Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ESCO TECHNOLOGIES INC | |
Entity Central Index Key | 866,706 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | ESE | |
Entity Common Stock, Shares Outstanding | 25,907,905 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net sales | $ 174,778 | $ 161,178 | $ 348,273 | $ 307,546 |
Costs and expenses: | ||||
Cost of sales | 112,370 | 105,379 | 224,106 | 198,293 |
Selling, general and administrative expenses | 40,749 | 34,889 | 82,903 | 68,651 |
Amortization of intangible assets | 4,564 | 3,814 | 9,010 | 7,463 |
Interest expense, net | 2,036 | 855 | 4,221 | 1,539 |
Other expenses (income), net | 1,475 | (578) | 1,648 | (1,344) |
Total costs and expenses | 161,194 | 144,359 | 321,888 | 274,602 |
Earnings before income taxes | 13,584 | 16,819 | 26,385 | 32,944 |
Income tax expense | 3,590 | 5,662 | (18,280) | 11,060 |
Net earnings | $ 9,994 | $ 11,157 | $ 44,665 | $ 21,884 |
Earnings per share: | ||||
Basic - Net earnings | $ 0.39 | $ 0.43 | $ 1.73 | $ 0.85 |
Diluted - Net earnings | $ 0.38 | $ 0.43 | $ 1.72 | $ 0.84 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net earnings | $ 9,994 | $ 11,157 | $ 44,665 | $ 21,884 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 2,837 | 2,548 | 4,125 | (1,815) |
Net unrealized gain (loss) on derivative instruments | 138 | 29 | 155 | (103) |
Total other comprehensive income (loss), net of tax | 2,975 | 2,577 | 4,280 | (1,918) |
Comprehensive income | $ 12,969 | $ 13,734 | $ 48,945 | $ 19,966 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2018 | Sep. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 42,905 | $ 45,516 |
Accounts receivable, net | 153,125 | 160,580 |
Costs and estimated earnings on long-term contracts, less progress billings of $47,357 and $64,099, respectively | 40,285 | 47,286 |
Inventories | 137,029 | 124,515 |
Other current assets | 18,336 | 14,895 |
Total current assets | 391,680 | 392,792 |
Property, plant and equipment: | ||
Property, plant and equipment, net of accumulated depreciation of $109,693 and $99,650, respectively | 135,032 | 132,748 |
Intangible assets, net of accumulated amortization of $82,889 and $73,879, respectively | 349,631 | 351,134 |
Goodwill | 382,141 | 377,879 |
Other assets | 6,865 | 5,891 |
Total assets | 1,265,349 | 1,260,444 |
Current liabilities: | ||
Current maturities of long-term debt | 20,000 | 20,000 |
Accounts payable | 50,365 | 54,789 |
Advance payments on long-term contracts, less costs incurred of $55,485 and $59,772, respectively | 24,834 | 22,451 |
Accrued salaries | 24,533 | 32,259 |
Current portion of deferred revenue | 32,002 | 28,583 |
Accrued other expenses | 34,096 | 36,887 |
Total current liabilities | 185,830 | 194,969 |
Pension obligations | 30,094 | 30,223 |
Deferred tax liabilities | 59,845 | 86,378 |
Other liabilities | 25,044 | 21,956 |
Long-term debt | 245,000 | 255,000 |
Total liabilities | 545,813 | 588,526 |
Shareholders' equity: | ||
Preferred stock, par value $.01 per share, authorized 10,000,000 shares | 0 | 0 |
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,468,824 and 30,468,824 shares, respectively | 305 | 305 |
Additional paid-in capital | 292,404 | 289,785 |
Retained earnings | 557,249 | 516,718 |
Accumulated other comprehensive loss, net of tax | (23,028) | (27,308) |
Total stockholders' equity before Treasury Stock | 826,930 | 779,500 |
Less treasury stock, at cost: 4,623,958 and 4,635,622 common shares, respectively | (107,394) | (107,582) |
Total shareholders' equity | 719,536 | 671,918 |
Total liabilities and shareholders' equity | $ 1,265,349 | $ 1,260,444 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Sep. 30, 2017 |
Costs and estimated earnings on long-term contracts, progress billings | $ 47,357 | $ 64,099 |
Property, plant and equipment, net of accumulated depreciation | 109,693 | 99,650 |
Intangible assets, net of accumulated amortization | 82,889 | 73,879 |
Advance payments on long-term contracts, costs incurred | $ 55,485 | $ 59,772 |
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 | 30,468,824 |
Treasury stock, shares | 4,623,958 | 4,635,622 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net earnings | $ 44,665 | $ 21,884 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 18,798 | 14,688 |
Stock compensation expense | 2,648 | 2,870 |
Changes in assets and liabilities | (9,336) | (4,972) |
Effect of deferred taxes | (26,533) | (1,645) |
Change in deferred revenue and costs, net | 3,766 | 3,948 |
Pension contributions | (537) | (360) |
Other | 0 | 242 |
Net cash provided by operating activities | 33,471 | 36,655 |
Cash flows from investing activities: | ||
Acquisition of businesses, net of cash acquired | (11,369) | (75,000) |
Additions to capitalized software | (4,608) | (3,445) |
Capital expenditures | (10,095) | (15,435) |
Proceeds from life insurance | 0 | 2,307 |
Net cash used by investing activities | (26,072) | (91,573) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 36,000 | 103,000 |
Principal payments on long-term debt | (46,000) | (43,000) |
Dividends paid | (4,134) | (4,115) |
Other | 560 | (112) |
Net cash (used) provided by financing activities | (13,574) | 55,773 |
Effect of exchange rate changes on cash and cash equivalents | 3,564 | (1,180) |
Net decrease in cash and cash equivalents | (2,611) | (325) |
Cash and cash equivalents, beginning of period | 45,516 | 53,825 |
Cash and cash equivalents, end of period | 42,905 | 53,500 |
Supplemental cash flow information: | ||
Interest paid | 4,167 | 1,473 |
Income taxes paid (including state and foreign) | $ 3,737 | $ 13,245 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION The accompanying consolidated financial statements, in the opinion of management, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods presented. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required for annual financial statements by accounting principles generally accepted in the United States of America (GAAP). For further information, refer to the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017. The Company’s results for the three and six-month periods ended March 31, 2018 are not necessarily indicative of the results for the entire 2018 fiscal year. References to the second quarters of 2018 and 2017 represent the fiscal quarters ended March 31, 2018 and 2017, respectively. 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. |
ACQUISITION
ACQUISITION | 6 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | 2. ACQUISITION On March 14, 2018, the Company acquired the assets of Manta Test Systems Inc. (Manta), a North American utility solutions provider located in Mississauga, Ontario, Canada, for a purchase price of $ 9.5 8 0.4 1.1 0.2 0.4 3.5 1.2 3.6 |
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS) | 6 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE (EPS) | 3. EARNINGS PER SHARE (EPS) Basic EPS is calculated using the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the weighted average number of common shares outstanding during the period plus shares issuable upon the assumed exercise of dilutive common share options and vesting of performance-accelerated restricted shares (restricted shares) by using the treasury stock method. Three Months Six Months 2018 2017 2018 2017 Weighted Average Shares Outstanding - Basic 25,844 25,723 25,840 25,721 Dilutive Options and Restricted Shares 144 188 195 224 Adjusted Shares - Diluted 25,988 25,911 26,035 25,945 |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Mar. 31, 2018 | |
Share-based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | 4. SHARE-BASED COMPENSATION The Company provides compensation benefits to certain key employees under several share-based plans providing for performance-accelerated restricted shares (restricted shares), and to non-employee directors under a non-employee directors compensation plan. Performance-Accelerated Restricted Share Awards Compensation expense related to the restricted share awards was $ 1.0 2.1 1.2 2.4 221,024 Non-Employee Directors Plan Compensation expense related to the non-employee director grants was $ 0.3 0.5 0.2 0.5 The total share-based compensation cost that has been recognized in the results of operations and included within selling, general and administrative expenses (SG&A) was $ 1.3 2.6 1.4 2.9 0.4 0.7 0.5 1.1 4.3 1.5 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 5. INVENTORIES Inventories consist of the following: (In thousands) March 31, September 30, Finished goods $ 32,140 28,127 Work in process 50,658 43,750 Raw materials 54,231 52,638 Total inventories $ 137,029 124,515 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 6. GOODWILL AND OTHER INTANGIBLE ASSETS (Dollars in thousands) March 31, September 30, Goodwill $ 382,141 377,879 Intangible assets with determinable lives: Patents Gross carrying amount $ 972 928 Less: accumulated amortization 764 750 Net $ 208 178 Capitalized software Gross carrying amount $ 66,349 63,007 Less: accumulated amortization 37,910 34,382 Net $ 28,439 28,625 Customer relationships Gross carrying amount $ 186,002 181,891 Less: accumulated amortization 42,490 37,364 Net $ 143,512 144,527 Other Gross carrying amount $ 5,276 5,373 Less: accumulated amortization 1,725 1,383 Net $ 3,551 3,990 Intangible assets with indefinite lives: Trade names $ 173,921 173,813 (Dollars in millions) USG Test Filtration Packaging Total Balance as of September 30, 2017 250.2 34.1 73.7 19.9 377.9 Acquisition activity 3.7 - - - 3.7 Foreign currency translation (0.2) - - 0.7 0.5 Balance as of March 31, 2018 $ 253.7 34.1 73.7 20.6 382.1 |
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION | 6 Months Ended |
Mar. 31, 2018 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
BUSINESS SEGMENT INFORMATION | 7. BUSINESS SEGMENT INFORMATION The Company is organized based on the products and services that it offers, and classifies its business operations in four reportable segments for financial reporting purposes: 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), Westland Technologies Inc. (Westland), Mayday Manufacturing Co. and its affiliate Hi-Tech Metals, Inc. (collectively referred to as Mayday). The companies within this segment primarily design and manufacture specialty filtration products, including hydraulic filter elements used in commercial aerospace applications, unique filter mechanisms used in micro-propulsion devices for satellites and custom designed filters for manned and unmanned aircraft; manufacture elastomeric-based signature reduction solutions for the U.S. Navy; and manufacture landing gear components for the aerospace and defense industry. The Test segment’s operations consist primarily of ETS-Lindgren Inc. (ETS-Lindgren). ETS-Lindgren is an industry leader in providing its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. The USG segment’s operations consist primarily of Doble Engineering Company (Doble), Morgan Schaffer Inc. (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 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 for the electric power industry. 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 Limited and Plastique Sp. z o.o. Three Months Six Months (In thousands) 2018 2017 2018 2017 NET SALES Filtration $ 65,775 68,906 125,810 127,690 Test 40,805 38,367 78,334 72,194 USG 46,699 32,671 102,453 68,228 Technical Packaging 21,499 21,234 41,676 39,434 Consolidated totals $ 174,778 161,178 348,273 307,546 EBIT Filtration $ 11,118 11,625 20,764 22,351 Test 5,300 3,766 7,895 6,191 USG 5,626 7,434 16,277 17,108 Technical Packaging 1,885 2,196 2,850 3,227 Corporate (loss) (8,309) (7,347) (17,180) (14,394) Consolidated EBIT 15,620 17,674 30,606 34,483 Less: Interest expense (2,036) (855) (4,221) (1,539) Earnings before income taxes $ 13,584 16,819 26,385 32,944 Non-GAAP Financial Measures The financial measure “EBIT” is presented in the above table and elsewhere in this Report. EBIT on a consolidated basis is a non-GAAP financial measure. Management believes that EBIT is useful in assessing the operational profitability of the Company’s business segments because it excludes interest and taxes, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by management in determining resource allocations within the Company as well as incentive compensation. A reconciliation of EBIT to net earnings is set forth in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations EBIT. The Company believes that the presentation of EBIT provides important supplemental information to investors to facilitate comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. However, the Company’s non-GAAP financial measures may not be comparable to other companies’ non-GAAP financial performance measures. Furthermore, the use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP. |
DEBT
DEBT | 6 Months Ended |
Mar. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
DEBT | 8. DEBT (In thousands) March 31, September 30, Total borrowings $ 265,000 275,000 Short-term borrowings and current portion of long-term debt (20,000) (20,000) Total long-term debt, less current portion $ 245,000 255,000 The Company’s existing credit facility (“the Credit Facility”) matures December 21, 2020. The Credit Facility includes a $ 450 250 At March 31, 2018, the Company had approximately $ 176 250 42.9 265 9.1 20.0 The Credit Facility requires, as determined by certain financial ratios, a facility fee ranging from 12.5 27.5 65 2.99 2.87 1.89 1.76 |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 6 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX EXPENSE | 9. INCOME TAX EXPENSE The second quarter 2018 effective income tax rate was 26.4 33.7 18.3 11.1 69.3 33.6 Tax Cuts and Jobs Act 0.7 24.4 35.0 24.5 30.3 114.9 3.6 2.9 0.7 4.9 13.6 In the first quarter of 2018, the Company recorded a $ 2.3 8.9 7.5 1.0 0.3 5.8 3.0 1.5 0.8 Staff Accounting Bulletin No. 118 (SAB 118) was issued by the SEC effective December 22, 2017. SAB 118 allows registrants to record provisional amounts of the income tax effects of the TCJA where the information necessary to complete the accounting under ASC Topic 740 is not available but the amounts are based on reasonable estimates. SAB 118 permits registrants to record adjustments to its provisional amounts during the measurement period (which cannot exceed one year). In the first quarter of 2018, the Company recorded reasonable estimates of the TCJA income tax effects. In the second quarter of 2018, the Company was unable to complete the accounting under ASC Topic 740 for the change in the value of the Company’s deferred tax assets and liabilities as it needs more time to collect and analyze information primarily related to depreciation expense, pension liability (see provisional adjustment described above), and percentage of completion revenue recognition. The accounting for these items will be completed within the allotted measurement period. During the second quarter of 2018, the Company collected and analyzed some of the additional information needed to complete the accounting under ASC Topic 740 for the income tax effects of subjecting the Company’s cumulative foreign earnings to federal income tax and as described above recorded an adjustment of $ 0.7 Since the TCJA subjected the Company’s cumulative foreign earnings to U.S. tax, repatriation of those earnings generally provides that no additional federal tax will be imposed. However, the permissible amount of repatriation can be restricted by local law and a repatriation can result in tax expense due to local country withholding tax, U.S. state tax, and changes in foreign exchange rates. The Company is evaluating these considerations to determine the amount of its foreign subsidiaries’ cumulative earnings it intends to indefinitely reinvest. The TCJA includes a tax on global intangible low-taxed income (“GILTI”). The Company expects it will be subject to this tax. At its January 10, 2018 meeting, the FASB staff indicated that companies should make and disclose a policy election as to whether they will recognize deferred taxes for basis differences expected to reverse as GILTI or whether they will account for GILTI as period costs if and when incurred. Because there are interpretative questions associated with the approach that involves recognizing deferred taxes, the Company is in the process of evaluating and will make the accounting policy election during the SAB 118 measurement period. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | 10. SHAREHOLDERS’ EQUITY Balance at September 30, 2017 $ 671,918 Net earnings 44,665 Other comprehensive income (loss) 4,280 Cash dividends (4,134) Stock compensation plans 2,807 Balance at March 31, 2018 $ 719,536 |
RETIREMENT PLANS
RETIREMENT PLANS | 6 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | 11. RETIREMENT PLANS Three Months Six Months (In thousands) 2018 2017 2018 2017 Defined benefit plans Interest cost $ 821 737 1,641 1,702 Expected return on assets (975) (942) (1,950) (2,036) Amortization of: Prior service cost - - - 3 Actuarial loss 548 683 1,097 1,188 Net periodic benefit cost $ 394 478 788 857 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | 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. During the first quarter of 2018, the Company entered into three interest rate swaps with a notional amount of $ 150 (In thousands) Notional Fair Float Fix Forward contracts 700 GBP (18) Forward contracts 4,500 USD (74) Forward contracts 200 EUR (1) Interest rate swap 150,000 USD 233 1.84 % 1.80 % Interest rate swap * 150,000 USD 525 N/A 2.09 % Interest rate swap ** 150,000 USD 654 N/A 2.24 % *This swap represents a forward contract and will be effective in November 2018. **This swap represents a forward contract and will be effective in November 2019. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 13. FAIR VALUE MEASUREMENTS 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 March 31, 2017 and September 30, 2016 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables, debt and other current assets and liabilities approximate fair value because of the short maturity of those instruments. Fair Value of Financial Instruments (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Forward contracts $ - 1,319 $ - 1,319 Valuation was based on third party evidence of similarly priced derivative instruments. Nonfinancial Assets and Liabilities The Company’s nonfinancial assets such as property, plant and equipment, and other intangible assets are not measured at fair value on a recurring basis; however they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. No impairments were recorded during the three and six-month periods ended March 31, 2018. |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 6 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING STANDARDS | 14. NEW ACCOUNTING STANDARDS In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, Compensation Retirement Benefits In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedge Activities, Derivatives and Hedging In February 2016, the FASB issued ASU No. 2016-062, Leases (Topic 842) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers |
EARNINGS PER SHARE (EPS) (Table
EARNINGS PER SHARE (EPS) (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Three Months Six Months 2018 2017 2018 2017 Weighted Average Shares Outstanding - Basic 25,844 25,723 25,840 25,721 Dilutive Options and Restricted Shares 144 188 195 224 Adjusted Shares - Diluted 25,988 25,911 26,035 25,945 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories consist of the following: (In thousands) March 31, September 30, Finished goods $ 32,140 28,127 Work in process 50,658 43,750 Raw materials 54,231 52,638 Total inventories $ 137,029 124,515 |
GOODWILL AND OTHER INTANGIBLE23
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | (Dollars in thousands) March 31, September 30, Goodwill $ 382,141 377,879 Intangible assets with determinable lives: Patents Gross carrying amount $ 972 928 Less: accumulated amortization 764 750 Net $ 208 178 Capitalized software Gross carrying amount $ 66,349 63,007 Less: accumulated amortization 37,910 34,382 Net $ 28,439 28,625 Customer relationships Gross carrying amount $ 186,002 181,891 Less: accumulated amortization 42,490 37,364 Net $ 143,512 144,527 Other Gross carrying amount $ 5,276 5,373 Less: accumulated amortization 1,725 1,383 Net $ 3,551 3,990 Intangible assets with indefinite lives: Trade names $ 173,921 173,813 |
Schedule of Goodwill | The changes in the carrying amount of goodwill attributable to each business segment for the six months ended March 31, 2018 is as follows: (Dollars in millions) USG Test Filtration Packaging Total Balance as of September 30, 2017 250.2 34.1 73.7 19.9 377.9 Acquisition activity 3.7 - - - 3.7 Foreign currency translation (0.2) - - 0.7 0.5 Balance as of March 31, 2018 $ 253.7 34.1 73.7 20.6 382.1 |
BUSINESS SEGMENT INFORMATION (T
BUSINESS SEGMENT INFORMATION (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule Of Net Sales And Earnings Before Income Tax | Three Months Six Months (In thousands) 2018 2017 2018 2017 NET SALES Filtration $ 65,775 68,906 125,810 127,690 Test 40,805 38,367 78,334 72,194 USG 46,699 32,671 102,453 68,228 Technical Packaging 21,499 21,234 41,676 39,434 Consolidated totals $ 174,778 161,178 348,273 307,546 EBIT Filtration $ 11,118 11,625 20,764 22,351 Test 5,300 3,766 7,895 6,191 USG 5,626 7,434 16,277 17,108 Technical Packaging 1,885 2,196 2,850 3,227 Corporate (loss) (8,309) (7,347) (17,180) (14,394) Consolidated EBIT 15,620 17,674 30,606 34,483 Less: Interest expense (2,036) (855) (4,221) (1,539) Earnings before income taxes $ 13,584 16,819 26,385 32,944 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule Of Debt | The Company’s debt is summarized as follows: (In thousands) March 31, September 30, Total borrowings $ 265,000 275,000 Short-term borrowings and current portion of long-term debt (20,000) (20,000) Total long-term debt, less current portion $ 245,000 255,000 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule Of Change In Equity | The change in shareholders’ equity for the first six months of 2018 is shown below (in thousands): Balance at September 30, 2017 $ 671,918 Net earnings 44,665 Other comprehensive income (loss) 4,280 Cash dividends (4,134) Stock compensation plans 2,807 Balance at March 31, 2018 $ 719,536 |
RETIREMENT PLANS (Tables)
RETIREMENT PLANS (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule Of Components Of Net Periodic Benefit Cost For Plans | A summary of net periodic benefit expense for the Company’s defined benefit plans for the three and six-month periods ended March 31, 2018 and 2017 is shown in the following table. Net periodic benefit cost for each period presented is comprised of the following: Three Months Six Months (In thousands) 2018 2017 2018 2017 Defined benefit plans Interest cost $ 821 737 1,641 1,702 Expected return on assets (975) (942) (1,950) (2,036) Amortization of: Prior service cost - - - 3 Actuarial loss 548 683 1,097 1,188 Net periodic benefit cost $ 394 478 788 857 |
DERIVATIVE FINANCIAL INSTRUME28
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
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 by risk category and instrument type as of March 31, 2018: (In thousands) Notional Fair Float Fix Forward contracts 700 GBP (18) Forward contracts 4,500 USD (74) Forward contracts 200 EUR (1) Interest rate swap 150,000 USD 233 1.84 % 1.80 % Interest rate swap * 150,000 USD 525 N/A 2.09 % Interest rate swap ** 150,000 USD 654 N/A 2.24 % *This swap represents a forward contract and will be effective in November 2018. **This swap represents a forward contract and will be effective in November 2019. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Forward contracts $ - 1,319 $ - 1,319 |
ACQUISITION (Narrative) (Detail
ACQUISITION (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 14, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 382,141 | $ 382,141 | $ 377,879 | |||
Revenue, Net | $ 174,778 | $ 161,178 | $ 348,273 | $ 307,546 | ||
CustomerRelationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | |||||
Manta Test Systems Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 9,500 | |||||
Goodwill | 3,500 | |||||
Revenue, Net | 8,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total | 200 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 400 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,100 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 400 | |||||
Manta Test Systems Inc [Member] | Trade Names [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 1,200 | |||||
Manta Test Systems Inc [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 3,600 |
EARNINGS PER SHARE (EPS) (Numbe
EARNINGS PER SHARE (EPS) (Number Of Shares Used In The Calculation Of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Earning Per Share [Line Items] | ||||
Weighted Average Shares Outstanding - Basic | 25,844 | 25,723 | 25,840 | 25,721 |
Dilutive Options and Restricted Shares | 144 | 188 | 195 | 224 |
Adjusted Shares - Diluted | 25,988 | 25,911 | 26,035 | 25,945 |
SHARE-BASED COMPENSATION (Narra
SHARE-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation cost | $ 1.3 | $ 1.4 | $ 2.6 | $ 2.9 |
Performance-Accelerated Restricted Share (PARS) Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | $ 1 | 1.2 | $ 2.1 | 2.4 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance | 221,024 | 221,024 | ||
Non-Employee Directors Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total income tax benefit recognized | $ 0.4 | 0.5 | $ 0.7 | 1.1 |
Pretax compensation expense | 0.3 | $ 0.2 | 0.5 | $ 0.5 |
Total unrecognized compensation cost related to share-based compensation arrangements | $ 4.3 | $ 4.3 | ||
Remaining weighted-average period for recognition of total unrecognized compensation cost | 1 year 6 months |
INVENTORIES (Schedule Of Invent
INVENTORIES (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Sep. 30, 2017 |
Inventory [Line Items] | ||
Finished goods | $ 32,140 | $ 28,127 |
Work in process | 50,658 | 43,750 |
Raw materials | 54,231 | 52,638 |
Total inventories | $ 137,029 | $ 124,515 |
GOODWILL AND OTHER INTANGIBLE34
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule Of Intangible Assets Gross Carrying Amounts And Accumulated Amortization) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Sep. 30, 2017 |
Goodwill and Other Intangible Assets [Line Items] | ||
Goodwill | $ 382,141 | $ 377,879 |
Less: accumulated amortization | 82,889 | 73,879 |
Patents [Member] | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Gross carrying amount | 972 | 928 |
Less: accumulated amortization | 764 | 750 |
Net | 208 | 178 |
Capitalized Software [Member] | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Gross carrying amount | 66,349 | 63,007 |
Less: accumulated amortization | 37,910 | 34,382 |
Net | 28,439 | 28,625 |
Customer relationships [Member] | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Gross carrying amount | 186,002 | 181,891 |
Less: accumulated amortization | 42,490 | 37,364 |
Net | 143,512 | 144,527 |
Other [Member] | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Gross carrying amount | 5,276 | 5,373 |
Less: accumulated amortization | 1,725 | 1,383 |
Net | 3,551 | 3,990 |
Trade names [Member] | ||
Goodwill and Other Intangible Assets [Line Items] | ||
Trade names | $ 173,921 | $ 173,813 |
GOODWILL AND OTHER INTANGIBLE35
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule Of Changes In The Carrying Amount Of Goodwill Attributable To Business Segment) (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 377,879 |
Acquisition activity | 3,700 |
Foreign currency translation | 500 |
Goodwill, Ending Balance | 382,141 |
Filtration [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 73,700 |
Acquisition activity | 0 |
Foreign currency translation | 0 |
Goodwill, Ending Balance | 73,700 |
Test [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 34,100 |
Acquisition activity | 0 |
Foreign currency translation | 0 |
Goodwill, Ending Balance | 34,100 |
Utility Solutions [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 250,200 |
Acquisition activity | 3,700 |
Foreign currency translation | (200) |
Goodwill, Ending Balance | 253,700 |
Technical Packaging [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 19,900 |
Acquisition activity | 0 |
Foreign currency translation | 700 |
Goodwill, Ending Balance | $ 20,600 |
BUSINESS SEGMENT INFORMATION (S
BUSINESS SEGMENT INFORMATION (Schedule Of Net Sales And Earnings Before Income Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Consolidated NET SALES | $ 174,778 | $ 161,178 | $ 348,273 | $ 307,546 |
Consolidated EBIT | 15,620 | 17,674 | 30,606 | 34,483 |
Less: Interest expense | (2,036) | (855) | (4,221) | (1,539) |
Earnings before income taxes | 13,584 | 16,819 | 26,385 | 32,944 |
Filtration [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated NET SALES | 65,775 | 68,906 | 125,810 | 127,690 |
Consolidated EBIT | 11,118 | 11,625 | 20,764 | 22,351 |
Test [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated NET SALES | 40,805 | 38,367 | 78,334 | 72,194 |
Consolidated EBIT | 5,300 | 3,766 | 7,895 | 6,191 |
Utility Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated NET SALES | 46,699 | 32,671 | 102,453 | 68,228 |
Consolidated EBIT | 5,626 | 7,434 | 16,277 | 17,108 |
Technical Packaging [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated NET SALES | 21,499 | 21,234 | 41,676 | 39,434 |
Consolidated EBIT | 1,885 | 2,196 | 2,850 | 3,227 |
Corporate (loss) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Consolidated EBIT | $ (8,309) | $ (7,347) | $ (17,180) | $ (14,394) |
DEBT (Schedule Of Debt) (Detail
DEBT (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Sep. 30, 2017 |
Debt Instrument [Line Items] | ||
Total borrowings | $ 265,000 | $ 275,000 |
Short-term borrowings and current portion of long-term debt | (20,000) | (20,000) |
Total long-term debt, less current portion | $ 245,000 | $ 255,000 |
DEBT (Narrative) (Details)
DEBT (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||||||
Available to borrow under the credit facility | $ 176,000 | $ 176,000 | ||||
Cash on hand | 42,905 | $ 53,500 | $ 42,905 | $ 53,500 | $ 45,516 | $ 53,825 |
Percentage of foreign subsidiaries' share equity | 65.00% | |||||
Letters of Credit Outstanding, Amount | 9,100 | $ 9,100 | ||||
Line of Credit Facility, Amount Outstanding | $ 265,000 | $ 265,000 | ||||
Weighted average interest rates | 2.99% | 1.89% | 2.87% | 1.76% | ||
Long-term Debt, Current Maturities | $ 20,000 | $ 20,000 | $ 20,000 | |||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | 450,000 | 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 | $ 250,000 | ||||
Credit facility fees | 27.50% |
INCOME TAX EXPENSE (Narrative)
INCOME TAX EXPENSE (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Expense [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 26.40% | 33.70% | 69.30% | 33.60% | ||
Income Tax Expense (Benefit) | $ 3,590 | $ 5,662 | $ (18,280) | $ 11,060 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 24.50% | 35.00% | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 1,000 | $ 30,300 | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 114.90% | |||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Amount | 700 | $ 2,900 | $ 3,600 | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 700 | $ 2,300 | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 4.90% | 8.90% | 13.60% | |||
Effective Income Tax Rate Reconciliation, Deduction, Amount | $ 300 | |||||
Effective Income Tax Rate Reconciliation, Deduction, Percent | 5.80% | 3.00% | ||||
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | 1.50% | 0.80% | ||||
Additional Pension Contribution to be Made | $ 7,500 | $ 7,500 | ||||
Tax Cuts and Jobs Act [Member] | ||||||
Income Tax Expense [Line Items] | ||||||
Income Tax Expense (Benefit) | $ 700 | $ 24,400 |
SHAREHOLDERS' EQUITY (Schedule
SHAREHOLDERS' EQUITY (Schedule Of Change In Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Balance | $ 671,918 | |||
Net earnings | $ 9,994 | $ 11,157 | 44,665 | $ 21,884 |
Other comprehensive income | 2,975 | $ 2,577 | 4,280 | $ (1,918) |
Cash dividends | (4,134) | |||
Stock compensation plans | 2,807 | |||
Ending Balance | $ 719,536 | $ 719,536 |
RETIREMENT PLANS (Schedule Of C
RETIREMENT PLANS (Schedule Of Components Of Net Periodic Benefit Cost For Plans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined benefit plans | ||||
Interest cost | $ 821 | $ 737 | $ 1,641 | $ 1,702 |
Expected return on assets | (975) | (942) | (1,950) | (2,036) |
Amortization of Prior service cost | 0 | 0 | 0 | 3 |
Actuarial loss | 548 | 683 | 1,097 | 1,188 |
Net periodic benefit cost | $ 394 | $ 478 | $ 788 | $ 857 |
DERIVATIVE FINANCIAL INSTRUME42
DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Outstanding Derivative Financial Instruments) (Details) € in Thousands, £ in Thousands, $ in Thousands | Mar. 31, 2018USD ($) | Mar. 31, 2018GBP (£) | Mar. 31, 2018EUR (€) | |||
Interest Rate Swap [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount | $ 150,000 | |||||
Fair Value | $ 233 | |||||
Float Rate | 1.84% | 1.84% | 1.84% | |||
Fix Rate | 1.80% | 1.80% | 1.80% | |||
Interest Rate Swap one [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount | $ 150,000 | [1] | ||||
Fair Value | $ 525 | [1] | ||||
Fix Rate | 2.09% | [1] | 2.09% | [1] | 2.09% | [1] |
Interest Rate Swap Two [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount | $ 150,000 | [2] | ||||
Fair Value | $ 654 | [2] | ||||
Fix Rate | 2.24% | [2] | 2.24% | [2] | 2.24% | [2] |
Forward Contracts [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount | £ | £ 700 | |||||
Fair Value | £ | £ (18) | |||||
Forward Contracts One [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount | $ 4,500 | |||||
Fair Value | $ (74) | |||||
Float Rate | ||||||
Forward Contracts Two [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional amount | € | € 200 | |||||
Fair Value | € | € (1) | |||||
Float Rate | ||||||
[1] | This swap represents a forward contract and will be effective in November 2018. | |||||
[2] | This swap represents a forward contract and will be effective in November 2019. |
DERIVATIVE FINANCIAL INSTRUME43
DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Millions | Mar. 31, 2018USD ($) |
Interest Rate Swap [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative, Notional Amount | $ 150 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Fair Value of Financial Instruments) (Details) - Forward Contracts [Member] - Swap [Member] $ in Thousands | Mar. 31, 2018USD ($) |
Derivative [Line Items] | |
Fair Value of Financial Instruments | $ 1,319 |
Fair Value, Inputs, Level 1 [Member] | |
Derivative [Line Items] | |
Fair Value of Financial Instruments | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Derivative [Line Items] | |
Fair Value of Financial Instruments | 1,319 |
Fair Value, Inputs, Level 3 [Member] | |
Derivative [Line Items] | |
Fair Value of Financial Instruments | $ 0 |