Pension Plans (Tables)

12 Months Ended

Sep. 30, 2021

Compensation And Retirement Disclosure [Abstract]

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

	2021			2020			2019
Weighted average assumptions used to determine benefit obligations at September 30 measurement date:
Discount rate		1.0	%		1.1	%		0.9	%
Rate of increase in future compensation		2.8	%		2.8	%		2.8	%
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30:
Discount rate		1.1	%		0.9	%		1.9	%
Rate of increase in future compensation		2.8	%		2.8	%		3.0	%
Rate of return on plan assets		5.0	%		5.4	%		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,
	2021			2020			2019
Interest cost of projected benefit obligation	$	692		$	527		$	1,199
Service cost		1,127			1,426			1,372
Expected return on plan assets		(3,643	)		(3,878	)		(3,728	)
Amortization of prior service cost		(5	)		(5	)		(5	)
Recognized actuarial loss		4,139			3,854			2,390
Settlement loss		—			—			(30	)
Net periodic pension cost	$	2,310		$	1,924		$	1,198

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,
	2021			2020
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	97,832		$	94,983
Service cost		1,127			1,426
Interest cost		692			527
Actuarial loss (gain)		1,100			(2,835	)
Foreign exchange impact		(1,562	)		6,452
Participant contributions		109			86
Benefits paid		(2,786	)		(2,234	)
Curtailments		—			(573	)
Projected benefit obligation, end of year	$	96,512		$	97,832
Change in plan assets and funded status:
Plan assets at fair value, beginning of year	$	72,063		$	69,879
Actual return on plan assets		7,383			(2,990	)
Employer contributions		3,049			2,622
Participant contributions		109			86
Foreign exchange impact		(1,433	)		4,700
Benefits paid		(2,786	)		(2,234	)
Plan assets at fair value—end of year		78,385			72,063
Projected benefit obligation, end of year		96,512			97,832
Underfunded status	$	(18,127	)	$	(25,769	)
Accumulated benefit obligation, end of year	$	95,090		$	96,270
Amounts recognized in the balance sheet:
Non-current asset	$	855		$	—
Non-current liability	$	(18,615	)	$	(25,437	)
Current liability	$	(367	)	$	(332	)
Amounts in accumulated other comprehensive loss:
Unrecognized actuarial loss	$	30,213		$	37,175

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,
	2021			2020
Accumulated other comprehensive loss, beginning of year	$	37,175		$	34,920
Recognized during year - net actuarial losses		(4,135	)		(3,850	)
Occurring during year - net actuarial losses		(2,640	)		3,460
Foreign exchange impact		(187	)		2,645
Accumulated other comprehensive loss, end of year	$	30,213		$	37,175

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	2021			2020
Equity securities		35	%		33	%
Fixed income securities		34	%		34	%
Commodities		11	%		11	%
Insurance company funds		12	%		13	%
Options		1	%		1	%
Cash		7	%		8	%
		100	%		100	%

Expected Future Benefit Payments

As of September 30, 2021, benefit payments expected to be paid over the next ten years are as follows:

(in thousands)	Future Benefit Payments
2022	$	4,297
2023		4,216
2024		4,860
2025		4,558
2026		4,638
2027 to 2031		24,407

Fair Value of Plan Assets

(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

(in thousands)	September 30, 2020
	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	20,663	$	—	$	—	$	20,663
Corporate investment grade		3,599		—		—		3,599
Large capitalization stocks		23,878		—		—		23,878
Commodities		7,750		—		—		7,750
Insurance company funds⁽¹⁾		—		9,131		—		9,131
Options		1,126		—		—		1,126
Cash		5,916		—		—		5,916
Total plan assets	$	62,932	$	9,131	$	—	$	72,063

(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.