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Retirement Benefit Plans (Tables) | 12 Months Ended
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Sep. 30, 2021
Retirement Benefits [Abstract] |
Net Pension Expense for Defined Benefit Plans | Net pension expense, benefit obligations and plan assets for the Company-sponsored defined benefit pension plans consists of the following:
| Years Ended September 30, |  |
| 2021 |  | 2020 |  |
Service cost | $ | 131 |  |  | $ | 341 |  |  |
Interest cost | 699 |  |  | 832 |  |  |
Expected return on plan assets | (1,421) |  |  | (1,453) |  |  |
Amortization of net loss | 846 |  |  | 752 |  |  |
Settlement cost | 274 |  |  | 239 |  |  |
Net pension expense for defined benefit plans | $ | 529 |  |  | $ | 711 |  |  |
Roll Forward of Defined Benefit Pension Plan Obligations and Assets | The status of all defined benefit pension plans at September 30 is as follows:
| 2021 |  | 2020
Benefit obligations: |  |  |
Benefit obligations at beginning of year | $ | 31,793 |  |  | $ | 30,548 |
Service cost | 131 |  |  | 341 |
Interest cost | 699 |  |  | 832 |
Actuarial (gain) loss | (967) |  |  | 2,037 |
Benefits paid | (2,349) |  |  | (1,965) |
Currency translation | 23 |  |  | — |
Benefit obligations at end of year | $ | 29,330 |  |  | $ | 31,793 |
Plan assets: |  |  |
Plan assets at beginning of year | $ | 21,609 |  |  | $ | 20,970 |
Actual return on plan assets | 3,825 |  |  | 1,930 |
Employer contributions | 126 |  |  | 674 |
Benefits paid | (2,349) |  |  | (1,965) |
Plan assets at end of year | $ | 23,211 |  |  | $ | 21,609 |
Net Plan Assets Recognized in the Consolidated Balance Sheets |
|  | Plans in which Benefit Obligations Exceed Assets at September 30,
|  |  |  | 2021 |  | 2020
Reconciliation of funded status: |  |  |  |  |  |
Plan assets less than projected benefit obligations |  |  |  | $ | (6,119) |  |  | $ | (10,211) |
Amounts recognized in accumulated other comprehensive loss: |  |  |  |  |  |
Net loss |  |  |  | 7,482 |  |  | 11,973 |
Net amount recognized in the consolidated balance sheets |  |  |  | $ | 1,363 |  |  | $ | 1,762 |
Amounts recognized in the consolidated balance sheets are: |  |  |  |  |  |
Accrued liabilities |  |  |  | (46) |  |  | (46) |
Pension liability |  |  |  | (6,073) |  |  | (10,165) |
Accumulated other comprehensive loss – pretax |  |  |  | 7,482 |  |  | 11,973 |
Net amount recognized in the consolidated balance sheets |  |  |  | $ | 1,363 |  |  | $ | 1,762 |
Weighted-Average Assumptions Used in Developing Benefit Obligation and Net Pension Expense | Where applicable, the following weighted-average assumptions were used in developing the benefit obligation and the net pension expense for defined benefit pension plans:
| Years Ended September 30,
| 2021 |  | 2020
Discount rate for liabilities | 2.6 | % |  | 2.3 | %
Discount rate for expenses | 3.1 | % |  | 2.9 | %
Expected return on assets | 7.0 | % |  | 7.2 | %
Fair Values and Asset Allocation Ranges of Defined Benefit Plan Investments | The following tables set forth the asset allocation of the Company’s defined benefit pension plan assets and summarize the fair values and levels within the fair value hierarchy for such plan assets as of September 30, 2021 and 2020:
September 30, 2021 | Asset Amount |  |  |  | Level 2 |  | Level 3
U.S. equity securities: |  |  |  |  |  |  |
Large value | $ | 514 |  |  |  |  | $ | 514 |  |  | $ | — |
Large blend | 10,227 |  |  |  |  | 10,227 |  |  | — |
Large growth | 519 |  |  |  |  | 519 |  |  | — |
Mid blend | 223 |  |  |  |  | 223 |  |  | — |
Small blend | 697 |  |  |  |  | 697 |  |  | — |
Non-U.S. equity securities: |  |  |  |  |  |  |
Foreign large blend | 1,807 |  |  |  |  | 1,807 |  |  | — |
Diversified emerging markets | 86 |  |  |  |  | 86 |  |  | — |
U.S. debt securities: |  |  |  |  |  |  |
Inflation protected bond | 1,087 |  |  |  |  | 1,087 |  |  | — |
Intermediate term bond | 7,396 |  |  |  |  | 5,288 |  |  | 2,108 |
High inflation bond | 189 |  |  |  |  | 189 |  |  | — |
Non-U.S. debt securities: |  |  |  |  |  |  |
Emerging markets bonds | 164 |  |  |  |  | 164 |  |  | — |
Stable value: |  |  |  |  |  |  |
Short-term bonds | 302 |  |  |  |  | 302 |  |  | — |
Total plan assets at fair value | $ | 23,211 |  |  |  |  | $ | 21,103 |  |  | $ | 2,108 |
September 30, 2020 | Asset Amount |  |  |  | Level 2 |  | Level 3
U.S. equity securities: |  |  |  |  |  |  |
Large value | $ | 175 |  |  |  |  | $ | 175 |  |  | $ | — |
Large blend | 9,334 |  |  |  |  | 9,334 |  |  | — |
Large growth | 1,109 |  |  |  |  | 1,109 |  |  | — |
Mid blend | 176 |  |  |  |  | 176 |  |  | — |
Small blend | 224 |  |  |  |  | 224 |  |  | — |
Non-U.S. equity securities: |  |  |  |  |  |  |
Foreign large blend | 1,603 |  |  |  |  | 1,603 |  |  | — |
Diversified emerging markets | 50 |  |  |  |  | 50 |  |  | — |
U.S. debt securities: |  |  |  |  |  |  |
Inflation protected bond | 1,028 |  |  |  |  | 1,028 |  |  | — |
Intermediate term bond | 7,479 |  |  |  |  | 5,381 |  |  | 2,098 |
High inflation bond | 178 |  |  |  |  | 178 |  |  | — |
Non-U.S. debt securities: |  |  |  |  |  |  |
Emerging markets bonds | 106 |  |  |  |  | 106 |  |  | — |
Stable value: |  |  |  |  |  |  |
Short-term bonds | 147 |  |  |  |  | 147 |  |  | — |
Total plan assets at fair value | $ | 21,609 |  |  |  |  | $ | 19,511 |  |  | $ | 2,098 |
The “Asset Allocation Range” listed below anticipates these potential scenarios and provides flexibility for the Plan’s investments to vary around the objective without triggering a reallocation of the assets, as noted by the following:
| Percent of Plan Assets at September 30, |  | Asset Allocation Range
| 2021 |  | 2020 |
U.S. equities | 53 | % |  | 51 | % |  | 30% to 70%
Non-U.S. equities | 8 | % |  | 8 | % |  | 0% to 20%
U.S. debt securities | 37 | % |  | 40 | % |  | 20% to 70%
Non-U.S. debt securities | 1 | % |  | — | % |  | 0% to10%
Other securities | 1 | % |  | 1 | % |  | 0% to 60%
Total | 100 | % |  | 100 | % |  |
Changes in the Fair Value of Level 3 Defined Benefit Plan Investments | Changes in the fair value of the Company’s Level 3 investments during the years ending September 30, 2021 and 2020 were as follows:
| 2021 |  | 2020
Balance at beginning of year | $ | 2,098 |  |  | $ | 2,005 |
Actual return on plan assets | 52 |  |  | 128 |
Purchases and sales of plan assets, net | (42) |  |  | (35) |
Balance at end of year | $ | 2,108 |  |  | $ | 2,098 |
Schedule of Projected Future Defined Benefit Plan Payments | The following defined benefit payment amounts are expected to be made in the future:
Years Ending September 30, | Projected Benefit Payments
2022 | $ | 2,188 |
2023 | 1,813 |
2024 | 1,844 |
2025 | 1,924 |
2026 | 1,793 |
2027-2031 | 8,251 |

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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=123447040&loc=d3e1928-114920 + Details
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- Definition 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. + 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 (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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