Pension Plans (Tables)

12 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Accounting For The Pension Plans

The following table presents the actuarial assumptions used in accounting for the pension plans:

	2023			2022			2021
Weighted average assumptions used to determine benefit obligations at September 30 measurement date:
Discount rate		4.2	%		3.7	%		1.0	%
Rate of increase in future compensation		3.0	%		3.6	%		2.8	%
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30:
Discount rate		3.7	%		1.0	%		1.1	%
Rate of increase in future compensation		3.6	%		2.8	%		2.8	%
Rate of return on plan assets		4.8	%		5.0	%		5.0	%

Components of Net Periodic Pension Cost

All non-service net periodic pension costs are presented in Other income, net on the Consolidated Statement of Operations. The actuarially computed components of net periodic pension cost recognized in our Consolidated Statements of Operations for each year are shown below:

(in thousands)	Year ended September 30,
	2023			2022			2021
Interest cost of projected benefit obligation	$	2,126		$	550		$	692
Service cost		690			1,016			1,127
Expected return on plan assets		(3,541	)		(3,712	)		(3,643	)
Amortization of prior service cost		—			(4	)		(5	)
Recognized actuarial loss		241			1,425			4,139
Settlement gain		—			(82	)		—
Net periodic pension (benefit) cost	$	(484	)	$	(807	)	$	2,310

Change in Benefit Obligation and Plan Assets

The following tables display the change in benefit obligation and the change in the plan assets and funded status of the plans as well as the amounts recognized in our Consolidated Balance Sheets:

(in thousands)	Year ended September 30,
	2023			2022
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	58,129		$	96,512
Service cost		690			1,016
Interest cost		2,126			550
Actuarial gain		(1,589	)		(22,616	)
Foreign exchange impact		3,714			(12,949	)
Participant contributions		96			96
Benefits paid		(2,968	)		(2,343	)
Plan amendments		235			—
Divestiture of business		—			(1,184	)
Settlements		—			(953	)
Projected benefit obligation, end of year	$	60,433		$	58,129
Change in plan assets and funded status:
Plan assets at fair value, beginning of year	$	67,581		$	78,385
Actual return (loss) on plan assets		(1,919	)		2,348
Employer contributions		1,343			3,007
Participant contributions		96			96
Foreign exchange impact		4,593			(12,959	)
Settlements		—			(953	)
Benefits paid		(2,968	)		(2,343	)
Plan amendments		149			—
Plan assets at fair value, end of year		68,875			67,581
Projected benefit obligation, end of year		60,433			58,129
Underfunded status	$	(10,693	)	$	(9,782	)
Overfunded status	$	19,135		$	19,234
Accumulated benefit obligation, end of year	$	59,602		$	57,310
Amounts recognized in the balance sheet:
Non-current asset	$	19,135		$	19,234
Non-current liability	$	(10,419	)	$	(9,434	)
Current liability	$	(274	)	$	(348	)
Amounts in accumulated other comprehensive loss:
Unrecognized actuarial loss	$	9,573		$	5,408

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The following table shows the change in Accumulated other comprehensive loss:

(in thousands)	Year ended September 30,
	2023			2022
Accumulated other comprehensive loss, beginning of year	$	5,408		$	30,213
Recognized during year - net actuarial losses		(241	)		(1,421	)
Occurring during year - settlement gain		—			82
Occurring during year - net actuarial losses (gains)		3,871			(21,253	)
Plan amendments		91			—
Foreign exchange impact		444			(2,213	)
Accumulated other comprehensive loss, end of year	$	9,573		$	5,408

Percentage of Total Plan Assets

The following table shows the percentage of total plan assets for each major category of plan assets:

	September 30,
Asset category	2023			2022
Equity securities		31	%		33	%
Fixed income securities		42	%		33	%
Commodities		7	%		1	%
Insurance company funds		10	%		10	%
Options		0	%		2	%
Cash		10	%		21	%
		100	%		100	%

Expected Future Benefit Payments

As of September 30, 2023, benefit payments expected to be paid over the next ten years are as follows:

(in thousands)	Future Benefit Payments
2024	$	4,158
2025		3,782
2026		3,898
2027		4,485
2028		4,694
2029 to 2033		23,443

Fair Value of Plan Assets

(in thousands)	September 30, 2023
	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	27,322	$	—	$	—	$	27,322
Corporate investment grade		1,632		—		—		1,632
Large capitalization stocks		20,864		—		—		20,864
Commodities		4,977		—		—		4,977
Insurance company funds(1)		—		7,102		—		7,102
Cash		6,978		—		—		6,978
Total plan assets	$	61,773	$	7,102	$	—	$	68,875

(in thousands)	September 30, 2022
	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	20,430	$	—	$	—	$	20,430
Corporate investment grade		2,038		—		—		2,038
Large capitalization stocks		22,379		—		—		22,379
Commodities		599		—		—		599
Insurance company funds(1)		—		6,823		—		6,823
Options		1,430		—		—		1,430
Cash		13,882		—		—		13,882
Total plan assets	$	60,758	$	6,823	$	—	$	67,581

(1)These investments are comprised primarily of funds invested with an insurance company in Japan with a guaranteed rate of return. The insurance company invests these assets primarily in government and corporate bonds.