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v3.23.3

Pension Plans (Tables) | 12 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
Accounting For The Pension Plans | The following table presents the actuarial assumptions used in accounting for the pension plans:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Weighted average assumptions used to determine benefit obligations at September 30 measurement date: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.2 | % |  |  | 3.7 | % |  |  | 1.0 | %
Rate of increase in future compensation |  |  | 3.0 | % |  |  | 3.6 | % |  |  | 2.8 | %
Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.7 | % |  |  | 1.0 | % |  |  | 1.1 | %
Rate of increase in future compensation |  |  | 3.6 | % |  |  | 2.8 | % |  |  | 2.8 | %
Rate of return on plan assets |  |  | 4.8 | % |  |  | 5.0 | % |  |  | 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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Interest cost of projected benefit obligation |  | $ | 2,126 |  |  | $ | 550 |  |  | $ | 692 |
Service cost |  |  | 690 |  |  |  | 1,016 |  |  |  | 1,127 |
Expected return on plan assets |  |  | (3,541 | ) |  |  | (3,712 | ) |  |  | (3,643 | )
Amortization of prior service cost |  |  | — |  |  |  | (4 | ) |  |  | (5 | )
Recognized actuarial loss |  |  | 241 |  |  |  | 1,425 |  |  |  | 4,139 |
Settlement gain |  |  | — |  |  |  | (82 | ) |  |  | — |
Net periodic pension (benefit) cost |  | $ | (484 | ) |  | $ | (807 | ) |  | $ | 2,310 |
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, |
|  | 2023 |  |  | 2022 |
Change in benefit obligation: |  |  |  |  |  |
Projected benefit obligation, beginning of year |  | $ | 58,129 |  |  | $ | 96,512 |
Service cost |  |  | 690 |  |  |  | 1,016 |
Interest cost |  |  | 2,126 |  |  |  | 550 |
Actuarial gain |  |  | (1,589 | ) |  |  | (22,616 | )
Foreign exchange impact |  |  | 3,714 |  |  |  | (12,949 | )
Participant contributions |  |  | 96 |  |  |  | 96 |
Benefits paid |  |  | (2,968 | ) |  |  | (2,343 | )
Plan amendments |  |  | 235 |  |  |  | — |
Divestiture of business |  |  | — |  |  |  | (1,184 | )
Settlements |  |  | — |  |  |  | (953 | )
Projected benefit obligation, end of year |  | $ | 60,433 |  |  | $ | 58,129 |
Change in plan assets and funded status: |  |  |  |  |  |
Plan assets at fair value, beginning of year |  | $ | 67,581 |  |  | $ | 78,385 |
Actual return (loss) on plan assets |  |  | (1,919 | ) |  |  | 2,348 |
Employer contributions |  |  | 1,343 |  |  |  | 3,007 |
Participant contributions |  |  | 96 |  |  |  | 96 |
Foreign exchange impact |  |  | 4,593 |  |  |  | (12,959 | )
Settlements |  |  | — |  |  |  | (953 | )
Benefits paid |  |  | (2,968 | ) |  |  | (2,343 | )
Plan amendments |  |  | 149 |  |  |  | — |
Plan assets at fair value, end of year |  |  | 68,875 |  |  |  | 67,581 |
Projected benefit obligation, end of year |  |  | 60,433 |  |  |  | 58,129 |
Underfunded status |  | $ | (10,693 | ) |  | $ | (9,782 | )
Overfunded status |  | $ | 19,135 |  |  | $ | 19,234 |
Accumulated benefit obligation, end of year |  | $ | 59,602 |  |  | $ | 57,310 |
Amounts recognized in the balance sheet: |  |  |  |  |  |
Non-current asset |  | $ | 19,135 |  |  | $ | 19,234 |
Non-current liability |  | $ | (10,419 | ) |  | $ | (9,434 | )
Current liability |  | $ | (274 | ) |  | $ | (348 | )
Amounts in accumulated other comprehensive loss: |  |  |  |  |  |
Unrecognized actuarial loss |  | $ | 9,573 |  |  | $ | 5,408 |
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, |
|  | 2023 |  |  | 2022 |
Accumulated other comprehensive loss, beginning of year |  | $ | 5,408 |  |  | $ | 30,213 |
Recognized during year - net actuarial losses |  |  | (241 | ) |  |  | (1,421 | )
Occurring during year - settlement gain |  |  | — |  |  |  | 82 |
Occurring during year - net actuarial losses (gains) |  |  | 3,871 |  |  |  | (21,253 | )
Plan amendments |  |  | 91 |  |  |  | — |
Foreign exchange impact |  |  | 444 |  |  |  | (2,213 | )
Accumulated other comprehensive loss, end of year |  | $ | 9,573 |  |  | $ | 5,408 |
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 |  | 2023 |  |  | 2022 |
Equity securities |  |  | 31 | % |  |  | 33 | %
Fixed income securities |  |  | 42 | % |  |  | 33 | %
Commodities |  |  | 7 | % |  |  | 1 | %
Insurance company funds |  |  | 10 | % |  |  | 10 | %
Options |  |  | 0 | % |  |  | 2 | %
Cash |  |  | 10 | % |  |  | 21 | %
|  |  | 100 | % |  |  | 100 | %
Expected Future Benefit Payments | As of September 30, 2023, benefit payments expected to be paid over the next ten years are as follows:
(in thousands) |  | Future Benefit Payments |
2024 |  | $ | 4,158 |
2025 |  |  | 3,782 |
2026 |  |  | 3,898 |
2027 |  |  | 4,485 |
2028 |  |  | 4,694 |
2029 to 2033 |  |  | 23,443 |
Fair Value of Plan Assets |
(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 |
(in thousands) |  | September 30, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Government |  | $ | 20,430 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,430 |
Corporate investment grade |  |  | 2,038 |  |  |  | — |  |  |  | — |  |  |  | 2,038 |
Large capitalization stocks |  |  | 22,379 |  |  |  | — |  |  |  | — |  |  |  | 22,379 |
Commodities |  |  | 599 |  |  |  | — |  |  |  | — |  |  |  | 599 |
Insurance company funds(1) |  |  | — |  |  |  | 6,823 |  |  |  | — |  |  |  | 6,823 |
Options |  |  | 1,430 |  |  |  | — |  |  |  | — |  |  |  | 1,430 |
Cash |  |  | 13,882 |  |  |  | — |  |  |  | — |  |  |  | 13,882 |
Total plan assets |  | $ | 60,758 |  |  | $ | 6,823 |  |  | $ | — |  |  | $ | 67,581 |
(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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