0001410578-21-000447 | 10-K | XBRL Viewer

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Sep. 30, 2021	Nov. 20, 2021	Mar. 31, 2021
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2021
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 Well-known Seasoned Issuer	Yes
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 Public Float			$ 2,770,000,000
Entity Common Stock, Shares Outstanding		26,101,172
Entity Central Index Key	0000866706
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 715,440	$ 730,471	$ 726,044
Costs and expenses:
Cost of sales	445,045	458,311	437,998
Selling, general and administrative expenses	167,534	159,490	162,734
Amortization of intangible assets	20,829	21,812	18,492
Interest expense, net	2,255	6,730	8,092
Pension plan termination charge		40,600
Other (income) expenses, net	(894)	7,122	851
Total costs and expenses	634,769	694,065	628,167
Earnings before income tax	80,671	36,406	97,877
Income tax expense	17,175	13,510	20,388
Net earnings from continuing operations	63,496	22,896	77,489
(Loss) earnings from discontinued operations, net of tax expense of $269 and $789 in 2020 and 2019, respectively		(601)	3,550
Gain on sale from discontinued operations, net of tax expense of $23,232		77,116
Net earnings from discontinued operations		76,515	3,550
Net earnings	$ 63,496	$ 99,411	$ 81,039
Earnings per share:
Basic - Continuing operations	$ 2.44	$ 0.88	$ 2.99
Basic - Discontinued operations		2.94	0.13
Basic - Net earnings	2.44	3.82	3.12
Diluted - Continuing operations	2.42	0.88	2.97
Diluted - Discontinued operations		2.93	0.13
Diluted - Net earnings	$ 2.42	$ 3.81	$ 3.10
Average common shares outstanding
Basic	26,046	26,010	25,946
Diluted	26,225	26,135	26,097

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
(Loss) earnings from discontinued operations, net of tax benefit	$ 269	$ 789
Gain on sale of discontinued operations, tax expense	$ 23,232

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 63,496	$ 99,411	$ 81,039
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	1,496	3,172	(6,474)
Pension plan termination		40,600
Amortization of prior service costs, actuarial losses and other		(3,455)	(5,972)
Total other comprehensive (loss) income, net of tax	1,496	40,317	(12,446)
Comprehensive income	$ 64,992	$ 139,728	$ 68,593

- Definition

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

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Current assets:
Cash and cash equivalents	$ 56,232	$ 52,560
Accounts receivable, less allowance for doubtful accounts of $3,445 and $1,995 in 2021 and 2020, respectively	146,341	144,082
Contract assets, net	93,771	94,302
Inventories, net	147,148	135,296
Other current assets	22,662	17,053
Total current assets	466,154	443,293
Property, plant and equipment:
Land and land improvements	10,547	9,657
Buildings and leasehold improvements	109,279	98,636
Machinery and equipment	176,447	153,718
Construction in progress	5,543	8,393
Property, Plant and Equipment, Gross	301,816	270,404
Less accumulated depreciation and amortization	147,551	130,534
Net property, plant and equipment	154,265	139,870
Intangible assets, net	409,250	346,632
Goodwill	504,853	408,063
Operating lease assets	31,846	21,390
Other assets	10,977	10,938
Total Assets	1,577,345	1,370,186
Current liabilities:
Current maturities of long-term debt and short-term borrowings	20,000	22,368
Accounts payable	56,669	50,525
Contract liabilities, net	108,814	100,551
Accrued salaries	39,768	32,149
Accrued other expenses	52,513	49,891
Total current liabilities	277,764	255,484
Deferred tax liabilities	73,560	60,715
Non-current operating lease liabilities	28,032	16,785
Other liabilities	44,293	38,176
Long-term debt	134,000	40,000
Total liabilities	557,649	411,160
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 30,666,173and 30,645,625 shares in 2021 and 2020, respectively	307	306
Additional paid-in capital	297,644	293,682
Retained earnings	830,989	775,829
Accumulated other comprehensive loss, net of tax	(2,161)	(3,657)
Total stockholders' equity before treasury stock	1,126,779	1,066,160
Less treasury stock, at cost (4,604,741 and 4,607,911 common shares in 2021 and 2020, respectively)	(107,083)	(107,134)
Total shareholders' equity	1,019,696	959,026
Total Liabilities and Shareholders' Equity	$ 1,577,345	$ 1,370,186

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED BALANCE SHEETS
Allowance for Doubtful Accounts Receivable, Current	$ 1,949	$ 1,995
Less accumulated depreciation and amortization	$ 147,551	$ 130,534
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	50,000,000	50,000,000
Common stock, shares issued	30,666,173	30,645,625
Treasury stock, shares	4,604,741	4,607,911

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Beginning Balance at Sep. 30, 2018	$ 305,000	$ 291,190,000	$ 606,837,000	$ (31,528,000)	$ (107,394,000)	$ 759,410,000
Balance (in shares) at Sep. 30, 2018	30,535
Comprehensive income (loss):
Net earnings	$ 0	0	81,039,000	0	0	81,039,000
Translation adjustments, net of tax	0	0	0	(6,474,000)	0	(6,474,000)
Net unrecognized actuarial loss, net of tax	0	0	0	(6,066,000)	0	(6,066,000)
Forward exchange contracts, net of tax	0	0	0	94,000	0	94,000
Cash dividends declared	0	0	(8,302,000)	0	0	(8,302,000)
Adoption of new accounting standard ASU 2014-09	0	0	5,167,000	0	0	5,167,000
Stock compensation plans, net of tax	$ 1,000	1,218,000	0	0	135,000	1,354,000
Stock compensation plans, net of tax (in shares)	62
Ending Balance at Sep. 30, 2019	$ 306,000	292,408,000	684,741,000	(43,974,000)	(107,259,000)	826,222,000
Ending Balance (in shares) at Sep. 30, 2019	30,597
Comprehensive income (loss):
Net earnings	$ 0	0	99,411,000	0	0	99,411,000
Translation adjustments, net of tax	0	0	0	3,172,000	0	3,172,000
Cash dividends declared	0	0	(8,323,000)	0	0	(8,323,000)
Stock compensation plans, net of tax	$ 0	1,274,000	0	0	125,000	1,399,000
Stock compensation plans, net of tax (in shares)	49
Pension termination and net unrecognized actuarial loss, net of tax of $(1,161)	$ 0	0	0	37,145,000	0	37,145,000
Ending Balance at Sep. 30, 2020	$ 306,000	293,682,000	775,829,000	(3,657,000)	(107,134,000)	959,026,000
Ending Balance (in shares) at Sep. 30, 2020	30,646
Comprehensive income (loss):
Net earnings	$ 0	0	63,496,000	0	0	63,496,000
Translation adjustments, net of tax	0	0	0	1,496,000	0	1,496,000
Cash dividends declared	0	0	(8,336,000)	0	0	(8,336,000)
Stock compensation plans, net of tax	$ 1,000	3,962,000	0	0	51,000	4,014,000
Stock compensation plans, net of tax (in shares)	20
Ending Balance at Sep. 30, 2021	$ 307,000	$ 297,644,000	$ 830,989,000	$ (2,161,000)	$ (107,083,000)	$ 1,019,696,000
Ending Balance (in shares) at Sep. 30, 2021	30,666

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 0	$ 0	$ 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax			1,817
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax			$ (22)
Common Stock, Dividends, Per Share, Declared	$ 0.32	$ 0.32	$ 0.32
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net	$ 0	$ 0	$ 0
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax		$ 1,161

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net earnings	$ 63,496	$ 99,411	$ 81,039
Adjustments to reconcile net earnings to net cash provided by operating activities:
Net earnings from discontinued operations, net of tax		(76,515)	(3,550)
Depreciation and amortization	42,049	41,338	35,995
Stock compensation expense	6,914	5,550	5,088
Changes in assets and liabilities	15,671	26,585	(6,649)
Gain on sale of building and land	(1,950)		(8,922)
Effect of deferred taxes on tax provision	(3,041)	(2,785)	61
Pension contributions		(25,650)	(2,500)
Pension plan termination charge		40,600
Net cash provided by operating activities - continuing operations	123,139	108,534	100,562
Net cash (used) provided by discontinued operations		(26,254)	4,575
Net cash provided by operating activities	123,139	82,280	105,137
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(168,903)		(95,840)
Capital expenditures	(26,705)	(32,108)	(24,229)
Additions to capitalized software	(8,783)	(9,023)	(8,374)
Proceeds from sale of building and land	1,950		17,201
Net cash used by investing activities - continuing operations	(202,441)	(41,131)	(111,242)
Net cash provided (used) by investing activities - discontinued operations		182,084	(13,903)
Net cash (used) provided by investing activities	(202,441)	140,953	(125,145)
Cash flows from financing activities:
Proceeds from long-term debt	216,000	12,368	130,000
Principal payments on long-term debt	(124,368)	(235,000)	(65,000)
Dividends paid	(8,336)	(8,323)	(8,302)
Debt issuance costs			(1,071)
Other	(1,823)	(3,125)	(3,371)
Net cash provided (used) by financing activities - continuing operations	81,473	(234,080)	52,256
Net cash used by financing activities - discontinued operations		(2,140)	(2,472)
Net cash provided (used) by financing activities	81,473	(236,220)	49,784
Effect of exchange rate changes on cash and cash equivalents	1,501	3,739	1,555
Net increase (decrease) in cash and cash equivalents	3,672	(9,248)	31,331
Cash and cash equivalents at beginning of year	52,560	61,808	30,477
Cash and cash equivalents at end of year	56,232	52,560	61,808
Changes in assets and liabilities:
Accounts receivable, net	11,266	14,633	(8,722)
Contract assets	531	15,909	(57,177)
Inventories	612	(10,340)	7,109
Other assets and liabilities	(477)	(8,609)	7,708
Accounts payable	(688)	(13,275)	10,716
Contract liabilities	8,263	19,374	32,142
Accrued expenses	(3,836)	8,893	1,575
Changes in assets and liabilities	15,671	26,585	(6,649)
Supplemental cash flow information:
Interest paid	590	5,869	8,076
Income taxes paid (including state & foreign)	$ 26,054	$ 37,714	$ 26,084

Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

A. Principles of Consolidation

The Consolidated Financial Statements include the accounts of ESCO Technologies Inc. (ESCO) and its wholly owned subsidiaries. Except where the context indicates otherwise, the terms “Company”, “we”, “our” and “us” are used in this report to refer to ESCO together with its subsidiaries through which its businesses are conducted. All significant intercompany transactions and accounts have been eliminated in consolidation.

B. Basis of Presentation

Our fiscal year ends on September 30. Throughout the Consolidated Financial Statements, unless the context indicates otherwise, references to a year (for example 2021) refer to fiscal year ending on September 30 of that year.

Our former Technical Packaging segment is reflected as discontinued operations in the Consolidated Financial Statements and related notes for all periods presented, in accordance with accounting principles generally accepted in the United States of America (GAAP).

During 2021, the Company identified immaterial errors in the 2020 historical consolidated financial statements of Westland, within the A&D segment. These have been corrected as an immaterial revision of those consolidated financial statements. Specifically, the adjustments include $2.4 million of net sales and contract assets being overstated, and $0.9 million of inventory being overstated and cost of goods sold understated by the same amount, and $0.8 million income tax expense, $0.2 million deferred tax liabilities, and $0.6 million accrued other expense being overstated. The net impact of the above adjustments resulted in a decrease in net earnings from continuing operations, net earnings, comprehensive income and retained earnings of $2.5 million and a decrease of $0.10 in reported basic and diluted earnings per share. This correction also resulted in a reclassification in the 2020 consolidated statement of cash flows between line items of net earnings, changes in assets and liabilities, and effect of deferred taxes totaling $2.6 million in 2020, with no impact to the total net cash provided by operating activities.

C. Nature of Operations

We are organized based on the products and services we offer and we currently classify our business operations in three segments for financial reporting purposes: Aerospace & Defense (A&D), Utility Solutions Group (USG), and RF Shielding and Test (Test).

A&D: The companies within this segment primarily design and manufacture specialty filtration products, including hydraulic filter elements and fluid control devices used in commercial aerospace 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; and metal processing services.

USG: The companies within this segment provide diagnostic testing solutions that enable electric power grid operators to assess the integrity of high-voltage power delivery equipment, as well as decision support tools for the renewable energy industry, primarily wind and solar.

Test: The companies within this segment provide their customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy.

In addition, for reporting certain financial information we treat Corporate activities as a separate segment.

D. Use of Estimates

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.

E. Revenue Recognition

On October 1, 2018, we adopted ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606). Significant changes to our policies resulting from the adoption are provided below. We adopted ASC 606 using the modified retrospective transition method applied to contracts that were not substantially complete at the end of fiscal year 2018. We recorded a $5.2 million adjustment to increase retained earnings to reflect the cumulative impact of adopting this standard at the beginning of fiscal year 2019, primarily related to certain long-term contracts in our A&D and Technical Packaging segments that converted to the cost-to-cost method for revenue recognition.

Revenue Recognition

We recognize revenue when control of the goods or services promised under the contract is transferred to the customer either at a point in time (e.g., upon delivery) or over time (e.g., as we perform under the contract). We account for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. We review contracts to determine whether there are one or multiple performance obligations. A performance obligation is a promise to transfer a distinct good or service to a customer and represents the unit of accounting for revenue recognition. For contracts with multiple performance obligations, we allocate the expected consideration, or the transaction price, to each performance obligation identified in the contract based on the relative standalone selling price of each performance obligation. We then recognize revenue for the transaction price allocated to the performance obligation when control of the promised goods or services underlying the performance obligation is transferred.

Payment terms with our customers vary by the type and location of the customer and the products or services offered. We do not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant. We account for shipping and handling costs on a gross basis and include them in net sales. We account for taxes collected from customers and remitted to governmental authorities on a net basis and exclude them from net sales.

A&D: Within the A&D segment, approximately 43% of revenues (approximately 19% of consolidated revenues) are recognized at a point in time when products are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial and military customers and have a single performance obligation as there is only one good promised or the promise to transfer the goods or services is not distinct or separately identifiable from other promises in the contract. 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. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to the customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in cost of goods sold in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. 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.

Approximately 57% of the segment’s revenues (approximately 25% of consolidated revenues) are accounted for over time as the product does not have an alternative use and we have an enforceable right to payment for costs incurred plus a reasonable margin or the inventory is owned by the customer. The related contracts are primarily cost-plus or fixed price contracts related to the design, development and manufacture of complex fluid control products, quiet valves, manifolds, shock and vibration dampening, thermal insulation and systems primarily for the commercial aerospace and military (U.S. Government) markets. The contracts may contain multiple products, which are capable of being distinct as the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each

product is distinct in context of the contract and will be accounted for as a separate performance obligation. Our contracts are frequently modified for changes in contract specifications and requirements. Most of our contract modifications are for products that are not distinct from the existing contract and are accounted for as part of that existing contract.

Contracts with the U.S. Government generally contain clauses that provide lien rights to work-in-process along with clauses that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work-in-process. Due to the continuous transfer of control to the U.S. Government, we recognize revenue over the time that we perform under the contract.

Selecting the method to measure progress towards completion for the commercial and military contracts requires judgment and is based on the nature of the products or service to be provided. We generally use the cost-to-cost method to measure progress for our Aerospace & Defense segment contracts, as the rate at which costs are incurred to fulfill a contract best depicts the transfer of control to the customer. Under this method, we measure the extent of progress towards completion based on the ratio of costs incurred to date to the estimated costs at completion of the performance obligation, and record revenue proportionally as costs are incurred based on an estimated profit margin.

The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Certain of our long-term contracts contain incentive fees that can increase the transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all other information that is reasonably available to us.

Total 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.

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. Because of the timing difference of revenue recognition and customer billing, these contracts will often result in revenue recognized in excess of billings and billings in excess of costs incurred, which we present as contract assets and contract liabilities, respectively, in the Consolidated Balance Sheets. We classify amounts billed and due from our customers in Accounts receivable, net. For short term fixed price and cost-type contracts, we are generally paid within a short period of time.

For contracts where revenue is recognized over time, we recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. We have net revenue recognized in the current year from performance obligations satisfied in the prior year due to changes in our estimated costs to complete the related performance obligations. We recognize anticipated losses on contracts in full in the period in which the losses become known.

USG: Within the USG segment, approximately 75% of revenues (approximately 21% of consolidated revenues) are recognized at a point in time when products are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial customers. The contracts may contain multiple products which are capable of being distinct as the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in context of the contract and is accounted for as a separate performance obligation. The transaction price for these contracts reflects our estimate of variable consideration in the form of returns, rebates 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. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. We generally do not treat them as separate performance obligations as these costs fulfill a promise to

transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. We record taxes collected from customers and remitted to government authorities on a net basis. 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.

Approximately 25% of the segment’s revenues (approximately 7% of consolidated revenues) are recognized over time as services are performed. The services accounted for under this method include an obligation to provide testing services using hardware and embedded software, software maintenance, training, lab testing, and consulting services. The related contracts contain a bundle of goods and services that are integrated in the context of the contract. Therefore, the goods and services are not distinct and we have a single performance obligation. Selecting the method to measure progress towards completion for these contracts requires judgment and is based on the nature of the products and service to be provided. We will recognize revenue as a series of distinct services based on each day of providing services (straight-line over the contract term) for our USG segment contracts. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Under the typical payment terms of our service contracts, the customer pays us in advance of when services are performed. Because of the timing difference of revenue recognition and customer payment, which is typically received upon commencement of the contract, these contracts result in deferred revenue, which we present as contract liabilities, in the Consolidated Balance Sheets.

Included in this category, approximately 8% of the segment’s revenues (approximately 2% of consolidated revenues) are recognized based on the terms of the software contract. For contracts that transfer a software license to the customer, revenue will be recognized at a point in time. These type of software contracts represent a right to use the software, or a functional license, in which revenue should be recognized upon transfer of the license. For contracts in software as a service (SaaS) arrangements, revenue will be recognized over time. The customer receives and consumes the benefits of the SaaS arrangement through access to the system which is for a stated period. We will recognize revenue based on each day of providing access (straight-line over the contract term). The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable. Under the typical payment terms of our software contracts, the customer pays us in advance of when services are performed. Because of the timing difference of revenue recognition and customer payment, these contracts result in deferred revenue, which we present as contract liabilities, in the Consolidated Balance Sheets.

Test: Within the Test segment, approximately 20% of revenues (approximately 6% of consolidated revenues) are recognized at a point in time when products such as, antennas and probes are shipped (when control of the goods transfers) to unaffiliated customers. The related contracts are with commercial customers. The contracts may contain multiple products which are capable of being distinct because the customer could benefit from each product on its own or together with other readily available resources. Each product is separately identifiable from the other products in the contract. Therefore, each product is distinct in the context of the contract and will be accounted for as a separate performance obligation. The transaction price for these contracts reflects our estimate of variable consideration in the form of returns, rebates 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. Amounts billed to customers for shipping and handling are included in the transaction price as the related activities are performed prior to customer obtaining control of the products. They generally are not treated as separate performance obligations as these costs fulfill a promise to transfer the product to the customer and are expensed in selling, general, and other costs in the period they are incurred. Taxes collected from customers and remitted to government authorities are recorded on a net basis. 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.

Approximately 80% of the segment’s revenues (approximately 22% of consolidated revenues) are recorded over time as the product does not have an alternative use and we have an enforceable right to payment for costs incurred plus a reasonable margin. Products accounted for under this guidance include the construction and installation of test chambers to a buyer’s specifications that provide its customers with the ability to measure and contain magnetic, electromagnetic and acoustic energy. The goods and services related to each installed test chamber are not distinct due to the significant amount of integration provided and each installed chamber is accounted for as a single performance obligation. Selecting the method to measure progress towards completion for these contracts requires judgment and is based on the nature of the products and service to be provided. 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. For arrangements that are accounted for under this guidance, we estimate profit as the difference between total revenue and total

estimated cost of a contract and recognize these revenues and costs based primarily on contract milestones. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes assumptions regarding variable consideration as applicable.

We estimate total contract cost utilizing current contract specifications and expected engineering requirements. Contract costs typically are incurred over a period of several months to a year, 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.

Under the typical payment terms of our 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. Because of the timing difference of revenue recognition and customer billing, these contracts result in revenue recognized in excess of billings and billings in excess of costs incurred, which we present as contract assets and contract liabilities, respectively, in the Consolidated Balance Sheets. Amounts billed and due from our customers are classified in Accounts receivable, net.

For contracts where revenue is recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the change from inception-to-date recorded in the current period. We have net revenue recognized in the current year from performance obligations satisfied in the prior year due to changes in our estimated costs to complete the related performance obligations. We recognize anticipated losses on contracts in full in the period in which the losses become probable and estimable.

Contract Assets and Liabilities

Contract assets arise from contracts when revenue is recognized over time and the amount of revenue recognized, including our estimate of variable consideration that has been included in the transaction price, exceeds the amount billed to the customer. These amounts are included in contract assets until the right to payment is no longer conditional on events other than the passage of time. These contract assets are reclassified to receivables when the right to consideration becomes unconditional. Contract liabilities include deposits, deferred revenue, upfront payments and billings in excess of revenue recognized. We include liabilities for customer rebates and discounts in other current liabilities in the Consolidated Balance Sheets.

See the further discussion of our revenue recognition in Note 15 below.

F. Cash and Cash Equivalents

Cash equivalents include temporary investments that are readily convertible into cash, such as money market funds, with original maturities of three months or less.

G. Accounts Receivable

We reduce accounts receivable by an allowance for amounts that we estimate are uncollectible in the future. This estimated allowance is based on Management’s evaluation of the financial condition of the customer and historical write-off experience.

H. Inventories

We value inventories at the lower of cost (first-in, first-out) or market value. We regularly review inventories for excess quantities and obsolescence based upon historical experience, specific identification of discontinued items, future demand, and market conditions. Inventories under long-term contracts reflect accumulated production costs, factory overhead, initial tooling and other related costs less the portion of such costs charged to cost of sales.

I. Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Depreciation and amortization are computed primarily on a straight-line basis over the estimated useful lives of the assets: buildings, 10-40 years; machinery and equipment, 3-10 years; and office furniture and equipment, 3-10 years. Leasehold improvements are amortized over the remaining term of the applicable lease or their estimated useful lives, whichever is shorter. Long-lived tangible assets are reviewed for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. Impairment losses are recognized based on fair value.

J. Leases

Our lease agreements primarily relate to office space, manufacturing facilities, and machinery and equipment. We determine at lease inception whether an arrangement that provides control over the use of an asset is a lease. We recognize 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. We have elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. Certain of our leases include options to extend the term of the lease for up to 20 years. When it is reasonably certain that we 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 our lease agreements do not explicitly state the discount rate implicit in the lease, Management uses our incremental borrowing rate on the commencement date to calculate the present value of future payments based on the tenor of each arrangement.

K. Goodwill and Other Long-Lived Intangible Assets

Goodwill represents the excess of purchase price over the fair value of net identifiable assets acquired in business acquisitions. Management annually reviews goodwill and other long-lived assets with indefinite useful lives for impairment or whenever events or changes in circumstances indicate the carrying amount may be less than fair value. If we determine that the carrying value of the long-lived asset or reporting unit is less than fair value, we record a permanent impairment charge for the amount by which the carrying value of the long-lived asset exceeds its fair value. We measure the fair value of our reporting units based on a discounted cash flow method using a discount rate determined by Management to be commensurate with the risk inherent in each of our reporting units’ current business models. We determine the fair value of trade names using a generally accepted valuation method based on an income approach called the relief from royalty method. During 2021, Management performed a quantitative impairment analysis, which included a detailed calculation of the fair value of our trade names and reporting units related to certain reporting units within these segments. The results of these impairment analyses indicated that the fair values of the trade names and reporting units are not less than their carrying values. Our estimates of discounted cash flows to derive the fair value were measured in accordance with ASC 350, Intangibles – Goodwill and Other. We are using estimates of discounted cash flows that may change, and if they change negatively it could result in the need to write down those assets to fair value.

Other intangible assets represent costs allocated to identifiable intangible assets, principally customer relationships, capitalized software, patents, trademarks, and technology rights. We amortize intangible assets with estimable useful lives over their respective

estimated useful lives to their estimated residual values, and review them for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable.

See Note 4 regarding goodwill and other intangible assets activity.

L. Capitalized Software

Costs incurred for the development of computer software that will be sold, leased, or otherwise marketed are charged to research and development expense when incurred, until technological feasibility has been established for the product. Technological feasibility is typically established upon completion of a detailed program design. Costs incurred after this point are capitalized on a project-by-project basis. Capitalized costs consist of internal and external development costs. Upon general release of the product to customers, we cease capitalization and begin amortization, which is calculated on a project-by-project basis as the greater of (1) the ratio of current gross revenues for a product to the total of current and anticipated future gross revenues for the product or (2) the straight-line method over the estimated economic life of the product. We generally amortize software development costs over a three-to-seven year period based upon the estimated future economic life of the product. Factors we consider in determining the estimated future economic life of the product include anticipated future revenues, and changes in software and hardware technologies. Management annually reviews the carrying values of capitalized costs for impairment or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. If expected cash flows are insufficient to recover the carrying amount of the asset, then we recognize an impairment loss to state the asset at its net realizable value.

M. Income Taxes

We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We may reduce deferred tax assets by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. We recognize the effect on deferred tax assets and liabilities of a change in tax rates in income in the period that includes the enactment date. We regularly review our deferred tax assets for recoverability and establish a valuation allowance when Management believes it is more likely than not such assets will not be recovered, taking into consideration historical operating results, expectations of future earnings, tax planning strategies, and the expected timing of the reversals of existing temporary differences. Our policy is to include interest related to unrecognized tax benefits in income tax expense and penalties in operating expense.

N. Research and Development Costs

Company-sponsored research and development costs include research and development and bid and proposal efforts related to our products and services. We charge Company-sponsored product development costs to expense when incurred. Customer-sponsored research and development costs refer to certain situations whereby customers provide funding to support specific contractually defined research and development costs. We account for customer-sponsored research and development costs incurred pursuant to contracts similarly to other program costs. Total Company and customer-sponsored research and development expenses were approximately $15.4 million, $13.3 million and $12.1 million for 2021, 2020 and 2019, respectively.

O. Foreign Currency Translation

We translate the financial statements of our foreign operations into U.S. dollars in accordance with FASB ASC Topic 830, Foreign Currency Matters. We record the resulting translation adjustments as a separate component of accumulated other comprehensive income.

P. Earnings Per Share

We calculate basic earnings per share using the weighted average number of common shares outstanding during the period. We calculate diluted earnings per share using the weighted average number of common shares outstanding during the period plus shares

issuable upon the assumed exercise of dilutive vesting of unvested restricted units (restricted shares) using the treasury stock method. There are no anti-dilutive shares.

The number of shares used in the calculation of earnings per share for each year presented is as follows:


(in thousands)	2021	2020	2019
Weighted Average Shares Outstanding — Basic	26,046	26,010	25,946
Dilutive Restricted Shares	179	125	151
Shares — Diluted	26,225	26,135	26,097

Q. Share-Based Compensation

We provide compensation benefits to certain key employees under several share-based plans providing for performance-accelerated, performance-based and/or time-vested restricted stock unit awards, and to non-employee directors under a separate compensation plan for non-employee directors. We measure share-based payment expense at the grant date based on the fair value of the award and recognize it on a straight-line basis over the requisite service period (generally the vesting period of the award).

R. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss of $(2.2) million at September 30, 2021 consisted of currency translation adjustments. Accumulated other comprehensive loss of $(3.7) million at September 30, 2020 consisted of currency translation adjustments.

S. Derivative Financial Instruments

We report all derivative financial instruments on the balance sheet at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as a hedge and on the type of hedge. For each derivative instrument designated as a cash flow hedge, we defer the effective portion of the gain or loss on the derivative in accumulated other comprehensive income until recognized in earnings with the underlying hedged item. Regardless of type, a fully effective hedge will result in no net earnings impact while the derivative is outstanding. To the extent that any hedge is ineffective at offsetting cash flow or fair value changes in the underlying hedged item, there could be a net earnings impact.

T. Fair Value Measurements

Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties or the amount that would be paid to transfer a liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Where available, we base fair value on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, we apply valuation models. These valuation techniques involve some level of Management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity.

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

We have estimated the fair value of our financial instruments as of September 30, 2021 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, payables and other current assets and liabilities approximate fair value because of the short maturity of those instruments. The carrying amounts due under the revolving credit facility approximate fair value as the interest on outstanding borrowings is calculated at a spread over the London Interbank Offered Rate (LIBOR) or based on the prime rate, at our election.

Nonfinancial Assets and Liabilities

Our nonfinancial assets such as property, plant and equipment, inventories, 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 2021.

Acquisitions

12 Months Ended

Sep. 30, 2021

Acquisitions

Acquisitions

2. Acquisitions

2021

On August 9, 2021 we acquired the assets of Phenix Technologies, Inc. (Phenix), for a purchase price of approximately $47.2 million in cash. Phenix, based in Accident, Maryland, is a leading designer and manufacturer of high voltage, high current, high power test systems and components and solutions supporting the electric utility industry, high voltage test laboratories, and field service organizations worldwide. Since the date of acquisition, the operating results for the Phenix business have been included as part of the USG segment. The acquisition date fair value of the assets acquired and liabilities assumed were as follows: approximately $2.6 million of accounts receivable, $5.8 million of inventory, $8.0 million of property, plant and equipment, $6.2 million of accounts payable and accrued expenses, $3.7 million for tradenames, $9.6 million of customer relationships and $0.5 million of miscellaneous items. The tradename was determined to have an indefinite useful life and the customer relationships were determined to have a useful life of 13 years. The acquired goodwill of $23.2 million relates to excess value associated with opportunities to expand the services and products that the Company can offer to its customers. The Company estimates approximately $20 million of the goodwill will be deductible for tax purposes. The allocation of the purchase price to acquired assets and assumed liabilities is preliminary as we are in the process of obtaining additional information necessary to identify and determine the fair value of all acquired assets and assumed liabilities and calculate a final residual.

On July 29, 2021 we acquired I.S.A. – Altanova Group S.r.l., (Altanova), headquartered in Taino, Italy, for a purchase price of approximately $115 million, net of cash acquired. Altanova is a supplier of diagnostic products, monitoring systems and services related to power generation, transmission and distribution networks, renewable energy and storage, and process industries to customers in more than 100 countries. Since the date of acquisition, the operating results for the Altanova business have been included as part of the USG segment. The acquisition date fair value of the assets acquired and liabilities assumed were as follows: $9.7 million of accounts receivable, $5.6 million of inventory, $1.2 million of property, plant and equipment, $8.0 million of other assets, $12.8 million of accounts payable and accrued expenses, $6.9 million of other liabilities, $16.4 million of deferred tax liabilities, $50.5 million of customer relationships and $4.3 million of tradenames. The tradename was determined to have a useful life of ten years and the customer relationships were determined to have a useful life of twenty years. The acquired goodwill of $71.9 million relates to the excess value associated with opportunities to expand the services and products that the Company can offer to its customers, access to new markets, and synergies anticipated by combining Altanova with existing USG businesses. The Company does not expect the goodwill will be deductible for tax purposes. The allocation of the purchase price to acquired assets and assumed liabilities is preliminary as we are in the process of obtaining additional information necessary to identify and determine the fair value of all acquired assets and assumed liabilities and calculate a final residual.

Technical Packaging Divestiture

12 Months Ended

Sep. 30, 2021

Technical Packaging Divestiture

Technical Packaging Divestiture

3. Technical Packaging Divestiture

In December 2019, we completed the sale of our Technical Packaging business segment, consisting of our wholly-owned subsidiaries Thermoform Engineered Quality LLC, Plastique Ltd. and Plastique sp. z o.o. (the “Technical Packaging Business”), to Sonoco

Plastics, Inc. and Sonoco Holdings, Inc. (“Buyers”), two wholly-owned subsidiaries of Sonoco Products Company (NYSE:SON). The companies within this segment provide innovative solutions to the medical and commercial markets for thermoformed packages and specialty products using a wide variety of thin gauge plastics and pulp. Results of operations, financial position and cash flows for the Technical Packaging business are reflected as discontinued operations in the Consolidated Financial Statements and related notes for all periods presented.

Net sales from the Technical Packaging business were $16.5 million and $86.9 million in 2020 and 2019, respectively. Pretax (loss) earnings from the Technical Packaging business was $(0.3) million and $4.3 million in 2020 and 2019, respectively. We received net proceeds from the sale of approximately $184 million and recorded $76.5 million after-tax net earnings on the sale in 2020. We finalized a contractual working capital adjustment and paid $0.2 million to the buyer during the third quarter of 2020.

Goodwill and Other Intangible Assets

12 Months Ended

Sep. 30, 2021

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

4. Goodwill and Other Intangible Assets

Included on the Consolidated Balance Sheets at September 30, 2021 and 2020 are the following intangible assets gross carrying amounts and accumulated amortization:


(Dollars in thousands)	2021		2020
Goodwill	$	504,853	408,063

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,131	2,092
Less: accumulated amortization		972	858
Net	$	1,159	1,234

Capitalized software
Gross carrying amount	$	93,671	84,888
Less: accumulated amortization		63,740	57,302
Net	$	29,931	27,586

Customer Relationships
Gross carrying amount	$	288,530	227,178
Less: accumulated amortization		80,882	67,643
Net	$	207,648	159,535

Other
Gross carrying amount	$	8,680	5,156
Less: accumulated amortization		4,298	3,260
Net	$	4,382	1,896
Intangible assets with indefinite lives:
Trade names	$	166,130	156,381

We performed our annual evaluation of goodwill and intangible assets for impairment during the fourth quarter of 2021 and concluded that no impairment existed at September 30, 2021. There were no accumulated impairment losses as of September 30, 2021.

The changes in the carrying amount of goodwill attributable to each business segment for 2021 and 2020 are as follows:


(Dollars in millions)	A&D		Test		USG	Total
Balance as of September 30, 2019	$	102.2		34.1	254.0	390.3
Out-of-period adjustment		—		—	18.0	18.0
Foreign currency translation and other		(0.1)		—	(0.1)	(0.2)
Balance as of September 30, 2020	$	102.1		34.1	271.9	408.1
Acquisition activity		2.2		—	95.2	97.4
Foreign currency translation and other		—		—	(0.6)	(0.6)
Balance as of September 30, 2021	$	104.3		34.1	366.5	504.9

Amortization expense related to intangible assets with determinable lives was $20.8 million, $21.8 million and $18.5 million in 2021, 2020 and 2019, respectively. Patents are amortized over the life of the patents, generally ten to twenty years. Capitalized software is amortized over the estimated useful life of the software, generally three to seven years. Customer relationships are generally amortized over thirteen to twenty years.

As of September 30, 2020, we reclassified $18.0 million from Morgan Schaffer’s tradename to goodwill to correct a misclassification that originated in the original accounting for the acquisition in fiscal 2017. Management has determined that the effect of this misclassification was not material to the current or any prior periods and it had no impact on our total assets, results of operations or cash flows for any period.

Accounts Receivable

12 Months Ended

Sep. 30, 2021

Accounts Receivable

Accounts Receivable

5. Accounts Receivable

Accounts receivable, net of the allowance for doubtful accounts, from continuing operations consisted of the following at September 30, 2021 and 2020:


(Dollars in thousands)	2021		2020
Commercial	$	128,952	121,924
U.S. Government and prime contractors		17,389	22,158
Total	$	146,341	144,082

Inventories, Net

12 Months Ended

Sep. 30, 2021

Inventories, Net

Inventories, Net

6. Inventories, Net

Inventories, net, from continuing operations consisted of the following at September 30, 2021 and 2020:


(Dollars in thousands)	2021		2020
Finished goods	$	32,998	28,435
Work in process		34,201	29,864
Raw materials		79,949	76,997
Total	$	147,148	135,296

Income Tax Expense

12 Months Ended

Sep. 30, 2021

Income Tax Expense

Income Tax Expense

7. Income Tax Expense

We allocated total income tax expense (benefit) for the years ended September 30, 2021, 2020 and 2019 to income tax expense as follows:


(Dollars in thousands)	2021		2020	2019
Income tax expense from continuing operations	$	17,175	13,510	20,388
Income tax expense from discontinued operations		—	23,501	789
Total income tax expense (benefit)	$	17,175	37,011	21,177

The components of income from continuing operations before income taxes for 2021, 2020 and 2019 consisted of the following:


(Dollars in thousands)	2021		2020	2019
United States	$	70,214	23,951	87,150
Foreign		10,457	12,455	10,727
Total income before income taxes	$	80,671	36,406	97,877

The principal components of income tax expense (benefit) from continuing operations for 2021, 2020 and 2019 consist of:


(Dollars in thousands)	2021		2020	2019
Federal:
Current	$	14,807	10,495	13,888
Deferred		(1,598)	1,311	250
State and local:
Current		2,257	1,984	3,039
Deferred		(786)	(932)	98
Foreign:
Current		2,922	2,875	2,439
Deferred		(427)	(2,223)	674
Total	$	17,175	13,510	20,388

The actual income tax expense (benefit) from continuing operations for 2021, 2020 and 2019 differs from the expected tax expense for those years (computed by applying the U.S. Federal corporate statutory rate) as follows:


	2021		2020		2019
Federal corporate statutory rate	21.0	%	21.0	%	21.0	%
State and local, net of Federal benefits	1.9		2.3		3.2
Foreign	(0.4)		1.3		0.6
Research credit	(0.9)		(3.7)		(0.8)
Change in uncertain tax positions	—		—		(0.1)
Executive compensation	0.9		1.6		0.3
Valuation allowance	—		(6.8)		(2.4)
GILTI and FDII	(1.3)		(2.1)		(0.6)
Tax reform – impact on U.S. deferred tax assets and liabilities	—		—		(0.3)
Tax reform – transition tax	—		—		(0.1)
Pension plan termination charge	—		23.4		—
Other, net	0.1		0.1		—
Effective income tax rate	21.3	%	37.1	%	20.8	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at September 30, 2021 and 2020 are presented below:


(Dollars in thousands)	2021		2020
Deferred tax assets:
Inventories	$	4,267	5,007
Pension and other postretirement benefits		859	842
Timing differences related to revenue recognition		9,365	4,936
Lease liabilities		7,614	5,220
Net operating and capital loss carryforwards — domestic		542	563
Net operating loss carryforward — foreign		4,279	3,678
Other compensation-related costs and other cost accruals		8,174	8,953
State credit carryforward		2,639	2,366
Foreign credit carryforward		192	—
Total deferred tax assets		37,931	31,565

Deferred tax liabilities:
ROU assets		(7,614)	(5,220)
Goodwill		(13,746)	(7,878)
Acquisition intangible assets		(62,052)	(52,682)
Depreciation, software amortization		(22,418)	(21,283)
Net deferred tax liabilities before valuation allowance		(67,899)	(55,498)
Less valuation allowance		(2,011)	(1,932)
Net deferred tax liabilities	$	(69,910)	(57,430)

We had a foreign net operating loss (NOL) carryforward of $15.5 million at September 30, 2021, which reflects tax loss carryforwards in Germany, South Africa, Canada, Japan and the United Kingdom. Approximately $13.3 million of the tax loss carryforwards have no expiration date while the remaining $2.1 million will expire between 2031 and 2041. We had net foreign credit carryforwards of $0.2 million, of which all expire in 2041.We had deferred tax assets related to state NOL carryforwards of $0.5 million at September 30, 2021 which expire between 2025 and 2041. We also had net state research and other credit carryforwards of $2.6 million of which $1.9 million expires between 2022 and 2041. The remaining $0.8 million does not have an expiration date.

The valuation allowance for deferred tax assets as of September 30, 2021 and 2020 was $2.0 million and $1.9 million, respectively. The net change in the total valuation allowance for each of the years ended September 30, 2021 and 2020 was an increase of $0.1 million and a decrease of $2.6 million, respectively.We established a valuation allowance against state credit carryforwards of $0.6 million at September 30 of both 2021 and 2020. In addition, we established a valuation allowance against state NOL carryforwards that are not expected to be realized in future periods of $0.5 million at September 30 of both 2021 and 2020, respectively. Lastly, we established a valuation allowance against certain NOL carryforwards in foreign jurisdictions which may not be realized in future periods of $0.9 million and $0.8 million at September 30, 2021 and 2020, respectively.

- Definition

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

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+ Details

Debt

12 Months Ended

Sep. 30, 2021

Debt

Debt

8. Debt

Debt consists of the following at September 30, 2021 and 2020:


(Dollars in thousands)	2021		2020
Total borrowings	$	154,000	62,368
Current portion of long-term debt and short-term borrowings		(20,000)	(22,368)
Total long-term debt, less current portion	$	134,000	40,000

The Credit Facility includes a $500 million revolving line of credit as well as provisions allowing for an 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 eight banks led by JP Morgan Chase Bank, N.A., as Administrative Agent. The Credit Facility matures September 27, 2024.

Interest on borrowings under the Credit Facility is calculated at a spread over either the New York Federal Reserve Bank Rate, the prime rate, or the London Interbank Offered Rate (LIBOR), depending on various factors. The Credit Facility also requires a facility fee ranging from 10 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 Credit Facility is secured by the unlimited guaranty of our direct and indirect material U.S. subsidiaries and the pledge of 100% of the equity interests of our direct and indirect material foreign subsidiaries. The financial covenants of the Credit Facility include a leverage ratio and an interest coverage ratio. As of September 30, 2021, we were in compliance with all covenants.

At September 30, 2021, we had approximately $337 million available to borrow under the Credit Facility, plus the $250 million increase option subject to the lenders’ consent, in addition to $56.2 million cash on hand. We classified $20 million as the current portion of long-term debt as of September 30, 2021, as we intend to repay this amount within the next twelve months; however, we have no contractual obligation to repay such amount during the next twelve months.

During 2021 and 2020, our maximum aggregate short-term borrowings at any month-end were $174 million and $281 million, respectively, and the average aggregate short-term borrowings outstanding based on month-end balances were $71.3 million and $175.6 million, respectively. The weighted average interest rates were 1.20%, 3.20% and 3.21% for 2021, 2020 and 2019, respectively. As of September 30, 2021, the interest rate on our debt was 1.06%. The letters of credit issued and outstanding under the Credit Facility totaled $8.5 million and $9.9 million at September 30, 2021 and 2020, respectively.

- 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.

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+ Details

Capital Stock

12 Months Ended

Sep. 30, 2021

Capital Stock

Capital Stock

9. Capital Stock

The 30,666,173 and 30,645,625 common shares as presented in the accompanying Consolidated Balance Sheets at September 30, 2021 and 2020 represent the actual number of shares issued at the respective dates. We held 4,604,741and 4,607,911 common shares in treasury at September 30, 2021 and 2020, respectively.

In August 2012, our Board of Directors approved a common stock repurchase program authorizing us to repurchase shares of our stock from time to time in Management’s discretion, in the open market or otherwise, up to a maximum total repurchase amount of $100 million (or the maximum amount permitted under our bank credit agreements, if less). After being repeatedly extended by the Company’s Board of Directors, this program expired September 30, 2021.

In August 2021, our Board of Directors approved a new common stock repurchase program authorizing us to repurchase shares of our stock from time to time in Management’s discretion, in the open market or otherwise, up to a maximum total repurchase amount of $200 million (or the maximum amount permitted under our bank credit agreements, if less). This program is scheduled to expire September 30, 2024. We did not repurchase any shares in 2021, 2020, or 2019.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Share-Based Compensation

12 Months Ended

Sep. 30, 2021

Share-Based Compensation

Share-Based Compensation

10. Share-Based Compensation

We provide 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 for non-employee directors. As of September 30, 2021, our equity compensation plans had a total of 712,092 shares authorized and available for future issuance.

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

A PARS award represents the right to receive a specified number of shares of Company common stock if and when the award vests. A PARS award is not stock and does not give the recipient any rights as a shareholder until it vests and is paid out in shares of stock. PARS awards currently outstanding have a five-year vesting period, with accelerated vesting if certain targets based on market conditions are achieved. In these cases, if it is probable that the performance condition will be met, the Company recognizes compensation cost on a straight-line basis over the shorter performance period; otherwise, it will recognize compensation cost over the longer service period. Compensation cost for the outstanding PARS awards is being recognized over the shorter performance period, as it is probable the performance condition will be met. The PARS award grants were valued at the stock price on the date of grant.

The terms of the RSU awards are similar to those of the PARS awards, but without any provision for acceleration of the vesting date. Each RSU represents the right to receive one share of Company common stock if the recipient remains continuously employed by the

Company until the award vests, in this case 3 ½ years after the effective award date. The RSU award grants were valued at the stock price on the date of grant.

Pretax compensation expense related to the PARS/RSU awards for continuing operations was $5.6 million, $4.3 million and $4.0 million for 2021, 2020 and 2019, respectively.

The following summary presents information regarding outstanding PARS/RSU awards as of the specified dates, and changes during the specified periods:


	FY 2021			FY 2020			FY 2019
		Estimated			Estimated			Estimated
		Weighted			Weighted			Weighted
	Shares	Avg. Price		Shares	Avg. Price		Shares	Avg. Price
Nonvested at October 1,	220,300	$	66.55	281,004	$	59.72	315,544	$	47.23
Granted	51,476		108.05	45,723		74.80	84,862		74.77
Vested	(35,753)		64.40	(89,822)		50.51	(113,402)		37.00
Cancelled	(9,318)		70.50	(16,605)		60.48	(6,000)		45.20
Nonvested at September 30,	226,705	$	76.15	220,300	$	66.55	281,004	$	59.72

Compensation Plan for Non-Employee Directors

In addition to an annual cash retainer, we provide each non-employee director with an annual equity award having a grant date market value of $180,000, based on the NYSE closing price of the Company’s stock on the date of grant. For calendar years prior to 2021, the award consisted of actual shares of Company stock, but beginning in January 2021, the award has been in the form of Restricted Stock Units, each of which represents the right to receive one share of Company stock at the end of a one-year vesting period. At the end of the vesting period, each award will be converted into the right to receive the same number of actual shares of common stock, plus additional shares representing the value of the quarterly dividends which would have accrued on the underlying shares during the vesting period. Compensation expense related to the non-employee director grants was $1.3 million, $1.3 million and $1.1 million for 2021, 2020 and 2019, respectively.

Total Share-Based Compensation

The total share-based compensation cost that has been recognized in results of operations and included within SG&A from continuing operations was $6.9 million, $5.6 million and $5.1 million for 2021, 2020 and 2019, respectively. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $1.4 million, $1.2 million and $1.1 million for 2021, 2020 and 2019, respectively. As of September 30, 2021, there was $7.9 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.6 years.

Retirement and Other Benefit Plans

12 Months Ended

Sep. 30, 2021

Retirement and Other Benefit Plans

Retirement and Other Benefit Plans

11. Retirement and Other Benefit Plans

Formerly, substantially all our domestic employees were covered by a defined benefit pension plan (the Plan) maintained by the Company. The Plan was frozen in 2003 and no additional benefits have been accrued since that date. On November 14, 2019, our Board of Directors approved a resolution to terminate the Plan effective as of February 29, 2020. In connection with the termination, we contributed $25.7 million of cash to the Plan during 2020, settled approximately $32.4 million of Plan liabilities during 2020 through lump-sum payments from existing plan assets to eligible participants who elected to receive them, and recorded approximately $40.6 million of charges associated with these settlements. During 2020, we settled approximately $69.1 million of Plan liabilities by entering into an agreement to purchase annuities from a third party insurance company . This agreement covered active and former employees and their beneficiaries, with the insurance company assuming the future annuity payments for these individuals.

Substantially all our domestic employees are covered by a defined contribution plan maintained by the Company. In addition, we offer unfunded post-retirement pre-Medicare health insurance benefits to a small number of eligible retirees and employees. We formerly provided unfunded post-retirement life insurance to qualifying retired employees who retired before 2005, but ceased providing this coverage on July 31, 2020. There was no financial impact of this plan in 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Business Segment Information

12 Months Ended

Sep. 30, 2021

Business Segment Information

Business Segment Information

12. Business Segment Information

We are organized based on the products and services we offer, and we classify our continuing business operations in three reportable segments for financial reporting purposes: Aerospace & Defense (A&D), Utility Solutions Group (USG) and RF Shielding and Test (Test). In addition, for reporting certain financial information we treat Corporate activities as a separate segment. The former Technical Packaging segment was divested in December 2019 and is reflected as discontinued operations for 2020.

The A&D segment’s operations consist of PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair), Mayday Manufacturing Co. (Mayday), Hi-Tech Metals, Inc. (Hi-Tech), Westland Technologies, Inc. (Westland), and Globe Composite Solutions, LLC (Globe).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; and metal processing services.

The USG segment’s operations consist of Doble Engineering Company and related subsidiaries including Morgan Schaffer and Altanova (collectively, Doble), and NRG Systems, Inc. (NRG). Doble is an industry leader in the development, manufacture and delivery of diagnostic testing and data management solutions that enable electric power grid operators to assess the integrity of high-voltage power delivery equipment. It combines three core elements for customers – diagnostic test and condition monitoring instruments, expert consulting, and testing services – and provides access to its large reserve of related empirical knowledge. NRG is a global market leader in the design and manufacture of decision support tools for the renewable energy industry, primarily wind and solar. The recent acquisition of Altanova not only complements our existing products and services but its strong market share in Europe and Asia provides a significant international platform for our USG segment.

The Test segment’s operations consist of ETS-Lindgren Inc. and related subsidiaries (ETS-Lindgren). ETS-Lindgren is an industry leader in designing and manufacturing products which provide its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. It supplies its customers with a broad range of isolated environments and turnkey systems, including RF test facilities, acoustic test enclosures, RF and magnetically shielded rooms, secure communication facilities, RF measurement systems and broadcast and recording studios. Many of these facilities include proprietary features such as shielded doors and windows. ETS-Lindgren also provides the design, program management, installation and integration services required to successfully complete these types of facilities. ETS-Lindgren also supplies customers with a broad range of components including RF absorptive materials, RF filters, active compensation systems, antennas, antenna masts, turntables and electric and magnetic probes, RF test cells, proprietary measurement software and other test accessories required to perform a variety of tests. ETS-Lindgren offers a variety of services including calibration for antennas and field probes, chamber certification, field surveys, customer training and a variety of product tests. ETS-Lindgren serves the acoustics, medical, health and safety, electronics, wireless communications, automotive and defense markets.

Accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 to the Consolidated Financial Statements. The operating units within each reporting segment have been aggregated because of similar economic characteristics and meet the other aggregation criteria of FASB ASC 280.

We evaluate the performance of our operating units based on EBIT, which is defined as earnings before interest and taxes. EBIT on a consolidated basis is a non-GAAP financial measure. Intersegment sales and transfers are not significant. Segment assets consist primarily of customer receivables, inventories, capitalized software and fixed assets directly associated with the production processes of the segment. Segment depreciation and amortization is based upon the direct assets listed above. The tables below are presented on the basis of continuing operations and exclude discontinued operations.

Net Sales


(Dollars in millions)
Year ended September 30,	2021		2020	2019
A&D	$	314.8	351.9	325.7
USG		202.9	191.7	211.9
Test		197.7	186.9	188.4
Consolidated totals	$	715.4	730.5	726.0

No customer exceeded 10% of sales in 2021 or 2019 and one customer exceeded 10% of sales in 2020.

EBIT


(Dollars in millions)
Year ended September 30,	2021		2020	2019
A&D	$	56.5	69.9	70.1
USG		40.9	24.4	52.2
Test		27.6	27.2	25.6
Reconciliation to consolidated totals (Corporate)		(42.1)	(78.4)	(41.9)
Consolidated EBIT		82.9	43.1	106.0
Less: interest expense		(2.2)	(6.7)	(8.1)
Earnings before income tax	$	80.7	36.4	97.9

Identifiable Assets


(Dollars in millions)
Year ended September 30,	2021		2020
A&D	$	270.0	276.2
USG		197.5	144.8
Test		153.6	153.0
Corporate		956.2	796.2
Consolidated totals	$	1,577.3	1,370.2

Corporate consists primarily of deferred taxes, acquired intangible assets including goodwill and cash balances.

Capital Expenditures


(Dollars in millions)
Year ended September 30,	2021		2020	2019
A&D	$	10.4	15.9	11.7
USG		11.6	12.4	8.5
Test		4.7	3.6	4.0
Corporate		—	0.2	—
Consolidated totals	$	26.7	32.1	24.2

In addition to the above amounts, we incurred expenditures for capitalized software of $8.8 million, $9.0 million and $8.4 million in 2021, 2020 and 2019, respectively.

Depreciation and Amortization


(Dollars in millions)
Year ended September 30,	2021		2020	2019
A&D	$	10.4	9.4	8.3
USG		13.5	14.4	11.3
Test		5.2	5.0	5.1
Corporate		12.9	12.5	11.3
Consolidated totals	$	42.0	41.3	36.0

Depreciation expense of property, plant and equipment was $21.2 million, $19.5 million and $16.5 million for 2021, 2020 and 2019, respectively.

Geographic Information

Net Sales


(Dollars in millions)
Year ended September 30,	2021		2020	2019
United States	$	517.0	529.4	537.2
Asia		92.3	96.3	86.2
Europe		53.5	51.3	45.0
Canada		27.0	31.7	33.0
India		12.4	10.3	11.7
Other		13.2	11.5	12.9
Consolidated totals	$	715.4	730.5	726.0

Long-Lived Assets


(Dollars in millions)
Year ended September 30,	2021		2020
United States	$	141.0	131.5
Mexico		3.8	3.1
Other		9.5	5.3
Consolidated totals	$	154.3	139.9

We attribute net sales to countries based on the location of the customer. We attribute long-lived assets to countries based on the location of the asset.

- Definition

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

+ References

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

Commitments and Contingencies

12 Months Ended

Sep. 30, 2021

Commitments and Contingencies

Commitments and Contingencies

13. Commitments and Contingencies

At September 30, 2021, we had $8.5 million in letters of credit outstanding as guarantees of contract performance. The Company also had a commitment to purchase the NRG building for approximately $10 million, which closed in the first quarter of fiscal 2022. As a normal incident of the businesses in which we are engaged, various claims, charges and litigation are asserted or commenced from time to time against us. Additionally, we are currently involved in various stages of investigation and remediation relating to environmental matters. It is the opinion of Management that the aggregate costs involved in the resolution of these matters, and final judgments, if any, which might be rendered against us are adequately accrued, are covered by insurance or are not likely to have a material adverse effect on our financial results as the estimated exposure to loss is not material.

Leases

12 Months Ended

Sep. 30, 2021

Leases

Leases

14. Leases

Effective October 1, 2019 we adopted ASC 842, Leases. We determine at lease inception whether an arrangement that provides control over the use of an asset is a lease. We recognize 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. We have elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. Certain of our leases include options to extend the term of the lease for up to 20 years.

When it is reasonably certain that we 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 our lease agreements do not explicitly state the discount rate implicit in the lease, Management uses our incremental borrowing rate on the commencement date to calculate the present value of future payments based on the tenor of each arrangement.

Our leases for real estate commonly include escalating payments. We include these variable lease payments in the calculation of our 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.

Our leases are for office space, manufacturing facilities, and machinery and equipment.

The components of lease costs are shown below:


	Year Ended		Year Ended
	September 30,		September 30,
(Dollars in thousands)	2021		2020
Finance lease cost:
Amortization	$	2,413	$	2,056
Interest on lease liabilities		1,235		971
Operating lease cost		5,879		5,284
Total lease cost	$	9,527	$	8,311

Additional information related to leases is shown below:


	Year Ended			Year Ended
	September 30,			September 30,
(Dollars in thousands)	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,504		$	5,223
Operating cash flows from finance leases		1,228			971
Financing cash flows from finance leases		1,757			1,547

Right-of-use assets obtained in exchange for operating lease liabilities	$	15,609		$	26,244

Weighted-average remaining lease term:
Operating leases		10.3	yrs.		6.0	yrs.
Finance leases		11.7	yrs.		12.5	yrs.
Weighted-average discount rate:
Operating leases		3.1	%		3.1	%
Finance leases		4.2	%		4.3	%

The table below is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on our Consolidated Balance Sheet on September 30, 2021:


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2022	$	5,448	3,153
2023		4,679	3,235
2024		4,032	3,319
2025		3,654	3,399
2026 and thereafter		20,453	25,516
Total minimum lease payments		38,266	38,622
Less: amounts representing interest		5,691	9,092
Present value of net minimum lease payments	$	32,575	29,530
Less: current portion of lease obligations		4,543	2,180
Non-current portion of lease obligations		28,032	27,350
ROU assets	$	31,846	24,964


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2021	$	5,614		2,930
2022		4,985		3,011
2023		3,984		3,094
2024		2,438		3,177
2025 and thereafter		6,984		28,323
Total minimum lease payments		24,005		40,535
Less: amounts representing interest		2,211		10,270
Present value of net minimum lease payments	$	21,794		30,265
Less: current portion of lease obligations		5,009		1,937
Non-current portion of lease obligations		16,785		28,328

ROU assets	$	21,390		26,164

We include operating and finance lease liabilities in the Consolidated Balance Sheet in accrued other expenses (current portion) and other liabilities (long-term portion). We include operating lease ROU assets as a caption on the Consolidated Balance Sheet and include finance lease ROU assets in Property, plant and equipment on the Consolidated Balance Sheet.

Revenues

12 Months Ended

Sep. 30, 2021

Revenues

Revenues

15. Revenues

(a)	Disaggregation of Revenues

The tables below present our revenues by customer type, geographic location, and revenue recognition method for the years ended September 30, 2021 and 2020, as we believe this presentation best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The tables also include a reconciliation of the disaggregated revenue within our reportable segments.


Year Ended September 30, 2021
(In thousands)	A&D		USG		Test		Total
Customer type:
Commercial	$	130,217		199,111		177,601		506,929
Government		184,607		3,797		20,107		208,511
Total revenues	$	314,824		202,908		197,708		715,440

Geographic location:
United States	$	275,976		140,545		100,438		516,959
International		38,848		62,363		97,270		198,481
Total revenues	$	314,824		202,908		197,708		715,440

Revenue recognition method:
Point in time	$	136,449		153,163		40,609		330,221
Over time		178,375		49,745		157,099		385,219
Total revenues	$	314,824		202,908		197,708		715,440


Year Ended September 30, 2020
(In thousands)	A&D		USG		Test		Total
Customer type:
Commercial	$	169,484		184,906		158,420		512,810
Government		182,392		6,797		28,472		217,661
Total revenues	$	351,876		191,703		186,892		730,471

Geographic location:
United States	$	302,711		134,601		92,105		529,417
International		49,165		57,102		94,787		201,054
Total revenues	$	351,876		191,703		186,892		730,471

Revenue recognition method:
Point in time	$	160,402		144,192		33,482		338,076
Over time		191,474		47,511		153,410		392,395
Total revenues	$	351,876		191,703		186,892		730,471

(b)	Remaining Performance Obligations

Our remaining performance obligations, which is the equivalent of our backlog, represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform 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 September 30, 2021, we had $592 million in remaining performance obligations of which we expect to recognize revenues of 75% in the next twelve months.

(c)	Contract assets and contract liabilities

We report assets and liabilities related to our contracts with customers on a contract-by-contract basis at the end of each reporting period. At September 30, 2021, our contract assets and contract liabilities totaled $93.8 million and $108.8 million, respectively. During 2021, we recognized approximately $82 million in revenues that were included in the contract liabilities balance at September 30, 2020.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Principles Of Consolidation

A. Principles of Consolidation

Basis Of Presentation

B. Basis of Presentation

Nature Of Operations

C. Nature of Operations

Test: The companies within this segment provide their customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy.

In addition, for reporting certain financial information we treat Corporate activities as a separate segment.

Use Of Estimates

D. Use of Estimates

Revenue Recognition

E. Revenue Recognition

Revenue Recognition

Contract Assets and Liabilities

See the further discussion of our revenue recognition in Note 15 below.

Cash And Cash Equivalents

F. Cash and Cash Equivalents

Cash equivalents include temporary investments that are readily convertible into cash, such as money market funds, with original maturities of three months or less.

Accounts Receivable

G. Accounts Receivable

Inventories

H. Inventories

Property, Plant And Equipment

I. Property, Plant and Equipment

Leases

J. Leases

Goodwill And Other Long-Lived Assets

K. Goodwill and Other Long-Lived Intangible Assets

See Note 4 regarding goodwill and other intangible assets activity.

Capitalized Software

L. Capitalized Software

Income Taxes

M. Income Taxes

Research And Development Costs

N. Research and Development Costs

Foreign Currency Translation

O. Foreign Currency Translation

Earnings Per Share

P. Earnings Per Share

issuable upon the assumed exercise of dilutive vesting of unvested restricted units (restricted shares) using the treasury stock method. There are no anti-dilutive shares.

The number of shares used in the calculation of earnings per share for each year presented is as follows:


(in thousands)	2021	2020	2019
Weighted Average Shares Outstanding — Basic	26,046	26,010	25,946
Dilutive Restricted Shares	179	125	151
Shares — Diluted	26,225	26,135	26,097

Share-Based Compensation

Q. Share-Based Compensation

Accumulated Other Comprehensive Loss

R. Accumulated Other Comprehensive Loss

Derivative Financial Instruments

S. Derivative Financial Instruments

Fair Value of Financial Measurements

T. Fair Value Measurements

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

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

Financial Assets and Liabilities

Nonfinancial Assets and Liabilities

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies

Number Of Shares Used In Calculation Of Earnings Per Share


(in thousands)	2021	2020	2019
Weighted Average Shares Outstanding — Basic	26,046	26,010	25,946
Dilutive Restricted Shares	179	125	151
Shares — Diluted	26,225	26,135	26,097

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2021

Goodwill and Other Intangible Assets

Schedule of goodwill and intangible assets

Included on the Consolidated Balance Sheets at September 30, 2021 and 2020 are the following intangible assets gross carrying amounts and accumulated amortization:


(Dollars in thousands)	2021		2020
Goodwill	$	504,853	408,063

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,131	2,092
Less: accumulated amortization		972	858
Net	$	1,159	1,234

Capitalized software
Gross carrying amount	$	93,671	84,888
Less: accumulated amortization		63,740	57,302
Net	$	29,931	27,586

Customer Relationships
Gross carrying amount	$	288,530	227,178
Less: accumulated amortization		80,882	67,643
Net	$	207,648	159,535

Other
Gross carrying amount	$	8,680	5,156
Less: accumulated amortization		4,298	3,260
Net	$	4,382	1,896
Intangible assets with indefinite lives:
Trade names	$	166,130	156,381

Schedule of carrying amount of goodwill attributable to each business segment


(Dollars in millions)	A&D		Test		USG	Total
Balance as of September 30, 2019	$	102.2		34.1	254.0	390.3
Out-of-period adjustment		—		—	18.0	18.0
Foreign currency translation and other		(0.1)		—	(0.1)	(0.2)
Balance as of September 30, 2020	$	102.1		34.1	271.9	408.1
Acquisition activity		2.2		—	95.2	97.4
Foreign currency translation and other		—		—	(0.6)	(0.6)
Balance as of September 30, 2021	$	104.3		34.1	366.5	504.9

Accounts Receivable (Tables)

12 Months Ended

Sep. 30, 2021

Accounts Receivable

Schedule of Accounts, Notes, Loans and Financing Receivable

Accounts receivable, net of the allowance for doubtful accounts, from continuing operations consisted of the following at September 30, 2021 and 2020:


(Dollars in thousands)	2021		2020
Commercial	$	128,952	121,924
U.S. Government and prime contractors		17,389	22,158
Total	$	146,341	144,082

Inventories, Net (Tables)

12 Months Ended

Sep. 30, 2021

Inventories, Net

Schedule of inventories

Inventories, net, from continuing operations consisted of the following at September 30, 2021 and 2020:


(Dollars in thousands)	2021		2020
Finished goods	$	32,998	28,435
Work in process		34,201	29,864
Raw materials		79,949	76,997
Total	$	147,148	135,296

Income Tax Expense (Tables)

12 Months Ended

Sep. 30, 2021

Income Tax Expense

Components Of Income From Continuing Operations Before Income Taxes

We allocated total income tax expense (benefit) for the years ended September 30, 2021, 2020 and 2019 to income tax expense as follows:


(Dollars in thousands)	2021		2020	2019
Income tax expense from continuing operations	$	17,175	13,510	20,388
Income tax expense from discontinued operations		—	23,501	789
Total income tax expense (benefit)	$	17,175	37,011	21,177

The components of income from continuing operations before income taxes for 2021, 2020 and 2019 consisted of the following:


(Dollars in thousands)	2021		2020	2019
United States	$	70,214	23,951	87,150
Foreign		10,457	12,455	10,727
Total income before income taxes	$	80,671	36,406	97,877

Principal Components Of Income Tax Expense (Benefit) From Continuing Operations

The principal components of income tax expense (benefit) from continuing operations for 2021, 2020 and 2019 consist of:


(Dollars in thousands)	2021		2020	2019
Federal:
Current	$	14,807	10,495	13,888
Deferred		(1,598)	1,311	250
State and local:
Current		2,257	1,984	3,039
Deferred		(786)	(932)	98
Foreign:
Current		2,922	2,875	2,439
Deferred		(427)	(2,223)	674
Total	$	17,175	13,510	20,388

Schedule Of Actual Income Tax Expense (Benefit) From Continuing Operations


	2021		2020		2019
Federal corporate statutory rate	21.0	%	21.0	%	21.0	%
State and local, net of Federal benefits	1.9		2.3		3.2
Foreign	(0.4)		1.3		0.6
Research credit	(0.9)		(3.7)		(0.8)
Change in uncertain tax positions	—		—		(0.1)
Executive compensation	0.9		1.6		0.3
Valuation allowance	—		(6.8)		(2.4)
GILTI and FDII	(1.3)		(2.1)		(0.6)
Tax reform – impact on U.S. deferred tax assets and liabilities	—		—		(0.3)
Tax reform – transition tax	—		—		(0.1)
Pension plan termination charge	—		23.4		—
Other, net	0.1		0.1		—
Effective income tax rate	21.3	%	37.1	%	20.8	%

Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at September 30, 2021 and 2020 are presented below:


(Dollars in thousands)	2021		2020
Deferred tax assets:
Inventories	$	4,267	5,007
Pension and other postretirement benefits		859	842
Timing differences related to revenue recognition		9,365	4,936
Lease liabilities		7,614	5,220
Net operating and capital loss carryforwards — domestic		542	563
Net operating loss carryforward — foreign		4,279	3,678
Other compensation-related costs and other cost accruals		8,174	8,953
State credit carryforward		2,639	2,366
Foreign credit carryforward		192	—
Total deferred tax assets		37,931	31,565

Deferred tax liabilities:
ROU assets		(7,614)	(5,220)
Goodwill		(13,746)	(7,878)
Acquisition intangible assets		(62,052)	(52,682)
Depreciation, software amortization		(22,418)	(21,283)
Net deferred tax liabilities before valuation allowance		(67,899)	(55,498)
Less valuation allowance		(2,011)	(1,932)
Net deferred tax liabilities	$	(69,910)	(57,430)

Debt (Tables)

12 Months Ended

Sep. 30, 2021

Debt

Schedule of debt

Debt consists of the following at September 30, 2021 and 2020:


(Dollars in thousands)	2021		2020
Total borrowings	$	154,000	62,368
Current portion of long-term debt and short-term borrowings		(20,000)	(22,368)
Total long-term debt, less current portion	$	134,000	40,000

Share-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2021

Share-Based Compensation

Schedule Of Outstanding Restricted Share Awards

The following summary presents information regarding outstanding PARS/RSU awards as of the specified dates, and changes during the specified periods:


	FY 2021			FY 2020			FY 2019
		Estimated			Estimated			Estimated
		Weighted			Weighted			Weighted
	Shares	Avg. Price		Shares	Avg. Price		Shares	Avg. Price
Nonvested at October 1,	220,300	$	66.55	281,004	$	59.72	315,544	$	47.23
Granted	51,476		108.05	45,723		74.80	84,862		74.77
Vested	(35,753)		64.40	(89,822)		50.51	(113,402)		37.00
Cancelled	(9,318)		70.50	(16,605)		60.48	(6,000)		45.20
Nonvested at September 30,	226,705	$	76.15	220,300	$	66.55	281,004	$	59.72

Business Segment Information (Tables)

12 Months Ended

Sep. 30, 2021

Business Segment Information

Schedule of Net Sales and Earnings Before Income Tax

Net Sales


(Dollars in millions)
Year ended September 30,	2021		2020	2019
A&D	$	314.8	351.9	325.7
USG		202.9	191.7	211.9
Test		197.7	186.9	188.4
Consolidated totals	$	715.4	730.5	726.0

No customer exceeded 10% of sales in 2021 or 2019 and one customer exceeded 10% of sales in 2020.

EBIT


(Dollars in millions)
Year ended September 30,	2021		2020	2019
A&D	$	56.5	69.9	70.1
USG		40.9	24.4	52.2
Test		27.6	27.2	25.6
Reconciliation to consolidated totals (Corporate)		(42.1)	(78.4)	(41.9)
Consolidated EBIT		82.9	43.1	106.0
Less: interest expense		(2.2)	(6.7)	(8.1)
Earnings before income tax	$	80.7	36.4	97.9

Schedule of Identifiable Assets

Identifiable Assets


(Dollars in millions)
Year ended September 30,	2021		2020
A&D	$	270.0	276.2
USG		197.5	144.8
Test		153.6	153.0
Corporate		956.2	796.2
Consolidated totals	$	1,577.3	1,370.2

Schedule Of Capital Expenditures

Capital Expenditures


(Dollars in millions)
Year ended September 30,	2021		2020	2019
A&D	$	10.4	15.9	11.7
USG		11.6	12.4	8.5
Test		4.7	3.6	4.0
Corporate		—	0.2	—
Consolidated totals	$	26.7	32.1	24.2

Schedule Of Depreciation And Amortization

Depreciation and Amortization


(Dollars in millions)
Year ended September 30,	2021		2020	2019
A&D	$	10.4	9.4	8.3
USG		13.5	14.4	11.3
Test		5.2	5.0	5.1
Corporate		12.9	12.5	11.3
Consolidated totals	$	42.0	41.3	36.0

Schedule Of Geographic Information Net Sale

Net Sales


(Dollars in millions)
Year ended September 30,	2021		2020	2019
United States	$	517.0	529.4	537.2
Asia		92.3	96.3	86.2
Europe		53.5	51.3	45.0
Canada		27.0	31.7	33.0
India		12.4	10.3	11.7
Other		13.2	11.5	12.9
Consolidated totals	$	715.4	730.5	726.0

Schedule Of Geographic Information Long-Lived Assets

Long-Lived Assets


(Dollars in millions)
Year ended September 30,	2021		2020
United States	$	141.0	131.5
Mexico		3.8	3.1
Other		9.5	5.3
Consolidated totals	$	154.3	139.9

Leases (Tables)

12 Months Ended

Sep. 30, 2021

Leases

Schedule of components of lease costs

The components of lease costs are shown below:


	Year Ended		Year Ended
	September 30,		September 30,
(Dollars in thousands)	2021		2020
Finance lease cost:
Amortization	$	2,413	$	2,056
Interest on lease liabilities		1,235		971
Operating lease cost		5,879		5,284
Total lease cost	$	9,527	$	8,311

Schedule of additional information related to leases

Additional information related to leases is shown below:


	Year Ended			Year Ended
	September 30,			September 30,
(Dollars in thousands)	2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,504		$	5,223
Operating cash flows from finance leases		1,228			971
Financing cash flows from finance leases		1,757			1,547

Right-of-use assets obtained in exchange for operating lease liabilities	$	15,609		$	26,244

Weighted-average remaining lease term:
Operating leases		10.3	yrs.		6.0	yrs.
Finance leases		11.7	yrs.		12.5	yrs.
Weighted-average discount rate:
Operating leases		3.1	%		3.1	%
Finance leases		4.2	%		4.3	%

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
2022	$	5,448	3,153
2023		4,679	3,235
2024		4,032	3,319
2025		3,654	3,399
2026 and thereafter		20,453	25,516
Total minimum lease payments		38,266	38,622
Less: amounts representing interest		5,691	9,092
Present value of net minimum lease payments	$	32,575	29,530
Less: current portion of lease obligations		4,543	2,180
Non-current portion of lease obligations		28,032	27,350
ROU assets	$	31,846	24,964


(Dollars in thousands)	Operating		Finance
Years Ending September 30:	Leases		Leases
2021	$	5,614		2,930
2022		4,985		3,011
2023		3,984		3,094
2024		2,438		3,177
2025 and thereafter		6,984		28,323
Total minimum lease payments		24,005		40,535
Less: amounts representing interest		2,211		10,270
Present value of net minimum lease payments	$	21,794		30,265
Less: current portion of lease obligations		5,009		1,937
Non-current portion of lease obligations		16,785		28,328

ROU assets	$	21,390		26,164

Revenues (Tables)

12 Months Ended

Sep. 30, 2021

Revenues

Schedule of disaggregation of revenue by reportable segment


Year Ended September 30, 2021
(In thousands)	A&D		USG		Test		Total
Customer type:
Commercial	$	130,217		199,111		177,601		506,929
Government		184,607		3,797		20,107		208,511
Total revenues	$	314,824		202,908		197,708		715,440

Geographic location:
United States	$	275,976		140,545		100,438		516,959
International		38,848		62,363		97,270		198,481
Total revenues	$	314,824		202,908		197,708		715,440

Revenue recognition method:
Point in time	$	136,449		153,163		40,609		330,221
Over time		178,375		49,745		157,099		385,219
Total revenues	$	314,824		202,908		197,708		715,440


Year Ended September 30, 2020
(In thousands)	A&D		USG		Test		Total
Customer type:
Commercial	$	169,484		184,906		158,420		512,810
Government		182,392		6,797		28,472		217,661
Total revenues	$	351,876		191,703		186,892		730,471

Geographic location:
United States	$	302,711		134,601		92,105		529,417
International		49,165		57,102		94,787		201,054
Total revenues	$	351,876		191,703		186,892		730,471

Revenue recognition method:
Point in time	$	160,402		144,192		33,482		338,076
Over time		191,474		47,511		153,410		392,395
Total revenues	$	351,876		191,703		186,892		730,471

Summary of Significant Accounting Policies (Number Of Shares Used In Calculation Of Earnings Per Share) (Details) - shares shares in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Summary of Significant Accounting Policies
Weighted Average Shares Outstanding - Basic	26,046	26,010	25,946
Dilutive Restricted Shares	179	125	151
Shares - Diluted	26,225	26,135	26,097

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Net sales	$ 715,440	$ 730,471	$ 726,044
Contract assets, net	93,771	94,302
Inventories, net	147,148	135,296
Cost of sales	445,045	458,311	437,998
Income tax expense	17,175	13,510	20,388
Deferred tax liabilities	73,560	60,715
Accrued other expenses	52,513	49,891
Accumulated Other Comprehensive Income (Loss), Net of Tax	(2,161)	(3,657)
Net earnings	63,496	99,411	81,039
Effect of deferred taxes on tax provision	(3,041)	(2,785)	61
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(2,200)
Research and Development Expense	15,400	13,300	12,100
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			5,167
Retained Earnings
Net earnings	$ 63,496	99,411	81,039
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			5,167
Maximum
Property, Plant and Equipment, Useful Life	7 years
Maximum \| Building [Member]
Property, Plant and Equipment, Useful Life	40 years
Maximum \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life	10 years
Maximum \| Office Furniture And Equipment [Member]
Property, Plant and Equipment, Useful Life	10 years
Minimum
Property, Plant and Equipment, Useful Life	3 years
Minimum \| Building [Member]
Property, Plant and Equipment, Useful Life	10 years
Minimum \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life	3 years
Minimum \| Office Furniture And Equipment [Member]
Property, Plant and Equipment, Useful Life	3 years
A&D Segment \| AS Adjusted
Net sales	$ 2,400
Inventories, net	900
Income tax expense	800
Deferred tax liabilities	200
Accrued other expenses	600
Net earnings	$ 2,500
Basic and diluted earnings per share	$ 0.10
Effect of deferred taxes on tax provision		2,600
USG Segment
Percentage of segment revenues recognized when services are performed or when products are delivered	75.00%
Percentage of consolidated revenues recognized when services are performed or when products are delivered	21.00%
Percentage Of Segment Revenues Recognized On Straight Line Basis	25.00%
Percentage Of Consolidated Revenues Recognized On Straight Line Basis	7.00%
Test Segment
Percentage of segment revenues recognized when services are performed or when products are delivered	20.00%
Percentage of consolidated revenues recognized when services are performed or when products are delivered	6.00%
Percentage of segment revenues recorded under percentage of completion method	80.00%
Percentage of consolidated revenues recorded under percentage of completion method	22.00%
Software Contract [Member]
Percentage of segment revenues recognized when services are performed or when products are delivered	8.00%
Percentage of consolidated revenues recognized when services are performed or when products are delivered	2.00%
Aero space Defense [Member]
Percentage of segment revenues recognized when services are performed or when products are delivered	43.00%
Percentage of consolidated revenues recognized when services are performed or when products are delivered	19.00%
Percentage of segment revenues recorded over time	57.00%
Percentage of consolidate revenues recorded over time	25.00%
A&D
Net sales	$ 314,824	$ 351,876	$ 325,700

Summary of Significant Accounting Policies - ASC 606 Adoption (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Impact due to new accounting pronouncements
Retained earnings	$ 830,989	$ 775,829
Effect of the Effect of ASU 606 \| ASU 2014-09
Impact due to new accounting pronouncements
Retained earnings		$ 5,200

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Acquisitions (Details) - USD ($) $ in Thousands			12 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Aug. 09, 2021	Jul. 29, 2021	Sep. 30, 2021	Sep. 30, 2019	Sep. 30, 2020
Business Acquisition [Line Items]
Payments to acquire businesses net of cash acquired			$ 168,903	$ 95,840
Goodwill			504,853	$ 390,300	$ 408,063
Goodwill, tax deductible expenses			$ 13,746		$ 7,878
Altanova Group
Business Acquisition [Line Items]
Payments to acquire businesses net of cash acquired		$ 115,000
Goodwill		71,900
Business combination contingent consideration liability		6,900
Business combination recognized identifiable assets acquired and liabilities assumed, property, plant and equipment		1,200
Business combination recognized identifiable assets acquired and liabilities assumed deferred tax liabilities		16,400
Business combination recognized identifiable assets acquired and liabilities assumed current assets receivables		9,700
Business combination recognized identifiable assets acquired and liabilities assumed inventory		5,600
Business combination recognized identifiable assets acquired and liabilities assumed other noncurrent assets		8,000
Business combination recognized identifiable assets acquired and liabilities assumed current liabilities accounts payable		$ 12,800
Altanova Group \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets weighted average useful life		20 years
Business combination recognized identifiable assets acquired and liabilities assumed indefinite-lived intangible assets		$ 50,500
Altanova Group \| Trade Names
Business Acquisition [Line Items]
Acquired finite-lived intangible assets weighted average useful life		10 years
Business combination recognized identifiable assets acquired and liabilities assumed indefinite-lived intangible assets		$ 4,300
Phenix Technologies
Business Acquisition [Line Items]
Payments to acquire businesses net of cash acquired	$ 47,200
Goodwill	23,200
Business combination recognized identifiable assets acquired and liabilities assumed, property, plant and equipment	8,000
Business combination recognized identifiable assets acquired and liabilities assumed current assets receivables	2,600
Business combination recognized identifiable assets acquired and liabilities assumed inventory	5,800
Business combination recognized identifiable assets acquired and liabilities assumed current liabilities accounts payable	6,200
Goodwill, tax deductible expenses	$ 20,000
Phenix Technologies \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets weighted average useful life	13 years
Business combination recognized identifiable assets acquired and liabilities assumed indefinite-lived intangible assets	$ 9,600
Phenix Technologies \| Customer Relationships and Developed Technology
Business Acquisition [Line Items]
Business combination recognized identifiable assets acquired and liabilities assumed indefinite-lived intangible assets	500
Phenix Technologies \| Trade Names
Business Acquisition [Line Items]
Business combination recognized identifiable assets acquired and liabilities assumed indefinite-lived intangible assets	$ 3,700

Technical Packaging Divestiture (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
Technical Packaging Divestiture (Details) $ in Thousands	Dec. 31, 2019 subsidiary	Jun. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
After-tax gain on the sale of business			$ 77,116
Working capital adjustment		$ 200
Technical Packaging Business \| Discontinued Operations Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales			16,500	$ 86,900
Pretax (loss) earnings			(300)	$ 4,300
Proceeds from sale of discontinued operations			184,000
After-tax gain on the sale of business			$ 76,500
Technical Packaging Business \| Sonoco Products Company \| Discontinued Operations Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Wholly Owned Subsidiaries of the Company \| subsidiary	2

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill	$ 504,853	$ 408,063	$ 390,300
Patents
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	2,131	2,092
Less: accumulated amortization	972	858
Net	1,159	1,234
Capitalized software
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	93,671	84,888
Less: accumulated amortization	63,740	57,302
Net	29,931	27,586
Customer relationships
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	288,530	227,178
Less: accumulated amortization	80,882	67,643
Net	207,648	159,535
Other
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross carrying amount	8,680	5,156
Less: accumulated amortization	4,298	3,260
Net	4,382	1,896
Trade names
GOODWILL AND OTHER INTANGIBLE ASSETS
Trade names	$ 166,130	$ 156,381

Goodwill and Other Intangible Assets - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Changes in goodwill
Goodwill, Beginning Balance	$ 408,063	$ 390,300
Acquisition activity	97,400
Foreign currency translation and other	(600)	(200)
Goodwill, Ending Balance	504,853	408,063
Out-of-period adjustment		18,000
USG
Changes in goodwill
Goodwill, Beginning Balance	271,900	254,000
Acquisition activity	95,200
Foreign currency translation and other	(600)	(100)
Goodwill, Ending Balance	366,500	271,900
Out-of-period adjustment		18,000
Test
Changes in goodwill
Goodwill, Beginning Balance	34,100	34,100
Goodwill, Ending Balance	34,100	34,100
A&D
Changes in goodwill
Goodwill, Beginning Balance	102,100	102,200
Acquisition activity	2,200
Foreign currency translation and other		(100)
Goodwill, Ending Balance	$ 104,300	$ 102,100

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to intangible assets	$ 20,829	$ 21,812	$ 18,492
Asset Impairment Charges	$ 0
Prior Period Reclassification Adjustment		$ 18,000
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Expected remaining useful life	20 years
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Expected remaining useful life	13 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Expected remaining useful life	20 years
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Expected remaining useful life	10 years
Capitalized software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Expected remaining useful life	7 years
Capitalized software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Expected remaining useful life	3 years

Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 146,341	$ 144,082
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	128,952	121,924
U.S. Government and prime contractors
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 17,389	$ 22,158

Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Inventories, Net
Finished goods	$ 32,998	$ 28,435
Work in process	34,201	29,864
Raw materials	79,949	76,997
Total inventories	$ 147,148	$ 135,296

Income Tax Expense - Total Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Expense
Income tax expense from continuing operations	$ 17,175	$ 13,510	$ 20,388
Income tax expense from discontinued operations	0	23,501	789
Total income tax expense (benefit)	$ 17,175	$ 37,011	$ 21,177

- Definition

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax Expense - Components Of Income From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Expense
United States	$ 70,214	$ 23,951	$ 87,150
Foreign	10,457	12,455	10,727
Total income before income taxes	$ 80,671	$ 36,406	$ 97,877

- 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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Income Tax Expense (Principal Components Of Income Tax Expense (Benefit) From Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Expense
Federal, Current	$ 14,807	$ 10,495	$ 13,888
Federal, Deferred	(1,598)	1,311	250
State and local, Current	2,257	1,984	3,039
State and local, Deferred	(786)	(932)	98
Foreign, Current	2,922	2,875	2,439
Foreign, Deferred	(427)	(2,223)	674
Total	$ 17,175	$ 13,510	$ 20,388

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Tax Expense (Schedule Of Actual Income Tax Expense (Benefit) From Continuing Operations) (Details)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Tax Expense
Federal corporate statutory rate	21.00%	21.00%	21.00%
State and local, net of Federal benefits	1.90%	2.30%	3.20%
Foreign	(0.40%)	1.30%	0.60%
Research credit	(0.90%)	(3.70%)	(0.80%)
Change in uncertain tax positions	0.00%	0.00%	(0.10%)
Executive compensation	0.90%	1.60%	0.30%
Valuation allowance	0.00%	(6.80%)	(2.40%)
GILTI and FDII	(1.30%)	(2.10%)	(0.60%)
Tax reform - impact on U.S. deferred tax assets and liabilities	0.00%	0.00%	(0.30%)
Tax reform - transition tax	0.00%	0.00%	(0.10%)
Pension plan termination charge	0.00%	23.40%	0.00%
Other, net	0.10%	0.10%	0.00%
Effective income tax rate	21.30%	37.10%	20.80%

Income Tax Expense (Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Deferred tax assets:
Inventories	$ 4,267	$ 5,007
Pension and other postretirement benefits	859	842
Timing differences related to revenue recognition	9,365	4,936
Lease liabilities	7,614	5,220
Net operating and capital loss carryforwards-domestic	542	563
Net operating loss carryforward - foreign	4,279	3,678
Other compensation-related costs and other cost accruals	8,174	8,953
State credit carryforward	2,639	2,366
Foreign credit carryforward	192	0
Total deferred tax assets	37,931	31,565
Deferred tax liabilities:
ROU assets	(7,614)	(5,220)
Goodwill	(13,746)	(7,878)
Acquisition intangible assets	(62,052)	(52,682)
Depreciation, software amortization	(22,418)	(21,283)
Net deferred tax liabilities before valuation allowance	(67,899)	(55,498)
Less valuation allowance	(2,011)	(1,932)
Net deferred tax liabilities	$ (69,910)	$ (57,430)

Income Tax Expense - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Tax Expense [Line Items]
Operating Loss Carryforwards, Valuation Allowance	$ 500
Net operating loss carryforward - foreign	4,279	$ 3,678
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	13,300
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	2,100
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	500
Deferred Tax Assets, Tax Credit Carryforwards, Research	2,600
State Research And Other Credit CarryForwards With Expiration Date	1,900
State Research And Other Credit Carry Forwards Without Expiration Date	800
Deferred Tax Assets, Valuation Allowance	2,011	1,932
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	100	2,600
Tax Credit Carryforward, Amount	200
Foreign Valuation Allowance
Income Tax Expense [Line Items]
Operating Loss Carryforwards, Valuation Allowance	900	$ 800
State and Local Jurisdiction
Income Tax Expense [Line Items]
Operating Loss Carryforwards, Valuation Allowance	600
Net operating loss carryforward - foreign	$ 15,500

Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Debt
Total borrowings	$ 154,000	$ 62,368
Current portion of long-term debt and short-term borrowings	(20,000)	(22,368)
Total long-term debt, less current portion	$ 134,000	$ 40,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
DEBT
Available to borrow under the credit facility	$ 337,000
Cash on hand	56,232	$ 52,560
Letters of Credit Outstanding, Amount	8,500	9,900
Maximum aggregate short-term borrowings at any month-end	174,000	281,000
Average aggregate short-term borrowings outstanding	$ 71,300	$ 175,600
Debt instrument interest rate	1.06%
Weighted average interest rates	1.20%	3.20%	3.21%
Equity interests in direct and indirect material foreign subsidiaries, pledged as collateral (as a percent)	100.00%
Long-term Debt, Current Maturities	$ 20,000
Revolving Credit Facility
DEBT
Line of Credit Facility, Amount Outstanding	500,000
Line of Credit Facility, Commitment Fee Amount	250,000
Maximum
DEBT
Incremental term loan	$ 250,000

Capital Stock (Details) - USD ($) $ in Millions	12 Months Ended
Capital Stock (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Capital Stock
Common shares as presented in the accompanying Consolidated Balance Sheets	30,666,173	30,645,625
Common shares in treasury	4,604,741	4,607,911
Board of Directors authorized an expanded stock repurchase program	$ 100
Stock repurchases during period, shares	0	0	0
Stock repurchased during period, value	$ 200

Share-Based Compensation - Schedule Of Outstanding Restricted Share Awards (Details) - $ / shares	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Share-Based Compensation
Outstanding restricted share awards, Nonvested at October 1,	220,300	281,004	315,544
Outstanding restricted share awards, Granted, Shares	51,476	45,723	84,862
Outstanding restricted share awards, Vested, Shares	(35,753)	(89,822)	(113,402)
Outstanding restricted share awards, Cancelled, Shares	(9,318)	(16,605)	(6,000)
Outstanding restricted share awards, Nonvested at September 30,	226,705	220,300	281,004
Outstanding restricted share awards, Nonvested at October 1, Weighted Avg. Price	$ 66.55	$ 59.72	$ 47.23
Outstanding restricted share awards, Granted, Weighted Avg. Price	108.05	74.80	74.77
Outstanding restricted share awards, Vested, Weighted Avg. Price	64.40	50.51	37.00
Outstanding restricted share awards, Cancelled, Weighted Avg. Price	70.50	60.48	45.20
Outstanding restricted share awards, Nonvested at September 30, Weighted Avg. Price	$ 76.15	$ 66.55	$ 59.72

Share-Based Compensation (Details) - USD ($)	12 Months Ended
Share-Based Compensation (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
SHARE-BASED COMPENSATION
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	712,092
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	$ 180,000
Performance-Accelerated Restricted Share Awards
SHARE-BASED COMPENSATION
Vesting period	5 years
Pretax compensation expense	$ 5,600,000	$ 4,300,000	$ 4,000,000.0
Compensation Plan for Non-Employee Directors
SHARE-BASED COMPENSATION
Pretax compensation expense	1,300,000	1,300,000	1,100,000
Total share-based compensation cost	1,400,000
Total income tax benefit recognized		1,200,000	1,100,000
Total unrecognized compensation cost related to share-based compensation arrangements	$ 7,900,000
Remaining weighted-average period for recognition of total unrecognized compensation cost	1 year 7 months 6 days
Compensation Plan for Non-Employee Directors \| Selling, general and administrative expenses
SHARE-BASED COMPENSATION
Total share-based compensation cost	$ 6,900,000	$ 5,600,000	$ 5,100,000
RSU
SHARE-BASED COMPENSATION
Vesting period	3 years 6 months

Retirement and Other Benefit Plans (Details) $ in Thousands	12 Months Ended
Retirement and Other Benefit Plans (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Retirement and Other Benefit Plans
Employer contributions	$ 25,700
Plan liabilities settled	32,400
Plan liabilities settled by entering into an agreement to purchase annuities from Massachusetts Mutual Life Insurance Company	69,100
Charges associated with these settlements	$ 40,600

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Business Segment Information (Details) $ in Thousands	12 Months Ended
Business Segment Information (Details) $ in Thousands	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
BUSINESS SEGMENT INFORMATION
NET SALES	$ 715,440	$ 730,471	$ 726,044
Consolidated EBIT	82,900	43,100	106,000
Less: Interest expense	(2,200)	(6,700)	(8,100)
Total income before income taxes	$ 80,671	36,406	97,877
Number of reportable segments \| segment	3
Corporate, Non-Segment [Member]
BUSINESS SEGMENT INFORMATION
Consolidated EBIT	$ (42,100)	(78,400)	(41,900)
A&D
BUSINESS SEGMENT INFORMATION
NET SALES	314,824	351,876	325,700
Consolidated EBIT	56,500	69,900	70,100
USG
BUSINESS SEGMENT INFORMATION
NET SALES	202,908	191,703	211,900
Consolidated EBIT	40,900	24,400	52,200
Test
BUSINESS SEGMENT INFORMATION
NET SALES	197,708	186,892	188,400
Consolidated EBIT	$ 27,600	$ 27,200	$ 25,600

Business Segment Information - Schedule Of Identifiable Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Identifiable Assets	$ 1,577,345	$ 1,370,186
A&D
Identifiable Assets	270,000	276,200
USG
Identifiable Assets	197,500	144,800
Test
Identifiable Assets	153,600	153,000
Corporate, Non-Segment [Member]
Other Assets	$ 956,200	$ 796,200

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

Business Segment Information - Schedule Of Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Capital Expenditures	$ 26,705	$ 32,108	$ 24,229
Goodwill	504,853	408,063	390,300
A&D
Capital Expenditures	10,400	15,900	11,700
Goodwill	104,300	102,100	102,200
USG
Capital Expenditures	11,600	12,400	8,500
Goodwill	366,500	271,900	254,000
Test
Capital Expenditures	4,700	3,600	4,000
Goodwill	34,100	34,100	34,100
Corporate, Non-Segment [Member]
Capital Expenditures	$ 0	$ 200	$ 0

Business Segment Information - Schedule Of Depreciation And Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Depreciation and Amortization	$ 42,049	$ 41,338	$ 35,995
A&D
Depreciation and Amortization	10,400	9,400	8,300
USG
Depreciation and Amortization	13,500	14,400	11,300
Test
Depreciation and Amortization	5,200	5,000	5,100
Corporate, Non-Segment [Member]
Depreciation and Amortization	$ 12,900	$ 12,500	$ 11,300

Business Segment Information - Schedule Of Geographic Information Net Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Net Sales	$ 715,440	$ 730,471	$ 726,044
United States [Member]
Net Sales	516,959	529,417	537,200
Asia [Member]
Net Sales	92,300	96,300	86,200
Europe [Member]
Net Sales	53,500	51,300	45,000
Canada [Member]
Net Sales	27,000	31,700	33,000
India [Member]
Net Sales	12,400	10,300	11,700
Other [Member]
Net Sales	$ 13,200	$ 11,500	$ 12,900

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Business Segment Information - Schedule Of Geographic Information Long-Lived Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Long-Lived Assets	$ 154,265	$ 139,870
United States [Member]
Long-Lived Assets	141,000	131,500
MEXICO
Long-Lived Assets	3,800	3,100
Other [Member]
Long-Lived Assets	$ 9,500	$ 5,300

Business Segment Information - Additional Information (Details) $ in Millions	12 Months Ended
	Sep. 30, 2021 USD ($) customer	Sep. 30, 2020 USD ($) customer	Sep. 30, 2019 USD ($) customer
Percentage Of Sale Of Customer Maximum	10.00%	10.00%	10.00%
Capitalized Computer Software, Period Increase (Decrease)	$ 8.8	$ 9.0	$ 8.4
Revenue from Contract with Customer Benchmark [Member] \| Customer Concentration Risk [Member]
Number of customers who exceeded 10% of sales \| customer	0	1	0
Property, Plant and Equipment [Member]
Depreciation	$ 21.2	$ 19.5	$ 16.5

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies
Letters of Credit Outstanding, Amount	$ 8.5	$ 9.9
Non-binding And Revocable Commitment	$ 10.0

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases
Option to extend	true
Finance lease cost
Amortization	$ 2,413	$ 2,056
Interest on lease liabilities	1,235	971
Operating lease cost	5,879	5,284
Total lease costs	$ 9,527	$ 8,311
Maximum
Leases
Lease term	20 years

Leases - Additional information related to leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 5,504	$ 5,223
Operating cash flows from finance leases	1,228	971
Financing cash flows from finance leases	1,757	1,547
Right-of-use assets obtained in exchange for operating lease liabilities	$ 15,609	$ 26,244
Weighted-average remaining lease term
Operating leases	10 years 3 months 18 days	6 years
Finance leases	11 years 8 months 12 days	12 years 6 months
Weighted-average discount rate
Operating leases	3.10%	3.10%
Finance leases	4.20%	4.30%

Leases - Reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Operating leases
Year1	$ 5,448	$ 5,614
Year 2	4,679	4,985
Year 3	4,032	3,984
Year 4	3,654	2,438
Year 4 and thereafter	20,453	6,984
Total minimum lease payments	38,266	24,005
Less: amounts representing interest	5,691	2,211
Present value of net minimum lease payments	32,575	21,794
Less: current portion of lease obligations	4,543	5,009
Non-current portion of lease obligations	28,032	16,785
ROU assets	31,846	21,390
Finance leases
Year 1	3,153	2,930
Year 2	3,235	3,011
Year 3	3,319	3,094
Year 4	3,399	3,177
Year 4 and thereafter	25,516	28,323
Total minimum lease payments	38,622	40,535
Less: amounts representing interest	9,092	10,270
Present value of net minimum lease payments	29,530	30,265
Less: current portion of lease obligations	2,180	1,937
Non-current portion of lease obligations	27,350	28,328
ROU assets	$ 24,964	$ 26,164
Location of operating lease liabilities included on Consolidated Balance Sheets	Less: current portion of lease obligations, Non-current portion of lease obligations
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current, Other Liabilities, Noncurrent
Location of operating lease ROU assets included on Consolidated Balance Sheets	ROU assets
Location of finance lease ROU assets included on Consolidated Balance Sheets	us-gaap:PropertyPlantAndEquipmentNet	us-gaap:PropertyPlantAndEquipmentNet
Location of operating lease liabilities current included on Consolidated Balance Sheets	us-gaap:OtherAccruedLiabilitiesCurrent	us-gaap:OtherAccruedLiabilitiesCurrent
Location of finance lease liabilities current included on Consolidated Balance Sheets	us-gaap:OtherAccruedLiabilitiesCurrent	us-gaap:OtherAccruedLiabilitiesCurrent
Location of finance lease liabilities non-current included on Consolidated Balance Sheets	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent

Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	$ 715,440	$ 730,471	$ 726,044
Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	330,221	338,076
Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	385,219	392,395
United States [Member]
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	516,959	529,417	537,200
International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	198,481	201,054
Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	506,929	512,810
Government [Member]
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	208,511	217,661
A&D
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	314,824	351,876	325,700
A&D \| Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	136,449	160,402
A&D \| Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	178,375	191,474
A&D \| United States [Member]
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	275,976	302,711
A&D \| International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	38,848	49,165
A&D \| Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	130,217	169,484
A&D \| Government [Member]
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	184,607	182,392
USG
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	202,908	191,703	211,900
USG \| Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	153,163	144,192
USG \| Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	49,745	47,511
USG \| United States [Member]
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	140,545	134,601
USG \| International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	62,363	57,102
USG \| Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	199,111	184,906
USG \| Government [Member]
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	3,797	6,797
Test
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	197,708	186,892	$ 188,400
Test \| Point in time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	40,609	33,482
Test \| Over time
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	157,099	153,410
Test \| United States [Member]
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	100,438	92,105
Test \| International
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	97,270	94,787
Test \| Commercial
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	177,601	158,420
Test \| Government [Member]
Disaggregation of revenues
Revenue from contract with customer excluding assessed tax	$ 20,107	$ 28,472

Revenues - Remaining Performance Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2021
Remaining Performance Obligations
Revenue Recognized	$ 82.0
Contract assets		$ 93.8
Contract liabilities		108.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01
Remaining Performance Obligations
Remaining performance obligations amount		$ 592.0
Percentage of remaining performance obligation expected to be recognized		75.00%
Revenue remaining performance obligation expected timing of satisfaction, Period		12 months