Balance at September 30, 2013 $ $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income - Net period other comprehensive income Balance at September 30, 2014 $ $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Net current period other comprehensive income Balance at September 30, 2015 $ $ $ $ |
Summary Of Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) | The tables below presents impacts on net income of significant amounts r eclassifi ed out of each component of accumulated other comprehensive income: Pension and Postretirement Plan Adjustments (1) 2015 2014 2013 Service cost $ $ $ Interest cost Expected return on plan assets Amortization of net loss Total before tax (Benefit) provision for income taxes Total net of tax $ $ $ (1) These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit costs ( refer to Note 12 for additional details regarding employee benefit plans) . Unrealized Gains and Losses on Available-for-Sale Securities 2015 2014 2013 Realized losses on available-for-sale investments into earnings (1) $ $ $ Total before tax Provision for income taxes (2) Total net of tax $ $ $ (1) This amount is reported in Interest Expense, net on the Consolidated Statements of Operations. (2) This amount is reported in Income Tax (Benefit) Expense on the Consolidated Statements of Operations. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Income Before Income Tax, Domestic and Foreign | (Dollars in Thousands) 2015 2014 2013 Pretax income: U.S. $ $ $ Foreign Total pretax income $ $ $ |
Schedule Of Components Of Provision For Income Taxes | (Dollars in Thousands) 2015 2014 2013 Current: U.S. Federal $ $ $ State and local Foreign Current tax provision $ $ $ Deferred: U.S. Federal $ $ $ State and local Foreign Deferred tax provision $ $ $ Income tax provision $ $ $ |
Schedule Of Effective Income Tax Rate Reconciliation | 2015 2014 2013 U.S. Federal statutory rate State and local taxes net of Federal tax benefit -4.9% Effect of foreign affiliates -4.4% -20.7% Earnings of unconsolidated affiliates -3.2% -26.4% R&D credit -0.4% -9.5% Domestic production activity deduction -0.8% -8.3% Partnership income -1.3% Provision to return adjustments -0.9% -0.4% -16.4% Meals and entertainment -0.3% Change in deferred rate Uncertain tax positions -1.6% -0.3% Other -0.8% Effective income tax rate -18.1% |
Schedule Of Deferred Tax Assets And Liabilities | (Dollars in Thousands) 2015 2014 Deferred tax assets: Pension accrual $ $ Compensation expense Transaction costs Medical insurance claims Retirement plans Accruals not currently deductible NOLs and attributes Intangible asset amortization Cumulative translation adjustment Other Deferred tax liabilities: Depreciation Software development Other Net deferred tax asset $ $ |
Schedule Of Unrecognized Tax Benefits Reconciliation | (Dollars in Thousands) 2015 2014 2013 Balance at beginning of year $ $ $ Tax positions related to current year: Gross increases Tax positions related to prior periods: Gross increases Decreases related to lapse of statute of limitations Balance at end of year $ $ $ |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Employee Benefit Plans [Abstract] | |
Schedule Of Net Funded Status | Pension Benefits Other Benefits (Dollars in Thousands) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ $ $ $ Service cost - - Interest cost Actuarial (gain) loss Benefits paid Benefit obligation at end of year Change in plan assets: Fair value of plan assets at beginning of year - - Actual return on plan assets - - Employer contributions Benefits paid Fair value of plan assets at end of year - - Funded status at end of year $ $ $ $ |
Schedule Of Amounts Recognized in Balance Sheet And Accumulated Other Comprehensive Income | Pension Benefits Other Benefits (Dollars in Thousands) 2015 2014 2015 2014 Amounts recognized in consolidated balance sheets: Current liabilities – accrued pension and postretirement costs $ $ $ $ Noncurrent liabilities – pension and postretirement obligations Net amount recognized $ $ $ $ Amounts recognized in accumulated other comprehensive income (loss): Net loss (gain) $ $ $ $ Net amount recognized in accumulated other comprehensive income (loss) $ $ $ $ |
Schedule Of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | (Dollars in Thousands) 2015 2014 Projected benefit obligation $ $ Accumulated benefit obligation Fair value of plan assets |
Net Periodic Benefit Cost For Pension And Other Plans | Pension Benefits (Dollars in Thousands) 2015 2014 2013 Interest cost $ $ $ Expected return on plan assets Amortization of net loss Net periodic benefit cost $ $ $ Other Benefits (Dollars in Thousands) 2015 2014 2013 Service cost $ $ $ Interest cost Amortization of net gain Net periodic benefit cost $ $ $ |
Schedule Of Amounts Recognized In Other Comprehensive Income | Pension Benefits (Dollars in Thousands) 2015 2014 2013 Net loss (gain) $ $ $ Amortization of net loss Total recognized in other comprehensive income (loss) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ $ $ Other Benefits (Dollars in Thousands) 2015 2014 2013 Net (gain) loss $ $ $ Amortization of net gain Total recognized in other comprehensive income (loss) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ $ $ |
Schedule Of Assumptions Used | The weighted-average assumptions used to determine net periodic benefit cost for years ended September 30 were as follows: Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate Expected long-term return on plan assets na na na Rate of compensation increase na na na na na na |
Schedule Of Health Care Cost Trend Rates | 2015 2014 Health care cost trend rate assumed for next year Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) Year that the rate reaches the ultimate trend rate |
Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates | (Dollars in Thousands) 1-Percentage- Point Increase 1-Percentage- Point Decrease Effect on aggregate of service and interest cost $ $ Effect on postretirement benefit obligation $ $ |
Schedule Of Expected Benefit Payments | (Dollars in Thousands ) Pension Benefits Other Benefits 2016 $ $ 2017 2018 2019 2020 Years 2021-2025 |
Schedule Of Weighted Average Asset Allocations | Plan Assets at September 30, Asset Category: 2015 2014 Fixed income Equity securities Cash equivalents Total |
Schedule Of Allocation of Plan Assets | Fair Value Measurements at September 30, 2015 (Dollars in Thousands) (Level 1) (Level 2) (Level 3) Asset Category: Money market accounts $ $ - $ - Debt securities: Domestic - - International - - Equity securities: Domestic - - International - - Total assets at fair value $ $ - $ - Fair Value Measurements at September 30, 2014 (Dollars in Thousands) (Level 1) (Level 2) (Level 3) Asset Category: Money market accounts $ $ - $ - Debt securities: Corporate bonds - - Government bonds - - Equity securities: Domestic - - International - - Total assets at fair value $ $ - $ - |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Restricted Share Awards | Number of Restricted Share Awards (in Thousands) Weighted-Average Fair Value Outstanding at October 1, 2014 $ Granted Vested Forfeited Outstanding at September 30, 2015 $ |
Stock Options | Number of Options (in Thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in Thousands) Outstanding at October 1, 2014 $ Exercised - - Forfeited Outstanding at September 30, 2015 $ - $ - Exercisable at September 30, 2015 $ - $ - |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Geographic Information [Abstract] | |
Schedule Of Geographical Distribution Of Revenues | (Dollars in Thousands) 2015 2014 2013 Domestic $ $ $ Europe Other countries Consolidated revenues $ $ $ |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Financial Information For Each Reportable Segment | (Dollars in Thousands) 2015 2014 2013 Revenues by segment: Radiation Measurement $ $ $ Medical Physics Medical Products Consolidated revenues $ $ $ 2015 2014 2013 Operating income (loss) by segment: Radiation Measurement $ $ $ Medical Physics Medical Products (1) Corporate Consolidated operating income (loss) $ $ $ 2015 2014 2013 Depreciation and amortization by segment: Radiation Measurement $ $ $ Medical Physics Medical Products Consolidated depreciation and amortization $ $ $ (1) Includes goodwill and other intangible asset s impairment charge of $62,188 and $22,700 in fiscal 2014 and 2013, respectively. |
Reconciliation Of Assets From Segment To Consolidated | (Dollars in Thousands ) 2015 2014 Segment assets: Radiation Measurement $ $ Medical Physics Medical Products Eliminations Consolidated assets $ $ |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Transactions | (Dollars in Thousands) 2015 2014 2013 Sales to Aquila $ $ $ Purchases from Aquila (Dollars in Thousands) 2015 2014 Amounts in accounts receivable $ $ Amounts in accounts payable (Dollars in Thousands) 2015 2014 2013 Sales to Nagase $ $ $ Purchases from Nagase (Dollars in Thousands) 2015 2014 Amounts in accounts receivable $ $ Amounts in accounts payable |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Data | First Second Third Fourth (Dollars in Thousands, Except per Share) Quarter Quarter Quarter Quarter Total Year 2015 Total revenues $ $ $ $ $ Gross profit $ $ $ $ $ Operating income (2) $ $ $ $ $ Net income attributed to Landauer, Inc. $ $ $ $ $ Basic net income per share $ $ $ $ $ Diluted net income per share (2) $ $ $ $ $ Weighted average basic shares outstanding Weighted average diluted shares outstanding 2014 Total revenues $ $ $ $ $ Gross profit $ $ $ $ $ Operating income (loss) (1) (2) $ $ $ $ $ Net income (loss) attributed to Landauer, Inc. $ $ $ $ $ Basic net income (loss) per share $ $ $ $ $ Diluted net income (loss) per share (1) (2) $ $ $ $ $ Weighted average basic shares outstanding Weighted average diluted shares outstanding (1) The third quarter of fiscal 2014 includes the goodwill and other intangible assets impairment charge of $62,188 and reorganization expenses of $1,558 , which had an adverse impact of ( $3.92 ) and ( $0.10 ), respectively, on diluted net loss per share. (2 ) The fourth quarter of fiscal 2015 and fiscal 2014 includes reorganization expenses of $1,041 and $2,024 , respectively, which had an adverse impact of ( $0.05 ) and ( $0.08 ), respectively, on diluted net income per share. |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Primary business segments | segment | 3 | ||
Deferred contract revenue | $ 13,904 | $ 14,750 | |
Research and development expense | 4,579 | 5,813 | $ 4,121 |
Advertising expense | $ 1,023 | 1,191 | 1,339 |
Reporting segements | segment | 3 | ||
Long-term investments | $ 3,509 | 3,734 | |
Long-term investments classified as available-for-sale securities | $ 1,763 | 2,382 | |
Equipment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 8 years | ||
Aquila [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Sales to related party | $ 5,844 | 6,271 | 7,720 |
Nagase-Landauer, Ltd [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Sales to related party | $ 1,924 | $ 1,341 | $ 296 |
Summary Of Significant Accoun43
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Sep. 30, 2015 | |
Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Lives | 30 years |
Internal Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Lives | 5 years |
Internal Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Lives | 10 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Lives | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Lives | 8 years |
Dosimetry Devices [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Lives | 30 months |
Dosimetry Devices [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Lives | 8 years |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 11.00% | |
Assets non-recurring | $ 0 | $ 0 |
Liabilities non-recurring | 0 | 0 |
Transfers between fair value hierarchy levels | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 272,000 | 105,000 |
Mutual Funds | 3,237,000 | 3,629,000 |
Total Financial Assets | $ 3,509,000 | $ 3,734,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | ||
Mutual Funds | ||
Available for sale securities | $ 1,763,000 | $ 2,382,000 |
Total Financial Assets | $ 1,763,000 | $ 2,382,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | ||
Mutual Funds | ||
Available for sale securities | ||
Total Financial Assets |
Acquisition, Reorganization A45
Acquisition, Reorganization And Non-Recurring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Restructuring and Related Cost [Abstract] | ||||||||
Acquisition and reorganization costs | $ 1,041 | $ 2,024 | $ 1,558 | $ 1,041 | $ 3,802 | $ 1,392 | ||
Acquisition expenses that may not be consummated | 0 | 232 | 351 | |||||
Severance costs | 1,041 | 3,486 | $ 647 | |||||
Payments for postemployment benefits | $ 2,677 | $ 398 | ||||||
Scenario, Forecast [Member] | ||||||||
Restructuring and Related Cost [Abstract] | ||||||||
Payments for postemployment benefits | $ 246 | $ 972 |
Disposition Of Business (Detail
Disposition Of Business (Details) - Disposition of Business [Member] - Disposal Group, Not Discontinued Operations [Member] $ in Millions | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash proceeds from disposition of business, net | $ 7 |
Transaction expenses | 0.7 |
Pre-tax gain | 1 |
Foreign currency translation losses | (1.4) |
Net loss on disposition of business | $ (0.4) |
Income (Loss) Per Common Shar47
Income (Loss) Per Common Share (Computation Of Net Income Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income (Loss) Per Common Share [Abstract] | |||||||||||
Net income (loss) attributed to Landauer, Inc. | $ 2,564 | $ 4,055 | $ 3,547 | $ 4,377 | $ 2,797 | $ (36,335) | $ 4,514 | $ 3,821 | $ 14,543 | $ (25,203) | $ 2,782 |
Less: Income allocated to unvested restricted stock | 86 | 165 | |||||||||
Net (loss) income available to common stockholders | $ 14,457 | $ (25,203) | $ 2,617 | ||||||||
Basic weighted averages shares outstanding | 9,533,000 | 9,509,000 | 9,493,000 | 9,446,000 | 9,524,000 | 9,482,000 | 9,460,000 | 9,422,000 | 9,511,000 | 9,524,000 | 9,434,000 |
Net income (loss) per share – Basic | $ 0.27 | $ 0.42 | $ 0.37 | $ 0.46 | $ 0.31 | $ (3.83) | $ 0.47 | $ 0.40 | $ 1.52 | $ (2.65) | $ 0.28 |
Effect of dilutive securities | 29,000 | 48,000 | |||||||||
Diluted weighted averages shares outstanding | 9,570,000 | 9,534,000 | 9,520,000 | 9,474,000 | 9,572,000 | 9,482,000 | 9,501,000 | 9,467,000 | 9,540,000 | 9,524,000 | 9,482,000 |
Net income (loss) per share – Diluted | $ 0.27 | $ 0.42 | $ 0.37 | $ 0.46 | $ 0.31 | $ (3.83) | $ 0.47 | $ 0.40 | $ 1.52 | $ (2.65) | $ 0.27 |
Income (Loss) Per Common Shar48
Income (Loss) Per Common Share (Schedule Of Antidilutive Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income (Loss) Per Common Share [Abstract] | |||
Effect of dilutive securities | 51 |
Equity In Joint Vetures (Detail
Equity In Joint Vetures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 46,591 | $ 48,897 | $ 60,523 |
Gross profit | 17,141 | 18,244 | 24,289 |
Net income | 4,782 | 4,740 | $ 7,810 |
Current assets | 23,053 | 20,864 | |
Other assets | 41,885 | 43,831 | |
Current liabilities | 15,077 | 14,231 | |
Other liabilities | $ 5,009 | $ 2,576 | |
Nagase-Landauer, Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity percentage in joint venture | 50.00% | ||
Epsilon Landauer Dozimetri [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity percentage in joint venture | 50.00% | ||
Yamasato, Fujiwara, Higa and Associates, Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity percentage in joint venture | 49.00% |
Goodwill And Other Intangible50
Goodwill And Other Intangible Assets (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Number of reportable segments | segment | 3 | ||||
Goodwill and other intangible assets impairment charge | $ 62,188,000 | $ 62,188,000 | $ 22,700,000 | ||
Intangibles Impairment Charge | $ 20,820,000 | 20,820,000 | |||
Accumulated Amortization | $ 38,662,000 | 37,579,000 | |||
Discount rate | 11.00% | ||||
Goodwill | $ 35,072,000 | 43,218,000 | 84,436,000 | ||
Amortization expense | 2,243,000 | 3,978,000 | 4,095,000 | ||
Amortization expense next fiscal year | 1,834,000 | ||||
Amortization expense year two | 1,834,000 | ||||
Amortization expense year three | 1,709,000 | ||||
Amortization expense year four | 1,048,000 | ||||
Amortization expense year five | 905,000 | ||||
Tradenames [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Business acquisition, intangible assets with finite lives | 0 | 0 | |||
Customer Lists [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Intangibles Impairment Charge | 18,657,000 | 18,657,000 | |||
Accumulated Amortization | 33,716,000 | 32,934,000 | |||
Business acquisition, intangible assets with finite lives | 0 | 711,000 | |||
Radiation Measurement [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 11,002,000 | 18,961,000 | 20,456,000 | ||
Medical Physics [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 22,611,000 | 22,611,000 | 22,611,000 | ||
Medical Products [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill and other intangible assets impairment charge | 62,188,000 | 22,700,000 | |||
Goodwill impairment charge | $ 22,700,000 | 41,400,000 | |||
Intangibles Impairment Charge | 20,800,000 | ||||
Goodwill impairment charge tax benefit | $ 8,500,000 | 15,300,000 | |||
Intangibles Impairment Charge tax benefit | 7,700,000 | ||||
Goodwill | 1,459,000 | $ 1,646,000 | $ 41,369,000 | ||
Radiation Measurement, Medical Physics And Medical Products [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Accumulated Amortization | $ 64,100,000 | ||||
Minimum [Member] | Radiation Measurement, Medical Physics And Medical Products [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Discount rate | 11.00% | ||||
Maximum [Member] | Radiation Measurement, Medical Physics And Medical Products [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Discount rate | 13.00% |
Goodwill And Other Intangible51
Goodwill And Other Intangible Assets (Changes In The Carrying Amount Of Goodwill, By Reportable Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill [Line Items] | ||
Goodwill | $ 43,218 | $ 84,436 |
Increase related to acquisitions | 1,775 | |
Decrease related to dispositions | (5,579) | |
Effects of foreign currency | (2,567) | (1,625) |
Accumulated goodwill impairment charges | (41,368) | |
Goodwill | 35,072 | 43,218 |
Radiation Measurement [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 18,961 | 20,456 |
Decrease related to dispositions | (5,579) | |
Effects of foreign currency | (2,380) | (1,495) |
Goodwill | 11,002 | 18,961 |
Medical Physics [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 22,611 | 22,611 |
Goodwill | 22,611 | 22,611 |
Medical Products [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,646 | 41,369 |
Increase related to acquisitions | 1,775 | |
Effects of foreign currency | (187) | (130) |
Accumulated goodwill impairment charges | (41,368) | |
Goodwill | $ 1,459 | $ 1,646 |
Goodwill And Other Intangible52
Goodwill And Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 51,714 | $ 51,656 |
Accumulated Amortization | 38,662 | 37,579 |
Net Carrying Amount | 13,052 | 14,077 |
Intangibles Impairment Charge | 20,820 | 20,820 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 43,131 | 44,138 |
Accumulated Amortization | 33,716 | 32,934 |
Net Carrying Amount | 9,415 | 11,204 |
Intangibles Impairment Charge | 18,657 | 18,657 |
Trademarks And Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,181 | 2,176 |
Accumulated Amortization | 2,051 | 2,051 |
Net Carrying Amount | 130 | 125 |
Intangibles Impairment Charge | 1,498 | 1,498 |
Licenses And Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,825 | 4,765 |
Accumulated Amortization | 2,338 | 2,037 |
Net Carrying Amount | 3,487 | 2,728 |
Intangibles Impairment Charge | 665 | 665 |
Other Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 577 | 577 |
Accumulated Amortization | 557 | 557 |
Net Carrying Amount | $ 20 | $ 20 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Loss (Changes In Each Component Of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ (10,148) | $ (4,408) | $ (5,375) |
Other comprehensive income before reclassifications | (5,594) | (5,937) | 459 |
Amounts reclassified from accumulated other comprehensive income | 2,001 | 197 | 508 |
Net period other comprehensive income | (3,593) | (5,740) | 967 |
Balance | (13,741) | (10,148) | (4,408) |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (2,493) | (383) | 1,695 |
Other comprehensive income before reclassifications | (4,417) | (2,110) | (2,078) |
Amounts reclassified from accumulated other comprehensive income | 1,442 | ||
Net period other comprehensive income | (2,975) | (2,110) | (2,078) |
Balance | (5,468) | (2,493) | (383) |
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 166 | 132 | 102 |
Other comprehensive income before reclassifications | 177 | 161 | 101 |
Amounts reclassified from accumulated other comprehensive income | (84) | (127) | (71) |
Net period other comprehensive income | 93 | 34 | 30 |
Balance | 259 | 166 | 132 |
Pension And Postretirement Plan Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (7,821) | (4,157) | (7,172) |
Other comprehensive income before reclassifications | (1,354) | (3,988) | 2,436 |
Amounts reclassified from accumulated other comprehensive income | 643 | 324 | 579 |
Net period other comprehensive income | (711) | (3,664) | 3,015 |
Balance | $ (8,532) | $ (7,821) | $ (4,157) |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Loss (Summary Of Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Provision for income taxes | $ (17) | $ (4) | $ (5) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension And Postretirement Plan Adjustments [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Service Cost | 51 | 62 | 63 |
Interest Cost | 1,586 | 1,550 | 1,402 |
Expected return on plan assets | (1,584) | (1,508) | (1,460) |
Amortization of net loss | 416 | 183 | 432 |
Total before tax | 469 | 287 | 437 |
(Benefit) provision for income taxes | (174) | (37) | (142) |
Total net of tax | 643 | 324 | 579 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Realized losses on available-for-sale investments into earnings | (99) | (150) | (84) |
Total before tax | (99) | (150) | (84) |
Provision for income taxes | (15) | (23) | (13) |
Total net of tax | $ (84) | $ (127) | $ (71) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Line Items] | |||
Effective tax rate | 29.40% | 39.00% | (18.10%) |
U.S. Federal statutory rate | 35.00% | 35.00% | 35.00% |
Deferred taxes on undistributed earnings | $ 347 | ||
Undistributed earnings of foreign subsidiaries | 0 | $ 0 | $ 13,085 |
Unrecognized tax benefits that would impact effective tax rate | 1,274 | 1,840 | $ 1,362 |
Unrecognized tax benefits, related interest and penalties | 316 | $ 375 | |
Unrecognized tax benefits and related interest and penalties expected to reverse within the next | $ 636 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Statute of limitations on the examination of tax returns | 2 years | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Statute of limitations on the examination of tax returns | 6 years |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Abstract] | |||
U.S. | $ 14,940 | $ (46,061) | $ (4,481) |
Foreign | 6,382 | 5,563 | 7,557 |
Total pretax income | $ 21,322 | $ (40,498) | $ 3,076 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Abstract] | |||
Current, U.S. federal | $ 2,407 | $ 5,581 | $ 4,458 |
Current, state and local | 405 | 591 | 465 |
Current, foreign | 2,708 | 1,858 | 1,970 |
Current tax provision | 5,520 | 8,030 | 6,893 |
Deferred, U.S. federal | 990 | (22,261) | (6,848) |
Deferred, state and local | 68 | (1,320) | (372) |
Deferred, foreign | (305) | (249) | (233) |
Deferred tax provision | 753 | (23,830) | (7,453) |
Income Tax Expense (Benefit), Total | $ 6,273 | $ (15,800) | $ (560) |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Abstract] | |||
U.S. Federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local taxes net of Federal tax benefit | 1.30% | 2.40% | (4.90%) |
Effect of foreign affiliates | (4.40%) | 1.10% | (20.70%) |
Earnings of unconsolidated affiliates | (3.20%) | 1.90% | (26.40%) |
R&D credit | (0.40%) | (0.00%) | (9.50%) |
Domestic production activity deduction | (0.80%) | 0.70% | (8.30%) |
Partnership income | 1.90% | (1.30%) | 14.90% |
Provision to return adjustments | (0.90%) | (0.40%) | (16.40%) |
Meals and entertainment | 0.50% | (0.30%) | 2.70% |
Change in deferred rate | 0.00% | 0.10% | 2.70% |
Uncertain tax positions | (1.60%) | (0.30%) | 13.60% |
Other | 2.00% | 0.10% | (0.80%) |
Effective income tax rate | 29.40% | 39.00% | (18.10%) |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Income Taxes [Abstract] | ||
Pension accrual | $ 3,544 | $ 3,073 |
Compensation expense | 3,510 | 3,530 |
Transaction costs | 954 | 1,040 |
Medical insurance claims | 374 | 480 |
Retirement plans | 2,310 | 2,248 |
Accruals not currently deductible | 347 | 250 |
NOLs and attribute | 289 | 272 |
Intangible asset amortization | 19,782 | 21,888 |
Cumulative translation adjustment | 2,820 | 1,218 |
Other | 1,921 | 739 |
Deferred tax assets, gross | 35,851 | 34,738 |
Depreciation | 1,085 | 1,411 |
Software development | 12,400 | 12,957 |
Other | 1,063 | 136 |
Deferred tax liabilities, gross | 14,548 | 14,504 |
Net deferred tax asset | $ 21,303 | $ 20,234 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Abstract] | |||
Balance at beginning of year | $ 2,917 | $ 2,775 | $ 2,030 |
Tax positions related to current year, gross increases | 112 | 358 | 832 |
Tax positions related to prior periods, gross increases | 81 | 65 | 99 |
Decreases related to lapse of statute of limitations | (1,117) | (281) | (186) |
Balance at end of year | $ 1,993 | $ 2,917 | $ 2,775 |
Credit Facility (Narrative) (De
Credit Facility (Narrative) (Details) - USD ($) $ in Thousands | Aug. 02, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 01, 2013 |
Debt Instrument [Line Items] | |||||
Accordion feature | $ 50,000 | $ 25,000 | |||
Repayment of borrowings | $ 30,500 | $ 43,000 | $ 27,187 | ||
Borrowings outstanding under credit agreement | 133,385 | 133,585 | |||
Interest expense | $ 3,833 | $ 3,968 | $ 4,320 | ||
Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Applicable interest rate | 4.75% | 4.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Applicable interest rate | 2.69% | 2.65% | |||
Amended Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 2.70% | 2.60% | 2.90% | ||
Minimum [Member] | September 30, 2013 through June 30, 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed charge ratio | 1.10% | ||||
Minimum [Member] | September 30, 2013 through June 30, 2015 [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum base rate | 0.25% | ||||
Minimum [Member] | September 30, 2013 through June 30, 2015 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
LIBOR margin | 1.25% | ||||
Additional borrowing rate | 1.25% | ||||
Minimum [Member] | September 30, 2015 and Thereafter [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed charge ratio | 1.15% | ||||
Maximum [Member] | September 30, 2013 through June 30, 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Leverage ratio | 3.50% | ||||
Maximum [Member] | September 30, 2013 through June 30, 2015 [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum base rate | 1.50% | ||||
Maximum [Member] | September 30, 2013 through June 30, 2015 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
LIBOR margin | 2.50% | ||||
Additional borrowing rate | 2.50% | ||||
Maximum [Member] | September 30, 2015 and Thereafter [Member] | |||||
Debt Instrument [Line Items] | |||||
Leverage ratio | 3.25% |
Capital Stock (Details)
Capital Stock (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2015USD ($)$ / sharesitemshares | Sep. 30, 2014$ / sharesshares | |
Capital Stock [Abstract] | ||
Number of classes of stock | item | 2 | |
Preferred stock, par value | $ / shares | $ 0.10 | $ 0.10 |
Common stock, par value | $ / shares | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,641,532 | 9,577,874 |
Common stock, shares outstanding | 9,641,532 | 9,577,874 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Dividends declared | $ / shares | $ 1.375 | |
Accrued and unpaid dividends | $ | $ 2,684 | |
Shares reserved for issuance under Incentive Compensation Plan | 500,000 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution for defined contribution plans | $ 1,784 | $ 1,723 | $ 1,699 | |
Required service period | 10 years | |||
Ultimate health care cost trend rate | 6.00% | 6.00% | ||
Pension liability increase | $ 3,000 | |||
Accumulated benefit obligation | $ 39,049 | 38,976 | ||
Employees Younger Than Sixty-Five [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Ultimate health care cost trend rate | 6.00% | |||
Employees Aged Sixty-Five Or Older [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Ultimate health care cost trend rate | 5.00% | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation percentage | 50.00% | |||
Fixed Income [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation percentage | 50.00% | |||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate - benefit obligations | 4.15% | |||
Accumulated benefit obligation | $ 39,049 | $ 38,976 | ||
Key Executive SERP Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate - benefit obligations | 3.80% | |||
Manager SERP Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate - benefit obligations | 4.06% | |||
Director Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate - benefit obligations | 2.98% | |||
Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate - benefit obligations | 3.43% | |||
Scenario, Forecast [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Recognized net actuarial loss | $ 553 | |||
Scenario, Forecast [Member] | Other Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Recognized net actuarial loss | $ 39 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Net Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 38,976 | $ 32,374 | |
Interest cost | 1,554 | 1,500 | $ 1,361 |
Actuarial (gain) loss | (251) | 6,307 | |
Benefits paid | (1,230) | (1,205) | |
Benefit obligation at end of year | 39,049 | 38,976 | 32,374 |
Fair value of plan assets at beginning of year | 24,785 | 23,621 | |
Actual return on plan assets | (561) | 1,967 | |
Employer contributions | 405 | 402 | |
Fair value of plan assets at end of year | 23,399 | 24,785 | 23,621 |
Funded status at end of year | (15,650) | (14,191) | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 1,299 | 1,080 | |
Service cost | 51 | 62 | 63 |
Interest cost | 32 | 50 | 41 |
Actuarial (gain) loss | (347) | 150 | |
Benefits paid | (22) | (43) | |
Benefit obligation at end of year | 1,013 | 1,299 | $ 1,080 |
Employer contributions | 22 | 43 | |
Funded status at end of year | $ (1,013) | $ (1,299) |
Employee Benefit Plans (Sched65
Employee Benefit Plans (Schedule Of Amounts Recognized In Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent liabilities - pension and postretirement obligations | $ (20,508) | $ (19,475) |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities - accrued pension and postretirement costs | (398) | (391) |
Noncurrent liabilities - pension and postretirement obligations | (15,252) | (13,800) |
Net amount recognized | (15,650) | (14,191) |
Net loss (gain) | 13,550 | 12,120 |
Net amount recognized in accumulated other comprehensive income (loss) | 13,550 | 12,120 |
Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities - accrued pension and postretirement costs | (68) | (67) |
Noncurrent liabilities - pension and postretirement obligations | (945) | (1,232) |
Net amount recognized | (1,013) | (1,299) |
Net loss (gain) | (330) | (30) |
Net amount recognized in accumulated other comprehensive income (loss) | $ (330) | $ (30) |
Employee Benefit Plans (Sched66
Employee Benefit Plans (Schedule Of Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 39,049 | $ 38,976 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 39,049 | 38,976 | $ 32,374 |
Accumulated benefit obligation | 39,049 | 38,976 | |
Fair value of plan assets | 23,399 | 24,785 | 23,621 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 1,013 | $ 1,299 | $ 1,080 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost For Pension And Other Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 1,554 | $ 1,500 | $ 1,361 |
Expected return on plan assets | (1,584) | (1,508) | (1,460) |
Amortization of net loss | 464 | 194 | 433 |
Net periodic benefit cost | 434 | 186 | 334 |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 51 | 62 | 63 |
Interest cost | 32 | 50 | 41 |
Amortization of net loss | (48) | (11) | (1) |
Net periodic benefit cost | $ 35 | $ 102 | $ 103 |
Employee Benefit Plans (Sched68
Employee Benefit Plans (Schedule Of Amounts Recognized In Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net (gain) loss | $ 1,894 | $ 5,848 | $ (4,151) |
Amortization of net gain (loss) | (464) | (194) | (433) |
Total recognized in other comprehensive income (loss) | 1,430 | 5,654 | (4,584) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 1,864 | 5,840 | (4,250) |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net (gain) loss | (348) | 150 | (222) |
Amortization of net gain (loss) | 48 | 11 | 1 |
Total recognized in other comprehensive income (loss) | (300) | 161 | (221) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ (265) | $ 263 | $ (118) |
Employee Benefit Plans (Sched69
Employee Benefit Plans (Schedule Of Assumptions Used) (Details) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate - benefit obligations | 4.15% | ||
Discount rate - net periodic benefit | 4.14% | 4.72% | 3.77% |
Expected long-term return on plan assets - net periodic benefit | 6.50% | 6.50% | 6.50% |
Rate of compensation increase - net periodic benefit | |||
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate - benefit obligations | 3.43% | ||
Discount rate - net periodic benefit | 3.40% | 4.72% | 3.77% |
Expected long-term return on plan assets - net periodic benefit | |||
Rate of compensation increase - net periodic benefit |
Employee Benefit Plans (Sched70
Employee Benefit Plans (Schedule Of Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Benefit Plans [Abstract] | ||
Health care cost trend rate assumed for next year | 10.00% | 10.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 6.00% | 6.00% |
Year that the rate reaches the ultimate trend rate | 2,019 | 2,018 |
Employee Benefit Plans (Sched71
Employee Benefit Plans (Schedule Of Effect of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates) (Details) $ in Thousands | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Employee Benefit Plans [Abstract] | |
Effect on aggregate of service and interest cost, One-Percentage-Point Increase | $ 7 |
Effect on aggregate of service and interest cost, One-Percentage-Point Decrease | 6 |
Effect on postretirement benefit obligation, One-Percentage-Point Increase | 77 |
Effect on postretirement benefit obligation, One-Percentage-Point Decrease | $ 68 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Estimated Future Benefit Payments) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 1,253 |
2,017 | 1,340 |
2,018 | 1,542 |
2,019 | 1,806 |
2,020 | 1,819 |
Years 2021-2025 | 10,807 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 69 |
2,017 | 90 |
2,018 | 121 |
2,019 | 111 |
2,020 | 104 |
Years 2021-2025 | $ 440 |
Employee Benefit Plans (Sched73
Employee Benefit Plans (Schedule Of Weighted Average Asset Allocations) (Details) | Sep. 30, 2015 | Sep. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 100.00% | 100.00% |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 46.00% | 39.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 53.00% | 58.00% |
Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 1.00% | 3.00% |
Employee Benefit Plans (Sched74
Employee Benefit Plans (Schedule Of Plan Assets) (Details) - Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 23,399 | $ 24,754 |
Money Market Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 129 | 150 |
Domestic Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9,095 | |
International Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,679 | |
Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8,900 | |
Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 894 | |
Domestic Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,245 | 11,107 |
International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 2,251 | $ 3,703 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015USD ($)$ / sharesShareBasedCompensationPlanshares | Sep. 30, 2014USD ($)$ / shares | Sep. 30, 2013USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1,583 | $ 2,092 | $ 2,634 |
Income tax benefit recognized related to stock-based compensation | $ 586 | 774 | 981 |
Number of plans | ShareBasedCompensationPlan | 3 | ||
Shares reserved for issuance under Incentive Compensation Plan | shares | 500,000 | ||
Total intrinsic value of options exercised | $ 0 | 34 | 216 |
Income tax benefit from exercise of stock options | 0 | 13 | 99 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense related to restricted share awards | $ 3,161 | ||
Unrecognized compensation expense expected to be recognize, years | 1 year 5 months 27 days | ||
Total fair value of shares vested | $ 1,453 | $ 3,556 | $ 1,999 |
Weighted average fair value | $ / shares | $ 34.62 | $ 47.97 | $ 58.19 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Contractual Term | 10 years | ||
Minimum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Minimum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 0 years | ||
Maximum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Maximum [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Share Awards) (Details) shares in Thousands | 12 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of restricted share awards outstanding at October 1, 2014 | shares | 86 |
Number of restricted share awards granted | shares | 88 |
Number of restricted share awards vested | shares | (27) |
Number of restricted share awards forfeited | shares | (20) |
Number of restricted share awards outstanding at September 30, 2015 | shares | 127 |
Weighted-average fair value outstanding at October 1, 2014 | $ / shares | $ 51.36 |
Weighted-average fair value granted | $ / shares | 34.62 |
Weighted-average fair value vested | $ / shares | 48.11 |
Weighted-average fair value forfeited | $ / shares | 54.24 |
Weighted-average fair value outstanding at September 30, 2015 | $ / shares | $ 39.62 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options) (Details) shares in Thousands | 12 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Number of options outstanding at October 1, 2014 | shares | 64 |
Number of options forfeited | shares | (62) |
Number of options outstanding at September 30, 2015 | shares | 2 |
Number of options exercisable | shares | 2 |
Weighted-average exercise price outstanding at October 1, 2014 | $ / shares | $ 48.35 |
Weighted-average exercise price forfeited | $ / shares | 48.30 |
Weighted-average exercise price outstanding at September 30, 2015 | $ / shares | 49.88 |
Weighted-average exercise price exercisable September 30, 2015 | $ / shares | $ 49.88 |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Consolidated revenues | $ 40,161 | $ 35,467 | $ 38,139 | $ 37,547 | $ 41,993 | $ 35,868 | $ 39,054 | $ 38,147 | $ 151,314 | $ 155,062 | $ 149,690 |
Domestic [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Consolidated revenues | 120,861 | 117,853 | 115,959 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Consolidated revenues | 20,538 | 24,966 | 21,559 | ||||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Consolidated revenues | $ 9,915 | $ 12,243 | $ 12,172 |
Segment Information (Financial
Segment Information (Financial Information For Each Reportable Segment) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Revenues | $ 40,161 | $ 35,467 | $ 38,139 | $ 37,547 | $ 41,993 | $ 35,868 | $ 39,054 | $ 38,147 | $ 151,314 | $ 155,062 | $ 149,690 |
Operating income (loss) | $ 6,817 | $ 5,111 | $ 5,630 | $ 6,141 | $ 7,352 | (59,627) | $ 6,863 | $ 5,425 | 23,699 | (39,987) | 3,389 |
Depreciation and amortization | 12,312 | 13,915 | 15,051 | ||||||||
Goodwill and other intangible assets impairment charge | $ 62,188 | 62,188 | 22,700 | ||||||||
Radiation Measurement [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 105,978 | 113,556 | 109,326 | ||||||||
Operating income (loss) | 35,641 | 38,231 | 38,682 | ||||||||
Depreciation and amortization | 10,345 | 10,250 | 11,357 | ||||||||
Medical Physics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 35,449 | 32,213 | 30,859 | ||||||||
Operating income (loss) | 3,126 | 1,827 | 3,499 | ||||||||
Depreciation and amortization | 1,089 | 1,085 | 1,185 | ||||||||
Medical Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 9,887 | 9,293 | 9,505 | ||||||||
Operating income (loss) | 1,534 | (62,572) | (21,778) | ||||||||
Depreciation and amortization | 878 | 2,580 | 2,509 | ||||||||
Goodwill and other intangible assets impairment charge | 62,188 | 22,700 | |||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | $ (16,602) | $ (17,473) | $ (17,014) |
Segment Information (Reconcilia
Segment Information (Reconciliation Of Assets From Segment To Consolidated) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 208,744 | $ 216,586 |
Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | (26,091) | (18,580) |
Radiation Measurement [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 142,850 | 148,151 |
Medical Physics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 43,677 | 38,851 |
Medical Products [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 48,308 | $ 48,164 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Aquila [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | $ 5,844 | $ 6,271 | $ 7,720 |
Aquila [Member] | Understated Sales [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | 215 | ||
Nagase-Landauer, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | $ 1,924 | 1,341 | $ 296 |
Nagase-Landauer, Ltd [Member] | Understated Sales [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | $ 271 | ||
Nagase-Landauer, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Equity percentage in joint venture | 50.00% | ||
Epsilon Landauer Dozimetri [Member] | |||
Related Party Transaction [Line Items] | |||
Equity percentage in joint venture | 50.00% | ||
Yamasato, Fujiwara, Higa and Associates, Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Equity percentage in joint venture | 49.00% |
Related Party Transactions (Sch
Related Party Transactions (Schedule Of Related Party Transactions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Aquila [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | $ 5,844 | $ 6,271 | $ 7,720 |
Purchases from related party | 647 | 890 | 243 |
Amounts in accounts receivable | 2,795 | 3,799 | |
Amounts in accounts payable | 284 | 227 | |
Nagase-Landauer, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | 1,924 | 1,341 | 296 |
Purchases from related party | 1,189 | 1,710 | $ 3,092 |
Amounts in accounts receivable | 769 | 27 | |
Amounts in accounts payable | $ 33 | $ 60 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Net revenues | $ 40,161 | $ 35,467 | $ 38,139 | $ 37,547 | $ 41,993 | $ 35,868 | $ 39,054 | $ 38,147 | $ 151,314 | $ 155,062 | $ 149,690 |
Gross profit | 20,759 | 18,646 | 19,528 | 19,796 | 22,485 | 17,938 | 20,722 | 19,762 | 78,729 | 80,907 | 78,596 |
Operating income (loss) | 6,817 | 5,111 | 5,630 | 6,141 | 7,352 | (59,627) | 6,863 | 5,425 | 23,699 | (39,987) | 3,389 |
Net (loss) income attributed to Landauer, Inc. | $ 2,564 | $ 4,055 | $ 3,547 | $ 4,377 | $ 2,797 | $ (36,335) | $ 4,514 | $ 3,821 | $ 14,543 | $ (25,203) | $ 2,782 |
Basic net income (loss) per share | $ 0.27 | $ 0.42 | $ 0.37 | $ 0.46 | $ 0.31 | $ (3.83) | $ 0.47 | $ 0.40 | $ 1.52 | $ (2.65) | $ 0.28 |
Diluted net income (loss) per share | $ 0.27 | $ 0.42 | $ 0.37 | $ 0.46 | $ 0.31 | $ (3.83) | $ 0.47 | $ 0.40 | $ 1.52 | $ (2.65) | $ 0.27 |
Weighted average basic shares outstanding | 9,533,000 | 9,509,000 | 9,493,000 | 9,446,000 | 9,524,000 | 9,482,000 | 9,460,000 | 9,422,000 | 9,511,000 | 9,524,000 | 9,434,000 |
Weighted average diluted shares outstanding | 9,570,000 | 9,534,000 | 9,520,000 | 9,474,000 | 9,572,000 | 9,482,000 | 9,501,000 | 9,467,000 | 9,540,000 | 9,524,000 | 9,482,000 |
Goodwill and other intangible assets impairment charge | $ 62,188 | $ 62,188 | $ 22,700 | ||||||||
Reorganization expenses | $ 1,041 | $ 2,024 | $ 1,558 | $ 1,041 | $ 3,802 | $ 1,392 | |||||
Impact of impairment charges on diluted net loss per share | $ (3.92) | ||||||||||
Impact of reorganization expenses on diluted net loss per share | $ (0.05) | $ (0.08) | $ (0.10) |
Schedule II Valuation And Qua84
Schedule II Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 1,872 | $ 1,266 | $ 1,567 |
Charged to costs and expenses | 850 | 1,109 | 14 |
Charged to other accounts | 149 | 129 | 20 |
Deductions | (1,315) | (632) | (335) |
Balance at end of period | 1,556 | 1,872 | 1,266 |
Inventory Obsolescence Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 484 | 398 | 338 |
Charged to costs and expenses | (1) | 148 | 122 |
Deductions | (36) | (62) | (62) |
Balance at end of period | $ 447 | $ 484 | $ 398 |