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POST EMPLOYMENT BENEFITS | 12 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
POST EMPLOYMENT BENEFITS | POST EMPLOYMENT BENEFITS Defined Benefit Plan As a result of the Envigo acquisition, the Company has a defined benefit plan in the U.K., the Harlan Laboratories UK Limited Occupational Pension Scheme (the "Pension Plan"), which operated through April 2012. As of April 30, 2012, the accumulation of plan benefits of employees in the Pension Plan was permanently suspended and therefore the Pension Plan was curtailed. The following tables summarize the changes in the benefit obligation funded status of the Pension Plan and amounts reflected in the Company’s consolidated balance sheets as of September 30, 2023 and 2022.
| Fiscal Year Ended September 30, | Fiscal Year Ended September 30,
| 2023 | 2022
Accumulated benefit obligation: | $ | 12,957 |  | $ | 12,812 |
Change in projected benefit obligation: |  |
Projected benefit obligation, beginning of period | $ | 12,812 |  | $ | 24,302 |
Interest cost | 733 |  | 381 |
Benefits paid | (570) |  | (595) |
Foreign currency translation adjustment | 1,235 |  | (3,370) |
Actuarial gains | (1,253) |  | (7,906) |
Projected benefit obligation at end of period | 12,957 |  | 12,812 |
Change in fair value of plan assets: |  |
Fair value of plan assets, beginning of period | $ | 14,385 |  | $ | 21,269 |
Actual loss on plan assets | (427) |  | (3,948) |
Employer contributions | 1,226 |  | 1,059 |
Foreign currency translation adjustment | 1,379 |  | (3,400) |
Benefits paid | (570) |  | (595) |
Fair value of plan assets, end of period | 15,993 |  | 14,385 |
Funded status | $ | 3,036 |  | $ | 1,573 |
The net periodic benefit costs, which are presented within general and administrative expenses, under the Pension Plan were as follows:
| Fiscal Year Ended September 30, | Fiscal Year Ended September 30,
| 2023 | 2022
Components of net periodic benefit expense: |  |
Interest cost | 733 |  | 381 |
Expected return on assets | (798) |  | (744) |
Amortization of prior gain | (152) |  | — |
Net periodic benefit cost | $ | (217) |  | $ | (363) |
Gains Related to Changes in Benefit Obligation The actuarial gains during the twelve months ended September 30, 2023 were primarily due to increased discount rate assumptions as a result of the continued trend of rising interest rates and updated plan cash commutation factors. The actuarial gains during the twelve months ended September 30, 2022 were due to a significant increase in the discount rate as a result of rising interest rates in the U.K. The remainder of the changes in both periods were cumulative translation adjustments and reductions in assets as a result of overall deterioration in markets, driven by increasing interest rates. Assumptions The major assumptions used in determining the net periodic benefit costs for the fiscal year ended September 30, 2023 and 2022:
| Fiscal Year Ended September 30, | Fiscal Year Ended September 30,
| 2023 | 2022
Discount rate | 5.33 | % | 1.85 | %
Expected return on plan assets | 4.96 | % | 4.01 | %
Our expected return on plan asset assumption, used to determine benefit obligations, is based on historical long-term rates of return on investments. Many factors, including portfolio allocation, target portfolio allocation and expected expenses, are evaluated during the process of determining the expected return on plan assets. Discount rates were determined for the defined benefit retirement plan at the measurement date to reflect the yield of a portfolio of high-quality bonds matched against the timing and amounts of projected future benefit payments. At September 30, 2023, we are increasing our long-term rate of return assumption to 4.85% for pension plan assets. The major assumptions used in determining benefit obligations were as follows:
| Fiscal Year Ended September 30, | Fiscal Year Ended September 30,
| 2023 | 2022
Discount rate | 5.67 | % | 5.33 | %
Rate of compensation increases | 0.00 | % | 0.00 | %
Pension Plan Assets The Company maintains target allocation percentages among various asset categories based on an investment policy designed to achieve long-term objectives of return, while mitigating downside risk and considering expected cash flows. The Company’s investment policy is reviewed from time to time to ensure consistency with long-term objectives. Plan assets distribution was as follows:
| Fiscal Year Ended September 30, | Fiscal Year Ended September 30,
| 2023 | 2022
Cash | 3.31 | % | 24.90 | %
Equity securities | 2.35 |  | 6.20 |
Debt securities | 91.23 |  | 49.50 |
Real estate mutual fund | 1.20 |  | 5.90 |
Other | 1.91 |  | 13.50 |
Total | 100.00 | % | 100.00 | %
The fair value of total plan assets by asset category and fair value hierarchy levels as of September 30, 2023 were as follows:
| Fair value as of September 30, 2023 |  | Fair Value Measurements at Reporting Date Using:
|  | Level 1 |  | Level 2 |  | Level 3
Cash | $ | 431 |  |  | $ | 431 |  |  | $ | — |  |  | $ | — |
Fixed income securities: |  |  |  |  |  |  |
Investment grade corporate bonds | 14,184 |  |  | — |  |  | 14,184 |  |  | — |
Other types of investments: |  |  |  |  |  |  |
Multi-asset fund | 1,378 |  |  | — |  |  | 1,378 |  |  |
Total | $ | 15,993 |  |  | $ | 431 |  |  | $ | 15,562 |  |  | $ | — |
The method of calculation of the fair value of each level of investment is described in Note 2 - Summary of Significant Accounting Policies. The fair value of total plan assets by asset category and fair value hierarchy levels as of September 30, 2022 were as follows:
| Fair value as of September 30, 2022 |  | Fair Value Measurements at Reporting Date Using:
|  | Level 1 |  | Level 2 |  | Level 3
Cash | $ | 409 |  |  | $ | 409 |  |  | $ | — |  |  | $ | — |
Fixed income securities: |  |  |  |  |  |  |
Investment grade corporate bonds | 4,408 |  |  | — |  |  | 4,408 |  |  | — |
Other types of investments: |  |  |  |  |  |  |
Multi-asset fund | 9,568 |  |  | — |  |  | 9,568 |  |  | — |
Total | $ | 14,385 |  |  | $ | 409 |  |  | $ | 13,976 |  |  | $ | — |
The method of calculation of the fair value of each level of investment is described in Note 2 - Summary of Significant Accounting Policies. Pension Funding and Payments During the fiscal year ended September 30, 2023, the Company contributed $1,226 to the Pension Plan and does not expect to contribute any amounts to the Pension Plan within the next twelve months. Estimated pension benefit payments expected to be paid in cash in each of the next five years and in the aggregate for the following five years thereafter are as follows:
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Projected Benefit Payments | $ | 786 |  |  | $ | 661 |  |  | $ | 787 |  |  | $ | 985 |  |  | $ | 827 |  |  | $ | 4,142 |  |  | $ | 8,188 |
Defined Contribution Plans The Company has defined contribution benefit plans that cover its employees in the U.S., U.K. (the Group Personal Pension Plan) and the Netherlands. Defined contribution benefit expense for the twelve months ended September 30, 2023 and 2022 were $4,596 and $3,312, respectively.

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