Document and Entity Information
Document and Entity Information | 9 Months Ended |
Jun. 30, 2019shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | SIFCO INDUSTRIES INC |
Entity Central Index Key | 0000090168 |
Current Fiscal Year End Date | --09-30 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 5,733,318 |
Emerging Growth Company | false |
Entity Small Business | true |
Entity Shell Company | false |
Entity Current Reporting Status | Yes |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 24,873 | $ 28,681 | $ 81,331 | $ 80,726 |
Cost of goods sold | 23,486 | 25,402 | 75,119 | 72,889 |
Gross profit | 1,387 | 3,279 | 6,212 | 7,837 |
Selling, general and administrative expenses | 3,481 | 3,864 | 11,375 | 11,796 |
Goodwill impairment | 8,294 | 0 | 8,294 | 0 |
Amortization of intangible assets | 411 | 427 | 1,239 | 1,286 |
Loss (gain) on disposal or impairment of operating assets | 0 | 357 | (282) | (1,071) |
Gain on insurance proceeds received | (3,304) | 0 | (4,468) | 0 |
Operating loss | (7,495) | (1,369) | (9,946) | (4,174) |
Interest income | (1) | 0 | (3) | (29) |
Interest expense | 230 | 417 | 838 | 1,304 |
Foreign currency exchange gain, net | (3) | (32) | (4) | (112) |
Other income, net | (15) | (4) | (50) | (400) |
Loss before income tax benefit | (7,706) | (1,750) | (10,727) | (4,937) |
Income tax benefit | (336) | (218) | (816) | (456) |
Net loss | $ (7,370) | $ (1,532) | $ (9,911) | $ (4,481) |
Net loss per share | ||||
Basic (in dollars per share) | $ (1.32) | $ (0.28) | $ (1.78) | $ (0.81) |
Diluted (in dollars per share) | $ (1.32) | $ (0.28) | $ (1.78) | $ (0.81) |
Weighted-average number of common shares (basic) (in shares) | 5,571 | 5,535 | 5,556 | 5,524 |
Weighted-average number of common shares (diluted) (in shares) | 5,571 | 5,535 | 5,556 | 5,524 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (7,370) | $ (1,532) | $ (9,911) | $ (4,481) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 146 | (1,048) | (441) | (217) |
Retirement plan liability adjustment | 108 | 161 | 322 | 483 |
Interest rate swap agreement adjustment | 0 | 0 | 0 | 19 |
Comprehensive loss | $ (7,116) | $ (2,419) | $ (10,030) | $ (4,196) |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 701 | $ 1,252 |
Receivables, net of allowance for doubtful accounts of $510 and $520, respectively | 20,257 | 28,001 |
Contract asset | 8,910 | 0 |
Inventories, net | 11,944 | 18,269 |
Refundable income taxes | 659 | 126 |
Prepaid expenses and other current assets | 1,527 | 1,900 |
Assets held for sale | 0 | 35 |
Total current assets | 43,998 | 49,583 |
Property, plant and equipment, net | 37,590 | 35,390 |
Intangible assets, net | 3,791 | 5,076 |
Goodwill | 3,493 | 12,020 |
Other assets | 167 | 168 |
Total assets | 89,039 | 102,237 |
Current liabilities: | ||
Current maturities of long-term debt | 5,684 | 5,944 |
Revolver | 12,689 | 21,253 |
Accounts payable | 16,715 | 15,513 |
Accrued liabilities | 6,337 | 5,107 |
Total current liabilities | 41,425 | 47,817 |
Long-term debt, net of current maturities | 2,366 | 2,332 |
Deferred income taxes | 2,112 | 2,413 |
Pension liability | 5,010 | 5,339 |
Other long-term liabilities | 64 | 147 |
Shareholders’ equity: | ||
Serial preferred shares, no par value, authorized 1,000 shares | 0 | 0 |
Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares 5,773 at June 30, 2019 and 5,690 at September 30, 2018 | 5,773 | 5,690 |
Additional paid-in capital | 10,294 | 10,031 |
Retained earnings | 30,743 | 37,097 |
Accumulated other comprehensive loss | (8,748) | (8,629) |
Total shareholders’ equity | 38,062 | 44,189 |
Total liabilities and shareholders’ equity | $ 89,039 | $ 102,237 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 510 | $ 520 |
Serial preferred shares, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common shares, shares issued (in shares) | 5,773,000 | 5,690,000 |
Common shares, shares outstanding (in shares) | 5,773,000 | 5,690,000 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (9,911) | $ (4,481) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 5,735 | 6,479 |
Amortization and write-off of debt issuance cost | 72 | 174 |
Gain on disposal of operating assets or impairment of operating assets | (282) | (1,071) |
Gain on insurance proceeds received | (4,468) | 0 |
Goodwill impairment | 8,294 | 0 |
LIFO expense | 98 | 299 |
Share transactions under company stock plan | 367 | 428 |
Other long-term liabilities | (80) | (212) |
Deferred income taxes | (251) | (1,005) |
Changes in operating assets and liabilities: | ||
Receivables | 7,602 | 768 |
Contract assets | 1,230 | 0 |
Inventories | (411) | (991) |
Refundable taxes | (533) | 194 |
Prepaid expenses and other current assets | 400 | (377) |
Other assets | 1 | 107 |
Accounts payable | 235 | 1,289 |
Other accrued liabilities | 1,295 | (565) |
Accrued income and other taxes | (21) | (379) |
Net cash provided by operating activities | 9,372 | 657 |
Cash flows from investing activities: | ||
Insurance proceeds received | 5,574 | 0 |
Proceeds from disposal of operating assets | 317 | 3,023 |
Capital expenditures | (7,036) | (1,776) |
Net cash (used in) provided by investing activities | (1,145) | 1,247 |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 2,748 | 1,218 |
Payments on long-term debt | (1,127) | (2,586) |
Proceeds from revolving credit agreement | 50,818 | 55,907 |
Repayments of revolving credit agreement | (59,383) | (54,971) |
Payment of debt issue costs | (132) | (100) |
Short-term debt borrowings | 3,447 | 4,744 |
Short-term debt repayments | (5,093) | (5,819) |
Share retirement | (62) | 0 |
Net cash used for financing activities | (8,784) | (1,607) |
Increase (Decrease) in cash and cash equivalents | (557) | 297 |
Cash and cash equivalents at the beginning of the period | 1,252 | 1,399 |
Effect of exchange rate changes on cash and cash equivalents | 6 | (21) |
Cash and cash equivalents at the end of the period | 701 | 1,675 |
Supplemental disclosure of cash flow information of operations: | ||
Cash paid for interest | (781) | (1,091) |
Cash paid for income taxes, net | $ (103) | $ (645) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Retained Earnings | Total accumulated other comprehensive loss |
Beginning balance (in shares) at Sep. 30, 2017 | 5,596 | ||||
Beginning balance at Sep. 30, 2017 | $ 50,132 | $ 5,596 | $ 9,519 | $ 44,267 | $ (9,250) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Comprehensive loss | (4,196) | (4,481) | 285 | ||
Performance and restricted share expense | 435 | 435 | |||
Share transactions under equity based plans (in shares) | 95 | ||||
Share transactions under equity based plans | (9) | $ 95 | (104) | ||
Ending balance (in shares) at Jun. 30, 2018 | 5,691 | ||||
Ending balance at Jun. 30, 2018 | 46,362 | $ 5,691 | 9,850 | 39,786 | (8,965) |
Beginning balance (in shares) at Mar. 31, 2018 | 5,691 | ||||
Beginning balance at Mar. 31, 2018 | 48,595 | $ 5,691 | 9,664 | 41,318 | (8,078) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Comprehensive loss | (2,419) | (1,532) | (887) | ||
Performance and restricted share expense | 186 | 186 | |||
Ending balance (in shares) at Jun. 30, 2018 | 5,691 | ||||
Ending balance at Jun. 30, 2018 | 46,362 | $ 5,691 | 9,850 | 39,786 | (8,965) |
Beginning balance (in shares) at Sep. 30, 2018 | 5,690 | ||||
Beginning balance at Sep. 30, 2018 | 44,189 | $ 5,690 | 10,031 | 37,097 | (8,629) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Comprehensive loss | (10,030) | (9,911) | (119) | ||
Share retirement (in shares) | (21) | ||||
Share retirement | (62) | $ (21) | (41) | ||
Performance and restricted share expense | 367 | 367 | |||
Share transactions under equity based plans (in shares) | 104 | ||||
Share transactions under equity based plans | 0 | $ 104 | (104) | ||
Ending balance (in shares) at Jun. 30, 2019 | 5,773 | ||||
Ending balance at Jun. 30, 2019 | 38,062 | $ 5,773 | 10,294 | 30,743 | (8,748) |
Beginning balance (in shares) at Mar. 31, 2019 | 5,773 | ||||
Beginning balance at Mar. 31, 2019 | 45,237 | $ 5,773 | 10,353 | 38,113 | (9,002) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Comprehensive loss | (7,116) | (7,370) | 254 | ||
Performance and restricted share expense | (59) | (59) | |||
Ending balance (in shares) at Jun. 30, 2019 | 5,773 | ||||
Ending balance at Jun. 30, 2019 | $ 38,062 | $ 5,773 | $ 10,294 | $ 30,743 | $ (8,748) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Principles of Consolidation The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The U.S. dollar is the functional currency for all of the Company’s U.S. operations and its Irish subsidiaries. For these operations, all gains and losses from completed currency transactions are included in income currently. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange for the period. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2018 Annual Report on Form 10-K. The year-end consolidated balance sheet data was derived from the audited financial statements and disclosures required by accounting principles generally accepted in the United States ("U.S."). The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year. B. Accounting Policies A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company's fiscal 2018 Annual Report on Form 10-K. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)" and in March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of the Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost," which were adopted by the Company on October 1, 2018. Significant changes to the Company's accounting policies as a result of adopting ASU 2014-09 (the "new revenue standard") and ASU 2017-07 are discussed below: Revenue A contract exists when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer of the Company are satisfied. A portion of the Company's revenue is from purchase orders ("PO's"), which continue to be recognized as of a point in time when products are shipped from the Company's manufacturing facilities or at a later time when control of the products transfers to the customer. Revenue was previously recognized for certain long-term agreements ("LTA's"), firm fixed pricing agreements, and PO's at the point in time when the shipping terms were satisfied. Under the new revenue standard, the Company now recognizes certain revenue over time as it satisfies the performance obligations because the conditions of transfer of control to the applicable customer are as follows: • Certain military contracts, which support providing goods to the U.S. government, include provisions within the contract that are subject to the Federal Acquisition Regulation ("FAR"). The FAR provision allows the customer to unilaterally terminate the contract for convenience and requires the customer to pay the Company for costs incurred plus reasonable profit margin and take control of any work in process. • For certain commercial contracts involving customer-specific products, the contract may fall under the FAR clause provisions noted above for military contracts or may include certain provisions within their contract that the customer controls the work in process based on contractual termination clauses or restrictions of the Company's use of the product and the Company possesses a right to payment for work performed to date plus reasonable profit margin. As a result of control transferring over time for these products, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products to be provided. The Company has elected to use the cost to cost input method of progress based on costs incurred for these contracts because it best depicts the transfer of goods to the customer based on incurring costs on the contracts. Under this method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. Revenue is measured at the amount of consideration the Company expects to receive in exchange for transferring goods. An accounting policy election to exclude from transaction price was made for sales, value add, and other taxes the Company collects concurrent with revenue-producing activities when applicable. The Company has elected to recognize incremental costs incurred to obtain contracts, which primarily represent commissions paid to third party sales agents where the amortization period would be less than one year, as selling, general and administrative expenses in the consolidated condensed statements of operations as incurred. The Company elected a practical expedient under Topic 606 to not adjust the promised amount of consideration for the effects of any significant financing component where the Company expects, at contract inception, that the period between when the Company transfers a promised good to a customer and when the customer pays for that good will be one year or less . Finally, the Company's policy is to exclude performance obligations resulting from contracts with a duration of one year or less from its disclosures related to remaining performance obligations. The amount of consideration to which the Company expects to be entitled in exchange for the goods is not generally subject to significant variations. The Company has elected to recognize the cost of freight and shipping when control of the products has transferred to the customer as an expense in cost of goods sold on the consolidated condensed statements of operations, because those are costs incurred to fulfill the promise recognized, not a separate performance obligation. To the extent certain freight and shipping fees are charged to customers, the Company recognizes the amounts charged to customers as revenues and the related costs as an expense in cost of goods sold when control of the related products has transferred to the customer. Contracts are occasionally modified to account for changes in contract specifications, requirements, and pricing. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Substantially all of the Company's contract modifications are for goods that are distinct from the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is generally recognized on a prospective basis. Contract Balances Contract assets on the consolidated condensed balance sheets is recognized when a good is transferred to the customer and the Company does not have the contractual right to bill for the related performance obligations. In these instances, revenue recognized exceeds the amount billed to the customer and the right to payment is not solely subject to the passage of time. Amounts do not exceed their net realizable value. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Payment from customers are received based on the terms established in the contract with the customer. Pension Benefits With the adoption of ASU 2017-07 on October 1, 2018, service cost is included in other employee compensation costs within operating income and is the only component that may be capitalized when applicable. The other components of net periodic benefit cost are presented separately outside of operating income. The Company retrospectively adopted ASU 2017-07 and reclassified prior-year amounts using a practical expedient that permits the usage of amounts disclosed below in Note 7, Retirement Benefit Plans . Results showed expense for both the three months and nine months ended of fiscal 2019 and 2018 were reclassified from cost of sales and selling, general and administrative expenses, respectively, to other (income) expense, net and were not material to the consolidated condensed statement of operations. C. Net Loss per Share The Company’s net loss per basic share has been computed based on the weighted-average number of common shares outstanding. Due to the net loss for each reporting period, zero restricted shares are included in the calculation of basic or diluted earnings per share because the effect would be anti-dilutive. The dilutive effect of the Company’s restricted shares and performance shares were as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net loss $ (7,370 ) $ (1,532 ) $ (9,911 ) $ (4,481 ) Weighted-average common shares outstanding (basic and diluted) 5,571 5,535 5,556 5,524 Net loss per share – basic and diluted: Net loss per share $ (1.32 ) $ (0.28 ) $ (1.78 ) $ (0.81 ) Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share 202 156 200 135 D. Impact of Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) ” and subsequent updates. The ASU's require lessees to recognize a lease liability and a right-of-use asset on the balance sheet by those leases with a lease term of more than twelve months. The standard allows for a modified retrospective transition for finance and operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial adoption. Alternatively, the Company can elect the optional transition method to the adoption for lessees related to finance and operating leases existing at, or entered into after October 1, 2019, and the Company will record a cumulative effect adjustment to retained earnings on the same date, if necessary. This optional transition method will not require any restatements prior to the Company's 2020 fiscal year. The Company will adopt the new guidance on October 1, 2019, and has put together a project plan and team, compiled population of leases and is in process to perform search for unrecorded leases. As the implementation progresses, the Company will determine the extent of the impact on its consolidated condensed financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments " and subsequent updates. ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance will replace the current incurred loss approach with an expected loss model. The new expected credit loss impairment model will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt instruments, net investments in leases, loan commitments and standby letters of credit. Upon initial recognition of the exposure, the expected credit loss model requires entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application will require significant judgment. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is in the process of evaluating the effect that the adoption of ASU 2016-13 will have on the Company's results within the consolidated condensed statements of operations and financial condition. E. Recently Adopted Accounting Standards The new revenue standard introduces a five-step revenue recognition model in which a company should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. The new revenue standard also requires disclosure sufficient to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments and assets recognized from the cost to obtain or fulfill a contract. For further discussion, see Note 9, Revenue. On October 1, 2018, the Company adopted the new revenue standard and all related amendments using the modified retrospective method and applied those provisions to all open contracts. The Company recognized the cumulative effect by initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of changes made to the balance sheet as of October 1, 2018 for the adoption of the new revenue standard was as follows: Balance at September 30, 2018 Effect of Accounting Change Balance at October 1, 2018 Assets Contract asset $ — $ 10,140 $ 10,140 Inventory, net 18,269 (6,542 ) 11,727 Liabilities & Shareholders' Equity Retained earnings 37,097 3,598 40,695 As part of the cumulative effect of the accounting change made as it pertains to the inventory, net line, the impact includes a reduction to the Company's last-in, first-out (“LIFO”) reserve in the amount of $508 and excess and obsolete reserve of $366 . As noted in Note 2, Inventories, a portion of the Company's inventory is on LIFO. The following tables reflect the changes to the financial statements line items as a result to the new revenue standard. The adoption of the new standard did not have an impact on "net cash provided by operating activities" on the consolidated condensed statement of cash flows for the nine months ended June 30, 2019. Consolidated condensed statement of operations for the nine months ended June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Net Sales $ 82,561 $ (1,230 ) $ 81,331 Cost of Goods Sold 76,435 (1,316 ) 75,119 Loss before income tax benefit (10,813 ) 86 (10,727 ) Net loss (9,997 ) 86 (9,911 ) Basic net loss per share $ (1.80 ) $ 0.02 $ (1.78 ) Diluted net loss per share $ (1.80 ) $ 0.02 $ (1.78 ) Consolidated condensed statement of operations for the three months ended June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Net Sales $ 24,723 $ 150 $ 24,873 Cost of Goods Sold 22,849 637 23,486 Loss before income tax expense (7,219 ) (487 ) (7,706 ) Net loss (6,883 ) (487 ) (7,370 ) Basic net loss per share $ (1.23 ) $ (0.09 ) $ (1.32 ) Diluted net loss per share $ (1.23 ) $ (0.09 ) $ (1.32 ) Consolidated condensed balance sheet as of June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Assets Contract asset $ — $ 8,910 $ 8,910 Inventory, net 17,170 (5,226 ) 11,944 Liabilities & Shareholders' Equity Contract liabilities (included within accrued liabilities) 1,000 — 1,000 Deferred income taxes 2,112 — 2,112 Retained earnings 27,059 3,684 30,743 In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which amends certain cash flow issues which apply to all entities required to present a statement of cash flows. On October 1, 2018, the Company implemented provisions of ASU 2016-15 on a retrospective basis, which did not impact the consolidated condensed statements of cash flows for the periods presented. |
Inventories
Inventories | 9 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of: June 30, September 30, Raw materials and supplies $ 5,477 $ 6,202 Work-in-process 3,203 6,626 Finished goods 3,264 5,441 Total inventories $ 11,944 $ 18,269 Inventories are stated at the lower of cost or net realizable value. Cost is determined using the LIFO method for 37% and 54% of the Company’s inventories at June 30, 2019 and September 30, 2018, respectively. As noted in Note 1, Summary of Significant Accounting Policies - Recently Adopted Accounting Standards, the LIFO reserve was impacted by the adoption of the new revenue standard. An actual valuation of inventory under the LIFO method is made at the end of each fiscal year based on the inventory levels and costs existing at that time. Accordingly, interim LIFO calculations must be based on management’s estimates of expected year-end inventory levels and costs. Because the actual results may vary from these estimates, calculations are subject to many factors beyond management’s control, annual results may differ from interim results as they are subject to adjustments based on the differences between the estimates and the actual results. The first-in, first-out (“FIFO”) method is used for the remainder of the inventories. If the FIFO method had been used for the inventories for which cost is determined using the LIFO method, inventories would have been $8,469 and $8,879 higher than reported at June 30, 2019 and September 30, 2018 , respectively. Since adopting the new revenue standard, interim results show a reduction of inventory resulting in liquidations of LIFO inventory quantities. The estimated liquidation of LIFO inventory quantities results in a projected increase in cost of goods sold by approximately $210 for the nine months ended June 30, 2019. These inventories were carried in prior periods at the then prevailing costs, which were accurate at the time, but differ from the current manufacturing cost and/or material costs. |
Long-lived assets and Goodwill
Long-lived assets and Goodwill | 9 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-lived assets and Goodwill | Long-lived assets and Goodwill The Company typically tests its goodwill for impairment in the fourth fiscal quarter, and in interim periods if certain events occur indicating that the carrying amount of goodwill may be impaired. During the third quarter of fiscal 2019, management reviewed qualitative factors under Accounting Standard Codification ("ASC') 350 ("Topic 350"), which triggered an interim goodwill assessment as of May 31, 2019 for its Maniago, Italy ("Maniago") reporting unit. Certain qualitative factors related to the soft energy market resulting in lower sales and continued under-performance relative to projected future operating results were factors that led the Company to perform an interim assessment of goodwill. The Company used May 31, 2019 as the interim assessment date for its test of goodwill for Maniago. The Company's fair value measurement approach combines the income (discounted cash flow method) and market valuation (market comparable method) techniques for each of the Company’s reporting units that carry goodwill. These valuation techniques use estimates and assumptions including, but not limited to, the determination of appropriate market comparable, projected future cash flows (including timing and profitability), discount rate reflecting the risk inherent in future cash flows, perpetual growth rate, and projected future economic and market conditions (Level 3 inputs). Although the Company believes its assumptions are reasonable, actual results may vary significantly and may expose the Company to material impairment charges in the future. The methodology for determining fair values was consistent for the periods presented. Upon completion of the interim impairment test for the Maniago reporting unit, it was determined that the fair value of goodwill for the Maniago reporting unit did not exceed the carrying value, which resulted in a full write-down of the reporting unit's goodwill as of June 30, 2019 in the amount of $8,294 (non-cash charge). All of goodwill is expected to be tax deductible for tax purposes. Changes in the net carrying amount of goodwill were as follows: Balance at September 30, 2017 $ 12,170 Currency translation (150 ) Balance at September 30, 2018 $ 12,020 Impairment adjustment (8,294 ) Currency translation (233 ) Balance at June 30, 2019 $ 3,493 Separately, the Company periodically reviews for indications of impairment loss for its long-lived assets ("asset group") to determine if the carrying value of its asset group is recoverable and exceeds its fair value. The carrying amount of long-lived assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected as a result from use and eventual disposition of the asset. This evaluation is performed in accordance to ASC 360 ("Topic 360"). Due to previously triggering certain qualitative factors in the interim at its Orange, California (“Orange”) location and having an interim goodwill assessment at its Maniago reporting unit, the Company performed an interim assessment of long-lived assets for two of its asset groups. See Note 10, Commitments and Contingencies, for further discussion on the evaluation of its long-lived assets as it relates to the Orange asset group. As for the Maniago asset group, the Company performed an interim assessment of long-lived assets of its asset group as of May 31, 2019 due to fact that an interim goodwill assessment was completed at the Maniago reporting unit. The results of management's analysis indicated that the long-lived assets were recoverable as of the assessment date and did not require further review for impairment. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: June 30, September 30, Foreign currency translation adjustment $ (5,396 ) $ (4,955 ) Retirement plan liability adjustment, net of tax (3,352 ) (3,674 ) Total accumulated other comprehensive loss $ (8,748 ) $ (8,629 ) |
Debt
Debt | 9 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt consists of: June 30, September 30, Revolving credit agreement $ 12,689 $ 21,253 Foreign subsidiary borrowings 6,773 7,949 Capital lease obligations 161 327 Other 1,116 — Total debt 20,739 29,529 Less – current maturities (18,373 ) (27,197 ) Total long-term debt $ 2,366 $ 2,332 Credit Agreement and Security Agreement of 2018 On August 8, 2018, the Company entered into a new asset-based Credit Agreement ("Credit Agreement") and a Security Agreement (“Security Agreement”) with its current lender. The new Credit Agreement matures on August 6, 2021 and is comprised of a senior secured revolving credit facility with a maximum borrowing of $30,000 . The Credit Agreement also has an accordion feature, which allows the Company to increase maximum borrowings by up to $10,000 upon consent of the existing lender or upon additional lenders joining the Credit Agreement. The terms of the Credit Agreement contain both a lock box arrangement and subjective acceleration clause. As a result, the amount outstanding on the revolving credit facility is classified as a short-term liability and the availability at June 30, 2019 and September 30, 2018 was $10,069 and $ 8,437 , respectively. The proceeds from the Credit Agreement were used to repay the indebtedness and extinguishment of the Company's November 9, 2016 Amended and Restated Credit and Security Agreement ("2016 Credit Agreement"), for working capital purposes, for general corporate purposes and to pay fees and expenses incurred in connections with entering into the Credit Agreement. The Credit Agreement contains affirmative and negative covenants and events of defaults. As set forth in the Credit Agreement, the Company is required to maintain a fixed charge coverage ratio ("FCCR") of 1.1 :1.0 any time the availability is equal to or less than 12.5% of the revolving commitment. In the event of a default, the Company may not be able to access the revolver, which could impact the ability to fund working capital needs, capital expenditures and invest in new business opportunities. See discussion below under the First Amendment (the "First Amendment") to the Credit Agreement and Security Agreement discussion which revises the provision related to the FCCR. On November 5, 2018, the Company entered into the First Amendment (the "First Amendment") to the Credit Agreement and Security Agreement with its lender. The First Amendment retroactively amended certain definitions and provisions effective as of the original closing date to clarify the parties original understanding regarding, among other things: (i) the permitted liens securing certain indebtedness of the Company to the City of Cleveland (noted as other debt within the above debt table), (ii) the time frames for which certain post-closing requirements would be satisfied, and (iii) the conditions under which the Company will be required to meet the minimum FCCR, which is as follows: the borrowers will not permit the FCCR to be less than: (a) 1.1 to 1.0 as of August 31, 2018 or as of September 30, 2018; or (b) 1.1 to 1.0 at any month end on or after October 31, 2018; provided that the FCCR will not be tested under this clause (b) unless (i) a Default has occurred and is continuing or (ii) availability was less than or equal to 12.5% of the Revolving Commitment for three or more business days in any consecutive 30 day period (with the FCCR calculated as of the end of the month for which the lender has most recently received financial statements). The availability was greater than the 12.5% of the Revolving Commitment as of June 30, 2019, and, as such, FCCR calculation was not required. On December 17, 2018, the Company entered into an Export Credit Agreement (the “Export Credit Agreement”) with its Lender. Pursuant to the terms of the Export Credit Agreement, the Lender will lend amounts to the Company on foreign receivables that are guaranteed by the Export-Import Bank of the United States of America. The Export Credit Agreement provides for a revolving commitment of $5,000 , therefore increasing the maximum borrowing of the revolver to $35,000 . The borrowings under the Export Credit Agreement will bear interest at (depending on the type of borrowing) the CBFR or LIBOR Rate, plus the applicable margin as set forth in the Export Credit Agreement. The maturity date under the Export Credit Agreement is August 6, 2021 (or such earlier date as the revolving commitments under the Export Credit Agreement are reduced to zero or otherwise terminated). The Export Credit Agreement contains customary representations, warranties, covenants and events of default, including, without limitation, the affirmative covenants under the Company’s Credit Agreement dated August 8, 2018, as amended with the Lender. In connection with entering into the Export Credit Agreement, the Company also entered into the Second Amendment (the “Second Amendment”) to its Credit Agreement. The Second Amendment amends certain definitions and provisions to provide for the Company’s entrance into the Export Credit Agreement. On March 29, 2019, the Company entered into a Third Amendment with its Lender. This amendment extends the time frame for when certain post-closing requirements would be satisfied by March 31, 2019 to June 30, 2019. These post-closing requirements were completed by June 30, 2019. Amounts borrowed under the Credit Agreement are secured by substantially all the assets of the Company and its U.S. subsidiaries and a pledge of 66.67% of the stock of its first-tier non-U.S. subsidiaries. Borrowings will bear interest at the lender's established domestic rate or LIBOR, plus the applicable margin as set forth in the Credit Agreement. The revolver has a rate based on LIBOR plus 1.75% spread, which was 3.94% and 3.85% at June 30, 2019 and September 30, 2018, respectively and the Export Credit Agreement has a rate based on LIBOR plus 1.25% spread, which was 3.69% at June 30, 2019. The Company also has a commitment fee of 0.25% under the Credit Agreement to be incurred on the unused balance of the revolver. Foreign subsidiary borrowings Foreign debt consists of: June 30, September 30, Term loan $ 2,698 $ 3,548 Short-term borrowings 3,743 3,472 Factor 332 929 Total debt $ 6,773 $ 7,949 Less – current maturities (5,394 ) (5,822 ) Total long-term debt $ 1,379 $ 2,127 Receivables pledged as collateral $ 461 $ 2,007 Interest rates on foreign borrowings are based on Euribor rates which range from 1.0% to 4.0% . In December 2018, the Company entered into a six month short-term debt arrangement of $1,137 to be used for working capital purposes, which has been repaid as of June 30, 2019. The Company factors one of its customer's invoices. The factoring programs are uncommitted, whereby the Company offers receivables for sale to an unaffiliated financial institution, which are then subject to acceptance by the unaffiliated financial institution. Following the sale and transfer of the receivables to the unaffiliated financial institution, the receivables are not isolated from the Company, and effective control of the receivables is not passed to the unaffiliated financial institution, which does not have the right to pledge or sell the receivables. The Company accounts for the pledge of receivables under this agreement as short-term debt and continues to carry the receivables on its consolidated condensed balance sheets. Debt issuance costs The Company incurred debt issuance costs as it pertains to the Credit Agreement in the amount of $212 , and during the nine months of fiscal 2019, additional costs of $75 were incurred that related to the First and Second Amendments, of which are included in the consolidated condensed balance sheets as a deferred charge in other current assets, net of amortization of $81 and $12 at June 30, 2019 and September 30, 2018, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For each interim reporting period, the Company makes an estimate of the effective tax rate it expects to be applicable for the full fiscal year for its operations. This estimated effective rate is used in providing for income taxes on a year-to-date basis. The Company’s effective tax rate through the first nine months of fiscal 2019 was 8% , compared with 9% for the same period of fiscal 2018. The decrease in the effective rate was primarily attributable to discrete tax benefits in the third quarter of fiscal 2018 applied against a year to date loss related to tax legislation enacted which were non-recurring in fiscal 2019, partially offset by changes in jurisdictional mix of income in fiscal 2019 compared with the same period of fiscal 2018. The effective tax rate differs from the U.S. federal statutory rate due primarily to the valuation allowance against the Company’s U.S. deferred tax assets and income in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate. On December 22, 2017, the Tax Cut and Jobs Act (the "Act") was enacted which, among other items, reduced the U.S. corporate tax rate effective January 1, 2018 from 35% to 21%, imposed a one-time transition tax on accumulated foreign earnings not previously subject to U.S. taxation, provides a U.S. federal tax exemption on future distributions of foreign earnings, and beginning in fiscal 2019, creates a new minimum tax on certain foreign-sourced earnings. As required, during the first quarter of fiscal 2019, the Company completed its accounting for items previously considered provisional during fiscal 2018. At September 30, 2018, the Company's provisional estimate with respect to the one-time tax transition was $240 , net of applicable foreign tax credits generated. As a result of the valuation allowance in the U.S. on tax attribute carryforwards available to offset the one-time transition tax, no charge to tax expense was recorded related to the one-time transition tax. The Company completed its calculation of the one-time transition tax in the first quarter of fiscal 2019 based on all available guidance. No measurement period adjustment was recorded. All other items of the Act were considered complete at September 30, 2018. The Act also includes provisions for Global Intangible Low-Taxed Income (“GILTI”) wherein minimum taxes are imposed on foreign income in excess of a deemed return on the tangible assets of foreign corporations. This income will effectively be taxed at a 10.5% tax rate. GILTI is effective for the Company starting in fiscal 2019. The Company has elected to account for GILTI as a component of tax expense in the period in which the Company is subject to the rules. The Company does not anticipate significant GILTI tax in the current year due to jurisdictional mix of income. The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland, Italy, and various state and local jurisdictions. The Company believes it has appropriate support for its federal income tax returns. |
Retirement Benefit Plans
Retirement Benefit Plans | 9 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans The Company and certain of its subsidiaries sponsor defined benefit pension plans covering some of its employees. The components of net periodic benefit cost of the Company’s defined benefit plans are as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Service cost $ 74 $ 63 $ 224 $ 189 Interest cost 264 240 791 719 Expected return on plan assets (393 ) (402 ) (1,180 ) (1,205 ) Amortization of net loss 107 161 322 483 Net periodic cost $ 52 $ 62 $ 157 $ 186 During the nine months ended June 30, 2019 and 2018, the Company made $93 and $22 in contributions, respectively, to its defined benefit pension plans. The Company anticipates making $ 57 of additional cash contributions to fund its defined benefit pension plans during the balance of fiscal 2019 and will use carryover balances from previous periods that have been available for use as a credit to reduce the amount of cash contributions that the Company is required to make to certain defined benefit plans in fiscal 2019. The Company's ability to elect to use such carryover balance will be determined based on the actual funded status of each defined benefit pension plan relative to the plan's minimum regulatory funding requirements. The Company does not anticipate making cash contributions above the minimum funding requirement to fund its defined benefit pension plans during the balance of fiscal 2019. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has awarded performance and restricted shares under its shareholder-approved amended and restated 2007 Long-Term Incentive Plan ("2007 Plan"), which was further amended and restated under the 2016 Long-Term Incentive Plan ("2016 Plan"). The aggregate number of shares that may be awarded by the Company was increased by 646 shares, less any shares previously awarded and subject to an adjustment for the forfeiture of any unvested shares, pursuant to the 2016 Plan. In addition, shares that may be awarded are subject to individual recipient award limitations. The shares awarded under the 2016 Plan may be made in multiple forms, including stock options, stock appreciation rights, restricted or unrestricted stock, and performance related shares. Any such award is exercisable no later than ten years from the date of the grant. The performance shares that have been awarded under both plans generally provide for the vesting of the Company’s common shares upon the Company achieving certain defined financial performance objectives during a period up to three years following the making of such award. The ultimate number of common shares of the Company that may be earned pursuant to an award ranges from a minimum of no shares to a maximum of 200% of the initial target number of performance shares awarded, depending on the level of the Company’s achievement of its financial performance objectives. With respect to such performance shares, compensation expense is being accrued based on the probability of meeting the performance target. During each future reporting period, such expense may be subject to adjustment based upon the Company's financial performance, which impacts the number of common shares that it expects to vest upon the completion of the performance period. The performance shares were valued at the closing market price of the Company’s common shares on the date of the grant. The vesting of such shares is determined at the end of the performance period. During the first nine months of fiscal 2019, the Company granted 134 shares under the 2016 Plan to certain key employees. The award was split into two tranches, 87 performance shares and 47 shares of time-based restricted shares, with a grant date fair value of $4.73 per share. The award vests over three years . During the first nine months of the fiscal year, there were approximately 7 performance shares forfeited and for the 2018 award year, the target payout estimate went from 100% to 0% at June 30, 2019, therefore there was a reversal of expense in the amount of $256 . The Company has awarded restricted shares to its directors, officers, and other employees of the Company. The restricted shares were valued at the closing market price of the Company’s common shares on the date of the grant, and such value was recorded as unearned compensation. The unearned compensation is being amortized ratably over the restricted stock vesting period of one year or three years. During the first nine months of fiscal 2019, the Company granted its non-employee directors 61 restricted shares under the 2016 Plan, with a grant date fair value of $3.15 , which vest over one year. Two awards for 77 restricted shares vested and approximately 4 restricted shares were forfeited. If all outstanding share awards are ultimately earned and vest at the target number of shares, there are approximately 118 shares that remain available for award at June 30, 2019 . If any of the outstanding share awards are ultimately earned and vest at greater than the target number of shares, up to a maximum of 200% of such target, then a fewer number of shares would be available for award. Stock-based compensation under the 2016 Plan was $367 and $428 during the first nine months of fiscal 2019 and 2018, respectively and $59 benefit and $186 expense during the three months of fiscal 2019 and 2018, respectively. As of June 30, 2019 , there was $714 of total unrecognized compensation cost related to the performance shares and restricted shares awarded under the 2016 Plan. The Company expects to recognize this cost over the next 1.4 years. |
Revenue
Revenue | 9 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company produces forged components for (i) turbine engines that power commercial, business and regional aircraft as well as military aircraft and armored military vehicles; (ii) airframe applications for a variety of aircraft; (iii) industrial gas and steam turbine engines for power generation units; and (iv) other commercial applications. The following table represents a breakout of total revenue by customer type for the three and nine months ended June 30, 2019 and 2018, respectively. Three Months Ended Nine Months Ended 2019 2018 ¹ 2019 2018 ¹ Commercial revenue $ 14,713 $ 15,071 $ 41,213 $ 44,091 Military revenue 10,160 13,610 40,118 36,635 Total $ 24,873 $ 28,681 $ 81,331 $ 80,726 ¹ Prior period amounts have not been adjusted under the modified retrospective adoption method. The following table represents revenue by the various components for the three and nine months ended June 30, 2019 and 2018, respectively. Three Months Ended Nine Months Ended Net Sales 2019 2018 ¹ 2019 2018 ¹ Aerospace components for: Fixed wing aircraft $ 12,557 $ 16,087 $ 38,949 $ 43,610 Rotorcraft 5,088 5,516 17,261 16,385 Energy components for power generation units 4,887 4,629 13,347 16,318 Commercial product and other revenue 2,341 2,449 11,774 4,413 Total $ 24,873 $ 28,681 $ 81,331 $ 80,726 ¹ Prior period amounts have not been adjusted under the modified retrospective adoption method. The following table represents revenue by geographic region based on the Company's selling operation locations for the three and nine months ended June 30, 2019 and 2018, respectively: Three Months Ended Nine Months Ended Net Sales 2019 2018 ¹ 2019 2018 ¹ North America 20,301 24,197 68,745 65,544 Europe 4,572 4,484 12,586 15,182 Total $ 24,873 $ 28,681 $ 81,331 $ 80,726 ¹ Prior period amounts have not been adjusted under the modified retrospective adoption method. In addition to the disaggregating revenue information provided above, approximately 56% of total net sales as of June 30, 2019 is recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized as a point in time. Contract Balances Generally, payment is due shortly after the shipment of goods. For performance obligations recognized at a point in time, a contract asset is not established as the billing and revenue recognition occur at the same time. For performance obligations recognized over time, a contract asset is established as revenue is recognized prior to billing and shipment. Upon shipment and billing, the value of the contract asset is reversed and accounts receivable is recorded. In circumstances where prepayments are required and payment is made prior to satisfaction of performance obligations, a contract liability is established. If the performance obligation occurs over time, the contract liability is reversed over the course of production. If the performance obligation is point in time, the contract liability reverses upon shipment. The following table contains a roll forward of contract assets and contract liabilities for the period ended June 30, 2019: Contract assets - Beginning balance, October 1, 2018 $ 10,140 Additional revenue recognized over-time 45,034 Less amounts billed to the customers $ (46,264 ) Contract assets - Ending balance, June 30, 2019 $ 8,910 Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2018 $ — Payments received in advance of performance obligations (2,000 ) Performance obligations satisfied 1,000 Contract liabilities (included within Accrued liabilities) - Ending balance, June 30, 2019 $ (1,000 ) There were no impairment losses recorded on contract assets as of June 30, 2019. Remaining performance obligations As of June 30, 2019, the Company has $104,369 of remaining performance obligations, the majority of which are anticipated to be completed within the next twelve months. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company may be involved in ordinary, routine legal actions. The Company cannot reasonably estimate future costs, if any, related to these matters; however, it does not believe any such matters are material to its financial condition or results of operations. The Company maintains various liability insurance coverages to protect its assets from losses arising out of or involving activities associated with ongoing and normal business operations; however, it is possible that the Company’s future operating results could be affected by future costs of litigation. On December 26, 2018, a subsidiary of the Company, Quality Aluminum Forge, LLC ("Orange") experienced a fire at its manufacturing facility, causing damage to one of three manufacturing buildings. The building that was damaged housed six of the eight presses on site. The Company is fully insured and actively working with its insurance carrier to restore the site to full service as safely and quickly as possible. As of June 30, 2019, the Company has received insurance proceeds of $8,244 . The fire also destroyed a leased building, which in accordance with its lease agreement, the Company is responsible to restore the property to full replacement value. With the Company being fully insured, the restoration of the property is covered and the insurance carrier has separately funded a partial payment of insurance proceeds as of June 30, 2019 to the landlord for the restoration of the damaged building as prescribed under the lease arrangement in the amount of $378 . The table below reflects the receipt of proceeds and how they were expended as of June 30, 2019. Any additional recoveries in excess of recognized losses are treated as gain contingencies and will be recognized when the gain is realized or realizable. The Company also maintains business interruption insurance coverage and continues to work with the insurance company to reach an agreement on the recoverable amounts of business interruption expenses. As noted within the table below, a payment of $619 was made towards this coverage as of June 30, 2019 and is reflected within the cost of goods sold line within the consolidated condensed financial statements as of June 30, 2019. Balance sheet (Other receivable): September 30, 2018 $ — Cash proceeds (8,244 ) Capital expenditures (equipment) 5,574 Other expenses 2,051 Business interruption 619 June 30, 2019 $ — The tables below reflect how the proceeds received impacted the consolidated condensed statements of operations for the nine month and three months ended June 30, 2019: Nine Months Ended June 30, 2019 Balance without insurance proceeds Insurance recoveries Balance with insurance proceeds Cost of goods sold 77,789 (2,670 ) 75,119 Loss (gain) on insurance proceeds received 1,106 (5,574 ) (4,468 ) Net loss $ (18,155 ) $ (8,244 ) $ (9,911 ) Three Months Ended June 30, 2019 Balance without insurance proceeds Insurance recoveries Balance with insurance proceeds Cost of goods sold 24,560 (1,074 ) 23,486 Loss (gain) on insurance proceeds received — (3,304 ) (3,304 ) Net loss $ (11,748 ) $ (4,378 ) $ (7,370 ) For the long-lived assets that were not damaged as a result of the fire, the Company performed a separate evaluation of these assets. In accordance to Topic 360, the fire resulted in a triggering event as of December 31, 2018, requiring an interim assessment to determine if the carrying amount of long-lived assets are recoverable. As noted within Topic 360, an impairment loss shall be recognized only if the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The results of management's analysis indicated that the remaining long-lived assets as of December 31, 2018 were recoverable and continue to be as of June 30, 2019. Orange is currently a defendant in a lawsuit filed by Avco Corporation (“Avco”) in the United States District Court for the District of Rhode Island, alleging that certain forged pistons delivered by the Orange plant failed to meet material specifications required by Avco. Orange disagrees with the allegations made by Avco. No specific amount of damages was claimed by Avco and no discovery has occurred at this time. Although the Company records reserves for legal disputes and other matters in accordance with GAAP, the ultimate outcomes of these types of matters are inherently uncertain. Actual results may differ significantly from current estimates. Given the current status of this matter, the Company has not recorded a loss, as the Company does not have a reasonable basis on which to establish an estimate. The Company is a defendant in a purported class action lawsuit filed in the Superior Court of California, County of Orange, arising from employee wage-and-hour claims under California law for alleged meal period, rest break, hourly and overtime wage calculation, timely wage payment and necessary expenditure indemnification violations; failure to maintain required wage records and furnish accurate wage statements; and unfair competition. As mentioned previously, the Company records reserves for legal disputes and other matters in accordance with GAAP, the ultimate outcomes of these types of matters are inherently uncertain. Actual results may differ significantly from current estimates. Given the current status of this matter, the Company has not recorded a loss as the Company does not have a reasonable basis on which to establish an estimate. |
Asset Held for Sale and Disposa
Asset Held for Sale and Disposal | 9 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Asset Held for Sale and Disposal | Assets Held for Sale and Disposal The assets held for sale at June 30, 2019 and September 30, 2018, were $0 and $35 , respectively. The balance at September 30, 2018 related to the Alliance building and certain machinery and equipment, which the Company sold during the first quarter of fiscal 2019 for a gain on sale of asset within the consolidated condensed statements of operations of $282 . On November 1, 2018 the Company executed a purchase agreement and finalized the sale transaction with a buyer for the Alliance building and land. The Company received cash proceeds for both the building and machinery and equipment, less cost to sell, of approximately $ 317 , which is recorded as part of a gain on sale of asset within the consolidated condensed statements of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The U.S. dollar is the functional currency for all of the Company’s U.S. operations and its Irish subsidiaries. For these operations, all gains and losses from completed currency transactions are included in income currently. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange for the period. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2018 Annual Report on Form 10-K. The year-end consolidated balance sheet data was derived from the audited financial statements and disclosures required by accounting principles generally accepted in the United States ("U.S."). The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year. |
Revenue | Revenue A contract exists when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer of the Company are satisfied. A portion of the Company's revenue is from purchase orders ("PO's"), which continue to be recognized as of a point in time when products are shipped from the Company's manufacturing facilities or at a later time when control of the products transfers to the customer. Revenue was previously recognized for certain long-term agreements ("LTA's"), firm fixed pricing agreements, and PO's at the point in time when the shipping terms were satisfied. Under the new revenue standard, the Company now recognizes certain revenue over time as it satisfies the performance obligations because the conditions of transfer of control to the applicable customer are as follows: • Certain military contracts, which support providing goods to the U.S. government, include provisions within the contract that are subject to the Federal Acquisition Regulation ("FAR"). The FAR provision allows the customer to unilaterally terminate the contract for convenience and requires the customer to pay the Company for costs incurred plus reasonable profit margin and take control of any work in process. • For certain commercial contracts involving customer-specific products, the contract may fall under the FAR clause provisions noted above for military contracts or may include certain provisions within their contract that the customer controls the work in process based on contractual termination clauses or restrictions of the Company's use of the product and the Company possesses a right to payment for work performed to date plus reasonable profit margin. As a result of control transferring over time for these products, revenue is recognized based on progress toward completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products to be provided. The Company has elected to use the cost to cost input method of progress based on costs incurred for these contracts because it best depicts the transfer of goods to the customer based on incurring costs on the contracts. Under this method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenues are recorded proportionally as costs are incurred. Revenue is measured at the amount of consideration the Company expects to receive in exchange for transferring goods. An accounting policy election to exclude from transaction price was made for sales, value add, and other taxes the Company collects concurrent with revenue-producing activities when applicable. The Company has elected to recognize incremental costs incurred to obtain contracts, which primarily represent commissions paid to third party sales agents where the amortization period would be less than one year, as selling, general and administrative expenses in the consolidated condensed statements of operations as incurred. The Company elected a practical expedient under Topic 606 to not adjust the promised amount of consideration for the effects of any significant financing component where the Company expects, at contract inception, that the period between when the Company transfers a promised good to a customer and when the customer pays for that good will be one year or less . Finally, the Company's policy is to exclude performance obligations resulting from contracts with a duration of one year or less from its disclosures related to remaining performance obligations. The amount of consideration to which the Company expects to be entitled in exchange for the goods is not generally subject to significant variations. The Company has elected to recognize the cost of freight and shipping when control of the products has transferred to the customer as an expense in cost of goods sold on the consolidated condensed statements of operations, because those are costs incurred to fulfill the promise recognized, not a separate performance obligation. To the extent certain freight and shipping fees are charged to customers, the Company recognizes the amounts charged to customers as revenues and the related costs as an expense in cost of goods sold when control of the related products has transferred to the customer. Contracts are occasionally modified to account for changes in contract specifications, requirements, and pricing. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Substantially all of the Company's contract modifications are for goods that are distinct from the existing contract. Therefore, the effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates is generally recognized on a prospective basis. Contract Balances Contract assets on the consolidated condensed balance sheets is recognized when a good is transferred to the customer and the Company does not have the contractual right to bill for the related performance obligations. In these instances, revenue recognized exceeds the amount billed to the customer and the right to payment is not solely subject to the passage of time. Amounts do not exceed their net realizable value. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Payment from customers are received based on the terms established in the contract with the customer. |
Pension Benefits | Pension Benefits With the adoption of ASU 2017-07 on October 1, 2018, service cost is included in other employee compensation costs within operating income and is the only component that may be capitalized when applicable. The other components of net periodic benefit cost are presented separately outside of operating income. |
Net Loss per Share | Net Loss per Share The Company’s net loss per basic share has been computed based on the weighted-average number of common shares outstanding. |
Impact of Recently Issued Accounting Standards and Recently Adopted Accounting Standards | Impact of Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) ” and subsequent updates. The ASU's require lessees to recognize a lease liability and a right-of-use asset on the balance sheet by those leases with a lease term of more than twelve months. The standard allows for a modified retrospective transition for finance and operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements, but it does not require transition accounting for leases that expire prior to the date of initial adoption. Alternatively, the Company can elect the optional transition method to the adoption for lessees related to finance and operating leases existing at, or entered into after October 1, 2019, and the Company will record a cumulative effect adjustment to retained earnings on the same date, if necessary. This optional transition method will not require any restatements prior to the Company's 2020 fiscal year. The Company will adopt the new guidance on October 1, 2019, and has put together a project plan and team, compiled population of leases and is in process to perform search for unrecorded leases. As the implementation progresses, the Company will determine the extent of the impact on its consolidated condensed financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, " Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments " and subsequent updates. ASU 2016-13 changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The new guidance will replace the current incurred loss approach with an expected loss model. The new expected credit loss impairment model will apply to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt instruments, net investments in leases, loan commitments and standby letters of credit. Upon initial recognition of the exposure, the expected credit loss model requires entities to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses should consider historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating expected credit losses. ASU 2016-13 does not prescribe a specific method to make the estimate, so its application will require significant judgment. ASU 2016-13 is effective for public companies in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is in the process of evaluating the effect that the adoption of ASU 2016-13 will have on the Company's results within the consolidated condensed statements of operations and financial condition. E. Recently Adopted Accounting Standards The new revenue standard introduces a five-step revenue recognition model in which a company should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. The new revenue standard also requires disclosure sufficient to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments and assets recognized from the cost to obtain or fulfill a contract. For further discussion, see Note 9, Revenue. On October 1, 2018, the Company adopted the new revenue standard and all related amendments using the modified retrospective method and applied those provisions to all open contracts. The Company recognized the cumulative effect by initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of changes made to the balance sheet as of October 1, 2018 for the adoption of the new revenue standard was as follows: Balance at September 30, 2018 Effect of Accounting Change Balance at October 1, 2018 Assets Contract asset $ — $ 10,140 $ 10,140 Inventory, net 18,269 (6,542 ) 11,727 Liabilities & Shareholders' Equity Retained earnings 37,097 3,598 40,695 As part of the cumulative effect of the accounting change made as it pertains to the inventory, net line, the impact includes a reduction to the Company's last-in, first-out (“LIFO”) reserve in the amount of $508 and excess and obsolete reserve of $366 . As noted in Note 2, Inventories, a portion of the Company's inventory is on LIFO. The following tables reflect the changes to the financial statements line items as a result to the new revenue standard. The adoption of the new standard did not have an impact on "net cash provided by operating activities" on the consolidated condensed statement of cash flows for the nine months ended June 30, 2019. Consolidated condensed statement of operations for the nine months ended June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Net Sales $ 82,561 $ (1,230 ) $ 81,331 Cost of Goods Sold 76,435 (1,316 ) 75,119 Loss before income tax benefit (10,813 ) 86 (10,727 ) Net loss (9,997 ) 86 (9,911 ) Basic net loss per share $ (1.80 ) $ 0.02 $ (1.78 ) Diluted net loss per share $ (1.80 ) $ 0.02 $ (1.78 ) Consolidated condensed statement of operations for the three months ended June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Net Sales $ 24,723 $ 150 $ 24,873 Cost of Goods Sold 22,849 637 23,486 Loss before income tax expense (7,219 ) (487 ) (7,706 ) Net loss (6,883 ) (487 ) (7,370 ) Basic net loss per share $ (1.23 ) $ (0.09 ) $ (1.32 ) Diluted net loss per share $ (1.23 ) $ (0.09 ) $ (1.32 ) Consolidated condensed balance sheet as of June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Assets Contract asset $ — $ 8,910 $ 8,910 Inventory, net 17,170 (5,226 ) 11,944 Liabilities & Shareholders' Equity Contract liabilities (included within accrued liabilities) 1,000 — 1,000 Deferred income taxes 2,112 — 2,112 Retained earnings 27,059 3,684 30,743 In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which amends certain cash flow issues which apply to all entities required to present a statement of cash flows. On October 1, 2018, the Company implemented provisions of ASU 2016-15 on a retrospective basis, which did not impact the consolidated condensed statements of cash flows for the periods presented. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of dilutive effect of company's restricted shares and performance shares | The dilutive effect of the Company’s restricted shares and performance shares were as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net loss $ (7,370 ) $ (1,532 ) $ (9,911 ) $ (4,481 ) Weighted-average common shares outstanding (basic and diluted) 5,571 5,535 5,556 5,524 Net loss per share – basic and diluted: Net loss per share $ (1.32 ) $ (0.28 ) $ (1.78 ) $ (0.81 ) Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share 202 156 200 135 |
Schedule of effects of adoption of 2014-09 | The cumulative effect of changes made to the balance sheet as of October 1, 2018 for the adoption of the new revenue standard was as follows: Balance at September 30, 2018 Effect of Accounting Change Balance at October 1, 2018 Assets Contract asset $ — $ 10,140 $ 10,140 Inventory, net 18,269 (6,542 ) 11,727 Liabilities & Shareholders' Equity Retained earnings 37,097 3,598 40,695 As part of the cumulative effect of the accounting change made as it pertains to the inventory, net line, the impact includes a reduction to the Company's last-in, first-out (“LIFO”) reserve in the amount of $508 and excess and obsolete reserve of $366 . As noted in Note 2, Inventories, a portion of the Company's inventory is on LIFO. The following tables reflect the changes to the financial statements line items as a result to the new revenue standard. The adoption of the new standard did not have an impact on "net cash provided by operating activities" on the consolidated condensed statement of cash flows for the nine months ended June 30, 2019. Consolidated condensed statement of operations for the nine months ended June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Net Sales $ 82,561 $ (1,230 ) $ 81,331 Cost of Goods Sold 76,435 (1,316 ) 75,119 Loss before income tax benefit (10,813 ) 86 (10,727 ) Net loss (9,997 ) 86 (9,911 ) Basic net loss per share $ (1.80 ) $ 0.02 $ (1.78 ) Diluted net loss per share $ (1.80 ) $ 0.02 $ (1.78 ) Consolidated condensed statement of operations for the three months ended June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Net Sales $ 24,723 $ 150 $ 24,873 Cost of Goods Sold 22,849 637 23,486 Loss before income tax expense (7,219 ) (487 ) (7,706 ) Net loss (6,883 ) (487 ) (7,370 ) Basic net loss per share $ (1.23 ) $ (0.09 ) $ (1.32 ) Diluted net loss per share $ (1.23 ) $ (0.09 ) $ (1.32 ) Consolidated condensed balance sheet as of June 30, 2019: Previous Accounting Method Effect of Accounting Change As Reported Assets Contract asset $ — $ 8,910 $ 8,910 Inventory, net 17,170 (5,226 ) 11,944 Liabilities & Shareholders' Equity Contract liabilities (included within accrued liabilities) 1,000 — 1,000 Deferred income taxes 2,112 — 2,112 Retained earnings 27,059 3,684 30,743 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of: June 30, September 30, Raw materials and supplies $ 5,477 $ 6,202 Work-in-process 3,203 6,626 Finished goods 3,264 5,441 Total inventories $ 11,944 $ 18,269 |
Long-lived assets and Goodwill
Long-lived assets and Goodwill (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the net carrying amount of goodwill were as follows: Balance at September 30, 2017 $ 12,170 Currency translation (150 ) Balance at September 30, 2018 $ 12,020 Impairment adjustment (8,294 ) Currency translation (233 ) Balance at June 30, 2019 $ 3,493 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss are as follows: June 30, September 30, Foreign currency translation adjustment $ (5,396 ) $ (4,955 ) Retirement plan liability adjustment, net of tax (3,352 ) (3,674 ) Total accumulated other comprehensive loss $ (8,748 ) $ (8,629 ) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consists of: June 30, September 30, Revolving credit agreement $ 12,689 $ 21,253 Foreign subsidiary borrowings 6,773 7,949 Capital lease obligations 161 327 Other 1,116 — Total debt 20,739 29,529 Less – current maturities (18,373 ) (27,197 ) Total long-term debt $ 2,366 $ 2,332 |
Schedule of Foreign Debt | Foreign debt consists of: June 30, September 30, Term loan $ 2,698 $ 3,548 Short-term borrowings 3,743 3,472 Factor 332 929 Total debt $ 6,773 $ 7,949 Less – current maturities (5,394 ) (5,822 ) Total long-term debt $ 1,379 $ 2,127 Receivables pledged as collateral $ 461 $ 2,007 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost of the Company’s defined benefit plans are as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Service cost $ 74 $ 63 $ 224 $ 189 Interest cost 264 240 791 719 Expected return on plan assets (393 ) (402 ) (1,180 ) (1,205 ) Amortization of net loss 107 161 322 483 Net periodic cost $ 52 $ 62 $ 157 $ 186 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents a breakout of total revenue by customer type for the three and nine months ended June 30, 2019 and 2018, respectively. Three Months Ended Nine Months Ended 2019 2018 ¹ 2019 2018 ¹ Commercial revenue $ 14,713 $ 15,071 $ 41,213 $ 44,091 Military revenue 10,160 13,610 40,118 36,635 Total $ 24,873 $ 28,681 $ 81,331 $ 80,726 ¹ Prior period amounts have not been adjusted under the modified retrospective adoption method. The following table represents revenue by the various components for the three and nine months ended June 30, 2019 and 2018, respectively. Three Months Ended Nine Months Ended Net Sales 2019 2018 ¹ 2019 2018 ¹ Aerospace components for: Fixed wing aircraft $ 12,557 $ 16,087 $ 38,949 $ 43,610 Rotorcraft 5,088 5,516 17,261 16,385 Energy components for power generation units 4,887 4,629 13,347 16,318 Commercial product and other revenue 2,341 2,449 11,774 4,413 Total $ 24,873 $ 28,681 $ 81,331 $ 80,726 ¹ Prior period amounts have not been adjusted under the modified retrospective adoption method. The following table represents revenue by geographic region based on the Company's selling operation locations for the three and nine months ended June 30, 2019 and 2018, respectively: Three Months Ended Nine Months Ended Net Sales 2019 2018 ¹ 2019 2018 ¹ North America 20,301 24,197 68,745 65,544 Europe 4,572 4,484 12,586 15,182 Total $ 24,873 $ 28,681 $ 81,331 $ 80,726 ¹ Prior period amounts have not been adjusted under the modified retrospective adoption method. |
Contract Assets | The following table contains a roll forward of contract assets and contract liabilities for the period ended June 30, 2019: Contract assets - Beginning balance, October 1, 2018 $ 10,140 Additional revenue recognized over-time 45,034 Less amounts billed to the customers $ (46,264 ) Contract assets - Ending balance, June 30, 2019 $ 8,910 Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2018 $ — Payments received in advance of performance obligations (2,000 ) Performance obligations satisfied 1,000 Contract liabilities (included within Accrued liabilities) - Ending balance, June 30, 2019 $ (1,000 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Insurance Recoveries Within Consolidated Condensed Financial Statements | As noted within the table below, a payment of $619 was made towards this coverage as of June 30, 2019 and is reflected within the cost of goods sold line within the consolidated condensed financial statements as of June 30, 2019. Balance sheet (Other receivable): September 30, 2018 $ — Cash proceeds (8,244 ) Capital expenditures (equipment) 5,574 Other expenses 2,051 Business interruption 619 June 30, 2019 $ — The tables below reflect how the proceeds received impacted the consolidated condensed statements of operations for the nine month and three months ended June 30, 2019: Nine Months Ended June 30, 2019 Balance without insurance proceeds Insurance recoveries Balance with insurance proceeds Cost of goods sold 77,789 (2,670 ) 75,119 Loss (gain) on insurance proceeds received 1,106 (5,574 ) (4,468 ) Net loss $ (18,155 ) $ (8,244 ) $ (9,911 ) Three Months Ended June 30, 2019 Balance without insurance proceeds Insurance recoveries Balance with insurance proceeds Cost of goods sold 24,560 (1,074 ) 23,486 Loss (gain) on insurance proceeds received — (3,304 ) (3,304 ) Net loss $ (11,748 ) $ (4,378 ) $ (7,370 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Performance obligation, description of timing | one year or less | |||
Net loss | $ (7,370) | $ (1,532) | $ (9,911) | $ (4,481) |
Weighted-average common shares outstanding (basic and diluted) (in shares) | 5,571,000 | 5,535,000 | 5,556,000 | 5,524,000 |
Net loss per share - basic and diluted (in dollars per share) | $ (1.32) | $ (0.28) | $ (1.78) | $ (0.81) |
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share (in shares) | 202,000 | 156,000 | 200,000 | 135,000 |
Accounting Standards Update 2014-09 | Effect of Accounting Change | ||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Net loss | $ (487) | $ 86 | ||
LIFO expense | 508 | 508 | ||
Valuation reserves | $ 366 | $ 366 | ||
Restricted Stock | ||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||||
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share (in shares) | 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Effects of Adoption of 2014-09 (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Oct. 01, 2018 | Sep. 30, 2018 | |
Statement of Financial Position [Abstract] | ||||||
Contract asset | $ 8,910 | $ 8,910 | $ 10,140 | $ 0 | ||
Inventories, net | 11,944 | 11,944 | 11,727 | 18,269 | ||
Contract liabilities (included within accrued liabilities) | 1,000 | 1,000 | 0 | |||
Deferred income taxes | 2,112 | 2,112 | 2,413 | |||
Retained earnings | 30,743 | 30,743 | 40,695 | 37,097 | ||
Income Statement [Abstract] | ||||||
Net sales | 24,873 | $ 28,681 | 81,331 | $ 80,726 | ||
Cost of goods sold | 23,486 | 25,402 | 75,119 | 72,889 | ||
Loss before income tax benefit | (7,706) | (1,750) | (10,727) | (4,937) | ||
Net loss | $ (7,370) | $ (1,532) | $ (9,911) | $ (4,481) | ||
Basic net loss per share (in dollars per share) | $ (1.32) | $ (0.28) | $ (1.78) | $ (0.81) | ||
Diluted net loss per share (in dollars per share) | $ (1.32) | $ (0.28) | $ (1.78) | $ (0.81) | ||
Income tax benefit | $ (336) | $ (218) | $ (816) | $ (456) | ||
Accounting Standards Update 2014-09 | ||||||
Income Statement [Abstract] | ||||||
Cost of goods sold | (210) | |||||
Previous Accounting Method | ||||||
Statement of Financial Position [Abstract] | ||||||
Contract asset | 0 | 0 | 0 | |||
Inventories, net | 17,170 | 17,170 | 18,269 | |||
Contract liabilities (included within accrued liabilities) | 1,000 | 1,000 | ||||
Deferred income taxes | 2,112 | 2,112 | ||||
Retained earnings | 27,059 | 27,059 | $ 37,097 | |||
Income Statement [Abstract] | ||||||
Net sales | 24,723 | 82,561 | ||||
Cost of goods sold | 22,849 | 76,435 | ||||
Loss before income tax benefit | (7,219) | (10,813) | ||||
Net loss | $ (6,883) | $ (9,997) | ||||
Basic net loss per share (in dollars per share) | $ (1.23) | $ (1.80) | ||||
Diluted net loss per share (in dollars per share) | $ (1.23) | $ (1.80) | ||||
Effect of Accounting Change | Accounting Standards Update 2014-09 | ||||||
Statement of Financial Position [Abstract] | ||||||
Contract asset | $ 8,910 | $ 8,910 | 10,140 | |||
Inventories, net | (5,226) | (5,226) | (6,542) | |||
Contract liabilities (included within accrued liabilities) | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Retained earnings | 3,684 | 3,684 | $ 3,598 | |||
Income Statement [Abstract] | ||||||
Net sales | 150 | (1,230) | ||||
Cost of goods sold | 637 | (1,316) | ||||
Loss before income tax benefit | (487) | 86 | ||||
Net loss | $ (487) | $ 86 | ||||
Basic net loss per share (in dollars per share) | $ (0.09) | $ 0.02 | ||||
Diluted net loss per share (in dollars per share) | $ (0.09) | $ 0.02 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Oct. 01, 2018 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $ 5,477 | $ 6,202 | |
Work-in-process | 3,203 | 6,626 | |
Finished goods | 3,264 | 5,441 | |
Total inventories | $ 11,944 | $ 11,727 | $ 18,269 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |||||
Percentage of inventories determined using LIFO method | 37.00% | 37.00% | 54.00% | ||
Additional amount that would have been reported in inventory if FIFO method had been used | $ 8,469 | $ 8,469 | $ 8,879 | ||
Inventory [Line Items] | |||||
Cost of goods sold | $ (23,486) | $ (25,402) | (75,119) | $ (72,889) | |
Accounting Standards Update 2014-09 | |||||
Inventory [Line Items] | |||||
Cost of goods sold | $ 210 |
Long-lived assets and Goodwil_2
Long-lived assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill [Line Items] | ||||
Goodwill impairment | $ 8,294 | $ 0 | $ 8,294 | $ 0 |
Maniago reporting unit | ||||
Goodwill [Line Items] | ||||
Goodwill impairment | $ 8,294 |
Long-lived assets and Goodwil_3
Long-lived assets and Goodwill - Goodwill rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Goodwill [Roll Forward] | |||||
Beginning balance | $ 12,020 | $ 12,170 | $ 12,170 | ||
Impairment adjustment | $ (8,294) | $ 0 | (8,294) | $ 0 | |
Currency translation | (233) | (150) | |||
Ending balance | $ 3,493 | $ 3,493 | $ 12,020 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total accumulated other comprehensive loss | $ 38,062 | $ 45,237 | $ 44,189 | $ 46,362 | $ 48,595 | $ 50,132 |
Foreign currency translation adjustment | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total accumulated other comprehensive loss | (5,396) | (4,955) | ||||
Retirement plan liability adjustment, net of tax | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total accumulated other comprehensive loss | (3,352) | (3,674) | ||||
Total accumulated other comprehensive loss | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total accumulated other comprehensive loss | $ (8,748) | $ (9,002) | $ (8,629) | $ (8,965) | $ (8,078) | $ (9,250) |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 20,739 | $ 29,529 |
Less – current maturities | (18,373) | (27,197) |
Total long-term debt | 2,366 | 2,332 |
Capital lease obligations | ||
Debt Instrument [Line Items] | ||
Total debt | 161 | 327 |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | 1,116 | 0 |
Revolving credit agreement | Revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Total debt | 12,689 | 21,253 |
Foreign subsidiary borrowings | ||
Debt Instrument [Line Items] | ||
Total debt | $ 6,773 | $ 7,949 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Dec. 17, 2018USD ($) | Nov. 05, 2018 | Aug. 08, 2018USD ($) | Dec. 31, 2018 | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||
Short-term debt arrangement | $ 12,689,000 | $ 21,253,000 | |||||
Foreign subsidiary borrowings | Euro Interbank Offered Rate (Euribor) | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Euribor variable interest rates | 1.00% | ||||||
Foreign subsidiary borrowings | Euro Interbank Offered Rate (Euribor) | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Euribor variable interest rates | 4.00% | ||||||
2018 Credit Agreement | Revolving credit agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 1.1 | ||||||
Percent availability under revolving commitment | 12.50% | ||||||
Percentage of stock pledged on credit agreement | 66.67% | ||||||
2018 Credit Agreement | Revolving credit agreement | Revolving credit agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility, maximum borrowing capacity | $ 30,000 | ||||||
Accordion feature, increase limit | $ 10,000 | ||||||
Remaining borrowing capacity | $ 10,069,000 | $ 8,437,000 | |||||
Weighted average interest rate, revolving credit facility | 3.94% | 3.85% | |||||
Commitment fee percentage | 0.25% | ||||||
Debt issuance costs incurred | $ 212,000 | ||||||
Revolving line of credit, accumulated amortization of debt issuance costs | $ 81,000 | $ 12,000 | |||||
2018 Credit Agreement | Revolving credit agreement | Revolving credit agreement | London Interbank Offered Rate (LIBOR) | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on LIBOR | 1.75% | ||||||
First Amendment To Credit Agreement And Security Agreement | Revolving credit agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Coverage ratio threshold for three or more business days in consecutive thirty day period | 12.50% | ||||||
Export Credit Facility | Revolving credit agreement | Revolving credit agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility, maximum borrowing capacity | $ 5,000,000 | ||||||
Accordion feature, increase limit | $ 35,000,000 | ||||||
Weighted average interest rate, revolving credit facility | 3.69% | ||||||
Export Credit Facility | Revolving credit agreement | Revolving credit agreement | London Interbank Offered Rate (LIBOR) | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on LIBOR | 1.25% | ||||||
First and Second Amendment | Revolving credit agreement | Revolving credit agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt issuance costs incurred | $ 75,000 | ||||||
Short Term Debt Arrangement For Working Capital Purposes | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, term | 6 months | ||||||
Short-term debt arrangement | $ 1,137,000 | ||||||
As Of August 31, 2018 Or September 30, 2018 | First Amendment To Credit Agreement And Security Agreement | Revolving credit agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 1.1 | ||||||
On Or After October 31, 2018 | First Amendment To Credit Agreement And Security Agreement | Revolving credit agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 1.1 |
Debt - Schedule of Foreign Subs
Debt - Schedule of Foreign Subsidiary Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Line of Credit Facility [Line Items] | ||
Less – current maturities | $ (5,684) | $ (5,944) |
Total long-term debt | 2,366 | 2,332 |
Foreign subsidiary borrowings | ||
Line of Credit Facility [Line Items] | ||
Total debt | 6,773 | 7,949 |
Less – current maturities | (5,394) | (5,822) |
Total long-term debt | 1,379 | 2,127 |
Receivables pledged as collateral | 461 | 2,007 |
Term loan | Foreign subsidiary borrowings | ||
Line of Credit Facility [Line Items] | ||
Total debt | 2,698 | 3,548 |
Short-term borrowings | Foreign subsidiary borrowings | ||
Line of Credit Facility [Line Items] | ||
Total debt | 3,743 | 3,472 |
Factor | Foreign subsidiary borrowings | ||
Line of Credit Facility [Line Items] | ||
Total debt | $ 332 | $ 929 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate, percent | 8.00% | 9.00% | |
Tax act, transition tax | $ 240 |
Retirement Benefit Plans - Comp
Retirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 74 | $ 63 | $ 224 | $ 189 |
Interest cost | 264 | 240 | 791 | 719 |
Expected return on plan assets | (393) | (402) | (1,180) | (1,205) |
Amortization of net loss | 107 | 161 | 322 | 483 |
Net periodic cost | $ 52 | $ 62 | $ 157 | $ 186 |
Retirement Benefit Plans - Narr
Retirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Retirement Benefits [Abstract] | ||
Contributions amount in defined benefit pension plans | $ 93 | $ 22 |
Additional cash contributions planned during fiscal 2019 | $ 57 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($)awardshares | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)trancheaward$ / sharesshares | Jun. 30, 2018USD ($) | Sep. 30, 2018 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Number of awards forfeited | award | 2 | 2 | |||
2016 Plan | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Aggregate number of shares that may be awarded (in shares) | 646,000 | 646,000 | |||
Exercise period for shares awarded under plan | 10 years | ||||
Number of tranches in award | tranche | 2 | ||||
Share-based compensation expense (benefit) | $ | $ (59) | $ 186 | $ 367 | $ 428 | |
Outstanding share awards that may be awarded (in shares) | 118,000 | 118,000 | |||
Outstanding share awards earned and issued at greater than the target number of shares | 200.00% | ||||
Total unrecognized compensation cost related to performance and restricted shares | $ | $ 714 | $ 714 | |||
Period of recognized compensation cost (in years) | 1 year 5 months | ||||
2016 Plan | Performance shares | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Performance period (in years) | 3 years | ||||
Shares granted in period (in shares) | 87,000 | ||||
Shares forfeited in period (in shares) | 7,000 | ||||
2016 Plan | Performance shares | Minimum | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Common shares earned pursuant to award (in shares) | 0 | ||||
2016 Plan | Performance shares | Maximum | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Common shares earned as percentage of initial target number shares awarded | 200.00% | ||||
2016 Plan | Performance shares, 2018 award year | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Common shares earned as percentage of initial target number shares awarded | 0.00% | 100.00% | |||
Share-based compensation expense (benefit) | $ | $ (256) | ||||
2016 Plan | Performance and Restricted Shares | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Shares granted in period (in shares) | 134,000 | ||||
Shares granted in period, grant date fair value (in dollars per share) | $ / shares | $ 4.73 | ||||
Vesting period (in years) | 3 years | ||||
2016 Plan | Restricted Stock | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Shares granted in period (in shares) | 47,000 | ||||
Shares granted in period, grant date fair value (in dollars per share) | $ / shares | $ 3.15 | ||||
Vesting period (in years) | 1 year | ||||
Shares vested per one award (in shares) | 77,000 | ||||
Shares forfeited in period (in shares) | 4,000 | ||||
2016 Plan | Restricted Stock | Director | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Shares granted in period (in shares) | 61,000 | ||||
2016 Plan | Restricted Stock | Minimum | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Vesting period (in years) | 1 year | ||||
2016 Plan | Restricted Stock | Maximum | |||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||
Vesting period (in years) | 3 years |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 24,873 | $ 28,681 | $ 81,331 | $ 80,726 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20,301 | 24,197 | 68,745 | 65,544 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,572 | 4,484 | 12,586 | 15,182 |
Commercial revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 14,713 | 15,071 | 41,213 | 44,091 |
Military revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,160 | 13,610 | 40,118 | 36,635 |
Fixed wing aircraft | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,557 | 16,087 | 38,949 | 43,610 |
Rotorcraft | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5,088 | 5,516 | 17,261 | 16,385 |
Energy components for power generation units | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,887 | 4,629 | 13,347 | 16,318 |
Commercial product and other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,341 | $ 2,449 | $ 11,774 | $ 4,413 |
Transferred over Time | Revenue from Contract with Customer | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk | 56.00% |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | |
Change In Contract With Customer, Assets [Roll Forward] | ||
Contract assets - Beginning balance, October 1, 2018 | $ 0 | $ 10,140,000 |
Additional revenue recognized over-time | 45,034,000 | |
Less amounts billed to the customers | (46,264,000) | |
Contract assets - Ending balance, June 30, 2019 | 8,910,000 | 8,910,000 |
Change In Contract With Customer, Liability [Roll Forward] | ||
Contract liabilities (included within Accrued liabilities) - Beginning balance, October 1, 2018 | 0 | |
Payments received in advance of performance obligations | (2,000,000) | |
Performance obligations satisfied | 1,000,000 | |
Contract liabilities (included within Accrued liabilities) - Ending balance, June 30, 2019 | (1,000,000) | $ (1,000,000) |
Impairment loss on contract assets | $ 0 |
Revenue - Performance Obligatio
Revenue - Performance Obligation (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 104,369 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - Quality Aluminum Forge, LLC Manufacturing Facility Fire $ in Thousands | 9 Months Ended | |
Jun. 30, 2019USD ($) | Dec. 26, 2018buildingpress | |
Loss Contingencies [Line Items] | ||
Number of manufacturing buildings | building | 3 | |
Number of presses on site | press | 8 | |
Cash proceeds | $ 8,244 | |
Insurance payment | 619 | |
Damage from Fire, Explosion or Other Hazard | ||
Loss Contingencies [Line Items] | ||
Manufacturing buildings severely damaged | building | 1 | |
Presses on site, severely damaged | press | 6 | |
Building | ||
Loss Contingencies [Line Items] | ||
Capital expenditures | $ 378 |
Commitments and Contingencies -
Commitments and Contingencies - Insurance Receivable Balance Sheet Rollforward (Details) - Quality Aluminum Forge, LLC Manufacturing Facility Fire $ in Thousands | 9 Months Ended |
Jun. 30, 2019USD ($) | |
Loss Contingencies [Line Items] | |
Other receivable, beginning balance | $ 0 |
Cash proceeds | (8,244) |
Other expenses | 2,051 |
Business interruption | 619 |
Other receivable, ending balance | 0 |
Equipment | |
Loss Contingencies [Line Items] | |
Capital expenditures | $ 5,574 |
Commitments and Contingencies_3
Commitments and Contingencies - Insurance Proceeds Impact On Consolidated Condensed Statements Of Operation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loss Contingencies [Line Items] | ||||
Cost of goods sold | $ 23,486 | $ 25,402 | $ 75,119 | $ 72,889 |
Loss (gain) on insurance proceeds received | (3,304) | 0 | (4,468) | 0 |
Net loss | (7,370) | $ (1,532) | (9,911) | $ (4,481) |
Balance without insurance proceeds | ||||
Loss Contingencies [Line Items] | ||||
Cost of goods sold | 24,560 | 77,789 | ||
Loss (gain) on insurance proceeds received | 0 | 1,106 | ||
Net loss | (11,748) | (18,155) | ||
Insurance recoveries | ||||
Loss Contingencies [Line Items] | ||||
Cost of goods sold | (1,074) | (2,670) | ||
Loss (gain) on insurance proceeds received | (3,304) | (5,574) | ||
Net loss | $ (4,378) | $ (8,244) |
Asset Held for Sale and Dispo_2
Asset Held for Sale and Disposal (Details) - USD ($) $ in Thousands | Nov. 01, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 |
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Assets held for sale | $ 0 | $ 0 | $ 35 | ||||
Gain on disposal or impairment of operating assets | $ 0 | $ 282 | $ (357) | $ 282 | $ 1,071 | ||
Proceeds from sale of machinery and equipment | $ 317 |
Uncategorized Items - sif-20190
Label | Element | Value |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,598,000 |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,598,000 |