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Business Segment Information | 12 Months Ended
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Sep. 30, 2022
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), Westland Technologies, Inc. (Westland), Globe Composite Solutions, LLC (Globe) and Networks Electronic Company, LLC (NEco).The companies within this segment primarily design and manufacture specialty filtration, fluid control and naval products, including hydraulic filter elements and fluid control devices used in aerospace and defense applications, unique filter mechanisms used in micro-propulsion devices for satellites, custom designed filters for manned aircraft and submarines, products and systems to reduce vibration and/or acoustic signatures and otherwise reduce or obscure a vessel’s signature, and other communications, sealing, surface control and hydrodynamic related applications to enhance U.S. Navy maritime survivability; precision-tolerance machined components for the aerospace and defense industry; metal processing services; and miniature electro-explosive devices utilized in mission-critical defense and aerospace applications. The USG segment’s operations consist 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, |  | 2022 |  | 2021 |  | 2020
A&D | ​ | $ | 351.4 |  | 314.8 |  | 351.9
USG | ​ | ​ | 278.4 | ​ | 202.9 | ​ | 191.7
Test | ​ |  | 227.7 |  | 197.7 |  | 186.9
Consolidated totals | ​ | $ | 857.5 |  | 715.4 |  | 730.5
​ No customer exceeded 10% of consolidated sales in 2022 or 2021 and one customer exceeded 10% of consolidated sales in 2020. EBIT ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2022 |  | 2021 |  | 2020
A&D | ​ | $ | 68.4 |  | 56.5 |  | 69.9
USG | ​ | ​ | 57.6 | ​ | 40.9 | ​ | 24.4
Test | ​ |  | 32.6 |  | 27.6 |  | 27.2
Reconciliation to consolidated totals (Corporate) | ​ |  | (47.3) |  | (42.1) |  | (78.4)
Consolidated EBIT | ​ |  | 111.3 |  | 82.9 |  | 43.1
Less: interest expense | ​ |  | (4.9) |  | (2.2) |  | (6.7)
Earnings before income tax | ​ | $ | 106.4 |  | 80.7 |  | 36.4
​ Identifiable Assets ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2022 |  | 2021
A&D | ​ | $ | 295.2 |  | 270.0
USG | ​ | ​ | 220.0 | ​ | 197.5
Test | ​ |  | 174.6 |  | 153.6
Corporate | ​ |  | 964.7 |  | 956.2
Consolidated totals | ​ | $ | 1,654.5 |  | 1,577.3
​ Corporate consists primarily of deferred taxes, acquired intangible assets including goodwill and cash balances. ​ Capital Expenditures ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2022 |  | 2021 |  | 2020
A&D | ​ | $ | 9.4 |  | 10.4 |  | 15.9
USG | ​ | ​ | 14.4 | ​ | 11.6 | ​ | 12.4
Test | ​ |  | 8.3 |  | 4.7 |  | 3.6
Corporate | ​ |  | — |  | — |  | 0.2
Consolidated totals | ​ | $ | 32.1 |  | 26.7 |  | 32.1
​ In addition to the above amounts, we incurred expenditures for capitalized software of $12.9 million, $8.8 million and $9.0 million in 2022, 2021 and 2020, respectively. Depreciation and Amortization
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2022 |  | 2021 |  | 2020
A&D | ​ | $ | 11.1 |  | 10.4 |  | 9.4
USG | ​ | ​ | 12.6 | ​ | 13.5 | ​ | 14.4
Test | ​ |  | 5.4 |  | 5.2 |  | 5.0
Corporate | ​ |  | 19.2 |  | 12.9 |  | 12.5
Consolidated totals | ​ | $ | 48.3 |  | 42.0 |  | 41.3
​ Depreciation expense of property, plant and equipment was $22.4 million, $21.2 million and $19.5 million for 2022, 2021 and 2020, respectively. Geographic Information Net Sales ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2022 |  | 2021 |  | 2020
United States | ​ | $ | 603.2 |  | 517.0 |  | 529.4
Asia | ​ |  | 122.4 |  | 92.3 |  | 96.3
Europe | ​ |  | 72.4 |  | 53.5 |  | 51.3
Canada | ​ |  | 31.2 |  | 27.0 |  | 31.7
India | ​ |  | 10.3 |  | 12.4 |  | 10.3
Other | ​ |  | 18.0 |  | 13.2 |  | 11.5
Consolidated totals | ​ | $ | 857.5 |  | 715.4 |  | 730.5
​ Long-Lived Assets ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2022 |  | 2021
United States | ​ | $ | 141.5 |  | 141.0
Mexico | ​ |  | 5.8 |  | 3.8
Other | ​ |  | 8.7 |  | 9.5
Consolidated totals | ​ | $ | 156.0 |  | 154.3
​ 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.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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