CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)

6 Months Ended

Mar. 31, 2018

Consolidating Guarantor And Non Guarantor Financial Information [Abstract]

Condensed Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEETS

At September 30, 2017

($ in thousands)	Parent Company		Guarantor Companies		Non-Guarantor Companies			Elimination			Consolidation
CURRENT ASSETS
Cash and equivalents	$	3,240	$	8,066	$	36,375		$	—		$	47,681
Accounts receivable, net of allowances	—		168,731		59,929			(20,431		)	208,229
Contract costs and recognized income not yet billed, net of progress payments	—		131,383		279			—			131,662
Inventories, net	—		246,605		52,759			73			299,437
Prepaid and other current assets	21,131		15,854		3,002			80			40,067
Assets of discontinued operations held for sale	—		168,306		202,418			—			370,724
Assets of discontinued operations not held for sale	—		—		329			—			329
Total Current Assets	24,371		738,945		355,091			(20,278		)	1,098,129
PROPERTY, PLANT AND EQUIPMENT, net	645		200,362		31,128			—			232,135
GOODWILL	—		280,797		38,342			—			319,139
INTANGIBLE ASSETS, net	93		143,415		61,619			—			205,127
INTERCOMPANY RECEIVABLE	552,017		757,608		915,551			(2,225,176		)	—
EQUITY INVESTMENTS IN SUBSIDIARIES	863,149		877,641		1,613,891			(3,354,681		)	—
OTHER ASSETS	12,171		12,054		(1,002		)	(7,172		)	16,051
ASSETS OF DISCONTINUED OPERATIONS NOT HELD FOR SALE	—		—		2,960			—			2,960
Total Assets	$	1,452,446	$	3,010,822	$	3,017,580		$	(5,607,307	)	$	1,873,541
CURRENT LIABILITIES
Notes payable and current portion of long-term debt	$	2,854	$	1,471	$	6,753		$	—		$	11,078
Accounts payable and accrued liabilities	14,683		199,784		46,111			6,631			267,209
Liabilities of discontinued operations held for sale	—		47,426		37,024			—			84,450
Liabilities of discontinued operations not held for sale	—		—		8,342			—			8,342
Total Current Liabilities	17,537		248,681		98,230			6,631			371,079
LONG-TERM DEBT, net	903,609		6,044		58,427			—			968,080
INTERCOMPANY PAYABLES	84,068		1,259,413		854,518			(2,197,999		)	—
OTHER LIABILITIES	48,424		76,036		14,135			(6,058		)	132,537
LIABILITIES OF DISCONTINUED OPERATIONS NOT HELD FOR SALE	—		—		3,037			—			3,037
Total Liabilities	1,053,638		1,590,174		1,028,347			(2,197,426		)	1,474,733
SHAREHOLDERS’ EQUITY	398,808		1,420,648		1,989,233			(3,409,881		)	398,808
Total Liabilities and Shareholders’ Equity	$	1,452,446	$	3,010,822	$	3,017,580		$	(5,607,307	)	$	1,873,541

Condensed Income Statement

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended March 31, 2018

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	397,759		$	89,910		$	(9,109	)	$	478,560
Cost of goods and services	—			305,825			60,627			(9,365		)	357,087
Gross profit	—			91,934			29,283			256			121,473
Selling, general and administrative expenses	6,014			64,417			33,337			(93		)	103,675
Income (loss) from operations	(6,014		)	27,517			(4,054		)	349			17,798
Other income (expense)
Interest income (expense), net	(5,961		)	(8,012		)	(2,071		)	—			(16,044		)
Other, net	1,273			10,601			(9,978		)	(462		)	1,434
Total other income (expense)	(4,688		)	2,589			(12,049		)	(462		)	(14,610		)
Income (loss) before taxes	(10,702		)	30,106			(16,103		)	(113		)	3,188
Provision (benefit) for income taxes	(10,168		)	(10,037		)	(6,202		)	27,644			1,237
Income (loss) before equity in net income of subsidiaries	(534		)	40,143			(9,901		)	(27,757		)	1,951
Equity in net income (loss) of subsidiaries	90,814			(59,708		)	40,141			(71,247		)	—
Income from continuing operations	$	90,280		$	(19,565	)	$	30,240		$	(99,004	)	$	1,951
Income from operations of discontinued businesses	—			(8,423		)	121,799			—			113,376
Provision from income taxes	—			859			24,188			—			25,047
Income from discontinued operations	—			(9,282		)	97,611			—			88,329
Net Income (loss)	$	90,280		$	(28,847	)	$	127,851		$	(99,004	)	$	90,280
Comprehensive income (loss)	$	110,681		$	1,444		$	123,670		$	(125,114	)	$	110,681

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended March 31, 2017

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	328,493		$	64,758		$	(9,444	)	$	383,807
Cost of goods and services	—			250,265			44,388			(9,715		)	284,938
Gross profit	—			78,228			20,370			271			98,869
Selling, general and administrative expenses	7,077			58,615			16,334			(93		)	81,933
Income (loss) from operations	(7,077		)	19,613			4,036			364			16,936
Other income (expense)
Interest income (expense), net	(3,323		)	(6,068		)	(3,314		)	—			(12,705		)
Other, net	(29		)	599			(268		)	(364		)	(62		)
Total other income (expense)	(3,352		)	(5,469		)	(3,582		)	(364		)	(12,767		)
Income (loss) before taxes	(10,429		)	14,144			454			—			4,169
Provision (benefit) for income taxes	(1,534		)	4,592			(839		)	—			2,219
Income (loss) before equity in net income of subsidiaries	(8,895		)	9,552			1,293			—			1,950
Equity in net income (loss) of subsidiaries	13,940			(4,633		)	9,551			(18,858		)	—
Income (loss) from continuing operations	5,045			4,919			10,844			(18,858		)	1,950
Income from operation of discontinued businesses	—			5,302			768			—			6,070
Provision (benefit) from income taxes	—			836			2,139			—			2,975
Income (loss) from discontinued operations	—			4,466			(1,371		)	—			3,095
Net Income (loss)	$	5,045		$	9,385		$	9,473		$	(18,858	)	$	5,045
Comprehensive income (loss)	$	12,978		$	10,601		$	8,257		$	(18,858	)	$	12,978

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months Ended March 31, 2018

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	749,071		$	182,429		$	(15,637	)	$	915,863
Cost of goods and services	—			568,400			121,406			(16,260		)	673,546
Gross profit	—			180,671			61,023			623			242,317
Selling, general and administrative expenses	17,351			138,930			53,386			(185		)	209,482
Income (loss) from operations	(17,351		)	41,741			7,637			808			32,835
Other income (expense)
Interest income (expense), net	(12,735		)	(14,215		)	(5,736		)	—			(32,686		)
Other, net	1,268			10,923			(10,301		)	(924		)	966
Total other income (expense)	(11,467		)	(3,292		)	(16,037		)	(924		)	(31,720		)
Income (loss) before taxes	(28,818		)	38,449			(8,400		)	(116		)	1,115
Provision (benefit) for income taxes	(39,860		)	(7,302		)	(4,146		)	27,641			(23,667		)
Income (loss) before equity in net income of subsidiaries	11,042			45,751			(4,254		)	(27,757		)	24,782
Equity in net income (loss) of subsidiaries	110,227			(60,359		)	45,751			(95,619		)	—
Income from continuing operations	$	121,269		$	(14,608	)	$	41,497		$	(123,376	)	$	24,782
Income from operations of discontinued businesses	$	—		$	(2,003	)	$	126,845		$	—		$	124,842
Provision (benefit) from income taxes				2,918			25,437			—			28,355
Income (loss) from discontinued operations	$	—		$	(4,921	)	$	101,408		$	—		$	96,487
Net income (loss)	$	121,269		$	(14,608	)	$	41,497		$	(123,376	)	$	24,782
Comprehensive income (loss)	$	150,028		$	24,212		$	171,118		$	(195,330	)	$	150,028

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Six Months Ended March 31, 2017

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	619,829		$	133,309		$	(17,054	)	$	736,084
Cost of goods and services	—			469,104			88,942			(17,575		)	540,471
Gross profit	—			150,725			44,367			521			195,613
Selling, general and administrative expenses	13,721			113,605			33,676			(185		)	160,817
Restructuring and other related charges	—			—			—			—			—
Total operating expenses	13,721			113,605			33,676			(185		)	160,817
Income (loss) from operations	(13,721		)	37,120			10,691			706			34,796
Other income (expense)
Interest income (expense), net	(7,350		)	(12,023		)	(6,621		)	—			(25,994		)
Other, net	(57		)	1,001			(440		)	(706		)	(202		)
Total other income (expense)	(7,407		)	(11,022		)	(7,061		)	(706		)	(26,196		)
Income (loss) before taxes	(21,128		)	26,098			3,630			—			8,600
Provision (benefit) for income taxes	(10,563		)	10,457			(288		)	—			(394		)
Income (loss) before equity in net income of subsidiaries	(10,565		)	15,641			3,918			—			8,994
Equity in net income (loss) of subsidiaries	27,874			(8,616		)	15,641			(34,899		)	—
Income from continuing operations	$	17,309		$	7,025		$	19,559		$	(34,899	)	$	8,994
Income from operations of discontinued businesses	—			8,793			5,822			—			14,615
Provision from income taxes	—			2,639			3,661			—			6,300
Income from discontinued operations	—			6,154			2,161			—			8,315
Net income (loss)	$	17,309		$	13,179		$	21,720		$	(34,899	)	$	17,309
Comprehensive income (loss)	$	13,930		$	7,752		$	27,147		$	(34,899	)	$	13,930

Condensed Cash Flow Statement

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Six Months Ended March 31, 2018

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	121,269		$	(19,529	)	$	142,905		$	(123,376	)	$	121,269
Net (income) loss from discontinued operations	—			4,921			(101,408		)	—			(96,487		)
Net cash provided by (used in) operating activities:	283,873			(360,855		)	38,136			—			(38,846		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(331		)	(16,208		)	(5,089		)	—			(21,628		)
Acquired businesses, net of cash acquired	(185,729		)	(5,076		)	(55,425		)	—			(246,230		)
Intercompany distributions	—			—			—			—			—
Proceeds from sale of investments	—			—			—			—			—
Proceeds from sale of business	—			473,977			—			—			473,977
Proceeds from sale of assets	—			21			433			—			454
Net cash provided by investing activities	(186,060		)	452,714			(60,081		)	—			206,573
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury	(32,861		)	—			—			—			(32,861		)
Proceeds from long-term debt	342,161			2,195			3,542			—			347,898
Payments of long-term debt	(197,322		)	(1,613		)	(31,006		)	—			(229,941		)
Change in short-term borrowings	—			—			—			—			—
Share premium payment on settled debt	—			—			—			—			—
Financing costs	(7,451		)	—			—			—			(7,451		)
Purchase of ESOP shares	—			—			—			—			—
Dividends paid	(5,872		)	—			—			—			(5,872		)
Other, net	(22,279		)	(40,668		)	63,073			—			126
Net cash provided by (used in) financing activities	76,376			(40,086		)	35,609			—			71,899
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in discontinued operations	—			(36,875		)	(11,508		)	—			(48,383		)
Effect of exchange rate changes on cash and equivalents	—			(27		)	(2,441		)	—			(2,468		)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	174,189			14,871			(285		)	—			188,775
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	3,240			8,066			36,375			—			47,681
CASH AND EQUIVALENTS AT END OF PERIOD	$	177,429		$	22,937		$	36,090		$	—		$	236,456

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Six Months Ended March 31, 2017

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	17,309		$	13,179		$	21,720		$	(34,899	)	$	17,309
Net (income) loss from discontinued operations	—			(6,154		)	(2,161		)	—			(8,315		)
Net cash provided by (used in) operating activities:	(50,095		)	22,759			17,611			(4,502		)	(14,227		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(11		)	(11,878		)	(3,649		)	—			(15,538		)
Acquired businesses, net of cash acquired	—			—			(6,051		)	—			(6,051		)
Proceeds from sale of assets	—			102			—			—			102
Net cash provided by (used in) investing activities	(11		)	(11,776		)	(9,700		)	—			(21,487		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury	(15,758		)	—			—			—			(15,758		)
Proceeds from long-term debt	185,213			—			10,442			—			195,655
Payments of long-term debt	(101,577		)	(664		)	(17,925		)	—			(120,166		)
Share premium payment on settled debt	(24,997		)	—						—			(24,997		)
Financing costs	(335		)	—			—			—			(335		)
Purchase of ESOP shares	(9,213		)	—			—			—			(9,213		)
Dividends paid	(5,137		)	—			—			—			(5,137		)
Other, net	16,809			(12,434		)	(9,064		)	4,502			(187		)
Net cash provided by (used in) financing activities	45,005			(13,098		)	(16,547		)	4,502			19,862
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in discontinued operations	—			(18,172		)	9,909			—			(8,263		)
Effect of exchange rate changes on cash and equivalents	—			—			(1,013		)	—			(1,013		)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	(5,101		)	(20,287		)	260			—			(25,128		)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	6,517			27,692			38,344			—			72,553
CASH AND EQUIVALENTS AT END OF PERIOD	$	1,416		$	7,405		$	38,604		$	—		$	47,425