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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | Information about the Company's segments follows:
| Memorialization |  | Industrial Technologies |  | SGK Brand Solutions |  | Corporate and Non-Operating |  | Consolidated
Sales to external customers:
2023 | $ | 842,997 |  |  | $ | 505,751 |  |  | $ | 532,148 |  |  | $ | — |  |  | $ | 1,880,896 |
2022 | 840,124 |  |  | 335,523 |  |  | 586,756 |  |  | — |  |  | 1,762,403 |
2021 | 769,016 |  |  | 284,495 |  |  | 617,519 |  |  | — |  |  | 1,671,030 |
Intersegment sales:
2023 | — |  |  | 1,829 |  |  | 1,073 |  |  | — |  |  | 2,902 |
2022 | — |  |  | 1,057 |  |  | 1,295 |  |  | — |  |  | 2,352 |
2021 | — |  |  | 2,146 |  |  | 2,376 |  |  | — |  |  | 4,522 |
Depreciation and amortization:
2023 | 23,738 |  |  | 23,184 |  |  | 44,842 |  |  | 4,766 |  |  | 96,530 |
2022 | 23,228 |  |  | 11,387 |  |  | 64,173 |  |  | 5,268 |  |  | 104,056 |
2021 | 23,043 |  |  | 11,427 |  |  | 93,665 |  |  | 5,377 |  |  | 133,512 |
Adjusted EBITDA:
2023 | 163,986 |  |  | 66,278 |  |  | 57,128 |  |  | (61,583) |  |  | 225,809 |
2022 | 151,849 |  |  | 56,762 |  |  | 60,120 |  |  | (58,323) |  |  | 210,408 |
2021 | 165,653 |  |  | 34,889 |  |  | 91,435 |  |  | (64,227) |  |  | 227,750 |
Total assets:
2023 | 794,129 |  |  | 482,444 |  |  | 572,601 |  |  | 38,207 |  |  | 1,887,381 |
2022 | 800,666 |  |  | 414,019 |  |  | 631,291 |  |  | 36,795 |  |  | 1,882,771 |
2021 | 807,215 |  |  | 285,710 |  |  | 874,001 |  |  | 65,152 |  |  | 2,032,078 |
Capital expenditures:
2023 | 16,868 |  |  | 16,253 |  |  | 14,589 |  |  | 2,888 |  |  | 50,598 |
2022 | 28,899 |  |  | 13,646 |  |  | 14,287 |  |  | 4,489 |  |  | 61,321 |
2021 | 11,969 |  |  | 8,620 |  |  | 11,775 |  |  | 1,949 |  |  | 34,313 |
A reconciliation of adjusted EBITDA to net income follows:
|  | 2023 |  | 2022 |  | 2021
Total Adjusted EBITDA |  | $ | 225,809 |  |  | $ | 210,408 |  |  | $ | 227,750 |
Acquisition and divestiture related items (1)** |  | (5,293) |  |  | (7,898) |  |  | (541) |
Strategic initiatives and other charges (2)** |  | (13,923) |  |  | (28,060) |  |  | (28,998) |
Non-recurring / incremental COVID-19 costs (3)*** |  | — |  |  | (2,985) |  |  | (5,312) |
Highly inflationary accounting losses (primarily non-cash) (4) |  | (1,360) |  |  | (1,473) |  |  | — |
Defined benefit plan termination related items (5) |  | — |  |  | 429 |  |  | — |
Asset write-downs, net (6) |  | — |  |  | (10,050) |  |  | — |
Goodwill write-downs (7) |  | — |  |  | (82,454) |  |  | — |
Stock-based compensation |  | (17,308) |  |  | (17,432) |  |  | (15,581) |
Non-service pension and postretirement expense (8) |  | (1,640) |  |  | (31,823) |  |  | (5,837) |
Depreciation and amortization * |  | (96,530) |  |  | (104,056) |  |  | (133,512) |
Interest expense, including RPA and factoring financing fees (9) |  | (48,690) |  |  | (28,771) |  |  | (28,684) |
Net loss attributable to noncontrolling interests |  | (155) |  |  | (54) |  |  | (52) |
Income (loss) before income taxes |  | 40,910 |  |  | (104,219) |  |  | 9,233 |
Income tax (provision) benefit |  | (1,774) |  |  | 4,391 |  |  | (6,375) |
Net income (loss) |  | $ | 39,136 |  |  | $ | (99,828) |  |  | $ | 2,858 |
(1) Includes certain non-recurring costs associated with recent acquisition and divestiture activity, and also includes a gain of $1,827 in fiscal year 2023 related to the divestiture of a business in the Industrial Technologies segment.
(2) Includes certain non-recurring costs associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels and costs associated with global ERP system integration efforts, net of loss recoveries of $2,154 in fiscal year 2023 related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.
(3) 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.
(4) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries.
(5) Represents items associated with the termination of the Company's DB Plan, supplemental retirement plan and the defined benefit portion of the officers retirement restoration plan.
(6) Represents asset write-downs, net of recoveries within the SGK Brand Solutions segment (see Note 23, "Asset Write-Downs").
(7) Represents goodwill write-downs within the SGK Brand Solutions segment (see Note 22, "Goodwill and Other Intangible Assets").
(8) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement 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 and settlement 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 or settlements of plan obligations. 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.
(9) Includes fees for receivables sold under the RPA and factoring arrangements totaling $4,042 and $1,046 for the fiscal years ended September 30, 2023 and 2022, respectively.
* Depreciation and amortization was $23,738, $23,228, and $23,043 for the Memorialization segment, $23,184, $11,387, and $11,427 for the Industrial Technologies segment, $44,842, $64,173, and $93,665 for the SGK Brand Solutions segment, and $4,766, $5,268, and $5,377 for Corporate and Non-Operating, for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. ** Acquisition and divestiture costs, ERP integration costs, and strategic initiatives and other charges were $1,002, $3,517, and $1,923 for the Memorialization segment, $4,108, $5,631, and $4,026 for the Industrial Technologies segment, $10,905, $19,359, and $12,323 for the SGK Brand Solutions segment, and $3,201, $7,451, and $11,267 for Corporate and Non-Operating, for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. *** Non-recurring/incremental COVID-19 costs were $1,314, and $3,646 for the Memorialization segment, $6, and $38 for the Industrial Technologies segment, $1,199, and $1,539 for the SGK Brand Solutions segment, and $466, and $89 for Corporate and Non-Operating, for the fiscal years ended September 30, 2022, and 2021 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: |  |  |  |  |  |  |  |  |  |
2023 | $ | 1,219,238 |  |  | $ | 5,260 |  |  | $ | 572,736 |  |  | $ | 19,913 |  |  | $ | 63,749 |  |  | $ | 1,880,896 |
2022 | 1,230,267 |  |  | 4,729 |  |  | 444,606 |  |  | 21,206 |  |  | 61,595 |  |  | 1,762,403 |
2021 | 1,141,396 |  |  | 5,036 |  |  | 446,274 |  |  | 23,568 |  |  | 54,756 |  |  | 1,671,030 |
Long-lived assets: |  |  |  |  |  |  |  |  |  |
2023 | 806,182 |  |  | 11,690 |  |  | 255,748 |  |  | 14,099 |  |  | 41,194 |  |  | 1,128,913 |
2022 | 822,566 |  |  | 10,787 |  |  | 242,614 |  |  | 14,895 |  |  | 42,778 |  |  | 1,133,640 |
2021 | 890,545 |  |  | 14,226 |  |  | 277,655 |  |  | 21,012 |  |  | 55,598 |  |  | 1,259,036 |

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- 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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