XML 63 R47.htm IDEA: XBRL DOCUMENT
v3.21.2

SEGMENT INFORMATION (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2021
Segment Reporting [Abstract] |
SEGMENT INFORMATION | Information about the Company's segments follows:
| SGK Brand Solutions |  | Memorialization |  | Industrial Technologies |  | Corporate and Non-Operating |  | Consolidated
Sales to external customers:
2021 | $ | 726,895 |  |  | $ | 769,016 |  |  | $ | 175,119 |  |  | $ | — |  |  | $ | 1,671,030 |
2020 | 693,093 |  |  | 656,035 |  |  | 149,178 |  |  | — |  |  | 1,498,306 |
2019 | 743,869 |  |  | 636,892 |  |  | 156,515 |  |  | — |  |  | 1,537,276 |
Intersegment sales:
2021 | 55 |  |  | — |  |  | — |  |  | — |  |  | 55 |
2020 | 29 |  |  | 4 |  |  | 281 |  |  | — |  |  | 314 |
2019 | 703 |  |  | 25 |  |  | 48 |  |  | — |  |  | 776 |
Depreciation and amortization:
2021 | 99,490 |  |  | 23,043 |  |  | 5,602 |  |  | 5,377 |  |  | 133,512 |
2020 | 87,597 |  |  | 20,527 |  |  | 5,771 |  |  | 5,163 |  |  | 119,058 |
2019 | 59,684 |  |  | 19,731 |  |  | 6,195 |  |  | 5,183 |  |  | 90,793 |
Adjusted EBITDA:
2021 | 99,665 |  |  | 165,653 |  |  | 26,659 |  |  | (64,227) |  |  | 227,750 |
2020 | 90,644 |  |  | 146,285 |  |  | 22,753 |  |  | (56,602) |  |  | 203,080 |
2019 | 119,493 |  |  | 134,286 |  |  | 24,082 |  |  | (56,989) |  |  | 220,872 |
Total assets:
2021 | 961,996 |  |  | 807,215 |  |  | 197,715 |  |  | 65,152 |  |  | 2,032,078 |
2020 | 1,014,097 |  |  | 779,886 |  |  | 192,948 |  |  | 85,702 |  |  | 2,072,633 |
2019 | 1,106,276 |  |  | 830,377 |  |  | 191,533 |  |  | 62,417 |  |  | 2,190,603 |
Capital expenditures:
2021 | 19,117 |  |  | 11,969 |  |  | 1,278 |  |  | 1,949 |  |  | 34,313 |
2020 | 20,250 |  |  | 11,282 |  |  | 1,598 |  |  | 1,719 |  |  | 34,849 |
2019 | 22,310 |  |  | 9,352 |  |  | 2,382 |  |  | 3,644 |  |  | 37,688 |
A reconciliation of adjusted EBITDA to net income follows:
|  | 2021 |  | 2020 |  | 2019
Total Adjusted EBITDA |  | $ | 227,750 |  |  | $ | 203,080 |  |  | $ | 220,872 |
Acquisition related items (1)** |  | (541) |  |  | (3,440) |  |  | (10,084) |
ERP integration costs (2)** |  | (1,037) |  |  | (2,296) |  |  | (7,508) |
Strategic initiatives and other charges: (3)** |  |  |  |  |  |
Workforce reductions and related costs |  | (10,644) |  |  | (9,232) |  |  | (5,061) |
Other cost-reduction initiatives |  | (17,317) |  |  | (25,718) |  |  | (9,176) |
Legal matter reserve (4) |  | — |  |  | (10,566) |  |  | — |
Non-recurring / incremental COVID-19 costs (5)*** |  | (5,312) |  |  | (3,908) |  |  | — |
Goodwill write-downs (6) |  | — |  |  | (90,408) |  |  | (77,572) |
Net realized gains (losses) on divestitures and asset dispositions: |  |  |  |  |  |
Gain (loss) on sale of ownership interests in subsidiaries (7) |  | — |  |  | 11,208 |  |  | (6,469) |
Realized loss on cost-method investments (8) |  | — |  |  | — |  |  | (4,731) |
Net gains from the sale of buildings and vacant properties (9) |  | — |  |  | — |  |  | 7,347 |
Joint Venture depreciation, amortization, interest expense and other charges (10) |  | — |  |  | (4,732) |  |  | (1,514) |
Stock-based compensation |  | (15,581) |  |  | (8,096) |  |  | (7,729) |
Non-service pension and postretirement expense (11) |  | (5,837) |  |  | (7,789) |  |  | (3,802) |
Depreciation and amortization * |  | (133,512) |  |  | (119,058) |  |  | (90,793) |
Interest expense |  | (28,684) |  |  | (34,885) |  |  | (40,962) |
Net loss attributable to noncontrolling interests |  | (52) |  |  | (497) |  |  | (901) |
Income (loss) before income taxes |  | 9,233 |  |  | (106,337) |  |  | (38,083) |
Income tax (provision) benefit |  | (6,375) |  |  | 18,685 |  |  | (806) |
Net income (loss) |  | $ | 2,858 |  |  | $ | (87,652) |  |  | $ | (38,889) |
(1) Includes certain non-recurring items associated with recent acquisition activities.
(2) Represents costs associated with global ERP system integration efforts.
(3) Includes certain non-recurring costs primarily associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels.
(4) Represents a reserve established for a legal matter involving a letter of credit for a customer in Saudi Arabia within the Memorialization segment (see Note 9, "Long Term Debt").
(5) Includes certain non-recurring direct incremental costs (such as costs for purchases of computer peripherals and devices to facilitate working-from-home, additional personal protective equipment and cleaning supplies and services, etc.) incurred in response to COVID-19. This amount does not include the impact of any lost sales or underutilization due to COVID-19.
(6) Represents goodwill write-downs within the SGK Brand Solutions segment (see Note 21, "Goodwill and Other Intangible Assets").
(7) Represents the gain (loss) on the sale of ownership interests in subsidiaries within the Memorialization segment.
(8) Includes gains/losses related to cost-method investments, and related assets, within the SGK Brand Solutions and Memorialization segments.
(9) Includes significant building and vacant property transactions resulting in a gain of $8,663 within the Industrial Technologies segment and losses of $915 and $401 within the SGK Brand Solutions and Memorialization segments, respectively.
(10) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other non-recurring charges incurred by non-consolidated subsidiaries accounted for as equity-method investments within the Memorialization segment.
(11) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, and curtailment gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses are excluded from Adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.
* Depreciation and amortization was $99,490, $87,597, and $59,684 for the SGK Brand Solutions segment, $23,043, $20,527, and $19,731 for the Memorialization segment, $5,602, $5,771, and $6,195 for the Industrial Technologies segment, and $5,377, $5,163, and $5,183 for Corporate and Non-Operating, for the fiscal years ended September 30, 2021, 2020, and 2019, respectively. ** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $16,349, $14,737, and $8,903 for the SGK Brand Solutions segment and $11,267, $22,985, and $19,853 for Corporate and Non-Operating, for the fiscal years ended September 30, 2021, 2020, and 2019, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,923 and $2,696 for the Memorialization segment for the fiscal years ended September 30, 2021, and 2020, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $268 and $3,073 for the Industrial Technologies segment for the fiscal years ended September 30, 2020 and 2019, respectively. *** Non-recurring/incremental COVID-19 costs were $1,563 and $1,453 for the SGK Brand Solutions segment, $3,646 and $1,819 for the Memorialization segment, $14 and $21 for the Industrial Technologies segment, and $89 and $615 for Corporate and Non-Operating, for the fiscal years ended September 30, 2021 and 2020, respectively. Information about the Company's operations by geographic area follows:
| North America |  | Central and South America |  | Europe |  | Australia |  | Asia |  | Consolidated
Sales to external customers: |  |  |  |  |  |  |  |  |  |
2021 | $ | 1,141,396 |  |  | $ | 5,036 |  |  | $ | 446,274 |  |  | $ | 23,568 |  |  | $ | 54,756 |  |  | $ | 1,671,030 |
2020 | 1,037,705 |  |  | 6,304 |  |  | 387,831 |  |  | 21,079 |  |  | 45,387 |  |  | 1,498,306 |
2019 | 1,038,268 |  |  | 5,853 |  |  | 426,253 |  |  | 20,885 |  |  | 46,017 |  |  | 1,537,276 |
Long-lived assets: |  |  |  |  |  |  |  |  |  |
2021 | 890,545 |  |  | 14,226 |  |  | 277,655 |  |  | 21,012 |  |  | 55,598 |  |  | 1,259,036 |
2020 | 957,393 |  |  | 14,063 |  |  | 286,990 |  |  | 21,746 |  |  | 55,482 |  |  | 1,335,674 |
2019 | 1,047,505 |  |  | 15,585 |  |  | 342,802 |  |  | 21,278 |  |  | 57,729 |  |  | 1,484,899 |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration