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Business Segment Information | 12 Months Ended
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Sep. 30, 2023
Business Segment Information |
Business Segment Information | 9. 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 Test & Measurement, formerly called RF Shielding and Test (Test). In addition, for reporting certain financial information we treat Corporate activities as a separate segment. The A&D segment’s operations consist of PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair), Globe Composite Solutions, LLC (Globe), Westland Technologies, Inc. (Westland), and Mayday Manufacturing Co. (Mayday). The companies within this segment primarily design and manufacture specialty filtration, fluid control and naval products, including hydraulic filter elements and fluid control devices used in aerospace and defense applications, unique filter mechanisms used in micro-propulsion devices for satellites, custom designed filters for manned aircraft and submarines, products and systems to reduce vibration and/or acoustic signatures and otherwise reduce or obscure a vessel’s signature, and other communications, sealing, surface control and hydrodynamic related applications to enhance U.S. Navy maritime survivability; precision-tolerance machined components for the aerospace and defense industry; metal processing services; and miniature electro-explosive devices utilized in mission-critical defense and aerospace applications. The USG segment’s operations consist 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 acquisition of Altanova not only complements our existing products and services but its strong market presence 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 and systems to measure and control RF and acoustic energy. It serves the acoustics, medical, health and safety, electronics, wireless communications, automotive and defense markets, supplying a broad range of turnkey systems, including RF test facilities and measurement systems, acoustic test enclosures, RF and magnetically shielded rooms, and secure communication facilities, and providing the design, program management, installation and integration services required to successfully complete these types of facilities. It also supplies a broad range of components including RF absorptive materials, filters, antennas, field probes, test cells, proprietary measurement software and other test accessories required to perform a variety of tests and measurements, and offers a variety of services including calibration and product tests. 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. ​ Net Sales ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2023 |  | 2022 |  | 2021
A&D | ​ | $ | 392.4 |  | 351.4 |  | 314.8
USG | ​ | ​ | 342.3 | ​ | 278.4 | ​ | 202.9
Test | ​ |  | 221.3 |  | 227.7 |  | 197.7
Consolidated totals | ​ | $ | 956.0 |  | 857.5 |  | 715.4
​ No customer exceeded 10% of consolidated sales in 2023, 2022 or 2021. EBIT ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2023 |  | 2022 |  | 2021
A&D | ​ | $ | 71.6 |  | 68.4 |  | 56.5
USG | ​ | ​ | 76.7 | ​ | 57.6 | ​ | 40.9
Test | ​ |  | 32.4 |  | 32.6 |  | 27.6
Reconciliation to consolidated totals (Corporate) | ​ |  | (53.0) |  | (47.3) |  | (42.1)
Consolidated EBIT | ​ |  | 127.7 |  | 111.3 |  | 82.9
Less: interest expense | ​ |  | (8.8) |  | (4.9) |  | (2.2)
Earnings before income tax | ​ | $ | 118.9 |  | 106.4 |  | 80.7
​ Identifiable Assets ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2023 |  | 2022
A&D | ​ | $ | 354.7 |  | 295.2
USG | ​ | ​ | 254.9 | ​ | 220.0
Test | ​ |  | 167.6 |  | 174.6
Corporate | ​ |  | 906.0 |  | 964.7
Consolidated totals | ​ | $ | 1,683.2 |  | 1,654.5
​ Corporate consists primarily of deferred taxes, acquired intangible assets including goodwill and cash balances. ​ Capital Expenditures ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2023 |  | 2022 |  | 2021
A&D | ​ | $ | 12.9 |  | 9.4 |  | 10.4
USG | ​ | ​ | 4.9 | ​ | 14.4 | ​ | 11.6
Test | ​ |  | 4.5 |  | 8.3 |  | 4.7
Corporate | ​ |  | 0.1 |  | — |  | —
Consolidated totals | ​ | $ | 22.4 |  | 32.1 |  | 26.7
​ In addition to the above amounts, we incurred expenditures for capitalized software of $12.4 million, $12.9 million and $8.8 million in 2023, 2022 and 2021, respectively. Depreciation and Amortization
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2023 |  | 2022 |  | 2021
A&D | ​ | $ | 12.6 |  | 11.1 |  | 10.4
USG | ​ | ​ | 14.0 | ​ | 12.6 | ​ | 13.5
Test | ​ |  | 5.3 |  | 5.4 |  | 5.2
Corporate | ​ |  | 18.6 |  | 19.2 |  | 12.9
Consolidated totals | ​ | $ | 50.5 |  | 48.3 |  | 42.0
​ Depreciation expense of property, plant and equipment was $21.6 million, $22.4 million and $21.2 million for 2023, 2022 and 2021, respectively. Geographic Information Net Sales ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2023 |  | 2022 |  | 2021
United States | ​ | $ | 665.4 |  | 603.2 |  | 517.0
Asia | ​ |  | 116.3 |  | 132.7 |  | 104.7
Europe | ​ |  | 90.4 |  | 72.4 |  | 53.5
Canada | ​ |  | 46.8 |  | 31.2 |  | 27.0
Other | ​ |  | 37.1 |  | 18.0 |  | 13.2
Consolidated totals | ​ | $ | 956.0 |  | 857.5 |  | 715.4
​ Long-Lived Assets ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in millions) | ​ | ​ | ​ | ​ | ​
Year ended September 30, |  | 2023 |  | 2022
United States | ​ | $ | 141.9 |  | 141.5
Canada | ​ | ​ | 4.3 | ​ | 4.9
Mexico | ​ |  | 2.4 |  | 5.8
Other | ​ |  | 6.9 |  | 3.8
Consolidated totals | ​ | $ | 155.5 |  | 156.0
​ 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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