ESCO (ESE) 10-Q 9 Aug 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-10596
Entity Registrant Name	ESCO TECHNOLOGIES INC.
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	43-1554045
Entity Address, Address Line One	9900A CLAYTON ROAD
Entity Address, Postal Zip Code	63124-1186
Entity Address, City or Town	ST. LOUIS
Entity Address, State or Province	MO
City Area Code	314
Local Phone Number	213-7200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ESE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,782,563
Entity Central Index Key	0000866706
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 248,749	$ 219,066	$ 683,386	$ 601,004
Costs and expenses:
Cost of sales	147,274	134,454	415,953	371,134
Selling, general and administrative expenses	55,376	47,479	160,555	142,073
Amortization of intangible assets	7,132	6,406	21,023	19,383
Interest expense, net	2,495	1,331	6,422	3,084
Other expenses (income), net	966	(106)	1,678	(677)
Total costs and expenses	213,243	189,564	605,631	534,997
Earnings before income taxes	35,506	29,502	77,755	66,007
Income tax expense	7,563	6,329	17,207	14,727
Net earnings	$ 27,943	$ 23,173	$ 60,548	$ 51,280
Earnings per share:
Basic - Net earnings	$ 1.08	$ 0.90	$ 2.35	$ 1.98
Diluted - Net earnings	$ 1.08	$ 0.89	$ 2.34	$ 1.97

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ 27,943	$ 23,173	$ 60,548	$ 51,280
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(821)	(11,905)	12,926	(17,216)
Total other comprehensive income (loss), net of tax	(821)	(11,905)	12,926	(17,216)
Comprehensive income	$ 27,122	$ 11,268	$ 73,474	$ 34,064

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 56,052	$ 97,724
Accounts receivable, net of allowance for credit losses of $3,112 and $2,612, respectively	192,146	164,645
Contract assets	128,284	125,154
Inventories	192,493	162,403
Other current assets	24,847	22,696
Total current assets	593,822	572,622
Property, plant and equipment, net of accumulated depreciation of $171,569 and $165,322, respectively	155,337	155,973
Intangible assets, net of accumulated amortization of $196,951 and $175,928, respectively	398,418	394,464
Goodwill	505,590	492,709
Operating lease assets	40,314	29,150
Other assets	10,028	9,538
Total assets	1,703,509	1,654,456
Current liabilities:
Current maturities of long-term debt	20,000	20,000
Accounts payable	76,761	78,746
Contract liabilities	122,526	125,009
Accrued salaries	38,428	40,572
Accrued other expenses	51,236	53,802
Total current liabilities	308,951	318,129
Deferred tax liabilities	78,585	82,023
Non-current operating lease liabilities	36,815	24,853
Other liabilities	44,115	48,294
Long-term debt	128,000	133,000
Total liabilities	596,466	606,299
Shareholders' equity:
Preferred stock, par value $.01 per share, authorized 10,000,000 shares
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,751,449 and 30,707,748 shares, respectively	308	307
Additional paid-in capital	305,555	301,553
Retained earnings	959,381	905,022
Accumulated other comprehensive loss, net of tax	(18,839)	(31,764)
Total stockholders' equity before treasury stock	1,246,405	1,175,118
Less treasury stock, at cost: 4,995,414 and 4,854,997 common shares, respectively	(139,362)	(126,961)
Total shareholders' equity	1,107,043	1,048,157
Total liabilities and shareholders' equity	$ 1,703,509	$ 1,654,456

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Net of allowance for credit losses	$ 3,112	$ 2,612
Net of accumulated depreciation	171,569	165,322
Net of accumulated amortization	$ 196,951	$ 175,928
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	30,751,449	30,707,748
Treasury stock, shares	4,995,414	4,854,997

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings	$ 60,548	$ 51,280
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	37,699	36,247
Stock compensation expense	7,007	5,318
Changes in assets and liabilities	(72,346)	(60,172)
Effect of deferred taxes	(3,706)	9,020
Net cash provided by operating activities	29,202	41,693
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(17,694)	(15,592)
Additions to capitalized software and other	(9,263)	(9,359)
Capital expenditures	(16,993)	(25,893)
Net cash used by investing activities	(43,950)	(50,844)
Cash flows from financing activities:
Proceeds from long-term debt and short-term borrowings	88,000	111,000
Principal payments on long-term debt and short-term borrowings	(93,000)	(64,000)
Purchases of common stock into treasury	(12,401)	(19,878)
Dividends paid	(6,189)	(6,219)
Other	(2,557)	(2,787)
Net cash (used) provided by financing activities	(26,147)	18,116
Effect of exchange rate changes on cash and cash equivalents	(777)	(4,178)
Net (decrease) increase in cash and cash equivalents	(41,672)	4,787
Cash and cash equivalents, beginning of period	97,724	56,232
Cash and cash equivalents, end of period	56,052	61,019
Supplemental cash flow information:
Interest paid	5,564	1,685
Income taxes paid (including state and foreign)	$ 18,313	$ 5,574

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Jun. 30, 2023
BASIS OF PRESENTATION
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). The Company’s results for the three-month period ended June 30, 2023 are not necessarily indicative of the results for the entire 2023 fiscal year. References to the third quarters of 2023 and 2022 represent the fiscal quarters ended June 30, 2023 and 2022, 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.

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)	9 Months Ended
	Jun. 30, 2023
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS)	2. 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 ​ Nine Months ​ ​ Ended June 30, ​ Ended June 30, ​ 2023 2022 2023 2022 Weighted Average Shares Outstanding — Basic 25,757 25,856 ​ 25,808 25,959 Dilutive Restricted Shares ​ 70 ​ 94 ​ 82 ​ 91 Adjusted Shares — Diluted 25,827 25,950 ​ 25,890 26,050 ​

ACQUISITION

ACQUISITION	9 Months Ended
	Jun. 30, 2023
ACQUISITION
ACQUISITION	3. ACQUISITION On February 1, 2023, the Company acquired CMT Materials, LLC and its affiliate Engineered Syntactic Systems, LLC (CMT) for a purchase price of approximately $18 million, net of cash acquired. CMT, based in Attleboro, Massachusetts, is a supplier of syntactic materials for buoyancy and specialty applications. Since the date of acquisition, the operating results for the CMT business have been included as part of Globe in the A&D segment. The acquisition date fair value of the assets acquired and liabilities assumed primarily were as follows: approximately $1.7 million of accounts receivable, $3.0 million of inventory, $1.3 million of property, plant and equipment, $1.2 million of accounts payable and accrued expenses, $7.3 million of identifiable intangible assets, mainly consisting of customer relationships totaling $6.2 million. The acquired goodwill of $5.6 million related to excess value associated with opportunities to expand the services and products that the Company can offer to its customers. The Company anticipates that the goodwill will be deductible for tax purposes. The Company received a $0.2 million working capital settlement during the third quarter of 2023.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Jun. 30, 2023
SHARE-BASED COMPENSATION
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 and/or time-vested restricted stock unit awards, and to non-employee directors under a non-employee directors compensation plan. Performance-Accelerated Restricted Stock Unit (PARS) Awards and Time-Vested Restricted Stock Unit (RSU) Awards Compensation expense related to the PARS/RSU awards was $1.4 million and $6.0 million for the three and nine-month periods ended June 30, 2023, respectively, and $1.6 million and $4.4 million for the corresponding periods in 2022. As of June 30, 2023, there were 196,648 unvested stock units outstanding. Non-Employee Directors Plan Compensation expense related to the non-employee director grants was $0.3 million and $1.0 million for the three and nine-month periods ended June 30, 2023, respectively, and $0.3 million and $0.9 million for the corresponding periods in 2022. 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 $1.7 million and $7.0 million for the three and nine-month periods ended June 30, 2023, respectively, and $1.9 million and $5.3 million for the corresponding periods in 2022. 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, 2023, respectively, and $0.4 million and $1.0 million for the corresponding periods in 2022. As of June 30, 2023, there was $10.7 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a remaining weighted-average period of 1.8 years.

INVENTORIES

INVENTORIES	9 Months Ended
	Jun. 30, 2023
INVENTORIES
INVENTORIES	5. INVENTORIES Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, (In thousands) 2023 2022 Finished goods ​ $ 37,082 32,471 Work in process ​ 48,579 38,492 Raw materials ​ 106,832 91,440 Total inventories ​ $ 192,493 162,403 ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS Included on the Company’s Consolidated Balance Sheets at June 30, 2023 and September 30, 2022 are the following intangible assets gross carrying amounts and accumulated amortization: ​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, (Dollars in thousands) 2023 2022 Goodwill ​ $ 505,590 492,709 ​ ​ ​ ​ ​ Intangible assets with determinable lives: ​ ​ ​ ​ Patents ​ ​ ​ ​ Gross carrying amount ​ $ 2,433 ​ 2,353 Less: accumulated amortization ​ 1,186 ​ 1,091 Net ​ $ 1,247 ​ 1,262 ​ ​ ​ ​ ​ Capitalized software ​ ​ ​ ​ Gross carrying amount ​ $ 118,529 ​ 106,583 Less: accumulated amortization ​ 77,308 ​ 70,476 Net ​ $ 41,221 ​ 36,107 ​ ​ ​ ​ ​ Customer relationships ​ ​ ​ ​ Gross carrying amount ​ $ 298,110 ​ 287,447 Less: accumulated amortization ​ 109,186 ​ 96,921 Net ​ $ 188,924 ​ 190,526 ​ ​ ​ ​ ​ Other ​ ​ ​ ​ Gross carrying amount ​ $ 14,345 ​ 13,985 Less: accumulated amortization ​ 9,271 ​ 7,440 Net ​ $ 5,074 ​ 6,545 Intangible assets with indefinite lives: ​ ​ ​ ​ Trade names ​ $ 161,952 ​ 160,024 ​ The changes in the carrying amount of goodwill attributable to each business segment for the nine months ended June 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ ​ (Dollars in millions) USG Test & Defense Total Balance as of September 30, 2022 ​ $ 348.7 ​ 34.0 110.0 492.7 Acquisition activity and adjustments ​ ​ — ​ ​ — ​ 5.6 ​ 5.6 Foreign currency translation ​ ​ 7.3 ​ ​ — ​ — ​ 7.3 Balance as of June 30, 2023 ​ $ 356.0 ​ ​ 34.0 ​ 115.6 ​ 505.6 ​

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION	9 Months Ended
	Jun. 30, 2023
BUSINESS SEGMENT INFORMATION
BUSINESS SEGMENT INFORMATION	7. BUSINESS SEGMENT INFORMATION The Company is organized based on the products and services that it offers and classifies its continuing business operations in three reportable segments for financial reporting purposes: Aerospace & Defense, Utility Solutions Group (USG), and RF Shielding and Test (Test). The Aerospace & Defense segment’s operations consist of PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair), Mayday Manufacturing Co. (Mayday), Globe Composite Solutions, LLC (Globe) and Westland Technologies Inc. (Westland). The companies within this segment primarily design and manufacture specialty filtration, fluid control and naval products, including hydraulic filter elements and fluid control devices used in aerospace and defense applications; unique filter mechanisms used in micro-propulsion devices for satellites, custom designed filters for manned aircraft and submarines; products and systems to reduce vibration and/or acoustic signatures and otherwise reduce or obscure a vessel’s signature, and other communications, sealing, surface control and hydrodynamic related applications to enhance U.S. Navy maritime survivability; precision-tolerance machined components for the aerospace and defense industry; and metal processing services. The USG segment’s operations consist primarily of Doble Engineering Company and related subsidiaries including Morgan Schaffer and Altanova (collectively, Doble), and NRG Systems, Inc. (NRG). Doble is an industry leader in the development, manufacture and delivery of diagnostic testing solutions that enable electric power grid operators to assess the integrity of high voltage power delivery equipment. It combines three core elements for customers – diagnostic test and condition monitoring instruments, expert consulting, and testing services – and provides access to its large reserve of related empirical knowledge. NRG is a global market leader in the design and manufacture of decision support tools for the renewable energy industry, primarily wind and solar. The Test segment’s operations consist primarily of ETS-Lindgren Inc. and related subsidiaries (ETS-Lindgren). ETS-Lindgren is an industry leader in designing and manufacturing products which provide its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. ETS-Lindgren also manufactures radio frequency shielding products and components used by manufacturers of medical equipment, communications systems, electronic products, and shielded rooms for high-security data processing and secure communication. 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 ​ Nine Months ​ ​ Ended June 30, ​ Ended June 30, (In thousands) 2023 2022 2023 2022 NET SALES ​ ​ ​ ​ ​ Aerospace & Defense ​ $ 103,469 ​ 92,606 ​ 285,434 ​ 247,671 USG ​ ​ 89,966 ​ 67,201 ​ 240,172 ​ 194,877 Test ​ ​ 55,314 ​ 59,259 ​ 157,780 ​ 158,456 Consolidated totals ​ $ 248,749 ​ 219,066 ​ 683,386 ​ 601,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EBIT ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace & Defense ​ $ 21,665 ​ 20,738 ​ 52,996 ​ 45,042 USG ​ ​ 20,351 ​ 13,135 ​ 50,543 ​ 37,840 Test ​ ​ 8,643 ​ 8,354 ​ 21,280 ​ 20,813 Corporate (loss) ​ ​ (12,658) ​ (11,394) ​ (40,642) ​ (34,604) Consolidated EBIT ​ ​ 38,001 ​ 30,833 ​ 84,177 ​ 69,091 Less: Interest expense ​ ​ (2,495) ​ (1,331) ​ (6,422) ​ (3,084) Earnings before income taxes ​ $ 35,506 ​ 29,502 ​ 77,755 ​ 66,007 ​ 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, 2023
DEBT
DEBT	8. DEBT The Company’s debt is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, (In thousands) 2023 2022 Total borrowings ​ $ 148,000 153,000 Current portion of long-term debt ​ (20,000) (20,000) Total long-term debt, less current portion ​ $ 128,000 133,000 ​ The Credit Facility includes a $500 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 eight banks led by JP Morgan Chase Bank, N.A., as Administrative Agent. The Credit Facility matures September 27, 2024, with balance due by this date. At June 30, 2023, the Company had approximately $345 million available to borrow under the Credit Facility, plus the $250 million increase option, subject to lenders’ consent, in addition to $56.1 million cash on hand. The Company classified $20 million as the current portion of long-term debt as of June 30, 2023, as the Company intends to repay this amount within the next twelve months; however, the Company has no contractual obligation to repay such amount during the next twelve months. The letters of credit issued and outstanding under the Credit Facility totaled $7.4 million at June 30, 2023. Interest on borrowings under the Credit Facility is calculated at a spread over either the Standard Overnight Financing Rate (SOFR) or the prime rate depending on various factors. The Credit Facility also requires a facility fee ranging from 10 to 25 basis points per annum on the unused portion. The interest rate spreads on the facility and the facility fee are subject to increase or decrease depending on the Company’s leverage ratio. The weighted average interest rates were

INCOME TAX EXPENSE

INCOME TAX EXPENSE	9 Months Ended
	Jun. 30, 2023
INCOME TAX EXPENSE
INCOME TAX EXPENSE	9. INCOME TAX EXPENSE The third quarter 2023 effective income tax rate was 21.3% compared to 21.5% in the third quarter of 2022. The effective income tax rate in the first nine months of 2023 was 22.1% compared to 22.3% for the first nine months of 2022. The income tax expense in the third quarter and first nine months of 2023 was favorably impacted by tax return to provision true-ups related to the federal research and development tax credit, decreasing the third quarter and year-to-date rate by 0.9% and 0.4%, respectively. ​ The income tax expense in the third quarter and first nine months of 2022 was favorably impacted by tax return to provision true-ups on U.S. tax on the distribution of foreign earnings, and the re-rating of deferred taxes as a result of a Vermont law change, decreasing the third quarter and year-to-date effective tax rate by 1.6% and 0.7%, respectively.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Jun. 30, 2023
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	10. SHAREHOLDERS’ EQUITY The change in shareholders’ equity for the first three and nine months of 2023 and 2022 is shown below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ 2023 2022 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ 308 ​ 307 ​ 307 ​ 307 Stock plans ​ ​ — ​ — ​ 1 ​ — Ending balance ​ ​ 308 ​ 307 ​ 308 ​ 307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in-capital ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ 304,184 ​ 298,353 ​ 301,553 ​ 297,644 Stock plans ​ ​ 1,371 ​ 1,510 ​ 4,002 ​ 2,219 Ending balance ​ ​ 305,555 ​ 299,863 ​ 305,555 ​ 299,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retained earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ 933,499 ​ 854,946 ​ 905,022 ​ 830,989 Net earnings ​ ​ 27,943 ​ 23,173 ​ 60,548 ​ 51,280 Dividends paid ​ ​ (2,061) ​ (2,069) ​ (6,189) ​ (6,219) Ending balance ​ ​ 959,381 ​ 876,050 ​ 959,381 ​ 876,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ (18,018) ​ (7,472) ​ (31,764) ​ (2,161) Foreign currency translation ​ ​ (821) ​ (11,905) ​ 12,925 ​ (17,216) Ending balance ​ ​ (18,839) ​ (19,377) ​ (18,839) ​ (19,377) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Treasury stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ (139,178) ​ (124,961) ​ (126,961) ​ (107,083) Share repurchases ​ ​ (184) ​ (2,000) ​ (12,401) ​ (19,878) Ending balance ​ ​ (139,362) ​ (126,961) ​ (139,362) ​ (126,961) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total equity ​ ​ 1,107,043 ​ 1,029,882 ​ 1,107,043 ​ 1,029,882 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	11. 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, 2023 and September 30, 2022 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables, and other current assets and liabilities approximate fair value because of the short maturity of those instruments. 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, and are immaterial. 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, 2023.

REVENUES

REVENUES	9 Months Ended
	Jun. 30, 2023
REVENUES
REVENUES	12. REVENUES Disaggregation of Revenues Revenues by customer type, geographic location, and revenue recognition method for the three and nine-month periods ended June 30, 2023 are presented in the tables below as the Company deems it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The tables below also include a reconciliation of the disaggregated revenue within each reportable segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2023 ​ Aerospace ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) & Defense USG Test Total Customer type: ​ ​ ​ ​ Commercial ​ $ 51,303 ​ $ 88,442 ​ $ 48,407 ​ $ 188,152 Government ​ 52,166 ​ 1,524 ​ 6,907 ​ 60,597 Total revenues ​ $ 103,469 ​ $ 89,966 ​ $ 55,314 ​ $ 248,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 86,031 ​ $ 55,011 ​ $ 32,246 ​ $ 173,288 International ​ 17,438 ​ 34,955 ​ 23,068 ​ 75,461 Total revenues ​ $ 103,469 ​ $ 89,966 ​ $ 55,314 ​ $ 248,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognition method: ​ ​ ​ ​ ​ ​ ​ ​ Point in time ​ $ 48,496 ​ $ 74,128 ​ $ 11,496 ​ $ 134,120 Over time ​ 54,973 ​ 15,838 ​ 43,818 ​ 114,629 Total revenues ​ $ 103,469 ​ $ 89,966 ​ $ 55,314 ​ $ 248,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended June 30, 2023 ​ Aerospace ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) & Defense USG Test Total Customer type: ​ ​ ​ ​ Commercial $ 136,271 ​ $ 236,715 ​ $ 137,587 ​ $ 510,573 Government ​ ​ 149,163 ​ 3,457 ​ 20,193 ​ 172,813 Total revenues $ 285,434 ​ $ 240,172 ​ $ 157,780 ​ $ 683,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ ​ ​ ​ United States $ 237,481 ​ $ 154,410 ​ $ 87,253 ​ $ 479,144 International ​ ​ 47,953 ​ 85,762 ​ 70,527 ​ 204,242 Total revenues $ 285,434 ​ $ 240,172 ​ $ 157,780 ​ $ 683,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognition method: ​ ​ ​ ​ ​ ​ ​ ​ ​ Point in time $ 129,355 ​ $ 194,240 ​ $ 32,565 ​ $ 356,160 Over time ​ ​ 156,079 ​ 45,932 ​ 125,215 ​ 327,226 Total revenues $ 285,434 ​ $ 240,172 ​ $ 157,780 ​ $ 683,386 ​ Revenues by customer type, geographic location, and revenue recognition method for the three and nine-month periods ended June 30, 2022 are presented in the tables below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2022 ​ Aerospace ​ ​ ​ ​ ​ ​ (In thousands) & Defense USG Test Total Customer type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ $ 38,918 ​ $ 65,610 ​ $ 54,449 ​ $ 158,977 Government ​ 53,688 ​ 1,591 ​ 4,810 ​ 60,089 Total revenues ​ $ 92,606 ​ $ 67,201 ​ $ 59,259 ​ $ 219,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 79,536 ​ $ 41,822 ​ $ 34,662 ​ $ 156,020 International ​ 13,070 ​ 25,379 ​ 24,597 ​ 63,046 Total revenues ​ $ 92,606 ​ $ 67,201 ​ $ 59,259 ​ $ 219,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognition method: ​ ​ ​ ​ ​ ​ ​ ​ Point in time ​ $ 35,238 ​ $ 53,656 ​ $ 15,827 ​ $ 104,721 Over time ​ 57,368 ​ 13,545 ​ 43,432 ​ 114,345 Total revenues ​ $ 92,606 ​ $ 67,201 ​ $ 59,259 ​ $ 219,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended June 30, 2022 ​ Aerospace ​ ​ ​ ​ ​ ​ (In thousands) & Defense USG Test Total Customer type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ $ 100,407 ​ $ 191,832 ​ $ 147,390 ​ $ 439,629 Government ​ 147,264 ​ 3,045 ​ 11,066 ​ 161,375 Total revenues ​ $ 247,671 ​ $ 194,877 ​ $ 158,456 ​ $ 601,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 212,849 ​ $ 122,021 ​ $ 88,708 ​ $ 423,578 International ​ 34,822 ​ 72,856 ​ 69,748 ​ 177,426 Total revenues ​ $ 247,671 ​ $ 194,877 ​ $ 158,456 ​ $ 601,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognition method: ​ ​ ​ ​ ​ ​ ​ ​ Point in time ​ $ 99,464 ​ $ 155,693 ​ $ 43,488 ​ $ 298,645 Over time ​ 148,207 ​ 39,184 ​ 114,968 ​ 302,359 Total revenues ​ $ 247,671 ​ $ 194,877 ​ $ 158,456 ​ $ 601,004 ​ Revenue Recognition Payment terms with our customers vary by the type and location of the customer and the products or services offered. Arrangements with customers that include payment terms extending beyond one year are not significant. The transaction price for these contracts reflects our estimate of returns and discounts, which are based on historical, current and forecasted information to determine the expected amount to which we will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Under the typical payment terms of our long term fixed price contracts, the customer pays us either performance-based or progress payments. Performance-based payments represent interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments of costs incurred as the work progresses. For our overtime revenue recognized using the output method of costs incurred, contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to one or more years, and the estimation of these costs requires judgment. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change. In addition, in the USG segment, we recognize revenue as a series of distinct services based on each day of providing services (straight-line over the contract term) for certain of our USG segment contracts. Under the typical payment terms of our service contracts, the customer pays us in advance of when services are performed. In addition, in the Test segment, we use milestones to measure progress for our Test segment contracts because it best depicts the transfer of control to the customer that occurs as we incur costs on our contracts. Remaining Performance Obligations Remaining performance obligations, which is the equivalent of backlog, represent the expected transaction price allocated to contracts that the Company expects to recognize as revenue in future periods when the Company performs under the contracts. These remaining obligations include amounts that have been formally appropriated under contracts with the U.S. Government, and exclude unexercised contract options and potential orders under ordering-type contracts such as Indefinite Delivery, Indefinite Quantity contracts. At June 30, 2023, the Company had $705.4 million in remaining performance obligations of which the Company expects to recognize revenues of approximately 79% in the next twelve months. Contract assets and liabilities Assets and liabilities related to contracts with customers are reported on a contract-by-contract basis at the end of each reporting period. Because of the timing difference of revenue recognition and customer billing, these contracts will often result in revenue recognized in excess of billings and billings in excess of costs incurred. At June 30, 2023, contract assets and liabilities totaled $128.3 million and $133.6 million, respectively. During the first nine months of 2023, the Company recognized approximately $81 million in revenues that were included in the contract liabilities balance at September 30, 2022. At September 30, 2022, contract assets and liabilities totaled $125.2 million and $137.6 million, respectively.

LEASES

LEASES	9 Months Ended
	Jun. 30, 2023
LEASES
LEASES	13. LEASES The Company determines at lease inception whether an arrangement that provides control over the use of an asset is a lease. The Company recognizes at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. The Company has elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. Certain of the Company’s leases include options to extend the term of the lease for up to 20 years. When it is reasonably certain that the Company will exercise the option, Management includes the impact of the option in the lease term for purposes of determining total future lease payments. As most of the Company’s lease agreements do not explicitly state the discount rate implicit in the lease, Management uses the Company’s incremental borrowing rate on the commencement date to calculate the present value of future payments based on the tenor of each arrangement. The Company’s leases for real estate commonly include escalating payments. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease. In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. Non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred. The Company’s leases are for office space, manufacturing facilities, and machinery and equipment. The components of lease costs are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ June 30, ​ June 30, (Dollars in thousands) 2023 2022 Finance lease cost ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 393 ​ $ 393 Interest on lease liabilities ​ 230 ​ 242 Operating lease cost ​ 1,858 ​ 1,577 Total lease costs ​ $ 2,481 ​ $ 2,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Nine Months ​ ​ Ended ​ Ended ​ ​ June 30, ​ June 30, (Dollars in thousands) 2023 2022 Finance lease cost ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 1,179 ​ $ 1,219 Interest on lease liabilities ​ 698 ​ 753 Operating lease cost ​ 5,356 ​ 4,731 Total lease costs ​ $ 7,233 ​ $ 6,703 ​ Additional information related to leases are shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended ​ ​ June 30, ​ June 30, (Dollars in thousands) ​ 2023 ​ 2022 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,792 ​ $ 1,485 Operating cash flows from finance leases ​ 230 ​ 242 Financing cash flows from finance leases ​ 334 ​ 307 Right-of-use assets obtained in exchange for operating lease liabilities ​ 402 ​ 566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Nine Months Ended ​ ​ ​ June 30, ​ June 30, ​ (Dollars in thousands) 2023 2022 ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 5,172 ​ $ 4,521 ​ Operating cash flows from finance leases ​ 698 ​ 753 ​ Financing cash flows from finance leases ​ 991 ​ 971 ​ Right-of-use assets obtained in exchange for operating lease liabilities ​ ​ 14,984 ​ ​ 1,813 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ June 30, 2022 ​ Weighted-average remaining lease term ​ ​ ​ ​ ​ Operating leases ​ 11.4 years 9.7 years Finance leases ​ 11.3 years 12.0 years Weighted-average discount rate ​ ​ ​ ​ ​ Operating leases ​ 4.42 % 3.12 % Finance leases ​ 4.62 % 4.59 % ​ The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on our Consolidated Balance Sheet on June 30, 2023: ​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Operating Finance Years Ending September 30: Leases Leases 2023 (excluding the nine months ended June 30, 2023) ​ $ 1,796 566 2024 ​ 6,458 2,315 2025 ​ 5,168 2,370 2026 ​ 4,300 2,434 2027 and thereafter ​ 36,913 18,997 Total minimum lease payments ​ 54,635 26,682 Less: amounts representing interest ​ 12,570 6,491 Present value of net minimum lease payments ​ $ 42,065 20,191 Less: current portion of lease obligations ​ 5,250 1,415 Non-current portion of lease obligations ​ ​ 36,815 18,776 ​ ​ ​ ​ ​ ​ ROU assets ​ $ 40,314 16,164 ​ Operating lease liabilities are included in the Consolidated Balance Sheet in accrued other expenses (current portion) and as a caption on the Consolidated Balance Sheet Balance Sheet ROU ROU

EARNINGS PER SHARE (EPS) (Table

EARNINGS PER SHARE (EPS) (Tables)	9 Months Ended
	Jun. 30, 2023
EARNINGS PER SHARE (EPS)
Schedule of number of shares used in the calculation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ Ended June 30, ​ Ended June 30, ​ 2023 2022 2023 2022 Weighted Average Shares Outstanding — Basic 25,757 25,856 ​ 25,808 25,959 Dilutive Restricted Shares ​ 70 ​ 94 ​ 82 ​ 91 Adjusted Shares — Diluted 25,827 25,950 ​ 25,890 26,050

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jun. 30, 2023
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, (In thousands) 2023 2022 Finished goods ​ $ 37,082 32,471 Work in process ​ 48,579 38,492 Raw materials ​ 106,832 91,440 Total inventories ​ $ 192,493 162,403

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of intangible assets gross carrying amounts and accumulated amortization	​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, (Dollars in thousands) 2023 2022 Goodwill ​ $ 505,590 492,709 ​ ​ ​ ​ ​ Intangible assets with determinable lives: ​ ​ ​ ​ Patents ​ ​ ​ ​ Gross carrying amount ​ $ 2,433 ​ 2,353 Less: accumulated amortization ​ 1,186 ​ 1,091 Net ​ $ 1,247 ​ 1,262 ​ ​ ​ ​ ​ Capitalized software ​ ​ ​ ​ Gross carrying amount ​ $ 118,529 ​ 106,583 Less: accumulated amortization ​ 77,308 ​ 70,476 Net ​ $ 41,221 ​ 36,107 ​ ​ ​ ​ ​ Customer relationships ​ ​ ​ ​ Gross carrying amount ​ $ 298,110 ​ 287,447 Less: accumulated amortization ​ 109,186 ​ 96,921 Net ​ $ 188,924 ​ 190,526 ​ ​ ​ ​ ​ Other ​ ​ ​ ​ Gross carrying amount ​ $ 14,345 ​ 13,985 Less: accumulated amortization ​ 9,271 ​ 7,440 Net ​ $ 5,074 ​ 6,545 Intangible assets with indefinite lives: ​ ​ ​ ​ Trade names ​ $ 161,952 ​ 160,024
Schedule of carrying amount of goodwill attributable to each business segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ ​ (Dollars in millions) USG Test & Defense Total Balance as of September 30, 2022 ​ $ 348.7 ​ 34.0 110.0 492.7 Acquisition activity and adjustments ​ ​ — ​ ​ — ​ 5.6 ​ 5.6 Foreign currency translation ​ ​ 7.3 ​ ​ — ​ — ​ 7.3 Balance as of June 30, 2023 ​ $ 356.0 ​ ​ 34.0 ​ 115.6 ​ 505.6

BUSINESS SEGMENT INFORMATION (T

BUSINESS SEGMENT INFORMATION (Tables)	9 Months Ended
	Jun. 30, 2023
BUSINESS SEGMENT INFORMATION
Schedule of net sales and earnings before income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ Ended June 30, ​ Ended June 30, (In thousands) 2023 2022 2023 2022 NET SALES ​ ​ ​ ​ ​ Aerospace & Defense ​ $ 103,469 ​ 92,606 ​ 285,434 ​ 247,671 USG ​ ​ 89,966 ​ 67,201 ​ 240,172 ​ 194,877 Test ​ ​ 55,314 ​ 59,259 ​ 157,780 ​ 158,456 Consolidated totals ​ $ 248,749 ​ 219,066 ​ 683,386 ​ 601,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EBIT ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace & Defense ​ $ 21,665 ​ 20,738 ​ 52,996 ​ 45,042 USG ​ ​ 20,351 ​ 13,135 ​ 50,543 ​ 37,840 Test ​ ​ 8,643 ​ 8,354 ​ 21,280 ​ 20,813 Corporate (loss) ​ ​ (12,658) ​ (11,394) ​ (40,642) ​ (34,604) Consolidated EBIT ​ ​ 38,001 ​ 30,833 ​ 84,177 ​ 69,091 Less: Interest expense ​ ​ (2,495) ​ (1,331) ​ (6,422) ​ (3,084) Earnings before income taxes ​ $ 35,506 ​ 29,502 ​ 77,755 ​ 66,007 ​

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Jun. 30, 2023
DEBT
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, (In thousands) 2023 2022 Total borrowings ​ $ 148,000 153,000 Current portion of long-term debt ​ (20,000) (20,000) Total long-term debt, less current portion ​ $ 128,000 133,000

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Jun. 30, 2023
SHAREHOLDERS' EQUITY
Schedule of change in shareholders' equity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ 2023 2022 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ 308 ​ 307 ​ 307 ​ 307 Stock plans ​ ​ — ​ — ​ 1 ​ — Ending balance ​ ​ 308 ​ 307 ​ 308 ​ 307 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional paid-in-capital ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ 304,184 ​ 298,353 ​ 301,553 ​ 297,644 Stock plans ​ ​ 1,371 ​ 1,510 ​ 4,002 ​ 2,219 Ending balance ​ ​ 305,555 ​ 299,863 ​ 305,555 ​ 299,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retained earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ 933,499 ​ 854,946 ​ 905,022 ​ 830,989 Net earnings ​ ​ 27,943 ​ 23,173 ​ 60,548 ​ 51,280 Dividends paid ​ ​ (2,061) ​ (2,069) ​ (6,189) ​ (6,219) Ending balance ​ ​ 959,381 ​ 876,050 ​ 959,381 ​ 876,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ (18,018) ​ (7,472) ​ (31,764) ​ (2,161) Foreign currency translation ​ ​ (821) ​ (11,905) ​ 12,925 ​ (17,216) Ending balance ​ ​ (18,839) ​ (19,377) ​ (18,839) ​ (19,377) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Treasury stock ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ (139,178) ​ (124,961) ​ (126,961) ​ (107,083) Share repurchases ​ ​ (184) ​ (2,000) ​ (12,401) ​ (19,878) Ending balance ​ ​ (139,362) ​ (126,961) ​ (139,362) ​ (126,961) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total equity ​ ​ 1,107,043 ​ 1,029,882 ​ 1,107,043 ​ 1,029,882

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Jun. 30, 2023
REVENUES
Schedule of disaggregation of revenue by reportable segment	Revenues by customer type, geographic location, and revenue recognition method for the three and nine-month periods ended June 30, 2023 are presented in the tables below as the Company deems it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The tables below also include a reconciliation of the disaggregated revenue within each reportable segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2023 ​ Aerospace ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) & Defense USG Test Total Customer type: ​ ​ ​ ​ Commercial ​ $ 51,303 ​ $ 88,442 ​ $ 48,407 ​ $ 188,152 Government ​ 52,166 ​ 1,524 ​ 6,907 ​ 60,597 Total revenues ​ $ 103,469 ​ $ 89,966 ​ $ 55,314 ​ $ 248,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 86,031 ​ $ 55,011 ​ $ 32,246 ​ $ 173,288 International ​ 17,438 ​ 34,955 ​ 23,068 ​ 75,461 Total revenues ​ $ 103,469 ​ $ 89,966 ​ $ 55,314 ​ $ 248,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognition method: ​ ​ ​ ​ ​ ​ ​ ​ Point in time ​ $ 48,496 ​ $ 74,128 ​ $ 11,496 ​ $ 134,120 Over time ​ 54,973 ​ 15,838 ​ 43,818 ​ 114,629 Total revenues ​ $ 103,469 ​ $ 89,966 ​ $ 55,314 ​ $ 248,749 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended June 30, 2023 ​ Aerospace ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) & Defense USG Test Total Customer type: ​ ​ ​ ​ Commercial $ 136,271 ​ $ 236,715 ​ $ 137,587 ​ $ 510,573 Government ​ ​ 149,163 ​ 3,457 ​ 20,193 ​ 172,813 Total revenues $ 285,434 ​ $ 240,172 ​ $ 157,780 ​ $ 683,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ ​ ​ ​ United States $ 237,481 ​ $ 154,410 ​ $ 87,253 ​ $ 479,144 International ​ ​ 47,953 ​ 85,762 ​ 70,527 ​ 204,242 Total revenues $ 285,434 ​ $ 240,172 ​ $ 157,780 ​ $ 683,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognition method: ​ ​ ​ ​ ​ ​ ​ ​ ​ Point in time $ 129,355 ​ $ 194,240 ​ $ 32,565 ​ $ 356,160 Over time ​ ​ 156,079 ​ 45,932 ​ 125,215 ​ 327,226 Total revenues $ 285,434 ​ $ 240,172 ​ $ 157,780 ​ $ 683,386 ​ Revenues by customer type, geographic location, and revenue recognition method for the three and nine-month periods ended June 30, 2022 are presented in the tables below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, 2022 ​ Aerospace ​ ​ ​ ​ ​ ​ (In thousands) & Defense USG Test Total Customer type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ $ 38,918 ​ $ 65,610 ​ $ 54,449 ​ $ 158,977 Government ​ 53,688 ​ 1,591 ​ 4,810 ​ 60,089 Total revenues ​ $ 92,606 ​ $ 67,201 ​ $ 59,259 ​ $ 219,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 79,536 ​ $ 41,822 ​ $ 34,662 ​ $ 156,020 International ​ 13,070 ​ 25,379 ​ 24,597 ​ 63,046 Total revenues ​ $ 92,606 ​ $ 67,201 ​ $ 59,259 ​ $ 219,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognition method: ​ ​ ​ ​ ​ ​ ​ ​ Point in time ​ $ 35,238 ​ $ 53,656 ​ $ 15,827 ​ $ 104,721 Over time ​ 57,368 ​ 13,545 ​ 43,432 ​ 114,345 Total revenues ​ $ 92,606 ​ $ 67,201 ​ $ 59,259 ​ $ 219,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended June 30, 2022 ​ Aerospace ​ ​ ​ ​ ​ ​ (In thousands) & Defense USG Test Total Customer type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ $ 100,407 ​ $ 191,832 ​ $ 147,390 ​ $ 439,629 Government ​ 147,264 ​ 3,045 ​ 11,066 ​ 161,375 Total revenues ​ $ 247,671 ​ $ 194,877 ​ $ 158,456 ​ $ 601,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic location: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 212,849 ​ $ 122,021 ​ $ 88,708 ​ $ 423,578 International ​ 34,822 ​ 72,856 ​ 69,748 ​ 177,426 Total revenues ​ $ 247,671 ​ $ 194,877 ​ $ 158,456 ​ $ 601,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognition method: ​ ​ ​ ​ ​ ​ ​ ​ Point in time ​ $ 99,464 ​ $ 155,693 ​ $ 43,488 ​ $ 298,645 Over time ​ 148,207 ​ 39,184 ​ 114,968 ​ 302,359 Total revenues ​ $ 247,671 ​ $ 194,877 ​ $ 158,456 ​ $ 601,004

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Jun. 30, 2023
LEASES
Schedule of components of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ June 30, ​ June 30, (Dollars in thousands) 2023 2022 Finance lease cost ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 393 ​ $ 393 Interest on lease liabilities ​ 230 ​ 242 Operating lease cost ​ 1,858 ​ 1,577 Total lease costs ​ $ 2,481 ​ $ 2,212 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Nine Months ​ ​ Ended ​ Ended ​ ​ June 30, ​ June 30, (Dollars in thousands) 2023 2022 Finance lease cost ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 1,179 ​ $ 1,219 Interest on lease liabilities ​ 698 ​ 753 Operating lease cost ​ 5,356 ​ 4,731 Total lease costs ​ $ 7,233 ​ $ 6,703
Schedule of additional information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended ​ ​ June 30, ​ June 30, (Dollars in thousands) ​ 2023 ​ 2022 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 1,792 ​ $ 1,485 Operating cash flows from finance leases ​ 230 ​ 242 Financing cash flows from finance leases ​ 334 ​ 307 Right-of-use assets obtained in exchange for operating lease liabilities ​ 402 ​ 566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Nine Months Ended ​ ​ ​ June 30, ​ June 30, ​ (Dollars in thousands) 2023 2022 ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 5,172 ​ $ 4,521 ​ Operating cash flows from finance leases ​ 698 ​ 753 ​ Financing cash flows from finance leases ​ 991 ​ 971 ​ Right-of-use assets obtained in exchange for operating lease liabilities ​ ​ 14,984 ​ ​ 1,813 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ June 30, 2022 ​ Weighted-average remaining lease term ​ ​ ​ ​ ​ Operating leases ​ 11.4 years 9.7 years Finance leases ​ 11.3 years 12.0 years Weighted-average discount rate ​ ​ ​ ​ ​ Operating leases ​ 4.42 % 3.12 % Finance leases ​ 4.62 % 4.59 %
Schedule of reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets	​ ​ ​ ​ ​ ​ ​ (Dollars in thousands) ​ Operating Finance Years Ending September 30: Leases Leases 2023 (excluding the nine months ended June 30, 2023) ​ $ 1,796 566 2024 ​ 6,458 2,315 2025 ​ 5,168 2,370 2026 ​ 4,300 2,434 2027 and thereafter ​ 36,913 18,997 Total minimum lease payments ​ 54,635 26,682 Less: amounts representing interest ​ 12,570 6,491 Present value of net minimum lease payments ​ $ 42,065 20,191 Less: current portion of lease obligations ​ 5,250 1,415 Non-current portion of lease obligations ​ ​ 36,815 18,776 ​ ​ ​ ​ ​ ​ ROU assets ​ $ 40,314 16,164

EARNINGS PER SHARE (EPS) (Detai

EARNINGS PER SHARE (EPS) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
EARNINGS PER SHARE (EPS)
Weighted Average Shares Outstanding - Basic	25,757	25,856	25,808	25,959
Dilutive Restricted Shares	70	94	82	91
Adjusted Shares - Diluted	25,827	25,950	25,890	26,050

ACQUISITION (Details)

ACQUISITION (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Feb. 01, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
ACQUISITION
Payments to acquire businesses net of cash acquired			$ 17,694	$ 15,592
Goodwill		$ 505,590	$ 505,590		$ 492,709
Working capital settlement		$ 200
CMT Materials, LLC and its affiliate Engineered Syntactic Systems, LLC
ACQUISITION
Payments to acquire businesses net of cash acquired	$ 18,000
Fair value of accounts receivable acquired	1,700
Fair value of inventory acquired	3,000
Fair value of property, plant and equipment acquired	1,300
Fair value of accounts payable and accrued expenses acquired	1,200
Fair value of identifiable intangible assets acquired	7,300
Goodwill	5,600
Customer relationships | CMT Materials, LLC and its affiliate Engineered Syntactic Systems, LLC
ACQUISITION
Business combination recognized identifiable assets acquired and liabilities assumed finite-lived intangibles	$ 6,200

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Selling, general and administrative expenses
SHARE-BASED COMPENSATION
Total share-based compensation cost	$ 1.7	$ 1.9	$ 7	$ 5.3
Total income tax benefit recognized	0.2	0.4	0.9	1
Performance-Accelerated Restricted Share (PARS) Awards
SHARE-BASED COMPENSATION
Pretax compensation expense	$ 1.4	1.6	$ 6	4.4
Non-vested shares	196,648		196,648
Compensation Plan for Non-Employee Directors
SHARE-BASED COMPENSATION
Pretax compensation expense	$ 0.3	$ 0.3	$ 1	$ 0.9
Total unrecognized compensation cost related to share-based compensation arrangements	$ 10.7		$ 10.7
Weighted average period			1 year 9 months 18 days

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
INVENTORIES
Finished goods	$ 37,082	$ 32,471
Work in process	48,579	38,492
Raw materials	106,832	91,440
Total inventories	$ 192,493	$ 162,403

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets gross carrying amounts and accumulated amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill	$ 505,590	$ 492,709
Less: accumulated amortization	196,951	175,928
Trade names
GOODWILL AND OTHER INTANGIBLE ASSETS
Trade names	161,952	160,024
Customer relationships
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	298,110	287,447
Less: accumulated amortization	109,186	96,921
Net	188,924	190,526
Capitalized software
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	118,529	106,583
Less: accumulated amortization	77,308	70,476
Net	41,221	36,107
Patents
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	2,433	2,353
Less: accumulated amortization	1,186	1,091
Net	1,247	1,262
Other
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	14,345	13,985
Less: accumulated amortization	9,271	7,440
Net	$ 5,074	$ 6,545

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in carrying amount of goodwill (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2023 USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	$ 492,709
Acquisition activity and adjustments	5,600
Foreign currency translation	7,300
Ending Balance	505,590
USG
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	348,700
Foreign currency translation	7,300
Ending Balance	356,000
Test
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	34,000
Ending Balance	34,000
Aerospace & Defense
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	110,000
Acquisition activity and adjustments	5,600
Ending Balance	$ 115,600

BUSINESS SEGMENT INFORMATION (D

BUSINESS SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
BUSINESS SEGMENT INFORMATION
Net sales	$ 248,749	$ 219,066	$ 683,386	$ 601,004
EBIT	38,001	30,833	84,177	69,091
Less: Interest expense	(2,495)	(1,331)	(6,422)	(3,084)
Earnings before income taxes	35,506	29,502	$ 77,755	66,007
Number of reportable segments | segment			3
Aerospace & Defense
BUSINESS SEGMENT INFORMATION
Net sales	103,469	92,606	$ 285,434	247,671
EBIT	21,665	20,738	52,996	45,042
USG
BUSINESS SEGMENT INFORMATION
Net sales	89,966	67,201	240,172	194,877
EBIT	20,351	13,135	50,543	37,840
Test
BUSINESS SEGMENT INFORMATION
Net sales	55,314	59,259	157,780	158,456
EBIT	8,643	8,354	21,280	20,813
Corporate (loss)
BUSINESS SEGMENT INFORMATION
EBIT	$ (12,658)	$ (11,394)	$ (40,642)	$ (34,604)

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
DEBT
Total borrowings	$ 148,000	$ 153,000
Current portion of long-term debt	(20,000)	(20,000)
Total long-term debt, less current portion	$ 128,000	$ 133,000

DEBT - Additional information (

DEBT - Additional information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022
DEBT
Available to borrow under the credit facility	$ 345,000
Cash on hand	56,052	$ 97,724
Current maturities of long-term debt	20,000
Letters of credit outstanding, amount	7,400
Revolving Credit Facility
DEBT
Line of credit facility, amount outstanding	500,000
Line of credit facility, commitment fee amount	$ 250,000
Minimum
DEBT
Debt, weighted average interest rate	5.57%		1.57%
Maximum
DEBT
Incremental term loan	$ 250,000
Debt, weighted average interest rate	6.05%		2.20%

INCOME TAX EXPENSE (Details)

INCOME TAX EXPENSE (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAX EXPENSE
Effective income tax rate	21.30%	21.50%	22.10%	22.30%
Decreasing the effective tax rate	0.90%	1.60%	0.40%	0.70%

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Changes in shareholder's equity
Beginning balance			$ 1,048,157
Net earnings	$ 27,943	$ 23,173	60,548	$ 51,280
Ending balance	1,107,043	1,029,882	1,107,043	1,029,882
Common stock
Changes in shareholder's equity
Beginning balance	308	307	307	307
Stock plans			1
Ending balance	308	307	308	307
Additional paid-in-capital
Changes in shareholder's equity
Beginning balance	304,184	298,353	301,553	297,644
Stock plans	1,371	1,510	4,002	2,219
Ending balance	305,555	299,863	305,555	299,863
Retained earnings
Changes in shareholder's equity
Beginning balance	933,499	854,946	905,022	830,989
Net earnings	27,943	23,173	60,548	51,280
Dividends paid	(2,061)	(2,069)	(6,189)	(6,219)
Ending balance	959,381	876,050	959,381	876,050
Accumulated other comprehensive income (loss)
Changes in shareholder's equity
Beginning balance	(18,018)	(7,472)	(31,764)	(2,161)
Foreign currency translation	(821)	(11,905)	12,925	(17,216)
Ending balance	(18,839)	(19,377)	(18,839)	(19,377)
Treasury stock
Changes in shareholder's equity
Beginning balance	(139,178)	(124,961)	(126,961)	(107,083)
Share repurchases	(184)	(2,000)	(12,401)	(19,878)
Ending balance	$ (139,362)	$ (126,961)	$ (139,362)	$ (126,961)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
Fair value impairments	$ 0	$ 0

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	$ 248,749	$ 219,066	$ 683,386	$ 601,004
Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	134,120	104,721	356,160	298,645
Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	114,629	114,345	327,226	302,359
United States
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	173,288	156,020	479,144	423,578
International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	75,461	63,046	204,242	177,426
Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	188,152	158,977	510,573	439,629
Government
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	60,597	60,089	172,813	161,375
Aerospace & Defense
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	103,469	92,606	285,434	247,671
Aerospace & Defense | Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	48,496	35,238	129,355	99,464
Aerospace & Defense | Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	54,973	57,368	156,079	148,207
Aerospace & Defense | United States
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	86,031	79,536	237,481	212,849
Aerospace & Defense | International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	17,438	13,070	47,953	34,822
Aerospace & Defense | Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	51,303	38,918	136,271	100,407
Aerospace & Defense | Government
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	52,166	53,688	149,163	147,264
USG
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	89,966	67,201	240,172	194,877
USG | Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	74,128	53,656	194,240	155,693
USG | Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	15,838	13,545	45,932	39,184
USG | United States
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	55,011	41,822	154,410	122,021
USG | International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	34,955	25,379	85,762	72,856
USG | Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	88,442	65,610	236,715	191,832
USG | Government
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	1,524	1,591	3,457	3,045
Test
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	55,314	59,259	157,780	158,456
Test | Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	11,496	15,827	32,565	43,488
Test | Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	43,818	43,432	125,215	114,968
Test | United States
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	32,246	34,662	87,253	88,708
Test | International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	23,068	24,597	70,527	69,748
Test | Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	48,407	54,449	137,587	147,390
Test | Government
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	$ 6,907	$ 4,810	$ 20,193	$ 11,066

REVENUES - Remaining Performanc

REVENUES - Remaining Performance Obligations (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Remaining Performance Obligations
Remaining performance obligations amount	$ 705.4
Revenue recognized	81
Contract assets	128.3
Contract liabilities	$ 133.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Remaining Performance Obligations
Contract assets		$ 125.2
Contract liabilities		$ 137.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Remaining Performance Obligations
Percentage of remaining performance obligation expected to be recognized	79%
Revenue remaining performance obligation expected timing of satisfaction, Period	12 months

LEASES - Components of lease co

LEASES - Components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases
Option to extend			true
Finance lease cost
Amortization of right-of-use assets	$ 393	$ 393	$ 1,179	$ 1,219
Interest on lease liabilities	230	242	698	753
Operating lease cost	1,858	1,577	5,356	4,731
Total lease costs	$ 2,481	$ 2,212	$ 7,233	$ 6,703
Maximum
Leases
Lease term	20 years		20 years

LEASES - Additional information

LEASES - Additional information related to leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1,792	$ 1,485	$ 5,172	$ 4,521
Operating cash flows from finance leases	230	242	698	753
Financing cash flows from finance leases	334	307	991	971
Right-of-use assets obtained in exchange for operating lease liabilities
Operating leases	$ 402	$ 566	$ 14,984	$ 1,813
Weighted-average remaining lease term:
Operating leases	11 years 4 months 24 days	9 years 8 months 12 days	11 years 4 months 24 days	9 years 8 months 12 days
Finance leases	11 years 3 months 18 days	12 years	11 years 3 months 18 days	12 years
Weighted-average discount rate:
Operating leases	4.42%	3.12%	4.42%	3.12%
Finance leases	4.62%	4.59%	4.62%	4.59%

LEASES - Reconciliation of futu

LEASES - Reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Sep. 30, 2022
Operating leases
2023 (excluding the nine months ended June 30, 2023)	$ 1,796
2024	6,458
2025	5,168
2026	4,300
2027 and thereafter	36,913
Total minimum lease payments	54,635
Less: amounts representing interest	12,570
Present value of net minimum lease payments	42,065
Less: current portion of lease obligations	5,250
Non-current portion of lease obligations	36,815	$ 24,853
ROU assets	$ 40,314	$ 29,150
Location of operating lease liabilities included on Consolidated Balance Sheets	Accrued other expenses, Other liabilities
Location of operating lease ROU assets included on Consolidated Balance Sheets	ROU assets
Finance leases
2023 (excluding the nine months ended June 30, 2023)	$ 566
2024	2,315
2025	2,370
2026	2,434
2027 and thereafter	18,997
Total minimum lease payments	26,682
Less: amounts representing interest	6,491
Present value of net minimum lease payments	20,191
Less: current portion of lease obligations	1,415
Non-current portion of lease obligations	18,776
ROU assets	$ 16,164
Location of finance lease liabilities included on Consolidated Balance Sheets	Accrued other expenses, Other liabilities
Location of finance lease ROU assets included on Consolidated Balance Sheets	Property, Plant and Equipment, Net

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,943	$ 23,173	$ 60,548	$ 51,280

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false