Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 | Mar. 31, 2023 | Nov. 10, 2022 | Sep. 30, 2022 | |
Document Information [Line Items] | ||||
Document Fiscal Period Focus | FY | |||
Document Period End Date | Sep. 30, 2023 | |||
Document Fiscal Year Focus | 2022 | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Registrant Name | MUELLER WATER PRODUCTS, INC. | |||
Entity Central Index Key | 0001350593 | |||
Current Fiscal Year End Date | --09-30 | |||
Entity Filer Category | Large Accelerated Filer | |||
Document Type | 10-K | |||
Property, plant and equipment, net | $ 311.7 | $ 301.6 | ||
Intangible Assets, Net (Including Goodwill) | $ 427.7 | $ 459.8 | ||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Amendment Flag | false | |||
Entity Common Stock, Shares Outstanding | 156,112,060 | |||
Entity Shell Company | false | |||
Entity Emerging Growth Company | false | |||
Entity Small Business | false | |||
Entity Public Float | $ 2,149.2 | |||
ICFR Auditor Attestation Flag | true | |||
Document Financial Statement Error Correction [Flag] | false |
Cover Page Document
Cover Page Document | 12 Months Ended |
Sep. 30, 2023 | |
Cover Page [Abstract] | |
Document Type | 10-K |
Documents Incorporated by Reference [Text Block] | Applicable portions of the Proxy Statement for our upcoming 2024 Annual Meeting of Stockholders of the Company are incorporated by reference into Part III of this Form 10-K. |
Title of 12(b) Security | Common Stock, par value $0.01 |
Entity Address, Address Line Two | Suite 1200 |
Entity Incorporation, State or Country Code | DE |
Document Transition Report | false |
Document Annual Report | true |
Document Period End Date | Sep. 30, 2023 |
Entity File Number | 001-32892 |
Entity Registrant Name | MUELLER WATER PRODUCTS, INC. |
Entity Tax Identification Number | 20-3547095 |
Entity Address, Address Line One | 1200 Abernathy Road N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30328 |
City Area Code | (770) |
Local Phone Number | 206-4200 |
Trading Symbol | MWA |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Cover
Cover | 12 Months Ended |
Sep. 30, 2023 | |
Cover [Abstract] | |
Documents Incorporated by Reference [Text Block] | Applicable portions of the Proxy Statement for our upcoming 2024 Annual Meeting of Stockholders of the Company are incorporated by reference into Part III of this Form 10-K. |
Audit Information
Audit Information | 12 Months Ended |
Sep. 30, 2023 | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Atlanta, Georgia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Assets: | ||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 160.3 | $ 146.5 |
Receivables, net | 217.1 | 228 |
Inventories | 297.9 | 278.7 |
Other current assets | 31.5 | 26.8 |
Total current assets | 706.8 | 680 |
Property, plant and equipment, net | 311.7 | 301.6 |
Intangible Assets, Net (Excluding Goodwill) | 334 | 361.2 |
Goodwill | 93.7 | 98.6 |
Other noncurrent assets | 58.8 | 56.7 |
Total assets | 1,505 | 1,498.1 |
Liabilities and equity: | ||
Current portion of long-term debt | 0.7 | 0.8 |
Accounts payable | 102.9 | 122.8 |
Other current liabilities | 115.2 | 117.4 |
Liabilities, Current | 218.8 | 241 |
Long-term debt, excluding current maturities | 446.7 | 446.1 |
Deferred Tax Liabilities, Gross, Noncurrent | 73.8 | 86.3 |
Other noncurrent liabilities | 54.2 | 55.4 |
Total liabilities | 793.5 | 828.8 |
Common Stock | 1.6 | 1.6 |
Preferred Stock, Value, Issued | 0 | 0 |
Additional paid-in capital | 1,240.4 | 1,279.6 |
Accumulated deficit | (481.8) | (567.3) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (48.7) | (44.6) |
Stockholders' Equity Attributable to Parent | 711.5 | 669.3 |
Equity | 711.5 | 669.3 |
Total liabilities and equity | 1,505 | 1,498.1 |
Accounts Receivable, Allowance for Credit Loss, Current | 7.3 | 5.6 |
Commitments and contingencies (Note 15) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 7.3 | $ 5.6 |
Series A common stock, shares authorized | 600,000,000 | 600,000,000 |
Series A common stock, shares outstanding | 155,871,932 | 155,844,138 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding( in shares) | 0 | 0 |
Preferred stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 1,275.7 | $ 1,247.4 | $ 1,111 |
Cost of sales | 896.2 | 883.1 | 752.5 |
Gross profit | 379.5 | 364.3 | 358.5 |
Operating expenses: | |||
Selling, general and administrative | 241.9 | 238.7 | 218.8 |
Restructuring Charges | 10.2 | 7.2 | 8 |
Goodwill, Impairment Loss | 0 | 6.8 | 0 |
Total operating expenses | 252.1 | 252.7 | 226.8 |
Operating income | 127.4 | 111.6 | 131.7 |
Defined Benefit Plan, Net Periodic Benefit Cost other than Service Cost | 3.7 | (3.9) | (3.3) |
Interest expense, net | 14.7 | 16.9 | 23.4 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 109 | 98.6 | 94.9 |
Loss on early extinguishment of debt | 0 | 0 | 16.7 |
Income tax expense (benefit) | 23.5 | 22 | 24.5 |
Net Income (Loss) Attributable to Parent | $ 85.5 | $ 76.6 | $ 70.4 |
Net loss per basic share: | |||
Net income (loss) per basic share | $ 0.55 | $ 0.49 | $ 0.44 |
Net loss per diluted share: | |||
Net income (loss) per diluted share | $ 0.55 | $ 0.48 | $ 0.44 |
Weighted average shares outstanding: | |||
Basic, in shares | 156.3 | 157.4 | 158.4 |
Diluted, in shares | 156.8 | 158 | 159.2 |
Dividends declared per share, in dollars per share | $ 0.244 | $ 0.232 | $ 0.220 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income (Loss) Attributable to Parent | $ 85.5 | $ 76.6 | $ 70.4 |
Other comprehensive income (loss): | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (10.4) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (2.6) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (11.9) | (25.5) | 9.2 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (4.1) | (39.6) | 19.7 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 81.4 | 37 | 90.1 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | $ 7.8 | $ (14.1) | $ 10.5 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss) | Stock-based Compensation Related [Member] |
Balance at Sep. 30, 2020 | $ 640.7 | $ (0.1) | $ 1.6 | $ 1,378 | $ (714.2) | $ (0.1) | $ (24.7) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss) Attributable to Parent | 70.4 | 70.4 | ||||||
Dividends declared | (34.8) | (34.8) | ||||||
Stock-based compensation | 8.1 | 8.1 | ||||||
Stock issued under stock compensation plans | 1.9 | 1.9 | ||||||
Stock repurchased under buyback program | (10) | (10) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 19.7 | 19.7 | ||||||
Balance at Sep. 30, 2021 | 694.9 | 1.6 | 1,342.2 | (643.9) | (5) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (1) | (1) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 19.7 | |||||||
Net Income (Loss) Attributable to Parent | 76.6 | 76.6 | ||||||
Dividends declared | (36.5) | (36.5) | ||||||
Stock-based compensation | 8.7 | 8.7 | ||||||
Stock issued under stock compensation plans | 2 | 2 | ||||||
Stock repurchased under buyback program | (35) | (35) | ||||||
Other Comprehensive Income (Loss), Net of Tax | (39.6) | (39.6) | ||||||
Balance at Sep. 30, 2022 | 669.3 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (1.8) | (1.8) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (39.6) | |||||||
Stockholders' Equity Attributable to Parent | 669.3 | 1.6 | 1,279.6 | (567.3) | (44.6) | |||
Net Income (Loss) Attributable to Parent | 85.5 | 85.5 | ||||||
Dividends declared | (38.1) | (38.1) | ||||||
Stock-based compensation | 8.5 | 8.5 | ||||||
Stock issued under stock compensation plans | 2.7 | 2.7 | ||||||
Stock repurchased under buyback program | (10) | (10) | ||||||
Other Comprehensive Income (Loss), Net of Tax | (4.1) | |||||||
Balance at Sep. 30, 2023 | 711.5 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | (2.3) | $ (2.3) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (4.1) | (4.1) | ||||||
Stockholders' Equity Attributable to Parent | $ 711.5 | $ 1.6 | $ 1,240.4 | $ (481.8) | $ (48.7) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | |||
Net Income (Loss) Attributable to Parent | $ 85.5 | $ 76.6 | $ 70.4 |
Adjustments to reconcile net income (loss) to income (loss) from continuing operations: | |||
Depreciation | 34.4 | 32 | 31.4 |
Amortization | 28.1 | 28.5 | 28.2 |
Goodwill, Impairment Loss | 0 | (6.8) | 0 |
Pension plans | 4.4 | (2.6) | (1.9) |
Deferred income taxes | (14.4) | (3.5) | (5.3) |
Inventory disposed | 0.4 | 1.6 | 3.1 |
Stock-based compensation expense | 8.5 | 8.7 | 8.1 |
Loss on early extinguishment of debt | 0 | 0 | 16.7 |
Gain (Loss) on Disposition of Assets | (4) | 0 | 0 |
Other, net | 0.9 | 1.3 | 1.3 |
Changes in assets and liabilities, net of acquisitions: | |||
Receivables | 10.9 | (17.8) | (29.9) |
Inventories | (19.9) | (98.3) | (23.5) |
Other current assets and other noncurrent assets | (3.3) | 1.3 | (4.9) |
Accounts payable | (19.7) | 32.2 | 23 |
Increase (Decrease) in Accrued Liabilities | (2) | (8.5) | 37.5 |
Long-term liabilities | (0.8) | (6) | 2.5 |
Net Cash Provided by (Used in) Operating Activities, Total | 109 | 52.3 | 156.7 |
Investing activities: | |||
Capital expenditures | (47.6) | (54.7) | (62.7) |
Acquisitions, net of cash acquired | 0 | 0.2 | 19.7 |
Proceeds from sales of assets | 5.5 | 0 | 0.7 |
Net Cash Provided by (Used in) Investing Activities, Total | (42.1) | (54.9) | (81.7) |
Financing activities: | |||
Dividends paid | (38.1) | (36.5) | (34.8) |
Payments for Repurchase of Common Stock | (10) | (35) | (10) |
Common stock issued | 2.7 | 2 | 1.9 |
Shares retained for employee taxes | (2.3) | (1.8) | (1) |
Repayment of debt | 0 | 0 | (462.4) |
Issuance of debt | 0 | 0 | 450 |
Payment of deferred financing fees | 0 | 0 | (6) |
Finance Lease, Principal Payments | 1.1 | 0.7 | (0.4) |
Proceeds from Other Equity | 0 | 0 | 3.9 |
Net Cash Provided by (Used in) Financing Activities, Total | (48.8) | (72) | (58.8) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations | (4.3) | (6.4) | 2.4 |
Net change in cash and cash equivalents | 13.8 | (81) | 18.6 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 160.3 | 146.5 | 227.5 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 15.1 | 19.2 | 25.3 |
Income taxes | 37.7 | 26.9 | 16.8 |
Goodwill, Gross | 817.8 | 822.7 | 832.4 |
Goodwill, Impaired, Accumulated Impairment Loss | (724.1) | (724.1) | (717.3) |
Goodwill | $ 93.7 | $ 98.6 | $ 115.1 |
Statement of Financial Position
Statement of Financial Position, Classified (Statement) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Inventory, Work in Process, Net of Reserves | $ 60 | $ 56.8 |
Inventory, Finished Goods, Net of Reserves | 61 | 40.1 |
Inventories | 297.9 | 278.7 |
Prepaid Expense | 17.8 | 14.6 |
Nontrade Receivables | 1.7 | 1.6 |
Inventory, Raw Materials and Purchased Parts, Net of Reserves | 176.9 | 181.8 |
Income Taxes Receivable, Current | 0.8 | 0.8 |
Maintenance and repair tooling | 4.1 | 2.8 |
Other Prepaid Expense, Current | 4.9 | 4.7 |
Other current assets | 31.5 | 26.8 |
Land | 6.4 | 5.7 |
Buildings and Improvements, Gross | 117.2 | 87.6 |
Machinery and Equipment, Gross | 525.8 | 456 |
Construction in Progress, Gross | 36.9 | 104.7 |
Property, Plant and Equipment, Gross | 686.3 | 654 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (374.6) | (352.4) |
Property, plant and equipment, net | 311.7 | 301.6 |
Operating Lease, Right-of-Use Asset | 23.6 | 26 |
Maintenance, repair and tooling supplies | 21.1 | 20.4 |
Nontrade Receivables, Noncurrent | 2.4 | 3.6 |
Other Receivables | 1.8 | 1.7 |
Pension asset | 6.6 | 0.6 |
Debt Issuance Costs, Noncurrent, Net | 0.7 | 1 |
Maintenance and repair supplies and tooling, Noncurrent | 2.6 | 3.4 |
Other noncurrent assets | 58.8 | 56.7 |
Compensation and benefits | 33.8 | 40.2 |
Accrued rebates | 14.6 | 16.2 |
Interest Payable | 5.3 | 5.3 |
Standard and Extended Product Warranty Accrual | 8.6 | 6.5 |
Deferred revenue | 9.2 | 8.1 |
Customer refund liability | 6.7 | 4.2 |
Operating lease liability | 4.9 | 4.4 |
Accrual for Taxes Other than Income Taxes | 2 | 4.4 |
Restructuring Reserve, Current | 6.6 | 3.3 |
Accrued Income Taxes | 8.5 | 7.5 |
Workers' Compensation Liability, Current | 4 | 4.6 |
CARES Act payroll tax liabilities, current | 0 | 4.4 |
Other current liabilities | 11 | 8.3 |
Other current liabilities | 115.2 | 117.4 |
Operating Lease, Liability, Noncurrent | 19.8 | 22.4 |
Standard Product Warranty Accrual, Noncurrent | 7.1 | 4.2 |
transition tax liability | 3.1 | 4.1 |
Unrecognized Tax Benefits | 5 | 4.7 |
Workers' Compensation Liability, Noncurrent | 5.9 | 6.5 |
NMTC liability | 3.9 | 3.9 |
Asset Retirement Obligations, Noncurrent | 4.2 | 4.2 |
Deferred development grant | 2.5 | 2.5 |
Other Accrued Liabilities, Noncurrent | 2.7 | 2.9 |
Other noncurrent liabilities | 54.2 | 55.4 |
Nontrade Receivables, Current | $ 2.2 | 2.3 |
CaresActTotalFY21 | $ 4.4 |
Statement of Other Comprehensiv
Statement of Other Comprehensive Income (Statement) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (20.2) | $ (8.3) |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (28.5) | (36.3) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (48.7) | (44.6) |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (4.1) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 7.8 | |
Other Comprehensive Income (Loss), Net of Tax | (4.1) | (39.6) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (11.9) | $ (25.5) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 10.4 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (2.6) | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 0 |
Statement of Other Comprehens_2
Statement of Other Comprehensive Income | 12 Months Ended |
Sep. 30, 2023 | |
Statement of Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) is as follows: Foreign currency translation, net of income tax Pension liability, net of income tax Total (in millions) Balance at September 30, 2022 $ (8.3) $ (36.3) $ (44.6) Current period other comprehensive income (loss) (11.9) 7.8 (4.1) Balance at September 30, 2023 $ (20.2) $ (28.5) $ (48.7) For the year end September 30, 2023, pension liability included in the consolidated statements of comprehensive income was $10.4 million, net of income tax of $2.6 million. For the year ended September 30, 2023, foreign currency translation included in the consolidated statements of comprehensive income was $11.9 million, net of no income tax. |
Supplemental Balance Sheet
Supplemental Balance Sheet | 12 Months Ended |
Sep. 30, 2023 | |
Statement of Financial Position [Abstract] | |
Supplemental Balance Sheet - Schedules of Assets | Selected supplemental asset information is presented below. September 30, 2023 2022 (in millions) Inventories, net: Purchased components and raw materials $ 176.9 $ 181.8 Work in process 60.0 56.8 Finished goods 61.0 40.1 Total inventories, net $ 297.9 $ 278.7 Other current assets: Prepaid expenses $ 17.8 $ 14.6 Non-trade receivables 1.7 1.6 Income taxes 0.8 0.8 Maintenance and repair supplies and tooling 4.1 2.8 Workers’ compensation reimbursement receivable 2.2 2.3 Other current assets 4.9 4.7 Total other current assets $ 31.5 $ 26.8 Property, plant and equipment, net: Land $ 6.4 $ 5.7 Buildings 117.2 87.6 Machinery and equipment 525.8 456.0 Construction in progress 36.9 104.7 Total property, plant and equipment $ 686.3 $ 654.0 Accumulated depreciation (374.6) (352.4) Total property, plant and equipment, net $ 311.7 $ 301.6 Other noncurrent assets: Operating lease right-of-use assets $ 23.6 $ 26.0 Maintenance and repair supplies and tooling 21.1 20.4 Workers’ compensation reimbursement receivable 2.4 3.6 Note receivable 1.8 1.7 Pension asset 6.6 0.6 Deferred financing fees 0.7 1.0 Other noncurrent assets 2.6 3.4 Total noncurrent assets $ 58.8 $ 56.7 |
Supplemental Balance Sheet - Schedule of Liabilities | Selected supplemental liability information is presented below. September 30, 2023 2022 (in millions) Other current liabilities: Compensation and benefits $ 33.8 $ 40.2 Customer rebates 14.6 16.2 Interest payable 5.3 5.3 Warranty accrual 8.6 6.5 Deferred revenues 9.2 8.1 Returned goods accrual 6.7 4.2 Operating lease liabilities 4.9 4.4 Taxes other than income taxes 2.0 4.4 Restructuring liabilities 6.6 3.3 Income taxes payable 8.5 7.5 Workers’ compensation accrual 4.0 4.6 CARES Act payroll tax liabilities — 4.4 Other current liabilities 11.0 8.3 Total current liabilities $ 115.2 $ 117.4 Other noncurrent liabilities: Operating lease liabilities $ 19.8 $ 22.4 Warranty accrual 7.1 4.2 Transition tax liability 3.1 4.1 Uncertain tax position liability 5.0 4.7 Workers' compensation accrual 5.9 6.5 NMTC liability 3.9 3.9 Asset retirement obligation 4.2 4.2 Deferred development grant 2.5 2.5 Other noncurrent liabilities 2.7 2.9 Total noncurrent liabilities $ 54.2 $ 55.4 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tabular) | 12 Months Ended |
Sep. 30, 2023 | |
Statement of Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss) is as follows: Foreign currency translation, net of income tax Pension liability, net of income tax Total (in millions) Balance at September 30, 2022 $ (8.3) $ (36.3) $ (44.6) Current period other comprehensive income (loss) (11.9) 7.8 (4.1) Balance at September 30, 2023 $ (20.2) $ (28.5) $ (48.7) For the year end September 30, 2023, pension liability included in the consolidated statements of comprehensive income was $10.4 million, net of income tax of $2.6 million. For the year ended September 30, 2023, foreign currency translation included in the consolidated statements of comprehensive income was $11.9 million, net of no income tax. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Schedule of Cash Flow, Supplemental Disclosures) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid, net: | |||
Income taxes | $ 37.7 | $ 26.9 | $ 16.8 |
Summary of Significant Accounti
Summary of Significant Accounting Policies All (Notes) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Cash and Cash Equivalents. All highly liquid investments with maturities of 90 days or less when purchased are classified as cash equivalents. Where there is no right of offset against cash balances, outstanding checks are included in Accounts payable. Receivables, net. Receivables are amounts due from customers. To reduce credit risk, credit investigations are generally performed prior to accepting orders from new customers and, when necessary, we require letters of credit, bonds or other instruments to ensure payment. We present trade receivables net of customer discounts and an allowance for credit losses. Our consolidated statements of operations reflect the measurement of credit losses for newly recognized trade receivables, as well as the expected increases or decreases of expected credit losses that have taken place during the period. When we determine a specific trade receivable will not be collected, we charge off the uncollectible amount against the allowance. Our periodic evaluations of expected credit losses are based upon our judgments regarding prior collection experience, specific customer creditworthiness, other current conditions, and forecasts of current economic trends within the industries served that may affect the collectability of the reported amounts. Significantly weaker than anticipated industry or economic conditions could impact our customers’ ability to pay such that actual credit losses may be greater than the amounts provided for in this allowance. The following table summarizes information concerning our allowance for credit losses. 2023 2022 2021 (in millions) Balance at beginning of year $ 5.6 $ 3.5 $ 2.5 Provision charged to expense 1.9 2.5 1.1 Other (0.2) (0.4) (0.1) Balance at end of year $ 7.3 $ 5.6 $ 3.5 Inventories, net. Inventories are recorded at the lower of first-in, first-out method cost or estimated net realizable value. We evaluate our inventory in terms of excess and obsolete exposures. This evaluation includes such factors as anticipated usage, inventory turnover, inventory levels and ultimate product sales value. Inventory cost includes an overhead component that is affected by levels of production and actual costs incurred. We periodically evaluate the effects of production levels and costs capitalized as part of Inventories, net. The following table summarizes information concerning our inventory valuation reserves. 2023 2022 2021 (in millions) Balance at beginning of year $ 16.5 $ 14.8 $ 11.7 Provision charged to expense 3.8 1.8 5.9 Inventory disposed (2.5) (1.4) (3.6) Other (1.0) 1.3 0.8 Balance at end of year $ 16.8 $ 16.5 $ 14.8 Maintenance and repair supplies and tooling. Maintenance and repair supplies and tooling is included in Other current assets and Other noncurrent assets. Costs for perishable tools and maintenance items are expensed when put into service. Costs for more durable items are amortized over their estimated useful lives, ranging from 3 to 10 years. Property, Plant and Equipment, net. Property, plant and equipment is recorded at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Estimated useful lives are 10 to 20 years for land improvements, 10 to 40 years for buildings and 3 to 20 years for machinery and equipment. Leasehold improvements and capitalized leases are depreciated using the straight-line method over the lesser of the useful life of the asset or the remaining lease term. Gains and losses upon disposition are reflected in operating results in the period of disposition. Direct internal and external costs to implement computer systems and software for internal use are capitalized. Capitalized costs are depreciated over the estimated useful life of the system or software, generally six Liabilities are recognized at fair value for asset retirement obligations related to plant and landfill closures in the period in which they are reasonably estimable and the carrying amounts of the related long-lived assets are correspondingly adjusted. Over time, the liabilities are accreted to their estimated future values. At September 30, 2023 and 2022, asset retirement obligations were $4.2 million. Leases. Refer to Note 4. for information regarding our leases. Accounting for the Impairment of Long-Lived Assets. We test indefinite-lived intangible assets and goodwill for impairment annually or more frequently if events or circumstances indicate impairment is possible. We perform our annual impairment testing at September 1. We amortize finite-lived intangible assets over their respective estimated useful lives and review for impairment if events or circumstances indicate impairment is possible. Refer to Note 5. for information regarding our goodwill impairment testing. Workers’ Compensation. Our exposure to workers’ compensation claims is generally limited to $0.8 million per incident. Liabilities, including those related to claims incurred but not reported, are recorded principally using annual valuations based on discounted future expected payments and using historical data combined with insurance industry data when historical data is limited. Our gross workers’ compensation liabilities were $9.9 million as of September 30, 2023, and we expect to recover $4.6 million in insurance which is included as a receivable in Other current assets and Other noncurrent assets. As of September 30, 2022, our gross worker’s compensation liability was $11.1 million and our insurance receivable was $5.9 million. Warranty Costs. We accrue for warranty expenses, which include costs to repair and/or replace, including labor, materials, equipment, freight and reasonable overhead costs. We accrue for the estimated cost of product warranties at the time of sale if such costs are determined to be probable and reasonably estimable at that time. We monitor and analyze our warranty experience and costs periodically and revise our warranty accruals as necessary. Factors considered in our accrual analyses include warranty terms, specific claim situations, general incurred and projected failure rates, the nature of product failures, product and labor costs, and general business conditions. Activity in our accrued warranty, reported as part of both Other current liabilities and Other noncurrent liabilities, is presented below. 2023 2022 2021 (in millions) Balance at beginning of year $ 10.7 $ 9.7 $ 14.4 Warranty accruals 14.8 9.5 3.5 Warranty costs (9.8) (8.5) (8.2) Balance at end of year $ 15.7 $ 10.7 $ 9.7 Deferred Financing Costs. C osts to obtain debt are deferred and charged to expense over the life of the underlying debt agreement. Remaining costs and the future period over which financing costs would be charged to expense are reassessed when amendments to the related financing agreements or prepayments occur. Deferred financing costs are offset against the underlying long-term debt in the accompanying consolidated balance sheets. Deferred financing costs under agreements that do not have outstanding debt and in other instances, such as our ABL and with regard to our NMTC transaction, are included in Other noncurrent assets consistent with the life of the instrument. Deferred financing costs of $4.6 million at September 30, 2023 include: $0.5 million related to the ABL, $0.2 million related to the NMTC transaction which are amortized on a straight-line basis and; $3.9 million related to the 4.0% Senior Unsecured Notes (“4.0% Senior Notes”) which is amortized using the effective interest rate method. These amounts are amortized over the remaining term of the respective debt. Refer to Note 7. for disclosures related to our borrowing arrangements. Income Taxes. Deferred tax liabilities and deferred tax assets are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Such assets and liabilities are determined based on the differences between the financial statement basis and the tax basis of assets and liabilities, using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided when, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We only record tax benefits for positions that management believes are more likely than not of being sustained under audit based solely on the technical merits of the associated tax position. The amount of tax benefit recognized for any position that meets the more-likely-than-not threshold is the largest amount of the tax benefit that we believe is greater than 50% likely of being realized. Environmental Expenditures. We capitalize environmental expenditures that increase the life or efficiency of noncurrent assets or that reduce or prevent environmental contamination. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable. We are indemnified for certain environmental liabilities under an agreement with a predecessor to Tyco that existed at August 16, 1999. Refer to Note 15. for additional disclosures regarding our environmental liabilities. Revenue Recognition. Refer to Note 3. for disclosures regarding our revenues. Stock-based Compensation. Compensation expense for stock-based awards granted to employees and directors is based on the fair value at the grant dates for our stock-settled share awards and is based on the fair value at each reporting date for our cash-settled share awards. Stock-based compensation expense is included within Selling, general and administrative expense within our consolidated statements of operations. Refer to Note 10. for more information regarding our stock-based compensation. Research and Development. Research and development costs are expensed as incurred. Advertising. Advertising costs are expensed as incurred. Translation of Foreign Currency. Foreign reporting entities are remeasured into local currencies with the effect reflected in the consolidated statements of operations. Assets and liabilities of our businesses whose functional currencies are not denominated in the United States dollar are translated into United States dollars using currency exchange rates at the balance sheet date. Revenues and expenses are translated at average currency exchange rates during the period. Foreign currency translation gains and losses are reported as a component of accumulated other comprehensive income (loss). Gains and losses resulting from foreign currency transactions are included in earnings as incurred. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. We adopted this standard on October 1, 2021 and there was no material impact to our financial statements. In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Inter Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. ASU 2020-04 is effective from March 12, 2020; however, the standard may be adopted prospectively from a date within an interim period subsequent to March 12, 2020. We adopted this standard on October 1, 2021, and there was no material impact to our financial statements. Accounting Pronouncements Not Yet Adopted In June 2022, the FASB issued ASU No. 2022-03 “ Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 was issued to (1) clarify the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction; and (2) to require specific disclosures related to such an equity security. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. We do not expect ASC 2022-03 to have a material impact on our financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires public business entities that disclose information on their reportable segments to provide additional information on their significant expense categories and “other segment items,” which represent the difference between segment revenue less significant segment expense and a segment’s measure of profit or loss. A description of “other segment items” is also required. Further, certain segment related disclosures that were limited to annual disclosure are now required at interim periods. Finally, public business entities are required to disclose the title and position of their Chief Operating Decision Maker (“CODM”) and explain how the CODM uses the reported measures of profit or loss to assess segment performance. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We do not expect ASU 2023-07 to have a material impact on our financial statement and related disclosures. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers Revenue from Contracts with Customers | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers We recognize revenue when control of promised products or services is transferred to our customers, in amounts that reflect the consideration to which we expect to be entitled in exchange for those products or services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We determine the appropriate revenue recognition for our contracts with customers by analyzing the type, terms and conditions of each contract or arrangement with a customer. Disaggregation of Revenue Refer to Note 14. for disaggregation of our revenues from contracts with customers by reportable segment and by geographical region, which we believe best depicts how the nature, amount, timing and certainty of our revenue and cash flows are affected by economic factors. Geographical region represents the location of the customer. Contract Asset and Liability Balances Differences in the timing of revenue recognition, billing and cash collection result in customer receivables, advance payments and billings in excess of revenue recognized. Customer receivables include amounts billed and currently due from customers as well as unbilled amounts (contract assets). Amounts are billed in accordance with contractual terms and unbilled amounts arise when the timing of billing differs from the timing of revenue recognized. Advance payments and billings in excess of revenue are recognized and recorded as deferred revenue, the majority of which is classified as current based on the timing of when we expect to recognize revenue. We include current deferred revenue within Other current liabilities in the accompanying consolidated balance sheets. Deferred revenue represents contract liabilities and is recorded when customers remit cash payments in advance of our satisfaction of performance obligations under contractual arrangements. Contract liabilities are reversed when the performance obligation is satisfied and revenue is recognized. The table below represents the balances of our customer receivables and deferred revenue. September 30, 2023 2022 (in millions) Billed receivables $ 218.1 $ 230.5 Unbilled receivables 6.3 3.1 Gross customer receivables 224.4 233.6 Allowance for credit losses (7.3) (5.6) Receivables, net $ 217.1 $ 228.0 Deferred revenue $ 9.2 $ 8.1 Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Our performance obligations are satisfied at a point in time as related to sales of equipment and products or over time as related to our software hosting and leak detection monitoring services. Performance obligations are supported by customer contracts, which provide frameworks for the nature of the distinct products or services. The transaction price is adjusted for our estimate of variable consideration which may include discounts, and rebates. To estimate variable consideration, we apply the expected value or the most likely amount method, based on whichever method most appropriately predicts the amount of consideration we expect to receive. The method applied is typically based on historical experience and known trends. We constrain the amounts of variable consideration that are included in the transaction price, to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or when uncertainties around the variable consideration are resolved. We exclude from the measurement of the transaction price all taxes assessed by a governmental authority. We do not adjust the transaction price of a contract for the effects of a significant financing component if, at the inception of the contract, we expect that the period between when we transfer a product or service to a customer and when a customer remits payment will be one year or less. Revenues from products and services transferred to customers at a point in time represented 98% of our revenues in fiscal years 2023, 2022, and 2021. The revenues recognized at a point in time related to the sale of our product s and services are recognized when the obligations of the terms of our contract are satisfied, which is when the customer is able to direct the use of and obtain substantially all of the benefits from the product or service, which generally occurs upon shipment when control of the product or service transfers to the customer. Revenues from products and services transferred to customers over time represented 2% of our revenues in fiscal years 2023, 2022, and 2021. We offer warranties to our customers in the form of assurance-type warranties, which provide assurance that the products provided will function as intended and comply with any agreed-upon specifications. These cannot be purchased separately. We offer extended warranties on limited products which may be purchased separately. Costs to Obtain or Fulfill a Contract Shipping and handling costs associated with freight activities after the customer has obtained control are accounted for as fulfillment costs and are expensed to Cost of sales within our consolidated statements of operations at the time revenue is recognized. We incur certain incremental costs to obtain a contract, which primarily relate to incremental sales commissions. Our commissions are paid based on a combination of orders and shipments, and we reserve the right to claw back any commissions in case of product returns or lost collections. As the expected benefit associated with these incremental costs is generally one year or less based on the nature of the product sold and benefits received, we have applied the practical expedient and therefore do not capitalize the related costs and expense them as incurred. |
Identifiable Intangible Assets
Identifiable Intangible Assets | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Identifiable Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis on September 1 of each fiscal year or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. The carrying value of the reporting unit, including goodwill, is compared with the estimated fair value of the reporting unit as determined utilizing a combination of the income and market approaches. The income approach, which involves significant unobservable inputs (Level 3 inputs), is based on projected debt-free cash flow which is discounted to the present value using discount rates that consider the timing and risk of the cash flows. The market approach is based on the guideline public company method, which uses market multiples to value our reporting units. The Company weights the income and market approaches in a manner considering the risks of the underlying cash flows. The key assumptions used in estimating the fair value of the Company's reporting units utilizing the income approach include management's best estimate of revenue, EBITDA margin, and discount rate. Accordingly, a change in market conditions or other factors could have a material effect on the estimated values. There are inherent uncertainties related to the assumptions used and to management's application of these assumptions. We performed our annual impairment testing at September 1, 2023. The results of the testing indicated that the fair value exceeded the carrying value of our reporting units which contained goodwill. As such, no impairment charge was recorded during the fiscal year ended September 30, 2023. Indefinite-lived Intangible Assets Indefinite-lived intangible assets are tested for impairment on an annual basis on September 1 of each fiscal year or more frequently if events or circumstances indicate that it is more likely than not that the asset is impaired. We performed our annual impairment testing at September 1, 2023 based on quantitative factors and concluded no impairment losses should be recognized. Intangible Assets Direct internal and external costs to develop software used in the provision of services to customers by Water Management Solutions are capitalized and amortized over th e six f the software, beginning when the software is ready for its intended use. At September 30, 2023, the remaining weighted-average amortization period for this software was 4.2 years. Amortization expense related to such software assets was $2.9 million in 2023 and 2022, and $3.3 million in 2021. Amortization expense for each of the next five years is expected to be $2.6 million in 2024, $2.0 million in 2025, $1.5 million in 2026, $1.1 million in 2027, and $0.8 million in 2028. At September 30, 2023, the remaining weighted-average amortization period for business combination-related finite-lived customer relationships and technology intangible assets were 3.3 years and 7.7 years, respectively. Amortization expense related to these assets was $25.2 million, $25.5 million and $25.2 million for 2023, 2022 and 2021, respectively. Amortization expense for each of the next five years is scheduled to be $24.8 million in 2024, $5.5 million in 2025, $5.1 million in 2026, $4.9 million in 2027 and $4.8 million in 2028. Intangible assets are presented below. September 30, 2023 2022 (in millions) Capitalized internal-use software: Cost $ 38.1 $ 35.5 Accumulated amortization (29.7) (26.8) Capitalized internal-use software, net $ 8.4 $ 8.7 Business combination-related: Cost: Finite-lived intangible assets: Technology $ 119.6 $ 119.9 Customer relationships and other 371.5 371.6 Indefinite-lived intangible assets: Trade names and trademarks 272.6 272.7 $ 763.7 $ 764.2 Accumulated amortization: Technology $ (95.3) $ (89.5) Customer relationships and other (342.8) (322.2) (438.1) (411.7) Business combination-related intangible assets, net 325.6 352.5 Intangible assets, net $ 334.0 $ 361.2 Goodwill As of September 30, 2023, o ur remaining goodwill balance is within our Water Management Solutions segment. Changes in the carrying amount of goodwill for the years ended September 30, 2023 and 2022 were as follows, in millions: Balance at September 30, 2021: Goodwill $ 832.4 Accumulated impairment (717.3) Net goodwill 115.1 2022 Activity: Goodwill impairment (6.8) Change in foreign currency exchange rates (9.7) Balance at September 30, 2022: Goodwill 822.7 Accumulated impairment (724.1) Net goodwill 98.6 2023 Activity: Change in foreign currency exchange rates (4.9) Balance at September 30, 2023: Goodwill 817.8 Accumulated impairment (724.1) Net goodwill $ 93.7 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes are presented below. 2023 2022 2021 (in millions) U.S. $ 83.2 $ 81.6 $ 94.0 Non-U.S. 25.8 17.0 0.9 Income before income taxes $ 109.0 $ 98.6 $ 94.9 The Tax Cuts and Jobs Act (the “Act”) imposed a one-time transition tax on the undistributed, previously untaxed, post-1986 foreign “earnings and profits” as defined by the Internal Revenue Services (“IRS”) of certain United States-owned corporations. At September 30, 2023, the remaining balance of our transition obligation is $4.1 million, which will be paid in full by January 2026, as provided in the Act. Other than for Krausz’s investment in its United States subsidiary and other anticipated distributions which result cumulatively in immaterial income tax, we have not recorded income taxes for unrepatriated foreign earnings that may be subject to withholding tax or any outside cost basis differences inherent in our foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. We have a foreign tax credit carryforward of $4.7 million, for which we have recorded a valuation allowance as we do not expect to utilize it prior to expiration. The federal income tax returns for Mueller Water Products, Inc. are closed for years prior to our fiscal year 2020. We remain liable for any taxes related to U.S. Pipe income for periods prior to 2012 pursuant to the terms of the sale agreement with the purchaser of the business. Our state income tax returns are generally closed for years prior to our fiscal year 2020, except with regard to our state net operating loss carryforwards. Our Canadian income tax returns are generally closed for years prior to our fiscal year 2016. We do not have any material unpaid assessments . The components of income tax expense are as follows: 2023 2022 2021 (in millions) Current: U.S. federal $ 28.4 $ 19.5 $ 21.9 U.S. state and local 6.0 4.3 6.3 Non-U.S. 3.5 1.7 1.6 Total current income tax expense 37.9 25.5 29.8 Deferred: U.S. federal (11.2) (3.4) (4.7) U.S. state and local (3.3) (0.9) (1.3) Non-U.S. 0.1 0.8 0.7 Total deferred income tax benefit (14.4) (3.5) (5.3) Income tax expense $ 23.5 $ 22.0 $ 24.5 The reconciliation between income tax expense at the United States federal statutory income tax rate and reported income tax expense is presented below. 2023 2022 2021 (in millions) Expense at U.S. federal statutory income tax rate $ 22.9 $ 20.7 $ 19.9 Adjustments to reconcile to income tax expense: State income taxes, net of federal benefit 1.5 2.6 3.1 Uncertain tax positions 0.5 — 0.3 Nondeductible compensation 1.8 0.9 0.6 Nondeductible expenses, other than compensation 0.9 0.8 0.5 Valuation allowances (0.6) 1.0 (0.4) Basis difference in foreign investment 0.1 0.1 1.5 Foreign income taxes (2.0) (1.5) (1.7) Excess tax benefits related to stock compensation 0.3 (0.1) (0.2) Tax credits (3.5) (2.3) (1.6) Other 1.6 (0.2) 2.5 Income tax expense $ 23.5 $ 22.0 $ 24.5 The following table summarizes information concerning our gross unrecognized tax benefits. 2023 2022 (in millions) Balance at beginning of year $ 4.7 $ 4.8 Increase related to current year positions 1.0 0.7 Decrease related to current year positions — (0.4) Decrease as a result of statute of limitations lapse (0.6) (0.3) Foreign currency exchange losses (0.1) (0.1) Balance at end of year $ 5.0 $ 4.7 Substantially all unrecognized tax benefits would, if recognized, impact the effective tax rate. We recognize interest related to uncertain tax positions as interest expense and recognize any penalties incurred as a component of Selling, general and administrative expenses. At September 30, 2023 and 2022, we had $0.8 million and $0.7 million, respectively, of accrued interest expense related to unrecognized tax benefits. Deferred income tax balances are presented below. September 30, 2023 2022 (in millions) Deferred income tax assets: Accrued expenses $ 10.8 $ 10.5 Lease liabilities 6.4 8.1 Inventories 7.2 7.0 State net operating losses 1.9 2.1 Net operating losses and credit carryovers 16.2 12.9 Stock-based compensation 3.9 4.1 Pension — 0.1 Section 174 research and development capitalization 15.6 — Other 4.4 2.3 Total deferred income tax assets 66.4 47.1 Valuation allowance (15.1) (13.2) Total deferred income tax assets, net of valuation allowance 51.3 33.9 Deferred income tax liabilities: Intangible assets 74.5 77.7 Lease assets 5.9 7.4 Basis difference in foreign investment 5.9 6.2 Pension 1.3 — Property, plant and equipment 36.6 28.4 Other 0.9 0.5 Total deferred income tax liabilities 125.1 120.2 Net deferred income tax liabilities $ 73.8 $ 86.3 We reevaluate the need for a valuation allowance against our deferred tax assets each quarter considering results to date, projections of taxable income, tax planning strategies and reversing taxable temporary differences. Our state net operating loss carryforwards, which expire between our fiscal years 2025 and 2027, remain available to offset future taxable earnings. |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Sep. 30, 2022 | |
Long-Term Debt and Lease Obligation [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements The components of our long-term debt are as follows: September 30, 2023 2022 (in millions) 4.0% Senior Notes $ 450.0 $ 450.0 Finance leases 1.3 1.6 Total debt 451.3 451.6 Less deferred financing costs 3.9 4.7 Less current portion of long-term debt 0.7 0.8 Long-term debt $ 446.7 $ 446.1 The scheduled maturities of all borrowings outstanding at September 30, 2023 are $0.7 million in 2024, $0.4 million in 2025, $0.2 million in 2026, none in 2027 and 2028, and $450.0 million in 2029. ABL Agreement . Our ABL Agreement, as amended, (“ABL”) is provided by a consortium of banking institutions and consists of a revolving credit facility for up to $175.0 million in borrowings that expires on July 29, 2025. Included in the ABL is the ability to borrow up to $25.0 million of swing line loans and up to $60.0 million of letters of credit. The ABL permits us to increase the size of the credit facility by an additional $150.0 million in certain circumstances subject to adequate borrowing base availability. On April 5, 2023, we amended the ABL. This amendment replaced LIBOR-based loans with Secured Overnight Financing Rate (“SOFR”) based loans plus an adjustment of 10 basis points, among other immaterial modifications. In December 2023, we obtained a waiver under our ABL to provide for additional time associated with certain deliverables which were delayed as a result of the cybersecurity incident. The maximum aggregate amount of borrowings and other credit extensions under the ABL is limited to $50.0 million at any time outstanding until all of the delayed deliveries required under the ABL are made. Borrowings under the ABL bear interest at a floating rate equal to SOFR plus an adjustment of 10 basis points and an applicable margin range of 200 to 225 basis points, or a base rate, as defined in the ABL, plus an applicable margin range of 100 to 125 basis points. At September 30, 2023, the applicable margin was 200 basis points for SOFR-based loans, and 100 basis points for base rate loans. The ABL is subject to mandatory prepayments if total outstanding borrowings under the ABL are greater than the aggregate commitments under the revolving credit facility or if we dispose of overdue accounts receivable in certain circumstances. The borrowing base under the ABL is equal to the sum of (a) 85% of the value of eligible accounts receivable and (b) the lesser of (i) 70% of the value of eligible inventory or (ii) 85% of the net orderly liquidation value of eligible inventory, less certain reserves. Prepayments can be made at any time without penalty. Substantially all of our United States subsidiaries are borrowers under the ABL and are jointly and severally liable for outstanding borrowings. Our obligations under the ABL are secured by a first-priority perfected lien on all of our United States inventory, accounts receivable, certain cash balances and other supporting assets. The ABL includes a commitment fee for any unused borrowing capacity of 37.5 basis points per annum. Borrowings are not subject to any financial maintenance covenants unless excess availability is less than the greater of $17.5 million and 10% of the Loan Cap as defined in the ABL. Excess availability based on September 30, 2023 data was $162.4 million, as reduced by $12.4 million of outstanding letters of credit and $0.2 million of accrued fees and expenses. 4.0% Senior Unsecured Notes. On May 28, 2021, we privately issued $450.0 million of 4.0% Senior Notes, which mature on June 15, 2029 and bear interest at 4.0%, paid semi-annually in June and December. We capitalized $5.5 million of financing costs, which are being amortized over the term of the 4.0% Senior Notes using the effective interest method. Proceeds from the 4.0% Senior Notes, along with cash on hand were used to redeem our previously existing 5.5% Senior Notes. Substantially all of our United States subsidiaries guarantee the 4.0% Senior Notes, which are subordinate to borrowings under our ABL. Based on quoted market prices, which is a Level 1 measurement, the outstanding 4.0% Senior Notes had a fair value of $393.7 million as of September 30, 2023. An indenture securing the 4.0% Senior Notes (“Indenture”) contains customary covenants and events of default, including covenants that limit our ability to incur certain debt and liens. There are no financial maintenance covenants associated with the Indenture. We believe we were in compliance with these covenants at September 30, 2023. We may redeem some or all of the 4.0% Senior Notes at any time prior to June 15, 2024 at certain “make-whole” redemption prices and on or after June 15, 2024, at specified redemption prices. Additionally, we may redeem up to 40% of the aggregate principal amount of the 4.0% Senior Notes at any time prior to June 15, 2024 with the net proceeds of specified equity offerings at specified redemption prices as set forth in the Indenture. Upon a change of control as defined, we would be required to offer to purchase the 4.0% Senior Notes at a price equal to 101% of the outstanding principal amount. 5.5% Senior Unsecured Notes. On June 12, 2018, we privately issued $450.0 million of 5.5% Senior Notes, which were set to mature in June 2026 and bore interest at 5.5%, paid semi-annually. We called the 5.5% Senior Notes effective June 17, 2021 and redeemed the 5.5% Senior Notes with the proceeds from the 4.0% Senior Notes and cash on hand. As a result, we incurred $16.7 million in loss on early extinguishment of debt, comprised of a $12.4 million call premium and a $4.3 million write-off of the remaining deferred financing costs. . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | Retirement Plans Defined Benefit Plans. We have a defined benefit plan (“Pension Plan”) that we fund in accordance with its requirements and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. The Pension Plan provides benefits based on years of service and compensation or at stated amounts for each year of service with an annual measurement date of September 30. A summary of key assumptions for the valuations of our Pension Plan is as follows: September 30, 2023 2022 2021 Weighted average used to determine benefit obligations: Discount rate 6.29 % 5.79 % 3.01 % Weighted average used to determine net periodic cost: Discount rate 5.79 % 3.01 % 2.84 % Expected return on plan assets 5.75 % 4.50 % 4.50 % The discount rates for determining the present value of pension obligations were selected using a “bond settlement” approach, which constructs a hypothetical bond portfolio that could be purchased such that the coupon payments and maturity values could be used to satisfy the projected benefit payments. The discount rate is the equivalent rate that results in the present value of the projected benefit payments equaling the market value of this bond portfolio. Only high quality (AA graded or higher), non-callable corporate bonds are included in this bond portfolio. We rely on the Pension Plan’s actuaries to assist in the development of the discount rate model. The expected return on plan assets is determined with the assistance of the Pension Plan’s actuaries and investment consultants. Expected return on plan assets was developed using forward-looking returns over a time horizon of approximately 20 years for major asset classes along with projected risk and historical correlations. Amounts recognized for the Pension Plan are presented below. September 30, 2023 2022 (in millions) Projected benefit obligations: Beginning of year $ 251.2 $ 336.8 Service cost 0.8 1.3 Interest cost 13.9 9.8 Actuarial gain (10.4) (74.0) Benefits paid (22.3) (22.7) Accumulated benefit obligations at end of year $ 233.2 $ 251.2 Plan assets: Beginning of year $ 251.8 $ 353.5 Actual return on plan assets 10.3 (79.0) Benefits paid (22.3) (22.7) Fair value of plan assets at end of year $ 239.8 $ 251.8 Accrued benefit cost at end of year: Funded status $ 6.6 $ 0.6 Recognized on balance sheet: Other noncurrent assets $ 6.6 $ 0.6 Recognized in accumulated other comprehensive income (loss), before tax: Net actuarial loss $ 68.2 $ 78.7 $ 68.2 $ 78.7 The components of net periodic cost (benefit) for our Pension Plan are presented below. 2023 2022 2021 (in millions) Service cost $ 0.8 $ 1.3 $ 1.5 Components of net periodic cost (benefit) excluded from operating income: Interest cost 13.9 9.8 9.9 Expected return on plan assets (13.9) (15.4) (15.7) Amortization of actuarial net loss 3.7 1.7 2.5 Pension expense (benefit) other than service 3.7 (3.9) (3.3) Net periodic cost (benefit) $ 4.5 $ (2.6) $ (1.8) Pension Plan activity in accumulated other comprehensive loss, before tax, in 2023 is presented below, in millions. Balance at beginning of year $ 78.7 Actuarial loss (6.8) Prior year actuarial loss amortization to net periodic cost (3.7) Balance at end of year $ 68.2 We amortize amounts in accumulated other comprehensive loss representing unrecognized prior year service cost and unrecognized loss related to the Pension Plan over the weighted average life expectancy of the inactive participants. Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10% of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average remaining lifetime of the plan participants. We expect to amortize $4.6 million of unrecognized loss into net periodic expense from accumulated other comprehensive loss in 2024. Strategic asset allocations, tactical range at September 30, 2023 and actual asset allocations are as follows: Strategic asset allocation Actual asset allocations at September 30, Tactical range 2023 2022 2021 Fixed income investments 70 % 67 % - 73 % 70 % 70 % 70 % Equity investments 30 27 % - 33 % 29 29 29 Cash — 0 % - 5 % 1 1 1 100 % 100 % 100 % 100 % Assets of the Pension Plan are allocated to various investments to attain diversification and reasonable risk-adjusted returns while also managing the exposure to asset and liability volatility. These ranges are targets and deviations may occur from time to time as a result of market fluctuations. Portfolio assets are typically rebalanced to the allocation targets at least annually. The assets of the Pension Plan are primarily invested in mutual funds and investment trusts valued at net asset value, which in turn hold fixed income and equity investments. The valuation methodologies used to measure the assets of the Pension Plan at fair value are: • Mutual funds are valued at the closing price reported on the active market; • Fixed income fund investments held by the investment trusts are valued using the closing price reported in the active market in which the investment is traded. When market quotations are not readily available, these assets are valued by a method the trustees believe accurately reflects fair value. The assets of the Pension Plan by level within the fair value hierarchy are as follows: September 30, 2023 Level 1 Level 2 Total (in millions) Fixed income $ 121.1 $ 45.6 $ 166.7 Equity: Large cap index funds 35.6 — 35.6 International stocks: International funds 35.6 — 35.6 Total equity 71.2 — 71.2 Cash and cash equivalents 1.9 — 1.9 Total Plan assets $ 194.2 $ 45.6 $ 239.8 September 30, 2022 Level 1 Level 2 Total (in millions) Fixed income $ 125.2 $ 50.1 $ 175.3 Equity: Large cap index funds 37.2 — 37.2 International stocks: International funds 37.4 — 37.4 Total equity 74.6 — 74.6 Cash and cash equivalents 1.9 — 1.9 Total Plan assets $ 201.7 $ 50.1 $ 251.8 Our estimated future pension benefit payments are presented below (in millions): 2024 $ 23.0 2025 22.7 2026 22.3 2027 21.9 2028 21.4 2029-2033 97.3 Total $ 208.6 Defined Contribution Retirement Plans. Certain of our employees participate in a defined contribution 401(k) plan or similar plan outside of the United States. We make matching contributions as a function of employee contributions. We expensed our matching contributions of $8.2 million, $7.3 million and $5.9 million during 2023, 2022 and 2021, respectively. |
Capital Stock
Capital Stock | 12 Months Ended |
Sep. 30, 2023 | |
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | |
Stockholders' Equity Note Disclosure | Capital Stock Common stock share activity is presented below. Shares outstanding at September 30, 2020 158,064,750 Vesting of restricted stock units, net of shares withheld for taxes 182,024 Exercise of stock options 151,399 Exercise of employee stock purchase plan instruments 146,135 Settlement of performance-based restricted stock units, net of shares withheld for taxes 62,396 Stock repurchased under buyback program (651,271) Shares outstanding at September 30, 2021 157,955,433 Vesting of restricted stock units, net of shares withheld for taxes 195,156 Exercise of stock options 36,731 Exercise of employee stock purchase plan instruments 150,909 Settlement of performance-based restricted stock units, net of shares withheld for taxes 160,163 Stock repurchased under buyback program (2,654,254) Shares outstanding at September 30, 2022 155,844,138 Vesting of restricted stock units, net of shares withheld for taxes 256,724 Exercise of stock options 110,989 Exercise of employee stock purchase plan instruments 181,483 Settlement of performance-based restricted stock units, net of shares withheld for taxes 193,428 Stock repurchased under buyback program (714,830) Shares outstanding at September 30, 2023 155,871,932 The Company has authorized 60.0 million shares of $0.01 par value preferred stock. The preferred stock may be issued in one or more series and with such designations and preferences for each series as shall be stated in the resolutions providing for the designation and issue of each such series adopted by the Board of Directors of the Company. The Board of Directors is authorized by the Company's articles of incorporation to determine the voting, dividend, redemption and liquidation preferences pertaining to each such series. No shares of preferred stock have been issued by the Company as of September 30, 2023. |
Stock-based Compensation Plans
Stock-based Compensation Plans | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | Stock-based Compensation Plans The effect of stock-based compensation on our consolidated statements of operations within Selling, general and administrative costs is presented below. 2023 2022 2021 (in millions, except per share data) Decrease in operating income $ 11.1 $ 9.9 $ 11.0 Decrease in net income 8.7 7.6 8.2 Decrease in earnings per basic share 0.06 0.05 0.05 Decrease in earnings per diluted share $ 0.06 $ 0.05 $ 0.05 We excluded 779,150, 790,759 and 578,005 stock-based instruments from the calculation of diluted earnings per share for 2023, 2022 and 2021, respectively, because the effect of including them would have been antidilutive. At September 30, 2023, there was approximately $9.8 million of unrecognized compensation expense related to stock-based awards not yet vested. We expect to recognize this expense over a weighted average life of approximately 1.5 years. The Mueller Water Products, Inc. 2006 Stock Incentive Plan (“2006 Plan”) authorizes an aggregate of 20,500,000 shares of common stock that may be granted through the issuance of stock-based awards. Any awards canceled are available for reissuance. Generally, all of our employees and members of our Board of Directors are eligible to participate in the 2006 Plan. At September 30, 2023, 4,389,099 shares of common stock were available for future grants of awards under the 2006 Plan. This total assumes that the maximum number of shares will be earned for awards for which the final number of shares to be earned has not yet been determined. An award granted under the 2006 Plan vests at such times and in such installments as set by the Compensation and Human Resources Committee of our Board of Directors (“Compensation Committee”), but no award will be exercisable after the 10-year anniversary of the date on which it is granted. Management expects some instruments will be forfeited prior to vesting. Grants to members of our Board of Directors are expected to vest fully. Based on historical forfeitures, we expect certain grants to employees to be forfeited at an annual rate of 2%. Restricted Stock Units. Depending on the specific terms of each award, restricted stock units generally vest ratably over the life of the award, usually three Restricted stock unit activity under the 2006 Plan is summarized below. Restricted stock units Weighted Weighted Aggregate Outstanding at September 30, 2020 408,506 $ 11.41 0.9 Granted 220,795 12.29 Vested (228,121) 11.62 $ 2.8 Cancelled (5,083) 11.41 Outstanding at September 30, 2021 396,097 11.78 0.8 Granted 223,379 13.41 Vested (251,981) 11.81 $ 2.8 Cancelled (8,763) 11.87 Outstanding at September 30, 2022 358,732 12.77 0.7 Granted 625,518 12.78 Vested (301,864) 12.83 $ 7.3 Cancelled (109,103) 12.00 Outstanding at September 30, 2023 573,283 $ 12.88 0.9 Performance-Based Awards. Our performance-based awards consist of performance-based restricted stock units (“PRSUs”). PRSUs represent a target number of units that may be paid out at the end of a multi-year award cycle consisting of annual performance periods coinciding with our fiscal years. As determined at the date of award, PRSUs may settle in cash-value equivalent of, or directly in, shares of our common stock. Settlement will range from zero to two times the number of PRSUs granted, depending on our financial performance against predetermined targets. The grant date for each year’s performance period is set when the Compensation Committee establishes performance goals for the period, normally within 90 days of the beginning of each performance period. At the end of each annual performance period, the Compensation Committee confirms performance against the applicable performance targets. PRSUs do not convey voting rights or earn dividends. PRSUs vest on the last day of an award cycle, unless vested sooner as a result of a “Change of Control” of the Company, or the death, disability or retirement of a participant. We recognize compensation expense for stock-settled PRSUs starting on the first day of the applicable performance period and ending on the respective vesting dates. We base the recognized compensation expense upon the number of units awarded for each performance period, the closing price of our common stock on the grant date and the estimated performance factor. In 2023, 2022 and 2021, 282,472, 240,412 shares and 103,058 shares, respectively, vested related to PRSUs. Stock-settled PRSUs activity under the 2006 Plan is summarized below. Award date Settlement year Performance period Grant date per unit fair value Units Units forfeited Net units Performance factor Shares November 29, 2016 2020 2017 $ 13.26 59,285 (5,279) 54,006 1.000 54,006 2018 $ 12.50 59,286 (39,910) 19,376 1.357 26,294 2019 $ 10.53 59,290 (39,909) 19,381 0.645 12,501 January 23, 2017 2020 2017 $ 13.15 19,012 — 19,012 1.000 19,012 2018 $ 12.50 19,011 — 19,011 1.357 25,798 2019 $ 10.53 19,011 — 19,011 0.645 12,263 November 28, 2017 2021 2018 $ 12.50 57,092 — 57,092 1.357 77,474 2019 $ 10.53 57,092 (4,793) 52,299 0.645 33,733 2020 $ 11.26 57,104 (21,679) 35,425 0.909 32,202 November 27, 2018 2022 2019 $ 10.53 110,954 (8,751) 102,203 0.645 65,921 2020 $ 11.26 110,954 (13,182) 97,772 0.909 88,875 2021 $ 11.86 110,967 (28,478) 82,489 1.161 95,770 December 3, 2019 2023 2020 $ 11.26 69,988 (2,391) 67,597 0.909 61,446 2021 $ 11.86 69,989 (9,614) 60,375 1.161 70,096 2022 $ 13.81 69,988 (9,614) 60,374 0.700 42,262 November 29, 2022 2026 2023-2025 $ 11.41 166,284 (80,337) 85,947 — — Market-Based Awards. Our market-based awards consist of market-based restricted stock units (“MRSUs”). MRSUs represent a target number of units that may be paid out at the end of a three-fiscal year award cycle based on a calculation of our relative total shareholder return (“TSR”) performance as compared with the TSR of a selected peer group. Settlements in our common shares, will range from zero to two times the number of MRSUs granted, depending on our TSR performance ranking within the peer group. The fair values of MRSUs are fixed at the date of grant and the related expense is recognized ratably over the vesting period, which is roughly three years from the date of grant. The table below provides information regarding MRSU awards, which were valued using Monte Carlo simulations on the grant date. November 29, 2022 November 30, 2021 January 27, 2021 December 2, 2020 Fair value at grant date $ 15.08 $ 15.76 $ 14.26 $ 15.39 Units granted 166,284 230,089 4,187 234,199 Variables used in determining grant date fair value: Dividend yield 2.20 % 1.70 % 1.84 % 1.77 % Risk-free rate 4.20 % 0.76 % 0.16 % 0.21 % Expected term (in years) 2.83 2.83 2.67 2.83 Stock Options. Stock options generally vest on each anniversary date of the original grant ratably over three years. Compensation expense attributed to stock options is based on the fair value of the awards on their respective grant dates, as determined using a Black-Scholes model. The assumptions used to determine the grant date fair value are indicated below for grants issued during our 2023 fiscal year. November 29, 2022 Variables used in determining grant date fair value: Dividend yield 1.80% Risk-free rate 3.89% Expected term (in years) 6.00 The expected dividend yield is based on our estimated annual dividend and our stock price history at the grant date. The risk-free interest rate is based on the United States Treasury zero-coupon yield in effect at the grant date with a term equal to the expected term. The expected term represents the average period of time the options are expected to be outstanding. Stock option activity under the 2006 Plan is summarized below. Options Weighted Weighted Aggregate Outstanding at September 30, 2020 328,099 $ 6.11 2.3 $ 1.4 Granted 431,520 11.86 Exercised (151,399) 4.09 1.7 Cancelled (8,421) — Outstanding at September 30, 2021 599,799 10.67 7.8 $ 2.7 Granted 457,482 13.64 Exercised (36,731) 5.67 0.2 Cancelled (7,257) — Outstanding at September 30, 2022 1,013,293 12.19 7.7 $ 0.3 Granted 573,279 11.41 Exercised (131,989) 9.59 0.4 Cancelled (327,115) — Outstanding at September 30, 2023 1,127,468 $ 12.10 7.8 $ 1.0 Exercisable at September 30, 2023 412,095 $ 11.97 6.5 $ 0.4 Stock option exercise prices are equal to the closing price of our common stock on the relevant grant date. The ranges of exercise prices for stock options outstanding at September 30, 2023 are summarized below. Exercise price Options Weighted Weighted Exercisable options Weighted $ 5.00 - $ 9.99 61,341 $ 9.31 0.9 61,341 $ 9.31 $ 10.00 - $ 14.99 1,066,127 $ 12.26 8.2 348,050 $ 12.43 1,127,468 $ 12.10 7.8 409,391 $ 11.97 Employee Stock Purchase Plan. The Mueller Water Products, Inc. 2006 Employee Stock Purchase Plan (“ESPP”) authorizes the sale of up to 5,800,000 shares of our common stock to employees. Generally, all full-time, active employees are eligible to participate in the ESPP, subject to certain restrictions. Employee purchases are funded through payroll deductions, and any excess payroll withholdings are returned to the employee. The price for shares purchased under the ESPP is 85% of the lower of the closing price on the first day or the last day of the offering period. At September 30, 2023, 1,921,631 shares were available for issuance under the ESPP. Phantom Plan. Under the Mueller Water Products, Inc. Phantom Plan adopted in 2012 (“Phantom Plan”), we have awarded “phantom units” to certain non-officer employees. A phantom unit settles in cash equal to the price of one share of our common stock on the vesting date. Phantom units generally vest ratably over three Phantom Plan activity is summarized below. Phantom Weighted Weighted Aggregate Outstanding at September 30, 2020 314,475 $ 11.16 0.9 Granted 185,808 11.91 Vested (131,182) $ 1.6 Cancelled (24,257) 11.30 Outstanding at September 30, 2021 344,844 11.51 0.9 Granted 203,834 13.60 Vested (162,969) $ 1.6 Cancelled (46,578) 12.39 Outstanding at September 30, 2022 339,131 12.74 1.1 Granted 294,063 11.53 Vested (156,012) $ 1.9 Cancelled (120,515) 12.22 Outstanding at September 30, 2023 356,667 $ 12.09 1.0 |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information We adopted our current management structure effective October 1, 2021 which resulted in a change to our reportable segments. Prior period information was recast to conform to the current presentation. The recasting has no effect on our previously reported consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows. Our business units and reportable segments are Water Flow Solutions and Water Management Solutions. Water Flow Solutions’ portfolio includes iron gate valves, specialty valves and service brass products. Water Management Solutions’ portfolio includes fire hydrants, repair and installation, natural gas, metering, leak detection, and pressure management and control products and solutions. Segment results are not reflective of their results on a stand-alone basis. Intersegment sales and transfers are made at selling prices generally intended to cover costs. The determination of segment results excludes certain expenses designated as Corporate because they are not directly attributable to segment operations. Interest expense, loss on early extinguishment of debt and income taxes are not allocated to the segments. Corporate expenses include those costs incurred by our corporate function, such as accounting, treasury, risk management, human resources, legal, tax and other administrative functions. Corporate assets principally consist of our cash, operating lease assets, and certain real property previously owned by U.S. Pipe and Anvil. Business segment assets primarily consist of inventories, property, plant and equipment, and intangible assets. The Company has two significant customers that comprise greater than 10% of gross sales. One customer comprised 18%, 21%, and 18% of consolidated revenues for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. The Company has outstanding Accounts receivable from this customer of $46.4 million and $52.1 million as of September 30, 2023 and 2022, respectively. Another customer comprised 18%, 20%, and 19% of consolidated revenues for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. The Company has outstanding Accounts receivable from this customer of $37.7 million and $38.6 million as of September 30, 2023 and 2022, respectively. The Company reports revenue for these customers in both reportable segments, Water Flow Solutions and Water Management Solutions. Geographical area information is presented below. United States Israel Other Total (in millions) Property, plant and equipment, net: September 30, 2023 $ 295.6 $ 11.9 $ 4.2 $ 311.7 September 30, 2022 $ 284.9 $ 12.6 $ 4.1 $ 301.6 Year ended September 30, 2023 2022 2021 (in millions) Water Flow Solutions disaggregated net revenue: Central $ 176.0 $ 190.9 $ 155.1 Northeast 130.6 125.3 110.4 Southeast 118.4 154.3 125.7 West 160.9 182.8 172.4 United States $ 585.9 $ 653.3 $ 563.6 Canada 36.2 55.0 45.7 Other international locations 12.3 5.8 8.5 $ 634.4 $ 714.1 $ 617.8 Water Management Solutions disaggregated net revenue: Central $ 169.2 $ 142.9 $ 125.6 Northeast 151.2 115.1 100.2 Southeast 137.4 109.4 106.5 West 119.0 102.9 99.1 United States $ 576.8 $ 470.3 $ 431.4 Canada 38.3 39.2 38.1 Other international locations 26.2 23.8 23.7 $ 641.3 $ 533.3 $ 493.2 Summarized financial information for our segments is presented below. Water Flow Water Management Corporate Total (in millions) Net revenue: 2023 $ 634.4 $ 641.3 $ — $ 1,275.7 2022 714.1 533.3 — 1,247.4 2021 $ 617.8 $ 493.2 $ — $ 1,111.0 Operating income (loss): 2023 $ 79.6 $ 106.0 $ (58.2) $ 127.4 2022 118.3 48.7 (55.4) 111.6 2021 $ 120.9 $ 70.3 $ (59.5) $ 131.7 Depreciation and amortization: 2023 $ 32.8 $ 29.5 $ 0.2 $ 62.5 2022 30.0 30.3 0.2 60.5 2021 $ 30.5 $ 28.9 $ 0.2 $ 59.6 Strategic reorganization and other charges: 2023 $ — $ 1.7 $ 8.5 $ 10.2 2022 0.2 0.4 6.6 7.2 2021 $ 0.1 $ (0.4) $ 8.3 $ 8.0 Capital expenditures: 2023 $ 33.4 $ 14.2 $ — $ 47.6 2022 43.4 11.3 — 54.7 2021 $ 51.0 $ 11.6 $ 0.1 $ 62.7 Intangible assets, net and goodwill September 30, 2023 $ 283.8 $ 143.9 $ — $ 427.7 September 30, 2022 $ 302.6 $ 157.2 $ — $ 459.8 Inventories, net: September 30, 2023 $ 173.8 $ 124.1 $ — $ 297.9 September 30, 2022 $ 160.5 $ 118.2 $ — $ 278.7 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies We are involved in various legal proceedings that have arisen in the normal course of operations, including the proceedings summarized below. We provide for costs relating to these matters when a loss is probable and the amount is reasonably estimable. Legal and administrative costs related to these matters are expensed as incurred. The effect of the outcome of these matters on our financial statements cannot be predicted with certainty as any such effect depends on the amount and timing of the resolution of such matters. Other than the litigation described below, we do not believe that any of our outstanding litigation would have a materially adverse effect on our financial position, results of operations, cash flows or liquidity. Environmental. We are subject to a wide variety of laws and regulations concerning the protection of the environment, both with respect to the operations at many of our properties and with respect to remediating environmental conditions that may exist at our own or other properties. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable. In the acquisition agreement pursuant to which a predecessor to Tyco International plc, now Johnson Controls International plc (“Tyco”), sold our businesses to a previous owner in August 1999, Tyco agreed to indemnify us and our affiliates, among other things, for all “Excluded Liabilities.” Excluded Liabilities include, among other things, substantially all liabilities relating to the time prior to August 1999, including environmental liabilities. The indemnity survives indefinitely. Tyco’s indemnity does not cover liabilities to the extent caused by us or the operation of our businesses after August 1999, nor does it cover liabilities arising with respect to businesses or sites acquired after August 1999. Since 2007, Tyco has engaged in multiple corporate restructurings, split-offs and divestitures. While none of these transactions directly affects the indemnification obligations of the Tyco indemnitors under the 1999 acquisition agreement, the result of such transactions is that the assets of, and control over, such Tyco indemnitors has changed. Should any of these Tyco indemnitors become financially unable or fail to comply with the terms of the indemnity, we may be responsible for such obligations or liabilities. The purchaser of U.S. Pipe has been identified as a “potentially responsible party” (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act in connection with a former manufacturing facility operated by U.S. Pipe that was in the vicinity of a proposed Superfund site located in North Birmingham, Alabama. Under the terms of the acquisition agreement relating to our sale of U.S. Pipe, we agreed to indemnify the purchaser for certain environmental liabilities, including those arising out of the former manufacturing site in North Birmingham. Accordingly, the purchaser tendered the matter to us for indemnification, which we accepted. Ultimate liability for the site will depend on many factors that have not yet been determined, including the determination of the Environmental Protection Agency’s remediation costs, the number and financial viability of the other PRPs (there are four other PRPs currently) and the determination of the final allocation of the costs among the PRPs. Since the amounts of such costs cannot be reasonably estimated at this time, no amounts have been accrued for this matter at September 30, 2023. Indemnifications . We are a party to contracts in which it is common for us to agree to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct. We cannot estimate the potential amount of future payments under these indemnities until events arise that would trigger a liability under the indemnities. Additionally, in connection with the sale of assets and the divestiture of businesses, such as the divestitures of U.S. Pipe and Anvil, we may agree to indemnify buyers and related parties for certain losses or liabilities incurred by these parties with respect to: (i) the representations and warranties made by us to these parties in connection with the sale and (ii) liabilities related to the pre-closing operations of the assets or business sold. Indemnities related to pre-closing operations generally include certain environmental and tax liabilities and other liabilities not assumed by these parties in the transaction. Indemnities related to the pre-closing operations of sold assets or businesses normally do not represent additional liabilities to us, but simply serve to protect these parties from potential liability associated with our obligations existing at the time of the sale. As with any liability, we have accrued for those pre-closing obligations that are considered probable and reasonably estimable. Should circumstances change, increasing the likelihood of payments related to a specific indemnity, we will accrue a liability when future payment is probable and the amount is reasonably estimable. Other Matters. We monitor and analyze our warranty experience and costs periodically and may revise our accruals as necessary. Factors considered in our analyses include warranty terms, specific claim situations, general incurred and projected failure rates, the nature of product failures, product and labor costs, and general business conditions. We are party to a number of lawsuits arising in the ordinary course of business, including product liability cases for products manufactured by us or third parties. While the results of litigation cannot be predicted with certainty, we believe that the final outcome of such other litigation is not likely to have a materially adverse effect on our financial position, results of operations, cash flows or liquidity. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Israel-Hamas War In October 2023, the Israel-Hamas war caused a temporary shutdown of our facility in Ariel, Israel. While we have reopened the facility, continued disruptions and escalations of conflicts in the area increase the likelihood of supply interruptions and may hinder our ability to acquire the necessary materials we need to make our products. Supply disruptions from lack of access to materials has impacted, and continues to impact, our ability to produce and deliver our products on time and at favorable pricing. Dividend Declaration On October 24, 2023, our Board of Directors declared a dividend of $0.064 per share on our common stock, payable on or about November 20, 2023 to stockholders of record at the close of business on November 9, 2023. Cybersecurity Incident On October 28, 2023, we announced a cybersecurity incident impacting certain internal operational and information technology systems. Our incident response team has implemented response and containment protocols to respond to and address this issue. We are working with leading third-party cybersecurity specialists to support our investigations, recovery and remediation efforts. The incident resulted in additional expenditures during the first quarter of fiscal 2024 and caused delays in parts of our business operations that is expected to adversely impact the Company’s financial results. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases Of Lessee Operating Leases And Finance Leases Disclosure | Leases Presentation of Leases We lease certain office, warehouse, manufacturing, distribution, and research and development facilities and equipment under operating leases. Our leases have remaining lease terms of up to 10 years. The terms and conditions of our leases may include options to extend or terminate the lease. These factors are considered at lease inception or at the time of the amendment and included in the lease term when these options are reasonably certain of exercise. We determine if a contract is, or contains, a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. For all classes of leased assets, we have elected the practical expedient to account for any non-lease components in the contract together with the related lease component in the same unit of account. Right-of-Use (“ROU”) assets and lease liabilities are recognized in our consolidated balance sheets at the commencement date based on the present value of lease payments over the lease term. Additionally, ROU assets include any lease payments made at or before the commencement date, as well as any initial direct costs incurred, and are reduced by any lease incentives received. As most of our operating leases do not provide an implicit rate, we apply our incremental borrowing rate to determine the present value of remaining lease payments. Our incremental borrowing rate is determined based on information available at the commencement date of the lease. For all classes of leased assets, we have applied an accounting policy election to exclude short-term leases from recognition in our consolidated balance sheets. A short-term lease has a term of 12 months or less at the commencement date and does not include a purchase option that is reasonably certain of exercise. We recognize short-term lease cost in our consolidated statements of operations on a straight-line basis over the lease term. Our short-term lease cost for the years ended September 30, 2023, 2022, and 2021 and short-term lease commitments at September 30, 2023 and 2022 are immaterial. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our consolidated statements of operations as the obligation is incurred. At September 30, 2023, any legally-binding minimum lease payments for operating leases signed but not yet commenced, subleases, leases that impose significant restrictions or covenants, related party leases or sale-leaseback arrangements were immaterial. The components of lease cost are presented below. Year ended September 30, 2023 2022 2021 (in millions) Operating lease cost $ 6.3 $ 5.8 $ 6.1 Finance lease cost 1.1 1.3 1.2 Total lease cost $ 7.4 $ 7.1 $ 7.3 Supplemental cash flow information related to leases are presented below, in millions. Year ended September 30, 2023 2022 (in millions) Operating cash used for operating leases $ 6.4 $ 5.8 Financing cash used for finance leases $ 1.1 $ 0.7 Supplemental information regarding our lease assets and liabilities is below. September 30, 2023 2022 (in millions) Right-of-use assets: Operating leases Other noncurrent assets $ 23.6 $ 26.0 Finance leases Plant, property and equipment 1.2 1.4 Total right-of-use assets $ 24.8 $ 27.4 Lease liabilities: Operating leases - current Other current liabilities $ 4.9 $ 4.4 Operating leases - noncurrent Other noncurrent liabilities 19.8 22.4 Finance leases - current Current portion of long-term debt 0.7 0.8 Finance leases - noncurrent Long-term debt 0.6 0.8 Total lease liabilities $ 26.0 $ 28.4 Supplemental information related to lease terms and discount rates are presented below. Year ended September 30, 2023 2022 Weighted-average remaining lease term (years): Operating leases 5.81 6.67 Finance leases 2.24 2.15 Weighted-average interest rate: Operating leases 5.51 % 5.48 % Finance leases 4.69 % 3.64 % Total lease liabilities at September 30, 2023 have scheduled maturities as follows: Operating Leases Finance Leases (in millions) 2024 $ 6.2 $ 0.7 2025 5.7 0.4 2026 5.2 0.2 2027 4.3 0.1 2028 2.7 — Thereafter 4.9 — Total lease payments 29.0 1.4 Less: imputed interest (4.3) (0.1) Present value of lease liabilities $ 24.7 $ 1.3 |
Other Income and Expenses
Other Income and Expenses | 12 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure | Supplemental Statement of Operations Information In the year ended September 30, 2023, we incurred $10.2 million of Strategic reorganization and other charges primarily related to the leadership transition and other restructuring charges related to severance in addition to certain transaction-related expenses. Between November 2019 and March 2021, we announced the purchase and closure of several facilities. We purchased a new facility in Kimball, Tennessee, to support and enhance our investment in our Chattanooga, Tennessee large casting foundry and closed our facilities in Hammond, Indiana and Woodland, Washington. We also completed the closures of our facilities in Aurora, Illinois and Surrey, British Columbia, Canada during our fiscal year 2022. The majority of the activities from these plants were transferred to our Kimball, Tennessee facility. We incurred $1.5 million and $5.6 million of expenses, respectively, for the years ended September 30, 2022, and 2021, as a result of these plant closures. The $5.6 million incurred during fiscal 2021 included approximately $3.2 million of termination benefit costs which are included in Strategic reorganization and other charges and approximately $2.4 million in inventory write-downs which are included in Cost of sales in our consolidated statements of operations. Additionally, fiscal year 2022 included Strategic reorganization and other charges related to the Albertville tragedy and certain transaction-related costs. Fiscal year 2021 included Strategic reorganization and other charges related to the Albertville tragedy, and certain transaction costs, partially offset by a one-time settlement gain in connection with an indemnification from a previously owned property. Activity in accrued restructuring, reported as part of other current liabilities, is presented below. 2023 2022 2021 (in millions) Beginning balance $ 3.3 $ 3.1 $ 2.8 Expenses incurred 10.2 7.2 5.4 Amounts paid (6.9) (7.0) (5.1) Ending balance $ 6.6 $ 3.3 $ 3.1 Selected supplemental statement of operations information is presented below. 2023 2022 2021 (in millions) Included in selling, general and administrative expenses: Research and development $ 25.9 $ 24.5 $ 17.1 Advertising $ 4.7 $ 5.5 $ 3.2 Interest expense, net: 5.5% Senior Notes $ — $ — $ 17.6 4.0% Senior Notes 18.0 18.0 6.2 Deferred financing costs amortization 1.0 1.0 1.1 ABL Agreement 0.9 0.9 0.9 Capitalized interest (1.6) (2.6) (2.3) Other interest expense 0.1 0.3 0.3 Total interest expense 18.4 17.6 23.8 Interest income (3.7) (0.7) (0.4) Net interest expense $ 14.7 $ 16.9 $ 23.4 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounting Policies [Abstract] | |||
Revenue Recognition | Revenue Recognition. Refer to Note 3. for disclosures regarding our revenues. | ||
Share-based Compensation | Stock-based Compensation. Compensation expense for stock-based awards granted to employees and directors is based on the fair value at the grant dates for our stock-settled share awards and is based on the fair value at each reporting date for our cash-settled share awards. Stock-based compensation expense is included within Selling, general and administrative expense within our consolidated statements of operations. Refer to Note 10. for more information regarding our stock-based compensation. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents. All highly liquid investments with maturities of 90 days or less when purchased are classified as cash equivalents. Where there is no right of offset against cash balances, outstanding checks are included in Accounts payable. | ||
Receivables | Receivables, net. Receivables are amounts due from customers. To reduce credit risk, credit investigations are generally performed prior to accepting orders from new customers and, when necessary, we require letters of credit, bonds or other instruments to ensure payment. | ||
Inventory Supplies, Policy | Maintenance and repair supplies and tooling. | ||
Inventories | Inventories, net. Inventories are recorded at the lower of first-in, first-out method cost or estimated net realizable value. We evaluate our inventory in terms of excess and obsolete exposures. This evaluation includes such factors as anticipated usage, inventory turnover, inventory levels and ultimate product sales value. Inventory cost includes an overhead component that is affected by levels of production and actual costs incurred. We periodically evaluate the effects of production levels and costs capitalized as part of Inventories, net. | ||
Property, Plant and Equipment | Property, Plant and Equipment, net. Property, plant and equipment is recorded at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Estimated useful lives are 10 to 20 years for land improvements, 10 to 40 years for buildings and 3 to 20 years for machinery and equipment. Leasehold improvements and capitalized leases are depreciated using the straight-line method over the lesser of the useful life of the asset or the remaining lease term. Gains and losses upon disposition are reflected in operating results in the period of disposition. Direct internal and external costs to implement computer systems and software for internal use are capitalized. Capitalized costs are depreciated over the estimated useful life of the system or software, generally six Liabilities are recognized at fair value for asset retirement obligations related to plant and landfill closures in the period in which they are reasonably estimable and the carrying amounts of the related long-lived assets are correspondingly adjusted. Over time, the liabilities are accreted to their estimated future values. At September 30, 2023 and 2022, asset retirement obligations were $4.2 million. | ||
Accounting for the Impairment of Long-Lived Assets | Accounting for the Impairment of Long-Lived Assets. | ||
Workers Compensation | Workers’ Compensation. Our exposure to workers’ compensation claims is generally limited to $0.8 million per incident. Liabilities, including those related to claims incurred but not reported, are recorded principally using annual valuations based on discounted future expected payments and using historical data combined with insurance industry data when historical data is limited. Our gross workers’ compensation liabilities were $9.9 million as of September 30, 2023, and we expect to recover $4.6 million in insurance which is included as a receivable in Other current assets and Other noncurrent assets. As of September 30, 2022, our gross worker’s compensation liability was $11.1 million and our insurance receivable was $5.9 million. | ||
Warranty Costs | Warranty Costs. | ||
Deferred Financing Fees | Deferred Financing Costs. C osts to obtain debt are deferred and charged to expense over the life of the underlying debt agreement. Remaining costs and the future period over which financing costs would be charged to expense are reassessed when amendments to the related financing agreements or prepayments occur. Deferred financing costs are offset against the underlying long-term debt in the accompanying consolidated balance sheets. Deferred financing costs under agreements that do not have outstanding debt and in other instances, such as our ABL and with regard to our NMTC transaction, are included in Other noncurrent assets consistent with the life of the instrument. Deferred financing costs of $4.6 million at September 30, 2023 include: $0.5 million related to the ABL, $0.2 million related to the NMTC transaction which are amortized on a straight-line basis and; $3.9 million related to the 4.0% Senior Unsecured Notes (“4.0% Senior Notes”) which is amortized using the effective interest rate method. These amounts are amortized over the remaining term of the respective debt. Refer to Note 7. for disclosures related to our borrowing arrangements. | ||
Income Taxes | Income Taxes. Deferred tax liabilities and deferred tax assets are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Such assets and liabilities are determined based on the differences between the financial statement basis and the tax basis of assets and liabilities, using tax rates in effect for the years in which the differences are expected to reverse. A valuation allowance is provided when, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We only record tax benefits for positions that management believes are more likely than not of being sustained under audit based solely on the technical merits of the associated tax position. The amount of tax benefit recognized for any position that meets the more-likely-than-not threshold is the largest amount of the tax benefit that we believe is greater than 50% likely of being realized. | ||
Environmental Expenditures | Environmental Expenditures. We capitalize environmental expenditures that increase the life or efficiency of noncurrent assets or that reduce or prevent environmental contamination. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable. We are indemnified for certain environmental liabilities under an agreement with a predecessor to Tyco that existed at August 16, 1999. Refer to Note 15. for additional disclosures regarding our environmental liabilities. | ||
Research and Development | Research and Development. Research and development costs are expensed as incurred. | ||
Advertising | Advertising. | ||
Translation of Foreign Currency | Translation of Foreign Currency. Foreign reporting entities are remeasured into local currencies with the effect reflected in the consolidated statements of operations. Assets and liabilities of our businesses whose functional currencies are not denominated in the United States dollar are translated into United States dollars using currency exchange rates at the balance sheet date. Revenues and expenses are translated at average currency exchange rates during the period. Foreign currency translation gains and losses are reported as a component of accumulated other comprehensive income (loss). Gains and losses resulting from foreign currency transactions are included in earnings as incurred. | ||
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year, with early adoption permitted. We adopted this standard on October 1, 2021 and there was no material impact to our financial statements. In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Inter Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. ASU 2020-04 is effective from March 12, 2020; however, the standard may be adopted prospectively from a date within an interim period subsequent to March 12, 2020. We adopted this standard on October 1, 2021, and there was no material impact to our financial statements. Accounting Pronouncements Not Yet Adopted In June 2022, the FASB issued ASU No. 2022-03 “ Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 was issued to (1) clarify the guidance in Topic 820 on the fair value measurement of an equity security that is subject to a contractual sale restriction; and (2) to require specific disclosures related to such an equity security. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. We do not expect ASC 2022-03 to have a material impact on our financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires public business entities that disclose information on their reportable segments to provide additional information on their significant expense categories and “other segment items,” which represent the difference between segment revenue less significant segment expense and a segment’s measure of profit or loss. A description of “other segment items” is also required. Further, certain segment related disclosures that were limited to annual disclosure are now required at interim periods. Finally, public business entities are required to disclose the title and position of their Chief Operating Decision Maker (“CODM”) and explain how the CODM uses the reported measures of profit or loss to assess segment performance. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We do not expect ASU 2023-07 to have a material impact on our financial statement and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | The following table summarizes information concerning our allowance for credit losses. 2023 2022 2021 (in millions) Balance at beginning of year $ 5.6 $ 3.5 $ 2.5 Provision charged to expense 1.9 2.5 1.1 Other (0.2) (0.4) (0.1) Balance at end of year $ 7.3 $ 5.6 $ 3.5 | |
Schedule of Reserves for Excess and Obsolete Inventory | The following table summarizes information concerning our inventory valuation reserves. 2023 2022 2021 (in millions) Balance at beginning of year $ 16.5 $ 14.8 $ 11.7 Provision charged to expense 3.8 1.8 5.9 Inventory disposed (2.5) (1.4) (3.6) Other (1.0) 1.3 0.8 Balance at end of year $ 16.8 $ 16.5 $ 14.8 | |
Schedule of Product Warranty Liability | Activity in our accrued warranty, reported as part of both Other current liabilities and Other noncurrent liabilities, is presented below. 2023 2022 2021 (in millions) Balance at beginning of year $ 10.7 $ 9.7 $ 14.4 Warranty accruals 14.8 9.5 3.5 Warranty costs (9.8) (8.5) (8.2) Balance at end of year $ 15.7 $ 10.7 $ 9.7 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Accounts, Notes, Loans and Financing Receivable, Unclassified [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The table below represents the balances of our customer receivables and deferred revenue. September 30, 2023 2022 (in millions) Billed receivables $ 218.1 $ 230.5 Unbilled receivables 6.3 3.1 Gross customer receivables 224.4 233.6 Allowance for credit losses (7.3) (5.6) Receivables, net $ 217.1 $ 228.0 Deferred revenue $ 9.2 $ 8.1 |
Identifiable Intangible Assets
Identifiable Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill for the years ended September 30, 2023 and 2022 were as follows, in millions: Balance at September 30, 2021: Goodwill $ 832.4 Accumulated impairment (717.3) Net goodwill 115.1 2022 Activity: Goodwill impairment (6.8) Change in foreign currency exchange rates (9.7) Balance at September 30, 2022: Goodwill 822.7 Accumulated impairment (724.1) Net goodwill 98.6 2023 Activity: Change in foreign currency exchange rates (4.9) Balance at September 30, 2023: Goodwill 817.8 Accumulated impairment (724.1) Net goodwill $ 93.7 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Intangible assets are presented below. September 30, 2023 2022 (in millions) Capitalized internal-use software: Cost $ 38.1 $ 35.5 Accumulated amortization (29.7) (26.8) Capitalized internal-use software, net $ 8.4 $ 8.7 Business combination-related: Cost: Finite-lived intangible assets: Technology $ 119.6 $ 119.9 Customer relationships and other 371.5 371.6 Indefinite-lived intangible assets: Trade names and trademarks 272.6 272.7 $ 763.7 $ 764.2 Accumulated amortization: Technology $ (95.3) $ (89.5) Customer relationships and other (342.8) (322.2) (438.1) (411.7) Business combination-related intangible assets, net 325.6 352.5 Intangible assets, net $ 334.0 $ 361.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income taxes are presented below. 2023 2022 2021 (in millions) U.S. $ 83.2 $ 81.6 $ 94.0 Non-U.S. 25.8 17.0 0.9 Income before income taxes $ 109.0 $ 98.6 $ 94.9 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax expense are as follows: 2023 2022 2021 (in millions) Current: U.S. federal $ 28.4 $ 19.5 $ 21.9 U.S. state and local 6.0 4.3 6.3 Non-U.S. 3.5 1.7 1.6 Total current income tax expense 37.9 25.5 29.8 Deferred: U.S. federal (11.2) (3.4) (4.7) U.S. state and local (3.3) (0.9) (1.3) Non-U.S. 0.1 0.8 0.7 Total deferred income tax benefit (14.4) (3.5) (5.3) Income tax expense $ 23.5 $ 22.0 $ 24.5 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation between income tax expense at the United States federal statutory income tax rate and reported income tax expense is presented below. 2023 2022 2021 (in millions) Expense at U.S. federal statutory income tax rate $ 22.9 $ 20.7 $ 19.9 Adjustments to reconcile to income tax expense: State income taxes, net of federal benefit 1.5 2.6 3.1 Uncertain tax positions 0.5 — 0.3 Nondeductible compensation 1.8 0.9 0.6 Nondeductible expenses, other than compensation 0.9 0.8 0.5 Valuation allowances (0.6) 1.0 (0.4) Basis difference in foreign investment 0.1 0.1 1.5 Foreign income taxes (2.0) (1.5) (1.7) Excess tax benefits related to stock compensation 0.3 (0.1) (0.2) Tax credits (3.5) (2.3) (1.6) Other 1.6 (0.2) 2.5 Income tax expense $ 23.5 $ 22.0 $ 24.5 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax balances are presented below. September 30, 2023 2022 (in millions) Deferred income tax assets: Accrued expenses $ 10.8 $ 10.5 Lease liabilities 6.4 8.1 Inventories 7.2 7.0 State net operating losses 1.9 2.1 Net operating losses and credit carryovers 16.2 12.9 Stock-based compensation 3.9 4.1 Pension — 0.1 Section 174 research and development capitalization 15.6 — Other 4.4 2.3 Total deferred income tax assets 66.4 47.1 Valuation allowance (15.1) (13.2) Total deferred income tax assets, net of valuation allowance 51.3 33.9 Deferred income tax liabilities: Intangible assets 74.5 77.7 Lease assets 5.9 7.4 Basis difference in foreign investment 5.9 6.2 Pension 1.3 — Property, plant and equipment 36.6 28.4 Other 0.9 0.5 Total deferred income tax liabilities 125.1 120.2 Net deferred income tax liabilities $ 73.8 $ 86.3 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes information concerning our gross unrecognized tax benefits. 2023 2022 (in millions) Balance at beginning of year $ 4.7 $ 4.8 Increase related to current year positions 1.0 0.7 Decrease related to current year positions — (0.4) Decrease as a result of statute of limitations lapse (0.6) (0.3) Foreign currency exchange losses (0.1) (0.1) Balance at end of year $ 5.0 $ 4.7 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Long-Term Debt and Lease Obligation [Abstract] | |
Components of Long-Term Debt | The components of our long-term debt are as follows: September 30, 2023 2022 (in millions) 4.0% Senior Notes $ 450.0 $ 450.0 Finance leases 1.3 1.6 Total debt 451.3 451.6 Less deferred financing costs 3.9 4.7 Less current portion of long-term debt 0.7 0.8 Long-term debt $ 446.7 $ 446.1 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost | The components of net periodic cost (benefit) for our Pension Plan are presented below. 2023 2022 2021 (in millions) Service cost $ 0.8 $ 1.3 $ 1.5 Components of net periodic cost (benefit) excluded from operating income: Interest cost 13.9 9.8 9.9 Expected return on plan assets (13.9) (15.4) (15.7) Amortization of actuarial net loss 3.7 1.7 2.5 Pension expense (benefit) other than service 3.7 (3.9) (3.3) Net periodic cost (benefit) $ 4.5 $ (2.6) $ (1.8) |
Schedule of Accumulated and Projected Benefit Obligations | P |
Schedule Of Defined Benefit Plans Disclosures | Amounts recognized for the Pension Plan are presented below. September 30, 2023 2022 (in millions) Projected benefit obligations: Beginning of year $ 251.2 $ 336.8 Service cost 0.8 1.3 Interest cost 13.9 9.8 Actuarial gain (10.4) (74.0) Benefits paid (22.3) (22.7) Accumulated benefit obligations at end of year $ 233.2 $ 251.2 Plan assets: Beginning of year $ 251.8 $ 353.5 Actual return on plan assets 10.3 (79.0) Benefits paid (22.3) (22.7) Fair value of plan assets at end of year $ 239.8 $ 251.8 Accrued benefit cost at end of year: Funded status $ 6.6 $ 0.6 Recognized on balance sheet: Other noncurrent assets $ 6.6 $ 0.6 Recognized in accumulated other comprehensive income (loss), before tax: Net actuarial loss $ 68.2 $ 78.7 $ 68.2 $ 78.7 |
Schedule of Pension and Other Postretirement Benefits Activity in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Pension Plan activity in accumulated other comprehensive loss, before tax, in 2023 is presented below, in millions. Balance at beginning of year $ 78.7 Actuarial loss (6.8) Prior year actuarial loss amortization to net periodic cost (3.7) Balance at end of year $ 68.2 |
Schedule of Assumptions Used | A summary of key assumptions for the valuations of our Pension Plan is as follows: September 30, 2023 2022 2021 Weighted average used to determine benefit obligations: Discount rate 6.29 % 5.79 % 3.01 % Weighted average used to determine net periodic cost: Discount rate 5.79 % 3.01 % 2.84 % Expected return on plan assets 5.75 % 4.50 % 4.50 % |
Schedule of Strategic Allocation of Plan Assets [Table Text Block] | Strategic asset allocations, tactical range at September 30, 2023 and actual asset allocations are as follows: Strategic asset allocation Actual asset allocations at September 30, Tactical range 2023 2022 2021 Fixed income investments 70 % 67 % - 73 % 70 % 70 % 70 % Equity investments 30 27 % - 33 % 29 29 29 Cash — 0 % - 5 % 1 1 1 100 % 100 % 100 % 100 % |
Schedule of Allocation of Plan Assets | The assets of the Pension Plan by level within the fair value hierarchy are as follows: September 30, 2023 Level 1 Level 2 Total (in millions) Fixed income $ 121.1 $ 45.6 $ 166.7 Equity: Large cap index funds 35.6 — 35.6 International stocks: International funds 35.6 — 35.6 Total equity 71.2 — 71.2 Cash and cash equivalents 1.9 — 1.9 Total Plan assets $ 194.2 $ 45.6 $ 239.8 September 30, 2022 Level 1 Level 2 Total (in millions) Fixed income $ 125.2 $ 50.1 $ 175.3 Equity: Large cap index funds 37.2 — 37.2 International stocks: International funds 37.4 — 37.4 Total equity 74.6 — 74.6 Cash and cash equivalents 1.9 — 1.9 Total Plan assets $ 201.7 $ 50.1 $ 251.8 |
Schedule of Expected Benefit Payments | Our estimated future pension benefit payments are presented below (in millions): 2024 $ 23.0 2025 22.7 2026 22.3 2027 21.9 2028 21.4 2029-2033 97.3 Total $ 208.6 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common stock share activity is presented below. Shares outstanding at September 30, 2020 158,064,750 Vesting of restricted stock units, net of shares withheld for taxes 182,024 Exercise of stock options 151,399 Exercise of employee stock purchase plan instruments 146,135 Settlement of performance-based restricted stock units, net of shares withheld for taxes 62,396 Stock repurchased under buyback program (651,271) Shares outstanding at September 30, 2021 157,955,433 Vesting of restricted stock units, net of shares withheld for taxes 195,156 Exercise of stock options 36,731 Exercise of employee stock purchase plan instruments 150,909 Settlement of performance-based restricted stock units, net of shares withheld for taxes 160,163 Stock repurchased under buyback program (2,654,254) Shares outstanding at September 30, 2022 155,844,138 Vesting of restricted stock units, net of shares withheld for taxes 256,724 Exercise of stock options 110,989 Exercise of employee stock purchase plan instruments 181,483 Settlement of performance-based restricted stock units, net of shares withheld for taxes 193,428 Stock repurchased under buyback program (714,830) Shares outstanding at September 30, 2023 155,871,932 |
Stock-based Compensation Plans
Stock-based Compensation Plans (Tables) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | The effect of stock-based compensation on our consolidated statements of operations within Selling, general and administrative costs is presented below. 2023 2022 2021 (in millions, except per share data) Decrease in operating income $ 11.1 $ 9.9 $ 11.0 Decrease in net income 8.7 7.6 8.2 Decrease in earnings per basic share 0.06 0.05 0.05 Decrease in earnings per diluted share $ 0.06 $ 0.05 $ 0.05 | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Restricted stock unit activity under the 2006 Plan is summarized below. Restricted stock units Weighted Weighted Aggregate Outstanding at September 30, 2020 408,506 $ 11.41 0.9 Granted 220,795 12.29 Vested (228,121) 11.62 $ 2.8 Cancelled (5,083) 11.41 Outstanding at September 30, 2021 396,097 11.78 0.8 Granted 223,379 13.41 Vested (251,981) 11.81 $ 2.8 Cancelled (8,763) 11.87 Outstanding at September 30, 2022 358,732 12.77 0.7 Granted 625,518 12.78 Vested (301,864) 12.83 $ 7.3 Cancelled (109,103) 12.00 Outstanding at September 30, 2023 573,283 $ 12.88 0.9 | |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Stock-settled PRSUs activity under the 2006 Plan is summarized below. Award date Settlement year Performance period Grant date per unit fair value Units Units forfeited Net units Performance factor Shares November 29, 2016 2020 2017 $ 13.26 59,285 (5,279) 54,006 1.000 54,006 2018 $ 12.50 59,286 (39,910) 19,376 1.357 26,294 2019 $ 10.53 59,290 (39,909) 19,381 0.645 12,501 January 23, 2017 2020 2017 $ 13.15 19,012 — 19,012 1.000 19,012 2018 $ 12.50 19,011 — 19,011 1.357 25,798 2019 $ 10.53 19,011 — 19,011 0.645 12,263 November 28, 2017 2021 2018 $ 12.50 57,092 — 57,092 1.357 77,474 2019 $ 10.53 57,092 (4,793) 52,299 0.645 33,733 2020 $ 11.26 57,104 (21,679) 35,425 0.909 32,202 November 27, 2018 2022 2019 $ 10.53 110,954 (8,751) 102,203 0.645 65,921 2020 $ 11.26 110,954 (13,182) 97,772 0.909 88,875 2021 $ 11.86 110,967 (28,478) 82,489 1.161 95,770 December 3, 2019 2023 2020 $ 11.26 69,988 (2,391) 67,597 0.909 61,446 2021 $ 11.86 69,989 (9,614) 60,375 1.161 70,096 2022 $ 13.81 69,988 (9,614) 60,374 0.700 42,262 November 29, 2022 2026 2023-2025 $ 11.41 166,284 (80,337) 85,947 — — | |
Schedule of Share-based Compensation. Options | Stock option activity under the 2006 Plan is summarized below. Options Weighted Weighted Aggregate Outstanding at September 30, 2020 328,099 $ 6.11 2.3 $ 1.4 Granted 431,520 11.86 Exercised (151,399) 4.09 1.7 Cancelled (8,421) — Outstanding at September 30, 2021 599,799 10.67 7.8 $ 2.7 Granted 457,482 13.64 Exercised (36,731) 5.67 0.2 Cancelled (7,257) — Outstanding at September 30, 2022 1,013,293 12.19 7.7 $ 0.3 Granted 573,279 11.41 Exercised (131,989) 9.59 0.4 Cancelled (327,115) — Outstanding at September 30, 2023 1,127,468 $ 12.10 7.8 $ 1.0 Exercisable at September 30, 2023 412,095 $ 11.97 6.5 $ 0.4 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | The ranges of exercise prices for stock options outstanding at September 30, 2023 are summarized below. Exercise price Options Weighted Weighted Exercisable options Weighted $ 5.00 - $ 9.99 61,341 $ 9.31 0.9 61,341 $ 9.31 $ 10.00 - $ 14.99 1,066,127 $ 12.26 8.2 348,050 $ 12.43 1,127,468 $ 12.10 7.8 409,391 $ 11.97 | |
Schedule of Share-based Compensation, Phantom Award, Activity | Phantom Plan activity is summarized below. Phantom Weighted Weighted Aggregate Outstanding at September 30, 2020 314,475 $ 11.16 0.9 Granted 185,808 11.91 Vested (131,182) $ 1.6 Cancelled (24,257) 11.30 Outstanding at September 30, 2021 344,844 11.51 0.9 Granted 203,834 13.60 Vested (162,969) $ 1.6 Cancelled (46,578) 12.39 Outstanding at September 30, 2022 339,131 12.74 1.1 Granted 294,063 11.53 Vested (156,012) $ 1.9 Cancelled (120,515) 12.22 Outstanding at September 30, 2023 356,667 $ 12.09 1.0 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions used to determine the grant date fair value are indicated below for grants issued during our 2023 fiscal year. November 29, 2022 Variables used in determining grant date fair value: Dividend yield 1.80% Risk-free rate 3.89% Expected term (in years) 6.00 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The Company has two significant customers that comprise greater than 10% of gross sales. One customer comprised 18%, 21%, and 18% of consolidated revenues for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. The Company has outstanding Accounts receivable from this customer of $46.4 million and $52.1 million as of September 30, 2023 and 2022, respectively. Another customer comprised 18%, 20%, and 19% of consolidated revenues for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. The Company has outstanding Accounts receivable from this customer of $37.7 million and $38.6 million as of September 30, 2023 and 2022, respectively. The Company reports revenue for these customers in both reportable segments, Water Flow Solutions and Water Management Solutions. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Geographical area information is presented below. United States Israel Other Total (in millions) Property, plant and equipment, net: September 30, 2023 $ 295.6 $ 11.9 $ 4.2 $ 311.7 September 30, 2022 $ 284.9 $ 12.6 $ 4.1 $ 301.6 Year ended September 30, 2023 2022 2021 (in millions) Water Flow Solutions disaggregated net revenue: Central $ 176.0 $ 190.9 $ 155.1 Northeast 130.6 125.3 110.4 Southeast 118.4 154.3 125.7 West 160.9 182.8 172.4 United States $ 585.9 $ 653.3 $ 563.6 Canada 36.2 55.0 45.7 Other international locations 12.3 5.8 8.5 $ 634.4 $ 714.1 $ 617.8 Water Management Solutions disaggregated net revenue: Central $ 169.2 $ 142.9 $ 125.6 Northeast 151.2 115.1 100.2 Southeast 137.4 109.4 106.5 West 119.0 102.9 99.1 United States $ 576.8 $ 470.3 $ 431.4 Canada 38.3 39.2 38.1 Other international locations 26.2 23.8 23.7 $ 641.3 $ 533.3 $ 493.2 |
Schedule Of Selected Supplemental Balance Sheet Information | Summarized financial information for our segments is presented below. Water Flow Water Management Corporate Total (in millions) Net revenue: 2023 $ 634.4 $ 641.3 $ — $ 1,275.7 2022 714.1 533.3 — 1,247.4 2021 $ 617.8 $ 493.2 $ — $ 1,111.0 Operating income (loss): 2023 $ 79.6 $ 106.0 $ (58.2) $ 127.4 2022 118.3 48.7 (55.4) 111.6 2021 $ 120.9 $ 70.3 $ (59.5) $ 131.7 Depreciation and amortization: 2023 $ 32.8 $ 29.5 $ 0.2 $ 62.5 2022 30.0 30.3 0.2 60.5 2021 $ 30.5 $ 28.9 $ 0.2 $ 59.6 Strategic reorganization and other charges: 2023 $ — $ 1.7 $ 8.5 $ 10.2 2022 0.2 0.4 6.6 7.2 2021 $ 0.1 $ (0.4) $ 8.3 $ 8.0 Capital expenditures: 2023 $ 33.4 $ 14.2 $ — $ 47.6 2022 43.4 11.3 — 54.7 2021 $ 51.0 $ 11.6 $ 0.1 $ 62.7 Intangible assets, net and goodwill September 30, 2023 $ 283.8 $ 143.9 $ — $ 427.7 September 30, 2022 $ 302.6 $ 157.2 $ — $ 459.8 Inventories, net: September 30, 2023 $ 173.8 $ 124.1 $ — $ 297.9 September 30, 2022 $ 160.5 $ 118.2 $ — $ 278.7 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lease, Cost | The components of lease cost are presented below. Year ended September 30, 2023 2022 2021 (in millions) Operating lease cost $ 6.3 $ 5.8 $ 6.1 Finance lease cost 1.1 1.3 1.2 Total lease cost $ 7.4 $ 7.1 $ 7.3 |
Supplemental Balance Sheet - Leases | Supplemental information regarding our lease assets and liabilities is below. September 30, 2023 2022 (in millions) Right-of-use assets: Operating leases Other noncurrent assets $ 23.6 $ 26.0 Finance leases Plant, property and equipment 1.2 1.4 Total right-of-use assets $ 24.8 $ 27.4 Lease liabilities: Operating leases - current Other current liabilities $ 4.9 $ 4.4 Operating leases - noncurrent Other noncurrent liabilities 19.8 22.4 Finance leases - current Current portion of long-term debt 0.7 0.8 Finance leases - noncurrent Long-term debt 0.6 0.8 Total lease liabilities $ 26.0 $ 28.4 |
Supplemental Information - Leases | Supplemental information related to lease terms and discount rates are presented below. Year ended September 30, 2023 2022 Weighted-average remaining lease term (years): Operating leases 5.81 6.67 Finance leases 2.24 2.15 Weighted-average interest rate: Operating leases 5.51 % 5.48 % Finance leases 4.69 % 3.64 % |
Lease Maturity Schedule | Total lease liabilities at September 30, 2023 have scheduled maturities as follows: Operating Leases Finance Leases (in millions) 2024 $ 6.2 $ 0.7 2025 5.7 0.4 2026 5.2 0.2 2027 4.3 0.1 2028 2.7 — Thereafter 4.9 — Total lease payments 29.0 1.4 Less: imputed interest (4.3) (0.1) Present value of lease liabilities $ 24.7 $ 1.3 |
ScheduleOfCashFlowSupplementalDisclosures - Leases | Supplemental cash flow information related to leases are presented below, in millions. Year ended September 30, 2023 2022 (in millions) Operating cash used for operating leases $ 6.4 $ 5.8 Financing cash used for finance leases $ 1.1 $ 0.7 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Restructuring and Related Costs | Activity in accrued restructuring, reported as part of other current liabilities, is presented below. 2023 2022 2021 (in millions) Beginning balance $ 3.3 $ 3.1 $ 2.8 Expenses incurred 10.2 7.2 5.4 Amounts paid (6.9) (7.0) (5.1) Ending balance $ 6.6 $ 3.3 $ 3.1 |
Selected Supplemental Statement of Operations Information | Selected supplemental statement of operations information is presented below. 2023 2022 2021 (in millions) Included in selling, general and administrative expenses: Research and development $ 25.9 $ 24.5 $ 17.1 Advertising $ 4.7 $ 5.5 $ 3.2 Interest expense, net: 5.5% Senior Notes $ — $ — $ 17.6 4.0% Senior Notes 18.0 18.0 6.2 Deferred financing costs amortization 1.0 1.0 1.1 ABL Agreement 0.9 0.9 0.9 Capitalized interest (1.6) (2.6) (2.3) Other interest expense 0.1 0.3 0.3 Total interest expense 18.4 17.6 23.8 Interest income (3.7) (0.7) (0.4) Net interest expense $ 14.7 $ 16.9 $ 23.4 |
Organization (Details)
Organization (Details) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 USD ($) employee business_segments | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Entity Number of Employees | employee | 3,200 | ||
Percentage of Employees Covered by Collective Bargaining Agreements | 0.58 | ||
Organization | Organization Mueller Water Products, Inc., a Delaware corporation, together with its consolidated subsidiaries, operates in two business segments: Water Flow Solutions and Water Management Solutions. These segments are based on a management reorganization that became effective October 1, 2021; prior period information was recast to conform to the current presentation. Water Flow Solutions’ portfolio includes iron gate valves, specialty valves and service brass products. Water Management Solutions’ portfolio includes fire hydrants, repair and installation, natural gas, metering, leak detection, and pressure management and control products and solutions. The “Company,” “we,” “us” or “our” refers to Mueller Water Products, Inc. and its subsidiaries. With regard to the Company’s segments, “we,” “us” or “our” may also refer to the segment being discussed. We have approximately 3,200 employees globally, of which approximately 58% of our United States hourly workers are covered by collective bargaining agreements. On December 3, 2018, we completed our acquisition of Krausz Industries Development Ltd. and subsidiaries (“Krausz”). During our 2020 and 2019 fiscal years, we included the financial statements of Krausz on a one-month lag. During the year ended September 30, 2021, we aligned the consolidation of the financial statements of Krausz in the Company’s consolidated financial statements, eliminating the previous inclusion of Krausz financial statements with a one-month reporting lag. In accordance with applicable accounting literature, the elimination of the one-month reporting lag is considered to be a change in accounting principle. We believe this change in accounting principle is preferable as the financial statements of all of our subsidiaries are now reported on the same basis, providing the most current information available. The effect of the elimination of the reporting lag during the year ended September 30, 2021 resulted in an increase of $6.0 million to net sales. We concluded that the effect of this change was not material to the financial statements. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, sales and expenses and the disclosure of contingent assets and liabilities for the reporting periods. Actual results could differ from those estimates. All significant intercompany balances and transactions have been eliminated. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. These reclassifications primarily relate to a change in our reportable segments as described in Note 14. Unless the context indicates otherwise, whenever we refer to a particular year, we mean our fiscal year ended or ending September 30 in that particular calendar year. New Markets Tax Credit Program On December 22, 2020, we entered into a financing transaction with Wells Fargo Community Investment Holdings, LLC (“Wells Fargo”) related to our brass foundry construction project in Decatur, Illinois under a qualified New Markets Tax Credit program (“NMTC”). The NMTC is a federal program intended to encourage capital investment in qualified lower income communities. Under the NMTC, investors claim federal income tax credits over a period of seven years in connection with qualified investments in the equity of community development entities (“CDE”s), which are privately managed investment institutions that are certified to make qualified low-income community investments, such as in our foundry project. Under the NMTC, Wells Fargo contributed capital of $4.8 million to an investment fund and we loaned $12.2 million to the fund. Wells Fargo is entitled to the associated tax credits, which are subject to 100% recapture if we do not comply with various regulations and contractual provisions surrounding the foundry project. We have indemnified Wells Fargo for any loss or recapture of tax credits related to the transaction until the seven-year period elapses. We do not anticipate any credit recaptures will be required in connection with this arrangement. The investment fund contributed $16.5 million cash for a 99.99% stake in a joint venture (“Sub-CDE”) with a CDE. The Sub-CDE then loaned $16.2 million to us, with the use of the loan proceeds restricted to foundry project expenditures. This transaction also includes a put/call provision under which we may be obligated or entitled to repurchase Wells Fargo’s interest in the investment fund. We believe that Wells Fargo will exercise its put option in December 2027 for nominal consideration, resulting in our becoming the sole owner of the investment fund, cancelling the related loans, and recognizing an estimated gain of $3.9 million. We determined that the investment fund and the Sub-CDE are variable interest entities (“VIEs”) and that we are the primary beneficiary of the VIEs. The ongoing activities of the VIEs, namely collecting and remitting interest and fees and administering NMTC compliance, were contemplated in the initial design of the transaction and are not expected to significantly affect economic performance throughout the life of the VIEs. Additionally, we are obligated to deliver tax benefits and provide various other guarantees to Wells Fargo and to absorb the losses of the VIEs. Wells Fargo does not have a material interest in the underlying economics of the project. Consequently, we have included the financial statements of the VIEs in our consolidated financial statements. Intercompany transactions between us and the VIEs have been eliminated in consolidation. Wells Fargo’s contribution to the investment fund is consolidated in our financial statements within Other noncurrent liabilities as a result of its redemption features. Direct costs associated with Wells Fargo’s capital contribution were netted against the recorded proceeds, resulting in a net cash contribution of $3.9 million. Other direct costs associated with the transaction were capitalized and are being recognized as interest expense over the seven-year tax credit period. Incremental costs to maintain the structure during the compliance period are expensed as incurred and were immaterial to the consolidated financial statements. | ||
Number of Reportable Segments | business_segments | 2 | ||
Proceeds from Other Equity | $ 0 | $ 0 | $ 3.9 |
Proceeds From Other Equity, Gross Amount | 4.8 | ||
Intercompany Loan Related to NMTC | 12.2 | ||
Investment Fund Contribution For NMTC | 16.5 | ||
Sub CDE Loan From NMTC | 16.2 | ||
Other Sundry Liabilities, Noncurrent | $ 3.9 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Schedule of Allowance for Doubtful Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 5.6 | $ 3.5 | $ 2.5 |
Accounts Receivable, Credit Loss Expense (Reversal) | 1.9 | 2.5 | 1.1 |
Balances written off, net of recoveries | (0.2) | (0.4) | (0.1) |
Balance at end of year | $ 7.3 | $ 5.6 | $ 3.5 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Reserves for Excess and Obsolete Inventory) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 16.5 | $ 14.8 | $ 11.7 |
Provision charged to expense | (3.8) | (1.8) | (5.9) |
Inventory Valuation Allowances and Reserves, Deduction | (2.5) | (1.4) | (3.6) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | (1) | 1.3 | 0.8 |
Balance at end of year | $ 16.8 | $ 16.5 | $ 14.8 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Balance at end of year | $ 15.7 | $ 10.7 | $ 9.7 | $ 14.4 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of year | 6.5 | |||
Product Warranty Expense | 14.8 | 9.5 | 3.5 | |
Warranty payments | (9.8) | (8.5) | $ (8.2) | |
Balance at end of year | $ 8.6 | $ 6.5 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Product Warranty Expense | $ 14,800,000 | $ 9,500,000 | $ 3,500,000 |
Asset Retirement Obligation | 4,200,000 | ||
Exposure to Workers Compensation Claims, Per Incident | 800,000 | ||
Workers' Compensation Liability | $ 9,900,000 | $ 11,100,000 | |
Income Tax Benefit, Likelihood of Realization Threshold | 50% | ||
Debt Issuance Costs, Net | $ 4,600,000 | ||
Minimum [Member] | |||
Finite-Lived Tangible Asset, Useful Life, Maximum | 3 years | ||
Maximum [Member] | |||
Finite-Lived Tangible Asset, Useful Life, Maximum | 10 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 10 years | ||
Land Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 20 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 10 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 20 years | ||
Software and Software Development Costs [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life, Minimum | 6 years | ||
U.S. Pipe [Member] | Maximum [Member] | |||
Discontinued Operations, Receivable from Buyer of Discontinued Operation | $ 4,600,000 | $ 5,900,000 | |
Revolving Credit Facility [Member] | |||
Debt Issuance Costs, Net | 500,000 | ||
Unsecured Debt [Member] | |||
Debt Issuance Costs, Net | 3,900,000 | $ 4,700,000 | |
Debt | |||
Debt Issuance Costs, Net | $ 200,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Components of Trade Receivables (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Accounts, Notes, Loans and Financing Receivable, Unclassified [Abstract] | ||
Billed receivables | $ 218.1 | $ 230.5 |
Unbilled receivables | 6.3 | 3.1 |
Gross customer receivables | 224.4 | 233.6 |
Allowance for credit losses | (7.3) | (5.6) |
Receivables, net | 217.1 | 228 |
Deferred revenue | $ 9.2 | $ 8.1 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Narrative (Details) | 12 Months Ended |
Sep. 30, 2023 | |
Transferred over Time [Member] | |
Disaggregation of Revenue [Line Items] | |
Percent of Revenue by Recognition Timing | 2% |
Transferred at Point in Time [Member] | |
Disaggregation of Revenue [Line Items] | |
Percent of Revenue by Recognition Timing | 98% |
Business Combination Schedule o
Business Combination Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Assets acquired: | |||
Goodwill | $ 93.7 | $ 98.6 | $ 115.1 |
Identifiable Intangible Asset_2
Identifiable Intangible Assets Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Amortization | $ 28.1 | $ 28.5 | $ 28.2 | |
Goodwill, Impairment Loss | 0 | 6.8 | 0 | |
Goodwill | $ 115.1 | 93.7 | 98.6 | 115.1 |
Impairment of indefinite-lived intangible assets | $ 0 | |||
Software and Software Development Costs [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 2 months 12 days | |||
Amortization | $ 3.3 | $ 2.9 | 2.9 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 2.6 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1.5 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1.1 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 0.8 | |||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years 3 months 18 days | |||
Technology-Based Intangible Assets [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years 8 months 12 days | |||
Business Combination-Related Identifiable Intangible [Member] | ||||
Amortization | $ 25.2 | $ 25.5 | $ 25.2 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 24.8 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5.5 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5.1 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 4.9 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 4.8 |
Identifiable Intangible Asset_3
Identifiable Intangible Assets Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Indefinite-lived intangible assets: | |||
Goodwill | $ 93.7 | $ 98.6 | $ 115.1 |
Intangible Assets, Gross, (Including Goodwill) | 763.7 | 764.2 | |
Accumulated amortization: | |||
Intangible Assets, Net (Excluding Goodwill) | 334 | 361.2 | |
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (4.9) | (9.7) | |
Business Combination-Related Identifiable Intangible [Member] | |||
Accumulated amortization: | |||
Accumulated Amortization | 438.1 | 411.7 | |
Net book value | 325.6 | 352.5 | |
Trademarks and Trade Names [Member] | |||
Indefinite-lived intangible assets: | |||
Trade names and trademarks | 272.6 | 272.7 | |
Software and Software Development Costs [Member] | |||
Capitalized external-use software: | |||
Capitalized Computer Software, Gross | 38.1 | 35.5 | |
Accumulated amortization | 29.7 | 26.8 | |
Net book value | 8.4 | 8.7 | |
Technology-Based Intangible Assets [Member] | |||
Finite-lived intangible assets: | |||
Technology | 119.6 | 119.9 | |
Accumulated amortization: | |||
Accumulated Amortization | 95.3 | 89.5 | |
Customer Relationships [Member] | |||
Finite-lived intangible assets: | |||
Customer relationships and other | 371.5 | 371.6 | |
Accumulated amortization: | |||
Accumulated Amortization | $ 342.8 | $ 322.2 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0.8 | $ 0.7 | |
Income tax expense (benefit) | 23.5 | 22 | $ 24.5 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 4.7 | ||
Unrecognized Tax Benefits | 5 | 4.7 | $ 4.8 |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 0 | 0.4 | |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (0.1) | $ 0.1 | |
transition tax liability | $ 4.1 |
Income Taxes (Income before Inc
Income Taxes (Income before Income Tax, Domestic and Foreign) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Loss before income taxes, U.S. | $ 83.2 | $ 81.6 | $ 94 |
Loss before income taxes, Non-U.S. | 25.8 | 17 | 0.9 |
Net Income Before Income Tax | $ 109 | $ 98.6 | $ 94.9 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Current: | |||
Current Federal Tax Expense (Benefit) | $ 28.4 | $ 19.5 | $ 21.9 |
Current State and Local Tax Expense (Benefit) | 6 | 4.3 | 6.3 |
Current Foreign Tax Expense (Benefit) | 3.5 | 1.7 | 1.6 |
Current Income Tax Expense (Benefit) | 37.9 | 25.5 | 29.8 |
Deferred: | |||
Deferred Federal Income Tax Expense (Benefit) | (11.2) | (3.4) | (4.7) |
Deferred State and Local Income Tax Expense (Benefit) | (3.3) | (0.9) | (1.3) |
Deferred Foreign Income Tax Expense (Benefit) | 0.1 | 0.8 | 0.7 |
Deferred Income Tax Expense (Benefit) | (14.4) | (3.5) | (5.3) |
Income tax expense (benefit) | $ 23.5 | $ 22 | $ 24.5 |
Income Taxes (Disposal Groups,
Income Taxes (Disposal Groups, including Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income tax expense (benefit) | $ 23.5 | $ 22 | $ 24.5 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Statutory Taxes to Effective Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax at U.S. federal statutory income tax rate of 35% | $ 22.9 | $ 20.7 | $ 19.9 |
Adjustments to reconcile to income tax expense (benefit): | |||
Federal Valuation Allowance | (0.6) | 1 | (0.4) |
State income taxes, net of federal benefit | 1.5 | 2.6 | 3.1 |
Uncertain tax positions | 0.5 | 0 | 0.3 |
Basis difference in foreign investment | 0.1 | 0.1 | 1.5 |
Excess tax benefits related to stock compensation | 0.3 | (0.1) | (0.2) |
Tax Credits | (3.5) | (2.3) | (1.6) |
Other nondeductible expenses | 0.9 | 0.8 | 0.5 |
Foreign income taxes | (2) | (1.5) | (1.7) |
Nondeductible compensation | 1.8 | 0.9 | 0.6 |
Other income tax | 1.6 | (0.2) | 2.5 |
Income tax expense (benefit) | $ 23.5 | $ 22 | $ 24.5 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Deferred income tax assets: | ||
Accrued expenses | $ 10.8 | $ 10.5 |
Deferred Tax Assets Leasing Liabilities | 6.4 | 8.1 |
Inventory reserves | 7.2 | 7 |
State net operating losses | 1.9 | 2.1 |
Federal net operating losses and credit carryovers | 16.2 | 12.9 |
Pension and other postretirement benefits | 0 | 0.1 |
Section 174 research and development capitalization | 15.6 | 0 |
Stock-based compensation | 3.9 | 4.1 |
All other | 4.4 | 2.3 |
Deferred income tax assets | 66.4 | 47.1 |
Valuation allowance | (15.1) | (13.2) |
Total deferred income tax assets | 51.3 | 33.9 |
Deferred income tax liabilities: | ||
Identifiable intangible assets | (74.5) | (77.7) |
Pension and other postretirement benefits | 5.9 | 6.2 |
Pension | 1.3 | 0 |
Deferred Tax Liabilities, Leasing Arrangements | 5.9 | 7.4 |
Other | (0.9) | (0.5) |
Total deferred income tax liabilities | 125.1 | 120.2 |
Net deferred income tax liabilities | 73.8 | 86.3 |
Deferred Tax Liabilities, Gross, Noncurrent | 73.8 | 86.3 |
Deferred Tax Liabilities, Property, Plant and Equipment | $ 36.6 | $ 28.4 |
Income Taxes (Gross Unrecognize
Income Taxes (Gross Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Unrecognized Tax Benefits [Roll Forward] | ||
Balance at beginning of year | $ 4.7 | $ 4.8 |
Increases related to current year positions | 1 | 0.7 |
Decreases due to lapse in statute of limitations | (0.6) | (0.3) |
Balance at end of year | $ 5 | $ 4.7 |
Income Taxes (Summary of Valuat
Income Taxes (Summary of Valuation Allowance) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |
Balance at beginning of year | $ 13.2 |
Balance at end of year | $ 15.1 |
Borrowing Arrangements (Narrati
Borrowing Arrangements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 451.3 | $ 451.3 | $ 451.6 | ||
Outstanding Letter Of Credit Accrued Fees And Expenses | 0.2 | 0.2 | |||
Long-Term Debt, Maturity, Year One | 0.7 | 0.7 | |||
Long-Term Debt, Maturity, Year Two | 0.4 | 0.4 | |||
Long-Term Debt, Maturity, Year Three | 0.2 | 0.2 | |||
Long-Term Debt, Maturity, Year Four and Five | 0 | 0 | |||
CY plus 6 and more | 450 | 450 | |||
Outstanding Letter of Credit | 12.4 | 12.4 | |||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | $ (16.7) | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | 12.4 | ||||
Write off of Deferred Debt Issuance Cost | $ 4.3 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 175 | 175 | |||
Maximum excess availability level at which financial maintenance covenants would apply | 17.5 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 162.4 | $ 162.4 | |||
Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4% | 5.50% | 4% | 5.50% | |
Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 450 | $ 450 | |||
Payments of Debt Issuance Costs | $ 5.5 | ||||
Unsecured Debt [Member] | 5.5% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Unsecured Debt | $ 450 | $ 450 | |||
Swing Line Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 25 | 25 | |||
Letter Of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60 | 60 | |||
Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Potential Increase In The Size Of Credit Facility | $ 150 | ||||
Line of Credit Facility, Borrowing Base, Percentage of Eligible Accounts Receivable | 85% | 85% | |||
Line of Credit Facility, Borrowing Base, Percentage of Eligible Inventory | 70% | 70% | |||
Line of Credit Facility, Borrowing Base, Percentage of Net Orderly Liquidation Value of Eligible Inventory | 85% | 85% | |||
Line of Credit Facility, Covenant, Percent of Loan Cap | 10% | 10% | |||
5.5% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Financial Liabilities Fair Value Disclosure | $ 393.7 | $ 393.7 | |||
Minimum [Member] | Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 3,750% | ||||
Base Rate [Member] | Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Interest Rate at Period End | 10,000% | 10,000% | |||
Base Rate [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 100% | ||||
Base Rate [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 125% | ||||
Secured Overnight Financing Rate | Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1,000% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Interest Rate at Period End | 200% | 200% | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum [Member] | Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 200% | ||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member] | Domestic Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 225% |
Borrowing Arrangements (Compone
Borrowing Arrangements (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Debt Issuance Costs, Net | $ 4.6 | ||
Current portion of long-term debt | 0.7 | $ 0.8 | |
Long-term debt, excluding current maturities | 446.7 | 446.1 | |
Long-term Debt, Gross | 451.3 | 451.6 | |
Revolving Credit Facility [Member] | |||
Debt Issuance Costs, Net | 0.5 | ||
Other [Member] | |||
Finance Lease, Liability | 1.3 | 1.6 | |
Unsecured Debt [Member] | |||
5.5% Senior Notes | 450 | 450 | |
Debt Issuance Costs, Net | 3.9 | $ 4.7 | |
Long-term Debt, Gross | $ 450 | ||
Unsecured Debt [Member] | 5.5% Senior Notes | |||
Unsecured Debt | $ 450 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan Expected Return on Plan Assets Major Asset Classes Time Horizon | 2,000% | |||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (3.7) | $ (1.7) | $ (2.5) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 6.29% | 5.79% | 3.01% | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100% | |||
Discount rate | 5.79% | 3.01% | 2.84% | |
Gain (loss) on corridor | 10% | |||
Defined Contribution Plan, Cost | $ 8.2 | $ 7.3 | $ 5.9 | |
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% | |||
Equity Securities [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 27% | |||
Equity Securities [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 33% | |||
Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (4.6) |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Service cost | $ 0.8 | $ 1.3 | $ 1.5 |
Interest cost | 13.9 | 9.8 | 9.9 |
Expected return on plan assets | (13.9) | (15.4) | (15.7) |
Amortization of net loss (gain) | 3.7 | 1.7 | 2.5 |
Defined Benefit Plan, Net Periodic Benefit Cost other than Service Cost | 3.7 | (3.9) | (3.3) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 4.5 | (2.6) | $ (1.8) |
Pension Plan, Defined Benefit [Member] | |||
Service cost | 0.8 | 1.3 | |
Interest cost | $ 13.9 | $ 9.8 |
Retirement Plans (Amounts Recog
Retirement Plans (Amounts Recognized for Pension and Other Postretirement Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Projected benefit obligations: | |||
Service cost | $ 0.8 | $ 1.3 | $ 1.5 |
Interest cost | 13.9 | 9.8 | 9.9 |
Plan assets: | |||
Beginning of year | 251.8 | ||
End of year | 239.8 | 251.8 | |
Recognized on balance sheet: | |||
Pension asset | 6.6 | 0.6 | |
Pension Plan, Defined Benefit [Member] | |||
Projected benefit obligations: | |||
Beginning of year | 251.2 | 336.8 | |
Service cost | 0.8 | 1.3 | |
Interest cost | 13.9 | 9.8 | |
Actuarial loss (gain) | (10.4) | (74) | |
Benefits paid | (22.3) | (22.7) | |
End of year | 251.2 | 336.8 | |
Accumulated benefit obligation at end of year | 233.2 | 251.2 | |
Plan assets: | |||
Beginning of year | 251.8 | 353.5 | |
Actual return on plan assets | 10.3 | (79) | |
Benefits paid | (22.3) | (22.7) | |
End of year | 239.8 | 251.8 | $ 353.5 |
Accrued benefit cost at end of year: | |||
Unfunded status | 6.6 | 0.6 | |
Recognized on balance sheet: | |||
Pension asset | 6.6 | 0.6 | |
Recognized in accumulated other comprehensive loss, before tax: | |||
Net actuarial loss (gain) | 68.2 | 78.7 | |
Recognized in accumulated other comprehensive loss, before tax | $ 68.2 | $ 78.7 |
Retirement Plans (Pension and O
Retirement Plans (Pension and Other Postretirement Benefits Activity in Accumulated Other Comprehensive Income) (Details) - Pension Plan, Defined Benefit [Member] $ in Millions | 12 Months Ended |
Sep. 30, 2023 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Balance at beginning of year | $ 78.7 |
Balance at beginning of year | 78.7 |
Actuarial gain | (6.8) |
Prior year service loss amortization to net periodic cost | (3.7) |
Balance at end of year | $ 68.2 |
Retirement Plans (Components of
Retirement Plans (Components of Accumulated Other Comprehensive Income (Loss) Related to Pension and Other Postretirement Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ 3.7 | $ 1.7 | $ 2.5 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (3.7) | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 6.8 | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 68.2 | $ 78.7 | ||
Forecast [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ 4.6 |
Retirement Plans (Assumptions U
Retirement Plans (Assumptions Used) (Details) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan Expected Return on Plan Assets Major Asset Classes Time Horizon | 2,000% | ||
Weighted average used to determine benefit obligations: | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 6.29% | 5.79% | 3.01% |
Weighted average used to determine net periodic cost: | |||
Discount rate | 5.79% | 3.01% | 2.84% |
Expected return on plan assets | 5.75% | 4.50% | 4.50% |
Retirement Plans (Strategic All
Retirement Plans (Strategic Allocation of Plan Assets) (Details) | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 |
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100% | ||
Actual asset allocations | |||
Actual plan asset allocations | 100% | 100% | 100% |
Equity Securities [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% | ||
Actual asset allocations | |||
Actual plan asset allocations | 29% | 29% | 29% |
Fixed Income Securities [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70% | ||
Fixed Income Funds [Member] | |||
Actual asset allocations | |||
Actual plan asset allocations | 70% | 70% | 70% |
Cash and Cash Equivalents [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Actual asset allocations | |||
Actual plan asset allocations | 1% | 1% | 1% |
Minimum [Member] | Equity Securities [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 27% | ||
Minimum [Member] | Fixed Income Funds [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 67% | ||
Minimum [Member] | Cash and Cash Equivalents [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Maximum [Member] | Equity Securities [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 33% | ||
Maximum [Member] | Fixed Income Funds [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 73% | ||
Maximum [Member] | Cash and Cash Equivalents [Member] | |||
Strategic asset allocation | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5% |
Retirement Plans (Fair Value As
Retirement Plans (Fair Value Asset Allocation) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 239.8 | $ 251.8 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 194.2 | 201.7 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45.6 | 50.1 |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 71.2 | 74.6 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 71.2 | 74.6 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Large Cap Growth Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37.2 | |
Large Cap Growth Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37.2 | |
Large Cap Growth Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Large Cap Index Funds [Member] [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35.6 | |
Large Cap Index Funds [Member] [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35.6 | |
Large Cap Index Funds [Member] [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
International Stocks [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35.6 | 37.4 |
International Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 35.6 | 37.4 |
International Stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 166.7 | 175.3 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 121.1 | 125.2 |
Fixed Income Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45.6 | 50.1 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.9 | 1.9 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.9 | 1.9 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | $ 0 |
Retirement Plans (Expected Bene
Retirement Plans (Expected Benefit Payments) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated benefit payments, CY plus 1 | $ 23 |
Estimated benefit payments, CY plus 2 | 22.7 |
Estimated benefit payments, CY plus 3 | 22.3 |
Estimated benefit payments, CY plus 4 | 21.9 |
Estimated benefit payments, CY plus 5 | 21.4 |
Estimated benefit payments, CY plus 6 and up | 97.3 |
Total | $ 208.6 |
Retirement Plans Schedule of Am
Retirement Plans Schedule of Amounts Expected to Amortize from AOCI to net income in the coming year (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (3.7) | $ (1.7) | $ (2.5) | |
Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Amortization of Gain (Loss) | $ (4.6) |
Capital Stock (Details)
Capital Stock (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Outstanding Shares [Roll Forward] | |||
Shares outstanding | 155,844,138 | 157,955,433 | 158,064,750 |
Exercised stock options | 110,989 | 36,731 | 151,399 |
Exercise of employee stock purchase plan | 181,483 | 150,909 | 146,135 |
Vesting of restricted stock units, net of shares withheld for taxes | 256,724 | 195,156 | 182,024 |
Shares outstanding | 155,871,932 | 155,844,138 | 157,955,433 |
Stock repurchased under buyback program | (714,830) | (2,654,254) | (651,271) |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 62,396 | ||
Preferred stock, shares authorized (in shares) | 60,000,000 | 60,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred Stock, Shares Issued | 0 | ||
Performance Shares [Member] | |||
Outstanding Shares [Roll Forward] | |||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 2 | 240,412,000,000 | 103,058,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 193,428 | 160,163 |
Stock-based Compensation Plan_2
Stock-based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 14, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 779,150 | 790,759 | 578,005 | ||
Weighted-average recognition period, Compensation expense related to stock awards not yet vested | 1 year 6 months | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 9.8 | ||||
Number of shares authorized under a Plan | 20,500,000 | ||||
Shares available for future grants under a Plan | 4,389,099 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Compensation, Expected Forfeiture Rate | 2% | ||||
Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 156,012 | 162,969 | 131,182 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 294,063 | 203,834 | 185,808 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.09 | $ 12.74 | $ 11.51 | $ 11.16 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 12.68 | ||||
Share-based compensation liability | $ 3.1 | ||||
Employee Stock [Member] | |||||
Number of shares authorized under a Plan | 5,800,000 | ||||
Shares available for future grants under a Plan | 1,921,631 | ||||
Price for shares offered under ESPP, as a percentage of closing price on the first or last day of the offering period | 85% | ||||
Performance Shares [Member] | |||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 2 | 240,412,000,000 | 103,058,000,000 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 301,864 | 251,981 | 228,121 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 625,518 | 223,379 | 220,795 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.88 | $ 12.77 | $ 11.78 | $ 11.41 | |
Minimum [Member] | Performance Shares [Member] | |||||
Performance Factor | 0% | ||||
Minimum [Member] | Market-Based Awards | |||||
Performance Factor | 0% | ||||
Maximum [Member] | Performance Shares [Member] | |||||
Performance Factor | 200% | ||||
Maximum [Member] | Market-Based Awards | |||||
Performance Factor | 200% |
Stock-based Compensation Plan_3
Stock-based Compensation Plans (Schedule of Share-based Compensation, Effect on Statement of Operations) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Decrease in operating income | $ 11.1 | $ 9.9 | $ 11 |
Effect on net income or loss | $ (8.7) | $ (7.6) | $ (8.2) |
Effect on earnings or loss per basic share | $ (0.06) | $ (0.05) | $ (0.05) |
Effect on earnings or loss per diluted share | $ (0.06) | $ (0.05) | $ (0.05) |
Stock-based Compensation Plan_4
Stock-based Compensation Plans (Schedule of Share-based Compensation, Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs, Outstanding, Number | 573,283 | 358,732 | 396,097 | 408,506 |
Outstanding, Weighted average grant date fair value per share | $ 12.88 | $ 12.77 | $ 11.78 | $ 11.41 |
Outstanding, Weighted average remaining contractual term | 10 months 24 days | 8 months 12 days | 9 months 18 days | 10 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 625,518 | 223,379 | 220,795 | |
Granted, Weighted average grant date fair value per share | $ 12.78 | $ 13.41 | $ 12.29 | |
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 301,864 | 251,981 | 228,121 | |
RSUs, Vested in Period, Weighted Average Grant Date Fair Value | $ 12.83 | $ 11.81 | $ 11.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 7.3 | $ 2.8 | $ 2.8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (109,103) | (8,763) | (5,083) | |
Canceled, Weighted average grant date fair value per share | $ 12 | $ 11.87 | $ 11.41 |
Stock-based Compensation Plan_5
Stock-based Compensation Plans (Schedule of Shared-Based Compensation, Performance Units (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Nov. 29, 2022 | Nov. 30, 2021 | Jan. 27, 2021 | Dec. 02, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2027 | Sep. 30, 2026 | Sep. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 62,396 | ||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Restricted stock unit activity under the 2006 Plan is summarized below. Restricted stock units Weighted Weighted Aggregate Outstanding at September 30, 2020 408,506 $ 11.41 0.9 Granted 220,795 12.29 Vested (228,121) 11.62 $ 2.8 Cancelled (5,083) 11.41 Outstanding at September 30, 2021 396,097 11.78 0.8 Granted 223,379 13.41 Vested (251,981) 11.81 $ 2.8 Cancelled (8,763) 11.87 Outstanding at September 30, 2022 358,732 12.77 0.7 Granted 625,518 12.78 Vested (301,864) 12.83 $ 7.3 Cancelled (109,103) 12.00 Outstanding at September 30, 2023 573,283 $ 12.88 0.9 | ||||||||||||||||||
Performance Shares [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 193,428 | 160,163 | |||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 2 | 240,412,000,000 | 103,058,000,000 | ||||||||||||||||
Market Based Performance Shares Member | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 166,284 | 230,089 | 4,187 | 234,199 | |||||||||||||||
Dividend yield | 2.20% | 1.70% | 1.84% | 1.77% | |||||||||||||||
Risk-free interest rate | 4.20% | 0.76% | 0.16% | 0.21% | |||||||||||||||
Expected life (years) | 2 years 9 months 29 days | 2 years 9 months 29 days | 2 years 8 months 1 day | 2 years 9 months 29 days | |||||||||||||||
Granted, Weighted average grant date fair value per share | $ 15.08 | $ 15.76 | $ 14.26 | $ 15.39 | |||||||||||||||
Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,092 | ||||||||||||||||||
2017 member [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.53 | $ 12.50 | $ 13.26 | ||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 100% | ||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 54,006 | ||||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 59,285 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (5,279) | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 54,006 | ||||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 135.70% | ||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 26,294 | ||||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 59,286 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (39,910) | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,376 | ||||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 64.50% | ||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 12,501 | ||||||||||||||||||
2017 member [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 59,290 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (39,909) | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,381 | ||||||||||||||||||
January 23, 2017 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 13.15 | ||||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 100% | ||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 19,012 | ||||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,012 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,012 | ||||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 135.70% | ||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 25,798 | ||||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,011 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 19,011 | 19,011 | |||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 64.50% | ||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 12,263 | ||||||||||||||||||
January 23, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 19,011 | ||||||||||||||||||
November 28, 2017 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.26 | $ 10.53 | $ 12.50 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 35,425 | 52,299 | |||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 135.70% | ||||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 57,092 | ||||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 64.50% | ||||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,092 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (4,793) | ||||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Performance Factor | 90.90% | ||||||||||||||||||
November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,104 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (21,679) | ||||||||||||||||||
November 27, 2018 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.86 | $ 11.26 | $ 10.53 | ||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 102,203 | ||||||||||||||||||
Performance Factor | 64.50% | ||||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 110,954 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (8,751) | ||||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 97,772 | ||||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 110,954 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (13,182) | ||||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 82,489 | ||||||||||||||||||
Performance Factor | 116.10% | 90.90% | |||||||||||||||||
November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 110,967 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (28,478) | ||||||||||||||||||
December 3, 2019 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 13.81 | $ 11.86 | $ 11.26 | ||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 67,597 | ||||||||||||||||||
Performance Factor | 90.90% | ||||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche One [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 69,988 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (2,391) | ||||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 60,375 | ||||||||||||||||||
Performance Factor | 116.10% | ||||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 69,989 | ||||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 60,374 | ||||||||||||||||||
Performance Factor | 70% | ||||||||||||||||||
December 3, 2019 | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 69,988 | ||||||||||||||||||
November 29, 2022 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 11.41 | ||||||||||||||||||
November 29, 2022 | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 85,947 | ||||||||||||||||||
Performance Factor | 0% | ||||||||||||||||||
November 29, 2022 | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 166,284 | ||||||||||||||||||
Forecast [Member] | November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 77,474 | ||||||||||||||||||
Forecast [Member] | November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 33,733 | ||||||||||||||||||
Forecast [Member] | November 28, 2017 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 32,202 | ||||||||||||||||||
Forecast [Member] | November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 65,921 | ||||||||||||||||||
Forecast [Member] | November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 88,875 | ||||||||||||||||||
Forecast [Member] | November 27, 2018 [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 95,770 | ||||||||||||||||||
Forecast [Member] | December 3, 2019 | Share-based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 61,446 | ||||||||||||||||||
Forecast [Member] | December 3, 2019 | Share-based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 70,096 | ||||||||||||||||||
Forecast [Member] | December 3, 2019 | Share-based Payment Arrangement, Tranche Two [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (9,614) | ||||||||||||||||||
Forecast [Member] | December 3, 2019 | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 42,262 | ||||||||||||||||||
Forecast [Member] | December 3, 2019 | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (9,614) | ||||||||||||||||||
Forecast [Member] | November 29, 2022 | Share-based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Settlement of performance-based restricted stock units, net of shares withheld for taxes | 0 | ||||||||||||||||||
Forecast [Member] | November 29, 2022 | Share-based Payment Arrangement, Tranche Three [Member] | PRSU base units [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (80,337) |
Stock-based Compensation Plan_6
Stock-based Compensation Plans (Schedule of Share-based Compensation. Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercised, shares | (110,989) | (36,731) | (151,399) | |
Stock Options, Exercisable, Number | 409,391 | |||
2006 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, shares | 1,013,293 | 599,799 | 328,099 | |
Outstanding, Weighted average exercise price (per share) | $ 12.10 | $ 12.19 | $ 10.67 | $ 6.11 |
Outstanding, Weighted average remaining contractual term, years | 7 years 9 months 18 days | 7 years 8 months 12 days | 7 years 9 months 18 days | 2 years 3 months 18 days |
Outstanding, Aggregate intrinsic value | $ 1 | $ 0.3 | $ 2.7 | $ 1.4 |
Exercised, shares | (131,989) | (36,731) | (151,399) | |
Exercised, Weighted average exercise price (per share) | $ 9.59 | $ 5.67 | $ 4.09 | |
Exercised, Aggregate intrinsic value | $ 0.4 | $ 0.2 | $ 1.7 | |
Canceled, shares | (327,115) | (7,257) | (8,421) | |
Canceled, Weighted average exercise price (per share) | $ 0 | $ 0 | $ 0 | |
Stock Options, Exercisable, Number | 412,095 | |||
Exercisable, Weighted average exercise price (per share) | $ 11.97 | |||
Exercisable, Weighted average remaining contractual term, years | 6 years 6 months | |||
Exercisable, Aggregate intrinsic value | $ 0.4 | |||
Outstanding, shares | 1,127,468 | 1,013,293 | 599,799 | 328,099 |
Granted, Weighted average exercise price (per share) | $ 11.41 | $ 13.64 | $ 11.86 | |
Granted, shares | 573,279 | 457,482 | 431,520 |
Stock-based Compensation Plan_7
Stock-based Compensation Plans Schedule of Share-based Compensation, Option Disclosures by Ranges of Exercise Prices (Details) | 12 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 1,127,468 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 12.10 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 9 months 18 days |
Stock Options, Exercisable, Number | shares | 409,391 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 11.97 |
Exercise Price Range 2 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 61,341 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 9.31 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 10 months 24 days |
Stock Options, Exercisable, Number | shares | 61,341 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 9.31 |
Exercise Price Range 3 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Number of Outstanding Options | shares | 1,066,127 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 12.26 |
Stock Options, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 2 months 12 days |
Stock Options, Exercisable, Number | shares | 348,050 |
Stock Options, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 12.43 |
Minimum [Member] | Exercise Price Range 2 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Lower Range Limit | 5 |
Minimum [Member] | Exercise Price Range 3 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Lower Range Limit | 10 |
Maximum [Member] | Exercise Price Range 2 [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Upper Range Limit | 9.99 |
Maximum [Member] | Exercise Price Range 3 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Exercise Price Range, Upper Range Limit | $ 14.99 |
Stock-based Compensation Plan_8
Stock-based Compensation Plans (Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions) (Details) - Equity Option | Nov. 29, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 3.89% |
Dividend yield | 1.80% |
Expected life (years) | 6 years |
Stock-based Compensation Plan_9
Stock-based Compensation Plans (Schedule of Share-based Compensation, Phantom Award Activity) (Details) - Phantom Share Units (PSUs) [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, shares | 339,131 | 344,844 | 314,475 | |
Outstanding, Weighted average grant date fair value per share | $ 12.09 | $ 12.74 | $ 11.51 | $ 11.16 |
Outstanding, Weighted average remaining contractual term | 1 year | 1 year 1 month 6 days | 10 months 24 days | 10 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 294,063 | 203,834 | 185,808 | |
Granted, Weighted average grant date fair value per share | $ 11.53 | $ 13.60 | $ 11.91 | |
Vested, shares | (156,012) | (162,969) | (131,182) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1.9 | $ 1.6 | $ 1.6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (120,515) | (46,578) | (24,257) | |
Canceled, Weighted average grant date fair value per share | $ 12.22 | $ 12.39 | $ 11.30 | |
Outstanding, shares | 356,667 | 339,131 | 344,844 | 314,475 |
Segment Information (Revenue an
Segment Information (Revenue and Long-Lived Assets by Geographical Areas) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | $ 1,275.7 | $ 1,247.4 | $ 1,111 |
Intangible Assets, Net (Including Goodwill) | 427.7 | 459.8 | |
Total assets | $ 1,505 | 1,498.1 | |
Document Period End Date | Sep. 30, 2023 | ||
Property, plant and equipment, net | $ 311.7 | 301.6 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | 295.6 | 284.9 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | 4.2 | 4.1 | |
ISRAEL | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Property, plant and equipment, net | 11.9 | 12.6 | |
Mueller Co. [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 634.4 | 714.1 | 617.8 |
Intangible Assets, Net (Including Goodwill) | 283.8 | 302.6 | |
Mueller Co. [Member] | Central Region [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 176 | 190.9 | 155.1 |
Mueller Co. [Member] | United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 585.9 | 653.3 | 563.6 |
Mueller Co. [Member] | Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 36.2 | 55 | 45.7 |
Mueller Co. [Member] | Northeast Region [Member] [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 130.6 | 125.3 | 110.4 |
Mueller Co. [Member] | Southeast Region [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 118.4 | 154.3 | 125.7 |
Mueller Co. [Member] | Western Region [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 160.9 | 182.8 | 172.4 |
Mueller Co. [Member] | Other International Locations [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 12.3 | 5.8 | 8.5 |
Mueller Technologies [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 641.3 | 533.3 | 493.2 |
Intangible Assets, Net (Including Goodwill) | 143.9 | 157.2 | |
Mueller Technologies [Member] | Central Region [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 169.2 | 142.9 | 125.6 |
Mueller Technologies [Member] | United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 576.8 | 470.3 | 431.4 |
Mueller Technologies [Member] | Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 38.3 | 39.2 | 38.1 |
Mueller Technologies [Member] | Northeast Region [Member] [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 151.2 | 115.1 | 100.2 |
Mueller Technologies [Member] | Southeast Region [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 137.4 | 109.4 | 106.5 |
Mueller Technologies [Member] | Western Region [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 119 | 102.9 | 99.1 |
Mueller Technologies [Member] | Other International Locations [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 26.2 | 23.8 | 23.7 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Ferguson Enterprises | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Accounts and Other Receivables, Net, Current | 37.7 | $ 38.6 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Core & Main, Inc. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Accounts and Other Receivables, Net, Current | $ 46.4 | $ 52.1 | |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | Ferguson Enterprises | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
10 largest customers | 18% | 20% | 19% |
Customer Concentration Risk [Member] | Sales Revenue, Goods, Gross [Member] | Core & Main, Inc. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
10 largest customers | 18% | 21% | 18% |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 USD ($) business_segments | Sep. 30, 2022 USD ($) | Sep. 30, 2021 | |
Segment Reporting [Abstract] | |||
Number of Reportable Segments | business_segments | 2 | ||
Revenue, Major Customer [Line Items] | |||
Receivables, net | $ 217.1 | $ 228 | |
Intangible Assets, Net (Including Goodwill) | 427.7 | 459.8 | |
Total assets | $ 1,505 | 1,498.1 | |
Document Period End Date | Sep. 30, 2023 | ||
Mueller Co. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | $ 283.8 | 302.6 | |
Mueller Technologies [Member] | |||
Revenue, Major Customer [Line Items] | |||
Intangible Assets, Net (Including Goodwill) | $ 143.9 | $ 157.2 | |
Customer Concentration Risk [Member] | Ferguson Enterprises | Sales Revenue, Goods, Gross [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 18% | 20% | 19% |
Customer Concentration Risk [Member] | Core & Main, Inc. | Sales Revenue, Goods, Gross [Member] | |||
Revenue, Major Customer [Line Items] | |||
10 largest customers | 18% | 21% | 18% |
Segment Information (Schedule O
Segment Information (Schedule Of Selected Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Intercompany sales | $ 1,275.7 | $ 1,247.4 | $ 1,111 |
Operating income | 127.4 | 111.6 | 131.7 |
Depreciation and amortization | 62.5 | 60.5 | 59.6 |
Capital expenditures | (47.6) | (54.7) | (62.7) |
Property, plant and equipment, net | 311.7 | 301.6 | |
Total assets | $ 1,505 | 1,498.1 | |
Document Period End Date | Sep. 30, 2023 | ||
Intangible Assets, Net (Including Goodwill) | $ 427.7 | 459.8 | |
Restructuring Charges | 10.2 | 7.2 | 8 |
Inventories | 297.9 | 278.7 | |
Mueller Co. [Member] | |||
Segment Reporting Information [Line Items] | |||
Intercompany sales | 634.4 | 714.1 | 617.8 |
Operating income | 79.6 | 118.3 | 120.9 |
Depreciation and amortization | 32.8 | 30 | 30.5 |
Capital expenditures | (33.4) | (43.4) | (51) |
Intangible Assets, Net (Including Goodwill) | 283.8 | 302.6 | |
Restructuring Charges | 0 | 0.2 | 0.1 |
Inventories | 173.8 | 160.5 | |
Mueller Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Intercompany sales | 641.3 | 533.3 | 493.2 |
Operating income | 106 | 48.7 | 70.3 |
Depreciation and amortization | 29.5 | 30.3 | 28.9 |
Capital expenditures | (14.2) | (11.3) | (11.6) |
Intangible Assets, Net (Including Goodwill) | 143.9 | 157.2 | |
Restructuring Charges | 1.7 | 0.4 | (0.4) |
Inventories | 124.1 | 118.2 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Intercompany sales | 0 | 0 | 0 |
Operating income | (58.2) | (55.4) | (59.5) |
Depreciation and amortization | 0.2 | 0.2 | 0.2 |
Capital expenditures | 0 | 0 | (0.1) |
Intangible Assets, Net (Including Goodwill) | 0 | 0 | |
Restructuring Charges | 8.5 | 6.6 | $ 8.3 |
Inventories | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Document Period End Date | Sep. 30, 2023 | ||
Product Warranty Expense | $ 14.8 | $ 9.5 | $ 3.5 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Nov. 20, 2023 | Nov. 09, 2023 | Oct. 24, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | ||||||
Dividends declared, in dollars per share | $ 0.244 | $ 0.232 | $ 0.220 | |||
Stock Repurchased During Period, Shares | 714,830 | 2,654,254 | 651,271 | |||
Stock Repurchased During Period, Value | $ 10 | $ 35 | $ 10 | |||
Intangible Assets, Net (Including Goodwill) | 427.7 | 459.8 | ||||
Inventories | 297.9 | 278.7 | ||||
Restructuring Charges | 10.2 | 7.2 | $ 5.4 | |||
Mueller Co. [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Intangible Assets, Net (Including Goodwill) | 283.8 | 302.6 | ||||
Inventories | 173.8 | 160.5 | ||||
Mueller Technologies [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Intangible Assets, Net (Including Goodwill) | 143.9 | 157.2 | ||||
Inventories | 124.1 | 118.2 | ||||
Corporate [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | ||||
Inventories | $ 0 | $ 0 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends Payable, Date Declared | Oct. 24, 2023 | |||||
Dividends declared, in dollars per share | $ 0.064 | |||||
Dividends Payable, Date to be Paid | Nov. 20, 2023 | |||||
Dividends Payable, Date of Record | Nov. 09, 2023 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Expense | $ 6.3 | $ 5.8 | $ 6.1 |
Finance Lease, Right-of-Use Asset, Amortization | 1.1 | 1.3 | 1.2 |
Total lease expense | 7.4 | 7.1 | 7.3 |
Operating Lease, Payments | 6.4 | 5.8 | |
Finance Lease, Principal Payments | 1.1 | 0.7 | $ (0.4) |
Operating Lease, Right-of-Use Asset | 23.6 | 26 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 1.2 | 1.4 | |
Total Right of Use Assets | 24.8 | 27.4 | |
Operating lease liability | 4.9 | 4.4 | |
Operating Lease, Liability, Noncurrent | 19.8 | 22.4 | |
Finance Lease Liability, Current | 0.7 | 0.8 | |
Finance Lease, Liability, Noncurrent | 0.6 | 0.8 | |
Total Lease Liabilities | $ 26 | $ 28.4 | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 9 months 21 days | 6 years 8 months 1 day | |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 2 months 26 days | 2 years 1 month 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.51% | 5.48% | |
Finance Lease, Weighted Average Discount Rate, Percent | 4.69% | 3.64% | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 6.2 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 5.7 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 5.2 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 4.3 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Five | 2.7 | ||
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 4.9 | ||
Lessee, Operating Lease, Liability, to be Paid | 29 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (4.3) | ||
Operating Lease, Liability | 24.7 | ||
Finance Lease, Liability, to be Paid, Year One | 0.7 | ||
Finance Lease, Liability, to be Paid, Year Two | 0.4 | ||
Finance Lease, Liability, to be Paid, Year Three | 0.2 | ||
Finance Lease, Liability, to be Paid, Year Four | 0.1 | ||
Finance Lease, Liability, to be Paid, Year Five | 0 | ||
Finance Lease, Liability, to be Paid, after Year Five | 0 | ||
Finance Lease, Liability, Payment, Due | 1.4 | ||
Finance Lease, Liability, Undiscounted Excess Amount | (0.1) | ||
Finance Lease, Liability | $ 1.3 |
Other Income and Expenses (Deta
Other Income and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Charges | $ 10.2 | $ 7.2 | $ 8 | |
Restructuring Costs | 1.5 | 5.6 | ||
Research and Development Expense | 25.9 | 24.5 | 17.1 | |
Advertising Expense | 4.7 | 5.5 | 3.2 | |
Interest Costs Capitalized | (1.6) | (2.6) | (2.3) | |
Interest Expense, Other | 0.1 | 0.3 | 0.3 | |
Interest Expense | 18.4 | 17.6 | 23.8 | |
Interest Income, Other | (3.7) | (0.7) | (0.4) | |
Interest expense, net | 14.7 | 16.9 | 23.4 | |
Amortization of Debt Issuance Costs | 1 | 1 | 1.1 | |
Severance Costs | 3.2 | |||
Other, net | 0.9 | 1.3 | 1.3 | |
Restructuring Reserve | 6.6 | 3.3 | 3.1 | $ 2.8 |
Restructuring Charges | 10.2 | 7.2 | 5.4 | |
Payments for Restructuring | (6.9) | (7) | (5.1) | |
Inventory Write-down | 3.8 | 1.8 | 5.9 | |
Severance Costs | 3.2 | |||
Other, net | 0.9 | 1.3 | 1.3 | |
Inventory Write-down | 3.8 | 1.8 | 5.9 | |
Aurora/Surrey | ||||
Inventory Write-down | 2.4 | |||
Inventory Write-down | 2.4 | |||
5.5% Senior Notes | ||||
Interest Expense, Debt | 0 | 0 | 17.6 | |
ABL Agreement | ||||
Interest Expense, Debt | 0.9 | 0.9 | 0.9 | |
4.0% Senior Notes | ||||
Interest Expense, Debt | $ 18 | $ 18 | $ 6.2 |