Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Nov. 06, 2017 | Mar. 31, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 1,455,041,000 | ||
Trading Symbol | ESE | ||
Entity Common Stock, Shares Outstanding | 25,835,902 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 685,740 | $ 571,459 | $ 537,291 |
Costs and expenses: | |||
Cost of sales | 436,918 | 350,807 | 334,850 |
Selling, general and administrative expenses | 148,433 | 131,493 | 130,166 |
Amortization of intangible assets | 16,338 | 11,630 | 8,850 |
Interest expense, net | 4,578 | 1,308 | 785 |
Other (income) expenses, net | (680) | 7,801 | 1,119 |
Total costs and expenses | 605,587 | 503,039 | 475,770 |
Earnings before income tax | 80,153 | 68,420 | 61,521 |
Income tax expense | 26,450 | 22,538 | 19,785 |
Net earnings from continuing operations | 53,703 | 45,882 | 41,736 |
Earnings on sale from discontinued operations, net of tax expense of $390 in 2015 | 0 | 0 | 776 |
Net earnings from discontinued operations | 0 | 0 | 776 |
Net earnings | $ 53,703 | $ 45,882 | $ 42,512 |
Basic: | |||
Continuing operations | $ 2.08 | $ 1.78 | $ 1.60 |
Discontinued operations | 0 | 0 | 0.03 |
Net earnings | 2.08 | 1.78 | 1.63 |
Diluted: | |||
Continuing operations | 2.07 | 1.77 | 1.59 |
Discontinued operations | 0 | 0 | 0.03 |
Net earnings | $ 2.07 | $ 1.77 | $ 1.62 |
Average common shares outstanding (in thousands): | |||
Basic | 25,774 | 25,762 | 26,077 |
Diluted | 25,995 | 25,968 | 26,265 |
CONSOLIDATED STATEMENTS OF OPE3
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) $ in Thousands | 12 Months Ended |
Sep. 30, 2015USD ($) | |
Earnings on sale from discontinued operations,net of tax expense (benefit) | $ 390 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net earnings | $ 53,703 | $ 45,882 | $ 42,512 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 6,383 | (1,462) | (6,297) |
Amortization of prior service costs and actuarial gains (losses) | 5,573 | (5,250) | (6,961) |
Net unrealized gain (loss) on derivative instruments | 19 | (33) | (94) |
Total other comprehensive income (loss), net of tax | 11,975 | (6,745) | (13,352) |
Comprehensive income | $ 65,678 | $ 39,137 | $ 29,160 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 45,516 | $ 53,825 |
Accounts receivable, less allowance for doubtful accounts of $2,030 and $1,930 in 2017 and 2016, respectively | 160,580 | 121,486 |
Costs and estimated earnings on long-term contracts, less progress billings of $64,099 and $31,129 in 2017 and 2016, respectively | 47,286 | 28,746 |
Inventories | 124,515 | 105,542 |
Other current assets | 14,895 | 13,884 |
Total current assets | 392,792 | 323,483 |
Property, plant and equipment: | ||
Land and land improvements | 9,964 | 9,374 |
Buildings and leasehold improvements | 88,469 | 62,822 |
Machinery and equipment | 129,366 | 99,240 |
Construction in progress | 4,599 | 5,423 |
Property, Plant and Equipment, Gross | 232,398 | 176,859 |
Less accumulated depreciation and amortization | (99,650) | (84,454) |
Net property, plant and equipment | 132,748 | 92,405 |
Intangible assets, net | 351,134 | 231,759 |
Goodwill | 377,879 | 323,616 |
Other assets | 5,891 | 7,108 |
Total Assets | 1,260,444 | 978,371 |
Current liabilities: | ||
Current maturities of long-term debt | 20,000 | 20,000 |
Accounts payable | 54,789 | 42,074 |
Advance payments on long-term contracts, less costs incurred of $59,772 and $35,266 in 2017 and 2016, respectively | 22,451 | 16,187 |
Accrued salaries | 32,259 | 28,769 |
Current portion of deferred revenue | 28,583 | 27,212 |
Accrued other expenses | 36,887 | 23,834 |
Total current liabilities | 194,969 | 158,076 |
Pension obligations | 30,223 | 39,842 |
Deferred tax liabilities | 86,378 | 69,562 |
Other liabilities | 21,956 | 5,782 |
Long-term debt | 255,000 | 90,000 |
Total liabilities | 588,526 | 363,262 |
Shareholders' equity: | ||
Preferred stock, par value $.01 per share, authorized 10,000,000 shares | ||
Common stock, par value $.01 per share, authorized 50,000,000 shares; issued 30,468,824 and 30,364,183 shares in 2017 and 2016, respectively | 305 | 304 |
Additional paid-in capital | 289,785 | 290,588 |
Retained earnings | 516,718 | 471,272 |
Accumulated other comprehensive loss, net of tax | (27,308) | (39,283) |
Total stockholders' equity before Treasury Stock | 779,500 | 722,881 |
Less treasury stock, at cost (4,635,622 and 4,647,322 common shares in 2017 and 2016, respectively) | (107,582) | (107,772) |
Total shareholders' equity | 671,918 | 615,109 |
Total Liabilities and Shareholders' Equity | $ 1,260,444 | $ 978,371 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 2,030 | $ 1,930 |
Costs and estimated earnings on long-term contracts, progress billings | 64,099 | 31,129 |
Advance payments on long-term contracts, costs incurred | $ 59,772 | $ 35,266 |
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 | 30,468,824 | 30,364,183 |
Treasury stock, shares | 4,635,622 | 4,647,322 |
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, 2014 | $ 580,171 | $ 302 | $ 285,305 | $ 399,451 | $ (19,186) | $ (85,701) |
Balance (in Shares) at Sep. 30, 2014 | 30,248 | |||||
Comprehensive income (loss): | ||||||
Net earnings | 42,512 | $ 0 | 0 | 42,512 | 0 | 0 |
Translation adjustments, net of tax | (6,297) | 0 | 0 | 0 | (6,297) | 0 |
Net unrecognized actuarial gain/loss, net of tax | (6,961) | 0 | 0 | 0 | (6,961) | 0 |
Forward exchange contracts, net of tax | (94) | 0 | 0 | 0 | (94) | 0 |
Cash dividends declared | (8,331) | 0 | 0 | (8,331) | 0 | 0 |
Stock options and stock compensation plans, net of tax | 1,430 | $ 2 | 1,180 | 0 | 0 | 248 |
Stock options and stock compensation plans, net of tax (in Shares) | 111 | |||||
Purchases into treasury | (18,248) | $ 0 | 0 | 0 | 0 | (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 | |||||
Comprehensive income (loss): | ||||||
Net earnings | 45,882 | $ 0 | 0 | 45,882 | 0 | 0 |
Translation adjustments, net of tax | (1,462) | 0 | 0 | 0 | (1,462) | 0 |
Net unrecognized actuarial gain/loss, net of tax | (5,250) | 0 | 0 | 0 | (5,250) | 0 |
Forward exchange contracts, net of tax | (33) | 0 | 0 | 0 | (33) | 0 |
Cash dividends declared | (8,242) | 0 | 0 | (8,242) | 0 | 0 |
Stock options and stock compensation plans, net of tax | 4,335 | $ 0 | 4,103 | 0 | 0 | 232 |
Stock options and stock compensation plans, net of tax (in Shares) | 5 | |||||
Purchases into treasury | (4,303) | $ 0 | 0 | 0 | 0 | (4,303) |
Ending Balance at Sep. 30, 2016 | 615,109 | $ 304 | 290,588 | 471,272 | (39,283) | (107,772) |
Ending Balance (in Shares) at Sep. 30, 2016 | 30,364 | |||||
Comprehensive income (loss): | ||||||
Net earnings | 53,703 | $ 0 | 0 | 53,703 | 0 | 0 |
Translation adjustments, net of tax | 6,383 | 0 | 0 | 0 | 6,383 | 0 |
Net unrecognized actuarial gain/loss, net of tax | 5,573 | 0 | 0 | 0 | 5,573 | 0 |
Forward exchange contracts, net of tax | 19 | 0 | 0 | 0 | 19 | 0 |
Cash dividends declared | (8,257) | 0 | 0 | (8,257) | 0 | 0 |
Stock options and stock compensation plans, net of tax | (612) | $ 1 | (803) | 0 | 0 | 190 |
Stock options and stock compensation plans, net of tax (in Shares) | 105 | |||||
Ending Balance at Sep. 30, 2017 | $ 671,918 | $ 305 | $ 289,785 | $ 516,718 | $ (27,308) | $ (107,582) |
Ending Balance (in Shares) at Sep. 30, 2017 | 30,469 |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 | $ 383 | $ 63 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (2,938) | 3,059 | 3,979 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ (66) | $ 95 | $ 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 | $ 0 | $ 18 | $ 300 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | |||
Net earnings | $ 53,703 | $ 45,882 | $ 42,512 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Net earnings from discontinued operations, net of tax | 0 | 0 | (776) |
Depreciation and amortization | 32,229 | 23,568 | 18,584 |
Stock compensation expense | 5,444 | 4,704 | 4,779 |
Changes in assets and liabilities | (17,889) | 1,746 | (745) |
Effect of deferred taxes on tax provision | 1,360 | (2,993) | 1,417 |
Pension contributions | (2,677) | 0 | (650) |
Other | (4,830) | 952 | (144) |
Net cash provided by operating activities - continuing operations | 67,340 | 73,859 | 64,977 |
Net cash provided by discontinued operations | 0 | 0 | 776 |
Net cash provided by operating activities | 67,340 | 73,859 | 65,753 |
Cash flows from investing activities: | |||
Acquisition of businesses, net of cash acquired | (198,628) | (82,062) | (20,500) |
Capital expenditures | (29,728) | (13,843) | (12,444) |
Additions to capitalized software | (9,002) | (8,665) | (6,901) |
Proceeds from sale of land | 1,184 | 0 | 0 |
Proceeds from life insurance | 2,307 | 0 | 0 |
Net cash used by investing activities - continuing operations | (233,867) | (104,570) | (39,845) |
Net cash provided by investing activities - discontinued operations | 0 | 0 | 0 |
Net cash used by investing activities | (233,867) | (104,570) | (39,845) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 257,000 | 140,000 | 106,000 |
Principal payments on long-term debt | (92,000) | (80,000) | (96,000) |
Dividends paid | (8,257) | (8,248) | (8,369) |
Purchases of shares into treasury | 0 | (4,303) | (18,248) |
Debt issuance costs | 0 | (1,097) | 0 |
Other | 20 | (128) | (24) |
Net cash provided (used) by financing activities | 156,763 | 46,224 | (16,641) |
Effect of exchange rate changes on cash and cash equivalents | 1,455 | (1,099) | (4,987) |
Net (decrease) increase in cash and cash equivalents | (8,309) | 14,414 | 4,280 |
Cash and cash equivalents at beginning of year | 53,825 | 39,411 | 35,131 |
Cash and cash equivalents at end of year | 45,516 | 53,825 | 39,411 |
Changes in assets and liabilities: | |||
Accounts receivable, net | (23,587) | (9,088) | 3,848 |
Costs and estimated earnings on long-term contracts, net | (18,540) | (359) | (589) |
Inventories | 3,959 | 1,101 | (5,494) |
Other assets and liabilities | 4,928 | 772 | 1,420 |
Accounts payable | 8,735 | (1,953) | (2,496) |
Advance payments on long-term contracts, net | 6,264 | (2,439) | 3,591 |
Accrued expenses | 5,644 | 4,042 | (7,045) |
Deferred revenue and costs, net | 1,650 | 5,460 | 1,183 |
Pension obligations | (6,942) | 4,210 | 4,837 |
Changes in assets and liabilities | (17,889) | 1,746 | (745) |
Supplemental cash flow information: | |||
Interest paid | 3,731 | 1,361 | 876 |
Income taxes paid (including state & foreign) | $ 25,674 | $ 22,631 | $ 13,611 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Summary of Significant Accounting Policies 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 The Company’s fiscal year ends September 30. Throughout these Consolidated Financial Statements, unless the context indicates otherwise, references to a year (for example 2017) refer to the Company’s fiscal year ending on September 30 of that year. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company accounts for shipping and handling costs on a gross basis and they are included in net sales. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and they are excluded from net sales. Aclara is reflected as discontinued operations in the consolidated financial statements and related notes for fiscal 2015, in accordance with accounting principles generally accepted in the United States of America (GAAP). Nature of Operations The Company is organized based on the products and services it offers, and classifies its business operations in segments for financial reporting purposes. Under the current organization structure, the Company has four segments for financial reporting purposes: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), Utility Solutions Group (USG) and Technical Packaging. 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, custom designed filters for manned aircraft and submarines, elastomeric-based signature reduction solutions to enhance U.S. Navy maritime survivability, precision-tolerance machined components for the aerospace and defense industry, and metal processing services. Test: ETS-Lindgren Inc. provides its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. USG: The companies within this segment provide high-end, intelligent, diagnostic test and data management solutions for the electric power delivery industry, and decision support tools for the renewable energy industry, primarily wind. Technical Packaging: The companies within this segment provide innovative solutions to the medical and commercial markets for thermoformed and precision molded pulp fiber packages and specialty products using a wide variety of thin gauge plastics and pulp. 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. Actual results could differ from those estimates. E. Revenue Recognition Filtration: Within the Filtration segment, approximately 86 36 Approximately 14 6 Test: Within the Test segment, approximately 30 7 Approximately 70 16 USG : Within the USG segment, approximately 78 18 22 5 Technical Packaging: Within the Technical Packaging segment, 100 12 F. Cash and Cash Equivalents Cash equivalents include temporary investments that are readily convertible into cash, such as money market funds, with original maturities of three months or less. 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 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. 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. Leases Lease agreements are evaluated to determine whether they are capital or operating leases in accordance with ASC 840, Leases L. Goodwill and Other Long-Lived Assets Goodwill represents the excess of purchase price 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. Other intangible assets represent costs allocated to identifiable intangible assets, principally customer relationships, capitalized software, patents, trademarks, and technology rights. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and are reviewed for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. See Note 3 regarding goodwill and other intangible assets activity. M. 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. N. 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 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. Total Company and customer-sponsored research and development expenses were approximately $ 14.0 12.2 18.1 10.4 8.2 8.2 P. 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 Q. 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. There are no anti-dilutive shares. (in thousands) 2017 2016 2015 Weighted Average Shares Outstanding Basic 25,774 25,762 26,077 Performance- Accelerated Restricted Stock 221 206 188 Shares Diluted 25,995 25,968 26,265 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). S. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss of $ (27.3) (28.9) 1.7 (0.1) (39.3) (34.5) (4.7) (0.1) Deferred Revenue And Costs Deferred revenue and costs are recorded when products or services have been provided or cash has been received 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. U. 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, 2017 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables and other current assets and liabilities approximate fair value because of the short maturity of those instruments. The carrying amounts due under the revolving credit facility approximate fair value as the interest on outstanding borrowings is calculated at a spread over the London Interbank Offered Rate (LIBOR) or based on the prime rate, at the Company’s election. 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 2017. New Accounting Standards In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-04, Simplifying the Test for Goodwill Impairment In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting 5.1 1.1 In February 2016, the FASB issued ASU No. 2016-062, Leases (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
ACQUISITIONS | 2. Acquisitions 2017 On August 30, 2017, the Company acquired the assets of Vanguard Instruments Company (Vanguard Instruments), a test equipment provider serving the global electric utility market, located in Ontario, California, for a purchase price of $ 36.0 14 1.8 2.1 0.3 0.2 10.7 3.2 18.0 15 On May 25, 2017, the Company acquired the assets of Morgan Schaffer Inc. (Morgan Schaffer), a global utilities provider located in Montreal, Quebec, Canada, for a purchase price of $ 48.8 25 2.5 5.2 1.7 0.4 4.9 4.8 35.6 3.6 10 On May 8, 2017, the Company acquired NRG Systems, Inc. (NRG), located in Hinesburg, Vermont, for a purchase price of $ 38.6 45 1.5 4.1 5.1 1.0 9.4 4.1 9.7 8.0 8.1 17.2 14 On November 7, 2016, the Company acquired aerospace suppliers Mayday Manufacturing Co. (Mayday) and its affiliate, Hi-Tech Metals, Inc. (Hi-Tech), which share a state-of-the-art, expandable 130,000 75 40 7.3 10.6 16.6 10.1 15.6 30.2 4.8 32.8 20 2016 On September 2, 2016, the Company acquired the stock of Westland Technologies, Inc. (Westland), located in Modesto, California, for a purchase price of approximately $ 41 25 5.5 9.5 17.9 28.3 On January 29, 2016, the Company acquired Plastique Limited and Plastique Sp. z o.o. (together, Plastique), headquartered in Tunbridge Wells, England with manufacturing locations in Nottingham, England and Poznan, Poland, for a purchase price of approximately $ 31.6 2.7 35 9.6 10.2 11.9 On October 16, 2015, the Company acquired the stock of Fremont Plastics, Inc. (Fremont) for a purchase price of $ 10.5 2 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 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. Unaudited pro forma sales and earnings before tax were $ 746.0 84.5 695.0 76.2 3.8 The goodwill recorded for the Mayday, Westland, Plastique and Fremont acquisitions mentioned above is not expected to be deductible for U.S. Federal or state income tax purposes. The goodwill recorded for the Vanguard Instruments, NRG and Enoserv acquisitions mentioned above is expected to be deductible for U.S. Federal and state income tax purposes. The goodwill recorded for the Morgan Schaffer acquisition is expected to be deductible for Canadian income tax purposes. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 3. Goodwill and Other Intangible Assets (Dollars in millions) 2017 2016 Goodwill $ 377.9 323.6 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 $ 63.0 54.0 Less: accumulated amortization 34.4 26.7 Net $ 28.6 27.3 Customer Relationships Gross carrying amount $ 181.9 111.9 Less: accumulated amortization 37.4 28.6 Net $ 144.5 83.3 Other Gross carrying amount $ 5.4 2.8 Less: accumulated amortization 1.4 0.9 Net $ 4.0 1.9 Intangible assets with indefinite lives: Trade names $ 173.8 119.1 The Company performed its annual evaluation of goodwill and intangible assets for impairment during the fourth quarter of 2017 and concluded no impairment existed at September 30, 2017 and there are no accumulated impairment losses as of September 30, 2017. Technical (Dollars in millions) Filtration Test USG Packaging Total Balance as of September 30, 2015 $ 26.0 34.2 226.2 4.8 291.2 Acquisition activity 17.9 14.5 32.4 Foreign currency translation and other (0.1) 0.1 Balance as of September 30, 2016 43.9 34.1 226.2 19.4 323.6 Acquisition activity 29.8 23.6 53.4 Foreign currency translation and other 0.4 0.5 0.9 Balance as of September 30, 2017 $ 73.7 34.1 250.2 19.9 377.9 Amortization expense related to intangible assets with determinable lives was $ 16.3 11.6 8.9 17 20 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Accounts Receivable | 4. Accounts Receivable Accounts receivable, net of the allowance for doubtful accounts, consist of the following at September 30, 2017 and 2016: (Dollars in thousands) 2017 2016 Commercial $ 152,265 112,280 U.S. Government and prime contractors 8,315 9,206 Total $ 160,580 121,486 |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. Inventories (Dollars in thousands) 2017 2016 Finished goods $ 28,127 20,502 Work in process 43,750 37,922 Raw materials 52,638 47,118 Total $ 124,515 105,542 |
Related Parties
Related Parties | 12 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Related Parties One of the Company’s directors is an officer at a customer of the Company’s subsidiary Doble. Doble sells products, leases equipment and provides testing services to the customer in the ordinary course of Doble’s business. The total amount of these sales were approximately $ 3.6 1.4 0.8 |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX EXPENSE | 7. Income Tax Expense (Dollars in thousands) 2017 2016 2015 Income tax expense from Continuing Operations $ 26,450 22,538 19,785 Income tax expense from Discontinued Operations 390 Total income tax expense $ 26,450 22,538 20,175 (Dollars in thousands) 2017 2016 2015 United States $ 72,353 62,353 56,661 Foreign 7,800 6,067 4,860 Total income before income taxes $ 80,153 68,420 61,521 (Dollars in thousands) 2017 2016 2015 Federal: Current $ 21,448 19,236 11,906 Deferred 628 (909) 5,406 State and local: Current 1,795 1,674 867 Deferred (49) (222) 16 Foreign: Current 4,450 1,899 1,525 Deferred (1,822) 860 65 Total $ 26,450 22,538 19,785 2017 2016 2015 Federal corporate statutory rate 35.0 % 35.0 % 35.0 % State and local, net of Federal benefits 2.4 2.0 1.2 Foreign (0.1) (1.0) (1.5) Research credit (1.1) (2.5) (1.8) Domestic production deduction (2.7) (2.8) (2.6) Change in uncertain tax positions (0.2) Executive compensation (0.1) 0.9 0.9 Valuation allowance (0.3) 1.8 1.0 Other, net (0.1) (0.5) 0.2 Effective income tax rate 33.0 % 32.9 % 32.2 % (Dollars in thousands) 2017 2016 Deferred tax assets: Inventories $ 9,639 7,553 Pension and other postretirement benefits 11,345 13,978 Net operating and capital loss carryforwards domestic 501 372 Net operating loss carryforward foreign 4,486 4,991 Other compensation-related costs and other cost accruals 12,104 13,678 State credit carryforward 2,098 1,944 Total deferred tax assets 40,173 42,516 Deferred tax liabilities: Goodwill (4,874) (15,528) Acquisition assets (91,752) (69,934) Depreciation, software amortization (24,092) (20,285) Net deferred tax liabilities before valuation allowance (80,545) (63,231) Less valuation allowance (4,440) (5,711) Net deferred tax liabilities $ (84,985) (68,942) The Company has a foreign net operating loss (NOL) carryforward of $ 18.2 15.0 3.2 0.5 2.1 1.7 0.4 The valuation allowance for deferred tax assets as of September 30, 2017 and 2016 was $ 4.4 5.7 1.3 1.6 0.4 0.6 0.4 0.3 3.7 4.8 ETS-Lindgren Oy, Finland, has recorded a deferred tax asset of $ 0.3 2.8 The Company’s foreign subsidiaries have accumulated unremitted earnings of $ 48.9 28.4 6.9 The Company had $ 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, 2014 and forward remain subject to income tax examination. Various state tax years for the periods ended September 30, 2013 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 significant. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
DEBT | Debt (Dollars in thousands) 2017 2016 Revolving credit facility, including current portion $ 275,000 110,000 Current portion of long-term debt (20,000) (20,000) Total long-term debt, less current portion $ 255,000 90,000 The Company’s existing credit facility (“the Credit Facility”) matures December 21, 2020. The Credit Facility includes a $ 450 250 At September 30, 2017, the Company had approximately $ 166 250 45.5 20.0 The Credit Facility requires, as determined by certain financial ratios, a facility fee ranging from 12.5 27.5 65 During 2017 and 2016, the maximum aggregate short-term borrowings at any month-end were $ 298 110 211.3 89.2 2.09 1.58 1.27 9.7 4.9 |
Capital Stock
Capital Stock | 12 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | 9. Capital Stock The 30,468,824 30,364,183 4,635,622 4,647,322 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 $ 100 120,000 4.3 517,000 18.2 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | Share-Based Compensation The Company provides compensation benefits to certain key employees under several share-based plans providing for performance-accelerated restricted share unit (PARS) awards, and to non-employee directors under a non-employee directors compensation plan. The Company has no stock options currently outstanding. As of September 30, 2017, the Company had 1,072,401 Performance-Accelerated Restricted Share Unit Awards A PARS award represents the right to receive a specified number of shares of Company common stock if and when the award vests. A PARS award is not stock and does not give the recipient any rights as a shareholder until it vests and is paid out in shares of stock. PARS awards currently outstanding have a five-year vesting period, 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 PARS awards is being recognized over the shorter performance period as it is probable the performance condition will be met. The PARS award grants were valued at the stock price on the date of grant. Pretax compensation expense related to the PARS awards for continuing operations was $ 4.4 3.9 4.0 FY 2017 FY 2016 FY 2015 Estimated Estimated Estimated Weighted Weighted Weighted Shares Avg. Price Shares Avg. Price Shares Avg. Price Nonvested at October 1, 427,438 $ 35.40 326,536 $ 35.29 332,340 $ 32.23 Granted 110,422 51.16 120,902 35.75 123,501 34.33 Vested (202,035) 35.78 (8,000) 36.06 (129,305) 26.66 Cancelled (12,000) 35.47 Nonvested at September 30, 335,825 $ 40.35 427,438 $ 35.40 326,536 $ 35.29 Non-Employee Directors Plan In 2017 the non-employee directors compensation plan provided to each non-employee director a retainer of 900 1.0 0.8 0.8 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 $ 5.4 4.7 4.8 1.8 1.3 1.6 6.3 1.5 |
Retirement and Other Benefit Pl
Retirement and Other Benefit Plans | 12 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | 11. 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. The annual contributions to the defined benefit retirement plan 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 $ 0.6 0.7 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, 2017, and a statement of the funded status as of September 30, 2017 and 2016: (Dollars in millions) Reconciliation of benefit obligation 2017 2016 Net benefit obligation at beginning of year $ 100.6 93.6 Interest cost 3.2 3.9 Actuarial (gain) loss (4.1) 11.1 Gross benefits paid (4.4) (7.8) Settlements (0.2) Net benefit obligation at end of year $ 95.3 100.6 (Dollars in millions) Reconciliation of fair value of plan assets 2017 2016 Fair value of plan assets at beginning of year $ 60.6 63.0 Actual return on plan assets 5.9 5.1 Employer contributions 2.9 0.5 Gross benefits paid (4.4) (7.8) Settlements (0.2) Fair value of plan assets at end of year $ 65.0 60.6 (Dollars in millions) Funded Status 2017 2016 Funded status at end of year $ (30.3) (40.0) Accrued benefit cost (30.3) (40.0) Amounts recognized in the Balance Sheet consist of: Current liability (0.2) (0.2) Noncurrent liability (30.1) (39.8) Accumulated other comprehensive (income)/loss (before tax effect) 47.4 56.0 Amounts recognized in accumulated other comprehensive (income)/loss consist of: Net actuarial loss 47.4 56.0 Accumulated other comprehensive (income)/loss (before tax effect) $ 47.4 56.0 The estimated amount that will be amortized from accumulated other comprehensive (income) loss into net periodic benefit cost (income) in 2018 is $ 2.3 (Dollars in millions) 2017 2016 2015 Service cost $ Interest cost 3.2 3.9 3.8 Expected return on plan assets (3.9) (4.4) (4.5) Net actuarial loss 2.6 2.0 1.8 Net periodic benefit cost 1.9 1.5 1.1 Defined contribution plans 6.3 5.2 5.0 Total $ 8.2 6.7 6.1 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. 2017 2016 2015 Discount rate 3.25 % 4.25 % 4.25 % Rate of increase in compensation levels N/A N/A N/A Expected long-term rate of return on assets 3.25 % 6.75 % 6.75 % 2017 2016 Discount rate 3.65 % 3.25 % Rate of increase in compensation levels N/A N/A The assumed rate of increase in compensation levels is not applicable in 2017, 2016 and 2015 as the plan was frozen in earlier years. Target Percentage of Plan Assets at Allocation Acceptable Year-end Asset Category 2018 Range 2017 2016 Return seeking 60 % 55-65 % 62 % 59 % Liability hedging 40 % 35-45 % 35 % 38 % Cash/cash equivalents 0-5 % 3 % 3 % 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 (Dollars in millions) 2017 2016 Investments at fair value: Cash and cash equivalents $ 1.9 1.6 Common and preferred stock funds: Domestic large capitalization 10.6 8.9 Domestic small-/mid-capitalization 3.3 2.7 International funds 14.3 12.3 Fixed income funds 30.7 30.6 Real estate investment funds 4.2 4.5 Total investments at fair value $ 65.0 60.6 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 2018 $ 3.0 0.1 Expected Benefit Payments: 2018 4.9 0.1 2019 5.1 0.1 2020 5.7 0.1 2021 5.4 0.1 2022 5.6 0.1 2023-2027 $ 29.5 0.3 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | 12. 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 2016, the Company entered into several forward contracts to purchase pounds sterling (GBP) to hedge two deferred payments due in connection with the acquisition of Plastique. In addition, the Company’s Canadian subsidiary Morgan Schaffer enters into foreign exchange contracts to manage foreign currency risk as a portion of their revenue is denominated in U.S. dollars. 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. For derivative instruments designated as cash flow hedges, 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 Sheets. The forward contracts listed below will be recognized within the next twelve months except for 700 Notional Amount Fair Value (In thousands) (Currency) (US$) Forward contracts 1,859 GBP (173) Forward contracts 3,250 USD 149 Forward contracts 200 EUR (5) Fair value of financial instruments (In thousands) Level 1 Level 2 Level 3 Total Liabilities: Forward contracts $ (29) (29) Valuation was based on third party evidence of similarly priced derivative instruments. There are no master netting arrangements with financial parties. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Sep. 30, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
BUSINESS SEGMENT INFORMATION | 13. Business Segment Information The Company is organized based on the products and services it offers, and classifies its business operations in segments for financial reporting purposes. Currently, the Company has four reporting segments: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), Utility Solutions Group (USG) and Technical Packaging. The Filtration segment’s operations consist of: PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair), Mayday Manufacturing Co. (Mayday), Hi-Tech Metals, Inc. (Hi-Tech) and Westland Technologies, Inc. (Westland). PTI, VACCO and Crissair 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. Mayday designs and manufactures mission-critical bushings, pins, sleeves and precision-tolerance machined components for landing gear, rotor heads, engine mounts, flight controls, and actuation systems for the aerospace and defense industries. Hi-Tech is a full-service metal processor offering aerospace OEM’s and Tier 1 suppliers, a large portfolio of processing services including anodizing, cadmium and zinc-nickel plating, organic coatings, non-destructive testing, and heat treatment. Westland designs, develops and manufactures elastomeric-based signature reduction solutions for U.S. naval vessels. The Test segment’s operations consist of ETS-Lindgren Inc. and related subsidiaries (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 and related subsidiaries (Doble), Morgan Schaffer Ltd. (Morgan Schaffer), and NRG Systems, Inc. (NRG). 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. Morgan Schaffer provides an integrated offering of dissolved gas analysis, oil testing, and data management solutions which enhance the ability of electric utilities to accurately monitor the health of critical power transformers. NRG designs and manufactures decision support tools for the renewable energy industry, primarily wind. The Technical Packaging segment’s operations consist of Thermoform Engineered Quality LLC (TEQ) and Plastique. The companies within this segment provide innovative solutions to the medical and commercial markets for thermoformed and precision molded pulp fiber packages and specialty products using a wide variety of thin gauge plastics and pulp. 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. EBIT on a consolidated basis is a non-GAAP financial measure; see “Non-GAAP Financial Measures” in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” 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, 2017 2016 2015 Filtration $ 279.5 207.8 196.7 Test 160.9 161.5 177.6 USG 162.4 127.8 123.6 Technical Packaging 82.9 74.4 39.4 Consolidated totals $ 685.7 571.5 537.3 No customer exceeded 10 EBIT (Dollars in millions) Year ended September 30, 2017 2016 2015 Filtration $ 52.2 45.2 41.7 Test 19.5 13.9 9.5 USG 36.6 31.1 29.6 Technical Packaging 8.5 9.6 4.9 Reconciliation to consolidated totals (Corporate) (32.1) (30.1) (23.4) Consolidated EBIT 84.7 69.7 62.3 Less: interest expense (4.6) (1.3) (0.8) Earnings before income tax $ 80.1 68.4 61.5 (Dollars in millions) Year ended September 30, 2017 2016 Filtration $ 194.2 143.5 Test 132.2 110.9 USG 175.5 85.4 Technical Packaging 47.1 40.9 Corporate Goodwill 377.9 323.6 Corporate Other assets 333.5 274.1 Consolidated totals $ 1,260.4 978.4 Corporate assets consist primarily of goodwill, deferred taxes, acquired intangible assets and cash balances. Capital Expenditures (Dollars in millions) Year ended September 30, 2017 2016 2015 Filtration $ 10.2 3.3 5.0 Test 4.5 3.3 3.1 USG 7.6 3.3 3.3 Technical Packaging 7.4 3.9 1.0 Corporate Consolidated totals $ 29.7 13.8 12.4 In addition to the above amounts, the Company incurred expenditures for capitalized software of $ 9.0 8.7 6.9 (Dollars in millions) Year ended September 30, 2017 2016 2015 Filtration $ 6.6 4.0 3.8 Test 3.6 3.6 3.1 USG 9.8 8.1 6.2 Technical Packaging 3.5 2.9 1.4 Corporate 8.7 5.0 4.1 Consolidated totals $ 32.2 23.6 18.6 Depreciation expense of property, plant and equipment was $ 15.9 11.9 9.7 Net Sales (Dollars in millions) Year ended September 30, 2017 2016 2015 United States $ 503.1 403.6 385.5 Asia 69.8 68.1 70.4 Europe 75.4 71.6 46.6 Canada 22.2 12.9 11.6 India 4.8 2.9 4.3 Other 10.4 12.4 18.9 Consolidated totals $ 685.7 571.5 537.3 (Dollars in millions) Year ended September 30, 2017 2016 United States $ 111.5 79.9 Europe 16.8 11.7 Other 4.4 0.8 Consolidated totals $ 132.7 92.4 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, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies The Company leases certain real property, equipment and machinery under non-cancelable operating leases. Rental expense under these operating leases was $ 6.8 6.0 5.2 (Dollars in thousands) Years ending September 30: 2018 6,361 2019 5,340 2020 3,733 2021 2,653 2022 and thereafter 3,647 Total $ 21,734 At September 30, 2017, the Company had $ 9.7 |
Capital Leases
Capital Leases | 12 Months Ended |
Sep. 30, 2017 | |
Leases, Capital [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure | 15. Capital Leases The Company leases certain real property, equipment and machinery under capital leases, primarily associated with the 2017 acquisitions of NRG and Mayday. The facility leases expire in 2029 2020 16.1 0.8 (Dollars in thousands) Years ending September 30: 2018 $ 1,883 2019 1,922 2020 1,914 2021 1,858 2022 and thereafter 15,977 Total minimum lease payments 23,554 Less: amounts representing interest 4,233 Present value of net minimum lease payments 19,321 Current portion of capital lease obligations 1,370 Non-current portion of capital lease obligations $ 17,951 |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information (Unaudited) | 16. Quarterly Financial Information (Unaudited) First Second Third Fourth Fiscal (Dollars in thousands, except per share amounts) Quarter Quarter Quarter Quarter Year 2017 Net sales $ 146,368 161,178 171,189 207,005 685,740 Net earnings 10,727 11,157 12,645 19,174 53,703 Basic earnings (loss) per share: Net earnings 0.42 0.43 0.49 0.74 2.08 Diluted earnings (loss) per share: Net earnings 0.41 0.43 0.49 0.74 2.07 Dividends declared per common share $ 0.08 0.08 0.08 0.08 0.32 2016 Net sales $ 132,833 138,930 140,191 159,505 571,459 Net earnings 8,829 8,610 11,528 16,915 45,882 Basic earnings (loss) per share: Net earnings 0.34 0.33 0.45 0.66 1.78 Diluted earnings (loss) per share: Net earnings 0.34 0.33 0.44 0.65 1.77 Dividends declared per common share $ 0.08 0.08 0.08 0.08 0.32 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation | 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 | 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 2017) refer to the Company’s fiscal year ending on September 30 of that year. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company accounts for shipping and handling costs on a gross basis and they are included in net sales. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and they are excluded from net sales. Aclara is reflected as discontinued operations in the consolidated financial statements and related notes for fiscal 2015, in accordance with accounting principles generally accepted in the United States of America (GAAP). |
Nature Of Operations | Nature of Operations The Company is organized based on the products and services it offers, and classifies its business operations in segments for financial reporting purposes. Under the current organization structure, the Company has four segments for financial reporting purposes: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), Utility Solutions Group (USG) and Technical Packaging. 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, custom designed filters for manned aircraft and submarines, elastomeric-based signature reduction solutions to enhance U.S. Navy maritime survivability, precision-tolerance machined components for the aerospace and defense industry, and metal processing services. Test: ETS-Lindgren Inc. provides its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. USG: The companies within this segment provide high-end, intelligent, diagnostic test and data management solutions for the electric power delivery industry, and decision support tools for the renewable energy industry, primarily wind. Technical Packaging: The companies within this segment provide innovative solutions to the medical and commercial markets for thermoformed and precision molded pulp fiber packages and specialty products using a wide variety of thin gauge plastics and pulp. |
Use Of Estimates | 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. Actual results could differ from those estimates. |
Revenue Recognition | E. Revenue Recognition Filtration: Within the Filtration segment, approximately 86 36 Approximately 14 6 Test: Within the Test segment, approximately 30 7 Approximately 70 16 USG : Within the USG segment, approximately 78 18 22 5 Technical Packaging: Within the Technical Packaging segment, 100 12 |
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, with original maturities of three months or less. |
Accounts Receivable | 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 | 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. |
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 |
Leases | K. Leases Lease agreements are evaluated to determine whether they are capital or operating leases in accordance with ASC 840, Leases |
Goodwill And Other Long-Lived Assets | L. Goodwill and Other Long-Lived Assets Goodwill represents the excess of purchase price 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. Other intangible assets represent costs allocated to identifiable intangible assets, principally customer relationships, capitalized software, patents, trademarks, and technology rights. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and are reviewed for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. See Note 3 regarding goodwill and other intangible assets activity. |
Capitalized Software | M. 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 | N. 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 | 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. Total Company and customer-sponsored research and development expenses were approximately $ 14.0 12.2 18.1 10.4 8.2 8.2 |
Foreign Currency Translation | P. 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 | Q. 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. There are no anti-dilutive shares. (in thousands) 2017 2016 2015 Weighted Average Shares Outstanding Basic 25,774 25,762 26,077 Performance- Accelerated Restricted Stock 221 206 188 Shares Diluted 25,995 25,968 26,265 |
Share-Based Compensation | 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 | S. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss of $ (27.3) (28.9) 1.7 (0.1) (39.3) (34.5) (4.7) (0.1) |
Deferred Revenue And Costs | Deferred Revenue And Costs Deferred revenue and costs are recorded when products or services have been provided or cash has been received 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 | U. 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, 2017 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables and other current assets and liabilities approximate fair value because of the short maturity of those instruments. The carrying amounts due under the revolving credit facility approximate fair value as the interest on outstanding borrowings is calculated at a spread over the London Interbank Offered Rate (LIBOR) or based on the prime rate, at the Company’s election. 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 2017. |
New Accounting Standards | New Accounting Standards In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-04, Simplifying the Test for Goodwill Impairment In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting 5.1 1.1 In February 2016, the FASB issued ASU No. 2016-062, Leases (Topic 842) In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
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) 2017 2016 2015 Weighted Average Shares Outstanding Basic 25,774 25,762 26,077 Performance- Accelerated Restricted Stock 221 206 188 Shares Diluted 25,995 25,968 26,265 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Included on the Company’s Consolidated Balance Sheets at September 30, 2017 and 2016 are the following intangible assets gross carrying amounts and accumulated amortization: (Dollars in millions) 2017 2016 Goodwill $ 377.9 323.6 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 $ 63.0 54.0 Less: accumulated amortization 34.4 26.7 Net $ 28.6 27.3 Customer Relationships Gross carrying amount $ 181.9 111.9 Less: accumulated amortization 37.4 28.6 Net $ 144.5 83.3 Other Gross carrying amount $ 5.4 2.8 Less: accumulated amortization 1.4 0.9 Net $ 4.0 1.9 Intangible assets with indefinite lives: Trade names $ 173.8 119.1 |
Schedule of Goodwill | The changes in the carrying amount of goodwill attributable to each business segment for 2017 and 2016 are as follows: Technical (Dollars in millions) Filtration Test USG Packaging Total Balance as of September 30, 2015 $ 26.0 34.2 226.2 4.8 291.2 Acquisition activity 17.9 14.5 32.4 Foreign currency translation and other (0.1) 0.1 Balance as of September 30, 2016 43.9 34.1 226.2 19.4 323.6 Acquisition activity 29.8 23.6 53.4 Foreign currency translation and other 0.4 0.5 0.9 Balance as of September 30, 2017 $ 73.7 34.1 250.2 19.9 377.9 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
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, 2017 and 2016: (Dollars in thousands) 2017 2016 Commercial $ 152,265 112,280 U.S. Government and prime contractors 8,315 9,206 Total $ 160,580 121,486 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories consist of the following at September 30, 2017 and 2016: (Dollars in thousands) 2017 2016 Finished goods $ 28,127 20,502 Work in process 43,750 37,922 Raw materials 52,638 47,118 Total $ 124,515 105,542 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Total income tax expense (benefit) | Total income tax expense (benefit) for 2017, 2016 and 2015 was allocated to income tax expense as follows: (Dollars in thousands) 2017 2016 2015 Income tax expense from Continuing Operations $ 26,450 22,538 19,785 Income tax expense from Discontinued Operations 390 Total income tax expense $ 26,450 22,538 20,175 |
Components Of Income From Continuing Operations Before Income Taxes | The components of income from continuing operations before income taxes for 2017, 2016 and 2015 consisted of the following: (Dollars in thousands) 2017 2016 2015 United States $ 72,353 62,353 56,661 Foreign 7,800 6,067 4,860 Total income before income taxes $ 80,153 68,420 61,521 |
Principal Components Of Income Tax Expense (Benefit) From Continuing Operations | The principal components of income tax expense (benefit) from continuing operations for 2017, 2016 and 2015 consist of: (Dollars in thousands) 2017 2016 2015 Federal: Current $ 21,448 19,236 11,906 Deferred 628 (909) 5,406 State and local: Current 1,795 1,674 867 Deferred (49) (222) 16 Foreign: Current 4,450 1,899 1,525 Deferred (1,822) 860 65 Total $ 26,450 22,538 19,785 |
Schedule Of Actual Income Tax Expense (Benefit) From Continuing Operations | The actual income tax expense (benefit) from continuing operations for 2017, 2016 and 2015 differs from the expected tax expense for those years (computed by applying the U.S. Federal corporate statutory rate) as follows: 2017 2016 2015 Federal corporate statutory rate 35.0 % 35.0 % 35.0 % State and local, net of Federal benefits 2.4 2.0 1.2 Foreign (0.1) (1.0) (1.5) Research credit (1.1) (2.5) (1.8) Domestic production deduction (2.7) (2.8) (2.6) Change in uncertain tax positions (0.2) Executive compensation (0.1) 0.9 0.9 Valuation allowance (0.3) 1.8 1.0 Other, net (0.1) (0.5) 0.2 Effective income tax rate 33.0 % 32.9 % 32.2 % |
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, 2017 and 2016 are presented below: (Dollars in thousands) 2017 2016 Deferred tax assets: Inventories $ 9,639 7,553 Pension and other postretirement benefits 11,345 13,978 Net operating and capital loss carryforwards domestic 501 372 Net operating loss carryforward foreign 4,486 4,991 Other compensation-related costs and other cost accruals 12,104 13,678 State credit carryforward 2,098 1,944 Total deferred tax assets 40,173 42,516 Deferred tax liabilities: Goodwill (4,874) (15,528) Acquisition assets (91,752) (69,934) Depreciation, software amortization (24,092) (20,285) Net deferred tax liabilities before valuation allowance (80,545) (63,231) Less valuation allowance (4,440) (5,711) Net deferred tax liabilities $ (84,985) (68,942) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Debt | Debt consists of the following at September 30, 2017 and 2016: (Dollars in thousands) 2017 2016 Revolving credit facility, including current portion $ 275,000 110,000 Current portion of long-term debt (20,000) (20,000) Total long-term debt, less current portion $ 255,000 90,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation [Abstract] | |
Schedule Of Outstanding Restricted Share Awards | The following summary presents information regarding outstanding PARS awards as of the specified dates, and changes during the specified periods: FY 2017 FY 2016 FY 2015 Estimated Estimated Estimated Weighted Weighted Weighted Shares Avg. Price Shares Avg. Price Shares Avg. Price Nonvested at October 1, 427,438 $ 35.40 326,536 $ 35.29 332,340 $ 32.23 Granted 110,422 51.16 120,902 35.75 123,501 34.33 Vested (202,035) 35.78 (8,000) 36.06 (129,305) 26.66 Cancelled (12,000) 35.47 Nonvested at September 30, 335,825 $ 40.35 427,438 $ 35.40 326,536 $ 35.29 |
Retirement and Other Benefit 34
Retirement and Other Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
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 2017 2016 Net benefit obligation at beginning of year $ 100.6 93.6 Interest cost 3.2 3.9 Actuarial (gain) loss (4.1) 11.1 Gross benefits paid (4.4) (7.8) Settlements (0.2) Net benefit obligation at end of year $ 95.3 100.6 |
Schedule Of Reconciliation Of Fair Value Of Plan Assets | (Dollars in millions) Reconciliation of fair value of plan assets 2017 2016 Fair value of plan assets at beginning of year $ 60.6 63.0 Actual return on plan assets 5.9 5.1 Employer contributions 2.9 0.5 Gross benefits paid (4.4) (7.8) Settlements (0.2) Fair value of plan assets at end of year $ 65.0 60.6 |
Schedule Of Funded Status | (Dollars in millions) Funded Status 2017 2016 Funded status at end of year $ (30.3) (40.0) Accrued benefit cost (30.3) (40.0) Amounts recognized in the Balance Sheet consist of: Current liability (0.2) (0.2) Noncurrent liability (30.1) (39.8) Accumulated other comprehensive (income)/loss (before tax effect) 47.4 56.0 Amounts recognized in accumulated other comprehensive (income)/loss consist of: Net actuarial loss 47.4 56.0 Accumulated other comprehensive (income)/loss (before tax effect) $ 47.4 56.0 |
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 2017, 2016 and 2015: (Dollars in millions) 2017 2016 2015 Service cost $ Interest cost 3.2 3.9 3.8 Expected return on plan assets (3.9) (4.4) (4.5) Net actuarial loss 2.6 2.0 1.8 Net periodic benefit cost 1.9 1.5 1.1 Defined contribution plans 6.3 5.2 5.0 Total $ 8.2 6.7 6.1 |
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 2017 and 2016, and the Company’s acceptable range and the target allocation for 2018, by asset category, are as follows: Target Percentage of Plan Assets at Allocation Acceptable Year-end Asset Category 2018 Range 2017 2016 Return seeking 60 % 55-65 % 62 % 59 % Liability hedging 40 % 35-45 % 35 % 38 % Cash/cash equivalents 0-5 % 3 % 3 % |
Schedule Of Fair Value Of Financial Measurements | The fair values of the Company’s defined benefit plan investments as of September 30, 2017 and 2016, by asset category, were as follows: (Dollars in millions) 2017 2016 Investments at fair value: Cash and cash equivalents $ 1.9 1.6 Common and preferred stock funds: Domestic large capitalization 10.6 8.9 Domestic small-/mid-capitalization 3.3 2.7 International funds 14.3 12.3 Fixed income funds 30.7 30.6 Real estate investment funds 4.2 4.5 Total investments at fair value $ 65.0 60.6 |
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 2018 $ 3.0 0.1 Expected Benefit Payments: 2018 4.9 0.1 2019 5.1 0.1 2020 5.7 0.1 2021 5.4 0.1 2022 5.6 0.1 2023-2027 $ 29.5 0.3 |
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 obligations for the pension plans: 2017 2016 Discount rate 3.65 % 3.25 % Rate of increase in compensation levels N/A N/A |
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 cost for the pension plans: 2017 2016 2015 Discount rate 3.25 % 4.25 % 4.25 % Rate of increase in compensation levels N/A N/A N/A Expected long-term rate of return on assets 3.25 % 6.75 % 6.75 % |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
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, 2017. Notional Amount Fair Value (In thousands) (Currency) (US$) Forward contracts 1,859 GBP (173) Forward contracts 3,250 USD 149 Forward contracts 200 EUR (5) |
Schedule of Fair Value of Financial Instruments | 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, 2017: (In thousands) Level 1 Level 2 Level 3 Total Liabilities: Forward contracts $ (29) (29) |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule Of Net Sales And Earnings Before Income Tax | Net Sales (Dollars in millions) Year ended September 30, 2017 2016 2015 Filtration $ 279.5 207.8 196.7 Test 160.9 161.5 177.6 USG 162.4 127.8 123.6 Technical Packaging 82.9 74.4 39.4 Consolidated totals $ 685.7 571.5 537.3 No customer exceeded 10 EBIT (Dollars in millions) Year ended September 30, 2017 2016 2015 Filtration $ 52.2 45.2 41.7 Test 19.5 13.9 9.5 USG 36.6 31.1 29.6 Technical Packaging 8.5 9.6 4.9 Reconciliation to consolidated totals (Corporate) (32.1) (30.1) (23.4) Consolidated EBIT 84.7 69.7 62.3 Less: interest expense (4.6) (1.3) (0.8) Earnings before income tax $ 80.1 68.4 61.5 |
Schedule of Identifiable Assets | Identifiable Assets (Dollars in millions) Year ended September 30, 2017 2016 Filtration $ 194.2 143.5 Test 132.2 110.9 USG 175.5 85.4 Technical Packaging 47.1 40.9 Corporate Goodwill 377.9 323.6 Corporate Other assets 333.5 274.1 Consolidated totals $ 1,260.4 978.4 |
Schedule Of Capital Expenditures | Capital Expenditures (Dollars in millions) Year ended September 30, 2017 2016 2015 Filtration $ 10.2 3.3 5.0 Test 4.5 3.3 3.1 USG 7.6 3.3 3.3 Technical Packaging 7.4 3.9 1.0 Corporate Consolidated totals $ 29.7 13.8 12.4 |
Schedule Of Depreciation And Amortization | Depreciation and Amortization (Dollars in millions) Year ended September 30, 2017 2016 2015 Filtration $ 6.6 4.0 3.8 Test 3.6 3.6 3.1 USG 9.8 8.1 6.2 Technical Packaging 3.5 2.9 1.4 Corporate 8.7 5.0 4.1 Consolidated totals $ 32.2 23.6 18.6 |
Schedule Of Geographic Information Net Sale | Geographic Information Net Sales (Dollars in millions) Year ended September 30, 2017 2016 2015 United States $ 503.1 403.6 385.5 Asia 69.8 68.1 70.4 Europe 75.4 71.6 46.6 Canada 22.2 12.9 11.6 India 4.8 2.9 4.3 Other 10.4 12.4 18.9 Consolidated totals $ 685.7 571.5 537.3 |
Schedule Of Geographic Information Long-Lived Assets | Long-Lived Assets (Dollars in millions) Year ended September 30, 2017 2016 United States $ 111.5 79.9 Europe 16.8 11.7 Other 4.4 0.8 Consolidated totals $ 132.7 92.4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [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, 2017, are: (Dollars in thousands) Years ending September 30: 2018 6,361 2019 5,340 2020 3,733 2021 2,653 2022 and thereafter 3,647 Total $ 21,734 |
Capital Leases (Tables)
Capital Leases (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases | Remaining payments due on the Company’s capital lease obligations as of September 30, 2017, are: (Dollars in thousands) Years ending September 30: 2018 $ 1,883 2019 1,922 2020 1,914 2021 1,858 2022 and thereafter 15,977 Total minimum lease payments 23,554 Less: amounts representing interest 4,233 Present value of net minimum lease payments 19,321 Current portion of capital lease obligations 1,370 Non-current portion of capital lease obligations $ 17,951 |
Quarterly Financial Informati39
Quarterly Financial Information (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | First Second Third Fourth Fiscal (Dollars in thousands, except per share amounts) Quarter Quarter Quarter Quarter Year 2017 Net sales $ 146,368 161,178 171,189 207,005 685,740 Net earnings 10,727 11,157 12,645 19,174 53,703 Basic earnings (loss) per share: Net earnings 0.42 0.43 0.49 0.74 2.08 Diluted earnings (loss) per share: Net earnings 0.41 0.43 0.49 0.74 2.07 Dividends declared per common share $ 0.08 0.08 0.08 0.08 0.32 2016 Net sales $ 132,833 138,930 140,191 159,505 571,459 Net earnings 8,829 8,610 11,528 16,915 45,882 Basic earnings (loss) per share: Net earnings 0.34 0.33 0.45 0.66 1.78 Diluted earnings (loss) per share: Net earnings 0.34 0.33 0.44 0.65 1.77 Dividends declared per common share $ 0.08 0.08 0.08 0.08 0.32 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Number Of Shares Used In Calculation Of Earnings Per Share) (Details) - shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted Average Shares Outstanding - Basic | 25,774 | 25,762 | 26,077 |
Performance- Accelerated Restricted Stock | 221 | 206 | 188 |
Shares Diluted | 25,995 | 25,968 | 26,265 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated other comprehensive loss, net of tax | $ (27,308) | $ (39,283) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (28,900) | (34,500) | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 1,700 | (4,700) | ||
Research and Development Expense | 14,000 | 12,200 | $ 18,100 | |
Maintenance Costs | $ 10,400 | 8,200 | $ 8,200 | |
Accounting Standards Update 2016-09 [Member] | ||||
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent | 5.10% | 1.10% | ||
Foreign Exchange Forward [Member] | ||||
Accumulated other comprehensive loss, net of tax | $ (100) | $ (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 | |||
Usg [Member] | ||||
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered | 78.00% | |||
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered | 18.00% | |||
Percentage Of Segment Revenues Recognized On Straight Line Basis | 22.00% | |||
Percentage Of Consolidated Revenues Recognized On Straight Line Basis | 5.00% | |||
Filtration [Member] | ||||
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered | 86.00% | |||
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered | 36.00% | |||
Percentage of segment revenues recorded under percentage of completion method | 14.00% | |||
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 | 30.00% | |||
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered | 7.00% | |||
Percentage of segment revenues recorded under percentage of completion method | 70.00% | |||
Percentage of consolidated revenues recorded under percentage of completion method | 16.00% | |||
Technical Packaging [Member] | ||||
Percentage of segment revenues recognized when services are performed for unaffiliated customers or when products are delivered | 100.00% | |||
Percentage of consolidated revenues recognized when services are performed for unaffiliated customers or when products are delivered | 12.00% |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | May 08, 2017USD ($) | Aug. 30, 2017USD ($) | May 25, 2017USD ($) | Nov. 07, 2016USD ($)ft² | Sep. 02, 2016USD ($) | Jan. 29, 2016USD ($) | Oct. 16, 2015USD ($) | Jan. 28, 2015USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 198,628 | $ 82,062 | $ 20,500 | ||||||||||||||||
Goodwill | $ 377,879 | $ 323,616 | 377,879 | 323,616 | 291,200 | ||||||||||||||
Revenue, Net | $ 207,005 | $ 171,189 | $ 161,178 | $ 146,368 | $ 159,505 | $ 140,191 | $ 138,930 | $ 132,833 | 685,740 | 571,459 | $ 537,291 | ||||||||
Business Acquisition, Pro Forma earnings before tax | 84,500 | 76,200 | |||||||||||||||||
Business Acquisition, Pro Forma Revenue | 746,000 | $ 695,000 | |||||||||||||||||
Fair Value Adjustment to Inventory [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenues | $ 3,800 | ||||||||||||||||||
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] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||||
Fremont Plastics, Inc [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 10,500 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | $ 2,000 | ||||||||||||||||||
Plastique Group Limited [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 31,600 | ||||||||||||||||||
Goodwill | 10,200 | ||||||||||||||||||
Business Combination, Contingent Consideration, Liability | 2,700 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 11,900 | ||||||||||||||||||
Revenue, Net | 35,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | $ 9,600 | ||||||||||||||||||
Westland Technologies, Inc [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 41,000 | ||||||||||||||||||
Goodwill | 17,900 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 28,300 | ||||||||||||||||||
Revenue, Net | 25,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 5,500 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 9,500 | ||||||||||||||||||
Mayday Manufacturing Co [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 75,000 | ||||||||||||||||||
Goodwill | 30,200 | ||||||||||||||||||
Revenue, Net | 40,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 16,600 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 15,600 | ||||||||||||||||||
Area of Land | ft² | 130,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 7,300 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 10,600 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | 10,100 | ||||||||||||||||||
Mayday Manufacturing Co [Member] | Trade Names [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 4,800 | ||||||||||||||||||
Mayday Manufacturing Co [Member] | Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 32,800 | ||||||||||||||||||
Morgan Schaffer Inc [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 48,800 | ||||||||||||||||||
Goodwill | 4,800 | ||||||||||||||||||
Revenue, Net | 25,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 3,600 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 1,700 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,500 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 5,200 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 400 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 4,900 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 35,600 | ||||||||||||||||||
Morgan Schaffer Inc [Member] | Customer Relationships and Developed Technology [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||||||||||||
NRG Systems Inc [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 38,600 | ||||||||||||||||||
Goodwill | 8,000 | ||||||||||||||||||
Revenue, Net | 45,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 9,400 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 4,100 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 5,100 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | 9,700 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 4,100 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 8,100 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 1,500 | ||||||||||||||||||
NRG Systems Inc [Member] | Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 17,200 | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | ||||||||||||||||||
Vanguard Instruments Company [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 36,000 | ||||||||||||||||||
Goodwill | 10,700 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | 18,000 | ||||||||||||||||||
Revenue, Net | 14,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 300 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 1,800 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 2,100 | ||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $ 200 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 3,200 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets (Schedule Of Intangible Assets Gross Carrying Amounts And Accumulated Amortization) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Goodwill and Other Intangible Assets [Line Items] | |||
Goodwill | $ 377,879 | $ 323,616 | $ 291,200 |
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 | 63,000 | 54,000 | |
Less: accumulated amortization | 34,400 | 26,700 | |
Net | 28,600 | 27,300 | |
Customer relationships [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Gross carrying amount | 181,900 | 111,900 | |
Less: accumulated amortization | 37,400 | 28,600 | |
Net | 144,500 | 83,300 | |
Other [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Gross carrying amount | 5,400 | 2,800 | |
Less: accumulated amortization | 1,400 | 900 | |
Net | 4,000 | 1,900 | |
Trade names [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Trade names | $ 173,800 | $ 119,100 |
Goodwill and Other Intangible44
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, 2017 | Sep. 30, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 323,616 | $ 291,200 |
Acquisition activity | 53,400 | 32,400 |
Foreign currency translation and other | 900 | 0 |
Goodwill, Ending Balance | 377,879 | 323,616 |
Filtration [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 43,900 | 26,000 |
Acquisition activity | 29,800 | 17,900 |
Foreign currency translation and other | 0 | 0 |
Goodwill, Ending Balance | 73,700 | 43,900 |
Test [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 34,100 | 34,200 |
Acquisition activity | 0 | 0 |
Foreign currency translation and other | 0 | (100) |
Goodwill, Ending Balance | 34,100 | 34,100 |
Utility Solutions [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 226,200 | 226,200 |
Acquisition activity | 23,600 | 0 |
Foreign currency translation and other | 400 | 0 |
Goodwill, Ending Balance | 250,200 | 226,200 |
Technical Packaging [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 19,400 | 4,800 |
Acquisition activity | 0 | 14,500 |
Foreign currency translation and other | 500 | 100 |
Goodwill, Ending Balance | $ 19,900 | $ 19,400 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to intangible assets | $ 16,338 | $ 11,630 | $ 8,850 |
Estimated intangible asset amortization for 2021 | $ 20,000 | ||
Customer Relationships [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected remaining useful life | 20 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected remaining useful life | 15 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, 2017 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, Total | $ 160,580 | $ 121,486 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, Total | 152,265 | 112,280 |
U.S. Government and prime contractors [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, Total | $ 8,315 | $ 9,206 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Inventory [Line Items] | ||
Finished goods | $ 28,127 | $ 20,502 |
Work in process | 43,750 | 37,922 |
Raw materials | 52,638 | 47,118 |
Total | $ 124,515 | $ 105,542 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue from Related Parties | $ 3.6 | $ 1.4 | $ 0.8 |
Income Tax Expense (Total incom
Income Tax Expense (Total income tax expense (benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income tax expense from Continuing Operations | $ 26,450 | $ 22,538 | $ 19,785 |
Income tax expense from Discontinued Operations | 0 | 0 | 390 |
Total income tax expense | $ 26,450 | $ 22,538 | $ 20,175 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
United States | $ 72,353 | $ 62,353 | $ 56,661 |
Foreign | 7,800 | 6,067 | 4,860 |
Total income before income taxes | $ 80,153 | $ 68,420 | $ 61,521 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Federal, Current | $ 21,448 | $ 19,236 | $ 11,906 |
Federal, Deferred | 628 | (909) | 5,406 |
State and local, Current | 1,795 | 1,674 | 867 |
State and local, Deferred | (49) | (222) | 16 |
Foreign, Current | 4,450 | 1,899 | 1,525 |
Foreign, Deferred | (1,822) | 860 | 65 |
Total | $ 26,450 | $ 22,538 | $ 19,785 |
Income Tax Expense (Schedule Of
Income Tax Expense (Schedule Of Actual Income Tax Expense (Benefit) From Continuing Operations) (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Federal corporate statutory rate | 35.00% | 35.00% | 35.00% |
State and local, net of Federal benefits | 2.40% | 2.00% | 1.20% |
Foreign | (0.10%) | (1.00%) | (1.50%) |
Research credit | (1.10%) | (2.50%) | (1.80%) |
Domestic production deduction | (2.70%) | (2.80%) | (2.60%) |
Change in uncertain tax positions | 0.00% | 0.00% | (0.20%) |
Executive compensation | (0.10%) | 0.90% | 0.90% |
Valuation allowance | (0.30%) | 1.80% | 1.00% |
Other, net | (0.10%) | (0.50%) | 0.20% |
Effective income tax rate | 33.00% | 32.90% | 32.20% |
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, 2017 | Sep. 30, 2016 |
Deferred tax assets: | ||
Inventories | $ 9,639 | $ 7,553 |
Pension and other postretirement benefits | 11,345 | 13,978 |
Net operating and capital loss carryforwards domestic | 501 | 372 |
Net operating loss carryforward foreign | 4,486 | 4,991 |
Other compensation-related costs and other cost accruals | 12,104 | 13,678 |
State credit carryforward | 2,098 | 1,944 |
Total deferred tax assets | 40,173 | 42,516 |
Deferred tax liabilities: | ||
Goodwill | (4,874) | (15,528) |
Acquisition assets | (91,752) | (69,934) |
Depreciation, software amortization | (24,092) | (20,285) |
Net deferred tax liabilities before valuation allowance | (80,545) | (63,231) |
Less valuation allowance | (4,440) | (5,711) |
Net deferred tax liabilities | $ (84,985) | $ (68,942) |
Income Tax Expense (Narrative)
Income Tax Expense (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Expense [Line Items] | ||
Accumulated unremitted earnings of foreign subsidiaries | $ 48,900 | |
Accumulated unremitted earnings of foreign subsidiaries in cash | 28,400 | |
Income taxes due if foreign entities' earnings were distributed | 6,900 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 100 | $ 100 |
Capital loss carryforward, valuation allowance | 400 | 600 |
Operating Loss Carryforwards, Valuation Allowance | 400 | 300 |
Net operating loss carryforward - foreign | 4,486 | 4,991 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 15,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 3,200 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 500 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 2,100 | |
State Research And Other Credit CarryForwards With Expiration Date | 1,700 | |
State Research And Other Credit Carry Forwards Without Expiration Date | 400 | |
Deferred Tax Assets, Valuation Allowance | 4,440 | 5,711 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,300 | 1,600 |
FINLAND | ||
Income Tax Expense [Line Items] | ||
Deferred Tax Assets, Net | 300 | |
Deferred Tax Assets, Operating Loss Carryforwards | 2,800 | |
Brazil, Germany, India, Finland, China and the United Kingdom [Member] | ||
Income Tax Expense [Line Items] | ||
Net operating loss carryforward - foreign | 18,200 | |
Foreign Valuation Allowance [Member] | ||
Income Tax Expense [Line Items] | ||
Operating Loss Carryforwards, Valuation Allowance | $ 3,700 | $ 4,800 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Debt Instrument [Line Items] | ||
Revolving credit facility, including current portion | $ 275,000 | $ 110,000 |
Current portion of long-term debt | (20,000) | (20,000) |
Total long-term debt, less current portion | $ 255,000 | $ 90,000 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Available to borrow under the credit facility | $ 166,000 | |||
Cash on hand | $ 45,516 | $ 53,825 | $ 39,411 | $ 35,131 |
Percentage of foreign subsidiaries' share equity | 65.00% | |||
Letters of Credit Outstanding, Amount | $ 9,700 | 4,900 | ||
Maximum aggregate short-term borrowings at any month-end | 298,000 | 110,000 | ||
Average aggregate short-term borrowings outstanding | $ 211,300 | $ 89,200 | ||
Weighted average interest rates | 2.09% | 1.58% | 1.27% | |
Long-term Debt, Current Maturities | $ 20,000 | $ 20,000 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Amount Outstanding | 450,000 | |||
Line of Credit Facility, Commitment Fee Amount | $ 250,000 | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility fees | 12.50% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Incremental term loan | $ 250,000 | |||
Credit facility fees | 27.50% |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2017 | |
Common shares as presented in the accompanying Consolidated Balance Sheets | 30,364,183 | 30,468,824 | |
Common shares in treasury | 4,647,322 | 4,635,622 | |
Board of Directors authorized an expanded stock repurchase program | $ 100 | ||
Stock repurchases during period, shares | 120,000 | 517,000 | |
Stock repurchased during period, value | $ 4.3 | $ 18.2 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Outstanding Restricted Share Awards) (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding restricted share awards, Nonvested at October 1, | 427,438 | 326,536 | 332,340 |
Outstanding restricted share awards, Granted, Shares | 110,422 | 120,902 | 123,501 |
Outstanding restricted share awards, Vested, Shares | (202,035) | (8,000) | (129,305) |
Outstanding restricted share awards, Cancelled, Shares | 0 | (12,000) | 0 |
Outstanding restricted share awards, Nonvested at September 30, | 335,825 | 427,438 | 326,536 |
Outstanding restricted share awards, Nonvested at October 1, Weighted Avg. Price | $ 35.40 | $ 35.29 | $ 32.23 |
Outstanding restricted share awards, Granted, Weighted Avg. Price | 51.16 | 35.75 | 34.33 |
Outstanding restricted share awards, Vested, Weighted Avg. Price | 35.78 | 36.06 | 26.66 |
Outstanding restricted share awards, Cancelled, Weighted Avg. Price | 0 | 35.47 | 0 |
Outstanding restricted share awards, Nonvested at September 30, Weighted Avg. Price | $ 40.35 | $ 35.40 | $ 35.29 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-employee director retainer common shares per quarter | 900 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,072,401 | ||
Performance-Accelerated Restricted Share (PARS) Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 4.4 | $ 3.9 | $ 4 |
Non-Employee Directors Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total income tax benefit recognized | 1.3 | 1.6 | |
Total share-based compensation cost | 1.8 | ||
Pretax compensation expense | 1 | 0.8 | 0.8 |
Total unrecognized compensation cost related to share-based compensation arrangements | $ 6.3 | ||
Remaining weighted-average period for recognition of total unrecognized compensation cost | 1 year 6 months | ||
Non-Employee Directors Plan [Member] | Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation cost | $ 5.4 | $ 4.7 | $ 4.8 |
Retirement and Other Benefit 60
Retirement and Other Benefit Plans (Schedule Of Reconciliation Of Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net benefit obligation at beginning of year | $ 100.6 | $ 93.6 | |
Interest cost | 3.2 | 3.9 | $ 3.8 |
Actuarial (gain) loss | (4.1) | 11.1 | |
Gross benefits paid | (4.4) | (7.8) | |
Settlements | 0 | (0.2) | |
Net benefit obligation at end of year | $ 95.3 | $ 100.6 | $ 93.6 |
Retirement and Other Benefit 61
Retirement and Other Benefit Plans (Schedule Of Reconciliation Of Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Fair value of plan assets at beginning of year | $ 60.6 | $ 63 |
Actual return on plan assets | 5.9 | 5.1 |
Employer contributions | 2.9 | 0.5 |
Gross benefits paid | (4.4) | (7.8) |
Settlements | 0 | 0.2 |
Fair value of plan assets at end of year | $ 65 | $ 60.6 |
Retirement and Other Benefit 62
Retirement and Other Benefit Plans (Schedule Of Funded Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Funded status at end of year | $ (30,300) | $ (40,000) |
Accrued benefit cost | (30,300) | (40,000) |
Current liability | (200) | (200) |
Noncurrent liability | 30,223 | 39,842 |
Accumulated other comprehensive (income)/loss (before tax effect) | 47,400 | 56,000 |
Net actuarial loss | 47,400 | 56,000 |
Accumulated Other Comprehensive (Income)/Loss (before tax effect) | $ 47,400 | $ 56,000 |
Retirement and Other Benefit 63
Retirement and Other Benefit Plans (Schedule Of Components Of Net Periodic Benefit Cost For Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 3.2 | 3.9 | 3.8 |
Expected return on plan assets | (3.9) | (4.4) | (4.5) |
Net actuarial loss | 2.6 | 2 | 1.8 |
Net periodic benefit cost | 1.9 | 1.5 | 1.1 |
Defined contribution plans | 6.3 | 5.2 | 5 |
Total | $ 8.2 | $ 6.7 | $ 6.1 |
Retirement and Other Benefit 64
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, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Periodic Benefit Cost [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Discount rate | 3.25% | 4.25% | 4.25% |
Rate of increase in compensation levels | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on assets | 3.25% | 6.75% | 6.75% |
Net Periodic Benefit Obligations [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Discount rate | 3.65% | 3.25% | |
Rate of increase in compensation levels | 0.00% | 0.00% |
Retirement and Other Benefit 65
Retirement and Other Benefit Plans (Schedule Of Asset Allocation For Pension Plans Acceptable Range And Target Allocation By Asset Category) (Details) | Sep. 30, 2017 | Sep. 30, 2016 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | 3.00% |
Cash and Cash Equivalents [Member] | Maximum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% | |
Cash and Cash Equivalents [Member] | Minimum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Cash and Cash Equivalents [Member] | Target Allocation 2017 [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Return seeking [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 62.00% | 59.00% |
Return seeking [Member] | Maximum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 65.00% | |
Return seeking [Member] | Minimum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | |
Return seeking [Member] | Target Allocation 2017 [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | |
Hedge Funds, Equity [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35.00% | 38.00% |
Hedge Funds, Equity [Member] | Maximum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | |
Hedge Funds, Equity [Member] | Minimum [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 35.00% | |
Hedge Funds, Equity [Member] | Target Allocation 2017 [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% |
Retirement and Other Benefit 66
Retirement and Other Benefit Plans (Schedule Of Fair Value Of Financial Measurements) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 65 | $ 60.6 | $ 63 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1.9 | 1.6 | |
Domestic Large Capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10.6 | 8.9 | |
Domestic Small/Mid Capitalization [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3.3 | 2.7 | |
International Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 14.3 | 12.3 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 30.7 | 30.6 | |
Real Estate Investment [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4.2 | $ 4.5 |
Retirement and Other Benefit 67
Retirement and Other Benefit Plans (Schedule Of Expected Benefit Payments) (Details) $ in Millions | Sep. 30, 2017USD ($) |
Pension Benefits [Member] | |
Expected Employer Contributions 2018 | $ 3 |
Expected Benefit Payments: | |
2,018 | 4.9 |
2,019 | 5.1 |
2,020 | 5.7 |
2,021 | 5.4 |
2,022 | 5.6 |
2023-2027 | 29.5 |
Other Benefits [Member] | |
Expected Employer Contributions 2018 | 0.1 |
Expected Benefit Payments: | |
2,018 | 0.1 |
2,019 | 0.1 |
2,020 | 0.1 |
2,021 | 0.1 |
2,022 | 0.1 |
2023-2027 | $ 0.3 |
Retirement and Other Benefit 68
Retirement and Other Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Sep. 30, 2016 |
Defined Benefit Plan Before Adoption Of SFAS 158 Recognition Provision Accrued Benefit Liability | $ 0.6 | $ 0.7 |
DefinedBenefitPlanAmountToBeAmortizedFromAccumulatedOtherComprehensiveIncomeLossNextFiscalYear | $ 2.3 |
Derivative Financial Instrume69
Derivative Financial Instruments (Schedule of Outstanding Derivative Financial Instruments) (Details) - Sep. 30, 2017 € in Thousands, £ in Thousands, $ in Thousands | USD ($) | GBP (£) | EUR (€) |
Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | £ | £ 1,859 | ||
Derivative, Fair Value | $ (173) | ||
Forward Contracts One [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 3,250 | ||
Derivative, Fair Value | 149 | ||
Forward Contracts Two [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | € | € 200 | ||
Derivative, Fair Value | $ (5) |
Derivative Financial Instrume70
Derivative Financial Instruments (Narrative) (Details) | Sep. 30, 2017GBP (£) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | £ 700 |
Derivative Financial Instrume71
Derivative Financial Instruments (Schedule of Derivative Liabilities at Fair Value) (Details) - Forward Contracts [Member] $ in Thousands | Sep. 30, 2017USD ($) |
Derivative Instruments in Hedges, at Fair Value, Net, Total | $ (29) |
Fair Value, Inputs, Level 1 [Member] | |
Derivative Instruments in Hedges, at Fair Value, Net, Total | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Derivative Instruments in Hedges, at Fair Value, Net, Total | (29) |
Fair Value, Inputs, Level 3 [Member] | |
Derivative Instruments in Hedges, at Fair Value, Net, Total | $ 0 |
Business Segment Information (S
Business Segment Information (Schedule Of Net Sales And Earnings Before Income Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | $ 207,005 | $ 171,189 | $ 161,178 | $ 146,368 | $ 159,505 | $ 140,191 | $ 138,930 | $ 132,833 | $ 685,740 | $ 571,459 | $ 537,291 |
Consolidated EBIT | 84,700 | 69,700 | 62,300 | ||||||||
Less: interest expense | (4,578) | (1,308) | (785) | ||||||||
Earnings before income taxes | 80,153 | 68,420 | 61,521 | ||||||||
Filtration [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 279,500 | 207,800 | 196,700 | ||||||||
Consolidated EBIT | 52,200 | 45,200 | 41,700 | ||||||||
Test [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 160,900 | 161,500 | 177,600 | ||||||||
Consolidated EBIT | 19,500 | 13,900 | 9,500 | ||||||||
Utility Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 162,400 | 127,800 | 123,600 | ||||||||
Consolidated EBIT | 36,600 | 31,100 | 29,600 | ||||||||
Technical Packaging [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
NET SALES | 82,900 | 74,400 | 39,400 | ||||||||
Consolidated EBIT | 8,500 | 9,600 | 4,900 | ||||||||
Corporate (loss) [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated EBIT | $ (32,100) | $ (30,100) | $ (23,400) |
Business Segment Information 73
Business Segment Information (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Identifiable Assets | $ 1,260,444 | $ 978,371 |
Filtration [Member] | ||
Identifiable Assets | 194,200 | 143,500 |
Test [Member] | ||
Identifiable Assets | 132,200 | 110,900 |
USG [Member] | ||
Identifiable Assets | 175,500 | 85,400 |
Technical Packaging [Member] | ||
Identifiable Assets | 47,100 | 40,900 |
Corporate Goodwill [Member] | ||
Identifiable Assets | 377,900 | 323,600 |
Corporate Other Assets [Member] | ||
Identifiable Assets | $ 333,500 | $ 274,100 |
Business Segment Information 74
Business Segment Information (Schedule Of Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Capital Expenditures | $ 29,728 | $ 13,843 | $ 12,444 |
Filtration [Member] | |||
Capital Expenditures | 10,200 | 3,300 | 5,000 |
Test [Member] | |||
Capital Expenditures | 4,500 | 3,300 | 3,100 |
USG [Member] | |||
Capital Expenditures | 7,600 | 3,300 | 3,300 |
Technical Packaging [Member] | |||
Capital Expenditures | 7,400 | 3,900 | 1,000 |
Corporate [Member] | |||
Capital Expenditures | $ 0 | $ 0 | $ 0 |
Business Segment Information 75
Business Segment Information (Schedule Of Depreciation And Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Depreciation and Amortization | $ 32,229 | $ 23,568 | $ 18,584 |
Filtration [Member] | |||
Depreciation and Amortization | 6,600 | 4,000 | 3,800 |
Test [Member] | |||
Depreciation and Amortization | 3,600 | 3,600 | 3,100 |
USG [Member] | |||
Depreciation and Amortization | 9,800 | 8,100 | 6,200 |
Technical Packaging [Member] | |||
Depreciation and Amortization | 3,500 | 2,900 | 1,400 |
Corporate [Member] | |||
Depreciation and Amortization | $ 8,700 | $ 5,000 | $ 4,100 |
Business Segment Information 76
Business Segment Information (Schedule Of Geographic Information Net Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Sales | $ 207,005 | $ 171,189 | $ 161,178 | $ 146,368 | $ 159,505 | $ 140,191 | $ 138,930 | $ 132,833 | $ 685,740 | $ 571,459 | $ 537,291 |
United States [Member] | |||||||||||
Net Sales | 503,100 | 403,600 | 385,500 | ||||||||
Asia [Member] | |||||||||||
Net Sales | 69,800 | 68,100 | 70,400 | ||||||||
Europe [Member] | |||||||||||
Net Sales | 75,400 | 71,600 | 46,600 | ||||||||
Canada [Member] | |||||||||||
Net Sales | 22,200 | 12,900 | 11,600 | ||||||||
India [Member] | |||||||||||
Net Sales | 4,800 | 2,900 | 4,300 | ||||||||
Other [Member] | |||||||||||
Net Sales | $ 10,400 | $ 12,400 | $ 18,900 |
Business Segment Information 77
Business Segment Information (Schedule Of Geographic Information Long-Lived Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 30, 2016 |
Long-Lived Assets | $ 132,748 | $ 92,405 |
United States [Member] | ||
Long-Lived Assets | 111,500 | 79,900 |
Europe [Member] | ||
Long-Lived Assets | 16,800 | 11,700 |
Other [Member] | ||
Long-Lived Assets | $ 4,400 | $ 800 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Percentage Of Sale Of Customer Maximum | 10.00% | 10.00% | |
Capitalized Computer Software, Period Increase (Decrease) | $ 9 | $ 8.7 | $ 6.9 |
Property, Plant and Equipment [Member] | |||
Depreciation | $ 15.9 | $ 11.9 | $ 9.7 |
Commitments and Contingencies79
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2017USD ($) |
2,018 | $ 6,361 |
2,019 | 5,340 |
2,020 | 3,733 |
2,021 | 2,653 |
2022 and thereafter | 3,647 |
Total | $ 21,734 |
Commitments and Contingencies80
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Letters of Credit Outstanding, Amount | $ 9.7 | $ 4.9 | |
Operating Leases, Rent Expense, Net | $ 6.8 | $ 6.8 | $ 6 |
Capital Leases (Details)
Capital Leases (Details) $ in Thousands | Sep. 30, 2017USD ($) |
2,018 | $ 1,883 |
2,019 | 1,922 |
2,020 | 1,914 |
2,021 | 1,858 |
2022 and thereafter | 15,977 |
Total minimum lease payments | 23,554 |
Less: amounts representing interest | 4,233 |
Present value of net minimum lease payments | 19,321 |
Current portion of capital lease obligations | 1,370 |
Non-current portion of capital lease obligations | $ 17,951 |
Capital Leases (Narrative) (Det
Capital Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment, Gross | $ 232,398 | $ 176,859 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 99,650 | $ 84,454 |
Machinery and Equipment [Member] | ||
Lease Expiration Date | 2,020 | |
Facility [Member] | ||
Lease Expiration Date | 2,029 |
Quarterly Financial Informati83
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 207,005 | $ 171,189 | $ 161,178 | $ 146,368 | $ 159,505 | $ 140,191 | $ 138,930 | $ 132,833 | $ 685,740 | $ 571,459 | $ 537,291 |
Net earnings | $ 19,174 | $ 12,645 | $ 11,157 | $ 10,727 | $ 16,915 | $ 11,528 | $ 8,610 | $ 8,829 | $ 53,703 | $ 45,882 | $ 42,512 |
Basic earnings (loss) per share: | |||||||||||
Net earnings | $ 0.74 | $ 0.49 | $ 0.43 | $ 0.42 | $ 0.66 | $ 0.45 | $ 0.33 | $ 0.34 | $ 2.08 | $ 1.78 | $ 1.63 |
Diluted earnings (loss) per share: | |||||||||||
Net earnings | 0.74 | 0.49 | 0.43 | 0.41 | 0.65 | 0.44 | 0.33 | 0.34 | 2.07 | 1.77 | 1.62 |
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 |