CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)

9 Months Ended

Jun. 30, 2020

Consolidating Guarantor And Non Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

At June 30, 2020

 

($ in thousands)	Parent Company		Guarantor Companies		Non-Guarantor Companies			Elimination			Consolidation
CURRENT ASSETS
Cash and equivalents	$	4,727	$	19,697	$	47,575		$	—		$	71,999
Accounts receivable, net of allowances	—		307,625		217,590			(165,751		)	359,464
Contract costs and recognized income not yet billed, net of progress payments	—		89,526		2,617			—			92,143
Inventories, net	—		347,703		63,903			(578		)	411,028
Prepaid and other current assets	19,519		24,144		5,068			2,634			51,365
Assets of discontinued operations	—		—		1,951			—			1,951
Total Current Assets	24,246		788,695		338,704			(163,695		)	987,950
PROPERTY, PLANT AND EQUIPMENT, net	1,232		289,224		44,862			—			335,318
OPERATING LEASE RIGHT-OF-USE ASSETS	9,633		124,566		20,756			—			154,955
GOODWILL	—		375,734		63,933			—			439,667
INTANGIBLE ASSETS, net	93		219,056		135,235			—			354,384
INTERCOMPANY RECEIVABLE	16,555		679,666		84,671			(780,892		)	—
EQUITY INVESTMENTS IN SUBSIDIARIES	1,702,746		766,863		3,154,553			(5,624,162		)	—
OTHER ASSETS	12,228		39,491		(5,638		)	(14,221		)	31,860
ASSETS OF DISCONTINUED OPERATIONS	—		—		6,086			—			6,086
Total Assets	$	1,766,733	$	3,283,295	$	3,843,162		$	(6,582,970	)	$	2,310,220
CURRENT LIABILITIES
Notes payable and current portion of long-term debt	$	—	$	2,973	$	6,262		$	—		$	9,235
Accounts payable and accrued liabilities	58,619		426,260		72,451			(163,142		)	394,188
Current portion of operating lease liabilities	1,842		22,229		4,947			—			29,018
Liabilities of discontinued operations	—		—		3,730			—			3,730
Total Current Liabilities	60,461		451,462		87,390			(163,142		)	436,171
LONG-TERM DEBT, net	1,087,135		10,258		25,972			—			1,123,365
LONG-TERM OPERATING LEASE LIABILITIES	8,886		106,552		16,212			—			131,650
INTERCOMPANY PAYABLES	77,139		254,479		467,463			(799,081		)	—
OTHER LIABILITIES	24,657		77,228		10,242			(7,829		)	104,298
LIABILITIES OF DISCONTINUED OPERATIONS	—		—		6,281			—			6,281
Total Liabilities	1,258,278		899,979		613,560			(970,052		)	1,801,765
SHAREHOLDERS’ EQUITY	508,455		2,383,316		3,229,602			(5,612,918		)	508,455
Total Liabilities and Shareholders’ Equity	$	1,766,733	$	3,283,295	$	3,843,162		$	(6,582,970	)	$	2,310,220

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 June 30, 2020

 

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	515,083		$	126,847		$	(9,869	)	$	632,061
Cost of goods and services	—			385,717			91,541			(10,200		)	467,058
Gross profit	—			129,366			35,306			331			165,003
Selling, general and administrative expenses	5,229			85,512			22,913			(145		)	113,509
Income (loss) from operations	(5,229		)	43,854			12,393			476			51,494
Other income (expense)
Interest income (expense), net	(7,013		)	(9,537		)	(35		)	—			(16,585		)
Loss from debt extinguishment, net	(1,235		)	—			—			—			(1,235		)
Other, net	126			(2,852		)	4,004			(472		)	806
Total other income (expense)	(8,122		)	(12,389		)	3,969			(472		)	(17,014		)
Income (loss) before taxes	(13,351		)	31,465			16,362			4			34,480
Provision (benefit) for income taxes	(3,533		)	10,843			5,335			4			12,649
Income (loss) before equity in net income of subsidiaries	(9,818		)	20,622			11,027			—			21,831
Equity in net income (loss) of subsidiaries	31,649			10,920			20,622			(63,191		)	—
Net Income (loss)	$	21,831		$	31,542		$	31,649		$	(63,191	)	$	21,831
Comprehensive income (loss)	$	30,533		$	36,940		$	26,251		$	(63,191	)	$	30,533

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 operation 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 Nine Months Ended June 30, 2020

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies		Elimination			Consolidation
Revenue	$	—		$	1,418,975		$	357,812	$	(29,938	)	$	1,746,849
Cost of goods and services	—			1,058,556			252,331		(30,994		)	1,279,893
Gross profit	—			360,419			105,481		1,056			466,956
Selling, general and administrative expenses	19,169			264,698			74,237		(330		)	357,774
Income (loss) from operations	(19,169		)	95,721			31,244		1,386			109,182
Other income (expense)
Interest income (expense), net	(20,217		)	(28,916		)	37		—			(49,096		)
Loss from debt extinguishment, net	(7,925		)	—			—		—			(7,925		)
Other, net	(389		)	(6,870		)	10,844		(1,386		)	2,199
Total other income (expense)	(28,531		)	(35,786		)	10,881		(1,386		)	(54,822		)
Income (loss) before taxes	(47,700		)	59,935			42,125		—			54,360
Provision (benefit) for income taxes	(17,355		)	22,648			15,729		—			21,022
Income (loss) before equity in net income of subsidiaries	(30,345		)	37,287			26,396		—			33,338
Equity in net income (loss) of subsidiaries	63,683			26,457			37,287		(127,427		)	—
Net income (loss)	$	33,338		$	63,744		$	63,683	$	(127,427	)	$	33,338
Comprehensive income (loss)	$	34,047		$	63,744		$	63,683	$	(127,427	)	$	34,047

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Nine Months Ended June 30, 2019

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
Revenue	$	—		$	1,352,211		$	311,219		$	(28,305	)	$	1,635,125
Cost of goods and services	—			1,013,676			215,786			(29,370		)	1,200,092
Gross profit	—			338,535			95,433			1,065			435,033
Selling, general and administrative expenses	15,651			255,674			72,478			(277		)	343,526
Income (loss) from operations	(15,651		)	82,861			22,955			1,342			91,507
Other income (expense)
Interest income (expense), net	(20,806		)	(27,306		)	(2,611		)	—			(50,723		)
Other, net	4,228			(14,102		)	14,479			(1,354		)	3,251
Total other income (expense)	(16,578		)	(41,408		)	11,868			(1,354		)	(47,472		)
Income (loss) before taxes	(32,229		)	41,453			34,823			(12		)	44,035
Provision (benefit) for income taxes	(12,592		)	20,390			6,878			(12		)	14,664
Income (loss) before equity in net income of subsidiaries	(19,637		)	21,063			27,945			—			29,371
Equity in net income (loss) of subsidiaries	40,829			33,337			21,063			(95,229		)	—
Income (loss) from continuing operations	$	21,192		$	54,400		$	49,008		$	(95,229	)	$	29,371
Income (loss) from operations of discontinued businesses	—			—			(11,000		)	—			(11,000		)
Provision (benefit) from income taxes	—			—			(2,821		)	—			(2,821		)
Income (loss) from discontinued operations	—			—			(8,179		)	—			(8,179		)
Net income (loss)	$	21,192		$	54,400		$	40,829		$	(95,229	)	$	21,192
Comprehensive income (loss)	$	17,587		$	58,450		$	36,779		$	(95,229	)	$	17,587

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Nine Months Ended June 30, 2020

($ in thousands)	Parent Company			Guarantor Companies			Non-Guarantor Companies			Elimination			Consolidation
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	33,338		$	63,744		$	63,683		$	(127,427	)	$	33,338
Net cash provided by (used in) operating activities:	(10,683		)	35,520			31,107			—			55,944
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment	(306		)	(30,497		)	(3,948		)	—			(34,751		)
Acquired businesses, net of cash acquired	—			—			(10,531		)	—			(10,531		)
Investment purchases	(130		)	—			—			—			(130		)
Proceeds from sale of assets	—			341			(2		)	—			339
Net cash provided by (used in) investing activities	(436		)	(30,156		)	(14,481		)	—			(45,073		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of shares for treasury	(7,479		)	—			—			—			(7,479		)
Proceeds from long-term debt	1,224,722			—			5,896			—			1,230,618
Payments of long-term debt	(1,171,365		)	(2,647		)	(31,219		)	—			(1,205,231		)
Financing costs	(16,543		)	—			—			—			(16,543		)
Dividends paid	(10,639		)	—			—			—			(10,639		)
Other, net	(4,499		)	(7,723		)	12,191			—			(31		)
Net cash provided by (used in) financing activities	14,197			(10,370		)	(13,132		)	—			(9,305		)
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash provided by (used) in discontinued operations	—			—			(2,481		)	—			(2,481		)
Effect of exchange rate changes on cash and equivalents	—			(514		)	1,051			—			537
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	3,078			(5,520		)	2,064			—			(378		)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	1,649			25,217			45,511			—			72,377
CASH AND EQUIVALENTS AT END OF PERIOD	$	4,727		$	19,697		$	47,575		$	—		$	71,999

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 from sale of business	(9,500		)	—			—			—			(9,500		)
Insurance 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		)
Contingent consideration for acquired businesses	—			—			(1,686		)	—			(1,686		)
Financing costs	(1,012		)	—			—			—			(1,012		)
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