Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 29, 2019 | Apr. 26, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Atkore International Group Inc. | |
Entity Central Index Key | 0001666138 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 29, 2019 | |
Document Fiscal Year Focus | 2019 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 46,261,192 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 469,309 | $ 445,000 | $ 921,337 | $ 859,558 |
Cost of sales | 352,221 | 335,843 | 693,993 | 653,534 |
Gross profit | 117,088 | 109,157 | 227,344 | 206,024 |
Selling, general and administrative | 56,350 | 60,118 | 112,729 | 111,713 |
Intangible asset amortization | 8,196 | 7,765 | 16,410 | 16,452 |
Operating income | 52,542 | 41,274 | 98,205 | 77,859 |
Interest expense, net | 13,328 | 9,286 | 25,488 | 15,880 |
Other (income) expense, net | (594) | (25,962) | (2,194) | (25,676) |
Income before income taxes | 39,808 | 57,950 | 74,911 | 87,655 |
Income tax expense | 10,253 | 15,392 | 18,407 | 17,908 |
Net income | $ 29,555 | $ 42,558 | $ 56,504 | $ 69,747 |
Net income per share | ||||
Basic (in dollars per share) | $ 0.62 | $ 0.83 | $ 1.18 | $ 1.22 |
Diluted (in dollars per share) | $ 0.61 | $ 0.79 | $ 1.15 | $ 1.16 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 29,555 | $ 42,558 | $ 56,504 | $ 69,747 |
Other comprehensive income, net of tax: | ||||
Change in foreign currency translation adjustment | 952 | 1,169 | (1,794) | 1,500 |
Change in unrecognized loss related to pension benefit plans | 15 | 64 | 40 | 129 |
Total other comprehensive (loss) income | 967 | 1,233 | (1,754) | 1,629 |
Comprehensive income | $ 30,522 | $ 43,791 | $ 54,750 | $ 71,376 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 29, 2019 | Sep. 30, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 51,498 | $ 126,662 |
Accounts receivable, less allowance for doubtful accounts of $1,978 and $1,762, respectively | 319,769 | 265,147 |
Inventories, net | 220,787 | 221,753 |
Prepaid expenses and other current assets | 47,374 | 33,576 |
Total current assets | 639,428 | 647,138 |
Property, plant and equipment, net | 240,188 | 213,108 |
Intangible assets, net | 287,801 | 291,916 |
Goodwill | 179,489 | 170,129 |
Deferred tax assets | 1,076 | 162 |
Other long-term assets | 1,927 | 1,607 |
Total Assets | 1,349,909 | 1,324,060 |
Current Liabilities: | ||
Short-term debt and current maturities of long-term debt | 0 | 26,561 |
Accounts payable | 143,742 | 156,525 |
Income tax payable | 1,110 | 542 |
Accrued compensation and employee benefits | 24,470 | 33,350 |
Customer liabilities | 42,723 | 3,377 |
Other current liabilities | 40,664 | 52,392 |
Total current liabilities | 252,709 | 272,747 |
Long-term debt | 884,095 | 877,686 |
Deferred tax liabilities | 23,752 | 16,510 |
Other long-term tax liabilities | 918 | 1,443 |
Pension liabilities | 15,906 | 17,075 |
Other long-term liabilities | 14,032 | 16,540 |
Total Liabilities | 1,191,412 | 1,202,001 |
Equity: | ||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 46,216,192 and 47,079,645 shares issued and outstanding, respectively | 463 | 472 |
Treasury stock, held at cost, 260,900 and 260,900 shares, respectively | (2,580) | (2,580) |
Additional paid-in capital | 464,082 | 457,978 |
Accumulated deficit | (282,943) | (317,373) |
Accumulated other comprehensive loss | (20,525) | (16,438) |
Total Equity | 158,497 | 122,059 |
Total Liabilities and Equity | $ 1,349,909 | $ 1,324,060 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 29, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,978 | $ 1,762 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (shares) | 46,216,192 | 47,079,645 |
Common stock, shares outstanding (shares) | 46,216,192 | 47,079,645 |
Treasury stock (shares) | 260,900 | 260,900 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Operating activities: | ||
Net income | $ 56,504 | $ 69,747 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 36,301 | 33,063 |
Deferred income taxes | (1,101) | (3,667) |
Gain on sale of a business | 0 | (26,737) |
Stock-based compensation | 4,816 | 6,334 |
Other adjustments to net income | 3,046 | 4,611 |
Changes in operating assets and liabilities, net of effects from acquisitions | ||
Accounts receivable | (4,839) | (23,636) |
Inventories | 8,540 | (11,691) |
Accounts payable | (19,135) | (1,194) |
Other, net | (41,343) | 6,388 |
Net cash provided by operating activities | 42,789 | 53,218 |
Investing activities: | ||
Capital expenditures | (14,712) | (17,173) |
Divestiture of business | 0 | 42,000 |
Acquisition of businesses, net of cash acquired | (57,899) | (3,350) |
Other, net | (194) | 1,469 |
Net cash used in (provided by) investing activities | (72,805) | 22,946 |
Financing activities: | ||
Borrowings under credit facility | 17,000 | 309,000 |
Repayments under credit facility | (17,000) | (394,000) |
Repayments of short-term debt | (20,980) | (3,550) |
Repayments of long-term debt | 0 | (1,217) |
Issuance of long-term debt | 0 | 426,217 |
Payment for debt financing costs and fees | 0 | (5,767) |
Issuance of common stock | 1,291 | 5,299 |
Repurchase of common stock | (24,419) | (381,805) |
Other, net | (677) | (78) |
Net cash used for financing activities | (44,785) | (45,901) |
Effects of foreign exchange rate changes on cash and cash equivalents | (363) | 911 |
Decrease in cash and cash equivalents | (75,164) | 31,174 |
Cash and cash equivalents at beginning of period | 126,662 | 45,718 |
Cash and cash equivalents at end of period | 51,498 | 76,892 |
Supplementary Cash Flow information | ||
Capital expenditures, not yet paid | $ 626 | $ 534 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Changes Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period (in shares) at Sep. 30, 2017 | 63,305 | |||||
Balance at beginning of period at Sep. 30, 2017 | $ 360,871 | $ 634 | $ (2,580) | $ 423,232 | $ (42,433) | $ (17,982) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 27,189 | 27,189 | ||||
Other comprehensive (loss) income | 396 | 396 | ||||
Stock-based compensation | 3,564 | 3,564 | ||||
Issuance of common stock (in shares) | 565 | |||||
Issuance of common stock | 3,328 | $ 6 | 3,322 | |||
Repurchase of common stock (in shares) | (351) | |||||
Repurchase of common stock | (6,680) | $ (4) | (6,676) | |||
Balance at end of period (in shares) at Dec. 29, 2017 | 63,519 | |||||
Balance at end of period at Dec. 29, 2017 | 388,668 | $ 636 | (2,580) | 430,118 | (21,920) | (17,586) |
Balance at beginning of period (in shares) at Sep. 30, 2017 | 63,305 | |||||
Balance at beginning of period at Sep. 30, 2017 | 360,871 | $ 634 | (2,580) | 423,232 | (42,433) | (17,982) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 69,747 | |||||
Other comprehensive (loss) income | 1,629 | |||||
Balance at end of period (in shares) at Mar. 30, 2018 | 46,578 | |||||
Balance at end of period at Mar. 30, 2018 | 62,075 | $ 467 | (2,580) | 434,856 | (354,315) | (16,353) |
Balance at beginning of period (in shares) at Dec. 29, 2017 | 63,519 | |||||
Balance at beginning of period at Dec. 29, 2017 | 388,668 | $ 636 | (2,580) | 430,118 | (21,920) | (17,586) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 42,558 | 42,558 | ||||
Other comprehensive (loss) income | 1,233 | 1,233 | ||||
Stock-based compensation | 2,770 | 2,770 | ||||
Issuance of common stock (in shares) | 291 | |||||
Issuance of common stock | 1,971 | $ 3 | 1,968 | |||
Repurchase of common stock (in shares) | (17,232) | |||||
Repurchase of common stock | (375,125) | $ (172) | (374,953) | |||
Balance at end of period (in shares) at Mar. 30, 2018 | 46,578 | |||||
Balance at end of period at Mar. 30, 2018 | 62,075 | $ 467 | (2,580) | 434,856 | (354,315) | (16,353) |
Balance at beginning of period (in shares) at Sep. 30, 2018 | 47,080 | |||||
Balance at beginning of period at Sep. 30, 2018 | 122,059 | $ 472 | (2,580) | 457,978 | (317,373) | (16,438) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 26,949 | 26,949 | ||||
Other comprehensive (loss) income | (2,721) | (2,721) | ||||
Stock-based compensation | 2,982 | 2,982 | ||||
Issuance of common stock (in shares) | 131 | |||||
Issuance of common stock | (695) | $ 1 | (696) | |||
Repurchase of common stock (in shares) | (1,230) | |||||
Repurchase of common stock | (24,419) | $ (12) | (24,407) | |||
Balance at end of period (in shares) at Dec. 28, 2018 | 45,981 | |||||
Balance at end of period at Dec. 28, 2018 | 124,155 | $ 461 | (2,580) | 460,264 | (314,831) | (19,159) |
Balance at beginning of period (in shares) at Sep. 30, 2018 | 47,080 | |||||
Balance at beginning of period at Sep. 30, 2018 | 122,059 | $ 472 | (2,580) | 457,978 | (317,373) | (16,438) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 56,504 | |||||
Other comprehensive (loss) income | (1,754) | |||||
Balance at end of period (in shares) at Mar. 29, 2019 | 46,216 | |||||
Balance at end of period at Mar. 29, 2019 | 158,497 | $ 463 | (2,580) | 464,082 | (282,943) | (20,525) |
Balance at beginning of period (in shares) at Dec. 28, 2018 | 45,981 | |||||
Balance at beginning of period at Dec. 28, 2018 | 124,155 | $ 461 | (2,580) | 460,264 | (314,831) | (19,159) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 29,555 | 29,555 | ||||
Other comprehensive (loss) income | 967 | 967 | ||||
Reclassification of Stranded Tax Benefits | 2,333 | (2,333) | ||||
Stock-based compensation | 1,834 | 1,834 | ||||
Issuance of common stock | 1,986 | $ 2 | 1,984 | |||
Repurchase of common stock (in shares) | (235) | |||||
Balance at end of period (in shares) at Mar. 29, 2019 | 46,216 | |||||
Balance at end of period at Mar. 29, 2019 | $ 158,497 | $ 463 | $ (2,580) | $ 464,082 | $ (282,943) | $ (20,525) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Organization and Ownership Structure — Atkore International Group Inc. (the "Company", "Atkore" or "AIG") is a leading manufacturer of Electrical Raceway products primarily for the non-residential construction and renovation markets and Mechanical Products & Solutions (" MP&S ") for the construction and industrial markets. Electrical Raceway products form the critical infrastructure that enables the deployment, isolation and protection of a structure's electrical circuitry from the original power source to the final outlet. MP&S frame, support and secure component parts in a broad range of structures, equipment and systems in electrical, industrial and construction applications. Atkore was incorporated in the State of Delaware on November 4, 2010. Atkore is the sole stockholder of Atkore International Holdings Inc. ("AIH"), which in turn is the sole stockholder of Atkore International, Inc. ("AII"). Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These unaudited condensed consolidated financial statements have been prepared in accordance with the Company's accounting policies and on the same basis as those financial statements included in the Company's latest Annual Report on Form 10-K for the year ended September 30, 2018 filed with the U.S. Securities and Exchange Commission (the "SEC") on November 28, 2018, and should be read in conjunction with those consolidated financial statements and the notes thereto. Certain information and disclosures normally included in the Company's annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited condensed consolidated financial statements include the assets and liabilities used in operating the Company's business. All intercompany balances and transactions have been eliminated in consolidation. The results of companies acquired or disposed of are included in the unaudited condensed consolidated financial statements from the effective date of acquisition or up to the date of disposal. These statements include all adjustments (consisting of normal recurring adjustments) that the Company considered necessary to present a fair statement of its results of operations, financial position and cash flows. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Fiscal Periods — The Company has a fiscal year that ends on September 30. It is the Company's practice to establish quarterly closings using a 4-5-4 calendar. The Company's fiscal quarters end on the last Friday in December, March and June. Use of Estimates — The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclose contingent assets and liabilities at the date of the condensed consolidated financial statements and report the associated amounts of revenues and expenses. Actual results could differ materially from these estimates. Summary of Significant Accounting Policies Fair Value Measurements — Authoritative guidance for fair value measurements establishes a three-level hierarchy that ranks the quality and reliability of information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument’s level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are summarized as follows: Level 1 — inputs are based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible as of the measurement date. Level 2 — inputs are based upon quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations for the asset or liability that are derived principally from or corroborated by market data for which the primary inputs are observable, including forward interest rates, yield curves, credit risk and exchange rates. Level 3 — inputs for the valuations are unobservable and are based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques such as option pricing models and discounted cash flow models. See Note 15, ''Fair Value Measurements'' for further detail. Recent Accounting Pronouncements A summary of recently adopted accounting guidance is as follows. Adoption dates are on the first day of the fiscal year indicated below, unless otherwise specified. ASU Description of ASU Impact to Atkore Note Adoption Date 2014-09 Revenue from Contracts with Customers and subsequent amendments The Accounting Standards Update ("ASU") provides guidance for revenue recognition. The update's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. Examples of the use of judgments and estimates may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The update also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The update provides for two transition methods to the new guidance: a full retrospective approach and a modified retrospective approach. The Company adopted the guidance in the first quarter of 2019 using the modified retrospective method. See Note 2, "Revenue from Contracts with Customers" for further detail. 2 2019 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The ASU provided entities with the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the "H.R.1", also known as the "Tax Cuts and Jobs Act" ("TCJA") to retained earnings. The Company elected to adopt the guidance early in the quarter ended March 29, 2019. As a result of adoption of the ASU, we reclassified $2,333 of stranded tax benefits related to our pension plans out of Accumulated other comprehensive loss and into Accumulated deficit for the quarter ended March 29, 2019. The Company's policy is to release the tax effects as the related amounts in other comprehensive income are recognized in net income. 10 2019 A summary of accounting guidance not yet adopted is as follows. Effective dates are on the first day of the fiscal year indicated below, unless otherwise specified. ASU Description of ASU Impact to Atkore Effective Date 2016-02 Leases (Topic 842) The ASU requires companies to use a "right of use" lease model that assumes that each lease creates an asset (the lessee's right to use the leased asset) and a liability (the future rent payment obligations), which should be reflected on a lessee's balance sheet to fairly represent the lease transaction and the lessee's related financial obligations with terms of more than 12 months. The Company will adopt the new lease guidance in the first quarter of fiscal 2020. The Company has established an implementation team, deployed lease landscape surveys, selected a software provider and is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. 2020 2018-07 Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Under evaluation. 2020 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The ASU amends Accounting Standard Codification ("ASC") 820 to add, remove and clarify disclosure requirements related to fair value measurements. Under evaluation. 2020 2018-14 Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans The ASU amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. Under evaluation. 2021 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Mar. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 2. REVENUE FROM CONTRACTS WITH CUSTOMERS In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10 and ASU 2016-20, respectively. The core principle of this new revenue recognition guidance is that a company will recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance defines a five-step process to implement this core principle. The new guidance also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance provides for two transition methods, a full retrospective approach and a modified retrospective approach. The Company adopted the new guidance on October 1, 2018 utilizing the modified retrospective method of adoption for contracts not completed at the adoption date and determined there were no changes required to its reported revenues and earnings as a result of the adoption. The impacts to the consolidated financial statements consist of balance sheet reclassifications including amounts associated with the changes in the classification of reserves related to volume rebates and returns reserves. The Company has also enhanced its disclosures of revenue to comply with the new guidance. The impact to the Company’s financial statements as of March 29, 2019 was as follows: As of March 29, 2019 Balance Sheet As Reported Balances before adoption of ASC 606 Effect of Adoption Higher/(Lower) Accounts Receivable, net 319,769 281,113 38,656 Customer liabilities 42,723 4,067 38,656 The Company’s revenue arrangements primarily consist of a single performance obligation to transfer promised goods which is satisfied at a point in time when title, risks and rewards of ownership, and subsequently control have transferred to the customer. This generally occurs when the product is shipped to the customer, with an immaterial amount of transactions in which control transfers upon delivery. The Company primarily offers assurance-type standard warranties that do not represent separate performance obligations. The Company has certain arrangements that require it to estimate at the time of sale the amounts of variable consideration that should not be recorded as revenue as certain amounts are not expected to be collected from customers, as well as an estimate of the value of products to be returned. The Company principally relies on historical experience, specific customer agreements, and anticipated future trends to estimate these amounts at the time of sale and to reduce the transaction price. These arrangements include sales discounts and allowances, volume rebates, and returned goods. As part of the adoption of the new revenue standard, the Company has elected to utilize certain practical expedients. The Company records amounts billed to customers for reimbursement of shipping and handling costs within revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of goods sold. Sales taxes and other usage-based taxes are excluded from revenue. The practical expedient not to disclose information about remaining performance obligations has also been elected as these obligations have an original duration of one year or less. The Company does not evaluate whether the selling price includes a financing interest component for contracts that are less than a year. The Company also expenses costs incurred to obtain a contract, primarily sales commissions, as all obligations will be settled in less than one year. The Company typically receives payment 30 to 60 days from the point it has satisfied the related performance obligation. See Note 18, ''Segment Information'' for revenue disaggregated by geography and product categories. |
Acquisitions
Acquisitions | 6 Months Ended |
Mar. 29, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITIONS From time to time, the Company enters into strategic acquisitions in an effort to better service existing customers and to attain new customers. On October 1, 2018, the Company acquired all of the outstanding stock of Vergokan International NV ("Vergokan") for a purchase price of $57,899 , net of cash received. Vergokan is a leading manufacturer of cable tray and cable ladder systems, underfloor installations and industrial floor trunking that serves industrial, power and energy, commercial and infrastructure sectors in more than 45 countries. This transaction provides Atkore with an expanded presence in Western Europe and strengthens the Company's electrical portfolio of cable management products within the Electrical Raceway segment. The Company incurred approximately $148 for acquisition-related expenses for Vergokan which were recorded as a component of selling, general and administrative expenses for the three and six months ended March 29, 2019. The Company incurred approximately $ 293 for acquisition-related expenses for Vergokan which were recorded as a component of selling, general and administrative expenses for the three and twelve months ended September 30, 2018. The purchase price was allocated to tangible and intangible assets acquired and liabilities assumed, based on their fair values. The following table summarizes the Level 3 fair values assigned to the net assets acquired and liabilities assumed as of the acquisition date: (in thousands) Vergokan Fair value of consideration transferred: Cash consideration $ 58,728 Fair value of assets acquired and liabilities assumed: Cash 829 Accounts receivable 8,761 Inventories 11,434 Intangible assets 12,621 Fixed assets 32,490 Accounts payable (18,716 ) Other 1,680 Net assets acquired 49,099 Excess purchase price attributed to goodwill acquired $ 9,629 The following table summarizes the fair value of intangible assets as of the acquisition date: Vergokan ($ in thousands) Fair Value Weighted Average Useful Life (Years) Customer relationships $ 10,535 12.0 Other 2,086 9.0 Total intangible assets $ 12,621 The purchase price allocation, intangible asset values and related estimates of useful lives for Vergokan are preliminary, as the Company is finalizing its fair value estimates of intangible assets, fixed assets and working capital items. On January 8, 2018, the Company acquired the assets of Communications Integrators, Inc. ("Cii"), a manufacturer of modular, prefabricated power, voice and data distribution systems located in Tempe, Arizona for a total purchase price, including contingent consideration, of $ 3,997 . |
Divestitures
Divestitures | 6 Months Ended |
Mar. 29, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | 4. DIVESTITURES On March 30, 2018, the Company sold the assets of FlexHead Industries, Inc. and SprinkFLEX, LLC (together "FlexHead") . The FlexHead businesses manufacture commercial flexible sprinkler head connection products for use in a variety of markets, including for industrial, commercial, cold storage, institutional and clean room applications. The cash consideration received, net assets disposed and resulting gain on sale are as follows: (in thousands) FlexHead Cash consideration $ 42,000 Net assets divested 15,263 Gain on sale of a business $ 26,737 Net assets divested included $2,626 of goodwill. For the three months ended March 30, 2018 a preliminary gain on the sale of the business was recorded as a component of Other (income) expense, net for $26,737 . An additional working capital adjustment of $838 was recorded for the three months ended June 29, 2018. |
Postretirement Benefits
Postretirement Benefits | 6 Months Ended |
Mar. 29, 2019 | |
Retirement Benefits [Abstract] | |
Postretirement Benefits | 5. POSTRETIREMENT BENEFITS The Company provides pension benefits through a number of noncontributory and contributory defined benefit retirement plans covering eligible U.S. employees. As of September 30, 2017, all defined pension benefit plans were frozen, whereby participants no longer accrue credited service. The net periodic benefit credit was as follows: Three months ended Six months ended (in thousands) Note March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Interest cost 1,166 1,025 $ 2,332 $ 2,049 Expected return on plan assets (1,593 ) (1,604 ) (3,186 ) (3,207 ) Amortization of actuarial loss 25 86 50 171 Net periodic benefit credit 7 $ (402 ) $ (493 ) $ (804 ) $ (987 ) |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Mar. 29, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 6. RESTRUCTURING CHARGES The liability for restructuring reserves is included within other current liabilities in the Company's condensed consolidated balance sheets as follows: Electrical Raceway MP&S Other/Corporate (in thousands) Severance (a) Other (a) Severance Other Severance Total Balance as of September 30, 2017 $ 449 $ — $ 278 $ 10 $ — $ 737 Charges 536 1,130 97 179 98 2,040 Utilization (787 ) (820 ) (178 ) (160 ) (98 ) (2,043 ) Reversal — — (191 ) — — (191 ) Exchange rate effects 14 — (6 ) — — 8 Balance as of September 30, 2018 212 310 — 29 — 551 Charges 611 1,861 — — — 2,472 Utilization (512 ) (2,171 ) — (29 ) — (2,712 ) Balance as of March 29, 2019 $ 312 $ — $ — $ — $ — $ 312 (a) Primarily related to Atkore's commitment to close certain facilities as part of its continuing effort to realign its strategic focus. The Company recorded severance restructuring charges of $611 and $129 related to termination benefits during the six months ended March 29, 2019 and March 30, 2018 , respectively. The Company recorded other restructuring charges to close facilities of $ 1,834 and $523 for the six months ended March 29, 2019 and March 30, 2018 , respectively. The Company expects to utilize all restructuring accruals as of March 29, 2019 within the next twelve months. The net restructuring charges included as a component of selling, general and administrative expenses in the Company's condensed consolidated statements of operations were as follows: Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Total restructuring charges, net $ 1,085 $ 576 $ 2,472 $ 838 |
Other (Income) Expense, Net
Other (Income) Expense, Net | 6 Months Ended |
Mar. 29, 2019 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | 7. OTHER (INCOME) EXPENSE, NET Other (income) expense, net consisted of the following: Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Gain on sale of a business — (26,737 ) — (26,737 ) Undesignated foreign currency derivative instruments 1,112 2,511 (1,467 ) 3,735 Foreign exchange (gain) loss on intercompany loans (1,318 ) (2,135 ) 63 (2,579 ) Debt modification costs — 892 — 892 Pension-related benefits (402 ) (493 ) (804 ) (987 ) Other 14 — 14 — Other (income) expense, net $ (594 ) $ (25,962 ) $ (2,194 ) $ (25,676 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES On December 22, 2017, " H.R.1 ," also known as the "Tax Cuts and Jobs Act" ("TCJA"), was signed into law. TCJA provides for significant changes to corporate taxation including, but not limited to, a reduction of the federal corporate tax rate from 35% to 21% , limitations on the deductibility of interest expense and executive compensation, full expensing of the costs of qualified property in the period of acquisition, the elimination of the domestic production activities deduction and a new provision designed to tax global intangible low-taxed income ("GILTI"). The legislation also adopts a new quasi-territorial tax regime and imposes a one-time transition tax on deemed repatriated earnings of certain foreign subsidiaries. The value of the Company’s net deferred tax liability on the balance sheet decreased as a result of the enacted tax rates creating a one-time tax benefit to the Company; the preliminary analysis of the impact, using December 29, 2017 values, was an estimated decrease to the net deferred tax liability of $4,758 , which was recognized in the first quarter of fiscal 2018. The SEC Staff Accounting Bulletin No. 118 allowed for a measurement period of up to one year from the date of enactment; during the course of the fiscal year ended September 30, 2018, the Company recorded an adjustment to the re-measurement of deferred tax liabilities of an additional $708 benefit as a result of updated estimates. For the period ended December 28, 2018, the Company finalized the re-measurement with no additional adjustments. The Company has an accumulated earnings and profit deficit in the foreign jurisdictions in which it operates. The Company completed its calculation and did not have an income tax liability from the one-time transition tax on the deemed repatriation of its foreign earnings. The GILTI provision of TCJA requires certain income earned by controlled foreign corporations ("CFCs") to be included currently in the gross income of the CFC's controlling U.S. shareholder. In accordance with accounting standards applicable to income taxes, there is allowed an accounting policy choice of either (1) treating taxes due on U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or (2) factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company has elected the period method and included an estimate of the GILTI tax in the Company’s annualized effective tax rate. For the three months ended March 29, 2019 and March 30, 2018 , the Company's effective tax rate attributable to income before income taxes was 25.8% and 26.6% , respectively. For the three months ended March 29, 2019 and March 30, 2018 , the Company's income tax expense was $10,253 and $15,392 respectively. The decrease in the current period effective tax rate was primarily due to the use of a blended federal statutory rate of 24.5% for fiscal year 2018, in accordance with rules described in Section 15 of the Internal Revenue Code, and a federal statutory rate of 21.0% for fiscal year 2019 and certain nondeductible costs in the prior period . For the six months ended March 29, 2019 and March 30, 2018 , the Company's effective tax rate attributable to income before income taxes was 24.6% and 20.4% , respectively. For the six months ended March 29, 2019 and March 30, 2018 , the Company's income tax expense was $18,407 and $17,908 respectively. The increase in the effective tax rate was primarily due to the prior year benefit of the one-time re-measurement of deferred taxes as a result of the Tax Cuts and Jobs Act, which was recorded in the first quarter of fiscal 2018. The Company has recorded a valuation allowance against net operating losses in certain foreign jurisdictions. A valuation allowance is recorded when it is determined to be more likely than not that deferred tax assets will not be fully realized in the foreseeable future. The realization of deferred tax assets is dependent upon whether the Company can generate future taxable income of appropriate character in the relevant jurisdiction to utilize the assets. For the six months ended March 29, 2019 , the Company has partially released a valuation allowance for $266 on deferred tax assets in its Asia Pacific business due to an increase in forecasted taxable income. The amount of the deferred tax assets considered realizable is subject to adjustment in future periods. The Company recognizes the benefits of uncertain tax positions taken or expected to be taken in tax returns in the provision for income taxes only for those positions that it has determined are more likely than not to be realized upon examination. The Company records interest and penalties related to unrecognized tax benefits as a component of income tax expense. During the six months ended March 29, 2019 , the balance of unrecognized tax benefits decreased by $536 upon the resolution of a state audit item. For the six months ended March 29, 2019 , the Company made no additional provision for U.S. or non-U.S. income taxes for unrecognized deferred tax liabilities for temporary differences related to basis differences in investments in subsidiaries, as the investments are essentially permanent in duration. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Mar. 29, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. EARNINGS PER SHARE For the three and six months ended March 29, 2019 , the Company calculated basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating securities as if all of the net earnings for the period had been distributed. The Company's participating securities consist of share-based payment awards that contain a non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common stockholders. Basic earnings per common share excludes dilution and is calculated by dividing the net earnings allocable to common stock by the weighted-average number of common stock outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common stock by the weighted-average number of shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. For the three and six months ended March 30, 2018 , the Company calculated basic and diluted earnings per common share using the treasury stock method as net income allocated to participating securities was not significant. Basic earnings per common share was computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share was computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period, adjusted to include the number of shares of common stock that would have been outstanding had potentially dilutive shares of common stock been issued. The following table sets forth the computation of basic and diluted earnings per share: Three months ended Six months ended (in thousands, except per share data) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Numerator: Net income $ 29,555 $ 42,558 $ 56,504 $ 69,747 Less: Undistributed earnings allocated to participating securities 857 — 1,507 — Net income available to common shareholders $ 28,698 $ 42,558 $ 54,997 $ 69,747 Denominator: Basic weighted average common shares outstanding 46,079 51,367 46,529 57,287 Effect of dilutive securities: Non-participating employee stock options (1) 1,290 2,636 1,288 2,658 Diluted weighted average common shares outstanding 47,369 54,003 47,817 59,945 Basic earnings per share $ 0.62 $ 0.83 $ 1.18 $ 1.22 Diluted earnings per share $ 0.61 $ 0.79 $ 1.15 $ 1.16 (1) Stock options to purchase approximately 0.4 million and 0.3 million shares of common stock were outstanding during the three months ended March 29, 2019 and March 30, 2018, respectively, but were not included in the calculation of diluted earnings per share as the impact of these options would have been anti-dilutive. Stock options to purchase approximately 0.5 million and 0.4 million shares of common stock were outstanding during the six months ended March 29, 2019 and March 30, 2018, respectively, but were not included in the calculation of diluted earnings per share as the impact of these options would have been anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Mar. 29, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 10. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss by component for the six months ended March 29, 2019 and March 30, 2018 : (in thousands) Defined benefit pension items Currency translation adjustments Total Balance as of September 30, 2018 $ (6,048 ) $ (10,390 ) $ (16,438 ) Other comprehensive loss before reclassifications — (1,794 ) (1,794 ) Amounts reclassified from accumulated other 40 — 40 Net current period other comprehensive (loss) 40 (1,794 ) (1,754 ) Reclassification of stranded tax benefits (1) (2,333 ) — (2,333 ) Balance as of March 29, 2019 $ (8,341 ) $ (12,184 ) $ (20,525 ) (1) Due to the adoption of ASU 2018-02. (in thousands) Defined benefit pension items Currency translation adjustments Total Balance as of September 30, 2017 $ (10,445 ) $ (7,537 ) $ (17,982 ) Other comprehensive income before reclassifications — 1,500 1,500 Amounts reclassified from accumulated other 129 — 129 Net current period other comprehensive income 129 1,500 1,629 Balance as of March 30, 2018 $ (10,316 ) $ (6,037 ) $ (16,353 ) The following table presents the changes in accumulated other comprehensive loss by component for the three months ended March 29, 2019 and March 30, 2018 : (in thousands) Defined benefit pension items Currency translation adjustments Total Balance as of December 28, 2018 $ (6,023 ) $ (13,136 ) $ (19,159 ) Other comprehensive income before reclassifications — 952 952 Amounts reclassified from accumulated other 15 — 15 Net current period other comprehensive (loss) income 15 952 967 Reclassification of stranded tax benefits (1) (2,333 ) — (2,333 ) Balance as of March 29, 2019 $ (8,341 ) $ (12,184 ) $ (20,525 ) (1) Due to the adoption of ASU 2018-02. (in thousands) Defined benefit pension items Currency translation adjustments Total Balance as of December 29, 2017 $ (10,380 ) $ (7,206 ) $ (17,586 ) Other comprehensive income before reclassifications — 1,169 1,169 Amounts reclassified from accumulated other 64 — 64 Net current period other comprehensive income 64 1,169 1,233 Balance as of March 30, 2018 $ (10,316 ) $ (6,037 ) $ (16,353 ) |
Inventories, Net
Inventories, Net | 6 Months Ended |
Mar. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 11. INVENTORIES, NET A majority of the Company's inventories are recorded at the lower of cost (primarily last in, first out, or "LIFO") or market. Approximately 76% and 80% of the Company's inventories were valued at the lower of LIFO cost or market at March 29, 2019 and September 30, 2018 , respectively. Interim LIFO determinations, including those at March 29, 2019 , are based on management's estimates of future inventory levels and costs for the remainder of the current fiscal year. (in thousands) March 29, 2019 September 30, 2018 Purchased materials and manufactured parts, net $ 49,664 $ 58,572 Work in process, net 24,276 21,769 Finished goods, net 146,847 141,412 Inventories, net $ 220,787 $ 221,753 Total inventories would be $15,088 and $26,340 higher than reported as of March 29, 2019 and September 30, 2018 , respectively, if the first-in, first-out method was used for all inventories. As of March 29, 2019 , and September 30, 2018 , the excess and obsolete inventory reserve was $16,052 and $12,909 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Mar. 29, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 12. PROPERTY, PLANT AND EQUIPMENT As of March 29, 2019 , and September 30, 2018 , property, plant and equipment at cost and accumulated depreciation were as follows: (in thousands) March 29, 2019 September 30, 2018 Land $ 19,815 $ 13,295 Buildings and related improvements 121,477 108,758 Machinery and equipment 292,330 262,078 Leasehold improvements 8,105 7,382 Software 24,350 30,502 Construction in progress 18,971 16,777 Property, plant and equipment 485,048 438,792 Accumulated depreciation (244,860 ) (225,684 ) Property, plant and equipment, net $ 240,188 $ 213,108 Depreciation expense for the three months ended March 29, 2019 and March 30, 2018 totaled $10,084 and $8,088 , respectively. Depreciation expense for the six months ended March 29, 2019 and March 30, 2018 totaled $19,891 and $16,611 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Mar. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 13. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill are as follows: (in thousands) Electrical Raceway Mechanical Products & Solutions Total Balance as of October 1, 2018 $ 133,566 $ 36,563 $ 170,129 Goodwill acquired during year 9,629 — 9,629 Exchange rate effects (269 ) — (269 ) Balance as of March 29, 2019 $ 142,926 $ 36,563 $ 179,489 Goodwill balances as of October 1, 2018 and March 29, 2019 include $3,924 and $43,000 of accumulated impairment losses within the Electrical Raceway and MP&S segments, respectively. The Company assesses the recoverability of goodwill and indefinite-lived trade names on an annual basis in accordance with ASC 350, "Intangibles - Goodwill and Other." The measurement date is the first day of the fourth fiscal quarter, or more frequently, if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit or the respective indefinite-lived trade name is less than the carrying value. The following table provides the gross carrying value, accumulated amortization and net carrying value for each major class of intangible assets: March 29, 2019 September 30, 2018 ($ in thousands) Weighted Average Useful Life (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Customer relationships 10 $ 340,520 $ (156,884 ) $ 183,636 $ 330,295 $ (141,401 ) $ 188,894 Other 8 18,086 (6,801 ) 11,285 16,003 (5,861 ) 10,142 Total 358,606 (163,685 ) 194,921 346,298 (147,262 ) 199,036 Indefinite-lived intangible assets: Trade names 92,880 — 92,880 92,880 — 92,880 Total $ 451,486 $ (163,685 ) $ 287,801 $ 439,178 $ (147,262 ) $ 291,916 Other intangible assets consist of definite-lived trade names, technology, non-compete agreements and backlogs. Amortization expense for the three months ended March 29, 2019 and March 30, 2018 was $8,196 and $7,765 , respectively. Amortization expense for the six months ended March 29, 2019 and March 30, 2018 was $16,410 and $16,452 , respectively. Expected amortization expense for intangible assets for the remainder of fiscal 2019 and over the next five years and thereafter is as follows: (in thousands) Remaining 2019 $ 16,503 2020 30,573 2021 30,440 2022 29,108 2023 28,988 2024 24,451 Thereafter 34,858 Actual amounts of amortization may differ from estimated amounts due to additional intangible asset acquisitions, impairment of intangible assets and other events. |
Debt
Debt | 6 Months Ended |
Mar. 29, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 14. DEBT Debt as of March 29, 2019 and September 30, 2018 was as follows: (in thousands) March 29, 2019 September 30, 2018 First Lien Term Loan Facility due December 22, 2023 $ 891,272 $ 912,162 Deferred financing costs (7,382 ) (8,194 ) Other 205 279 Total debt $ 884,095 $ 904,247 Less: Current portion — 26,561 Long-term debt $ 884,095 $ 877,686 The asset-based credit facility (the "ABL Credit Facility") has aggregate commitments of $325,000 and is guaranteed by AIH and the U.S. operating companies owned by AII. AII's availability under the ABL Credit Facility was $304,318 and $315,119 as of March 29, 2019 and September 30, 2018 , respectively. During the three months ended March 29, 2019 , the Company made an accelerated repayment of $18,680 of principal on the First Lien Loan, which was calculated by a formula based on 2018 excess cash flows and a leverage ratio as defined within the Term Loan Agreement. As a result, there are no principal payments due in the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Mar. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. FAIR VALUE MEASUREMENTS Certain assets and liabilities are required to be recorded at fair value on a recurring basis. The Company uses forward currency contracts to hedge the effects of foreign exchange relating to certain of the Company’s intercompany receivables denominated in a foreign currency. These derivative instruments are not formally designated as hedges by the Company and the terms of these instruments range from six months to six years. Short-term forward currency contracts are recorded in either other current assets or other current liabilities and long-term forward currency contracts are recorded in other long-term liabilities in the condensed consolidated balance sheet. The fair value gains and losses are included in other (income) expense, net within the condensed consolidated statements of operations . See Note 7, ''Other (Income) Expense, net'' for further detail. The total notional amount of undesignated forward currency contracts were £ 45.8 million and £ 49.1 million as of March 29, 2019 and September 30, 2018 , respectively. Cash flows associated with derivative financial instruments are recognized in the operating section of the condensed consolidated statements of cash flows . The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The following table presents the Company's assets and liabilities measured at fair value: March 29, 2019 September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents $ 12,433 $ — $ — $ 28,175 $ — $ — Forward currency contracts — 6 — — — — Liabilities Forward currency contracts — 467 — — 1,857 — The Company's remaining financial instruments consist primarily of cash, accounts receivable and accounts payable whose carrying value approximate their fair value due to their short-term nature. The estimated fair value of financial instruments not carried at fair value in the condensed consolidated balance sheets were as follows: March 29, 2019 September 30, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value First Lien Term Loan Facility due December 22, 2023 $ 892,120 $ 879,898 $ 913,100 $ 916,113 In determining the approximate fair value of its long-term debt, the Company used the trading values among financial institutions, and these values fall within Level 2 of the fair value hierarchy. The carrying value of the ABL Credit Facility approximates fair value due to it being a market-linked variable rate debt. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES The Company has obligations related to commitments to purchase certain goods. As of March 29, 2019 , such obligations were $170,458 for the rest of fiscal year 2019 and $3,576 for fiscal year 2020 and beyond. These amounts represent open purchase orders for materials used in production. Legal Contingencies — The Company is a defendant in a number of pending legal proceedings, some of which were inherited from its former parent, Tyco International Ltd. ("Tyco"), including certain product liability claims. Several lawsuits have been filed against the Company and the Company has also received other claim demand letters alleging that the Company's anti-microbial coated steel sprinkler pipe, which the Company has not manufactured or sold for several years, is incompatible with chlorinated polyvinyl chloride and caused stress cracking in such pipe manufactured by third parties when installed together in the same sprinkler system, which the Company refers to collectively as the " Special Products Claims ." After an analysis of claims experience, the Company reserved its best estimate of the probable and reasonably estimable losses related to these matters. The Company's total product liability reserves were $1,150 and $6,755 as of March 29, 2019 and September 30, 2018 , respectively. As of March 29, 2019 , the Company believes that the range of losses for product liability claims is between $1,000 and $9,000 . During the quarter ended December 28, 2018, Tyco and the Company agreed with a plaintiff to settle one Special Products Claim that was to go to trial. The Company agreed to fund the total settlement in exchange for Tyco's agreement to cap the Company's Special Products Claim deductible at $12,000 , as opposed to the $13,000 cap negotiated within the original indemnity agreement. As of March 29, 2019 , the cap has been satisfied and Tyco, now Johnson Controls International plc, is contractually obligated to indemnify the Company in respect of claims of incompatibility between the Company's antimicrobial coated steel sprinkler pipe and CPVC pipe used in the same sprinkler system. At this time, the Company does not expect the outcome of the Special Products Claims proceedings, either individually or in the aggregate, to have a material adverse effect on its business, financial condition, results of operations or cash flows, and the Company believes that its reserves are adequate for all remaining contingencies for Special Products Claims. In addition to the matters discussed above, from time to time, the Company is subject to a number of disputes, administrative proceedings and other claims arising out of the ordinary conduct of the Company's business. These matters generally relate to disputes arising out of the use or installation of the Company's products, product liability litigation, contract disputes, patent infringement accusations, employment matters, personal injury claims and similar matters. On the basis of information currently available to the Company, it does not believe that existing proceedings and claims will have a material adverse effect on its business, financial condition, results of operations or cash flows. However, litigation is unpredictable, and the Company could incur judgments or enter into settlements for current or future claims that could adversely affect its business, financial condition, results of operations or cash flows. |
Guarantees
Guarantees | 6 Months Ended |
Mar. 29, 2019 | |
Guarantees [Abstract] | |
Guarantees | 17. GUARANTEES The Company had outstanding letters of credit totaling $10,795 supporting workers' compensation and general liability insurance policies as of March 29, 2019 . The Company also had surety bonds primarily related to performance guarantees on supply agreements and construction contracts, and payment of duties and taxes totaling $20,083 as of March 29, 2019 . In disposing of assets or businesses, the Company often provides representations, warranties and indemnities to cover various risks including unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal fees related to periods prior to disposition. The Company does not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. However, the Company has no reason to believe that these uncertainties would have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. In the normal course of business, the Company is liable for product performance and contract completion. In the opinion of management, such obligations will not have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. |
Segment Information
Segment Information | 6 Months Ended |
Mar. 29, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 18. SEGMENT INFORMATION The Company has two operating segments, which are also its reportable segments. The Company's operating segments are organized based upon primary market channels and, in most instances, the end use of products. Through its Electrical Raceway segment, the Company manufactures products that deploy, isolate and protect a structure's electrical circuitry from the original power source to the final outlet. These products, which include electrical conduit, armored cable, cable trays, mounting systems and fittings, are critical components of the electrical infrastructure for maintenance, repair and remodel markets. The vast majority of the Company's Electrical Raceway net sales are made to electrical distributors, who then serve electrical contractors and the Company considers both to be customers. Through the MP&S segment, the Company provides products and services that frame, support and secure component parts in a broad range of structures, equipment and systems in electrical, industrial and construction applications. The Company's principal products in this segment are metal framing products and in-line galvanized mechanical tube. Through its metal framing business, the Company designs, manufactures and installs metal strut and fittings used to assemble mounting structures that support heavy equipment and electrical content in buildings and other structures. Both segments use Adjusted EBITDA as the primary measure of profit and loss. Segment Adjusted EBITDA is the sum of income (loss) from operations before income taxes, adjusted to exclude unallocated expenses, depreciation and amortization, interest expense, net, gain (loss) on extinguishment of debt, restructuring and impairments, stock-based compensation, certain legal matters, transaction costs, gain on sale of joint venture and other items, such as inventory reserves and adjustments, release of indemnified uncertain tax positions, and the impact of foreign exchange gains or losses. Intersegment transactions primarily consist of product sales at designated transfer prices on an arm's-length basis. Gross profit earned and reported within the segment is eliminated in the Company's consolidated results. Certain manufacturing and distribution expenses are allocated between the segments on a pro rata basis due to the shared nature of activities. Recorded amounts represent a proportional amount of the quantity of product produced for each segment. Certain assets, such as machinery and equipment and facilities, are not allocated to each segment despite serving both segments. These shared assets are reported within the MP&S segment. We allocate certain corporate operating expenses that directly benefit our operating segments, such as insurance and information technology, on a basis that reasonably approximates an estimate of the use of these services. Three months ended March 29, 2019 March 30, 2018 (in thousands) External Net Sales Intersegment Sales Adjusted EBITDA External Net Sales Intersegment Sales Adjusted EBITDA Electrical Raceway $ 353,119 $ 395 $ 67,375 $ 324,706 $ 81 $ 56,404 MP&S 116,190 — 17,421 120,294 16 16,722 Eliminations — (395 ) — (97 ) Consolidated operations $ 469,309 $ — $ 445,000 $ — Six months ended March 29, 2019 March 30, 2018 (in thousands) External Net Sales Intersegment Sales Adjusted EBITDA External Net Sales Intersegment Sales Adjusted EBITDA Electrical Raceway $ 696,334 $ 586 $ 135,864 $ 640,711 $ 599 $ 112,564 MP&S 225,003 — 28,308 218,847 37 27,531 Eliminations — (586 ) — (636 ) Consolidated operations $ 921,337 $ — $ 859,558 $ — Presented below is a reconciliation of operating segment Adjusted EBITDA to Income before income taxes : Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Operating segment Adjusted EBITDA Electrical Raceway $ 67,375 $ 56,404 $ 135,864 $ 112,564 MP&S 17,421 16,722 28,308 27,531 Total 84,796 73,126 164,172 140,095 Unallocated expenses (a) (7,702 ) (7,785 ) (17,055 ) (16,267 ) Depreciation and amortization (18,280 ) (15,853 ) (36,301 ) (33,063 ) Interest expense, net (13,328 ) (9,286 ) (25,488 ) (15,880 ) Restructuring and impairments (1,085 ) (576 ) (2,472 ) (838 ) Stock-based compensation (1,834 ) (2,770 ) (4,816 ) (6,334 ) Certain legal matters — (2,286 ) — (2,286 ) Transaction costs (123 ) (1,263 ) (287 ) (1,908 ) Gain on sale of a business — 26,737 — 26,737 Other (b) (2,636 ) (2,094 ) (2,842 ) (2,601 ) Income before income taxes $ 39,808 $ 57,950 $ 74,911 $ 87,655 (a) Represents unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, human resources, information technology, business development and communications, as well as certain costs and earnings of employee-related benefits plans, such as stock-based compensation and a portion of self-insured medical costs. (b) Represents other items, such as inventory reserves and adjustments, release of indemnified uncertain tax positions and the impact of foreign exchange gains or losses. The Company's net sales by geography were as follows for the three and six months ended March 29, 2019 and March 30, 2018 : Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 United States $ 408,007 $ 398,838 $ 803,635 $ 772,666 Other Americas 8,977 9,714 18,209 17,715 Europe 38,808 23,385 72,670 43,685 Asia-Pacific 13,517 13,063 26,823 25,492 Total $ 469,309 $ 445,000 $ 921,337 $ 859,558 The table below shows the amount of net sales from external customers for each of the Company's product categories which accounted for 10% or more of consolidated net sales in either period for the three and six months ended March 29, 2019 and March 30, 2018 : Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Metal Electrical Conduit and Fittings $ 134,131 $ 120,747 $ 265,378 229,010 Armored Cable and Fittings 88,629 82,826 172,973 169,041 PVC Electrical Conduit and Fittings 66,183 71,133 134,416 147,359 Cable Tray and Cable Ladders 51,138 36,983 96,912 71,099 Other raceway products 13,038 13,017 26,655 24,202 Electrical Raceway 353,119 324,706 696,334 640,711 Mechanical Pipe 62,039 59,867 122,707 110,512 Metal Framing and Fittings 30,450 27,407 59,061 52,310 Other MP&S products 23,701 33,020 43,235 56,025 MP&S 116,190 120,294 225,003 218,847 Net sales $ 469,309 $ 445,000 $ 921,337 $ 859,558 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These unaudited condensed consolidated financial statements have been prepared in accordance with the Company's accounting policies and on the same basis as those financial statements included in the Company's latest Annual Report on Form 10-K for the year ended September 30, 2018 filed with the U.S. Securities and Exchange Commission (the "SEC") on November 28, 2018, and should be read in conjunction with those consolidated financial statements and the notes thereto. Certain information and disclosures normally included in the Company's annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited condensed consolidated financial statements include the assets and liabilities used in operating the Company's business. All intercompany balances and transactions have been eliminated in consolidation. The results of companies acquired or disposed of are included in the unaudited condensed consolidated financial statements from the effective date of acquisition or up to the date of disposal. These statements include all adjustments (consisting of normal recurring adjustments) that the Company considered necessary to present a fair statement of its results of operations, financial position and cash flows. The results reported in these unaudited condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. |
Fiscal Periods | Fiscal Periods — The Company has a fiscal year that ends on September 30. It is the Company's practice to establish quarterly closings using a 4-5-4 calendar. The Company's fiscal quarters end on the last Friday in December, March and June. |
Use of Estimates | Use of Estimates — The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclose contingent assets and liabilities at the date of the condensed consolidated financial statements and report the associated amounts of revenues and expenses. Actual results could differ materially from these estimates. |
Fair Value Measurements | Fair Value Measurements — Authoritative guidance for fair value measurements establishes a three-level hierarchy that ranks the quality and reliability of information used in developing fair value estimates. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. In cases where two or more levels of inputs are used to determine fair value, a financial instrument’s level is determined based on the lowest level input that is considered significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are summarized as follows: Level 1 — inputs are based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible as of the measurement date. Level 2 — inputs are based upon quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations for the asset or liability that are derived principally from or corroborated by market data for which the primary inputs are observable, including forward interest rates, yield curves, credit risk and exchange rates. Level 3 — inputs for the valuations are unobservable and are based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques such as option pricing models and discounted cash flow models. See Note 15, ''Fair Value Measurements'' for further detail. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements A summary of recently adopted accounting guidance is as follows. Adoption dates are on the first day of the fiscal year indicated below, unless otherwise specified. ASU Description of ASU Impact to Atkore Note Adoption Date 2014-09 Revenue from Contracts with Customers and subsequent amendments The Accounting Standards Update ("ASU") provides guidance for revenue recognition. The update's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. Examples of the use of judgments and estimates may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The update also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The update provides for two transition methods to the new guidance: a full retrospective approach and a modified retrospective approach. The Company adopted the guidance in the first quarter of 2019 using the modified retrospective method. See Note 2, "Revenue from Contracts with Customers" for further detail. 2 2019 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The ASU provided entities with the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the "H.R.1", also known as the "Tax Cuts and Jobs Act" ("TCJA") to retained earnings. The Company elected to adopt the guidance early in the quarter ended March 29, 2019. As a result of adoption of the ASU, we reclassified $2,333 of stranded tax benefits related to our pension plans out of Accumulated other comprehensive loss and into Accumulated deficit for the quarter ended March 29, 2019. The Company's policy is to release the tax effects as the related amounts in other comprehensive income are recognized in net income. 10 2019 A summary of accounting guidance not yet adopted is as follows. Effective dates are on the first day of the fiscal year indicated below, unless otherwise specified. ASU Description of ASU Impact to Atkore Effective Date 2016-02 Leases (Topic 842) The ASU requires companies to use a "right of use" lease model that assumes that each lease creates an asset (the lessee's right to use the leased asset) and a liability (the future rent payment obligations), which should be reflected on a lessee's balance sheet to fairly represent the lease transaction and the lessee's related financial obligations with terms of more than 12 months. The Company will adopt the new lease guidance in the first quarter of fiscal 2020. The Company has established an implementation team, deployed lease landscape surveys, selected a software provider and is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. 2020 2018-07 Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Under evaluation. 2020 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The ASU amends Accounting Standard Codification ("ASC") 820 to add, remove and clarify disclosure requirements related to fair value measurements. Under evaluation. 2020 2018-14 Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans The ASU amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. Under evaluation. 2021 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | A summary of recently adopted accounting guidance is as follows. Adoption dates are on the first day of the fiscal year indicated below, unless otherwise specified. ASU Description of ASU Impact to Atkore Note Adoption Date 2014-09 Revenue from Contracts with Customers and subsequent amendments The Accounting Standards Update ("ASU") provides guidance for revenue recognition. The update's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. Examples of the use of judgments and estimates may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The update also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The update provides for two transition methods to the new guidance: a full retrospective approach and a modified retrospective approach. The Company adopted the guidance in the first quarter of 2019 using the modified retrospective method. See Note 2, "Revenue from Contracts with Customers" for further detail. 2 2019 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The ASU provided entities with the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the "H.R.1", also known as the "Tax Cuts and Jobs Act" ("TCJA") to retained earnings. The Company elected to adopt the guidance early in the quarter ended March 29, 2019. As a result of adoption of the ASU, we reclassified $2,333 of stranded tax benefits related to our pension plans out of Accumulated other comprehensive loss and into Accumulated deficit for the quarter ended March 29, 2019. The Company's policy is to release the tax effects as the related amounts in other comprehensive income are recognized in net income. 10 2019 A summary of accounting guidance not yet adopted is as follows. Effective dates are on the first day of the fiscal year indicated below, unless otherwise specified. ASU Description of ASU Impact to Atkore Effective Date 2016-02 Leases (Topic 842) The ASU requires companies to use a "right of use" lease model that assumes that each lease creates an asset (the lessee's right to use the leased asset) and a liability (the future rent payment obligations), which should be reflected on a lessee's balance sheet to fairly represent the lease transaction and the lessee's related financial obligations with terms of more than 12 months. The Company will adopt the new lease guidance in the first quarter of fiscal 2020. The Company has established an implementation team, deployed lease landscape surveys, selected a software provider and is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. 2020 2018-07 Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Under evaluation. 2020 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The ASU amends Accounting Standard Codification ("ASC") 820 to add, remove and clarify disclosure requirements related to fair value measurements. Under evaluation. 2020 2018-14 Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans The ASU amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. Under evaluation. 2021 The impact to the Company’s financial statements as of March 29, 2019 was as follows: As of March 29, 2019 Balance Sheet As Reported Balances before adoption of ASC 606 Effect of Adoption Higher/(Lower) Accounts Receivable, net 319,769 281,113 38,656 Customer liabilities 42,723 4,067 38,656 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | A summary of recently adopted accounting guidance is as follows. Adoption dates are on the first day of the fiscal year indicated below, unless otherwise specified. ASU Description of ASU Impact to Atkore Note Adoption Date 2014-09 Revenue from Contracts with Customers and subsequent amendments The Accounting Standards Update ("ASU") provides guidance for revenue recognition. The update's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. Examples of the use of judgments and estimates may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The update also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The update provides for two transition methods to the new guidance: a full retrospective approach and a modified retrospective approach. The Company adopted the guidance in the first quarter of 2019 using the modified retrospective method. See Note 2, "Revenue from Contracts with Customers" for further detail. 2 2019 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The ASU provided entities with the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the "H.R.1", also known as the "Tax Cuts and Jobs Act" ("TCJA") to retained earnings. The Company elected to adopt the guidance early in the quarter ended March 29, 2019. As a result of adoption of the ASU, we reclassified $2,333 of stranded tax benefits related to our pension plans out of Accumulated other comprehensive loss and into Accumulated deficit for the quarter ended March 29, 2019. The Company's policy is to release the tax effects as the related amounts in other comprehensive income are recognized in net income. 10 2019 A summary of accounting guidance not yet adopted is as follows. Effective dates are on the first day of the fiscal year indicated below, unless otherwise specified. ASU Description of ASU Impact to Atkore Effective Date 2016-02 Leases (Topic 842) The ASU requires companies to use a "right of use" lease model that assumes that each lease creates an asset (the lessee's right to use the leased asset) and a liability (the future rent payment obligations), which should be reflected on a lessee's balance sheet to fairly represent the lease transaction and the lessee's related financial obligations with terms of more than 12 months. The Company will adopt the new lease guidance in the first quarter of fiscal 2020. The Company has established an implementation team, deployed lease landscape surveys, selected a software provider and is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. 2020 2018-07 Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Under evaluation. 2020 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement The ASU amends Accounting Standard Codification ("ASC") 820 to add, remove and clarify disclosure requirements related to fair value measurements. Under evaluation. 2020 2018-14 Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans The ASU amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. Under evaluation. 2021 The impact to the Company’s financial statements as of March 29, 2019 was as follows: As of March 29, 2019 Balance Sheet As Reported Balances before adoption of ASC 606 Effect of Adoption Higher/(Lower) Accounts Receivable, net 319,769 281,113 38,656 Customer liabilities 42,723 4,067 38,656 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the Level 3 fair values assigned to the net assets acquired and liabilities assumed as of the acquisition date: (in thousands) Vergokan Fair value of consideration transferred: Cash consideration $ 58,728 Fair value of assets acquired and liabilities assumed: Cash 829 Accounts receivable 8,761 Inventories 11,434 Intangible assets 12,621 Fixed assets 32,490 Accounts payable (18,716 ) Other 1,680 Net assets acquired 49,099 Excess purchase price attributed to goodwill acquired $ 9,629 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the fair value of intangible assets as of the acquisition date: Vergokan ($ in thousands) Fair Value Weighted Average Useful Life (Years) Customer relationships $ 10,535 12.0 Other 2,086 9.0 Total intangible assets $ 12,621 |
Divestitures (Tables)
Divestitures (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Selling Price Allocation | The cash consideration received, net assets disposed and resulting gain on sale are as follows: (in thousands) FlexHead Cash consideration $ 42,000 Net assets divested 15,263 Gain on sale of a business $ 26,737 |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost | The net periodic benefit credit was as follows: Three months ended Six months ended (in thousands) Note March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Interest cost 1,166 1,025 $ 2,332 $ 2,049 Expected return on plan assets (1,593 ) (1,604 ) (3,186 ) (3,207 ) Amortization of actuarial loss 25 86 50 171 Net periodic benefit credit 7 $ (402 ) $ (493 ) $ (804 ) $ (987 ) |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserves | The liability for restructuring reserves is included within other current liabilities in the Company's condensed consolidated balance sheets as follows: Electrical Raceway MP&S Other/Corporate (in thousands) Severance (a) Other (a) Severance Other Severance Total Balance as of September 30, 2017 $ 449 $ — $ 278 $ 10 $ — $ 737 Charges 536 1,130 97 179 98 2,040 Utilization (787 ) (820 ) (178 ) (160 ) (98 ) (2,043 ) Reversal — — (191 ) — — (191 ) Exchange rate effects 14 — (6 ) — — 8 Balance as of September 30, 2018 212 310 — 29 — 551 Charges 611 1,861 — — — 2,472 Utilization (512 ) (2,171 ) — (29 ) — (2,712 ) Balance as of March 29, 2019 $ 312 $ — $ — $ — $ — $ 312 (a) Primarily related to Atkore's commitment to close certain facilities as part of its continuing effort to realign its strategic focus. The Company recorded severance restructuring charges of $611 and $129 related to termination benefits during the six months ended March 29, 2019 and March 30, 2018 , respectively. The Company recorded other restructuring charges to close facilities of $ 1,834 and $523 for the six months ended March 29, 2019 and March 30, 2018 , respectively. |
Restructuring and Related Costs | The net restructuring charges included as a component of selling, general and administrative expenses in the Company's condensed consolidated statements of operations were as follows: Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Total restructuring charges, net $ 1,085 $ 576 $ 2,472 $ 838 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Expense, Net | Other (income) expense, net consisted of the following: Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Gain on sale of a business — (26,737 ) — (26,737 ) Undesignated foreign currency derivative instruments 1,112 2,511 (1,467 ) 3,735 Foreign exchange (gain) loss on intercompany loans (1,318 ) (2,135 ) 63 (2,579 ) Debt modification costs — 892 — 892 Pension-related benefits (402 ) (493 ) (804 ) (987 ) Other 14 — 14 — Other (income) expense, net $ (594 ) $ (25,962 ) $ (2,194 ) $ (25,676 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three months ended Six months ended (in thousands, except per share data) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Numerator: Net income $ 29,555 $ 42,558 $ 56,504 $ 69,747 Less: Undistributed earnings allocated to participating securities 857 — 1,507 — Net income available to common shareholders $ 28,698 $ 42,558 $ 54,997 $ 69,747 Denominator: Basic weighted average common shares outstanding 46,079 51,367 46,529 57,287 Effect of dilutive securities: Non-participating employee stock options (1) 1,290 2,636 1,288 2,658 Diluted weighted average common shares outstanding 47,369 54,003 47,817 59,945 Basic earnings per share $ 0.62 $ 0.83 $ 1.18 $ 1.22 Diluted earnings per share $ 0.61 $ 0.79 $ 1.15 $ 1.16 (1) Stock options to purchase approximately 0.4 million and 0.3 million shares of common stock were outstanding during the three months ended March 29, 2019 and March 30, 2018, respectively, but were not included in the calculation of diluted earnings per share as the impact of these options would have been anti-dilutive. Stock options to purchase approximately 0.5 million and 0.4 million shares of common stock were outstanding during the six months ended March 29, 2019 and March 30, 2018, respectively, but were not included in the calculation of diluted earnings per share as the impact of these options would have been anti-dilutive. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss by component for the six months ended March 29, 2019 and March 30, 2018 : (in thousands) Defined benefit pension items Currency translation adjustments Total Balance as of September 30, 2018 $ (6,048 ) $ (10,390 ) $ (16,438 ) Other comprehensive loss before reclassifications — (1,794 ) (1,794 ) Amounts reclassified from accumulated other 40 — 40 Net current period other comprehensive (loss) 40 (1,794 ) (1,754 ) Reclassification of stranded tax benefits (1) (2,333 ) — (2,333 ) Balance as of March 29, 2019 $ (8,341 ) $ (12,184 ) $ (20,525 ) (1) Due to the adoption of ASU 2018-02. (in thousands) Defined benefit pension items Currency translation adjustments Total Balance as of September 30, 2017 $ (10,445 ) $ (7,537 ) $ (17,982 ) Other comprehensive income before reclassifications — 1,500 1,500 Amounts reclassified from accumulated other 129 — 129 Net current period other comprehensive income 129 1,500 1,629 Balance as of March 30, 2018 $ (10,316 ) $ (6,037 ) $ (16,353 ) The following table presents the changes in accumulated other comprehensive loss by component for the three months ended March 29, 2019 and March 30, 2018 : (in thousands) Defined benefit pension items Currency translation adjustments Total Balance as of December 28, 2018 $ (6,023 ) $ (13,136 ) $ (19,159 ) Other comprehensive income before reclassifications — 952 952 Amounts reclassified from accumulated other 15 — 15 Net current period other comprehensive (loss) income 15 952 967 Reclassification of stranded tax benefits (1) (2,333 ) — (2,333 ) Balance as of March 29, 2019 $ (8,341 ) $ (12,184 ) $ (20,525 ) (1) Due to the adoption of ASU 2018-02. (in thousands) Defined benefit pension items Currency translation adjustments Total Balance as of December 29, 2017 $ (10,380 ) $ (7,206 ) $ (17,586 ) Other comprehensive income before reclassifications — 1,169 1,169 Amounts reclassified from accumulated other 64 — 64 Net current period other comprehensive income 64 1,169 1,233 Balance as of March 30, 2018 $ (10,316 ) $ (6,037 ) $ (16,353 ) |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Interim LIFO determinations, including those at March 29, 2019 , are based on management's estimates of future inventory levels and costs for the remainder of the current fiscal year. (in thousands) March 29, 2019 September 30, 2018 Purchased materials and manufactured parts, net $ 49,664 $ 58,572 Work in process, net 24,276 21,769 Finished goods, net 146,847 141,412 Inventories, net $ 220,787 $ 221,753 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | As of March 29, 2019 , and September 30, 2018 , property, plant and equipment at cost and accumulated depreciation were as follows: (in thousands) March 29, 2019 September 30, 2018 Land $ 19,815 $ 13,295 Buildings and related improvements 121,477 108,758 Machinery and equipment 292,330 262,078 Leasehold improvements 8,105 7,382 Software 24,350 30,502 Construction in progress 18,971 16,777 Property, plant and equipment 485,048 438,792 Accumulated depreciation (244,860 ) (225,684 ) Property, plant and equipment, net $ 240,188 $ 213,108 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill are as follows: (in thousands) Electrical Raceway Mechanical Products & Solutions Total Balance as of October 1, 2018 $ 133,566 $ 36,563 $ 170,129 Goodwill acquired during year 9,629 — 9,629 Exchange rate effects (269 ) — (269 ) Balance as of March 29, 2019 $ 142,926 $ 36,563 $ 179,489 |
Schedule of Finite-Lived Intangible Assets | The following table provides the gross carrying value, accumulated amortization and net carrying value for each major class of intangible assets: March 29, 2019 September 30, 2018 ($ in thousands) Weighted Average Useful Life (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Customer relationships 10 $ 340,520 $ (156,884 ) $ 183,636 $ 330,295 $ (141,401 ) $ 188,894 Other 8 18,086 (6,801 ) 11,285 16,003 (5,861 ) 10,142 Total 358,606 (163,685 ) 194,921 346,298 (147,262 ) 199,036 Indefinite-lived intangible assets: Trade names 92,880 — 92,880 92,880 — 92,880 Total $ 451,486 $ (163,685 ) $ 287,801 $ 439,178 $ (147,262 ) $ 291,916 |
Schedule of Indefinite-Lived Intangible Assets | The following table provides the gross carrying value, accumulated amortization and net carrying value for each major class of intangible assets: March 29, 2019 September 30, 2018 ($ in thousands) Weighted Average Useful Life (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortizable intangible assets: Customer relationships 10 $ 340,520 $ (156,884 ) $ 183,636 $ 330,295 $ (141,401 ) $ 188,894 Other 8 18,086 (6,801 ) 11,285 16,003 (5,861 ) 10,142 Total 358,606 (163,685 ) 194,921 346,298 (147,262 ) 199,036 Indefinite-lived intangible assets: Trade names 92,880 — 92,880 92,880 — 92,880 Total $ 451,486 $ (163,685 ) $ 287,801 $ 439,178 $ (147,262 ) $ 291,916 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Expected amortization expense for intangible assets for the remainder of fiscal 2019 and over the next five years and thereafter is as follows: (in thousands) Remaining 2019 $ 16,503 2020 30,573 2021 30,440 2022 29,108 2023 28,988 2024 24,451 Thereafter 34,858 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt as of March 29, 2019 and September 30, 2018 was as follows: (in thousands) March 29, 2019 September 30, 2018 First Lien Term Loan Facility due December 22, 2023 $ 891,272 $ 912,162 Deferred financing costs (7,382 ) (8,194 ) Other 205 279 Total debt $ 884,095 $ 904,247 Less: Current portion — 26,561 Long-term debt $ 884,095 $ 877,686 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities | The following table presents the Company's assets and liabilities measured at fair value: March 29, 2019 September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents $ 12,433 $ — $ — $ 28,175 $ — $ — Forward currency contracts — 6 — — — — Liabilities Forward currency contracts — 467 — — 1,857 — |
Estimated Fair Value of Financial Instruments Not Carried at Fair Value | The estimated fair value of financial instruments not carried at fair value in the condensed consolidated balance sheets were as follows: March 29, 2019 September 30, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value First Lien Term Loan Facility due December 22, 2023 $ 892,120 $ 879,898 $ 913,100 $ 916,113 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Mar. 29, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Presented below is a reconciliation of operating segment Adjusted EBITDA to Income before income taxes : Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Operating segment Adjusted EBITDA Electrical Raceway $ 67,375 $ 56,404 $ 135,864 $ 112,564 MP&S 17,421 16,722 28,308 27,531 Total 84,796 73,126 164,172 140,095 Unallocated expenses (a) (7,702 ) (7,785 ) (17,055 ) (16,267 ) Depreciation and amortization (18,280 ) (15,853 ) (36,301 ) (33,063 ) Interest expense, net (13,328 ) (9,286 ) (25,488 ) (15,880 ) Restructuring and impairments (1,085 ) (576 ) (2,472 ) (838 ) Stock-based compensation (1,834 ) (2,770 ) (4,816 ) (6,334 ) Certain legal matters — (2,286 ) — (2,286 ) Transaction costs (123 ) (1,263 ) (287 ) (1,908 ) Gain on sale of a business — 26,737 — 26,737 Other (b) (2,636 ) (2,094 ) (2,842 ) (2,601 ) Income before income taxes $ 39,808 $ 57,950 $ 74,911 $ 87,655 (a) Represents unallocated selling, general and administrative activities and associated expenses including, in part, executive, legal, finance, human resources, information technology, business development and communications, as well as certain costs and earnings of employee-related benefits plans, such as stock-based compensation and a portion of self-insured medical costs. (b) Represents other items, such as inventory reserves and adjustments, release of indemnified uncertain tax positions and the impact of foreign exchange gains or losses. Three months ended March 29, 2019 March 30, 2018 (in thousands) External Net Sales Intersegment Sales Adjusted EBITDA External Net Sales Intersegment Sales Adjusted EBITDA Electrical Raceway $ 353,119 $ 395 $ 67,375 $ 324,706 $ 81 $ 56,404 MP&S 116,190 — 17,421 120,294 16 16,722 Eliminations — (395 ) — (97 ) Consolidated operations $ 469,309 $ — $ 445,000 $ — Six months ended March 29, 2019 March 30, 2018 (in thousands) External Net Sales Intersegment Sales Adjusted EBITDA External Net Sales Intersegment Sales Adjusted EBITDA Electrical Raceway $ 696,334 $ 586 $ 135,864 $ 640,711 $ 599 $ 112,564 MP&S 225,003 — 28,308 218,847 37 27,531 Eliminations — (586 ) — (636 ) Consolidated operations $ 921,337 $ — $ 859,558 $ — |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The Company's net sales by geography were as follows for the three and six months ended March 29, 2019 and March 30, 2018 : Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 United States $ 408,007 $ 398,838 $ 803,635 $ 772,666 Other Americas 8,977 9,714 18,209 17,715 Europe 38,808 23,385 72,670 43,685 Asia-Pacific 13,517 13,063 26,823 25,492 Total $ 469,309 $ 445,000 $ 921,337 $ 859,558 The table below shows the amount of net sales from external customers for each of the Company's product categories which accounted for 10% or more of consolidated net sales in either period for the three and six months ended March 29, 2019 and March 30, 2018 : Three months ended Six months ended (in thousands) March 29, 2019 March 30, 2018 March 29, 2019 March 30, 2018 Metal Electrical Conduit and Fittings $ 134,131 $ 120,747 $ 265,378 229,010 Armored Cable and Fittings 88,629 82,826 172,973 169,041 PVC Electrical Conduit and Fittings 66,183 71,133 134,416 147,359 Cable Tray and Cable Ladders 51,138 36,983 96,912 71,099 Other raceway products 13,038 13,017 26,655 24,202 Electrical Raceway 353,119 324,706 696,334 640,711 Mechanical Pipe 62,039 59,867 122,707 110,512 Metal Framing and Fittings 30,450 27,407 59,061 52,310 Other MP&S products 23,701 33,020 43,235 56,025 MP&S 116,190 120,294 225,003 218,847 Net sales $ 469,309 $ 445,000 $ 921,337 $ 859,558 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 29, 2019USD ($) | |
Accumulated Deficit | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of Stranded Tax Benefits | $ 2,333 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | Mar. 29, 2019 | Sep. 30, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts Receivable, net | $ 319,769 | $ 265,147 |
Customer liabilities | 42,723 | $ 3,377 |
Balances before adoption of ASC 606 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts Receivable, net | 281,113 | |
Customer liabilities | 4,067 | |
Effect of Adoption Higher/(Lower) | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts Receivable, net | 38,656 | |
Customer liabilities | $ 38,656 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Oct. 01, 2018 | Jan. 08, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | Sep. 30, 2018 |
Business Acquisition [Line Items] | |||||
Acquisition of businesses, net of cash acquired | $ 57,899 | $ 3,350 | |||
Communications Integrators, Inc. | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 3,997 | ||||
Selling, General and Administrative Expenses | Vergokan | |||||
Business Acquisition [Line Items] | |||||
Acquisition of businesses, net of cash acquired | $ 57,899 | ||||
Acquisition related expenses | $ 148 | $ 293 |
Acquisitions - Summary of Level
Acquisitions - Summary of Level 3 Fair Values Assigned to Net Assets Acquired and Liabilities Assumed As of Acquisition Date (Details) - Vergokan $ in Thousands | Oct. 01, 2018USD ($) |
Fair value of consideration transferred: | |
Cash consideration | $ 58,728 |
Fair value of assets acquired and liabilities assumed: | |
Cash | 829 |
Accounts receivable | 8,761 |
Inventories | 11,434 |
Intangible assets | 12,621 |
Fixed assets | 32,490 |
Accounts payable | (18,716) |
Other | 1,680 |
Net assets acquired | 49,099 |
Electrical Raceway | |
Fair value of assets acquired and liabilities assumed: | |
Excess purchase price attributed to goodwill acquired | $ 9,629 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value as of Acquisition Date (Details) - Vergokan $ in Thousands | Oct. 01, 2018USD ($) |
Business Acquisition [Line Items] | |
Fair Value | $ 12,621 |
Weighted Average Useful Life (Years) | |
Customer relationships | |
Business Acquisition [Line Items] | |
Fair Value | $ 10,535 |
Weighted Average Useful Life (Years) | 12 years |
Other | |
Business Acquisition [Line Items] | |
Fair Value | $ 2,086 |
Weighted Average Useful Life (Years) | 9 years |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Thousands | Mar. 30, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Mar. 29, 2019 | Sep. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill | $ 179,489 | $ 170,129 | |||
Gain on sale of business, working capital adjustment | $ 26,737 | ||||
Working capital adjustment | $ 838 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill | $ 2,626 | $ 2,626 | |||
FlexHead Industries, Inc and SprinkFLEX, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash consideration | 42,000 | ||||
Net assets divested | 15,263 | ||||
Gain on sale of a business | $ 26,737 |
Postretirement Benefits - Net P
Postretirement Benefits - Net Periodic Benefit Cost (Details) - Pension Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 1,166 | $ 1,025 | $ 2,332 | $ 2,049 |
Expected return on plan assets | (1,593) | (1,604) | (3,186) | (3,207) |
Amortization of actuarial loss | 25 | 86 | 50 | 171 |
Net periodic benefit credit | $ (402) | $ (493) | $ (804) | $ (987) |
Restructuring Charges - Restruc
Restructuring Charges - Restructuring Reserves (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | Sep. 30, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 551 | $ 737 | $ 737 |
Charges | 2,472 | 2,040 | |
Utilization | (2,712) | (2,043) | |
Reversals/exchange rate effects | (191) | ||
Exchange rate effects | 8 | ||
Ending balance | 312 | 551 | |
One-time Termination Benefits | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 611 | 129 | |
Facility Closing | |||
Restructuring Reserve [Roll Forward] | |||
Charges | 1,834 | 523 | |
Operating Segments | Electrical Raceway | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 212 | 449 | 449 |
Charges | 611 | 536 | |
Utilization | (512) | (787) | |
Reversals/exchange rate effects | 0 | ||
Exchange rate effects | 14 | ||
Ending balance | 312 | 212 | |
Operating Segments | Electrical Raceway | Other | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 310 | 0 | 0 |
Charges | 1,861 | 1,130 | |
Utilization | (2,171) | (820) | |
Reversals/exchange rate effects | 0 | ||
Exchange rate effects | 0 | ||
Ending balance | 0 | 310 | |
Operating Segments | MP&S | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 278 | 278 |
Charges | 0 | 97 | |
Utilization | 0 | (178) | |
Reversals/exchange rate effects | (191) | ||
Exchange rate effects | (6) | ||
Ending balance | 0 | 0 | |
Operating Segments | MP&S | Other | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 29 | 10 | 10 |
Charges | 0 | 179 | |
Utilization | (29) | (160) | |
Reversals/exchange rate effects | 0 | ||
Exchange rate effects | 0 | ||
Ending balance | 0 | 29 | |
Corporate, Non-Segment | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | $ 0 | 0 |
Charges | 0 | 98 | |
Utilization | 0 | (98) | |
Reversals/exchange rate effects | 0 | ||
Exchange rate effects | 0 | ||
Ending balance | $ 0 | $ 0 |
Restructuring Charges - As a Co
Restructuring Charges - As a Component of Selling, General and Administrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Restructuring and Related Activities [Abstract] | ||||
Total restructuring charges, net | $ 1,085 | $ 576 | $ 2,472 | $ 838 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Gain on sale of a business | $ 0 | $ (26,737) | $ 0 | $ (26,737) |
Undesignated foreign currency derivative instruments | 1,112 | 2,511 | (1,467) | 3,735 |
Foreign exchange (gain) loss on intercompany loans | (1,318) | (2,135) | 63 | (2,579) |
Gains (Losses) on Restructuring of Debt | 0 | 892 | 0 | 892 |
Pension-related benefits | (402) | (493) | (804) | (987) |
Other Nonoperating Income | 14 | 0 | 14 | 0 |
Other (income) expense, net | $ (594) | $ (25,962) | $ (2,194) | $ (25,676) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 21, 2017 | Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | Sep. 30, 2018 |
Operating Loss Carryforwards [Line Items] | |||||||
Federal corporate tax rate | 21.00% | 35.00% | |||||
Effective income tax rate reconciliation, effect of Tax Cuts and Jobs Act of 2017, amount | $ 4,758 | $ 708 | |||||
Effective income tax rate | 25.80% | 26.60% | 24.60% | 20.40% | |||
Income tax expense | $ 10,253 | $ 15,392 | $ 18,407 | $ 17,908 | |||
Decrease unrecognized tax benefits | 536 | ||||||
Other Deferred Tax Assets | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Valuation allowance, deferred tax asset, amount | $ 266 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 29, 2019 | Dec. 28, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Mar. 29, 2019 | Mar. 30, 2018 | |
Numerator: | ||||||
Net income | $ 29,555 | $ 26,949 | $ 42,558 | $ 27,189 | $ 56,504 | $ 69,747 |
Less: Undistributed earnings allocated to participating securities | 857 | 1,507 | ||||
Net income available to common shareholders | $ 28,698 | $ 42,558 | $ 54,997 | $ 69,747 | ||
Denominator: | ||||||
Weighted-average shares outstanding - Basic (in shares) | 46,079 | 51,367 | 46,529 | 57,287 | ||
Effect of dilutive securities: Stock compensation plans (in shares) | 1,290 | 2,636 | 1,288 | 2,658 | ||
Weighted-average shares outstanding - diluted (in shares) | 47,369 | 54,003 | 47,817 | 59,945 | ||
Basic earnings per share (in dollars per share) | $ 0.62 | $ 0.83 | $ 1.18 | $ 1.22 | ||
Diluted earnings per share (in dollars per share) | $ 0.61 | $ 0.79 | $ 1.15 | $ 1.16 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Common Stock | Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of diluted earnings per share (in shares) | 0.4 | 0.3 | 0.5 | 0.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 29, 2019 | Dec. 28, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Mar. 29, 2019 | Mar. 30, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | $ 124,155 | $ 122,059 | $ 388,668 | $ 360,871 | $ 122,059 | $ 360,871 |
Other comprehensive loss before reclassifications | 952 | 1,169 | (1,794) | 1,500 | ||
Amounts reclassified from accumulated other comprehensive loss | 15 | 64 | 40 | 129 | ||
Total other comprehensive (loss) income | 967 | (2,721) | 1,233 | 396 | (1,754) | 1,629 |
Reclassification from AOCI, Current Period, Tax | (2,333) | (2,333) | ||||
Balance at end of period | 158,497 | 124,155 | 62,075 | 388,668 | 158,497 | 62,075 |
Defined benefit pension items | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | (6,023) | (6,048) | (10,380) | (10,445) | (6,048) | (10,445) |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 15 | 64 | 40 | 129 | ||
Total other comprehensive (loss) income | 15 | 64 | 40 | 129 | ||
Reclassification from AOCI, Current Period, Tax | (2,333) | (2,333) | ||||
Balance at end of period | (8,341) | (6,023) | (10,316) | (10,380) | (8,341) | (10,316) |
Currency translation adjustments | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | (13,136) | (10,390) | (7,206) | (7,537) | (10,390) | (7,537) |
Other comprehensive loss before reclassifications | 952 | 1,169 | (1,794) | 1,500 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 | ||
Total other comprehensive (loss) income | 952 | 1,169 | (1,794) | 1,500 | ||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | ||||
Balance at end of period | (12,184) | (13,136) | (6,037) | (7,206) | (12,184) | (6,037) |
Total | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | (19,159) | (16,438) | (17,586) | (17,982) | (16,438) | (17,982) |
Total other comprehensive (loss) income | 967 | (2,721) | 1,233 | 396 | ||
Balance at end of period | $ (20,525) | $ (19,159) | $ (16,353) | $ (17,586) | $ (20,525) | $ (16,353) |
Inventories, Net - Narrative (D
Inventories, Net - Narrative (Details) - USD ($) $ in Thousands | Mar. 29, 2019 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Inventories at lower of LIFO cost or market | 76.00% | 80.00% |
FIFO inventory amount | $ (15,088) | $ (26,340) |
Excess and obsolete inventory reserve | $ (16,052) | $ (12,909) |
Inventories, Net - Schedule of
Inventories, Net - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 29, 2019 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Purchased materials and manufactured parts, net | $ 49,664 | $ 58,572 |
Work in process, net | 24,276 | 21,769 |
Finished goods, net | 146,847 | 141,412 |
Inventories, net | $ 220,787 | $ 221,753 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 29, 2019 | Sep. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 485,048 | $ 438,792 |
Accumulated depreciation | (244,860) | (225,684) |
Property, plant and equipment, net | 240,188 | 213,108 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 19,815 | 13,295 |
Buildings and related improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 121,477 | 108,758 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 292,330 | 262,078 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 8,105 | 7,382 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | 24,350 | 30,502 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment | $ 18,971 | $ 16,777 |
Property, Plant and Equipment -
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 10,084 | $ 8,088 | $ 19,891 | $ 16,611 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Change in Carrying Amount (Details) $ in Thousands | 6 Months Ended |
Mar. 29, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 170,129 |
Goodwill acquired during year | 9,629 |
Exchange rate effects | (269) |
Balance at end of period | 179,489 |
Electrical Raceway | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 133,566 |
Goodwill acquired during year | 9,629 |
Exchange rate effects | (269) |
Balance at end of period | 142,926 |
MP&S | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 36,563 |
Goodwill acquired during year | 0 |
Exchange rate effects | 0 |
Balance at end of period | $ 36,563 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | Oct. 01, 2018 | |
Goodwill [Line Items] | |||||
Intangible asset amortization | $ 8,196 | $ 7,765 | $ 16,410 | $ 16,452 | |
Electrical Raceway | |||||
Goodwill [Line Items] | |||||
Accumulated impairment loss | $ 3,924 | ||||
MP&S | |||||
Goodwill [Line Items] | |||||
Accumulated impairment loss | $ 43,000 | $ 43,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 29, 2019 | Sep. 30, 2018 | |
Amortizable intangible assets: | ||
Gross Carrying Value | $ 358,606 | $ 346,298 |
Accumulated Amortization | (163,685) | (147,262) |
Net Carrying Value | 194,921 | 199,036 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Value | 451,486 | 439,178 |
Net Carrying Value | 287,801 | 291,916 |
Trade names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value/net carrying value | 92,880 | 92,880 |
Customer relationships | ||
Amortizable intangible assets: | ||
Gross Carrying Value | 340,520 | 330,295 |
Accumulated Amortization | (156,884) | (141,401) |
Net Carrying Value | $ 183,636 | 188,894 |
Customer relationships | Weighted Average Useful Life (Years) | ||
Amortizable intangible assets: | ||
Weighted Average Useful Life (Years) | 10 years | |
Other | ||
Amortizable intangible assets: | ||
Gross Carrying Value | $ 18,086 | 16,003 |
Accumulated Amortization | (6,801) | (5,861) |
Net Carrying Value | $ 11,285 | $ 10,142 |
Other | Weighted Average Useful Life (Years) | ||
Amortizable intangible assets: | ||
Weighted Average Useful Life (Years) | 8 years |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Future Amortization Expense (Details) (Details) $ in Thousands | Mar. 29, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remaining 2019 | $ 16,503 |
2020 | 30,573 |
2021 | 30,440 |
2022 | 29,108 |
2023 | 28,988 |
2024 | 24,451 |
Thereafter | $ 34,858 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 29, 2019 | Sep. 30, 2018 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (7,382) | $ (8,194) |
Other | 205 | 279 |
Total debt | 884,095 | 904,247 |
Less: Current portion | 0 | 26,561 |
Long-term debt | 884,095 | 877,686 |
Secured Debt | First Lien Term Loan Facility due December 22, 2023 | ||
Debt Instrument [Line Items] | ||
First Lien Term Loan Facility due December 22, 2023 | $ 891,272 | $ 912,162 |
Debt - ABL Credit Facility - Na
Debt - ABL Credit Facility - Narrative (Details) - Atkore International - Line of credit - ABL Credit Facility - USD ($) | 3 Months Ended | |
Mar. 29, 2019 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | ||
Aggregate commitments | $ 325,000,000 | |
Credit availability | 304,318,000 | $ 315,119,000 |
Repayments of credit facility | $ 18,680,000 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands, £ in Millions | 6 Months Ended | |||
Mar. 29, 2019GBP (£) | Mar. 29, 2019USD ($) | Sep. 30, 2018GBP (£) | Sep. 30, 2018USD ($) | |
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Forward currency contracts | £ | £ 45.8 | £ 49.1 | ||
Measurement Input, Expected Term | Minimum | Foreign Exchange Contract | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Credit Derivative, Term | 6 months | |||
Measurement Input, Expected Term | Maximum | Foreign Exchange Contract | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Credit Derivative, Term | 6 years | |||
Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Forward currency contracts | $ | $ 0 | $ 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measures On a Gross Basis (Details) - Fair Value, Measurements, Recurring $ in Thousands, £ in Millions | Mar. 29, 2019GBP (£) | Mar. 29, 2019USD ($) | Sep. 30, 2018GBP (£) | Sep. 30, 2018USD ($) |
Assets | ||||
Forward currency contracts | £ | £ 45.8 | £ 49.1 | ||
Level 1 | ||||
Assets | ||||
Cash equivalents | $ 12,433 | $ 28,175 | ||
Forward currency contracts | 0 | 0 | ||
Liabilities | ||||
Forward currency contracts | 0 | 0 | ||
Level 2 | ||||
Assets | ||||
Cash equivalents | 0 | 0 | ||
Forward currency contracts | 6 | 0 | ||
Liabilities | ||||
Forward currency contracts | 467 | 1,857 | ||
Level 3 | ||||
Assets | ||||
Cash equivalents | 0 | 0 | ||
Forward currency contracts | 0 | 0 | ||
Liabilities | ||||
Forward currency contracts | $ 0 | $ 0 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Value (Details) - Secured Debt - First Lien Term Loan Facility due December 22, 2023 - USD ($) $ in Thousands | Mar. 29, 2019 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 892,120 | $ 913,100 |
Fair Value | $ 879,898 | $ 916,113 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | Mar. 29, 2019 | Sep. 30, 2018 |
Loss Contingencies [Line Items] | ||
Purchase obligations for rest of fiscal year | $ 170,458,000 | |
Purchase obligations for year two | 3,576,000 | |
Total settlement for prior cap agreement deductible | 13,000,000 | |
Special Products Claims and Other Product Liabilities | Minimum | ||
Loss Contingencies [Line Items] | ||
Probable losses | 1,000,000 | |
Special Products Claims and Other Product Liabilities | Maximum | ||
Loss Contingencies [Line Items] | ||
Probable losses | 9,000,000 | |
Special Products Claims | ||
Loss Contingencies [Line Items] | ||
Total settlement for cap agreement deductible | 12,000,000 | |
Other Product Liability | ||
Loss Contingencies [Line Items] | ||
Product liability | $ 1,150,000 | $ 6,755,000 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) $ in Thousands | Mar. 29, 2019USD ($) |
Supporting workers compensation | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 10,795 |
Surety bond | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 20,083 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Mar. 29, 2019segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Shared As
Segment Information - Shared Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 469,309 | $ 445,000 | $ 921,337 | $ 859,558 |
Income (Loss) from Continuing Operations, Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) | 84,796 | 73,126 | 164,172 | 140,095 |
Electrical Raceway | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 353,119 | 324,706 | 696,334 | 640,711 |
MP&S | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 116,190 | 120,294 | 225,003 | 218,847 |
Intersegment Sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (395) | (97) | (586) | (636) |
Intersegment Sales | Electrical Raceway | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 395 | 81 | 586 | 599 |
Intersegment Sales | MP&S | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 16 | 0 | 37 |
Operating Segments | Electrical Raceway | ||||
Segment Reporting Information [Line Items] | ||||
Income (Loss) from Continuing Operations, Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) | 67,375 | 56,404 | 135,864 | 112,564 |
Operating Segments | MP&S | ||||
Segment Reporting Information [Line Items] | ||||
Income (Loss) from Continuing Operations, Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) | $ 17,421 | $ 16,722 | $ 28,308 | $ 27,531 |
Segment Information - Reconcili
Segment Information - Reconciliation of Operating Segment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Operating segment Adjusted EBITDA | $ 84,796 | $ 73,126 | $ 164,172 | $ 140,095 |
Unallocated expenses | (7,702) | (7,785) | (17,055) | (16,267) |
Depreciation and amortization | (18,280) | (15,853) | (36,301) | (33,063) |
Interest expense, net | (13,328) | (9,286) | (25,488) | (15,880) |
Restructuring and impairments | (1,085) | (576) | (2,472) | (838) |
Stock-based compensation | (1,834) | (2,770) | (4,816) | (6,334) |
Certain legal matters | 0 | (2,286) | 0 | (2,286) |
Transaction costs | (123) | (1,263) | (287) | (1,908) |
Gain on sale of a business | 0 | 26,737 | 0 | 26,737 |
Other | (2,636) | (2,094) | (2,842) | (2,601) |
Income before income taxes | 39,808 | 57,950 | 74,911 | 87,655 |
Operating Segments | Electrical Raceway | ||||
Segment Reporting Information [Line Items] | ||||
Operating segment Adjusted EBITDA | 67,375 | 56,404 | 135,864 | 112,564 |
Operating Segments | MP&S | ||||
Segment Reporting Information [Line Items] | ||||
Operating segment Adjusted EBITDA | $ 17,421 | $ 16,722 | $ 28,308 | $ 27,531 |
Segment Information - Net Sales
Segment Information - Net Sales by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 469,309 | $ 445,000 | $ 921,337 | $ 859,558 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 408,007 | 398,838 | 803,635 | 772,666 |
Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 8,977 | 9,714 | 18,209 | 17,715 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 38,808 | 23,385 | 72,670 | 43,685 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 13,517 | $ 13,063 | $ 26,823 | $ 25,492 |
Segment Information - Net Sal_2
Segment Information - Net Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 469,309 | $ 445,000 | $ 921,337 | $ 859,558 |
Electrical Raceway | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 353,119 | 324,706 | 696,334 | 640,711 |
MP&S | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 116,190 | 120,294 | 225,003 | 218,847 |
Metal Electrical Conduit and Fittings | Electrical Raceway | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 134,131 | 120,747 | 265,378 | 229,010 |
Armored Cable and Fittings | Electrical Raceway | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 88,629 | 82,826 | 172,973 | 169,041 |
PVC Electrical Conduit and Fittings | Electrical Raceway | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 66,183 | 71,133 | 134,416 | 147,359 |
Cable Tray and Cable Ladders | Electrical Raceway | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 51,138 | 36,983 | 96,912 | 71,099 |
Other raceway products | Electrical Raceway | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 13,038 | 13,017 | 26,655 | 24,202 |
Mechanical Pipe | MP&S | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 62,039 | 59,867 | 122,707 | 110,512 |
Metal Framing and Fittings | MP&S | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 30,450 | 27,407 | 59,061 | 52,310 |
Other MP&S products | MP&S | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 23,701 | 33,020 | 43,235 | 56,025 |
Impact of Fence and Sprinkler | MP&S | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |