0001410578-24-000030 | 10-Q | XBRL Viewer

DEBT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
DEBT
Total borrowings	$ 172,000	$ 102,000
Current portion of long-term debt and short-term borrowings	(20,000)	(20,000)
Total long-term debt, less current portion	$ 152,000	$ 82,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Dec. 31, 2023

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

11. FAIR VALUE MEASUREMENTS

The accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows:

●

Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

●

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Financial Assets and Liabilities

The Company has estimated the fair value of its financial instruments as of December 31, 2023 and September 30, 2023 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables, and other current assets and liabilities approximate fair value because of the short maturity of those instruments.

Fair Value of Financial Instruments

The Company’s forward contracts and interest rate swaps are classified within Level 2 of the valuation hierarchy in accordance with FASB Accounting Standards Codification (ASC) 825, and are immaterial.

Nonfinancial Assets and Liabilities

The Company’s nonfinancial assets such as property, plant and equipment, and other intangible assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. No impairments were recorded during the three-month period ended December 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Changes in shareholder's equity
Beginning balance	$ 1,131,142
Net earnings common stockholders	15,169	$ 14,727
Ending balance	1,154,094	1,066,398
Common stock
Changes in shareholder's equity
Beginning balance	308	307
Ending balance	308	307
Additional paid-in-capital
Changes in shareholder's equity
Beginning balance	304,850	301,553
Stock plans	433	(856)
Ending balance	305,283	300,697
Retained earnings
Changes in shareholder's equity
Beginning balance	989,315	905,022
Net earnings common stockholders	15,169	14,727
Cash dividends declared ($0.32 per share)	(2,064)	(2,067)
Ending balance	1,002,420	917,682
Accumulated other comprehensive income (loss)
Changes in shareholder's equity
Beginning balance	(23,969)	(31,764)
Foreign currency translation	9,414	11,513
Ending balance	(14,555)	(20,251)
Treasury stock
Changes in shareholder's equity
Beginning balance	(139,362)	(126,961)
Share repurchases		(5,076)
Ending balance	$ (139,362)	$ (132,037)

REVENUES

3 Months Ended

Dec. 31, 2023

REVENUES

REVENUES

12. REVENUES

Disaggregation of Revenues

Revenues by customer type, geographic location, and revenue recognition method for the three-month period ended December 31, 2023 are presented in the table below as the Company deems it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The table below also includes a reconciliation of the disaggregated revenue within each reportable segment.


	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	37,209	$	81,469	$	35,087	$	153,765
Government		57,524		1,515		5,510		64,549
Total revenues	$	94,733	$	82,984	$	40,597	$	218,314

Geographic location:
United States	$	79,901	$	55,961	$	22,252	$	158,114
International		14,832		27,023		18,345		60,200
Total revenues	$	94,733	$	82,984	$	40,597	$	218,314

Revenue recognition method:
Point in time	$	39,465	$	66,703	$	7,980	$	114,148
Over time		55,268		16,281		32,617		104,166
Total revenues	$	94,733	$	82,984	$	40,597	$	218,314

Revenues by customer type, geographic location, and revenue recognition method for the three-month period ended December 31, 2022 are presented in the table below:


	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	36,740	$	70,162	$	45,992	$	152,894
Government		46,243		883		5,481		52,607
Total revenues	$	82,983	$	71,045	$	51,473	$	205,501

Geographic location:
United States	$	68,934	$	46,379	$	27,503	$	142,816
International		14,049		24,666		23,970		62,685
Total revenues	$	82,983	$	71,045	$	51,473	$	205,501

Revenue recognition method:
Point in time	$	33,604	$	56,031	$	9,101	$	98,736
Over time		49,379		15,014		42,372		106,765
Total revenues	$	82,983	$	71,045	$	51,473	$	205,501

Revenue Recognition

Payment terms with our customers vary by the type and location of the customer and the products or services offered. Arrangements with customers that include payment terms extending beyond one year are not significant. The transaction price for these contracts reflects our estimate of returns and discounts, which are based on historical, current and forecasted information to determine the expected amount to which we will be entitled in exchange for transferring the promised goods or services to the customer. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. We primarily provide standard warranty programs for products in our commercial businesses for periods that typically range from one to two years. These assurance-type programs typically cannot be purchased separately and do not meet the criteria to be considered a performance obligation. Under the typical payment terms of our long term fixed price contracts, the customer pays us either performance-based or progress payments. Performance-based payments represent interim payments based on quantifiable measures of performance or on the achievement of specified events or milestones. Progress payments are interim payments of costs incurred as the work progresses.

For our overtime revenue recognized using the output method of costs incurred, contract cost is estimated utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to one or more years, and the estimation of these costs requires judgment. Our cost estimation process is based on the professional knowledge and experience of engineers and program managers along with finance professionals. We review and update our projections of costs quarterly or more frequently when circumstances significantly change. In addition, in the USG segment, we recognize revenue as a series of distinct services based on each day of providing services (straight-line over the contract term) for certain of our USG segment contracts. Under the typical payment terms of our service contracts, the customer pays us in advance of when services are performed. In addition, in the Test segment, we use milestones to measure progress for our Test segment contracts because it best depicts the transfer of control to the customer that occurs as we incur costs on our contracts.

Remaining Performance Obligations

Remaining performance obligations, which is the equivalent of backlog, represent the expected transaction price allocated to contracts that the Company expects to recognize as revenue in future periods when the Company performs under the contracts. These remaining obligations include amounts that have been formally appropriated under contracts with the U.S. Government, and exclude unexercised contract options and potential orders under ordering-type contracts such as Indefinite Delivery, Indefinite Quantity contracts. At December 31, 2023, the Company had $847.8 million in remaining performance obligations of which the Company expects to recognize revenues of approximately 66% in the next twelve months.

Contract assets, contract liabilities and accounts receivable

Assets and liabilities related to contracts with customers are reported on a contract-by-contract basis at the end of each reporting period. At December 31, 2023, contract assets, contract liabilities and accounts receivable totaled $138.4 million, $131.9 million and $194.4 million, respectively. During the first quarter of 2024, the Company recognized approximately $24.4 million in revenues that were included in the contract liabilities balance at September 30, 2023. At September 30, 2023, contract assets, contract liabilities and accounts receivable totaled $138.6 million, $123.1 million and $198.6 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

DEBT (Tables)

3 Months Ended

Dec. 31, 2023

DEBT

Schedule of debt


	December 31,		September 30,
(In thousands)	2023		2023
Total borrowings	$	172,000	102,000
Current portion of long-term debt		(20,000)	(20,000)
Total long-term debt, less current portion	$	152,000	82,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 15,169	$ 14,727

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

REVENUES - Remaining Performance Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Remaining Performance Obligations
Revenue recognized	$ 24,400
Contract assets	138,400	$ 138,600
Accounts receivable	194,395	198,557
Contract liabilities	131,900	$ 123,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining Performance Obligations
Remaining performance obligations amount	$ 847,800
Percentage of remaining performance obligation expected to be recognized	66.00%
Revenue remaining performance obligation expected timing of satisfaction, Period	12 months

BASIS OF PRESENTATION

3 Months Ended

Dec. 31, 2023

BASIS OF PRESENTATION

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

The accompanying consolidated financial statements, in the opinion of management, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods presented. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required for annual financial statements by accounting principles generally accepted in the United States of America (GAAP).

The Company’s results for the three-month period ended December 31, 2023 are not necessarily indicative of the results for the entire 2024 fiscal year. References to the first quarters of 2024 and 2023 represent the fiscal quarters ended December 31, 2023 and 2022, respectively. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates.

LEASES - Reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Operating leases
2024	$ 5,044
2025	5,684
2026	4,472
2027	4,265
2028 and thereafter	32,991
Total minimum lease payments	52,456
Less: amounts representing interest	11,869
Present value of net minimum lease payments	40,587
Less: current portion of lease obligations	4,878
Non-current portion of lease obligations	35,709	$ 36,554
ROU assets	$ 38,685	$ 39,839
Location of operating lease liabilities included on Consolidated Balance Sheets	Accrued other expenses, Other liabilities
Location of operating lease ROU assets included on Consolidated Balance Sheets	ROU assets
Finance leases
2024	$ 1,634
2025	2,233
2026	2,297
2027	2,356
2028 and thereafter	16,470
Total minimum lease payments	24,990
Less: amounts representing interest	6,010
Present value of net minimum lease payments	18,980
Less: current portion of lease obligations	1,348
Non-current portion of lease obligations	17,632
ROU assets	$ 14,799
Location of finance lease liabilities included on Consolidated Balance Sheets	Accrued other expenses, Other liabilities

INCOME TAX EXPENSE

3 Months Ended

Dec. 31, 2023

INCOME TAX EXPENSE

INCOME TAX EXPENSE

9. INCOME TAX EXPENSE

The first quarter 2024 effective income tax rate was 22.0% compared to 22.1% in the first quarter of 2023. There were no significant changes in the effective income tax rate between the periods.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

LEASES - Components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Option to extend	true
Finance lease cost
Amortization	$ 393	$ 393
Interest on lease liabilities	223	236
Operating lease cost	1,864	1,645
Total lease costs	$ 2,480	$ 2,274
Maximum
Leases
Lease term	20 years

BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Dec. 31, 2023

BUSINESS SEGMENT INFORMATION

Schedule of net sales and earnings before income tax


	Three Months
	Ended December 31,
(In thousands)	2023		2022
NET SALES
Aerospace & Defense	$	94,733	82,983
USG		82,984	71,045
Test		40,597	51,473
Consolidated totals	$	218,314	205,501

EBIT
Aerospace & Defense	$	16,663	12,536
USG		17,625	16,131
Test		1,779	5,411
Corporate (loss)		(13,946)	(13,521)
Consolidated EBIT		22,121	20,557
Less: Interest expense		(2,667)	(1,658)
Earnings before income taxes	$	19,454	18,899

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BUSINESS SEGMENT INFORMATION

3 Months Ended

Dec. 31, 2023

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

7. BUSINESS SEGMENT INFORMATION

The Company is organized based on the products and services that it offers and classifies its business operations in three reportable segments for financial reporting purposes: Aerospace & Defense (A&D), Utility Solutions Group (USG) and RF Test & Measurement (Test). The A&D segment’s operations consist of PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair), Globe Composite Solutions, LLC (Globe) and Mayday Manufacturing Co. (Mayday). The companies within this segment primarily design and manufacture specialty filtration, fluid control and naval products, including hydraulic filter elements and fluid control devices used in aerospace and defense applications; unique filter mechanisms used in micro-propulsion devices for satellites, custom designed filters for manned aircraft and submarines, products and systems to reduce vibration and/or acoustic signatures and otherwise reduce or obscure a vessel’s signature, and other communications, sealing, surface control and hydrodynamic related applications to enhance U.S. Navy maritime survivability; precision-tolerance machined components for the aerospace and defense industry; metal processing services; and miniature electro-explosive devices utilized in mission-critical defense and aerospace applications.

The USG segment’s operations consist primarily of Doble Engineering Company and related subsidiaries including Morgan Schaffer and Altanova (collectively, Doble), and NRG Systems, Inc. (NRG). Doble is an industry leader in the development, manufacture and delivery of diagnostic testing and data management solutions that enable electric power grid operators to assess the integrity of high voltage power delivery equipment. It combines three core elements for customers – diagnostic test and condition monitoring instruments, expert consulting, and testing services – and provides access to its large reserve of related empirical knowledge. NRG is a global market leader in the design and manufacture of decision support tools for the renewable energy industry, primarily wind and solar.

The Test segment’s operations consist primarily of ETS-Lindgren Inc. and related subsidiaries (ETS-Lindgren). ETS-Lindgren is an industry leader in designing and manufacturing products and systems to measure and control RF and acoustic energy. It serves the acoustics, medical, health and safety, electronics, wireless communications, automotive and defense markets, supplying a broad range of turnkey systems, including RF test facilities and measurement systems, acoustic test enclosures, RF and magnetically shielded rooms and secure communication facilities, and providing the design, program management, installation and integration services required to successfully complete these types of facilities. It also provides a broad range of components including RF absorptive materials, filters, antennas, field probes, test cells, proprietary measurement software and other test accessories required to perform a variety of tests and measurements, and offers a variety of services including calibration and product tests.

Management evaluates and measures the performance of its reportable segments based on “Net Sales” and “EBIT”, which are detailed in the table below. EBIT is defined as earnings before interest and taxes.


	Three Months
	Ended December 31,
(In thousands)	2023		2022
NET SALES
Aerospace & Defense	$	94,733	82,983
USG		82,984	71,045
Test		40,597	51,473
Consolidated totals	$	218,314	205,501

EBIT
Aerospace & Defense	$	16,663	12,536
USG		17,625	16,131
Test		1,779	5,411
Corporate (loss)		(13,946)	(13,521)
Consolidated EBIT		22,121	20,557
Less: Interest expense		(2,667)	(1,658)
Earnings before income taxes	$	19,454	18,899

Non-GAAP Financial Measures

The financial measure “EBIT” is presented in the above table and elsewhere in this Report. EBIT on a consolidated basis is a non-GAAP financial measure. Management believes that EBIT is useful in assessing the operational profitability of the Company’s business segments because it excludes interest and taxes, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by management in determining resource allocations within the Company as well as incentive compensation. A reconciliation of EBIT to net earnings is set forth in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations – EBIT.

The Company believes that the presentation of EBIT provides important supplemental information to investors to facilitate comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. However, the Company’s non-GAAP financial measures may not be comparable to other companies’ non-GAAP financial performance measures. Furthermore, the use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

SHAREHOLDERS' EQUITY

3 Months Ended

Dec. 31, 2023

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

10. SHAREHOLDERS’ EQUITY

The change in shareholders’ equity for the first three months ended December 31, 2023 and 2022 is shown below (in thousands):


	Three Months Ended December 31,
	2023		2022
Common stock
Beginning balance	$	308	307
Stock plans		—	—
Ending balance		308	307

Additional paid-in-capital
Beginning balance		304,850	301,553
Stock plans		433	(856)
Ending balance		305,283	300,697

Retained earnings
Beginning balance		989,315	905,022
Net earnings common stockholders		15,169	14,727
Dividends paid		(2,064)	(2,067)
Ending balance		1,002,420	917,682

Accumulated other comprehensive income (loss)
Beginning balance		(23,969)	(31,764)
Foreign currency translation		9,414	11,513
Ending balance		(14,555)	(20,251)

Treasury stock
Beginning balance		(139,362)	(126,961)
Share repurchases		—	(5,076)
Ending balance		(139,362)	(132,037)

Total equity	$	1,154,094	1,066,398

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

FAIR VALUE MEASUREMENTS (Details)	3 Months Ended
FAIR VALUE MEASUREMENTS (Details)	Dec. 31, 2023 USD ($)
FAIR VALUE MEASUREMENTS
Fair value impairments	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in carrying amount of goodwill (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	$ 503,177
Acquisition activity	30,300
Foreign currency translation	4,100
Ending Balance	537,601
USG
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	353,600
Foreign currency translation	3,300
Ending Balance	356,900
Test
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	34,000
Acquisition activity	30,300
Foreign currency translation	800
Ending Balance	65,100
A&D
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	115,600
Ending Balance	$ 115,600

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

LEASES

3 Months Ended

Dec. 31, 2023

LEASES

LEASES

13. LEASES

The Company determines at lease inception whether an arrangement that provides control over the use of an asset is a lease. The Company recognizes at lease commencement a right-of-use (ROU) asset and lease liability based on the present value of the future lease payments over the lease term. The Company has elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. Certain of the Company’s leases include options to extend the term of the lease for up to 20 years. When it is reasonably certain that the Company will exercise the option, Management includes the impact of the option in the lease term for purposes of determining total future lease payments. As most of the Company’s lease agreements do not explicitly state the discount rate implicit in the lease, Management uses the Company’s incremental borrowing rate on the commencement date to calculate the present value of future payments based on the tenor of each arrangement.

The Company’s leases for real estate commonly include escalating payments. These variable lease payments are included in the calculation of the ROU asset and lease liability. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease.

In addition to the base rent, real estate leases typically contain provisions for common-area maintenance and other similar services, which are considered non-lease components for accounting purposes. Non-lease components are excluded from ROU assets and lease liabilities and expensed as incurred.

The Company’s leases are for office space, manufacturing facilities, and machinery and equipment.

The components of lease costs are shown below:


	Three Months Ended		Three Months Ended
	December 31,		December 31,
(Dollars in thousands)	2023		2022
Finance lease cost
Amortization of right-of-use assets	$	393		393
Interest on lease liabilities		223		236
Operating lease cost		1,864		1,645
Total lease costs	$	2,480		2,274

Additional information related to leases are shown below:


	Three Months Ended			Three Months Ended
	December 31,			December 31,
(Dollars in thousands)	2023			2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,819			1,601
Operating cash flows from finance leases		223			236
Financing cash flows from finance leases		355			327
Right-of-use assets obtained in exchange for lease liabilities
Operating leases	$	—			13,964
Weighted-average remaining lease term
Operating leases		11.1	years		11.6	years
Finance leases		11.1	years		11.7	years
Weighted-average discount rate
Operating leases		4.5	%		4.4	%
Finance leases		4.7	%		4.6	%

The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the Consolidated Balance Sheet on December 31, 2023:


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2024 (excluding the three months ended December 31, 2023)	$	5,044	1,634
2025		5,684	2,233
2026		4,472	2,297
2027		4,265	2,356
2028 and thereafter		32,991	16,470
Total minimum lease payments		52,456	24,990
Less: amounts representing interest		11,869	6,010
Present value of net minimum lease payments	$	40,587	18,980
Less: current portion of lease obligations		4,878	1,348
Non-current portion of lease obligations	$	35,709	17,632

ROU assets	$	38,685	14,799

Operating lease liabilities are included on the Consolidated Balance Sheet in accrued other expenses (current portion) and as a caption on the Consolidated Balance Sheet (long-term portion). Finance lease liabilities are included on the Consolidated Balance Sheet in accrued other expenses (current portion) and other liabilities (long-term portion). Operating lease ROU assets are included as a caption on the Consolidated Balance Sheet and finance lease ROU assets are included in Property, plant and equipment on the Consolidated Balance sheet.

ACQUISITION

3 Months Ended

Dec. 31, 2023

ACQUISITION

ACQUISITION

3. ACQUISITION

On November 9, 2023, the Company acquired MPE Limited (MPE), based in the United Kingdom, for a purchase price of approximately $56.2 million, net of cash acquired. MPE is a leading global manufacturer of high-performance EMC/EMP filters and capacitor products for military, utility, telecommunication, and other critical infrastructure applications. Since the date of acquisition, the operating results for the MPE business have been included as part of ETS-Lindgren in the Test segment. The acquisition date fair value of the assets acquired and liabilities assumed primarily were as follows: approximately $0.4 million of accounts receivable, $1.1 million of inventory, $1.7 million of property, plant and equipment, $0.7 million of accounts payable and accrued expenses, $7.8 million of deferred tax liabilities, and $31.1 million of identifiable intangible assets, mainly consisting of customer relationships totaling $29.1 million. The acquired goodwill of $30.3 million related to excess value associated with opportunities to expand the services and products that the Company can offer to its customers. The Company does not anticipate that the goodwill will be deductible for tax purposes.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of intangible assets gross carrying amounts and accumulated amortization


	December 31,		September 30,
(Dollars in thousands)	2023		2023
Goodwill	$	537,601	503,177

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,517	2,516
Less: accumulated amortization		1,253	1,218
Net	$	1,264	1,298

Capitalized software
Gross carrying amount	$	125,237	121,883
Less: accumulated amortization		83,709	80,774
Net	$	41,528	41,109

Customer relationships
Gross carrying amount	$	328,624	296,927
Less: accumulated amortization		117,755	113,311
Net	$	210,869	183,616

Other
Gross carrying amount	$	15,216	14,232
Less: accumulated amortization		10,033	9,578
Net	$	5,183	4,654
Intangible assets with indefinite lives:
Trade names	$	163,209	161,447

Schedule of carrying amount of goodwill attributable to each business segment


					Aerospace
(Dollars in millions)	USG		Test		& Defense	Total
Balance as of September 30, 2023	$	353.6		34.0	115.6	503.2
Acquisition activity		—		30.3	—	30.3
Foreign currency translation		3.3		0.8	—	4.1
Balance as of December 31, 2023	$	356.9		65.1	115.6	537.6

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

SHARE-BASED COMPENSATION

3 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

4. SHARE-BASED COMPENSATION

The Company provides compensation benefits to certain key employees under several share-based plans providing for performance-accelerated and/or time-vested restricted stock unit awards, and to non-employee directors under a separate compensation plan.

Performance-Accelerated Restricted Stock Unit (PARS) Awards, Time-Vested Restricted Stock Unit (RSU) Awards, and Performance Share Unit (PSU) Awards

Compensation expense related to these awards was $1.9 million and $1.6 million for the three-month periods ended December 31, 2023 and 2022, respectively. There were 234,036 non-vested shares outstanding as of December 31, 2023.

Non-Employee Directors Plan

Compensation expense related to the non-employee director grants was $0.3 million and $0.3 million for the three-month periods ended December 31, 2023 and 2022, respectively.

The total share-based compensation cost that has been recognized in the results of operations and included within selling, general and administrative expenses (SG&A) was $2.2 million and $1.9 million for the three-month periods ended December 31, 2023 and 2022, respectively. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $0.2 million and $0.1 million for the three-month periods ended December 31, 2023 and 2022, respectively. As of December 31, 2023 there was $15.5 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a remaining weighted-average period of 2.0 years.

INVENTORIES (Tables)

3 Months Ended

Dec. 31, 2023

INVENTORIES

Schedule of inventories


	December 31,		September 30,
(In thousands)	2023		2023
Finished goods	$	37,996	34,577
Work in process		54,656	42,178
Raw materials		109,925	107,312
Total inventories	$	202,577	184,067

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Selling, general and administrative expenses
SHARE-BASED COMPENSATION
Total share-based compensation cost	$ 2.2	$ 1.9
Total income tax benefit recognized	0.2	0.1
Performance-Accelerated Restricted Share (PARS) Awards
SHARE-BASED COMPENSATION
Pretax compensation expense	$ 1.9	1.6
Non-vested shares	234,036
Compensation Plan for Non-Employee Directors
SHARE-BASED COMPENSATION
Pretax compensation expense	$ 0.3	$ 0.3
Total unrecognized compensation cost related to share-based compensation arrangements	$ 15.5
Weighted average period	2 years

REVENUES (Tables)

3 Months Ended

Dec. 31, 2023

REVENUES

Schedule of disaggregation of revenue by reportable segment


	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	37,209	$	81,469	$	35,087	$	153,765
Government		57,524		1,515		5,510		64,549
Total revenues	$	94,733	$	82,984	$	40,597	$	218,314

Geographic location:
United States	$	79,901	$	55,961	$	22,252	$	158,114
International		14,832		27,023		18,345		60,200
Total revenues	$	94,733	$	82,984	$	40,597	$	218,314

Revenue recognition method:
Point in time	$	39,465	$	66,703	$	7,980	$	114,148
Over time		55,268		16,281		32,617		104,166
Total revenues	$	94,733	$	82,984	$	40,597	$	218,314

Revenues by customer type, geographic location, and revenue recognition method for the three-month period ended December 31, 2022 are presented in the table below:


	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	36,740	$	70,162	$	45,992	$	152,894
Government		46,243		883		5,481		52,607
Total revenues	$	82,983	$	71,045	$	51,473	$	205,501

Geographic location:
United States	$	68,934	$	46,379	$	27,503	$	142,816
International		14,049		24,666		23,970		62,685
Total revenues	$	82,983	$	71,045	$	51,473	$	205,501

Revenue recognition method:
Point in time	$	33,604	$	56,031	$	9,101	$	98,736
Over time		49,379		15,014		42,372		106,765
Total revenues	$	82,983	$	71,045	$	51,473	$	205,501

SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Dec. 31, 2023

SHAREHOLDERS' EQUITY

Schedule of change in shareholders' equity


	Three Months Ended December 31,
	2023		2022
Common stock
Beginning balance	$	308	307
Stock plans		—	—
Ending balance		308	307

Additional paid-in-capital
Beginning balance		304,850	301,553
Stock plans		433	(856)
Ending balance		305,283	300,697

Retained earnings
Beginning balance		989,315	905,022
Net earnings common stockholders		15,169	14,727
Dividends paid		(2,064)	(2,067)
Ending balance		1,002,420	917,682

Accumulated other comprehensive income (loss)
Beginning balance		(23,969)	(31,764)
Foreign currency translation		9,414	11,513
Ending balance		(14,555)	(20,251)

Treasury stock
Beginning balance		(139,362)	(126,961)
Share repurchases		—	(5,076)
Ending balance		(139,362)	(132,037)

Total equity	$	1,154,094	1,066,398

INVENTORIES

3 Months Ended

Dec. 31, 2023

INVENTORIES

INVENTORIES

5. INVENTORIES

Inventories consist of the following:


	December 31,		September 30,
(In thousands)	2023		2023
Finished goods	$	37,996	34,577
Work in process		54,656	42,178
Raw materials		109,925	107,312
Total inventories	$	202,577	184,067

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 31, 2023	Jan. 31, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-10596
Entity Registrant Name	ESCO TECHNOLOGIES INC.
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	43-1554045
Entity Address, Address Line One	9900A CLAYTON ROAD
Entity Address, Postal Zip Code	63124-1186
Entity Address, City or Town	ST. LOUIS
Entity Address, State or Province	MO
City Area Code	314
Local Phone Number	213-7200
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ESE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,798,271
Entity Central Index Key	0000866706
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net earnings	$ 15,169	$ 14,727
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	13,452	12,367
Stock compensation expense	2,180	1,860
Changes in assets and liabilities	(22,539)	(36,920)
Effect of deferred taxes	484	(1,042)
Net cash provided (used) by operating activities	8,746	(9,008)
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(56,179)
Additions to capitalized software	(2,942)	(2,795)
Capital expenditures	(7,848)	(4,791)
Net cash used by investing activities	(66,969)	(7,586)
Cash flows from financing activities:
Proceeds from long-term debt and short-term borrowings	99,000	17,000
Principal payments on long-term debt and short-term borrowings	29,000	38,000
Dividends paid		(4,147)
Purchases of common stock into treasury	(2,064)	(2,067)
Other	(1,432)	(2,412)
Net cash provided (used) by financing activities	66,504	(29,626)
Effect of exchange rate changes on cash and cash equivalents	1,249	418
Net increase (decrease) in cash and cash equivalents	9,530	(45,802)
Cash and cash equivalents, beginning of period	41,866	97,724
Cash and cash equivalents, end of period	51,396	51,922
Supplemental cash flow information:
Interest paid	2,520	1,875
Income taxes paid	$ 246	$ 200

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

6.	GOODWILL AND OTHER INTANGIBLE ASSETS

Included on the Company’s Consolidated Balance Sheets at December 31, 2023 and September 30, 2023 are the following intangible assets gross carrying amounts and accumulated amortization from continuing operations:


	December 31,		September 30,
(Dollars in thousands)	2023		2023
Goodwill	$	537,601	503,177

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,517	2,516
Less: accumulated amortization		1,253	1,218
Net	$	1,264	1,298

Capitalized software
Gross carrying amount	$	125,237	121,883
Less: accumulated amortization		83,709	80,774
Net	$	41,528	41,109

Customer relationships
Gross carrying amount	$	328,624	296,927
Less: accumulated amortization		117,755	113,311
Net	$	210,869	183,616

Other
Gross carrying amount	$	15,216	14,232
Less: accumulated amortization		10,033	9,578
Net	$	5,183	4,654
Intangible assets with indefinite lives:
Trade names	$	163,209	161,447

The changes in the carrying amount of goodwill attributable to each business segment for the three months ended December 31, 2023 are as follows:


					Aerospace
(Dollars in millions)	USG		Test		& Defense	Total
Balance as of September 30, 2023	$	353.6		34.0	115.6	503.2
Acquisition activity		—		30.3	—	30.3
Foreign currency translation		3.3		0.8	—	4.1
Balance as of December 31, 2023	$	356.9		65.1	115.6	537.6

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 51,396	$ 41,866
Accounts receivable, net of allowance for credit losses of $2,274 and $2,264, respectively	194,395	198,557
Contract assets, net	138,393	138,633
Inventories	202,577	184,067
Other current assets	16,441	17,972
Total current assets	603,202	581,095
Property, plant and equipment, net of accumulated depreciation of $180,909 and $174,698, respectively	159,262	155,484
Intangible assets, net of accumulated amortization of $212,750 and $204,881, respectively	422,053	392,124
Goodwill	537,601	503,177
Operating lease assets	38,685	39,839
Other assets	11,723	11,495
Total assets	1,772,526	1,683,214
Current liabilities:
Current maturities of long-term debt and short-term borrowings	20,000	20,000
Accounts payable	77,960	86,973
Contract liabilities, net	121,149	112,277
Accrued salaries	33,944	43,814
Accrued other expenses	51,640	51,587
Total current liabilities	304,693	314,651
Deferred tax liabilities	83,802	75,531
Non-current operating lease liabilities	35,709	36,554
Other liabilities	42,228	43,336
Long-term debt	152,000	82,000
Total liabilities	618,432	552,072
Shareholders' equity:
Preferred stock, par value $.01 per share, authorized 10,000,000 shares
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,800,586 and 30,781,699 shares, respectively	308	308
Additional paid-in capital	305,283	304,850
Retained earnings	1,002,420	989,315
Accumulated other comprehensive loss, net of tax	(14,555)	(23,969)
Total stockholders' equity before treasury stock	1,293,456	1,270,504
Less treasury stock, at cost: 4,995,414 and 4,995,414 common shares, respectively	(139,362)	(139,362)
Total shareholders' equity	1,154,094	1,131,142
Total liabilities and shareholders' equity	$ 1,772,526	$ 1,683,214

EARNINGS PER SHARE (EPS) (Tables)

3 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE (EPS)

Schedule of number of shares used in the calculation of earnings per share


	Three Months
	Ended December 31,
	2023	2022
Weighted Average Shares Outstanding — Basic	25,797	25,863
Dilutive Restricted Shares	49	80
Adjusted Shares — Diluted	25,846	25,943

DEBT - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
DEBT
Available to borrow under the credit facility	$ 322,000
Cash on hand	51,396	$ 41,866
Current maturities of long-term debt	20,000
Letters of credit outstanding, amount	$ 5,800
Debt, weighted average interest rate	6.80%		4.60%
Revolving Credit Facility
DEBT
Line of credit facility, amount outstanding	$ 500,000
Line of credit facility, commitment fee amount	$ 250,000
Minimum
DEBT
Facility fee	0.125%
Maximum
DEBT
Facility fee	0.25%
Incremental term loan	$ 250,000

EARNINGS PER SHARE (EPS) (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EARNINGS PER SHARE (EPS)
Average common shares outstanding - Basic	25,797	25,863
Dilutive Restricted Shares	49	80
Adjusted Shares - Diluted	25,846	25,943

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
Net of allowance for credit losses	$ 2,274	$ 2,264
Net of accumulated depreciation	180,909	174,698
Net of accumulated amortization	$ 212,750	$ 204,881
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	30,800,586	30,781,699
Treasury stock, shares	4,995,414	4,995,414

LEASES (Tables)

3 Months Ended

Dec. 31, 2023

LEASES

Schedule of reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2024 (excluding the three months ended December 31, 2023)	$	5,044	1,634
2025		5,684	2,233
2026		4,472	2,297
2027		4,265	2,356
2028 and thereafter		32,991	16,470
Total minimum lease payments		52,456	24,990
Less: amounts representing interest		11,869	6,010
Present value of net minimum lease payments	$	40,587	18,980
Less: current portion of lease obligations		4,878	1,348
Non-current portion of lease obligations	$	35,709	17,632

ROU assets	$	38,685	14,799

ACQUISITION (Details) - USD ($) $ in Thousands		3 Months Ended
ACQUISITION (Details) - USD ($) $ in Thousands	Nov. 09, 2023	Dec. 31, 2023	Sep. 30, 2023
ACQUISITION
Payments to acquire businesses net of cash acquired		$ 56,179
Goodwill		30,300
Goodwill		$ 537,601	$ 503,177
MPE Limited (MPE)
ACQUISITION
Payments to acquire businesses net of cash acquired	$ 56,200
Fair value of accounts receivable acquired	400
Fair value of inventory acquired	1,100
Fair value of property, plant and equipment acquired	1,700
Fair value of accounts payable and accrued expenses acquired	700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	7,800
Business combination recognized identifiable assets acquired and liabilities assumed finite-lived intangibles	29,100
Customer Relationships \| MPE Limited (MPE)
ACQUISITION
Fair value of identifiable intangible assets acquired	$ 31,100

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
BUSINESS SEGMENT INFORMATION
Net sales	$ 218,314	$ 205,501
EBIT	22,121	20,557
Less: Interest expense	(2,667)	(1,658)
Earnings before income taxes	19,454	18,899
A&D
BUSINESS SEGMENT INFORMATION
Net sales	94,733	82,983
EBIT	16,663	12,536
USG
BUSINESS SEGMENT INFORMATION
Net sales	82,984	71,045
EBIT	17,625	16,131
Test
BUSINESS SEGMENT INFORMATION
Net sales	40,597	51,473
EBIT	1,779	5,411
Corporate (loss)
BUSINESS SEGMENT INFORMATION
EBIT	$ (13,946)	$ (13,521)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
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+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets gross carrying amounts and accumulated amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill	$ 537,601	$ 503,177
Less: accumulated amortization	212,750	204,881
Trade names
GOODWILL AND OTHER INTANGIBLE ASSETS
Trade names	163,209	161,447
Customer Relationships
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	328,624	296,927
Less: accumulated amortization	117,755	113,311
Net	210,869	183,616
Capitalized software
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	125,237	121,883
Less: accumulated amortization	83,709	80,774
Net	41,528	41,109
Patents
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	2,517	2,516
Less: accumulated amortization	1,253	1,218
Net	1,264	1,298
Other
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	15,216	14,232
Less: accumulated amortization	10,033	9,578
Net	$ 5,183	$ 4,654

REVENUES - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	$ 218,314	$ 205,501
Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	114,148	98,736
Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	104,166	106,765
United States
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	158,114	142,816
International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	60,200	62,685
Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	153,765	152,894
Government
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	64,549	52,607
A&D
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	94,733	82,983
A&D \| Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	39,465	33,604
A&D \| Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	55,268	49,379
A&D \| United States
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	79,901	68,934
A&D \| International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	14,832	14,049
A&D \| Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	37,209	36,740
A&D \| Government
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	57,524	46,243
USG
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	82,984	71,045
USG \| Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	66,703	56,031
USG \| Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	16,281	15,014
USG \| United States
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	55,961	46,379
USG \| International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	27,023	24,666
USG \| Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	81,469	70,162
USG \| Government
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	1,515	883
Test
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	40,597	51,473
Test \| Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	7,980	9,101
Test \| Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	32,617	42,372
Test \| United States
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	22,252	27,503
Test \| International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	18,345	23,970
Test \| Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	35,087	45,992
Test \| Government
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	$ 5,510	$ 5,481

RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Dec. 31, 2022

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

14. RECENT ACCOUNTING PRONOUNCEMENTS

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant expenses. The new segment disclosures are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management will review the extent of new disclosures necessary in the coming quarters, prior to implementation in our fiscal year 2025. Other than additional disclosure, we do not expect a change to our consolidated statements of operations, financial position, or cash flows.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures. This ASU will be effective for fiscal years beginning after December 15, 2024. Management will review the extent of new disclosures necessary in the coming quarters, prior to implementation in our fiscal year 2026. Other than additional disclosure, we do not expect a change to our consolidated statements of operations, financial position, or cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Net Income (Loss)	$ 15,169	$ 14,727
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	9,414	11,513
Total other comprehensive income (loss), net of tax	9,414	11,513
Comprehensive income	$ 24,583	$ 26,240

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

LEASES - Additional information related to leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1,819	$ 1,601
Operating cash flows from finance leases	223	236
Financing cash flows from finance leases	$ 355	327
Right-of-use assets obtained in exchange for operating lease liabilities
Operating leases		$ 13,964
Weighted-average remaining lease term:
Operating leases	11 years 1 month 6 days	11 years 7 months 6 days
Finance leases	11 years 1 month 6 days	11 years 8 months 12 days
Weighted-average discount rate:
Operating leases	4.50%	4.40%
Finance leases	4.70%	4.60%

EARNINGS PER SHARE (EPS)

3 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE (EPS)

EARNINGS PER SHARE (EPS)

2. EARNINGS PER SHARE (EPS)

Basic EPS is calculated using the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the weighted average number of common shares outstanding during the period plus shares issuable upon the assumed exercise of dilutive common share options and vesting of performance-accelerated restricted stock unit awards and time - vested restricted stock unit awards by using the treasury stock method. The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands):


	Three Months
	Ended December 31,
	2023	2022
Weighted Average Shares Outstanding — Basic	25,797	25,863
Dilutive Restricted Shares	49	80
Adjusted Shares — Diluted	25,846	25,943

INCOME TAX EXPENSE (Details)	3 Months Ended
INCOME TAX EXPENSE (Details)	Dec. 31, 2023	Dec. 31, 2022
INCOME TAX EXPENSE
Effective income tax rate	22.00%	22.10%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Net sales	$ 218,314	$ 205,501
Costs and expenses:
Cost of sales	134,151	126,383
Selling, general and administrative expenses	53,968	51,302
Amortization of intangible assets	7,868	6,861
Interest expense, net	2,667	1,658
Other expenses, net	206	398
Total costs and expenses	198,860	186,602
Earnings before income tax	19,454	18,899
Income tax expense	4,285	4,172
Net earnings	$ 15,169	$ 14,727
Earnings per share:
Basic - Net earnings	$ 0.59	$ 0.57
Diluted - Net earnings	$ 0.59	$ 0.57
Average common shares outstanding
Average common shares outstanding - Basic	25,797	25,863
Average common shares outstanding - Diluted	25,846	25,943

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
INVENTORIES
Finished goods	$ 37,996	$ 34,577
Work in process	54,656	42,178
Raw materials	109,925	107,312
Total inventories	$ 202,577	$ 184,067

DEBT

3 Months Ended

Dec. 31, 2023

DEBT

DEBT

8. DEBT

The Company’s debt is summarized as follows:


	December 31,		September 30,
(In thousands)	2023		2023
Total borrowings	$	172,000	102,000
Current portion of long-term debt		(20,000)	(20,000)
Total long-term debt, less current portion	$	152,000	82,000

The Credit Facility includes a $500 million revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders. The bank syndication supporting the facility is comprised of a diverse group of seven banks led by JP Morgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and Commerce Bank and TD Bank, N.A. as co-documentation agents. The Credit Facility matures August 30, 2028, with balance due by this date.

At December 31, 2023, the Company had approximately $322 million available to borrow under the Credit Facility, plus the $250 million increase option subject to the lenders’ consent, in addition to $51.4 million cash on hand. The Company classified $20 million as the current portion of long-term debt as of December 31, 2023, as the Company intends to repay this amount within the next twelve months; however, the Company no contractual obligation to repay such amount during the next twelve months. The letters of credit issued and outstanding under the Credit Facility totaled $5.8 million at December 31, 2023.

Interest on borrowings under the Credit Facility is calculated at a spread over either an Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted CDOR Rate, Alternate Base Rate or Daily Simple RFR, at the Company’s election. The Credit Facility also requires a facility fee ranging from 12.5 to 25 basis points per annum on the unused portion. The interest rate spreads and the facility fee are subject to increase or decrease depending on the Company’s leverage ratio. The weighted average interest rates were 6.8% and 4.6% for the three-month periods ending December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company was in compliance with all covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details