Pension Plans (Tables)

12 Months Ended

Sep. 30, 2019

Defined Benefit Plan [Abstract]

Accounting For The Pension Plans

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

 

	2019		2018		2017
Weighted average assumptions used to determine benefit obligations at September 30 measurement date:
Discount rate	0.9	%	1.9	%	1.8	%
Rate of increase in future compensation	2.8	%	3.0	%	2.8	%
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30:
Discount rate	1.9	%	1.8	%	1.3	%
Rate of increase in future compensation	3.0	%	2.8	%	2.8	%
Rate of return on plan assets	5.4	%	5.4	%	5.4	%

Components Of Net Periodic Pension Cost

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,
	2019			2018			2017
Interest cost of projected benefit obligation	$	1,199		$	1,260		$	815
Service cost	1,372			1,535			1,696
Expected return on plan assets	(3,728		)	(4,180		)	(3,327		)
Amortization of prior service cost	(5		)	(5		)	(5		)
Recognized actuarial loss	2,390			2,293			3,385
Settlement loss	(30		)	9			—
Net periodic pension cost	$	1,198		$	912		$	2,564

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,
	2019			2018
Change in benefit obligation:
Projected benefit obligation—beginning of year	$	87,864		$	87,168
Service cost	1,372			1,535
Interest cost	1,199			1,260
Actuarial loss	12,059			2,157
Foreign exchange impact	(4,674		)	(1,669		)
Participant contributions	154			212
Benefits paid	(1,836		)	(1,637		)
Settlements	(1,155		)	(1,162		)
Projected benefit obligation—end of year	$	94,983		$	87,864
Change in plan assets and funded status:
Plan assets at fair value—beginning of year	$	70,141		$	70,494
Actual return on plan assets	3,512			1,025
Employer contributions	2,576			2,459
Participant contributions	154			212
Foreign exchange impact	(3,513		)	(1,250		)
Settlements	(1,155		)	(1,162		)
Benefits paid	(1,836		)	(1,637		)
Plan assets at fair value—end of year	69,879			70,141
Projected benefit obligation—end of year	94,983			87,864
Underfunded status	$	(25,104	)	$	(17,723	)
Accumulated benefit obligation—end of year	$	92,280		$	85,103
Amounts recognized in the balance sheet:
Non-current liability	$	(24,868	)	$	(17,502	)
Current liability	$	(236	)	$	(221	)
Amounts in accumulated other comprehensive loss:
Unrecognized actuarial loss	$	34,920		$	27,027

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

The following table shows change in accumulated other comprehensive loss:

(in thousands)	Year ended September 30,
	2019			2018
Accumulated other comprehensive loss- beginning of year	$	27,027		$	24,738
Recognized during year - net actuarial (losses)	(2,385		)	(2,288		)
Occurring during year - settlement loss	30			(9		)
Occurring during year - net actuarial losses (gains)	12,274			5,312
Foreign exchange impact	(2,026		)	(726		)
Accumulated other comprehensive loss- end of year	$	34,920		$	27,027

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:	2019		2018
Equity securities	32	%	35	%
Fixed-income securities	46	%	46	%
Commodities	2	%	1	%
Insurance company funds	12	%	12	%
Cash	8	%	6	%
	100	%	100	%

Expected Future Benefit Payments

As of September 30, 2019, benefit payments expected to be paid over the next ten years are outlined in the following table:

(in thousands)	Future Benefit Payments
Year ending September 30,
2020	$	2,918
2021	3,008
2022	3,648
2023	3,519
2024	4,401
2025 to 2029	22,173

Fair Value Of Plan Assets

(in thousands)	September 30, 2019
Plan assets:	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	26,996	$	—	$	—	$	26,996
European corporate investment grade	4,816		—		—		4,816
European large capitalization stocks	22,648		—		—		22,648
Commodities	1,086		—		—		1,086
Insurance company funds (1)	—		8,494		—		8,494
Cash	5,839		—		—		5,839
	$	61,385	$	8,494	$	—	$	69,879

(in thousands)	September 30, 2018
Plan assets:	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	29,754	$	—	$	—	$	29,754
European corporate investment grade	2,499		—		—		2,499
European large capitalization stocks	24,502		—		—		24,502
Commodities	724		—		—		724
Insurance company funds (1)	—		8,413		—		8,413
Cash	4,249		—		—		4,249
	$	61,728	$	8,413	$	—	$	70,141

 (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.