CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Jun. 30, 2018

Consolidating Guarantor And Non Guarantor Financial Information [Abstract]

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 June 30, 2018



($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	431,997		$	90,285		$	(5,732	)	$	516,550
Cost of goods and services	—			323,098			60,719			(6,059		)	377,758
Gross profit	—			108,899			29,566			327			138,792
Selling, general and administrative expenses	14,670			77,820			21,896			(92		)	114,294
Income (loss) from operations	(14,670		)	31,079			7,670			419			24,498
Other income (expense)
Interest income (expense), net	(5,891		)	(2,282		)	(7,623		)	—			(15,796		)
Other, net	108			(9,766		)	10,420			(462		)	300
Total other income (expense)	(5,783		)	(12,048		)	2,797			(462		)	(15,496		)
Income (loss) before taxes	(20,453		)	19,031			10,467			(43		)	9,002
Provision (benefit) for income taxes	(4,741		)	21,046			12,939			(27,684		)	1,560
Income (loss) before equity in net income of subsidiaries	(15,712		)	(2,015		)	(2,472		)	27,641			7,442
Equity in net income (loss) of subsidiaries	21,539			(5,307		)	(2,015		)	(14,217		)	—
Income from continuing operations	$	5,827		$	(7,322	)	$	(4,487	)	$	13,424		$	7,442
Income from operations of discontinued businesses	—			(200		)	—			—			(200		)
Provision from income taxes	—			1,415			—			—			1,415
Income from discontinued operations	—			(1,615		)	—			—			(1,615		)

Net Income (loss)	$	5,827		$	(8,937	)	$	(4,487	)	$	13,424		$	5,827
Comprehensive income (loss)	$	(2,978	)	$	668		$	(14,092	)	$	13,424		$	(2,978	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended June 30, 2017



($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	303,167		$	61,676		$	(6,729	)	$	358,114
Cost of goods and services	—			225,566			41,836			(7,272		)	260,130
Gross profit	—			77,601			19,840			543			97,984
Selling, general and administrative expenses	7,038			57,566			16,044			(93		)	80,555
Income (loss) from operations	(7,038		)	20,035			3,796			636			17,429
Other income (expense)
Interest income (expense), net	(3,266		)	(6,070		)	(3,326		)	—			(12,662		)
Other, net	229			262			(75		)	(636		)	(220		)
Total other income (expense)	(3,037		)	(5,808		)	(3,401		)	(636		)	(12,882		)
Income (loss) before taxes	(10,075		)	14,227			395			—			4,547
Provision (benefit) for income taxes	(6,080		)	5,562			613			—			95
Income (loss) before equity in net income of subsidiaries	(3,995		)	8,665			(218		)	—			4,452
Equity in net income (loss) of subsidiaries	13,549			(4,015		)	8,665			(18,199		)	—
Income (loss) from continuing operations	9,554			4,650			8,447			(18,199		)	4,452
Income from operation of discontinued businesses	—			5,033			1,991			—			7,024
Provision (benefit) from income taxes	—			1,347			575			—			1,922
Income (loss) from discontinued operations	—			3,685			1,417			—			5,102
Net Income (loss)	$	9,554		$	8,335		$	9,864		$	(18,199	)	$	9,554

Comprehensive income (loss)	$	16,710		$	15,899		$	2,300		$	(18,199	)	$	16,710

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Nine Months Ended June 30, 2018



($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	1,181,068		$	272,714		$	(21,369	)	$	1,432,413
Cost of goods and services	—			891,498			182,125			(22,319		)	1,051,304
Gross profit	—			289,570			90,589			950			381,109
Selling, general and administrative expenses	32,021			216,750			75,282			(277		)	323,776
Income (loss) from operations	(32,021		)	72,820			15,307			1,227			57,333
Other income (expense)
Interest income (expense), net	(18,626		)	(16,497		)	(13,359		)	—			(48,482		)
Other, net	1,376			1,157			119			(1,386		)	1,266
Total other income (expense)	(17,250		)	(15,340		)	(13,240		)	(1,386		)	(47,216		)
Income (loss) before taxes	(49,271		)	57,480			2,067			(159		)	10,117
Provision (benefit) for income taxes	(44,601		)	13,744			8,793			(43		)	(22,107		)
Income (loss) before equity in net income of subsidiaries	(4,670		)	43,736			(6,726		)	(116		)	32,224
Equity in net income (loss) of subsidiaries	131,766			(65,666		)	43,736			(109,836		)	—
Income from continuing operations	$	127,096		$	(21,930	)	$	37,010		$	(109,952	)	$	32,224

Income from operations of discontinued businesses	$	—		$	109,028		$	15,614		$	—		$	124,642
Provision (benefit) from income taxes				31,856			(2,086		)	—			29,770
Income (loss) from discontinued operations	$	—		$	77,172		$	17,700		$	—		$	94,872
Net income (loss)	$	127,096		$	(21,930	)	$	37,010		$	(109,952	)	$	32,224

Comprehensive income (loss)	$	147,050		$	36,634		$	73,318		$	(109,952	)	$	147,050

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Nine Months Ended June 30, 2017



($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	922,996		$	194,985		$	(23,783	)	$	1,094,198
Cost of goods and services	—			694,670			130,778			(24,847		)	800,601
Gross profit	—			228,326			64,207			1,064			293,597
Selling, general and administrative expenses	20,759			171,171			49,720			(278		)	241,372
Restructuring and other related charges	—			—			—			—			—
Total operating expenses	20,759			171,171			49,720			(278		)	241,372
Income (loss) from operations	(20,759		)	57,155			14,487			1,342			52,225
Other income (expense)
Interest income (expense), net	(10,616		)	(18,093		)	(9,947		)	—			(38,656		)
Other, net	172			1,263			(515		)	(1,342		)	(422		)
Total other income (expense)	(10,444		)	(16,830		)	(10,462		)	(1,342		)	(39,078		)
Income (loss) before taxes	(31,203		)	40,325			4,025			—			13,147
Provision (benefit) for income taxes	(16,643		)	16,018			326			—			(299		)
Income (loss) before equity in net income of subsidiaries	(14,560		)	24,307			3,699			—			13,446
Equity in net income (loss) of subsidiaries	41,423			(12,631		)	24,307			(53,099		)	—
Income from continuing operations	$	26,863		$	11,676		$	28,006		$	(53,099	)	$	13,446
Income from operations of discontinued businesses	—			13,826			7,813			—			21,639
Provision from income taxes	—			3,987			4,235			—			8,222
Income from discontinued operations	—			9,839			3,578			—			13,417
Net income (loss)	$	26,863		$	21,515		$	31,584		$	(53,099	)	$	26,863

Comprehensive income (loss)	$	30,640		$	23,651		$	29,448		$	(53,099	)	$	30,640

Condensed Cash Flow Statement

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Nine Months Ended June 30, 2018



($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	127,096		$	55,242		$	54,710		$	(109,952	)	$	127,096
Net (income) loss from discontinued operations	—			(77,172		)	(17,700		)	—			(94,872		)
Net cash provided by (used in) operating activities:	309,342			(536,893		)	230,342			—			2,791
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(455		)	(27,230		)	(5,463		)	—			(33,148		)
Acquired businesses, net of cash acquired	(368,937		)	(4,490		)	(56,118		)	—			(429,545		)
Intercompany distributions	—			—			—			—			—
Proceeds from sale of investments	—			—			—			—			—
Proceeds from sale of business	—			473,977			—			—			473,977
Proceeds from sale of assets	—			46			436			—			482
Net cash provided by investing activities	(369,392		)	442,303			(61,145		)	—			11,766
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury	(45,588		)	—			—			—			(45,588		)
Proceeds from long-term debt	411,718			2,232			5,695			—			419,645
Payments of long-term debt	(223,998		)	(4,564		)	(33,469		)	—			(262,031		)
Change in short-term borrowings	—			—			—			—			—
Share premium payment on settled debt	—			—			—			—			—
Financing costs	(7,671		)	—			—			—			(7,671		)
Purchase of ESOP shares	—			—			—			—			—
Dividends paid	(46,816		)	—			—			—			(46,816		)
Other, net	(22,246		)	(19,855		)	42,240			—			139
Net cash provided by (used in) financing activities	65,399			(22,187		)	14,466			—			57,678
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in discontinued operations	—			127,312			(189,585		)	—			(62,273		)
Effect of exchange rate changes on cash and equivalents	—			(131		)	6,254			—			6,123
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	5,349			10,404			332			—			16,085
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	3,240			8,066			36,375			—			47,681
CASH AND EQUIVALENTS AT END OF PERIOD	$	8,589		$	18,470		$	36,707		$	—		$	63,766

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Nine Months Ended June 30, 2017



($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	26,863		$	21,515		$	31,584		$	(53,099	)	$	26,863
Net (income) loss from discontinued operations	—			(9,839		)	(3,578		)	—			(13,417		)
Net cash provided by (used in) operating activities:	(14,445		)	29,754			14,586			(4,493		)	25,402
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(12		)	(17,593		)	(4,970		)	—			(22,575		)
Acquired businesses, net of cash acquired	—			—			(6,051		)	—			(6,051		)
Proceeds from sale of assets	—			146			—			—			146
Net cash provided by (used in) investing activities	(12		)	(17,447		)	(11,021		)	—			(28,480		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury	(15,796		)	—			—			—			(15,796		)
Proceeds from long-term debt	200,656			—			10,441			—			211,097
Payments of long-term debt	(128,365		)	(940		)	(18,424		)	—			(147,729		)
Share premium payment on settled debt	(24,997		)	—						—			(24,997		)
Financing costs	(363		)	—			—			—			(363		)
Purchase of ESOP shares	(10,908		)	—			—			—			(10,908		)
Dividends paid	(7,766		)	—			—			—			(7,766		)
Other, net	16,710			(16,745		)	(4,570		)	4,493			(112		)
Net cash provided by (used in) financing activities	29,171			(17,685		)	(12,553		)	4,493			3,426
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in discontinued operations	—			(10,764		)	7,383			—			(3,381		)
Effect of exchange rate changes on cash and equivalents	—			—			(72		)	—			(72		)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	14,714			(16,142		)	(1,677		)	—			(3,105		)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	6,517			27,692			38,344			—			72,553
CASH AND EQUIVALENTS AT END OF PERIOD	$	21,231		$	11,550		$	36,667		$	—		$	69,448