Pension Plans (Tables)

12 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Accounting For The Pension Plans

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

	2022			2021			2020
Weighted average assumptions used to determine benefit obligations at September 30 measurement date:
Discount rate		3.7	%		1.0	%		1.1	%
Rate of increase in future compensation		3.6	%		2.8	%		2.8	%
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30:
Discount rate		1.0	%		1.1	%		0.9	%
Rate of increase in future compensation		2.8	%		2.8	%		2.8	%
Rate of return on plan assets		5.0	%		5.0	%		5.4	%

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,
	2022			2021			2020
Interest cost of projected benefit obligation	$	550		$	692		$	527
Service cost		1,016			1,127			1,426
Expected return on plan assets		(3,712	)		(3,643	)		(3,878	)
Amortization of prior service cost		(4	)		(5	)		(5	)
Recognized actuarial loss		1,425			4,139			3,854
Settlement gain		(82	)		—			—
Net periodic pension (benefit) cost	$	(807	)	$	2,310		$	1,924

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,
	2022			2021
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	96,512		$	97,832
Service cost		1,016			1,127
Interest cost		550			692
Actuarial loss (gain)		(22,616	)		1,100
Foreign exchange impact		(12,949	)		(1,562	)
Participant contributions		96			109
Benefits paid		(2,343	)		(2,786	)
Divestiture of business		(1,184	)		—
Settlements		(953	)		—
Projected benefit obligation, end of year	$	58,129		$	96,512
Change in plan assets and funded status:
Plan assets at fair value, beginning of year	$	78,385		$	72,063
Actual return on plan assets		2,348			7,383
Employer contributions		3,007			3,049
Participant contributions		96			109
Foreign exchange impact		(12,959	)		(1,433	)
Settlements		(953	)		—
Benefits paid		(2,343	)		(2,786	)
Plan assets at fair value—end of year		67,581			78,385
Projected benefit obligation, end of year		58,129			96,512
Underfunded status	$	(9,782	)	$	(18,982	)
Overfunded status	$	19,234		$	855
Accumulated benefit obligation, end of year	$	57,310		$	95,090
Amounts recognized in the balance sheet:
Non-current asset	$	19,234		$	855
Non-current liability	$	(9,434	)	$	(18,615	)
Current liability	$	(348	)	$	(367	)
Amounts in accumulated other comprehensive loss:
Unrecognized actuarial loss	$	5,408		$	30,213

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,
	2022			2021
Accumulated other comprehensive loss, beginning of year	$	30,213		$	37,175
Recognized during year - net actuarial losses		(1,421	)		(4,135	)
Occurring during year - settlement gain		82			—
Occurring during year - net actuarial gains		(21,253	)		(2,640	)
Foreign exchange impact		(2,213	)		(187	)
Accumulated other comprehensive loss, end of year	$	5,408		$	30,213

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	2022			2021
Equity securities		33	%		35	%
Fixed income securities		33	%		34	%
Commodities		1	%		11	%
Insurance company funds		10	%		12	%
Options		2	%		1	%
Cash		21	%		7	%
		100	%		100	%

Expected Future Benefit Payments

As of September 30, 2022, benefit payments expected to be paid over the next ten years are as follows:

(in thousands)	Future Benefit Payments
2023	$	3,410
2024		4,068
2025		3,793
2026		3,830
2027		4,216
2028 to 2032		20,680

Fair Value of Plan Assets

(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

(in thousands)	September 30, 2021
	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	24,013	$	—	$	—	$	24,013
Corporate investment grade		2,924		—		—		2,924
Large capitalization stocks		27,078		—		—		27,078
Commodities		8,558		—		—		8,558
Insurance company funds(1)		—		9,105		—		9,105
Options		1,122		—		—		1,122
Cash		5,585		—		—		5,585
Total plan assets	$	69,280	$	9,105	$	—	$	78,385

(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.