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Segment Information (Tables) | 6 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Information About the Company's Segments | The following table sets forth information about the Company's segments, including a reconciliation of adjusted EBITDA to net income.
|  | Three Months Ended March 31, |  | Six Months Ended March 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Sales: |  |
Memorialization |  | $ | 222,156 |  |  | $ | 222,889 |  |  | $ | 430,227 |  |  | $ | 429,391 |
Industrial Technologies |  | 116,136 |  |  | 125,514 |  |  | 227,510 |  |  | 234,657 |
SGK Brand Solutions |  | 132,931 |  |  | 131,177 |  |  | 263,472 |  |  | 264,772 |
Consolidated Sales |  | $ | 471,223 |  |  | $ | 479,580 |  |  | $ | 921,209 |  |  | $ | 928,820 |
Adjusted EBITDA: |  |  |  |  |  |  |  |
Memorialization |  | $ | 46,614 |  |  | $ | 48,030 |  |  | $ | 83,314 |  |  | $ | 87,167 |
Industrial Technologies |  | 10,028 |  |  | 15,565 |  |  | 19,650 |  |  | 27,767 |
SGK Brand Solutions |  | 15,370 |  |  | 11,020 |  |  | 28,263 |  |  | 23,252 |
Corporate and Non-Operating |  | (15,212) |  |  | (16,168) |  |  | (28,945) |  |  | (30,448) |
Total Adjusted EBITDA |  | $ | 56,800 |  |  | $ | 58,447 |  |  | $ | 102,282 |  |  | $ | 107,738 |
Acquisition and divestiture related items (1)** |  | (2,062) |  |  | (2,852) |  |  | (3,299) |  |  | (4,137) |
Strategic initiatives and other charges (2)** |  | (4,962) |  |  | (1,280) |  |  | (10,882) |  |  | (3,061) |
Highly inflationary accounting losses (primarily non-cash) (3) |  | (390) |  |  | (160) |  |  | (710) |  |  | (1,248) |
Stock-based compensation |  | (4,327) |  |  | (4,278) |  |  | (8,978) |  |  | (8,612) |
Non-service pension and postretirement expense (4) |  | (110) |  |  | (83) |  |  | (219) |  |  | (1,471) |
Depreciation and amortization * |  | (23,261) |  |  | (24,148) |  |  | (46,784) |  |  | (47,877) |
Interest expense, including RPA and factoring financing fees (5) |  | (13,783) |  |  | (13,137) |  |  | (26,534) |  |  | (23,808) |
Net loss attributable to noncontrolling interests |  | — |  |  | (2) |  |  | — |  |  | (58) |
Income before income taxes |  | 7,905 |  |  | 12,507 |  |  | 4,876 |  |  | 17,466 |
Income tax benefit (provision) |  | 1,122 |  |  | (3,382) |  |  | 1,848 |  |  | (4,694) |
Net income |  | $ | 9,027 |  |  | $ | 9,125 |  |  | $ | 6,724 |  |  | $ | 12,772 |
(1) Includes certain non-recurring items associated with recent acquisition and divestiture activities.
(2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes costs related to an ongoing contractual dispute which totaled $4,972 for the six months ended March 31, 2024. Fiscal 2023 includes loss recoveries totaling $2,154 for the six months ended March 31, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015.
(3) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (see Note 2, "Basis of Presentation").
(4) 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.
(5) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,238 and $1,090 for the three months ended March 31, 2024 and 2023, respectively, and $2,413 and $1,546 for the six months ended March 31, 2024 and 2023, respectively.
* Depreciation and amortization was $6,914 and $5,711 for the Memorialization segment, $5,571 and $5,916 for the Industrial Technologies segment, $9,669 and $11,319 for the SGK Brand Solutions segment, and $1,107 and $1,202 for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Depreciation and amortization was $13,327 and $11,285 for the Memorialization segment, $11,948 and $11,769 for the Industrial Technologies segment, $19,241 and $22,379 for the SGK Brand Solutions segment, and $2,268 and $2,444 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively. ** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,037 and $333 for the Memorialization segment, $4,431 and $2,437 for the Industrial Technologies segment, $358 and $2,610 for the SGK Brand Solutions segment, and $1,198 and income of $1,248 for Corporate and Non-Operating, for the three months ended March 31, 2024 and 2023, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $1,097 and $711 for the Memorialization segment, $9,799 and $3,374 for the Industrial Technologies segment, $1,221 and $3,131 for the SGK Brand Solutions segment, and $2,064 and income of $18 for Corporate and Non-Operating, for the six months ended March 31, 2024 and 2023, respectively.

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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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