|
CONSOLIDATING GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION (Tables)
|
6 Months Ended |
|
Mar. 31, 2015
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| Consolidating Guarantor And Non Guarantor Financial Information [Abstract] |
|
| Condensed Balance Sheet |
CONDENSED CONSOLIDATING BALANCE SHEETS At March 31, 2015 | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Companies | | Non-Guarantor Companies | | Elimination | | Consolidation | CURRENT ASSETS | |
| | |
| | |
| | |
| | |
| Cash and equivalents | $ | 3,174 |
| | $ | 10,803 |
| | $ | 28,625 |
| | $ | — |
| | $ | 42,602 |
| Accounts receivable, net of allowances | — |
| | 257,607 |
| | 62,622 |
| | (33,777 | ) | | 286,452 |
| Contract costs and recognized income not yet billed, net of progress payments | — |
| | 94,385 |
| | 459 |
| | — |
| | 94,844 |
| Inventories, net | — |
| | 259,569 |
| | 60,728 |
| | — |
| | 320,297 |
| Prepaid and other current assets | 6,691 |
| | 22,895 |
| | 10,742 |
| | 4,197 |
| | 44,525 |
| Assets of discontinued operations | — |
| | — |
| | 1,638 |
| | — |
| | 1,638 |
| Total Current Assets | 9,865 |
| | 645,259 |
| | 164,814 |
| | (29,580 | ) | | 790,358 |
| PROPERTY, PLANT AND EQUIPMENT, net | 1,230 |
| | 272,429 |
| | 87,541 |
| | — |
| | 361,200 |
| GOODWILL | — |
| | 284,875 |
| | 73,820 |
| | — |
| | 358,695 |
| INTANGIBLE ASSETS, net | — |
| | 154,636 |
| | 66,175 |
| | — |
| | 220,811 |
| INTERCOMPANY RECEIVABLE | 590,476 |
| | 993,640 |
| | 197,273 |
| | (1,781,389 | ) | | — |
| EQUITY INVESTMENTS IN SUBSIDIARIES | 767,088 |
| | 641,569 |
| | 1,736,265 |
| | (3,144,922 | ) | | — |
| OTHER ASSETS | 41,721 |
| | 50,077 |
| | 9,594 |
| | (87,449 | ) | | 13,943 |
| ASSETS OF DISCONTINUED OPERATIONS | — |
| | — |
| | 2,246 |
| | — |
| | 2,246 |
| Total Assets | $ | 1,410,380 |
| | $ | 3,042,485 |
| | $ | 2,337,728 |
| | $ | (5,043,340 | ) | | $ | 1,747,253 |
| CURRENT LIABILITIES | |
| | |
| | |
| | |
| | |
| Notes payable and current portion of long-term debt | $ | 2,202 |
| | $ | 1,147 |
| | $ | 5,813 |
| | $ | — |
| | $ | 9,162 |
| Accounts payable and accrued liabilities | 17,305 |
| | 199,512 |
| | 66,422 |
| | (16,376 | ) | | 266,863 |
| Liabilities of discontinued operations | — |
| | — |
| | 2,528 |
| | — |
| | 2,528 |
| Total Current Liabilities | 19,507 |
| | 200,659 |
| | 74,763 |
| | (16,376 | ) | | 278,553 |
| | | | | | | | | | | LONG-TERM DEBT, net | 810,754 |
| | 6,792 |
| | 40,769 |
| | — |
| | 858,315 |
| INTERCOMPANY PAYABLES | 55,663 |
| | 1,000,772 |
| | 709,578 |
| | (1,766,013 | ) | | — |
| OTHER LIABILITIES | 59,824 |
| | 158,927 |
| | 26,622 |
| | (103,144 | ) | | 142,229 |
| LIABILITIES OF DISCONTINUED OPERATIONS | — |
| | — |
| | 3,524 |
| | — |
| | 3,524 |
| Total Liabilities | 945,748 |
| | 1,367,150 |
| | 855,256 |
| | (1,885,533 | ) | | 1,282,621 |
| SHAREHOLDERS’ EQUITY | 464,632 |
| | 1,675,335 |
| | 1,482,472 |
| | (3,157,807 | ) | | 464,632 |
| Total Liabilities and Shareholders’ Equity | $ | 1,410,380 |
| | $ | 3,042,485 |
| | $ | 2,337,728 |
| | $ | (5,043,340 | ) | | $ | 1,747,253 |
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CONDENSED CONSOLIDATING BALANCE SHEETS At September 30, 2014
| | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Companies | | Non-Guarantor Companies | | Elimination | | Consolidation | CURRENT ASSETS | |
| | |
| | |
| | |
| | |
| Cash and equivalents | $ | 6,813 |
| | $ | 31,522 |
| | $ | 54,070 |
| | $ | — |
| | $ | 92,405 |
| Accounts receivable, net of allowances | — |
| | 213,922 |
| | 77,218 |
| | (32,704 | ) | | 258,436 |
| Contract costs and recognized income not yet billed, net of progress payments | — |
| | 109,804 |
| | 126 |
| | — |
| | 109,930 |
| Inventories, net | — |
| | 219,326 |
| | 70,537 |
| | 272 |
| | 290,135 |
| Prepaid and other current assets | 4,366 |
| | 26,319 |
| | 17,101 |
| | 14,783 |
| | 62,569 |
| Assets of discontinued operations | — |
| | — |
| | 1,624 |
| | — |
| | 1,624 |
| Total Current Assets | 11,179 |
| | 600,893 |
| | 220,676 |
| | (17,649 | ) | | 815,099 |
| | | | | | | | | | | PROPERTY, PLANT AND EQUIPMENT, net | 1,327 |
| | 270,519 |
| | 98,643 |
| | 76 |
| | 370,565 |
| GOODWILL | — |
| | 284,875 |
| | 86,971 |
| | — |
| | 371,846 |
| INTANGIBLE ASSETS, net | — |
| | 156,772 |
| | 76,851 |
| | — |
| | 233,623 |
| INTERCOMPANY RECEIVABLE | 540,080 |
| | 892,433 |
| | 213,733 |
| | (1,646,246 | ) | | — |
| EQUITY INVESTMENTS IN SUBSIDIARIES | 780,600 |
| | 662,403 |
| | 1,782,406 |
| | (3,225,409 | ) | | — |
| OTHER ASSETS | 27,880 |
| | 53,896 |
| | 6,739 |
| | (75,213 | ) | | 13,302 |
| ASSETS OF DISCONTINUED OPERATIONS | — |
| | — |
| | 2,126 |
| | — |
| | 2,126 |
| Total Assets | $ | 1,361,066 |
| | $ | 2,921,791 |
| | $ | 2,488,145 |
| | $ | (4,964,441 | ) | | $ | 1,806,561 |
| CURRENT LIABILITIES | |
| | |
| | |
| | |
| | |
| Notes payable and current portion of long-term debt | $ | 2,202 |
| | $ | 1,144 |
| | $ | 4,540 |
| | $ | — |
| | $ | 7,886 |
| Accounts payable and accrued liabilities | 25,703 |
| | 227,419 |
| | 87,684 |
| | (20,811 | ) | | 319,995 |
| Liabilities of discontinued operations | — |
| | — |
| | 3,282 |
| | — |
| | 3,282 |
| Total Current Liabilities | 27,905 |
| | 228,563 |
| | 95,506 |
| | (20,811 | ) | | 331,163 |
| LONG-TERM DEBT, net | 738,360 |
| | 7,806 |
| | 45,135 |
| | — |
| | 791,301 |
| INTERCOMPANY PAYABLES | 21,573 |
| | 815,094 |
| | 762,192 |
| | (1,598,859 | ) | | — |
| OTHER LIABILITIES | 41,201 |
| | 151,674 |
| | 26,949 |
| | (71,584 | ) | | 148,240 |
| LIABILITIES OF DISCONTINUED OPERATIONS | — |
| | — |
| | 3,830 |
| | — |
| | 3,830 |
| Total Liabilities | 829,039 |
| | 1,203,137 |
| | 933,612 |
| | (1,691,254 | ) | | 1,274,534 |
| SHAREHOLDERS’ EQUITY | 532,027 |
| | 1,718,654 |
| | 1,554,533 |
| | (3,273,187 | ) | | 532,027 |
| Total Liabilities and Shareholders’ Equity | $ | 1,361,066 |
| | $ | 2,921,791 |
| | $ | 2,488,145 |
| | $ | (4,964,441 | ) | | $ | 1,806,561 |
|
|
| Condensed Income Statement |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 31, 2015 | | | | | | | | | | | | | | | | | | | | | ($ in thousands) | Parent Company | | Guarantor Companies | | Non-Guarantor Companies | | Elimination | | Consolidation | Revenue | $ | — |
| | $ | 400,042 |
| | $ | 113,206 |
| | $ | (13,228 | ) | | $ | 500,020 |
| Cost of goods and services | — |
| | 306,625 |
| | 91,320 |
| | (12,300 | ) | | 385,645 |
| Gross profit | — |
| | 93,417 |
| | 21,886 |
| | (928 | ) | | 114,375 |
| Selling, general and administrative expenses | 5,301 |
| | 71,970 |
| | 17,349 |
| | (1,054 | ) | | 93,566 |
| Total operating expenses | 5,301 |
| | 71,970 |
| | 17,349 |
| | (1,054 | ) | | 93,566 |
| | | | | | | | | | | Income (loss) from operations | (5,301 | ) | | 21,447 |
| | 4,537 |
| | 126 |
| | 20,809 |
| | | | | | | | | | | Other income (expense) | |
| | |
| | |
| | |
| | |
| Interest income (expense), net | (2,224 | ) | | (7,698 | ) | | (1,935 | ) | | — |
| | (11,857 | ) | Other, net | 521 |
| | 1,615 |
| | (2,767 | ) | | (126 | ) | | (757 | ) | Total other income (expense) | (1,703 | ) | | (6,083 | ) | | (4,702 | ) | | (126 | ) | | (12,614 | ) | Income (loss) before taxes | (7,004 | ) | | 15,364 |
| | (165 | ) | | — |
| | 8,195 |
| Provision (benefit) for income taxes | (1,984 | ) | | 3,062 |
| | 1,995 |
| | — |
| | 3,073 |
| Income (loss) before equity in net income of subsidiaries | (5,020 | ) | | 12,302 |
| | (2,160 | ) | | — |
| | 5,122 |
| Equity in net income (loss) of subsidiaries | 10,142 |
| | (735 | ) | | 12,302 |
| | (21,709 | ) | | — |
| Net income (loss) | $ | 5,122 |
| | $ | 11,567 |
| | $ | 10,142 |
| | $ | (21,709 | ) | | $ | 5,122 |
| | | | | | | | | | | Net Income (loss) | $ | 5,122 |
| | $ | 11,567 |
| | $ | 10,142 |
| | $ | (21,709 | ) | | $ | 5,122 |
| Other comprehensive income (loss), net of taxes | (30,019 | ) | | (12,075 | ) | | (18,389 | ) | | 30,464 |
| | (30,019 | ) | Comprehensive income (loss) | $ | (24,897 | ) | | $ | (508 | ) | | $ | (8,247 | ) | | $ | 8,755 |
| | $ | (24,897 | ) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 31, 2014
| | | | | | | | | | | | | | | | | | | | | ($ in thousands) | Parent Company | | Guarantor Companies | | Non-Guarantor Companies | | Elimination | | Consolidation | Revenue | $ | — |
| | $ | 396,505 |
| | $ | 127,782 |
| | $ | (16,600 | ) | | $ | 507,687 |
| Cost of goods and services | — |
| | 305,191 |
| | 107,555 |
| | (15,046 | ) | | 397,700 |
| Gross profit | — |
| | 91,314 |
| | 20,227 |
| | (1,554 | ) | | 109,987 |
| Selling, general and administrative expenses | 7,161 |
| | 68,234 |
| | 15,833 |
| | (1,606 | ) | | 89,622 |
| Restructuring and other related charges | — |
| | 728 |
| | (36 | ) | | — |
| | 692 |
| Total operating expenses | 7,161 |
| | 68,962 |
| | 15,797 |
| | (1,606 | ) | | 90,314 |
| Income (loss) from operations | (7,161 | ) | | 22,352 |
| | 4,430 |
| | 52 |
| | 19,673 |
| Other income (expense) | |
| | |
| | |
| | |
| | |
| Interest income (expense), net | (2,885 | ) | | (7,329 | ) | | (2,147 | ) | | — |
| | (12,361 | ) | Loss from debt extinguishment, net | (38,890 | ) | | — |
| | — |
| | — |
| | (38,890 | ) | Other, net | 15 |
| | 1,014 |
| | (194 | ) | | (52 | ) | | 783 |
| Total other income (expense) | (41,760 | ) | | (6,315 | ) | | (2,341 | ) | | (52 | ) | | (50,468 | ) | Income (loss) before taxes | (48,921 | ) | | 16,037 |
| | 2,089 |
| | — |
| | (30,795 | ) | Provision (benefit) for income taxes | (11,045 | ) | | 6,053 |
| | 22 |
| | — |
| | (4,970 | ) | Income (loss) before equity in net income of subsidiaries | (37,876 | ) | | 9,984 |
| | 2,067 |
| | — |
| | (25,825 | ) | Equity in net income (loss) of subsidiaries | 12,051 |
| | 1,982 |
| | 9,984 |
| | (24,017 | ) | | — |
| Net income (loss) | $ | (25,825 | ) | | $ | 11,966 |
| | $ | 12,051 |
| | $ | (24,017 | ) | | $ | (25,825 | ) | | | | | | | | | | | Net Income (loss) | $ | (25,825 | ) | | $ | 11,966 |
| | $ | 12,051 |
| | $ | (24,017 | ) | | $ | (25,825 | ) | Other comprehensive income (loss), net of taxes | 2,323 |
| | 80 |
| | 2,073 |
| | (2,153 | ) | | 2,323 |
| Comprehensive income (loss) | $ | (23,502 | ) | | $ | 12,046 |
| | $ | 14,124 |
| | $ | (26,170 | ) | | $ | (23,502 | ) |
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| Condensed Cash Flow Statement |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended March 31, 2015
| | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Companies | | Non-Guarantor Companies | | Elimination | | Consolidation | CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | |
| | |
| | |
| | |
| Net income (loss) | $ | 12,593 |
| | $ | 22,921 |
| | $ | 21,510 |
| | $ | (44,431 | ) | | $ | 12,593 |
| Net cash provided by (used in) operating activities | (49,888 | ) | | (451 | ) | | 7,288 |
| | — |
| | (43,051 | ) | CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | |
| | |
| | |
| | |
| Acquisition of property, plant and equipment | (188 | ) | | (30,584 | ) | | (8,941 | ) | | — |
| | (39,713 | ) | Intercompany distributions | 10,000 |
| | (10,000 | ) | | — |
| | — |
| | — |
| Proceeds from sale of investments | 8,891 |
| | — |
| |
|
| | — |
| | 8,891 |
| Proceeds from sale of assets | — |
| | 12 |
| | 165 |
| | — |
| | 177 |
| Net cash provided by (used in) investing activities | 18,703 |
| | (40,572 | ) | | (8,776 | ) | | — |
| | (30,645 | ) | CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | |
| | |
| | |
| | |
| Proceeds from issuance of common stock | 285 |
| | — |
| | — |
| | — |
| | 285 |
| Purchase of shares for treasury | (37,577 | ) | | — |
| | — |
| | — |
| | (37,577 | ) | Proceeds from long-term debt | 97,000 |
| | — |
| | 2,556 |
| | — |
| | 99,556 |
| Payments of long-term debt | (28,101 | ) | | (717 | ) | | (607 | ) | | — |
| | (29,425 | ) | Change in short-term borrowings | — |
| | — |
| | (572 | ) | | — |
| | (572 | ) | Financing costs | (590 | ) | | — |
| | — |
| | — |
| | (590 | ) | Tax effect from exercise/vesting of equity awards, net | 345 |
| | — |
| | — |
| | — |
| | 345 |
| Dividend | (3,911 | ) | | — |
| | — |
| | — |
| | (3,911 | ) | Other, net | 95 |
| | 21,021 |
| | (21,021 | ) | | — |
| | 95 |
| Net cash provided by (used in) financing activities | 27,546 |
| | 20,304 |
| | (19,644 | ) | | — |
| | 28,206 |
| CASH FLOWS FROM DISCONTINUED OPERATIONS: | |
| | |
| | |
| | |
| | |
| Net cash used in discontinued operations | — |
| | — |
| | (545 | ) | | — |
| | (545 | ) | Effect of exchange rate changes on cash and equivalents | — |
| | — |
| | (3,768 | ) | | — |
| | (3,768 | ) | NET DECREASE IN CASH AND EQUIVALENTS | (3,639 | ) | | (20,719 | ) | | (25,445 | ) | | — |
| | (49,803 | ) | CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 6,813 |
| | 31,522 |
| | 54,070 |
| | — |
| | 92,405 |
| CASH AND EQUIVALENTS AT END OF PERIOD | $ | 3,174 |
| | $ | 10,803 |
| | $ | 28,625 |
| | $ | — |
| | $ | 42,602 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Six Months Ended March 31, 2014 | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Companies | | Non-Guarantor Companies | | Elimination | | Consolidation | CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | |
| | |
| | |
| | |
| Net income (loss) | $ | (22,589 | ) | | $ | 20,417 |
| | $ | 20,576 |
| | $ | (40,993 | ) | | $ | (22,589 | ) | Net cash provided by (used in) operating activities | (30,836 | ) | | (27,389 | ) | | 31,649 |
| | — |
| | (26,576 | ) | CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | |
| | |
| | |
| | |
| Acquisition of property, plant and equipment | (618 | ) | | (29,921 | ) | | (4,306 | ) | | — |
| | (34,845 | ) | Acquired businesses, net of cash acquired | — |
| | (1,000 | ) | | (21,781 | ) | | — |
| | (22,781 | ) | Intercompany distributions | 10,000 |
| | (10,000 | ) | | — |
| | — |
| | — |
| Proceeds from sale of assets | — |
| | 230 |
| | 64 |
| | — |
| | 294 |
| Net cash provided by (used in) investing activities | 9,382 |
| | (40,691 | ) | | (26,023 | ) | | — |
| | (57,332 | ) | CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | |
| | |
| | |
| | |
| Proceeds from issuance of common stock | 584 |
| | — |
| | — |
| | — |
| | 584 |
| Purchase of shares for treasury | (63,370 | ) | | — |
| | — |
| | — |
| | (63,370 | ) | Proceeds from long-term debt | 629,568 |
| | 10,939 |
| | 4,007 |
| | — |
| | 644,514 |
| Payments of long-term debt | (582,108 | ) | | (12,097 | ) | | 7,895 |
| | — |
| | (586,310 | ) | Change in short-term borrowings | — |
| | — |
| | 4,908 |
| | — |
| | 4,908 |
| Financing costs | (10,142 | ) | | — |
| | (545 | ) | | — |
| | (10,687 | ) | Purchase of ESOP shares | (10,000 | ) | | — |
| | — |
| | — |
| | (10,000 | ) | Tax effect from exercise/vesting of equity awards, net | 273 |
| | — |
| | — |
| | — |
| | 273 |
| Dividend | (8,290 | ) | | 5,000 |
| | — |
| | — |
| | (3,290 | ) | Other, net | 144 |
| | 43,140 |
| | (43,140 | ) | | — |
| | 144 |
| Net cash provided by (used in) financing activities | (43,341 | ) | | 46,982 |
| | (26,875 | ) | | — |
| | (23,234 | ) | CASH FLOWS FROM DISCONTINUED OPERATIONS: | |
| | |
| | |
| | |
| | |
| Net cash used in discontinued operations | — |
| | — |
| | (640 | ) | | — |
| | (640 | ) | Effect of exchange rate changes on cash and equivalents | — |
| | — |
| | (415 | ) | | — |
| | (415 | ) | NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (64,795 | ) | | (21,098 | ) | | (22,304 | ) | | — |
| | (108,197 | ) | CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 68,994 |
| | 46,357 |
| | 62,779 |
| | — |
| | 178,130 |
| CASH AND EQUIVALENTS AT END OF PERIOD | $ | 4,199 |
| | $ | 25,259 |
| | $ | 40,475 |
| | $ | — |
| | $ | 69,933 |
|
|