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Assets Held for Sale and Discontinued Operations | 12 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company committed to the plan to sell CBlade in August 2024 in order to streamline operational synergies and refocus on its core aerospace forging entities. On August 1, 2024, the Company’s Board of Directors approved, and management executed a share purchase agreement (the “SPA”), under which SIFCO Irish Holdings, Ltd., a wholly owned subsidiary of the Company, entered into an agreement to sell 100% of the share capital of CBlade, to TB2 S.r.l. (the “Buyer”) totaling an enterprise value of €20,000, less debt, for cash consideration of €13,800 in net equity value at closing, subject to adjustments for changes in working capital and certain other items.(the “CBlade Sale”). The Company determined that CBlade met the criteria for classification as assets held for sale upon the aforementioned events. Based on the asset held for sale classification and the significance of the disposed operations (i.e., strategic shift), CBlade represented discontinued operations as of September 30, 2024. In October 2024, upon regulatory approval, the Company completed the sale of CBlade and received cash consideration of approximately $14,938. The Company does not expect to have any significant continuing involvement with CBlade after the sale. The principal components of the assets and liabilities held for sale for the periods presented were as follows:
| September 30,
| 2024 |  | 2023
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 1,009 |  |  | $ | 347 |
Short-term investments | 1,114 |  |  | — |
Receivables, net | 6,259 |  |  | 4,558 |
Inventories, net | 6,185 |  |  | 4,305 |
Prepaid expenses and other current assets | 1,400 |  |  | 338 |
Total current assets | 15,967 |  |  | 9,548 |
Property, plant and equipment, net | 6,625 |  |  | 6,820 |
Operating lease right-of-use assets, net | 113 |  |  | 159 |
Intangible assets, net | 126 |  |  | 278 |
Other assets | — |  |  | 1 |
Total assets held for sale | $ | 22,831 |  |  | $ | 16,806 |
LIABILITIES |  |  |
Current liabilities: |  |  |
Current maturities of long-term debt | $ | 3,843 |  |  | $ | 3,446 |
Short-term operating lease liabilities | 40 |  |  | 51 |
Accounts payable | 2,770 |  |  | 2,473 |
Accrued liabilities | 3,405 |  |  | 2,691 |
Total current liabilities | 10,058 |  |  | 8,661 |
Long-term debt, net | 3,536 |  |  | 2,466 |
Long-term operating lease liabilities | 71 |  |  | 105 |
Deferred income taxes, net | 1 |  |  | — |
Pension liability | 282 |  |  | 313 |
Total liabilities held for sale | $ | 13,948 |  |  | $ | 11,545 |
A summary of the operating results for the discontinued operations is as follows:
| Years Ended September 30,
| 2024 |  | 2023
Net sales | $ | 24,705 |  |  | $ | 20,955 |
Cost of sales | 18,868 |  |  | 16,770 |
Depreciation and amortization | 1,227 |  |  | 1,333 |
Interest expense net | 507 |  |  | 351 |
Income from discontinued operations before income tax provision | 3,132 |  |  | 1,971 |
Income tax (benefit) expense | (111) |  |  | 144 |
Income from discontinued operations, net of tax | $ | 3,243 |  |  | $ | 1,827 |
A summary of the cash flows for the discontinued operations is as follows:
| Years Ended September 30,
| 2024 |  | 2023
Net cash provided by operating activities from discontinued operations | $ | 1,373 |  |  | $ | 2,397 |
Net cash used in investing activities from discontinued operations | (1,411) |  |  | (1,317) |
Net cash provided by (used for) financing activities of discontinued operations | 1,081 |  |  | (2,000) |
Effects of exchange rate changes on cash and cash equivalents | (381) |  |  | 110 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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