Retirement Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Net Pension Expense for Defined Benefit Plans

Net pension expense, benefit obligations and plan assets for the Company-sponsored defined benefit pension plans consists of the following:



	Years Ended September 30,
	2016			2015
Service cost	$	280		$	148
Interest cost	1,017			978
Expected return on plan assets	(1,632		)	(1,671		)
Amortization of net loss	828			545
Settlement cost	223			—
Net pension expense for defined benefit plan	$	716		$	—

Roll Forward of Defined Benefit Pension Plan Obligationas and Assets

The status of all defined benefit pension plans at September 30 is as follows:



	2016			2015
Benefit obligations:
Benefit obligations at beginning of year	$	27,685		$	26,140
Transfer in	—			465
Service cost	280			148
Interest cost	1,017			978
Actuarial loss	2,405			1,328
Benefits paid	(1,659		)	(1,377		)
Currency translation	3			3
Benefit obligations at end of year	$	29,731		$	27,685
Plan assets:
Plan assets at beginning of year	$	20,896		$	22,110
Actual return on plan assets	2,061			117
Employer contributions	46			46
Benefits paid	(1,659		)	(1,377		)
Plan assets at end of year	$	21,344		$	20,896

Net Plan Assets Recognized in the Consolidated Balance Sheets



	Plans in which Benefit Obligations Exceed Assets at September 30,
	2016			2015
Reconciliation of funded status:
Plan assets less than projected benefit obligations	$	(8,387	)	$	(6,789	)
Amounts recognized in accumulated other comprehensive loss:
Net loss	10,926			10,003
Net amount recognized in the consolidated balance sheets	$	2,539		$	3,214
Amounts recognized in the consolidated balance sheets are:
Accrued liabilities	(46		)	(46		)
Pension liability	(8,341		)	(6,743		)
Accumulated other comprehensive loss – pretax	10,926			10,003
Net amount recognized in the consolidated balance sheets	$	2,539		$	3,214

Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Costs

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs during fiscal 2017 are as follows:



	Plans in which Assets Exceed Benefit Obligations		Plans in which Benefit Obligations Exceed Assets
Net loss	$	—	$	887

Weighted-Average Assumptions Used in Developing Benefit Obligation and Net Pension Expense

Where applicable, the following weighted-average assumptions were used in developing the benefit obligation and the net pension expense for defined benefit pension plans:



	Years Ended September 30,
	2016		2015
Discount rate for liabilities	3.1	%	3.9	%
Discount rate for expenses	3.8	%	3.9	%
Expected return on assets	8.0	%	8.0	%

Fair Values and Asset Allocation Ranges of Defined Benefit Plan Investments

The “Asset Allocation Range” listed below anticipates these potential scenarios and provides flexibility for the Plan’s investments to vary around the objective without triggering a reallocation of the assets, as noted by the following:



	Percent of Plan Assets at September 30,				Asset Allocation Range
	2016		2015		Asset Allocation Range
U.S. equities	50	%	50	%	30% to 70%
Non-U.S. equities	7	%	8	%	0% to 20%
U.S. debt securities	41	%	40	%	20% to 70%
Non-U.S. debt securities	—	%	—	%	0% to 10%
Other securities	2	%	2	%	0% to 60%
Total	100	%	100	%

The following tables set forth the asset allocation of the Company’s defined benefit pension plan assets and summarize the fair values and levels within the fair value hierarchy for such plan assets as of September 30, 2016 and 2015:



September 30, 2016	Asset Amount		Level 1		Level 2		Level 3
U.S. equity securities:
Large value	$	492	$	—	$	492	$	—
Large blend	9,593		—		9,593		—
Large growth	503		—		503		—
Mid blend	57		—		57		—
Small blend	56		—		56		—
Non-U.S. equity securities:
Foreign large blend	1,565		—		1,565		—
Diversified emerging markets	18		—		18		—
U.S. debt securities:
Inflation protected bond	537		—		537		—
Intermediate term bond	7,747		—		5,562		2,185
High inflation bond	360		—		360		—
Non-U.S. debt securities:
Emerging markets bonds	66		—		66		—
Stable value:
Short-term bonds	350		—		350		—
Total plan assets at fair value	$	21,344	$	—	$	19,159	$	2,185



September 30, 2015	Asset Amount		Level 1		Level 2		Level 3
U.S. equity securities:
Large value	$	487	$	—	$	487	$	—
Large blend	9,268		—		9,268		—
Large growth	515		—		515		—
Mid blend	109		—		109		—
Small blend	102		—		102		—
Non-U.S. equity securities:
Foreign large blend	1,559		—		1,559		—
Diversified emerging markets	35		—		35		—
U.S. debt securities:
Inflation protected bond	489		—		489		—
Intermediate term bond	7,538		—		5,493		2,045
High inflation bond	340		—		340		—
Non-U.S. debt securities:
Emerging markets bonds	56		—		56		—
Stable value:
Short-term bonds	398		—		398		—
Total plan assets at fair value	$	20,896	$	—	$	18,851	$	2,045

Changes in the Fair Value of Level 3 Defined Benefit Plan Investments

Changes in the fair value of the Company’s Level 3 investments during the years ending September 30, 2016 and 2015 were as follows:



	2016		2015
Balance at beginning of year	$	2,045	$	2,102
Actual return on plan assets	126		76
Purchases and sales of plan assets, net	14		(133		)
Balance at end of year	$	2,185	$	2,045

Schedule of Projected Future Defined Benefit Plan Payments

The following defined benefit payment amounts are expected to be made in the future:



Years Ending September 30,	Projected Benefit Payments
2017	$	2,414
2018	1,850
2019	1,576
2020	1,808
2021	1,849
2022-2026	8,648

Schedule of Contributions in U.S. Multi-Employer Retirement Plan for Certain Union Employees

The Company contributes to one (1) U.S. multi-employer retirement plan for certain union employees, as follow:

Pension

Fund

Pension Protection Act Zone Status

FIP/RP Status

Pending/

Implemented

Contributions by the Company

Surcharge

Imposed

Expiration of

Collective

Bargaining

Agreement

2016

2015

2016

2015

Fund ¹

Green

5/31/2020

¹ The fund is the IAM National Pension Fund – EIN 51-6031295 / Plan number 2. The IAM National Pension Fund utilized the special 30-year amortization provided by Public law 111-192, section 211 to amortize its losses from 2008.