Pension Plans (Tables)

12 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

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

	2020			2019			2018
Weighted average assumptions used to determine benefit obligations at September 30 measurement date:
Discount rate		1.1	%		0.9	%		1.9	%
Rate of increase in future compensation		2.8	%		2.8	%		3.0	%
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30:
Discount rate		0.9	%		1.9	%		1.8	%
Rate of increase in future compensation		2.8	%		3.0	%		2.8	%
Rate of return on plan assets		5.4	%		5.4	%		5.4	%

Components of Net Periodic Pension Cost

All non-service net periodic pension costs are presented in other income (expense), 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,
	2020			2019			2018
Interest cost of projected benefit obligation	$	527		$	1,199		$	1,260
Service cost		1,426			1,372			1,535
Expected return on plan assets		(3,878	)		(3,728	)		(4,180	)
Amortization of prior service cost		(5	)		(5	)		(5	)
Recognized actuarial loss		3,854			2,390			2,293
Settlement loss		—			(30	)		9
Net periodic pension cost	$	1,924		$	1,198		$	912

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,
	2020			2019
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	94,983		$	87,864
Service cost		1,426			1,372
Interest cost		527			1,199
Actuarial (gain) loss		(2,835	)		12,059
Foreign exchange impact		6,452			(4,674	)
Participant contributions		86			154
Benefits paid		(2,234	)		(1,836	)
Curtailments		(573	)		—
Settlements		—			(1,155	)
Projected benefit obligation, end of year	$	97,832		$	94,983
Change in plan assets and funded status:
Plan assets at fair value, beginning of year	$	69,879		$	70,141
Actual return on plan assets		(2,990	)		3,512
Employer contributions		2,622			2,576
Participant contributions		86			154
Foreign exchange impact		4,700			(3,513	)
Settlements		—			(1,155	)
Benefits paid		(2,234	)		(1,836	)
Plan assets at fair value—end of year		72,063			69,879
Projected benefit obligation, end of year		97,832			94,983
Underfunded status	$	(25,769	)	$	(25,104	)
Accumulated benefit obligation, end of year	$	96,270		$	92,280
Amounts recognized in the balance sheet:
Non-current liability	$	(25,437	)	$	(24,868	)
Current liability	$	(332	)	$	(236	)
Amounts in accumulated other comprehensive loss:
Unrecognized actuarial loss	$	37,175		$	34,920

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,
	2020			2019
Accumulated other comprehensive loss, beginning of year	$	34,920		$	27,027
Recognized during year - net actuarial losses		(3,850	)		(2,385	)
Occurring during year - settlement loss		—			30
Occurring during year - net actuarial losses		3,460			12,274
Foreign exchange impact		2,645			(2,026	)
Accumulated other comprehensive loss, end of year	$	37,175		$	34,920

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	2020			2019
Equity securities		33	%		32	%
Fixed income securities		34	%		46	%
Commodities		11	%		2	%
Insurance company funds		13	%		12	%
Options		1	%		—	%
Cash		8	%		8	%
		100	%		100	%

Expected Future Benefit Payments

As of September 30, 2020, benefit payments expected to be paid over the next ten years are as follows:

(in thousands)	Future Benefit Payments
2021	$	3,813
2022		4,321
2023		4,133
2024		4,822
2025		4,651
2026 to 2030		23,538

Fair Value of Plan Assets

(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

(in thousands)	September 30, 2019
	Level 1		Level 2		Level 3		Total
Fixed income securities:
Government	$	26,996	$	—	$	—	$	26,996
Corporate investment grade		4,816		—		—		4,816
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
Total plan assets	$	61,385	$	8,494	$	—	$	69,879

(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.