Pension Plans (Tables)

12 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Accounting For The Pension Plans

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

	2024			2023			2022
Weighted average assumptions used to determine benefit obligations at September 30 measurement date:
Discount rate		3.3	%		4.2	%		3.7	%
Rate of increase in future compensation		3.0	%		3.0	%		3.6	%
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30:
Discount rate		4.2	%		3.7	%		1.0	%
Rate of increase in future compensation		3.0	%		3.6	%		2.8	%
Rate of return on plan assets		4.8	%		4.8	%		5.0	%

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,
	2024			2023			2022
Interest cost of projected benefit obligation	$	2,368		$	2,126		$	550
Service cost		674			690			1,016
Expected return on plan assets		(3,361	)		(3,541	)		(3,712	)
Amortization of prior service cost		—			—			(4	)
Recognized actuarial loss		398			241			1,425
Settlement gain		(19	)		—			(82	)
Net periodic pension (benefit) cost	$	60		$	(484	)	$	(807	)

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,
	2024			2023
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	60,433		$	58,129
Service cost		674			690
Interest cost		2,368			2,126
Actuarial loss (gain)		7,128			(1,589	)
Foreign exchange impact		3,319			3,714
Participant contributions		100			96
Benefits paid		(3,162	)		(2,968	)
Plan amendments		—			235
Settlements		(618	)		—
Projected benefit obligation, end of year	$	70,242		$	60,433
Change in plan assets and funded status:
Plan assets at fair value, beginning of year	$	68,875		$	67,581
Actual return (loss) on plan assets		5,120			(1,919	)
Employer contributions		3,697			1,343
Participant contributions		100			96
Foreign exchange impact		3,745			4,593
Settlements		(618	)		—
Benefits paid		(3,162	)		(2,968	)
Plan amendments		—			149
Plan assets at fair value, end of year		77,757			68,875
Projected benefit obligation, end of year		70,242			60,433
Underfunded status	$	(12,438	)	$	(10,693	)
Overfunded status	$	19,953		$	19,135
Accumulated benefit obligation, end of year	$	69,580		$	59,602
Amounts recognized in the balance sheet:
Non-current asset	$	19,953		$	19,135
Non-current liability	$	(12,083	)	$	(10,419	)
Current liability	$	(355	)	$	(274	)
Amounts in accumulated other comprehensive loss:
Unrecognized actuarial loss	$	15,230		$	9,573

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,
	2024			2023
Accumulated other comprehensive loss, beginning of year	$	9,573		$	5,408
Recognized during year - net actuarial losses		(398	)		(241	)
Occurring during year - settlement gain		19			—
Occurring during year - net actuarial losses (gains)		5,369			3,871
Plan amendments		—			91
Foreign exchange impact		667			444
Accumulated other comprehensive loss, end of year	$	15,230		$	9,573

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	2024			2023
Equity securities		12	%		31	%
Fixed income securities		62	%		42	%
Commodities		6	%		7	%
Insurance company funds		9	%		10	%
Options		0	%		0	%
Cash		11	%		10	%
		100	%		100	%

Expected Future Benefit Payments

As of September 30, 2024, benefit payments expected to be paid over the next ten years are as follows:

(in thousands)	Future Benefit Payments
2025	$	4,344
2026		4,151
2027		4,812
2028		4,913
2029		4,947
2030 to 2034		25,551

Fair Value of Plan Assets

(in thousands)	September 30, 2024
	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	48,146	$	—	$	—	$	48,146
Equities in funds		9,550		—		—		9,550
Commodities		4,309		—		—		4,309
Insurance company funds(1)		—		7,385		—		7,385
Cash		8,277		—		—		8,277
Options		90		—		—		90
Total plan assets	$	70,372	$	7,385	$	—	$	77,757

(in thousands)	September 30, 2023
	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	27,322	$	—	$	—	$	27,322
Corporate investment grade		1,632		—		—		1,632
Large capitalization stocks		20,864		—		—		20,864
Commodities		4,977		—		—		4,977
Insurance company funds(1)		—		7,102		—		7,102
Cash		6,978		—		—		6,978
Total plan assets	$	61,773	$	7,102	$	—	$	68,875

(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.