QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐ |
Page No. | |||||
Three months ended | ||||||||||||||||||||
(in thousands, except per share data) | Note | December 24, 2021 | December 25, 2020 | |||||||||||||||||
Net sales | $ | $ | ||||||||||||||||||
Cost of sales | ||||||||||||||||||||
Gross profit | ||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||
Intangible asset amortization | 11 | |||||||||||||||||||
Operating income | ||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||
Other income, net | 5 | ( | ( | |||||||||||||||||
Income before income taxes | ||||||||||||||||||||
Income tax expense | 6 | |||||||||||||||||||
Net income | $ | $ | ||||||||||||||||||
Net income per share | ||||||||||||||||||||
Basic | 7 | $ | $ | |||||||||||||||||
Diluted | 7 | $ | $ | |||||||||||||||||
Three months ended | ||||||||||||||||||||
(in thousands) | Note | December 24, 2021 | December 25, 2020 | |||||||||||||||||
Net income | $ | $ | ||||||||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||
Change in foreign currency translation adjustment | ( | |||||||||||||||||||
Change in unrecognized loss related to pension benefit plans | 4 | |||||||||||||||||||
Total other comprehensive (loss) income | 8 | ( | ||||||||||||||||||
Comprehensive income | $ | $ |
(in thousands, except share and per share data) | Note | December 24, 2021 | September 30, 2021 | |||||||||||||||||
Assets | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||||||||
Accounts receivable, less allowance for current and expected credit losses of $ | ||||||||||||||||||||
Inventories, net | 9 | |||||||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||||||||
Total current assets | ||||||||||||||||||||
Property, plant and equipment, net | 10 | |||||||||||||||||||
Intangible assets, net | 11 | |||||||||||||||||||
Goodwill | 11 | |||||||||||||||||||
Right-of-use assets, net | ||||||||||||||||||||
Deferred tax assets | 6 | |||||||||||||||||||
Other long-term assets | ||||||||||||||||||||
Total Assets | $ | $ | ||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts payable | ||||||||||||||||||||
Income tax payable | ||||||||||||||||||||
Accrued compensation and employee benefits | ||||||||||||||||||||
Customer liabilities | ||||||||||||||||||||
Lease obligations | ||||||||||||||||||||
Other current liabilities | ||||||||||||||||||||
Total current liabilities | ||||||||||||||||||||
Long-term debt | 12 | |||||||||||||||||||
Long-term lease obligations | ||||||||||||||||||||
Deferred tax liabilities | 6 | |||||||||||||||||||
Pension liabilities | ||||||||||||||||||||
Other long-term liabilities | ||||||||||||||||||||
Total Liabilities | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Common stock, $ | ||||||||||||||||||||
Treasury stock, held at cost, | ( | ( | ||||||||||||||||||
Additional paid-in capital | ||||||||||||||||||||
Retained earnings | ||||||||||||||||||||
Accumulated other comprehensive loss | 8 | ( | ( | |||||||||||||||||
Total Equity | ||||||||||||||||||||
Total Liabilities and Equity | $ | $ |
Three months ended | ||||||||||||||||||||
(in thousands) | Note | December 24, 2021 | December 25, 2020 | |||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net income | $ | $ | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Deferred income taxes | 6 | ( | ||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||
Amortization of right-of-use assets | ||||||||||||||||||||
Other non-cash adjustments to net income | ||||||||||||||||||||
Changes in operating assets and liabilities, net of effects from acquisitions | ||||||||||||||||||||
Accounts receivable | ( | ( | ||||||||||||||||||
Inventories | ( | ( | ||||||||||||||||||
Prepaid expenses and other current assets | ( | ( | ||||||||||||||||||
Accounts payable | ( | |||||||||||||||||||
Accrued and other liabilities | ( | |||||||||||||||||||
Other, net | ||||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
Investing activities: | ||||||||||||||||||||
Capital expenditures | ( | ( | ||||||||||||||||||
Proceeds from sale of properties and equipment | ||||||||||||||||||||
Acquisition of businesses, net of cash acquired | ( | ( | ||||||||||||||||||
Other, net | ||||||||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||||||||
Financing activities: | ||||||||||||||||||||
Repayments of long-term debt | 12 | ( | ||||||||||||||||||
Issuance of common stock, net of shares withheld for tax | ( | ( | ||||||||||||||||||
Repurchase of common stock | ( | ( | ||||||||||||||||||
Other, net | ( | |||||||||||||||||||
Net cash used for financing activities | ( | ( | ||||||||||||||||||
Effects of foreign exchange rate changes on cash and cash equivalents | ( | |||||||||||||||||||
Decrease in cash and cash equivalents | ( | ( | ||||||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||||||||
Supplementary Cash Flow information | ||||||||||||||||||||
Capital expenditures, not yet paid | $ | $ | ||||||||||||||||||
Operating lease right-of-use assets obtained in exchange for lease liabilities | $ | $ | ||||||||||||||||||
Acquisitions of businesses, not yet paid | $ | $ |
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Amount | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of shares withheld for tax | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Balance as of December 24, 2021 | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Amount | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of shares withheld for tax | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance as of December 25, 2020 | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
ASU | Description of ASU | Impact to Atkore | Adoption Date | |||||||||||||||||
2019-12 Simplifying the accounting for income taxes (Topic 740) | The ASU eliminates certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim period accounting for year to date loss limitations and changes in tax laws and clarifying the accounting for transactions outside of a business combination that result in a step up in the tax basis of goodwill. | The Company adopted this standard in the first quarter of 2022. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. | 2022 |
(in thousands) | FRE Composites | |||||||
Fair value of consideration transferred: | ||||||||
Cash consideration | $ | |||||||
Fair value of assets acquired and liabilities assumed: | ||||||||
Cash | ||||||||
Accounts receivable | ||||||||
Inventories | ||||||||
Intangible assets | ||||||||
Fixed assets | ||||||||
Accounts payable | ( | |||||||
Income taxes | ( | |||||||
Other | ( | |||||||
Net assets acquired | ||||||||
Excess purchase price attributed to goodwill acquired | $ |
FRE Composites | ||||||||||||||
($ in thousands) | Fair Value | Weighted Average Useful Life (Years) | ||||||||||||
Customer relationships | $ | |||||||||||||
Other | ||||||||||||||
Total intangible assets | $ |
Three months ended | ||||||||||||||||||||
(in thousands) | Note | December 24, 2021 | December 25, 2020 | |||||||||||||||||
Interest cost | $ | $ | ||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||
Amortization of actuarial loss | ||||||||||||||||||||
Net periodic benefit credit | 5 | $ | ( | $ | ( |
Three months ended | ||||||||||||||
(in thousands) | December 24, 2021 | December 25, 2020 | ||||||||||||
Undesignated foreign currency derivative instruments | ( | |||||||||||||
Foreign exchange loss (gain) on intercompany loans | ( | |||||||||||||
Pension-related benefits | ( | ( | ||||||||||||
Other income, net | $ | ( | $ | ( |
Three months ended | ||||||||||||||
(in thousands, except per share data) | December 24, 2021 | December 25, 2020 | ||||||||||||
Numerator: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Less: Undistributed earnings allocated to participating securities | ||||||||||||||
Net income available to common shareholders | $ | $ | ||||||||||||
Denominator: | ||||||||||||||
Basic weighted average common shares outstanding | ||||||||||||||
Effect of dilutive securities: Non-participating employee stock options (1) | ||||||||||||||
Diluted weighted average common shares outstanding | ||||||||||||||
Basic earnings per share | $ | $ | ||||||||||||
Diluted earnings per share | $ | $ | ||||||||||||
(1) Stock options to purchase approximately |
(in thousands) | Defined Benefit Pension Items | Currency Translation Adjustments | Total | |||||||||||||||||
Balance as of September 30, 2021 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | ||||||||||||||||||||
Net current period other comprehensive (loss) income | ( | ( | ||||||||||||||||||
Balance as of December 24, 2021 | $ | ( | $ | ( | $ | ( | ||||||||||||||
(in thousands) | Defined Benefit Pension Items | Currency Translation Adjustments | Total | |||||||||||||||||
Balance as of September 30, 2020 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Other comprehensive income before reclassifications | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax | ||||||||||||||||||||
Net current period other comprehensive income | ||||||||||||||||||||
Balance as of December 25, 2020 | $ | ( | $ | ( | $ | ( | ||||||||||||||
(in thousands) | December 24, 2021 | September 30, 2021 | ||||||||||||
Purchased materials and manufactured parts, net | $ | $ | ||||||||||||
Work in process, net | ||||||||||||||
Finished goods, net | ||||||||||||||
Inventories, net | $ | $ |
(in thousands) | December 24, 2021 | September 30, 2021 | ||||||||||||
Land | $ | $ | ||||||||||||
Buildings and related improvements | ||||||||||||||
Machinery and equipment | ||||||||||||||
Leasehold improvements | ||||||||||||||
Software | ||||||||||||||
Construction in progress | ||||||||||||||
Property, plant and equipment, at cost | ||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Property, plant and equipment, net | $ | $ |
(in thousands) | Electrical | Safety & Infrastructure | Total | |||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | |||||||||||||||||
Goodwill acquired during year | ||||||||||||||||||||
Exchange rate effects | ( | ( | ||||||||||||||||||
Balance as of December 24, 2021 | $ | $ | $ |
December 24, 2021 | September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Weighted Average Useful Life (Years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total | ( | ( | |||||||||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||||||
Trade names | — | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
(in thousands) | ||||||||
Remaining 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter |
(in thousands) | December 24, 2021 | September 30, 2021 | ||||||||||||
Senior Secured Term Loan Facility due May 26, 2028 | ||||||||||||||
Senior Notes due June 2031 | ||||||||||||||
Deferred financing costs | ( | ( | ||||||||||||
Total debt | $ | $ | ||||||||||||
Long-term debt | $ | $ |
December 24, 2021 | September 30, 2021 | |||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Forward currency contracts | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Forward currency contracts | $ |
December 24, 2021 | September 30, 2021 | |||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||
Senior Secured Term Loan Facility due May 26, 2028 | $ | $ | $ | $ | ||||||||||||||||||||||
Senior Notes due June 2031 | $ | $ | $ | $ | ||||||||||||||||||||||
Total Debt | $ | $ | $ | $ | ||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||||||||
December 24, 2021 | December 25, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | External Net Sales | Intersegment Sales | Adjusted EBITDA | External Net Sales | Intersegment Sales | Adjusted EBITDA | |||||||||||||||||||||||||||||
Electrical | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Safety & Infrastructure | |||||||||||||||||||||||||||||||||||
Eliminations | — | ( | — | ( | |||||||||||||||||||||||||||||||
Consolidated operations | $ | $ | — | $ | $ | — |
Three months ended | ||||||||||||||
(in thousands) | December 24, 2021 | December 25, 2020 | ||||||||||||
Operating segment Adjusted EBITDA | ||||||||||||||
Electrical | $ | $ | ||||||||||||
Safety & Infrastructure | ||||||||||||||
Total | $ | $ | ||||||||||||
Unallocated expenses (a) | ( | ( | ||||||||||||
Depreciation and amortization | ( | ( | ||||||||||||
Interest expense, net | ( | ( | ||||||||||||
Stock-based compensation | ( | ( | ||||||||||||
Other (b) | ( | |||||||||||||
Income before income taxes | $ | $ | ||||||||||||
(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) Represents other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, insurance recovery related to damages of property, plant and equipment, release of indemnified uncertain tax positions, realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, gain on purchase of business, restructuring costs and transaction costs. |
Three months ended | ||||||||||||||
(in thousands) | December 24, 2021 | December 25, 2020 | ||||||||||||
United States | $ | $ | ||||||||||||
Other Americas | ||||||||||||||
Europe | ||||||||||||||
Asia-Pacific | ||||||||||||||
Total | $ | $ |
Three months ended | ||||||||||||||
(in thousands) | December 24, 2021 | December 25, 2020 | ||||||||||||
Metal Electrical Conduit and Fittings | $ | $ | ||||||||||||
Electrical Cable & Flexible Conduit | ||||||||||||||
Plastic Pipe and Conduit | ||||||||||||||
Other Electrical products | ||||||||||||||
Electrical | 640,344 | 386,320 | ||||||||||||
Mechanical Pipe | ||||||||||||||
Other Safety & Infrastructure products | ||||||||||||||
Safety & Infrastructure | 200,457 | |||||||||||||
Net sales | $ | $ |
Three months ended | |||||||||||||||||||||||
($ in thousands) | December 24, 2021 | December 25, 2020 | Change | % Change | |||||||||||||||||||
Net sales | $ | 840,801 | $ | 511,082 | $ | 329,719 | 64.5 | % | |||||||||||||||
Cost of sales | 485,993 | 321,891 | 164,102 | 51.0 | % | ||||||||||||||||||
Gross profit | 354,808 | 189,191 | 165,617 | 87.5 | % | ||||||||||||||||||
Selling, general and administrative | 78,151 | 61,078 | 17,073 | 28.0 | % | ||||||||||||||||||
Intangible asset amortization | 8,229 | 8,260 | (31) | (0.4) | % | ||||||||||||||||||
Operating income | 268,428 | 119,853 | 148,575 | 124.0 | % | ||||||||||||||||||
Interest expense, net | 6,918 | 8,254 | (1,336) | (16.2) | % | ||||||||||||||||||
Other income, net | (308) | (431) | 123 | (28.5) | % | ||||||||||||||||||
Income before income taxes | 261,818 | 112,030 | 149,788 | 133.7 | % | ||||||||||||||||||
Income tax expense | 56,975 | 26,964 | 30,011 | 111.3 | % | ||||||||||||||||||
Net income | $ | 204,843 | $ | 85,066 | $ | 119,777 | 140.8 | % |
% Change | ||||||||
Volume | (9.9) | % | ||||||
Average selling prices | 72.0 | % | ||||||
Foreign exchange | 0.2 | % | ||||||
Acquisitions | 2.1 | % | ||||||
Other | 0.1 | % | ||||||
Net sales | 64.5 | % |
% Change | ||||||||
Volume | (10.5) | % | ||||||
Average input costs | 53.5 | % | ||||||
Foreign exchange | 0.2 | % | ||||||
Acquisitions | 1.8 | % | ||||||
Other | 6.0 | % | ||||||
Cost of sales | 51.0 | % |
Three months ended | ||||||||||||||||||||||||||
($ in thousands) | December 24, 2021 | December 25, 2020 | Change | % Change | ||||||||||||||||||||||
Net sales | $ | 641,683 | $ | 387,145 | $ | 254,538 | 65.7 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 279,547 | $ | 133,273 | $ | 146,274 | 109.8 | % | ||||||||||||||||||
Adjusted EBITDA margin | 43.6 | % | 34.4 | % |
% Change | ||||||||
Volume | (6.0) | % | ||||||
Average selling prices | 68.6 | % | ||||||
Foreign exchange | 0.3 | % | ||||||
Acquisitions | 2.8 | % | ||||||
Net sales | 65.7 | % |
Three months ended | ||||||||||||||||||||||||||
($ in thousands) | December 24, 2021 | December 25, 2020 | Change | % Change | ||||||||||||||||||||||
Net sales | $ | 200,510 | $ | 124,765 | $ | 75,745 | 60.7 | % | ||||||||||||||||||
Adjusted EBITDA | $ | 27,432 | $ | 14,252 | $ | 13,180 | 92.5 | % | ||||||||||||||||||
Adjusted EBITDA margin | 13.7 | % | 11.4 | % |
% Change | ||||||||
Volume | (22.0) | % | ||||||
Average selling prices | 81.9 | % | ||||||
Acquisitions | 0.1 | % | ||||||
Other | 0.7 | % | ||||||
Net sales | 60.7 | % |
Three months ended | ||||||||||||||
(in thousands) | December 24, 2021 | December 25, 2020 | ||||||||||||
Cash flows provided by (used in): | ||||||||||||||
Operating activities | $ | 97,192 | $ | 86,276 | ||||||||||
Investing activities | (45,024) | (14,258) | ||||||||||||
Financing activities | (129,048) | (78,981) |
Period (4-5-4 calendar) | Total Number Of Shares Purchased | Avg Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Value of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
October 1, 2021 to October 22, 2021 | — | $ | — | — | $ | — | ||||||||||||||||||||
October 23, 2021 to November 26, 2021 | — | $ | — | — | $ | — | ||||||||||||||||||||
November 27, 2021 to December 24, 2021 | 958 | $ | 109.14 | 958 | $ | 295,489 | ||||||||||||||||||||
Total | 958 | 958 |
31.1# | |||||||||||
31.2# | |||||||||||
32.1# | |||||||||||
32.2# | |||||||||||
101.INS# | XBRL Instance Document (formatted as inline XBRL) | ||||||||||
101.SCH# | XBRL Taxonomy Schema Linkbase Document (formatted as inline XBRL) | ||||||||||
101.CAL# | XBRL Taxonomy Calculation Linkbase Document | ||||||||||
101.DEF# | XBRL Taxonomy Definition Linkbase Document | ||||||||||
101.LAB# | XBRL Taxonomy Labels Linkbase Document | ||||||||||
101.PRE# | XBRL Taxonomy Presentation Linkbase Document | ||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | ||||||||||
# | Filed herewith |
ATKORE INC. | |||||||||||
(Registrant) | |||||||||||
Date: | January 31, 2022 | By: | /s/ David P. Johnson | ||||||||
Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Dated: | January 31, 2022 | /s/ William E. Waltz | |||||||||
William E. Waltz | |||||||||||
President and Chief Executive Officer (Principal Executive Officer) |
Dated: | January 31, 2022 | /s/ David P. Johnson | |||||||||
David P. Johnson | |||||||||||
Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Dated: | January 31, 2022 | /s/ William E. Waltz | |||||||||
William E. Waltz | |||||||||||
President and Chief Executive Officer (Principal Executive Officer) | |||||||||||
Dated: | January 31, 2022 | /s/ David P. Johnson | |||||||||
David P. Johnson | |||||||||||
Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Income Statement [Abstract] | ||
Net sales | $ 840,801 | $ 511,082 |
Cost of sales | 485,993 | 321,891 |
Gross profit | 354,808 | 189,191 |
Selling, general and administrative | 78,151 | 61,078 |
Intangible asset amortization | 8,229 | 8,260 |
Operating income | 268,428 | 119,853 |
Interest expense, net | 6,918 | 8,254 |
Other income, net | (308) | (431) |
Income before income taxes | 261,818 | 112,030 |
Income tax expense | 56,975 | 26,964 |
Net income | $ 204,843 | $ 85,066 |
Net income per share | ||
Basic (in dollars per share) | $ 4.38 | $ 1.78 |
Diluted (in dollars per share) | $ 4.32 | $ 1.75 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Dec. 24, 2021 |
Dec. 25, 2020 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 204,843 | $ 85,066 |
Other comprehensive (loss) income, net of tax: | ||
Change in foreign currency translation adjustment | (1,458) | 7,051 |
Change in unrecognized loss related to pension benefit plans | 125 | 262 |
Other Comprehensive Income (Loss) | (1,333) | 7,313 |
Comprehensive income | $ 203,510 | $ 92,379 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Dec. 24, 2021 |
Sep. 30, 2021 |
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Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for current and expected credit losses | $ 2,847 | $ 2,510 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 45,394,463 | 45,997,159 |
Common stock, shares outstanding (in shares) | 45,394,463 | 45,997,159 |
Treasury stock (in shares) | 290,600 | 290,600 |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Organization and Ownership Structure — Atkore Inc. (the “Company”, “Atkore” or “AI”) is a leading manufacturer of Electrical products primarily for the non-residential construction and renovation markets and Safety & Infrastructure solutions for the construction and industrial markets. Atkore was incorporated in the State of Delaware on November 4, 2010 under the name Atkore International Group, Inc. Atkore is the sole stockholder of Atkore International Holdings Inc. (“AIH”), which in turn is the sole stockholder of Atkore International Inc. (“AII”). The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable, and installation accessories. This segment serves contractors, in partnership with the electrical wholesale channel. The Safety & Infrastructure segment designs and manufactures solutions including metal framing, mechanical pipe, perimeter security, and cable management for the protection and reliability of critical infrastructure. These solutions are marketed to contractors, original equipment manufacturers and end users. Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited condensed consolidated financial statements have been prepared in accordance with the Company’s accounting policies and on the same basis as those financial statements included in the Company’s latest Annual Report on Form 10-K for the year ended September 30, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 18, 2021, and should be read in conjunction with those consolidated financial statements and the notes thereto. Certain information and disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited condensed consolidated financial statements include the assets and liabilities used in operating the Company’s business. All intercompany balances and transactions have been eliminated in consolidation. The results of companies acquired or disposed of are included in the unaudited condensed consolidated financial statements from the effective date of acquisition or up to the date of disposal. These statements include all adjustments (consisting of normal recurring adjustments) that the Company considered necessary to present a fair statement of its results of operations, financial position and cash flows. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Fiscal Periods — The Company has a fiscal year that ends on September 30. The Company’s fiscal quarters typically end on the last Friday in December, March and June as it follows a 4-5-4 calendar. Use of Estimates — The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclose contingent assets and liabilities at the date of the condensed consolidated financial statements and report the associated amounts of revenues and expenses. Actual results could differ materially from these estimates. Recent Accounting Pronouncements A summary of recently adopted accounting guidance is as follows. Adoption dates are on the first day of the fiscal year indicated below, unless otherwise specified.
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REVENUE FROM CONTRACTS WITH CUSTOMERS |
3 Months Ended |
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Dec. 24, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 2. REVENUE FROM CONTRACTS WITH CUSTOMERS The Company’s revenue arrangements primarily consist of a single performance obligation to transfer promised goods which is satisfied at a point in time when title, risks and rewards of ownership, and subsequently control have transferred to the customer. This generally occurs when the product is shipped to the customer, with an immaterial amount of transactions in which control transfers upon delivery. The Company primarily offers assurance-type standard warranties that do not represent separate performance obligations. The Company has certain arrangements that require it to estimate at the time of sale the amounts of variable consideration that should not be recorded as revenue as certain amounts are not expected to be collected from customers, as well as an estimate of the value of products to be returned. The Company principally relies on historical experience, specific customer agreements, and anticipated future trends to estimate these amounts at the time of sale and to reduce the transaction price. These arrangements include sales discounts and allowances, volume rebates, and returned goods. The Company records amounts billed to customers for reimbursement of shipping and handling costs within revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of goods sold. Sales taxes and other usage-based taxes are excluded from revenue. The Company does not evaluate whether the selling price includes a financing interest component for contracts that are less than a year. The Company also expenses costs incurred to obtain a contract, primarily sales commissions, as all obligations will be settled in less than one year. The Company typically receives payment 30 to 60 days from the point it has satisfied the related performance obligation. See Note 16, “Segment Information” for revenue disaggregated by geography and product categories.
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ACQUISITIONS |
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Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | 3. ACQUISITIONS From time to time, the Company enters into strategic acquisitions in an effort to better service existing customers and to obtain new customers. Fiscal 2022 On December 21, 2021, Atkore HDPE, LLC and Allied Tube and Conduit Corporation, wholly-owned subsidiaries of the Company acquired the assets of Four Star Industries LLC (“Four Star”), for a purchase price of $23,195. Four Star is a manufacturer of high density polyethylene (HDPE) conduit, primarily serving the telecommunications, utility, infrastructure and datacom markets. As a result of the acquisition, the Company preliminarily recognized $7,138 of goodwill, $11,946 of identifiable intangible assets and $4,111 of working capital and other net other tangible assets. As of December 24, 2021, the purchase price allocation has not been finalized as the Company is finalizing working capital, intangible asset and fixed asset fair values. On December 20, 2021, Columbia-MBF Inc., a wholly-owned subsidiary of the Company acquired all of the outstanding stock of Sasco Tubes & Roll Forming Inc. (“Sasco”), for a purchase price of $15,767, of which $12,903 was paid at closing and additional purchase price payable of $2,864 was accrued. Sasco is a Canadian manufacturer of metal framing and related products serving the electrical, mechanical, construction and solar industries. As a result of the acquisition, the Company preliminarily recognized $6,033 of goodwill, $6,715 of identifiable intangible assets and $3,019 of working capital and other net other tangible assets. As of December 24, 2021, the purchase price allocation has not been finalized as the Company is finalizing working capital, intangible asset and fixed asset fair values. Fiscal 2021 On February 24, 2021, Atkore Southwest, LLC, a wholly-owned subsidiary of the Company acquired the assets of FRE Composites USA Inc. and separately the Company acquired all of the outstanding stock of FRE Composites Inc., collectively described as FRE Composites Group (“FRE Composites”), for a purchase price of $36,993, net of cash received. FRE Composites is a leading manufacturer of fiberglass conduit for the electrical and industrial market. The purchase price was allocated to tangible and intangible assets acquired and liabilities assumed, based on their fair values. On October 22, 2020, Atkore Plastics Southeast, LLC, a wholly-owned subsidiary of the Company acquired the assets of Queen City Plastics, Inc. (“Queen City Plastics”), a leading manufacturer of PVC conduit, elbows and fittings for the electrical market. The purchase price was allocated to tangible assets acquired and liabilities assumed based on their fair values. The purchase price of $6,214 was deemed immaterial to the Company. The following section provides purchase price allocation disclosures and other financial disclosures for significant acquisitions for the applicable fiscal years. The purchase price for FRE Composites, which was finalized during the fourth quarter of fiscal 2021, was allocated to tangible and intangible assets acquired and liabilities assumed, based on their fair values. The following table summarizes the Level 3 fair values assigned to the net assets acquired and liabilities assumed as of the acquisition date for fiscal 2021:
The Company estimates $1.6 million of the goodwill recognized on the FRE acquisition is deductible for tax purposes. Goodwill recognized from the acquisitions in fiscal 2021 and fiscal 2022 consists largely of the synergies and economies of scale from integrating this company with existing businesses. The following table summarizes the fair value of intangible assets as of the acquisition date:
Net sales and net income of both the above acquisitions are included in the condensed consolidated statement of operations for the post-acquisition periods. Due to the immaterial nature of these acquisitions, both individually and in the aggregate, the Company did not include the full year pro forma results of operations for the acquisition year or previous years.
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POSTRETIREMENT BENEFITS |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
POSTRETIREMENT BENEFITS | 4. POSTRETIREMENT BENEFITS The Company provides pension benefits through a number of noncontributory and contributory defined benefit retirement plans covering eligible U.S. employees. As of September 30, 2017, all defined pension benefit plans were frozen, whereby participants no longer accrue credited service. The net periodic benefit credit was as follows:
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OTHER INCOME, NET |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME, NET | 5. OTHER INCOME, NET Other income, net consisted of the following:
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INCOME TAXES |
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Dec. 24, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 6. INCOME TAXES For the three months ended December 24, 2021 and December 25, 2020, the Company’s effective tax rate attributable to income before income taxes was 21.8% and 24.1%, respectively. For the three months ended December 24, 2021 and December 25, 2020, the Company’s income tax expense was $56,975 and $26,964 respectively. The decrease in the current period effective tax rate was primarily driven by an increase in the excess tax benefit associated with stock compensation. A valuation allowance has been recorded against certain net operating losses in certain foreign jurisdictions. A valuation allowance is recorded when it is determined to be more likely than not that these assets will not be fully realized in the foreseeable future. The realization of deferred tax assets is dependent upon whether the Company can generate future taxable income in the appropriate character and jurisdiction to utilize the assets. The amount of the deferred tax assets considered realizable is subject to adjustment in future periods. The Company recognizes the benefits of uncertain tax positions taken or expected to be taken in tax returns in the provision for income taxes only for those positions that we have determined are more likely than not to be realized upon examination. We record interest and penalties related to unrecognized tax benefits as a component of income tax expense. During the three months ended December 24, 2021, the balance of unrecognized tax benefits increased by $1,218 primarily due to the accrual of state reserves. For the three months ended December 24, 2021, the Company made no additional provision for U.S. or non-U.S. income taxes for unrecognized deferred tax liabilities for temporary differences related to basis differences in investments in subsidiaries, as the investments are essentially permanent in duration.
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | 7. EARNINGS PER SHARE The Company calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating securities as if all of the net earnings for the period had been distributed. The Company’s participating securities consist of share-based payment awards that contain a non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common stockholders. Basic earnings per common share excludes dilution and is calculated by dividing the net earnings allocated to common stock by the weighted-average number of common stock outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common stock by the weighted-average number of shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. The following table sets forth the computation of basic and diluted earnings per share:
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ACCUMULATED OTHER COMPREHENSIVE LOSS |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | 8. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss by component for the three months ended December 24, 2021 and December 25, 2020.
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INVENTORIES, NET |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES, NET | 9. INVENTORIES, NET A majority of the Company’s inventories are recorded at the lower of cost (primarily last in, first out, or “LIFO”) or market or net realizable value, as applicable. Approximately 82% and 81% of the Company’s inventories were valued at the lower of LIFO cost or market at December 24, 2021 and September 30, 2021, respectively. Interim LIFO determinations, including those at December 24, 2021, are based on management’s estimates of future inventory levels and costs for the remainder of the current fiscal year.
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PROPERTY, PLANT AND EQUIPMENT |
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PROPERTY, PLANT AND EQUIPMENT | 10. PROPERTY, PLANT AND EQUIPMENT As of December 24, 2021, and September 30, 2021, property, plant and equipment and accumulated depreciation were as follows:
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GOODWILL AND INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | 11. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill are as follows:
Goodwill balances as of October 1, 2021 and December 24, 2021 include $3,924 and $43,000 of accumulated impairment losses within the Electrical and Safety & Infrastructure segments, respectively. The Company assesses the recoverability of goodwill and indefinite-lived trade names on an annual basis in accordance with ASC 350, “Intangibles - Goodwill and Other.” The measurement date is the first day of the fourth fiscal quarter, or more frequently, if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit or the respective indefinite-lived trade name is less than the carrying value. The following table provides the gross carrying value, accumulated amortization and net carrying value for each major class of intangible asset:
Other intangible assets consist of definite-lived trade names, technology, non-compete agreements and backlogs. Amortization expense for the three months ended December 24, 2021 and December 25, 2020 was $8,229 and $8,260, respectively. Expected amortization expense for intangible assets for the remainder of fiscal 2022 and over the next five years and thereafter is as follows:
Actual amounts of amortization may differ from estimated amounts due to additional intangible asset acquisitions, impairment of intangible assets and other events.
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DEBT |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | 12. DEBT Debt as of December 24, 2021 and September 30, 2021 was as follows:
The asset-based credit facility (the “ABL Credit Facility”) has aggregate commitments of $325,000. AII is the borrower under the ABL Credit Facility which is guaranteed by the Company and all other subsidiaries of the Company (other than AII) that are guarantors of the Senior Notes. AII’s availability under the ABL Credit Facility was $315,499 as of December 24, 2021 and September 30, 2021.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | 13. FAIR VALUE MEASUREMENTS Certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company uses forward currency contracts to hedge the effects of foreign exchange relating to certain of the Company’s intercompany balances denominated in a foreign currency. These derivative instruments are not formally designated as hedges by the Company and the terms of these instruments range from six months to nine months. Short-term forward currency contracts are recorded in either other current assets or other current liabilities and long-term forward currency contracts are recorded in either other long-term assets or other long-term liabilities in the condensed consolidated balance sheet. The fair value gains and losses are included in other income, net within the condensed consolidated statements of operations. See Note 5, “Other Income, net” for further detail. The total notional amounts of undesignated forward currency contracts were £37.4 million and £37.4 million as of December 24, 2021 and September 30, 2021, respectively. Cash flows associated with derivative financial instruments are recognized in the operating section of the condensed consolidated statements of cash flows. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The following table presents the Company’s assets and liabilities measured at fair value:
The Company’s remaining financial instruments consist primarily of cash, accounts receivable and accounts payable whose carrying value approximate their fair value due to their short-term nature. The estimated fair value of financial instruments not carried at fair value in the condensed consolidated balance sheets were as follows:
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COMMITMENTS AND CONTINGENCIES |
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Dec. 24, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES The Company has obligations related to commitments to purchase certain goods. As of December 24, 2021, such obligations were $361,295 for the rest of fiscal year 2022 and $9,789 for fiscal year 2023 and beyond. These amounts represent open purchase orders for materials used in production. Insurable Liabilities — The Company maintains policies with various insurance companies for its workers’ compensation, product, property, general, auto, and executive liability risks. The insurance policies that the Company maintains have various retention levels and excess coverage limits. The establishment and update of liabilities for unpaid claims, including claims incurred but not reported, is based on management's estimate as a result of the assessment by the Company's claim administrator of each claim and an independent actuarial valuation of the nature and severity of total claims. The Company utilizes a third-party claims administrator to pay claims, track and evaluate actual claims experience, and ensure consistency in the data used in the actuarial valuation. Legal Contingencies — Historically, a number of lawsuits have been filed against the Company and the Company has also received other claim demand letters alleging that the Company's anti-microbial coated steel sprinkler pipe, which the Company has not manufactured or sold for several years, is incompatible with chlorinated polyvinyl chloride and caused stress cracking in such pipe manufactured by third parties when installed together in the same sprinkler system, which the Company refers to collectively as the “Special Products Claims.” During fiscal 2019, after a court judgment was issued in one case between the Company and Tyco International Ltd. (“Tyco”), the Company’s former parent, regarding the indemnification of expenses, fees and settlement amounts relating to the incompatibility issue, the Company and Tyco entered into a global settlement regarding the issue. The Company agreed to fund the total settlement in exchange for Tyco's agreement to cap the Company’s Special Products Claim deductible at $12,000, as opposed to the $13,000 cap negotiated within the original indemnity agreement. In conjunction with the payment of that settlement, Tyco and the Company examined the Company’s total Special Products Claim payments and agreed that with that settlement payment and payment of a few other legal fee invoices, all of which have now been paid, the Company had met its $12,000 deductible obligation related to these Special Products Claims. Tyco, now Johnson Controls, Inc. (“JCI”), has a contractual obligation to indemnify the Company in respect of all remaining and future claims of incompatibility between the Company's antimicrobial coated steel sprinkler pipe and CPVC pipe used in the same sprinkler system. JCI is currently defending the Company in the Special Product Claims and since 2019 has defended and indemnified the Company on Special Products Claims as required. At this time, the Company does not expect the outcome of the Special Products Claims proceedings, either individually or in the aggregate, to have a material adverse effect on its business, financial condition, results of operations or cash flows, and the Company believes that its reserves are adequate for all remaining contingencies for Special Products Claims. In addition to the matters discussed above, from time to time, the Company is subject to a number of disputes, administrative proceedings and other claims arising out of the ordinary conduct of the Company’s business. These matters generally relate to disputes arising out of the use or installation of the Company’s products, product liability litigation, contract disputes, patent infringement accusations, employment matters, personal injury claims and similar matters. On the basis of information currently available to the Company, it does not believe that existing proceedings and claims will have a material adverse effect on its business, financial condition, results of operations or cash flows. However, litigation is unpredictable, and the Company could incur judgments or enter into settlements for current or future claims that could adversely affect its business, financial condition, results of operations or cash flows.
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GUARANTEES |
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Dec. 24, 2021 | |
Guarantees [Abstract] | |
GUARANTEES | 15. GUARANTEES The Company had outstanding letters of credit totaling $9,501 supporting workers’ compensation and general liability insurance policies as of December 24, 2021. The Company also had surety bonds primarily related to performance guarantees on supply agreements and construction contracts, and payment of duties and taxes totaling $1,852 as of December 24, 2021. In disposing of assets or businesses, the Company often provides representations, warranties and indemnities to cover various risks including unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal fees related to periods prior to disposition. The Company does not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. However, the Company has no reason to believe that these uncertainties would have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. In the normal course of business, the Company is liable for product performance and contract completion. In the opinion of management, such obligations will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | 16. SEGMENT INFORMATION The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable and installation accessories. This segment serves contractors in partnership with the electrical wholesale channel. The Safety & Infrastructure segment designs and manufactures solutions including metal framing, mechanical pipe, perimeter security and cable management for the protection and reliability of critical infrastructure. These solutions are marketed to contractors, original equipment manufacturers and end users. Both segments use Adjusted EBITDA as the primary measure of profit and loss. Segment Adjusted EBITDA is income (loss) before income taxes, adjusted to exclude unallocated expenses, depreciation and amortization, interest expense, net, restructuring charges, stock-based compensation, loss on extinguishment of debt, certain legal matters, transaction costs and other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, insurance recovery related to damages of property, plant and equipment, release of indemnified uncertain tax positions, and realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives. Intersegment transactions primarily consist of product sales at designated transfer prices on an arm’s-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 on a pro rata basis due to the shared nature of activities. Recorded amounts represent a proportional amount of the quantity of product produced for each segment. Certain assets, such as machinery and equipment and facilities, are not allocated to each segment despite serving both segments. These shared assets are reported within the Safety & Infrastructure segment. The Company allocates certain corporate operating expenses that directly benefit our operating segments, such as insurance and information technology, on a basis that reasonably approximates an estimate of the use of these services.
Presented below is a reconciliation of operating Segment Adjusted EBITDA to Income before income taxes:
The Company’s net sales by geography were as follows for the three months ended December 24, 2021 and December 25, 2020:
The table below shows the amount of net sales from external customers for each of the Company’s product categories which accounted for 10% or more of consolidated net sales in either period for the three months ended December 24, 2021 and December 25, 2020:
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These unaudited condensed consolidated financial statements have been prepared in accordance with the Company’s accounting policies and on the same basis as those financial statements included in the Company’s latest Annual Report on Form 10-K for the year ended September 30, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 18, 2021, and should be read in conjunction with those consolidated financial statements and the notes thereto. Certain information and disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited condensed consolidated financial statements include the assets and liabilities used in operating the Company’s business. All intercompany balances and transactions have been eliminated in consolidation. The results of companies acquired or disposed of are included in the unaudited condensed consolidated financial statements from the effective date of acquisition or up to the date of disposal. These statements include all adjustments (consisting of normal recurring adjustments) that the Company considered necessary to present a fair statement of its results of operations, financial position and cash flows. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year.
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Fiscal Periods | Fiscal Periods — The Company has a fiscal year that ends on September 30. The Company’s fiscal quarters typically end on the last Friday in December, March and June as it follows a 4-5-4 calendar. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates — The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclose contingent assets and liabilities at the date of the condensed consolidated financial statements and report the associated amounts of revenues and expenses. Actual results could differ materially from these estimates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements A summary of recently adopted accounting guidance is as follows. Adoption dates are on the first day of the fiscal year indicated below, unless otherwise specified.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | A summary of recently adopted accounting guidance is as follows. Adoption dates are on the first day of the fiscal year indicated below, unless otherwise specified.
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ACQUISITIONS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the Level 3 fair values assigned to the net assets acquired and liabilities assumed as of the acquisition date for fiscal 2021:
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Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the fair value of intangible assets as of the acquisition date:
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POSTRETIREMENT BENEFITS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost | The net periodic benefit credit was as follows:
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OTHER INCOME, NET (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Expense, Net | Other income, net consisted of the following:
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EARNINGS PER SHARE (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted earnings per share:
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss by component for the three months ended December 24, 2021 and December 25, 2020.
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INVENTORIES, NET (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Interim LIFO determinations, including those at December 24, 2021, are based on management’s estimates of future inventory levels and costs for the remainder of the current fiscal year.
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment | As of December 24, 2021, and September 30, 2021, property, plant and equipment and accumulated depreciation were as follows:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill are as follows:
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Schedule of Finite-Lived Intangible Assets | The following table provides the gross carrying value, accumulated amortization and net carrying value for each major class of intangible asset:
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Schedule of Indefinite-Lived Intangible Assets | The following table provides the gross carrying value, accumulated amortization and net carrying value for each major class of intangible asset:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Expected amortization expense for intangible assets for the remainder of fiscal 2022 and over the next five years and thereafter is as follows:
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DEBT (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt as of December 24, 2021 and September 30, 2021 was as follows:
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FAIR VALUE MEASUREMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 24, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents the Company’s assets and liabilities measured at fair value:
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Estimated Fair Value of Financial Instruments Not Carried at Fair Value | The estimated fair value of financial instruments not carried at fair value in the condensed consolidated balance sheets were as follows:
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SEGMENT INFORMATION (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information |
Presented below is a reconciliation of operating Segment Adjusted EBITDA to Income before income taxes:
The Company’s net sales by geography were as follows for the three months ended December 24, 2021 and December 25, 2020:
The table below shows the amount of net sales from external customers for each of the Company’s product categories which accounted for 10% or more of consolidated net sales in either period for the three months ended December 24, 2021 and December 25, 2020:
|
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 21, 2021 |
Dec. 20, 2021 |
Feb. 24, 2021 |
Oct. 22, 2020 |
Dec. 24, 2021 |
Dec. 25, 2020 |
Sep. 30, 2021 |
|
Business Acquisition [Line Items] | |||||||
Goodwill | $ 211,928 | $ 199,048 | |||||
Purchase price payable | $ 2,864 | $ 0 | |||||
FRE Composite | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 36,993 | ||||||
Goodwill | 9,948 | ||||||
Intangible assets | 18,300 | ||||||
Goodwill deductible for tax purposes | $ 1,600 | ||||||
Sasco | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 15,767 | ||||||
Goodwill | 6,033 | ||||||
Intangible assets | 6,715 | ||||||
Working capital and other intangible assets recognized in acquisition | 3,019 | ||||||
Cash consideration | 12,903 | ||||||
Purchase price payable | $ 2,864 | ||||||
Four Star | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 23,195 | ||||||
Goodwill | 7,138 | ||||||
Intangible assets | 11,946 | ||||||
Working capital and other intangible assets recognized in acquisition | $ 4,111 | ||||||
Queen City Plastics | |||||||
Business Acquisition [Line Items] | |||||||
Cash consideration | $ 6,214 |
ACQUISITIONS - Summary of Level 3 Fair Values Assigned to Net Assets Acquired and Liabilities Assumed As of Acquisition Date (Details) - USD ($) $ in Thousands |
Feb. 24, 2021 |
Dec. 24, 2021 |
Sep. 30, 2021 |
---|---|---|---|
Fair value of assets acquired and liabilities assumed: | |||
Excess purchase price attributed to goodwill acquired | $ 211,928 | $ 199,048 | |
FRE Composite | |||
Fair value of consideration transferred: | |||
Cash consideration | $ 36,993 | ||
Fair value of assets acquired and liabilities assumed: | |||
Cash | 437 | ||
Accounts receivable | 2,163 | ||
Inventories | 3,355 | ||
Intangible assets | 18,300 | ||
Fixed assets | 8,509 | ||
Accounts payable | (1,186) | ||
Income taxes | (4,293) | ||
Other | (240) | ||
Net assets acquired | 27,045 | ||
Excess purchase price attributed to goodwill acquired | $ 9,948 |
ACQUISITIONS - Summary of Fair Value as of Acquisition Date (Details) - FRE Composite $ in Thousands |
Feb. 24, 2021
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Intangible assets | $ 18,300 |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible assets | $ 14,700 |
Weighted Average Useful Life (Years) | 12 years |
Other | |
Business Acquisition [Line Items] | |
Intangible assets | $ 3,600 |
Weighted Average Useful Life (Years) | 6 years |
POSTRETIREMENT BENEFITS - Net Periodic Benefit Cost (Details) - Pension Plan - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 739 | $ 682 |
Expected return on plan assets | (1,348) | (1,606) |
Amortization of actuarial loss | 158 | 333 |
Net periodic benefit credit | $ (451) | $ (591) |
OTHER INCOME, NET (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Other Income and Expenses [Abstract] | ||
Undesignated foreign currency derivative instruments | $ (176) | $ 2,617 |
Foreign exchange loss (gain) on intercompany loans | 319 | (2,457) |
Pension-related benefits | (451) | (591) |
Other income, net | $ (308) | $ (431) |
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 21.80% | 24.10% |
Income tax expense | $ 56,975 | $ 26,964 |
Decrease of unrecognized tax benefits due to lapse in the statute of limitations | $ 1,218 |
EARNINGS PER SHARE - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Numerator: | ||
Net income | $ 204,843 | $ 85,066 |
Less: Undistributed earnings allocated to participating securities | 3,642 | 1,656 |
Net income available to common shareholders | 201,201 | 83,410 |
Net income available to common shareholders, diluted | $ 201,201 | $ 83,410 |
Denominator: | ||
Basic weighted average common shares outstanding (in shares) | 45,980 | 46,917 |
Effect of dilutive securities: Non-participating employee stock options (in shares) | 595 | 630 |
Diluted weighted average common shares outstanding (in shares) | 46,575 | 47,547 |
Basic earnings per share (in dollars per share) | $ 4.38 | $ 1.78 |
Diluted earnings per share (in dollars per share) | $ 4.32 | $ 1.75 |
EARNINGS PER SHARE - Antidilutive Securities (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from calculation of diluted earnings per share (in shares) | 0.0 | 0.1 |
INVENTORIES, NET - Narrative (Details) - USD ($) $ in Thousands |
Dec. 24, 2021 |
Sep. 30, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Inventories at lower of LIFO cost or market | 82.00% | 81.00% |
FIFO inventory, (higher) lower than reported | $ (135,488) | $ (108,911) |
Excess and obsolete inventory reserve | $ (15,421) | $ (11,780) |
INVENTORIES, NET - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Dec. 24, 2021 |
Sep. 30, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Purchased materials and manufactured parts, net | $ 102,737 | $ 105,460 |
Work in process, net | 57,595 | 35,043 |
Finished goods, net | 201,767 | 145,486 |
Inventories, net | $ 362,099 | $ 285,989 |
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands |
Dec. 24, 2021 |
Sep. 30, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 625,570 | $ 613,289 |
Accumulated depreciation | (348,712) | (337,667) |
Property, plant and equipment, net | 276,858 | 275,622 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 22,965 | 23,043 |
Buildings and related improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 136,860 | 136,680 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 379,146 | 372,503 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 9,835 | 9,720 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 28,317 | 28,288 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 48,447 | $ 43,055 |
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 11,817 | $ 10,783 |
GOODWILL AND INTANGIBLE ASSETS - Change in Carrying Amount (Details) $ in Thousands |
3 Months Ended |
---|---|
Dec. 24, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 199,048 |
Goodwill acquired during year | 13,171 |
Exchange rate effects | (291) |
Balance at end of period | 211,928 |
Electrical | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 155,471 |
Goodwill acquired during year | 7,138 |
Exchange rate effects | (325) |
Balance at end of period | 162,284 |
Safety & Infrastructure | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 43,577 |
Goodwill acquired during year | 6,033 |
Exchange rate effects | 34 |
Balance at end of period | $ 49,644 |
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
Sep. 30, 2021 |
|
Goodwill [Line Items] | |||
Intangible asset amortization | $ 8,229 | $ 8,260 | |
Electrical | |||
Goodwill [Line Items] | |||
Accumulated impairment loss | $ 3,924 | ||
Safety & Infrastructure | |||
Goodwill [Line Items] | |||
Accumulated impairment loss | $ 43,000 |
GOODWILL AND INTANGIBLE ASSETS - Future Amortization Expense (Details) (Details) $ in Thousands |
Dec. 24, 2021
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remaining 2022 | $ 30,399 |
2023 | 37,191 |
2024 | 31,548 |
2025 | 17,575 |
2026 | 15,810 |
2027 | 13,261 |
Thereafter | $ 12,711 |
DEBT (Details) - USD ($) |
Dec. 24, 2021 |
Sep. 30, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (12,243,000) | $ (12,709,000) |
Total debt | 758,924,000 | 758,386,000 |
Long-term debt | 758,924,000 | 758,386,000 |
ABL Credit Facility | Line of credit | Atkore International | ||
Debt Instrument [Line Items] | ||
Aggregate commitments | 325,000,000 | |
Credit availability | 315,499,000 | 315,499,000 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt | 773,000,000 | 773,000,000 |
Secured Debt | Senior Secured Term Loan Facility due May 26, 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 371,167,000 | 371,095,000 |
Total debt | 373,000,000 | 373,000,000 |
Secured Debt | Senior Notes due June 2031 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 400,000,000 | 400,000,000 |
Total debt | $ 400,000,000 | $ 400,000,000 |
FAIR VALUE MEASUREMENTS - Narrative (Details) - GBP (£) £ in Millions |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Sep. 30, 2021 |
|
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Forward currency contracts | £ 37.4 | £ 37.4 |
Measurement Input, Expected Term | Minimum | Foreign Exchange Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit derivative, term | 6 months | |
Measurement Input, Expected Term | Maximum | Foreign Exchange Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Credit derivative, term | 9 months |
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring $ in Thousands, £ in Millions |
Dec. 24, 2021
GBP (£)
|
Dec. 24, 2021
USD ($)
|
Sep. 30, 2021
GBP (£)
|
Sep. 30, 2021
USD ($)
|
---|---|---|---|---|
Assets | ||||
Forward currency contracts | £ | £ 37.4 | £ 37.4 | ||
Level 1 | ||||
Assets | ||||
Cash equivalents | $ 314,155 | $ 489,987 | ||
Forward currency contracts | 0 | 0 | ||
Liabilities | ||||
Forward currency contracts | 0 | 0 | ||
Level 2 | ||||
Assets | ||||
Cash equivalents | 0 | 0 | ||
Forward currency contracts | 304 | 127 | ||
Liabilities | ||||
Forward currency contracts | $ 163 | $ 183 |
FAIR VALUE MEASUREMENTS - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands |
Dec. 24, 2021 |
Sep. 30, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 758,924 | $ 758,386 |
Secured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 773,000 | 773,000 |
Fair Value | 782,465 | 787,314 |
Secured Debt | Senior Secured Term Loan Facility due May 26, 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 373,000 | 373,000 |
Fair Value | 371,601 | 371,486 |
Secured Debt | Senior Notes due June 2031 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 400,000 | 400,000 |
Fair Value | $ 410,864 | $ 415,828 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands |
Dec. 24, 2021 |
Sep. 30, 2019 |
---|---|---|
Loss Contingencies [Line Items] | ||
Purchase obligations for the rest of fiscal year | $ 361,295 | |
Purchase obligation for fiscal 2023 and beyond | $ 9,789 | |
Total settlement for prior cap agreement deductible | $ 13,000 | |
Special Products Claims | ||
Loss Contingencies [Line Items] | ||
Total settlement for cap agreement deductible | $ 12,000 |
GUARANTEES (Details) $ in Thousands |
Dec. 24, 2021
USD ($)
|
---|---|
Performance Guarantee, Workers' Compensation and General Liability Policies | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 9,501 |
Surety bond | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 1,852 |
SEGMENT INFORMATION - Reconciliation of Operating Segment Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Segment Reporting Information [Line Items] | ||
Unallocated expenses | $ (13,969) | $ (10,535) |
Depreciation and amortization | (20,046) | (19,044) |
Interest expense, net | (6,918) | (8,254) |
Stock-based compensation | (3,427) | (5,522) |
Other | (801) | 7,860 |
Income before income taxes | 261,818 | 112,030 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 306,979 | 147,525 |
Operating Segments | Electrical | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 279,547 | 133,273 |
Operating Segments | Safety & Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | $ 27,432 | $ 14,252 |
SEGMENT INFORMATION - Net Sales by Geography (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 24, 2021 |
Dec. 25, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 840,801 | $ 511,082 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 757,398 | 454,764 |
Other Americas | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 22,487 | 6,773 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 50,454 | 39,354 |
Asia-Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 10,462 | $ 10,191 |
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