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Subsequent Events | 6 Months Ended
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Mar. 31, 2018
Subsequent Events [Abstract] |
Subsequent Events | ﻿ ﻿ Note 2 2. Subsequent events On April 9, 2018, the Company announced that it had signed an agreement to acquire L’Orange GmbH and its related operations located in Germany, the United States and China (“L’Orange”), for total consideration (including cash payments and the assumption of debt and other specified financial obligations) of €700,000 (the “L’Orange Acquisition”). L’Orange is part of Rolls-Royce, specifically its Rolls-Royce Power Systems business. The Company expects to finance the L’Orange Acquisition with borrowings from its revolving credit facility, or debt proceeds from a private placement, or a combination of both. Transaction costs of $1,136 for the three and six-months ending March 31, 2018 are included in selling, general and administrative expenses. L’Orange is a supplier of fuel injection systems for industrial diesel, heavy fuel oil and dual-fuel engines. L’Orange supplies fuel injection technology for engines that power a wide range of industrial applications including marine power and propulsion systems, special-application vehicles, locomotives, oil and gas processing, and power generation. L’Orange serves some of the world’s best known specialist diesel engine manufacturers, including Rol ls-Royce Power Systems’ subsidiaries, MTU Friedrichshafen (“MTU”) and Bergen Engines (“Bergen”), and other low to high speed engine builders. L’Orange, which will be renamed Woodward L’Orange, will be integrated into the Company’s Industrial segment. L’Orange will remain an important partner and supplier for MTU and Bergen in the future through long-term supply agreements, with an initial term of 15 years. Pending regulatory approval, the L’Orange Acquisition is expected to close in the third quarter of fiscal year 2018. Accordingly, the initial accounti ng for the business combination, including pro forma revenues and earnings of the combined entity, is expected to be included in the Company’s Form 10-Q for the third fiscal quarter ending June 30, 2018. On April 18, 2018, the Company entered into an at-the-money-forward option (the “Forward Option”) at a cost of $5,543 whereby, on May 30, 2018, the Company has the ability to exercise its op tion to purchase €490,000 on June 1, 2018 using U.S. dollars at a fixed exchange rate of 1.2432. If the spot rate is below 1.2432 on May 30, 2018, the Company will choose not to exercise the option and any loss on the Forward Option will be limited to $5,543, which is the cost of the instrument. If the spot rate is above 1.2432 on May 30, 2018, the Company will choose to exercise the option and the gain on the Forward Option will be offset by the cost of the instrument and will be reflected in the Company’s Condensed Consolidated Statement of E arnings in the third fiscal quarter ending June 30, 2018. The Company is not committed to purchase Euros if the spot rate is below 1.2432 on May 30, 2018. The Company entered into the Forward Option to manage its exposure to fluctuations in the Euro prior to the anticipated clos e of the L’Orange Acquisition. The Company did not enter into the Forward Option for trading or speculative purposes. ﻿

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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