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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
Schedule of Reconciliation of the Changes in the Pension Benefit Obligations and Fair Value of Pension Plan Assets | The following table provides a reconciliation of the changes in the pension benefit obligations and fair value of the U.S. Plan assets over the two-year period ended September 30, 2025 and a statement of the funded status as of September 30, 2025 and 2024:
| September 30,
(in thousands) | 2025 |  | 2024
Accumulated benefit obligation | $ | 50,127 |  |  | $ | 57,154 |
Changes in projected benefit obligations: |  |  |
Projected benefit obligation at beginning of year | $ | 57,154 |  |  | $ | 54,646 |
Interest cost | 2,584 |  |  | 3,009 |
Actuarial loss (gain) | (3,404) |  |  | 2,885 |
Benefits paid | (6,207) |  |  | (3,386) |
Projected benefit obligation at end of year | $ | 50,127 |  |  | $ | 57,154 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 53,521 |  |  | $ | 43,780 |
Actual return on plan assets | 1,236 |  |  | 7,127 |
Employer contribution | — |  |  | 6,000 |
Benefits paid | (6,207) |  |  | (3,386) |
Fair value of plan assets at end of year | $ | 48,550 |  |  | $ | 53,521 |
Funded status of the plan at end of year | $ | (1,577) |  |  | $ | (3,633) |
Fluctuations in actuarial gains and losses during the period are primarily due to changes in the discount rate and investment returns. The mortality table issued by the Society of Actuaries in October 2021 was used for the September 30, 2025 pension calculation. The U.S. Plan's net pension liability at September 30, 2025 and 2024 was $1.6 million and $3.6 million, respectively. These liabilities are recorded within Retirement benefit obligation in our Consolidated Balance Sheets. The U.S. Plan's net actuarial loss recognized in Accumulated other comprehensive income (loss) at September 30, 2025 and 2024, and not yet reflected in net periodic benefit cost, was $4.7 million and $7.6 million, respectively. Unrecognized actuarial gains/losses outside of a corridor of the greater of: 1) 10 percent of the Projected Benefit Obligation, or 2) the fair value of assets, are amortized into expense for the year on a straight-line basis over the average remaining service years of participants. Amortization is not carried from year-to-year as the calculation resets each year. The following weighted average assumptions were used in the U.S. Plan's calculation:
| September 30,
| 2025 |  | 2024 |  | 2023
Discount rate for net periodic benefit costs | 4.84 | % |  | 5.77 | % |  | 5.44 | %
Discount rate for year-end obligations | 5.21 | % |  | 4.84 | % |  | 5.77 | %
Expected return on plan assets | 4.40 | % |  | 4.40 | % |  | 4.50 | %
We did not make any voluntary contributions to the U.S. Plan in fiscal year 2025; however, we made voluntary contributions of $6.0 million and $5.0 million in fiscal years 2024 and 2023, respectively. In fiscal year 2026, we do not expect minimum contributions required by law to be needed. However, we may make contributions in fiscal year 2026 if needed to fund unexpected distributions in lieu of liquidating pension assets. Components of the net periodic pension expense were as follows:
| Year Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2023
Interest cost | $ | 2,584 |  |  | $ | 3,009 |  |  | $ | 3,086 |
Expected return on plan assets 1 | (2,220) |  |  | (2,080) |  |  | (1,762) |
Recognized net actuarial loss | 190 |  |  | 612 |  |  | 1,139 |
Settlement expense | 442 |  |  | — |  |  | — |
Net pension expense | $ | 996 |  |  | $ | 1,541 |  |  | $ | 2,463 |
(1)The Company uses the fair value of plan assets in determining the expected return on plan assets. The following table reflects the expected benefits to be paid from the U.S. Plan in each of the next five fiscal years, and in the aggregate for the five years thereafter (in thousands):
Year Ended September 30,
2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031-2035 |  | Total
$ | 4,778 |  |  | $ | 4,788 |  |  | $ | 4,449 |  |  | $ | 3,789 |  |  | $ | 4,341 |  |  | $ | 19,501 |  |  | $ | 41,646 |
Our investment policy and strategies are established with a long-term view in mind. The investment strategy is intended to help pay the cost of the U.S Plan while providing adequate security to meet the benefits promised under the U.S. Plan. We maintain a diversified asset mix to minimize the risk of a material loss to the portfolio value that might occur from devaluation of any single investment. In determining the appropriate asset mix, our financial strength and ability to fund potential shortfalls are considered. Pension Plan assets are invested in portfolios of diversified public-market equity securities and fixed income securities. The U.S. Plan does not directly hold securities of the Company. The expected long-term rate of return on U.S. Plan assets is based on historical and projected rates of return for current and planned asset classes in the U.S. Plan’s investment portfolio after analyzing historical experience and future expectations of the return and volatility of various asset classes. During the 2021 fiscal year, for our U.S. Plan, we implemented a glide-path strategy with a goal to reduce risk as certain funded levels are achieved and began aligning our fixed income exposure with our pension liabilities. The target allocation for fiscal year 2026 and the asset allocation at the end of fiscal years 2025 and 2024, by asset category, are as follows:
| Target Allocation |  | September 30,
Asset Category | 2026 |  | 2025 |  | 2024
U.S. equities | 4 | % |  | 5 | % |  | 10 | %
International equities | 5 |  |  | 5 |  |  | 5 |
Fixed income | 91 |  |  | 90 |  |  | 85 |
Total | 100 | % |  | 100 | % |  | 100 | %
The fair value of U.S. Pension Plan's assets at September 30, 2025 and 2024, summarized by level within the fair value hierarchy described in Note 13—Fair Value Measurement of Financial Instruments, are as follows:
| September 30, 2025
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Short-term investments | $ | 201 |  |  | $ | 201 |  |  | $ | — |  |  | $ | — |
Mutual funds: |  |  |  |  |  |  |
Domestic stock funds | 2,218 |  |  | 2,218 |  |  | — |  |  | — |
Bond funds | 43,489 |  |  | 43,489 |  |  | — |  |  | — |
International stock funds | 2,615 |  |  | 2,615 |  |  | — |  |  | — |
Total mutual funds | 48,322 |  |  | 48,322 |  |  | — |  |  | — |
Oil and gas properties | 27 |  |  | — |  |  | — |  |  | 27 |
Total | $ | 48,550 |  |  | $ | 48,523 |  |  | $ | — |  |  | $ | 27 |
| September 30, 2024
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Short-term investments | $ | 3,369 |  |  | $ | 3,369 |  |  | $ | — |  |  | $ | — |
Mutual funds: |  |  |  |  |  |  |
Domestic stock funds | 5,223 |  |  | 5,223 |  |  | — |  |  | — |
Bond funds | 41,950 |  |  | 41,950 |  |  | — |  |  | — |
International stock funds | 2,887 |  |  | 2,887 |  |  | — |  |  | — |
Total mutual funds | 50,060 |  |  | 50,060 |  |  | — |  |  | — |
Oil and gas properties | 92 |  |  | — |  |  | — |  |  | 92 |
Total | $ | 53,521 |  |  | $ | 53,429 |  |  | $ | — |  |  | $ | 92 |
As of September 30, 2025 and 2024, the assets utilizing Level 3 inputs consist of oil and gas properties. The fair value of oil and gas properties is determined by Wells Fargo Bank, N.A., based upon actual revenue received for the previous twelve-month period and experience with similar assets. Non-U.S. Pension Plans As a result of the Acquisition, we now maintain four pension plans in Germany (the "German Plans") and two pension plans in the UK (the "UK Plans") (collectively, the "Non-U.S. Plans"). The German Plans are unfunded, consistent with local business practices, whereas the UK Plans are funded through trustee-administered trusts. The Non-U.S. Plans are closed to new entrants, but existing members continue to accrue based on years of service and final salary. These plans had a net pension liability of $99.3 million ($132.5 million in obligations and $33.2 million in plan assets) recorded in Retirement benefit obligations within Noncurrent liabilities, on the opening balance sheet presented in Note 3—Business Combination as of the Acquisition Date. The Non-U.S. Plans had a net pension liability of $99.5 million ($134.6 million in obligations and $35.1 million in plan assets) presented in Retirement benefit obligations within Noncurrent liabilities on the Consolidated Balance Sheet as of September 30, 2025. Changes in the funded status are recognized in our Consolidated Statements of Comprehensive Income (Loss) in the period in which they occur. The Company recognizes the unfunded status of its German Plans, based on the projected benefit obligation, as retirement benefit obligations. The following table provides a reconciliation of the changes in the pension benefit obligations and fair value of the Non-U.S. Plans' assets over the year ended September 30, 2025 and a statement of the funded status as of September 30, 2025:
(in thousands) | September 30, 2025 1
Accumulated benefit obligation | $ | 134,585 |
Changes in projected benefit obligations: |
Projected benefit obligation at beginning of year | $ | — |
Acquisition of KCA Deutag | 132,477 |
Service cost | 3,339 |
Interest cost | 5,549 |
Actuarial gain | (1,714) |
Benefits paid | (5,066) |
Projected benefit obligation at end of year | $ | 134,585 |
Change in plan assets: |
Fair value of plan assets at beginning of year | $ | — |
Acquisition of KCA Deutag | 33,176 |
Actual return on plan assets | 1,260 |
Employer contribution | 1,342 |
Benefits paid | (583) |
Administration costs | (67) |
Fair value of plan assets at end of year | $ | 35,128 |
Funded status of the plan at end of year | $ | (99,457) |
(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025.
Schedule of Weighted Average Assumptions Used for the Pension Calculations | The following weighted average assumptions were used in the Non-U.S. Plan's calculations:
| September 30, 2025 1
UK Plans: |
Contribution increase rate | 3.0 | %
Discount rate | 5.8 | %
Inflation rate | 3.0 | %
Germany Plans: |
Participant salaries increase rate | 4.0 | %
Contribution increase rate | 2.5 | %
Discount rate | 4.0 | %
Inflation rate | 3.0 | %
(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025.
Schedule of Components of the Net Periodic Pension (Benefit) | Components of the net periodic pension expense were as follows:
(in thousands) | Year ended September 30, 2025 1
Service cost | $ | 3,339 |
Interest cost | 5,549 |
Expected return on plan assets 2 | (1,714) |
Net pension expense | $ | 7,174 |
(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025. (2)The Company uses the fair value of plan assets in determining the expected return on plan assets.
Schedule of Expected Benefits to be Paid from the Pension Plan in Each of the Next Five Fiscal Years and Thereafter | The following table reflects the expected benefits to be paid from the Non-U.S. Plans in each of the next five fiscal years, and in the aggregate for the five years thereafter (in thousands):
Year Ended September 30,
2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031-2035 |  | Total
$ | 7,231 |  |  | $ | 6,481 |  |  | $ | 6,359 |  |  | $ | 6,379 |  |  | $ | 6,560 |  |  | $ | 31,406 |  |  | $ | 64,416 |
Schedule of Target Allocation and Asset Allocation for the Pension Plan | The asset allocation at the end of fiscal year 2025, by asset category, was as follows:
Asset Category | September 30, 2025 1
Equities: |
International equities | 10 | %
Diversified Growth Fund 2 | 13 |
Fixed income: |
Gilts (UK government bonds) | 4 |
Corporate bonds | 2 |
Strategic Income Fund 3 | 13 |
Risk management: |
Liability-Driven Investments (LDI) | 27 |
Alternative investments: |
Absolute Return Credit Fund 4 | 25 |
Cash | 6 |
(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025. (2)Investments are equity-oriented with multi-asset exposure. (3)An actively managed investment fund designed to invest mainly in debt securities. (4)Invests primarily in credit instruments (corporate bonds, loans, structured credit) and uses active management techniques.
Schedule of Fair Value of Pension Plan Assets | The fair value of the U.K. Plan assets at September 30, 2025, summarized by level within the fair value hierarchy described in Note 13—Fair Value Measurement of Financial Instruments, are as follows:
| September 30, 2025 1
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Equities: |  |  |  |  |  |  |
International equities | $ | 3,674 |  |  | $ | 3,674 |  |  | $ | — |  |  | $ | — |
Diversified Growth Fund | 4,636 |  |  | — |  |  | 4,636 |  |  | — |
Fixed income: |  |  |  |  |  |  |
Gilts (UK government bonds) | 1,359 |  |  | 1,359 |  |  | — |  |  | — |
Corporate bonds | 817 |  |  | — |  |  | 817 |  |  | — |
Strategic Income Fund | 4,729 |  |  | — |  |  | 4,729 |  |  | — |
Risk management: |  |  |  |  |  |  |
Liability-Driven Investments (LDI) | 9,365 |  |  | — |  |  | 9,365 |  |  | — |
Alternative investments: |  |  |  |  |  |  |
Absolute Return Credit Fund | 8,734 |  |  | — |  |  | 8,734 |  |  | — |
Cash | 1,838 |  |  | 1,838 |  |  | — |  |  | — |
| $ | 35,152 |  |  | $ | 6,871 |  |  | $ | 28,281 |  |  | $ | — |
(1)The Company did not have Non-U.S. Plans prior to the Acquisition which occurred on January 16, 2025.

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