Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Nov. 02, 2015 | Mar. 31, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ESCO TECHNOLOGIES INC | ||
Entity Central Index Key | 866,706 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 991,302,000 | ||
Trading Symbol | ESE | ||
Entity Common Stock, Shares Outstanding | 25,820,250 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net sales | $ 537,291 | $ 531,120 | $ 490,079 |
Costs and expenses: | |||
Cost of sales | 334,850 | 323,939 | 295,863 |
Selling, general and administrative expenses | 130,166 | 134,899 | 129,809 |
Amortization of intangible assets | 8,850 | 6,744 | 6,179 |
Interest expense, net | 785 | 1,567 | 2,693 |
Other expenses (income), net | 1,119 | 1,764 | 5,940 |
Total costs and expenses | 475,770 | 468,913 | 440,484 |
Earnings before income tax | 61,521 | 62,207 | 49,595 |
Income tax expense | 19,785 | 19,594 | 18,335 |
Net earnings from continuing operations | 41,736 | 42,613 | 31,260 |
Earnings (loss) from discontinued operations, net of tax expense (benefit) of $5,713 and $(5,215) in 2014 and 2013, respectively | 0 | 9,858 | (56,863) |
Earnings (loss) on sale from discontinued operations, net of tax expense (benefit) of $390 and $(11,747) in 2015 and 2014, respectively | 776 | (52,061) | 0 |
Net earnings (loss) from discontinued operations | 776 | (42,203) | (56,863) |
Net earnings (loss) | $ 42,512 | $ 410 | $ (25,603) |
Basic: | |||
Continuing operations | $ 1.6 | $ 1.61 | $ 1.18 |
Discontinued operations | 0.03 | (1.6) | (2.15) |
Net earnings (loss) | 1.63 | 0.01 | (0.97) |
Diluted: | |||
Continuing operations | 1.59 | 1.6 | 1.17 |
Discontinued operations | 0.03 | (1.58) | (2.13) |
Net earnings (loss) | $ 1.62 | $ 0.02 | $ (0.96) |
Average common shares outstanding (in thousands): | |||
Basic | 26,077 | 26,447 | 26,450 |
Diluted | 26,265 | 26,644 | 26,802 |
CONSOLIDATED STATEMENTS OF OPE3
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings (loss) from discontinued operations, net of tax expense (benefit) | $ 5,713 | $ (5,215) | |
Loss on sale from discontinued operations, net of tax expense (benefit) | $ 390 | $ (11,747) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net earnings (loss) | $ 42,512 | $ 410 | $ (25,603) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | (6,297) | (844) | 644 |
Amortization of prior service costs and actuarial gains (losses) | (6,961) | (1,686) | 8,078 |
Change in fair value of interest rate swap | (94) | 0 | 0 |
Total other comprehensive (loss) income, net of tax | (13,352) | (2,530) | 8,722 |
Comprehensive income (loss) | $ 29,160 | $ (2,120) | $ (16,881) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 39,411 | $ 35,131 |
Accounts receivable, less allowance for doubtful accounts of $1,563 and $1,122 in 2015 and 2014, respectively | 102,607 | 105,449 |
Costs and estimated earnings on long-term contracts, less progress billings of $25,309 and $30,041 in 2015 and 2014, respectively | 28,387 | 27,798 |
Inventories | 99,786 | 94,292 |
Current portion of deferred tax assets | 15,558 | 19,946 |
Other current assets | 12,502 | 13,337 |
Total current assets | 298,251 | 295,953 |
Property, plant and equipment: | ||
Land and land improvements | 8,212 | 8,217 |
Buildings and leasehold improvements | 58,140 | 53,901 |
Machinery and equipment | 84,904 | 81,513 |
Construction in progress | 2,829 | 3,528 |
Property, Plant and Equipment, Gross, Total | 154,085 | 147,159 |
Less accumulated depreciation and amortization | (76,727) | (70,694) |
Net property, plant and equipment | 77,358 | 76,465 |
Intangible assets, net | 190,748 | 182,063 |
Goodwill | 291,157 | 282,337 |
Other assets | 6,694 | 9,088 |
Total assets | 864,208 | 845,906 |
Current liabilities: | ||
Current maturities of long-term debt | 20,000 | 20,000 |
Accounts payable | 37,863 | 40,328 |
Advance payments on long-term contracts, less costs incurred of $49,779 and $44,110 in 2015 and 2014, respectively | 18,626 | 15,035 |
Accrued salaries | 23,373 | 25,558 |
Current portion of deferred revenue | 21,498 | 19,895 |
Accrued other expenses | 21,851 | 26,284 |
Total current liabilities | 143,211 | 147,100 |
Pension obligations | 30,382 | 19,234 |
Deferred tax liabilities | 74,469 | 77,440 |
Other liabilities | 1,964 | 1,961 |
Long-term debt | 30,000 | 20,000 |
Total liabilities | 280,026 | 265,735 |
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 30,358,864 and 30,247,512 shares in 2015 and 2014, respectively | 304 | 302 |
Additional paid-in capital | 286,485 | 285,305 |
Retained earnings | 433,632 | 399,451 |
Accumulated other comprehensive loss, net of tax | (32,538) | (19,186) |
Total stockholders' equity before Treasury Stock | 687,883 | 665,872 |
Less treasury stock, at cost (4,542,214 and 4,040,532 common shares in 2015 and 2014, respectively) | (103,701) | (85,701) |
Total shareholders' equity | 584,182 | 580,171 |
Total liabilities and shareholders’ equity | $ 864,208 | $ 845,906 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Allowance for Doubtful Accounts Receivable, Current | $ 1,563 | $ 1,122 |
Costs and estimated earnings on long-term contracts, progress billings | 25,309 | 30,041 |
Advance payments on long-term contracts, costs incurred | $ 49,779 | $ 44,110 |
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 | 30,358,864 | 30,247,512 |
Treasury stock, shares | 4,542,214 | 4,040,532 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at Sep. 30, 2012 | $ 631,313 | $ 300 | $ 279,392 | $ 441,566 | $ (25,378) | $ (64,567) |
Balance (in Shares) at Sep. 30, 2012 | 30,044 | |||||
Comprehensive income (loss): | ||||||
Net (loss) earnings | (25,603) | $ 0 | 0 | (25,603) | 0 | 0 |
Translation adjustments | 644 | 0 | 0 | 0 | 644 | 0 |
Net unrecognized actuarial gain (loss), net of tax | 8,078 | 0 | 0 | 0 | 8,078 | 0 |
Cash dividends declared | (8,451) | 0 | 0 | (8,451) | 0 | 0 |
Stock options and stock compensation plans, net of tax benefit | 5,436 | $ 1 | 5,173 | 0 | 0 | 262 |
Stock options and stock compensation plans, net of tax benefit (in Shares) | 104 | |||||
Purchases into treasury | (9,703) | $ 0 | 0 | 0 | 0 | (9,703) |
Ending Balance at Sep. 30, 2013 | 601,714 | $ 301 | 284,565 | 407,512 | (16,656) | (74,008) |
Ending Balance (in Shares) at Sep. 30, 2013 | 30,148 | |||||
Comprehensive income (loss): | ||||||
Net (loss) earnings | 410 | $ 0 | 0 | 410 | 0 | 0 |
Translation adjustments | (844) | 0 | 0 | 0 | (844) | 0 |
Net unrecognized actuarial gain (loss), net of tax | (1,686) | (1,686) | 0 | |||
Cash dividends declared | (8,471) | 0 | 0 | (8,471) | 0 | 0 |
Stock options and stock compensation plans, net of tax benefit | 1,018 | $ 1 | 740 | 0 | 0 | 277 |
Stock options and stock compensation plans, net of tax benefit (in Shares) | 100 | |||||
Purchases into treasury | (11,970) | $ 0 | 0 | 0 | 0 | (11,970) |
Ending Balance at Sep. 30, 2014 | 580,171 | $ 302 | 285,305 | 399,451 | (19,186) | (85,701) |
Ending Balance (in Shares) at Sep. 30, 2014 | 30,248 | |||||
Comprehensive income (loss): | ||||||
Net (loss) earnings | 42,512 | 42,512 | ||||
Translation adjustments | (6,297) | (6,297) | ||||
Net unrecognized actuarial gain (loss), net of tax | (6,961) | (6,961) | ||||
Forward exchange contract, net of tax | (94) | (94) | ||||
Cash dividends declared | (8,331) | (8,331) | ||||
Stock options and stock compensation plans, net of tax benefit | 1,430 | $ 2 | 1,180 | 248 | ||
Stock options and stock compensation plans, net of tax benefit (in Shares) | 111 | |||||
Purchases into treasury | (18,248) | (18,248) | ||||
Ending Balance at Sep. 30, 2015 | $ 584,182 | $ 304 | $ 286,485 | $ 433,632 | $ (32,538) | $ (103,701) |
Ending Balance (in Shares) at Sep. 30, 2015 | 30,359 |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 3,979 | $ 310 | $ (5,468) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 35 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.32 | $ 0.32 | $ 0.32 |
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total | $ 300 | $ (295) | $ (84) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 42,512 | $ 410 | $ (25,603) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Net (earnings) loss from discontinued operations, net of tax | (776) | 42,203 | 56,863 |
Depreciation and amortization | 18,584 | 16,362 | 14,805 |
Stock compensation expense | 4,779 | 4,815 | 4,577 |
Changes in assets and liabilities | (745) | (10,533) | (22,531) |
Effect of deferred taxes on tax provision | 1,417 | (2,664) | 10,084 |
Pension contributions | (650) | (2,700) | (3,900) |
Other | (144) | (3,008) | 2,787 |
Net cash provided by operating activities - continuing operations | 64,977 | 44,885 | 37,082 |
Net cash provided (used) by discontinued operations | 776 | (1,443) | 10,069 |
Net cash provided by operating activities | 65,753 | 43,442 | 47,151 |
Cash flows from investing activities: | |||
Acquisition of businesses, net of cash acquired | (20,500) | 0 | (19,452) |
Capital expenditures | (12,444) | (12,714) | (13,862) |
Additions to capitalized software | (6,901) | (8,629) | (8,408) |
Net cash used by investing activities - continuing operations | (39,845) | (21,343) | (41,722) |
Net cash provided (used) by investing activities - discontinued operations | 0 | 123,512 | (35,031) |
Net cash (used) provided by investing activities | (39,845) | 102,169 | (76,753) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 106,000 | 84,000 | 122,000 |
Principal payments on long-term debt | (96,000) | (216,000) | (65,000) |
Dividends paid | (8,369) | (8,472) | (8,451) |
Purchases of shares into treasury | (18,248) | (11,970) | (9,703) |
Proceeds from exercise of stock options | 0 | 0 | 1,750 |
Other | (24) | (45) | 998 |
Net cash (used) provided by financing activities | (16,641) | (152,487) | 41,594 |
Effect of exchange rate changes on cash and cash equivalents | (4,987) | (843) | 643 |
Net increase (decrease) in cash and cash equivalents | 4,280 | (7,719) | 12,635 |
Cash and cash equivalents at beginning of year | 35,131 | 42,850 | 30,215 |
Cash and cash equivalents at end of year | 39,411 | 35,131 | 42,850 |
Changes in assets and liabilities: | |||
Accounts receivable, net | 3,848 | (13,469) | (6,377) |
Costs and estimated earnings on long-term contracts, net | (589) | (7,081) | (6,150) |
Inventories | (5,494) | (4,064) | (5,219) |
Other assets | 1,420 | 2,522 | (2,513) |
Accounts payable | (2,496) | 1,791 | 3,120 |
Advance payments on long-term contracts, net | 3,591 | (2,508) | (4,157) |
Accrued expenses | (7,045) | 8,659 | 2,265 |
Deferred revenue and costs, net | 1,183 | 2,458 | 913 |
Pension obligations | 4,837 | 1,159 | (4,413) |
Changes in assets and liabilities | (745) | (10,533) | (22,531) |
Supplemental cash flow information: | |||
Interest paid | 876 | 1,863 | 2,573 |
Income taxes paid (including state & foreign) | $ 13,611 | $ 29,944 | $ 11,680 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Summary of Significant Accounting Policies A. Principles of Consolidation The Consolidated Financial Statements include the accounts of ESCO Technologies Inc. (ESCO) and its wholly owned subsidiaries (the Company). All significant intercompany transactions and accounts have been eliminated in consolidation. B. Basis of Presentation The Company’s fiscal year ends September 30. Throughout these Consolidated Financial Statements, unless the context indicates otherwise, references to a year (for example 2015) refer to the Company’s fiscal year ending on September 30 of that year. Aclara is reflected as discontinued operations and/or assets/liabilities held for sale in the consolidated financial statements and related notes for all periods presented, in accordance with accounting principles generally accepted in the United States of America (GAAP). Prior period amounts have been reclassified to conform to the current period presentation. See Note 2. C. Nature of Continuing Operations The Company has three reportable segments: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), and Utility Solutions Group (USG). Filtration: The companies within this segment primarily design and manufacture specialty filtration products including hydraulic filter elements and fluid control devices used in commercial aerospace applications, unique filter mechanisms used in micro-propulsion devices for satellites and custom designed filters for manned aircraft and submarines. Test: ETS-Lindgren Inc. (ETS-Lindgren) is an industry leader in providing its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. USG: Doble Engineering Company (Doble) provides high-end, intelligent, diagnostic test solutions for the electric power delivery industry. D. Use of Estimates The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 periods. 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, estimates on long-term contracts, and litigation and other loss contingencies. Actual results could differ from those estimates. E. Revenue Recognition Filtration: Within the Filtration segment, approximately 87 38 Approximately 13 6 Test: Within the Test segment, approximately 27 9 Approximately 73 24 The percentage-of-completion method of accounting involves the use of various techniques to estimate expected costs at completion. These estimates are based on Management’s judgment and the Company’s substantial experience in developing these types of estimates. USG : Within the USG segment, approximately 100 23 F. Cash and Cash Equivalents Cash equivalents include temporary investments that are readily convertible into cash, such as money market funds. G. Accounts Receivable Accounts receivable have been reduced by an allowance for amounts that the Company estimates are uncollectible in the future. This estimated allowance is based on Management’s evaluation of the financial condition of the customer and historical write-off experience. H. Costs and Estimated Earnings on Long-Term Contracts Costs and estimated earnings on long-term contracts represent unbilled revenues, including accrued profits, accounted for under the percentage-of-completion method, net of progress billings. I. Inventories Inventories are valued at the lower of cost (first-in, first-out) or market value. Inventories are regularly reviewed for excess quantities and obsolescence based upon historical experience, specific identification of discontinued items, future demand, and market conditions. Inventories under long-term contracts reflect accumulated production costs, factory overhead, initial tooling and other related costs less the portion of such costs charged to cost of sales and any unliquidated progress payments. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation and amortization are computed primarily on a straight-line basis over the estimated useful lives of the assets: buildings, 10 40 3 10 3 10 K. Goodwill and Other Long-Lived Assets Goodwill represents the excess of purchase costs over the fair value of net identifiable assets acquired in business acquisitions. Management annually reviews goodwill and other long-lived assets with indefinite useful lives for impairment or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. If the Company determines that the carrying value of the long-lived asset may not be recoverable, a permanent impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. Fair value is measured based on a discounted cash flow method using a discount rate determined by Management to be commensurate with the risk inherent in the Company’s current business model. See Note 2. Other intangible assets represent costs allocated to identifiable intangible assets, principally capitalized software, patents, trademarks, and technology rights. See Note 4 regarding goodwill and other intangible assets activity. L. Capitalized Software The costs incurred for the development of computer software that will be sold, leased, or otherwise marketed are charged to expense when incurred as research and development until technological feasibility has been established for the product. Technological feasibility is typically established upon completion of a detailed program design. Costs incurred after this point are capitalized on a project-by-project basis. Capitalized costs consist of internal and external development costs. Upon general release of the product to customers, the Company ceases capitalization and begins amortization, which is calculated on a project-by-project basis as the greater of (1) the ratio of current gross revenues for a product to the total of current and anticipated future gross revenues for the product or (2) the straight-line method over the estimated economic life of the product. The Company generally amortizes the software development costs over a three-to-seven year period based upon the estimated future economic life of the product. Factors considered in determining the estimated future economic life of the product include anticipated future revenues, and changes in software and hardware technologies. Management annually reviews the carrying values of capitalized costs for impairment or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. If expected cash flows are insufficient to recover the carrying amount of the asset, then an impairment loss is recognized to state the asset at its net realizable value. M. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets may be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly reviews its deferred tax assets for recoverability and establishes a valuation allowance when Management believes it is more likely than not such assets will not be recovered, taking into consideration historical operating results, expectations of future earnings, tax planning strategies, and the expected timing of the reversals of existing temporary differences. N. Research and Development Costs Company-sponsored research and development costs include research and development and bid and proposal efforts related to the Company’s products and services. Company-sponsored product development costs are charged to expense when incurred. Customer-sponsored research and development costs incurred pursuant to contracts are accounted for similarly to other program costs. Customer-sponsored research and development costs refer to certain situations whereby customers provide funding to support specific contractually defined research and development costs. O. Foreign Currency Translation The financial statements of the Company’s foreign operations are translated into U.S. dollars in accordance with FASB ASC Topic 830, Foreign Currency Matters P. Earnings Per Share Basic earnings per share is calculated using the weighted average number of common shares outstanding during the period. Diluted earnings per share 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 using the treasury stock method. (in thousands) 2015 2014 2013 Weighted Average Shares Outstanding — Basic 26,077 26,447 26,450 Dilutive Options and Performance- Accelerated Restricted Stock 188 197 352 Shares — Diluted 26,265 26,644 26,802 Options to purchase 1,433 37.54 78,166 36.70 37.98 Approximately 131,000 135,000 156,000 Q. 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. Share-based payment expense is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the requisite service period (generally the vesting period of the award). R. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss of $ (32.5) (29.2) (3.2) (0.1) (19.2) (22.3) 3.1 Deferred Revenue And Costs Deferred revenue and costs are recorded when products or services have been provided but the criteria for revenue recognition have not been met. If there is a customer acceptance provision or there is uncertainty about customer acceptance, revenue and costs are deferred until the customer has accepted the product or service. Derivative Financial Instruments All derivative financial instruments are reported on the balance sheet at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as a hedge and on the type of hedge. For each derivative instrument designated as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred in accumulated other comprehensive income until recognized in earnings with the underlying hedged item. For each derivative instrument designated as a fair value hedge, the gain or loss on the derivative and the offsetting gain or loss on the hedged item are recognized immediately in earnings. Regardless of type, a fully effective hedge will result in no net earnings impact while the derivative is outstanding. To the extent that any hedge is ineffective at offsetting cash flow or fair value changes in the underlying hedged item, there could be a net earnings impact. Fair Value Measurements Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of Management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows: Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 –Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Financial Assets and Liabilities The Company has estimated the fair value of its financial instruments as of September 30, 2015 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables, debt and other current assets and liabilities approximate fair value because of the short maturity of those instruments. Nonfinancial Assets and Liabilities The Company’s nonfinancial assets such as property, plant and equipment, and other intangible assets are not measured at fair value on a recurring basis; however they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. No impairments were recorded during 2015. V. New Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In July 2015, the FASB affirmed its proposed one-year deferral of ASU No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory |
Aclara Divestiture
Aclara Divestiture | 12 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Aclara Divestiture | Aclara Divestiture On March 28, 2014, the Company completed the sale of Aclara to an affiliate of Sun Capital Partners, Inc. The divestiture generated approximately $ 135 2.3 Aclara’s pretax earnings (loss) recorded in discontinued operations was $ 1.2 (48.2) (62.1) 15.6 63.8 48 129.6 184.5 |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions 2015 On January 28, 2015, the Company acquired the assets of Enoserv LLC (Enoserv), headquartered in Tulsa, Oklahoma, for $ 20.5 8 10.0 9.0 2013 During 2013, the Company made three acquisitions: • It acquired the stock of Canyon Engineering Products, Inc. (“Canyon”) for $ 9.2 70,000 7 1.3 1.7 • It acquired the assets of Felix Tool & Engineering, Inc. (“Felix Tool”) for a purchase price of $ 1.2 • It acquired the assets of Finepoint Marketing, Inc. (“Finepoint”) for a purchase price of $ 2.5 1.3 1.2 All of the Company’s acquisitions have been accounted for using the purchase method of accounting and accordingly, the respective purchase prices were allocated to the assets (including intangible assets) acquired and liabilities assumed based on estimated fair values at the date of acquisition. The financial results from these acquisitions have been included in the Company’s financial statements from the date of acquisition. Pro forma financial information related to the Company’s acquisitions was not presented as it was not significant to the Company’s results of operations. None of the goodwill recorded as part of the acquisitions mentioned above is expected to be deductible for U.S. Federal or state income tax purposes. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets (Dollars in millions) 2015 2014 Goodwill $ 291.2 282.3 Intangible assets with determinable lives: Patents Gross carrying amount $ 1.0 1.0 Less: accumulated amortization 0.8 0.8 Net $ 0.2 0.2 Capitalized software Gross carrying amount $ 45.5 37.4 Less: accumulated amortization 20.1 15.2 Net $ 25.4 22.2 Customer Relationships Gross carrying amount $ 70.5 64.1 Less: accumulated amortization 24.7 21.2 Net $ 45.8 42.9 Other Gross carrying amount $ 2.6 0.4 Less: accumulated amortization 0.4 0.2 Net $ 2.2 0.2 Intangible assets with indefinite lives: Trade names $ 117.1 116.6 The Company performed its annual evaluation of goodwill and intangible assets for impairment during the fourth quarter of 2015 and concluded no impairment existed at September 30, 2015. (Dollars in millions) USG Test Filtration Total Balance as of September 30, 2013 $ 217.3 35.0 30.6 282.9 Acquisitions/adjustments (0.5) (0.3) 0.2 (0.6) Balance as of September 30, 2014 216.8 34.7 30.8 282.3 Adjustments 9.4 (0.5) - 8.9 Balance as of September 30, 2015 $ 226.2 34.2 30.8 291.2 Amortization expense related to intangible assets with determinable lives was $ 8.9 6.7 6.2 17 9.0 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Accounts Receivable | 5. Accounts Receivable Accounts receivable, net of the allowance for doubtful accounts, consist of the following at September 30, 2015 and 2014: (Dollars in thousands) 2015 2014 Commercial $ 99,083 101,153 U.S. Government and prime contractors 3,524 4,296 Total $ 102,607 105,449 |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Inventories | 6. Inventories Inventories consist of the following at September 30, 2015 and 2014: (Dollars in thousands) 2015 2014 Finished goods $ 19,120 18,949 Work in process — including long-term contracts 33,176 31,634 Raw materials 47,490 43,709 Total $ 99,786 94,292 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Depreciation expense of property, plant and equipment was $ 9.7 9.6 8.6 The Company leases certain real property, equipment and machinery under non-cancelable operating leases. Rental expense under these operating leases was $ 5.2 5.3 5.0 (Dollars in thousands) Years ending September 30: 2016 4,750 2017 3,565 2018 2,772 2019 2,007 2020 and thereafter 1,458 Total $ 14,552 |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Expense [Abstract] | |
INCOME TAX EXPENSE | 8. Income Tax Expense (Dollars in thousands) 2015 2014 2013 Income tax expense from Continuing Operations $ 19,785 19,594 18,335 Income tax (benefit) expense from Discontinued Operations 390 (6,034) (5,215) Total income tax expense $ 20,175 13,560 13,120 (Dollars in thousands) 2015 2014 2013 United States $ 56,661 56,196 43,159 Foreign 4,860 6,011 6,436 Total income before income taxes $ 61,521 62,207 49,595 (Dollars in thousands) 2015 2014 2013 Federal: Current $ 11,906 18,756 10,723 Deferred 5,406 (2,442) 2,942 State and local: Current 867 1,397 896 Deferred 16 (245) 642 Foreign: Current 1,525 2,044 2,033 Deferred 65 84 1,099 Total $ 19,785 19,594 18,335 2015 2014 2013 Federal corporate statutory rate 35.0 % 35.0 % 35.0 % State and local, net of Federal benefits 1.2 2.0 2.7 Foreign (1.5) (1.7) (1.9) Research credit (1.8) (1.0) (2.5) Domestic production deduction (2.6) (2.9) (2.5) Change in uncertain tax positions (0.2) (2.9) 0.1 Executive compensation 0.9 1.3 1.8 Valuation allowance 1.0 1.3 4.0 Other, net 0.2 0.4 0.3 Effective income tax rate 32.2 % 31.5 % 37.0 % (Dollars in thousands) 2015 2014 Deferred tax assets: Inventories $ 6,336 7,710 Pension and other postretirement benefits 11,663 6,974 Net operating loss carryforward — domestic 520 658 Net operating loss carryforward — foreign 4,135 4,702 Other compensation-related costs and other cost accruals 11,785 13,996 State credit carryforward 1,704 1,276 Total deferred tax assets 36,143 35,316 Deferred tax liabilities: Goodwill (14,829) (14,338) Acquisition assets (57,415) (57,795) Depreciation, software amortization (18,681) (16,380) Net deferred tax liabilities before valuation allowance (54,782) (53,197) Less valuation allowance (4,129) (4,297) Net deferred tax liabilities $ (58,911) (57,494) The Company has a foreign net operating loss carryforward of $ 16.5 15.1 1.4 0.3 1.7 1.3 0.4 The valuation allowance for deferred tax assets as of September 30, 2015 and 2014 was $ 4.1 4.3 0.2 0.5 0.5 0.4 0.3 3.3 3.6 The Company’s foreign subsidiaries have accumulated unremitted earnings of $ 35.3 31.5 4.9 As of September 30, 2015, the Company had $ 0.1 (Dollars in millions) 2015 2014 Balance as of October 1, $ 0.5 2.2 Decreases related to prior year tax positions (0.1) (0.7) Decreases related to settlements with taxing authorities (0.2) — Lapse of statute of limitations (0.1) (1.0) Balance as of September 30, $ 0.1 0.5 The Company does not anticipate a material change in the amount of unrecognized tax benefits in the next 12 months. The Company’s policy is to include interest related to unrecognized tax benefits in income tax expense and penalties in operating expense. As of September 30, 2015, 2014 and 2013, the Company had accrued interest related to uncertain tax positions of zero, zero and $ 0.1 The principal jurisdictions for which the Company files income tax returns are U.S. Federal and the various city, state, and international locations where the Company has operations. The U.S. Federal tax years for the periods ended September 30, 2012 and forward remain subject to income tax examination. Various state tax years for the periods ended September 30, 2011 and forward remain subject to income tax examinations. The Company is subject to income tax in many jurisdictions outside the United States, none of which is individually material to the Company’s financial position, statements of cash flows, or results of operations. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
DEBT | 9. Debt (Dollars in thousands) 2015 2014 Revolving credit facility, including current portion $ 50,000 40,000 Current portion of long-term debt (20,000) (20,000) Total long-term debt, less current portion $ 30,000 20,000 On May 14, 2012, the Company entered into a new $ 450 25 250 At September 30, 2015, the Company had approximately $ 392 250 39.4 20 The Credit Facility requires, as determined by certain financial ratios, a facility fee ranging from 17.5 35 65 83 187 68.5 103 1.27 1.48 1.55 8.0 11 |
Capital Stock
Capital Stock | 12 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | 10. Capital Stock The 30,358,864 and 30,247,512 common shares as presented in the accompanying Consolidated Balance Sheets at September 30, 2015 and 2014 represent the actual number of shares issued at the respective dates. The Company held 4,542,214 and 4,040,532 common shares in treasury at September 30, 2015 and 2014, respectively. In August 2012, the Company’s Board of Directors authorized a common stock repurchase program under which the Company may repurchase shares of its stock from time to time in its discretion, in the open market or otherwise, up to a maximum total repurchase amount of $100 million (or such lesser amount as may be permitted under the Company’s bank credit agreements). This program has been repeatedly extended by the Company’s Board of Directors and is currently scheduled to expire September 30, 2017. The Company repurchased approximately 517,000 shares for $18.2 million in 2015; 350,000 shares for $12.0 million in 2014; and 270,000 shares for $9.7 million in 2013. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | 11. 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. Performance-Accelerated Restricted Share Awards The performance-accelerated restricted shares (restricted shares) have a five-year term with accelerated vesting if certain targets based on market conditions are achieved. In these cases, if it is probable that the performance condition will be met, the Company recognizes compensation cost on a straight-line basis over the shorter performance period; otherwise, it will recognize compensation cost over the longer service period. Compensation cost for the majority of the outstanding restricted share awards is being recognized over the shorter performance period as it is probable the performance condition will be met. The restricted share award grants were valued at the stock price on the date of grant. Pretax compensation expense related to the restricted share awards for continuing operations was $ 4.0 4.1 4 Weighted Shares Average Price Nonvested at September 30, 2014 332,340 $ 32.23 Granted 123,501 34.33 Vested (129,305) 26.66 Cancelled – – Nonvested at September 30, 2015 326,536 $ 35.29 Non-Employee Directors Plan The non-employee directors compensation plan provides to each non-employee director a retainer of 900 0.8 0.7 0.6 Stock Option Plans The Company’s stock option awards have generally been subject to graded vesting over a three-year service period. All outstanding options were granted at prices equal to fair market value at the date of grant. Beginning in fiscal 2004, the options granted have had a five-year contractual life from date of issuance. The Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. 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 Company utilizes historical company data to develop its expected term assumption. 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. FY 2015 FY 2014 FY 2013 Estimated Estimated Estimated Weighted Weighted Weighted Shares Avg. Price Shares Avg. Price Shares Avg. Price Outstanding October 1, — $ — 67,350 $ 37.39 125,816 $ 36.29 Granted — — — — — — Exercised — $ — — $ — (51,116) $ 34.70 Cancelled — $ — (67,350) $ 37.39 (7,350) $ 37.30 Outstanding September 30, — $ — — $ — 67,350 $ 37.39 At September 30, Reserved for future grant 500,000 500,000 500,000 Exercisable — $ — — $ — 67,350 $ 37.39 The aggregate intrinsic value of stock options exercised during 2013 was $ 0.3 Total Share-Based Compensation The total share-based compensation cost that has been recognized in results of operations and included within SG&A from continuing operations was $ 4.8 4.8 4.6 1.6 1.3 1.3 5.0 1.5 |
Retirement and Other Benefit Pl
Retirement and Other Benefit Plans | 12 Months Ended |
Sep. 30, 2015 | |
Retirement Plans [Abstract] | |
Retirement and Other Benefit Plans | 12. Retirement and Other Benefit Plans Substantially all domestic employees were covered by a defined contribution pension plan maintained by the Company. Effective December 31, 2003, the Company’s defined benefit plan was frozen and no additional benefits have been accrued after that date. As a result, the accumulated benefit obligation and projected benefit obligation are equal. These frozen retirement income benefits are provided to employees under defined benefit pay-related and flat-dollar plans, which are noncontributory. In conjunction with the acquisition of Doble, the Company assumed responsibility for its defined benefit plan and has frozen the plan effective December 31, 2008, and no additional benefits have been accrued after that date. Effective October 1, 2009, the Company’s defined benefit plan and Doble’s benefit plan were merged into one plan. The annual contributions to the defined benefit retirement plans equal or exceed the minimum funding requirements of the Employee Retirement Income Security Act. In addition to providing retirement income benefits, the Company provides unfunded postretirement health and life insurance benefits to certain retirees. To qualify, an employee must retire at age 55 or later and the employee’s age plus service must equal or exceed 75. Retiree contributions are defined as a percentage of medical premiums. Consequently, retiree contributions increase with increases in the medical premiums. The life insurance plans are noncontributory and provide coverage of a flat dollar amount for qualifying retired employees. Effective December 31, 2004, no new retirees were eligible for life insurance benefits. The Company uses a measurement date of September 30 for its pension and other postretirement benefit plans. The Company has an accrued benefit liability of $ 0.9 0.9 The following tables provide a reconciliation of the changes in the pension plans and fair value of assets over the two-year period ended September 30, 2015, and a statement of the funded status as of September 30, 2015 and 2014: (Dollars in millions) Reconciliation of benefit obligation 2015 2014 Net benefit obligation at beginning of year $ 92.5 87.2 Interest cost 3.8 4.0 Actuarial (gain) loss 4.5 5.1 Gross benefits paid (7.2) (3.8) Net benefit obligation at end of year $ 93.6 92.5 (Dollars in millions) Reconciliation of fair value of plan assets 2015 2014 Fair value of plan assets at beginning of year $ 73.0 67.9 Actual return on plan assets (3.7) 5.9 Employer contributions 0.9 3.0 Gross benefits paid (7.2) (3.8) Fair value of plan assets at end of year $ 63.0 73.0 (Dollars in millions) Funded Status 2015 2014 Funded status at end of year $ (30.6) (19.5) Accrued benefit cost (30.6) (19.5) Amounts recognized in the Balance Sheet consist of: Current liability (0.2) (0.3) Noncurrent liability (30.4) (19.2) Accumulated other comprehensive (income)/loss (before tax effect) 47.6 36.7 Amounts recognized in Accumulated Other Comprehensive (Income)/Loss consist of: Net actuarial loss 47.6 36.7 Accumulated Other Comprehensive (Income)/Loss (before tax effect) $ 47.6 36.7 (Dollars in millions) 2015 2014 2013 Service cost $ — — 0.1 Interest cost 3.8 4.0 3.6 Expected return on plan assets (4.5) (4.4) (4.4) Net actuarial loss 1.8 1.6 2.1 Settlement gain — — (0.1) Net periodic benefit cost 1.1 1.2 1.3 Defined contribution plans 3.4 3.3 4.6 Total $ 4.5 4.5 5.9 The discount rate used in measuring the Company’s pension obligations was developed by matching yields of actual high-quality corporate bonds to expected future pension plan cash flows (benefit payments). Over 400 Aa-rated, non-callable bonds with a wide range of maturities were used in the analysis. After using the bond yields to determine the present value of the plan cash flows, a single representative rate that resulted in the same present value was developed. The expected long-term rate of return on plan assets assumption was determined by reviewing the actual investment return of the plans since inception and evaluating those returns in relation to expectations of various investment organizations to determine whether long-term future returns are expected to differ significantly from the past. 2015 2014 2013 Discount rate 4.25 % 4.75 % 3.75 % Rate of increase in compensation levels N/A N/A N/A Expected long-term rate of return on assets 6.75 % 7.00 % 7.50 % 2015 2014 Discount rate 4.25 % 4.25 % Rate of increase in compensation levels N/A N/A The assumed rate of increase in compensation levels is not applicable in 2015, 2014 and 2013 as the plan was frozen in earlier years. Target Percentage of Plan Assets Allocation Acceptable at Year-end Asset Category 2016 Range 2015 2014 Equity securities 60 % 55-65 % 62 % 35 % Fixed income 40 % 35-45 % 37 % 64 % Cash/cash equivalents 0 % 0-5 % 1 % 1 % The Company’s pension plan assets are managed by outside investment managers and assets are rebalanced when the target ranges are exceeded. Pension plan assets consist principally of funds which invest in marketable securities including common stocks, bonds, and interest-bearing deposits. The Company’s investment strategy with respect to pension assets is to achieve a total rate of return (income and capital appreciation) that is sufficient to accomplish the purpose of providing retirement benefits to all eligible and future retirees of the pension plan. The Company regularly monitors performance and compliance with investment guidelines. Fair Value of Financial Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent) (Dollars in millions) 2015 2014 Investments at fair value: Cash and cash equivalents $ 0.8 0.8 Common and preferred stock funds: Domestic large capitalization 9.9 5.8 Domestic small/mid capitalization 3.3 6.8 International funds 13.5 10.5 Fixed income funds 31.1 46.8 Real estate investment funds 4.4 2.3 Total investments at fair value $ 63.0 73.0 The following methods were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents : The carrying value of cash represents fair value as it consists of actual currency. Investment Funds : The fair value of the investment funds, which offer daily redemptions, is determined based on the published net asset value of the funds as a practical expedient for fair value. Expected Cash Flows Pension Other (Dollars in millions) Benefits Benefits Expected Employer Contributions — 2016 $ — 0.1 Expected Benefit Payments: 2016 4.9 0.1 2017 4.9 0.1 2018 5.0 0.1 2019 5.2 0.1 2020 5.8 0.1 2021-2025 $ 29.3 0.4 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 13. Derivative Financial Instruments Market risks relating to the Company’s operations result primarily from changes in interest rates and changes in foreign currency exchange rates. The Company is exposed to market risk related to changes in interest rates and selectively uses derivative financial instruments, including forward contracts and swaps, to manage these risks. During 2015, the Company entered into several forward contracts to purchase Euros to hedge the foreign currency risk related to Euro denominated inventory payments. The Company expects hedging gains or losses to be essentially offset by losses or gains on the related underlying exposures. The amounts ultimately recognized may differ for open positions, which remain subject to ongoing market price fluctuations until settlement. The derivative instruments are designated as cash flow hedges and the gain or loss on the derivative is deferred in accumulated other comprehensive income until recognized in earnings with the underlying hedged item. The fair value of the foreign currency derivative is classified in accrued expenses on the Company’s Consolidated Balance Sheet. Notional Amount Fair Value (In thousands) (Euros) (US$) Forward contracts 1,289 (94) Fair value of financial instruments (In thousands) Level 1 Level 2 Level 3 Total Liabilities: Forward contracts $ – 94 – 94 Valuation was based on third party evidence of similarly priced derivative instruments. |
Other Financial Data
Other Financial Data | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Financial Data | 14. Other Financial Data (Dollars in thousands) 2015 2014 2013 Salaries and wages (including fringes) $ 152,853 158,333 151,805 Maintenance and repairs 4,700 4,638 4,368 Research and development (R&D) costs: Company-sponsored 16,728 16,880 12,704 Customer-sponsored 6,776 11,586 15,014 Total R&D 23,504 28,466 27,718 Other engineering costs 13,899 12,484 7,715 Total R&D and other engineering costs 37,403 40,950 35,433 As a % of net sales 7.0 % 7.7 % 7.2 % (Dollars in thousands) 2015 2014 2013 Balance as of October 1, $ 1,480 1,880 1,536 Additions charged to expense 754 239 1,048 Deductions (467) (639) (704) Balance as of September 30, $ 1,767 1,480 1,880 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Sep. 30, 2015 | |
Business Segment Information [Abstract] | |
Business Segment Information | 15. Business Segment Information The Company is organized based on the products and services 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., VACCO Industries (VACCO), Crissair, Inc. (Crissair) and Thermoform Engineered Quality LLC (TEQ). The companies in this segment primarily design and manufacture specialty filtration products including hydraulic filter elements and fluid control devices used in commercial aerospace applications, unique filter mechanisms used in micro-propulsion devices for satellites and custom designed filters for manned aircraft and submarines. 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. ETS-Lindgren also manufactures radio frequency shielding products and components used by manufacturers of medical equipment, communications systems, electronic products, and shielded rooms for high-security data processing and secure communication. 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 power factor and partial discharge testing instruments used to assess the integrity of high-voltage power delivery equipment. Previously, USG also included Aclara Technologies LLC. See Note 2. Accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 to the Consolidated Financial Statements. The operating units within each reporting segment have been aggregated because of similar economic characteristics and meet the other aggregation criteria of FASB ASC 280. The Company evaluates the performance of its operating units based on EBIT, which is defined as: Earnings Before Interest and Taxes. Intersegment sales and transfers are not significant. Segment assets consist primarily of customer receivables, inventories, capitalized software and fixed assets directly associated with the production processes of the segment. Segment depreciation and amortization is based upon the direct assets listed above. (Dollars in millions) Year ended September 30, 2015 2014 2013 Filtration $ 236.1 233.7 214.1 Test 177.6 181.8 166.7 USG 123.6 115.6 109.3 Consolidated totals $ 537.3 531.1 490.1 No customer exceeded 10 10 EBIT (Dollars in millions) Year ended September 30, 2015 2014 2013 Filtration $ 46.6 41.4 42.4 Test 9.5 21.1 16.3 USG 29.6 26.6 21.6 Reconciliation to consolidated totals (Corporate) (23.4) (25.3) (28.0) Consolidated EBIT 62.3 63.8 52.3 Less: interest expense (0.8) (1.6) (2.7) Earnings before income tax $ 61.5 62.2 49.6 (Dollars in millions) Year ended September 30, 2015 2014 Filtration $ 141.8 131.5 Test 117.8 114.6 USG 80.6 98.6 Corporate 524.0 501.2 Consolidated totals $ 864.2 845.9 Corporate assets consist primarily of goodwill, deferred taxes, acquired intangible assets, cash balances and assets held for sale. (Dollars in millions) Year ended September 30, 2015 2014 2013 Filtration $ 6.0 7.0 6.6 Test 3.1 1.4 3.2 USG 3.3 4.1 3.9 Corporate – 0.2 0.2 Consolidated totals $ 12.4 12.7 13.9 In addition to the above amounts, the Company incurred expenditures for capitalized software of $ 6.9 8.6 8.4 (Dollars in millions) Year ended September 30, 2015 2014 2013 Filtration $ 5.2 5.2 4.2 Test 3.1 2.7 2.5 USG 6.2 4.8 4.6 Corporate 4.1 3.7 3.5 Consolidated totals $ 18.6 16.4 14.8 Net Sales (Dollars in millions) Year ended September 30, 2015 2014 2013 United States $ 385.5 374.0 336.4 Asia 70.4 59.9 59.5 Europe 46.6 62.0 51.5 Canada 11.6 10.4 14.3 India 4.3 3.3 10.2 Other 18.9 21.5 18.2 Consolidated totals $ 537.3 531.1 490.1 (Dollars in millions) Year ended September 30, 2015 2014 United States $ 74.5 73.6 Europe 2.1 2.2 Other 0.8 0.7 Consolidated totals $ 77.4 76.5 Net sales are attributed to countries based on location of customer. Long-lived assets are attributed to countries based on location of the asset. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies At September 30, 2015, the Company had $ 8.0 6.3 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On October 16, 2015, the Company acquired the stock of Fremont Plastics, Inc. (Fremont) for a purchase price of $ 10.5 2 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information (Unaudited) | 18. Quarterly Financial Information (Unaudited) First Second Third Fourth Fiscal (Dollars in thousands, except per share amounts) Quarter Quarter Quarter Quarter Year 2015 Net sales $ 120,547 128,941 134,191 153,612 537,291 Net earnings from continuing operations 10,023 7,982 10,748 12,983 41,736 Net (loss) earnings from discontinued operations — (372) 1,148 — 776 Net earnings 10,023 7,610 11,896 12,983 42,512 Basic earnings (loss) per share: Net earnings from continuing operations 0.38 0.31 0.41 0.50 1.60 Net (loss) earnings from discontinued operations — (0.01) 0.04 — 0.03 Net earnings 0.38 0.30 0.45 0.50 1.63 Diluted earnings (loss) per share: Net earnings from continuing operations 0.38 0.30 0.41 0.50 1.59 Net (loss) earnings from discontinued operations — (0.01) 0.04 — 0.03 Net earnings 0.38 0.29 0.45 0.50 1.62 Dividends declared per common share $ 0.08 0.08 0.08 0.08 0.32 2014 Net sales $ 124,450 124,762 130,495 151,413 531,120 Net earnings from continuing operations 8,832 9,264 11,590 12,927 42,613 Net (loss) earnings from discontinued operations 2,357 (42,941) — (1,619) (42,203) Net (loss) earnings 11,189 (33,677) 11,590 11,308 410 Basic earnings (loss) per share: Net earnings from continuing operations 0.33 0.35 0.44 0.49 1.61 Net (loss) earnings from discontinued operations 0.09 (1.62) — (0.06) (1.59) Net (loss) earnings 0.42 (1.27) 0.44 0.43 0.02 Diluted earnings (loss) per share: Net earnings from continuing operations 0.33 0.35 0.43 0.49 1.60 Net (loss) earnings from discontinued operations 0.09 (1.61) — (0.06) (1.58) Net (loss) earnings 0.42 (1.26) 0.43 0.43 0.02 Dividends declared per common share $ 0.08 0.08 0.08 0.08 0.32 During the fourth quarter of 2015, the Company disclosed certain non-cash charges related to the Test segment. Of these pretax charges, $ 4.3 1.2 1.0 2.1 Q1 as Reported Q1 as Adjusted Q2 as Reported Q2 as Adjusted Cost of sales $ 70,420 71,621 80,140 81,142 Earnings before income taxes 14,776 13,575 13,791 12,789 Income tax expense 3,948 3,552 5,144 4,807 Net earnings from continuing operations 10,828 10,023 8,647 7,982 Diluted net earnings per share $ 0.41 0.38 0.32 0.29 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation | A. Principles of Consolidation The Consolidated Financial Statements include the accounts of ESCO Technologies Inc. (ESCO) and its wholly owned subsidiaries (the Company). All significant intercompany transactions and accounts have been eliminated in consolidation. |
Basis Of Presentation | B. Basis of Presentation The Company’s fiscal year ends September 30. Throughout these Consolidated Financial Statements, unless the context indicates otherwise, references to a year (for example 2015) refer to the Company’s fiscal year ending on September 30 of that year. Aclara is reflected as discontinued operations and/or assets/liabilities held for sale in the consolidated financial statements and related notes for all periods presented, in accordance with accounting principles generally accepted in the United States of America (GAAP). Prior period amounts have been reclassified to conform to the current period presentation. See Note 2. |
Nature Of Continuing Operations | C. Nature of Continuing Operations The Company has three reportable segments: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), and Utility Solutions Group (USG). Filtration: The companies within this segment primarily design and manufacture specialty filtration products including hydraulic filter elements and fluid control devices used in commercial aerospace applications, unique filter mechanisms used in micro-propulsion devices for satellites and custom designed filters for manned aircraft and submarines. Test: ETS-Lindgren Inc. (ETS-Lindgren) is an industry leader in providing its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. USG: Doble Engineering Company (Doble) provides high-end, intelligent, diagnostic test solutions for the electric power delivery industry. |
Use Of Estimates | D. Use of Estimates The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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 periods. 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, estimates on long-term contracts, and litigation and other loss contingencies. Actual results could differ from those estimates. |
Revenue Recognition | E. Revenue Recognition Filtration: Within the Filtration segment, approximately 87 38 Approximately 13 6 Test: Within the Test segment, approximately 27 9 Approximately 73 24 The percentage-of-completion method of accounting involves the use of various techniques to estimate expected costs at completion. These estimates are based on Management’s judgment and the Company’s substantial experience in developing these types of estimates. USG : Within the USG segment, approximately 100 23 |
Cash And Cash Equivalents | F. Cash and Cash Equivalents Cash equivalents include temporary investments that are readily convertible into cash, such as money market funds. |
Accounts Receivable | G. Accounts Receivable Accounts receivable have been reduced by an allowance for amounts that the Company estimates are uncollectible in the future. This estimated allowance is based on Management’s evaluation of the financial condition of the customer and historical write-off experience. |
Costs And Estimated Earnings On Long-Term Contracts | H. Costs and Estimated Earnings on Long-Term Contracts Costs and estimated earnings on long-term contracts represent unbilled revenues, including accrued profits, accounted for under the percentage-of-completion method, net of progress billings. |
Inventories | I. Inventories Inventories are valued at the lower of cost (first-in, first-out) or market value. Inventories are regularly reviewed for excess quantities and obsolescence based upon historical experience, specific identification of discontinued items, future demand, and market conditions. Inventories under long-term contracts reflect accumulated production costs, factory overhead, initial tooling and other related costs less the portion of such costs charged to cost of sales and any unliquidated progress payments. |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation and amortization are computed primarily on a straight-line basis over the estimated useful lives of the assets: buildings, 10 40 3 10 3 10 |
Goodwill And Other Long-Lived Assets | K. Goodwill and Other Long-Lived Assets Goodwill represents the excess of purchase costs over the fair value of net identifiable assets acquired in business acquisitions. Management annually reviews goodwill and other long-lived assets with indefinite useful lives for impairment or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. If the Company determines that the carrying value of the long-lived asset may not be recoverable, a permanent impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. Fair value is measured based on a discounted cash flow method using a discount rate determined by Management to be commensurate with the risk inherent in the Company’s current business model. See Note 2. Other intangible assets represent costs allocated to identifiable intangible assets, principally capitalized software, patents, trademarks, and technology rights. See Note 4 regarding goodwill and other intangible assets activity. |
Capitalized Software | L. Capitalized Software The costs incurred for the development of computer software that will be sold, leased, or otherwise marketed are charged to expense when incurred as research and development until technological feasibility has been established for the product. Technological feasibility is typically established upon completion of a detailed program design. Costs incurred after this point are capitalized on a project-by-project basis. Capitalized costs consist of internal and external development costs. Upon general release of the product to customers, the Company ceases capitalization and begins amortization, which is calculated on a project-by-project basis as the greater of (1) the ratio of current gross revenues for a product to the total of current and anticipated future gross revenues for the product or (2) the straight-line method over the estimated economic life of the product. The Company generally amortizes the software development costs over a three-to-seven year period based upon the estimated future economic life of the product. Factors considered in determining the estimated future economic life of the product include anticipated future revenues, and changes in software and hardware technologies. Management annually reviews the carrying values of capitalized costs for impairment or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. If expected cash flows are insufficient to recover the carrying amount of the asset, then an impairment loss is recognized to state the asset at its net realizable value. |
Income Taxes | M. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets may be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly reviews its deferred tax assets for recoverability and establishes a valuation allowance when Management believes it is more likely than not such assets will not be recovered, taking into consideration historical operating results, expectations of future earnings, tax planning strategies, and the expected timing of the reversals of existing temporary differences. |
Research And Development Costs | N. Research and Development Costs Company-sponsored research and development costs include research and development and bid and proposal efforts related to the Company’s products and services. Company-sponsored product development costs are charged to expense when incurred. Customer-sponsored research and development costs incurred pursuant to contracts are accounted for similarly to other program costs. Customer-sponsored research and development costs refer to certain situations whereby customers provide funding to support specific contractually defined research and development costs. |
Foreign Currency Translation | O. Foreign Currency Translation The financial statements of the Company’s foreign operations are translated into U.S. dollars in accordance with FASB ASC Topic 830, Foreign Currency Matters |
Earnings Per Share | P. Earnings Per Share Basic earnings per share is calculated using the weighted average number of common shares outstanding during the period. Diluted earnings per share 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 using the treasury stock method. (in thousands) 2015 2014 2013 Weighted Average Shares Outstanding — Basic 26,077 26,447 26,450 Dilutive Options and Performance- Accelerated Restricted Stock 188 197 352 Shares — Diluted 26,265 26,644 26,802 Options to purchase 1,433 37.54 78,166 36.70 37.98 Approximately 131,000 135,000 156,000 |
Share-Based Compensation | Q. 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. Share-based payment expense is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the requisite service period (generally the vesting period of the award). |
Accumulated Other Comprehensive Loss | R. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss of $ (32.5) (29.2) (3.2) (0.1) (19.2) (22.3) 3.1 |
Deferred Revenue And Costs | Deferred Revenue And Costs Deferred revenue and costs are recorded when products or services have been provided but the criteria for revenue recognition have not been met. If there is a customer acceptance provision or there is uncertainty about customer acceptance, revenue and costs are deferred until the customer has accepted the product or service. |
Derivative Financial Instruments | Derivative Financial Instruments All derivative financial instruments are reported on the balance sheet at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as a hedge and on the type of hedge. For each derivative instrument designated as a cash flow hedge, the effective portion of the gain or loss on the derivative is deferred in accumulated other comprehensive income until recognized in earnings with the underlying hedged item. For each derivative instrument designated as a fair value hedge, the gain or loss on the derivative and the offsetting gain or loss on the hedged item are recognized immediately in earnings. Regardless of type, a fully effective hedge will result in no net earnings impact while the derivative is outstanding. To the extent that any hedge is ineffective at offsetting cash flow or fair value changes in the underlying hedged item, there could be a net earnings impact. |
Fair Value of Financial Measurements | Fair Value Measurements Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of Management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows: Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 –Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Financial Assets and Liabilities The Company has estimated the fair value of its financial instruments as of September 30, 2015 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables, debt and other current assets and liabilities approximate fair value because of the short maturity of those instruments. Nonfinancial Assets and Liabilities The Company’s nonfinancial assets such as property, plant and equipment, and other intangible assets are not measured at fair value on a recurring basis; however they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. No impairments were recorded during 2015. |
New Accounting Standards | V. New Accounting Standards In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In July 2015, the FASB affirmed its proposed one-year deferral of ASU No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Number Of Shares Used In Calculation Of Earnings Per Share | The number of shares used in the calculation of earnings per share for each year presented is as follows: (in thousands) 2015 2014 2013 Weighted Average Shares Outstanding — Basic 26,077 26,447 26,450 Dilutive Options and Performance- Accelerated Restricted Stock 188 197 352 Shares — Diluted 26,265 26,644 26,802 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Included on the Company’s Consolidated Balance Sheets at September 30, 2015 and 2014 are the following intangible assets gross carrying amounts and accumulated amortization: (Dollars in millions) 2015 2014 Goodwill $ 291.2 282.3 Intangible assets with determinable lives: Patents Gross carrying amount $ 1.0 1.0 Less: accumulated amortization 0.8 0.8 Net $ 0.2 0.2 Capitalized software Gross carrying amount $ 45.5 37.4 Less: accumulated amortization 20.1 15.2 Net $ 25.4 22.2 Customer Relationships Gross carrying amount $ 70.5 64.1 Less: accumulated amortization 24.7 21.2 Net $ 45.8 42.9 Other Gross carrying amount $ 2.6 0.4 Less: accumulated amortization 0.4 0.2 Net $ 2.2 0.2 Intangible assets with indefinite lives: Trade names $ 117.1 116.6 |
Schedule of Goodwill | The changes in the carrying amount of goodwill attributable to each business segment for 2015 and 2014 are as follows: (Dollars in millions) USG Test Filtration Total Balance as of September 30, 2013 $ 217.3 35.0 30.6 282.9 Acquisitions/adjustments (0.5) (0.3) 0.2 (0.6) Balance as of September 30, 2014 216.8 34.7 30.8 282.3 Adjustments 9.4 (0.5) - 8.9 Balance as of September 30, 2015 $ 226.2 34.2 30.8 291.2 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable, net of the allowance for doubtful accounts, consist of the following at September 30, 2015 and 2014: (Dollars in thousands) 2015 2014 Commercial $ 99,083 101,153 U.S. Government and prime contractors 3,524 4,296 Total $ 102,607 105,449 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | Inventories consist of the following at September 30, 2015 and 2014: (Dollars in thousands) 2015 2014 Finished goods $ 19,120 18,949 Work in process — including long-term contracts 33,176 31,634 Raw materials 47,490 43,709 Total $ 99,786 94,292 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future aggregate minimum lease payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2015, are: (Dollars in thousands) Years ending September 30: 2016 4,750 2017 3,565 2018 2,772 2019 2,007 2020 and thereafter 1,458 Total $ 14,552 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Expense [Abstract] | |
Total income tax expense (benefit) | Total income tax expense (benefit) for 2015, 2014 and 2013 was allocated to income tax expense as follows: (Dollars in thousands) 2015 2014 2013 Income tax expense from Continuing Operations $ 19,785 19,594 18,335 Income tax (benefit) expense from Discontinued Operations 390 (6,034) (5,215) Total income tax expense $ 20,175 13,560 13,120 |
Components Of Income From Continuing Operations Before Income Taxes | The components of income from continuing operations before income taxes for 2015, 2014 and 2013 consisted of the following: (Dollars in thousands) 2015 2014 2013 United States $ 56,661 56,196 43,159 Foreign 4,860 6,011 6,436 Total income before income taxes $ 61,521 62,207 49,595 |
Principal Components Of Income Tax Expense (Benefit) From Continuing Operations | The principal components of income tax expense (benefit) from continuing operations for 2015, 2014 and 2013 consist of: (Dollars in thousands) 2015 2014 2013 Federal: Current $ 11,906 18,756 10,723 Deferred 5,406 (2,442) 2,942 State and local: Current 867 1,397 896 Deferred 16 (245) 642 Foreign: Current 1,525 2,044 2,033 Deferred 65 84 1,099 Total $ 19,785 19,594 18,335 |
Schedule Of Actual Income Tax Expense (Benefit) From Continuing Operations | The actual income tax expense (benefit) from continuing operations for 2015, 2014 and 2013 differs from the expected tax expense for those years (computed by applying the U.S. Federal corporate statutory rate) as follows: 2015 2014 2013 Federal corporate statutory rate 35.0 % 35.0 % 35.0 % State and local, net of Federal benefits 1.2 2.0 2.7 Foreign (1.5) (1.7) (1.9) Research credit (1.8) (1.0) (2.5) Domestic production deduction (2.6) (2.9) (2.5) Change in uncertain tax positions (0.2) (2.9) 0.1 Executive compensation 0.9 1.3 1.8 Valuation allowance 1.0 1.3 4.0 Other, net 0.2 0.4 0.3 Effective income tax rate 32.2 % 31.5 % 37.0 % |
Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at September 30, 2015 and 2014 are presented below: (Dollars in thousands) 2015 2014 Deferred tax assets: Inventories $ 6,336 7,710 Pension and other postretirement benefits 11,663 6,974 Net operating loss carryforward — domestic 520 658 Net operating loss carryforward — foreign 4,135 4,702 Other compensation-related costs and other cost accruals 11,785 13,996 State credit carryforward 1,704 1,276 Total deferred tax assets 36,143 35,316 Deferred tax liabilities: Goodwill (14,829) (14,338) Acquisition assets (57,415) (57,795) Depreciation, software amortization (18,681) (16,380) Net deferred tax liabilities before valuation allowance (54,782) (53,197) Less valuation allowance (4,129) (4,297) Net deferred tax liabilities $ (58,911) (57,494) |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the Company’s unrecognized tax benefits for the years ended September 30, 2015 and 2014 is presented in the table below: (Dollars in millions) 2015 2014 Balance as of October 1, $ 0.5 2.2 Decreases related to prior year tax positions (0.1) (0.7) Decreases related to settlements with taxing authorities (0.2) — Lapse of statute of limitations (0.1) (1.0) Balance as of September 30, $ 0.1 0.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
Schedule Of Debt | Debt consists of the following at September 30, 2015 and 2014: (Dollars in thousands) 2015 2014 Revolving credit facility, including current portion $ 50,000 40,000 Current portion of long-term debt (20,000) (20,000) Total long-term debt, less current portion $ 30,000 20,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Schedule Of Outstanding Restricted Share Awards | The following summary presents information regarding outstanding restricted share awards as of September 30, 2015, and changes during the period then ended: Weighted Shares Average Price Nonvested at September 30, 2014 332,340 $ 32.23 Granted 123,501 34.33 Vested (129,305) 26.66 Cancelled – – Nonvested at September 30, 2015 326,536 $ 35.29 |
Schedule Of Stock Options Awarded Under The Option Plans | Information regarding stock options awarded under the option plans is as follows: FY 2015 FY 2014 FY 2013 Estimated Estimated Estimated Weighted Weighted Weighted Shares Avg. Price Shares Avg. Price Shares Avg. Price Outstanding October 1, — $ — 67,350 $ 37.39 125,816 $ 36.29 Granted — — — — — — Exercised — $ — — $ — (51,116) $ 34.70 Cancelled — $ — (67,350) $ 37.39 (7,350) $ 37.30 Outstanding September 30, — $ — — $ — 67,350 $ 37.39 At September 30, Reserved for future grant 500,000 500,000 500,000 Exercisable — $ — — $ — 67,350 $ 37.39 |
Retirement and Other Benefit 37
Retirement and Other Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Reconciliation Of Benefit Obligation | (Dollars in millions) Reconciliation of benefit obligation 2015 2014 Net benefit obligation at beginning of year $ 92.5 87.2 Interest cost 3.8 4.0 Actuarial (gain) loss 4.5 5.1 Gross benefits paid (7.2) (3.8) Net benefit obligation at end of year $ 93.6 92.5 |
Schedule Of Reconciliation Of Fair Value Of Plan Assets | (Dollars in millions) Reconciliation of fair value of plan assets 2015 2014 Fair value of plan assets at beginning of year $ 73.0 67.9 Actual return on plan assets (3.7) 5.9 Employer contributions 0.9 3.0 Gross benefits paid (7.2) (3.8) Fair value of plan assets at end of year $ 63.0 73.0 |
Schedule Of Funded Status | (Dollars in millions) Funded Status 2015 2014 Funded status at end of year $ (30.6) (19.5) Accrued benefit cost (30.6) (19.5) Amounts recognized in the Balance Sheet consist of: Current liability (0.2) (0.3) Noncurrent liability (30.4) (19.2) Accumulated other comprehensive (income)/loss (before tax effect) 47.6 36.7 Amounts recognized in Accumulated Other Comprehensive (Income)/Loss consist of: Net actuarial loss 47.6 36.7 Accumulated Other Comprehensive (Income)/Loss (before tax effect) $ 47.6 36.7 |
Schedule Of Components Of Net Periodic Benefit Cost For Plans | The following table provides the components of net periodic benefit cost for the plans for 2015, 2014 and 2013: (Dollars in millions) 2015 2014 2013 Service cost $ — — 0.1 Interest cost 3.8 4.0 3.6 Expected return on plan assets (4.5) (4.4) (4.4) Net actuarial loss 1.8 1.6 2.1 Settlement gain — — (0.1) Net periodic benefit cost 1.1 1.2 1.3 Defined contribution plans 3.4 3.3 4.6 Total $ 4.5 4.5 5.9 |
Schedule Of Asset Allocation For Pension Plans Acceptable Range And Target Allocation By Asset Category | The asset allocation for the Company’s pension plans at the end of 2015 and 2014, the Company’s acceptable range and the target allocation for 2016, by asset category, follows: Target Percentage of Plan Assets Allocation Acceptable at Year-end Asset Category 2016 Range 2015 2014 Equity securities 60 % 55-65 % 62 % 35 % Fixed income 40 % 35-45 % 37 % 64 % Cash/cash equivalents 0 % 0-5 % 1 % 1 % |
Schedule Of Fair Value Of Financial Measurements | The fair values of the Company’s defined benefit plan investments as of September 30, 2015 and 2014, by asset category, were as follows: (Dollars in millions) 2015 2014 Investments at fair value: Cash and cash equivalents $ 0.8 0.8 Common and preferred stock funds: Domestic large capitalization 9.9 5.8 Domestic small/mid capitalization 3.3 6.8 International funds 13.5 10.5 Fixed income funds 31.1 46.8 Real estate investment funds 4.4 2.3 Total investments at fair value $ 63.0 73.0 |
Schedule Of Expected Benefit Payments | Information about the expected cash flows for the pension and other postretirement benefit plans follows: Pension Other (Dollars in millions) Benefits Benefits Expected Employer Contributions — 2016 $ — 0.1 Expected Benefit Payments: 2016 4.9 0.1 2017 4.9 0.1 2018 5.0 0.1 2019 5.2 0.1 2020 5.8 0.1 2021-2025 $ 29.3 0.4 |
Net Periodic Benefit Cost [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Weighted-Average Assumptions Used To Determine The Net Periodic Benefit Cost For Pension Plans | The following weighted-average assumptions were used to determine the net periodic benefit cost for the pension plans: 2015 2014 2013 Discount rate 4.25 % 4.75 % 3.75 % Rate of increase in compensation levels N/A N/A N/A Expected long-term rate of return on assets 6.75 % 7.00 % 7.50 % |
Net Periodic Benefit Obligations [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Weighted-Average Assumptions Used To Determine The Net Periodic Benefit Cost For Pension Plans | The following weighted-average assumptions were used to determine the net periodic benefit obligations for the pension plans: 2015 2014 Discount rate 4.25 % 4.25 % Rate of increase in compensation levels N/A N/A |
Derivative Financial Instrume38
Derivative Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Derivative Financial Instruments | The following is a summary of the notional transaction amounts and fair values for the Company’s outstanding derivative financial instruments as of September 30, 2015. Notional Amount Fair Value (In thousands) (Euros) (US$) Forward contracts 1,289 (94) |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The Company’s forward contracts are classified within Level 2 of the valuation hierarchy in accordance with FASB Accounting Standards Codification (ASC) 825, as presented below as of September 30, 2015: (In thousands) Level 1 Level 2 Level 3 Total Liabilities: Forward contracts $ – 94 – 94 |
Other Financial Data (Tables)
Other Financial Data (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Other Financial Data | (Dollars in thousands) 2015 2014 2013 Salaries and wages (including fringes) $ 152,853 158,333 151,805 Maintenance and repairs 4,700 4,638 4,368 Research and development (R&D) costs: Company-sponsored 16,728 16,880 12,704 Customer-sponsored 6,776 11,586 15,014 Total R&D 23,504 28,466 27,718 Other engineering costs 13,899 12,484 7,715 Total R&D and other engineering costs 37,403 40,950 35,433 As a % of net sales 7.0 % 7.7 % 7.2 % |
Schedule Of Changes In Accrued Product Warranty Liability | (Dollars in thousands) 2015 2014 2013 Balance as of October 1, $ 1,480 1,880 1,536 Additions charged to expense 754 239 1,048 Deductions (467) (639) (704) Balance as of September 30, $ 1,767 1,480 1,880 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Business Segment Information [Abstract] | |
Schedule Of Net Sales And Earnings Before Income Tax | Net Sales (Dollars in millions) Year ended September 30, 2015 2014 2013 Filtration $ 236.1 233.7 214.1 Test 177.6 181.8 166.7 USG 123.6 115.6 109.3 Consolidated totals $ 537.3 531.1 490.1 No customer exceeded 10 10 EBIT (Dollars in millions) Year ended September 30, 2015 2014 2013 Filtration $ 46.6 41.4 42.4 Test 9.5 21.1 16.3 USG 29.6 26.6 21.6 Reconciliation to consolidated totals (Corporate) (23.4) (25.3) (28.0) Consolidated EBIT 62.3 63.8 52.3 Less: interest expense (0.8) (1.6) (2.7) Earnings before income tax $ 61.5 62.2 49.6 |
Schedule of Identifiable Assets | Identifiable Assets (Dollars in millions) Year ended September 30, 2015 2014 Filtration $ 141.8 131.5 Test 117.8 114.6 USG 80.6 98.6 Corporate 524.0 501.2 Consolidated totals $ 864.2 845.9 |
Schedule Of Capital Expenditures | Capital Expenditures (Dollars in millions) Year ended September 30, 2015 2014 2013 Filtration $ 6.0 7.0 6.6 Test 3.1 1.4 3.2 USG 3.3 4.1 3.9 Corporate – 0.2 0.2 Consolidated totals $ 12.4 12.7 13.9 |
Schedule Of Depreciation And Amortization | Depreciation and Amortization (Dollars in millions) Year ended September 30, 2015 2014 2013 Filtration $ 5.2 5.2 4.2 Test 3.1 2.7 2.5 USG 6.2 4.8 4.6 Corporate 4.1 3.7 3.5 Consolidated totals $ 18.6 16.4 14.8 |
Schedule Of Geographic Information Net Sale | Geographic Information Net Sales (Dollars in millions) Year ended September 30, 2015 2014 2013 United States $ 385.5 374.0 336.4 Asia 70.4 59.9 59.5 Europe 46.6 62.0 51.5 Canada 11.6 10.4 14.3 India 4.3 3.3 10.2 Other 18.9 21.5 18.2 Consolidated totals $ 537.3 531.1 490.1 |
Schedule Of Geographic Information Long-Lived Assets | Long-Lived Assets (Dollars in millions) Year ended September 30, 2015 2014 United States $ 74.5 73.6 Europe 2.1 2.2 Other 0.8 0.7 Consolidated totals $ 77.4 76.5 |
Quarterly Financial Informati41
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | First Second Third Fourth Fiscal (Dollars in thousands, except per share amounts) Quarter Quarter Quarter Quarter Year 2015 Net sales $ 120,547 128,941 134,191 153,612 537,291 Net earnings from continuing operations 10,023 7,982 10,748 12,983 41,736 Net (loss) earnings from discontinued operations — (372) 1,148 — 776 Net earnings 10,023 7,610 11,896 12,983 42,512 Basic earnings (loss) per share: Net earnings from continuing operations 0.38 0.31 0.41 0.50 1.60 Net (loss) earnings from discontinued operations — (0.01) 0.04 — 0.03 Net earnings 0.38 0.30 0.45 0.50 1.63 Diluted earnings (loss) per share: Net earnings from continuing operations 0.38 0.30 0.41 0.50 1.59 Net (loss) earnings from discontinued operations — (0.01) 0.04 — 0.03 Net earnings 0.38 0.29 0.45 0.50 1.62 Dividends declared per common share $ 0.08 0.08 0.08 0.08 0.32 2014 Net sales $ 124,450 124,762 130,495 151,413 531,120 Net earnings from continuing operations 8,832 9,264 11,590 12,927 42,613 Net (loss) earnings from discontinued operations 2,357 (42,941) — (1,619) (42,203) Net (loss) earnings 11,189 (33,677) 11,590 11,308 410 Basic earnings (loss) per share: Net earnings from continuing operations 0.33 0.35 0.44 0.49 1.61 Net (loss) earnings from discontinued operations 0.09 (1.62) — (0.06) (1.59) Net (loss) earnings 0.42 (1.27) 0.44 0.43 0.02 Diluted earnings (loss) per share: Net earnings from continuing operations 0.33 0.35 0.43 0.49 1.60 Net (loss) earnings from discontinued operations 0.09 (1.61) — (0.06) (1.58) Net (loss) earnings 0.42 (1.26) 0.43 0.43 0.02 Dividends declared per common share $ 0.08 0.08 0.08 0.08 0.32 |
Error Corrections and Prior Period Adjustments | Q1 as Reported Q1 as Adjusted Q2 as Reported Q2 as Adjusted Cost of sales $ 70,420 71,621 80,140 81,142 Earnings before income taxes 14,776 13,575 13,791 12,789 Income tax expense 3,948 3,552 5,144 4,807 Net earnings from continuing operations 10,828 10,023 8,647 7,982 Diluted net earnings per share $ 0.41 0.38 0.32 0.29 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Number Of Shares Used In Calculation Of Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Weighted Average Shares Outstanding - Basic | 26,077 | 26,447 | 26,450 |
Dilutive Options and Performance-Accelerated Restricted Stock | 188 | 197 | 352 |
Shares — Diluted | 26,265 | 26,644 | 26,802 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,433 | 78,166 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 36.70 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 37.98 | ||
Accumulated other comprehensive loss, net of tax | $ (32,538) | $ (19,186) | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (29,200) | (22,300) | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (3,200) | $ 3,100 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 37.54 | ||
Foreign Exchange Forward [Member] | |||
Accumulated other comprehensive loss, net of tax | $ (100) | ||
Maximum [Member] | Building [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Building [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 131,000 | 135,000 | 156,000 |
Usg [Member] | |||
Percentage of segment revenue from software components | 100.00% | ||
Percentage of consolidated revenue from software components | 23.00% | ||
Filtration [Member] | |||
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered | 87.00% | ||
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered | 38.00% | ||
Percentage of segment revenues recorded under percentage of completion method | 13.00% | ||
Percentage of consolidated revenues recorded under percentage of completion method | 6.00% | ||
Test [Member] | |||
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered | 27.00% | ||
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered | 9.00% | ||
Percentage of segment revenues recorded under percentage of completion method | 73.00% | ||
Percentage of consolidated revenues recorded under percentage of completion method | 24.00% |
Aclara Divestiture (Narrative)
Aclara Divestiture (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 15, 2015 | Mar. 28, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net sales | $ 153,612 | $ 134,191 | $ 128,941 | $ 120,547 | $ 151,413 | $ 130,495 | $ 124,762 | $ 124,450 | $ 537,291 | $ 531,120 | $ 490,079 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | 776 | (52,061) | 0 | ||||||||||
Discontinued Operation Loss on Disposal of Discontinued Operation | 15,600 | ||||||||||||
Aclara Technologies LLC [Member] | |||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | $ 1,200 | (48,200) | (62,100) | ||||||||||
Net sales | 129,600 | 184,500 | |||||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 135,000 | ||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 63,800 | $ 48,000 | |||||||||||
Repayments of Other Debt | $ 2,300 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 28, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($)a | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 291,157 | $ 282,337 | $ 282,900 | |
Payments to Acquire Productive Assets, Total | $ 12,444 | $ 12,714 | 13,862 | |
Canyon Engineering Products Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | 9,200 | |||
Payments to Acquire Manufacturing Facility | 7,000 | |||
Goodwill | $ 1,300 | |||
Area of Real Estate Property | a | 70,000 | |||
Enoserv LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 10,000 | |||
Revenues | 8,000 | |||
Business Combination, Consideration Transferred, Total | 20,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 9,000 | |||
Customer Relationships [Member] | Canyon Engineering Products Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortizable identifiable intangible assets | $ 1,700 | |||
Felix Tool And Engineering Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Productive Assets, Total | 1,200 | |||
Finepoint Marketing Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 1,300 | |||
Payments to Acquire Productive Assets, Total | 2,500 | |||
Finepoint Marketing Inc [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Amortizable identifiable intangible assets | $ 1,200 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Schedule Of Intangible Assets Gross Carrying Amounts And Accumulated Amortization) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Other Intangible Assets [Line Items] | |||
Goodwill | $ 291,157 | $ 282,337 | $ 282,900 |
Patents [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Gross carrying amount | 1,000 | 1,000 | |
Less: accumulated amortization | 800 | 800 | |
Net | 200 | 200 | |
Capitalized Software [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Gross carrying amount | 45,500 | 37,400 | |
Less: accumulated amortization | 20,100 | 15,200 | |
Net | 25,400 | 22,200 | |
Customer Relationships [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Gross carrying amount | 70,500 | 64,100 | |
Less: accumulated amortization | 24,700 | 21,200 | |
Net | 45,800 | 42,900 | |
Other Intangible Assets [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Gross carrying amount | 2,600 | 400 | |
Less: accumulated amortization | 400 | 200 | |
Net | 2,200 | 200 | |
Trade names | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Trade names | $ 117,100 | $ 116,600 |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets (Schedule Of Changes In The Carrying Amount Of Goodwill Attributable To Business Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 282,337 | $ 282,900 |
Adjustments | 8,900 | (600) |
Goodwill, Ending Balance | 291,157 | 282,337 |
Utility Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 216,800 | 217,300 |
Adjustments | 9,400 | (500) |
Goodwill, Ending Balance | 226,200 | 216,800 |
Test [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 34,700 | 35,000 |
Adjustments | (500) | (300) |
Goodwill, Ending Balance | 34,200 | 34,700 |
Filtration [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 30,800 | 30,600 |
Adjustments | 0 | 200 |
Goodwill, Ending Balance | $ 30,800 | $ 30,800 |
Goodwill and Other Intangible48
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to intangible assets | $ 8,850 | $ 6,744 | $ 6,179 |
Estimated intangible asset amortization for 2016 | 9,000 | ||
Estimated intangible asset amortization for 2017 | 9,000 | ||
Estimated intangible asset amortization for 2018 | 9,000 | ||
Estimated intangible asset amortization for 2019 | 9,000 | ||
Estimated intangible asset amortization for 2020 | $ 9,000 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected remaining useful life | 20 years | ||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected remaining useful life | 17 years | ||
Capitalized Software [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected remaining useful life | 7 years | ||
Capitalized Software [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected remaining useful life | 3 years |
Accounts Receivable (Schedule O
Accounts Receivable (Schedule Of Accounts Receivable Net Of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, Total | $ 102,607 | $ 105,449 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, Total | 99,083 | 101,153 |
U.S. Government and prime contractors [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, Total | $ 3,524 | $ 4,296 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Inventory [Line Items] | ||
Finished goods | $ 19,120 | $ 18,949 |
Work in process, including long-term contracts | 33,176 | 31,634 |
Raw materials | 47,490 | 43,709 |
Total inventories | $ 99,786 | $ 94,292 |
Property, Plant and Equipment51
Property, Plant and Equipment (Schedule Of Future Aggregate Minimum Lease Payments Under Operating Leases) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Property, Plant and Equipment [Line Items] | |
2,016 | $ 4,750 |
2,017 | 3,565 |
2,018 | 2,772 |
2,019 | 2,007 |
2020 and thereafter | 1,458 |
Total | $ 14,552 |
Property, Plant and Equipment52
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Depreciation | $ 9.7 | $ 9.6 | $ 8.6 |
Operating Leases, Rent Expense, Net | $ 5.2 | $ 5.3 | $ 5 |
Minimum Term Of Initial Or Remaining Non Cancelable Lease | 1 year |
Income Tax Expense (Total incom
Income Tax Expense (Total income tax expense (benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income tax expense from Continuing Operations | $ 19,785 | $ 19,594 | $ 18,335 |
Income tax (benefit) expense from Discontinued Operations | 390 | (6,034) | (5,215) |
Total income tax expense | $ 20,175 | $ 13,560 | $ 13,120 |
Income Tax Expense (Components
Income Tax Expense (Components Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
United States | $ 56,661 | $ 56,196 | $ 43,159 |
Foreign | 4,860 | 6,011 | 6,436 |
Total income before income taxes | $ 61,521 | $ 62,207 | $ 49,595 |
Income Tax Expense (Principal C
Income Tax Expense (Principal Components Of Income Tax Expense (Benefit) From Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Federal, Current | $ 11,906 | $ 18,756 | $ 10,723 |
Federal, Deferred | 5,406 | (2,442) | 2,942 |
State and local, Current | 867 | 1,397 | 896 |
State and local, Deferred | 16 | (245) | 642 |
Foreign, Current | 1,525 | 2,044 | 2,033 |
Foreign, Deferred | 65 | 84 | 1,099 |
Total | $ 19,785 | $ 19,594 | $ 18,335 |
Income Tax Expense (Schedule Of
Income Tax Expense (Schedule Of Actual Income Tax Expense (Benefit) From Continuing Operations) (Details) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Federal corporate statutory rate | 35.00% | 35.00% | 35.00% |
State and local, net of Federal benefits | 1.20% | 2.00% | 2.70% |
Foreign | (1.50%) | (1.70%) | (1.90%) |
Research credit | (1.80%) | (1.00%) | (2.50%) |
Domestic production deduction | (2.60%) | (2.90%) | (2.50%) |
Change in uncertain tax positions | (0.20%) | (2.90%) | 0.10% |
Executive compensation | 0.90% | 1.30% | 1.80% |
Valuation allowance | 1.00% | 1.30% | 4.00% |
Other, net | 0.20% | 0.40% | 0.30% |
Effective income tax rate | 32.20% | 31.50% | 37.00% |
Income Tax Expense (Tax Effects
Income Tax Expense (Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred tax assets: | ||
Inventories | $ 6,336 | $ 7,710 |
Pension and other postretirement benefits | 11,663 | 6,974 |
Net operating loss carryforward - domestic | 520 | 658 |
Net operating loss carryforward - foreign | 4,135 | 4,702 |
Other compensation-related costs and other cost accruals | 11,785 | 13,996 |
State credit carryforward | 1,704 | 1,276 |
Total deferred tax assets | 36,143 | 35,316 |
Deferred tax liabilities: | ||
Goodwill | (14,829) | (14,338) |
Acquisition assets | (57,415) | (57,795) |
Depreciation, software amortization | (18,681) | (16,380) |
Net deferred tax liabilities before valuation allowance | (54,782) | (53,197) |
Less valuation allowance | (4,129) | (4,297) |
Net deferred tax liabilities | $ (58,911) | $ (57,494) |
Income Tax Expense (Reconciliat
Income Tax Expense (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Balance as of October 1, | $ 0.5 | $ 2.2 |
Decreases related to prior year tax positions | (0.1) | (0.7) |
Decreases related to settlements with taxing authorities | (0.2) | 0 |
Lapse of statute of limitations | (0.1) | (1) |
Balance as of September 30, | $ 0.1 | $ 0.5 |
Income Tax Expense (Narrative)
Income Tax Expense (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Expense [Line Items] | |||
Accumulated unremitted earnings of foreign subsidiaries | $ 35,300 | ||
Accumulated unremitted earnings of foreign subsidiaries in cash | 31,500 | ||
Income taxes due if foreign entities' earnings were distributed | 4,900 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 100 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0 | $ 0 | $ 100 |
Capital loss carryforward, valuation allowance | 500 | 400 | |
Operating Loss Carryforwards, Valuation Allowance | 300 | 300 | |
Net operating loss carryforward - foreign | 4,135 | 4,702 | |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 15,100 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,400 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 300 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 1,700 | ||
State Research And Other Credit CarryForwards With Expiration Date | 1,300 | ||
State Research And Other Credit Carry Forwards Without Expiration Date | 400 | ||
Deferred Tax Assets, Valuation Allowance | 4,129 | 4,297 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 200 | 500 | |
Brazil, Germany, India, Finland, China and the United Kingdom [Member] | |||
Income Tax Expense [Line Items] | |||
Net operating loss carryforward - foreign | 16,500 | ||
Foreign Valuation Allowance [Member] | |||
Income Tax Expense [Line Items] | |||
Operating Loss Carryforwards, Valuation Allowance | $ 3,300 | $ 3,600 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Debt Instrument [Line Items] | ||
Revolving credit facility, including current portion | $ 50,000 | $ 40,000 |
Current portion of long-term debt | (20,000) | (20,000) |
Total long-term debt, less current portion | $ 30,000 | $ 20,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | May. 14, 2012 | |
Debt Instrument [Line Items] | |||||
Available to borrow under the credit facility | $ 392,000 | ||||
Cash on hand | $ 39,411 | $ 35,131 | $ 42,850 | $ 30,215 | |
Percentage of foreign subsidiaries' share equity | 65.00% | ||||
Letters of Credit Outstanding, Amount | $ 8,000 | 11,000 | |||
Line of Credit Facility, Amount Outstanding | 20,000 | ||||
Maximum aggregate short-term borrowings at any month-end | 83,000 | 187,000 | |||
Average aggregate short-term borrowings outstanding | $ 68,500 | $ 103,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rates | 1.27% | 1.48% | 1.55% | ||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility fees | 17.50% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Incremental term loan | $ 250,000 | ||||
Credit facility fees | 35.00% | ||||
JPMorgan Chase Bank N.A. [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 450,000 | ||||
JPMorgan Chase Bank N.A. [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Incremental term loan | 25,000 | ||||
JPMorgan Chase Bank N.A. [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Incremental term loan | $ 250,000 |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Common shares as presented in the accompanying Consolidated Balance Sheets | 30,358,864 | 30,247,512 | |
Common shares in treasury | 4,542,214 | 4,040,532 | |
Board of Directors authorized an expanded stock repurchase program | $ 100 | ||
Stock repurchases during period, shares | 517,000 | 350,000 | 270,000 |
Stock repurchased during period, value | $ 18.2 | $ 12 | $ 9.7 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Outstanding Restricted Share Awards) (Details) | 12 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding restricted share awards, Nonvested at October 1, 2013, Shares | shares | 332,340 |
Outstanding restricted share awards, Granted, Shares | shares | 123,501 |
Outstanding restricted share awards, Vested, Shares | shares | (129,305) |
Outstanding restricted share awards, Cancelled, Shares | shares | 0 |
Outstanding restricted share awards, Nonvested at September 30, 2014, Shares | shares | 326,536 |
Outstanding restricted share awards, Nonvested at October 1, 2013, Weighted Avg. Price | $ 32.23 |
Outstanding restricted share awards, Granted, Weighted Avg. Price | 34.33 |
Outstanding restricted share awards, Vested, Weighted Avg. Price | 26.66 |
Outstanding restricted share awards, Cancelled, Weighted Avg. Price | 0 |
Outstanding restricted share awards, Nonvested at September 30, 2014, Weighted Avg. Price | $ 35.29 |
Share-Based Compensation (Sch64
Share-Based Compensation (Schedule Of Stock Options Awarded Under The Option Plans) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options Outstanding, Shares | 0 | 67,350 | 125,816 |
Stock options Granted, Shares | 0 | 0 | 0 |
Stock options Exercised, Shares | 0 | 0 | (51,116) |
Stock options Cancelled, Shares | 0 | (67,350) | (7,350) |
Stock options Outstanding, Shares | 0 | 0 | 67,350 |
Reserved for future grant | 500,000 | 500,000 | 500,000 |
Stock options Exercisable, Shares | 0 | 0 | 67,350 |
Stock options Outstanding, Weighted Average Price | $ 0 | $ 37.39 | $ 36.29 |
Stock options Granted, Weighted Average Price | 0 | 0 | 0 |
Stock options Exercised, Weighted Average Price | 0 | 0 | 34.70 |
Stock options Cancelled / Expired, Weighted Average Price | 0 | 37.39 | 37.30 |
Stock options Outstanding, Weighted Average Price | 0 | 0 | 37.39 |
Stock options Exercisable, Weighted Average Price | $ 0 | $ 0 | $ 37.39 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised | $ 0 | $ 0 | $ 0.3 |
Non-employee director retainer common shares per quarter | 900 | ||
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation cost | $ 4.8 | 4.8 | 4.6 |
Performance-Accelerated Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | 4 | 4.1 | 4 |
Non-Employee Directors Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total income tax benefit recognized | 1.6 | 1.3 | 1.3 |
Pretax compensation expense | 0.8 | $ 0.7 | $ 0.6 |
Total unrecognized compensation cost related to share-based compensation arrangements | $ 5 | ||
Remaining weighted-average period for recognition of total unrecognized compensation cost | 1 year 6 months |
Retirement and Other Benefit 66
Retirement and Other Benefit Plans (Schedule Of Reconciliation Of Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net benefit obligation at beginning of year | $ 92.5 | $ 87.2 | |
Interest cost | 3.8 | 4 | $ 3.6 |
Actuarial (gain) loss | 4.5 | 5.1 | |
Gross benefits paid | (7.2) | (3.8) | |
Net benefit obligation at end of year | $ 93.6 | $ 92.5 | $ 87.2 |
Retirement and Other Benefit 67
Retirement and Other Benefit Plans (Schedule Of Reconciliation Of Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair value of plan assets at beginning of year | $ 73 | $ 67.9 |
Actual return on plan assets | (3.7) | 5.9 |
Employer contributions | 0.9 | 3 |
Gross benefits paid | (7.2) | (3.8) |
Fair value of plan assets at end of year | $ 63 | $ 73 |
Retirement and Other Benefit 68
Retirement and Other Benefit Plans (Schedule Of Funded Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Funded status at end of year | $ (30,600) | $ (19,500) |
Accrued benefit cost | (30,600) | (19,500) |
Current liability | (200) | (300) |
Noncurrent liability | 30,382 | 19,234 |
Accumulated other comprehensive (income)/loss (before tax effect) | 47,600 | 36,700 |
Net actuarial loss | 47,600 | 36,700 |
Accumulated Other Comprehensive (Income)/Loss (before tax effect) | $ 47,600 | $ 36,700 |
Retirement and Other Benefit 69
Retirement and Other Benefit Plans (Schedule Of Components Of Net Periodic Benefit Cost For Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Service cost | $ 0 | $ 0 | $ 0.1 |
Interest cost | 3.8 | 4 | 3.6 |
Expected return on plan assets | (4.5) | (4.4) | (4.4) |
Net actuarial loss | 1.8 | 1.6 | 2.1 |
Settlement gain | 0 | 0 | (0.1) |
Net periodic benefit cost | 1.1 | 1.2 | 1.3 |
Defined contribution plans | 3.4 | 3.3 | 4.6 |
Total | $ 4.5 | $ 4.5 | $ 5.9 |
Retirement and Other Benefit 70
Retirement and Other Benefit Plans (Schedule Of Weighted-Average Assumptions Used To Determine The Net Periodic Benefit Cost For Pension Plans) (Details) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Periodic Benefit Cost [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Discount rate | 4.25% | 4.75% | 3.75% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on assets | 6.75% | 7.00% | 7.50% |
Net Periodic Benefit Obligations [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Discount rate | 4.25% | 4.25% | |
Rate of increase in compensation levels | 0.00% | 0.00% |
Retirement and Other Benefit 71
Retirement and Other Benefit Plans (Schedule Of Asset Allocation For Pension Plans Acceptable Range And Target Allocation By Asset Category) (Details) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Equity Securities [Member] | ||
Target Acceptable Percentage of Plan Range Assets, Minimum | 55.00% | |
Target Acceptable Percentage of Plan Range Assets, Maximum | 65.00% | |
Asset Allocation | 62.00% | 35.00% |
Equity Securities [Member] | Target Allocation 2016 [Member] | ||
Asset Allocation | 60.00% | |
Fixed Income Funds [Member] | ||
Target Acceptable Percentage of Plan Range Assets, Minimum | 35.00% | |
Target Acceptable Percentage of Plan Range Assets, Maximum | 45.00% | |
Asset Allocation | 37.00% | 64.00% |
Fixed Income Funds [Member] | Target Allocation 2016 [Member] | ||
Asset Allocation | 40.00% | |
Cash and Cash Equivalents [Member] | ||
Target Acceptable Percentage of Plan Range Assets, Minimum | 0.00% | |
Target Acceptable Percentage of Plan Range Assets, Maximum | 5.00% | |
Asset Allocation | 1.00% | 1.00% |
Cash and Cash Equivalents [Member] | Target Allocation 2016 [Member] | ||
Asset Allocation | 0.00% |
Retirement and Other Benefit 72
Retirement and Other Benefit Plans (Schedule Of Fair Value Of Financial Measurements) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 63 | $ 73 | $ 67.9 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0.8 | 0.8 | |
Domestic Large Capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9.9 | 5.8 | |
Domestic SmallMid Capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3.3 | 6.8 | |
International Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13.5 | 10.5 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 31.1 | 46.8 | |
Real Estate Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4.4 | $ 2.3 |
Retirement and Other Benefit 73
Retirement and Other Benefit Plans (Schedule Of Expected Benefit Payments) (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Pension Benefits [Member] | |
Expected Employer Contributions — 2016 | $ 0 |
2,016 | 4.9 |
2,017 | 4.9 |
2,018 | 5 |
2,019 | 5.2 |
2,020 | 5.8 |
2021-2025 | 29.3 |
Other Benefits [Member] | |
Expected Employer Contributions — 2016 | 0.1 |
2,016 | 0.1 |
2,017 | 0.1 |
2,018 | 0.1 |
2,019 | 0.1 |
2,020 | 0.1 |
2021-2025 | $ 0.4 |
Retirement and Other Benefit 74
Retirement and Other Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Defined Benefit Plan Before Adoption Of SFAS 158 Recognition Provision Accrued Benefit Liability | $ 0.9 | $ 0.9 |
Derivative Financial Instrume75
Derivative Financial Instruments (Schedule of Outstanding Derivative Financial Instruments) (Details) - Sep. 30, 2015 - Forward Contracts [Member] € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | € 1,289 | |
Derivative, Fair Value | $ | $ (94) |
Derivative Financial Instrume76
Derivative Financial Instruments (Schedule of Derivative Liabilities at Fair Value) (Details) - Forward Contracts [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Derivative Instruments in Hedges, at Fair Value, Net | $ 94 |
Fair Value, Inputs, Level 1 [Member] | |
Derivative Instruments in Hedges, at Fair Value, Net | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Derivative Instruments in Hedges, at Fair Value, Net | 94 |
Fair Value, Inputs, Level 3 [Member] | |
Derivative Instruments in Hedges, at Fair Value, Net | $ 0 |
Other Financial Data (Charged T
Other Financial Data (Charged To Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Salaries and wages (including fringes) | $ 152,853 | $ 158,333 | $ 151,805 |
Maintenance and repairs | 4,700 | 4,638 | 4,368 |
Total R&D | 23,504 | 28,466 | 27,718 |
Other engineering costs | 13,899 | 12,484 | 7,715 |
Total R&D and other engineering costs | $ 37,403 | $ 40,950 | $ 35,433 |
As a % of net sales | 7.00% | 7.70% | 7.20% |
Company-Sponsored [Member] | |||
Total R&D | $ 16,728 | $ 16,880 | $ 12,704 |
Customer-Sponsored [Member] | |||
Total R&D | $ 6,776 | $ 11,586 | $ 15,014 |
Other Financial Data (Reconcili
Other Financial Data (Reconciliation Of Changes In Accrued Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Balance as of October 1, | $ 1,480 | $ 1,880 | $ 1,536 |
Additions charged to expense | 754 | 239 | 1,048 |
Deductions | (467) | (639) | (704) |
Balance as of September 30, | $ 1,767 | $ 1,480 | $ 1,880 |
Business Segment Information (S
Business Segment Information (Schedule Of Net Sales And Earnings Before Income Tax) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 153,612,000 | $ 134,191,000 | $ 128,941,000 | $ 120,547,000 | $ 151,413,000 | $ 130,495,000 | $ 124,762,000 | $ 124,450,000 | $ 537,291,000 | $ 531,120,000 | $ 490,079,000 |
Consolidated EBIT | 62,300 | 63,800 | 52,300 | ||||||||
Less: Interest expense | (785,000) | (1,567,000) | (2,693,000) | ||||||||
Earnings before income taxes | 61,521,000 | 62,207,000 | 49,595,000 | ||||||||
Filtration [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 236,100 | 233,700 | 214,100 | ||||||||
Consolidated EBIT | 46,600 | 41,400 | 42,400 | ||||||||
Test [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 177,600 | 181,800 | 166,700 | ||||||||
Consolidated EBIT | 9,500 | 21,100 | 16,300 | ||||||||
Utility Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 123,600 | 115,600 | 109,300 | ||||||||
Consolidated EBIT | 29,600 | 26,600 | 21,600 | ||||||||
Corporate (loss) [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated EBIT | $ (23,400) | $ (25,300) | $ (28,000) |
Business Segment Information 80
Business Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Identifiable Assets | $ 864,208 | $ 845,906 |
Filtration [Member] | ||
Identifiable Assets | 141,800 | 131,500 |
Test [Member] | ||
Identifiable Assets | 117,800 | 114,600 |
USG [Member] | ||
Identifiable Assets | 80,600 | 98,600 |
Corporate [Member] | ||
Identifiable Assets | $ 524,000 | $ 501,200 |
Business Segment Information 81
Business Segment Information (Schedule Of Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Capital Expenditures | $ 12,444 | $ 12,714 | $ 13,862 |
Filtration [Member] | |||
Capital Expenditures | 6,000 | 7,000 | 6,600 |
Test [Member] | |||
Capital Expenditures | 3,100 | 1,400 | 3,200 |
USG [Member] | |||
Capital Expenditures | 3,300 | 4,100 | 3,900 |
Corporate [Member] | |||
Capital Expenditures | $ 0 | $ 200 | $ 200 |
Business Segment Information 82
Business Segment Information (Schedule Of Depreciation And Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Depreciation and Amortization | $ 18,584 | $ 16,362 | $ 14,805 |
Filtration [Member] | |||
Depreciation and Amortization | 5,200 | 5,200 | 4,200 |
Test [Member] | |||
Depreciation and Amortization | 3,100 | 2,700 | 2,500 |
USG [Member] | |||
Depreciation and Amortization | 6,200 | 4,800 | 4,600 |
Corporate [Member] | |||
Depreciation and Amortization | $ 4,100 | $ 3,700 | $ 3,500 |
Business Segment Information 83
Business Segment Information (Schedule Of Geographic Information Net Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net Sales | $ 153,612 | $ 134,191 | $ 128,941 | $ 120,547 | $ 151,413 | $ 130,495 | $ 124,762 | $ 124,450 | $ 537,291 | $ 531,120 | $ 490,079 |
United States [Member] | |||||||||||
Net Sales | 385,500 | 374,000 | 336,400 | ||||||||
Asia [Member] | |||||||||||
Net Sales | 70,400 | 59,900 | 59,500 | ||||||||
Europe [Member] | |||||||||||
Net Sales | 46,600 | 62,000 | 51,500 | ||||||||
Canada [Member] | |||||||||||
Net Sales | 11,600 | 10,400 | 14,300 | ||||||||
India [Member] | |||||||||||
Net Sales | 4,300 | 3,300 | 10,200 | ||||||||
Other [Member] | |||||||||||
Net Sales | $ 18,900 | $ 21,500 | $ 18,200 |
Business Segment Information 84
Business Segment Information (Schedule Of Geographic Information Long-Lived Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Long-Lived Assets | $ 77,358 | $ 76,465 |
United States [Member] | ||
Long-Lived Assets | 74,500 | 73,600 |
Europe [Member] | ||
Long-Lived Assets | 2,100 | 2,200 |
Other [Member] | ||
Long-Lived Assets | $ 800 | $ 700 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Percentage Of Sale Of Customer Maximum | 10.00% | 10.00% | |
Capitalized Computer Software, Period Increase (Decrease) | $ 6.9 | $ 8.6 | $ 8.4 |
Percentage Of Sale Of Customer Minimum | 10.00% |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Sep. 30, 2014 |
Letters of Credit Outstanding, Amount | $ 8 | $ 11 |
Purchase Obligation, Total | $ 6.3 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - Subsequent Event [Member] - Fremont Plastics, Inc [Member] $ in Millions | 1 Months Ended |
Oct. 16, 2015USD ($) | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred, Total | $ 10.5 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | $ 2 |
Quarterly Financial Informati88
Quarterly Financial Information (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Net sales | $ 153,612 | $ 134,191 | $ 128,941 | $ 120,547 | $ 151,413 | $ 130,495 | $ 124,762 | $ 124,450 | $ 537,291 | $ 531,120 | $ 490,079 |
Net earnings from continuing operations | 12,983 | 10,748 | 7,982 | 10,023 | 12,927 | 11,590 | 9,264 | 8,832 | 41,736 | 42,613 | 31,260 |
Net (loss) earnings from discontinued operations | 0 | 1,148 | (372) | 0 | (1,619) | 0 | (42,941) | 2,357 | 0 | 9,858 | (56,863) |
Net earnings (loss) | $ 12,983 | $ 11,896 | $ 7,610 | $ 10,023 | $ 11,308 | $ 11,590 | $ (33,677) | $ 11,189 | $ 42,512 | $ 410 | $ (25,603) |
Basic earnings (loss) per share: | |||||||||||
Net earnings from continuing operations | $ 0.50 | $ 0.41 | $ 0.31 | $ 0.38 | $ 0.49 | $ 0.44 | $ 0.35 | $ 0.33 | $ 1.6 | $ 1.61 | $ 1.18 |
Net (loss) earnings from discontinued operations | 0 | 0.04 | (0.01) | 0 | (0.06) | 0 | (1.62) | 0.09 | 0.03 | (1.6) | (2.15) |
Net earnings (loss) | 0.50 | 0.45 | 0.30 | 0.38 | 0.43 | 0.44 | (1.27) | 0.42 | 1.63 | 0.01 | (0.97) |
Diluted earnings (loss) per share: | |||||||||||
Net earnings from continuing operations | 0.50 | 0.41 | 0.30 | 0.38 | 0.49 | 0.43 | 0.35 | 0.33 | 1.59 | 1.6 | 1.17 |
Net (loss) earnings from discontinued operations | 0 | 0.04 | (0.01) | 0 | (0.06) | 0 | (1.61) | 0.09 | 0.03 | (1.58) | (2.13) |
Net earnings (loss) | 0.50 | 0.45 | 0.29 | 0.38 | 0.43 | 0.43 | (1.26) | 0.42 | 1.62 | 0.02 | (0.96) |
Dividends declared per common share | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.32 | $ 0.32 | $ 0.32 |
Quarterly Financial Informati89
Quarterly Financial Information (Unaudited) (Error Corrections And Prior Period Adjustments) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cost of sales | $ 334,850 | $ 323,939 | $ 295,863 | ||||||||
Earnings before income taxes | 61,521 | 62,207 | 49,595 | ||||||||
Income tax expense | 19,785 | 19,594 | 18,335 | ||||||||
Net earnings from continuing operations | $ 12,983 | $ 10,748 | $ 7,982 | $ 10,023 | $ 12,927 | $ 11,590 | $ 9,264 | $ 8,832 | $ 41,736 | $ 42,613 | $ 31,260 |
Diluted net earnings per share | $ 0.50 | $ 0.45 | $ 0.29 | $ 0.38 | $ 0.43 | $ 0.43 | $ (1.26) | $ 0.42 | $ 1.62 | $ 0.02 | $ (0.96) |
Scenario, Previously Reported [Member] | |||||||||||
Cost of sales | $ 80,140 | $ 70,420 | |||||||||
Earnings before income taxes | 13,791 | 14,776 | |||||||||
Income tax expense | 5,144 | 3,948 | |||||||||
Net earnings from continuing operations | $ 8,647 | $ 10,828 | |||||||||
Diluted net earnings per share | $ 0.32 | $ 0.41 | |||||||||
Restatement Adjustment [Member] | |||||||||||
Cost of sales | $ 81,142 | $ 71,621 | |||||||||
Earnings before income taxes | 12,789 | 13,575 | |||||||||
Income tax expense | 4,807 | 3,552 | |||||||||
Net earnings from continuing operations | $ 7,982 | $ 10,023 | |||||||||
Diluted net earnings per share | $ 0.29 | $ 0.38 |
Quarterly Financial Informati90
Quarterly Financial Information (Unaudited) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | $ 2.1 | $ 1 | $ 1.2 | $ 4.3 |