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POST EMPLOYMENT BENEFITS (Tables)

12 Months Ended

Sep. 30, 2023

Schedule of Reconciliation of Projected Benefit Obligations

The following tables summarize the changes in the benefit obligation funded status of the Pension Plan and amounts reflected in the Company’s consolidated balance sheets as of September 30, 2023 and 2022.


	Fiscal Year Ended September 30,		Fiscal Year Ended September 30,
	2023		2022

Accumulated benefit obligation:	$	12,957	$	12,812

Change in projected benefit obligation:
Projected benefit obligation, beginning of period	$	12,812	$	24,302
Interest cost	733		381
Benefits paid	(570)		(595)
Foreign currency translation adjustment	1,235		(3,370)
Actuarial gains	(1,253)		(7,906)
Projected benefit obligation at end of period	12,957		12,812

Change in fair value of plan assets:
Fair value of plan assets, beginning of period	$	14,385	$	21,269
Actual loss on plan assets	(427)		(3,948)
Employer contributions	1,226		1,059
Foreign currency translation adjustment	1,379		(3,400)
Benefits paid	(570)		(595)
Fair value of plan assets, end of period	15,993		14,385
Funded status	$	3,036	$	1,573

Schedule of Components of Net Periodic Benefit Cost

The net periodic benefit costs, which are presented within general and administrative expenses, under the Pension Plan were as follows:


	Fiscal Year Ended September 30,		Fiscal Year Ended September 30,
	2023		2022
Components of net periodic benefit expense:
Interest cost	733		381
Expected return on assets	(798)		(744)
Amortization of prior gain	(152)		—
Net periodic benefit cost	$	(217)	$	(363)

Schedule of Major Assumptions for Net Periodic Benefit Costs and Calculated Benefit Obligation

The major assumptions used in determining the net periodic benefit costs for the fiscal year ended September 30, 2023 and 2022:


	Fiscal Year Ended September 30,		Fiscal Year Ended September 30,
	2023		2022
Discount rate	5.33	%	1.85	%
Expected return on plan assets	4.96	%	4.01	%

At September 30, 2023, we are increasing our long-term rate of return assumption to 4.85% for pension plan assets. The major assumptions used in determining benefit obligations were as follows:


	Fiscal Year Ended September 30,		Fiscal Year Ended September 30,
	2023		2022
Discount rate	5.67	%	5.33	%
Rate of compensation increases	0.00	%	0.00	%

Schedule of Plan Assets Distribution

Plan assets distribution was as follows:


	Fiscal Year Ended September 30,		Fiscal Year Ended September 30,
	2023		2022
Cash	3.31	%	24.90	%
Equity securities	2.35		6.20
Debt securities	91.23		49.50
Real estate mutual fund	1.20		5.90
Other	1.91		13.50
Total	100.00	%	100.00	%

Schedule Plan Assets at Fair Value

The fair value of total plan assets by asset category and fair value hierarchy levels as of September 30, 2023 were as follows:


	Fair value as of September 30, 2023		Fair Value Measurements at Reporting Date Using:
			Level 1		Level 2		Level 3
Cash	$	431	$	431	$	—	$	—
Fixed income securities:
Investment grade corporate bonds	14,184		—		14,184		—
Other types of investments:
Multi-asset fund	1,378		—		1,378
Total	$	15,993	$	431	$	15,562	$	—

The fair value of total plan assets by asset category and fair value hierarchy levels as of September 30, 2022 were as follows:


	Fair value as of September 30, 2022		Fair Value Measurements at Reporting Date Using:
			Level 1		Level 2		Level 3
Cash	$	409	$	409	$	—	$	—
Fixed income securities:
Investment grade corporate bonds	4,408		—		4,408		—
Other types of investments:
Multi-asset fund	9,568		—		9,568		—
Total	$	14,385	$	409	$	13,976	$	—

Schedule of Anticipated Future Benefit Payments

Estimated pension benefit payments expected to be paid in cash in each of the next five years and in the aggregate for the following five years thereafter are as follows:


	2024		2025		2026		2027		2028		Thereafter		Total
Projected Benefit Payments	$	786	$	661	$	787	$	985	$	827	$	4,142	$	8,188