0000080420-24-000059 | 10-Q | XBRL Viewer

Income Taxes (Tables)

9 Months Ended

Jun. 30, 2024

Schedule of Calculation of the Effective Income Tax Rate

The calculation of the effective tax rate is as follows (in thousands):


	Three months ended June 30,						Nine months ended June 30,
	2024			2023			2024			2023
Income before income taxes	$	61,796		$	23,645		$	135,591		$	36,232

Income tax provision	15,573			5,191			31,795			8,142

Net income	$	46,223		$	18,454		$	103,796		$	28,090

Effective tax rate	25		%	22		%	23		%	22		%

Revenue

9 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition

Our revenues are primarily generated from the manufacturing of custom-engineered products and systems under long-term fixed-price contracts under which we agree to manufacture various products such as traditional and arc-resistant distribution switchgear and control gear, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches and bus duct systems. These products may be sold separately as an engineered solution but are typically integrated into custom-built enclosures which we also build. These enclosures are referred to as power control room substations (PCRs®), custom-engineered modules or electrical houses (E-Houses). Some contracts may also include the installation and the commissioning of these enclosures.

Revenue from these contracts is generally recognized over time utilizing the cost-to-cost method. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. We believe that this method is the most accurate representation of our performance because it directly measures the value of the services transferred to the customer over time as we incur costs on our contracts. Contract costs include all direct materials, labor and indirect costs related to contract performance, which may include indirect labor, supplies, tools, repairs and depreciation costs.

We also have contracts to provide field service inspection, installation, commissioning, modification, and repair services, as well as retrofit and retrofill components for existing systems. If the service contract terms give us the right to invoice the customer for an amount that corresponds directly with the value of our performance completed to date (i.e., a service contract in which we bill a fixed amount for each hour of service provided), then we recognize revenue over time in each reporting period corresponding to the amount that we have the right to invoice. Our performance obligations are satisfied as the work progresses. Revenues from our custom-engineered products and value-added services transferred to customers over time accounted for approximately 96% and 95% of revenues for the three and nine months ended June 30, 2024, respectively, and approximately 94% and 93% of revenues for the three and nine months ended June 30, 2023, respectively.

We also have sales orders for spare parts and replacement circuit breakers for switchgear that are obsolete or that are no longer produced by the original manufacturer. Revenues from these sales orders are recognized at the time we fulfill our performance obligation to the customer, which is typically upon shipment and represented approximately 4% and 5% of revenues for the three and nine months ended June 30, 2024, respectively, and approximately 6% and 7% of revenues for the three and nine months ended June 30, 2023, respectively.

Additionally, some contracts may contain a cancellation clause that could limit the amount of revenue we are able to recognize over time. In these instances, revenue and costs associated with these contracts are deferred and recognized at a point in time when the performance obligation is fulfilled.

Selling and administrative costs incurred in relation to obtaining a contract are typically expensed as incurred. We periodically utilize a third-party sales agent to obtain a contract and will pay a commission to that agent. We record the full commission liability to the third-party sales agents at the order date, with a corresponding deferred asset. As the project progresses, we record commission expense based on percentage of completion rates that correlate to the project and reduce the deferred asset. Once we have been paid by the customer, we pay the commission and the deferred liability is reduced.

Performance Obligations

A performance obligation is a promise in a contract or with a customer to transfer a distinct good or service. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligations are satisfied. To determine the proper revenue recognition for contracts, we evaluate whether a contract should be accounted for as more than one performance obligation or, less commonly, whether two or more contracts should be combined and accounted for as one performance obligation. This evaluation of performance obligations requires significant judgment. The majority of our contracts have a single performance obligation where multiple engineered products and services are combined into a single custom-engineered solution. Our contracts include a standard one-year assurance warranty. Occasionally, we provide service-type warranties that will extend the warranty period. These extended warranties qualify as a separate performance obligation, and revenue is deferred and recognized over the warranty period. If we determine during the evaluation of the contract that there are multiple performance obligations, we allocate the transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract.

Remaining unsatisfied performance obligations, which we refer to as backlog, represent the estimated transaction price for goods and services for which we have a material right, but work has not been performed. As of June 30, 2024, we had backlog of $1.3 billion, of which approximately $841 million is expected to be recognized as revenue within the next twelve months.

Backlog may not be indicative of future operating results as orders may be cancelled or modified by our customers. Our backlog does not include service and maintenance-type contracts for which we have the right to invoice as services are performed.

Contract Estimates

Actual revenues and project costs may vary from previous estimates due to changes in a variety of factors. 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 availability of materials, and the effect of any delays on our project performance. We periodically review our job performance, job conditions, estimated profitability and final contract settlements, including our estimate of total costs and make revisions to costs and income in the period in which the revisions are probable and reasonably estimable. We bear the risk of cost overruns in most of our contracts, which may result in reduced profits. 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.

For the nine months ended June 30, 2024 and 2023, our operating results were positively impacted by $14.2 million and $13.2 million, respectively, as a result of net changes in contract estimates related to projects in progress at the beginning of the respective period. These changes in estimates resulted primarily from favorable project execution, reduced cost estimates and negotiations of variable consideration, discussed below, as well as revenue recognized from project cancellations and other changes in facts and circumstances during these periods. Project cancellations on two projects increased gross profit for the nine months ended June 30, 2023 by $3.4 million. Gross unfavorable changes in contract estimates were immaterial for both the nine months ended June 30, 2024 and 2023.

Variable Consideration

It is common for our long-term contracts to contain variable consideration that can either increase or decrease the transaction price. Due to the nature of our contracts, estimating total cost and revenue can be complex and subject to variability due to change orders, back charges, spare parts, early completion bonuses, customer allowances and liquidated damages. We estimate the amount of variable consideration based on the expected value method, which is the sum of the probability-weighted amounts, or the most likely amount method which uses various factors including experience with similar transactions and assessment of our anticipated performance. Variable consideration is included in the transaction price if legally enforceable and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved.

Contract Modifications

Contracts may be modified for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the enforceable rights and obligations under the contract. Most of our contract modifications are for goods and services that are not distinct from the existing performance obligation. Contract modifications result in a cumulative catch-up adjustment to revenue based on our measure of progress for the performance obligation.

Contract Balances

The timing of revenue recognition, billings and cash collections affects accounts receivable, contract assets and contract liabilities in our Condensed Consolidated Balance Sheets.

Contract assets are recorded when revenues are recognized in excess of amounts billed for fixed-price contracts as determined by the billing milestone schedule. Contract assets are transferred to accounts receivable when billing milestones have been met, or we have an unconditional right to payment.

Contract liabilities typically represent advance payments from contractual billing milestones and billings in excess of revenue recognized. It is unusual to have advanced milestone payments with a term greater than one year, which could represent a financing component of the contract.

Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period and are generally classified as current.

Contract assets and liabilities as of June 30, 2024 and September 30, 2023 are summarized below (in thousands):


	June 30, 2024		September 30, 2023
Contract assets	$	90,955	$	60,621
Contract liabilities	(282,924)		(279,796)
Net contract liability	$	(191,969)	$	(219,175)

Our net contract billing position remained a net liability at both June 30, 2024 and September 30, 2023, primarily due to favorable contract billing milestones. We typically allocate a significant percentage of the progress billing to the early stages of the contract. To determine the amount of revenue recognized during the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. During the nine months ended June 30, 2024, we recognized revenue of $228.9 million that was related to contract liabilities outstanding at September 30, 2023.

The timing of our invoice process is typically dependent on the completion of certain milestones and contract terms and subject to agreement by our customer. Payment is typically expected within 30 days of invoice. Any uncollected invoiced amounts for our performance obligations recognized over time, including contract retentions, are recorded as accounts receivable in the Condensed Consolidated Balance Sheets. Certain contracts allow customers to withhold a small percentage of billings pursuant to retainage provisions, and such amounts are generally due upon completion of the contract and acceptance of the project by the customer. Based on our experience in recent years, the majority of these retainage balances are expected to be collected within approximately twelve months. As of June 30, 2024 and September 30, 2023, we had retention amounts of $6.6 million and $7.4 million, respectively. Of the retained amount at June 30, 2024, $5.9 million is expected to be collected in the next twelve months and is recorded in accounts receivable. The remaining $0.7 million is recorded in other assets.

Disaggregation of Revenue

The following tables present our disaggregated revenue by geographic destination and market sector for the three and nine months ended June 30, 2024 and 2023 (in thousands):


	Three months ended June 30,				Nine months ended June 30,
	2024		2023		2024		2023
United States	$	243,744	$	153,258	$	620,537	$	387,531
Canada	29,695		21,765		74,205		62,255
Europe	9,464		8,038		24,261		20,125
Middle East and Africa	2,322		3,966		8,400		10,396
Mexico, Central and South America	1,962		3,000		6,778		5,457
Asia/Pacific	981		2,338		3,112		4,903
Total revenues by geographic destination	$	288,168	$	192,365	$	737,293	$	490,667


	Three months ended June 30,				Nine months ended June 30,
	2024		2023		2024		2023
Oil and gas (excludes petrochemical)	$	114,336	$	73,452	$	301,792	$	179,560
Petrochemical	56,784		21,995		135,221		70,372
Electric utility	57,009		43,824		145,214		114,899
Commercial and other industrial	42,044		35,527		101,610		74,846
Light rail traction power	5,322		7,143		14,184		21,532
All others	12,673		10,424		39,272		29,458
Total revenues by market sector	$	288,168	$	192,365	$	737,293	$	490,667

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-12488
Entity Registrant Name	Powell Industries, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0106100
Entity Address, Address Line One	8550 Mosley Road
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77075-1180
City Area Code	713
Local Phone Number	944-6900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	POWL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,987,838
Entity Central Index Key	0000080420
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--09-30

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Assets:
Cash and cash equivalents	$ 332,012	$ 245,875
Short-term investments	42,033	33,134
Liabilities:
Deferred compensation	11,436	9,145
Rabbi trust assets
Assets:
Rabbi trust assets	11,764	9,117
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	332,012	245,875
Short-term investments	42,033	33,134
Liabilities:
Deferred compensation	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Rabbi trust assets
Assets:
Rabbi trust assets	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents	0	0
Short-term investments	0	0
Liabilities:
Deferred compensation	11,436	9,145
Significant Other Observable Inputs (Level 2) \| Rabbi trust assets
Assets:
Rabbi trust assets	11,764	9,117
Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Short-term investments	0	0
Liabilities:
Deferred compensation	0	0
Significant Unobservable Inputs (Level 3) \| Rabbi trust assets
Assets:
Rabbi trust assets	$ 0	$ 0

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Restricted Stock Units
Outstanding at beginning of period (in shares) \| shares	292,497
Granted (in shares) \| shares	44,670
Vested (in shares) \| shares	(141,261)
Forfeited/canceled (in shares) \| shares	(925)
Outstanding at end of period (in shares) \| shares	194,981
Weighted Average Grant Value Per Share
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 22.90
Granted (in dollars per share) \| $ / shares	89.23
Vested (in dollars per share) \| $ / shares	26.02
Forfeited/canceled (in dollars per share) \| $ / shares	120.02
Outstanding at end of period (in dollars per share) \| $ / shares	$ 35.38

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit, Bank Guarantees and Bonds Certain customers require us to post letters of credit, bank guarantees or surety bonds. These security instruments 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 bank guarantee, or performance by the surety under a bond. To date, there have been no significant draws or claims related to security instruments for the periods reported. We were contingently liable for letters of credit of $68.4 million as of June 30, 2024. We also had surety bonds totaling $422.1 million that were outstanding, with additional bonding capacity of $777.9 million available, at June 30, 2024. We have strong surety relationships; however, a change in market conditions or the sureties' assessment of our financial position could cause the sureties to require cash collateralization for undischarged liabilities under the bonds. We have a $19.0 million facility agreement (Facility Agreement) between Powell (UK) Limited and a large international bank that provides Powell (UK) Limited the ability to enter into bank guarantees as well as forward exchange contracts and currency options. At June 30, 2024, we had outstanding guarantees totaling $6.4 million, with an additional capacity of $12.6 million available under this Facility Agreement. The Facility Agreement provides for customary events of default and carries cross-default provisions with the U.S. Revolver. 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 therein, obligations outstanding under the Facility Agreement may be accelerated and declared immediately due and payable. Additionally, we are required to maintain cash collateral for guarantees greater than two years. As of June 30, 2024, 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 for which the outcomes are not predictable. Although we can give no assurances about the resolution of pending claims, litigation or other disputes, 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. Liquidated Damages Certain of our customer contracts have schedule and performance obligation clauses that, if we fail to meet them, could require us to pay liquidated damages. Each individual contract defines the conditions under which the customer may make a claim against us. As of June 30, 2024, certain contracts had a probable exposure to liquidated damages claims of $2.5 million, which could possibly increase to $2.8 million under certain circumstances. Based on our actual or projected failure to meet these various contractual commitments, $1.7 million has been recorded as a reduction to revenue. We will attempt to obtain change orders, contract extensions or accelerate project completion, which may resolve the potential for any unrecorded liquidated damages claims. Should we fail to achieve relief on some or all of these contractual obligations, we could be required to pay additional liquidated damages, which could negatively impact our future operating results.

Leases

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Our leases consist primarily of office and construction equipment. All of our future lease obligations are related to non-cancelable operating leases. The following table provides a summary of lease cost components for the three and nine months ended June 30, 2024 and 2023, respectively (in thousands):


	Three months ended June 30,				Nine months ended June 30,
Lease Cost	2024		2023		2024		2023
Operating lease cost	$	237	$	391	$	742	$	1,147
Less: sublease income	—		(163)		—		(487)
Variable lease cost(1)	31		93		84		288
Short-term lease cost(2)	754		669		1,798		1,486
Total lease cost	$	1,022	$	990	$	2,624	$	2,434

(1) Variable lease cost represents common area maintenance charges related to our Canadian office space lease.

(2) Short-term lease cost includes leases and rentals with initial terms of one year or less.

We recognize operating lease assets and operating lease liabilities representing the present value of the remaining lease payments for leases with initial terms greater than twelve months. Leases with initial terms of twelve months or less are not recorded in our Condensed Consolidated Balance Sheets. The following table provides a summary of the operating lease assets and operating lease liabilities included in our Condensed Consolidated Balance Sheets as of June 30, 2024 and September 30, 2023, respectively (in thousands):


Operating Leases	June 30, 2024		September 30, 2023
Assets:
Operating lease assets, net	$	909	$	1,436
Liabilities:
Current operating lease liabilities	482		773
Long-term operating lease liabilities	427		663
Total lease liabilities	$	909	$	1,436

The following table provides the maturities of our operating lease liabilities as of June 30, 2024 (in thousands):


	Operating Leases
Remainder of 2024	$	137
2025	440
2026	197
2027	156
2028	18
Thereafter	—
Total future minimum lease payments	$	948
Less: present value discount (imputed interest)	(39)
Present value of lease liabilities	$	909

The weighted average discount rate as of June 30, 2024 was 3.82%. The weighted average remaining lease term was 2.42 years at June 30, 2024.

Detail of Selected Balance Sheet Accounts

9 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Detail of Selected Balance Sheet Accounts

Inventories

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


	June 30, 2024		September 30, 2023
Raw materials, parts and sub-assemblies	$	90,839	$	68,631
Work-in-progress	1,362		1,379
Provision for excess and obsolete inventories	(7,062)		(6,145)
Total inventories	$	85,139	$	63,865

Property, Plant and Equipment

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


	June 30, 2024		September 30, 2023
Land	$	21,563	$	21,526
Buildings and improvements	123,687		121,454
Machinery and equipment	95,064		92,477
Furniture and fixtures	3,795		3,726
Construction in process	2,427		4,129
	$	246,536	$	243,312
Less: Accumulated depreciation	(150,068)		(145,687)
Total property, plant and equipment, net	$	96,468	$	97,625

There were no assets under finance lease as of June 30, 2024 or September 30, 2023.

Intangible Asset

In December 2023, we acquired intellectual property for a total consideration of $0.5 million, of which $250 thousand was paid in cash at the acquisition date.

Accrued Product Warranty

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


	Three months ended June 30,				Nine months ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	4,568	$	2,711	$	3,305	$	2,345
Increase to warranty expense	2,077		1,241		5,071		2,931
Deduction for warranty charges	(1,412)		(760)		(3,154)		(2,095)
Change due to foreign currency translation	(7)		10		4		21
Balance at end of period	$	5,226	$	3,202	$	5,226	$	3,202

Detail of Selected Balance Sheet Accounts (Tables)

9 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Inventories

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


	June 30, 2024		September 30, 2023
Raw materials, parts and sub-assemblies	$	90,839	$	68,631
Work-in-progress	1,362		1,379
Provision for excess and obsolete inventories	(7,062)		(6,145)
Total inventories	$	85,139	$	63,865

Schedule of Property, Plant and Equipment

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


	June 30, 2024		September 30, 2023
Land	$	21,563	$	21,526
Buildings and improvements	123,687		121,454
Machinery and equipment	95,064		92,477
Furniture and fixtures	3,795		3,726
Construction in process	2,427		4,129
	$	246,536	$	243,312
Less: Accumulated depreciation	(150,068)		(145,687)
Total property, plant and equipment, net	$	96,468	$	97,625

Schedule of Activity in Product Warranty Accrual

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


	Three months ended June 30,				Nine months ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	4,568	$	2,711	$	3,305	$	2,345
Increase to warranty expense	2,077		1,241		5,071		2,931
Deduction for warranty charges	(1,412)		(760)		(3,154)		(2,095)
Change due to foreign currency translation	(7)		10		4		21
Balance at end of period	$	5,226	$	3,202	$	5,226	$	3,202

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Guarantee Obligations [Line Items]
Additional bonding capacity	$ 777.9
Cash collateral required for guarantees, period (greater than)	2 years
Contracts with probable exposure to liquidated damages	$ 2.5
Probable exposure potential increase	2.8
Change in contract estimates, reduction to revenue	1.7	$ 3.4
Surety Bonds
Guarantee Obligations [Line Items]
Guarantee liability	422.1
Facility Agreement \| Powell (UK) Limited
Guarantee Obligations [Line Items]
Guarantee liability	6.4
Revolving credit facility	19.0
Amount of credit facility remaining borrowing capacity	12.6
Revolving Credit Facility \| U.S. Revolver
Guarantee Obligations [Line Items]
Amount of credit facility remaining borrowing capacity	81.6
Revolving Credit Facility \| U.S. Revolver \| Financial Standby Letter of Credit
Guarantee Obligations [Line Items]
Guarantee liability	$ 68.4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 46,223	$ 18,454	$ 103,796	$ 28,090
Foreign currency translation adjustments	(986)	2,089	(170)	4,694
Gain (loss) on cash flow commodity hedge	0	(35)	0	293
Comprehensive income	$ 45,237	$ 20,508	$ 103,626	$ 33,077

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Detail of Selected Balance Sheet Accounts - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Asset Acquisition [Line Items]
Finance lease, assets		$ 0		$ 0
Payment to acquire intangible assets		$ 250,000	$ 0
Intellectual Property
Asset Acquisition [Line Items]
Intangible asset acquisition, consideration	$ 500,000
Payment to acquire intangible assets	$ 250,000

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Unvested restricted stock outstanding (in shares)		194,981		292,497
Compensation expense		$ 3.4	$ 3.4
Restricted Stock Units (RSUs) \| Time-Based Restricted Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Units (RSUs) \| Performance-Based Restricted Stock Unit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense		$ 0.4	$ 0.5
Shares issued annually, grant date value		$ 0.1
Restricted Stock \| Non-Employee Director Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued under the plan (in shares)		2,400
Restricted Stock \| Non-Employee Director Equity Incentive Plan \| Share-Based Payment Arrangement, Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock issued (in shares)	4,620
Shares issued, price per share (in shares)	$ 153.81
Restricted Stock \| Non-Employee Director Equity Incentive Plan \| Immediate Vesting
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting, percentage		50.00%
Restricted Stock \| Non-Employee Director Equity Incentive Plan \| Anniversary of Grant Date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting, percentage		50.00%

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	25.00%	22.00%	23.00%	22.00%

Overview and Summary of Significant Accounting Policies	9 Months Ended
Overview and Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Overview and Summary of Significant Accounting Policies	Overview and Summary of Significant Accounting Policies Overview Powell Industries, Inc. (we, us, our, Powell or the Company) is a Delaware corporation founded by William E. Powell in 1947. Our major subsidiaries, all of which are wholly owned, include Powell Electrical Systems, Inc.; Powell (UK) Limited; Powell Canada Inc.; and Powell Industries International, B.V. We develop, design, manufacture and service custom-engineered equipment and systems that distribute, control and monitor the flow of electrical energy and provide protection to motors, transformers and other electrically powered equipment. We are headquartered in Houston, Texas, and serve the oil and gas and petrochemical markets that include onshore and offshore production, hydrogen, carbon capture, liquefied natural gas (LNG) facilities and terminals, pipelines, refineries and petrochemical plants. Additional markets include electric utility, light rail traction power, and commercial and other industrial markets that include end markets such as data centers, mining and metals, and pulp and paper. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Powell and our wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP), have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations and cash flows with respect to the interim condensed consolidated financial statements have been included. The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. We believe that these financial statements contain all adjustments necessary so that they are not misleading. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Powell and its subsidiaries included in Powell’s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the Securities and Exchange Commission (SEC) on December 6, 2023. References to Fiscal 2024 and Fiscal 2023 used throughout this report shall mean the current fiscal year ending September 30, 2024 and the prior fiscal year ended September 30, 2023, respectively. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue recognition and estimated cost recognition on our customer contracts, allowance for credit losses, provision for excess and obsolete inventory, warranty accruals and income taxes. The amounts recorded for warranties, legal, income taxes, impairment of long-lived assets (when applicable), liquidated damages and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience, forecasts and 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 basis for recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability because the ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during periods in which temporary differences become deductible. Estimates routinely change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our prior estimates. Accounting Standards Updates and Disclosure Rules Issued but Not Yet Adopted In November 2023, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires that public entities disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) on an annual and interim basis. It also requires that public entities disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and resource allocation. Additionally, it requires that all existing annual disclosures about segment profit or loss and assets must be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impacts of the new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures. It requires greater disaggregation of information in the tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, and should be applied on a prospective basis. Retrospective application and early adoption are permitted. We are currently evaluating the impacts of the new standard. In March 2024, the SEC adopted final rules designed to enhance and standardize disclosures related to the risks and impacts of climate-related matters. The final rules require registrants to disclose certain climate-related information in registration statements and annual reports. Such information relates to climate-related risks and risk management processes for, and governance and oversight activities of such risks. The final rules also include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements. In addition, larger registrants will be required to disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. These disclosure requirements will be effective for the Company's fiscal year beginning October 1, 2025. In April 2024, the SEC voluntarily stayed the final rules as a result of pending legal challenges. We are currently evaluating the impacts of the final rules on our consolidated financial statements and related disclosures.

Subsequent Events	9 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Cash Acquisition of Property, Plant and Equipment On July 1, 2024, we acquired land and buildings in Houston, Texas, for a total cash purchase price of approximately $5.5 million to help further facilitate executing the current backlog as well as planning for modest future volume growth. Hurricane Beryl During the second week of July 2024, operations across our three facilities located in Houston, Texas, experienced a temporary power outage and subsequent shutdown of our operations resulting from Hurricane Beryl. These facilities resumed limited operations within the same week. We are evaluating the potential financial impact, if any, associated with this event. Quarterly Dividend Declared On July 30, 2024, our Board of Directors declared a quarterly cash dividend on our common stock in the amount of $0.2650 per share. The dividend is payable on September 18, 2024 to stockholders of record at the close of business on August 14, 2024.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 288,168	$ 192,365	$ 737,293	$ 490,667
Cost of goods sold	206,428	149,695	544,639	395,096
Gross profit	81,740	42,670	192,654	95,571
Selling, general and administrative expenses	22,022	19,691	63,316	58,384
Research and development expenses	2,430	1,427	6,681	4,471
Operating income	57,288	21,552	122,657	32,716
Interest income, net	(4,508)	(2,093)	(12,934)	(3,516)
Income before income taxes	61,796	23,645	135,591	36,232
Income tax provision	15,573	5,191	31,795	8,142
Net income	$ 46,223	$ 18,454	$ 103,796	$ 28,090
Earnings per share:
Basic (in dollars per share)	$ 3.85	$ 1.55	$ 8.67	$ 2.37
Diluted (in dollars per share)	$ 3.79	$ 1.52	$ 8.52	$ 2.32
Weighted average shares:
Basic (in shares)	11,998	11,889	11,977	11,876
Diluted (in shares)	12,205	12,140	12,180	12,106
Dividends per share (in dollars per share)	$ 0.2650	$ 0.2625	$ 0.7925	$ 0.7850

Revenue - Performance Obligations and Contract Estimates (Details) $ in Millions	9 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) project
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Standard assurance warranty, period	1 year
Remaining performance obligation, amount	$ 1,300.0
Changes in contract estimates related to projects in progress	14.2	$ 13.2
Projects cancelled \| project		2
Change in contract estimates due to project cancellations	1.7	$ 3.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 841.0
Remaining performance obligation, expected timing of satisfaction, period	12 months

Stock-Based Compensation

9 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Refer to our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 for a full description of our existing stock-based compensation plans.

Restricted Stock Units

We issue restricted stock units (RSUs) to certain officers and key employees of the Company. The fair value of the RSUs is based on the price of our common stock as reported on the NASDAQ Global Market on the grant dates. Typically, these grants vest over a three-year period from the date of issuance and are a blend of time-based and performance-based shares. The portion of the grant that is time-based typically vests over a three-year period on each anniversary of the grant date, based on continued employment. The performance-based shares vest based on the three-year earnings and safety performance of the Company following the grant date. At June 30, 2024, there were 194,981 RSUs outstanding. The RSUs do not have voting rights but do receive dividend equivalents upon vesting which are accrued quarterly. 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 nine months ended June 30, 2024 is summarized below:


	Number of Restricted Stock Units	Weighted Average Grant Value Per Share
Outstanding at September 30, 2023	292,497	$	22.90
Granted	44,670	89.23
Vested	(141,261)	26.02
Forfeited/canceled	(925)	120.02
Outstanding at June 30, 2024	194,981	$	35.38

During both the nine months ended June 30, 2024 and 2023, we recorded compensation expense of $3.4 million related to the RSUs.

Restricted Stock

In December 2023, the Company's Compensation and Human Capital Committee revised the non-employee directors' annual restricted stock compensation from a fixed-shares arrangement to a fixed-value arrangement, retrospectively effective on October 1, 2023. Prior to October 1, 2023, each non-employee director received 2,400 restricted shares of the Company’s common stock annually. Fifty percent of the restricted stock granted to each of our non-employee directors vested immediately, while the remaining fifty percent vested on the anniversary of the grant date. Compensation expense was recognized immediately for the first fifty percent of the restricted stock granted, while compensation expense for the remaining fifty percent was recognized over the remaining vesting period. Subsequent to October 1, 2023, each non-employee director shall receive restricted shares of the Company's common stock valued at $0.1 million annually. The number of granted shares is calculated by dividing the $0.1 million by the average of high and low prices of our common stock on the grant date. The shares shall vest on the earlier of the grant anniversary date or the date of the next annual meeting of stockholders, whichever occurs first. In February 2024, 4,620 shares of restricted stock were issued to our non-employee directors at a price of $153.81 per share. During the nine months ended June 30, 2024 and 2023, we recorded compensation expense of $0.4 million and $0.5 million, respectively, related to restricted stock.

Income Taxes

9 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The calculation of the effective tax rate is as follows (in thousands):


	Three months ended June 30,						Nine months ended June 30,
	2024			2023			2024			2023
Income before income taxes	$	61,796		$	23,645		$	135,591		$	36,232

Income tax provision	15,573			5,191			31,795			8,142

Net income	$	46,223		$	18,454		$	103,796		$	28,090

Effective tax rate	25		%	22		%	23		%	22		%

Our income tax provision reflects an effective tax rate on pre-tax income of 25% and 23% for the three and nine months ended June 30, 2024, respectively, compared to 22% for both the three and nine months ended June 30, 2023. The effective tax rate for the three and nine months ended June 30, 2024 was favorably impacted by the estimated Research and Development Tax Credit (R&D Tax Credit). The effective tax rate for the nine months ended June 30, 2024 was also favorably impacted by discrete items primarily related to the vesting of RSUs. These items were offset by an income inclusion related to U.S. global intangible income and the tax expense related to certain nondeductible expenses. The effective tax rate for the three and nine months ended June 30, 2023 approximated the U.S. federal statutory rate and was favorably impacted by the estimated R&D Tax Credit and the projected utilization of net operating loss carryforwards in the U.K. that had been fully reserved with a valuation allowance. The favorable impacts were offset by state income tax expense, certain nondeductible expenses and an income inclusion related to U.S. global intangible income.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Detail of Selected Balance Sheet Accounts - Components of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials, parts and sub-assemblies	$ 90,839	$ 68,631
Work-in-progress	1,362	1,379
Provision for excess and obsolete inventories	(7,062)	(6,145)
Total inventories	$ 85,139	$ 63,865

Stock-Based Compensation (Tables)

9 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Units Activity

Total RSU activity (number of shares) for the nine months ended June 30, 2024 is summarized below:


	Number of Restricted Stock Units	Weighted Average Grant Value Per Share
Outstanding at September 30, 2023	292,497	$	22.90
Granted	44,670	89.23
Vested	(141,261)	26.02
Forfeited/canceled	(925)	120.02
Outstanding at June 30, 2024	194,981	$	35.38

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 237	$ 391	$ 742	$ 1,147
Less: sublease income	0	(163)	0	(487)
Variable lease cost	31	93	84	288
Short-term lease cost	754	669	1,798	1,486
Total lease cost	$ 1,022	$ 990	$ 2,624	$ 2,434

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 288,168	$ 192,365	$ 737,293	$ 490,667
Oil and gas (excludes petrochemical)
Disaggregation of Revenue [Line Items]
Revenues	114,336	73,452	301,792	179,560
Petrochemical
Disaggregation of Revenue [Line Items]
Revenues	56,784	21,995	135,221	70,372
Electric utility
Disaggregation of Revenue [Line Items]
Revenues	57,009	43,824	145,214	114,899
Commercial and other industrial
Disaggregation of Revenue [Line Items]
Revenues	42,044	35,527	101,610	74,846
Light rail traction power
Disaggregation of Revenue [Line Items]
Revenues	5,322	7,143	14,184	21,532
All others
Disaggregation of Revenue [Line Items]
Revenues	12,673	10,424	39,272	29,458
United States
Disaggregation of Revenue [Line Items]
Revenues	243,744	153,258	620,537	387,531
Canada
Disaggregation of Revenue [Line Items]
Revenues	29,695	21,765	74,205	62,255
Europe
Disaggregation of Revenue [Line Items]
Revenues	9,464	8,038	24,261	20,125
Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	2,322	3,966	8,400	10,396
Mexico, Central and South America
Disaggregation of Revenue [Line Items]
Revenues	1,962	3,000	6,778	5,457
Asia/Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 981	$ 2,338	$ 3,112	$ 4,903

Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of 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 June 30, 2024 (in thousands):


	Fair Value Measurements at June 30, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2024
Assets:
Cash and cash equivalents	$	332,012	$	—	$	—	$	332,012
Short-term investments	42,033		—		—		42,033

Rabbi trust assets	—		11,764		—		11,764
Liabilities:
Deferred compensation	—		11,436		—		11,436

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, 2023 (in thousands):


	Fair Value Measurements at September 30, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at September 30, 2023
Assets:
Cash and cash equivalents	$	245,875	$	—	$	—	$	245,875
Short-term investments	33,134		—		—		33,134

Rabbi trust assets	—		9,117		—		9,117
Liabilities:
Deferred compensation	—		9,145		—		9,145

Subsequent Events (Details) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 30, 2024 $ / shares	Jul. 01, 2024 USD ($)	Jun. 30, 2024 $ / shares	Jun. 30, 2023 $ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jul. 12, 2024 facility
Subsequent Event [Line Items]
Purchase price for property, plant and equipment \| $					$ 3,527	$ 4,006
Quarterly cash dividend (in dollars per share) \| $ / shares			$ 0.2650	$ 0.2625	$ 0.7925	$ 0.7850
Subsequent Event
Subsequent Event [Line Items]
Quarterly cash dividend (in dollars per share) \| $ / shares	$ 0.2650
Subsequent Event \| TEXAS \| Hurricane
Subsequent Event [Line Items]
Number of facilities that experienced temporary power outages and subsequent shut down of operations \| facility							3
Subsequent Event \| Land and Building \| TEXAS
Subsequent Event [Line Items]
Purchase price for property, plant and equipment \| $		$ 5,500

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 46,223	$ 33,488	$ 24,085	$ 18,454	$ 8,473	$ 1,162	$ 103,796	$ 28,090
Denominator:
Weighted average basic shares (in shares)	11,998			11,889			11,977	11,876
Dilutive effect of restricted stock and restricted stock units (in shares)	207			251			203	230
Weighted average diluted shares (in shares)	12,205			12,140			12,180	12,106
Earnings per share:
Basic (in dollars per share)	$ 3.85			$ 1.55			$ 8.67	$ 2.37
Diluted (in dollars per share)	$ 3.79			$ 1.52			$ 8.52	$ 2.32

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

+ Details

Detail of Selected Balance Sheet Accounts - Activity in Product Warranty Accrual (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 4,568	$ 2,711	$ 3,305	$ 2,345
Increase to warranty expense	2,077	1,241	5,071	2,931
Deduction for warranty charges	(1,412)	(760)	(3,154)	(2,095)
Change due to foreign currency translation	(7)	10	4	21
Balance at end of period	$ 5,226	$ 3,202	$ 5,226	$ 3,202

Leases (Tables)

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease Cost

The following table provides a summary of lease cost components for the three and nine months ended June 30, 2024 and 2023, respectively (in thousands):


	Three months ended June 30,				Nine months ended June 30,
Lease Cost	2024		2023		2024		2023
Operating lease cost	$	237	$	391	$	742	$	1,147
Less: sublease income	—		(163)		—		(487)
Variable lease cost(1)	31		93		84		288
Short-term lease cost(2)	754		669		1,798		1,486
Total lease cost	$	1,022	$	990	$	2,624	$	2,434

(1) Variable lease cost represents common area maintenance charges related to our Canadian office space lease.

(2) Short-term lease cost includes leases and rentals with initial terms of one year or less.

Schedule of Operating Lease Assets and Liabilities

The following table provides a summary of the operating lease assets and operating lease liabilities included in our Condensed Consolidated Balance Sheets as of June 30, 2024 and September 30, 2023, respectively (in thousands):


Operating Leases	June 30, 2024		September 30, 2023
Assets:
Operating lease assets, net	$	909	$	1,436
Liabilities:
Current operating lease liabilities	482		773
Long-term operating lease liabilities	427		663
Total lease liabilities	$	909	$	1,436

Schedule of Maturities of Operating Lease Liabilities

The following table provides the maturities of our operating lease liabilities as of June 30, 2024 (in thousands):


	Operating Leases
Remainder of 2024	$	137
2025	440
2026	197
2027	156
2028	18
Thereafter	—
Total future minimum lease payments	$	948
Less: present value discount (imputed interest)	(39)
Present value of lease liabilities	$	909

Earnings Per Share (Tables)

9 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Basic and Diluted Weighted Average Shares used in Computation of Earnings Per Share

The following table reconciles basic and diluted weighted average shares used in the computation of earnings per share (in thousands, except per share data):


	Three months ended June 30,				Nine months ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	46,223	$	18,454	$	103,796	$	28,090
Denominator:
Weighted average basic shares	11,998		11,889		11,977		11,876
Dilutive effect of restricted stock and restricted stock units	207		251		203		230
Weighted average diluted shares	12,205		12,140		12,180		12,106
Earnings per share:
Basic	$	3.85	$	1.55	$	8.67	$	2.37
Diluted	$	3.79	$	1.52	$	8.52	$	2.32

Revenue (Tables)

9 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Asset and Liabilities

Contract assets and liabilities as of June 30, 2024 and September 30, 2023 are summarized below (in thousands):


	June 30, 2024		September 30, 2023
Contract assets	$	90,955	$	60,621
Contract liabilities	(282,924)		(279,796)
Net contract liability	$	(191,969)	$	(219,175)

Schedule of Disaggregation of Revenue

The following tables present our disaggregated revenue by geographic destination and market sector for the three and nine months ended June 30, 2024 and 2023 (in thousands):


	Three months ended June 30,				Nine months ended June 30,
	2024		2023		2024		2023
United States	$	243,744	$	153,258	$	620,537	$	387,531
Canada	29,695		21,765		74,205		62,255
Europe	9,464		8,038		24,261		20,125
Middle East and Africa	2,322		3,966		8,400		10,396
Mexico, Central and South America	1,962		3,000		6,778		5,457
Asia/Pacific	981		2,338		3,112		4,903
Total revenues by geographic destination	$	288,168	$	192,365	$	737,293	$	490,667


	Three months ended June 30,				Nine months ended June 30,
	2024		2023		2024		2023
Oil and gas (excludes petrochemical)	$	114,336	$	73,452	$	301,792	$	179,560
Petrochemical	56,784		21,995		135,221		70,372
Electric utility	57,009		43,824		145,214		114,899
Commercial and other industrial	42,044		35,527		101,610		74,846
Light rail traction power	5,322		7,143		14,184		21,532
All others	12,673		10,424		39,272		29,458
Total revenues by market sector	$	288,168	$	192,365	$	737,293	$	490,667

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income/(Loss)
Balance (in shares) at Sep. 30, 2022		12,588,000
Balance Treasury Stock (in shares) at Sep. 30, 2022					(806,000)
Balance at Sep. 30, 2022	$ 297,206	$ 126	$ 67,439	$ 283,638	$ 24,999	$ (28,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,162			1,162
Foreign currency translation adjustments	2,178					2,178
Stock-based compensation (in shares)		53,000
Stock-based compensation	1,307		1,307
Shares withheld in lieu of employee tax withholding	(423)		(423)
Dividends	(3,176)		131	(3,307)
Gain (loss) on cash flow commodity hedge	218					218
Balance (in shares) at Dec. 31, 2022		12,641,000
Balance Treasury Stock (in shares) at Dec. 31, 2022					(806,000)
Balance at Dec. 31, 2022	298,472	$ 126	68,454	281,493	$ 24,999	(26,602)
Balance (in shares) at Sep. 30, 2022		12,588,000
Balance Treasury Stock (in shares) at Sep. 30, 2022					(806,000)
Balance at Sep. 30, 2022	297,206	$ 126	67,439	283,638	$ 24,999	(28,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,090
Foreign currency translation adjustments	4,694
Gain (loss) on cash flow commodity hedge	293
Balance (in shares) at Jun. 30, 2023		12,667,000
Balance Treasury Stock (in shares) at Jun. 30, 2023					(806,000)
Balance at Jun. 30, 2023	324,070	$ 126	70,913	302,040	$ (24,999)	(24,010)
Balance (in shares) at Dec. 31, 2022		12,641,000
Balance Treasury Stock (in shares) at Dec. 31, 2022					(806,000)
Balance at Dec. 31, 2022	298,472	$ 126	68,454	281,493	$ 24,999	(26,602)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,473			8,473
Foreign currency translation adjustments	427					427
Stock-based compensation (in shares)		26,000
Stock-based compensation	1,650		1,650
Shares withheld in lieu of employee tax withholding	(159)		(159)
Dividends	(3,179)		10	(3,189)
Gain (loss) on cash flow commodity hedge	111					111
Balance (in shares) at Mar. 31, 2023		12,667,000
Balance Treasury Stock (in shares) at Mar. 31, 2023					(806,000)
Balance at Mar. 31, 2023	305,795	$ 126	69,955	286,777	$ 24,999	(26,064)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,454			18,454
Foreign currency translation adjustments	2,089					2,089
Stock-based compensation	958		958
Shares withheld in lieu of employee tax withholding	0		0
Dividends	(3,191)		0	(3,191)
Gain (loss) on cash flow commodity hedge	(35)					(35)
Balance (in shares) at Jun. 30, 2023		12,667,000
Balance Treasury Stock (in shares) at Jun. 30, 2023					(806,000)
Balance at Jun. 30, 2023	$ 324,070	$ 126	70,913	302,040	$ (24,999)	(24,010)
Balance (in shares) at Sep. 30, 2023	11,861,983	12,668,000
Balance Treasury Stock (in shares) at Sep. 30, 2023	(806,018)				(806,000)
Balance at Sep. 30, 2023	$ 345,026	$ 127	71,526	325,281	$ 24,999	(26,909)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,085			24,085
Foreign currency translation adjustments	3,085					3,085
Stock-based compensation (in shares)		98,000
Stock-based compensation	1,657		1,657
Shares withheld in lieu of employee tax withholding	(4,752)		(4,752)
Dividends	(2,781)		423	(3,204)
Balance (in shares) at Dec. 31, 2023		12,766,000
Balance Treasury Stock (in shares) at Dec. 31, 2023					(806,000)
Balance at Dec. 31, 2023	$ 366,320	$ 127	68,854	346,162	$ 24,999	(23,824)
Balance (in shares) at Sep. 30, 2023	11,861,983	12,668,000
Balance Treasury Stock (in shares) at Sep. 30, 2023	(806,018)				(806,000)
Balance at Sep. 30, 2023	$ 345,026	$ 127	71,526	325,281	$ 24,999	(26,909)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	103,796
Foreign currency translation adjustments	(170)
Gain (loss) on cash flow commodity hedge	$ 0
Balance (in shares) at Jun. 30, 2024	11,987,838	12,794,000
Balance Treasury Stock (in shares) at Jun. 30, 2024	(806,018)				(806,000)
Balance at Jun. 30, 2024	$ 436,739	$ 128	69,305	419,384	$ (24,999)	(27,079)
Balance (in shares) at Dec. 31, 2023		12,766,000
Balance Treasury Stock (in shares) at Dec. 31, 2023					(806,000)
Balance at Dec. 31, 2023	366,320	$ 127	68,854	346,162	$ 24,999	(23,824)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	33,488			33,488
Foreign currency translation adjustments	(2,269)					(2,269)
Stock-based compensation (in shares)		28,000
Stock-based compensation	1,206	$ 1	1,205
Shares withheld in lieu of employee tax withholding	(1,724)		(1,724)
Dividends	(3,236)		13	(3,249)
Balance (in shares) at Mar. 31, 2024		12,794,000
Balance Treasury Stock (in shares) at Mar. 31, 2024					(806,000)
Balance at Mar. 31, 2024	393,785	$ 128	68,348	376,401	$ 24,999	(26,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46,223			46,223
Foreign currency translation adjustments	(986)					(986)
Stock-based compensation	957		957
Shares withheld in lieu of employee tax withholding	0		0
Dividends	(3,240)			(3,240)
Gain (loss) on cash flow commodity hedge	$ 0
Balance (in shares) at Jun. 30, 2024	11,987,838	12,794,000
Balance Treasury Stock (in shares) at Jun. 30, 2024	(806,018)				(806,000)
Balance at Jun. 30, 2024	$ 436,739	$ 128	$ 69,305	$ 419,384	$ (24,999)	$ (27,079)

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,005	$ 273
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	12,793,856	12,668,001
Common stock, shares outstanding (in shares)	11,987,838	11,861,983
Treasury stock, shares (in shares)	806,018	806,018

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 46,223	$ 33,488	$ 24,085	$ 18,454	$ 8,473	$ 1,162	$ 103,796	$ 28,090

- Definition

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

+ References

+ Details

Fair Value Measurements

9 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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 which 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 June 30, 2024 (in thousands):


	Fair Value Measurements at June 30, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2024
Assets:
Cash and cash equivalents	$	332,012	$	—	$	—	$	332,012
Short-term investments	42,033		—		—		42,033

Rabbi trust assets	—		11,764		—		11,764
Liabilities:
Deferred compensation	—		11,436		—		11,436

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, 2023 (in thousands):


	Fair Value Measurements at September 30, 2023
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at September 30, 2023
Assets:
Cash and cash equivalents	$	245,875	$	—	$	—	$	245,875
Short-term investments	33,134		—		—		33,134

Rabbi trust assets	—		9,117		—		9,117
Liabilities:
Deferred compensation	—		9,145		—		9,145

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.

Cash and cash equivalents – Cash and 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 Condensed Consolidated Balance Sheets.

Short-term investments – Short-term investments include time deposits with original maturities of three months or more.

Rabbi trust assets and deferred compensation – We hold investments in an irrevocable rabbi trust for our deferred compensation plan. The assets are primarily related to company-owned life insurance policies and are included in other assets in the accompanying Condensed Consolidated Balance Sheets. Because the mutual funds and company-owned life insurance policies are combined in the plan, they are categorized as Level 2 in the fair value measurement hierarchy. The deferred compensation liability represents the investment options that the plan participants have designated to serve as the basis for measurement of the notional value of their accounts. Because the deferred compensation liability is intended to offset the plan assets, it is also categorized as Level 2 in the fair value measurement hierarchy.

There were no transfers between levels within the fair value measurement hierarchy during the quarter ended June 30, 2024.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Current Assets:
Cash and cash equivalents	$ 332,012	$ 245,875
Short-term investments	42,033	33,134
Accounts receivable, less allowance for credit losses of $1,005 and $273, respectively	173,246	206,591
Contract assets	90,955	60,621
Inventories	85,139	63,865
Income taxes receivable	131	100
Prepaid expenses	5,474	5,419
Other current assets	6,704	6,380
Total Current Assets	735,694	621,985
Property, plant and equipment, net	96,468	97,625
Operating lease assets, net	909	1,436
Goodwill and intangible assets, net	1,503	1,003
Deferred income taxes	17,212	17,064
Other assets	17,197	13,129
Total Assets	868,983	752,242
Current Liabilities:
Accounts payable	79,693	56,666
Contract liabilities	282,924	279,796
Accrued compensation and benefits	26,565	29,947
Accrued product warranty	5,226	3,305
Current operating lease liabilities	482	773
Income taxes payable	7,581	6,517
Other current liabilities	15,964	18,682
Total Current Liabilities	418,435	395,686
Deferred compensation	11,436	9,145
Long-term operating lease liabilities	427	663
Other long-term liabilities	1,946	1,722
Total Liabilities	432,244	407,216
Commitments and Contingencies (Note F)
Stockholders' Equity:
Preferred stock, par value $0.01; 5,000,000 shares authorized; none issued	0	0
Common stock, par value $0.01; 30,000,000 shares authorized; Shares issued: 12,793,856 and 12,668,001, respectively Shares outstanding: 11,987,838 and 11,861,983, respectively	128	127
Additional paid-in capital	69,305	71,526
Retained earnings	419,384	325,281
Treasury stock, 806,018 shares at cost	(24,999)	(24,999)
Accumulated other comprehensive loss	(27,079)	(26,909)
Total Stockholders' Equity	436,739	345,026
Total Liabilities and Stockholders' Equity	$ 868,983	$ 752,242

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Remainder of 2024	$ 137
2025	440
2026	197
2027	156
2028	18
Thereafter	0
Total future minimum lease payments	948
Less: present value discount (imputed interest)	(39)
Present value of lease liabilities	$ 909	$ 1,436

Long-Term Debt	9 Months Ended
Long-Term Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt U.S. Revolver On October 4, 2023, we entered into a third amendment (the Third Amendment) to our credit agreement with Bank of America, N.A. (as amended, the U.S. Revolver). The Third Amendment added Texas Capital Bank as Syndication Agent and a lender, increased the amount of the revolving line of credit from $125.0 million to $150.0 million, and extended the expiry date to October 4, 2028. The aggregate commitment of $150.0 million consists of $100.0 million committed by Bank of America and $50.0 million committed by Texas Capital Bank. As amended by the Third Amendment, the lesser of (a) $60 million, (b) 60% of available cash, and (c) the aggregate face amount of the issued but undrawn letters of credit that are not cash-secured, shall be deducted from consolidated funded indebtedness, when calculating the consolidated net leverage ratio. We have the option to cash collateralize all or a portion of the letters of credit outstanding, which would favorably impact the consolidated funded indebtedness calculation and the consolidated net leverage ratio. On June 26, 2024, in connection with the expected discontinuation of the publication of the Canadian Dollar Offered Rate (CDOR), we further amended the U.S. Revolver by entering into a Canadian benchmark replacement conforming changes amendment with Bank of America, N.A. that added and amended certain terms related to the replacement of the CDOR as a benchmark rate with the forward-looking term rate based on the Canadian Overnight Repo Rate Average. As of June 30, 2024, there were no amounts borrowed under the U.S. Revolver, and letters of credit outstanding were $68.4 million. There was $81.6 million available for the issuance of letters of credit and borrowings under the U.S. Revolver as of June 30, 2024. As of June 30, 2024, we were in compliance with all of the financial covenants of the U.S. Revolver.

Earnings Per Share

9 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

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 include the weighted average of additional shares associated with the incremental effect of dilutive restricted stock and restricted stock units.

The following table reconciles basic and diluted weighted average shares used in the computation of earnings per share (in thousands, except per share data):


	Three months ended June 30,				Nine months ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	46,223	$	18,454	$	103,796	$	28,090
Denominator:
Weighted average basic shares	11,998		11,889		11,977		11,876
Dilutive effect of restricted stock and restricted stock units	207		251		203		230
Weighted average diluted shares	12,205		12,140		12,180		12,106
Earnings per share:
Basic	$	3.85	$	1.55	$	8.67	$	2.37
Diluted	$	3.79	$	1.52	$	8.52	$	2.32

Overview and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Powell and our wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP), have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations and cash flows with respect to the interim condensed consolidated financial statements have been included. The results of operations for the interim periods are not necessarily indicative of the results for the entire fiscal year. We believe that these financial statements contain all adjustments necessary so that they are not misleading. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Powell and its subsidiaries included in Powell’s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the Securities and Exchange Commission (SEC) on December 6, 2023. References to Fiscal 2024 and Fiscal 2023 used throughout this report shall mean the current fiscal year ending September 30, 2024 and the prior fiscal year ended September 30, 2023, respectively.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue recognition and estimated cost recognition on our customer contracts, allowance for credit losses, provision for excess and obsolete inventory, warranty accruals and income taxes. The amounts recorded for warranties, legal, income taxes, impairment of long-lived assets (when applicable), liquidated damages and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience, forecasts and 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 basis for recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability because the ultimate realization of net deferred tax assets is dependent on the generation of future taxable income during periods in which temporary differences become deductible. Estimates routinely change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our prior estimates.
Accounting Standards Updates and Disclosure Rules Issued but Not Yet Adopted	Accounting Standards Updates and Disclosure Rules Issued but Not Yet Adopted In November 2023, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires that public entities disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) on an annual and interim basis. It also requires that public entities disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures in assessing segment performance and resource allocation. Additionally, it requires that all existing annual disclosures about segment profit or loss and assets must be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We are currently evaluating the impacts of the new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which enhances the transparency of income tax disclosures. It requires greater disaggregation of information in the tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, and should be applied on a prospective basis. Retrospective application and early adoption are permitted. We are currently evaluating the impacts of the new standard. In March 2024, the SEC adopted final rules designed to enhance and standardize disclosures related to the risks and impacts of climate-related matters. The final rules require registrants to disclose certain climate-related information in registration statements and annual reports. Such information relates to climate-related risks and risk management processes for, and governance and oversight activities of such risks. The final rules also include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements. In addition, larger registrants will be required to disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. These disclosure requirements will be effective for the Company's fiscal year beginning October 1, 2025. In April 2024, the SEC voluntarily stayed the final rules as a result of pending legal challenges. We are currently evaluating the impacts of the final rules on our consolidated financial statements and related disclosures.
Revenue Recognition	Revenue Recognition Our revenues are primarily generated from the manufacturing of custom-engineered products and systems under long-term fixed-price contracts under which we agree to manufacture various products such as traditional and arc-resistant distribution switchgear and control gear, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches and bus duct systems. These products may be sold separately as an engineered solution but are typically integrated into custom-built enclosures which we also build. These enclosures are referred to as power control room substations (PCRs®), custom-engineered modules or electrical houses (E-Houses). Some contracts may also include the installation and the commissioning of these enclosures. Revenue from these contracts is generally recognized over time utilizing the cost-to-cost method. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. We believe that this method is the most accurate representation of our performance because it directly measures the value of the services transferred to the customer over time as we incur costs on our contracts. Contract costs include all direct materials, labor and indirect costs related to contract performance, which may include indirect labor, supplies, tools, repairs and depreciation costs. We also have contracts to provide field service inspection, installation, commissioning, modification, and repair services, as well as retrofit and retrofill components for existing systems. If the service contract terms give us the right to invoice the customer for an amount that corresponds directly with the value of our performance completed to date (i.e., a service contract in which we bill a fixed amount for each hour of service provided), then we recognize revenue over time in each reporting period corresponding to the amount that we have the right to invoice. Our performance obligations are satisfied as the work progresses. Revenues from our custom-engineered products and value-added services transferred to customers over time accounted for approximately 96% and 95% of revenues for the three and nine months ended June 30, 2024, respectively, and approximately 94% and 93% of revenues for the three and nine months ended June 30, 2023, respectively. We also have sales orders for spare parts and replacement circuit breakers for switchgear that are obsolete or that are no longer produced by the original manufacturer. Revenues from these sales orders are recognized at the time we fulfill our performance obligation to the customer, which is typically upon shipment and represented approximately 4% and 5% of revenues for the three and nine months ended June 30, 2024, respectively, and approximately 6% and 7% of revenues for the three and nine months ended June 30, 2023, respectively. Additionally, some contracts may contain a cancellation clause that could limit the amount of revenue we are able to recognize over time. In these instances, revenue and costs associated with these contracts are deferred and recognized at a point in time when the performance obligation is fulfilled. Selling and administrative costs incurred in relation to obtaining a contract are typically expensed as incurred. We periodically utilize a third-party sales agent to obtain a contract and will pay a commission to that agent. We record the full commission liability to the third-party sales agents at the order date, with a corresponding deferred asset. As the project progresses, we record commission expense based on percentage of completion rates that correlate to the project and reduce the deferred asset. Once we have been paid by the customer, we pay the commission and the deferred liability is reduced Performance Obligations A performance obligation is a promise in a contract or with a customer to transfer a distinct good or service. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue as the performance obligations are satisfied. To determine the proper revenue recognition for contracts, we evaluate whether a contract should be accounted for as more than one performance obligation or, less commonly, whether two or more contracts should be combined and accounted for as one performance obligation. This evaluation of performance obligations requires significant judgment. The majority of our contracts have a single performance obligation where multiple engineered products and services are combined into a single custom-engineered solution. Our contracts include a standard one-year assurance warranty. Occasionally, we provide service-type warranties that will extend the warranty period. These extended warranties qualify as a separate performance obligation, and revenue is deferred and recognized over the warranty period. If we determine during the evaluation of the contract that there are multiple performance obligations, we allocate the transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. Remaining unsatisfied performance obligations, which we refer to as backlog, represent the estimated transaction price for goods and services for which we have a material right, but work has not been performed. Contract Estimates Actual revenues and project costs may vary from previous estimates due to changes in a variety of factors. 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 availability of materials, and the effect of any delays on our project performance. We periodically review our job performance, job conditions, estimated profitability and final contract settlements, including our estimate of total costs and make revisions to costs and income in the period in which the revisions are probable and reasonably estimable. We bear the risk of cost overruns in most of our contracts, which may result in reduced profits. 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. Variable Consideration It is common for our long-term contracts to contain variable consideration that can either increase or decrease the transaction price. Due to the nature of our contracts, estimating total cost and revenue can be complex and subject to variability due to change orders, back charges, spare parts, early completion bonuses, customer allowances and liquidated damages. We estimate the amount of variable consideration based on the expected value method, which is the sum of the probability-weighted amounts, or the most likely amount method which uses various factors including experience with similar transactions and assessment of our anticipated performance. Variable consideration is included in the transaction price if legally enforceable and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur once the uncertainty associated with the variable consideration is resolved. Contract Modifications Contracts may be modified for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the enforceable rights and obligations under the contract. Most of our contract modifications are for goods and services that are not distinct from the existing performance obligation. Contract modifications result in a cumulative catch-up adjustment to revenue based on our measure of progress for the performance obligation. Contract Balances The timing of revenue recognition, billings and cash collections affects accounts receivable, contract assets and contract liabilities in our Condensed Consolidated Balance Sheets. Contract assets are recorded when revenues are recognized in excess of amounts billed for fixed-price contracts as determined by the billing milestone schedule. Contract assets are transferred to accounts receivable when billing milestones have been met, or we have an unconditional right to payment. Contract liabilities typically represent advance payments from contractual billing milestones and billings in excess of revenue recognized. It is unusual to have advanced milestone payments with a term greater than one year, which could represent a financing component of the contract. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period and are generally classified as current.The timing of our invoice process is typically dependent on the completion of certain milestones and contract terms and subject to agreement by our customer. Payment is typically expected within 30 days of invoice. Any uncollected invoiced amounts for our performance obligations recognized over time, including contract retentions, are recorded as accounts receivable in the Condensed Consolidated Balance Sheets. Certain contracts allow customers to withhold a small percentage of billings pursuant to retainage provisions, and such amounts are generally due upon completion of the contract and acceptance of the project by the customer. Based on our experience in recent years, the majority of these retainage balances are expected to be collected within approximately twelve months.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Leases - Narrative (Details)	Jun. 30, 2024
Leases [Abstract]
Weighted average discount rate, percent	3.82%
Weighted average remaining lease term	2 years 5 months 1 day

Income Taxes - Schedule of Calculation of the Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 61,796			$ 23,645			$ 135,591	$ 36,232
Income tax provision	15,573			5,191			31,795	8,142
Net income	$ 46,223	$ 33,488	$ 24,085	$ 18,454	$ 8,473	$ 1,162	$ 103,796	$ 28,090
Effective tax rate	25.00%			22.00%			23.00%	22.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
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-Section 50
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net income	$ 103,796	$ 28,090
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,074	6,500
Stock-based compensation	3,820	3,914
Unrealized mark-to-market gain on derivative contracts	(113)	0
Bad debt expense, net	294	36
Deferred income taxes	(148)	(2,551)
Changes in operating assets and liabilities:
Accounts receivable, net	33,099	(96,986)
Contract assets and liabilities, net	(27,304)	178,161
Inventories	(21,254)	(15,304)
Income taxes	1,037	(11)
Prepaid expenses and other current assets	(374)	(1,981)
Accounts payable	22,415	(249)
Accrued liabilities	(4,337)	3,528
Other, net	(1,353)	2,167
Net cash provided by operating activities	114,652	105,314
Investing Activities:
Purchases of short-term investments	(27,537)	(18,789)
Maturities of short-term investments	18,312	7,385
Purchases of property, plant and equipment	(3,527)	(4,006)
Purchase of intangible assets	(250)	0
Proceeds from sale of property, plant and equipment	26	12
Net cash used in investing activities	(12,976)	(15,398)
Financing Activities:
Shares withheld in lieu of employee tax withholding	(6,476)	(582)
Dividends paid	(9,475)	(9,292)
Net cash used in financing activities	(15,951)	(9,874)
Net increase in cash and cash equivalents	85,725	80,042
Effect of exchange rate changes on cash and cash equivalents	412	1,359
Cash and cash equivalents at beginning of period	245,875	101,954
Cash and cash equivalents at end of period	$ 332,012	$ 183,355

Detail of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 246,536	$ 243,312
Less: Accumulated depreciation	(150,068)	(145,687)
Total property, plant and equipment, net	96,468	97,625
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	21,563	21,526
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	123,687	121,454
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	95,064	92,477
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,795	3,726
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,427	$ 4,129

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Long-Term Debt - Narrative (Details) - Revolving Credit Facility - USD ($)	Jun. 30, 2024	Oct. 04, 2023	Oct. 03, 2023
Credit Agreement Second Amendment
Line of Credit Facility [Line Items]
Revolving credit facility			$ 125,000,000.0
Credit Agreement Third Amendment
Line of Credit Facility [Line Items]
Revolving credit facility		$ 150,000,000.0
Readily available cash deductible from letters of credit outstanding (lesser of)		$ 60,000,000
Readily available cash percentage deductible from letters of credit (lesser of)		60.00%
Credit Agreement Third Amendment \| Bank of America
Line of Credit Facility [Line Items]
Revolving credit facility		$ 100,000,000.0
Credit Agreement Third Amendment \| Texas Capital Bank
Line of Credit Facility [Line Items]
Revolving credit facility		$ 50,000,000.0
U.S. Revolver
Line of Credit Facility [Line Items]
Revolving credit facility borrowings, outstanding amount	$ 0
Amount available under the credit facility	81,600,000
U.S. Revolver \| Financial Standby Letter of Credit
Line of Credit Facility [Line Items]
Guarantee liability	$ 68,400,000

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 90,955	$ 60,621
Contract liabilities	(282,924)	(279,796)
Net contract liability	(191,969)	(219,175)
Revenue recognized related to contract liabilities	228,900
Retention amounts included in accounts receivable	6,600	$ 7,400
Retained amount expected to be collected in the next twelve months	5,900
Retained amount expected to be collected	$ 700

Revenue - Narrative (Details) - Product Concentration Risk - Revenue from Contract with Customer Benchmark	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Transferred Over Time
Revenue from External Customer [Line Items]
Concentration risk, percentage	96.00%	94.00%	95.00%	93.00%
Transferred at Point in Time
Revenue from External Customer [Line Items]
Concentration risk, percentage	4.00%	6.00%	5.00%	7.00%

Leases - Summary of Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Assets:
Operating lease assets, net	$ 909	$ 1,436
Liabilities:
Current operating lease liabilities	482	773
Long-term operating lease liabilities	427	663
Total lease liabilities	$ 909	$ 1,436