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CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)
 6 Months Ended
Mar. 31, 2020
Consolidating Guarantor And Non Guarantor Financial Information [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
At March 31, 2020
 
($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
CURRENT ASSETS
 

 
 

 
 

 
 

 
 

Cash and equivalents
$
9,252

 
$
18,977

 
$
40,795

 
$
—

 
$
69,024

Accounts receivable, net of allowances
—

 
283,929

 
206,456

 
(155,352
)
 
335,033

Contract costs and recognized income not yet billed, net of progress payments
—

 
91,998

 
2,497

 
—

 
94,495

Inventories, net
—

 
391,934

 
70,756

 
(571
)
 
462,119

Prepaid and other current assets
11,482

 
23,468

 
5,149

 
2,624

 
42,723

Assets of discontinued operations
—

 
—

 
321

 
—

 
321

Total Current Assets
20,734

 
810,306

 
325,974

 
(153,299
)
 
1,003,715

PROPERTY, PLANT AND EQUIPMENT, net
1,295

 
290,685

 
43,840

 
—

 
335,820

OPERATING LEASE RIGHT-OF-USE ASSETS
10,060

 
127,133

 
19,065

 
—

 
156,258

GOODWILL
—

 
375,734

 
61,048

 
—

 
436,782

INTANGIBLE ASSETS, net
93

 
220,796

 
132,854

 
—

 
353,743

INTERCOMPANY RECEIVABLE
67,266

 
928,899

 
148,568

 
(1,144,733
)
 
—

EQUITY INVESTMENTS IN SUBSIDIARIES
1,658,792

 
745,746

 
3,109,559

 
(5,514,097
)
 
—

OTHER ASSETS
8,695

 
37,669

 
(2,446
)
 
(14,362
)
 
29,556

ASSETS OF DISCONTINUED OPERATIONS
—

 
—

 
2,873

 
—

 
2,873

Total Assets
$
1,766,935

 
$
3,536,968

 
$
3,841,335

 
$
(6,826,491
)
 
$
2,318,747

CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
—

 
$
3,474

 
$
5,996

 
$
—

 
$
9,470

Accounts payable and accrued liabilities
28,873

 
412,118

 
58,903

 
(152,741
)
 
347,153

Current portion of operating lease liabilities
1,830

 
22,068

 
4,149

 
—

 
28,047

Liabilities of discontinued operations
—

 
—

 
2,450

 
—

 
2,450

Total Current Liabilities
30,703

 
437,660

 
71,498

 
(152,741
)
 
387,120

 
 
 
 
 
 
 
 
 
 
LONG-TERM DEBT, net
1,167,023

 
10,642

 
38,561

 
—

 
1,216,226

LONG-TERM OPERATING LEASE LIABILITIES
9,353

 
108,872

 
15,273

 
—

 
133,498

INTERCOMPANY PAYABLES
63,230

 
563,964

 
536,815

 
(1,164,009
)
 
—

OTHER LIABILITIES
20,172

 
77,292

 
12,650

 
(7,819
)
 
102,295

LIABILITIES OF DISCONTINUED OPERATIONS
—

 
—

 
3,154

 
—

 
3,154

Total Liabilities
1,290,481

 
1,198,430

 
677,951

 
(1,324,569
)
 
1,842,293

SHAREHOLDERS’ EQUITY
476,454

 
2,338,538

 
3,163,384

 
(5,501,922
)
 
476,454

Total Liabilities and Shareholders’ Equity
$
1,766,935

 
$
3,536,968

 
$
3,841,335

 
$
(6,826,491
)
 
$
2,318,747


CONDENSED CONSOLIDATING BALANCE SHEETS
At September 30, 2019

($ in thousands)
Parent
Company
 
Guarantor
Companies
 
Non-Guarantor
Companies
 
Elimination
 
Consolidation
CURRENT ASSETS
 

 
 

 
 

 
 

 
 

Cash and equivalents
$
1,649

 
$
25,217

 
$
45,511

 
$
—

 
$
72,377

Accounts receivable, net of allowances
—

 
227,069

 
38,580

 
(1,199
)
 
264,450

Contract costs and recognized income not yet billed, net of progress payments
—

 
104,109

 
1,002

 
—

 
105,111

Inventories, net
—

 
372,839

 
69,540

 
(258
)
 
442,121

Prepaid and other current assets
8,238

 
25,754

 
6,951

 
(144
)
 
40,799

Assets of discontinued operations
—

 
—

 
321

 
—

 
321

Total Current Assets
9,887

 
754,988

 
161,905

 
(1,601
)
 
925,179

 
 
 
 
 
 
 
 
 
 
PROPERTY, PLANT AND EQUIPMENT, net
1,184

 
289,282

 
46,860

 
—

 
337,326

GOODWILL
—

 
375,734

 
61,333

 
—

 
437,067

INTANGIBLE ASSETS, net
93

 
224,275

 
132,271

 
—

 
356,639

INTERCOMPANY RECEIVABLE
5,834

 
864,884

 
75,684

 
(946,402
)
 
—

EQUITY INVESTMENTS IN SUBSIDIARIES
1,628,031

 
581,438

 
3,233,038

 
(5,442,507
)
 
—

OTHER ASSETS
8,182

 
24,635

 
(2,352
)
 
(14,625
)
 
15,840

ASSETS OF DISCONTINUED OPERATIONS
—

 
—

 
2,888

 
—

 
2,888

Total Assets
$
1,653,211

 
$
3,115,236

 
$
3,711,627

 
$
(6,405,135
)
 
$
2,074,939

CURRENT LIABILITIES
 

 
 

 
 

 
 

 
 

Notes payable and current portion of long-term debt
$
—

 
$
3,075

 
$
7,450

 
$
—

 
$
10,525

Accounts payable and accrued liabilities
41,796

 
266,411

 
68,390

 
(1,356
)
 
375,241

Liabilities of discontinued operations
—

 
—

 
4,333

 
—

 
4,333

Total Current Liabilities
41,796

 
269,486

 
80,173

 
(1,356
)
 
390,099

LONG-TERM DEBT, net
1,040,449

 
3,119

 
50,181

 
—

 
1,093,749

INTERCOMPANY PAYABLES
71,634

 
457,265

 
444,557

 
(973,456
)
 
—

OTHER LIABILITIES
21,569

 
81,582

 
15,017

 
(8,171
)
 
109,997

LIABILITIES OF DISCONTINUED OPERATIONS
—

 
—

 
3,331

 
—

 
3,331

Total Liabilities
1,175,448

 
811,452

 
593,259

 
(982,983
)
 
1,597,176

SHAREHOLDERS’ EQUITY
477,763

 
2,303,784

 
3,118,368

 
(5,422,152
)
 
477,763

Total Liabilities and Shareholders’ Equity
$
1,653,211

 
$
3,115,236

 
$
3,711,627

 
$
(6,405,135
)
 
$
2,074,939
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended March 31, 2020
 
($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
Revenue
$
—

 
$
462,500

 
$
113,926

 
$
(10,076
)
 
$
566,350

Cost of goods and services
—

 
345,626

 
79,112

 
(10,420
)
 
414,318

Gross profit
—

 
116,874

 
34,814

 
344

 
152,032

Selling, general and administrative expenses
7,922

 
91,338

 
27,300

 
(93
)
 
126,467

 
 
 
 
 
 
 
 
 
 
Income (loss) from operations
(7,922
)
 
25,536

 
7,514

 
437

 
25,565

Other income (expense)
 

 
 

 
 

 
 

 
 

Interest income (expense), net
(6,880
)
 
(9,706
)
 
25

 
—

 
(16,561
)
Loss from debt extinguishment, net
(6,690
)
 
—

 
—

 
—

 
(6,690
)
Other, net
(418
)
 
(2,667
)
 
4,141

 
(441
)
 
615

Total other income (expense)
(13,988
)
 
(12,373
)
 
4,166

 
(441
)
 
(22,636
)
Income (loss) before taxes
(21,910
)
 
13,163

 
11,680

 
(4
)
 
2,929

Provision (benefit) for income taxes
(9,427
)
 
6,078

 
5,387

 
(4
)
 
2,034

Income (loss) before equity in net income of subsidiaries
(12,483
)
 
7,085

 
6,293

 
—

 
895

Equity in net income (loss) of subsidiaries
13,378

 
6,341

 
7,085

 
(26,804
)
 
—

 
 
 
 
 
 
 
 
 
 
Net Income (loss)
$
895

 
$
13,426

 
$
13,378

 
$
(26,804
)
 
$
895

Comprehensive income (loss)
$
(13,939
)
 
$
8,028

 
$
18,776

 
$
(26,804
)
 
$
(13,939
)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended March 31, 2019

($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
Revenue
$
—

 
$
462,739

 
$
94,285

 
$
(7,391
)
 
$
549,633

Cost of goods and services
—

 
354,382

 
65,516

 
(7,769
)
 
412,129

Gross profit
—

 
108,357

 
28,769

 
378

 
137,504

Selling, general and administrative expenses
5,249

 
84,813

 
21,409

 
312

 
111,783

Income (loss) from operations
(5,249
)
 
23,544

 
7,360

 
66

 
25,721

Other income (expense)
 

 
 

 
 

 
 

 
 

Interest income (expense), net
(7,328
)
 
(9,128
)
 
(849
)
 
—

 
(17,305
)
Other, net
(473
)
 
1,129

 
676

 
(64
)
 
1,268

Total other income (expense)
(7,801
)
 
(7,999
)
 
(173
)
 
(64
)
 
(16,037
)
Income (loss) before taxes
(13,050
)
 
15,545

 
7,187

 
2

 
9,684

Provision (benefit) for income taxes
(4,242
)
 
5,292

 
2,142

 
2

 
3,194

Income (loss) before equity in net income of subsidiaries
(8,808
)
 
10,253

 
5,045

 
—

 
6,490

Equity in net income (loss) of subsidiaries
7,652

 
11,646

 
10,253

 
(29,551
)
 
—

Income (loss) from continuing operations
(1,156
)
 
21,899

 
15,298

 
(29,551
)
 
6,490

Income (loss) from operation of discontinued businesses
—

 
—

 
(11,000
)
 
—

 
(11,000
)
Provision (benefit) from income taxes
—

 
—

 
(3,354
)
 
—

 
(3,354
)
Income (loss) from discontinued operations
—

 
—

 
(7,646
)
 
—

 
(7,646
)
Net Income (loss)
$
(1,156
)
 
$
21,899

 
$
7,652

 
$
(29,551
)
 
$
(1,156
)
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
1,724

 
$
5,448

 
$
8,736

 
$
(14,184
)
 
$
1,724
Condensed Consolidating Statements of Cash Flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Six Months Ended March 31, 2020
($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Net income (loss)
$
11,507

 
$
32,202

 
$
32,034

 
$
(64,236
)
 
$
11,507

Net cash provided by (used in) operating activities:
(92,042
)
 
26,593

 
4,606

 
—

 
(60,843
)
CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Acquisition of property, plant and equipment
(282
)
 
(19,982
)
 
(2,255
)
 
—

 
(22,519
)
Acquired businesses, net of cash acquired
—

 
—

 
(10,531
)
 
—

 
(10,531
)
Proceeds from sale of assets
—

 
292

 
(2
)
 
—

 
290

Net cash provided by (used in) investing activities
(282
)
 
(19,690
)
 
(12,788
)
 
—

 
(32,760
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Purchase of shares for treasury
(7,479
)
 
—

 
—

 
—

 
(7,479
)
Proceeds from long-term debt
1,054,636

 
—

 
6,707

 
—

 
1,061,343

Payments of long-term debt
(921,904
)
 
(1,752
)
 
(15,415
)
 
—

 
(939,071
)
Financing costs
(13,176
)
 
—

 
—

 
—

 
(13,176
)
Dividends paid
(7,349
)
 
—

 
—

 
—

 
(7,349
)
Other, net
(4,801
)
 
(10,839
)
 
15,723

 
—

 
83

Net cash provided by (used in) financing activities
99,927

 
(12,591
)
 
7,015

 
—

 
94,351

CASH FLOWS FROM DISCONTINUED OPERATIONS:
 

 
 

 
 

 
 

 
 

Net cash provided by (used) in discontinued operations
—

 
—

 
(1,994
)
 
—

 
(1,994
)
Effect of exchange rate changes on cash and equivalents
—

 
(552
)
 
(1,555
)
 
—

 
(2,107
)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
7,603

 
(6,240
)
 
(4,716
)
 
—

 
(3,353
)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
1,649

 
25,217

 
45,511

 
—

 
72,377

CASH AND EQUIVALENTS AT END OF PERIOD
$
9,252

 
$
18,977

 
$
40,795

 
$
—

 
$
69,024


CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Six Months Ended March 31, 2019
 
($ in thousands)
Parent Company
 
Guarantor Companies
 
Non-Guarantor Companies
 
Elimination
 
Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Net income (loss)
$
7,597

 
$
38,703

 
$
24,499

 
$
(63,202
)
 
$
7,597

Net (income) loss from discontinued operations
—

 
—

 
7,646

 
—

 
7,646

Net cash provided by (used in) operating activities:
(77,881
)
 
24,130

 
(1,255
)
 
—

 
(55,006
)
CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Acquisition of property, plant and equipment
(210
)
 
(14,071
)
 
(3,137
)
 
—

 
(17,418
)
Acquired businesses, net of cash acquired
(9,219
)
 
—

 
—

 
—

 
(9,219
)
Investment purchases
(149
)
 
—

 
—

 
—

 
(149
)
Insurance payments
(10,604
)
 
—

 
—

 
—

 
(10,604
)
Proceeds from sale of assets
—

 
36

 
26

 
—

 
62

Net cash provided by (used in) investing activities
(20,182
)
 
(14,035
)
 
(3,111
)
 
—

 
(37,328
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Purchase of shares for treasury
(1,478
)
 
—

 
—

 
—

 
(1,478
)
Proceeds from long-term debt
130,484

 
76

 
12,541

 
—

 
143,101

Payments of long-term debt
(32,419
)
 
(1,724
)
 
(14,026
)
 
—

 
(48,169
)
Contingent consideration for acquired businesses
—

 
—

 
(1,686
)
 
—

 
(1,686
)
Financing costs
(945
)
 
—

 
—

 
—

 
(945
)
Dividends paid
(6,847
)
 
—

 
—

 
—

 
(6,847
)
Other, net
(1,641
)
 
7,150

 
(5,426
)
 
—

 
83

Net cash provided by (used in) financing activities
87,154

 
5,502

 
(8,597
)
 
—

 
84,059

CASH FLOWS FROM DISCONTINUED OPERATIONS:
 

 
 

 
 

 
 

 
 

Net cash provided by (used in) discontinued operations
—

 
—

 
(3,438
)
 
—

 
(3,438
)
Effect of exchange rate changes on cash and equivalents
—

 
(92
)
 
26

 
—

 
(66
)
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
(10,909
)
 
15,505

 
(16,375
)
 
—

 
(11,779
)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
15,976

 
16,353

 
37,429

 
—

 
69,758

CASH AND EQUIVALENTS AT END OF PERIOD
$
5,067

 
$
31,858

 
$
21,054

 
$
—

 
$
57,979