0001410578-24-001264 | 10-Q | XBRL Viewer

REVENUES (Tables)

9 Months Ended

Jun. 30, 2024

Schedule of disaggregation of revenue by reportable segment


Three months ended June 30, 2024	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	45,404	$	88,076	$	42,327	$	175,807
Government		69,046		2,201		13,729		84,976
Total revenues	$	114,450	$	90,277	$	56,056	$	260,783

Geographic location:
United States	$	95,265	$	54,063	$	32,575	$	181,903
International		19,185		36,214		23,481		78,880
Total revenues	$	114,450	$	90,277	$	56,056	$	260,783

Revenue recognition method:
Point in time	$	53,148	$	72,985	$	11,426	$	137,559
Over time		61,302		17,292		44,630		123,224
Total revenues	$	114,450	$	90,277	$	56,056	$	260,783


Nine months ended June 30, 2024	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	131,993	$	254,765	$	111,951	$	498,709
Government		191,891		5,805		31,821		229,517
Total revenues	$	323,884	$	260,570	$	143,772	$	728,226

Geographic location:
United States	$	267,325	$	165,789	$	82,370	$	515,484
International		56,559		94,781		61,402		212,742
Total revenues	$	323,884	$	260,570	$	143,772	$	728,226

Revenue recognition method:
Point in time	$	146,076	$	209,973	$	29,706	$	385,755
Over time		177,808		50,597		114,066		342,471
Total revenues	$	323,884	$	260,570	$	143,772	$	728,226


Three months ended June 30, 2023	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	45,574	$	88,442	$	48,407	$	182,423
Government		57,895		1,524		6,907		66,326
Total revenues	$	103,469	$	89,966	$	55,314	$	248,749

Geographic location:
United States	$	86,031	$	55,011	$	32,246	$	173,288
International		17,438		34,955		23,068		75,461
Total revenues	$	103,469	$	89,966	$	55,314	$	248,749

Revenue recognition method:
Point in time	$	48,496	$	74,128	$	11,496	$	134,120
Over time		54,973		15,838		43,818		114,629
Total revenues	$	103,469	$	89,966	$	55,314	$	248,749


Nine months ended June 30, 2023	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	128,016	$	236,715	$	137,587	$	502,318
Government		157,418		3,457		20,193		181,068
Total revenues	$	285,434	$	240,172	$	157,780	$	683,386

Geographic location:
United States	$	237,481	$	154,410	$	87,253	$	479,144
International		47,953		85,762		70,527		204,242
Total revenues	$	285,434	$	240,172	$	157,780	$	683,386

Revenue recognition method:
Point in time	$	129,355	$	194,240	$	32,565	$	356,160
Over time		156,079		45,932		125,215		327,226
Total revenues	$	285,434	$	240,172	$	157,780	$	683,386

INVENTORIES

9 Months Ended

Jun. 30, 2024

INVENTORIES

INVENTORIES

5. INVENTORIES

Inventories consist of the following:


	June 30,		September 30,
(In thousands)	2024		2023
Finished goods	$	41,955	34,577
Work in process		59,837	42,178
Raw materials		117,520	107,312
Total inventories	$	219,312	184,067

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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, City or Town	ST. LOUIS
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	63124-1186
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 Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,752,712
Entity Central Index Key	0000866706
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

REVENUES - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of revenues
Revenues	$ 260,783	$ 248,749	$ 728,226	$ 683,386
Point in time
Disaggregation of revenues
Revenues	137,559	134,120	385,755	356,160
Over time
Disaggregation of revenues
Revenues	123,224	114,629	342,471	327,226
United States
Disaggregation of revenues
Revenues	181,903	173,288	515,484	479,144
International
Disaggregation of revenues
Revenues	78,880	75,461	212,742	204,242
Commercial
Disaggregation of revenues
Revenues	175,807	182,423	498,709	502,318
Government
Disaggregation of revenues
Revenues	84,976	66,326	229,517	181,068
A&D
Disaggregation of revenues
Revenues	114,450	103,469	323,884	285,434
A&D \| Point in time
Disaggregation of revenues
Revenues	53,148	48,496	146,076	129,355
A&D \| Over time
Disaggregation of revenues
Revenues	61,302	54,973	177,808	156,079
A&D \| United States
Disaggregation of revenues
Revenues	95,265	86,031	267,325	237,481
A&D \| International
Disaggregation of revenues
Revenues	19,185	17,438	56,559	47,953
A&D \| Commercial
Disaggregation of revenues
Revenues	45,404	45,574	131,993	128,016
A&D \| Government
Disaggregation of revenues
Revenues	69,046	57,895	191,891	157,418
USG
Disaggregation of revenues
Revenues	90,277	89,966	260,570	240,172
USG \| Point in time
Disaggregation of revenues
Revenues	72,985	74,128	209,973	194,240
USG \| Over time
Disaggregation of revenues
Revenues	17,292	15,838	50,597	45,932
USG \| United States
Disaggregation of revenues
Revenues	54,063	55,011	165,789	154,410
USG \| International
Disaggregation of revenues
Revenues	36,214	34,955	94,781	85,762
USG \| Commercial
Disaggregation of revenues
Revenues	88,076	88,442	254,765	236,715
USG \| Government
Disaggregation of revenues
Revenues	2,201	1,524	5,805	3,457
Test
Disaggregation of revenues
Revenues	56,056	55,314	143,772	157,780
Test \| Point in time
Disaggregation of revenues
Revenues	11,426	11,496	29,706	32,565
Test \| Over time
Disaggregation of revenues
Revenues	44,630	43,818	114,066	125,215
Test \| United States
Disaggregation of revenues
Revenues	32,575	32,246	82,370	87,253
Test \| International
Disaggregation of revenues
Revenues	23,481	23,068	61,402	70,527
Test \| Commercial
Disaggregation of revenues
Revenues	42,327	48,407	111,951	137,587
Test \| Government
Disaggregation of revenues
Revenues	$ 13,729	$ 6,907	$ 31,821	$ 20,193

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2024
FAIR VALUE MEASUREMENTS
Fair value impairments	$ 0	$ 0

BUSINESS SEGMENT INFORMATION

9 Months Ended

Jun. 30, 2024

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 continuing business operations in three reportable segments for financial reporting purposes: Aerospace & Defense (A&D), Utility Solutions Group (USG), and RF Test and Measurement (Test).

The Aerospace & Defense 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 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			Nine Months
	Ended June 30,			Ended June 30,
(In thousands)	2024		2023	2024	2023
NET SALES
Aerospace & Defense	$	114,450	103,469	323,884	285,434
USG		90,277	89,966	260,570	240,172
Test		56,056	55,314	143,772	157,780
Consolidated totals	$	260,783	248,749	728,226	683,386

EBIT
Aerospace & Defense	$	21,356	21,665	61,396	52,996
USG		22,155	20,351	57,355	50,543
Test		9,292	8,643	16,614	21,280
Corporate (loss)		(12,296)	(12,658)	(40,290)	(40,642)
Consolidated EBIT		40,507	38,001	95,075	84,177
Less: Interest expense		(3,335)	(2,495)	(9,228)	(6,422)
Earnings before income taxes	$	37,172	35,506	85,847	77,755

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.

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+ Details

SHAREHOLDERS' EQUITY

9 Months Ended

Jun. 30, 2024

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

10. SHAREHOLDERS’ EQUITY

The change in shareholders’ equity for the first three and nine months of 2024 and 2023 is shown below (in thousands):


	Three Months Ended June 30,		Nine Months Ended June 30,
	2024	2023	2024	2023
Common stock
Beginning balance	308	308	308	307
Stock plans	—	—	—	1
Ending balance	308	308	308	308

Additional paid-in-capital
Beginning balance	308,065	304,184	304,850	301,553
Stock plans	1,917	1,371	5,132	4,002
Ending balance	309,982	305,555	309,982	305,555

Retained earnings
Beginning balance	1,023,578	933,499	989,315	905,022
Net earnings common stockholders	29,230	27,943	67,618	60,548
Dividends paid	(2,060)	(2,061)	(6,185)	(6,189)
Ending balance	1,050,748	959,381	1,050,748	959,381

Accumulated other comprehensive income (loss)
Beginning balance	(19,300)	(18,018)	(23,969)	(31,764)
Foreign currency translation	(1,001)	(821)	3,668	12,925
Ending balance	(20,301)	(18,839)	(20,301)	(18,839)

Treasury stock
Beginning balance	(146,241)	(139,178)	(139,362)	(126,961)
Share repurchases, net	(810)	(184)	(7,689)	(12,401)
Ending balance	(147,051)	(139,362)	(147,051)	(139,362)

Total equity	1,193,686	1,107,043	1,193,686	1,107,043

- Definition

The entire disclosure for equity.

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+ Details

SHARE-BASED COMPENSATION

9 Months Ended

Jun. 30, 2024

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

Compensation expense related to these awards was $2.0 million and $5.5 million for the three and nine-month periods ended June 30, 2024, respectively, and $1.4 million and $6.0 million for the corresponding periods in 2023. As of June 30, 2024, there were 221,595 unvested stock units outstanding.

Non-Employee Directors Plan

Compensation expense related to the non-employee director grants was $0.3 million and $0.9 million for the three and nine-month periods ended June 30, 2024, respectively, and $0.3 million and $1.0 million for the corresponding periods in 2023.

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 $6.4 million for the three and nine-month periods ended June 30, 2024, respectively, and $1.7 million and $7.0 million for the corresponding periods in 2023. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $0.5 million and $1.4 million for the three and nine-month periods ended June 30, 2024, respectively, and $0.2 million and $0.9 million for the corresponding periods in 2023. As of June 30, 2024, there was $11.0 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 1.5 years.

INVENTORIES (Tables)

9 Months Ended

Jun. 30, 2024

INVENTORIES

Schedule of inventories


	June 30,		September 30,
(In thousands)	2024		2023
Finished goods	$	41,955	34,577
Work in process		59,837	42,178
Raw materials		117,520	107,312
Total inventories	$	219,312	184,067

INCOME TAX EXPENSE (Details)	3 Months Ended		9 Months Ended
INCOME TAX EXPENSE (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INCOME TAX EXPENSE
Effective income tax rate	21.40%	21.30%	21.20%	22.10%

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Net of allowance for credit losses	$ 2,387	$ 2,264
Net of accumulated depreciation	190,738	174,698
Net of accumulated amortization	$ 229,467	$ 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	30,809,483	30,781,699
Treasury stock, shares	5,056,771	4,995,414

SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SHARE-BASED COMPENSATION
Non-vested shares	221,595		221,595
Selling, general and administrative expenses
SHARE-BASED COMPENSATION
Total share-based compensation cost	$ 2.2	$ 1.7	$ 6.4	$ 7.0
Total income tax benefit recognized	0.5	0.2	1.4	0.9
Performance-Accelerated Restricted Share (PARS) Awards
SHARE-BASED COMPENSATION
Pretax compensation expense	2.0	1.4	5.5	6.0
Compensation Plan for Non-Employee Directors
SHARE-BASED COMPENSATION
Pretax compensation expense	0.3	$ 0.3	0.9	$ 1.0
Total unrecognized compensation cost related to share-based compensation arrangements	$ 11.0		$ 11.0
Weighted average period			1 year 6 months

SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Changes in shareholder's equity
Beginning balance			$ 1,131,142
Net earnings common stockholders	$ 29,230	$ 27,943	67,618	$ 60,548
Ending balance	1,193,686	1,107,043	1,193,686	1,107,043
Common stock
Changes in shareholder's equity
Beginning balance	308	308	308	307
Stock plans				1
Ending balance	308	308	308	308
Additional paid-in-capital
Changes in shareholder's equity
Beginning balance	308,065	304,184	304,850	301,553
Stock plans	1,917	1,371	5,132	4,002
Ending balance	309,982	305,555	309,982	305,555
Retained earnings
Changes in shareholder's equity
Beginning balance	1,023,578	933,499	989,315	905,022
Net earnings common stockholders	29,230	27,943	67,618	60,548
Dividends paid	(2,060)	(2,061)	(6,185)	(6,189)
Ending balance	1,050,748	959,381	1,050,748	959,381
Accumulated other comprehensive income (loss)
Changes in shareholder's equity
Beginning balance	(19,300)	(18,018)	(23,969)	(31,764)
Foreign currency translation	(1,001)	(821)	3,668	12,925
Ending balance	(20,301)	(18,839)	(20,301)	(18,839)
Treasury stock
Changes in shareholder's equity
Beginning balance	(146,241)	(139,178)	(139,362)	(126,961)
Share repurchases, net	(810)	(184)	(7,689)	(12,401)
Ending balance	$ (147,051)	$ (139,362)	$ (147,051)	$ (139,362)

EARNINGS PER SHARE (EPS)

9 Months Ended

Jun. 30, 2024

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 restricted and performance shares 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		Nine Months
	Ended June 30,		Ended June 30,
	2024	2023	2024	2023
Weighted Average Shares Outstanding — Basic	25,753	25,757	25,781	25,808
Dilutive Restricted and Performance Shares	87	70	63	82
Adjusted Shares — Diluted	25,840	25,827	25,844	25,890

REVENUES

9 Months Ended

Jun. 30, 2024

REVENUES

REVENUES

12. REVENUES

Disaggregation of Revenues

Revenues by customer type, geographic location, and revenue recognition method for the three and nine-month periods ended June 30, 2024 are presented in the tables 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 tables below also include a reconciliation of the disaggregated revenue within each reportable segment.


Three months ended June 30, 2024	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	45,404	$	88,076	$	42,327	$	175,807
Government		69,046		2,201		13,729		84,976
Total revenues	$	114,450	$	90,277	$	56,056	$	260,783

Geographic location:
United States	$	95,265	$	54,063	$	32,575	$	181,903
International		19,185		36,214		23,481		78,880
Total revenues	$	114,450	$	90,277	$	56,056	$	260,783

Revenue recognition method:
Point in time	$	53,148	$	72,985	$	11,426	$	137,559
Over time		61,302		17,292		44,630		123,224
Total revenues	$	114,450	$	90,277	$	56,056	$	260,783


Nine months ended June 30, 2024	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	131,993	$	254,765	$	111,951	$	498,709
Government		191,891		5,805		31,821		229,517
Total revenues	$	323,884	$	260,570	$	143,772	$	728,226

Geographic location:
United States	$	267,325	$	165,789	$	82,370	$	515,484
International		56,559		94,781		61,402		212,742
Total revenues	$	323,884	$	260,570	$	143,772	$	728,226

Revenue recognition method:
Point in time	$	146,076	$	209,973	$	29,706	$	385,755
Over time		177,808		50,597		114,066		342,471
Total revenues	$	323,884	$	260,570	$	143,772	$	728,226

Revenues by customer type, geographic location, and revenue recognition method for the three and nine-month periods ended June 30, 2023 are presented in the tables below.


Three months ended June 30, 2023	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	45,574	$	88,442	$	48,407	$	182,423
Government		57,895		1,524		6,907		66,326
Total revenues	$	103,469	$	89,966	$	55,314	$	248,749

Geographic location:
United States	$	86,031	$	55,011	$	32,246	$	173,288
International		17,438		34,955		23,068		75,461
Total revenues	$	103,469	$	89,966	$	55,314	$	248,749

Revenue recognition method:
Point in time	$	48,496	$	74,128	$	11,496	$	134,120
Over time		54,973		15,838		43,818		114,629
Total revenues	$	103,469	$	89,966	$	55,314	$	248,749


Nine months ended June 30, 2023	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	128,016	$	236,715	$	137,587	$	502,318
Government		157,418		3,457		20,193		181,068
Total revenues	$	285,434	$	240,172	$	157,780	$	683,386

Geographic location:
United States	$	237,481	$	154,410	$	87,253	$	479,144
International		47,953		85,762		70,527		204,242
Total revenues	$	285,434	$	240,172	$	157,780	$	683,386

Revenue recognition method:
Point in time	$	129,355	$	194,240	$	32,565	$	356,160
Over time		156,079		45,932		125,215		327,226
Total revenues	$	285,434	$	240,172	$	157,780	$	683,386

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 June 30, 2024, the Company had $888.7 million in remaining performance obligations of which the Company expects to recognize revenues of approximately 68% 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 June 30, 2024, contract assets, contract liabilities and accounts receivable totaled $134.6 million, $123.5 million and $213.6 million, respectively. During the first nine months of 2024, the Company recognized approximately $54 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 63,042	$ 41,866
Accounts receivable, net of allowance for credit losses of $2,387 and $2,264, respectively	213,592	198,557
Contract assets	134,637	138,633
Inventories	219,312	184,067
Other current assets	22,312	17,972
Total current assets	652,895	581,095
Property, plant and equipment, net of accumulated depreciation of $190,738 and $174,698, respectively	164,749	155,484
Intangible assets, net of accumulated amortization of $229,467 and $204,881, respectively	408,981	392,124
Goodwill	535,372	503,177
Operating lease assets	37,716	39,839
Other assets	11,342	11,495
Total assets	1,811,055	1,683,214
Current liabilities:
Current maturities of long-term debt	20,000	20,000
Accounts payable	83,411	86,973
Contract liabilities	113,653	112,277
Accrued salaries	42,662	43,814
Accrued other expenses	51,481	51,587
Total current liabilities	311,207	314,651
Deferred tax liabilities	77,570	75,531
Non-current operating lease liabilities	35,148	36,554
Other liabilities	40,444	43,336
Long-term debt	153,000	82,000
Total liabilities	617,369	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 30,809,483 and 30,781,699 shares, respectively	308	308
Additional paid-in capital	309,982	304,850
Retained earnings	1,050,748	989,315
Accumulated other comprehensive loss, net of tax	(20,301)	(23,969)
Total stockholders' equity before treasury stock	1,340,737	1,270,504
Less treasury stock, at cost: 5,056,771 and 4,995,414 common shares, respectively	(147,051)	(139,362)
Total shareholders' equity	1,193,686	1,131,142
Total liabilities and shareholders' equity	$ 1,811,055	$ 1,683,214

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in carrying amount of goodwill (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2024 USD ($)
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	$ 503,177
Acquisition activity	30,500
Foreign currency translation	1,700
Ending Balance	535,372
USG
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	353,600
Foreign currency translation	900
Ending Balance	354,500
Test
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	34,000
Acquisition activity	30,500
Foreign currency translation	800
Ending Balance	65,300
Aerospace & Defense
GOODWILL AND OTHER INTANGIBLE ASSETS
Beginning Balance	115,600
Ending Balance	$ 115,600

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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

DEBT

9 Months Ended

Jun. 30, 2024

DEBT

DEBT

8. DEBT

The Company’s debt is summarized as follows:


	June 30,		September 30,
(In thousands)	2024		2023
Total borrowings	$	173,000	102,000
Current portion of long-term debt		(20,000)	(20,000)
Total long-term debt, less current portion	$	153,000	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 June 30, 2024, the Company had approximately $321 million available to borrow under the Credit Facility, plus the $250 million increase option subject to the lenders’ consent, in addition to $63.0 million cash on hand. The Company classified $20 million as the current portion of long-term debt as of June 30, 2024, as the Company intends to repay this amount within the next twelve months; however, the Company has no contractual obligation to repay such amount during the next twelve months. The letters of credit issued and outstanding under the Credit Facility totaled $5.5 million at June 30, 2024.

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 6.7% and 6.8% for the three and nine-month periods ending June 30, 2024, respectively, and 6.05% and 5.57% for the three and nine-month periods ending June 30, 2023. As of June 30, 2024, 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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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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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Jun. 30, 2024

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 June 30, 2024 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 and nine-month periods ended June 30, 2024.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

EARNINGS PER SHARE (EPS) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EARNINGS PER SHARE (EPS)
Weighted Average Shares Outstanding - Basic	25,753	25,757	25,781	25,808
Dilutive Restricted and Performance Shares	87	70	63	82
Adjusted Shares - Diluted	25,840	25,827	25,844	25,890

BUSINESS SEGMENT INFORMATION (Tables)

9 Months Ended

Jun. 30, 2024

BUSINESS SEGMENT INFORMATION

Schedule of net sales and earnings before income tax


	Three Months			Nine Months
	Ended June 30,			Ended June 30,
(In thousands)	2024		2023	2024	2023
NET SALES
Aerospace & Defense	$	114,450	103,469	323,884	285,434
USG		90,277	89,966	260,570	240,172
Test		56,056	55,314	143,772	157,780
Consolidated totals	$	260,783	248,749	728,226	683,386

EBIT
Aerospace & Defense	$	21,356	21,665	61,396	52,996
USG		22,155	20,351	57,355	50,543
Test		9,292	8,643	16,614	21,280
Corporate (loss)		(12,296)	(12,658)	(40,290)	(40,642)
Consolidated EBIT		40,507	38,001	95,075	84,177
Less: Interest expense		(3,335)	(2,495)	(9,228)	(6,422)
Earnings before income taxes	$	37,172	35,506	85,847	77,755

REVENUES - Remaining Performance Obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Remaining Performance Obligations
Contract assets	$ 134,600	$ 138,600
Contract liabilities	123,500	123,100
Accounts receivable	213,592	$ 198,557
Revenue recognized	54,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Remaining Performance Obligations
Remaining performance obligations amount	$ 888,700
Revenue remaining performance obligation expected timing of satisfaction, Period	12 months
Percentage of remaining performance obligation expected to be recognized	68.00%

DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
DEBT
Total borrowings	$ 173,000	$ 102,000
Current portion of long-term debt	(20,000)	(20,000)
Total long-term debt, less current portion	$ 153,000	$ 82,000

- Definition

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

+ References + Details

DEBT (Tables)

9 Months Ended

Jun. 30, 2024

DEBT

Schedule of debt


	June 30,		September 30,
(In thousands)	2024		2023
Total borrowings	$	173,000	102,000
Current portion of long-term debt		(20,000)	(20,000)
Total long-term debt, less current portion	$	153,000	82,000

LEASES (Tables)

9 Months Ended

Jun. 30, 2024

LEASES

Schedule of components of lease costs


	Three Months Ended		Three Months Ended
	June 30,		June 30,
(Dollars in thousands)	2024		2023
Finance lease cost
Amortization of right-of-use assets	$	372	$	393
Interest on lease liabilities		213		230
Operating lease cost		1,937		1,858
Total lease costs	$	2,522	$	2,481


	Nine Months Ended		Nine Months Ended
	June 30,		June 30,
(Dollars in thousands)	2024		2023
Finance lease cost
Amortization of right-of-use assets	$	1,137	$	1,179
Interest on lease liabilities		652		698
Operating lease cost		5,675		5,356
Total lease costs	$	7,464	$	7,233

Schedule of additional information related to leases


	Three Months Ended		Three Months Ended
	June 30,		June 30,
(Dollars in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,867	$	1,792
Operating cash flows from finance leases		213		230
Financing cash flows from finance leases		331		334
Right-of-use assets obtained in exchange for operating lease liabilities		515		402


	Nine Months Ended		Nine Months Ended
	June 30,		June 30,
(Dollars in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,510	$	5,172
Operating cash flows from finance leases		652		698
Financing cash flows from finance leases		1,013		991
Right-of-use assets obtained in exchange for operating lease liabilities		2,194		14,984


	June 30, 2024		June 30, 2023
Weighted-average remaining lease term
Operating leases	10.8	years	11.4	years
Finance leases	11.1	years	11.3	years
Weighted-average discount rate
Operating leases	4.56	%	4.42	%
Finance leases	4.69	%	4.62	%

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 nine months ended June 30, 2024)	$	1,569	547
2025		6,108	2,233
2026		4,865	2,297
2027		4,620	2,357
2028 and thereafter		33,915	16,470
Total minimum lease payments		51,077	23,904
Less: amounts representing interest		11,334	5,582
Present value of net minimum lease payments	$	39,743	18,322
Less: current portion of lease obligations		4,595	1,403
Non-current portion of lease obligations		35,148	16,919

ROU assets	$	37,716	14,055

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
INVENTORIES
Finished goods	$ 41,955	$ 34,577
Work in process	59,837	42,178
Raw materials	117,520	107,312
Total inventories	$ 219,312	$ 184,067

SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Jun. 30, 2024

SHAREHOLDERS' EQUITY

Schedule of change in shareholders' equity

The change in shareholders’ equity for the first three and nine months of 2024 and 2023 is shown below (in thousands):


	Three Months Ended June 30,		Nine Months Ended June 30,
	2024	2023	2024	2023
Common stock
Beginning balance	308	308	308	307
Stock plans	—	—	—	1
Ending balance	308	308	308	308

Additional paid-in-capital
Beginning balance	308,065	304,184	304,850	301,553
Stock plans	1,917	1,371	5,132	4,002
Ending balance	309,982	305,555	309,982	305,555

Retained earnings
Beginning balance	1,023,578	933,499	989,315	905,022
Net earnings common stockholders	29,230	27,943	67,618	60,548
Dividends paid	(2,060)	(2,061)	(6,185)	(6,189)
Ending balance	1,050,748	959,381	1,050,748	959,381

Accumulated other comprehensive income (loss)
Beginning balance	(19,300)	(18,018)	(23,969)	(31,764)
Foreign currency translation	(1,001)	(821)	3,668	12,925
Ending balance	(20,301)	(18,839)	(20,301)	(18,839)

Treasury stock
Beginning balance	(146,241)	(139,178)	(139,362)	(126,961)
Share repurchases, net	(810)	(184)	(7,689)	(12,401)
Ending balance	(147,051)	(139,362)	(147,051)	(139,362)

Total equity	1,193,686	1,107,043	1,193,686	1,107,043

EARNINGS PER SHARE (EPS) (Tables)

9 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE (EPS)

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


	Three Months		Nine Months
	Ended June 30,		Ended June 30,
	2024	2023	2024	2023
Weighted Average Shares Outstanding — Basic	25,753	25,757	25,781	25,808
Dilutive Restricted and Performance Shares	87	70	63	82
Adjusted Shares — Diluted	25,840	25,827	25,844	25,890

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Jun. 30, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of intangible assets gross carrying amounts and accumulated amortization


	June 30,		September 30,
(Dollars in thousands)	2024		2023
Goodwill	$	535,372	503,177

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,551	2,516
Less: accumulated amortization		1,322	1,218
Net	$	1,229	1,298

Capitalized software
Gross carrying amount	$	130,648	121,883
Less: accumulated amortization		89,737	80,774
Net	$	40,911	41,109

Customer relationships
Gross carrying amount	$	327,537	296,927
Less: accumulated amortization		127,322	113,311
Net	$	200,215	183,616

Other
Gross carrying amount	$	15,122	14,232
Less: accumulated amortization		11,085	9,578
Net	$	4,037	4,654
Intangible assets with indefinite lives:
Trade names	$	162,589	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		—		30.5	—	30.5
Foreign currency translation		0.9		0.8	—	1.7
Balance as of June 30, 2024	$	354.5		65.3	115.6	535.4

- 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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings	$ 67,618	$ 60,548
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation and amortization	41,358	37,699
Stock compensation expense	6,369	7,007
Changes in assets and liabilities	(53,839)	(72,346)
Effect of deferred taxes	(6,052)	(3,706)
Net cash provided by operating activities	55,454	29,202
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(56,383)	(17,694)
Additions to capitalized software and other	(8,556)	(9,263)
Capital expenditures	(24,949)	(16,993)
Net cash used by investing activities	(89,888)	(43,950)
Cash flows from financing activities:
Proceeds from long-term debt and short-term borrowings	193,000	88,000
Principal payments on long-term debt and short-term borrowings	(122,000)	(93,000)
Purchases of common stock into treasury	(7,998)	(12,401)
Dividends paid	(6,185)	(6,189)
Other	(1,516)	(2,557)
Net cash provided (used) by financing activities	55,301	(26,147)
Effect of exchange rate changes on cash and cash equivalents	309	(777)
Net increase (decrease) in cash and cash equivalents	21,176	(41,672)
Cash and cash equivalents, beginning of period	41,866	97,724
Cash and cash equivalents, end of period	63,042	56,052
Supplemental cash flow information:
Interest paid	8,430	5,564
Income taxes paid (including state and foreign)	$ 25,952	$ 18,313

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 29,230	$ 27,943	$ 67,618	$ 60,548
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1,001)	(821)	3,668	12,926
Total other comprehensive income (loss), net of tax	(1,001)	(821)	3,668	12,926
Comprehensive income	$ 28,229	$ 27,122	$ 71,286	$ 73,474

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

LEASES

9 Months Ended

Jun. 30, 2024

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 our 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
	June 30,		June 30,
(Dollars in thousands)	2024		2023
Finance lease cost
Amortization of right-of-use assets	$	372	$	393
Interest on lease liabilities		213		230
Operating lease cost		1,937		1,858
Total lease costs	$	2,522	$	2,481


	Nine Months Ended		Nine Months Ended
	June 30,		June 30,
(Dollars in thousands)	2024		2023
Finance lease cost
Amortization of right-of-use assets	$	1,137	$	1,179
Interest on lease liabilities		652		698
Operating lease cost		5,675		5,356
Total lease costs	$	7,464	$	7,233

Additional information related to leases are shown below:


	Three Months Ended		Three Months Ended
	June 30,		June 30,
(Dollars in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,867	$	1,792
Operating cash flows from finance leases		213		230
Financing cash flows from finance leases		331		334
Right-of-use assets obtained in exchange for operating lease liabilities		515		402


	Nine Months Ended		Nine Months Ended
	June 30,		June 30,
(Dollars in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,510	$	5,172
Operating cash flows from finance leases		652		698
Financing cash flows from finance leases		1,013		991
Right-of-use assets obtained in exchange for operating lease liabilities		2,194		14,984


	June 30, 2024		June 30, 2023
Weighted-average remaining lease term
Operating leases	10.8	years	11.4	years
Finance leases	11.1	years	11.3	years
Weighted-average discount rate
Operating leases	4.56	%	4.42	%
Finance leases	4.69	%	4.62	%

The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on our condensed Consolidated Balance Sheet on June 30, 2024:


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2024 (excluding the nine months ended June 30, 2024)	$	1,569	547
2025		6,108	2,233
2026		4,865	2,297
2027		4,620	2,357
2028 and thereafter		33,915	16,470
Total minimum lease payments		51,077	23,904
Less: amounts representing interest		11,334	5,582
Present value of net minimum lease payments	$	39,743	18,322
Less: current portion of lease obligations		4,595	1,403
Non-current portion of lease obligations		35,148	16,919

ROU assets	$	37,716	14,055

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

INCOME TAX EXPENSE

9 Months Ended

Jun. 30, 2024

INCOME TAX EXPENSE

INCOME TAX EXPENSE

9. INCOME TAX EXPENSE

The third quarter 2024 effective income tax rate was 21.4% compared to 21.3% in the third quarter of 2023. The effective income tax rate in the first nine months of 2024 was 21.2% compared to 22.1% for the first nine months of 2023. Income tax expense in the first nine months of 2024 was favorably impacted by discrete events that occurred during the second quarter of 2024 including the release of a foreign valuation allowance and excess tax benefit related to the vesting of share-based director compensation.

- Definition

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 260,783	$ 248,749	$ 728,226	$ 683,386
Costs and expenses:
Cost of sales	157,435	147,274	443,933	415,953
Selling, general and administrative expenses	54,955	55,376	164,020	160,555
Amortization of intangible assets	8,145	7,132	24,585	21,023
Interest expense, net	3,335	2,495	9,228	6,422
Other expenses (income), net	(259)	966	613	1,678
Total costs and expenses	223,611	213,243	642,379	605,631
Earnings before income taxes	37,172	35,506	85,847	77,755
Income tax expense	7,942	7,563	18,229	17,207
Net earnings	$ 29,230	$ 27,943	$ 67,618	$ 60,548
Earnings per share:
Basic - Net earnings	$ 1.14	$ 1.08	$ 2.62	$ 2.35
Diluted - Net earnings	$ 1.13	$ 1.08	$ 2.62	$ 2.34

LEASES - Reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Operating leases
2024 (excluding the nine months ended June 30, 2024)	$ 1,569
2025	6,108
2026	4,865
2027	4,620
2028 and thereafter	33,915
Total minimum lease payments	51,077
Less: amounts representing interest	11,334
Present value of net minimum lease payments	39,743
Less: current portion of lease obligations	4,595
Non-current portion of lease obligations	35,148	$ 36,554
ROU assets	$ 37,716	$ 39,839
Location of operating lease liabilities included on Consolidated Balance Sheets	Non-current portion of lease obligations, Accrued other expenses
Location of operating lease ROU assets included on Consolidated Balance Sheets	ROU assets
Finance leases
2024 (excluding the nine months ended June 30, 2024)	$ 547
2025	2,233
2026	2,297
2027	2,357
2028 and thereafter	16,470
Total minimum lease payments	23,904
Less: amounts representing interest	5,582
Present value of net minimum lease payments	18,322
Less: current portion of lease obligations	1,403
Non-current portion of lease obligations	16,919
ROU assets	$ 14,055
Location of finance lease liabilities included on Consolidated Balance Sheets	Accrued other expenses, Other liabilities
Location of finance lease ROU assets included on Consolidated Balance Sheets	Property, Plant and Equipment, Net

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Jun. 30, 2024

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 June 30, 2024 and September 30, 2023 are the following intangible assets gross carrying amounts and accumulated amortization:


	June 30,		September 30,
(Dollars in thousands)	2024		2023
Goodwill	$	535,372	503,177

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,551	2,516
Less: accumulated amortization		1,322	1,218
Net	$	1,229	1,298

Capitalized software
Gross carrying amount	$	130,648	121,883
Less: accumulated amortization		89,737	80,774
Net	$	40,911	41,109

Customer relationships
Gross carrying amount	$	327,537	296,927
Less: accumulated amortization		127,322	113,311
Net	$	200,215	183,616

Other
Gross carrying amount	$	15,122	14,232
Less: accumulated amortization		11,085	9,578
Net	$	4,037	4,654
Intangible assets with indefinite lives:
Trade names	$	162,589	161,447

The changes in the carrying amount of goodwill attributable to each business segment for the nine months ended June 30, 2024 is 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		—		30.5	—	30.5
Foreign currency translation		0.9		0.8	—	1.7
Balance as of June 30, 2024	$	354.5		65.3	115.6	535.4

ACQUISITION

9 Months Ended

Jun. 30, 2024

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. The Company paid a $0.2 million working capital settlement in the third quarter of fiscal 2024.

SUBSEQUENT EVENT

9 Months Ended

Jun. 30, 2024

SUBSEQUENT EVENT

SUBSEQUENT EVENT

15. SUBSEQUENT EVENT

On July 8, 2024, the Company announced that it has agreed to acquire the Signature Management & Power (or the “Business”) business of Ultra Maritime for a purchase price of approximately $550 million. The transaction will be funded through cash on hand and incremental debt, with committed financing in place. Signature Management & Power is a provider of mission-critical signature and power management solutions for submarines and surface ships for the U.S. and UK naval defense markets. The Business is headquartered in Long Island, New York, operates out of four facilities based in the U.S. and the UK, and has approximately 410 employees. Signature Management & Power will become part of ESCO’s Aerospace & Defense segment and is expected to have approximately $175 million of revenue in calendar year 2024. The closing of the transaction is subject to certain conditions, including the (i) expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the U.S. and (ii) receipt of clearance under the UK National Security and Investment Act of 2021.

Pursuant to a Commitment Letter entered into on July 8, 2024 between the Company and JPMorgan Chase Bank, N.A., on August 5, 2024 the Registrant and certain of its subsidiaries entered into Amendment No. 1 (the “Amendment”) to its Amended and Restated Credit Agreement dated August 30, 2023 (the “2023 Credit Agreement”) among the Company and certain of its subsidiaries, JPMorgan Chase Bank, N.A., as administrative agent thereunder, the initial lenders party thereto and Citibank, N.A. The Amendment, among other things, (i) implements a senior incremental delayed draw term loan credit facility in an aggregate principal amount of up to $375 million (the “Incremental Facility”), and (ii) permits the direct or indirect acquisition by the

Registrant or certain of its subsidiaries of all of the issued and outstanding shares of Ultra PMES Limited, Measurement Systems, Inc., EMS Development Corporation, and DNE Technologies, Inc. (the “Transaction”), pursuant to and in accordance with the terms and conditions of that certain Sale and Purchase Agreement, dated July 8, 2024, among Ultra Electronics Holdings Limited, as parent seller, the Registrant, as guarantor, and certain of the Registrant’s subsidiaries as buyers. The proceeds of the loans drawn under the Incremental Facility will be applied to pay a portion of the cash consideration for the Transaction and other customary fees, premiums, expenses and costs incurred in connection with the Transaction. See further discussion of the transaction and financing arrangements in the Company’s Form 8-K’s filed on July 8, 2024 and August 7, 2024.

LEASES - Components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases
Option to extend			true
Finance lease cost
Amortization of right-of-use assets	$ 372	$ 393	$ 1,137	$ 1,179
Interest on lease liabilities	213	230	652	698
Operating lease cost	1,937	1,858	5,675	5,356
Total lease costs	$ 2,522	$ 2,481	$ 7,464	$ 7,233
Maximum
Leases
Lease term	20 years		20 years

SUBSEQUENT EVENT (Details) $ in Thousands		3 Months Ended		9 Months Ended
SUBSEQUENT EVENT (Details) $ in Thousands	Jul. 08, 2024 USD ($) employee facility	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
SUBSEQUENT EVENT
Revenues		$ 260,783	$ 248,749	$ 728,226	$ 683,386
Subsequent Event \| Incremental Facility
SUBSEQUENT EVENT
Borrowing capacity	$ 375,000
Subsequent Event \| Signature Management & Power
SUBSEQUENT EVENT
Purchase Price	$ 550,000
Number of facilities \| facility	4
Number of employees \| employee	410
Subsequent Event \| Signature Management & Power \| Expected
SUBSEQUENT EVENT
Revenues	$ 175,000

BASIS OF PRESENTATION

9 Months Ended

Jun. 30, 2024

BASIS OF PRESENTATION

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

The accompanying unaudited condensed 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 unaudited condensed 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) and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023, as filed with the SEC on November 29, 2023.

The Company’s results for the three-month period ended June 30, 2024 are not necessarily indicative of the results for the entire 2024 fiscal year. References to the third quarters of 2024 and 2023 represent the fiscal quarters ended June 30, 2024 and 2023, 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. Certain prior period amounts have been reclassified to conform to the current period presentation.

ACQUISITION (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
ACQUISITION (Details) - USD ($) $ in Thousands	Nov. 09, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
ACQUISITION
Payments to acquire businesses net of cash acquired			$ 56,383	$ 17,694
Goodwill		$ 30,300	$ 30,300
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
Working capital settlement paid		$ 200
Customer Relationships \| MPE Limited (MPE)
ACQUISITION
Fair value of identifiable intangible assets acquired	$ 31,100

NEW ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Jun. 30, 2024

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

14. NEW 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

DEBT - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
DEBT
Cash on hand	$ 63,042		$ 63,042		$ 41,866
Revolving Credit Facility
DEBT
Line of credit facility, amount outstanding	500,000		500,000
Line of credit facility, commitment fee amount			250,000
Line of credit facility, remaining borrowing capacity	321,000		321,000
Cash on hand	63,000		63,000
Current maturities of long-term debt	20,000		20,000
Letters of credit outstanding, amount	$ 5,500		$ 5,500
Debt weighted average interest rate	6.70%	6.05%	6.80%	5.57%
Minimum \| Revolving Credit Facility
DEBT
Facility fee			0.125%
Maximum \| Revolving Credit Facility
DEBT
Line of credit facility, remaining borrowing capacity	$ 250,000		$ 250,000
Facility fee			0.25%

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
BUSINESS SEGMENT INFORMATION
Net sales	$ 260,783	$ 248,749	$ 728,226	$ 683,386
Consolidated EBIT	40,507	38,001	95,075	84,177
Less: Interest expense	(3,335)	(2,495)	(9,228)	(6,422)
Earnings before income taxes	37,172	35,506	85,847	77,755
Aerospace & Defense
BUSINESS SEGMENT INFORMATION
Net sales	114,450	103,469	323,884	285,434
Consolidated EBIT	21,356	21,665	61,396	52,996
USG
BUSINESS SEGMENT INFORMATION
Net sales	90,277	89,966	260,570	240,172
Consolidated EBIT	22,155	20,351	57,355	50,543
Test
BUSINESS SEGMENT INFORMATION
Net sales	56,056	55,314	143,772	157,780
Consolidated EBIT	9,292	8,643	16,614	21,280
Corporate (loss)
BUSINESS SEGMENT INFORMATION
Consolidated EBIT	$ (12,296)	$ (12,658)	$ (40,290)	$ (40,642)

- 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.

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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing 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

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets gross carrying amounts and accumulated amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill	$ 535,372	$ 503,177
Less: accumulated amortization	229,467	204,881
Patents
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	2,551	2,516
Less: accumulated amortization	1,322	1,218
Net	1,229	1,298
Capitalized software
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	130,648	121,883
Less: accumulated amortization	89,737	80,774
Net	40,911	41,109
Customer relationships
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	327,537	296,927
Less: accumulated amortization	127,322	113,311
Net	200,215	183,616
Other
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	15,122	14,232
Less: accumulated amortization	11,085	9,578
Net	4,037	4,654
Trade names
GOODWILL AND OTHER INTANGIBLE ASSETS
Trade names	$ 162,589	$ 161,447

LEASES - Additional information related to leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1,867	$ 1,792	$ 5,510	$ 5,172
Operating cash flows from finance leases	213	230	652	698
Financing cash flows from finance leases	331	334	1,013	991
Right-of-use assets obtained in exchange for operating lease liabilities
Operating leases	$ 515	$ 402	$ 2,194	$ 14,984
Weighted-average remaining lease term
Operating leases	10 years 9 months 18 days	11 years 4 months 24 days	10 years 9 months 18 days	11 years 4 months 24 days
Finance leases	11 years 1 month 6 days	11 years 3 months 18 days	11 years 1 month 6 days	11 years 3 months 18 days
Weighted-average discount rate
Operating leases	4.56%	4.42%	4.56%	4.42%
Finance leases	4.69%	4.62%	4.69%	4.62%