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v3.20.2

Pension Plans (Tables) | 12 Months Ended
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Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract] |
Accounting For The Pension Plans | 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.

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (s) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
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