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Summary of Significant Accounting Policies | 9 Months Ended
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Jun. 30, 2013
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Principles of Consolidation The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. The U.S. dollar is the functional currency for all of the Company’s U.S. operations and its Irish subsidiary. For these operations, all gains and losses from completed currency transactions are included in income currently. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2012 Annual Report on Form 10-K. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year. B. Net Income per Share The Company’s net income per basic share has been computed based on the weighted-average number of common shares outstanding. Net income per diluted share reflects the effect of the Company’s outstanding stock options, restricted shares and performance shares under the treasury stock method. The dilutive effect of the Company’s stock options, restricted shares and performance shares were as follows:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Income from continuing operations | $ | 2,557 |  |  | $ | 2,102 |  |  | $ | 4,947 |  |  | $ | 4,387 |
Income (loss) from discontinued operations, net of tax | (79 | ) |  | 339 |  |  | 2,381 |  |  | 964 |
Net income | $ | 2,478 |  |  | $ | 2,441 |  |  | $ | 7,328 |  |  | $ | 5,351 |
Weighted-average common shares outstanding (basic) | 5,374 |  |  | 5,328 |  |  | 5,359 |  |  | 5,311 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock options | 1 |  |  | 12 |  |  | 1 |  |  | 19 |
Restricted shares | 14 |  |  | 6 |  |  | 10 |  |  | 6 |
Performance shares | 13 |  |  | 7 |  |  | 29 |  |  | 7 |
Weighted-average common shares outstanding (diluted) | 5,402 |  |  | 5,353 |  |  | 5,399 |  |  | 5,343 |
Net income per share – basic |  |  |  |  |  |  |
Continuing operations | $ | 0.47 |  |  | $ | 0.40 |  |  | $ | 0.92 |  |  | $ | 0.83 |
Discontinued operations | (0.01 | ) |  | 0.06 |  |  | 0.44 |  |  | 0.18 |
Net income | $ | 0.46 |  |  | $ | 0.46 |  |  | $ | 1.36 |  |  | $ | 1.01 |
Net income per share – diluted: |  |  |  |  |  |  |
Continuing operations | $ | 0.47 |  |  | $ | 0.40 |  |  | $ | 0.92 |  |  | $ | 0.82 |
Discontinued operations | (0.01 | ) |  | 0.06 |  |  | 0.44 |  |  | 0.18 |
Net income | $ | 0.46 |  |  | $ | 0.46 |  |  | $ | 1.36 |  |  | $ | 1.00 |
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share | 18 |  |  | 147 |  |  | 58 |  |  | 147 |
C. Derivative Financial Instruments The Company uses an interest rate swap agreement to reduce risk related to variable-rate debt, which is subject to changes in market rates of interest. The interest rate swap is designated as a cash flow hedge. At June 30, 2013, the Company held one interest rate swap agreement with a notional amount of $6,500. Cash flows related to the interest rate swap agreement are included in interest expense. The Company’s interest rate swap agreement and its variable-rate term debt are based upon LIBOR. During the first nine months of fiscal year 2013, the Company’s interest rate swap agreement qualified as a fully effective cash flow hedge against the Company’s variable-rate term note interest risk. D. Impact of Newly Issued Accounting Standards In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-2, “Comprehensive Income”, which provides guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income (“AOCI”). This new guidance requires entities to present (either on the face of the income statement or in the notes to the financial statements) the effects on the income statement of amounts reclassified out of AOCI. The new guidance will be effective for the Company beginning October 1, 2013. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In March 2013, the Financial Accounting Standards Board issued ASU 2013-5, “Foreign Currency Matters”, which provides guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for the Company beginning October 1, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. E. Reclassifications Certain prior period amounts were reclassified to conform to the current consolidated financial statement presentation.

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 + Details
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