ESCO (ESE) 10-Q 8 Aug 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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		25,910,828

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 192,223	$ 171,189	$ 540,496	$ 478,735
Costs and expenses:
Cost of sales	122,805	108,856	346,911	307,149
Selling, general and administrative expenses	39,910	38,453	122,813	107,104
Amortization of intangible assets	4,605	4,085	13,615	11,548
Interest expense, net	2,243	1,213	6,464	2,752
Other (income) expenses, net	(656)	1,160	992	(184)
Total costs and expenses	168,907	153,767	490,795	428,369
Earnings before income taxes	23,316	17,422	49,701	50,366
Income tax (benefit) expense	4,297	4,777	(13,983)	15,837
Net earnings	$ 19,019	$ 12,645	$ 63,684	$ 34,529
Earnings per share:
Basic - Net earnings	$ 0.73	$ 0.49	$ 2.46	$ 1.34
Diluted - Net earnings	$ 0.73	$ 0.49	$ 2.45	$ 1.33

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net earnings	$ 19,019	$ 12,645	$ 63,684	$ 34,529
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(6,865)	4,796	(2,740)	2,981
Net unrealized (loss) gain on derivative instruments	(62)	81	93	(23)
Total other comprehensive (loss) income, net of tax	(6,927)	4,877	(2,647)	2,958
Comprehensive income	$ 12,092	$ 17,522	$ 61,037	$ 37,487

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Current assets:
Cash and cash equivalents	$ 43,259	$ 45,516
Accounts receivable, net	164,100	160,580
Costs and estimated earnings on long-term contracts, less progress billings of $43,769 and $64,099, respectively	39,180	47,286
Inventories	145,596	124,515
Other current assets	17,861	14,895
Total current assets	409,996	392,792
Property, plant and equipment, net of accumulated depreciation of $113,831 and $99,650, respectively	134,704	132,748
Intangible assets, net of accumulated amortization of $87,494 and $73,879, respectively	345,874	351,134
Goodwill	381,420	377,879
Other assets	6,977	5,891
Total assets	1,278,971	1,260,444
Current liabilities:
Current maturities of long-term debt	20,000	20,000
Accounts payable	49,830	54,789
Advance payments on long-term contracts, less costs incurred of $54,295 and $59,772, respectively	29,841	22,451
Accrued salaries	26,597	32,259
Current portion of deferred revenue	37,082	28,583
Accrued other expenses	36,672	36,887
Total current liabilities	200,022	194,969
Pension obligations	21,976	30,223
Deferred tax liabilities	63,292	86,378
Other liabilities	24,427	21,956
Long-term debt	242,000	255,000
Total liabilities	551,717	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 30,534,786 and 30,468,824 shares, respectively	305	305
Additional paid-in capital	290,106	289,785
Retained earnings	574,192	516,718
Accumulated other comprehensive loss, net of tax	(29,955)	(27,308)
Total stockholders' equity before Treasury Stock	834,648	779,500
Less treasury stock, at cost: 4,623,958 and 4,635,622 common shares, respectively	(107,394)	(107,582)
Total shareholders' equity	727,254	671,918
Total liabilities and shareholders' equity	$ 1,278,971	$ 1,260,444

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Costs and estimated earnings on long-term contracts, progress billings	$ 43,769	$ 64,099
Property, plant and equipment, net of accumulated depreciation	113,831	99,650
Intangible assets, net of accumulated amortization	87,494	73,879
Advance payments on long-term contracts, costs incurred	$ 54,295	$ 59,772
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	50,000,000	50,000,000
Common stock, shares issued	30,534,786	30,468,824
Treasury stock, shares	4,623,958	4,635,622

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net earnings	$ 63,684	$ 34,529
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	28,350	23,023
Stock compensation expense	3,864	4,130
Changes in assets and liabilities	(18,239)	(24,977)
Effect of deferred taxes	(23,086)	(577)
Change in deferred revenue and costs, net	8,785	4,863
Pension contributions	(9,414)	(2,317)
Other	0	(5,202)
Net cash provided by operating activities	53,944	33,472
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(11,445)	(162,268)
Additions to capitalized software	(7,118)	(6,213)
Capital expenditures	(15,539)	(23,055)
Proceeds from sale of land	0	1,184
Proceeds from life insurance	0	2,307
Net cash used by investing activities	(34,102)	(188,045)
Cash flows from financing activities:
Proceeds from long-term debt	53,000	213,000
Principal payments on long-term debt	(66,000)	(58,000)
Dividends paid	(6,205)	(6,190)
Other	(2,886)	(21)
Net cash (used) provided by financing activities	(22,091)	148,789
Effect of exchange rate changes on cash and cash equivalents	(8)	480
Net decrease in cash and cash equivalents	(2,257)	(5,304)
Cash and cash equivalents, beginning of period	45,516	53,825
Cash and cash equivalents, end of period	43,259	48,521
Supplemental cash flow information:
Interest paid	6,333	2,404
Income taxes paid (including state and foreign)	$ 4,343	$ 20,421

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Jun. 30, 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 nine-month periods ended June 30, 2018 are not necessarily indicative of the results for the entire 2018 fiscal year. References to the third quarters of 2018 and 2017 represent the fiscal quarters ended June 30, 2018 and 2017, respectively. The preparation of financial statements in conformity with GAAP to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates.

ACQUISITION

ACQUISITION	9 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
ACQUISITION	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 million in cash. Manta has annualized sales of approximately $8 million. approximately $0.4 million of accounts receivable, $1.1 million of inventory, $0.2 million of property, plant and equipment, $0.4 million of accounts payable and accrued expenses, $3.5 million of goodwill, $1.2 million of tradenames and $3.5 million of amortizable intangible assets consisting of customer relationships with a weighted average life of 13 years.

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)	9 Months Ended
	Jun. 30, 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. The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands): Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Weighted Average Shares Outstanding - Basic 25,900 25,815 25,862 25,756 Dilutive Options and Restricted Shares 150 210 180 219 Adjusted Shares - Diluted 26,050 26,025 26,042 25,975

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Jun. 30, 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 $0.9 million and $3.1 million for the three and nine-month periods ended June 30, 2018, respectively, and $1.0 million and $3.3 million for the corresponding periods of 2017. There were 316,544 non-vested shares outstanding as of June 30, 2018. Non-Employee Directors Plan Compensation expense related to the non-employee director grants was $0.3 million and $0.8 million for the three and nine-month periods ended June 30, 2018, respectively, and $0.3 million and $0.8 million for the corresponding periods of 2017. 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 $1.2 million and $3.9 million for the three-and nine-month periods ended June 30, 2018, respectively, and $1.3 million and $4.1 million for the three and nine-month periods ended June 30, 2017. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $0.2 million and $0.9 million for the three and nine-month periods ended June 30, 2018, respectively, and $1.2 million and $2.2 million for the three and nine-month periods ended June 30, 2017, respectively. As of June 30, 2018, there was $8.9 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a remaining weighted-average period of 2.1 years.

INVENTORIES

INVENTORIES	9 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
INVENTORIES	5. INVENTORIES Inventories consist of the following: (In thousands) June 30, 2018 September 30, 2017 Finished goods $ 30,960 28,127 Work in process 57,155 43,750 Raw materials 57,481 52,638 Total inventories $ 145,596 124,515

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS Included on the Company’s Consolidated Balance Sheets at June 30, 2018 and September 30, 2017 are the following intangible assets gross carrying amounts and accumulated amortization: (Dollars in thousands) June 30 2018 September 30, 2017 Goodwill $ 381,420 377,879 Intangible assets with determinable lives: Patents Gross carrying amount $ 973 928 Less: accumulated amortization 773 750 Net $ 200 178 Capitalized software Gross carrying amount $ 68,876 63,007 Less: accumulated amortization 39,757 34,382 Net $ 29,119 28,625 Customer relationships Gross carrying amount $ 185,055 181,891 Less: accumulated amortization 45,066 37,364 Net $ 139,989 144,527 Other Gross carrying amount $ 5,316 5,373 Less: accumulated amortization 1,899 1,383 Net $ 3,417 3,990 Intangible assets with indefinite lives: Trade names $ 173,149 173,813 The changes in the carrying amount of goodwill attributable to each business segment for the nine months ended June 30, 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 3.8 - - - 3.8 Foreign currency translation (0.1 ) - - (0.2 ) (0.3 ) Balance as of June 30, 2018 $ 253.9 34.1 73.7 19.7 381.4

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Jun. 30, 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. (together, Plastique). The companies within this segment provide innovative solutions to the medical and commercial markets for thermoformed packages and specialty products using a wide variety of thin gauge plastics and pulp. Management evaluates and measures the performance of its reportable segments based on “Net Sales” and “EBIT”, which are detailed in the table below. EBIT is defined as earnings before interest and taxes. Three Months Ended June 30, Nine Months Ended June 30, (In thousands) 2018 2017 2018 2017 NET SALES Filtration $ 69,721 71,179 195,531 198,869 Test 45,034 37,544 123,368 109,738 USG 55,489 42,059 157,942 110,287 Technical Packaging 21,979 20,407 63,655 59,841 Consolidated totals $ 192,223 171,189 540,496 478,735 EBIT Filtration $ 14,292 11,945 35,056 34,296 Test 5,902 4,885 13,797 11,076 USG 11,528 8,477 27,805 25,585 Technical Packaging 2,505 2,433 5,355 5,660 Corporate (loss) (8,668 ) (9,105 ) (25,848 ) (23,499 ) Consolidated EBIT 25,559 18,635 56,165 53,118 Less: Interest expense (2,243 ) (1,213 ) (6,464 ) (2,752 ) Earnings before income taxes $ 23,316 17,422 49,701 50,366 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	9 Months Ended
	Jun. 30, 2018
Long-term Debt, Unclassified [Abstract]
DEBT	8. DEBT The Company’s debt is summarized as follows: (In thousands) June 30, 2018 September 30, 2017 Total borrowings $ 262,000 275,000 Short-term borrowings and current portion of long-term debt (20,000 ) (20,000 ) Total long-term debt, less current portion $ 242,000 255,000 The Company’s existing credit facility (“the Credit Facility”) matures December 21, 2020. The Credit Facility includes a $450 million revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders. The bank syndication supporting the facility is comprised of a diverse group of nine banks led by JPMorgan Chase Bank, N.A., as Administrative Agent. At June 30, 2018, the Company had approximately $180 million available to borrow under the Credit Facility, and a $250 million increase option , in addition to $43.3 million cash on hand. At June 30, 2018, the Company had $262 million of outstanding borrowings under the Credit Facility in addition to outstanding letters of credit of $8.3 million. The Company classified $20.0 million as the current portion of long-term debt as of June 30, 2018, as the Company intends to repay this amount within the next twelve month period; however, the Company has no contractual obligation to repay such amount during the next twelve month period. The Credit Facility requires, as determined by certain financial ratios, a facility fee ranging from 12.5 to 27.5 basis points per year on the unused portion. The terms of the facility provide that interest on borrowings may be calculated at a spread over the London Interbank Offered Rate (LIBOR) or based on the prime rate, at the Company’s election. The facility is secured by the unlimited guaranty of the Company’s material domestic subsidiaries and a 65% pledge of the material foreign subsidiaries’ share equity. The financial covenants of the Credit Facility include a leverage ratio and an interest coverage ratio. The weighted average interest rates were 3.17% and 2.97% for the three and nine-month periods ending June 30, 2018, respectively, and 2.11% and 1.90% for the corresponding periods of 2017. At June 30, 2018, the Company was in compliance with all debt covenants.

INCOME TAX EXPENSE

INCOME TAX EXPENSE	9 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAX EXPENSE	9. INCOME TAX EXPENSE The third quarter 2018 effective income tax rate was 18.4% compared to 27.4% in the third quarter of 2017. The income tax benefit for the first nine months of 2018 was $14.0 million compared to income tax expense of $15.8 million for the first nine months of 2017. The effective income tax rate for the first nine months of 2018 was (28.1%) compared to 31.4% for the first nine months of 2017. H.R. 1, Tax Cuts and Jobs Act in the third quarter of 2018) favorably impacted the third quarter and year-to-date effective tax rate by 1.5% and 61.7%, respectively. Second, the TCJA subjected the Company’s cumulative foreign earnings to federal income tax ($4.1 million provisional amount of which $2.9 million was recorded in the first quarter of 2018, $0.7 million was recorded in the second quarter of 2018, and $0.5 million in the third quarter of 2018) which unfavorably impacted the third quarter and year-to-date effective tax rate by 2.1% and 8.2%, respectively. In the first quarter of 2018, the Company recorded a $2.3 million provisional estimate of the income tax effects of the future repatriation of the cumulative earnings of its foreign subsidiaries which unfavorably impacted the year-to-date effective tax rate by 4.7%. An additional $7.5 million pension contribution for the 2017 plan year was approved during the second quarter of 2018 increasing the value of the deferred tax liability by $1.0 million (provisional amount). This favorable adjustment, net of the $0.3 million unfavorable impact to the 2017 Domestic Production Deduction, favorably impacted the year-to-date effective tax rate by 1.6%. An accounting method change was filed with the 2017 tax return which resulted in an additional deferred tax liability to be adjusted as a result of the TCJA. A favorable adjustment, net of the $0.3 million unfavorable impact to the 2017 Domestic Production deduction, favorably impacted the third quarter and year-to-date effective tax rate by 2.9% and 1.4%, respectively. The income tax expense in the third quarter and first nine months of 2018 was favorably impacted by return to provision true-ups decreasing the third quarter and year-to-date effective tax rate by 1.4% and 0.7%, respectively. In 2017, the Company elected to adopt Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting 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 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	9 Months Ended
	Jun. 30, 2018
Equity [Abstract]
SHAREHOLDERS' EQUITY	10. SHAREHOLDERS’ EQUITY The change in shareholders’ equity for the first nine months of 2018 is shown below (in thousands): Balance at September 30, 2017 $ 671,918 Net earnings 63,684 Other comprehensive (loss) (2,647 ) Cash dividends (6,205 ) Stock compensation plans 504 Balance at June 30, 2018 $ 727,254

RETIREMENT PLANS

RETIREMENT PLANS	9 Months Ended
	Jun. 30, 2018
Retirement Benefits [Abstract]
RETIREMENT PLANS	11. RETIREMENT 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 Ended June 30, Nine Months Ended June 30, (In thousands) 2018 2017 2018 2017 Defined benefit plans Interest cost $ 821 737 2,461 2,438 Expected return on assets (975 ) (942 ) (2,924 ) (2,978 ) Amortization of: Prior service cost - - - 3 Actuarial loss 548 683 1,644 1,871 Net periodic benefit cost $ 394 478 1,181 1,334

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Jun. 30, 2018
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. During the first quarter of 2018, the Company entered into three interest rate swaps with a notional amount of $150 million to hedge some of its exposure to variability in future LIBOR-based interest payments on variable rate debt. In addition, the Company’s Canadian subsidiary Morgan Schaffer enters into foreign exchange contracts to manage foreign currency risk as a portion of their revenue is denominated in U.S. dollars. The Company expects hedging gains or losses to be essentially offset by losses or gains on the related underlying exposures. All derivative instruments are reported in either accrued expenses or other receivables on the balance sheet at fair value. For derivative instruments designated as cash flow hedges, the gain or loss on the derivative is deferred in accumulated other comprehensive income until recognized in earnings with the underlying hedged item. The interest rate swaps entered into during the first quarter of 2018 were not designated as cash flow hedges and, therefore, the gain or loss on the derivative is reflected in earnings each period. The following is a summary of the notional transaction amounts and fair values for the Company’s outstanding derivative financial instruments by risk category and instrument type as of June 30, 2018: (In thousands) Notional amount Fair Value (US$) Float Rate Fix Rate Forward contracts 700 GBP (80 ) Forward contracts 9,250 USD (199 ) Forward contracts 600 EUR 10 Interest rate swap 150,000 USD 227 2.09 % 1.80 % Interest rate swap * 150,000 USD 760 N/A 2.09 % Interest rate swap ** 150,000 USD 955 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	9 Months Ended
	Jun. 30, 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 June 30, 2018 and September 30, 2017 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 The Company’s forward contracts and interest rate swaps are classified within Level 2 of the valuation hierarchy in accordance with FASB Accounting Standards Codification (ASC) 825, as presented below as of June 30, 2018: (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Forward contracts and interest rate swaps $ - 1,673 $ - 1,673 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 nine-month periods ended June 30, 2018.

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS	9 Months Ended
	Jun. 30, 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 the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures.

EARNINGS PER SHARE (EPS) (Table

EARNINGS PER SHARE (EPS) (Tables)	9 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands): Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Weighted Average Shares Outstanding - Basic 25,900 25,815 25,862 25,756 Dilutive Options and Restricted Shares 150 210 180 219 Adjusted Shares - Diluted 26,050 26,025 26,042 25,975

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Schedule Of Inventories	Inventories consist of the following: (In thousands) June 30, 2018 September 30, 2017 Finished goods $ 30,960 28,127 Work in process 57,155 43,750 Raw materials 57,481 52,638 Total inventories $ 145,596 124,515

GOODWILL AND OTHER INTANGIBLE23

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Included on the Company’s Consolidated Balance Sheets at June 30, 2018 and September 30, 2017 are the following intangible assets gross carrying amounts and accumulated amortization: (Dollars in thousands) June 30 2018 September 30, 2017 Goodwill $ 381,420 377,879 Intangible assets with determinable lives: Patents Gross carrying amount $ 973 928 Less: accumulated amortization 773 750 Net $ 200 178 Capitalized software Gross carrying amount $ 68,876 63,007 Less: accumulated amortization 39,757 34,382 Net $ 29,119 28,625 Customer relationships Gross carrying amount $ 185,055 181,891 Less: accumulated amortization 45,066 37,364 Net $ 139,989 144,527 Other Gross carrying amount $ 5,316 5,373 Less: accumulated amortization 1,899 1,383 Net $ 3,417 3,990 Intangible assets with indefinite lives: Trade names $ 173,149 173,813
Schedule of Goodwill	The changes in the carrying amount of goodwill attributable to each business segment for the nine months ended June 30, 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 3.8 - - - 3.8 Foreign currency translation (0.1 ) - - (0.2 ) (0.3 ) Balance as of June 30, 2018 $ 253.9 34.1 73.7 19.7 381.4

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Jun. 30, 2018
Segment Reporting, Measurement Disclosures [Abstract]
Schedule Of Net Sales And Earnings Before Income Tax	Management evaluates and measures the performance of its reportable segments based on “Net Sales” and “EBIT”, which are detailed in the table below. EBIT is defined as earnings before interest and taxes. Three Months Ended June 30, Nine Months Ended June 30, (In thousands) 2018 2017 2018 2017 NET SALES Filtration $ 69,721 71,179 195,531 198,869 Test 45,034 37,544 123,368 109,738 USG 55,489 42,059 157,942 110,287 Technical Packaging 21,979 20,407 63,655 59,841 Consolidated totals $ 192,223 171,189 540,496 478,735 EBIT Filtration $ 14,292 11,945 35,056 34,296 Test 5,902 4,885 13,797 11,076 USG 11,528 8,477 27,805 25,585 Technical Packaging 2,505 2,433 5,355 5,660 Corporate (loss) (8,668 ) (9,105 ) (25,848 ) (23,499 ) Consolidated EBIT 25,559 18,635 56,165 53,118 Less: Interest expense (2,243 ) (1,213 ) (6,464 ) (2,752 ) Earnings before income taxes $ 23,316 17,422 49,701 50,366

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Jun. 30, 2018
Long-term Debt, Unclassified [Abstract]
Schedule Of Debt	The Company’s debt is summarized as follows: (In thousands) June 30, 2018 September 30, 2017 Total borrowings $ 262,000 275,000 Short-term borrowings and current portion of long-term debt (20,000 ) (20,000 ) Total long-term debt, less current portion $ 242,000 255,000

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule Of Change In Equity	The change in shareholders’ equity for the first nine months of 2018 is shown below (in thousands): Balance at September 30, 2017 $ 671,918 Net earnings 63,684 Other comprehensive (loss) (2,647 ) Cash dividends (6,205 ) Stock compensation plans 504 Balance at June 30, 2018 $ 727,254

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	9 Months Ended
	Jun. 30, 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 Ended June 30, Nine Months Ended June 30, (In thousands) 2018 2017 2018 2017 Defined benefit plans Interest cost $ 821 737 2,461 2,438 Expected return on assets (975 ) (942 ) (2,924 ) (2,978 ) Amortization of: Prior service cost - - - 3 Actuarial loss 548 683 1,644 1,871 Net periodic benefit cost $ 394 478 1,181 1,334

DERIVATIVE FINANCIAL INSTRUME28

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Jun. 30, 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 June 30, 2018: (In thousands) Notional amount Fair Value (US$) Float Rate Fix Rate Forward contracts 700 GBP (80 ) Forward contracts 9,250 USD (199 ) Forward contracts 600 EUR 10 Interest rate swap 150,000 USD 227 2.09 % 1.80 % Interest rate swap * 150,000 USD 760 N/A 2.09 % Interest rate swap ** 150,000 USD 955 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)	9 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The Company’s forward contracts and interest rate swaps are classified within Level 2 of the valuation hierarchy in accordance with FASB Accounting Standards Codification (ASC) 825, as presented below as of June 30, 2018: (In thousands) Level 1 Level 2 Level 3 Total Assets (Liabilities): Forward contracts and interest rate swaps $ - 1,673 $ - 1,673

ACQUISITION (Narrative) (Detail

ACQUISITION (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 14, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017
Business Acquisition [Line Items]
Goodwill		$ 381,420		$ 381,420		$ 377,879
Revenues		$ 192,223	$ 171,189	$ 540,496	$ 478,735
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
Revenues	8,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	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	$ 3,500

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		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earning Per Share [Line Items]
Weighted Average Shares Outstanding - Basic	25,900	25,815	25,862	25,756
Dilutive Options and Restricted Shares	150	210	180	219
Adjusted Shares - Diluted	26,050	26,025	26,042	25,975

SHARE-BASED COMPENSATION (Narra

SHARE-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation cost	$ 1.2	$ 1.3	$ 3.9	$ 4.1
Performance-Accelerated Restricted Share (PARS) Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	$ 0.9	1	$ 3.1	3.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	316,544		316,544
Non-Employee Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total income tax benefit recognized	$ 0.2	1.2	$ 0.9	2.2
Pretax compensation expense	0.3	$ 0.3	0.8	$ 0.8
Total unrecognized compensation cost related to share-based compensation arrangements	$ 8.9		$ 8.9
Remaining weighted-average period for recognition of total unrecognized compensation cost			2 years 1 month 6 days

INVENTORIES (Schedule Of Invent

INVENTORIES (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Inventory [Line Items]
Finished goods	$ 30,960	$ 28,127
Work in process	57,155	43,750
Raw materials	57,481	52,638
Total inventories	$ 145,596	$ 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	Jun. 30, 2018	Sep. 30, 2017
Goodwill and Other Intangible Assets [Line Items]
Goodwill	$ 381,420	$ 377,879
Less: accumulated amortization	87,494	73,879
Patents [Member]
Goodwill and Other Intangible Assets [Line Items]
Gross carrying amount	973	928
Less: accumulated amortization	773	750
Net	200	178
Capitalized software [Member]
Goodwill and Other Intangible Assets [Line Items]
Gross carrying amount	68,876	63,007
Less: accumulated amortization	39,757	34,382
Net	29,119	28,625
Customer relationships [Member]
Goodwill and Other Intangible Assets [Line Items]
Gross carrying amount	185,055	181,891
Less: accumulated amortization	45,066	37,364
Net	139,989	144,527
Other [Member]
Goodwill and Other Intangible Assets [Line Items]
Gross carrying amount	5,316	5,373
Less: accumulated amortization	1,899	1,383
Net	3,417	3,990
Trade names [Member]
Goodwill and Other Intangible Assets [Line Items]
Trade names	$ 173,149	$ 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	9 Months Ended
	Jun. 30, 2018USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 377,879
Acquisition activity	3,800
Foreign currency translation	(300)
Goodwill, Ending Balance	381,420
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 Group [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	250,200
Acquisition activity	3,800
Foreign currency translation	(100)
Goodwill, Ending Balance	253,900
Technical Packaging [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	19,900
Acquisition activity	0
Foreign currency translation	(200)
Goodwill, Ending Balance	$ 19,700

BUSINESS SEGMENT INFORMATION (S

BUSINESS SEGMENT INFORMATION (Schedule Of Net Sales And Earnings Before Income Tax) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Consolidated NET SALES	$ 192,223	$ 171,189	$ 540,496	$ 478,735
Consolidated EBIT	25,559	18,635	56,165	53,118
Less: Interest expense	(2,243)	(1,213)	(6,464)	(2,752)
Earnings before income taxes	23,316	17,422	49,701	50,366
Filtration [Member]
Segment Reporting Information [Line Items]
Consolidated NET SALES	69,721	71,179	195,531	198,869
Consolidated EBIT	14,292	11,945	35,056	34,296
Test [Member]
Segment Reporting Information [Line Items]
Consolidated NET SALES	45,034	37,544	123,368	109,738
Consolidated EBIT	5,902	4,885	13,797	11,076
Utility Solutions Group [Member]
Segment Reporting Information [Line Items]
Consolidated NET SALES	55,489	42,059	157,942	110,287
Consolidated EBIT	11,528	8,477	27,805	25,585
Technical Packaging [Member]
Segment Reporting Information [Line Items]
Consolidated NET SALES	21,979	20,407	63,655	59,841
Consolidated EBIT	2,505	2,433	5,355	5,660
Corporate (loss) [Member]
Segment Reporting Information [Line Items]
Consolidated EBIT	$ (8,668)	$ (9,105)	$ (25,848)	$ (23,499)

DEBT (Schedule Of Debt) (Detail

DEBT (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Total borrowings	$ 262,000	$ 275,000
Short-term borrowings and current portion of long-term debt	(20,000)	(20,000)
Total long-term debt, less current portion	$ 242,000	$ 255,000

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Debt Instrument [Line Items]
Available to borrow under the credit facility	$ 180,000		$ 180,000
Cash on hand	43,259	$ 48,521	$ 43,259	$ 48,521	$ 45,516	$ 53,825
Percentage of foreign subsidiaries' share equity			65.00%
Letters of Credit Outstanding, Amount	8,300		$ 8,300
Line of Credit Facility, Amount Outstanding	$ 262,000		$ 262,000
Weighted average interest rates	3.17%	2.11%	2.97%	1.90%
Long-term Debt, Current Maturities	$ 20,000		$ 20,000		$ 20,000
Maximum [Member]
Debt Instrument [Line Items]
Incremental term loan	250,000		$ 250,000
Credit facility fees			27.50%
Minimum [Member]
Debt Instrument [Line Items]
Credit facility fees			12.50%
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

INCOME TAX EXPENSE (Narrative)

INCOME TAX EXPENSE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended	9 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016	Mar. 31, 2018	Jun. 30, 2018	Jun. 30, 2017
Income Tax Expense [Line Items]
Effective Income Tax Rate Reconciliation, Percent	18.40%			27.40%			(28.10%)	31.40%
Income Tax Expense (Benefit)	$ 4,297			$ 4,777			$ (13,983)	$ 15,837
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	400	$ 1,000	$ 30,300
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent			1.50%				61.70%
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Amount	$ 500	$ 700	$ 2,900				$ 4,100
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount			$ 2,300
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	2.10%	4.70%					8.20%
Effective Income Tax Rate Reconciliation, Deduction, Amount	$ 300					$ 300
Effective Income Tax Rate Reconciliation, Deduction, Percent	2.90%					1.60%	1.40%
Additional Pension Contribution to be Made	$ 7,500						$ 7,500
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	1.40%						0.70%
Effective Income Tax Rate Reconciliation, Share-based Compensation, Excess Tax Benefit, Percent	1.90%			5.20%			0.90%	1.80%
Tax Cuts and Jobs Act [Member]
Income Tax Expense [Line Items]
Income Tax Expense (Benefit)	$ 100						$ 24,300

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule Of Change In Equity) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Balance			$ 671,918
Net earnings	$ 19,019	$ 12,645	63,684	$ 34,529
Other comprehensive (loss)	(6,927)	$ 4,877	(2,647)	$ 2,958
Cash dividends			(6,205)
Stock compensation plans			504
Ending Balance	$ 727,254		$ 727,254

RETIREMENT PLANS (Schedule Of C

RETIREMENT PLANS (Schedule Of Components Of Net Periodic Benefit Cost For Plans) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Defined benefit plans
Interest cost	$ 821	$ 737	$ 2,461	$ 2,438
Expected return on assets	(975)	(942)	(2,924)	(2,978)
Amortization of Prior service cost	0	0	0	3
Actuarial loss	548	683	1,644	1,871
Net periodic benefit cost	$ 394	$ 478	$ 1,181	$ 1,334

DERIVATIVE FINANCIAL INSTRUME42

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Outstanding Derivative Financial Instruments) (Details) € in Thousands, £ in Thousands, $ in Thousands	Jun. 30, 2018USD ($)		Jun. 30, 2018GBP (£)		Jun. 30, 2018EUR (€)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional amount	$ 150,000
Fair Value	$ 227
Float Rate	2.09%		2.09%		2.09%
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	$ 760	[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	$ 955	[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 | £			£ (80)
Forward Contracts One [Member]
Derivatives, Fair Value [Line Items]
Notional amount	$ 9,250
Fair Value	$ (199)
Forward Contracts Two [Member]
Derivatives, Fair Value [Line Items]
Notional amount | €					€ 600
Fair Value | €					€ 10
[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	Jun. 30, 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] - Interest Rate Swap [Member] $ in Thousands	Jun. 30, 2018USD ($)
Derivative [Line Items]
Fair Value of Financial Instruments	$ 1,673
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	1,673
Fair Value, Inputs, Level 3 [Member]
Derivative [Line Items]
Fair Value of Financial Instruments	$ 0