ESCO (ESE) 10-Q 7 Feb 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Dec. 31, 2013	Jan. 31, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Dec-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'ESE	'
Entity Common Stock, Shares Outstanding	'	26,493,939
Entity Registrant Name	'ESCO TECHNOLOGIES INC	'
Entity Central Index Key	'0000866706	'
Current Fiscal Year End Date	'--09-30	'
Entity Filer Category	'Large Accelerated Filer	'

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Net sales	$124,450	$110,518
Costs and expenses:	'	'
Cost of sales	74,281	66,757
Selling, general and administrative expenses	33,872	33,677
Amortization of intangible assets	1,686	1,535
Interest expense, net	692	585
Other expenses (income), net	179	-56
Total costs and expenses	110,710	102,498
Earnings before income taxes	13,740	8,020
Income tax expense	4,908	2,677
Net earnings from continuing operations	8,832	5,343
Earnings (loss) from discontinued operations, net of tax expense (benefit) of $1,306 and $(2,626), respectively	2,357	-5,097
Net earnings	$11,189	$246
Earnings (loss) per share:	'	'
Basic - Continuing operations	$0.33	$0.20
- Discontinued operations	$0.09	($0.19)
- Net earnings	$0.42	$0.01
Earnings (loss) per share:	'	'
Diluted - Continuing operations	$0.33	$0.20
- Discontinued operations	$0.09	($0.19)
- Net earnings	$0.42	$0.01

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	$1,306	($2,626)

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Net earnings	$11,189	$246
Other comprehensive income (loss), net of tax:	'	'
Foreign currency translation adjustments	574	975
Amortization of prior service costs and actuarial losses	0	-109
Total other comprehensive income (loss), net of tax	574	866
Comprehensive income (loss)	$11,763	$1,112

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$34,367	$42,850
Accounts receivable, net	88,480	91,980
Costs and estimated earnings on long-term contracts, less progress billings of $23,723 and $30,887, respectively	16,577	20,717
Inventories	93,805	90,228
Current portion of deferred tax assets	23,684	23,349
Other current assets	7,344	15,930
Assets held for sale - current	119,547	108,867
Total current assets	383,804	393,921
Property, plant and equipment, net of accumulated depreciation of $66,542 and $64,332, respectively	75,265	75,536
Intangible assets, net of accumulated amortization of $35,638 and $33,952, respectively	180,543	180,217
Goodwill	283,399	282,949
Other assets	9,118	9,469
Assets held for sale - other	151,711	150,236
Total assets	1,083,840	1,092,328
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Current maturities of long-term debt	50,507	50,000
Accounts payable	25,155	38,537
Advance payments on long-term contracts, less costs incurred of $39,349 and $23,853, respectively	17,902	17,543
Accrued salaries	16,593	21,730
Current portion of deferred revenue	16,233	17,508
Accrued other expenses	19,089	21,453
Liabilities held for sale - current	61,577	63,585
Total current liabilities	207,056	230,356
Pension obligations	18,848	19,089
Deferred tax liabilities	101,533	99,795
Other liabilities	3,271	3,348
Long-term debt	127,000	122,000
Liabilities held for sale - other	14,961	16,026
Total liabilities	472,669	490,614
Shareholders' equity:	'	'
Preferred stock, par value $.01 per share, authorized 10,000,000 shares	0	0
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,194,146 and 30,147,504 shares, respectively	302	301
Additional paid-in capital	284,324	284,565
Retained earnings	416,576	407,512
Accumulated other comprehensive loss, net of tax	-16,082	-16,656
Total stockholders' equity before Treasury Stock	685,120	675,722
Less treasury stock, at cost: 3,703,807 and 3,707,407 common shares, respectively	-73,949	-74,008
Total shareholders’ equity	611,171	601,714
Total Liabilities and Shareholders’ Equity	$1,083,840	$1,092,328

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, except Share data, unless otherwise specified
Costs and estimated earnings on long-term contracts, progress billings	$23,723	$30,887
Property, plant and equipment, net of accumulated depreciation	66,542	64,332
Intangible assets, net of accumulated amortization	35,638	33,952
Advance payments on long-term contracts, costs incurred	$39,349	$23,853
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	30,194,146	30,147,504
Treasury stock, shares	3,703,807	3,707,407

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:	'	'
Net earnings	$11,189	$246
Adjustments to reconcile net earnings to net cash (used) provided by operating activities:	'	'
Net loss (earnings) from discontinued operations, net of tax	-2,357	5,097
Depreciation and amortization	4,040	3,635
Stock compensation expense	1,249	1,076
Changes in current assets and liabilities	-7,954	-16,307
Effect of deferred taxes	1,403	1,798
Change in deferred revenue and costs, net	-1,196	-2,327
Pension contributions	-500	-730
Other	-1,562	883
Net cash provided (used) by operating activities - continuing operations	4,312	-6,629
Net cash (used) provided by operating activities - discontinued operations	-10,997	8,282
Net cash (used) provided by operating activities	-6,685	1,653
Cash flows from investing activities:	'	'
Acquisition of businesses, net of cash acquired	0	-3,247
Additions to capitalized software	-1,826	-2,075
Capital expenditures	-2,135	-4,061
Net cash used by investing activities - continuing operations	-3,961	-9,383
Net cash used by investing activities - discontinued operations	-1,794	-28,229
Net cash used by investing activities	-5,755	-37,612
Cash flows from financing activities:	'	'
Proceeds from long-term debt	20,507	53,630
Principal payments on long-term debt	-15,000	-4,000
Dividends paid	-2,124	-2,132
Purchases of common stock into treasury	0	-9,703
Proceeds from exercise of stock options	0	549
Other	0	-86
Net cash provided by financing activities	3,383	38,258
Effect of exchange rate changes on cash and cash equivalents	574	975
Net increase (decrease) in cash and cash equivalents	-8,483	3,274
Cash and cash equivalents, beginning of period	42,850	30,215
Cash and cash equivalents, end of period	$34,367	$33,489

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 2013
Basis Of Presentation [Abstract]	'
BASIS OF PRESENTATION	'
		1	BASIS OF PRESENTATION
	The accompanying consolidated financial statements, in the opinion of management, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods presented. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required for annual financial statements by accounting principles generally accepted in the United States of America (GAAP). For further information, refer to the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2013.  Certain 2013 amounts have been reclassified to conform with the 2014 presentation.
	The Company’s business is typically not impacted by seasonality; however, the results for the three-month periods ended December 31, 2013 are not necessarily indicative of the results for the entire 2014 fiscal year.  References to the first quarters of 2014 and 2013 represent the fiscal quarters ended December 31, 2013 and 2012, respectively.
	In preparing the financial statements, the Company uses estimates and assumptions that may affect reported amounts and disclosures.  The Company regularly evaluates the estimates and assumptions related to the allowance for doubtful trade receivables, inventory obsolescence, warranty reserves, value of equity-based awards, goodwill and purchased intangible asset valuations, asset impairments, employee benefit plan liabilities, income tax liabilities and assets and related valuation allowances, uncertain tax positions, and claims, litigation and other loss contingencies.  Actual results could differ from those estimates.

ASSETS_HELD_FOR_SALE

ASSETS HELD FOR SALE	3 Months Ended
	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
ASSETS HELD FOR SALE	'
		2	ASSETS HELD FOR SALE
	During the third quarter of 2013, the Company’s Board of Directors approved the initiation of a process to sell that portion of the Company’s Utility Solutions business segment represented by its subsidiary Aclara Technologies LLC (Aclara). Aclara is a supplier of special purpose fixed-network communications systems for electric, gas and water utilities, including hardware and software to support advanced metering applications. Aclara’s assets and liabilities constitute a disposal group to be classified as held for sale and Aclara constitutes a component of the Company with operations and cash flows that are clearly distinguishable, operationally and for financial reporting purposes, from the rest of the entity.  The results of operations of a component of an entity that either has been disposed of or is classified as held for sale shall be reported in discontinued operations.  Accordingly, Aclara is reflected as discontinued operations and/or assets/liabilities held for sale in the financial statements and related notes for all periods presented.
	Aclara’s pretax earnings (loss) recorded in discontinued operations was $3.7 million and $(7.7) million for the three-month periods ended December 31, 2013 and 2012, respectively.  Aclara’s net sales were $51.9 million and $34.7 million for the three-month periods ended December 31, 2013 and 2012, respectively.  Aclara’s operations were included within the Company's USG segment prior to the classification as discontinued operations.
	The major classes of Aclara assets and liabilities held for sale included in the Consolidated  Balance Sheets at  December 31, 2013 and September 30, 2013 are  shown  below (in millions).
			December 31,
			2013		September 30, 2013
	Assets:
	Accounts receivable, net		$	62.3	55.5
	Inventories			33.3	34.9
	Other current assets			23.9	18.5
	Current assets			119.5	108.9
	Net property, plant & equipment			15.2	14.5
	Intangible assets, net			67.1	66
	Goodwill			57.9	57.9
	Other assets			11.6	11.8
	Total assets		$	271.3	259.1
	Liabilities:
	Accounts payable		$	17.1	22.2
	Accrued expenses and other current liabilities			44.5	41.4
	Current liabilities			61.6	63.6
	Other liabilities			14.9	16
	Total liabilities		$	76.5	79.6

EARNINGS_PER_SHARE_EPS

EARNINGS PER SHARE (EPS)	3 Months Ended
	Dec. 31, 2013
Earnings Per Share (EPS) [Abstract]	'
EARNINGS PER SHARE (EPS)	'
		3	EARNINGS PER SHARE (EPS)
	Basic EPS is calculated using the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the weighted average number of common shares outstanding during the period plus shares issuable upon the assumed exercise of dilutive common share options and vesting of performance-accelerated restricted shares (restricted shares) by using the treasury stock method. The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands):
			Three Months Ended
			December 31,
			2013	2012
	Weighted Average Shares		26,483	26,495
	Outstanding - Basic
	Dilutive Options and		255	185
	Restricted Shares
	Adjusted Shares - Diluted		26,738	26,680
	Options to purchase 5,683 shares of common stock at prices of $37.54 were outstanding during the three-month periods ended December 31, 2013, but were not included in the computation of diluted EPS because the options' exercise prices were greater than the average market price of the common shares. Options to purchase 99,709 shares of common stock at prices ranging from $36.70 - $37.98 were outstanding during the three-month periods ended December 31, 2012, but were not included in the computation of diluted EPS because the options' exercise prices were greater than the average market price of the common shares. The options expire at various periods through 2014.  Approximately 233,000 and 244,000 restricted shares were excluded from the computation of diluted EPS for the three-month periods ended December 31, 2013 and 2012, respectively, based upon the application of the treasury stock method.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Dec. 31, 2013
Share-based Compensation [Abstract]	'
SHARE-BASED COMPENSATION	'
		4	SHARE-BASED COMPENSATION
	The Company provides compensation benefits to certain key employees under several share-based plans providing for employee stock options and/or performance-accelerated restricted shares (restricted shares), and to non-employee directors under a non-employee directors compensation plan.
	Stock Option Plans
	The fair value of each option award is estimated as of the date of grant using the Black-Scholes option pricing model.  Expected volatility is based on historical volatility of the Company’s stock calculated over the expected term of the option.  The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the date of grant.  The expected dividend yield is based on historical dividend rates.  There were no stock option grants during the first quarter of fiscal 2014.  Pretax compensation expense related to stock option awards was less than $0.1 million for the three-month periods ended December 31, 2013 and 2012, respectively.
	Information regarding stock options awarded under the option plans is as follows:
			Shares	Weighted		Aggregate		Weighted
				Average		Intrinsic		Average
				Price		Value		Remaining
						(in millions)		Contractual
								Life
	Outstanding at October 1, 2013		67,350	$	37.39
	Granted		–	$	–
	Exercised		–	$	–
	Cancelled / Expired		-65,350	$	37.54
	Outstanding at December 31, 2013		2,000	$	32.55	$	0	0.08
	Exercisable at December 31, 2013		2,000	$	32.55	$	0
	Performance-Accelerated Restricted Share Awards
	Pretax compensation expense related to the restricted share awards was $1.1 million and $0.9 million for the three-month periods ended December 31, 2013 and 2012, respectively.  There were 534,649 non-vested shares outstanding as of December 31, 2013.
	Non-Employee Directors Plan
	Pretax compensation expense related to the non-employee director grants was $0.1 million and $0.2 million for the three-month periods ended December 31, 2013 and 2012, respectively.
	The total share-based compensation cost that has been recognized in results of continuing operations and included within selling, general and administrative expenses (SG&A) was $1.2 million and $1.1 million for the three-month periods ended December 31, 2013 and 2012, respectively.  The total income tax benefit recognized in results of operations for share-based compensation arrangements was zero and $0.1 million for the three-month periods ended December 31, 2013 and 2012, respectively.  As of December 31, 2013, there was $8.0 million of total unrecognized compensation cost related to share-based compensation arrangements.  That cost is expected to be recognized over a remaining weighted-average period of 1.6 years.

INVENTORIES

INVENTORIES	3 Months Ended
	Dec. 31, 2013
Inventories [Abstract]	'
INVENTORIES	'
	5.     INVENTORIES
	Inventories from continuing operations consist of the following:
		December 31,		September 30,
	(In thousands)	2013		2013
	Finished goods	$	17,979	20,925
	Work in process, including long-term		36,859	30,884
	contracts
	Raw materials		38,967	38,419
	Total inventories	$	93,805	90,228

BUSINESS_SEGMENT_INFORMATION

BUSINESS SEGMENT INFORMATION	3 Months Ended
	Dec. 31, 2013
Business Segment Information [Abstract]	'
BUSINESS SEGMENT INFORMATION	'
		6	BUSINESS SEGMENT INFORMATION
	The Company is organized based on the products and services that it offers. Under this organizational structure, the Company has three reporting segments: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), and Utility Solutions Group (USG).  The Filtration segment’s operations consist of PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair) and Thermoform Engineered Quality LLC (TEQ).  The companies within this segment primarily design and manufacture specialty filtration products, including hydraulic filter elements used in commercial aerospace applications, unique filter mechanisms used in micro-propulsion devices for satellites and custom designed filters for manned and unmanned aircraft.  Test segment operations consist of ETS-Lindgren Inc. (ETS-Lindgren).  ETS-Lindgren is an industry leader in providing its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy.
	The USG segment’s operations consist of Doble Engineering Company (Doble). Doble provides high-end, intelligent diagnostic test solutions for the electric power delivery industry and is a leading supplier of partial discharge testing instruments used to assess the integrity of high voltage power delivery equipment.  Prior to the third quarter of fiscal 2013, USG also included Aclara Technologies LLC.  See Note 2.
	Management evaluates and measures the performance of its operating segments based on “Net Sales” and “EBIT”, which are detailed in the table below.  EBIT is defined as earnings from continuing operations before interest and taxes. The table below is presented on the basis of continuing operations and excludes discontinued operations.
	(In thousands)		Three Months Ended
			December 31,
			2013		2012
	NET SALES
	Filtration		$	55,478		46,352
	Test			39,477		36,295
	USG			29,495		27,871
	Consolidated totals		$	124,450		110,518
	EBIT
	Filtration		$	9,484		8,801
	Test			3,575		519
	USG			7,647		5,454
	Corporate (loss)			-6,274		-6,169
	Consolidated EBIT			14,432		8,605
	Less: Interest expense			-692		-585
	Earnings before income taxes		$	13,740		8,020
	Non-GAAP Financial Measures
	The financial measure “EBIT” is presented in the above table and elsewhere in this Report.  EBIT on a consolidated basis is a non-GAAP financial measure.  Management believes that EBIT is useful in assessing the operational profitability of the Company’s business segments because it excludes interest and taxes, which are generally accounted for across the entire Company on a consolidated basis.  EBIT is also one of the measures used by management in determining resource allocations within the Company as well as incentive compensation.
	The Company believes that the presentation of EBIT provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.  However, the Company’s non-GAAP financial measures may not be comparable to other companies’ non-GAAP financial performance measures.  Furthermore, the use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

DEBT

DEBT	3 Months Ended
	Dec. 31, 2013
Debt [Abstract]	'
DEBT	'
	7.     DEBT
	The Company’s debt is summarized as follows:
	(In thousands)	December 31,		September 30,
		2013		2013
	Total borrowings	$	177,507		172,000
	Short-term borrowings and current portion		-50,507		-50,000
	of long-term debt
	Total long-term debt, less current portion	$	127,000		122,000
	On May 14, 2012, the Company entered into a $450 million five-year revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, N.A., as syndication agent, and eight other participating lenders (the “Credit Facility).  Through a credit facility expansion option, the Company may elect to increase the size of the credit facility by entering into incremental term loans, in any agreed currency, at a minimum of $25 million each up to a maximum of $250 million aggregate.
	At December 31, 2013, the Company had approximately $264 million available to borrow under the credit facility, and a $250 million increase option, in addition to $34.4 million cash on hand.  At December 31, 2013, the Company had $186 million of outstanding borrowings under the credit facility including outstanding letters of credit of $9.0 million. The Company also had $0.5 million of short-term borrowings outstanding at December 31, 2013 under a separate foreign borrowing.  The Company’s ability to access the additional $250 million increase option of the credit facility is subject to acceptance by participating or other outside banks.
	The credit facility requires, as determined by certain financial ratios, a facility fee ranging from 17.5 to 35.0 basis points per year on the unused portion.  The terms of the facility provide that interest on borrowings may be calculated at a spread over the London Interbank Offered Rate (LIBOR) or based on the prime rate, at the Company’s election.  The facility is secured by the unlimited guaranty of the Company’s material domestic subsidiaries and a 65% pledge of the material foreign subsidiaries’ share equity.  The financial covenants of the credit facility also include a leverage ratio and an interest coverage ratio.  At December 31, 2013, the Company was in compliance with all debt covenants.

INCOME_TAX_EXPENSE

INCOME TAX EXPENSE	3 Months Ended
	Dec. 31, 2013
Income Tax Expense [Abstract]	'
INCOME TAX EXPENSE	'
	8.     INCOME TAX EXPENSE
	The first quarter 2014 effective income tax rate from continuing operations was 35.7% compared to 33.4% in the first quarter of 2013.  The income tax expense in the first quarter of 2014 was unfavorably impacted by a  0.8% decrease in foreign tax rate benefit.  The income tax expense in the first quarter of 2013 was favorably impacted by 0.9% from the release of accruals related to uncertain tax positions as a result of a lapse of the applicable statute of limitations.  There was no lapse of statute in the first quarter of 2014.  The Company estimates the fiscal 2014 effective tax rate from continuing operations will be approximately 35%.
	During the three-month period ended December 31, 2013, there was no material change in the unrecognized tax benefits.  The Company anticipates a $1.1 million reduction in the amount of unrecognized tax benefits in the next twelve months as a result of a lapse of the applicable statute of limitations.

RETIREMENT_PLANS

RETIREMENT PLANS	3 Months Ended
	Dec. 31, 2013
Retirement Plans [Abstract]	'
RETIREMENT PLANS	'
	9.     RETIREMENT PLANS
	A summary of net periodic benefit expense for the Company’s defined benefit plans for the three-month periods ended December 31, 2013 and 2012 is shown in the following table.  Net periodic benefit cost for each period presented is comprised of the following:
		Three Months Ended
		December 31,
	(In thousands)	2013		2012
	Defined benefit plans
	Interest cost	$	1,002		915
	Expected return on assets		-1,104		-1,075
	Amortization of:
	Prior service cost		3		3
	Actuarial loss		413		492
	Net periodic benefit cost	$	314		335

ASSETS_HELD_FOR_SALE_Tables

ASSETS HELD FOR SALE (Tables)	3 Months Ended
	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Major Classes Of Discontinued Assets And Liabilities	'
	The major classes of Aclara assets and liabilities held for sale included in the Consolidated  Balance Sheets at  December 31, 2013 and September 30, 2013 are  shown  below (in millions).
		December 31,
		2013		September 30, 2013
	Assets:
	Accounts receivable, net	$	62.3	55.5
	Inventories		33.3	34.9
	Other current assets		23.9	18.5
	Current assets		119.5	108.9
	Net property, plant & equipment		15.2	14.5
	Intangible assets, net		67.1	66
	Goodwill		57.9	57.9
	Other assets		11.6	11.8
	Total assets	$	271.3	259.1
	Liabilities:
	Accounts payable	$	17.1	22.2
	Accrued expenses and other current liabilities		44.5	41.4
	Current liabilities		61.6	63.6
	Other liabilities		14.9	16
	Total liabilities	$	76.5	79.6

EARNINGS_PER_SHARE_EPS_Tables

EARNINGS PER SHARE (EPS) (Tables)	3 Months Ended
	Dec. 31, 2013
Earnings Per Share (EPS) [Abstract]	'
Schedule of Weighted Average Number of Shares	'
	The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands):
		Three Months Ended
		December 31,
		2013	2012
	Weighted Average Shares	26,483	26,495
	Outstanding - Basic
	Dilutive Options and	255	185
	Restricted Shares
	Adjusted Shares - Diluted	26,738	26,680

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Dec. 31, 2013
Share-based Compensation [Abstract]	'
Schedule Of Stock Options Awarded Under The Option Plans	'
	Information regarding stock options awarded under the option plans is as follows:
		Shares	Weighted		Aggregate		Weighted
			Average		Intrinsic		Average
			Price		Value		Remaining
					(in millions)		Contractual
							Life
	Outstanding at October 1, 2013	67,350	$	37.39
	Granted	–	$	–
	Exercised	–	$	–
	Cancelled / Expired	-65,350	$	37.54
	Outstanding at December 31, 2013	2,000	$	32.55	$	0	0.08
	Exercisable at December 31, 2013	2,000	$	32.55	$	0

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Dec. 31, 2013
Inventories [Abstract]	'
Schedule Of Inventories	'
	Inventories from continuing operations consist of the following:
		December 31,		September 30,
	(In thousands)	2013		2013
	Finished goods	$	17,979	20,925
	Work in process, including long-term		36,859	30,884
	contracts
	Raw materials		38,967	38,419
	Total inventories	$	93,805	90,228

BUSINESS_SEGMENT_INFORMATION_T

BUSINESS SEGMENT INFORMATION (Tables)	3 Months Ended
	Dec. 31, 2013
Business Segment Information [Abstract]	'
Schedule Of Net Sales And Earnings Before Income Tax	'
	The table below is presented on the basis of continuing operations and excludes discontinued operations.
	(In thousands)	Three Months Ended
		December 31,
		2013		2012
	NET SALES
	Filtration	$	55,478		46,352
	Test		39,477		36,295
	USG		29,495		27,871
	Consolidated totals	$	124,450		110,518
	EBIT
	Filtration	$	9,484		8,801
	Test		3,575		519
	USG		7,647		5,454
	Corporate (loss)		-6,274		-6,169
	Consolidated EBIT		14,432		8,605
	Less: Interest expense		-692		-585
	Earnings before income taxes	$	13,740		8,020

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Dec. 31, 2013
Debt [Abstract]	'
Schedule Of Debt	'
	The Company’s debt is summarized as follows:
	(In thousands)	December 31,		September 30,
		2013		2013
	Total borrowings	$	177,507		172,000
	Short-term borrowings and current portion		-50,507		-50,000
	of long-term debt
	Total long-term debt, less current portion	$	127,000		122,000

RETIREMENT_PLANS_Tables

RETIREMENT PLANS (Tables)	3 Months Ended
	Dec. 31, 2013
Retirement Plans [Abstract]	'
Schedule Of Components Of Net Periodic Benefit Cost For Plans	'
	Net periodic benefit cost for each period presented is comprised of the following:
		Three Months Ended
		December 31,
	(In thousands)	2013		2012
	Defined benefit plans
	Interest cost	$	1,002		915
	Expected return on assets		-1,104		-1,075
	Amortization of:
	Prior service cost		3		3
	Actuarial loss		413		492
	Net periodic benefit cost	$	314		335

Assets_Held_for_Sale_Narrative

Assets Held for Sale (Narrative) (Details) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Net sales	$124,450,000	$110,518,000
Aclara Technologies Llc [Member]	'	'
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	3,700,000	-7,700,000
Net sales	$51,900,000	$34,700,000

Assets_Held_for_Sale_Discontin

Assets Held for Sale (Discontinued Assets And Liabilities) (Details) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Millions, unless otherwise specified
Assets:	'	'
Accounts receivable, net	$62.30	$55.50
Inventories	33.3	34.9
Other current assets	23.9	18.5
Current assets	119.5	108.9
Net property, plant & equipment	15.2	14.5
Intangible assets, net	67.1	66
Goodwill	57.9	57.9
Other assets	11.6	11.8
Total assets	271.3	259.1
Liabilities:	'	'
Accounts payable	17.1	22.2
Accrued expenses and other current liabilities	44.5	41.4
Current liabilities	61.6	63.6
Other liabilities	14.9	16
Total liabilities	$76.50	$79.60

Earnings_Per_Share_EPS_Narrati

Earnings Per Share (EPS) (Narrative) (Details) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Line Items]	'	'
Common Stock outstanding, but were not included in the computation of diluted EPS	5,683	99,709
Weighted Average Price Of Securities Excluded From Computation Of Earnings Per Share	$37.54	'
Minimum [Member]	'	'
Earnings Per Share [Line Items]	'	'
Weighted Average Price Of Securities Excluded From Computation Of Earnings Per Share	'	36.7
Maximum [Member]	'	'
Earnings Per Share [Line Items]	'	'
Weighted Average Price Of Securities Excluded From Computation Of Earnings Per Share	'	37.98
Restricted Shares [Member]	'	'
Earnings Per Share [Line Items]	'	'
Common Stock outstanding, but were not included in the computation of diluted EPS	233,000	244,000

Earnings_Per_Share_EPS_Number_

Earnings Per Share (EPS) (Number Of Shares Used In The Calculation Of Earnings Per Share) (Details)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Earning Per Share [Line Items]	'	'
Weighted Average Shares Outstanding - Basic	26,483	26,495
Dilutive Options and Restricted Shares	255	185
Adjusted Shares - Diluted	26,738	26,680

ShareBased_Compensation_Narrat

Share-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total income tax benefit recognized	$0.10	$0.10
Total share-based compensation cost	1.2	1.1
Total unrecognized compensation cost related to share-based compensation arrangements	8	'
Remaining weighted-average period for recognition of total unrecognized compensation cost	'1 year 7 months 6 days	'
Performance-Accelerated Restricted Share Awards [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Pretax compensation expense	1.1	0.9
Non vested shares outstanding	534,649	'
Non-Employee Directors Plan [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Pretax compensation expense	0.1	0.2
Maximum [Member] | Employee Stock Option [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Pretax compensation expense	$0.10	$0.10

ShareBased_Compensation_Schedu

Share-Based Compensation (Schedule Of Stock Options Awarded Under The Option Plans) (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock options Outstanding, Shares	67,350
Stock options Granted, Shares	0
Stock options Exercised, Shares	0
Stock options Cancelled / Expired, Shares	-65,350
Stock options Outstanding, Shares	2,000
Stock options Exercisable, Shares	2,000
Stock options Outstanding, Weighted Average Price	$37.39
Stock options Granted, Weighted Average Price	$0
Stock options Exercised, Weighted Average Price	$0
Stock options Cancelled / Expired, Weighted Average Price	$37.54
Stock options Outstanding, Weighted Average Price	$32.55
Stock options Exercisable, Weighted Average Price	$32.55
Stock options Outstanding, Aggregate Intrinsic Value	$0
Stock options Exercisable, Aggregate Intrinsic Value	$0
Stock options Outstanding, Weighted Average Remaining Contractual Life	'29 days

Inventories_Schedule_Of_Invent

Inventories (Schedule Of Inventories) (Details) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Inventory [Line Items]	'	'
Finished goods	$17,979	$20,925
Work in process, including long-term contracts	36,859	30,884
Raw materials	38,967	38,419
Total inventories	$93,805	$90,228

Business_Segment_Information_S

Business Segment Information (Schedule Of Net Sales And Earnings Before Income Tax) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]	'	'
Net sales	$124,450	$110,518
Consolidated EBIT	14,432	8,605
Less: Interest expense	-692	-585
Earnings before income tax	13,740	8,020
Filtration [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	55,478	46,352
Consolidated EBIT	9,484	8,801
Test [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	39,477	36,295
Consolidated EBIT	3,575	519
USG [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	29,495	27,871
Consolidated EBIT	7,647	5,454
Corporate (loss) [Member]	'	'
Segment Reporting Information [Line Items]	'	'
Consolidated EBIT	($6,274)	($6,169)

Debt_Narrative_Details

Debt (Narrative) (Details) (USD $)	3 Months Ended				3 Months Ended		3 Months Ended		0 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2013	14-May-12	Dec. 31, 2013	14-May-12	14-May-12
					Minimum [Member]	Minimum [Member]	Maximum [Member]	Maximum [Member]	JPMorgan Chase Bank N.A. [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'
Revolving credit facility	'	'	'	'	'	'	'	'	$450,000,000
Revolving credit facility period	'	'	'	'	'	'	'	'	'5 years
Available to borrow under the credit facility	264,000,000	'	'	'	'	'	'	'	'
Option amount to increase credit facility	250,000,000	'	'	'	'	'	'	'	'
Cash on hand	34,367,000	42,850,000	33,489,000	30,215,000	'	'	'	'	'
Incremental term loan	'	'	'	'	'	25,000,000	'	250,000,000	'
Percentage of foreign subsidiaries' share equity	65.00%	'	'	'	'	'	'	'	'
Average aggregate short-term borrowings outstanding	500,000	'	'	'	'	'	'	'	'
Letters of Credit Outstanding, Amount	9,000,000	'	'	'	'	'	'	'	'
Line of Credit Facility, Amount Outstanding	$186,000,000	'	'	'	'	'	'	'	'
Credit facility fees	'	'	'	'	17.50%	'	35.00%	'	'

Debt_Schedule_Of_Debt_Details

Debt (Schedule Of Debt) (Details) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Total borrowings	$177,507	$172,000
Short-term borrowings and current portion of long-term debt	-50,507	-50,000
Total long-term debt, less current portion	$127,000	$122,000

Income_Tax_Expense_Narrative_D

Income Tax Expense (Narrative) (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Income Tax Expense [Line Items]	'	'
Effective Income Tax Rate	35.70%	33.40%
Decrease in effective tax rate	0.90%	'
Unrecognized Tax Benefits, Income Expenses	$1.10	'
Subsequent Event [Member]	'	'
Income Tax Expense [Line Items]	'	'
Effective Income Tax Rate	35.00%	'
Foreign Valuation Allowance [Member]	'	'
Income Tax Expense [Line Items]	'	'
Decrease in effective tax rate	0.80%	'

Retirement_Plans_Schedule_Of_C

Retirement Plans (Schedule Of Components Of Net Periodic Benefit Cost For Plans) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]	'	'
Interest cost	$1,002	$915
Expected return on assets	-1,104	-1,075
Amortization of Prior service cost	3	3
Amortization of Actuarial loss	413	492
Net periodic benefit cost	$314	$335