Cover
Cover - shares | 6 Months Ended | |
Mar. 26, 2021 | Apr. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 26, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37793 | |
Entity Registrant Name | Atkore Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 90-0631463 | |
Entity Address, Address Line One | 16100 South Lathrop Avenue | |
Entity Address, City or Town | Harvey | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60426 | |
City Area Code | 708 | |
Local Phone Number | 339-1610 | |
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | ATKR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,984,297 | |
Entity Central Index Key | 0001666138 | |
Document Fiscal Year Focus | 2021 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --09-30 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 639,543 | $ 455,654 | $ 1,150,625 | $ 903,102 |
Cost of sales | 399,694 | 324,051 | 721,585 | 654,655 |
Gross profit | 239,849 | 131,603 | 429,040 | 248,447 |
Selling, general and administrative | 67,340 | 62,360 | 128,418 | 118,575 |
Intangible asset amortization | 8,096 | 8,071 | 16,356 | 16,184 |
Operating income | 164,413 | 61,172 | 284,266 | 113,688 |
Interest expense, net | 8,416 | 10,564 | 16,670 | 21,184 |
Other income, net | (7,240) | (1,685) | (7,671) | (1,919) |
Income before income taxes | 163,237 | 52,293 | 275,267 | 94,423 |
Income tax expense | 38,304 | 13,100 | 65,268 | 20,440 |
Net income | $ 124,933 | $ 39,193 | $ 209,999 | $ 73,983 |
Net income per share | ||||
Basic (in dollars per share) | $ 2.62 | $ 0.81 | $ 4.39 | $ 1.53 |
Diluted (in dollars per share) | $ 2.58 | $ 0.80 | $ 4.33 | $ 1.50 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 124,933 | $ 39,193 | $ 209,999 | $ 73,983 |
Other comprehensive income (loss), net of tax: | ||||
Change in foreign currency translation adjustment | (818) | (6,229) | 6,233 | (1,120) |
Change in unrecognized loss related to pension benefit plans | 262 | 226 | 524 | 433 |
Total other comprehensive income (loss) | (556) | (6,003) | 6,757 | (687) |
Comprehensive income | $ 124,377 | $ 33,190 | $ 216,756 | $ 73,296 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 26, 2021 | Sep. 30, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 304,469 | $ 284,471 |
Accounts receivable, less allowance for current and expected credit losses of $2,454 and $3,168, respectively | 431,161 | 298,242 |
Inventories, net | 237,892 | 199,095 |
Prepaid expenses and other current assets | 44,895 | 46,868 |
Total current assets | 1,018,417 | 828,676 |
Property, plant and equipment, net | 256,216 | 243,891 |
Intangible assets, net | 258,990 | 255,349 |
Goodwill | 199,513 | 188,239 |
Right-of-use assets, net | 35,034 | 38,692 |
Deferred tax assets | 999 | 687 |
Other long-term assets | 879 | 2,991 |
Total Assets | 1,770,048 | 1,558,525 |
Current Liabilities: | ||
Accounts payable | 187,699 | 142,601 |
Income tax payable | 605 | 1,360 |
Accrued compensation and employee benefits | 33,980 | 32,836 |
Customer liabilities | 43,615 | 35,802 |
Lease obligations | 11,648 | 15,786 |
Other current liabilities | 48,334 | 47,785 |
Total current liabilities | 325,881 | 276,170 |
Long-term debt | 765,049 | 803,736 |
Long-term lease obligations | 24,280 | 24,143 |
Deferred tax liabilities | 33,321 | 22,525 |
Other long-term tax liabilities | 1,620 | 1,619 |
Pension liabilities | 37,391 | 40,023 |
Other long-term liabilities | 12,344 | 11,899 |
Total Liabilities | 1,199,886 | 1,180,115 |
Equity: | ||
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 46,982,664 and 47,407,023 shares issued and outstanding, respectively | 471 | 475 |
Treasury stock, held at cost, 260,900 and 260,900 shares, respectively | (2,580) | (2,580) |
Additional paid-in capital | 497,250 | 487,223 |
Retained earnings | 110,818 | (64,154) |
Accumulated other comprehensive loss | (35,797) | (42,554) |
Total Equity | 570,162 | 378,410 |
Total Liabilities and Equity | $ 1,770,048 | $ 1,558,525 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 26, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for current and expected credit losses | $ 2,454 | $ 3,168 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 46,982,664 | 47,407,023 |
Common stock, shares outstanding (in shares) | 46,982,664 | 47,407,023 |
Treasury stock (in shares) | 260,900 | 260,900 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 26, 2021 | Mar. 27, 2020 | |
Operating activities: | ||
Net income | $ 209,999 | $ 73,983 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 38,309 | 37,208 |
Deferred income taxes | 4,692 | 1,036 |
Stock-based compensation | 10,390 | 7,646 |
Amortization of right-of-use assets | 7,025 | 7,384 |
Loss on disposal of property, plant and equipment | 50 | 4,560 |
Other adjustments to net income | 918 | 2,672 |
Changes in operating assets and liabilities, net of effects from acquisitions | ||
Accounts receivable | (124,261) | 7,757 |
Inventories | (31,424) | (22,719) |
Accounts payable | 42,130 | (18,856) |
Other, net | (4,583) | (51,387) |
Net cash provided by operating activities | 153,246 | 49,284 |
Investing activities: | ||
Capital expenditures | (20,374) | (17,139) |
Insurance proceeds for property, plant and equipment | 3,117 | 0 |
Acquisition of businesses, net of cash acquired | (43,699) | 0 |
Other, net | 21 | 30 |
Net cash used in investing activities | (60,935) | (17,109) |
Financing activities: | ||
Repayments of long-term debt | (40,000) | 0 |
Issuance of common stock, net of shares withheld for tax | (356) | (2,380) |
Repurchase of common stock | (35,037) | (15,011) |
Other, net | (11) | (30) |
Net cash used for financing activities | (75,404) | (17,421) |
Effects of foreign exchange rate changes on cash and cash equivalents | 3,091 | (967) |
Increase in cash and cash equivalents | 19,998 | 13,787 |
Cash and cash equivalents at beginning of period | 284,471 | 123,415 |
Cash and cash equivalents at end of period | 304,469 | 137,202 |
Supplementary Cash Flow information | ||
Capital expenditures, not yet paid | $ 1,023 | $ 713 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings |
Balance at beginning of period (in shares) at Sep. 30, 2019 | 46,955 | |||||||
Balance at end of period at Dec. 27, 2019 | $ 272,131 | $ 476 | $ (2,580) | $ 477,276 | $ (166,659) | $ (36,382) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 34,790 | 34,790 | ||||||
Other comprehensive income | 5,316 | 5,316 | ||||||
Stock-based compensation | 3,123 | 3,123 | ||||||
Issuance of common stock, net of shares withheld for tax (in shares) | 524 | |||||||
Issuance of common stock, net of shares withheld for tax | (2,981) | $ 5 | (2,986) | |||||
Balance at end of period (in shares) at Dec. 27, 2019 | 47,479 | |||||||
Balance at beginning of period at Sep. 30, 2019 | 232,936 | $ 471 | (2,580) | 477,139 | (200,396) | (41,698) | $ (1,053) | $ (1,053) |
Balance at beginning of period (in shares) at Sep. 30, 2019 | 46,955 | |||||||
Balance at end of period at Mar. 27, 2020 | 295,434 | $ 473 | (2,580) | 482,399 | (142,473) | (42,385) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 73,983 | |||||||
Other comprehensive income | (687) | |||||||
Balance at end of period (in shares) at Mar. 27, 2020 | 47,176 | |||||||
Balance at beginning of period at Sep. 30, 2019 | 232,936 | $ 471 | (2,580) | 477,139 | (200,396) | (41,698) | $ (1,053) | $ (1,053) |
Balance at beginning of period (in shares) at Dec. 27, 2019 | 47,479 | |||||||
Balance at end of period at Mar. 27, 2020 | 295,434 | $ 473 | (2,580) | 482,399 | (142,473) | (42,385) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 39,193 | 39,193 | ||||||
Other comprehensive income | (6,003) | (6,003) | ||||||
Stock-based compensation | 4,523 | 4,523 | ||||||
Issuance of common stock, net of shares withheld for tax (in shares) | 91 | |||||||
Issuance of common stock, net of shares withheld for tax | 601 | $ 1 | 600 | |||||
Repurchase of common stock (in shares) | (394) | |||||||
Repurchase of common stock | (15,011) | $ (4) | (15,007) | |||||
Balance at end of period (in shares) at Mar. 27, 2020 | 47,176 | |||||||
Balance at beginning of period at Dec. 27, 2019 | 272,131 | $ 476 | (2,580) | 477,276 | (166,659) | (36,382) | ||
Balance at beginning of period (in shares) at Sep. 30, 2020 | 47,407 | |||||||
Balance at end of period at Dec. 25, 2020 | 437,347 | $ 467 | (2,580) | 488,815 | (14,114) | (35,241) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 85,066 | 85,066 | ||||||
Other comprehensive income | 7,313 | 7,313 | ||||||
Stock-based compensation | 5,522 | 5,522 | ||||||
Issuance of common stock, net of shares withheld for tax (in shares) | 358 | |||||||
Issuance of common stock, net of shares withheld for tax | (3,927) | $ 3 | (3,930) | |||||
Repurchase of common stock (in shares) | (1,140) | |||||||
Repurchase of common stock | (35,037) | $ (11) | (35,026) | |||||
Balance at end of period (in shares) at Dec. 25, 2020 | 46,625 | |||||||
Balance at beginning of period at Sep. 30, 2020 | 378,410 | $ 475 | (2,580) | 487,223 | (64,154) | (42,554) | ||
Balance at beginning of period (in shares) at Sep. 30, 2020 | 47,407 | |||||||
Balance at end of period at Mar. 26, 2021 | 570,162 | $ 471 | (2,580) | 497,249 | 110,819 | (35,797) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 209,999 | |||||||
Other comprehensive income | 6,757 | |||||||
Balance at end of period (in shares) at Mar. 26, 2021 | 46,983 | |||||||
Balance at beginning of period at Sep. 30, 2020 | 378,410 | $ 475 | (2,580) | 487,223 | (64,154) | (42,554) | ||
Balance at beginning of period (in shares) at Dec. 25, 2020 | 46,625 | |||||||
Balance at end of period at Mar. 26, 2021 | 570,162 | $ 471 | (2,580) | 497,249 | 110,819 | (35,797) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 124,933 | 124,933 | ||||||
Other comprehensive income | (556) | (556) | ||||||
Stock-based compensation | 4,868 | 4,868 | ||||||
Issuance of common stock, net of shares withheld for tax (in shares) | 358 | |||||||
Issuance of common stock, net of shares withheld for tax | 3,570 | $ 4 | 3,566 | |||||
Balance at end of period (in shares) at Mar. 26, 2021 | 46,983 | |||||||
Balance at beginning of period at Dec. 25, 2020 | $ 437,347 | $ 467 | $ (2,580) | $ 488,815 | $ (14,114) | $ (35,241) |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 26, 2021 | |
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 Inc. (the "Company", "Atkore" or "AI") is a leading manufacturer of Electrical products primarily for the non-residential construction and renovation markets and Safety & Infrastructure solutions for the construction and industrial markets. Atkore was incorporated in the State of Delaware on November 4, 2010 under the name Atkore International Group, Inc. Atkore is the sole stockholder of Atkore International Holdings Inc. ("AIH"), which in turn is the sole stockholder of Atkore International Inc. ("AII"). Segment Redefinition — Effective in the first quarter of fiscal 2021, the Company renamed and redefined its reportable segments. The Electrical Raceway segment was renamed as the Electrical segment. The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable, and installation accessories. This segment serves contractors, in partnership with the electrical wholesale channel. The Mechanical Products & Solutions segment was renamed as the Safety & Infrastructure segment. This segment designs and manufactures solutions including metal framing, mechanical pipe, perimeter security, and cable management for the protection and reliability of critical infrastructure. These solutions are marketed to contractors, original equipment manufacturers and end users. Segment Realignment & Reclassifications — Effective in the first quarter of fiscal 2021, the Company implemented a realignment (the “Realignment”) of its segment financial reporting structure. The Company’s domestic cable management and prefabrication modular businesses had historically been reported in the Electrical Raceway segment. Due to transitions in the Company’s Executive Leadership Team, these businesses are now reported in the Safety & Infrastructure segment. The Realignment reflects how the Company’s Chief Operating Decision Maker now assesses the operating performance and allocates resources to the Safety & Infrastructure segment. Goodwill was also reallocated on a relative fair value basis between the applicable reporting units. The Company reflected these changes to its segment information retrospectively to the earliest period presented which resulted in a transfer of external net sales, intersegment sales, total assets, and Adjusted EBITDA from the Electrical segment to the Safety & Infrastructure segment. These changes had no impact on the Company’s previously reported consolidated net sales, operating income, net income or earnings per share. See Note 16, ''Segment Information'' for additional details. 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, 2020, filed with the U.S. Securities and Exchange Commission (the "SEC") on November 19, 2020, 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. The Company's fiscal quarters typically end on the last Friday in December, March and June as it follows a 4-5-4 calendar. 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. 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 Adoption Date 2016-13 Financial Instruments - Credit Losses (Topic 326) The ASU adds to GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The Company adopted this standard in the first quarter of 2021. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. 2021 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 2019-12, Simplifying the accounting for income taxes (Topic 740) The ASU eliminates certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim period accounting for year to date loss limitations and changes in tax laws and clarifying the accounting for transactions outside of a business combination that result in a step up in the tax basis of goodwill. Under evaluation. Based on procedures performed to date, the Company does not anticipate the adoption of this ASU to be material to the financial statements. 2022 2020-04, Reference rate reform Topic 848: Facilitation of the effects of reference rate reform on financial reporting The ASU addresses constituents’ concerns about certain accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Under evaluation. Based on procedures performed to date, the Company does not anticipate the adoption of this ASU to be material to the financial statements. Option to implement ASU expires in 2022 |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Mar. 26, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 2. REVENUE FROM CONTRACTS WITH CUSTOMERS 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. 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 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 16, ''Segment Information'' for revenue disaggregated by geography and product categories. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Mar. 26, 2021 | |
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 obtain new customers. On October 22, 2020, the Company acquired Queen City Plastics, Inc. ("Queen City Plastics"), a leading manufacturer of PVC conduit, elbows and fittings for the electrical market. The purchase price was allocated to tangible assets acquired and liabilities assumed based on their fair values for which the purchase accounting has been finalized. The purchase price of $6.2 million was deemed immaterial to the Company. On February 24, 2021, the Company acquired FRE Composites Group, a leading manufacturer of fiberglass conduit for the electrical and industrial market. The purchase price was allocated to tangible and intangible assets acquired and liabilities assumed, based on their fair values. As of March 26, 2021, the purchase price allocation has not been finalized as the Company is refining its fair value estimates for working capital, fixed assets and intangible assets. The preliminary purchase price was $37.1 million. 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) Fair value of consideration transferred: Cash consideration 37,060 Fair value of assets acquired and liabilities assumed: Accounts receivable 2,163 Inventories 4,311 Intangible assets 17,900 Fixed assets 9,968 Accounts payable (1,186) Income taxes (5,054) Other (465) Net assets acquired 27,637 Excess purchase price attributed to goodwill acquired $ 9,423 The Company estimates $1.7 million of the goodwill is deductible for tax purposes. Goodwill recognized from this acquisition consists largely of the synergies and economies of scale from integrating this company with existing businesses. The following table summarizes the fair value of intangible assets as of the acquisition date: FRE Composites Group ($ in thousands) Fair Value Weighted Average Useful Life (Years) Customer relationships $ 14,500 11 Other 3,400 6 Total intangible assets $ 17,900 |
POSTRETIREMENT BENEFITS
POSTRETIREMENT BENEFITS | 6 Months Ended |
Mar. 26, 2021 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFITS | 4. 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 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Interest cost $ 682 $ 935 $ 1,364 $ 1,870 Expected return on plan assets (1,606) (1,583) (3,212) (3,166) Amortization of actuarial loss 333 222 666 444 Net periodic benefit credit 5 $ (591) $ (426) $ (1,182) $ (852) |
OTHER INCOME, NET
OTHER INCOME, NET | 6 Months Ended |
Mar. 26, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME, NET | 5. OTHER INCOME, NET Other income, net consisted of the following: Three months ended Six months ended (in thousands) March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Business interruption insurance recovery $ (6,000) $ — $ (6,000) $ — Undesignated foreign currency derivative instruments 793 (3,666) 3,410 (543) Foreign exchange gain on intercompany loans (711) 2,407 (3,168) (524) Pension-related benefits (591) (426) (1,182) (852) Gain on purchase of business (731) — (731) — Other income, net $ (7,240) $ (1,685) $ (7,671) $ (1,919) |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 26, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 6. INCOME TAXES For the three months ended March 26, 2021 and March 27, 2020, the Company's effective tax rate attributable to income before income taxes was 23.5% and 25.1%, respectively. For the three months ended March 26, 2021 and March 27, 2020, the Company's income tax expense was $38,304 and $13,100 respectively. The decrease in the current period effective tax rate was primarily due to an increase in the excess tax benefit associated with stock compensation. For the six months ended March 26, 2021 and March 27, 2020, the Company's effective tax rate attributable to income before income taxes was 23.7% and 21.6%, respectively. For the six months ended March 26, 2021 and March 27, 2020, the Company's tax expense was $65,268 and $20,440, respectively. The increase in the six month period effective tax rate was primarily due to a smaller increase in the net discrete tax benefit compared to the increase in earnings period over period. A valuation allowance has been recorded against certain net operating losses in certain foreign jurisdictions. A valuation allowance is recorded when it is determined to be more likely than not that these 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 in the appropriate character and jurisdiction to utilize the assets. 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 we have determined are more likely than not to be realized upon examination. We record interest and penalties related to unrecognized tax benefits as a component of income tax expense. During the six months ended March 26, 2021, the balance of unrecognized tax benefits decreased by an immaterial amount due to the change in reserves for state audit items. For the six months ended March 26, 2021, 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. 26, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 7. EARNINGS PER SHARE The Company calculates 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 allocated 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. 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 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Numerator: Net income $ 124,933 $ 39,193 $ 209,999 $ 73,983 Less: Undistributed earnings allocated to participating securities 2,435 853 4,091 1,719 Net income available to common shareholders $ 122,498 $ 38,340 $ 205,908 $ 72,264 Denominator: Basic weighted average common shares outstanding 46,803 47,404 46,858 47,268 Effect of dilutive securities: Non-participating employee stock options (1) 744 691 728 961 Diluted weighted average common shares outstanding 47,547 48,095 47,586 48,229 Basic earnings per share $ 2.62 $ 0.81 $ 4.39 $ 1.53 Diluted earnings per share $ 2.58 $ 0.80 $ 4.33 $ 1.50 (1) Stock options to purchase approximately 0.0 million and 0.3 million shares of common stock were outstanding during the three months ended March 26, 2021 and March 27, 2020, 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 0.0 million and 0.1 million shares of common stock were outstanding during the six months ended March 26, 2021 and March 27, 2020, 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. 26, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 8. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in accumulated other comprehensive loss by component for the three months ended March 26, 2021 and March 27, 2020. (in thousands) Defined benefit Currency Total Balance as of December 25, 2020 $ (30,499) $ (4,742) $ (35,241) Other comprehensive loss before reclassifications — (818) (818) Amounts reclassified from accumulated other 262 — 262 Net current period other comprehensive income (loss) 262 (818) (556) Balance as of March 26, 2021 $ (30,237) $ (5,560) $ (35,797) (in thousands) Defined benefit Currency Total Balance as of December 27, 2019 $ (23,611) $ (12,771) $ (36,382) Other comprehensive loss before reclassifications — (6,229) (6,229) Amounts reclassified from accumulated other 226 — 226 Net current period other comprehensive income (loss) 226 (6,229) (6,003) Balance as of March 27, 2020 $ (23,385) $ (19,000) $ (42,385) The following table presents the changes in accumulated other comprehensive loss by component for the six months ended March 26, 2021 and March 27, 2020. (in thousands) Defined benefit Currency Total Balance as of September 30, 2020 $ (30,761) $ (11,793) $ (42,554) Other comprehensive income before reclassifications — 6,233 6,233 Amounts reclassified from accumulated other 524 — 524 Net current period other comprehensive income 524 6,233 6,757 Balance as of March 26, 2021 $ (30,237) $ (5,560) $ (35,797) (in thousands) Defined benefit Currency Total Balance as of September 30, 2019 $ (23,818) $ (17,880) $ (41,698) Other comprehensive loss before reclassifications — (1,120) (1,120) Amounts reclassified from accumulated other 433 — 433 Net current period other comprehensive income (loss) 433 (1,120) (687) Balance as of March 27, 2020 $ (23,385) $ (19,000) $ (42,385) |
INVENTORIES, NET
INVENTORIES, NET | 6 Months Ended |
Mar. 26, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, NET | 9. 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 or net realizable value, as applicable. Approximately 77% and 73% of the Company's inventories were valued at the lower of LIFO cost or market at March 26, 2021 and September 30, 2020, respectively. Interim LIFO determinations, including those at March 26, 2021, are based on management's estimates of future inventory levels and costs for the remainder of the current fiscal year. (in thousands) March 26, 2021 September 30, 2020 Purchased materials and manufactured parts, net $ 58,536 $ 49,192 Work in process, net 27,713 24,113 Finished goods, net 151,643 125,790 Inventories, net $ 237,892 $ 199,095 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Mar. 26, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 10. PROPERTY, PLANT AND EQUIPMENT As of March 26, 2021, and September 30, 2020, property, plant and equipment and accumulated depreciation were as follows: (in thousands) March 26, 2021 September 30, 2020 Land $ 23,170 $ 20,460 Buildings and related improvements 131,188 129,538 Machinery and equipment 363,108 332,260 Leasehold improvements 10,465 9,862 Software 27,844 27,028 Construction in progress 18,846 22,736 Property, plant and equipment, at cost 574,621 541,884 Accumulated depreciation (318,405) (297,993) Property, plant and equipment, net $ 256,216 $ 243,891 Depreciation expense for the three months ended March 26, 2021 and March 27, 2020 totaled $11,170 and $10,407 respectively. Depreciation expense for the six months ended March 26, 2021 and March 27, 2020 totaled $21,953 and $21,024, respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Mar. 26, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 11. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill are as follows: (in thousands) Electrical Safety & Infrastructure Total Balance as of October 1, 2020 $ 144,662 $ 43,577 $ 188,239 Goodwill acquired during year 9,423 — 9,423 Exchange rate effects 1,851 — 1,851 Balance as of March 26, 2021 $ 155,936 $ 43,577 $ 199,513 Goodwill balances as of October 1, 2020 and March 26, 2021 include $3,924 and $43,000 of accumulated impairment losses within the Electrical and Safety & Infrastructure segments, respectively. The Company assesses the recoverability of goodwill and indefinite-lived trade names on an annual basis in accordance with ASC 350, "Intangibles - Goodwill and Other." The measurement date is the first day of the fourth fiscal quarter, or more frequently, if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit or the respective indefinite-lived trade name is less than the carrying value. The following table provides the gross carrying value, accumulated amortization and net carrying value for each major class of intangible assets: March 26, 2021 September 30, 2020 ($ 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 11 $ 370,848 $ (219,196) $ 151,652 $ 355,735 $ (202,677) $ 153,058 Other 8 24,893 (10,435) 14,458 19,086 (9,675) 9,411 Total 395,741 (229,631) 166,110 374,821 (212,352) 162,469 Indefinite-lived intangible assets: Trade names 92,880 — 92,880 92,880 — 92,880 Total $ 488,621 $ (229,631) $ 258,990 $ 467,701 $ (212,352) $ 255,349 Other intangible assets consist of definite-lived trade names, technology, non-compete agreements and backlogs. Amortization expense for the three months ended March 26, 2021 and March 27, 2020 was $8,096 and $8,071, respectively. Amortization expense for the six months ended March 26, 2021 and March 27, 2020 was $16,356 and $16,184, respectively. Expected amortization expense for intangible assets for the remainder of fiscal 2021 and over the next five years and thereafter is as follows: (in thousands) Remaining 2021 $ 22,744 2022 34,950 2023 34,842 2024 28,974 2025 15,450 2026 14,104 Thereafter 15,046 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. 26, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | 12. DEBT Debt as of March 26, 2021 and September 30, 2020 was as follows: (in thousands) March 26, 2021 September 30, 2020 First Lien Term Loan Facility due December 22, 2023 $ 771,629 $ 811,540 Deferred financing costs (6,580) (7,804) Total debt $ 765,049 $ 803,736 Less: Current portion — — Long-term debt $ 765,049 $ 803,736 During the three months ended December 25, 2020, the Company made a voluntary prepayment of $40,000 of principal on the First Lien Loan. The voluntary prepayments in the past two years resulted in the elimination of all principal payment requirements until the contractual maturity of the debt in fiscal 2024. The asset-based credit facility (the "ABL Credit Facility") has aggregate commitments of $325,000 and is guaranteed by AIH, the U.S. operating companies owned by AII and certain other restricted subsidiaries of AII that AII causes to be a subsidiary guarantor from time to time. AII's availability under the ABL Credit Facility was $315,499 and $265,899 as of March 26, 2021 and September 30, 2020, respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Mar. 26, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 13. 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 balances 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 two 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 either other long-term assets or other long-term liabilities in the condensed consolidated balance sheet. The fair value gains and losses are included in other income, net within the condensed consolidated statements of operations. See Note 5, ''Other Income, net'' for further detail. The total notional amounts of undesignated forward currency contracts were £36.1 million and £43.3 million as of March 26, 2021 and September 30, 2020, 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 26, 2021 September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents $ 218,684 $ — $ — $ 209,421 $ — $ — Forward currency contracts — — — — 2,209 — Liabilities Forward currency contracts — $ 1,174 — — 102 — 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 26, 2021 September 30, 2020 (in thousands) Carrying Value Fair Value Carrying Value Fair Value First Lien Term Loan Facility due December 22, 2023 $ 772,120 $ 772,808 $ 812,120 $ 808,060 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. 26, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES The Company has obligations related to commitments to purchase certain goods. As of March 26, 2021, such obligations were $293,136 for the rest of fiscal year 2021 and $10,905 for fiscal year 2022 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 for Special Products Claims and other product liability matters were $682 and $597 as of March 26, 2021 and September 30, 2020, respectively. As of March 26, 2021, the Company believes that the range of aggregate reasonably possible losses for Special Products Claims and other product liabilities is between $1,000 and $8,000. During fiscal 2019, 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. In conjunction with the payment of that settlement, Tyco and the Company examined the Company's total Special Products Claim payments and agreed that with that settlement payment and payment of a few other legal fee invoices, all of which have now been paid, the Company had met its $12,000 deductible obligation related to these Special Products Claims. Tyco, now Johnson Controls, Inc. ("JCI"), has a contractual obligation to indemnify the Company in respect of all remaining and future claims of incompatibility between the Company's antimicrobial coated steel sprinkler pipe and CPVC pipe used in the same sprinkler system. Tyco has defended and indemnified the Company on Special Products Claims as required. 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. During the year ended September 30, 2020, one of the Company’s manufacturing facilities experienced a flood which resulted in damage to certain property, plant and equipment. This facility is covered under the Company’s property and casualty loss and business interruption insurance policies. The Company recorded an expense of $6,046 for losses related to fully written off property, plant and equipment, with a related insurance recovery of $5,046 within selling, general and administrative expenses in its consolidated statements of operations for the year ended September 30, 2020. The Company believes that, other than the $1,000 deductible expense under the related insurance claim, it will be reimbursed for substantially all other property, plant and equipment losses in connection with the event under its current insurance policies. During the three months ended March 26, 2021, the Company received $6,000 of business interruption insurance recovery proceeds related to this incident. The amount was recorded as other income within the condensed consolidated statements of operations for the three and six months ended March 26, 2021. 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 |
GUARANTEES
GUARANTEES | 6 Months Ended |
Mar. 26, 2021 | |
Guarantees [Abstract] | |
GUARANTEES | 15. GUARANTEES The Company had outstanding letters of credit totaling $9,501 supporting workers' compensation and general liability insurance policies as of March 26, 2021. The Company also had surety bonds primarily related to performance guarantees on supply agreements and construction contracts, and payment of duties and taxes totaling $15,675 as of March 26, 2021. 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. 26, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 16. SEGMENT INFORMATION Effective in the first quarter of fiscal 2021, the Company renamed and redefined its reportable segments. The Electrical Raceway segment was renamed as the Electrical segment. The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable, and installation accessories. This segment serves contractors in partnership with the electrical wholesale channel . The Mechanical Products & Solutions segment was renamed as the Safety & Infrastructure segment. This segment designs and manufactures solutions including metal framing, mechanical pipe, perimeter security, and cable management for the protection and reliability of critical infrastructure. These solutions are marketed to contractors, original equipment manufacturers and end users. Effective in the first quarter of fiscal 2021, the Company also implemented the Realignment of its segment financial reporting structure such that its domestic cable management and prefabrication modular businesses are now reflected in its Safety & Infrastructure segment. These businesses were previously reflected within the Electrical segment. See Note 1, ''Basis of Presentation and Summary of Significant Accounting Policies'' for additional information. Prior year results have been revised for the impact of the Realignment for comparability . Both segments use Adjusted EBITDA as the primary measure of profit and loss. Segment Adjusted EBITDA is income (loss) before income taxes, adjusted to exclude unallocated expenses, depreciation and amortization, interest expense, net, restructuring charges, stock-based compensation, certain legal matters, transaction costs and other items, such as inventory reserves and adjustments, loss on disposal of property, plant and equipment, insurance recovery related to damages of property, plant and equipment, release of indemnified uncertain tax positions, and realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives. 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 Safety & Infrastructure segment. The Company allocates 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 26, 2021 March 27, 2020 (in thousands) External Net Sales Intersegment Sales Adjusted EBITDA External Net Sales Intersegment Sales Adjusted EBITDA Electrical $ 486,924 $ 576 $ 188,826 $ 322,524 $ 694 $ 77,233 Safety & Infrastructure 152,619 81 16,193 133,130 — 17,888 Eliminations — (657) — (694) Consolidated operations $ 639,543 $ — $ 455,654 $ — Six months ended March 26, 2021 March 27, 2020 (in thousands) External Net Sales Intersegment Sales Adjusted EBITDA External Net Sales Intersegment Sales Adjusted EBITDA Electrical $ 873,244 $ 1,401 $ 322,099 $ 646,464 $ 1,301 $ 145,352 Safety & Infrastructure 277,381 84 30,445 256,638 — 36,615 Eliminations — (1,485) — (1,301) Consolidated operations $ 1,150,625 $ — $ 903,102 $ — Presented below is a reconciliation of operating segment Adjusted EBITDA to Income before income taxes: Three months ended Six months ended (in thousands) March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Operating segment Adjusted EBITDA Electrical $ 188,826 $ 77,233 $ 322,099 $ 145,352 Safety & Infrastructure 16,193 17,888 30,445 36,615 Total $ 205,019 $ 95,121 $ 352,544 $ 181,967 Unallocated expenses (a) (11,654) (8,115) (22,189) (17,251) Depreciation and amortization (19,265) (18,478) (38,309) (37,208) Interest expense, net (8,416) (10,564) (16,670) (21,184) Stock-based compensation (4,868) (4,523) (10,390) (7,646) Other (b) 2,421 (1,148) 10,281 (4,255) Income before income taxes $ 163,237 $ 52,293 $ 275,267 $ 94,423 (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, loss on disposal of property, plant and equipment, insurance recovery related to damages of property, plant and equipment, release of indemnified uncertain tax positions, realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, gain on purchase of business, restructuring costs and transaction costs. The Company's net sales by geography were as follows for the six months ended March 26, 2021 and March 27, 2020: Three months ended Six months ended (in thousands) March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 United States $ 572,427 $ 401,055 1,027,191 $ 797,195 Other Americas 12,636 7,655 19,410 14,242 Europe 43,546 37,241 82,899 69,327 Asia-Pacific 10,934 9,703 21,125 22,338 Total $ 639,543 $ 455,654 $ 1,150,625 $ 903,102 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 six months ended March 26, 2021 and March 27, 2020: Three months ended Six months ended (in thousands) March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Metal Electrical Conduit and Fittings $ 148,405 $ 125,610 $ 273,234 $ 249,451 Armored Cable and Fittings 85,440 82,615 158,952 166,438 PVC Electrical Conduit and Fittings 197,139 71,341 337,674 144,229 International Cable Management Products 48,048 39,414 91,261 77,634 Other Electrical products 7,892 3,544 12,123 8,712 Electrical 486,924 322,524 873,244 646,464 Mechanical Pipe 86,480 65,693 151,991 124,025 Other Safety & Infrastructure products 66,139 67,437 125,390 132,613 Safety & Infrastructure 152,619 133,130 277,381 256,638 Net sales $ 639,543 $ 455,654 $ 1,150,625 $ 903,102 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Mar. 26, 2021 | |
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, 2020, filed with the U.S. Securities and Exchange Commission (the "SEC") on November 19, 2020, 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. The Company's fiscal quarters typically end on the last Friday in December, March and June as it follows a 4-5-4 calendar. |
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. |
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 Adoption Date 2016-13 Financial Instruments - Credit Losses (Topic 326) The ASU adds to GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The Company adopted this standard in the first quarter of 2021. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. 2021 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 2019-12, Simplifying the accounting for income taxes (Topic 740) The ASU eliminates certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim period accounting for year to date loss limitations and changes in tax laws and clarifying the accounting for transactions outside of a business combination that result in a step up in the tax basis of goodwill. Under evaluation. Based on procedures performed to date, the Company does not anticipate the adoption of this ASU to be material to the financial statements. 2022 2020-04, Reference rate reform Topic 848: Facilitation of the effects of reference rate reform on financial reporting The ASU addresses constituents’ concerns about certain accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Under evaluation. Based on procedures performed to date, the Company does not anticipate the adoption of this ASU to be material to the financial statements. Option to implement ASU expires in 2022 |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
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 Adoption Date 2016-13 Financial Instruments - Credit Losses (Topic 326) The ASU adds to GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The Company adopted this standard in the first quarter of 2021. The adoption of the standard did not have a material impact on the Company's consolidated financial statements. 2021 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 2019-12, Simplifying the accounting for income taxes (Topic 740) The ASU eliminates certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim period accounting for year to date loss limitations and changes in tax laws and clarifying the accounting for transactions outside of a business combination that result in a step up in the tax basis of goodwill. Under evaluation. Based on procedures performed to date, the Company does not anticipate the adoption of this ASU to be material to the financial statements. 2022 2020-04, Reference rate reform Topic 848: Facilitation of the effects of reference rate reform on financial reporting The ASU addresses constituents’ concerns about certain accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. Under evaluation. Based on procedures performed to date, the Company does not anticipate the adoption of this ASU to be material to the financial statements. Option to implement ASU expires in 2022 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
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) Fair value of consideration transferred: Cash consideration 37,060 Fair value of assets acquired and liabilities assumed: Accounts receivable 2,163 Inventories 4,311 Intangible assets 17,900 Fixed assets 9,968 Accounts payable (1,186) Income taxes (5,054) Other (465) Net assets acquired 27,637 Excess purchase price attributed to goodwill acquired $ 9,423 |
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: FRE Composites Group ($ in thousands) Fair Value Weighted Average Useful Life (Years) Customer relationships $ 14,500 11 Other 3,400 6 Total intangible assets $ 17,900 |
POSTRETIREMENT BENEFITS (Tables
POSTRETIREMENT BENEFITS (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
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 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Interest cost $ 682 $ 935 $ 1,364 $ 1,870 Expected return on plan assets (1,606) (1,583) (3,212) (3,166) Amortization of actuarial loss 333 222 666 444 Net periodic benefit credit 5 $ (591) $ (426) $ (1,182) $ (852) |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Expense, Net | Other income, net consisted of the following: Three months ended Six months ended (in thousands) March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Business interruption insurance recovery $ (6,000) $ — $ (6,000) $ — Undesignated foreign currency derivative instruments 793 (3,666) 3,410 (543) Foreign exchange gain on intercompany loans (711) 2,407 (3,168) (524) Pension-related benefits (591) (426) (1,182) (852) Gain on purchase of business (731) — (731) — Other income, net $ (7,240) $ (1,685) $ (7,671) $ (1,919) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
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 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Numerator: Net income $ 124,933 $ 39,193 $ 209,999 $ 73,983 Less: Undistributed earnings allocated to participating securities 2,435 853 4,091 1,719 Net income available to common shareholders $ 122,498 $ 38,340 $ 205,908 $ 72,264 Denominator: Basic weighted average common shares outstanding 46,803 47,404 46,858 47,268 Effect of dilutive securities: Non-participating employee stock options (1) 744 691 728 961 Diluted weighted average common shares outstanding 47,547 48,095 47,586 48,229 Basic earnings per share $ 2.62 $ 0.81 $ 4.39 $ 1.53 Diluted earnings per share $ 2.58 $ 0.80 $ 4.33 $ 1.50 (1) Stock options to purchase approximately 0.0 million and 0.3 million shares of common stock were outstanding during the three months ended March 26, 2021 and March 27, 2020, 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 0.0 million and 0.1 million shares of common stock were outstanding during the six months ended March 26, 2021 and March 27, 2020, 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. 26, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss by component for the three months ended March 26, 2021 and March 27, 2020. (in thousands) Defined benefit Currency Total Balance as of December 25, 2020 $ (30,499) $ (4,742) $ (35,241) Other comprehensive loss before reclassifications — (818) (818) Amounts reclassified from accumulated other 262 — 262 Net current period other comprehensive income (loss) 262 (818) (556) Balance as of March 26, 2021 $ (30,237) $ (5,560) $ (35,797) (in thousands) Defined benefit Currency Total Balance as of December 27, 2019 $ (23,611) $ (12,771) $ (36,382) Other comprehensive loss before reclassifications — (6,229) (6,229) Amounts reclassified from accumulated other 226 — 226 Net current period other comprehensive income (loss) 226 (6,229) (6,003) Balance as of March 27, 2020 $ (23,385) $ (19,000) $ (42,385) The following table presents the changes in accumulated other comprehensive loss by component for the six months ended March 26, 2021 and March 27, 2020. (in thousands) Defined benefit Currency Total Balance as of September 30, 2020 $ (30,761) $ (11,793) $ (42,554) Other comprehensive income before reclassifications — 6,233 6,233 Amounts reclassified from accumulated other 524 — 524 Net current period other comprehensive income 524 6,233 6,757 Balance as of March 26, 2021 $ (30,237) $ (5,560) $ (35,797) (in thousands) Defined benefit Currency Total Balance as of September 30, 2019 $ (23,818) $ (17,880) $ (41,698) Other comprehensive loss before reclassifications — (1,120) (1,120) Amounts reclassified from accumulated other 433 — 433 Net current period other comprehensive income (loss) 433 (1,120) (687) Balance as of March 27, 2020 $ (23,385) $ (19,000) $ (42,385) |
INVENTORIES, NET (Tables)
INVENTORIES, NET (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Interim LIFO determinations, including those at March 26, 2021, are based on management's estimates of future inventory levels and costs for the remainder of the current fiscal year. (in thousands) March 26, 2021 September 30, 2020 Purchased materials and manufactured parts, net $ 58,536 $ 49,192 Work in process, net 27,713 24,113 Finished goods, net 151,643 125,790 Inventories, net $ 237,892 $ 199,095 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | As of March 26, 2021, and September 30, 2020, property, plant and equipment and accumulated depreciation were as follows: (in thousands) March 26, 2021 September 30, 2020 Land $ 23,170 $ 20,460 Buildings and related improvements 131,188 129,538 Machinery and equipment 363,108 332,260 Leasehold improvements 10,465 9,862 Software 27,844 27,028 Construction in progress 18,846 22,736 Property, plant and equipment, at cost 574,621 541,884 Accumulated depreciation (318,405) (297,993) Property, plant and equipment, net $ 256,216 $ 243,891 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill are as follows: (in thousands) Electrical Safety & Infrastructure Total Balance as of October 1, 2020 $ 144,662 $ 43,577 $ 188,239 Goodwill acquired during year 9,423 — 9,423 Exchange rate effects 1,851 — 1,851 Balance as of March 26, 2021 $ 155,936 $ 43,577 $ 199,513 |
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 26, 2021 September 30, 2020 ($ 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 11 $ 370,848 $ (219,196) $ 151,652 $ 355,735 $ (202,677) $ 153,058 Other 8 24,893 (10,435) 14,458 19,086 (9,675) 9,411 Total 395,741 (229,631) 166,110 374,821 (212,352) 162,469 Indefinite-lived intangible assets: Trade names 92,880 — 92,880 92,880 — 92,880 Total $ 488,621 $ (229,631) $ 258,990 $ 467,701 $ (212,352) $ 255,349 |
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 26, 2021 September 30, 2020 ($ 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 11 $ 370,848 $ (219,196) $ 151,652 $ 355,735 $ (202,677) $ 153,058 Other 8 24,893 (10,435) 14,458 19,086 (9,675) 9,411 Total 395,741 (229,631) 166,110 374,821 (212,352) 162,469 Indefinite-lived intangible assets: Trade names 92,880 — 92,880 92,880 — 92,880 Total $ 488,621 $ (229,631) $ 258,990 $ 467,701 $ (212,352) $ 255,349 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Expected amortization expense for intangible assets for the remainder of fiscal 2021 and over the next five years and thereafter is as follows: (in thousands) Remaining 2021 $ 22,744 2022 34,950 2023 34,842 2024 28,974 2025 15,450 2026 14,104 Thereafter 15,046 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt as of March 26, 2021 and September 30, 2020 was as follows: (in thousands) March 26, 2021 September 30, 2020 First Lien Term Loan Facility due December 22, 2023 $ 771,629 $ 811,540 Deferred financing costs (6,580) (7,804) Total debt $ 765,049 $ 803,736 Less: Current portion — — Long-term debt $ 765,049 $ 803,736 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities | The following table presents the Company's assets and liabilities measured at fair value: March 26, 2021 September 30, 2020 (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents $ 218,684 $ — $ — $ 209,421 $ — $ — Forward currency contracts — — — — 2,209 — Liabilities Forward currency contracts — $ 1,174 — — 102 — |
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 26, 2021 September 30, 2020 (in thousands) Carrying Value Fair Value Carrying Value Fair Value First Lien Term Loan Facility due December 22, 2023 $ 772,120 $ 772,808 $ 812,120 $ 808,060 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Mar. 26, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Three months ended March 26, 2021 March 27, 2020 (in thousands) External Net Sales Intersegment Sales Adjusted EBITDA External Net Sales Intersegment Sales Adjusted EBITDA Electrical $ 486,924 $ 576 $ 188,826 $ 322,524 $ 694 $ 77,233 Safety & Infrastructure 152,619 81 16,193 133,130 — 17,888 Eliminations — (657) — (694) Consolidated operations $ 639,543 $ — $ 455,654 $ — Six months ended March 26, 2021 March 27, 2020 (in thousands) External Net Sales Intersegment Sales Adjusted EBITDA External Net Sales Intersegment Sales Adjusted EBITDA Electrical $ 873,244 $ 1,401 $ 322,099 $ 646,464 $ 1,301 $ 145,352 Safety & Infrastructure 277,381 84 30,445 256,638 — 36,615 Eliminations — (1,485) — (1,301) Consolidated operations $ 1,150,625 $ — $ 903,102 $ — Presented below is a reconciliation of operating segment Adjusted EBITDA to Income before income taxes: Three months ended Six months ended (in thousands) March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Operating segment Adjusted EBITDA Electrical $ 188,826 $ 77,233 $ 322,099 $ 145,352 Safety & Infrastructure 16,193 17,888 30,445 36,615 Total $ 205,019 $ 95,121 $ 352,544 $ 181,967 Unallocated expenses (a) (11,654) (8,115) (22,189) (17,251) Depreciation and amortization (19,265) (18,478) (38,309) (37,208) Interest expense, net (8,416) (10,564) (16,670) (21,184) Stock-based compensation (4,868) (4,523) (10,390) (7,646) Other (b) 2,421 (1,148) 10,281 (4,255) Income before income taxes $ 163,237 $ 52,293 $ 275,267 $ 94,423 (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, loss on disposal of property, plant and equipment, insurance recovery related to damages of property, plant and equipment, release of indemnified uncertain tax positions, realized or unrealized gain (loss) on foreign currency impacts of intercompany loans and related forward currency derivatives, gain on purchase of business, restructuring costs and transaction costs. The Company's net sales by geography were as follows for the six months ended March 26, 2021 and March 27, 2020: Three months ended Six months ended (in thousands) March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 United States $ 572,427 $ 401,055 1,027,191 $ 797,195 Other Americas 12,636 7,655 19,410 14,242 Europe 43,546 37,241 82,899 69,327 Asia-Pacific 10,934 9,703 21,125 22,338 Total $ 639,543 $ 455,654 $ 1,150,625 $ 903,102 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 six months ended March 26, 2021 and March 27, 2020: Three months ended Six months ended (in thousands) March 26, 2021 March 27, 2020 March 26, 2021 March 27, 2020 Metal Electrical Conduit and Fittings $ 148,405 $ 125,610 $ 273,234 $ 249,451 Armored Cable and Fittings 85,440 82,615 158,952 166,438 PVC Electrical Conduit and Fittings 197,139 71,341 337,674 144,229 International Cable Management Products 48,048 39,414 91,261 77,634 Other Electrical products 7,892 3,544 12,123 8,712 Electrical 486,924 322,524 873,244 646,464 Mechanical Pipe 86,480 65,693 151,991 124,025 Other Safety & Infrastructure products 66,139 67,437 125,390 132,613 Safety & Infrastructure 152,619 133,130 277,381 256,638 Net sales $ 639,543 $ 455,654 $ 1,150,625 $ 903,102 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) | 6 Months Ended |
Mar. 26, 2021 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-27 | |
Disaggregation of Revenue [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Period of payment received from related performance obligation satisfied | 30 days |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Period of payment received from related performance obligation satisfied | 60 days |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions | Feb. 24, 2021 | Oct. 22, 2020 |
Queen City Plastics, Inc. | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 6.2 | |
FRE Composite | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 37.1 | |
Goodwill deductible for tax purposes | $ 1.7 |
ACQUISITIONS - Summary of Level
ACQUISITIONS - Summary of Level 3 Fair Values Assigned to Net Assets Acquired and Liabilities Assumed As of Acquisition Date (Details) - USD ($) $ in Thousands | Feb. 24, 2021 | Mar. 26, 2021 | Sep. 30, 2020 |
Fair value of assets acquired and liabilities assumed: | |||
Excess purchase price attributed to goodwill acquired | $ 199,513 | $ 188,239 | |
FRE Composite | |||
Fair value of consideration transferred: | |||
Cash consideration | $ 37,060 | ||
Fair value of assets acquired and liabilities assumed: | |||
Accounts receivable | 2,163 | ||
Inventories | 4,311 | ||
Intangible assets | 17,900 | ||
Fixed assets | 9,968 | ||
Accounts payable | (1,186) | ||
Income taxes | (5,054) | ||
Other | (465) | ||
Net assets acquired | 27,637 | ||
Excess purchase price attributed to goodwill acquired | $ 9,423 |
ACQUISITIONS - Summary of Fair
ACQUISITIONS - Summary of Fair Value as of Acquisition Date (Details) - FRE Composite $ in Thousands | Feb. 24, 2021USD ($) |
Business Acquisition [Line Items] | |
Intangible assets | $ 17,900 |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible assets | $ 14,500 |
Weighted Average Useful Life (Years) | 11 years |
Other | |
Business Acquisition [Line Items] | |
Intangible assets | $ 3,400 |
Weighted Average Useful Life (Years) | 6 years |
POSTRETIREMENT BENEFITS - Net P
POSTRETIREMENT BENEFITS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of actuarial loss | $ 333 | $ 222 | $ 666 | $ 444 |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 682 | 935 | 1,364 | 1,870 |
Expected return on plan assets | (1,606) | (1,583) | (3,212) | (3,166) |
Net periodic benefit credit | $ (591) | $ (426) | $ (1,182) | $ (852) |
OTHER INCOME, NET (Details)
OTHER INCOME, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Other Income and Expenses [Abstract] | ||||
Business interruption insurance recovery | $ (6,000) | $ 0 | $ (6,000) | $ 0 |
Undesignated foreign currency derivative instruments | 793 | (3,666) | 3,410 | (543) |
Foreign exchange gain on intercompany loans | (711) | 2,407 | (3,168) | (524) |
Pension-related benefits | (591) | (426) | (1,182) | (852) |
Gain on purchase of business | (731) | 0 | (731) | 0 |
Other income, net | $ (7,240) | $ (1,685) | $ (7,671) | $ (1,919) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 23.50% | 25.10% | 23.70% | 21.60% |
Income tax expense | $ 38,304 | $ 13,100 | $ 65,268 | $ 20,440 |
EARNINGS PER SHARE - Computatio
EARNINGS PER SHARE - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 26, 2021 | Dec. 25, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Mar. 26, 2021 | Mar. 27, 2020 | |
Numerator: | ||||||
Net income | $ 124,933 | $ 85,066 | $ 39,193 | $ 34,790 | $ 209,999 | $ 73,983 |
Less: Undistributed earnings allocated to participating securities | 2,435 | 853 | 4,091 | 1,719 | ||
Net income available to common shareholders | $ 122,498 | $ 38,340 | $ 205,908 | $ 72,264 | ||
Denominator: | ||||||
Basic weighted average common shares outstanding (in shares) | 46,803 | 47,404 | 46,858 | 47,268 | ||
Effect of dilutive securities: Non-participating employee stock options (in shares) | 744 | 691 | 728 | 961 | ||
Diluted weighted average common shares outstanding (in shares) | 47,547 | 48,095 | 47,586 | 48,229 | ||
Basic earnings per share (in dollars per share) | $ 2.62 | $ 0.81 | $ 4.39 | $ 1.53 | ||
Diluted earnings per share (in dollars per share) | $ 2.58 | $ 0.80 | $ 4.33 | $ 1.50 |
EARNINGS PER SHARE - Antidiluti
EARNINGS PER SHARE - Antidilutive Securities (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
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 | 0.3 | 0 | 0.1 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 26, 2021 | Dec. 25, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Mar. 26, 2021 | Mar. 27, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | $ 437,347 | $ 378,410 | $ 272,131 | $ 232,936 | $ 378,410 | $ 232,936 |
Other comprehensive income before reclassifications | (818) | (6,229) | 6,233 | (1,120) | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 262 | 226 | 524 | 433 | ||
Total other comprehensive income (loss) | (556) | 7,313 | (6,003) | 5,316 | 6,757 | (687) |
Balance at end of period | 570,162 | 437,347 | 295,434 | 272,131 | 570,162 | 295,434 |
Defined benefit pension items | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | (30,499) | (30,761) | (23,611) | (23,818) | (30,761) | (23,818) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 262 | 226 | 524 | 433 | ||
Total other comprehensive income (loss) | 262 | 226 | 524 | 433 | ||
Balance at end of period | (30,237) | (30,499) | (23,385) | (23,611) | (30,237) | (23,385) |
Currency translation adjustments | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | (4,742) | (11,793) | (12,771) | (17,880) | (11,793) | (17,880) |
Other comprehensive income before reclassifications | (818) | (6,229) | 6,233 | (1,120) | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | ||
Total other comprehensive income (loss) | (818) | (6,229) | 6,233 | (1,120) | ||
Balance at end of period | (5,560) | (4,742) | (19,000) | (12,771) | (5,560) | (19,000) |
Accumulated Other Comprehensive Loss | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | (35,241) | (42,554) | (36,382) | (41,698) | (42,554) | (41,698) |
Total other comprehensive income (loss) | (556) | 7,313 | (6,003) | 5,316 | ||
Balance at end of period | $ (35,797) | $ (35,241) | $ (42,385) | $ (36,382) | $ (35,797) | $ (42,385) |
INVENTORIES, NET - Narrative (D
INVENTORIES, NET - Narrative (Details) - USD ($) $ in Thousands | Mar. 26, 2021 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Inventories at lower of LIFO cost or market | 77.00% | 73.00% |
FIFO inventory, higher (lower) than reported | $ (32,550) | $ 4,418 |
Excess and obsolete inventory reserve | $ (13,762) | $ (14,533) |
INVENTORIES, NET - Schedule of
INVENTORIES, NET - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 26, 2021 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Purchased materials and manufactured parts, net | $ 58,536 | $ 49,192 |
Work in process, net | 27,713 | 24,113 |
Finished goods, net | 151,643 | 125,790 |
Inventories, net | $ 237,892 | $ 199,095 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Mar. 26, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 574,621 | $ 541,884 |
Accumulated depreciation | (318,405) | (297,993) |
Property, plant and equipment, net | 256,216 | 243,891 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 23,170 | 20,460 |
Buildings and related improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 131,188 | 129,538 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 363,108 | 332,260 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 10,465 | 9,862 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 27,844 | 27,028 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 18,846 | $ 22,736 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 11,170 | $ 10,407 | $ 21,953 | $ 21,024 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Change in Carrying Amount (Details) $ in Thousands | 6 Months Ended |
Mar. 26, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 188,239 |
Goodwill acquired during year | 9,423 |
Exchange rate effects | 1,851 |
Balance at end of period | 199,513 |
Electrical | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 144,662 |
Goodwill acquired during year | 9,423 |
Exchange rate effects | 1,851 |
Balance at end of period | 155,936 |
Safety & Infrastructure | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 43,577 |
Goodwill acquired during year | 0 |
Exchange rate effects | 0 |
Balance at end of period | $ 43,577 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | Oct. 01, 2020 | |
Goodwill [Line Items] | |||||
Intangible asset amortization | $ 8,096 | $ 8,071 | $ 16,356 | $ 16,184 | |
Electrical | |||||
Goodwill [Line Items] | |||||
Accumulated impairment loss | $ 3,924 | ||||
Safety & Infrastructure | |||||
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. 26, 2021 | Sep. 30, 2020 | |
Amortizable intangible assets: | ||
Gross Carrying Value | $ 395,741 | $ 374,821 |
Accumulated Amortization | (229,631) | (212,352) |
Net Carrying Value | 166,110 | 162,469 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Value | 488,621 | 467,701 |
Net Carrying Value | 258,990 | 255,349 |
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 | 370,848 | 355,735 |
Accumulated Amortization | (219,196) | (202,677) |
Net Carrying Value | $ 151,652 | 153,058 |
Customer relationships | Weighted Average Useful Life (Years) | ||
Amortizable intangible assets: | ||
Weighted Average Useful Life (Years) | 11 years | |
Other | ||
Amortizable intangible assets: | ||
Gross Carrying Value | $ 24,893 | 19,086 |
Accumulated Amortization | (10,435) | (9,675) |
Net Carrying Value | $ 14,458 | $ 9,411 |
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. 26, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remaining 2021 | $ 22,744 |
2022 | 34,950 |
2023 | 34,842 |
2024 | 28,974 |
2025 | 15,450 |
2026 | 14,104 |
Thereafter | $ 15,046 |
DEBT - Schedule of Debt (Detail
DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 26, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (6,580) | $ (7,804) |
Total debt | 765,049 | 803,736 |
Less: Current portion | 0 | 0 |
Long-term debt | 765,049 | 803,736 |
Secured Debt | First Lien Term Loan Facility due December 22, 2023 | ||
Debt Instrument [Line Items] | ||
First Lien Term Loan Facility due December 22, 2023 | $ 771,629 | $ 811,540 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) | 3 Months Ended | ||
Dec. 25, 2020 | Mar. 26, 2021 | Sep. 30, 2020 | |
First Lien Term Loan Facility due December 22, 2023 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 40,000 | ||
Atkore International | Line of credit | ABL Credit Facility | |||
Debt Instrument [Line Items] | |||
Aggregate commitments | $ 325,000,000 | ||
Credit availability | $ 315,499,000 | $ 265,899,000 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - GBP (£) £ in Millions | 6 Months Ended | |
Mar. 26, 2021 | Sep. 30, 2020 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Forward currency contracts | £ 36.1 | £ 43.3 |
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 | 2 years |
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. 26, 2021GBP (£) | Mar. 26, 2021USD ($) | Sep. 30, 2020GBP (£) | Sep. 30, 2020USD ($) |
Assets | ||||
Forward currency contracts | £ | £ 36.1 | £ 43.3 | ||
Level 1 | ||||
Assets | ||||
Cash equivalents | $ 218,684 | $ 209,421 | ||
Forward currency contracts | 0 | 0 | ||
Liabilities | ||||
Forward currency contracts | 0 | 0 | ||
Level 2 | ||||
Assets | ||||
Cash equivalents | 0 | 0 | ||
Forward currency contracts | 0 | 2,209 | ||
Liabilities | ||||
Forward currency contracts | 1,174 | 102 | ||
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. 26, 2021 | Sep. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 772,120 | $ 812,120 |
Fair Value | $ 772,808 | $ 808,060 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | Sep. 30, 2020 | |
Loss Contingencies [Line Items] | |||||
Purchase obligations for the rest of fiscal year | $ 293,136,000 | $ 293,136,000 | |||
Purchase obligation for fiscal year 2022 and beyond | 10,905,000 | 10,905,000 | |||
Total settlement for prior cap agreement deductible | 13,000,000 | 13,000,000 | |||
Business interruption insurance recovery | 6,000,000 | $ 0 | 6,000,000 | $ 0 | |
Flood | |||||
Loss Contingencies [Line Items] | |||||
Estimated loss from unusual or infrequent item | $ 6,046,000 | ||||
Insurance recovery amount | 5,046,000 | ||||
Insurance deductible expense | 1,000,000 | ||||
Special Products Claims and Other Product Liabilities | |||||
Loss Contingencies [Line Items] | |||||
Product liability | 682,000 | 682,000 | $ 597,000 | ||
Special Products Claims and Other Product Liabilities | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Probable losses | 1,000,000 | 1,000,000 | |||
Special Products Claims and Other Product Liabilities | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Probable losses | 8,000,000 | 8,000,000 | |||
Special Products Claims | |||||
Loss Contingencies [Line Items] | |||||
Total settlement for cap agreement deductible | $ 12,000,000 | $ 12,000,000 |
GUARANTEES (Details)
GUARANTEES (Details) $ in Thousands | Mar. 26, 2021USD ($) |
Supporting workers compensation | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 9,501 |
Surety bond | |
Guarantor Obligations [Line Items] | |
Guarantees | $ 15,675 |
SEGMENT INFORMATION - Shared As
SEGMENT INFORMATION - Shared Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 639,543 | $ 455,654 | $ 1,150,625 | $ 903,102 |
Electrical | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 486,924 | 322,524 | 873,244 | 646,464 |
Safety & Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 152,619 | 133,130 | 277,381 | 256,638 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 639,543 | 455,654 | 1,150,625 | 903,102 |
Adjusted EBITDA | 205,019 | 95,121 | 352,544 | 181,967 |
Operating Segments | Electrical | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 486,924 | 322,524 | 873,244 | 646,464 |
Adjusted EBITDA | 188,826 | 77,233 | 322,099 | 145,352 |
Operating Segments | Safety & Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 152,619 | 133,130 | 277,381 | 256,638 |
Adjusted EBITDA | 16,193 | 17,888 | 30,445 | 36,615 |
Intersegment Sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (657) | (694) | 1,485 | 1,301 |
Intersegment Sales | Electrical | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 576 | 694 | 1,401 | 1,301 |
Intersegment Sales | Safety & Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 81 | $ 0 | $ 84 | $ 0 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Operating Segment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ (639,543) | $ (455,654) | $ (1,150,625) | $ (903,102) |
Unallocated expenses | (11,654) | (8,115) | (22,189) | (17,251) |
Depreciation and amortization | (19,265) | (18,478) | (38,309) | (37,208) |
Interest expense, net | (8,416) | (10,564) | (16,670) | (21,184) |
Stock-based compensation | (4,868) | (4,523) | (10,390) | (7,646) |
Other | 2,421 | (1,148) | 10,281 | (4,255) |
Income before income taxes | 163,237 | 52,293 | 275,267 | 94,423 |
Electrical | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (486,924) | (322,524) | (873,244) | (646,464) |
Safety & Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (152,619) | (133,130) | (277,381) | (256,638) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 205,019 | 95,121 | 352,544 | 181,967 |
Net sales | (639,543) | (455,654) | (1,150,625) | (903,102) |
Operating Segments | Electrical | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 188,826 | 77,233 | 322,099 | 145,352 |
Net sales | (486,924) | (322,524) | (873,244) | (646,464) |
Operating Segments | Safety & Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | 16,193 | 17,888 | 30,445 | 36,615 |
Net sales | (152,619) | (133,130) | (277,381) | (256,638) |
Intersegment Sales | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 657 | 694 | (1,485) | (1,301) |
Intersegment Sales | Electrical | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (576) | (694) | (1,401) | (1,301) |
Intersegment Sales | Safety & Infrastructure | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ (81) | $ 0 | $ (84) | $ 0 |
SEGMENT INFORMATION - Net Sales
SEGMENT INFORMATION - Net Sales by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 639,543 | $ 455,654 | $ 1,150,625 | $ 903,102 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 572,427 | 401,055 | 1,027,191 | 797,195 |
Other Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 12,636 | 7,655 | 19,410 | 14,242 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 43,546 | 37,241 | 82,899 | 69,327 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 10,934 | $ 9,703 | $ 21,125 | $ 22,338 |
SEGMENT INFORMATION - Net Sal_2
SEGMENT INFORMATION - Net Sales by Product Categories (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2021 | Mar. 27, 2020 | Mar. 26, 2021 | Mar. 27, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 639,543 | $ 455,654 | $ 1,150,625 | $ 903,102 |
Electrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 486,924 | 322,524 | 873,244 | 646,464 |
Safety & Infrastructure | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 152,619 | 133,130 | 277,381 | 256,638 |
Metal Electrical Conduit and Fittings | Electrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 148,405 | 125,610 | 273,234 | 249,451 |
Armored Cable and Fittings | Electrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 85,440 | 82,615 | 158,952 | 166,438 |
PVC Electrical Conduit and Fittings | Electrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 197,139 | 71,341 | 337,674 | 144,229 |
International Cable Management Products | Electrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 48,048 | 39,414 | 91,261 | 77,634 |
Other Electrical products | Electrical | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 7,892 | 3,544 | 12,123 | 8,712 |
Mechanical Pipe | Safety & Infrastructure | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 86,480 | 65,693 | 151,991 | 124,025 |
Other Safety & Infrastructure products | Safety & Infrastructure | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 66,139 | $ 67,437 | $ 125,390 | $ 132,613 |
Uncategorized Items - atkr-2021
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201602Member |