Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Nov. 19, 2014 | Mar. 31, 2014 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'HAYNES INTERNATIONAL INC | ' | ' |
Entity Central Index Key | '0000858655 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $494,333,982 |
Entity Common Stock, Shares Outstanding | ' | 12,418,471 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $45,871 | $68,326 |
Accounts receivable, less allowance for doubtful accounts of $1,199 and $861, | 72,439 | 82,562 |
Inventories | 254,027 | 232,157 |
Income taxes receivable | 3,235 | 4,433 |
Deferred income taxes | 6,297 | 6,018 |
Other current assets | 2,964 | 2,408 |
Total current assets | 384,833 | 395,904 |
Property, plant and equipment, net | 174,083 | 152,764 |
Deferred income taxes-long term portion | 44,639 | 41,301 |
Prepayments and deferred charges | 2,031 | 2,282 |
Other intangible assets, net | 5,185 | 5,601 |
Total assets | 610,771 | 597,852 |
Current liabilities: | ' | ' |
Accounts payable | 41,957 | 27,600 |
Accrued expenses | 13,213 | 13,676 |
Accrued pension and postretirement benefits | 4,572 | 4,918 |
Deferred revenue-current portion | 2,500 | 2,500 |
Total current liabilities | 62,242 | 48,694 |
Long-term obligations (less current portion) | 745 | 767 |
Deferred revenue (less current portion) | 27,829 | 30,329 |
Accrued pension benefits | 72,315 | 68,310 |
Accrued postretirement benefits | 100,910 | 93,949 |
Accrued pension and postretirement benefits | 173,225 | 162,259 |
Total liabilities | 264,041 | 242,049 |
Commitments and contingencies (Note 6) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value (40,000,000 shares authorized, 12,342,585 and 12,434,748 shares issued and 12,332,592 and 12,418,471 outstanding at September 30, 2013 and September 30, 2014, respectively) | 12 | 12 |
Additional paid-in capital | 242,387 | 238,941 |
Accumulated earnings | 166,999 | 174,154 |
Treasury stock, 9,993 shares at September 30, 2013 and 16,277 shares at September 30, 2014 | -840 | -505 |
Accumulated other comprehensive loss | -61,828 | -56,799 |
Total stockholders' equity | 346,730 | 355,803 |
Total liabilities and stockholders' equity | $610,771 | $597,852 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $861 | $1,199 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 12,434,748 | 12,342,585 |
Common stock, shares outstanding (in shares) | 12,418,471 | 12,332,592 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 16,277 | 9,993 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' |
Net revenues | $455,410 | $482,746 | $579,561 |
Cost of sales | 408,112 | 409,120 | 458,721 |
Gross profit | 47,298 | 73,626 | 120,840 |
Selling, general and administrative expense | 38,693 | 38,165 | 40,661 |
Research and technical expense | 3,556 | 3,505 | 3,285 |
Operating income (loss) | 5,049 | 31,956 | 76,894 |
Interest income | -139 | -114 | -188 |
Interest expense | 68 | 72 | 87 |
Income (loss) before income taxes | 5,120 | 31,998 | 76,995 |
Provision for (benefit from) income taxes | 1,369 | 10,421 | 26,813 |
Net income (loss) | $3,751 | $21,577 | $50,182 |
Net income (loss) per share: | ' | ' | ' |
Basic (in dollars per share) | $0.30 | $1.75 | $4.09 |
Diluted (in dollars per share) | $0.30 | $1.74 | $4.07 |
Dividend declared per common share (in dollars per share) | $0.88 | $0.88 | $0.88 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' |
Net income (loss) | $3,751 | $21,577 | $50,182 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Pension and post-retirement | -4,038 | 41,280 | -16,741 |
Foreign currency translation adjustment | -991 | 1,012 | 698 |
Other comprehensive income (loss) | -5,029 | 42,292 | -16,043 |
Comprehensive income (loss) | ($1,278) | $63,869 | $34,139 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-in Capital | Accumulated Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Sep. 30, 2011 | $12 | $231,842 | $124,047 | ' | ($83,048) | $272,853 |
Balance (in shares) at Sep. 30, 2011 | 12,204,179 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 50,182 | ' | ' | 50,182 |
Dividends paid ($0.80, $0.88 and $0.88 per share for the year ended September 30, 2012, 2013 and 2014, respectively) | ' | ' | -10,803 | ' | ' | -10,803 |
Other comprehensive income (loss) | ' | ' | ' | ' | -16,043 | -16,043 |
Exercise of stock options | ' | 2,782 | ' | ' | ' | 2,782 |
Exercise of stock options (in shares) | 77,611 | ' | ' | ' | ' | ' |
Tax impact of forfeited vested options | ' | 48 | ' | ' | ' | 48 |
Issue restricted stock (less forfeitures) (in shares) | 6,000 | ' | ' | ' | ' | ' |
Stock compensation | ' | 2,079 | ' | ' | ' | 2,079 |
Balance at Sep. 30, 2012 | 12 | 236,751 | 163,426 | ' | -99,091 | 301,098 |
Balance (in shares) at Sep. 30, 2012 | 12,287,790 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 21,577 | ' | ' | 21,577 |
Dividends paid ($0.80, $0.88 and $0.88 per share for the year ended September 30, 2012, 2013 and 2014, respectively) | ' | ' | -10,849 | ' | ' | -10,849 |
Other comprehensive income (loss) | ' | ' | ' | ' | 42,292 | 42,292 |
Exercise of stock options | ' | 1,092 | ' | ' | ' | 1,092 |
Exercise of stock options (in shares) | 30,545 | ' | ' | ' | ' | ' |
Tax impact of forfeited vested options | ' | -185 | ' | ' | ' | -185 |
Tax impact of dividends on restricted stock | ' | 29 | ' | ' | ' | 29 |
Issue restricted stock (less forfeitures) (in shares) | 24,250 | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | -505 | ' | -505 |
Purchase of treasury stock (in shares) | -9,993 | ' | ' | ' | ' | ' |
Stock compensation | ' | 1,254 | ' | ' | ' | 1,254 |
Balance at Sep. 30, 2013 | 12 | 238,941 | 174,154 | -505 | -56,799 | 355,803 |
Balance (in shares) at Sep. 30, 2013 | 12,332,592 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 3,751 | ' | ' | 3,751 |
Dividends paid ($0.80, $0.88 and $0.88 per share for the year ended September 30, 2012, 2013 and 2014, respectively) | ' | ' | -10,906 | ' | ' | -10,906 |
Other comprehensive income (loss) | ' | ' | ' | ' | -5,029 | -5,029 |
Exercise of stock options | ' | 1,519 | ' | ' | ' | 1,519 |
Exercise of stock options (in shares) | 54,913 | ' | ' | ' | ' | ' |
Tax impact of vesting and dividends on restricted stock | ' | 158 | ' | ' | ' | 158 |
Issue restricted stock (less forfeitures) (in shares) | 37,250 | ' | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | ' | -335 | ' | -335 |
Purchase of treasury stock (in shares) | -6,284 | ' | ' | ' | ' | ' |
Stock compensation | ' | 1,769 | ' | ' | ' | 1,769 |
Balance at Sep. 30, 2014 | $12 | $242,387 | $166,999 | ($840) | ($61,828) | $346,730 |
Balance (in shares) at Sep. 30, 2014 | 12,418,471 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ' | ' | ' |
Dividends paid (in dollars per share) | $0.88 | $0.88 | $0.80 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $3,751 | $21,577 | $50,182 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 15,861 | 13,744 | 12,520 |
Amortization | 416 | 416 | 423 |
Pension and post-retirement expense - U.S. and U.K. | 10,293 | 16,173 | 15,590 |
Change in long-term obligations | -22 | -153 | -245 |
Stock compensation expense | 1,769 | 1,254 | 2,079 |
Excess tax benefit from option exercises and restricted stock vesting | -614 | -494 | -1,147 |
Deferred revenue | -2,500 | -2,500 | -2,500 |
Deferred income taxes | -1,954 | 6,171 | 5,658 |
Loss on disposition of property | 500 | 418 | 203 |
Change in assets and liabilities: | ' | ' | ' |
Accounts receivable | 9,893 | 18,630 | -12,700 |
Inventories | -22,275 | 31,507 | -12,326 |
Other assets | -336 | -1,324 | 1,309 |
Accounts payable and accrued expenses | 15,722 | -12,165 | -17,242 |
Income taxes | 2,522 | 341 | -5 |
Accrued pension and postretirement benefits | -6,080 | -20,191 | -21,018 |
Net cash provided by operating activities | 26,946 | 73,404 | 20,781 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -39,694 | -41,550 | -25,937 |
Net cash used in investing activities | -39,694 | -41,550 | -25,937 |
Cash flows from financing activities: | ' | ' | ' |
Dividends paid | -10,906 | -10,849 | -10,803 |
Proceeds from exercise of stock options | 1,063 | 598 | 1,635 |
Payment for purchase of treasury stock | -335 | -505 | ' |
Excess tax benefit from option exercises and restricted stock vesting | 614 | 494 | 1,147 |
Payment on long-term obligations | ' | -100 | -123 |
Net cash used in financing activities | -9,564 | -10,362 | -8,144 |
Effect of exchange rates on cash | -143 | 94 | -22 |
Decrease in cash and cash equivalents | -22,455 | 21,586 | -13,322 |
Cash and cash equivalents: | ' | ' | ' |
Cash and cash equivalents, beginning of period | 68,326 | 46,740 | 60,062 |
Cash and cash equivalents, end of period | 45,871 | 68,326 | 46,740 |
Cash paid during period for: | ' | ' | ' |
Interest (net of capitalized interest) | 3 | 7 | 22 |
Income taxes paid (net of refunds) | 811 | 3,578 | 21,341 |
Capital expenditures incurred but not yet paid | $1,293 | $2,890 | $2,360 |
Background_and_Organization
Background and Organization | 12 Months Ended |
Sep. 30, 2014 | |
Background and Organization | ' |
Background and Organization | ' |
Note 1 Background and Organization | |
Description of Business | |
Haynes International, Inc. and its subsidiaries (the "Company" or "Haynes") develops, manufactures, markets and distributes technologically advanced, high-performance alloys primarily for use in the aerospace, land-based gas turbine and chemical processing industries. The Company's products are high-temperature resistant alloys ("HTA") and corrosion-resistant alloys ("CRA"). The Company's HTA products are used by manufacturers of equipment that is subjected to extremely high temperatures, such as jet engines for the aerospace industry, gas turbine engines for power generation, waste incineration and industrial heating equipment. The Company's CRA products are used in applications that require resistance to extreme corrosion, such as chemical processing, power plant emissions control and hazardous waste treatment. The Company produces its high-performance alloys primarily in sheet, coil and plate forms. In addition, the Company produces its products as seamless and welded tubulars, and in slab, bar, billets and wire forms. | |
High-performance alloys are characterized by highly engineered often proprietary, metallurgical formulations primarily of nickel, cobalt and other metals with complex physical properties. The complexity of the manufacturing process for high-performance alloys is reflected in the Company's relatively high average selling price per pound, compared to the average selling price of other metals, such as carbon steel sheet, stainless steel sheet and aluminum. The high-performance alloy industry has significant barriers to entry such as the combination of (i) demanding end-user specifications, (ii) a multi-stage manufacturing process and (iii) the technical sales, marketing and manufacturing expertise required to develop new applications. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Note 2 Summary of Significant Accounting Policies | |||||||||||
A. Principles of Consolidation and Nature of Operations | |||||||||||
The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with distribution service centers in Lebanon, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Zurich, Switzerland; Singapore; Milan, Italy; Chennai, India; and Tokyo, Japan. | |||||||||||
B. Cash and Cash Equivalents | |||||||||||
The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments. | |||||||||||
C. Accounts Receivable | |||||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon evaluation of each customer's ability to perform its obligation, which is updated periodically. The Company purchases credit insurance for certain foreign trade receivables. | |||||||||||
D. Revenue Recognition | |||||||||||
The Company recognizes revenue when collectability is reasonably assured and when title passes to the customer, which is generally at the time of shipment with freight terms of FOB shipping point or at a foreign port for certain export customers. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation ("TIMET") as a result of a twenty-year agreement, entered into on November, 17, 2006 to provide conversion services to TIMET. See Note 15 Deferred Revenue for a description of accounting treatment relating to this up-front fee. | |||||||||||
E. Inventories | |||||||||||
Inventories are stated at the lower of cost or market. The cost of inventories is determined using the first-in, first-out ("FIFO") method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions. | |||||||||||
F. Intangible Assets | |||||||||||
The Company has patents, trademarks and other intangibles. As the patents have a definite life, they are amortized over lives ranging from two to fourteen years. The Company reviews patents for impairment whenever events or circumstances indicate that the carrying amount of a patent may not be recoverable. Recoverability of the patent asset is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. | |||||||||||
As the trademarks have an indefinite life, the Company tests them for impairment at least annually as of August 31 (the annual impairment testing date). If the carrying value exceeds the fair value (determined by calculating a fair value based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. No impairment was recognized in the years ended September 30, 2013 or 2014 because the fair value exceeded the carrying values. The Company has a non-compete agreement with a remaining life of eight months. | |||||||||||
Amortization of the patents, non-competes and other intangibles was $423, $416 and $416 for the years ended September 30, 2012, 2013 and 2014, respectively. The following represents a summary of intangible assets at September 30, 2013 and 2014: | |||||||||||
September 30, 2013 | Gross | Accumulated | Carrying | ||||||||
Amount | Amortization | Amount | |||||||||
Patents | $ | 4,030 | $ | (2,533 | ) | $ | 1,497 | ||||
Trademarks | 3,800 | — | 3,800 | ||||||||
Non-compete | 500 | (381 | ) | 119 | |||||||
Other | 330 | (145 | ) | 185 | |||||||
$ | 8,660 | $ | (3,059 | ) | $ | 5,601 | |||||
September 30, 2014 | Gross | Accumulated | Carrying | ||||||||
Amount | Amortization | Amount | |||||||||
Patents | $ | 4,030 | $ | (2,813 | ) | $ | 1,217 | ||||
Trademarks | 3,800 | — | 3,800 | ||||||||
Non-compete | 500 | (452 | ) | 48 | |||||||
Other | 330 | (210 | ) | 120 | |||||||
$ | 8,660 | $ | (3,475 | ) | $ | 5,185 | |||||
Estimate of Aggregate Amortization Expense: | |||||||||||
Year Ended September 30, | |||||||||||
2015 | 392 | ||||||||||
2016 | 333 | ||||||||||
2017 | 279 | ||||||||||
2018 | 279 | ||||||||||
2019 | 102 | ||||||||||
Thereafter | — | ||||||||||
G. Property, Plant and Equipment | |||||||||||
Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives which are generally as follows: | |||||||||||
Building and improvements | 40 years | ||||||||||
Machinery and equipment | 5-14 years | ||||||||||
Office equipment and computer software | 3-10 years | ||||||||||
Land improvements | 20 years | ||||||||||
Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. | |||||||||||
The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when balance on the revolver is zero. | |||||||||||
The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. There was no triggering event during the years ended September 30, 2013 or 2014 and thus no impairment was recognized. | |||||||||||
H. Environmental Remediation | |||||||||||
When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. | |||||||||||
I. Pension and Postretirement Benefits | |||||||||||
The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs, and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for employees in the plan. Effective January 1, 2007 a plan amendment of the postretirement medical plan caps the Company's liability related to retiree health care costs at $5,000 annually. | |||||||||||
J. Foreign Currency Exchange | |||||||||||
The Company's foreign operating entities' financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. | |||||||||||
K. Research and Technical Costs | |||||||||||
Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the years ended September 30, 2012, 2013 and 2014 were $3,285, $3,505 and $3,556, respectively. | |||||||||||
L. Income Taxes | |||||||||||
The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |||||||||||
M. Stock Based Compensation | |||||||||||
Restricted Stock Plan | |||||||||||
On February 23, 2009, the Company adopted a restricted stock plan that reserved 400,000 shares of common stock for issuance. Grants of restricted stock are shares of the Company's common stock subject to transfer restrictions, which vest in accordance with the terms and conditions established by the Compensation Committee. The Compensation Committee may set restrictions on certain grants based on the achievement of specific performance goals and vesting of grants to participants will also be time-based. | |||||||||||
Restricted stock grants are subject to forfeiture if employment or service terminates prior to the end of the vesting period or if the performance goals are not met, if applicable. The Company will assess, on an ongoing basis, the probability of whether the performance criteria will be achieved. The Company will recognize compensation expense over the performance period if it is deemed probable that the goals will be achieved. The fair value of the Company's restricted stock is determined based upon the closing price of the Company's common stock on the grant date. The plan provides for the adjustment of the number of shares covered by an outstanding grant and the maximum number of shares for which restricted stock may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. | |||||||||||
Stock Option Plans | |||||||||||
The Company has two stock option plans that authorize the granting of non-qualified stock options to certain key employees and non-employee directors for the purchase of a maximum of 1,500,000 shares of the Company's common stock. The original option plan was adopted in August 2004 pursuant to the plan of reorganization and provides for the grant of options to purchase up to 1,000,000 shares of the Company's common stock. In January 2007, the Company's Board of Directors adopted a second option plan that provides for options to purchase up to 500,000 shares of the Company's common stock. Each plan provides for the adjustment of the maximum number of shares for which options may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. Unless the Compensation Committee determines otherwise, options granted under the option plans are exercisable for a period of ten years from the date of grant and vest 331/3% per year over three years from the grant date. The amount of compensation cost recognized in the financial statement is measured based upon the grant date fair value. The fair value of the option grants is estimated on the date of grant using the Black-Scholes option pricing model with assumptions on dividend yield, risk-free interest rate, expected volatilities, expected forfeiture rate and expected lives of the options. | |||||||||||
N. Financial Instruments and Concentrations of Risk | |||||||||||
The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company's operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2013 and 2014, the Company had no foreign currency exchange contracts outstanding. | |||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2014, and periodically throughout the year, the Company has maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. | |||||||||||
During 2012, 2013 and 2014, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses have been within management's expectations. In addition, the Company purchases credit insurance for certain foreign trade receivables. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas. | |||||||||||
O. Accounting Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to bad debts, inventories, income taxes, asset impairment, retirement benefits, and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions. | |||||||||||
P. Earnings Per Share | |||||||||||
The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. | |||||||||||
Basic and diluted net income per share were computed as follows: | |||||||||||
Years Ended September 30, | |||||||||||
(in thousands, except share and per share data) | 2012 | 2013 | 2014 | ||||||||
Numerator: Basic and Diluted | |||||||||||
Net income | $ | 50,182 | $ | 21,577 | $ | 3,751 | |||||
Dividends paid | (10,803 | ) | (10,849 | ) | (10,906 | ) | |||||
Undistributed income (loss) | 39,379 | 10,728 | (7,155 | ) | |||||||
Percentage allocated to common shares(a) | 99.1 | % | 99.1 | % | 99.2 | % | |||||
Undistributed income (loss) allocated to common shares | 39,025 | 10,637 | (7,098 | ||||||||
) | |||||||||||
Dividends paid on common shares outstanding | 10,705 | 10,754 | 10,819 | ||||||||
Net income available to common shares | 49,730 | 21,391 | 3,721 | ||||||||
Denominator: Basic and Diluted | |||||||||||
Weighted average common shares outstanding | 12,147,179 | 12,223,838 | 12,291,881 | ||||||||
Adjustment for dilutive potential common shares | 68,852 | 41,792 | 29,819 | ||||||||
Weighted average shares outstanding—Diluted | 12,216,031 | 12,265,630 | 12,321,700 | ||||||||
Per common share net income (loss) | |||||||||||
Basic | $ | 4.09 | $ | 1.75 | $ | 0.3 | |||||
Diluted | $ | 4.07 | $ | 1.74 | $ | 0.3 | |||||
Number of stock option shares excluded as their effect would be anti-dilutive | 98,630 | 170,623 | 180,435 | ||||||||
Number of restrictive stock option shares as their effect would be anti-dilutive | 111,000 | 106,575 | 98,463 | ||||||||
(a) Percentage allocated to common shares—weighted average | |||||||||||
Common shares outstanding | 12,147,179 | 12,223,838 | 12,291,881 | ||||||||
Unvested participating shares | 111,000 | 106,575 | 98,463 | ||||||||
12,258,179 | 12,330,413 | 12,390,344 | |||||||||
Q. Recently Issued Accounting Pronouncements | |||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The objective of the update is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the methods of adoption allowed by the new standard and the effect, if any, on its financial statements. | |||||||||||
In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718). Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period. This update is intended to resolve the diverse accounting treatment of those awards in practice. The amendment is effective for annual and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 310-40). The amendments in this update provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||
R. Comprehensive Income (Loss) | |||||||||||
Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. See Note 17 for a breakdown of Comprehensive Income (Loss) and changes in Accumulated Other Comprehensive Loss net of tax effects. | |||||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
Note 3 Inventories | ||||||||
Inventories are stated at the lower of cost or market. The cost of inventories is determined using the first-in, first-out ("FIFO") method. The following is a summary of the major classes of inventories: | ||||||||
September 30, | ||||||||
2013 | 2014 | |||||||
Raw materials | $ | 25,647 | $ | 25,050 | ||||
Work-in-process | 108,708 | 144,285 | ||||||
Finished goods | 97,150 | 83,674 | ||||||
Other | 652 | 1,018 | ||||||
$ | 232,157 | $ | 254,027 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Note 4 Property, Plant and Equipment | ||||||||
The following is a summary of the major classes of property, plant and equipment: | ||||||||
September 30, | ||||||||
2013 | 2014 | |||||||
Land and land improvements | $ | 6,856 | $ | 6,785 | ||||
Buildings | 19,034 | 24,750 | ||||||
Machinery and equipment | 179,407 | 213,834 | ||||||
Construction in process | 31,472 | 27,635 | ||||||
236,769 | 273,004 | |||||||
Less accumulated depreciation | (84,005 | ) | (98,921 | ) | ||||
$ | 152,764 | $ | 174,083 | |||||
The Company has $432 of assets under a capital lease for equipment related to the service center operation in Shanghai, China. | ||||||||
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ' | |||||||
Note 5 Accrued Expenses | ||||||||
The following is a summary of the major classes of accrued expenses: | ||||||||
September 30, | ||||||||
2013 | 2014 | |||||||
Employee compensation | $ | 6,415 | $ | 6,750 | ||||
Taxes, other than income taxes | 3,005 | 2,631 | ||||||
Other | 4,256 | 3,832 | ||||||
$ | 13,676 | $ | 13,213 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
Note 6 Income Taxes | |||||||||||
The components of income before provision for income taxes are as follows: | |||||||||||
Year Ended September 30, | |||||||||||
2012 | 2013 | 2014 | |||||||||
Income (loss) before income taxes: | |||||||||||
U.S. | $ | 67,968 | $ | 23,555 | $ | (360 | ) | ||||
Foreign | 9,027 | 8,443 | 5,480 | ||||||||
Total | $ | 76,995 | $ | 31,998 | $ | 5,120 | |||||
Provision for income taxes: | |||||||||||
Current: | |||||||||||
U.S. Federal | $ | 15,836 | $ | 2,125 | $ | 427 | |||||
Foreign | 1,712 | 1,419 | 1,012 | ||||||||
State | 2,079 | 85 | 541 | ||||||||
Total | $ | 19,627 | $ | 3,629 | $ | 1,980 | |||||
Deferred: | |||||||||||
U.S. Federal | 6,314 | 5,907 | (983 | ) | |||||||
Foreign | 585 | 623 | 302 | ||||||||
State | 601 | 262 | 70 | ||||||||
Valuation allowance | (314 | ) | — | — | |||||||
Total | $ | 7,186 | $ | 6,792 | $ | (611 | ) | ||||
Total provision for income taxes | $ | 26,813 | $ | 10,421 | $ | 1,369 | |||||
The provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate as follows: | |||||||||||
Year Ended September 30, | |||||||||||
2012 | 2013 | 2014 | |||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | |||||
Tax provision for income taxes at the statutory rate | $ | 26,949 | $ | 11,199 | $ | 1,792 | |||||
Foreign tax rate differentials | (864 | ) | (913 | ) | (605 | ) | |||||
Provision for state taxes, net of federal taxes | 1,578 | 473 | 230 | ||||||||
U.S. tax on distributed and undistributed earnings of foreign subsidiaries | 335 | 354 | 173 | ||||||||
Manufacturer's deduction | (1,715 | ) | (217 | ) | — | ||||||
Tax credits | — | (78 | ) | (91 | ) | ||||||
State tax rate reduction impact on deferred tax asset | 89 | (182 | ) | 157 | |||||||
Change in Valuation Allowance | (314 | ) | — | — | |||||||
Other, net | 755 | (215 | ) | (287 | ) | ||||||
Provision for income taxes at effective tax rate | $ | 26,813 | $ | 10,421 | $ | 1,369 | |||||
Effective tax rate | 34.8 | % | 32.6 | % | 26.7 | % | |||||
During fiscal 2012, the Company's effective tax rate was lower than the statutory rate, primarily due to increased proportion of profitability in foreign jurisdictions and the increased Manufacturer's deduction (due to increased U.S. profitability). | |||||||||||
During fiscal 2013, the Company's effective tax rate was lower than the statutory rate, primarily due to increased proportion of profitability in foreign jurisdictions and the reversal of certain tax reserves no longer required. | |||||||||||
During fiscal 2014, the Company's effective tax rate was lower than the statutory rate, primarily due to a higher proportion of income in lower tax jurisdictions. The Company generated a taxable loss in the United States, which will be carried back to earlier years. | |||||||||||
Deferred tax assets (liabilities) are comprised of the following: | |||||||||||
September 30, | |||||||||||
2013 | 2014 | ||||||||||
Deferred tax assets: | |||||||||||
Pension and postretirement benefits | $ | 58,148 | $ | 63,124 | |||||||
TIMET Agreement | 12,167 | 11,200 | |||||||||
Inventories | 2,095 | 2,662 | |||||||||
Accrued compensation and benefits | 3,076 | 1,606 | |||||||||
Accrued expenses and other | 527 | 2,093 | |||||||||
Tax attributes | 946 | 1,385 | |||||||||
Total deferred tax assets | $ | 76,959 | $ | 82,070 | |||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment, net | $ | (26,931 | ) | $ | (29,789 | ) | |||||
Intangible and other | (2,709 | ) | (1,345 | ) | |||||||
Total deferred tax liabilities | $ | (29,640 | ) | $ | (31,134 | ) | |||||
Net deferred tax assets (liabilities) | 47,319 | 50,936 | |||||||||
$ | $ | ||||||||||
Current deferred tax assets | $ | 6,018 | $ | 6,297 | |||||||
Long-term deferred tax asset | $ | 41,301 | $ | 44,639 | |||||||
As of September 30, 2014, the Company has state tax net operating loss of approximately $5,013, tax credits of $606 and foreign net operating loss carryforwards of $1,259. As of September 30, 2013, the Company had state tax net operating loss carryforwards of approximately $2,106, tax credit of $0 and foreign net operating loss carryforwards of $1,602. Some tax attributes expire beginning in 2024 and others have no expiration. The Company has not recorded a valuation allowance because management believes that it is more likely than not that net operating loss carryforwards will be realized prior to their expiration. | |||||||||||
Undistributed earnings of certain of our foreign subsidiaries amounted to approximately $55,816 at September 30, 2014. The Company considers those earnings reinvested indefinitely and, accordingly, no provision for U.S. income taxes has been provided. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation. | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||
October 1, 2010 To | October 1, 2011 To | October 1, 2013 To | |||||||||
September 30, | September 30, | September 30, | |||||||||
2012 | 2013 | 2014 | |||||||||
Balance at beginning of period | $ | 264 | $ | 264 | $ | — | |||||
Gross Increases—current period tax positions | — | — | — | ||||||||
Gross Decreases—current period tax positions | — | — | — | ||||||||
Gross Increases—tax positions in prior periods | — | — | — | ||||||||
Gross Decreases—tax positions in prior periods | — | — | — | ||||||||
Gross Decreases—settlements with taxing authorities | — | — | — | ||||||||
Gross Decreases—lapse of statute of limitations | — | (264 | ) | — | |||||||
Balance at end of period | $ | 264 | $ | — | $ | — | |||||
During fiscal year 2013, the Company recognized the tax benefits previously unrecognized due to the statute of limitations. This tax benefit was recorded in income tax expense and affected the income statement by $236. During fiscal 2013, the Company recognized a reversal of accrued interest expense related to the unrecognized tax benefits totaling $75. | |||||||||||
As of September 30, 2014, the Company is open to examination in the U.S. federal income tax jurisdiction for the 2011 through 2014 tax years and in various foreign jurisdictions from 2009 through 2014. The Company is also open to examination in various states in the U.S., none of which were individually material. | |||||||||||
Debt
Debt | 12 Months Ended |
Sep. 30, 2014 | |
Debt | ' |
Debt | ' |
Note 7 Debt | |
U.S. revolving credit facility | |
The Company and Wells Fargo Capital Finance, LLC ("Wells Fargo"), entered into a Third Amended and Restated Loan and Security Agreement (the "Amended Agreement") with certain other lenders with an effective date of July 14, 2011. The maximum revolving loan amount under the Amended Agreement is $120.0 million, subject to a borrowing base formula and certain reserves that could limit the Company's borrowing to approximately $105.0 million. The Amended Agreement permits an increase in the maximum revolving loan amount from $120.0 million up to an aggregate amount of $170.0 million at the request of the borrowers. Borrowings under the U.S. revolving credit facility bear interest at the Company's option at either Wells Fargo's "prime rate", plus up to 0.75% per annum, or the adjusted Eurodollar rate used by the lender, plus up to 2.0% per annum. As of September 30, 2014, the U.S. revolving credit facility had an outstanding balance of zero. In addition, the Company must pay monthly in arrears a commitment fee of 0.25% per annum on the unused amount of the U.S. revolving credit facility total commitment. For letters of credit, the Company must pay 1.5% per annum on the daily outstanding balance of all issued letters of credit, plus customary fees for issuance, amendments and processing. The Company is subject to certain covenants as to fixed charge coverage ratios and other customary covenants, including covenants restricting the incurrence of indebtedness, the granting of liens and the sale of assets. The covenant pertaining to fixed charge coverage ratios is only effective in the event the amount of excess availability under the revolver is less than 12.5% of the maximum credit revolving amount. The Company is permitted to pay dividends and repurchase common stock if certain financial metrics are met (which do not apply in the case of dividends less than $20.0 million in the aggregate in a year and repurchases in connection with the vesting of shares of restricted stock). As of September 30, 2014, the most recent required measurement date under the Amended Agreement, management believes that the Company was in compliance with all applicable financial covenants under the Amended Agreement. The U.S. revolving credit facility matures on July 14, 2016. Borrowings under the U.S. revolving credit facility are collateralized by a pledge of substantially all of the U.S. assets of the Company, including the equity interests in its U.S. subsidiaries, but excluding the four-high Steckel rolling mill and related assets, which are pledged to Titanium Metals Corporation to secure the performance of the Company's obligations under a Conversion Services Agreement with TIMET (see discussion of TIMET at Note 15 in the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K). The U.S. revolving credit facility is also secured by a pledge of a 65% equity interest in each of the Company's direct foreign subsidiaries. | |
The Company's U.K. subsidiary (Haynes International Ltd.) has an overdraft facility of 2,000 pounds sterling ($3,243), all of which was available on September 30, 2014. The Company's French subsidiary (Haynes International, S.A.R.L.) has an overdraft banking facility of 1,200 Euro ($1,510), all of which was available on September 30, 2014. The Company's Swiss subsidiary (Haynes International AG) had an overdraft banking facility of 500 Swiss Francs ($524), all of which was available on September 30, 2014. | |
Pension_Plan_and_Retirement_Be
Pension Plan and Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Pension Plan and Retirement Benefits | ' | |||||||||||||||||||||||||
Pension Plan and Retirement Benefits | ' | |||||||||||||||||||||||||
Note 8 Pension Plan and Retirement Benefits | ||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||
The Company sponsors a defined contribution plan (401(k)) for substantially all U.S. employees. The Company contributes an amount equal to 50% of an employee's contribution to the plan up to a maximum contribution of 3% of the employee's salary, except for all salaried employees and certain hourly employees (those hired after June 30, 2007 that are not eligible for the U.S. pension plan). The Company contributes an amount equal to 60% of an employee's contribution to the plan up to a maximum contribution of 6% of the employee's salary for these groups. Expenses associated with this plan for the years ended September 30, 2012, 2013 and 2014 totaled $1,374, $1,416 and $1,436, respectively. | ||||||||||||||||||||||||||
The Company sponsors certain profit sharing plans for the benefit of employees meeting certain eligibility requirements. There were no contributions to these plans for the years ended September 30, 2012, 2013 and 2014. | ||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||
The Company has non-contributory defined benefit pension plans which cover most employees in the U.S. and certain foreign subsidiaries. In the U.S. salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). On October 3, 2007, the U.S. pension plan was amended effective December 31, 2007 to freeze benefit accruals for all non-union employees in the U.S. and effective January 1, 2008, the pension multiplier used to calculate the employee's monthly benefit was increased from 1.4% to 1.6%. In addition, the Company will make enhanced matching contributions to its 401K plan equal to 60% of the non-union and union plan participant's salary deferrals, up to 6% of compensation. As a result of freezing the benefit accruals for all non-union employees in the U.S. in the first quarter of fiscal 2008, the Company recognized a reduction of the projected benefit obligation of $8,191, an increase to other comprehensive income (before tax) of $4,532 and a curtailment gain (before tax) of $3,659. The impact of the multiplier increase will be charged to pension expense over the estimated remaining lives of the participants. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefit accruals for members of its plan. As of September 30, 2009, the company recognized a reduction of the projected benefit obligation of $392, an increase to other comprehensive income (before tax) of $392 and zero impact on the statement of operations. | ||||||||||||||||||||||||||
Benefits provided under the Company's domestic defined benefit pension plan are based on years of service and the employee's final compensation. The Company's funding policy is to contribute annually an amount deductible for federal income tax purposes based upon an actuarial cost method using actuarial and economic assumptions designed to achieve adequate funding of benefit obligations. | ||||||||||||||||||||||||||
The Company has non-qualified pensions for former executives of the Company. Non-qualified pension plan expense for the years ended September 30, 2012, 2013 and 2014 was $110, $12 and $84, respectively. Accrued liabilities in the amount of $825 and $813 for these benefits are included in accrued pension and postretirement benefits liability at September 30, 2013 and 2014, respectively. | ||||||||||||||||||||||||||
In addition to providing pension benefits, the Company provides certain health care and life insurance benefits for retired employees. Substantially all domestic employees become eligible for these benefits, if they reach normal retirement age while working for the Company. During March 2006, the Company communicated to employees and plan participants a negative plan amendment that caps the Company's liability related to total retiree health care costs at $5,000 annually effective January 1, 2007. An updated actuarial valuation was performed at March 31, 2006, which reduced the accumulated postretirement benefit liability due to this plan amendment by $46,313 that was amortized as a reduction to expense over an eight year period. This amortization period began in April 2006 thus reducing the amount of expense recognized for the second half of fiscal 2006 and the respective future periods and, as of September 30, 2014 is fully amortized. | ||||||||||||||||||||||||||
The Company made contributions of $15,000 and $1,250 to fund its domestic Company-sponsored pension plan for the year ended September 30, 2013 and 2014, respectively. The Company's U.K. subsidiary made contributions of $970 and $975 for the years ended September 30, 2013 and 2014, respectively, to the U.K. pension plan. | ||||||||||||||||||||||||||
The Company uses a September 30 measurement date for its plans. The status of employee pension benefit plans and other postretirement benefit plans are summarized below: | ||||||||||||||||||||||||||
Defined Benefit | Postretirement | |||||||||||||||||||||||||
Pension Plans | Health Care Benefits | |||||||||||||||||||||||||
Year Ended September 30, | Year Ended September 30, | |||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 303,445 | $ | 273,693 | $ | 114,209 | $ | 98,772 | ||||||||||||||||||
Service cost | 4,881 | 3,971 | 387 | 267 | ||||||||||||||||||||||
Interest cost | 10,839 | 11,989 | 4,330 | 4,578 | ||||||||||||||||||||||
Actuarial losses (gains) | (32,627 | ) | 12,143 | (16,018 | ) | 5,614 | ||||||||||||||||||||
Benefits paid | (12,845 | ) | (13,237 | ) | (4,136 | ) | (3,844 | ) | ||||||||||||||||||
Projected benefit obligation at end of year | $ | 273,693 | $ | 288,559 | $ | 98,772 | $ | 105,387 | ||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 182,011 | $ | 206,113 | $ | — | $ | — | ||||||||||||||||||
Actual return on assets | 20,977 | 21,861 | — | — | ||||||||||||||||||||||
Employer contributions | 15,970 | 2,225 | 4,136 | 3,844 | ||||||||||||||||||||||
Benefits paid | (12,845 | ) | (13,237 | ) | (4,136 | ) | (3,844 | ) | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 206,113 | $ | 216,962 | $ | — | $ | — | ||||||||||||||||||
Funded Status of Plan: | ||||||||||||||||||||||||||
Unfunded status | $ | (67,580 | ) | $ | (71,597 | ) | $ | (98,772 | ) | $ | (105,387 | ) | ||||||||||||||
Amounts recognized in the consolidated balance sheets are as follows: | ||||||||||||||||||||||||||
Defined Benefit | Postretirement | Non-Qualified | All Plans | |||||||||||||||||||||||
Pension Plans | Health Care Benefits | Pension Plans | Combined | |||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | |||||||||||||||||||
Accrued pension and postretirement benefits: | ||||||||||||||||||||||||||
Current | $ | — | $ | — | $ | (4,823 | ) | $ | (4,477 | ) | $ | (95 | ) | $ | (95 | ) | $ | (4,918 | ) | $ | (4,572 | ) | ||||
Non-current | (67,580 | ) | (71,597 | ) | (93,949 | ) | (100,910 | ) | (730 | ) | (718 | ) | (162,259 | ) | (173,225 | ) | ||||||||||
Accrued pension and postretirement benefits | $ | (67,580 | ) | $ | (71,597 | ) | $ | (98,772 | ) | $ | (105,387 | ) | $ | (825 | ) | $ | (813 | ) | $ | (167,177 | ) | $ | (177,797 | ) | ||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Net loss | 63,939 | 64,641 | 28,897 | 32,514 | — | — | 92,836 | 97,155 | ||||||||||||||||||
Prior service cost | 5,444 | 4,636 | (2,895 | ) | — | — | — | 2,549 | 4,636 | |||||||||||||||||
Total accumulated other comprehensive loss | $ | 69,383 | $ | 69,277 | $ | 26,002 | $ | 32,514 | $ | — | $ | — | $ | 95,385 | $ | 101,791 | ||||||||||
Amounts expected to be recognized from AOCI into the statement of operations in the following year: | ||||||||||||||||||||||||||
Amortization of net loss | $ | 4,612 | $ | 4,645 | $ | 1,996 | $ | 2,434 | $ | — | $ | — | $ | 6,608 | $ | 7,079 | ||||||||||
Amortization of prior service cost | 808 | 808 | (2,895 | ) | — | — | — | (2,087 | ) | 808 | ||||||||||||||||
$ | 5,420 | $ | 5,453 | $ | (899 | ) | $ | 2,434 | $ | — | $ | — | $ | 4,521 | $ | 7,887 | ||||||||||
The accumulated benefit obligation for the pension plans was $257,284 and $276,009 at September 30, 2013 and 2014, respectively. | ||||||||||||||||||||||||||
The cost of the Company's postretirement benefits are accrued over the years employees provide service to the date of their full eligibility for such benefits. The Company's policy is to fund the cost of claims on an annual basis. | ||||||||||||||||||||||||||
The components of net periodic pension cost and postretirement health care benefit cost are as follows: | ||||||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||||
Service cost | $ | 4,001 | $ | 4,881 | $ | 3,971 | ||||||||||||||||||||
Interest cost | 11,623 | 10,839 | 11,989 | |||||||||||||||||||||||
Expected return on assets | (11,755 | ) | (13,189 | ) | (15,033 | ) | ||||||||||||||||||||
Amortization of prior service cost | 808 | 808 | 808 | |||||||||||||||||||||||
Recognized actuarial loss | 9,031 | 10,189 | 4,612 | |||||||||||||||||||||||
Net periodic cost | $ | 13,708 | $ | 13,528 | $ | 6,347 | ||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||
Health Care Benefits | ||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||||
Service cost | $ | 291 | $ | 387 | $ | 267 | ||||||||||||||||||||
Interest cost | 4,581 | 4,330 | 4,578 | |||||||||||||||||||||||
Amortization of unrecognized prior service cost | (5,789 | ) | (5,789 | ) | (2,895 | ) | ||||||||||||||||||||
Recognized actuarial loss | 2,799 | 3,717 | 1,996 | |||||||||||||||||||||||
Net periodic cost | $ | 1,882 | $ | 2,645 | $ | 3,946 | ||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||
A 5.5% (6.0%-2013) annual rate of increase for the costs of covered health care benefits for ages under 65 and a 5.0% (5.0%-2013) annual rate of increase for ages over 65 were assumed for 2014, gradually decreasing for the over 65 age group to 5.0% and remaining at 5.0% for the under 65 age group by the year 2016. A one percentage point change in assumed health care cost trend rates would have the following effects in 2014: | ||||||||||||||||||||||||||
1-Percentage Point | 1-Percentage Point | |||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0 | $ | 0 | ||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | 0 | 0 | ||||||||||||||||||||||||
The effect on total of service and interest cost components and the effect on accumulated postretirement benefit obligation is zero due to the plan amendment that caps the Company costs at $5,000 on an undiscounted basis per year. | ||||||||||||||||||||||||||
The actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans at September 30, 2013 and 2014 were determined based on the following assumptions: | ||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||
Discount rate (postretirement health care) | 4.750 | % | 4.250 | % | ||||||||||||||||||||||
Discount rate (U.S. pension plan) | 4.500 | % | 4.000 | % | ||||||||||||||||||||||
Discount rate (U.K. pension plan) | 4.300 | % | 3.900 | % | ||||||||||||||||||||||
Rate of compensation increase (U.S. pension plan only) | 3.500 | % | 3.500 | % | ||||||||||||||||||||||
The net periodic pension and postretirement health care benefit costs for the plans were determined using the following assumptions: | ||||||||||||||||||||||||||
Defined Benefit Pension | ||||||||||||||||||||||||||
and Postretirement | ||||||||||||||||||||||||||
Health Care Plans | ||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||||
Discount rate (postretirement health care plan) | 4.625 | % | 3.875 | % | 4.750 | % | ||||||||||||||||||||
Discount rate (U.S. pension plan) | 4.500 | % | 3.625 | % | 4.500 | % | ||||||||||||||||||||
Discount rate (U.K. pension plan) | 5.200 | % | 4.100 | % | 4.300 | % | ||||||||||||||||||||
Expected return on plan assets (U.S. pension plan) | 8.000 | % | 7.500 | % | 7.500 | % | ||||||||||||||||||||
Expected return on plan assets (U.K. pension plan) | 5.900 | % | 4.200 | % | 4.800 | % | ||||||||||||||||||||
Rate of compensation increase (U.S. pension plan only) | 3.500 | % | 3.500 | % | 3.500 | % | ||||||||||||||||||||
Plan Assets and Investment Strategy | ||||||||||||||||||||||||||
Our pension plan assets by level within the fair value hierarchy at September 30, 2013 and 2014, are presented in the table below. Our pension plan assets were accounted for at fair value. For more information on a description of the fair value hierarchy, see Note 16. | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Active | Other | Significant | ||||||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||||||
Identical | Inputs | Inputs | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
U.S. Pension Plan Assets: | ||||||||||||||||||||||||||
U.S. common stock mutual funds | $ | 38,575 | $ | — | $ | — | $ | 38,575 | ||||||||||||||||||
Common /collective funds | ||||||||||||||||||||||||||
Bonds | — | 74,378 | — | 74,378 | ||||||||||||||||||||||
Short-term money market | — | 2,590 | — | 2,590 | ||||||||||||||||||||||
U.S. common stock | — | 64,592 | — | 64,592 | ||||||||||||||||||||||
International equity | — | 8,307 | — | 8,307 | ||||||||||||||||||||||
Total U.S. | $ | 38,575 | $ | 149,867 | $ | — | $ | 188,442 | ||||||||||||||||||
U.K. Plan Assets: | ||||||||||||||||||||||||||
Equities | $ | — | $ | 7,695 | $ | — | $ | 7,695 | ||||||||||||||||||
Bonds | — | 7,111 | — | 7,111 | ||||||||||||||||||||||
Other | — | 2,865 | — | 2,865 | ||||||||||||||||||||||
Total U.K. | $ | — | $ | 17,671 | $ | — | $ | 17,671 | ||||||||||||||||||
Total pension plan assets | $ | 38,575 | $ | 167,538 | $ | — | $ | 206,113 | ||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Active | Other | Significant | ||||||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||||||
Identical | Inputs | Inputs | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
U.S. Pension Plan Assets: | ||||||||||||||||||||||||||
U.S. common stock mutual funds | $ | 41,968 | $ | — | $ | — | $ | 41,968 | ||||||||||||||||||
Common /collective funds | ||||||||||||||||||||||||||
Bonds | — | 79,231 | — | 79,231 | ||||||||||||||||||||||
Short-term money market | — | — | — | — | ||||||||||||||||||||||
U.S. common stock | — | 67,733 | — | 67,733 | ||||||||||||||||||||||
International equity | — | 8,398 | — | 8,398 | ||||||||||||||||||||||
Total U.S. | $ | 41,968 | $ | 155,362 | $ | — | $ | 197,330 | ||||||||||||||||||
U.K. Plan Assets: | ||||||||||||||||||||||||||
Equities | $ | — | $ | 8,329 | $ | — | $ | 8,329 | ||||||||||||||||||
Bonds | — | 9,021 | — | 9,021 | ||||||||||||||||||||||
Other | — | 2,282 | — | 2,282 | ||||||||||||||||||||||
Total U.K. | $ | — | $ | 19,632 | $ | — | $ | 19,632 | ||||||||||||||||||
Total pension plan assets | $ | 41,968 | $ | 174,994 | $ | — | $ | 216,962 | ||||||||||||||||||
The primary financial objectives of the Plans are to minimize cash contributions over the long term and preserve capital while maintaining a high degree of liquidity. A secondary financial objective is, where possible, to avoid significant downside risk in the short run. The objective is based on a long-term investment horizon so that interim fluctuations should be viewed with appropriate perspective. | ||||||||||||||||||||||||||
The selection of the U.S. Plan's assumption for the expected long-term rate of return on plan assets is based upon the Plan's target allocation of 60% equities and 40% bonds, and the expected rate of return for each equity/bond asset class. Based upon the target allocation and each asset class's expected return, the Plan's return on assets assumption is 7.50%, and it remains unchanged from last year's assumption. The Company also realizes that historical performance is no guarantee of future performance. | ||||||||||||||||||||||||||
In determining the expected rate of return on plan assets, the Company takes into account the Plan's allocation at September 30, 2014 of 60% equities, 40% fixed income and 0% other. The Company assumes an approximately 3.00% to 4.00% equity risk premium above the broad bond market yields of 5.00% to 7.00%. Note that over very long historical periods the realized risk premium has been higher. The Company believes that its assumption of a 7.5% long-term rate of return on plan assets is comparable to other companies, given the target allocation of the plan assets; however, there exists the potential for the use of a lower rate in the future. | ||||||||||||||||||||||||||
It is the policy of the U.S. pension plan to invest assets with an allocation to equities as shown below. The balance of the assets are maintained in fixed income investments, and in cash holdings, to the extent permitted by the plan documents. | ||||||||||||||||||||||||||
Asset classes as a percent of total assets: | ||||||||||||||||||||||||||
Asset Class | Target(1) | |||||||||||||||||||||||||
Equity | 60 | % | ||||||||||||||||||||||||
Fixed Income | 40 | % | ||||||||||||||||||||||||
Real Estate and Other | 0 | % | ||||||||||||||||||||||||
-1 | From time to time the Company may adjust the target allocation by an amount not to exceed 10%. | |||||||||||||||||||||||||
The U.K. pension plan assets use a similar strategy and investment objective. | ||||||||||||||||||||||||||
Contributions and Benefit Payments | ||||||||||||||||||||||||||
The Company has not yet determined the amounts to contribute to its domestic pension plans, domestic other postretirement benefit plans, and the U.K. pension plan in fiscal 2015. | ||||||||||||||||||||||||||
Pension and postretirement health care benefits (which include expected future service) are expected to be paid out of the respective plans as follows: | ||||||||||||||||||||||||||
Fiscal Year Ending September 30 | Pension | Postretirement | ||||||||||||||||||||||||
Health Care | ||||||||||||||||||||||||||
2015 | $ | 14,063 | $ | 4,477 | ||||||||||||||||||||||
2016 | 14,309 | 4,674 | ||||||||||||||||||||||||
2017 | 14,696 | 4,860 | ||||||||||||||||||||||||
2018 | 14,973 | 5,000 | ||||||||||||||||||||||||
2019 | 15,339 | 5,000 | ||||||||||||||||||||||||
2020-2024 (in total) | 85,683 | 25,000 | ||||||||||||||||||||||||
Commitments
Commitments | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments | ' | ||||
Commitments | ' | ||||
Note 9 Commitments | |||||
The Company leases certain transportation vehicles, warehouse facilities, office space and machinery and equipment under cancelable and non-cancelable leases, most of which expire within 10 years and may be renewed by the Company. Rent expense under such arrangements totaled $3,347, $3,693 and $3,518 for the years ended September 30, 2012, 2013 and 2014, respectively. Rent expense does not include income from sub-lease rentals totaling $145, $129 and $147 for the years ended September 30, 2012, 2013 and 2014, respectively. Future minimum rental commitments under non-cancelable operating leases at September 30, 2014, are as follows: | |||||
Operating | |||||
2015 | $ | 2,812 | |||
2016 | 1,907 | ||||
2017 | 1,464 | ||||
2018 | 948 | ||||
2019 | 603 | ||||
2020 and thereafter | 25 | ||||
$ | 7,759 | ||||
Future minimum rental commitments under non-cancelable operating leases have not been reduced by minimum sub-lease rentals of $35 due in the future. | |||||
Legal_Environmental_and_Other_
Legal, Environmental and Other Contingencies | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Legal, Environmental and Other Contingencies | ' | |||||||
Legal, Environmental and Other Contingencies | ' | |||||||
Note 10 Legal, Environmental and Other Contingencies | ||||||||
The Company is regularly involved in litigation, both as a plaintiff and as a defendant, relating to its business and operations, including environmental, commercial, employment and federal and/or state Equal Employment Opportunity Commission (EEOC) administrative actions. Future expenditures for environmental, employment, intellectual property and other legal matters cannot be determined with any degree of certainty; however, based on the facts presently known, management does not believe that such costs will have a material effect on the Company's financial position, results of operations or cash flows. | ||||||||
The Company is currently, and has in the past been, subject to claims involving personal injuries allegedly relating to its products and processes. For example, the Company is presently involved in two actions involving welding rod-related injuries, which were filed in California state court against numerous manufacturers, including the Company, in May 2006 and February 2007, respectively, alleging that the welding-related products of the defendant manufacturers harmed the users of such products through the inhalation of welding fumes containing manganese. The Company believes that it has defenses to these allegations and that, if the Company were to be found liable, the cases would not have a material effect on its financial position, results of operations or liquidity. | ||||||||
The Company has received permits from the Indiana Department of Environmental Management, or IDEM, to close and to provide post-closure monitoring and care for certain areas at the Kokomo facility previously used for the storage and disposal of wastes, some of which are classified as hazardous under applicable regulations. Closure certification was received in fiscal 1988 for the South Landfill at the Kokomo facility, and post-closure monitoring and care is ongoing there. Closure certification was received in fiscal 1999 for the North Landfill at the Kokomo facility, and post-closure monitoring and care are permitted and ongoing there. In fiscal 2007, IDEM issued a single post-closure permit applicable to both the North and South Landfills, which contains monitoring and post-closure care requirements. In addition, IDEM required that a Resource Conservation and Recovery Act, or RCRA, Facility Investigation, or RFI and which was renewed in 2012, be conducted in order to further evaluate one additional area of concern and one additional solid waste management unit. The RFI commenced in fiscal 2008 and is ongoing. Based on preliminary results, the Company has determined that additional testing and further source remediation are necessary. | ||||||||
The Company has also received permits from the North Carolina Department of Environment and Natural Resources, or NCDENR, to close and provide post-closure monitoring and care for the hazardous waste lagoon at its Mountain Home, North Carolina facility. The lagoon area has been closed and is currently undergoing post-closure monitoring and care. The Company is required to monitor groundwater and to continue post-closure maintenance of the former disposal areas at each site. As a result, the Company is aware of elevated levels of certain contaminants in the groundwater, and additional corrective action by the Company could be required. | ||||||||
On August 3, 2012, the Company received an information request from the United States Environmental Protection Agency, or EPA, relating to the Company's compliance with laws relating to air quality. The Company has responded to the request, and there has been no further action by the EPA. | ||||||||
As of September 30, 2014, the Company has accrued $823 for post-closure monitoring and maintenance activities. Accruals for these costs are calculated by estimating the cost to monitor and maintain each post-closure site and multiplying that amount by the number of years remaining in the post-closure monitoring. | ||||||||
Long-term obligations consist of the following (in thousands): | ||||||||
September 30, | ||||||||
2013 | 2014 | |||||||
Environmental post-closure monitoring and maintenance activities | $ | 846 | $ | 823 | ||||
Less amounts due within one year | (79 | ) | (78 | ) | ||||
$ | 767 | $ | 745 | |||||
Expected maturities of long-term obligations (discounted) are as follows at September 30, 2014: | ||||||||
Year Ending | ||||||||
2015 | $ | — | ||||||
2016 | 85 | |||||||
2017 | 73 | |||||||
2018 | 76 | |||||||
2019 | 57 | |||||||
2020 and thereafter | 454 | |||||||
$ | 745 | |||||||
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Stock-based Compensation | ' | ||||||||||||||
Stock-based Compensation | ' | ||||||||||||||
Note 11 Stock-based Compensation | |||||||||||||||
Restricted Stock Plan | |||||||||||||||
On February 23, 2009, the Company adopted a restricted stock plan that reserved 400,000 shares of common stock for issuance. Grants of restricted stock are grants of shares of the Company's common stock subject to transfer restrictions, which vest in accordance with the terms and conditions established by the Compensation Committee. The Compensation Committee may set vesting requirements based on the achievement of specific performance goals or the passage of time. | |||||||||||||||
Restricted shares are subject to forfeiture if employment or service terminates prior to the vesting date or if any applicable performance goal is not met. The Company will assess, on an ongoing basis, the probability of whether the performance criteria will be achieved. The Company will recognize compensation expense over the performance period if it is deemed probable that the goal will be achieved. The fair value of the Company's restricted stock is determined based upon the closing price of the Company's common stock on the grant date. The plan provides for the adjustment of the number of shares covered by an outstanding grant and the maximum number of shares for which restricted stock may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. | |||||||||||||||
On November 26, 2013 and December 2, 2013, the Company granted 34,700 and 3,000 shares, respectively, of restricted stock to certain key employees and non-employee directors. The shares of restricted stock granted to employees will vest on the third anniversary of their grant date, provided that (a) the recipient is still an employee of the Company and (b) the Company has met a three-year net income performance goal, if applicable. The shares of restricted stock granted to non-employee directors will vest on the earlier of (a) the third anniversary of the date of grant or (b) the failure of such non-employee director to be re-elected at an annual meeting of the stockholders of the Company as a result of such non-employee director being excluded from the nominations for any reason other than cause. The fair value of the grants were $52.78 and $54.22 per share, respectively, the closing price of the Company's common stock on the trading day immediately preceding the day of the applicable grant. | |||||||||||||||
The following table summarizes the activity under the restricted stock plan for the year ended September 30, 2014: | |||||||||||||||
Number of | Weighted | ||||||||||||||
Shares | Average Fair | ||||||||||||||
Value At | |||||||||||||||
Grant Date | |||||||||||||||
Unvested at September 30, 2013 | 96,750 | $ | 47.74 | ||||||||||||
Granted | 37,700 | $ | 52.89 | ||||||||||||
Forfeited / Canceled | (450 | ) | $ | 56.68 | |||||||||||
Vested | (36,850 | ) | $ | 41.77 | |||||||||||
Unvested at September 30, 2014 | 97,150 | $ | 51.96 | ||||||||||||
Expected to vest | 65,550 | $ | 51.99 | ||||||||||||
Compensation expense related to restricted stock for the years ended September 30, 2012, 2013 and 2014 was $1,518 $832 and $1,295, respectively. The remaining unrecognized compensation expense at September 30, 2014 was $1,627, to be recognized over a weighted average period of 0.95 years. During fiscal 2014, the Company repurchased 6,284 shares of stock from employees at an average purchase price of $53.38 to satisfy required employee-owed taxes on stock—based compensation. | |||||||||||||||
Stock Option Plans | |||||||||||||||
The Company has two stock option plans that authorize the granting of non-qualified stock options to certain key employees and non-employee directors for the purchase of a maximum of 1,500,000 shares of the Company's common stock. The original option plan was adopted in August 2004 pursuant to the plan of reorganization and provides for the grant of options to purchase up to 1,000,000 shares of the Company's common stock. In January 2007, the Company's Board of Directors adopted a second option plan that provides for options to purchase up to 500,000 shares of the Company's common stock. Each plan provides for the adjustment of the maximum number of shares for which options may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. Unless the Compensation Committee determines otherwise, options granted under the option plans are exercisable for a period of ten years from the date of grant and vest 331/3% per year over three years from the grant date. The amount of compensation cost recognized in the financial statements is measured based upon the grant date fair value. | |||||||||||||||
The fair value of option grants was estimated as of the date of the grant. The Company has elected to use the Black-Scholes option pricing model, which incorporates various assumptions including volatility, expected life, risk-free interest rates, expected forfeitures and dividend yields. The volatility is based on historical volatility of the Company's common stock over the most recent period commensurate with the estimated expected term of the stock option granted. The Company uses historical volatility because management believes such volatility is representative of prospective trends. The expected term of an award is based on historical exercise data. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of the awards. The expected forfeiture rate is based upon historical experience. The dividend yield assumption is based on the Company's history and expectations regarding dividend payouts at the time of the grant. Valuation of future grants under the Black-Scholes model will include a dividend yield. The following assumptions were used for grants in the first quarter of fiscal 2014: | |||||||||||||||
Grant Date | Fair | Dividend | Risk-free | Expected | Expected | ||||||||||
Value | Yield | Interest Rate | Volatility | Life | |||||||||||
November 26, 2013 | $ | 13.94 | 1.67 | % | 0.57 | % | 42 | % | 3 years | ||||||
On November 26, 2013, the Company granted 45,250 options at an exercise price of $52.78, the fair market value of the Company's common stock the day of the grant. During fiscal 2014, 54,913 options were exercised. | |||||||||||||||
The stock-based employee compensation expense for stock options for the years ended September 30, 2012, 2013 and 2014 was $561, $424 and $474, respectively. The remaining unrecognized compensation expense at September 30, 2014 was $615, to be recognized over a weighted average vesting period of 1.27 years. | |||||||||||||||
The following table summarizes the activity under the stock option plans for the year ended September 30, 2014: | |||||||||||||||
Number of | Aggregate | Weighted | Weighted | ||||||||||||
Shares | Intrinsic | Average | Average | ||||||||||||
Value | Exercise | Remaining | |||||||||||||
(000s) | Prices | Contractual | |||||||||||||
Life | |||||||||||||||
Outstanding at September 30, 2013 | 291,664 | $ | 45.36 | ||||||||||||
Granted | 45,250 | $ | 52.78 | ||||||||||||
Exercised | (54,913 | ) | $ | 19.36 | |||||||||||
Canceled | — | — | |||||||||||||
Outstanding at September 30, 2014 | 282,001 | $ | 752 | $ | 51.61 | 5.39 yrs. | |||||||||
Vested or expected to vest | 269,026 | $ | 735 | $ | 51.73 | 5.26 yrs. | |||||||||
Exercisable at September 30, 2014 | 205,252 | $ | 752 | $ | 51.66 | 4.16 yrs. | |||||||||
Grant Date | Exercise Price | Remaining | Outstanding | Exercisable | |||||||||||
Per Share | Contractual | Number of | Number of | ||||||||||||
Life in Years | Shares | Shares | |||||||||||||
March 31, 2006 | 31.00 | 1.50 | 10,000 | 10,000 | |||||||||||
March 30, 2007 | 72.93 | 2.50 | 47,500 | 47,500 | |||||||||||
March 31, 2008 | 54.00 | 3.50 | 58,000 | 58,000 | |||||||||||
October 1, 2008 | 46.83 | 4.00 | 20,000 | 20,000 | |||||||||||
March 31, 2009 | 17.82 | 4.50 | 12,084 | 12,084 | |||||||||||
January 8, 2010 | 34.00 | 5.25 | 12,400 | 12,400 | |||||||||||
November 24, 2010 | 40.26 | 6.17 | 19,667 | 19,667 | |||||||||||
November 25, 2011 | 55.88 | 7.17 | 19,700 | 13,135 | |||||||||||
November 20, 2012 | 47.96 | 8.17 | 35,600 | 11,866 | |||||||||||
December 10, 2012 | 48.39 | 8.17 | 1,800 | 600 | |||||||||||
November 26, 2013 | 52.78 | 9.17 | 45,250 | — | |||||||||||
282,001 | 205,252 | ||||||||||||||
Quarterly_Data_unaudited
Quarterly Data (unaudited) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Quarterly Data (unaudited) | ' | |||||||||||||
Quarterly Data (unaudited) | ' | |||||||||||||
Note 12 Quarterly Data (unaudited) | ||||||||||||||
The unaudited quarterly results of operations of the Company for years ended September 30, 2013 and 2014 are as follows: | ||||||||||||||
2013 | ||||||||||||||
Quarter Ended | ||||||||||||||
December 31 | March 31 | June 30 | September 30 | |||||||||||
Net revenues | $ | 114,300 | $ | 129,201 | $ | 123,587 | $ | 115,658 | ||||||
Gross profit | 18,774 | 20,084 | 18,605 | 16,163 | ||||||||||
Net income | 5,835 | 6,436 | 5,297 | 4,009 | ||||||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.47 | $ | 0.52 | $ | 0.43 | $ | 0.33 | ||||||
Diluted | $ | 0.47 | $ | 0.52 | $ | 0.43 | $ | 0.32 | ||||||
2014 | ||||||||||||||
Quarter Ended | ||||||||||||||
December 31 | March 31 | June 30 | September 30 | |||||||||||
Net revenues | $ | 93,700 | $ | 115,350 | $ | 126,293 | $ | 120,067 | ||||||
Gross profit | 5,250 | 9,064 | 14,061 | 18,923 | ||||||||||
Net income (loss) | (3,492 | ) | (1,223 | ) | 2,096 | 6,370 | ||||||||
Net income (loss) per share: | ||||||||||||||
Basic | $ | (0.29 | ) | $ | (0.10 | ) | $ | 0.17 | $ | 0.51 | ||||
Diluted | $ | (0.29 | ) | $ | (0.10 | ) | $ | 0.17 | $ | 0.51 | ||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Segment Reporting | ' | ||||||||||
Segment Reporting | ' | ||||||||||
Note 13 Segment Reporting | |||||||||||
The Company operates in one business segment: the design, manufacture, marketing and distribution of technologically advanced, high-performance alloys for use in the aerospace, land-based gas turbine, chemical processing and other industries. The Company has operations in the United States, Europe and China, which are summarized below. Sales between geographic areas are made at negotiated selling prices. Revenues from external customers are attributed to the geographic areas presented based on the destination of product shipments. | |||||||||||
Year Ended September 30, | |||||||||||
2012 | 2013 | 2014 | |||||||||
Net Revenue by Geography: | |||||||||||
United States | $ | 346,750 | $ | 268,054 | $ | 261,631 | |||||
Europe | 121,781 | 110,389 | 101,824 | ||||||||
China | 48,183 | 39,475 | 36,596 | ||||||||
Other | 62,847 | 64,828 | 55,359 | ||||||||
Net Revenues | $ | 579,561 | $ | 482,746 | $ | 455,410 | |||||
Net Revenue by Product Group: | |||||||||||
High-temperature resistant alloys | $ | 423,080 | $ | 357,232 | $ | 341,557 | |||||
Corrosive-resistant alloys | 156,481 | 125,514 | 113,853 | ||||||||
Net revenues | $ | 579,561 | $ | 482,746 | $ | 455,410 | |||||
September 30, | |||||||||||
2013 | 2014 | ||||||||||
Long-lived Assets by Geography: | |||||||||||
United States | $ | 146,940 | $ | 166,542 | |||||||
Europe | 5,221 | 7,021 | |||||||||
China | 603 | 520 | |||||||||
Total long-lived assets | $ | 152,764 | $ | 174,083 | |||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||
Note 14 Valuation and Qualifying Accounts | ||||||||||||||
Balance at | Charges | Deductions(1) | Balance at | |||||||||||
Beginning | (credits) to | End | ||||||||||||
of Period | Expense | of Period | ||||||||||||
Allowance for doubtful accounts receivables: | ||||||||||||||
September 30, 2014 | 1,199 | 8 | (346 | ) | 861 | |||||||||
September 30, 2013 | 1,249 | (34 | ) | (16 | ) | 1,199 | ||||||||
September 30, 2012 | 1,129 | 235 | (115 | ) | 1,249 | |||||||||
-1 | Uncollectible accounts written off net of recoveries. | |||||||||||||
Deferred_Revenue
Deferred Revenue | 12 Months Ended |
Sep. 30, 2014 | |
Deferred Revenue | ' |
Deferred Revenue | ' |
Note 15 Deferred Revenue | |
On November 17, 2006, the Company entered into a twenty-year agreement to provide conversion services to Titanium Metals Corporation ("TIMET") for up to ten million pounds of titanium metal annually. TIMET paid the Company a $50,000 up-front fee and will also pay the Company for its processing services during the term of the agreement (20 years) at prices established by the terms of the agreement. TIMET may exercise an option to have ten million additional pounds of titanium converted annually, provided that it offers to loan up to $12,000 to the Company for certain capital expenditures which may be required to expand capacity. In addition to the volume commitment, the Company has granted TIMET a first priority security interest in its four-high Steckel rolling mill, along with rights of access if the Company enters into bankruptcy or defaults on any financing arrangements. The Company has agreed not to manufacture titanium products (other than cold reduced titanium tubing). The Company has also agreed not to provide titanium hot-rolling conversion services to any entity other than TIMET for the term of the Conversion Services Agreement. The agreement contains certain default provisions which could result in contract termination and damages, including liquidated damages of $25.0 million and the Company being required to return the unearned portion of the up-front fee. The Company considered each provision and the likelihood of the occurrence of a default that would result in liquidated damages. Based on the nature of the events that could trigger the liquidated damages clause, and the availability of the cure periods set forth in the agreement, the Company determined and continues to believe that none of these circumstances are reasonably likely to occur. Therefore, events resulting in liquidated damages have not been factored in as a reduction to the amount of revenue recognized over the life of the contract. The cash received of $50,000 is recognized in income on a straight-line basis over the 20-year term of the agreement. If an event of default occurred and was not cured within any applicable grace period, the Company would recognize the impact of the liquidated damages in the period of default and re-evaluate revenue recognition under the contract for future periods. The portion of the up-front fee not recognized in income is shown as deferred revenue on the consolidated balance sheet. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 16 Fair Value Measurements | ||||||||||||||
The fair value hierarchy has three levels based on the inputs used to determine fair value: | ||||||||||||||
• | Level 1—Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||
• | Level 2—Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and | |||||||||||||
• | Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||||||||||||
When available, the Company uses unadjusted quoted market prices to measure fair value and classifies such items within Level 1. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. If quoted market prices are not available, the valuation model used depends on the specific asset or liability being valued. A portion of the Company's pension plan assets are in a common collective trust that is considered within Level 2. To determine the fair value of these assets, the Company uses the quoted market prices of the underlying assets of the common collective trust. (See Note 8.) | ||||||||||||||
The following table represents the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and 2014: | ||||||||||||||
September 30, 2013 Fair Value Measurements at | ||||||||||||||
Reporting Date Using: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Cash and money market funds | $ | 68,326 | $ | — | $ | — | $ | 68,326 | ||||||
Pension plan assets | 38,575 | 167,538 | — | 206,113 | ||||||||||
Total fair value | $ | 106,901 | $ | 167,538 | $ | — | $ | 274,439 | ||||||
September 30, 2014 Fair Value Measurements | ||||||||||||||
at Reporting Date Using: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Cash and money market funds | $ | 45,871 | $ | — | $ | — | $ | 45,871 | ||||||
Pension plan assets | 41,968 | 174,994 | — | 216,962 | ||||||||||
Total fair value | $ | 87,839 | $ | 174,994 | $ | — | $ | 262,833 | ||||||
The Company has no Level 3 assets as of September 30, 2013 or 2014. | ||||||||||||||
Comprehensive_Income_Loss_and_
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ||||||||||||||||||||||||||||||||
Note 17. Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension and foreign currency translation adjustments, net of tax when applicable. | |||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||
Year Ended September 30, | |||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||
Pre-tax | Tax | Net | Pre-tax | Tax | Net | Pre-tax | Tax | Net | |||||||||||||||||||||||||
Net income | $ | 50,182 | $ | 21,577 | $ | 3,751 | |||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
Pension and postretirement: | |||||||||||||||||||||||||||||||||
Net gain (loss) arising during period | $ | (19,688 | ) | $ | 7,399 | (12,289 | ) | $ | 74,282 | $ | (27,201 | ) | 47,081 | $ | (1,886 | ) | $ | 698 | (1,188 | ) | |||||||||||||
Less: amortization of prior service cost | 4,981 | (1,743 | ) | 3,238 | 4,981 | (1,743 | ) | 3,238 | 2,087 | (773 | ) | 1,314 | |||||||||||||||||||||
Less: amortization of gain (loss) | (11,830 | ) | 4,140 | (7,690 | ) | (13,906 | ) | 4,867 | (9,039 | ) | (6,608 | ) | 2,444 | (4,164 | ) | ||||||||||||||||||
Foreign currency translation adjustment | 698 | — | 698 | 1,012 | — | 1,012 | (991 | ) | — | (991 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) | $ | (25,839 | ) | $ | 9,796 | (16,043 | ) | $ | 66,369 | $ | (24,077 | ) | 42,292 | $ | (7,398 | ) | $ | 2,369 | (5,029 | ) | |||||||||||||
Total comprehensive income (loss) | $ | 34,139 | $ | 63,869 | $ | (1,278 | ) | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||
Twelve Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Pension | Postretirement | Foreign | Total | ||||||||||||||||||||||||||||||
Plan | Plan | Exchange | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) as of September 30, 2012 | $ | (75,263 | ) | $ | (24,779 | ) | $ | 951 | $ | (99,091 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) before classifications | 25,317 | 10,162 | 1,012 | 36,491 | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 7,148 | (1,347 | ) | — | 5,801 | ||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 32,465 | 8,815 | 1,012 | 42,292 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) as of September 30, 2013 | $ | (42,798 | ) | $ | (15,964 | ) | $ | 1,963 | $ | (56,799 | ) | ||||||||||||||||||||||
Twelve Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Pension | Postretirement | Foreign | Total | ||||||||||||||||||||||||||||||
Plan | Plan | Exchange | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) as of September 30, 2013 | $ | (42,798 | ) | $ | (15,964 | ) | $ | 1,963 | $ | (56,799 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) before classifications | (3,418 | ) | (3,470 | ) | (991 | ) | (7,879 | ) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 3,416 | (566 | ) | — | 2,850 | ||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (2 | ) | (4,036 | ) | (991 | ) | (5,029 | ) | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss) as of September 30, 2014 | $ | (42,800 | ) | $ | (20,000 | ) | $ | 972 | $ | (61,828 | ) | ||||||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income | |||||||||||||||||||||||||||||||||
Twelve Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2014 | ||||||||||||||||||||||||||||||||
Pension | Post- | Total | Pension | Post- | Total | ||||||||||||||||||||||||||||
Plan | retirement | Plan | retirement | ||||||||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||||||||||
Amortization of Pension and Postretirement Plan items | |||||||||||||||||||||||||||||||||
Prior Service Costs(a) | $ | (808 | ) | $ | 5,789 | $ | 4,981 | $ | (808 | ) | $ | 2,895 | $ | 2,087 | |||||||||||||||||||
Actuarial (losses)(a) | (10,189 | ) | (3,717 | ) | (13,906 | ) | (4,613 | ) | (1,996 | ) | (6,609 | ) | |||||||||||||||||||||
Total before tax | (10,997 | ) | 2,072 | (8,925 | ) | (5,421 | ) | 899 | (4,522 | ) | |||||||||||||||||||||||
Tax (expense) or benefit | 3,849 | (725 | ) | 3,124 | 2,005 | (333 | ) | 1,672 | |||||||||||||||||||||||||
Total reclassification for the period | $ | (7,148 | ) | $ | 1,347 | $ | (5,801 | ) | $ | (3,416 | ) | $ | 566 | $ | (2,850 | ) | |||||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. | ||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Principles of Consolidation and Nature of Operations | ' | ||||||||||
Principles of Consolidation and Nature of Operations | |||||||||||
The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with distribution service centers in Lebanon, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Zurich, Switzerland; Singapore; Milan, Italy; Chennai, India; and Tokyo, Japan. | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments. | |||||||||||
Accounts Receivable | ' | ||||||||||
Accounts Receivable | |||||||||||
The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon evaluation of each customer's ability to perform its obligation, which is updated periodically. The Company purchases credit insurance for certain foreign trade receivables. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
The Company recognizes revenue when collectability is reasonably assured and when title passes to the customer, which is generally at the time of shipment with freight terms of FOB shipping point or at a foreign port for certain export customers. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation ("TIMET") as a result of a twenty-year agreement, entered into on November, 17, 2006 to provide conversion services to TIMET. See Note 15 Deferred Revenue for a description of accounting treatment relating to this up-front fee. | |||||||||||
Inventories | ' | ||||||||||
Inventories | |||||||||||
Inventories are stated at the lower of cost or market. The cost of inventories is determined using the first-in, first-out ("FIFO") method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions. | |||||||||||
Intangible Assets | ' | ||||||||||
Intangible Assets | |||||||||||
The Company has patents, trademarks and other intangibles. As the patents have a definite life, they are amortized over lives ranging from two to fourteen years. The Company reviews patents for impairment whenever events or circumstances indicate that the carrying amount of a patent may not be recoverable. Recoverability of the patent asset is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. | |||||||||||
As the trademarks have an indefinite life, the Company tests them for impairment at least annually as of August 31 (the annual impairment testing date). If the carrying value exceeds the fair value (determined by calculating a fair value based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. No impairment was recognized in the years ended September 30, 2013 or 2014 because the fair value exceeded the carrying values. The Company has a non-compete agreement with a remaining life of eight months. | |||||||||||
Amortization of the patents, non-competes and other intangibles was $423, $416 and $416 for the years ended September 30, 2012, 2013 and 2014, respectively. The following represents a summary of intangible assets at September 30, 2013 and 2014: | |||||||||||
September 30, 2013 | Gross | Accumulated | Carrying | ||||||||
Amount | Amortization | Amount | |||||||||
Patents | $ | 4,030 | $ | (2,533 | ) | $ | 1,497 | ||||
Trademarks | 3,800 | — | 3,800 | ||||||||
Non-compete | 500 | (381 | ) | 119 | |||||||
Other | 330 | (145 | ) | 185 | |||||||
$ | 8,660 | $ | (3,059 | ) | $ | 5,601 | |||||
September 30, 2014 | Gross | Accumulated | Carrying | ||||||||
Amount | Amortization | Amount | |||||||||
Patents | $ | 4,030 | $ | (2,813 | ) | $ | 1,217 | ||||
Trademarks | 3,800 | — | 3,800 | ||||||||
Non-compete | 500 | (452 | ) | 48 | |||||||
Other | 330 | (210 | ) | 120 | |||||||
$ | 8,660 | $ | (3,475 | ) | $ | 5,185 | |||||
Estimate of Aggregate Amortization Expense: | |||||||||||
Year Ended September 30, | |||||||||||
2015 | 392 | ||||||||||
2016 | 333 | ||||||||||
2017 | 279 | ||||||||||
2018 | 279 | ||||||||||
2019 | 102 | ||||||||||
Thereafter | — | ||||||||||
Property, Plant and Equipment | ' | ||||||||||
Property, Plant and Equipment | |||||||||||
Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives which are generally as follows: | |||||||||||
Building and improvements | 40 years | ||||||||||
Machinery and equipment | 5-14 years | ||||||||||
Office equipment and computer software | 3-10 years | ||||||||||
Land improvements | 20 years | ||||||||||
Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. | |||||||||||
The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when balance on the revolver is zero. | |||||||||||
The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. There was no triggering event during the years ended September 30, 2013 or 2014 and thus no impairment was recognized. | |||||||||||
Environmental Remediation | ' | ||||||||||
Environmental Remediation | |||||||||||
When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. | |||||||||||
Pension and Postretirement Benefits | ' | ||||||||||
Pension and Postretirement Benefits | |||||||||||
The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs, and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for employees in the plan. Effective January 1, 2007 a plan amendment of the postretirement medical plan caps the Company's liability related to retiree health care costs at $5,000 annually. | |||||||||||
Foreign Currency Exchange | ' | ||||||||||
Foreign Currency Exchange | |||||||||||
The Company's foreign operating entities' financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. | |||||||||||
Research and Technical Costs | ' | ||||||||||
Research and Technical Costs | |||||||||||
Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the years ended September 30, 2012, 2013 and 2014 were $3,285, $3,505 and $3,556, respectively. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority. | |||||||||||
Stock Based Compensation | ' | ||||||||||
Stock Based Compensation | |||||||||||
Restricted Stock Plan | |||||||||||
On February 23, 2009, the Company adopted a restricted stock plan that reserved 400,000 shares of common stock for issuance. Grants of restricted stock are shares of the Company's common stock subject to transfer restrictions, which vest in accordance with the terms and conditions established by the Compensation Committee. The Compensation Committee may set restrictions on certain grants based on the achievement of specific performance goals and vesting of grants to participants will also be time-based. | |||||||||||
Restricted stock grants are subject to forfeiture if employment or service terminates prior to the end of the vesting period or if the performance goals are not met, if applicable. The Company will assess, on an ongoing basis, the probability of whether the performance criteria will be achieved. The Company will recognize compensation expense over the performance period if it is deemed probable that the goals will be achieved. The fair value of the Company's restricted stock is determined based upon the closing price of the Company's common stock on the grant date. The plan provides for the adjustment of the number of shares covered by an outstanding grant and the maximum number of shares for which restricted stock may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. | |||||||||||
Stock Option Plans | |||||||||||
The Company has two stock option plans that authorize the granting of non-qualified stock options to certain key employees and non-employee directors for the purchase of a maximum of 1,500,000 shares of the Company's common stock. The original option plan was adopted in August 2004 pursuant to the plan of reorganization and provides for the grant of options to purchase up to 1,000,000 shares of the Company's common stock. In January 2007, the Company's Board of Directors adopted a second option plan that provides for options to purchase up to 500,000 shares of the Company's common stock. Each plan provides for the adjustment of the maximum number of shares for which options may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. Unless the Compensation Committee determines otherwise, options granted under the option plans are exercisable for a period of ten years from the date of grant and vest 331/3% per year over three years from the grant date. The amount of compensation cost recognized in the financial statement is measured based upon the grant date fair value. The fair value of the option grants is estimated on the date of grant using the Black-Scholes option pricing model with assumptions on dividend yield, risk-free interest rate, expected volatilities, expected forfeiture rate and expected lives of the options. | |||||||||||
Financial Instruments and Concentrations of Risk | ' | ||||||||||
Financial Instruments and Concentrations of Risk | |||||||||||
The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company's operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2013 and 2014, the Company had no foreign currency exchange contracts outstanding. | |||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2014, and periodically throughout the year, the Company has maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. | |||||||||||
During 2012, 2013 and 2014, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses have been within management's expectations. In addition, the Company purchases credit insurance for certain foreign trade receivables. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas. | |||||||||||
Accounting Estimates | ' | ||||||||||
Accounting Estimates | |||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to bad debts, inventories, income taxes, asset impairment, retirement benefits, and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions. | |||||||||||
Earnings Per Share | ' | ||||||||||
Earnings Per Share | |||||||||||
The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. | |||||||||||
Basic and diluted net income per share were computed as follows: | |||||||||||
Years Ended September 30, | |||||||||||
(in thousands, except share and per share data) | 2012 | 2013 | 2014 | ||||||||
Numerator: Basic and Diluted | |||||||||||
Net income | $ | 50,182 | $ | 21,577 | $ | 3,751 | |||||
Dividends paid | (10,803 | ) | (10,849 | ) | (10,906 | ) | |||||
Undistributed income (loss) | 39,379 | 10,728 | (7,155 | ) | |||||||
Percentage allocated to common shares(a) | 99.1 | % | 99.1 | % | 99.2 | % | |||||
Undistributed income (loss) allocated to common shares | 39,025 | 10,637 | (7,098 | ||||||||
) | |||||||||||
Dividends paid on common shares outstanding | 10,705 | 10,754 | 10,819 | ||||||||
Net income available to common shares | 49,730 | 21,391 | 3,721 | ||||||||
Denominator: Basic and Diluted | |||||||||||
Weighted average common shares outstanding | 12,147,179 | 12,223,838 | 12,291,881 | ||||||||
Adjustment for dilutive potential common shares | 68,852 | 41,792 | 29,819 | ||||||||
Weighted average shares outstanding—Diluted | 12,216,031 | 12,265,630 | 12,321,700 | ||||||||
Per common share net income (loss) | |||||||||||
Basic | $ | 4.09 | $ | 1.75 | $ | 0.3 | |||||
Diluted | $ | 4.07 | $ | 1.74 | $ | 0.3 | |||||
Number of stock option shares excluded as their effect would be anti-dilutive | 98,630 | 170,623 | 180,435 | ||||||||
Number of restrictive stock option shares as their effect would be anti-dilutive | 111,000 | 106,575 | 98,463 | ||||||||
(a) Percentage allocated to common shares—weighted average | |||||||||||
Common shares outstanding | 12,147,179 | 12,223,838 | 12,291,881 | ||||||||
Unvested participating shares | 111,000 | 106,575 | 98,463 | ||||||||
12,258,179 | 12,330,413 | 12,390,344 | |||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||
Recently Issued Accounting Pronouncements | |||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The objective of the update is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the methods of adoption allowed by the new standard and the effect, if any, on its financial statements. | |||||||||||
In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718). Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved after the Requisite Service Period. This update is intended to resolve the diverse accounting treatment of those awards in practice. The amendment is effective for annual and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 310-40). The amendments in this update provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company is evaluating the effect, if any, on its financial statements. | |||||||||||
Comprehensive Income (Loss) | ' | ||||||||||
Comprehensive Income (Loss) | |||||||||||
Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. See Note 17 for a breakdown of Comprehensive Income (Loss) and changes in Accumulated Other Comprehensive Loss net of tax effects. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Summary of intangible assets | ' | ||||||||||
September 30, 2013 | Gross | Accumulated | Carrying | ||||||||
Amount | Amortization | Amount | |||||||||
Patents | $ | 4,030 | $ | (2,533 | ) | $ | 1,497 | ||||
Trademarks | 3,800 | — | 3,800 | ||||||||
Non-compete | 500 | (381 | ) | 119 | |||||||
Other | 330 | (145 | ) | 185 | |||||||
$ | 8,660 | $ | (3,059 | ) | $ | 5,601 | |||||
September 30, 2014 | Gross | Accumulated | Carrying | ||||||||
Amount | Amortization | Amount | |||||||||
Patents | $ | 4,030 | $ | (2,813 | ) | $ | 1,217 | ||||
Trademarks | 3,800 | — | 3,800 | ||||||||
Non-compete | 500 | (452 | ) | 48 | |||||||
Other | 330 | (210 | ) | 120 | |||||||
$ | 8,660 | $ | (3,475 | ) | $ | 5,185 | |||||
Schedule of estimate of aggregate amortization expense | ' | ||||||||||
Estimate of Aggregate Amortization Expense: | |||||||||||
Year Ended September 30, | |||||||||||
2015 | 392 | ||||||||||
2016 | 333 | ||||||||||
2017 | 279 | ||||||||||
2018 | 279 | ||||||||||
2019 | 102 | ||||||||||
Thereafter | — | ||||||||||
Schedule of estimated economic useful lives of property, plant and equipment | ' | ||||||||||
Building and improvements | 40 years | ||||||||||
Machinery and equipment | 5-14 years | ||||||||||
Office equipment and computer software | 3-10 years | ||||||||||
Land improvements | 20 years | ||||||||||
Schedule of basic and diluted net income per share | ' | ||||||||||
Years Ended September 30, | |||||||||||
(in thousands, except share and per share data) | 2012 | 2013 | 2014 | ||||||||
Numerator: Basic and Diluted | |||||||||||
Net income | $ | 50,182 | $ | 21,577 | $ | 3,751 | |||||
Dividends paid | (10,803 | ) | (10,849 | ) | (10,906 | ) | |||||
Undistributed income (loss) | 39,379 | 10,728 | (7,155 | ) | |||||||
Percentage allocated to common shares(a) | 99.1 | % | 99.1 | % | 99.2 | % | |||||
Undistributed income (loss) allocated to common shares | 39,025 | 10,637 | (7,098 | ||||||||
) | |||||||||||
Dividends paid on common shares outstanding | 10,705 | 10,754 | 10,819 | ||||||||
Net income available to common shares | 49,730 | 21,391 | 3,721 | ||||||||
Denominator: Basic and Diluted | |||||||||||
Weighted average common shares outstanding | 12,147,179 | 12,223,838 | 12,291,881 | ||||||||
Adjustment for dilutive potential common shares | 68,852 | 41,792 | 29,819 | ||||||||
Weighted average shares outstanding—Diluted | 12,216,031 | 12,265,630 | 12,321,700 | ||||||||
Per common share net income (loss) | |||||||||||
Basic | $ | 4.09 | $ | 1.75 | $ | 0.3 | |||||
Diluted | $ | 4.07 | $ | 1.74 | $ | 0.3 | |||||
Number of stock option shares excluded as their effect would be anti-dilutive | 98,630 | 170,623 | 180,435 | ||||||||
Number of restrictive stock option shares as their effect would be anti-dilutive | 111,000 | 106,575 | 98,463 | ||||||||
(a) Percentage allocated to common shares—weighted average | |||||||||||
Common shares outstanding | 12,147,179 | 12,223,838 | 12,291,881 | ||||||||
Unvested participating shares | 111,000 | 106,575 | 98,463 | ||||||||
12,258,179 | 12,330,413 | 12,390,344 | |||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventories | ' | |||||||
Summary of major classes of inventories | ' | |||||||
September 30, | ||||||||
2013 | 2014 | |||||||
Raw materials | $ | 25,647 | $ | 25,050 | ||||
Work-in-process | 108,708 | 144,285 | ||||||
Finished goods | 97,150 | 83,674 | ||||||
Other | 652 | 1,018 | ||||||
$ | 232,157 | $ | 254,027 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment | ' | |||||||
Summary of the major classes of property, plant and equipment | ' | |||||||
September 30, | ||||||||
2013 | 2014 | |||||||
Land and land improvements | $ | 6,856 | $ | 6,785 | ||||
Buildings | 19,034 | 24,750 | ||||||
Machinery and equipment | 179,407 | 213,834 | ||||||
Construction in process | 31,472 | 27,635 | ||||||
236,769 | 273,004 | |||||||
Less accumulated depreciation | (84,005 | ) | (98,921 | ) | ||||
$ | 152,764 | $ | 174,083 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accrued Expenses | ' | |||||||
Summary of the major classes of accrued expenses | ' | |||||||
September 30, | ||||||||
2013 | 2014 | |||||||
Employee compensation | $ | 6,415 | $ | 6,750 | ||||
Taxes, other than income taxes | 3,005 | 2,631 | ||||||
Other | 4,256 | 3,832 | ||||||
$ | 13,676 | $ | 13,213 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of components of income before provision for income taxes | ' | ||||||||||
Year Ended September 30, | |||||||||||
2012 | 2013 | 2014 | |||||||||
Income (loss) before income taxes: | |||||||||||
U.S. | $ | 67,968 | $ | 23,555 | $ | (360 | ) | ||||
Foreign | 9,027 | 8,443 | 5,480 | ||||||||
Total | $ | 76,995 | $ | 31,998 | $ | 5,120 | |||||
Provision for income taxes: | |||||||||||
Current: | |||||||||||
U.S. Federal | $ | 15,836 | $ | 2,125 | $ | 427 | |||||
Foreign | 1,712 | 1,419 | 1,012 | ||||||||
State | 2,079 | 85 | 541 | ||||||||
Total | $ | 19,627 | $ | 3,629 | $ | 1,980 | |||||
Deferred: | |||||||||||
U.S. Federal | 6,314 | 5,907 | (983 | ) | |||||||
Foreign | 585 | 623 | 302 | ||||||||
State | 601 | 262 | 70 | ||||||||
Valuation allowance | (314 | ) | — | — | |||||||
Total | $ | 7,186 | $ | 6,792 | $ | (611 | ) | ||||
Total provision for income taxes | $ | 26,813 | $ | 10,421 | $ | 1,369 | |||||
Schedule of provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate | ' | ||||||||||
Year Ended September 30, | |||||||||||
2012 | 2013 | 2014 | |||||||||
Statutory federal tax rate | 35 | % | 35 | % | 35 | % | |||||
Tax provision for income taxes at the statutory rate | $ | 26,949 | $ | 11,199 | $ | 1,792 | |||||
Foreign tax rate differentials | (864 | ) | (913 | ) | (605 | ) | |||||
Provision for state taxes, net of federal taxes | 1,578 | 473 | 230 | ||||||||
U.S. tax on distributed and undistributed earnings of foreign subsidiaries | 335 | 354 | 173 | ||||||||
Manufacturer's deduction | (1,715 | ) | (217 | ) | — | ||||||
Tax credits | — | (78 | ) | (91 | ) | ||||||
State tax rate reduction impact on deferred tax asset | 89 | (182 | ) | 157 | |||||||
Change in Valuation Allowance | (314 | ) | — | — | |||||||
Other, net | 755 | (215 | ) | (287 | ) | ||||||
Provision for income taxes at effective tax rate | $ | 26,813 | $ | 10,421 | $ | 1,369 | |||||
Effective tax rate | 34.8 | % | 32.6 | % | 26.7 | % | |||||
Schedule of deferred tax assets (liabilities) | ' | ||||||||||
September 30, | |||||||||||
2013 | 2014 | ||||||||||
Deferred tax assets: | |||||||||||
Pension and postretirement benefits | $ | 58,148 | $ | 63,124 | |||||||
TIMET Agreement | 12,167 | 11,200 | |||||||||
Inventories | 2,095 | 2,662 | |||||||||
Accrued compensation and benefits | 3,076 | 1,606 | |||||||||
Accrued expenses and other | 527 | 2,093 | |||||||||
Tax attributes | 946 | 1,385 | |||||||||
Total deferred tax assets | $ | 76,959 | $ | 82,070 | |||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment, net | $ | (26,931 | ) | $ | (29,789 | ) | |||||
Intangible and other | (2,709 | ) | (1,345 | ) | |||||||
Total deferred tax liabilities | $ | (29,640 | ) | $ | (31,134 | ) | |||||
Net deferred tax assets (liabilities) | 47,319 | 50,936 | |||||||||
$ | $ | ||||||||||
Current deferred tax assets | $ | 6,018 | $ | 6,297 | |||||||
Long-term deferred tax asset | $ | 41,301 | $ | 44,639 | |||||||
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ||||||||||
October 1, 2010 To | October 1, 2011 To | October 1, 2013 To | |||||||||
September 30, | September 30, | September 30, | |||||||||
2012 | 2013 | 2014 | |||||||||
Balance at beginning of period | $ | 264 | $ | 264 | $ | — | |||||
Gross Increases—current period tax positions | — | — | — | ||||||||
Gross Decreases—current period tax positions | — | — | — | ||||||||
Gross Increases—tax positions in prior periods | — | — | — | ||||||||
Gross Decreases—tax positions in prior periods | — | — | — | ||||||||
Gross Decreases—settlements with taxing authorities | — | — | — | ||||||||
Gross Decreases—lapse of statute of limitations | — | (264 | ) | — | |||||||
Balance at end of period | $ | 264 | $ | — | $ | — | |||||
Pension_and_Postretirement_Ben
Pension and Post-retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Pension Plan and Retirement Benefits | ' | |||||||||||||||||||||||||
Schedule of status of employee pension benefit plans and other postretirement benefit plans | ' | |||||||||||||||||||||||||
Defined Benefit | Postretirement | |||||||||||||||||||||||||
Pension Plans | Health Care Benefits | |||||||||||||||||||||||||
Year Ended September 30, | Year Ended September 30, | |||||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | |||||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 303,445 | $ | 273,693 | $ | 114,209 | $ | 98,772 | ||||||||||||||||||
Service cost | 4,881 | 3,971 | 387 | 267 | ||||||||||||||||||||||
Interest cost | 10,839 | 11,989 | 4,330 | 4,578 | ||||||||||||||||||||||
Actuarial losses (gains) | (32,627 | ) | 12,143 | (16,018 | ) | 5,614 | ||||||||||||||||||||
Benefits paid | (12,845 | ) | (13,237 | ) | (4,136 | ) | (3,844 | ) | ||||||||||||||||||
Projected benefit obligation at end of year | $ | 273,693 | $ | 288,559 | $ | 98,772 | $ | 105,387 | ||||||||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 182,011 | $ | 206,113 | $ | — | $ | — | ||||||||||||||||||
Actual return on assets | 20,977 | 21,861 | — | — | ||||||||||||||||||||||
Employer contributions | 15,970 | 2,225 | 4,136 | 3,844 | ||||||||||||||||||||||
Benefits paid | (12,845 | ) | (13,237 | ) | (4,136 | ) | (3,844 | ) | ||||||||||||||||||
Fair value of plan assets at end of year | $ | 206,113 | $ | 216,962 | $ | — | $ | — | ||||||||||||||||||
Funded Status of Plan: | ||||||||||||||||||||||||||
Unfunded status | $ | (67,580 | ) | $ | (71,597 | ) | $ | (98,772 | ) | $ | (105,387 | ) | ||||||||||||||
Schedule of amounts recognized in the consolidated balance sheets and amounts expected to be recognized from AOCI into the statement of operations in the following year | ' | |||||||||||||||||||||||||
Defined Benefit | Postretirement | Non-Qualified | All Plans | |||||||||||||||||||||||
Pension Plans | Health Care Benefits | Pension Plans | Combined | |||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | |||||||||||||||||||
Accrued pension and postretirement benefits: | ||||||||||||||||||||||||||
Current | $ | — | $ | — | $ | (4,823 | ) | $ | (4,477 | ) | $ | (95 | ) | $ | (95 | ) | $ | (4,918 | ) | $ | (4,572 | ) | ||||
Non-current | (67,580 | ) | (71,597 | ) | (93,949 | ) | (100,910 | ) | (730 | ) | (718 | ) | (162,259 | ) | (173,225 | ) | ||||||||||
Accrued pension and postretirement benefits | $ | (67,580 | ) | $ | (71,597 | ) | $ | (98,772 | ) | $ | (105,387 | ) | $ | (825 | ) | $ | (813 | ) | $ | (167,177 | ) | $ | (177,797 | ) | ||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Net loss | 63,939 | 64,641 | 28,897 | 32,514 | — | — | 92,836 | 97,155 | ||||||||||||||||||
Prior service cost | 5,444 | 4,636 | (2,895 | ) | — | — | — | 2,549 | 4,636 | |||||||||||||||||
Total accumulated other comprehensive loss | $ | 69,383 | $ | 69,277 | $ | 26,002 | $ | 32,514 | $ | — | $ | — | $ | 95,385 | $ | 101,791 | ||||||||||
Amounts expected to be recognized from AOCI into the statement of operations in the following year: | ||||||||||||||||||||||||||
Amortization of net loss | $ | 4,612 | $ | 4,645 | $ | 1,996 | $ | 2,434 | $ | — | $ | — | $ | 6,608 | $ | 7,079 | ||||||||||
Amortization of prior service cost | 808 | 808 | (2,895 | ) | — | — | — | (2,087 | ) | 808 | ||||||||||||||||
$ | 5,420 | $ | 5,453 | $ | (899 | ) | $ | 2,434 | $ | — | $ | — | $ | 4,521 | $ | 7,887 | ||||||||||
Schedule of components of net periodic pension cost and postretirement health care benefit cost | ' | |||||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||||
Service cost | $ | 4,001 | $ | 4,881 | $ | 3,971 | ||||||||||||||||||||
Interest cost | 11,623 | 10,839 | 11,989 | |||||||||||||||||||||||
Expected return on assets | (11,755 | ) | (13,189 | ) | (15,033 | ) | ||||||||||||||||||||
Amortization of prior service cost | 808 | 808 | 808 | |||||||||||||||||||||||
Recognized actuarial loss | 9,031 | 10,189 | 4,612 | |||||||||||||||||||||||
Net periodic cost | $ | 13,708 | $ | 13,528 | $ | 6,347 | ||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||
Health Care Benefits | ||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||||
Service cost | $ | 291 | $ | 387 | $ | 267 | ||||||||||||||||||||
Interest cost | 4,581 | 4,330 | 4,578 | |||||||||||||||||||||||
Amortization of unrecognized prior service cost | (5,789 | ) | (5,789 | ) | (2,895 | ) | ||||||||||||||||||||
Recognized actuarial loss | 2,799 | 3,717 | 1,996 | |||||||||||||||||||||||
Net periodic cost | $ | 1,882 | $ | 2,645 | $ | 3,946 | ||||||||||||||||||||
Schedule of one percentage point change in assumed health care cost trend rates | ' | |||||||||||||||||||||||||
1-Percentage Point | 1-Percentage Point | |||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0 | $ | 0 | ||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | 0 | 0 | ||||||||||||||||||||||||
Schedule of assumptions used to determine actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans | ' | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2013 | 2014 | |||||||||||||||||||||||||
Discount rate (postretirement health care) | 4.750 | % | 4.250 | % | ||||||||||||||||||||||
Discount rate (U.S. pension plan) | 4.500 | % | 4.000 | % | ||||||||||||||||||||||
Discount rate (U.K. pension plan) | 4.300 | % | 3.900 | % | ||||||||||||||||||||||
Rate of compensation increase (U.S. pension plan only) | 3.500 | % | 3.500 | % | ||||||||||||||||||||||
Schedule of assumptions used to determine net periodic pension and postretirement health care benefit costs for the plans | ' | |||||||||||||||||||||||||
Defined Benefit Pension | ||||||||||||||||||||||||||
and Postretirement | ||||||||||||||||||||||||||
Health Care Plans | ||||||||||||||||||||||||||
Year Ended September 30, | ||||||||||||||||||||||||||
2012 | 2013 | 2014 | ||||||||||||||||||||||||
Discount rate (postretirement health care plan) | 4.625 | % | 3.875 | % | 4.750 | % | ||||||||||||||||||||
Discount rate (U.S. pension plan) | 4.500 | % | 3.625 | % | 4.500 | % | ||||||||||||||||||||
Discount rate (U.K. pension plan) | 5.200 | % | 4.100 | % | 4.300 | % | ||||||||||||||||||||
Expected return on plan assets (U.S. pension plan) | 8.000 | % | 7.500 | % | 7.500 | % | ||||||||||||||||||||
Expected return on plan assets (U.K. pension plan) | 5.900 | % | 4.200 | % | 4.800 | % | ||||||||||||||||||||
Rate of compensation increase (U.S. pension plan only) | 3.500 | % | 3.500 | % | 3.500 | % | ||||||||||||||||||||
Schedule of plan assets by level within the fair value hierarchy | ' | |||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Active | Other | Significant | ||||||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||||||
Identical | Inputs | Inputs | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
U.S. Pension Plan Assets: | ||||||||||||||||||||||||||
U.S. common stock mutual funds | $ | 38,575 | $ | — | $ | — | $ | 38,575 | ||||||||||||||||||
Common /collective funds | ||||||||||||||||||||||||||
Bonds | — | 74,378 | — | 74,378 | ||||||||||||||||||||||
Short-term money market | — | 2,590 | — | 2,590 | ||||||||||||||||||||||
U.S. common stock | — | 64,592 | — | 64,592 | ||||||||||||||||||||||
International equity | — | 8,307 | — | 8,307 | ||||||||||||||||||||||
Total U.S. | $ | 38,575 | $ | 149,867 | $ | — | $ | 188,442 | ||||||||||||||||||
U.K. Plan Assets: | ||||||||||||||||||||||||||
Equities | $ | — | $ | 7,695 | $ | — | $ | 7,695 | ||||||||||||||||||
Bonds | — | 7,111 | — | 7,111 | ||||||||||||||||||||||
Other | — | 2,865 | — | 2,865 | ||||||||||||||||||||||
Total U.K. | $ | — | $ | 17,671 | $ | — | $ | 17,671 | ||||||||||||||||||
Total pension plan assets | $ | 38,575 | $ | 167,538 | $ | — | $ | 206,113 | ||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Active | Other | Significant | ||||||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||||||
Identical | Inputs | Inputs | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
U.S. Pension Plan Assets: | ||||||||||||||||||||||||||
U.S. common stock mutual funds | $ | 41,968 | $ | — | $ | — | $ | 41,968 | ||||||||||||||||||
Common /collective funds | ||||||||||||||||||||||||||
Bonds | — | 79,231 | — | 79,231 | ||||||||||||||||||||||
Short-term money market | — | — | — | — | ||||||||||||||||||||||
U.S. common stock | — | 67,733 | — | 67,733 | ||||||||||||||||||||||
International equity | — | 8,398 | — | 8,398 | ||||||||||||||||||||||
Total U.S. | $ | 41,968 | $ | 155,362 | $ | — | $ | 197,330 | ||||||||||||||||||
U.K. Plan Assets: | ||||||||||||||||||||||||||
Equities | $ | — | $ | 8,329 | $ | — | $ | 8,329 | ||||||||||||||||||
Bonds | — | 9,021 | — | 9,021 | ||||||||||||||||||||||
Other | — | 2,282 | — | 2,282 | ||||||||||||||||||||||
Total U.K. | $ | — | $ | 19,632 | $ | — | $ | 19,632 | ||||||||||||||||||
Total pension plan assets | $ | 41,968 | $ | 174,994 | $ | — | $ | 216,962 | ||||||||||||||||||
Schedule of asset classes as a percent of total assets | ' | |||||||||||||||||||||||||
Asset Class | Target(1) | |||||||||||||||||||||||||
Equity | 60 | % | ||||||||||||||||||||||||
Fixed Income | 40 | % | ||||||||||||||||||||||||
Real Estate and Other | 0 | % | ||||||||||||||||||||||||
-1 | From time to time the Company may adjust the target allocation by an amount not to exceed 10%. | |||||||||||||||||||||||||
Schedule of expected benefit payments | ' | |||||||||||||||||||||||||
Fiscal Year Ending September 30 | Pension | Postretirement | ||||||||||||||||||||||||
Health Care | ||||||||||||||||||||||||||
2015 | $ | 14,063 | $ | 4,477 | ||||||||||||||||||||||
2016 | 14,309 | 4,674 | ||||||||||||||||||||||||
2017 | 14,696 | 4,860 | ||||||||||||||||||||||||
2018 | 14,973 | 5,000 | ||||||||||||||||||||||||
2019 | 15,339 | 5,000 | ||||||||||||||||||||||||
2020-2024 (in total) | 85,683 | 25,000 | ||||||||||||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments | ' | ||||
Schedule of future minimum rental commitments under non-cancelable operating leases | ' | ||||
Operating | |||||
2015 | $ | 2,812 | |||
2016 | 1,907 | ||||
2017 | 1,464 | ||||
2018 | 948 | ||||
2019 | 603 | ||||
2020 and thereafter | 25 | ||||
$ | 7,759 | ||||
Legal_Environmental_and_Other_1
Legal, Environmental and Other Contingencies (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Legal, Environmental and Other Contingencies | ' | |||||||
Schedule of long-term obligations | ' | |||||||
Long-term obligations consist of the following (in thousands): | ||||||||
September 30, | ||||||||
2013 | 2014 | |||||||
Environmental post-closure monitoring and maintenance activities | $ | 846 | $ | 823 | ||||
Less amounts due within one year | (79 | ) | (78 | ) | ||||
$ | 767 | $ | 745 | |||||
Schedule of maturities of long-term obligations (discounted) | ' | |||||||
Year Ending | ||||||||
2015 | $ | — | ||||||
2016 | 85 | |||||||
2017 | 73 | |||||||
2018 | 76 | |||||||
2019 | 57 | |||||||
2020 and thereafter | 454 | |||||||
$ | 745 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Stock-based Compensation | ' | ||||||||||||||
Summary of activity under the restricted stock plan | ' | ||||||||||||||
Number of | Weighted | ||||||||||||||
Shares | Average Fair | ||||||||||||||
Value At | |||||||||||||||
Grant Date | |||||||||||||||
Unvested at September 30, 2013 | 96,750 | $ | 47.74 | ||||||||||||
Granted | 37,700 | $ | 52.89 | ||||||||||||
Forfeited / Canceled | (450 | ) | $ | 56.68 | |||||||||||
Vested | (36,850 | ) | $ | 41.77 | |||||||||||
Unvested at September 30, 2014 | 97,150 | $ | 51.96 | ||||||||||||
Expected to vest | 65,550 | $ | 51.99 | ||||||||||||
Schedule of fair value assumptions used for grants under the stock option plan | ' | ||||||||||||||
Grant Date | Fair | Dividend | Risk-free | Expected | Expected | ||||||||||
Value | Yield | Interest Rate | Volatility | Life | |||||||||||
November 26, 2013 | $ | 13.94 | 1.67 | % | 0.57 | % | 42 | % | 3 years | ||||||
Summary of activity under the stock option plans | ' | ||||||||||||||
Number of | Aggregate | Weighted | Weighted | ||||||||||||
Shares | Intrinsic | Average | Average | ||||||||||||
Value | Exercise | Remaining | |||||||||||||
(000s) | Prices | Contractual | |||||||||||||
Life | |||||||||||||||
Outstanding at September 30, 2013 | 291,664 | $ | 45.36 | ||||||||||||
Granted | 45,250 | $ | 52.78 | ||||||||||||
Exercised | (54,913 | ) | $ | 19.36 | |||||||||||
Canceled | — | — | |||||||||||||
Outstanding at September 30, 2014 | 282,001 | $ | 752 | $ | 51.61 | 5.39 yrs. | |||||||||
Vested or expected to vest | 269,026 | $ | 735 | $ | 51.73 | 5.26 yrs. | |||||||||
Exercisable at September 30, 2014 | 205,252 | $ | 752 | $ | 51.66 | 4.16 yrs. | |||||||||
Grant Date | Exercise Price | Remaining | Outstanding | Exercisable | |||||||||||
Per Share | Contractual | Number of | Number of | ||||||||||||
Life in Years | Shares | Shares | |||||||||||||
March 31, 2006 | 31.00 | 1.50 | 10,000 | 10,000 | |||||||||||
March 30, 2007 | 72.93 | 2.50 | 47,500 | 47,500 | |||||||||||
March 31, 2008 | 54.00 | 3.50 | 58,000 | 58,000 | |||||||||||
October 1, 2008 | 46.83 | 4.00 | 20,000 | 20,000 | |||||||||||
March 31, 2009 | 17.82 | 4.50 | 12,084 | 12,084 | |||||||||||
January 8, 2010 | 34.00 | 5.25 | 12,400 | 12,400 | |||||||||||
November 24, 2010 | 40.26 | 6.17 | 19,667 | 19,667 | |||||||||||
November 25, 2011 | 55.88 | 7.17 | 19,700 | 13,135 | |||||||||||
November 20, 2012 | 47.96 | 8.17 | 35,600 | 11,866 | |||||||||||
December 10, 2012 | 48.39 | 8.17 | 1,800 | 600 | |||||||||||
November 26, 2013 | 52.78 | 9.17 | 45,250 | — | |||||||||||
282,001 | 205,252 | ||||||||||||||
Quarterly_Data_unaudited_Table
Quarterly Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Quarterly Data (unaudited) | ' | |||||||||||||
Schedule of unaudited quarterly results of operations of the Company | ' | |||||||||||||
2013 | ||||||||||||||
Quarter Ended | ||||||||||||||
December 31 | March 31 | June 30 | September 30 | |||||||||||
Net revenues | $ | 114,300 | $ | 129,201 | $ | 123,587 | $ | 115,658 | ||||||
Gross profit | 18,774 | 20,084 | 18,605 | 16,163 | ||||||||||
Net income | 5,835 | 6,436 | 5,297 | 4,009 | ||||||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.47 | $ | 0.52 | $ | 0.43 | $ | 0.33 | ||||||
Diluted | $ | 0.47 | $ | 0.52 | $ | 0.43 | $ | 0.32 | ||||||
2014 | ||||||||||||||
Quarter Ended | ||||||||||||||
December 31 | March 31 | June 30 | September 30 | |||||||||||
Net revenues | $ | 93,700 | $ | 115,350 | $ | 126,293 | $ | 120,067 | ||||||
Gross profit | 5,250 | 9,064 | 14,061 | 18,923 | ||||||||||
Net income (loss) | (3,492 | ) | (1,223 | ) | 2,096 | 6,370 | ||||||||
Net income (loss) per share: | ||||||||||||||
Basic | $ | (0.29 | ) | $ | (0.10 | ) | $ | 0.17 | $ | 0.51 | ||||
Diluted | $ | (0.29 | ) | $ | (0.10 | ) | $ | 0.17 | $ | 0.51 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Segment Reporting | ' | ||||||||||
Schedule of revenues from external customers attributable to geographic areas | ' | ||||||||||
Year Ended September 30, | |||||||||||
2012 | 2013 | 2014 | |||||||||
Net Revenue by Geography: | |||||||||||
United States | $ | 346,750 | $ | 268,054 | $ | 261,631 | |||||
Europe | 121,781 | 110,389 | 101,824 | ||||||||
China | 48,183 | 39,475 | 36,596 | ||||||||
Other | 62,847 | 64,828 | 55,359 | ||||||||
Net Revenues | $ | 579,561 | $ | 482,746 | $ | 455,410 | |||||
Net Revenue by Product Group: | |||||||||||
High-temperature resistant alloys | $ | 423,080 | $ | 357,232 | $ | 341,557 | |||||
Corrosive-resistant alloys | 156,481 | 125,514 | 113,853 | ||||||||
Net revenues | $ | 579,561 | $ | 482,746 | $ | 455,410 | |||||
Schedule of long-lived assets by geographic areas | ' | ||||||||||
September 30, | |||||||||||
2013 | 2014 | ||||||||||
Long-lived Assets by Geography: | |||||||||||
United States | $ | 146,940 | $ | 166,542 | |||||||
Europe | 5,221 | 7,021 | |||||||||
China | 603 | 520 | |||||||||
Total long-lived assets | $ | 152,764 | $ | 174,083 | |||||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||
Schedule of changes in valuation and qualifying accounts | ' | |||||||||||||
Balance at | Charges | Deductions(1) | Balance at | |||||||||||
Beginning | (credits) to | End | ||||||||||||
of Period | Expense | of Period | ||||||||||||
Allowance for doubtful accounts receivables: | ||||||||||||||
September 30, 2014 | 1,199 | 8 | (346 | ) | 861 | |||||||||
September 30, 2013 | 1,249 | (34 | ) | (16 | ) | 1,199 | ||||||||
September 30, 2012 | 1,129 | 235 | (115 | ) | 1,249 | |||||||||
-1 | Uncollectible accounts written off net of recoveries. | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||
September 30, 2013 Fair Value Measurements at | ||||||||||||||
Reporting Date Using: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Cash and money market funds | $ | 68,326 | $ | — | $ | — | $ | 68,326 | ||||||
Pension plan assets | 38,575 | 167,538 | — | 206,113 | ||||||||||
Total fair value | $ | 106,901 | $ | 167,538 | $ | — | $ | 274,439 | ||||||
September 30, 2014 Fair Value Measurements | ||||||||||||||
at Reporting Date Using: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets: | ||||||||||||||
Cash and money market funds | $ | 45,871 | $ | — | $ | — | $ | 45,871 | ||||||
Pension plan assets | 41,968 | 174,994 | — | 216,962 | ||||||||||
Total fair value | $ | 87,839 | $ | 174,994 | $ | — | $ | 262,833 | ||||||
Comprehensive_Income_Loss_and_1
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ||||||||||||||||||||||||||||||||
Schedule of comprehensive income (loss) | ' | ||||||||||||||||||||||||||||||||
Year Ended September 30, | |||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||
Pre-tax | Tax | Net | Pre-tax | Tax | Net | Pre-tax | Tax | Net | |||||||||||||||||||||||||
Net income | $ | 50,182 | $ | 21,577 | $ | 3,751 | |||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||
Pension and postretirement: | |||||||||||||||||||||||||||||||||
Net gain (loss) arising during period | $ | (19,688 | ) | $ | 7,399 | (12,289 | ) | $ | 74,282 | $ | (27,201 | ) | 47,081 | $ | (1,886 | ) | $ | 698 | (1,188 | ) | |||||||||||||
Less: amortization of prior service cost | 4,981 | (1,743 | ) | 3,238 | 4,981 | (1,743 | ) | 3,238 | 2,087 | (773 | ) | 1,314 | |||||||||||||||||||||
Less: amortization of gain (loss) | (11,830 | ) | 4,140 | (7,690 | ) | (13,906 | ) | 4,867 | (9,039 | ) | (6,608 | ) | 2,444 | (4,164 | ) | ||||||||||||||||||
Foreign currency translation adjustment | 698 | — | 698 | 1,012 | — | 1,012 | (991 | ) | — | (991 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) | $ | (25,839 | ) | $ | 9,796 | (16,043 | ) | $ | 66,369 | $ | (24,077 | ) | 42,292 | $ | (7,398 | ) | $ | 2,369 | (5,029 | ) | |||||||||||||
Total comprehensive income (loss) | $ | 34,139 | $ | 63,869 | $ | (1,278 | ) | ||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | ' | ||||||||||||||||||||||||||||||||
Twelve Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
Pension | Postretirement | Foreign | Total | ||||||||||||||||||||||||||||||
Plan | Plan | Exchange | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) as of September 30, 2012 | $ | (75,263 | ) | $ | (24,779 | ) | $ | 951 | $ | (99,091 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) before classifications | 25,317 | 10,162 | 1,012 | 36,491 | |||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 7,148 | (1,347 | ) | — | 5,801 | ||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | 32,465 | 8,815 | 1,012 | 42,292 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) as of September 30, 2013 | $ | (42,798 | ) | $ | (15,964 | ) | $ | 1,963 | $ | (56,799 | ) | ||||||||||||||||||||||
Twelve Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Pension | Postretirement | Foreign | Total | ||||||||||||||||||||||||||||||
Plan | Plan | Exchange | |||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) as of September 30, 2013 | $ | (42,798 | ) | $ | (15,964 | ) | $ | 1,963 | $ | (56,799 | ) | ||||||||||||||||||||||
Other comprehensive income (loss) before classifications | (3,418 | ) | (3,470 | ) | (991 | ) | (7,879 | ) | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 3,416 | (566 | ) | — | 2,850 | ||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (2 | ) | (4,036 | ) | (991 | ) | (5,029 | ) | |||||||||||||||||||||||||
Accumulated other comprehensive income (loss) as of September 30, 2014 | $ | (42,800 | ) | $ | (20,000 | ) | $ | 972 | $ | (61,828 | ) | ||||||||||||||||||||||
Schedule of reclassifications out of accumulated other comprehensive income | ' | ||||||||||||||||||||||||||||||||
Twelve Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2013 | September 30, 2014 | ||||||||||||||||||||||||||||||||
Pension | Post- | Total | Pension | Post- | Total | ||||||||||||||||||||||||||||
Plan | retirement | Plan | retirement | ||||||||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||||||||||
Amortization of Pension and Postretirement Plan items | |||||||||||||||||||||||||||||||||
Prior Service Costs(a) | $ | (808 | ) | $ | 5,789 | $ | 4,981 | $ | (808 | ) | $ | 2,895 | $ | 2,087 | |||||||||||||||||||
Actuarial (losses)(a) | (10,189 | ) | (3,717 | ) | (13,906 | ) | (4,613 | ) | (1,996 | ) | (6,609 | ) | |||||||||||||||||||||
Total before tax | (10,997 | ) | 2,072 | (8,925 | ) | (5,421 | ) | 899 | (4,522 | ) | |||||||||||||||||||||||
Tax (expense) or benefit | 3,849 | (725 | ) | 3,124 | 2,005 | (333 | ) | 1,672 | |||||||||||||||||||||||||
Total reclassification for the period | $ | (7,148 | ) | $ | 1,347 | $ | (5,801 | ) | $ | (3,416 | ) | $ | 566 | $ | (2,850 | ) | |||||||||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. | ||||||||||||||||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (Conversion Services Agreement) | 0 Months Ended |
Nov. 17, 2006 | |
Conversion Services Agreement | ' |
Revenue Recognition | ' |
Term of agreement to provide conversion services | '20 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Intangible Assets | ' | ' | ' |
Impairment charges recognized | $0 | $0 | ' |
Amortization expense of patents, non-competes and other intangibles | 416 | 416 | 423 |
Total intangible assets, Gross Amount | 8,660 | 8,660 | ' |
Finite-lived intangible assets, Accumulated Amortization | -3,475 | -3,059 | ' |
Carrying Amount | 5,185 | 5,601 | ' |
Patents | ' | ' | ' |
Intangible Assets | ' | ' | ' |
Finite-lived intangible assets, Gross Amount | 4,030 | 4,030 | ' |
Finite-lived intangible assets, Accumulated Amortization | -2,813 | -2,533 | ' |
Finite-lived intangible assets, Carrying Amount | 1,217 | 1,497 | ' |
Patents | Minimum | ' | ' | ' |
Intangible Assets | ' | ' | ' |
Useful life | '2 years | ' | ' |
Patents | Maximum | ' | ' | ' |
Intangible Assets | ' | ' | ' |
Useful life | '14 years | ' | ' |
Non-compete | ' | ' | ' |
Intangible Assets | ' | ' | ' |
Useful life | '8 months | ' | ' |
Finite-lived intangible assets, Gross Amount | 500 | 500 | ' |
Finite-lived intangible assets, Accumulated Amortization | -452 | -381 | ' |
Finite-lived intangible assets, Carrying Amount | 48 | 119 | ' |
Other | ' | ' | ' |
Intangible Assets | ' | ' | ' |
Finite-lived intangible assets, Gross Amount | 330 | 330 | ' |
Finite-lived intangible assets, Accumulated Amortization | -210 | -145 | ' |
Finite-lived intangible assets, Carrying Amount | 120 | 185 | ' |
Trademarks | ' | ' | ' |
Intangible Assets | ' | ' | ' |
Indefinite-lived intangible assets | $3,800 | $3,800 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Estimate of Aggregate Amortization Expense: | ' |
2015 | $392 |
2016 | 333 |
2017 | 279 |
2018 | 279 |
2019 | $102 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment | ' | ' |
Balance on revolver | $0 | ' |
Impairment recognized | $0 | $0 |
Building and improvements | ' | ' |
Property, Plant and Equipment | ' | ' |
Estimated economic useful lives | '40 years | ' |
Machinery and equipment | Minimum | ' | ' |
Property, Plant and Equipment | ' | ' |
Estimated economic useful lives | '5 years | ' |
Machinery and equipment | Maximum | ' | ' |
Property, Plant and Equipment | ' | ' |
Estimated economic useful lives | '14 years | ' |
Office equipment and computer software | Minimum | ' | ' |
Property, Plant and Equipment | ' | ' |
Estimated economic useful lives | '3 years | ' |
Office equipment and computer software | Maximum | ' | ' |
Property, Plant and Equipment | ' | ' |
Estimated economic useful lives | '10 years | ' |
Land improvements | ' | ' |
Property, Plant and Equipment | ' | ' |
Estimated economic useful lives | '20 years | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 01, 2007 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension and Postretirement Benefits | ' | ' | ' | ' |
Maximum liability related to total retiree health care costs under plan amendment | $5,000 | ' | ' | ' |
Research and Technical Costs | ' | ' | ' | ' |
Research and technical expense | ' | $3,556 | $3,505 | $3,285 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Details 6) | 12 Months Ended |
Sep. 30, 2014 | |
plan | |
Original option plan August 2004 | ' |
Stock-Based Compensation | ' |
Number of shares of common stock reserved for issuance | 1,000,000 |
Second option plan January 2007 | ' |
Stock-Based Compensation | ' |
Number of shares of common stock reserved for issuance | 500,000 |
Restricted Stock Plan | ' |
Stock-Based Compensation | ' |
Number of shares of common stock reserved for issuance | 400,000 |
Stock Option Plans | ' |
Stock-Based Compensation | ' |
Number of shares of common stock reserved for issuance | 1,500,000 |
Number of plans | 2 |
Period during which options are exercisable | '10 years |
Vesting of awards per year (as a percent) | 33.33% |
Award vesting period | '3 years |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Details 7) | Sep. 30, 2014 | Sep. 30, 2013 |
contract | contract | |
Financial Instruments | ' | ' |
Foreign currency exchange contracts outstanding | 0 | 0 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Details 8) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $6,370 | $2,096 | ($1,223) | ($3,492) | $4,009 | $5,297 | $6,436 | $5,835 | $3,751 | $21,577 | $50,182 |
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | -10,906 | -10,849 | -10,803 |
Undistributed income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,155 | 10,728 | 39,379 |
Percentage allocated to common shares | ' | ' | ' | ' | ' | ' | ' | ' | 99.20% | 99.10% | 99.10% |
Undistributed income (loss) allocated to common shares | ' | ' | ' | ' | ' | ' | ' | ' | -7,098 | 10,637 | 39,025 |
Dividends paid on common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 10,819 | 10,754 | 10,705 |
Net income (loss) available to common shares | ' | ' | ' | ' | ' | ' | ' | ' | $3,721 | $21,391 | $49,730 |
Denominator: Basic and Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 12,291,881 | 12,223,838 | 12,147,179 |
Adjustment for dilutive potential common shares | ' | ' | ' | ' | ' | ' | ' | ' | 29,819 | 41,792 | 68,852 |
Weighted average shares - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 12,321,700 | 12,265,630 | 12,216,031 |
Basic net income (loss) per share (in dollars per share) | $0.51 | $0.17 | ($0.10) | ($0.29) | $0.33 | $0.43 | $0.05 | $0.47 | $0.30 | $1.75 | $4.09 |
Diluted net income (loss) per share (in dollars per share) | $0.51 | $0.17 | ($0.10) | ($0.29) | $0.32 | $0.43 | $0.05 | $0.47 | $0.30 | $1.74 | $4.07 |
Recovered_Sheet2
Summary of Significant Accounting Policies (Details 9) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Option Plans | ' | ' | ' |
Antidilutive securities | ' | ' | ' |
Number of shares excluded as their effect would be anti-dilutive | 180,435 | 170,623 | 98,630 |
Restricted Stock Plan | ' | ' | ' |
Antidilutive securities | ' | ' | ' |
Number of shares excluded as their effect would be anti-dilutive | 98,463 | 106,575 | 111,000 |
Recovered_Sheet3
Summary of Significant Accounting Policies (Details 10) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Percentage allocated to common shares - weighted average | ' | ' | ' |
Common shares outstanding | 12,291,881 | 12,223,838 | 12,147,179 |
Unvested participating shares | 98,463 | 106,575 | 111,000 |
Total | 12,390,344 | 12,330,413 | 12,258,179 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw Materials | $25,050 | $25,647 |
Work-in-process | 144,285 | 108,708 |
Finished Goods | 83,674 | 97,150 |
Other | 1,018 | 652 |
Total | $254,027 | $232,157 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment | ' | ' |
Gross amount | $273,004 | $236,769 |
Less accumulated depreciation | -98,921 | -84,005 |
Net amount | 174,083 | 152,764 |
Assets under a capital lease for equipment related to the service center operation in Shanghai, China | 432 | ' |
Land and land improvements | ' | ' |
Property, plant and equipment | ' | ' |
Gross amount | 6,785 | 6,856 |
Buildings | ' | ' |
Property, plant and equipment | ' | ' |
Gross amount | 24,750 | 19,034 |
Machinery and equipment | ' | ' |
Property, plant and equipment | ' | ' |
Gross amount | 213,834 | 179,407 |
Construction in process | ' | ' |
Property, plant and equipment | ' | ' |
Gross amount | $27,635 | $31,472 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses | ' | ' |
Employee compensation | $6,750 | $6,415 |
Taxes, other than income taxes | 2,631 | 3,005 |
Other | 3,832 | 4,256 |
Total accrued expenses | $13,213 | $13,676 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income (loss) before income taxes: | ' | ' | ' |
U.S. | ($360) | $23,555 | $67,968 |
Foreign | 5,480 | 8,443 | 9,027 |
Income (loss) before income taxes | 5,120 | 31,998 | 76,995 |
Current: | ' | ' | ' |
U.S. Federal | 427 | 2,125 | 15,836 |
Foreign | 1,012 | 1,419 | 1,712 |
State | 541 | 85 | 2,079 |
Total | 1,980 | 3,629 | 19,627 |
Deferred: | ' | ' | ' |
U.S. Federal | -983 | 5,907 | 6,314 |
Foreign | 302 | 623 | 585 |
State | 70 | 262 | 601 |
Valuation allowance | ' | ' | -314 |
Total | -611 | 6,792 | 7,186 |
Total provision for income taxes | 1,369 | 10,421 | 26,813 |
Effective income tax rate reconciliation | ' | ' | ' |
Statutory federal tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
Tax provision for income taxes at the statutory rate | 1,792 | 11,199 | 26,949 |
Foreign tax rate differentials | -605 | -913 | -864 |
Provision for state taxes, net of federal taxes | 230 | 473 | 1,578 |
U.S. tax on distributed and undistributed earnings of foreign subsidiaries | 173 | 354 | 335 |
Manufacturer's deduction | ' | -217 | -1,715 |
Tax credits | -91 | -78 | ' |
State tax rate reduction impact on deferred tax asset | 157 | -182 | 89 |
Change in Valuation Allowance | ' | ' | -314 |
Other, net | -287 | -215 | 755 |
Total provision for income taxes | $1,369 | $10,421 | $26,813 |
Effective tax rate (as a percent) | 26.70% | 32.60% | 35.00% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred tax assets: | ' | ' |
Pension and postretirement benefits | $63,124 | $58,148 |
Inventories | 2,662 | 2,095 |
Accrued compensation and benefits | 1,606 | 3,076 |
Accrued expenses and other | 2,093 | 527 |
Tax attributes | 1,385 | 946 |
Total deferred tax assets | 82,070 | 76,959 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment, net | -29,789 | -26,931 |
Intangible and other | -1,345 | -2,709 |
Total | -31,134 | -29,640 |
Net deferred tax assets (liabilities) | 50,936 | 47,319 |
Current deferred tax assets | 6,297 | 6,018 |
Long-term deferred tax asset | 44,639 | 41,301 |
State tax net operating loss | 5,013 | 2,106 |
Tax credits | 606 | 0 |
Foreign net operating loss | 1,259 | 1,602 |
Undistributed losses of foreign subsidiaries | 55,816 | ' |
Provision for U.S. income taxes | 0 | ' |
Conversion Services Agreement | ' | ' |
Deferred tax assets: | ' | ' |
Total deferred tax assets | $11,200 | $12,167 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | 24 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2010 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | ' | ' |
Balance at beginning of period | $264 | $264 | $264 |
Gross Decreases-lapse of statute of limitations | ' | -264 | ' |
Balance at end of period | ' | ' | 264 |
Unrecognized tax benefits | ' | ' | ' |
Unrecognized tax benefits currently recognized, impact on income statement | 236 | ' | ' |
Reversal of accrued interest expense related to the unrecognized tax benefits | ($75) | ' | ' |
Debt_Details
Debt (Details) | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 11, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2008 | Apr. 30, 2008 | Sep. 30, 2014 |
USD ($) | U.S. revolving credit facility | U.S. revolving credit facility | U.S. revolving credit facility | U.S. revolving credit facility | U.K. revolving credit facility | U.K. revolving credit facility | Letters of credit | |
USD ($) | USD ($) | Maximum | Maximum | USD ($) | GBP (£) | USD ($) | ||
Prime rate | Eurodollar rate | |||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum revolving loan amount under the Amended Agreement | ' | ' | $120,000,000 | ' | ' | $3,243,000 | £ 2,000,000 | ' |
Limited borrowing capacity | ' | ' | 105,000,000 | ' | ' | ' | ' | ' |
Increased maximum revolving loan amount at the request of the borrowers | ' | ' | 170,000,000 | ' | ' | ' | ' | ' |
Basis spread on variable rate (as a percent) | ' | ' | ' | 0.75% | 2.00% | ' | ' | ' |
Outstanding balance | 0 | 0 | ' | ' | ' | ' | ' | ' |
Commitment fee (as a percent) | ' | 0.25% | ' | ' | ' | ' | ' | 1.50% |
Excess availability, percentage, maximum | ' | 12.50% | ' | ' | ' | ' | ' | ' |
Maximum aggregate amount of annual dividends which the Company may pay before certain financial metrics must be met | ' | ' | ' | ' | ' | ' | ' | $20,000,000 |
Percentage of equity interest in direct foreign subsidiaries pledged as collateral for borrowings | ' | 65.00% | ' | ' | ' | ' | ' | ' |
Debt_Details_2
Debt (Details 2) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Haynes International, S.A.R.L. | Haynes International, S.A.R.L. | Haynes International AG | Haynes International AG |
USD ($) | EUR (€) | USD ($) | CHF | |
Debt and long-term obligations | ' | ' | ' | ' |
Overdraft facility | $1,510 | € 1,200 | $524 | 500 |
Pension_Plan_and_Retirement_Be1
Pension Plan and Retirement Benefits (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
401(k) | 401(k) | 401(k) | Profit sharing plans | Profit sharing plans | Profit sharing plans | |
Defined Contribution Plans | ' | ' | ' | ' | ' | ' |
Percentage of employee's contribution contributed by the company for all employees except for all salaried employees and certain hourly employees | 50.00% | ' | ' | ' | ' | ' |
Maximum percentage of employee's salary that can be contributed by the company for all employees except for all salaried employees and certain hourly employees | 3.00% | ' | ' | ' | ' | ' |
Percentage of employee's contribution contributed by the company for all salaried employees and certain hourly employees | 60.00% | ' | ' | ' | ' | ' |
Maximum percentage of employee's salary that can be contributed by the company for all salaried employees and certain hourly employees | 6.00% | ' | ' | ' | ' | ' |
Expenses associated with defined contribution plan (401(k)) | $1,436 | $1,416 | $1,374 | $0 | $0 | $0 |
Pension_Plan_and_Retirement_Be2
Pension Plan and Retirement Benefits (Details 2) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, unless otherwise specified | Jan. 01, 2007 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2007 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 01, 2007 | Mar. 31, 2006 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Pension Plans | Defined Benefit Pension Plans | Defined Benefit Pension Plans | U.S. pension plan | U.S. pension plan | U.S. pension plan | U.S. pension plan | U.K. pension plan | U.K. pension plan | U.K. pension plan | U.K. pension plan | U.K. pension plan | U.K. pension plan | Non-qualified pension plan | Non-qualified pension plan | Non-qualified pension plan | Postretirement Health Care Benefits | Postretirement Health Care Benefits | Postretirement Health Care Benefits | Postretirement Health Care Benefits | Postretirement Health Care Benefits | Postretirement Health Care Benefits | Postretirement Health Care Benefits | Postretirement Health Care Benefits | Postretirement Health Care Benefits | ||||
U.K. subsidiary | U.K. subsidiary | Over 65 age group | Over 65 age group | Under 65 age group | Under 65 age group | |||||||||||||||||||||||
Pension Plan and Retirement Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension multiplier before increase (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension multiplier after increase (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in projected benefit obligation | ' | ' | ' | ' | ' | ' | $8,191 | ' | ' | ' | ' | ' | ' | $392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase to other comprehensive income (before tax) | ' | ' | ' | ' | ' | ' | 4,532 | ' | ' | ' | ' | ' | ' | 392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | ' | ' | ' | ' | ' | ' | 3,659 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum liability related to total retiree health care costs under plan amendment | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in accumulated postretirement benefit liability due to plan amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,313 | ' | ' | ' | ' | ' | ' | ' |
Period of amortization as a reduction to expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' |
Change in Benefit Obligation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected benefit obligation at beginning of year | ' | ' | ' | 273,693 | 303,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,772 | 114,209 | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | 3,971 | 4,881 | 4,001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 267 | 387 | 291 | ' | ' | ' | ' |
Interest cost | ' | ' | ' | 11,989 | 10,839 | 11,623 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,578 | 4,330 | 4,581 | ' | ' | ' | ' |
Actuarial losses (gains) | ' | ' | ' | 12,143 | -32,627 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,614 | -16,018 | ' | ' | ' | ' | ' |
Benefits paid | ' | ' | ' | -13,237 | -12,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,844 | -4,136 | ' | ' | ' | ' | ' |
Projected benefit obligation at end of year | ' | ' | ' | 288,559 | 273,693 | 303,445 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,387 | 98,772 | 114,209 | ' | ' | ' | ' |
Change in Plan Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | ' | 206,113 | 182,011 | ' | ' | 188,442 | ' | ' | 17,671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual return on assets | ' | ' | ' | 21,861 | 20,977 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution | ' | ' | ' | 2,225 | 15,970 | ' | ' | 1,250 | 15,000 | ' | ' | ' | ' | ' | 970 | 970 | ' | ' | ' | ' | ' | 3,844 | 4,136 | ' | ' | ' | ' | ' |
Benefits paid | ' | ' | ' | -13,237 | -12,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,844 | -4,136 | ' | ' | ' | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' | 216,962 | 206,113 | 182,011 | ' | 197,330 | 188,442 | ' | 19,632 | 17,671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funded Status of Plan: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded status | ' | ' | ' | -71,597 | -67,580 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -105,387 | -98,772 | ' | ' | ' | ' | ' |
Accrued pension and postretirement benefits: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | -4,572 | -4,918 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -95 | -95 | ' | ' | ' | -4,477 | -4,823 | ' | ' | ' | ' | ' |
Non-current | ' | -173,225 | -162,259 | -71,597 | -67,580 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -718 | -730 | ' | ' | ' | -100,910 | -93,949 | ' | ' | ' | ' | ' |
Accrued pension and postretirement benefits | ' | -177,797 | -167,177 | -71,597 | -67,580 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -813 | -825 | ' | ' | ' | -105,387 | -98,772 | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (gain) loss | ' | 97,155 | 92,836 | 64,641 | 63,939 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,514 | 28,897 | ' | ' | ' | ' | ' |
Prior service cost | ' | 4,636 | 2,549 | 4,636 | 5,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,895 | ' | ' | ' | ' | ' |
Total accumulated other comprehensive loss | ' | 101,791 | 95,385 | 69,277 | 69,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,514 | 26,002 | ' | ' | ' | ' | ' |
Amounts expected to be recognized from AOCI into the statement of operations in the following year: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of net loss | ' | 7,079 | 6,608 | 4,645 | 4,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,434 | 1,996 | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | 808 | -2,087 | 808 | 808 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,895 | ' | ' | ' | ' | ' |
Total | ' | 7,887 | 4,521 | 5,453 | 5,420 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,434 | -899 | ' | ' | ' | ' | ' |
Accumulated benefit obligation | ' | 276,009 | 257,284 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components of net periodic pension cost and postretirement health care benefit cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | 3,971 | 4,881 | 4,001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 267 | 387 | 291 | ' | ' | ' | ' |
Interest cost | ' | ' | ' | 11,989 | 10,839 | 11,623 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,578 | 4,330 | 4,581 | ' | ' | ' | ' |
Expected return on assets | ' | ' | ' | -15,033 | -13,189 | -11,755 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | ' | 808 | 808 | 808 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,895 | -5,789 | -5,789 | ' | ' | ' | ' |
Recognized actuarial loss | ' | ' | ' | 4,612 | 10,189 | 9,031 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,996 | 3,717 | 2,799 | ' | ' | ' | ' |
Net periodic benefit cost | ' | ' | ' | 6,347 | 13,528 | 13,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84 | 12 | 110 | ' | ' | 3,946 | 2,645 | 1,882 | ' | ' | ' | ' |
Assumptions relating to health care cost trend rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 5.50% | 6.00% |
Ultimate annual rate of decrease in costs of covered health care benefits by year 2016 (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' |
Effect of one percentage point change in assumed health care cost trend rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on total of service and interest cost components of one percent increase | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on total of service and interest cost components of one percent decrease | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on accumulated postretirement benefit obligation of one percent increase | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect on accumulated postretirement benefit obligation of one percent decrease | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions used to determine benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 4.00% | 4.50% | ' | 3.90% | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 4.75% | ' | ' | ' | ' | ' |
Rate of compensation increase (as a percent) | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions used to determine net periodic benefit cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | 4.50% | 3.63% | 4.50% | 4.30% | 4.10% | 5.20% | ' | ' | ' | ' | ' | ' | ' | ' | 4.75% | 3.88% | 4.63% | ' | ' | ' | ' |
Expected return on plan assets (as a percent) | ' | ' | ' | ' | ' | ' | ' | 7.50% | 7.50% | 8.00% | 4.80% | 4.20% | 5.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of compensation increase (as a percent) | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_Plan_and_Retirement_Be3
Pension Plan and Retirement Benefits (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Minimum | ' | ' | ' |
Asset allocation | ' | ' | ' |
Equity risk premium above broad bond market yields (as a percent) | 3.00% | ' | ' |
Broad bond market yields (as a percent) | 5.00% | ' | ' |
Maximum | ' | ' | ' |
Asset allocation | ' | ' | ' |
Equity risk premium above broad bond market yields (as a percent) | 4.00% | ' | ' |
Broad bond market yields (as a percent) | 7.00% | ' | ' |
Amount of adjustment to target allocation (as a percent) | 10.00% | ' | ' |
Bond Funds | ' | ' | ' |
Asset allocation | ' | ' | ' |
Actual plan asset allocation (as a percent) | 40.00% | ' | ' |
Target plan asset allocation (as a percent) | 40.00% | ' | ' |
Equity | ' | ' | ' |
Asset allocation | ' | ' | ' |
Actual plan asset allocation (as a percent) | 60.00% | ' | ' |
Target plan asset allocation (as a percent) | 60.00% | ' | ' |
Real estate and Other | ' | ' | ' |
Asset allocation | ' | ' | ' |
Target plan asset allocation (as a percent) | 0.00% | ' | ' |
Other | ' | ' | ' |
Asset allocation | ' | ' | ' |
Actual plan asset allocation (as a percent) | 0.00% | ' | ' |
Defined Benefit Pension Plans | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | $216,962 | $206,113 | 182,011 |
Expected benefit payments | ' | ' | ' |
2015 | 14,063 | ' | ' |
2016 | 14,309 | ' | ' |
2017 | 14,696 | ' | ' |
2018 | 14,973 | ' | ' |
2019 | 15,339 | ' | ' |
2020-2023 (in total) | 85,683 | ' | ' |
Defined Benefit Pension Plans | Level 1 | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 41,968 | 38,575 | ' |
Defined Benefit Pension Plans | Level 2 | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 174,994 | 167,538 | ' |
U.S. pension plan | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 197,330 | 188,442 | ' |
Asset allocation | ' | ' | ' |
Plan's return on assets assumption (as a percent) | 7.50% | 7.50% | 8.00% |
U.S. pension plan | U.S. common stock mutual fund | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 41,968 | 38,575 | ' |
U.S. pension plan | Bond Funds | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 79,231 | 74,378 | ' |
U.S. pension plan | Common /collective funds, Short-term money market | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | ' | 2,590 | ' |
U.S. pension plan | Common /collective funds, U.S. common stock | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 67,733 | 64,592 | ' |
U.S. pension plan | Common /collective funds, International equity | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 8,398 | 8,307 | ' |
U.S. pension plan | Level 1 | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 41,968 | 38,575 | ' |
U.S. pension plan | Level 1 | U.S. common stock mutual fund | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 41,968 | 38,575 | ' |
U.S. pension plan | Level 2 | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 155,362 | 149,867 | ' |
U.S. pension plan | Level 2 | Bond Funds | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 79,231 | 74,378 | ' |
U.S. pension plan | Level 2 | Common /collective funds, Short-term money market | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | ' | 2,590 | ' |
U.S. pension plan | Level 2 | Common /collective funds, U.S. common stock | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 67,733 | 64,592 | ' |
U.S. pension plan | Level 2 | Common /collective funds, International equity | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 8,398 | 8,307 | ' |
U.K. pension plan | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 19,632 | 17,671 | ' |
Asset allocation | ' | ' | ' |
Plan's return on assets assumption (as a percent) | 4.80% | 4.20% | 5.90% |
U.K. pension plan | Bond Funds | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 9,021 | 7,111 | ' |
U.K. pension plan | Equity | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 8,329 | 7,695 | ' |
U.K. pension plan | Other | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 2,282 | 2,865 | ' |
U.K. pension plan | Level 2 | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 19,632 | 17,671 | ' |
U.K. pension plan | Level 2 | Bond Funds | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 9,021 | 7,111 | ' |
U.K. pension plan | Level 2 | Equity | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 8,329 | 7,695 | ' |
U.K. pension plan | Level 2 | Other | ' | ' | ' |
Fair value measurement of plan assets | ' | ' | ' |
Total pension plan assets | 2,282 | 2,865 | ' |
Postretirement Health Care Benefits | ' | ' | ' |
Expected benefit payments | ' | ' | ' |
2015 | 4,477 | ' | ' |
2016 | 4,674 | ' | ' |
2017 | 4,860 | ' | ' |
2018 | 5,000 | ' | ' |
2019 | 5,000 | ' | ' |
2020-2023 (in total) | $25,000 | ' | ' |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments | ' | ' | ' |
Lease term | '10 years | ' | ' |
Rent expense | $3,518 | $3,693 | $3,347 |
Income from sub-lease rentals | 147 | 129 | 145 |
Future minimum rental commitments under non-cancelable operating leases | ' | ' | ' |
2015 | 2,812 | ' | ' |
2016 | 1,907 | ' | ' |
2017 | 1,464 | ' | ' |
2018 | 948 | ' | ' |
2019 | 603 | ' | ' |
2020 and thereafter | 25 | ' | ' |
Total | 7,759 | ' | ' |
Minimum sub-lease rentals due in the future | $35 | ' | ' |
Legal_Environmental_and_Other_2
Legal, Environmental and Other Contingencies (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Pending litigation | Claims involving personal injuries | ||
item | Pending litigation | |||
action | ||||
Legal, Environmental and Other Contingencies | ' | ' | ' | ' |
Number of actions in which the entity is involved relating to welding rod-related injuries | ' | ' | ' | 2 |
Number of areas of concern that required investigation | ' | ' | 1 | ' |
Number of solid waste management units evaluated under RCRA, as required by IDEM | ' | ' | 1 | ' |
Accrual for post-closure monitoring and maintenance activities | $78 | $79 | $823 | ' |
Legal_Environmental_and_Other_3
Legal, Environmental and Other Contingencies (Details 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Long-term obligations | ' | ' |
Environmental post-closure monitoring and maintenance activities | $823 | $846 |
Less amounts due within one year | -78 | -79 |
Total long-term obligations | 745 | 767 |
Maturities of long-term obligations (discounted) | ' | ' |
2015 | 85 | ' |
2016 | 73 | ' |
2017 | 76 | ' |
2018 | 57 | ' |
2019 and thereafter | 454 | ' |
Total long-term obligations | $745 | $767 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Dec. 02, 2013 | Nov. 26, 2013 |
Employee | Non-Employee Director | Restricted Stock Plan | Restricted Stock Plan | Restricted Stock Plan | Restricted Stock Plan | Restricted Stock Plan | Restricted Stock Plan | |
Employee | Key Employees and Non-Employee Directors | Key Employees and Non-Employee Directors | ||||||
Stock-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of common stock reserved for issuance | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Award vesting period | '3 years | '3 years | ' | ' | ' | ' | ' | ' |
Period of performance goal based on net income used for determination of vesting period | '3 years | ' | ' | ' | ' | ' | ' | ' |
Restricted stock plan activity, number of shares | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at beginning of the period (in shares) | ' | ' | 96,750 | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 37,700 | ' | ' | ' | 3,000 | 34,700 |
Forfeited / Canceled (in shares) | ' | ' | -450 | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | -36,850 | ' | ' | ' | ' | ' |
Unvested at end of the period (in shares) | ' | ' | 97,150 | 96,750 | ' | ' | ' | ' |
Expected to vest (in shares) | ' | ' | 65,550 | ' | ' | ' | ' | ' |
Restricted stock plan activity, Weighted Average Fair Value at Grant Date | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested at beginning of the period (in dollars per share) | ' | ' | $47.74 | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | $52.89 | ' | ' | ' | $54.22 | $52.78 |
Forfeited / Canceled (in dollars per share) | ' | ' | $56.68 | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | $42 | ' | ' | ' | ' | ' |
Unvested at end of the period (in dollars per share) | ' | ' | $51.96 | $47.74 | ' | ' | ' | ' |
Expected to vest (in dollars per share) | ' | ' | $51.99 | ' | ' | ' | ' | ' |
Restricted stock plan activity, other disclosures | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | $1,295 | $832 | $1,518 | ' | ' | ' |
Remaining unrecognized compensation expense | ' | ' | $1,627 | ' | ' | ' | ' | ' |
Weighted average period for recognition | ' | ' | '11 months 12 days | ' | ' | ' | ' | ' |
Repurchase of stock from employees (in shares) | ' | ' | ' | ' | ' | 6,284 | ' | ' |
Average purchase price (in dollars per share) | ' | ' | ' | ' | ' | $53.38 | ' | ' |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Nov. 26, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
plan | ||||
Original option plan August 2004 | ' | ' | ' | ' |
Information relating to stock options | ' | ' | ' | ' |
Number of shares of common stock reserved for issuance | ' | 1,000,000 | ' | ' |
Second option plan January 2007 | ' | ' | ' | ' |
Information relating to stock options | ' | ' | ' | ' |
Number of shares of common stock reserved for issuance | ' | 500,000 | ' | ' |
Stock Option Plans | ' | ' | ' | ' |
Information relating to stock options | ' | ' | ' | ' |
Number of plans | ' | 2 | ' | ' |
Number of shares of common stock reserved for issuance | ' | 1,500,000 | ' | ' |
Period during which options are exercisable | ' | '10 years | ' | ' |
Vesting of awards per year (as a percent) | ' | 33.33% | ' | ' |
Award vesting period | ' | '3 years | ' | ' |
Fair value assumptions | ' | ' | ' | ' |
Fair Value (in dollars per share) | $13.94 | ' | ' | ' |
Dividend Yield (as a percent) | 1.67% | ' | ' | ' |
Risk-Free Interest Rate (as a percent) | 0.57% | ' | ' | ' |
Expected Volatility (as a percent) | 42.00% | ' | ' | ' |
Expected Life | '3 years | ' | ' | ' |
Stock-based employee compensation expense | ' | $474 | $424 | $561 |
Remaining unrecognized compensation expense | ' | 615 | ' | ' |
Weighted average period for recognition | ' | '1 year 3 months 7 days | ' | ' |
Activity under stock option plans, number of shares | ' | ' | ' | ' |
Outstanding at beginning of the period (in shares) | ' | 291,664 | ' | ' |
Granted (in shares) | ' | 45,250 | ' | ' |
Exercised (in shares) | ' | -54,913 | ' | ' |
Outstanding at end of the period (in shares) | ' | 282,001 | 291,664 | ' |
Vested or expected to vest (in shares) | ' | 269,026 | ' | ' |
Exercisable at end of period (in shares) | ' | 205,252 | ' | ' |
Outstanding at end of period, Aggregate Intrinsic Value | ' | 752 | ' | ' |
Vested or expected to vest, Aggregate Intrinsic Value | ' | 735 | ' | ' |
Exercisable at end of the period, Aggregate Intrinsic Value | ' | $752 | ' | ' |
Weighted Average Exercise Prices | ' | ' | ' | ' |
Outstanding at beginning of the period (in dollars per share) | ' | $45.36 | ' | ' |
Granted (in dollars per share) | ' | $52.78 | ' | ' |
Exercised (in dollars per share) | ' | $19.36 | ' | ' |
Outstanding at end of period (in dollars per share) | ' | $51.61 | $45.36 | ' |
Vested or expected to vest (in dollars per share) | ' | $51.70 | ' | ' |
Exercisable at end of the period (in dollars per share) | ' | $51.66 | ' | ' |
Outstanding at end of the period, Weighted Average Remaining Contractual Life | ' | '5 years 4 months 21 days | ' | ' |
Vested or expected to vest, Weighted Average Remaining Contractual Life | ' | '5 years 3 months 4 days | ' | ' |
Exercisable at end of the period, Weighted Average Remaining Contractual Life | ' | '4 years 1 month 28 days | ' | ' |
Stock Option Plans | Certain Employees | ' | ' | ' | ' |
Activity under stock option plans, number of shares | ' | ' | ' | ' |
Granted (in shares) | 45,250 | ' | ' | ' |
Weighted Average Exercise Prices | ' | ' | ' | ' |
Granted (in dollars per share) | $52.78 | ' | ' | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (Stock Option Plans, USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Stock-Based Compensation | ' |
Outstanding Number of Shares | 282,001 |
Exercisable Number of Shares | 205,252 |
Exercise Price Per Share $31.00 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $31 |
Remaining Contractual Life | '1 year 6 months |
Outstanding Number of Shares | 10,000 |
Exercisable Number of Shares | 10,000 |
Exercise Price Per Share $72.93 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $72.93 |
Remaining Contractual Life | '2 years 6 months |
Outstanding Number of Shares | 47,500 |
Exercisable Number of Shares | 47,500 |
Exercise Price Per Share $54.00 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $54 |
Remaining Contractual Life | '3 years 6 months |
Outstanding Number of Shares | 58,000 |
Exercisable Number of Shares | 58,000 |
Exercise Price Per Share $46.83 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $46.83 |
Remaining Contractual Life | '4 years |
Outstanding Number of Shares | 20,000 |
Exercisable Number of Shares | 20,000 |
Exercise Price Per Share $17.82 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $17.82 |
Remaining Contractual Life | '4 years 6 months |
Outstanding Number of Shares | 12,084 |
Exercisable Number of Shares | 12,084 |
Exercise Price Per Share $34.00 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $34 |
Remaining Contractual Life | '5 years 3 months |
Outstanding Number of Shares | 12,400 |
Exercisable Number of Shares | 12,400 |
Exercise Price Per Share $40.26 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $40.26 |
Remaining Contractual Life | '6 years 2 months 1 day |
Outstanding Number of Shares | 19,667 |
Exercisable Number of Shares | 19,667 |
Exercise Price Per Share $55.88 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $55.88 |
Remaining Contractual Life | '7 years 2 months 1 day |
Outstanding Number of Shares | 19,700 |
Exercisable Number of Shares | 13,135 |
Exercise Price Per Share $47.96 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $47.96 |
Remaining Contractual Life | '8 years 2 months 1 day |
Outstanding Number of Shares | 35,600 |
Exercisable Number of Shares | 11,866 |
Exercise Price Per Share $48.39 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $48.39 |
Remaining Contractual Life | '8 years 2 months 1 day |
Outstanding Number of Shares | 1,800 |
Exercisable Number of Shares | 600 |
Exercise Price Per Share $52.78 | ' |
Stock-Based Compensation | ' |
Exercise Price Per Share (in dollars per share) | $52.78 |
Remaining Contractual Life | '9 years 2 months 1 day |
Outstanding Number of Shares | 45,250 |
Quarterly_Data_unaudited_Detai
Quarterly Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Data (unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $120,067 | $126,293 | $115,350 | $93,700 | $115,658 | $123,587 | $129,201 | $114,300 | $455,410 | $482,746 | $579,561 |
Gross profit | 18,923 | 14,061 | 9,064 | 5,250 | 16,163 | 18,605 | 20,084 | 18,774 | 47,298 | 73,626 | 120,840 |
Net income (loss) | $6,370 | $2,096 | ($1,223) | ($3,492) | $4,009 | $5,297 | $6,436 | $5,835 | $3,751 | $21,577 | $50,182 |
Net income (loss) per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.51 | $0.17 | ($0.10) | ($0.29) | $0.33 | $0.43 | $0.05 | $0.47 | $0.30 | $1.75 | $4.09 |
Diluted (in dollars per share) | $0.51 | $0.17 | ($0.10) | ($0.29) | $0.32 | $0.43 | $0.05 | $0.47 | $0.30 | $1.74 | $4.07 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
segment | |||
Segment Reporting | ' | ' | ' |
Number of Business Segment | 1 | ' | ' |
Net revenues | $455,410 | $482,746 | $579,561 |
Long-lived assets | 174,083 | 152,764 | ' |
High-temperature resistant alloys | ' | ' | ' |
Segment Reporting | ' | ' | ' |
Net revenues | 341,557 | 357,232 | 423,080 |
Corrosive-resistant alloys | ' | ' | ' |
Segment Reporting | ' | ' | ' |
Net revenues | 113,853 | 125,514 | 156,481 |
United States | ' | ' | ' |
Segment Reporting | ' | ' | ' |
Net revenues | 261,631 | 268,054 | 346,750 |
Long-lived assets | 166,542 | 146,940 | ' |
Europe | ' | ' | ' |
Segment Reporting | ' | ' | ' |
Net revenues | 101,824 | 110,389 | 121,781 |
Long-lived assets | 7,021 | 5,221 | ' |
China | ' | ' | ' |
Segment Reporting | ' | ' | ' |
Net revenues | 36,596 | 39,475 | 48,183 |
Long-lived assets | 520 | 603 | ' |
Other | ' | ' | ' |
Segment Reporting | ' | ' | ' |
Net revenues | $55,359 | $64,828 | $62,847 |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (Allowance for doubtful accounts receivables, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for doubtful accounts receivables | ' | ' | ' |
Movement in valuation and qualifying accounts | ' | ' | ' |
Balance at Beginning of Period | $1,199 | $1,249 | $1,129 |
Charges (credits) to Expense | 8 | -34 | 235 |
Deductions | -346 | -16 | -115 |
Balance at End of Period | $861 | $1,199 | $1,249 |
Deferred_Revenue_Details
Deferred Revenue (Details) (Conversion Services Agreement, USD $) | 0 Months Ended | 12 Months Ended |
Nov. 17, 2006 | Sep. 30, 2014 | |
lb | ||
Deferred revenue | ' | ' |
Term of agreement to provide conversion services | '20 years | ' |
Up-front fees received | $50,000,000 | ' |
Additional volume of titanium metal to be converted on exercise of option by service receiver (in pounds) | ' | 10,000,000 |
Revenue recognition period | ' | '20 years |
Liquidated damages | ' | 25,000,000 |
Maximum | ' | ' |
Deferred revenue | ' | ' |
Annual volume of titanium metal to be converted (in pounds) | 10,000,000 | ' |
Amount of loan offered by counterparty | ' | $12,000,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Total, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Level 3 | ' | ' |
Assets: | ' | ' |
Total fair value | $0 | $0 |
Fair value measurements on recurring basis | ' | ' |
Assets: | ' | ' |
Total fair value | 262,833 | 274,439 |
Fair value measurements on recurring basis | Cash and money market funds | ' | ' |
Assets: | ' | ' |
Total fair value | 45,871 | 68,326 |
Fair value measurements on recurring basis | Defined Benefit Pension Plans | ' | ' |
Assets: | ' | ' |
Total fair value | 216,962 | 206,113 |
Fair value measurements on recurring basis | Level 1 | ' | ' |
Assets: | ' | ' |
Total fair value | 87,839 | 106,901 |
Fair value measurements on recurring basis | Level 1 | Cash and money market funds | ' | ' |
Assets: | ' | ' |
Total fair value | 45,871 | 68,326 |
Fair value measurements on recurring basis | Level 1 | Defined Benefit Pension Plans | ' | ' |
Assets: | ' | ' |
Total fair value | 41,968 | 38,575 |
Fair value measurements on recurring basis | Level 2 | ' | ' |
Assets: | ' | ' |
Total fair value | 174,994 | 167,538 |
Fair value measurements on recurring basis | Level 2 | Defined Benefit Pension Plans | ' | ' |
Assets: | ' | ' |
Total fair value | $174,994 | $167,538 |
Comprehensive_Income_Loss_and_2
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $6,370 | $2,096 | ($1,223) | ($3,492) | $4,009 | $5,297 | $6,436 | $5,835 | $3,751 | $21,577 | $50,182 |
Pension and postretirement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) arising during period | ' | ' | ' | ' | ' | ' | ' | ' | -1,886 | 74,282 | -19,688 |
Less: amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 2,087 | 4,981 | 4,981 |
Less: amortization of gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -6,608 | -13,906 | -11,830 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -991 | 1,012 | 698 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7,398 | 66,369 | -25,839 |
Pension and postretirement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) arising during period | ' | ' | ' | ' | ' | ' | ' | ' | -698 | 27,201 | -7,399 |
Less: amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 773 | 1,743 | 1,743 |
Less: amortization of gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,444 | 4,867 | 4,140 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,369 | -24,077 | 9,796 |
Pension and postretirement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) arising during period | ' | ' | ' | ' | ' | ' | ' | ' | -1,188 | 47,081 | -12,289 |
Less: amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 1,314 | 3,238 | 3,238 |
Less: amortization of gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -4,164 | -9,039 | -7,690 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -991 | 1,012 | 698 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -5,029 | 42,292 | -16,043 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($1,278) | $63,869 | $34,139 |
Comprehensive_Income_Loss_and_3
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Accumulated other comprehensive income (loss) at the beginning of the period | ($56,799) | ($99,091) |
Other comprehensive income (loss) before classifications | -7,879 | 36,491 |
Amounts reclassified from accumulated other comprehensive income (loss) | 2,850 | 5,801 |
Net current-period other comprehensive income (loss) | -5,029 | 42,292 |
Accumulated other comprehensive income (loss) at the end of the period | -61,828 | -56,799 |
Defined Benefit Plans | Defined Benefit Pension Plans | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Accumulated other comprehensive income (loss) at the beginning of the period | -42,798 | -75,263 |
Other comprehensive income (loss) before classifications | -3,418 | 25,317 |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,416 | 7,148 |
Net current-period other comprehensive income (loss) | -2 | 32,465 |
Accumulated other comprehensive income (loss) at the end of the period | -42,800 | -42,798 |
Defined Benefit Plans | Postretirement Health Care Benefits | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Accumulated other comprehensive income (loss) at the beginning of the period | -15,964 | -24,779 |
Other comprehensive income (loss) before classifications | -3,470 | 10,162 |
Amounts reclassified from accumulated other comprehensive income (loss) | -566 | -1,347 |
Net current-period other comprehensive income (loss) | -4,036 | 8,815 |
Accumulated other comprehensive income (loss) at the end of the period | -20,000 | -15,964 |
Foreign Exchange | ' | ' |
Changes in accumulated other comprehensive income (loss) by component | ' | ' |
Accumulated other comprehensive income (loss) at the beginning of the period | 1,963 | 951 |
Other comprehensive income (loss) before classifications | -991 | 1,012 |
Net current-period other comprehensive income (loss) | -991 | 1,012 |
Accumulated other comprehensive income (loss) at the end of the period | $972 | $1,963 |
Comprehensive_Income_Loss_and_4
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Prior Service Costs | $2,087 | $4,981 | $4,981 |
Actuarial (losses) | -6,608 | -13,906 | -11,830 |
Tax (expense) or benefit | 1,369 | 10,421 | 26,813 |
Total reclassification for the period | -2,850 | -5,801 | ' |
Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Prior Service Costs | 2,087 | 4,981 | ' |
Actuarial (losses) | -6,609 | -13,906 | ' |
Total before tax | -4,522 | -8,925 | ' |
Tax (expense) or benefit | 1,672 | 3,124 | ' |
Total reclassification for the period | -2,850 | -5,801 | ' |
Defined Benefit Plans | Defined Benefit Pension Plans | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Total reclassification for the period | -3,416 | -7,148 | ' |
Defined Benefit Plans | Defined Benefit Pension Plans | Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Prior Service Costs | -808 | -808 | ' |
Actuarial (losses) | -4,613 | -10,189 | ' |
Total before tax | -5,421 | -10,997 | ' |
Tax (expense) or benefit | 2,005 | 3,849 | ' |
Total reclassification for the period | -3,416 | -7,148 | ' |
Defined Benefit Plans | Postretirement Health Care Benefits | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Total reclassification for the period | 566 | 1,347 | ' |
Defined Benefit Plans | Postretirement Health Care Benefits | Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income | ' | ' | ' |
Prior Service Costs | 2,895 | 5,789 | ' |
Actuarial (losses) | -1,996 | -3,717 | ' |
Total before tax | 899 | 2,072 | ' |
Tax (expense) or benefit | -333 | -725 | ' |
Total reclassification for the period | $566 | $1,347 | ' |