Haynes International (HAYN) 10-Q 2 Aug 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Aug. 02, 2018
Document and Entity Information
Entity Registrant Name	HAYNES INTERNATIONAL INC
Entity Central Index Key	858,655
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		12,509,153
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Current assets:
Cash and cash equivalents	$ 14,579	$ 46,328
Accounts receivable, less allowance for doubtful accounts of $620 and $1,201 at September 30, 2017 and June 30, 2018, respectively	66,839	61,602
Inventories	271,666	244,457
Income taxes receivable	6,450
Other current assets	2,243	2,781
Total current assets	361,777	355,168
Property, plant and equipment, net	183,693	192,556
Deferred income taxes	35,937	58,133
Other assets	5,597	5,107
Goodwill	4,789	4,789
Other intangible assets, net	5,671	6,066
Total assets	597,464	621,819
Current liabilities:
Accounts payable	37,546	32,802
Accrued expenses	16,297	14,108
Income taxes payable		195
Accrued pension and postretirement benefits	5,095	5,095
Deferred revenue—current portion	2,500	2,500
Total current liabilities	61,438	54,700
Long-term obligations (less current portion) (Note 14)	8,558	7,896
Deferred revenue (less current portion)	18,454	20,329
Deferred income taxes	1,741	1,741
Accrued pension benefits (less current portion)	87,378	90,957
Accrued postretirement benefits (less current portion)	113,181	112,424
Total liabilities	290,750	288,047
Commitments and contingencies (Notes 6)
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,544,933 and 12,551,266 shares issued and 12,509,757 and 12,509,153 shares outstanding at September 30, 2017 and June 30, 2018, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	250,653	248,733
Accumulated earnings	127,213	159,366
Treasury stock, 35,176 shares at September 30, 2017 and 42,113 shares at June 30, 2018	(1,869)	(1,646)
Accumulated other comprehensive loss	(69,296)	(72,694)
Total stockholders' equity	306,714	333,772
Total liabilities and stockholders' equity	$ 597,464	$ 621,819

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,201	$ 620
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	12,551,266	12,544,933
Common stock, shares outstanding (in shares)	12,509,153	12,509,757
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	42,113	35,176

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 113,114	$ 97,977	$ 313,013	$ 294,444
Cost of sales	99,844	94,315	281,281	270,507
Gross profit	13,270	3,662	31,732	23,937
Selling, general and administrative expense	13,686	10,564	36,740	31,417
Research and technical expense	1,018	941	2,871	2,875
Operating income (loss)	(1,434)	(7,843)	(7,879)	(10,355)
Interest income	(18)	(54)	(53)	(155)
Interest expense	228	234	687	639
Income (loss) before income taxes	(1,644)	(8,023)	(8,513)	(10,839)
Provision for (benefit from) income taxes	(2,357)	(4,056)	15,368	(4,310)
Net income (loss)	$ 713	$ (3,967)	$ (23,881)	$ (6,529)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.06	$ (0.32)	$ (1.93)	$ (0.53)
Diluted (in dollars per share)	$ 0.06	$ (0.32)	$ (1.93)	$ (0.53)
Weighted Average Common Shares Outstanding
Weighted average common shares outstanding - Basic	12,422,485	12,400,522	12,418,579	12,394,350
Weighted average common shares outstanding - Diluted	12,429,629	12,400,522	12,418,579	12,394,350
Dividend declared per common share (in dollars per share)	$ 0.22	$ 0.22	$ 0.66	$ 0.66

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 713	$ (3,967)	$ (23,881)	$ (6,529)
Other comprehensive income (loss), net of tax:
Pension and postretirement	1,948	2,580	4,564	7,739
Foreign currency translation adjustment	(3,999)	2,642	(1,166)	451
Other comprehensive income (loss)	(2,051)	5,222	3,398	8,190
Comprehensive income (loss)	$ (1,338)	$ 1,255	$ (20,483)	$ 1,661

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ (23,881)	$ (6,529)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	17,244	15,980
Amortization	395	369
Pension and post-retirement expense - U.S. and U.K.	10,693	17,557
Stock compensation expense	1,920	1,561
Deferred revenue	(1,875)	(6,863)
Deferred income taxes	20,588	(4,098)
Loss on disposition of property	132	452
Change in assets and liabilities:
Restricted cash		5,446
Accounts receivable	(5,591)	675
Inventories	(27,937)	(10,678)
Other assets	40	259
Accounts payable and accrued expenses	9,080	9,257
Income taxes	(6,632)	(3,188)
Accrued pension and postretirement benefits	(7,362)	(8,352)
Net cash provided by (used in) operating activities	(13,186)	11,848
Cash flows from investing activities:
Additions to property, plant and equipment	(9,785)	(14,059)
Net cash provided by (used in) investing activities	(9,785)	(14,059)
Cash flows from financing activities:
Dividends paid	(8,261)	(8,257)
Payment for purchase of treasury stock	(223)	(266)
Payment on long-term obligation	(140)	(111)
Net cash provided by (used in) financing activities	(8,624)	(8,634)
Effect of exchange rates on cash	(154)	25
Increase (decrease) in cash and cash equivalents:	(31,749)	(10,820)
Cash and cash equivalents:
Beginning of period	46,328	59,297
End of period	14,579	48,477
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	643	595
Income taxes paid (refunded), net	1,407	3,429
Capital expenditures incurred, but not yet paid	$ 715	$ 789

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2018
Basis of Presentation
Basis of Presentation	Note 1. Basis of Presentation Interim Financial Statements The accompanying unaudited condensed interim consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and such principles are applied on a basis consistent with information reflected in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017 filed with the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations promulgated by the SEC related to interim financial statements. In the opinion of management, the interim financial information includes all adjustments and accruals which are necessary for a fair presentation of results for the respective interim periods. The results of operations for the three and nine months ended June 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2018 or any interim period. Principles of Consolidation The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Jun. 30, 2018
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 2. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The objective of the update is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2015-14 deferred the effective date of the update to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company has chosen to implement this standard on a modified retrospective basis beginning on October 1, 2019 and is in the process of evaluating the impact on the financial statements, if any. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) . The objective of this update is to simplify the measurement of inventory valuation at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. It is effective for annual reporting periods beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017. The Company adopted these changes in the first quarter of fiscal 2018, which did not result in a material impact to the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715) . This new guidance requires entities to (1) disaggregate the service cost component from the other components of net benefit cost and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. This new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Inventories

Inventories	9 Months Ended
	Jun. 30, 2018
Inventories
Inventories	Note 3. Inventories The following is a summary of the major classes of inventories: September 30, June 30, 2017 2018 Raw Materials $ 18,731 $ 18,983 Work-in-process 130,019 148,472 Finished Goods 94,331 102,594 Other 1,376 1,617 $ 244,457 $ 271,666

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2018
Income Taxes
Income Taxes	Note 4. Income Taxes On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (“the Act”), which made significant changes to U.S. federal income tax law including, among other things, lowering corporate income tax rates, permitting bonus depreciation that will allow for full expensing of qualified property and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. Beginning October 1, 2017 and continuing through September 30, 2018, the Company’s U.S. income will be taxed at a 24.5% federal tax rate after which time the federal tax rate applicable to the Company will be lowered to 21.0%. Deferred tax assets beginning as of December 31, 2017 were revalued to the lower statutory rates of 24.5% or 21.0%, depending upon the projected timing of the reversal of those assets. The estimated impact of the revaluation of the deferred tax assets has resulted in increased tax expense in the first nine months of fiscal 2018 of $18,181. This amount was recorded as a discrete accounting adjustment and will be adjusted throughout the remainder of fiscal 2018 as the timing of the reversal of deferred tax assets becomes known. Other components of the Act, such as the transition tax applied on accumulated earnings and profits of controlled foreign corporations, have not been included in income tax expense as the impact, if any, cannot reasonably be determined at this time. An analysis of accumulated earnings and foreign tax credit pools must be completed before this amount can be determined. Income tax expense for the three and nine months ended June 30, 2017 and 2018 differed from the U.S. federal statutory rates of 35% and 24.5%, respectively, primarily due to state income taxes, differing tax rates on foreign earnings and discrete tax items that impacted income tax expense in these periods. Current period tax expense was favorably impacted due to a lower statutory rate that was applied against a year-to-date pre-tax loss of $(8,513) which resulted in a higher tax benefit. The effective tax rate for the three months ended June 30, 2018 was 143.4% compared to 50.6% in the same period of fiscal 2017. The effective tax rate for the nine months ended June 30, 2018 was (180.5)% compared to 39.8% in the same period of fiscal 2017. As the Company’s estimated effective tax rate projected for the fiscal 2018 is highly sensitive to changes in estimates of total ordinary income (loss) by jurisdiction, the Company recorded tax expense using the actual effective tax rate for the nine months ended June 30, 2018.

Pension and Post-retirement Ben

Pension and Post-retirement Benefits	9 Months Ended
	Jun. 30, 2018
Pension and Post-retirement Benefits
Pension and Post-retirement Benefits	Note 5. Pension and Post-retirement Benefits Components of net periodic pension and post-retirement benefit cost for the three and nine months ended June 30, 2017 and 2018 were as follows: Three Months Ended June 30, Nine Months Ended June 30, Pension Benefits Other Benefits Pension Benefits Other Benefits 2017 2018 2017 2018 2017 2018 2017 2018 Service cost $ 1,571 $ 1,385 $ 87 $ 83 $ 4,712 $ 4,153 $ 261 $ 251 Interest cost 2,712 2,530 1,073 1,078 7,853 7,761 3,219 3,234 Expected return (3,699) (3,508) — — (10,702) (10,807) — — Amortizations 3,029 1,268 1,070 750 9,004 3,851 3,210 2,250 Net periodic benefit cost $ 3,613 $ 1,675 $ 2,230 $ 1,911 $ 10,867 $ 4,958 $ 6,690 $ 5,735 The Company contributed $4,500 to Company-sponsored domestic pension plans, $2,727 to its other post-retirement benefit plans and $594 to the U.K. pension plan for the nine months ended June 30, 2018. The Company expects to make future contributions of $3,500 to its U.S. pension plan, $2,273 to its other post-retirement benefit plan and $210 to the U.K. pension plan for the remainder of fiscal 2018.

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	9 Months Ended
	Jun. 30, 2018
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 6. Legal The Company is regularly involved in litigation, both as a plaintiff and as a defendant, relating to its business and operations, including environmental, commercial, employment and federal and/or state Equal Employment Opportunity Commission administrative actions. Future expenditures for environmental, employment, intellectual property and other legal matters cannot be determined with any degree of certainty; however, based on the facts presently known, management does not believe that such costs will have a material effect on the Company’s financial position, results of operations or cash flows. The Company is currently, and has in the past been, subject to claims involving personal injuries allegedly relating to its products and processes. For example, the Company is presently involved in two actions involving welding rod-related injuries, which were filed in California state court against numerous manufacturers, including the Company, in May 2006 and February 2007, respectively, alleging that the welding-related products of the defendant manufacturers harmed the users of such products through the inhalation of welding fumes containing manganese. The Company (together with a number of other manufacturer defendants) is also involved in two actions alleging that asbestos in its facilities harmed the plaintiff. The Company believes that it has defenses to these allegations and that, if the Company were to be found liable, the cases would not have a material effect on its financial position, results of operations or liquidity. Environmental The Company has received permits from the Indiana Department of Environmental Management and the North Carolina Department of Environment and Natural Resources to close and provide post closure environmental monitoring and care for certain areas of its Kokomo, Indiana and Mountain Home, North Carolina facilities, respectively. The Company is required to, among other things, monitor groundwater and to continue post-closure maintenance of the former disposal areas at each site. As a result, the Company is aware of elevated levels of certain contaminants in the groundwater, and additional testing and corrective action by the Company could be required. The Company is unable to estimate the costs of any further corrective action at these sites, if required. Accordingly, the Company cannot assure that the costs of any future corrective action at these, or any other current or former sites, would not have a material effect on the Company’s financial condition, results of operations or liquidity. As of September 30, 2017 and June 30, 2018, the Company has accrued $633 for post-closure monitoring and maintenance activities, of which $531 was included in long-term obligations as it is not due within one year. Accruals for these costs are calculated by estimating the annual cost to monitor and maintain each post-closure site and multiplying that amount by the number of years remaining in the post-closure monitoring period. Expected expenditures for post-closure monitoring and maintenance activities (discounted) were as follows at June 30, 2018. 2019 $ 54 2020 52 2021 60 2022 50 2023 and thereafter 315 $ 531 On February 11, 2016, the Company voluntarily reported to the Louisiana Department of Environmental Quality a leak that it discovered in one of its chemical cleaning operations at its Arcadia, Louisiana facility. As a result of the discovery, the Company is working with that department to determine the extent of the issue and appropriate remediation.

Deferred Revenue

Deferred Revenue	9 Months Ended
	Jun. 30, 2018
Deferred Revenue
Deferred Revenue	Note 7. On November 17, 2006, the Company entered into a twenty-year agreement to provide conversion services (“Conversion Services Agreement”) to Titanium Metals Corporation (“TIMET”) for up to ten million pounds of titanium metal annually. TIMET paid the Company a $50,000 up-front fee and will also pay the Company for its processing services during the term of the agreement (20 years) at prices established by the terms of the agreement. TIMET may exercise an option to have ten million additional pounds of titanium converted annually, provided that it offers to loan up to $12,000 to the Company for certain capital expenditures which may be required to expand capacity. In addition to the volume commitment, the Company has granted TIMET a first priority security interest in its four-high Steckel rolling mill, along with rights of access if the Company enters into bankruptcy or defaults on any financing arrangements. The Company has agreed not to manufacture titanium products (other than cold reduced titanium tubing). The Company has also agreed not to provide titanium hot-rolling conversion services to any entity other than TIMET for the term of the Conversion Services Agreement. The agreement contains certain default provisions which could result in contract termination and damages, including liquidated damages of $25.0 million and the Company being required to return the unearned portion of the up-front fee. The Company considered each provision and the likelihood of the occurrence of a default that would result in liquidated damages. Based on the nature of the events that could trigger the liquidated damages clause, and the availability of the cure periods set forth in the agreement, the Company determined and continues to believe that none of these circumstances are reasonably likely to occur. Therefore, events resulting in liquidated damages have not been factored in as a reduction to the amount of revenue recognized over the life of the contract. The cash received of $50,000 is recognized in income on a straight-line basis over the 20-year term of the agreement. If an event of default occurred and was not cured within any applicable grace period, the Company would recognize the impact of the liquidated damages in the period of default and re-evaluate revenue recognition under the contract for future periods. The portion of the up-front fee not recognized in income is shown as deferred revenue on the consolidated balance sheet.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	9 Months Ended
	Jun. 30, 2018
Goodwill and Other Intangible Assets, Net
Goodwill and Other Intangible Assets, Net	Note 8. The Company has goodwill, patents, trademarks, customer relationships and other intangibles. As the patents and customer relationships have a definite life, they are amortized over lives ranging from two to sixteen years. The Company reviews patents and customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the discounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and August 31 for trademarks (the annual impairment testing dates), or more frequently if impairment indicators exist. If the carrying value of a trademark exceeds its fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment has been recognized as of June 30, 2018. During the first nine months of fiscal 2018, there were no changes in the carrying amount of goodwill. Amortization of customer relationships, patents, non-competes and other intangibles was $124 and $131 for the three-month periods ended June 30, 2017 and 2018, respectively, and $369 and $395 for the nine-month periods ended June 30, 2017 and 2018, respectively. The following represents a summary of intangible assets at September 30, 2017 and June 30, 2018. Gross Accumulated Carrying September 30, 2017 Amount Amortization Amount Patents $ 4,030 $ (3,656) $ 374 Trademarks 3,800 — 3,800 Customer relationships 2,100 (426) 1,674 Other 291 (73) 218 $ 10,221 $ (4,155) $ 6,066 Gross Accumulated Carrying June 30, 2018 Amount Amortization Amount Patents $ 4,030 $ (3,896) $ 134 Trademarks 3,800 — 3,800 Customer relationships 2,100 (538) 1,562 Other 291 (116) 175 $ 10,221 $ (4,550) $ 5,671 Estimated future Aggregate Amortization Expense: Year Ended September 30, 2018 $ 132 2019 256 2020 198 2021 180 2022 133 Thereafter 972

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Jun. 30, 2018
Net Income (Loss) Per Share
Net Income (Loss) Per Share	Note 9. The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income attributable to common stockholders by the weighted average shares outstanding during each period. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The following table sets forth the computation of basic and diluted earnings (losses) per share for the periods indicated: Three Months Ended Nine Months Ended June 30, June 30, (in thousands, except share and per share data) 2017 2018 2017 2018 Numerator: Basic and Diluted Net income (loss) $ (3,967) $ 713 $ (6,529) $ (23,881) Dividends paid and accrued (2,752) (2,756) (8,257) (8,272) Undistributed income (loss) (6,719) (2,043) (14,786) (32,153) Percentage allocated to common shares (a) 100.0 % 100.0 % 100.0 % 100.0 % Undistributed income (loss) allocated to common shares (6,719) (2,043) (14,786) (32,153) Dividends paid on common shares outstanding 2,725 2,731 8,176 8,196 Net income (loss) available to common shares (3,994) 688 (6,610) (23,957) Denominator: Basic and Diluted Weighted average common shares outstanding 12,400,522 12,422,485 12,394,350 12,418,579 Adjustment for dilutive potential common shares — 7,144 — — Weighted average shares outstanding - Diluted 12,400,522 12,429,629 12,394,350 12,418,579 Basic net income (loss) per share $ (0.32) $ 0.06 $ (0.53) $ (1.93) Diluted net income (loss) per share $ (0.32) $ 0.06 $ (0.53) $ (1.93) Number of stock option shares excluded as their effect would be anti-dilutive 299,667 316,776 314,834 333,443 Number of restricted stock shares excluded as their effect would be anti-dilutive 107,210 86,668 108,068 94,013 Number of deferred restricted stock shares excluded as their effect would be anti-dilutive — 16,550 — 16,550 Number of performance share awards excluded as their effect would be anti-dilutive 14,250 24,045 14,250 39,008 (a) Percentage allocated to common shares - Weighted average Common shares outstanding 12,400,522 12,422,485 12,394,350 12,418,579 Unvested participating shares — — — — 12,400,522 12,422,485 12,394,350 12,418,579

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jun. 30, 2018
Stock-Based Compensation
Stock-Based Compensation	Note 10. Stock-Based Compensation Restricted Stock On February 23, 2009, the Company adopted a restricted stock plan that reserved 400,000 shares of common stock for issuance. Additionally, on March 1, 2016, the Company adopted the 2016 Incentive Compensation Plan which provides for grants of restricted stock, restricted stock units and performance shares, among other awards. Up to 275,000 shares of restricted stock, restricted stock units and performance shares may be granted in the aggregate under this plan. Following the adoption of the 2016 Incentive Compensation Plan, the Company ceased granting awards from the 2009 restricted stock plan, although awards remain outstanding thereunder. Grants of restricted stock are comprised of shares of the Company’s common stock subject to transfer restrictions, which vest in accordance with the terms and conditions established by the Compensation Committee. The Compensation Committee may set vesting requirements based on the achievement of specific performance goals or the passage of time. Restricted shares are subject to forfeiture if employment or service terminates prior to the vesting date or if any applicable performance goals are not met. The Company will assess, on an ongoing basis, the probability of whether the performance criteria will be achieved. The Company will recognize compensation expense over the performance period if it is deemed probable that the goals will be achieved. The fair value of the Company’s restricted stock is determined based upon the closing price of the Company’s common stock on the grant date, which is determined based upon the closing price of the Company’s common stock on the trading date immediately preceding the grant date. The plan provides for the adjustment of the number of shares covered by an outstanding grant and the maximum number of shares for which restricted stock may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. The shares of time-based restricted stock granted to employees vest on the third anniversary of their grant date if the recipient is still an employee of the Company on such date. The shares of restricted stock granted to non-employee directors will vest on the earlier of (a) the first anniversary of the date of grant or (b) the failure of such non-employee director to be re-elected at an annual meeting of the stockholders of the Company as a result of such non-employee director being excluded from the nominations for any reason other than cause. In connection with Michael L. Shor’s appointment as interim President and Chief Executive Officer of the Company during the third quarter of fiscal 2018, the Company granted Mr. Shor 5,000 shares of restricted stock. The restricted stock will vest upon the earlier to occur of the completion of Mr. Shor’s tenure as interim President and Chief Executive Officer or one year from the grant date. The following table summarizes the activity under the 2009 restricted stock plan and the 2016 Incentive Compensation Plan with respect to restricted stock for the nine months ended June 30, 2018: Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2017 107,210 $ Granted 36,750 $ Forfeited / Canceled (30,417) $ Vested (26,875) $ Unvested at June 30, 2018 86,668 $ Expected to vest 74,705 $ Compensation expense related to restricted stock for the three months ended June 30, 2017 and 2018 was $130 and $220, respectively and for the nine months ended June 30, 2017 and 2018 was $997 and $787, respectively. The remaining unrecognized compensation expense related to restricted stock at June 30, 2018 was $1,170, to be recognized over a weighted average period of 0.85 years. During the first quarter of fiscal 2018, the Company repurchased 6,937 shares of stock from employees at an average purchase price of $32.23 to satisfy required withholding taxes upon vesting of restricted stock-based compensation. Deferred Restricted Stock On November 20, 2017, the Company adopted a deferred compensation plan that allows directors and officers the option to defer receipt of cash and stock compensation. On November 21, 2017, the Company granted shares of restricted stock out of the 2016 Incentive Compensation Plan in which elections were made by certain individuals to defer receipt to a future period. Those shares will vest in accordance with the parameters of the 2016 Incentive Compensation Plan, however, receipt of the shares and any corresponding dividends are deferred until the end of the deferral period. In the event the deferred shares are forfeited prior to the vesting date, deferred dividends pertaining to those shares are also forfeited. During the deferral period, the participants who elected to defer shares will not have voting rights with respect to those shares. The following table summarizes the activity under the 2016 Incentive Compensation Plan with respect to deferred restricted stock for the nine months ended June 30, 2018. Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2017 — $ — Granted 16,550 $ Unvested at June 30, 2018 16,550 $ Expected to vest 16,550 $ Compensation expense related to deferred restricted stock for the three months ended June 30, 2017 and 2018 was $0 and $131, respectively and for the nine months ended June 30, 2017 and 2018 was $0 and $307, respectively. The remaining unrecognized compensation expense related to restricted stock at June 30, 2018 was $219, to be recognized over a weighted average period of 0.42 years. Performance Shares On November 22, 2016 and November 21, 2017, the Company granted a target of 19,000 and 24,800, respectively, performance share awards to certain key employees. The number of performance shares that will ultimately be earned, as well as the number of shares that will be distributed in settling those earned performance shares, if any, will not be determined until the end of the performance period. Performance shares earned will depend on the calculated total shareholder return of the Company at the end of the three-year period ending September 30, 2019 and September 30, 2020, respectively, as compared to the total shareholder return of the Company’s peer group, as defined by the Compensation Committee for this purpose. During the third quarter of fiscal 2017, a target amount of 11,910 performance share awards were forfeited. The fair value of the performance shares granted on November 22, 2016 and November 21, 2017 is $60.09 and $38.43, per share, respectively, which is estimated as of the date of the grant using a Monte Carlo simulation model. Compensation expense related to the performance shares for the three months ended June 30, 2017 and 2018 was $101 and $116, respectively, and for the nine months ended June 30, 2017 and 2018 was $235 and $430, respectively. The remaining unrecognized compensation expense related to performance shares at June 30, 2018 was $820, to be recognized over a weighted average period of 1.71 years. Stock Options The Company’s 2016 Incentive Compensation Plan and its two previous stock option plans authorize, or formerly authorized, the granting of non-qualified stock options to certain key employees and non-employee directors for the purchase of a maximum of 1,925,000 shares of the Company’s common stock. The first option plan was adopted in August 2004 and provided for the grant of options to purchase up to 1,000,000 shares of the Company’s common stock. In January 2007, the Company’s Board of Directors adopted a second option plan that provides for the grant of options to purchase up to 500,000 shares of the Company’s common stock. On March 1, 2016, the Company adopted the 2016 Incentive Compensation Plan which provides for grants of up to 425,000 stock options and stock appreciation rights. Following the adoption of the 2016 Incentive Compensation Plan, the Company ceased granting awards from its two previous stock option plans, although awards remain outstanding thereunder. Each plan provides for the adjustment of the maximum number of shares for which options may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. Unless the Compensation Committee determines otherwise, options are exercisable for a period of ten years from the date of grant and vest 33 1 / 3 % per year over three years from the grant date. In connection with Michael L. Shor’s appointment as interim President and Chief Executive Officer of the Company during the third quarter of fiscal 2018, the Company granted Mr. Shor an option to purchase 15,000 shares of the Company’s common stock. The option will vest upon the earlier to occur of the completion of Mr. Shor’s tenure as interim President and Chief Executive Officer or one year from the grant date. The amount of compensation cost recognized in the financial statements is measured based upon the grant date fair value. The fair value of option grants is estimated as of the date of the grant . The Company has elected to use the Black-Scholes option pricing model, which incorporates various assumptions including volatility, expected life, risk-free interest rates and dividend yields. The volatility is based on historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the stock option granted. The Company uses historical volatility because management believes such volatility is representative of prospective trends. The expected term of an award is based on historical exercise data. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of the awards. The dividend yield assumption is based on the Company’s history and expectations regarding dividend payouts at the time of the grant. The following assumptions were used for grants during fiscal years 2017 and 2018: Fair Dividend Risk-free Expected Expected Grant Date Value Yield Interest Rate Volatility Life June 1, 2018 $ % % 41 % 5 years November 21, 2017 $ 9.74 2.77 % 2.06 % 42 % 5 years November 22, 2016 $ 11.50 2.15 % 1.79 % 37 % 5 years The stock-based employee compensation expense for stock options for the three months ended June 30, 2017 and 2018 was $105 and $135, respectively, and for the nine months ended June 30, 2017 and 2018 was $329 and $396, respectively. The remaining unrecognized compensation expense at June 30, 2018 was $760, to be recognized over a weighted average vesting period of 0.94 years. The following table summarizes the activity under the stock option plans and the 2016 Incentive Compensation Plan with respect to stock options for the nine months ended June 30, 2018 and provides information regarding outstanding stock options: Weighted Aggregate Weighted Average Intrinsic Average Remaining Number of Value Exercise Contractual Shares (000s) Prices Life Outstanding at September 30, 2017 425,326 $ 44.93 Granted 72,550 $ 34.00 Exercised — $ Canceled (90,467) $ 45.79 Outstanding at June 30, 2018 407,409 $ 450 $ 43.72 yrs. Vested or expected to vest 339,282 $ 440 $ 42.66 yrs. Exercisable at June 30, 2018 316,776 $ 263 $ 44.51 yrs.

Dividend

Dividend	9 Months Ended
	Jun. 30, 2018
Dividend
Dividend	Note 11. Dividend In the third quarter of fiscal 2018, the Company declared and paid a quarterly cash dividend. The dividend of $0.22 per outstanding share of the Company’s common stock was paid June 15, 2018 to stockholders of record at the close of business on June 1, 2018. The dividend cash pay-out was $2,752 for the quarter based on the number of shares outstanding and $4 of dividends were recorded as deferred in accordance with the Deferred Compensation Plan. In the first nine months of fiscal 2018, dividends paid were $8,261 and dividends recorded as deferred were $11. On August 2, 2018, the Company announced that the Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock. The dividend is payable September 14, 2018 to stockholders of record at the close of business on August 31, 2018.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2018
Fair Value Measurements
Fair Value Measurements	Note 12. Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value. · Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2 — Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and · Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. When available, the Company uses unadjusted quoted market prices to measure fair value and classifies such items within Level 1. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. If quoted market prices are not available, the valuation model used depends on the specific asset or liability being valued. The fair value of cash and cash equivalents is determined using Level 1 information. The Company had no Level 2 or Level 3 assets or liabilities as of September 30, 2017 or June 30, 2018. U.S. and international equities, fixed income and other investments held in the Company’s pension plan are held in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. These investments are not classified in the fair value hierarchy in accordance with guidance included in ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) .

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	9 Months Ended
	Jun. 30, 2018
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Changes in Accumulated Other Comprehensive Income (Loss) by Component	Note 13. Changes in Accumulated Other Comprehensive Income (Loss) by Component Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension, post-retirement and foreign currency translation adjustments, primarily caused by the strengthening of the US dollar against the British pound sterling, net of tax when applicable. Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, 2017 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of March 31, 2017 $ (70,935) $ (28,233) $ (12,387) $ (111,555) Other comprehensive income (loss) before reclassifications — — 2,642 2,642 Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 202 — — 202 Actuarial losses (a) 2,809 1,070 — 3,879 Tax benefit (1,107) (394) — (1,501) Net current-period other comprehensive income (loss) 1,904 676 2,642 5,222 Accumulated other comprehensive income (loss) as of June 30, 2017 $ (69,031) $ (27,557) $ (9,745) $ (106,333) Three Months Ended June 30, 2018 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of March 31, 2018 $ (41,342) $ (20,745) $ (5,158) $ (67,245) Other comprehensive income (loss) before reclassifications — — (3,999) (3,999) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 93 — — 93 Actuarial losses (a) 1,222 749 — 1,971 Tax benefit (75) (41) — (116) Net current-period other comprehensive income (loss) 1,240 708 (3,999) (2,051) Accumulated other comprehensive income (loss) as of June 30, 2018 $ (40,102) $ (20,037) $ (9,157) $ (69,296) Nine Months Ended June 30, 2017 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2016 $ (74,742) $ (29,585) $ (10,196) $ (114,523) Other comprehensive income (loss) before reclassifications — — 451 451 Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 606 — — 606 Actuarial losses (a) 8,429 3,209 — 11,638 Tax benefit (3,324) (1,181) — (4,505) Net current-period other comprehensive income (loss) 5,711 2,028 451 8,190 Accumulated other comprehensive income (loss) as of June 30, 2017 $ (69,031) $ (27,557) $ (9,745) $ (106,333) Nine Months Ended June 30, 2018 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2017 $ (43,012) $ (21,691) $ (7,991) $ (72,694) Other comprehensive income (loss) before reclassifications — — (1,166) (1,166) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 280 — — 280 Actuarial losses (a) 3,666 2,249 — 5,915 Tax benefit (1,036) (595) — (1,631) Net current-period other comprehensive income (loss) 2,910 1,654 (1,166) 3,398 Accumulated other comprehensive loss as of June 30, 2018 $ (40,102) $ (20,037) $ (9,157) $ (69,296) (a) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligations

Long-term Obligations	9 Months Ended
	Jun. 30, 2018
Long-term Obligations
Long-term Obligations	Note 14. Long-term Obligations On January 1, 2015, the Company entered into a capital lease agreement for the building that houses the assets and operations of LaPorte Custom Metal Processing. The capital asset and obligation are recorded at the present value of the minimum lease payments. The asset is included in Property, plant and equipment, net on the Consolidated Balance Sheet and is depreciated over the 20-year lease term. The long-term component of the capital lease obligation is included in Long-term obligations. The Company entered into a twenty-year “build-to-suit” lease for a building that houses the assets and operations of the service center located in LaPorte, Indiana that was relocated from Lebanon, Indiana. During the first quarter of fiscal 2017, the Company took occupancy of the building. The Company retained substantially all of the construction risk and was deemed to be the owner of the facility for accounting purposes, even though it is not the legal owner. Construction costs incurred relative to the buildout of the facility of approximately $4,100 are included in Property, plant and equipment, net on the Consolidated Balance Sheet and are depreciated over the 20-year lease term. The Company accounts for the related build-to-suit liability as a financing obligation. As of June 30, 2018, future minimum lease rental payments during each fiscal year applicable to the lease obligations were as follows. 2018 $ 164 2019 989 2020 994 2021 1,001 2022 1,012 Thereafter 13,678 Total minimum lease payments 17,838 Less amounts representing interest (9,678) Present value of net minimum lease payments 8,160 Less current obligation (142) Total long-term lease obligation $ 8,018 The lease obligations are included in Long-term obligations (less current portion) on the Consolidated Balance Sheet. September 30, June 30, 2017 2018 Capital lease rental payments $ 4,275 $ 4,225 Finance lease rental payments 4,017 3,935 Environmental post-closure monitoring and maintenance activities 633 633 Less amounts due within one year (1,029) (235) Long-term obligations (less current portion) $ 7,896 $ 8,558

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	9 Months Ended
	Jun. 30, 2018
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts	Note 15. Foreign Currency Forward Contracts Beginning in the third quarter of fiscal 2018, the Company entered into foreign currency forward contracts. The purposes of these hedging contracts is to reduce income statement volatility resulting from foreign currency denominated transactions. The Company has not designated the contacts as hedges; therefore, changes in fair value are recognized in earnings. All of these contracts are designed to be settled within the same fiscal quarter they are entered into and, accordingly as of June 30, 2018, there are no contracts that remain unsettled. As a result, there is no impact to the balance sheet as of June 30, 2018. Foreign exchange hedging gains and losses are recorded within Selling, General and Administrative expenses on the Consolidated Statements of Operations along with foreign currency transactional gains and losses as follows. Three Months Ended June 30, Nine Months Ended June 30, 2017 2018 2017 2018 Foreign Currency Transactional Gain (Loss) $ — $ 899 $ — $ 899 Foreign Exchange Forward Contract Gain (Loss) — (820) — (820) Net gain (loss) included in Selling, General and administrative expense $ — $ 79 $ — $ 79

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Jun. 30, 2018
Basis of Presentation
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jun. 30, 2018
Inventories
Summary of major classes of inventories	September 30, June 30, 2017 2018 Raw Materials $ 18,731 $ 18,983 Work-in-process 130,019 148,472 Finished Goods 94,331 102,594 Other 1,376 1,617 $ 244,457 $ 271,666

Pension and Post-retirement B24

Pension and Post-retirement Benefits (Tables)	9 Months Ended
	Jun. 30, 2018
Pension and Post-retirement Benefits
Schedule of components of net periodic pension and postretirement benefit cost	Three Months Ended June 30, Nine Months Ended June 30, Pension Benefits Other Benefits Pension Benefits Other Benefits 2017 2018 2017 2018 2017 2018 2017 2018 Service cost $ 1,571 $ 1,385 $ 87 $ 83 $ 4,712 $ 4,153 $ 261 $ 251 Interest cost 2,712 2,530 1,073 1,078 7,853 7,761 3,219 3,234 Expected return (3,699) (3,508) — — (10,702) (10,807) — — Amortizations 3,029 1,268 1,070 750 9,004 3,851 3,210 2,250 Net periodic benefit cost $ 3,613 $ 1,675 $ 2,230 $ 1,911 $ 10,867 $ 4,958 $ 6,690 $ 5,735

Legal, Environmental and Othe25

Legal, Environmental and Other Contingencies (Tables)	9 Months Ended
	Jun. 30, 2018
Legal, Environmental and Other Contingencies
Schedule of expected maturities of post-closure monitoring and maintenance activities (discounted)	2019 $ 54 2020 52 2021 60 2022 50 2023 and thereafter 315 $ 531

Goodwill and Other Intangible26

Goodwill and Other Intangible Assets, Net (Tables)	9 Months Ended
	Jun. 30, 2018
Goodwill and Other Intangible Assets, Net
Summary of intangible assets	Gross Accumulated Carrying September 30, 2017 Amount Amortization Amount Patents $ 4,030 $ (3,656) $ 374 Trademarks 3,800 — 3,800 Customer relationships 2,100 (426) 1,674 Other 291 (73) 218 $ 10,221 $ (4,155) $ 6,066 Gross Accumulated Carrying June 30, 2018 Amount Amortization Amount Patents $ 4,030 $ (3,896) $ 134 Trademarks 3,800 — 3,800 Customer relationships 2,100 (538) 1,562 Other 291 (116) 175 $ 10,221 $ (4,550) $ 5,671
Schedule of estimated future aggregate amortization expense	Estimated future Aggregate Amortization Expense: Year Ended September 30, 2018 $ 132 2019 256 2020 198 2021 180 2022 133 Thereafter 972

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Jun. 30, 2018
Net Income (Loss) Per Share
Schedule of basic and diluted net earnings (losses) per share	Three Months Ended Nine Months Ended June 30, June 30, (in thousands, except share and per share data) 2017 2018 2017 2018 Numerator: Basic and Diluted Net income (loss) $ (3,967) $ 713 $ (6,529) $ (23,881) Dividends paid and accrued (2,752) (2,756) (8,257) (8,272) Undistributed income (loss) (6,719) (2,043) (14,786) (32,153) Percentage allocated to common shares (a) 100.0 % 100.0 % 100.0 % 100.0 % Undistributed income (loss) allocated to common shares (6,719) (2,043) (14,786) (32,153) Dividends paid on common shares outstanding 2,725 2,731 8,176 8,196 Net income (loss) available to common shares (3,994) 688 (6,610) (23,957) Denominator: Basic and Diluted Weighted average common shares outstanding 12,400,522 12,422,485 12,394,350 12,418,579 Adjustment for dilutive potential common shares — 7,144 — — Weighted average shares outstanding - Diluted 12,400,522 12,429,629 12,394,350 12,418,579 Basic net income (loss) per share $ (0.32) $ 0.06 $ (0.53) $ (1.93) Diluted net income (loss) per share $ (0.32) $ 0.06 $ (0.53) $ (1.93) Number of stock option shares excluded as their effect would be anti-dilutive 299,667 316,776 314,834 333,443 Number of restricted stock shares excluded as their effect would be anti-dilutive 107,210 86,668 108,068 94,013 Number of deferred restricted stock shares excluded as their effect would be anti-dilutive — 16,550 — 16,550 Number of performance share awards excluded as their effect would be anti-dilutive 14,250 24,045 14,250 39,008 (a) Percentage allocated to common shares - Weighted average Common shares outstanding 12,400,522 12,422,485 12,394,350 12,418,579 Unvested participating shares — — — — 12,400,522 12,422,485 12,394,350 12,418,579

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2018
Stock-Based Compensation
Summary of activity under the restricted stock plan	Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2017 107,210 $ Granted 36,750 $ Forfeited / Canceled (30,417) $ Vested (26,875) $ Unvested at June 30, 2018 86,668 $ Expected to vest 74,705 $
Summary of activity under the deferred restricted stock plan	Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2017 — $ — Granted 16,550 $ Unvested at June 30, 2018 16,550 $ Expected to vest 16,550 $
Schedule of fair value assumptions used for grants under the stock option plan	Fair Dividend Risk-free Expected Expected Grant Date Value Yield Interest Rate Volatility Life June 1, 2018 $ % % 41 % 5 years November 21, 2017 $ 9.74 2.77 % 2.06 % 42 % 5 years November 22, 2016 $ 11.50 2.15 % 1.79 % 37 % 5 years
Summary of activity under the stock option plans	Weighted Aggregate Weighted Average Intrinsic Average Remaining Number of Value Exercise Contractual Shares (000s) Prices Life Outstanding at September 30, 2017 425,326 $ 44.93 Granted 72,550 $ 34.00 Exercised — $ Canceled (90,467) $ 45.79 Outstanding at June 30, 2018 407,409 $ 450 $ 43.72 yrs. Vested or expected to vest 339,282 $ 440 $ 42.66 yrs. Exercisable at June 30, 2018 316,776 $ 263 $ 44.51 yrs.

Changes in Accumulated Other 29

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	9 Months Ended
	Jun. 30, 2018
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of accumulated other comprehensive income (loss)	Three Months Ended June 30, 2017 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of March 31, 2017 $ (70,935) $ (28,233) $ (12,387) $ (111,555) Other comprehensive income (loss) before reclassifications — — 2,642 2,642 Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 202 — — 202 Actuarial losses (a) 2,809 1,070 — 3,879 Tax benefit (1,107) (394) — (1,501) Net current-period other comprehensive income (loss) 1,904 676 2,642 5,222 Accumulated other comprehensive income (loss) as of June 30, 2017 $ (69,031) $ (27,557) $ (9,745) $ (106,333) Three Months Ended June 30, 2018 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of March 31, 2018 $ (41,342) $ (20,745) $ (5,158) $ (67,245) Other comprehensive income (loss) before reclassifications — — (3,999) (3,999) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 93 — — 93 Actuarial losses (a) 1,222 749 — 1,971 Tax benefit (75) (41) — (116) Net current-period other comprehensive income (loss) 1,240 708 (3,999) (2,051) Accumulated other comprehensive income (loss) as of June 30, 2018 $ (40,102) $ (20,037) $ (9,157) $ (69,296) Nine Months Ended June 30, 2017 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2016 $ (74,742) $ (29,585) $ (10,196) $ (114,523) Other comprehensive income (loss) before reclassifications — — 451 451 Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 606 — — 606 Actuarial losses (a) 8,429 3,209 — 11,638 Tax benefit (3,324) (1,181) — (4,505) Net current-period other comprehensive income (loss) 5,711 2,028 451 8,190 Accumulated other comprehensive income (loss) as of June 30, 2017 $ (69,031) $ (27,557) $ (9,745) $ (106,333) Nine Months Ended June 30, 2018 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2017 $ (43,012) $ (21,691) $ (7,991) $ (72,694) Other comprehensive income (loss) before reclassifications — — (1,166) (1,166) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (a) 280 — — 280 Actuarial losses (a) 3,666 2,249 — 5,915 Tax benefit (1,036) (595) — (1,631) Net current-period other comprehensive income (loss) 2,910 1,654 (1,166) 3,398 Accumulated other comprehensive loss as of June 30, 2018 $ (40,102) $ (20,037) $ (9,157) $ (69,296) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligations (Tables)

Long-term Obligations (Tables)	9 Months Ended
	Jun. 30, 2018
Long-term Obligations
Schedule of future minimum lease rental payments applicable to the capital lease	2018 $ 164 2019 989 2020 994 2021 1,001 2022 1,012 Thereafter 13,678 Total minimum lease payments 17,838 Less amounts representing interest (9,678) Present value of net minimum lease payments 8,160 Less current obligation (142) Total long-term lease obligation $ 8,018
Schedule of long-term obligations	September 30, June 30, 2017 2018 Capital lease rental payments $ 4,275 $ 4,225 Finance lease rental payments 4,017 3,935 Environmental post-closure monitoring and maintenance activities 633 633 Less amounts due within one year (1,029) (235) Long-term obligations (less current portion) $ 7,896 $ 8,558

Foreign Currency Forward Cont31

Foreign Currency Forward Contracts (Tables)	9 Months Ended
	Jun. 30, 2018
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	Three Months Ended June 30, Nine Months Ended June 30, 2017 2018 2017 2018 Foreign Currency Transactional Gain (Loss) $ — $ 899 $ — $ 899 Foreign Exchange Forward Contract Gain (Loss) — (820) — (820) Net gain (loss) included in Selling, General and administrative expense $ — $ 79 $ — $ 79

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Sep. 30, 2017
Inventories
Raw Materials	$ 18,983	$ 18,731
Work-in-process	148,472	130,019
Finished Goods	102,594	94,331
Other	1,617	1,376
Total	$ 271,666	$ 244,457

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Oct. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2018
Income Taxes
Statutory federal tax rate (as a percent)	21.00%		35.00%	24.50%	35.00%	24.50%
Effective tax rate (as a percent)		143.40%	50.60%	(180.50%)	39.80%
Increase in tax expense				$ 18,181
Income (loss) before income taxes		$ (1,644)	$ (8,023)	$ (8,513)	$ (10,839)

Pension and Post-retirement B34

Pension and Post-retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Defined Benefit Pension Plans
Pension Plan and Retirement Benefits
Service cost	$ 1,385	$ 1,571	$ 4,153	$ 4,712
Interest cost	2,530	2,712	7,761	7,853
Expected return	(3,508)	(3,699)	(10,807)	(10,702)
Amortizations	1,268	3,029	3,851	9,004
Net periodic benefit cost	1,675	3,613	4,958	10,867
Postretirement Health Care Benefits
Pension Plan and Retirement Benefits
Service cost	83	87	251	261
Interest cost	1,078	1,073	3,234	3,219
Amortizations	750	1,070	2,250	3,210
Net periodic benefit cost	1,911	$ 2,230	5,735	$ 6,690
Contribution to plan			2,727
Expected future employer contribution	2,273		2,273
U.S. pension plan | Defined Benefit Pension Plans
Pension Plan and Retirement Benefits
Contribution to plan			4,500
Expected future employer contribution	3,500		3,500
U.K. pension plan | Defined Benefit Pension Plans
Pension Plan and Retirement Benefits
Contribution to plan			594
Expected future employer contribution	$ 210		$ 210

Legal, Environmental and Othe35

Legal, Environmental and Other Contingencies - Overview (Details)	Jun. 30, 2018action
Welding rod-related injuries | Pending litigation
Legal, Environmental and Other Contingencies
Number of actions in which the entity is involved	2

Legal, Environmental and Othe36

Legal, Environmental and Other Contingencies - Schedule of Maturities (Details) $ in Thousands	Jun. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Feb. 11, 2016item
Environmental post-closure monitoring and maintenance activities	$ 633	$ 633
Maturities of long-term obligations (discounted)
Number of leaks reported in entity's chemical cleaning operations | item			1
Long Term Obligations
Maturities of long-term obligations (discounted)
2,019	54
2,020	52
2,021	60
2,022	50
2023 and thereafter	315
Long-term obligations (less current portion)	$ 531

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Agreement $ in Thousands, lb in Millions	Nov. 17, 2006USD ($)	Jun. 30, 2018USD ($)lb
Deferred revenue
Term of agreement to provide conversion services	20 years
Up-front/advance payment received	$ 50,000
Additional volume of titanium metal to be converted on exercise of option by service receiver (in pounds) | lb		10
Liquidated damages		$ 25,000
Revenue recognition period		20 years
Maximum
Deferred revenue
Annual volume of titanium metal to be converted (in pounds) | lb		10
Amount of loan offered by counterparty		$ 12,000

Goodwill and Other Intangible38

Goodwill and Other Intangible Assets, Net - Overview (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2018USD ($)
Goodwill and Other Intangible Assets, Net
Goodwill impairment loss	$ 0
Change to goodwill	$ 0
Patents | Minimum
Goodwill and Other Intangible Assets, Net
Useful life	2 years
Patents | Maximum
Goodwill and Other Intangible Assets, Net
Useful life	16 years
Customer relationships | Minimum
Goodwill and Other Intangible Assets, Net
Useful life	2 years
Customer relationships | Maximum
Goodwill and Other Intangible Assets, Net
Useful life	16 years

Goodwill and Other Intangible39

Goodwill and Other Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017
Intangible Assets
Amortization of customer relationships, patents, non-competes and other intangibles	$ 131	$ 124	$ 395	$ 369
Total intangible assets, Gross Amount	10,221		10,221		$ 10,221
Finite-lived intangible assets, Accumulated Amortization	(4,550)		(4,550)		(4,155)
Carrying Amount	5,671		5,671		6,066
Patents
Intangible Assets
Finite-Lived Intangible Assets, Gross	4,030		4,030		4,030
Finite-lived intangible assets, Accumulated Amortization	(3,896)		(3,896)		(3,656)
Finite-lived intangible assets, Carrying Amount	134		134		374
Customer relationships
Intangible Assets
Finite-Lived Intangible Assets, Gross	2,100		2,100		2,100
Finite-lived intangible assets, Accumulated Amortization	(538)		(538)		(426)
Finite-lived intangible assets, Carrying Amount	1,562		1,562		1,674
Other Intangible Assets
Intangible Assets
Finite-Lived Intangible Assets, Gross	291		291		291
Finite-lived intangible assets, Accumulated Amortization	(116)		(116)		(73)
Finite-lived intangible assets, Carrying Amount	175		175		218
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800		$ 3,800		$ 3,800

Goodwill and Other Intangible40

Goodwill and Other Intangible Assets, Net - Amortization Expense (Details) $ in Thousands	Jun. 30, 2018USD ($)
Estimate of Aggregate Amortization Expense:
2,018	$ 132
2,019	256
2,020	198
2,021	180
2,022	133
Thereafter	$ 972

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator: Basic and Diluted
Net income (loss) - Basic	$ 713	$ (3,967)	$ (23,881)	$ (6,529)
Net income (loss) - Diluted	713	(3,967)	(23,881)	(6,529)
Dividends paid and accrued	(2,756)	(2,752)	(8,272)	(8,257)
Undistributed income (loss) - Basic	(2,043)	(6,719)	(32,153)	(14,786)
Undistributed income (loss) - Diluted	$ (2,043)	$ (6,719)	$ (32,153)	$ (14,786)
Percentage allocated to common shares	100.00%	100.00%	100.00%	100.00%
Undistributed income (loss) allocated to common shares - Basic	$ (2,043)	$ (6,719)	$ (32,153)	$ (14,786)
Undistributed income (loss) allocated to common shares - Diluted	(2,043)	(6,719)	(32,153)	(14,786)
Dividends paid on common shares outstanding	2,731	2,725	8,196	8,176
Net income (loss) available to common shares - Basic	688	(3,994)	(23,957)	(6,610)
Net income (loss) available to common shares - Diluted	$ 688	$ (3,994)	$ (23,957)	$ (6,610)
Denominator: Basic and Diluted
Weighted average common shares outstanding - Basic	12,422,485	12,400,522	12,418,579	12,394,350
Adjustment for dilutive potential common shares	7,144
Weighted average shares outstanding - Diluted	12,429,629	12,400,522	12,418,579	12,394,350
Basic net income (loss) per share (in dollars per share)	$ 0.06	$ (0.32)	$ (1.93)	$ (0.53)
Diluted net income (loss) per share (in dollars per share)	$ 0.06	$ (0.32)	$ (1.93)	$ (0.53)

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee and Directors Stock Options
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	316,776	299,667	333,443	314,834
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	86,668	107,210	94,013	108,068
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	16,550		16,550
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	24,045	14,250	39,008	14,250

Net Income (Loss) Per Share - W

Net Income (Loss) Per Share - Weighted Average Common Shares (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Percentage allocated to common shares - weighted average
Common shares outstanding	12,422,485	12,400,522	12,418,579	12,394,350
Total	12,422,485	12,400,522	12,418,579	12,394,350

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 22, 2016	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 01, 2016	Feb. 23, 2009
Restricted Stock
Restricted stock plan activity, number of shares
Unvested at beginning of the period (in shares)			107,210		107,210
Granted (in shares)					36,750
Forfeited / Canceled (in shares)					(30,417)
Vested (in shares)					(26,875)
Unvested at end of the period (in shares)		86,668			86,668
Expected to vest (in shares)		74,705			74,705
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested at beginning of the period (in dollars per share)			$ 41.36		$ 41.36
Granted (in dollars per share)					33.23
Forfeited / Canceled (in dollars per share)					40.43
Vested (in dollars per share)					44.51
Unvested at end of the period (in dollars per share)		$ 37.26			37.26
Expected to vest (in dollars per share)		$ 37.18			$ 37.18
Restricted stock plan activity, other disclosures
Compensation expense		$ 220		$ 130	$ 787	$ 997
Remaining unrecognized compensation expense		$ 1,170			$ 1,170
Weighted average period for recognition					10 months 6 days
Restricted Stock | Mr. Shor
Restricted stock plan activity, number of shares
Granted (in shares)					5,000
Restricted Stock | Mr. Shor | Maximum
Stock-Based Compensation
Award vesting period					1 year
Restricted Stock | Employees
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)			6,937
Average purchase price (in dollars per share)			$ 32.23
Restricted Stock | 2009 Restricted Stock Plan
Stock-Based Compensation
Number of shares authorized under the plan								400,000
Deferred Restricted Stock
Restricted stock plan activity, number of shares
Granted (in shares)					16,550
Unvested at end of the period (in shares)		16,550			16,550
Expected to vest (in shares)		16,550			16,550
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Granted (in dollars per share)					$ 31.76
Unvested at end of the period (in dollars per share)		$ 31.76			31.76
Expected to vest (in dollars per share)		$ 31.76			$ 31.76
Restricted stock plan activity, other disclosures
Compensation expense		$ 131		$ 0	$ 307	$ 0
Remaining unrecognized compensation expense		$ 219			$ 219
Weighted average period for recognition					5 months 1 day
Restricted Stock, Restricted Stock Units and Performance Shares
Stock-Based Compensation
Number of shares authorized under the plan							275,000
Time-based vesting | Restricted Stock | Employees
Stock-Based Compensation
Award vesting period	3 years
Time-based vesting | Restricted Stock | Non-employee director | Maximum
Stock-Based Compensation
Award vesting period	1 year

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Shares and Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 01, 2018	Nov. 21, 2017	Nov. 22, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Mar. 01, 2016
Employee and Directors Stock Options
Information relating to stock options
Number of shares authorized				1,925,000		1,925,000
Expiration period						10 years
Vesting of awards per year (as a percent)						33.33%
Award vesting period						3 years
Fair value assumptions
Fair Value (in dollars per share)	$ 13.92	$ 9.74	$ 11.50
Dividend Yield (as a percent)	2.07%	2.77%	2.15%
Risk-Free Interest Rate (as a percent)	2.68%	2.06%	1.79%
Expected Volatility (as a percent)	41.00%	42.00%	37.00%
Expected Life	5 years	5 years	5 years
Stock-based employee compensation expense				$ 135	$ 105	$ 396	$ 329
Remaining unrecognized compensation expense				$ 760		$ 760
Weighted average period for recognition						11 months 9 days
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)						425,326
Granted (in shares)						72,550
Canceled (in shares)						(90,467)
Outstanding at end of the period (in shares)				407,409		407,409
Vested or expected to vest (in shares)				339,282		339,282
Exercisable at end of period (in shares)				316,776		316,776
Outstanding at end of period, Aggregate Intrinsic Value				$ 450		$ 450
Vested or expected to vest, Aggregate Intrinsic Value				440		440
Exercisable at end of the period, Aggregate Intrinsic Value				$ 263		$ 263
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share)						$ 44.93
Granted (in dollars per share)						34
Exercised (in dollars per share)						0
Canceled (in dollars per share)						45.79
Outstanding at end of period (in dollars per share)				$ 43.72		43.72
Vested or expected to vest (in dollars per share)				42.66		42.66
Exercisable at end of the period (in dollars per share)				$ 44.51		$ 44.51
Outstanding at end of the period, Weighted Average Remaining Contractual Life						5 years 11 months 1 day
Vested or expected to vest, Weighted Average Remaining Contractual Life						6 years 22 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life						5 years 26 days
Employee and Directors Stock Options | Mr. Shor
Activity under stock option plans, number of shares
Granted (in shares)						15,000
Employee and Directors Stock Options | Maximum | Mr. Shor
Information relating to stock options
Award vesting period						1 year
Employee and Directors Stock Options | Stock Option Plan Adopted in August 2004
Information relating to stock options
Number of shares authorized				1,000,000		1,000,000
Employee and Directors Stock Options | Stock Option Plan Adopted in January 2007
Information relating to stock options
Number of shares authorized				500,000		500,000
Stock Options and Stock Appreciation Rights
Information relating to stock options
Number of shares authorized								425,000
Performance Shares
Activity under stock option plans, number of shares
Forfeited (in share)					11,910
Performance Shares | Certain Employees
Information relating to stock options
Number of shares authorized		24,800	19,000
Award vesting period		3 years	3 years
Fair value assumptions
Stock-based employee compensation expense				$ 116	$ 101	$ 430	$ 235
Remaining unrecognized compensation expense				$ 820		$ 820
Weighted average period for recognition						1 year 8 months 16 days
Weighted Average Exercise Prices
Granted (in dollars per share)		$ 38.43	$ 60.09

Dividend (Details)

Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 02, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Common stock dividend
Dividend declared (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66
Dividend paid (in dollars per share)		$ 0.22
Dividend paid (in dollars)		$ 2,752		$ 8,261	$ 8,257
Dividend deferred in accordance with Deferred Compensation Plan		$ 4		$ 11

Changes in Accumulated Other 47

Changes in Accumulated Other Comprehensive Income (Loss) by Component - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated other comprehensive income (loss)
Balance			$ 333,772
Other comprehensive income (loss)	$ (2,051)	$ 5,222	3,398	$ 8,190
Balance	306,714		306,714
AOCI Attributable to Parent
Accumulated other comprehensive income (loss)
Balance	(67,245)	(111,555)	(72,694)	(114,523)
Other comprehensive income (loss) before reclassifications	(3,999)	2,642	(1,166)	451
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(116)	(1,501)	(1,631)	(4,505)
Other comprehensive income (loss)	(2,051)	5,222	3,398	8,190
Balance	(69,296)	(106,333)	(69,296)	(106,333)
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Balance	(41,342)	(70,935)	(43,012)	(74,742)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(75)	(1,107)	(1,036)	(3,324)
Other comprehensive income (loss)	1,240	1,904	2,910	5,711
Balance	(40,102)	(69,031)	(40,102)	(69,031)
Accumulated Defined Benefit Plans Adjustment | Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Balance	(20,745)	(28,233)	(21,691)	(29,585)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(41)	(394)	(595)	(1,181)
Other comprehensive income (loss)	708	676	1,654	2,028
Balance	(20,037)	(27,557)	(20,037)	(27,557)
Amortization of Pension and Postretirement Plan items
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	93	202	280	606
Amortization of Pension and Postretirement Plan items | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	93	202	280	606
Actuarial losses
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	1,971	3,879	5,915	11,638
Actuarial losses | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	1,222	2,809	3,666	8,429
Actuarial losses | Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	749	1,070	2,249	3,209
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(5,158)	(12,387)	(7,991)	(10,196)
Other comprehensive income (loss) before reclassifications	(3,999)	2,642	(1,166)	451
Other comprehensive income (loss)	(3,999)	2,642	(1,166)	451
Balance	$ (9,157)	$ (9,745)	$ (9,157)	$ (9,745)

Long-term Obligations - Minimum

Long-term Obligations - Minimum Lease Rental Payments (Details) - USD ($) $ in Thousands	Jan. 01, 2015	Jun. 30, 2018	Sep. 30, 2017
Long-term Obligations
Lease term	20 years	20 years
Construction costs incurred on facility buildout		$ 4,100
Future minimum lease rental payments
2,018		164
2,019		989
2,020		994
2,021		1,001
2,022		1,012
Thereafter		13,678
Total minimum lease payments		17,838
Less amounts representing interest		(9,678)
Present value of net minimum lease payments		8,160
Less current obligation		(142)
Total long term lease obligation		8,018
Long-term obligations (less current portion)
Capital lease rental payments		4,225	$ 4,275
Finance lease rental payments		3,935	4,017
Environmental post-closure monitoring and maintenance activities		633	633
Less amounts due within one year		(235)	(1,029)
Long-term obligations (less current portion)		$ 8,558	$ 7,896

Foreign Currency Forward Cont49

Foreign Currency Forward Contracts (Details) - Selling, General and Administrative Expenses - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ 79	$ 79
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	899	899
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (820)	$ (820)