View Filing Data

$ 0.80

$ 1.63

$ 3.32

0.80

0.20

Basic earnings per share

0.80

2.43

^[1]

3.52

0.79

1.62

3.32

Diluted earnings per share

0.80

0.19

$ 0.79

$ 2.42

^[1]

$ 3.51

Weighted average shares:

Basic

11,869

12,003

11,948

Diluted

11,908

12,058

11,994

Dividends per share

$ 1.04

$ 1.00

[1]	The increase in earnings per share for the second quarter of Fiscal 2014 was primarily due to the sale of Transdyn. For additional information on this disposition, see Note N.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Consolidated Statement of Comprehensive Income (Loss) [Abstract]
Net income	$ 9,439	$ 29,224	$ 42,076
Foreign currency translation adjustments	(16,104)	(4,447)	(1,719)
Postretirement benefit adjustment, net of tax	206	17	25
Comprehensive income (loss)	$ (6,459)	$ 24,794	$ 40,382

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Summary of Significant Accounting Policies

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)
Balance at Sep. 30, 2012	$ 310,103	$ 119		$ 38,452	$ 271,911	$ (379)
Balance, shares at Sep. 30, 2012		11,916,000
Net income	42,076				42,076
Foreign currency translation adjustments	(1,719)					(1,719)
Stock-based compensation	2,369			2,369
Stock-based compensation, shares		39,000
Excess tax benefit from share-based compensation	464			464
Shares withheld in lieu of employee tax withholding	(187)			(187)
Amortization of restricted stock	2,095			2,095
Issuance of restricted stock, shares		17,000
Retirement of stock, shares		(1,000)
Postretirement benefit adjustment, net of tax	25					25
Balance at Sep. 30, 2013	355,226	$ 119		43,193	313,987	(2,073)
Balance, shares at Sep. 30, 2013		11,971,000
Net income	29,224				29,224
Foreign currency translation adjustments	(4,447)					(4,447)
Stock-based compensation	3,385			3,385
Stock-based compensation, shares		44,000
Excess tax benefit from share-based compensation	407			407
Shares withheld in lieu of employee tax withholding	(718)			(718)
Issuance of restricted stock	1	$ 1
Issuance of restricted stock, shares		16,000
Dividends paid	(11,998)				(11,998)
Postretirement benefit adjustment, net of tax	17					17
Balance at Sep. 30, 2014	$ 371,097	$ 120		46,267	331,213	(6,503)
Balance, shares at Sep. 30, 2014	12,031,243	12,031,000
Net income	$ 9,439				9,439
Foreign currency translation adjustments	(16,104)					(16,104)
Stock-based compensation	3,171			3,171
Stock-based compensation, shares		53,000
Excess tax benefit from share-based compensation	(191)			(191)
Shares withheld in lieu of employee tax withholding	(740)			(740)
Issuance of restricted stock	1	$ 1
Issuance of restricted stock, shares		16,000
Purchase of treasury value	$ (21,259)		$ (21,259)
Purchase of treasury shares	(670,181)		(670,000)
Dividends paid	$ (12,358)				(12,358)
Postretirement benefit adjustment, net of tax	206					206
Balance at Sep. 30, 2015	$ 333,262	$ 121	$ (21,259)	$ 48,507	$ 328,294	$ (22,401)
Balance, shares at Sep. 30, 2015	12,100,459	12,100,000	(670,000)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (PARENTHETICAL) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Statement Of Stockholders Equity [Abstract]
Postretirement benefit adjustment, tax	$ 123	$ 9	$ 14

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Operating Activities:
Net income	$ 9,439	$ 29,224	$ 42,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,120	11,386	8,519
Amortization	435	779	1,671
Gain on sale of discontinued operations, net of tax		(8,563)
Stock-based compensation	3,171	3,385	4,464
Excess tax benefit from stock-based compensation	191	(407)	(464)
Bad debt expense/(recovery)	(29)	1,074	(544)
Deferred income tax expense (benefit)	10,521	(3,212)	(6,720)
Gain on amended supply agreement	(2,029)	(1,522)
Cash received from amended supply agreement	2,333	10,000
Changes in operating assets and liabilities:
Accounts receivable, net	391	1,959	5,838
Costs and billings in excess of estimates on uncompleted contracts	(17,430)	(17,089)	23,054
Inventories	(572)	(3,959)	3,881
Prepaid expenses and other current assets	2,656	(1,101)	(3,530)
Accounts payable and income taxes payable	(5,073)	1,002	13,029
Accrued liabilities	(3,373)	(4,997)	(633)
Other, net	(833)	1,524	784
Net assets held for sale		(10,355)
Net cash provided by operating activities	12,918	9,128	91,425
Investing Activities:
Proceeds from sale of property, plant and equipment	112	118	885
Proceeds from sale of Transdyn		14,819
Purchases of property, plant and equipment	(34,719)	(16,495)	(74,369)
Net cash used in investing activities	(34,607)	(1,558)	(73,484)
Financing Activities:
Payments on industrial development revenue bonds	(400)	(400)	(400)
Excess tax benefit from stock-based compensation	(191)	407	464
Shares withheld in lieu of employee tax withholding	(740)	(499)	(187)
Purchase of treasury shares	(21,259)
Dividends paid	(12,358)	(11,998)
Payments on short-term and other financing		(16)	(329)
Net cash used in financing activities	(34,948)	(12,506)	(452)
Net increase (decrease) in cash and cash equivalents	(56,637)	(4,936)	17,489
Effect of exchange rate changes on cash and cash equivalents	(2,912)	643	(118)
Cash and cash equivalents, beginning of period	103,118	107,411	90,040
Cash and cash equivalents, end of period	$ 43,569	$ 103,118	$ 107,411

Business and Organization	12 Months Ended
Business and Organization	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business and Organization	A. Business and Organization Powell Industries, Inc. (we, us, our, Powell or the Company) was incorporated in the state of Delaware in 2004 as a successor to a Nevada company incorporated in 1968. The Nevada corporation was the successor to a company founded by William E. Powell in 1947, which merged into the Company in 1977. Our major subsidiaries, all of which are wholly owned, include: Powell Electrical Systems, Inc.; Powell (UK) Limited (formerly Switchgear & Instrumentation Limited); Powell Canada Inc. and Powell Industries International, B.V. We develop, design, manufacture and service custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy designed to (1) distribute, control and monitor the flow of electrical energy and (2) provide protection to motors, transformers and other electrically powered equipment. Our principal products include integrated power control room substations (PCRs®), custom-engineered modules, electrical houses (E-Houses), traditional and arc-resistant distribution switchgear and control gear, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers and bus duct systems. These products are designed for application voltages ranging from 480 volts to 38,000 volts and are used in oil and gas refining, offshore oil and gas production, petrochemical, pipeline, terminal, mining and metals, light rail traction power, electric utility, pulp and paper and other heavy industrial markets. Our product scope includes designs tested to meet both U.S. standards (ANSI) and international standards (IEC). We assist customers by providing value-added services such as spare parts, field service inspection, installation, commissioning, modification and repair, retrofit and retrofill components for existing systems and replacement circuit breakers for switchgear that is obsolete or that is no longer produced by the original manufacturer. We seek to establish long-term relationships with the end users of our systems as well as the design and construction engineering firms contracted by those end users. References to Fiscal 2015, Fiscal 2014 and Fiscal 2013 used throughout these Notes to Consolidated Financial Statements relate to our fiscal years ended September 30, 2015, 2014 and 2013, respectively. We previously reported two business segments: Electrical Power Products and Process Control Systems. In January 2014, we sold our wholly owned subsidiary Transdyn Inc. (Transdyn), which was reported in our Process Controls business segment. We have presented the results of these operations as income from discontinued operations, net of tax, for each of the accompanying consolidated statements of operations. While this sale did not result in a material disposition of assets or material reduction to income before income taxes relative to our consolidated financial statements, the revenues, gross profit, income before income taxes and assets of Transdyn comprised a significant majority of those respective amounts previously reported in our Process Control Systems business segment. As we previously reported only two business segments, Electrical Power Products and Process Control Systems, we have removed the presentation of business segments in these Notes to Consolidated Financial Statements. All current and historical financial information presented exclude the financial information for Transdyn or presents it as discontinued operations where applicable. For more information about this disposition, see Note N.

Summary of Significant Accounting Policies

12 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

B. Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of Powell and our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Reclassifications have been made in prior years’ Consolidated Statements of Cash Flows and Consolidated Statements of Stockholders’ Equity to conform and expand the presentation of shares withheld in lieu of employee tax withholding in the current year. These reclassifications have not resulted in any changes to previously reported cash flows or equity for any periods.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying footnotes. The most significant estimates used in our financial statements affect revenue and cost recognition for construction contracts, the allowance for doubtful accounts, provision for excess and obsolete inventory, goodwill and other intangible assets, self-insurance, warranty accruals and income taxes. The amounts recorded for insurance claims, warranties, legal, income taxes and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience and on various other assumptions, as well as the specific circumstances surrounding these contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability. Estimates may change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our estimates.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments with original maturities of three months or less.

Supplemental Disclosures of Cash Flow Information (in thousands):


	Year Ended September 30,
	2015		2014		2013
Cash paid during the period for:
Interest, net of interest income	$	70	$	149		$	164
Income taxes, net of refunds		2,298		18,889			14,783
Non-cash capital expenditures		147		13,527			2,807

Fair Value of Financial Instruments

Financial instruments include cash, cash equivalents, receivables, deferred compensation, payables and debt obligations. Except as described below, due to the short-term nature of account receivables and account payables, the book value is representative of their fair value. The carrying value of debt approximates fair value as interest rates are indexed to the Federal Funds Rate, the Canadian Prime Rate or the bank’s prime rate.

Accounts Receivable

Accounts receivable are stated net of allowances for doubtful accounts. We maintain and continually assess the adequacy of the allowance for doubtful accounts representing our estimate for losses resulting from the inability of our customers to pay amounts due to us. This estimated allowance is based on historical experience of uncollected accounts, the level of past due accounts, the overall level of outstanding accounts receivable, information about specific customers with respect to their inability to make payments and expectations of future conditions that could impact the collectability of accounts receivable. Future changes in our customers’ operating performance and cash flows, or in general economic conditions, could have an impact on their ability to fully pay these amounts, which could have a material impact on our operating results. In most cases, receivables are not collateralized. However, we utilize letters of credit to secure payment on sales when possible. At September 30, 2015 and 2014, accounts receivable included retention amounts of $5.4 million and $6.7 million, respectively. Retention amounts are in accordance with applicable provisions of contracts and become due upon completion of contractual requirements. Approximately $0.7 million of the retained amount at September 30, 2015, is expected to be collected subsequent to September 30, 2016.

Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts

Costs and estimated earnings in excess of billings on uncompleted contracts arise when revenues are recorded on a percentage-of-completion basis but cannot be invoiced under the terms of the contract. Such amounts are invoiced upon completion of contractual milestones.

Costs and estimated earnings in excess of billings on uncompleted contracts also include certain costs associated with unapproved change orders. These costs are included when the approval of the change order is probable. Amounts are carried at the lower of cost or net realizable value. Revenue is recognized to the extent of costs incurred when recovery is probable. The amounts recorded involve the use of judgments and estimates; thus, actual recoverable amounts could differ from original assumptions.

In accordance with industry practice, assets and liabilities related to costs and estimated earnings in excess of billings on uncompleted contracts, as well as billings in excess of costs and estimated earnings on uncompleted contracts, have been classified as current. The contract cycle for certain long-term contracts may extend beyond one year; thus, collection of amounts related to these contracts may extend beyond one year.

Inventories

Inventories are stated at the lower of cost or market using weighted-average methods and include the cost of materials, labor and manufacturing overhead. We use estimates in determining the level of reserves required to state inventory at the lower of cost or market. Our estimates are based on market activity levels, production requirements, the physical condition of products and technological innovation. Changes in any of these factors may result in adjustments to the carrying value of inventory.

Property, Plant and Equipment

Property, plant and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and improvements, which extend the useful lives of existing equipment, are capitalized and depreciated. Upon retirement or disposition of property, plant and equipment, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized in the Consolidated Statements of Operations.

We review property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value may not be realizable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if an impairment of such asset is necessary. If an impairment is indicated, we record an impairment loss equal to the difference between the carrying value and the fair value of the long-lived asset. This requires us to make long-term forecasts of the future revenues and the costs related to the assets subject to review. Forecasts require assumptions about demand for our products and future market conditions. Estimating future cash flows requires significant judgment and our projections may vary from cash flows eventually realized. Future events and unanticipated changes to assumptions could require a provision for impairment in a future period. The effect of any impairment would be reflected in income (loss) from operations in the Consolidated Statements of Operations. In addition, we estimate the useful lives of our property, plant and equipment and periodically review these estimates to determine whether these lives are appropriate.

Intangible Assets

The costs of intangible assets with determinable useful lives are amortized over their estimated useful lives. When certain events or changes in operating conditions occur, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if an impairment of such assets is necessary. For intangible assets that are amortized, we review their estimated useful lives and evaluate whether events and circumstances warrant a revision to the remaining useful life. For additional information regarding our intangible assets and related impairment, see Note E herein.

Goodwill

Goodwill is evaluated for impairment annually, or immediately if conditions indicate that impairment could exist. The evaluation requires a two-step impairment test to identify potential goodwill impairment and measure the amount of a goodwill impairment loss. The first step of the test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of the impairment loss. Both steps of the goodwill impairment testing involve significant estimates.

Income Taxes

We account for income taxes under the asset and liability method, based on the income tax laws and rates in the countries in which operations are conducted and income is earned. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Developing our provision for income taxes requires significant judgment and expertise in federal, international and state income tax laws, regulations and strategies, including the determination of deferred tax assets and liabilities and, if necessary, any valuation allowances that may be required for deferred tax assets. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. The recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability. Estimates may change as new events occur, estimates of future taxable income during the carryforward period are reduced or increased, additional information becomes available or operating environments change, which may result in a full or partial reversal of the valuation allowance. We will continue to assess the adequacy of the valuation allowance on a quarterly basis. Our judgments and tax strategies are subject to audit by various taxing authorities.

The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Accounting literature also provides guidance on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns. Variations in the actual outcome of these future tax consequences could materially impact our financial statements.

Revenue Recognition

Our revenues are primarily generated from engineering and manufacturing of custom products under long-term contracts that may last from one month to several years, depending on the contract. Revenues from long-term contracts are recognized on the percentage-of-completion method of accounting. Occasionally a contract may require that we segment the project into specific deliverables for revenue recognition. Segmenting a contract may result in different interim rates of profitability for each scope of service than if we had recognized revenue on a combined basis.

Under the percentage-of-completion method of accounting, revenues are recognized as work is performed. The revenue earned to date is calculated by multiplying the total contract price by the percentage of performance to date, which is based on total costs or total labor dollars incurred to date compared to the total estimated costs or total labor dollars estimated at completion. The method used to determine the percentage of completion is typically the cost method, unless the labor method is a more accurate method of measuring the progress of the project. Application of the percentage-of-completion method of accounting requires the use of estimates of costs to be incurred for the performance of the contract. Contract costs include all direct material costs, direct labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and all costs associated with operation of equipment. The cost estimation process is based upon the professional knowledge and experience of our engineers, project managers and financial professionals. Factors that are considered in estimating the work to be completed and ultimate contract recovery include the availability and productivity of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays on our project performance and the recoverability of any claims. Changes in job performance, job conditions, estimated profitability and final contract settlements, including our estimate of liquidated damages, if any, may result in revisions to costs and income, with their effects being recognized in the period in which the revisions are determined. Whenever revisions of estimated contract costs and contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period.

Revenues associated with maintenance, repair and service contracts are recognized when the services are performed. Expenses related to these types of services are recognized as incurred.

Warranties

We provide for estimated warranty costs with the recognition of revenue based upon historical rates applicable to individual product lines. In addition, specific provisions are made when the costs of such warranties are expected to exceed accruals. Our standard terms and conditions of sale include a warranty for parts and service for the earlier of 18 months from the date of shipment or 12 months from the date of energization, whichever occurs first. Occasionally projects require warranty terms that are longer than our standard terms due to the nature of the project. Extended warranty terms may be negotiated and included in our contracts. We use past experience and historical claims to determine the estimated liability. Actual results could differ from our estimate.

Research and Development Expense

Research and development activities are directed toward the development of new products and processes as well as improvements in existing products and processes. These costs, which primarily include salaries, contract services and supplies, are expensed as incurred. Such amounts were $7.0 million, $7.6 million and $7.6 million in Fiscal 2015, 2014 and 2013, respectively.

Foreign Currency Translation

The functional currency for our foreign subsidiaries is the local currency in which the entity is located. The financial statements of all subsidiaries with a functional currency other than the U.S. Dollar have been translated into U.S. Dollars. All assets and liabilities of foreign operations are translated into U.S. Dollars using year-end exchange rates, and all revenues and expenses are translated at average rates during the respective period. The U.S. Dollar results that arise from such translation, as well as exchange gains and losses on intercompany balances of a long-term investment nature, are included in the cumulative currency translation adjustments in accumulated other comprehensive income in stockholders’ equity.

Stock-Based Compensation

We measure stock-based compensation cost at the grant date based on the fair value of the award. Compensation expense is recognized over the period during which the employee is required to provide service in exchange for the awards, typically the vesting period. Excess income tax benefits related to share-based compensation expense that must be recognized directly in equity are considered financing rather than operating cash flow activities.

New Accounting Standards

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on our consolidated statements upon adoption.

In July 2013, the FASB issued accounting guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, which was our fiscal year ended September 30, 2015. This guidance should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of this guidance has not had a significant impact on our consolidated financial position or results of operations.

In April 2014, the FASB issued an amendment to the financial reporting of discontinued operations. The amendments in this update changed the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to the financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations that have a major effect on the organization’s operations and financial results should be presented as discontinued operations. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the ongoing trends in a reporting organization’s results from continuing operations. The amendments in this update are effective in the first quarter of 2015, which would be our fiscal year end September 30, 2016. Early adoption is permitted for disposals that have not been previously reported as discontinued operations. This amendment is not expected to have a material impact on our consolidated financial position or results of operations.

In May 2014, the FASB issued a new standard on revenue recognition that supersedes previously issued revenue recognition guidance. This standard provides a five-step approach to be applied to all contracts with customers and requires expanded disclosures about the nature, amount, timing and uncertainty of revenue (and the related cash flows) arising from customer contracts, significant judgments and changes in judgments used in applying the revenue model and the assets recognized from costs incurred to obtain or fulfill a contract. This guidance is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which would be our fiscal year ending September 30, 2019. The standard permits the use of either the retrospective or cumulative effect transition method therefore we are evaluating the effect that this new guidance will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

In June 2014, the FASB issued an amendment to the topic regarding share-based payments and instances where terms of an award provide that a performance target can be achieved after the requisite service period. This guidance has been provided to resolve the diversity in practice concerning employee share-based payments that contain performance targets that could be achieved after the requisite service period. The updated guidance requires that a performance target that affects vesting and that can be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and is attributable to the periods for which service has been rendered. If the performance target becomes probable of being achieved before the end of the service period, the remaining unrecognized compensation cost for which requisite service has not yet been rendered is recognized prospectively over the remaining service period. The total amount of compensation cost recognized during and after the service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The updated guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial position or results of operations.

In July 2015, the FASB issued a new topic on simplifying the measurement of inventory. The current standard is to measure inventory at lower of cost or market; where market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. This topic updates this guidance to measure inventory at the lower of cost and net realizable value; where net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This update is effective for annual reporting periods beginning after December 15, 2016, which would be our fiscal year ending September 30, 2018. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. This topic is not expected to have a material impact on our consolidated financial position or results of operations.

Earnings Per Share

12 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

C. Earnings Per Share

We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per common and potential common share includes the weighted average of additional shares associated with the incremental effect of dilutive restricted stock and restrictive stock units, as prescribed by the FASB guidance on earnings per share.

The following table reconciles basic and diluted weighted average shares used in the computation of earnings per share for the years ended September 30, 2015, 2014 and 2013 (in thousands, except per share data):

	Year Ended September 30,
	2015		2014		2013
Numerator:
Income from continuing operations	$	9,439	$	19,620	$	39,739
Income from discontinued operations		—		9,604		2,337
Net income	$	9,439	$	29,224	$	42,076
Denominator:
Weighted average basic shares		11,869		12,003		11,948
Dilutive effect of restricted stock units		39		55		46
Weighted average diluted shares with assumed conversions		11,908		12,058		11,994
Net earnings per share:
Continuing operations	$	0.80	$	1.63	$	3.32
Discontinued operations		—		0.80		0.20
Basic earnings per share	$	0.80	$	2.43	$	3.52

Continuing operations	$	0.79	$	1.62	$	3.32
Discontinued operations		—		0.80		0.19
Diluted earnings per share	$	0.79	$	2.42	$	3.51

Detail of Selected Balance Sheet Accounts

12 Months Ended

Sep. 30, 2015

Disclosure Text Block Supplement [Abstract]

Detail of Selected Balance Sheet Accounts

D. Detail of Selected Balance Sheet Accounts

Allowance for Doubtful Accounts

Activity in our allowance for doubtful accounts consisted of the following (in thousands):

	September 30,
	2015			2014
Balance at beginning of period	$	1,577		$	572
Bad debt expense (recovery)		(29	)		1,074
Uncollectible accounts written off, net of recoveries		(749	)		(58	)
Change in foreign currency translation		(53	)		(11	)
Balance at end of period	$	746		$	1,577

Inventories

The components of inventories are summarized below (in thousands):

	September 30,
	2015			2014
Raw materials, parts and subassemblies	$	36,575		$	35,349
Work-in-progress		1,084			2,035
Provision for excess and obsolete inventory		(4,768	)		(4,569	)
Total inventories	$	32,891		$	32,815

Cost and Estimated Earnings on Uncompleted Contracts

The components of costs and estimated earnings and related amounts billed on uncompleted contracts are summarized below (in thousands):

	September 30,
	2015			2014
Costs incurred on uncompleted contracts	$	912,237		$	604,939
Estimated earnings		271,640			157,562
		1,183,877			762,501
Less: Billings to date		(1,121,141	)		(715,233	)
Net underbilled position	$	62,736		$	47,268

Included in the accompanying balance sheets under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts – underbilled	$	104,793		$	95,970
Billings in excess of costs and estimated earnings on uncompleted contracts – overbilled		(42,057	)		(48,702	)
Net underbilled position	$	62,736		$	47,268

Property, Plant and Equipment

Property, plant and equipment are summarized below (in thousands):

	September 30,						Range of
	2015			2014			Asset Lives
Land	$	22,380		$	23,545		—
Buildings and improvements		120,983			100,901		3 - 39 Years
Machinery and equipment		100,306			100,922		3 - 15 Years
Furniture and fixtures		3,564			3,852		3 - 10 Years
Construction in process		1,013			15,878		—
	$	248,246		$	245,098
Less: Accumulated depreciation		(93,652	)		(88,202	)
Total property, plant and equipment, net	$	154,594		$	156,896

The increase in buildings and improvements was primarily the completion of the expansion of our facility in Acheson, Alberta, Canada in Fiscal 2015.

There were no assets under capital lease as of September 30, 2015 or September 30, 2014. Depreciation expense from continuing operations, including the depreciation of capital leases when applicable, was $13.1 million, $11.4 million and $8.5 million for fiscal years 2015, 2014, and 2013, respectively.

Warranty Accrual

Activity in our product warranty accrual consisted of the following (in thousands):

	September 30,
	2015			2014
Balance at beginning of period	$	4,557		$	5,282
Increase to warranty expense		3,364			3,237
Deduction for warranty charges		(2,738	)		(3,892	)
Increase (decrease) due to foreign currency translations		(253	)		(70	)
Balance at end of period	$	4,930		$	4,557

Goodwill and Intangible Assets

12 Months Ended

Sep. 30, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

E. Goodwill and Intangible Assets

Our intangible assets consist of goodwill, which is not being amortized, purchased technology (6- to 7-year useful lives) and trade names (10-year useful life), which are amortized over their estimated useful lives. We test for impairment of goodwill and intangible assets annually, or immediately if conditions indicate that impairment could exist. No impairment was identified as a result of performing our annual impairment tests for Fiscal 2015 or 2014.

Intangible assets balances, subject to amortization, at September 30, 2015 and 2014 consisted of the following (in thousands):

	September 30, 2015							September 30, 2014
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Value		Amortization			Value		Value		Amortization			Value
Purchased technology	$	11,749	$	(10,359	)	$	1,390	$	11,749	$	(9,918	)	$	1,831
Trade name		1,136		(1,136	)		—		1,136		(1,063	)		73
Total	$	12,885	$	(11,495	)	$	1,390	$	12,885	$	(10,981	)	$	1,904

Amortization of intangible assets recorded for the years ended September 30, 2015, 2014 and 2013, was $0.4 million, $0.8 million and $1.7 million, respectively.

Estimated amortization expense for each of the five subsequent fiscal years is expected to be (in thousands):

Years Ending September 30,	Total
2016	$	340
2017		340
2018		340
2019		340
2020		30

On August 7, 2006, we purchased certain assets related to the manufacturing of ANSI medium-voltage switchgear and circuit breaker business from General Electric Company (GE). In connection with the acquisition, we entered into a 15-year supply agreement with GE pursuant to which GE would purchase from the Company all of its requirements for ANSI medium-voltage switchgear and circuit breakers and other related equipment and components (the Products). In connection with the acquisition, we recorded an intangible asset related to this supply agreement. On December 30, 2013, the Company and GE amended the supply agreement to allow GE to manufacture similar Products for sale immediately and allow GE to begin purchasing Products from other suppliers beginning December 31, 2014. In return, GE paid us $10 million upon execution of the amended supply agreement and agreed to pay an additional $7 million over three years, subject to certain conditions. The first payment of $2.3 million was received in March 2015. We have $2.3 million recorded in other current assets and the remaining $2.3 million is recorded as a long-term receivable. We wrote off the intangible asset related to the original supply agreement and recorded a deferred credit in the amount of $8.1 million at December 31, 2013, the amount by which the total proceeds from GE exceeded the unamortized balance of our intangible asset. We are amortizing this deferred credit over the four-year life of the agreement and have recognized gains in other income of $2.0 million and $1.5 million for the years ended September 30, 2015 and 2014, respectively.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Commitments And Contingencies Disclosure [Abstract]

Long-Term Debt

12 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Long-Term Debt

F. Long-Term Debt

Long-term debt consisted of the following (in thousands):

	September 30,
	2015			2014
Industrial development revenue bonds	$	2,800		$	3,200
Capital lease obligations		—			—
Subtotal long-term debt and capital lease obligations		2,800			3,200
Less: current portion		(400	)		(400	)
Total long-term debt and capital lease obligations	$	2,400		$	2,800

The annual maturities of long-term debt as of September 30, 2015, were as follows (in thousands):

Year Ending September 30,	Long‑Term Debt Maturities
2016	$	400
2017		400
2018		400
2019		400
2020		400
Thereafter		800
Total long-term debt maturities	$	2,800

U.S. Revolver

In Fiscal 2014, we amended and restated our existing credit agreement (the Amended Credit Agreement) with a major domestic bank. In Fiscal 2015, we entered into the Second Amendment of the Amended Credit Agreement (the Second Amendment). The Second Amendment provided for the expansion of our Canadian manufacturing facility and allowed for the repurchase of our common stock pursuant to a share repurchase program announced in December 2014. The Amended Credit Agreement provides for a $75.0 million revolving credit facility (U.S. Revolver). Obligations are collateralized by the stock of certain of our subsidiaries.

The interest rate for amounts outstanding under the Amended Credit Agreement for the U.S. Revolver is a floating rate based upon the higher of the Federal Funds Rate plus 0.5%, the bank’s prime rate, or the Eurocurrency rate plus 1.00%. Once the applicable rate is determined, a margin ranging up to 1.75%, as determined by our consolidated leverage ratio, is added to the applicable rate.

The U.S. Revolver provides for the issuance of letters of credit which reduce the amounts that may be borrowed under this revolver. The amount available under the U.S. Revolver was reduced by $21.1 million for our outstanding letters of credit at September 30, 2015.

There were no borrowings outstanding under the U.S. Revolver as of September 30, 2015. Amounts available under the U.S. Revolver were $53.9 million at September 30, 2015. The U.S. Revolver expires on December 31, 2018.

The Amended Credit Agreement contains certain restrictive and maintenance-type covenants, such as restrictions on the amount of capital expenditures allowed. It also contains financial covenants defining various financial measures and the levels of these measures with which we must comply, as well as a “material adverse change” clause. A “material adverse change” is defined as a material change in our operations, business, properties, liabilities or condition (financial or otherwise) or a material impairment of our ability to perform our obligations under our credit agreements.

The Amended Credit Agreement is collateralized by a pledge of 100% of the voting capital stock of each of our domestic subsidiaries and 65% of the voting capital stock of each non-domestic subsidiary, excluding Powell Canada. The Amended Credit Agreement provides for customary events of default and carries cross-default provisions with other existing debt agreements. If an event of default (as defined in the Amended Credit Agreement) occurs and is continuing, on the terms and subject to the conditions set forth in the Amended Credit Agreement, amounts outstanding under the Amended Credit Agreement may be accelerated and may become immediately due and payable. As of September 30, 2015, we were in compliance with all of the financial covenants of the Amended Credit Agreement.

Canadian Revolver

We have a $7.5 million credit agreement with a major international bank in Canada (the Canadian Revolver) to provide working capital support and letters of credit for our operations in Canada. The Canadian Revolver provides for the issuance of letters of credit which reduce the amounts that may be borrowed under this revolver. There were no outstanding letters of credit at September 30, 2015.

There were no borrowings outstanding under the Canadian Revolver as of September 30, 2015 and amounts available under the Canadian Revolver were $7.5 million at September 30, 2015. The interest rate for amounts outstanding under the Canadian Revolver is a floating interest rate based upon either the Canadian Prime Rate, or the lender’s Bankers’ Acceptance Rate. Once the applicable rate is determined, a margin of 0.50% to 1.75%, as determined by our consolidated leverage ratio, is added to the applicable rate. The Canadian Revolver expires on March 31, 2018.

The principal financial covenants are consistent with those described in our Amended Credit Agreement. The Canadian Revolver contains a “material adverse effect” clause. A “material adverse effect” is defined as a material change in the operations of Powell or Powell Canada in relation to our financial condition, property, business operations, expected net cash flows, liabilities or capitalization.

The Canadian Revolver is secured by the assets of our Canadian operations and provides for customary events of default and carries cross-default provisions with our existing debt agreements. If an event of default (as defined in the Canadian Revolver) occurs and is continuing, per the terms and subject to the conditions set forth in the Canadian Revolver, amounts outstanding under the Canadian Revolver may be accelerated and may become immediately due and payable. As of September 30, 2015, we were in compliance with all of the financial covenants of the Canadian Revolver.

Industrial Development Revenue Bonds

We borrowed $8.0 million in October 2001 through a loan agreement funded with proceeds from tax-exempt industrial development revenue bonds (Bonds). These Bonds were issued by the Illinois Development Finance Authority and were used for the completion of our Northlake, Illinois facility. Pursuant to the Bond issuance, a reimbursement agreement between us and a major domestic bank required an issuance by the bank of an irrevocable direct-pay letter of credit (Bond LC), as collateral, to the Bonds’ trustee to guarantee payment of the Bonds’ principal and interest when due. The Bond LC is subject to both early termination and extension provisions customary to such agreements, as well as various covenants, for which we were in compliance at September 30, 2015. While the Bonds mature in 2021, the reimbursement agreement requires annual redemptions of $0.4 million that commenced on October 25, 2002. A sinking fund is used for the redemption of the Bonds. The Bonds bear interest at a floating rate determined weekly by the Bonds’ remarketing agent, which was the underwriter for the Bonds and is an affiliate of the bank. This interest rate was 0.17% as of September 30, 2015.

Commitments and Contingencies

12 Months Ended

Sep. 30, 2015

Commitments and Contingencies

G. Commitments and Contingencies

Long-Term Debt

See Note F herein for a discussion of our long-term debt.

Leases

We lease certain offices, facilities and equipment under operating leases expiring at various dates through 2023.

At September 30, 2015, the minimum annual rental commitments under leases having terms in excess of one year were as follows (in thousands):

Years Ending September 30,	Operating Leases
2016	$	3,768
2017		2,844
2018		2,147
2019		1,317
2020		1,325
Thereafter		5,586
Total lease commitments	$	16,987

Lease expense for all operating leases was $4.0 million, $3.9 million and $4.7 million for Fiscal 2015, 2014 and 2013, respectively. In Fiscal 2015, we exited one of our previously occupied leased facilities in Acheson, Alberta, Canada. The lease does not expire until October 2019; however, we are currently seeking to sublet the facility. We recorded a $0.8 million loss pertaining to this lease which represents the net difference between the annual lease costs and the anticipated sublease of this facility, as well as the write-off of associated leasehold improvements. In Fiscal 2014, we also exited one of our previously occupied leased facilities in Edmonton, Alberta, Canada. This lease does not expire until July 2023; however, we have sublet that facility through July 2019. We recorded a $1.7 million loss in the fourth quarter of fiscal year 2013 for the net difference between those annual lease costs and the expected receipts from the sublease, as well as the write-off of leasehold improvements.

Letters of Credit and Bonds

Certain customers require us to post bank letter of credit guarantees or performance bonds issued by a surety. These guarantees and performance bonds assure that we will perform under the terms of our contract. In the event of default, the counterparty may demand payment from the bank under a letter of credit or performance by the surety under a performance bond. To date, there have been no significant expenses related to either letters of credit or performance bonds for the periods reported. We were contingently liable for secured and unsecured letters of credit of $21.1 million as of September 30, 2015. We also had performance and maintenance bonds totaling $318.8 million that were outstanding, with additional bonding capacity of $431.2 million available, at September 30, 2015.

We have a $15.2 million facility agreement (Facility Agreement) between Powell (UK) Limited and a large international bank. This Facility Agreement provides Powell (UK) the ability to enter into bank guarantees as well as forward exchange contracts and currency options. At September 30, 2015, we had outstanding guarantees totaling $4.0 million under this Facility Agreement and amounts available under this Facility Agreement were $11.2 million. This facility is renewable in May 2016.

The Facility Agreement provides for financial covenants and customary events of default, and carries cross-default provisions with our Amended Credit Facility. If an event of default (as defined in the Facility Agreement) occurs and is continuing, per the terms and subject to the conditions set forth in the Facility Agreement, obligations outstanding under the Facility Agreement may be accelerated and may become or be declared immediately due and payable. As of September 30, 2015, we were in compliance with all of the financial covenants of the Facility Agreement.

Litigation

We are involved in various legal proceedings, claims and other disputes arising from our commercial operations, projects, employees and other matters which, in general, are subject to uncertainties and in which the outcomes are not predictable. Although we can give no assurances about the outcome of pending or threatened litigation and the effect such outcomes may have on us, management believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided or covered by insurance, will not have a material adverse effect on our consolidated financial position or results of operations or liquidity.

In March 2013, we settled a lawsuit we had filed against the previous owners of Powell Canada for $1.7 million, which was received in April 2013 and is recorded as gain on settlement in the accompanying Consolidated Statement of Operations.

Liquidated Damages

Certain of our customer contracts have schedule and performance obligation clauses that, if we fail to meet them, could subject us to liquidated damages. Each individual contract defines the conditions under which the customer may make a claim against us. As of September 30, 2015, our exposure to possible liquidated damages is $5.4 million, of which approximately $1.8 million is probable. Based on our actual or projected failure to meet these various contractual commitments, $1.7 million has been recorded against revenue in our statement of operations. We believe that we will be successful in obtaining change orders or contract extensions that should resolve the potential for any unaccrued liquidated damages; however, should we fail to achieve relief on some or all of these contractual obligations, we could be subject to additional liquidated damages which could impact our future operating results.

Income Taxes

12 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

H. Income Taxes

The components of the income tax provision were as follows (in thousands):

	Year Ended September 30,
	2015			2014			2013
Current:
Federal	$	2,638		$	12,184		$	10,919
State		699			2,226			1,757
Foreign		(306	)		(130	)		1,575
		3,031			14,280			14,251
Deferred:
Federal		3,296			(1,798	)		(580	)
State		420			(311	)		(114	)
Foreign		6,805			(1,103	)		(6,170	)
		10,521			(3,212	)		(6,864	)
Total income tax provision	$	13,552		$	11,068		$	7,387

Income before income taxes was as follows (in thousands):

	Year Ended September 30,
	2015			2014			2013
U.S.	$	33,549		$	35,131		$	43,299
Other than U.S.		(10,558	)		(4,443	)		3,827
Income before income taxes	$	22,991		$	30,688		$	47,126

A reconciliation of the statutory U.S. income tax rate and the effective income tax rate, as computed on earnings before income tax provision in each of the three years presented in the Consolidated Statements of Operations, was as follows:

	Year Ended September 30,
	2015			2014			2013
Statutory rate		35	%		35	%		35	%
State income taxes, net of federal benefit		3			3			2
Research and development credit		(21	)		—			—
International withholding tax		—			—			(1	)
Other permanent tax items		2			1			1
Foreign rate differential		4			1			(1	)
Domestic production activities deduction		(3	)		(3	)		(3	)
Foreign valuation allowance and other		39			(1	)		(17	)
Effective rate		59	%		36	%		16	%

Our provision for income taxes reflects an effective tax rate on pre-tax earnings of 59% in Fiscal 2015 compared to 36% and 16% in Fiscal 2014 and 2013, respectively. The effective tax rate for Fiscal 2015 was adversely impacted by the establishment of a valuation allowance against the Canadian net deferred assets. The effective tax rate for Fiscal 2015 was favorably impacted by the resolution of an IRS audit that resulted in a $4.1 million release of uncertain tax benefits as well as the retroactive reinstatement of the Federal Research and Development Tax Credit (R&D Credit) for the second through fourth quarters of Fiscal 2014 which gave rise to a $0.6 million tax benefit. The effective tax rate for Fiscal 2014 approximated the combined U.S. federal and state statutory rate, while the effective tax rate in Fiscal 2013 was favorably impacted by the release of a valuation allowance that was recorded against Canadian deferred tax assets.

We have not recorded deferred income taxes on $18.4 million of undistributed earnings of our foreign subsidiaries because of management’s intent to indefinitely reinvest such earnings. Upon distribution of these earnings in the form of dividends or otherwise, we may be subject to U.S. income taxes and foreign withholding taxes. It is not practical, however, to estimate the amount of taxes that may be payable on the eventual remittance of these earnings.

We are subject to income tax in the U.S., multiple state jurisdictions and certain international jurisdictions, primarily the U.K. and Canada. We do not consider any state in which we do business to be a major tax jurisdiction. We remain open to examination in the other jurisdictions as follows: Canada 2010 – 2014, United Kingdom 2013-2014 and the United States 2013 – 2014.

The net deferred income tax asset (liability) was comprised of the following (in thousands):

	September 30,
	2015			2014
Current deferred income taxes:
Gross assets	$	3,910		$	5,297
Gross liabilities		—			—
Net current deferred income tax asset		3,910			5,297
Noncurrent deferred income taxes:
Gross assets		5,005			11,532
Gross liabilities		(2,717	)		(110	)
Net noncurrent deferred income tax asset		2,288			11,422
Net deferred income tax asset	$	6,198		$	16,719

The tax effect of temporary differences between U.S. GAAP accounting and federal income tax accounting creating deferred income tax assets and liabilities was as follows (in thousands):

	September 30,
	2015			2014
Deferred Tax Assets:
Net operating loss	$	9,877		$	6,236
Uniform capitalization and inventory		1,895			2,529
Deferred compensation		1,848			1,611
Stock-based compensation		993			1,529
Reserve for accrued employee benefits		1,482			1,444
Depreciation and amortization		—			1,217
Warranty accrual		915			643
Goodwill		398			474
Postretirement benefits liability		—			252
Allowance for doubtful accounts		166			495
Workers’ compensation		8			128
Accrued legal		60			65
Credit carryforwards and other		1,329			1,109
Deferred tax assets		18,971			17,732
Deferred Tax Liabilities:
Depreciation and amortization		(2,705	)		—
Other		(12	)		(110	)
Deferred tax liabilities		(2,717	)		(110	)

Less: valuation allowance		(10,056	)		(903	)
Net deferred tax asset	$	6,198		$	16,719

At September 30, 2015, we had $37 million of gross foreign net operating loss carryforwards, the majority of which are subject to a 20-year carryforward period and will begin to expire in 2031. During Fiscal 2015, we established a valuation allowance in the amount of $9.3 million against Canadian net deferred tax assets. In assessing the realizability of net deferred tax assets, we consider whether it is more-likely-than-not that some portion or all of the net deferred tax assets may not be realized. The ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. In light of the historical Canadian losses, and projected losses in the near term, we are required under the more-likely-than-not accounting standard to record a valuation allowance against the Canadian net deferred assets because we may not be able to realize the benefits of the net operating loss carryforwards and other deductible differences.

A rollforward of the valuation allowance for the past three years is summarized below:

Balance at September 30, 2012	$	7,498
Charged to cost and expenses		(6,318	)
Charged to other accounts		(1,045	)
Balance at September 30, 2013	$	135
Charged to cost and expenses		80
Charged to other accounts		688
Balance at September 30, 2014	$	903
Charged to cost and expenses		10,048
Charged to other accounts		(895	)
Balance at September 30, 2015	$	10,056

A reconciliation of the beginning and ending amount of the unrecognized tax liabilities follows (in thousands):

	Year Ended September 30,
	2015			2014			2013
Balance at beginning of period	$	4,026		$	3,845		$	511
Increases related to tax positions taken during the current period		954			225			880
Increases related to tax positions taken during a prior period		2			14			2,869
Decreases related to expiration of statute of limitations		(49	)		(58	)		(415	)
Decreases related to settlement with taxing authorities		(4,149	)		—			—
Balance at end of period	$	784		$	4,026		$	3,845

Our continuing policy is to recognize interest and penalties related to income tax matters as tax expense. The amount of interest and penalty expense recorded for the year ended September 30, 2015 was not material.

During Fiscal 2013, prior year U.S. federal income tax returns were amended to reflect increased R&D Credits and unrecognized tax benefits related to these refund claims were recorded. These amended returns, along with the refund claims, were subject to an Internal Revenue Service audit which was closed during the second quarter of Fiscal 2015 resulting in a $4.1 million tax benefit. Due to the expiration of certain state statutes of limitations, management believes that, within the next 12 months, it is reasonably possible to recognize a nominal amount from a decrease in unrecognized tax benefits.

Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in our tax audits are resolved in a manner not consistent with management’s expectations, we could be required to adjust our provision for income tax in the period such resolution occurs. Although timing of the resolution and/or closure of audits is highly uncertain, we do not believe it is reasonably possible that our unrecognized tax benefits could materially change in the next 12 months.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Sep. 30, 2015
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	I. Employee Benefit Plans Retirement Plans We have defined employee contribution plans for substantially all of our U.S. employees (401(k) plan) and our Canadian employees (Registered Retirement Savings Plan). We recognized expenses under these plans primarily related to matching contributions of $5.9 million, $5.3 million and $4.9 million in Fiscal 2015, 2014 and 2013, respectively. Deferred Compensation We offer a non-qualified deferred compensation plan to a select group of management and highly compensated individuals. The plan permits the deferral of up to 50% of a participant’s base salary and/or 100% of a participant’s annual incentive bonus. The deferrals are held in a separate trust, an irrevocable rabbi trust (the Rabbi Trust), which has been established to administer the plan. The Rabbi Trust is intended to be used as a source of funds to match respective funding obligations to participants. The assets of the trust are subject to the claims of our creditors in the event that we become insolvent. Consequently, the Rabbi Trust qualifies as a grantor trust for income tax purposes. We make periodic payments into company-owned life insurance policies held in this Rabbi Trust to fund the expected obligations arising under this plan. The assets and liabilities of the plan are recorded in other assets and deferred compensation, respectively, in the accompanying Consolidated Balance Sheets. Changes in the deferred compensation balance are recorded to compensation expense and reflected within the selling, general and administrative line in the Consolidated Statements of Operations. The plan is not qualified under Section 401 of the Internal Revenue code. We recorded net compensation expense adjustments of $0.1 million related to this plan in Fiscal 2015. Total assets held by the trustee and deferred compensation liabilities were $4.8 million and $4.5 million, respectively, at September 30, 2015. Certain former executives were provided an executive benefit plan which provides for fixed payments upon normal retirement on or after age 65 and the completion of at least 10 years of continuous employment. The estimated present value of these payments were accrued over the service life of these individuals, and $0.5 million is recorded in deferred compensation related to this executive benefit plan. To assist in funding the deferred compensation liability, we have invested in corporate-owned life insurance policies. The cash surrender value of these policies is presented in other assets and was $4.5 million at September 30, 2015. Retiree Medical Plan We have a plan that extends health benefits to retirees that are also available to active employees under our existing health plans. This plan is unfunded. The plan provides coverage for employees with at least 10 years of service who are age 55 or older but less than 65. The retiree is required to pay the COBRA rate less a subsidy provided by us based on years of service at the time of retirement. The unfunded liability was $0.7 million as of September 30, 2015 and 2014 and our net periodic postretirement benefit expenses have been less than $0.1 million for the last three fiscal years. Due to the immateriality of the costs and liabilities of this plan, no further disclosure is being presented.

Stock-Based Compensation

12 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

J. Stock-Based Compensation

We have the following stock-based compensation plans:

2014 Equity Incentive Plan

In February 2014, our stockholders approved and adopted at the Annual Meeting of Stockholders the 2014 Equity Incentive Plan (the 2014 Plan) which replaced our 2006 Equity Compensation Plan (2006 Plan). Persons eligible to receive awards under the 2014 Plan include our officers and employees. The 2014 Plan authorizes stock options, stock appreciation rights, restricted stock, restricted stock units and performance-based awards, as well as certain other awards. Restricted stock grants vest equally over their respective vesting period on each anniversary of the grant date and compensation expense is recognized over their respective vesting periods based on the price per share on the grant date.

In accordance with the 2014 Plan, the compensation committee has authorized grants of restricted stock units (RSUs) to certain officers and key employees of the company. The fair value of the RSUs is based on the closing price of our common stock as reported on the NASDAQ Global Market (NASDAQ) on the grant dates. Typically, these grants vest over a three-year period from their date of issuance, of which sixty percent of the grant will be earned based on the three year earnings performance of the Company following the grant date. The remaining forty percent of the grant is time-based and vests over a three-year period on each anniversary of the grant date, based on continued employment. At September 30, 2015, there were 133,506 RSUs outstanding. The RSUs do not have voting rights but do receive dividend equivalents upon vesting; additionally, the shares of common stock underlying the RSUs are not considered issued and outstanding until vested and common stock is issued.

Total RSU activity (number of shares) for the past three years is summarized below:

	Number of			Weighted
	Restricted			Average
	Stock			Fair Value
	Units			Per Share
Outstanding at September 30, 2012		99,725		$	32.69
Granted		58,775			39.05
Vested		(66,383	)		34.00
Forfeited		(10,562	)		33.46
Outstanding at September 30, 2013		81,555		$	38.66
Granted		57,200			66.15
Vested		(29,832	)		44.88
Forfeited		(2,078	)		56.34
Outstanding at September 30, 2014		106,845		$	51.30
Granted		89,500			41.75
Vested		(55,431	)		45.23
Forfeited		(7,408	)		—
Outstanding at September 30, 2015		133,506		$	50.26

We have reserved 750,000 shares of common stock for issuance under the 2014 Plan. In Fiscal 2015, 16,846 shares were issued under the 2014 Plan and the total number of shares of common stock left available was 728,376 shares.

2006 Equity Compensation Plan

In August 2012, 45,000 shares of restricted stock were issued under the 2006 Plan to our President and Chief Executive Officer. These shares were issued at a price of $39.11 per share and vested over a three-year period on each anniversary of the grant date. The 2006 Plan terminated in December 2013 and no further awards will be made under this plan.

2014 Non-Employee Director Equity Incentive Plan

In February 2014, our stockholders approved and adopted at the Annual Meeting of Stockholders the 2014 Non-Employee Director Equity Incentive Plan (the 2014 Director Plan), which replaced our former Non-Employee Director Restricted Stock Plan (Restricted Stock Plan). The total number of shares of common stock reserved under the plan is 150,000 shares. The plan is administered by the Compensation Committee. Eligibility to participate in the plan is limited to those individuals who are members of the Board of the Company and who are not employees of the Company or any affiliate of the Company.

Under the terms of the 2014 Director Plan, the maximum number of shares that may be granted during any calendar year to any individual is 12,000 shares. The total number of shares that may be issued for awards to any single participant during a calendar year for other stock-based awards (excluding stock options and SARs) is 4,000 shares. The Compensation Committee has determined that each non-employee director will receive 2,000 restricted shares of the Company’s common stock annually and that the annual grant of restricted shares will vest over a two-year period, of which 50% will vest on each anniversary of the grant date.

In February 2015, we issued 16,000 restricted shares at a price of $33.37 per share and in September 2015, we issued 1,400 restricted shares at a price of $29.48 per share under the 2014 Director Plan. In February 2014, 16,000 shares of restricted stock were issued to our directors at a price of $66.15 per share. The total number of shares of common stock available for future awards under the 2014 Director plan was 116,600 shares as of September 30, 2015.

We did not issue any shares in Fiscal 2015 under the Restricted Stock Plan, however, in January 2013, 500 shares of restricted stock were issued to a newly appointed director at a price of $42.54 per share and in February 2013, 16,000 shares of restricted stock were issued to our directors at a price of $58.54 per share. The Restricted Stock Plan terminated in December 2014, and no further grants shall be made under this plan.

At September 30, 2015 and 2014, there were 26,200 shares and 54,240 shares of unvested restricted stock outstanding. Total compensation expense related to restricted stock grants under all plans was $1.3 million, $1.3 million and $2.1 million for the years ended September 30, 2015, 2014 and 2013, respectively. Total compensation expense related to RSU’s under all plans was $1.9 million, $2.1 million and $2.4 million for the years ended September 30, 2015, 2014 and 2013, respectively.

We record the amortization of non-vested restricted stock and restricted stock units as an increase to additional paid-in capital. As of September 30, 2015 and 2014, amounts not yet recognized related to non-vested stock totaled $1.9 million and $2.4 million, respectively. As of September 30, 2015, the total weighted average remaining contractual life of our restricted stock and RSU’s is 0.87 years and 1.29 years, respectively.

Fair Value Measurements

12 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

K. Fair Value Measurements

We measure certain financial assets and liabilities at fair value. Fair value is defined as an “exit price” which represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in valuing an asset or liability. The accounting guidance requires the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. As a basis for considering such assumptions and inputs, a fair value hierarchy has been established that identifies and prioritizes three levels of inputs to be used in measuring fair value.

The three levels of the fair value hierarchy are as follows:

Level 1 — Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Inputs other than the quoted prices in active markets that are observable either directly or indirectly, including: quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market data and require the reporting entity to develop its own assumptions.

The following table summarizes the fair value of our assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2015 (in thousands):

	Fair Value Measurements at September 30, 2015
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable		Fair Value at
	Identical Assets		Inputs		Inputs		March 31,
	(Level 1)		(Level 2)		(Level 3)		2015
Assets:
Cash equivalents	$	434	$	—	$	—	$	434
Deferred compensation		1,879		2,904		—		4,783
Liabilities:
Deferred compensation		—		4,487		—		4,487

The following table summarizes the fair value of our assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2014 (in thousands):

	Fair Value Measurements at September 30, 2014
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable		Fair Value at
	Identical Assets		Inputs		Inputs		September 30,
	(Level 1)		(Level 2)		(Level 3)		2014
Assets:
Cash equivalents	$	10,535	$	—	$	—	$	10,535
Deferred compensation		724		2,802		—		3,526
Liabilities:
Deferred compensation		—		3,688		—		3,688

Cash equivalents, primarily funds held in money market savings instruments, are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in our Consolidated Balance Sheets.

Fair Value of Other Financial Instruments

Fair value guidance requires certain fair value disclosures be presented in both interim and annual reports. The estimated fair value amounts of financial instruments have been determined using available market information and valuation methodologies described below.

Deferred Compensation – We hold investments in an irrevocable Rabbi Trust for our deferred compensation plan. These assets include both mutual fund investments and company-owned life insurance policies. Under the plan, participants designate investment options to serve as the basis for measurement of the notional value of their accounts. The fair values of the underlying securities of these funds are based on quoted market prices and are categorized as Level I in the fair value measurement hierarchy. The company-owned life insurance policies are valued at cash surrender value and are therefore categorized as Level 2 in the fair value measurement hierarchy.

Industrial Development Revenue Bonds – The fair value of our long-term debt depends primarily on the coupon rate of our industrial development revenue bonds. The carrying value of our long-term debt at September 30, 2015, approximates fair value based on the current coupon rate of the bonds, which is reset weekly. It is classified as a Level 2 input in the fair value measurement hierarchy as there is an active market for the trading of these industrial development revenue bonds.

There were no transfers between levels with the fair value measurement hierarchy during Fiscal 2015.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Geographic Information

12 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Geographic Information

L. Geographic Information

Revenues by country represent sales to unaffiliated customers as determined by the ultimate destination of our products and services, summarized for the last three fiscal years by region in the table below (in thousands):

	Year Ended September 30,
	2015		2014		2013
United States	$	474,038	$	365,085	$	374,453
Canada		101,191		137,684		113,391
Middle East and Africa		40,557		84,330		61,618
Europe (including former Soviet Union)		23,567		34,920		24,092
Far East		12,026		15,127		35,388
Mexico, Central and South America		10,479		10,668		31,925
Total revenues	$	661,858	$	647,814	$	640,867

	September 30,
	2015		2014
Long-lived assets:
United States	$	95,694	$	99,711
Canada		53,879		51,493
United Kingdom		5,021		5,692
Total	$	154,594	$	156,896

Long-lived assets by country consist of property, plant and equipment, net of accumulated depreciation and are determined based on the location of the tangible assets.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Discontinued Operations And Disposal Groups [Abstract]

Restructuring and Separation Costs	12 Months Ended
Restructuring and Separation Costs	Sep. 30, 2015
Restructuring And Related Activities [Abstract]
Restructuring and Separation Costs	M. Restructuring and Separation Costs In Fiscal 2015, we incurred $3.4 million of restructuring and separation costs. Of this, $2.6 million were separation and severance costs associated with headcount reductions in Canada and certain U.S. operations as we continue to respond to current market conditions, as well as the departure of our former Chief Operating Officer. The remaining $0.8 million was related to the exit of one of our previously occupied leased facilities in Acheson, Alberta, Canada and the write-off of associated leasehold improvements. The lease does not expire until October 2019; however, we are currently seeking to sublet the facility. Of the restructuring and separation costs, $2.4 million has been paid as of September 30, 2015 and the remaining $0.2 million will be paid by September 2016. In Fiscal 2013, we recorded restructuring and relocation charges totaling $3.9 million. We incurred approximately $2.8 million in Fiscal 2013 related to relocation efforts in connection with the construction of our new facility in Houston, Texas and our new facility in Acheson, Alberta, Canada. These costs were primarily related to the relocation of our operations, the loss on the sublease, and the abandonment of leasehold improvements on the previously occupied facilities in the second half of Fiscal 2013. Also in Fiscal 2013, we recorded and paid $1.1 million related to severance at our United Kingdom operations. These operations were negatively impacted by market conditions and competitive pressures in the international markets in which they operate; therefore, we exited certain non-core operations and eliminated certain positions to better align our workforce with current market conditions.

Discontinued Operations

12 Months Ended

Sep. 30, 2015

Discontinued Operations

N. Discontinued Operations

On January 15, 2014, we sold our wholly owned subsidiary Transdyn to a global provider of electronic toll collection systems, headquartered in Vienna, Austria. The purchase price from the sale of this subsidiary totaled $16.0 million, of which we received cash of $14.4 million. The remaining $1.6 million was placed into an escrow account and was released to us in July 2015. We received additional cash of $0.4 million after the final working capital adjustment was calculated in March 2014. We recorded a gain on this transaction of $8.6 million, net of tax, which has been included in income from discontinued operations in Fiscal 2014 in the accompanying consolidated statements of operations. Transdyn’s results were previously reflected in the Process Control Systems business segment.

We have presented the results of these operations as income from discontinued operations, net of tax, for each of the accompanying consolidated statements of operations.

Summary comparative financial results of discontinued operations were as follows (in thousands):

	Year Ended September 30,
	2015		2014		2013
Revenues	$	—	$	13,923	$	33,905
Income from discontinued operations, net of tax of $633 and $1,269, respectively	$	—	$	1,041	$	2,337
Gain on sale of discontinued operations, net of tax of $5,218		—		8,563		—
Net income from discontinued operations, net of tax	$	—	$	9,604	$	2,337
Earnings per share information:
Basic	$	—	$	0.80	$	0.20
Diluted	$	—	$	0.80	$	0.19

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Quarterly Financial Information Disclosure [Abstract]

Share Repurchase Program	12 Months Ended
Share Repurchase Program	Sep. 30, 2015
Share Repurchase Program [Abstract]
Share Repurchase Program	O. Share Repurchase Program On December 17, 2014, our Board of Directors authorized a repurchase program (the Repurchase Program) under which we may repurchase up to $25 million of our outstanding stock. The purchases may be made from time to time in the open market, through privately negotiated transactions and Rule 10b5-1 trading plans in accordance with applicable laws, rules and regulations. The Repurchase Program is being funded from cash on hand and cash provided by operating activities. The Repurchase Program will expire as of the close of business on December 31, 2015. As of September 30, 2015, we had purchased 670,181 shares at cost of $21.3 million under the Repurchase Program. The average purchase price per share through September 30, 2015 has been $31.72.

Quarterly Information

12 Months Ended

Sep. 30, 2015

Quarterly Information

P. Quarterly Information

The table below sets forth the unaudited consolidated operating results by fiscal quarter for the years ended September 30, 2015 and 2014 (in thousands, except per share data):

	2015 Quarters
	First			Second			Third		Fourth		2015
Revenues	$	152,601		$	170,199		$	176,733	$	162,325	$	661,858
Gross profit		21,069			24,301			32,944		29,947		108,261
Net income (loss)		(239	)		(3,683	)		7,049		6,312		9,439
Earnings per share:
Basic	$	(0.02	)	$	(0.31	)	$	0.60	$	0.54	$	0.80
Diluted	$	(0.02	)	$	(0.31	)	$	0.60	$	0.54	$	0.79

	2014 Quarters
	First		Second		Third		Fourth		2014
Revenues	$	171,872	$	162,295	$	150,800	$	162,847	$	647,814
Gross profit		35,158		34,928		29,642		25,746		125,474
Income from continuing operations		7,268		6,976		2,947		2,429		19,620
Net income		8,255		15,593		2,947		2,429		29,224
Earnings per share ─ continuing operations:
Basic	$	0.61	$	0.58	$	0.25	$	0.20	$	1.63
Diluted	$	0.60	$	0.58	$	0.24	$	0.20	$	1.62

Earnings per share: (1)
Basic	$	0.69	$	1.30	$	0.25	$	0.20	$	2.43
Diluted	$	0.68	$	1.29	$	0.24	$	0.20	$	2.42

(1)	The increase in earnings per share for the second quarter of Fiscal 2014 was primarily due to the sale of Transdyn. For additional information on this disposition, see Note N.

The sum of the individual earnings per share amounts may not agree with year-to-date earnings per share as each period’s computation is based on the weighted-average number of shares outstanding during the period.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Principles of Consolidation

The consolidated financial statements include the accounts of Powell and our wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Use of Estimates

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits with banks and highly liquid investments with original maturities of three months or less.

Supplemental Disclosures of Cash Flow Information (in thousands):


	Year Ended September 30,
	2015		2014		2013
Cash paid during the period for:
Interest, net of interest income	$	70	$	149		$	164
Income taxes, net of refunds		2,298		18,889			14,783
Non-cash capital expenditures		147		13,527			2,807

Fair Value of Financial Instruments

Accounts Receivable

Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts

Inventories

Property, Plant and Equipment

Goodwill and Intangible Assets

Intangible Assets

Goodwill

Income Taxes

Revenue Recognition

Revenues associated with maintenance, repair and service contracts are recognized when the services are performed. Expenses related to these types of services are recognized as incurred.

Warranties

Research and Development Expense

Foreign Currency Translation

Stock-Based Compensation

New Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Supplemental Disclosures of Cash Flow Information

Supplemental Disclosures of Cash Flow Information (in thousands):


	Year Ended September 30,
	2015		2014		2013
Cash paid during the period for:
Interest, net of interest income	$	70	$	149		$	164
Income taxes, net of refunds		2,298		18,889			14,783
Non-cash capital expenditures		147		13,527			2,807

Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

	Year Ended September 30,
	2015		2014		2013
Numerator:
Income from continuing operations	$	9,439	$	19,620	$	39,739
Income from discontinued operations		—		9,604		2,337
Net income	$	9,439	$	29,224	$	42,076
Denominator:
Weighted average basic shares		11,869		12,003		11,948
Dilutive effect of restricted stock units		39		55		46
Weighted average diluted shares with assumed conversions		11,908		12,058		11,994
Net earnings per share:
Continuing operations	$	0.80	$	1.63	$	3.32
Discontinued operations		—		0.80		0.20
Basic earnings per share	$	0.80	$	2.43	$	3.52

Continuing operations	$	0.79	$	1.62	$	3.32
Discontinued operations		—		0.80		0.19
Diluted earnings per share	$	0.79	$	2.42	$	3.51

Detail of Selected Balance Sheet Accounts (Tables)

12 Months Ended

Sep. 30, 2015

Disclosure Text Block Supplement [Abstract]

Activity in Allowance for Doubtful Accounts

Activity in our allowance for doubtful accounts consisted of the following (in thousands):

	September 30,
	2015			2014
Balance at beginning of period	$	1,577		$	572
Bad debt expense (recovery)		(29	)		1,074
Uncollectible accounts written off, net of recoveries		(749	)		(58	)
Change in foreign currency translation		(53	)		(11	)
Balance at end of period	$	746		$	1,577

Components of Inventories

The components of inventories are summarized below (in thousands):

	September 30,
	2015			2014
Raw materials, parts and subassemblies	$	36,575		$	35,349
Work-in-progress		1,084			2,035
Provision for excess and obsolete inventory		(4,768	)		(4,569	)
Total inventories	$	32,891		$	32,815

Cost and Estimated Earnings on Uncompleted Contracts

The components of costs and estimated earnings and related amounts billed on uncompleted contracts are summarized below (in thousands):

	September 30,
	2015			2014
Costs incurred on uncompleted contracts	$	912,237		$	604,939
Estimated earnings		271,640			157,562
		1,183,877			762,501
Less: Billings to date		(1,121,141	)		(715,233	)
Net underbilled position	$	62,736		$	47,268

Included in the accompanying balance sheets under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts – underbilled	$	104,793		$	95,970
Billings in excess of costs and estimated earnings on uncompleted contracts – overbilled		(42,057	)		(48,702	)
Net underbilled position	$	62,736		$	47,268

Schedule of Property, Plant and Equipment

Property, plant and equipment are summarized below (in thousands):

	September 30,						Range of
	2015			2014			Asset Lives
Land	$	22,380		$	23,545		—
Buildings and improvements		120,983			100,901		3 - 39 Years
Machinery and equipment		100,306			100,922		3 - 15 Years
Furniture and fixtures		3,564			3,852		3 - 10 Years
Construction in process		1,013			15,878		—
	$	248,246		$	245,098
Less: Accumulated depreciation		(93,652	)		(88,202	)
Total property, plant and equipment, net	$	154,594		$	156,896

Activity in Product Warranty Accrual

Activity in our product warranty accrual consisted of the following (in thousands):

	September 30,
	2015			2014
Balance at beginning of period	$	4,557		$	5,282
Increase to warranty expense		3,364			3,237
Deduction for warranty charges		(2,738	)		(3,892	)
Increase (decrease) due to foreign currency translations		(253	)		(70	)
Balance at end of period	$	4,930		$	4,557

Goodwill and Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Subject to Amortization

Intangible assets balances, subject to amortization, at September 30, 2015 and 2014 consisted of the following (in thousands):

	September 30, 2015							September 30, 2014
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Value		Amortization			Value		Value		Amortization			Value
Purchased technology	$	11,749	$	(10,359	)	$	1,390	$	11,749	$	(9,918	)	$	1,831
Trade name		1,136		(1,136	)		—		1,136		(1,063	)		73
Total	$	12,885	$	(11,495	)	$	1,390	$	12,885	$	(10,981	)	$	1,904

Schedule of Estimated Amortization Expense

Estimated amortization expense for each of the five subsequent fiscal years is expected to be (in thousands):

Years Ending September 30,	Total
2016	$	340
2017		340
2018		340
2019		340
2020		30

Long-Term Debt (Tables)

12 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Components of Long-Term Debt

Long-term debt consisted of the following (in thousands):

	September 30,
	2015			2014
Industrial development revenue bonds	$	2,800		$	3,200
Capital lease obligations		—			—
Subtotal long-term debt and capital lease obligations		2,800			3,200
Less: current portion		(400	)		(400	)
Total long-term debt and capital lease obligations	$	2,400		$	2,800

Schedule of Maturities of Long-Term Debt

The annual maturities of long-term debt as of September 30, 2015, were as follows (in thousands):

Year Ending September 30,	Long‑Term Debt Maturities
2016	$	400
2017		400
2018		400
2019		400
2020		400
Thereafter		800
Total long-term debt maturities	$	2,800

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Topic 835
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-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

12 Months Ended

Sep. 30, 2015

Schedule of Future Minimum Annual Rental Commitments Under Leases

At September 30, 2015, the minimum annual rental commitments under leases having terms in excess of one year were as follows (in thousands):

Years Ending September 30,	Operating Leases
2016	$	3,768
2017		2,844
2018		2,147
2019		1,317
2020		1,325
Thereafter		5,586
Total lease commitments	$	16,987

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The components of the income tax provision were as follows (in thousands):

	Year Ended September 30,
	2015			2014			2013
Current:
Federal	$	2,638		$	12,184		$	10,919
State		699			2,226			1,757
Foreign		(306	)		(130	)		1,575
		3,031			14,280			14,251
Deferred:
Federal		3,296			(1,798	)		(580	)
State		420			(311	)		(114	)
Foreign		6,805			(1,103	)		(6,170	)
		10,521			(3,212	)		(6,864	)
Total income tax provision	$	13,552		$	11,068		$	7,387

Schedule of Income Before Income Taxes

Income before income taxes was as follows (in thousands):

	Year Ended September 30,
	2015			2014			2013
U.S.	$	33,549		$	35,131		$	43,299
Other than U.S.		(10,558	)		(4,443	)		3,827
Income before income taxes	$	22,991		$	30,688		$	47,126

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended September 30,
	2015			2014			2013
Statutory rate		35	%		35	%		35	%
State income taxes, net of federal benefit		3			3			2
Research and development credit		(21	)		—			—
International withholding tax		—			—			(1	)
Other permanent tax items		2			1			1
Foreign rate differential		4			1			(1	)
Domestic production activities deduction		(3	)		(3	)		(3	)
Foreign valuation allowance and other		39			(1	)		(17	)
Effective rate		59	%		36	%		16	%

Schedule of Components of Deferred Income Tax Assets and Liabilities

The net deferred income tax asset (liability) was comprised of the following (in thousands):

	September 30,
	2015			2014
Current deferred income taxes:
Gross assets	$	3,910		$	5,297
Gross liabilities		—			—
Net current deferred income tax asset		3,910			5,297
Noncurrent deferred income taxes:
Gross assets		5,005			11,532
Gross liabilities		(2,717	)		(110	)
Net noncurrent deferred income tax asset		2,288			11,422
Net deferred income tax asset	$	6,198		$	16,719

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences between U.S. GAAP accounting and federal income tax accounting creating deferred income tax assets and liabilities was as follows (in thousands):

	September 30,
	2015			2014
Deferred Tax Assets:
Net operating loss	$	9,877		$	6,236
Uniform capitalization and inventory		1,895			2,529
Deferred compensation		1,848			1,611
Stock-based compensation		993			1,529
Reserve for accrued employee benefits		1,482			1,444
Depreciation and amortization		—			1,217
Warranty accrual		915			643
Goodwill		398			474
Postretirement benefits liability		—			252
Allowance for doubtful accounts		166			495
Workers’ compensation		8			128
Accrued legal		60			65
Credit carryforwards and other		1,329			1,109
Deferred tax assets		18,971			17,732
Deferred Tax Liabilities:
Depreciation and amortization		(2,705	)		—
Other		(12	)		(110	)
Deferred tax liabilities		(2,717	)		(110	)

Less: valuation allowance		(10,056	)		(903	)
Net deferred tax asset	$	6,198		$	16,719

Schedule of Valuation Allowance

A rollforward of the valuation allowance for the past three years is summarized below:

Balance at September 30, 2012	$	7,498
Charged to cost and expenses		(6,318	)
Charged to other accounts		(1,045	)
Balance at September 30, 2013	$	135
Charged to cost and expenses		80
Charged to other accounts		688
Balance at September 30, 2014	$	903
Charged to cost and expenses		10,048
Charged to other accounts		(895	)
Balance at September 30, 2015	$	10,056

Reconciliation of Unrecognized Tax Liabilities

A reconciliation of the beginning and ending amount of the unrecognized tax liabilities follows (in thousands):

	Year Ended September 30,
	2015			2014			2013
Balance at beginning of period	$	4,026		$	3,845		$	511
Increases related to tax positions taken during the current period		954			225			880
Increases related to tax positions taken during a prior period		2			14			2,869
Decreases related to expiration of statute of limitations		(49	)		(58	)		(415	)
Decreases related to settlement with taxing authorities		(4,149	)		—			—
Balance at end of period	$	784		$	4,026		$	3,845

Stock-Based Compensation (Tables)

12 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Restricted Stock Units Activity

Total RSU activity (number of shares) for the past three years is summarized below:

	Number of			Weighted
	Restricted			Average
	Stock			Fair Value
	Units			Per Share
Outstanding at September 30, 2012		99,725		$	32.69
Granted		58,775			39.05
Vested		(66,383	)		34.00
Forfeited		(10,562	)		33.46
Outstanding at September 30, 2013		81,555		$	38.66
Granted		57,200			66.15
Vested		(29,832	)		44.88
Forfeited		(2,078	)		56.34
Outstanding at September 30, 2014		106,845		$	51.30
Granted		89,500			41.75
Vested		(55,431	)		45.23
Forfeited		(7,408	)		—
Outstanding at September 30, 2015		133,506		$	50.26

Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table summarizes the fair value of our assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2015 (in thousands):

	Fair Value Measurements at September 30, 2015
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable		Fair Value at
	Identical Assets		Inputs		Inputs		March 31,
	(Level 1)		(Level 2)		(Level 3)		2015
Assets:
Cash equivalents	$	434	$	—	$	—	$	434
Deferred compensation		1,879		2,904		—		4,783
Liabilities:
Deferred compensation		—		4,487		—		4,487

The following table summarizes the fair value of our assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2014 (in thousands):

	Fair Value Measurements at September 30, 2014
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable		Fair Value at
	Identical Assets		Inputs		Inputs		September 30,
	(Level 1)		(Level 2)		(Level 3)		2014
Assets:
Cash equivalents	$	10,535	$	—	$	—	$	10,535
Deferred compensation		724		2,802		—		3,526
Liabilities:
Deferred compensation		—		3,688		—		3,688

Geographic Information (Tables)

12 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Schedule of Revenues from External Customers by Geographical Areas

	Year Ended September 30,
	2015		2014		2013
United States	$	474,038	$	365,085	$	374,453
Canada		101,191		137,684		113,391
Middle East and Africa		40,557		84,330		61,618
Europe (including former Soviet Union)		23,567		34,920		24,092
Far East		12,026		15,127		35,388
Mexico, Central and South America		10,479		10,668		31,925
Total revenues	$	661,858	$	647,814	$	640,867

Schedule of Long-Lived Assets by Geographical Areas

	September 30,
	2015		2014
Long-lived assets:
United States	$	95,694	$	99,711
Canada		53,879		51,493
United Kingdom		5,021		5,692
Total	$	154,594	$	156,896

Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2015

Discontinued Operations And Disposal Groups [Abstract]

Schedule of Discontinued Operations

Summary comparative financial results of discontinued operations were as follows (in thousands):

	Year Ended September 30,
	2015		2014		2013
Revenues	$	—	$	13,923	$	33,905
Income from discontinued operations, net of tax of $633 and $1,269, respectively	$	—	$	1,041	$	2,337
Gain on sale of discontinued operations, net of tax of $5,218		—		8,563		—
Net income from discontinued operations, net of tax	$	—	$	9,604	$	2,337
Earnings per share information:
Basic	$	—	$	0.80	$	0.20
Diluted	$	—	$	0.80	$	0.19

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Financial Information Disclosure [Abstract]

Quarterly Information (Tables)

12 Months Ended

Sep. 30, 2015

Schedule of Quarterly Financial Information

The table below sets forth the unaudited consolidated operating results by fiscal quarter for the years ended September 30, 2015 and 2014 (in thousands, except per share data):

	2015 Quarters
	First			Second			Third		Fourth		2015
Revenues	$	152,601		$	170,199		$	176,733	$	162,325	$	661,858
Gross profit		21,069			24,301			32,944		29,947		108,261
Net income (loss)		(239	)		(3,683	)		7,049		6,312		9,439
Earnings per share:
Basic	$	(0.02	)	$	(0.31	)	$	0.60	$	0.54	$	0.80
Diluted	$	(0.02	)	$	(0.31	)	$	0.60	$	0.54	$	0.79

	2014 Quarters
	First		Second		Third		Fourth		2014
Revenues	$	171,872	$	162,295	$	150,800	$	162,847	$	647,814
Gross profit		35,158		34,928		29,642		25,746		125,474
Income from continuing operations		7,268		6,976		2,947		2,429		19,620
Net income		8,255		15,593		2,947		2,429		29,224
Earnings per share ─ continuing operations:
Basic	$	0.61	$	0.58	$	0.25	$	0.20	$	1.63
Diluted	$	0.60	$	0.58	$	0.24	$	0.20	$	1.62

Earnings per share: (1)
Basic	$	0.69	$	1.30	$	0.25	$	0.20	$	2.43
Diluted	$	0.68	$	1.29	$	0.24	$	0.20	$	2.42

(1)	The increase in earnings per share for the second quarter of Fiscal 2014 was primarily due to the sale of Transdyn. For additional information on this disposition, see Note N.

Summary of Significant Accounting Policies (Supplemental Disclosures of Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Supplemental Cash Flow Information [Abstract]
Interest, net of interest income	$ 70	$ 149	$ 164
Income taxes, net of refunds	2,298	18,889	14,783
Non-cash capital expenditures	$ 147	$ 13,527	$ 2,807

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Accounting Policies [Abstract]
Retention amounts included in accounts receivable	$ 5,400	$ 6,700
Retained amount expected to be collected subsequent to September 30, 2016	700
Research and development expenses	$ 6,980	$ 7,608	$ 7,615

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2013

Numerator:

Income from continuing operations

$ 2,429

$ 2,947

$ 6,976

$ 7,268

$ 9,439

$ 19,620

$ 39,739

Income from discontinued operations

9,604

2,337

Net income

$ 6,312

$ 7,049

$ (3,683)

$ (239)

$ 2,429

$ 2,947

$ 15,593

$ 8,255

$ 9,439

$ 29,224

$ 42,076

Denominator:

Weighted average basic shares

11,869

12,003

11,948

Dilutive effect of restricted stock units

Weighted average diluted shares with assumed conversions

11,908

12,058

11,994

Net earnings per share:

$ 0.20

$ 0.25

$ 0.58

$ 0.61

$ 0.80

$ 1.63

$ 3.32

0.80

0.20

Basic earnings per share

$ 0.54

$ 0.60

$ (0.31)

$ (0.02)

0.20

^[1]

0.25

^[1]

1.30

^[1]

0.69

^[1]

0.80

2.43

^[1]

3.52

0.20

0.24

0.58

0.60

0.79

1.62

3.32

Diluted earnings per share

0.80

0.19

$ 0.54

$ 0.60

$ (0.31)

$ (0.02)

$ 0.20

^[1]

$ 0.24

^[1]

$ 1.29

^[1]

$ 0.68

^[1]

$ 0.79

$ 2.42

^[1]

$ 3.51

[1]	The increase in earnings per share for the second quarter of Fiscal 2014 was primarily due to the sale of Transdyn. For additional information on this disposition, see Note N.

Detail of Selected Balance Sheet Accounts (Activity in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Balance Sheet Related Disclosures [Abstract]
Balance at beginning of period	$ 1,577	$ 572
Bad debt expense (recovery)	(29)	1,074	$ (544)
Uncollectible accounts written off, net of recoveries	(749)	(58)
Change in foreign currency translation	(53)	(11)
Balance at end of period	$ 746	$ 1,577	$ 572

Detail of Selected Balance Sheet Accounts (Components of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Balance Sheet Related Disclosures [Abstract]
Raw materials, parts and subassemblies	$ 36,575	$ 35,349
Work-in-progress	1,084	2,035
Provision for excess and obsolete inventory	(4,768)	(4,569)
Total inventories	$ 32,891	$ 32,815

Detail of Selected Balance Sheet Accounts (Cost and Estimated Earnings on Uncompleted Contracts) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Balance Sheet Related Disclosures [Abstract]
Costs incurred on uncompleted contracts	$ 912,237	$ 604,939
Estimated earnings	271,640	157,562
Total	1,183,877	762,501
Less: Billings to date	(1,121,141)	(715,233)
Net underbilled position	62,736	47,268
Included in the accompanying balance sheets under the following captions:
Costs and estimated earnings in excess of billings on uncompleted contracts – underbilled	104,793	95,970
Billings in excess of costs and estimated earnings on uncompleted contracts – overbilled	(42,057)	(48,702)
Net underbilled position	$ 62,736	$ 47,268

Detail of Selected Balance Sheet Accounts (Schedule of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Property Plant And Equipment [Line Items]
Property, plant and equipment gross	$ 248,246	$ 245,098
Less: Accumulated depreciation	(93,652)	(88,202)
Total property, plant and equipment, net	154,594	156,896
Land
Property Plant And Equipment [Line Items]
Property, plant and equipment gross	22,380	23,545
Building and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment gross	$ 120,983	100,901
Building and Improvements \| Minimum
Property Plant And Equipment [Line Items]
Asset Lives	3 years
Building and Improvements \| Maximum
Property Plant And Equipment [Line Items]
Asset Lives	39 years
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment gross	$ 100,306	100,922
Machinery and Equipment \| Minimum
Property Plant And Equipment [Line Items]
Asset Lives	3 years
Machinery and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Asset Lives	15 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment gross	$ 3,564	3,852
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Asset Lives	3 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Asset Lives	10 years
Construction in Process
Property Plant And Equipment [Line Items]
Property, plant and equipment gross	$ 1,013	$ 15,878

Detail of Selected Balance Sheet Accounts (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Property Plant And Equipment [Line Items]
Property, plant and equipment gross	$ 248,246	$ 245,098
Depreciation	13,120	11,386	$ 8,519
Assets Under Capital Leases
Property Plant And Equipment [Line Items]
Property, plant and equipment gross	$ 0	$ 0

Detail of Selected Balance Sheet Accounts (Activity in Product Warranty Accrual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Balance Sheet Related Disclosures [Abstract]
Balance at beginning of period	$ 4,557	$ 5,282
Increase to warranty expense	3,364	3,237
Deduction for warranty charges	(2,738)	(3,892)
Increase (decrease) due to foreign currency translations	(253)	(70)
Balance at end of period	$ 4,930	$ 4,557

Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Finite Lived Intangible Assets [Line Items]
Impairment of goodwill		$ 0	$ 0
Amortization of intangible assets		435,000	779,000	$ 1,659,000
Cash received from amended supply agreement	$ 2,300,000	2,333,000	10,000,000
Other current assets		3,916,000	4,291,000
Long term receivable		$ 2,333,000	4,667,000
Deferred credit amortization period		4 years
Gain in other income		$ 2,402,000	$ 1,522,000
General Electric Company
Finite Lived Intangible Assets [Line Items]
Additional amount paid on execution of agreement		$ 7,000,000
Acquired finite-lived intangible assets, period		3 years
Other current assets		$ 2,300,000
Deferred credit					$ 8,100,000
Purchased Technology \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset		6 years
Purchased Technology \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset		7 years
Trade Names
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset		10 years
Supply Agreement
Finite Lived Intangible Assets [Line Items]
Useful life of intangible asset		15 years

Goodwill and Intangible Assets (Schedule of Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 12,885	$ 12,885
Accumulated Amortization	(11,495)	(10,981)
Net Carrying Value	1,390	1,904
Purchased Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	11,749	11,749
Accumulated Amortization	(10,359)	(9,918)
Net Carrying Value	1,390	1,831
Trade Name
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	1,136	1,136
Accumulated Amortization	$ (1,136)	(1,063)
Net Carrying Value		$ 73

Goodwill and Intangible Assets (Schedule of Estimated Amortization Expense) (Details) $ in Thousands	Sep. 30, 2015 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2016	$ 340
2017	340
2018	340
2019	340
2020	$ 30

Long-Term Debt (Components of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Industrial development revenue bonds	$ 2,800	$ 3,200
Subtotal long-term debt and capital lease obligations	2,800	3,200
Less: current portion	(400)	(400)
Total long-term debt and capital lease obligations	$ 2,400	$ 2,800

Long-Term Debt (Schedule of Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
2016	$ 400
2017	400
2018	400
2019	400
2020	400
Thereafter	800
Total long-term debt maturities	$ 2,800	$ 3,200

Long Term Debt (Narrative) (Details) - USD ($)	12 Months Ended
Long Term Debt (Narrative) (Details) - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Oct. 31, 2001
U.S. Revolver
Line Of Credit Facility [Line Items]
Revolving credit facility		$ 75,000,000
Revolving credit interest rate	The interest rate for amounts outstanding under the Amended Credit Agreement for the U.S. Revolver is a floating rate based upon the higher of the Federal Funds Rate plus 0.5%, the bank’s prime rate, or the Eurocurrency rate plus 1.00%.
Outstanding letters of credit	$ 21,100,000
Amount of credit facility remaining borrowing capacity	$ 53,900,000
Credit facility expiration date	Dec. 31, 2018
Revolving credit facility borrowings, outstanding amount	$ 0
Percentage of voting capital stock pledged as collateral	100.00%
Non-domestic subsidiaries of voting capital stock	65.00%
U.S. Revolver \| Maximum
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
U.S. Revolver \| Federal Funds Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
U.S. Revolver \| Eurocurrency Rate
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Canadian Revolver
Line Of Credit Facility [Line Items]
Revolving credit facility	$ 7,500,000
Outstanding letters of credit	0
Amount of credit facility remaining borrowing capacity	$ 7,500,000
Credit facility expiration date	Mar. 31, 2018
Revolving credit facility borrowings, outstanding amount	$ 0
Canadian Revolver \| Maximum
Line Of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Canadian Revolver \| Minimum
Line Of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Industrial Development Revenue Bonds
Line Of Credit Facility [Line Items]
Borrowings			$ 8,000,000
Reimbursement agreement requires annual redemptions	$ 400,000
Interest rate	0.17%

Commitments and Contingencies (Schedule of Future Minimum Annual Rental Commitments Under Leases) (Details) $ in Thousands	Sep. 30, 2015 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2016	$ 3,768
2017	2,844
2018	2,147
2019	1,317
2020	1,325
Thereafter	5,586
Total lease commitments	$ 16,987

Commitments and Contingencies (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2013	Sep. 30, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Guarantee Obligations [Line Items]
Lease expense for operating leases			$ 4,000,000	$ 3,900,000	$ 4,700,000
Additional bonding capacity			431,200,000
Proceeds from legal settlements	$ 1,700,000
Liquidated damages			5,400,000
Probable liquidated damages			1,800,000
Loss contingency, estimate of actual or projected loss			1,700,000
Facility Agreement \| Powell (UK) Limited
Guarantee Obligations [Line Items]
Guarantee liability			4,000,000
Revolving credit facility			15,200,000
Amount of credit facility remaining borrowing capacity			11,200,000
Financial Standby Letter of Credit
Guarantee Obligations [Line Items]
Guarantee liability			21,100,000
Performance Guarantee
Guarantee Obligations [Line Items]
Guarantee liability			318,800,000
Acheson Alberta Canada
Guarantee Obligations [Line Items]
Loss on sublease and write-off of leasehold improvements			$ 800,000
Edmonton Alberta Canada
Guarantee Obligations [Line Items]
Loss on sublease and write-off of leasehold improvements		$ 1,700,000

Income Taxes (Schedule of Components of Income Tax Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Current:
Federal	$ 2,638	$ 12,184	$ 10,919
State	699	2,226	1,757
Foreign	(306)	(130)	1,575
Current income tax provision	3,031	14,280	14,251
Deferred:
Federal	3,296	(1,798)	(580)
State	420	(311)	(114)
Foreign	6,805	(1,103)	(6,170)
Deferred income tax provision	10,521	(3,212)	(6,864)
Total income tax provision	$ 13,552	$ 11,068	$ 7,387

Income Taxes (Schedule of Income Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]
U.S.	$ 33,549	$ 35,131	$ 43,299
Other than U.S.	(10,558)	(4,443)	3,827
Income from continuing operations before income taxes	$ 22,991	$ 30,688	$ 47,126

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Statutory rate	35.00%	35.00%	35.00%
State income taxes, net of federal benefit	3.00%	3.00%	2.00%
Research and development credit	(21.00%)
International withholding tax			(1.00%)
Other permanent tax items	2.00%	1.00%	1.00%
Foreign rate differential	4.00%	1.00%	(1.00%)
Domestic production activities deduction	(3.00%)	(3.00%)	(3.00%)
Foreign valuation allowance and other	39.00%	(1.00%)	(17.00%)
Effective rate	59.00%	36.00%	16.00%

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Effective tax rate		59.00%	36.00%	16.00%
Release of uncertain tax benefits	$ 600	$ 4,149
Undistributed earnings of foreign subsidiaries		18,400
Operating loss carryforwards		37,000
Operating loss carryforwards, valuation allowance		$ 9,300
Operating loss carryforwards, expiration period (in years)		20 years
Operating loss carryforwards, expiration date		2031
Tax benefit		$ 4,100

Income Taxes (Schedule of Components of Deferred Income Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Gross assets, current	$ 3,910	$ 5,297
Net current deferred income tax asset	3,910	5,297
Gross assets, noncurrent	5,005	11,532
Gross liabilities, noncurrent	(2,717)	(110)
Net noncurrent deferred income tax asset	2,288	11,422
Net deferred income tax asset	$ 6,198	$ 16,719

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Net operating loss	$ 9,877	$ 6,236
Uniform capitalization and inventory	1,895	2,529
Deferred compensation	1,848	1,611
Stock-based compensation	993	1,529
Reserve for accrued employee benefits	1,482	1,444
Depreciation and amortization		1,217
Warranty accrual	915	643
Goodwill	398	474
Postretirement benefits liability		252
Allowance for doubtful accounts	166	495
Workers’ compensation	8	128
Accrued legal	60	65
Credit carryforwards and other	1,329	1,109
Deferred tax assets	18,971	17,732
Depreciation and amortization	(2,705)
Other	(12)	(110)
Deferred tax liabilities	(2,717)	(110)
Less: valuation allowance	(10,056)	(903)
Net deferred income tax asset	$ 6,198	$ 16,719

Income Taxes (Schedule of Valuation Allowance) (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Valuation Allowance [Line Items]
Beginning balance	$ 903	$ 135	$ 7,498
Charged to cost and expenses	10,048	80	(6,318)
Charged to other accounts	(895)	688	(1,045)
Ending balance	$ 10,056	$ 903	$ 135

Income Taxes (Reconciliation of Unrecognized Tax Liabilities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Balance at beginning of period		$ 4,026	$ 3,845	$ 511
Increases related to tax positions taken during the current period		954	225	880
Increases related to tax positions taken during a prior period		2	14	2,869
Decreases related to expiration of statute of limitations		(49)	(58)	(415)
Decreases related to settlement with taxing authorities	$ (600)	(4,149)
Balance at end of period		$ 784	$ 4,026	$ 3,845

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items]
Defined contribution plan recognized expenses	$ 5,900	$ 5,300	$ 4,900
Percentage of employee based salary permitted for deferral under the plan	50.00%
Percentage of employee annual bonus permitted for deferral under the plan	100.00%
Deferred compensation expense adjustment	$ 100
Deferred compensation plan assets	4,800
Deferred compensation liabilities	4,487	3,688
Deferred compensation recorded liability	500
Cash Surrender value of life insurance	$ 4,500
Deferred Compensation
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items]
Deferred compensation requisite service period	10 years
Retiree Medical Plan
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items]
Deferred compensation requisite service period	10 years
Unfunded liability	$ 700	700
Retiree Medical Plan \| Maximum
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items]
Net periodic postretirement benefit cost		$ 100	$ 100	$ 100

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended						12 Months Ended
	Sep. 30, 2015	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2013	Jan. 31, 2013	Aug. 31, 2012	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2012
2014 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance			750,000
Shares issued under the plan							16,846
Number of shares available for grant	728,376						728,376
2014 Non-Employee Director Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance	116,600		150,000				116,600
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock outstanding	133,506						133,506	106,845	81,555	99,725
Compensation expense							$ 1.9	$ 2.1	$ 2.4
Amounts not yet recognized related to non-vested stock totaled	$ 1.9						$ 1.9	2.4
Weighted average remaining contractual life							1 year 3 months 15 days
Restricted Stock Units (RSUs) \| 2014 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted stock outstanding	133,506						133,506
Restricted Stock Units (RSUs) \| 2014 Equity Incentive Plan \| Performance Based Restricted Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Actual amount of RSUs earned based on cumulative earnings							60.00%
Vesting period							3 years
Restricted Stock Units (RSUs) \| 2014 Equity Incentive Plan \| Time Based Restricted Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period							3 years
Target RSUs granted range							40.00%
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued under the plan			16,000	16,000	500		0
Shares issued, price per share			$ 66.15	$ 58.54	$ 42.54
Compensation expense							$ 1.3	$ 1.3	$ 2.1
Weighted average remaining contractual life							10 months 13 days
Restricted Stock \| 2006 Equity Compensation Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						3 years
Shares issued under the plan						45,000	0
Shares issued, price per share						$ 39.11
Restricted Stock \| 2014 Non-Employee Director Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			2 years
Unvested restricted stock outstanding	26,200						26,200	54,240
Shares issued under the plan	1,400	16,000
Shares issued, price per share	$ 29.48	$ 33.37					$ 29.48
Maximum number of Share granted to any individual			12,000
Number of share issued to any individual			4,000
Restricted stock issuable to eligible Board of Directors members annually			2,000
Restricted Stock \| 2014 Non-Employee Director Equity Incentive Plan \| Vesting of First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage			50.00%
Restricted Stock \| 2014 Non-Employee Director Equity Incentive Plan \| Vesting of Second Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage			50.00%

Stock-Based Compensation (Schedule of Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding Beginning Balance, Number of Restricted Stock Units	106,845	81,555	99,725
Granted, Number of Restricted Stock Units	89,500	57,200	58,775
Vested, Number of Restricted Stock Units	(55,431)	(29,832)	(66,383)
Forfeited, Number of Restricted Stock Units	(7,408)	(2,078)	(10,562)
Outstanding Ending balance, Number of Restricted Stock Units	133,506	106,845	81,555
Outstanding Beginning Balance, Weighted Average Fair Value Per Share	$ 51.30	$ 38.66	$ 32.69
Granted, Weighted Average Fair Value Per Share	41.75	66.15	39.05
Vested, Weighted Average Fair Value Per Share	45.23	44.88	34.00
Forfeited, Weighted Average Fair Value Per Share		56.34	33.46
Outstanding Ending balance, Weighted Average Fair Value Per Share	$ 50.26	$ 51.30	$ 38.66

Fair Value Measurements (Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Assets:
Cash equivalents	$ 434	$ 10,535
Deferred compensation	4,783	3,526
Liabilities:
Deferred compensation	4,487	3,688
Fair Value, Inputs, Level 1
Assets:
Cash equivalents	434	10,535
Deferred compensation	1,879	724
Fair Value, Inputs, Level 2
Assets:
Deferred compensation	2,904	2,802
Liabilities:
Deferred compensation	$ 4,487	$ 3,688

Fair Value Measurements (Narrative) (Details)	12 Months Ended
Fair Value Measurements (Narrative) (Details)	Sep. 30, 2015 USD ($)
Fair Value Disclosures [Abstract]
Transfers between measurement levels	$ 0

Geographic Information (Schedule of Revenues from External Customers by Geographical Areas) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenues	$ 661,858	$ 647,814	$ 640,867
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenues	474,038	365,085	374,453
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenues	101,191	137,684	113,391
Middle East and Africa
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenues	40,557	84,330	61,618
Europe (including former Soviet Union)
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenues	23,567	34,920	24,092
Far East
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenues	12,026	15,127	35,388
Mexico, Central and South America
Revenues From External Customers And Long Lived Assets [Line Items]
Total revenues	$ 10,479	$ 10,668	$ 31,925

Geographic Information (Schedule of Long-Lived Assets by Geographical Areas) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment, net	$ 154,594	$ 156,896
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment, net	95,694	99,711
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment, net	53,879	51,493
United Kingdom
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment, net	$ 5,021	$ 5,692

Restructuring and Separation Costs (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2013
Restructuring And Related Activities [Abstract]
Restructuring and separation costs	$ 3,397	$ 3,927
Separation and severance costs	2,600	1,100
Termination cost of Canadian facility lease and write-off of associated leasehold improvements	800
Restructuring and separation costs paid	2,400
Restructuring and separation costs payable by September 2016	$ 200
Costs incurred		$ 2,800

Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 15, 2014	Mar. 31, 2014	Sep. 30, 2014
Discontinued Operations And Disposal Groups [Abstract]
Purchase price from the sale of Transdyn, Inc	$ 16,000
Cash received from sale of subsidiary	14,400		$ 14,819
Escrow cash	$ 1,600
Additional working capital adjustment		$ 400
Gain on sale of discontinued operations, net of tax			$ 8,563

Discontinued Operations (Schedule of Operating Results) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Discontinued Operations And Disposal Groups [Abstract]
Revenues	$ 13,923	$ 33,905
Income from discontinued operations, net of tax of $633 and $1,269, respectively	1,041	2,337
Gain on sale of discontinued operations, net of tax of $5,218	8,563
Net income from discontinued operations, net of tax	$ 9,604	$ 2,337
Earnings per share:
Basic	$ 0.80	$ 0.20
Diluted	$ 0.80	$ 0.19

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Discontinued Operations (Schedule of Operating Results) (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Discontinued Operations And Disposal Groups [Abstract]
Income from discontinued operations, tax	$ 633	$ 1,269
Gain on sale of discontinued operations, tax	$ 5,218

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.