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Subsequent Events | 6 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Quarterly Dividend Declared On May 5, 2020, our Board of Directors declared a quarterly cash dividend on our common stock in the amount of $0.26 per share. The dividend is payable on June 17, 2020 to shareholders of record at the close of business on May 20, 2020. Impact of the COVID-19 Pandemic and Oil Price Volatility on Powell The global spread of COVID-19 has created significant volatility, uncertainty and economic disruption across the globe during Fiscal 2020. In addition, there have recently been significant reductions in oil and gas demand and steep declines in oil prices. Certain of our customers have asked that we delay our manufacturing on their projects as their operations have been negatively impacted by this pandemic and the reduced oil and gas demand and steep declines in oil prices. We continue to monitor and work with our suppliers who have been impacted by this pandemic to ensure we are able to meet our customer commitments. We also have reviewed and will continue to review our contracts with our suppliers, and we may need to make adjustments accordingly. From an operations standpoint, although our facilities are located in areas that have been or continue to be subject to stay-at-home orders, we have not closed any of our facilities for an extended amount of time and have continued to operate as an "essential business" under these orders across all of our locations. We continue to take the necessary steps to promote social distancing and enhanced cleaning efforts in our offices and facilities in an effort to keep our employees, customers and vendors safe. We are also exploring the use of technology across our operations to further enhance social distancing and improve safety. These safety precautions may have an adverse impact on our efficiency and productivity going forward. As a result of the circumstances noted above, we anticipate a decrease in commercial activity which will negatively impact our business, results of operations and cash flows going forward. We have and may need to continue to adjust our workforce and labor costs to correspond to the reduced customer demand. We will take prudent measures to maintain our strong liquidity and cash position, which may include reducing our capital expenditures and research and development costs, as well as reducing or eliminating future dividend payments. However, the extent to which the COVID-19 pandemic specifically will impact our business will depend on numerous factors that are hard to predict, some of which include: the duration, spread and severity of the pandemic; governmental actions in response to the pandemic, including travel restrictions and quarantine or related orders; any closures of our offices and facilities or those of our suppliers as a result of the pandemic, and how quickly and to what extent normal economic and operating conditions can resume. Therefore, the magnitude of the impact on our business, results of operations and cash flows is not currently known. Due to the circumstances noted above, we made a reduction in our workforce across the business in early May which will result in severance and restructuring costs of less than $1 million. We may have to make additional adjustments to our workforce and labor costs in response to further changes to customer demand.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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