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Segment Information
 6 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segment Information
13. SEGMENT INFORMATION
    
The Company has two operating segments, which are also its reportable segments. The Company's operating segments are organized based upon primary market channels and, in most instances, the end use of products.
    
Through its Electrical Raceway segment, the Company manufactures products that deploy, isolate and protect a structure's electrical circuitry from the original power source to the final outlet. These products, which include electrical conduit, armored cable, cable trays, mounting systems and fittings, are critical components of the electrical infrastructure for new construction and maintenance, repair and remodel ("MR&R") markets. The vast majority of the Company's Electrical Raceway net sales are made to electrical distributors, who then serve electrical contractors, and the Company considers both to be customers.
    
Through the MP&S segment, the Company provides products and services that frame, support and secure component parts in a broad range of structures, equipment and systems in electrical, industrial and construction applications. The Company's principal products in this segment are metal framing products and in-line galvanized mechanical tube. Through its metal framing business, the Company designs, manufactures and installs metal strut and fittings used to assemble mounting structures that support heavy equipment and electrical content in buildings and other structures.
 
    
Both segments use Adjusted EBITDA as the primary measure of profit and loss. Segment Adjusted EBITDA is the sum of income before income taxes, adjusted to exclude unallocated expenses, depreciation and amortization, loss (gain) on extinguishment of debt, interest expense (net), restructuring and impairments, stock-based compensation, certain legal matters, consulting fees, transaction costs, gain on sale of joint venture and other items, such as lower of cost or market inventory adjustments and the impact from the Fence and Sprinkler exit. Prior to fiscal 2017, income before income taxes was also adjusted to exclude net periodic pension benefit cost and ABF product liability. Beginning in fiscal 2017, these costs are no longer excluded. Prior fiscal years have not been restated for this change due to the relative insignificance and nature of these amounts.

Intersegment transactions primarily consist of product sales at designated transfer prices on an arms-length basis. Gross profit earned and reported within the segment is eliminated in the Company's consolidated results. Certain manufacturing and distribution expenses are allocated between the segments due to the shared nature of activities. Recorded amounts represent a proportional amount of the quantity of product produced for each segment.

 
Three Months Ended
 
March 31, 2017
 
March 25, 2016
(in thousands)
External Net Sales
 
Intersegment Sales
 
Adjusted EBITDA 
 
External Net Sales
 
Intersegment Sales
 
Adjusted EBITDA 
Electrical Raceway
$
250,800

 
$
308

 
$
44,866

 
$
230,835

 
$
458

 
$
42,186

MP&S
121,991

 
36

 
$
17,268

 
122,211

 
34

 
$
22,324

Eliminations
—

 
(344
)
 
 
 
—

 
(492
)
 
 
Consolidated operations
$
372,791

 
$
—

 
 
 
$
353,046

 
$
—

 
 
 
Six months ended
 
March 31, 2017
 
March 25, 2016
(in thousands)
External Net Sales
 
Intersegment Sales
 
Adjusted EBITDA 
 
External Net Sales
 
Intersegment Sales
 
Adjusted EBITDA 
Electrical Raceway
$
473,242

 
$
829

 
$
85,184

 
$
454,139

 
$
759

 
$
76,619

MP&S
237,140

 
65

 
$
34,845

 
257,282

 
65

 
$
41,701

Eliminations
—

 
(894
)
 
 
 
—

 
(824
)
 
 
Consolidated operations
$
710,382

 
$
—

 
 
 
$
711,421

 
$
—

 
 

 

Presented below is a reconciliation of operating segment Adjusted EBITDA to Income before income taxes:
 
 
Three Months Ended

Six Months Ended
(in thousands)
 
March 31, 2017

March 25, 2016

March 31, 2017

March 25, 2016
Operating segment Adjusted EBITDA
 
 
 
 
 
 
 
 
Electrical Raceway
 
$
44,866

 
$
42,186

 
$
85,184

 
$
76,619

MP&S
 
17,268

 
22,324

 
34,845

 
41,701

Total
 
62,134

 
64,510


120,029


118,320

Unallocated expenses (a)
 
(6,012
)
 
(6,149
)
 
(14,016
)
 
(11,906
)
Interest expense, net
 
(5,231
)
 
(10,567
)
 
(15,061
)
 
(20,448
)
Depreciation and amortization
 
(13,273
)
 
(13,249
)
 
(26,901
)
 
(26,742
)
Gain (loss) on extinguishment of debt
 
—

 
1,661

 
(9,805
)
 
1,661

Restructuring & impairments(b)
 
(412
)
 
(775
)
 
(801
)
 
(2,069
)
Net periodic pension benefit cost(c)
 
—

 
(110
)
 
—

 
(220
)
Stock-based compensation(d)
 
(3,584
)
 
(9,998
)
 
(6,304
)
 
(12,043
)
ABF product liability impact(e)
 
—

 
(213
)
 
—

 
(425
)
Legal matters(f)
 
(7,501
)
 
—

 
(7,501
)
 
—

Consulting fee(g)
 
—

 
(875
)
 
—

 
(1,750
)
Transaction costs(h)
 
(138
)
 
(2,776
)
 
(1,698
)
 
(3,431
)
Gain on sale of joint venture(i)
 
5,774

 
—

 
5,774

 
—

Other(j)
 
(447
)
 
1,294

 
10,483

 
(4,213
)
Impact of Fence and Sprinkler exit(k)
 
—

 
—

 
—

 
(811
)
Income before income taxes
 
$
31,310

 
$
22,753

 
$
54,199

 
$
35,923

 
 
 
 
 
 
 
 
 
(a) Represents unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, human resources, information technology, business development and communications, as well as certain costs and earnings of employee-related benefits plans, such as stock-based compensation and a portion of self-insured medical costs.
(b) Restructuring amounts represent exit or disposal costs including termination benefits and facility closure costs. Impairment amounts represent write-downs of goodwill, intangible assets and/or long-lived assets. See Note 9, ''Restructuring Charges''.
(c) Through fiscal 2016, represents pension costs in excess of cash funding for pension obligations in the period. Beginning in fiscal 2017, the Company has not excluded net periodic pension benefit cost from Adjusted EBITDA. Fiscal 2016 has not been restated for this change due to the relative insignificance and nature of these amounts. See Note 7, ''Postretirement Benefits''.
(d) Represents stock-based compensation expenses related to stock option awards, performance stock awards and restricted stock awards.
(e) Through fiscal 2016, represents changes in our estimated exposure to ABF matters. Beginning in fiscal 2017, the company has excluded the costs incurred with the ABF product liability from Adjusted EBITDA. Fiscal 2016 has not been restated for this change due to the relative insignificance and nature of these amounts. See Note 10, ''Commitments and Contingencies''.
(f) See Note 10, ''Commitments and Contingencies''.
(g) Represents amounts paid to CD&R under a consulting agreement which was terminated on June 15, 2016.
(h) Represents expenses related to our initial public offering and secondary offerings and acquisition and divestiture-related activities.
(i) Represents gain on sale of Abahsain-Cope Saudi Arabia Ltd. joint venture. See Note 12, ''Assets Held for Sale''.
(j) Represents other items, such as lower-of-cost-or-market inventory adjustments and release of certain indemnified uncertain tax positions.
(k) Represents historical performance of Fence and Sprinkler and related operating costs.