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Summary of Significant Accounting Policies | 9 Months Ended
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Jun. 30, 2022
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 in consolidation. The U.S. dollar is the functional currency for all of the Company’s operations in the United States ("U.S.") and its non-operating subsidiaries. For these operations, all gains and losses from completed currency transactions are included in income. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange for the period. 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 2021 Annual Report on Form 10-K. The year-end consolidated balance sheet data was derived from the audited financial statements and disclosures required by accounting principles generally accepted in the U.S. 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. Accounting Policies A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company's Annual Report on Form 10-K for the year ended September 30, 2021. C. Net (Loss)/Income per Share The Company’s net loss and net income per basic share has been computed based on the weighted-average number of common shares outstanding. During a period of net loss, zero restricted and performance shares are included in the calculation of diluted earnings per share because the effect would be anti-dilutive. In a period of net income, the net income per diluted share reflects the effect of the Company's outstanding restricted shares and performance shares under the treasury method. The dilutive effect is as follows:
| Three Months Ended June 30, |  | Nine Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net (loss) income | $ | (2,668) |  |  | $ | 254 |  |  | $ | (2,720) |  |  | $ | 1,756 |
Weighted-average common shares outstanding (basic) | 5,840 |  |  | 5,779 |  |  | 5,827 |  |  | 5,753 |
Effect of dilutive securities: |  |  |  |  |  |  |
Restricted shares | — |  |  | 146 |  |  | — |  |  | 145 |
Performance shares | — |  |  | 81 |  |  | — |  |  | 62 |
Weighted-average common shares outstanding (diluted) | 5,840 |  |  | 6,006 |  |  | 5,827 |  |  | 5,960 |
Net (loss) income per share – basic: | $ | (0.46) |  |  | $ | 0.04 |  |  | $ | (0.47) |  |  | $ | 0.31 |
Net (loss) income per share – diluted: | $ | (0.46) |  |  | $ | 0.04 |  |  | $ | (0.47) |  |  | $ | 0.29 |
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share | 313 |  |  | 184 |  |  | 309 |  |  | 206 |
D. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (ASC 740) – Simplifying the Accounting for Income Taxes," which is intended to reduce complexity in the accounting for income taxes while maintaining or improving the usefulness of information provided to financial statement users. The guidance amends certain existing provisions under ASC 740 to address a number of distinct items. The Company adopted ASU 2019-12 effective October 1, 2021. Adoption of the amendments in this ASU did not have an impact to the Company's results of operations and financial condition. E. Asset Impairment The Company reviews the carrying value of its long-lived assets ("asset groups"), including property, plant and equipment, when events and circumstances indicate a triggering event has occurred. This review is performed using estimates of future undiscounted cash flows, which include proceeds from disposal of assets. Under the Accounting Standard Codification ("ASC") 360 ("Topic 360"), if the carrying value of a long-lived asset is greater than the estimated undiscounted future cash flows, then the long-lived asset is considered impaired and an impairment charge is recorded for the amount by which the carrying value of the long-lived asset exceeds its fair value. The Company continuously monitors triggers to determine if further testing is necessary. In the third quarter, certain qualitative factors, including operating results, at the Orange, California ("Orange") location, triggered a recoverability test. The results indicated that the long-lived assets, right-of-use assets and definite lived intangible assets were recoverable and did not require further review for impairment. The Company will continue to monitor the carrying value of its assets groups for indicators of impairment; accordingly, there may be impairments in the future. F. Reclassification Certain amounts in prior years have been reclassified to conform to the 2022 consolidated condensed 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=126899994&loc=d3e18726-107790 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI https://asc.fasb.org/topic&trid=2122369 + Details
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