CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Jun. 30, 2019

Consolidating Guarantor And Non Guarantor Financial Information [Abstract]

Condensed Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEETS

At June 30, 2019

 

($ in thousands)	Parent Company		Guarantor Companies		Non-Guarantor Companies			Elimination			Consolidation
CURRENT ASSETS
Cash and equivalents	$	15,350	$	20,477	$	22,285		$	—		$	58,112
Accounts receivable, net of allowances	—		267,210		55,100			—			322,310
Contract costs and recognized income not yet billed, net of progress payments	—		89,862		963			—			90,825
Inventories, net	—		371,592		65,560			(267		)	436,885
Prepaid and other current assets	19,961		23,583		6,970			2,384			52,898
Assets of discontinued operations	—		—		323			—			323
Total Current Assets	35,311		772,724		151,201			2,117			961,353
PROPERTY, PLANT AND EQUIPMENT, net	966		290,869		39,510			—			331,345
GOODWILL	—		394,131		44,286			—			438,417
INTANGIBLE ASSETS, net	93		276,252		84,904			—			361,249
INTERCOMPANY RECEIVABLE	110,797		914,366		65,131			(1,090,294		)	—
EQUITY INVESTMENTS IN SUBSIDIARIES	1,575,766		523,262		3,063,638			(5,162,666		)	—
OTHER ASSETS	7,389		17,495		(2,157		)	(6,527		)	16,200
ASSETS OF DISCONTINUED OPERATIONS	—		—		2,895			—			2,895
Total Assets	$	1,730,322	$	3,189,099	$	3,449,408		$	(6,257,370	)	$	2,111,459
CURRENT LIABILITIES
Notes payable and current portion of long-term debt	$	—	$	3,547	$	7,337		$	—		$	10,884
Accounts payable and accrued liabilities	59,575		246,990		46,162			966			353,693
Liabilities of discontinued operations	—		—		2,653			—			2,653
Total Current Liabilities	59,575		250,537		56,152			966			367,230
LONG-TERM DEBT, net	1,112,182		3,491		43,948			—			1,159,621
INTERCOMPANY PAYABLES	58,361		615,658		422,227			(1,096,246		)	—
OTHER LIABILITIES	12,039		68,312		11,389			2,408			94,148
LIABILITIES OF DISCONTINUED OPERATIONS	—		—		2,295			—			2,295
Total Liabilities	1,242,157		937,998		536,011			(1,092,872		)	1,623,294
SHAREHOLDERS’ EQUITY	488,165		2,251,101		2,913,397			(5,164,498		)	488,165
Total Liabilities and Shareholders’ Equity	$	1,730,322	$	3,189,099	$	3,449,408		$	(6,257,370	)	$	2,111,459

CONDENSED CONSOLIDATING BALANCE SHEETS

At September 30, 2018

($ in thousands)	Parent Company		Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CURRENT ASSETS
Cash and equivalents	$	15,976	$	16,353		$	37,429		$	—		$	69,758
Accounts receivable, net of allowances	—		234,885			69,729			(24,105		)	280,509
Contract costs and recognized income not yet billed, net of progress payments	—		121,393			410			—			121,803
Inventories, net	—		332,067			66,373			(81		)	398,359
Prepaid and other current assets	12,179		21,313			6,168			2,461			42,121
Assets of discontinued operations	—		—			324			—			324
Total Current Assets	28,155		726,011			180,433			(21,725		)	912,874
PROPERTY, PLANT AND EQUIPMENT, net	936		299,920			41,636			—			342,492
GOODWILL	6,646		361,507			71,242			—			439,395
INTANGIBLE ASSETS, net	93		293,093			77,672			—			370,858
INTERCOMPANY RECEIVABLE	56,396		314,394			(121,445		)	(249,345		)	—
EQUITY INVESTMENTS IN SUBSIDIARIES	1,528,932		968,330			3,347,894			(5,845,156		)	—
OTHER ASSETS	8,651		15,942			374			(8,612		)	16,355
ASSETS OF DISCONTINUED OPERATIONS	—		—			2,916			—			2,916
Total Assets	$	1,629,809	$	2,979,197		$	3,600,722		$	(6,124,838	)	$	2,084,890
CURRENT LIABILITIES
Notes payable and current portion of long-term debt	$	2,276	$	3,398		$	7,337		$	—		$	13,011
Accounts payable and accrued liabilities	26,639		303,154			59,531			(16,474		)	372,850
Liabilities of discontinued operations	—		(22,327		)	29,537			—			7,210
Total Current Liabilities	28,915		284,225			96,405			(16,474		)	393,071
LONG-TERM DEBT, net	1,044,071		6,110			57,890			—			1,108,071
INTERCOMPANY PAYABLES	66,058		(77,760		)	263,227			(251,525		)	—
OTHER LIABILITIES	16,374		73,391			20,592			(3,647		)	106,710
LIABILITIES OF DISCONTINUED OPERATIONS	—		—			2,647			—			2,647
Total Liabilities	1,155,418		285,966			440,761			(271,646		)	1,610,499
SHAREHOLDERS’ EQUITY	474,391		2,693,231			3,159,961			(5,853,192		)	474,391
Total Liabilities and Shareholders’ Equity	$	1,629,809	$	2,979,197		$	3,600,722		$	(6,124,838	)	$	2,084,890

Condensed Income Statement

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Three Months Ended June 30, 2019

 

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	470,228		$	118,694		$	(13,952	)	$	574,970
Cost of goods and services	—			350,197			84,568			(14,278		)	420,487
Gross profit	—			120,031			34,126			326			154,483
Selling, general and administrative expenses	5,342			85,885			27,252			(490		)	117,989
Income (loss) from operations	(5,342		)	34,146			6,874			816			36,494
Other income (expense)
Interest income (expense), net	(7,171		)	(9,048		)	(868		)	—			(17,087		)
Other, net	4,963			(15,918		)	12,762			(828		)	979
Total other income (expense)	(2,208		)	(24,966		)	11,894			(828		)	(16,108		)
Income (loss) before taxes	(7,550		)	9,180			18,768			(12		)	20,386
Provision (benefit) for income taxes	(4,815		)	9,124			1,961			(12		)	6,258
Income (loss) before equity in net income of subsidiaries	(2,735		)	56			16,807			—			14,128
Equity in net income (loss) of subsidiaries	16,330			15,641			56			(32,027		)	—
Income (loss) from continuing operations	$	13,595		$	15,697		$	16,863		$	(32,027	)	$	14,128
Income (loss) from operations of discontinued businesses	—			—			—			—			—
Provision (benefit) from income taxes	—			—			533			—			533
Income (loss) from discontinued operations	—			—			(533		)	—			(533		)
Net Income (loss)	$	13,595		$	15,697		$	16,330		$	(32,027	)	$	13,595
Comprehensive income (loss)	$	12,560		$	(597	)	$	32,624		$	(32,027	)	$	12,560

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	—			323,091			60,719			(5,942		)	377,868
Gross profit	—			108,906			29,566			210			138,682
Selling, general and administrative expenses	14,383			78,865			21,956			(92		)	115,112
Income (loss) from operations	(14,383		)	30,041			7,610			302			23,570
Other income (expense)
Interest income (expense), net	(5,891		)	(2,282		)	(7,623		)	—			(15,796		)
Other, net	(528		)	(8,496		)	10,481			(229		)	1,228
Total other income (expense)	(6,419		)	(10,778		)	2,858			(229		)	(14,568		)
Income (loss) before taxes	(20,802		)	19,263			10,468			73			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	(16,061		)	(1,783		)	(2,471		)	27,757			7,442
Equity in net income (loss) of subsidiaries	21,888			(5,657		)	(2,016		)	(14,215		)	—
Income (loss) from continuing operations	5,827			(7,440		)	(4,487		)	13,542			7,442
Income (loss) from operation of discontinued businesses	—			(200		)	—			—			(200		)
Provision (benefit) from income taxes	—			1,415			—			—			1,415
Income (loss) from discontinued operations	—			(1,615		)	—			—			(1,615		)
Net Income (loss)	$	5,827		$	(9,055	)	$	(4,487	)	$	13,542		$	5,827
Comprehensive income (loss)	$	(2,978	)	$	433		$	(14,092	)	$	13,659		$	(2,978	)

Condensed Cash Flow Statement

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Nine Months Ended June 30, 2019

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	21,192		$	54,400		$	40,829		$	(95,229	)	$	21,192
Net (income) loss from discontinued operations	—			—			8,179			—			8,179
Net cash provided by (used in) operating activities:	(20,805		)	24,179			11,608			—			14,982
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(247		)	(23,221		)	(4,326		)	—			(27,794		)
Acquired businesses, net of cash acquired	(9,219		)	—			—			—			(9,219		)
Investment purchases	(149		)	—			—			—			(149		)
Proceeds (payments) from sale of business	(9,500		)	—			—			—			(9,500		)
Insurance proceeds (payments)	(10,604		)	—			—			—			(10,604		)
Proceeds from sale of assets	—			79			25			—			104
Net cash provided by (used in) investing activities	(29,719		)	(23,142		)	(4,301		)	—			(57,162		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury	(1,478		)	—			—			—			(1,478		)
Proceeds from long-term debt	138,541			116			18,143			—			156,800
Payments of long-term debt	(75,694		)	(2,605		)	(29,961		)	—			(108,260		)
Financing costs	(1,012		)	—			—			—			(1,012		)
Contingent consideration for acquired businesses	—			—			(1,686		)	—			(1,686		)
Dividends paid	(10,262		)	—			—			—			(10,262		)
Other, net	(197		)	5,694			(5,694		)	—			(197		)
Net cash provided by (used in) financing activities	49,898			3,205			(19,198		)	—			33,905
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash provided by (used) in discontinued operations	—			—			(3,874		)	—			(3,874		)
Effect of exchange rate changes on cash and equivalents	—			(118		)	621			—			503
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	(626		)	4,124			(15,144		)	—			(11,646		)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	15,976			16,353			37,429			—			69,758
CASH AND EQUIVALENTS AT END OF PERIOD	$	15,350		$	20,477		$	22,285		$	—		$	58,112

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		$	55,125		$	54,709		$	(109,834	)	$	127,096
Net (income) loss from discontinued operations	—			(77,172		)	(17,700		)	—			(94,872		)
Net cash provided by (used in) operating activities:	300,739			(536,544		)	230,342			—			(5,463		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(455		)	(27,229		)	(5,464		)	—			(33,148		)
Acquired businesses, net of cash acquired	(368,937		)	(4,490		)	(56,118		)	—			(429,545		)
Proceeds from sale of business	—			473,977			—			—			473,977
Insurance proceeds (payments)	8,254			—			—			—			8,254
Proceeds from sale of assets	—			46			436			—			482
Net cash provided by (used in) investing activities	(361,138		)	442,304			(61,146		)	—			20,020
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		)
Financing costs	(7,671		)	—			—			—			(7,671		)
Dividends paid	(46,816		)	—			—			—			(46,816		)
Other, net	(21,897		)	(20,205		)	42,241			—			139
Net cash provided by (used in) financing activities	65,748			(22,537		)	14,467			—			57,678
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash provided by (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