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Defined Benefit Pension Plan (Tables)

12 Months Ended

Sep. 30, 2019

Defined Benefit Plan [Abstract]

Schedule of net periodic benefit cost recognized

The net periodic benefit cost recognized for the years ended September 30, 2019, 2018 and 2017, included the following components:

						Year Ended September 30,
						2019						2018						2017
						(in thousands)
Interest cost						$	618					$	651					$	582
Expected return on plan assets						(965)						(986)						(826)
Total net periodic benefit						$	(347)					$	(335)					$	(244)

Schedule of reconciliation of benefit obligations, plan assets, and funded status related to qualified defined benefit pension plan

The following table provides a reconciliation of benefit obligations, plan assets, and funded status related to the Company's qualified defined benefit pension plan for the years ended September 30, 2019 and 2018:

						Year Ended September 30,
						2019						2018
						(in thousands)
Change in benefit obligation
Beginning balance						$	22,226					$	25,085
Interest cost						618						651
Benefits paid						(879)						(2,297)
Actuarial loss/(gain)						2,508						(590)
Foreign currency exchange rate changes						(1,233)						(623)
Ending balance						$	23,240					$	22,226

						Year Ended September 30,
						2019						2018
						(in thousands)
Change in plan assets
Beginning balance at fair value						$	25,132					$	26,943
Actual return on plan assets						3,003						1,175
Benefits paid						(879)						(2,297)
Employer's contributions						—						—
Foreign currency exchange rate changes						(1,477)						(689)
Ending balance at fair value						$	25,779					$	25,132
Overfunded status of the Scheme						$	2,539					$	2,906

Schedule of amount recognized in other comprehensive loss related to qualified defined benefit pension plan, net of tax

The amounts recognized in other comprehensive (income) loss related to the Company's qualified defined benefit pension plan, net of taxes, and the related foreign currency translation adjustments, for the years ended September 30, 2019 and 2018, is shown in the following table:

						Year Ended September 30,
						2019						2018
						(in thousands)
Accumulated other comprehensive (income) loss at beginning of year						$	(892)					$	(123)
Net actuarial gain (loss)						540						(773)
Foreign currency translation adjustments						49						4
Accumulated other comprehensive (income) loss at end of year						$	(303)					$	(892)

Schedule of actuarial assumptions used to determine (benefit) obligations and net periodic benefit cost

The actuarial assumptions used to determine the benefit obligations at September 30, 2019 and 2018, and to determine the net periodic (benefit) cost for the year were as follows:

						September 30, 2019						September 30, 2018
Discount rate to determine net periodic (benefit) cost						2.90		%				2.70		%
Expected return on plan assets						4.00		%				3.80		%
Discount rate to determine benefit obligations						1.80		%				2.90		%
Rate of increases to deferred CPI linked benefits						2.10		%				2.20		%
Rate of increases to deferred RPI linked benefits						3.20		%				3.30		%

Schedule of expected benefit payments to participants

The Company's pension plan expects to make the following benefit payments to participants over the next 10 years:

						Pension Benefits
						(in thousands)
Year ending September 30,
2020						$	750
2021						705
2022						828
2023						1,112
2024						964
2025 through 2029						4,779
Total						$	9,138

Schedule of allocation of plan assets

The assets consisted of the following as of September 30, 2019 and 2018:

						September 30, 2019						September 30, 2018
Equity securities						19.7		%				45.7		%
Corporate bonds						56.4		%				53.1		%
Diversified fund						23.5		%				—		%
Cash						0.4		%				1.2		%
Total						100.0		%				100.0		%

Schedule of fair value of assets of qualified defined benefit pension plan by asset category and level within fair value hierarchy

The following table presents the fair value of the assets of the Company's qualified defined benefit pension plan by asset category and their level within the fair value hierarchy, which has three levels based on reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets, Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs.

Balance as of September 30, 2018						Level 1						Level 2						Level 3						Total
						(in thousands)
Equity securities						$	—					$	11,489					$	—					$	11,489
Fixed-income securities						—						13,347						—						13,347
Cash equivalents						296						—						—						296
Total						$	296					$	24,836					$	—					$	25,132

Balance as of September 30, 2019						Level 1						Level 2						Level 3						Total
						(in thousands)
Equity securities						$	—					$	5,077					$	—					$	5,077
Corporate bonds						—						14,546						—						14,546
Diversified fund						—						6,062						—						6,062
Cash						94						—						—						94
Total						$	94					$	25,685					$	—					$	25,779

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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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.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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