Haynes International (HAYN) 10-K19 Nov 202020 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Sep. 30, 2020	Nov. 19, 2020	Mar. 31, 2020
Cover Abstract
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-33288
Entity Registrant Name	HAYNES INTERNATIONAL INC
Entity Central Index Key	0000858655
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1185400
Entity Address, Address Line One	1020 West Park Avenue
Entity Address, City or Town	Kokomo
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46904-9013
City Area Code	765
Local Phone Number	456-6000
Title of 12(b) Security	Common Stock, par value $.001 per share
Trading Symbol	HAYN
Security Exchange Name	NASDAQ
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 203,502,740
Entity Common Stock, Shares Outstanding		12,622,371
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Current assets:
Cash and cash equivalents	$ 47,238	$ 31,038
Accounts receivable, less allowance for doubtful accounts of $441 and $545 at September 30, 2019 and September 30, 2020, respectively	51,118	76,979
Inventories	246,124	258,802
Income taxes receivable	3,770	1,757
Other current assets	3,285	3,297
Total current assets	351,535	371,873
Property, plant and equipment, net	159,819	169,966
Deferred income taxes	30,551	34,132
Other assets	8,974	7,756
Goodwill	4,789	4,789
Other intangible assets, net	5,056	5,284
Total assets	560,724	593,800
Current liabilities:
Accounts payable	17,555	34,497
Accrued expenses	14,757	18,833
Accrued pension and postretirement benefits	3,403	4,250
Deferred revenue-current portion	2,500	2,500
Total current liabilities	38,215	60,080
Long-term obligations (less current portion)	8,509	8,609
Deferred revenue (less current portion)	12,829	15,329
Deferred income taxes	2,131	2,016
Operating lease liabilities	1,719
Accrued pension benefits (less current portion)	105,788	101,812
Accrued postretirement benefits (less current portion)	90,032	109,679
Total liabilities	259,223	297,525
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,566,969 and 12,681,280 shares issued and 12,513,500 and 12,622,371 shares outstanding at September 30, 2019 and September 30, 2020, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	257,583	253,843
Accumulated earnings	120,943	125,296
Treasury stock, 53,469 shares at September 30, 2019 and 58,909 shares at September 30, 2020	(2,437)	(2,239)
Accumulated other comprehensive loss	(74,601)	(80,638)
Total stockholders' equity	301,501	296,275
Total liabilities and stockholders' equity	$ 560,724	$ 593,800

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 545	$ 441
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)	12,681,280	12,566,969
Common stock, shares outstanding (in shares)	12,622,371	12,513,500
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)	58,909	53,469

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 380,530	$ 490,215	$ 435,326
Cost of sales	335,898	424,712	379,491
Gross profit	44,632	65,503	55,835
Selling, general and administrative expense	40,307	44,195	47,030
Research and technical expense	3,713	3,592	3,785
Operating income	612	17,716	5,020
Nonoperating retirement benefit expense	6,822	3,446	8,238
Interest income	(44)	(86)	(82)
Interest expense	1,332	986	918
Income (loss) before income taxes	(7,498)	13,370	(4,054)
Provision for (benefit from) income taxes	(1,020)	3,625	17,697
Net income (loss)	$ (6,478)	$ 9,745	$ (21,751)
Net income (loss) per share:
Basic (in dollars per share)	$ (0.53)	$ 0.78	$ (1.75)
Diluted (in dollars per share)	$ (0.53)	$ 0.78	$ (1.75)
Weighted Average Common Shares Outstanding
Weighted average common shares outstanding - Basic	12,470,664	12,445,212	12,419,564
Weighted average common shares outstanding - Diluted	12,470,664	12,480,908	12,419,564
Dividends declared per common share (in dollars per share)	$ 0.88	$ 0.88	$ 0.88

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (6,478)	$ 9,745	$ (21,751)
Other comprehensive income (loss), net of tax:
Pension and postretirement	15,630	(34,453)	32,029
Foreign currency translation adjustment	3,690	(3,620)	(1,900)
Other comprehensive income (loss)	19,320	(38,073)	30,129
Comprehensive income (loss)	$ 12,842	$ (28,328)	$ 8,378

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Sep. 30, 2017	$ 13	$ 248,733	$ 159,366	$ (1,646)	$ (72,694)	$ 333,772
Balance (in shares) at Sep. 30, 2017	12,509,757
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(21,751)			(21,751)
Dividends paid and accrued ($0.88 and $0.88 and $0.88 per share for the year ended September 30, 2018 and 2019 and 2020, respectively)			(11,027)			(11,027)
Other comprehensive income (loss)					30,129	30,129
Issue restricted stock (less forfeitures) (in shares)	1,658
Purchase of treasury stock				(223)		(223)
Purchase of treasury stock (in shares)	(6,937)
Stock compensation		2,320				2,320
Balance at Sep. 30, 2018	$ 13	251,053	126,588	(1,869)	(42,565)	333,220
Balance (in shares) at Sep. 30, 2018	12,504,478
Increase (Decrease) in Stockholders' Equity
Net income (loss)			9,745			9,745
Dividends paid and accrued ($0.88 and $0.88 and $0.88 per share for the year ended September 30, 2018 and 2019 and 2020, respectively)			(11,037)			(11,037)
Other comprehensive income (loss)					(38,073)	(38,073)
Exercise of stock options		215				215
Exercise of stock options (in shares)	12,084
Issue restricted stock (less forfeitures) (in shares)	8,294
Purchase of treasury stock				(370)		(370)
Purchase of treasury stock (in shares)	(11,356)
Stock compensation		2,575				2,575
Balance (ASU 2018-02) at Sep. 30, 2019			13,283		(13,283)
Balance at Sep. 30, 2019	$ 13	253,843	125,296	(2,239)	(80,638)	296,275
Balance (in shares) at Sep. 30, 2019	12,513,500
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(6,478)			(6,478)
Dividends paid and accrued ($0.88 and $0.88 and $0.88 per share for the year ended September 30, 2018 and 2019 and 2020, respectively)			(11,158)			(11,158)
Other comprehensive income (loss)					19,320	19,320
Exercise of stock options		422				422
Exercise of stock options (in shares)	12,400
Issue restricted stock (less forfeitures) (in shares)	101,911
Purchase of treasury stock				(198)		(198)
Purchase of treasury stock (in shares)	(5,440)
Stock compensation		3,318				3,318
Balance at Sep. 30, 2020	$ 13	$ 257,583	$ 120,943	$ (2,437)	$ (74,601)	$ 301,501
Balance (in shares) at Sep. 30, 2020	12,622,371

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.88	$ 0.88	$ 0.88

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (6,478)	$ 9,745	$ (21,751)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	19,422	18,871	22,627
Amortization	228	255	527
Pension and post-retirement expense - U.S. and U.K.	13,624	8,819	14,110
Change in long-term obligations	97	316	(7)
Stock compensation expense	3,318	2,575	2,320
Deferred revenue	(2,500)	(2,500)	(2,500)
Deferred income taxes	(1,219)	1,872	23,115
Loss on disposition of property	30	138	250
Change in assets and liabilities:
Accounts receivable	26,713	(5,002)	(12,590)
Inventories	15,283	11,702	(29,905)
Other assets	567	(1,080)	(2,120)
Accounts payable and accrued expenses	(21,196)	(204)	10,220
Income taxes	(2,028)	5,534	(7,406)
Accrued pension and postretirement benefits	(9,664)	(7,994)	(10,627)
Net cash provided by (used in) operating activities	36,197	43,047	(13,737)
Cash flows from investing activities:
Additions to property, plant and equipment	(9,374)	(10,041)	(11,085)
Net cash provided by (used in) investing activities	(9,374)	(10,041)	(11,085)
Cash flows from financing activities:
Revolving credit facility borrowings	30,000	16,600	4,200
Revolving credit facility repayments	(30,000)	(16,600)	(4,200)
Dividends paid	(11,058)	(11,011)	(11,013)
Proceeds from exercise of stock options	422	215
Payment for purchase of treasury stock	(198)	(370)	(223)
Payments on long-term obligation	(297)	(150)	(258)
Net cash provided by (used in) financing activities	(11,131)	(11,316)	(11,494)
Effect of exchange rates on cash	508	(454)	(210)
Increase (decrease) in cash and cash equivalents:	16,200	21,236	(36,526)
Cash and cash equivalents:
Beginning of period	31,038	9,802	46,328
End of period	47,238	31,038	9,802
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	1,242	928	860
Income taxes paid (refunded), net	2,255	(3,650)	1,965
Capital expenditures incurred, but not yet paid	75	490	703
Dividends declared but not yet paid	$ 139	$ 26	$ 14

Background and Organization

Background and Organization	12 Months Ended
Background and Organization	Sep. 30, 2020
Background and Organization
Background and Organization	Note 1. Background and Organization Description of Business Haynes International, Inc. and its subsidiaries (the “Company”, “Haynes”, “we”, “our” or “us”) develops, manufactures, markets and distributes technologically advanced, high-performance alloys primarily for use in the aerospace, industrial gas turbine and chemical processing industries. The Company’s products are high-temperature resistant alloys (“HTA”) and corrosion-resistant alloys (“CRA”). The Company’s HTA products are used by manufacturers of equipment that is subjected to extremely high temperatures, such as jet engines for the aerospace industry, gas turbine engines for power generation, waste incineration and industrial heating equipment. The Company’s CRA products are used in applications that require resistance to extreme corrosion, such as chemical processing, power plant emissions control and hazardous waste treatment. The Company produces its high-performance alloys primarily in sheet, coil and plate forms. In addition, the Company produces its products as seamless and welded tubulars, and in slab, bar, billets and wire forms. High-performance alloys are characterized by highly engineered, often proprietary, metallurgical formulations primarily of nickel, cobalt and other metals with complex physical properties. The complexity of the manufacturing process for high-performance alloys is reflected in the Company’s relatively high average selling price per pound, compared to the average selling price of other metals, such as carbon steel sheet, stainless steel sheet and aluminum. The high-performance alloy industry has significant barriers to entry such as the combination of (i) demanding end-user specifications, (ii) a multi-stage manufacturing process and (iii) the technical sales, marketing and manufacturing expertise required to develop and sell new applications. COVID-19 Pandemic COVID-19 related disruptions negatively impacted the Company’s financial and operating results in the second half of fiscal 2020 and could continue to materially affect the Company’s financial condition and results of operations for an extended period of time. In particular, the pandemic negatively impacted the aerospace supply chain which is currently absorbing significant downward adjustments to its forecasted demand. The Company has accepted, with select aerospace customers, requests to delay the shipment of orders and in some cases cancellations. Markets other than aerospace have also been depressed with uncertainty and tight cash management impacting customer ordering patterns. The Company has taken significant actions to position itself to manage through the current market disruption caused by COVID-19.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies A. Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with service centers in LaPorte, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Zurich, Switzerland; Singapore; Milan, Italy; and Tokyo, Japan. B. Cash and Cash Equivalents The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments. C. Accounts Receivable The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon evaluation of each customer’s ability to perform its obligation, which is updated periodically. D. Revenue Recognition The Company recognizes revenue when performance obligations under the terms of customer contracts are satisfied which occurs when control of the goods has been transferred to the customer and services have been performed. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation (TIMET) as a result of a twenty-year agreement entered into on November 17, 2006 to provide conversion services to TIMET. See Note 16, Deferred Revenue for a description of accounting treatment relating to this up-front fee. E. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first-in, first-out (FIFO) method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions. F. Goodwill and Other Intangible Assets The Company has goodwill, trademarks, customer relationships and other intangibles as of September 30, 2020. As the customer relationships have a definite life, they are amortized over fifteen years. The Company reviews 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 undiscounted future 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 the trademarks exceeds the 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 was recognized in the years ended September 30, 2018, 2019 or 2020 because the fair value exceeded the carrying values. During fiscal 2018, 2019 and 2020, there were no changes in the carrying amount of goodwill. Amortization of the patents, customer relationships and other intangibles was $527, $255 and $228 for the years ended September 30, 2018, 2019 and 2020, respectively. The following represents a summary of intangible assets at September 30, 2019 and 2020: Gross Accumulated Carrying September 30, 2019 Amount Amortization Amount Trademarks $ 3,800 $ — $ 3,800 Customer relationships 2,100 (718) 1,382 Other 291 (189) 102 $ 6,191 $ (907) $ 5,284 Gross Accumulated Carrying September 30, 2020 Amount Amortization Amount Trademarks $ 3,800 $ — $ 3,800 Customer relationships 2,100 (858) 1,242 Other 291 (277) 14 $ 6,191 $ (1,135) $ 5,056 Estimated future Aggregate Amortization Expense: Year Ended September 30, 2021 $ 150 2022 133 2023 129 2024 126 2025 124 Thereafter 594 G. Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives, which are generally as follows: Buildings and improvements 40 years Machinery and equipment 5 — 14 years Land improvements 20 years Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when the balance on the revolver is zero. During fiscal 2020, capitalized interest was $0 as there were no long-term construction projects occurring during the time when there were borrowings against the revolver. The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the undiscounted future 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. No impairment was recognized during the years ended September 30, 2018, 2019 or 2020. H. Environmental Remediation When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. Amounts accrued for post-closure monitoring are presented in Note 18, Long-term Obligations. I. Pension and Postretirement Benefits The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for employees in the plan. Effective January 1, 2007, a plan amendment of the postretirement medical plan caps the Company’s liability related to retiree health care costs at $5,000 annually. J. Foreign Currency Exchange The Company’s foreign operating entities’ financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in selling, general and administrative expense. Beginning in the third quarter of fiscal 2018, the Company has entered into foreign currency forward contracts (See Note 20, Foreign Currency Forward Contracts). The purpose of these forward contracts is to reduce income statement volatility resulting from transaction gains and losses. K. Research and Technical Costs Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the fiscal years ended September 30, 2018, 2019 and 2020 were $3,785, $3,592 and $3,713, respectively. L. Income Taxes The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority (See Note 7, Income Taxes). M. Stock-based Compensation As described in Note 12, the Company has incentive compensation plans that provide for the issuance of restricted stock, restricted stock units, performance shares, stock options and stock appreciation rights to key employees and non-employee directors. To date, the Company has only issued restricted stock, performance shares and stock options. The Company recognizes compensation expense under the fair-value based method as a component of operating expenses. N. Financial Instruments and Concentrations of Risk The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company’s operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2019 and 2020, the Company had no foreign currency exchange contracts outstanding. To date, all foreign currency contracts have been settled prior to the end of the month in which they were initiated. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2020, and periodically throughout the year, the Company has maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. During 2018, 2019 and 2020, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses amounted to $688, $530 and $139 in fiscal 2018, 2019 and 2020, respectively, and were within management’s expectations. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas. O. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to bad debts, inventories, income taxes, asset impairment, incremental borrowing rates, retirement benefits and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions. P. Earnings Per Share 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. 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. Basic and diluted net income per share were computed as follows: Years ended September 30, (in thousands, except share and per share data) 2018 2019 2020 Numerator: Basic and Diluted Net income (loss) $ (21,751) $ 9,745 $ (6,478) Dividends (11,027) (11,037) (11,158) Undistributed income (loss) (32,778) (1,292) (17,636) Percentage allocated to common shares (a) 100.0 % 100.0 % 100.0 % Undistributed income (loss) allocated to common shares (32,778) (1,292) (17,636) Dividends paid on common shares outstanding 10,933 10,987 11,071 Net income (loss) available to common shares (21,845) 9,695 (6,565) Denominator: Basic and Diluted Weighted average common shares outstanding 12,419,564 12,445,212 12,470,664 Adjustment for dilutive potential common shares — 35,696 — Weighted average shares outstanding - Diluted 12,419,564 12,480,908 12,470,664 Basic net income (loss) per share $ (1.75) $ 0.78 $ (0.53) Diluted net income (loss) per share $ (1.75) $ 0.78 $ (0.53) Number of stock option shares excluded as their effect would be anti-dilutive 329,276 371,151 285,699 Number of restricted stock shares excluded as their effect would be anti-dilutive 91,008 — 96,999 Number of deferred restricted stock shares excluded as their effect would be anti-dilutive — — 34,498 Number of performance share awards excluded as their effect would be anti-dilutive — — 47,195 (a) Common shares outstanding 12,419,564 12,445,212 12,470,664 Unvested participating shares — — — 12,419,564 12,445,212 12,470,664 Q. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The Company elected the package of practical expedients included in this guidance which allowed it to not reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and, (iii) the initial direct costs for existing leases. The Company has elected the practical expedient to not separate lease components from non-lease components for all asset classes. The Company will recognize lease expense for operating leases in the consolidated statements of operations on a straight-line basis over the lease term. The Company also made a policy election to not recognize ROU asset and lease liabilities for short-term leases with an initial term of 12 months or less for all asset classes. Leases with the option to extend their term are reflected in the lease term when it is reasonably certain that the Company will exercise such options. The Company has expanded the disclosure of operating leases included in Note 19. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income comprehensive In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
Revenues from Contracts with Customers	Sep. 30, 2020
Revenues from Contracts with Customers
Revenues from Contracts with Customers	Note 3. Revenues from Contracts with Customers On October 1, 2018, the Company adopted Accounting Standards Codification Topic 606 (ASC 606), Revenue from Contracts with Customers Performance Obligations Revenue is recognized when performance obligations under the terms of contracts with the customer are satisfied, which occurs when control of the goods and services has been transferred to the customer. This predominately occurs upon shipment or delivery of the product or when the service is performed. The Company may occasionally have customer agreements involving production and shipment of goods that would require revenue to be recognized over time in accordance with the new guidance due to there being no alternative use for the product without significant economic loss and an enforceable right to payment including a normal profit margin from the customer in the event of contract termination. Over-time recognition was a change from the accounting for these products, which was point-in-time prior to the adoption of the new standard. As of October 1, 2018 (date of adoption), September 30, 2019 and September 30, 2020, the Company did not have any customer agreements that would require revenue to be recorded over time. Each customer purchase order or contract for goods transferred represents a single performance obligation for which revenue is recognized at either a point in time or over-time as described in the preceding paragraph. The standard terms and conditions of a customer purchase order include limited warranties and the right of customers to have products that do not meet specifications repaired or replaced, at the Company’s option. Such warranties do not represent a separate performance obligation. The customer agreement with Titanium Metals Corporation (“TIMET”) (See Note 15) includes the performance obligation to provide conversion services for up to ten million pounds of titanium metal annually over a twenty-year period which ends in fiscal 2027. The transaction price under this contract included a $50,000 up-front fee as well as conversion service fees based upon the fulfillment of conversion services requested at the option of TIMET. In accordance with ASC 606, the $50,000 fee is allocated to the obligation to provide manufacturing capacity over time and, therefore, is recognized in income on a straight-line basis over the 20-year Transaction Price Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements may include variable consideration, such as volume rebates, which generally depend upon the Company’s customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date. Revenue is measured as the amount of consideration expected to be received in exchange for the transfer of goods or services to customers. Revenue is derived from product sales or conversion services, and is reported net of sales discounts, rebates, incentives, returns and other allowances offered to customers, if applicable. Payment terms vary from customer to customer depending upon credit worthiness, prior payment history and other credit considerations. Amounts billed to customers for shipping and handling activities to fulfill the Company’s promise to transfer of the goods are included in revenues and costs incurred by the Company for the delivery of goods and are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract Balances As of September 30, 2019 and September 30, 2020, accounts receivable with customers were $77,420 and $51,663, respectively. Allowance for doubtful accounts as of September 30, 2019 and September 30, 2020 were $441 and $545, respectively, and are presented within accounts receivable, less allowance for doubtful accounts on the consolidated balance sheet. Contract liabilities are recognized when the Company has received consideration from a customer to transfer goods or services at a future point in time when the Company performs under the purchase order or contract. As of September 30, 2019 and September 30, 2020, no contract liabilities have been recorded except for $17,829 and $15,329, respectively, for the TIMET agreement and $985 and $1,200 for accrued product returns, respectively. Practical Expedients The Company has elected to use the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied within one year or less. Aside from the TIMET agreement, the Company does not have any remaining performance obligations in excess of one year or contracts that it does not have the right to invoice as of September 30, 2020. The Company does not adjust for the time value of money as the majority of its contracts have an original expected duration of one year or less; contracts that are greater than one year are related to net revenues that are constrained until the subsequent sales occur. Disaggregation of Revenue Revenue is disaggregated by end-use markets. The following table includes a breakdown of net revenues to the markets served by the Company for the fiscal years ended September 30, 2018, 2019 and 2020. Year Ended September 30, 2018 2019 2020 Net revenues (dollars in thousands) Aerospace $ 226,898 $ 258,104 $ 191,980 Chemical processing 79,169 89,651 63,170 Industrial gas turbine 52,350 59,430 56,576 Other markets 53,417 57,946 45,099 Total product revenue 411,834 465,131 356,825 Other revenue 23,492 25,084 23,705 Net revenues $ 435,326 $ 490,215 $ 380,530 See Note 13 for revenue disaggregated by geography and product group.

Inventories

Inventories	12 Months Ended
Inventories	Sep. 30, 2020
Inventories
Inventories	Note 4. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first-in, first-out (“FIFO”) method. The following is a summary of the major classes of inventories: September 30, September 30, 2019 2020 Raw Materials $ 17,935 $ 22,163 Work-in-process 138,859 110,717 Finished Goods 100,590 111,744 Other 1,418 1,500 $ 258,802 $ 246,124

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
Property, Plant and Equipment	Sep. 30, 2020
Property, Plant and Equipment
Property, Plant and Equipment	Note 5. Property, Plant and Equipment The following is a summary of the major classes of property, plant and equipment: September 30, 2019 2020 Land and land improvements $ 9,446 $ 10,066 Buildings and improvements 45,486 46,135 Machinery and equipment 293,542 301,496 Construction in process 2,770 2,705 351,244 360,402 Less accumulated depreciation (181,278) (200,583) $ 169,966 $ 159,819 As of September 30, 2019 and 2020, the Company had $135 and $138, respectively, of assets under a finance lease for equipment related to the service center operation in Shanghai, China. Additionally, the Company had $7,070 and $6,640 of assets under finance leases for two buildings at the LaPorte, Indiana service center as of September 30, 2019 and 2020, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
Accrued Expenses	Sep. 30, 2020
Accrued Expenses
Accrued Expenses	Note 6. Accrued Expenses The following is a summary of the major classes of accrued expenses: September 30, 2019 2020 Employee compensation $ 9,936 $ 8,826 Taxes, other than income taxes 2,744 2,798 Accrued product returns 985 1,200 Utilities 924 714 Professional Fees 471 464 Finance lease obligation, current 170 195 Employee termination liabilities 384 59 Management incentive compensation 2,297 — Other 922 501 $ 18,833 $ 14,757

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Sep. 30, 2020
Income Taxes
Income Taxes	Note 7. 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 allows 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 was taxed at a 24.5% On December 22, 2017, the United States Securities and Exchange Commission (“SEC”) issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. As of September 30, 2019, the Company completed its accounting for the income tax effects of the Act. The components of income (loss) before provision for income taxes and the provision for income taxes are as follows: Year Ended September 30, 2018 2019 2020 Income (loss) before income taxes: U.S. $ (16,650) $ 790 $ (9,831) Foreign 12,596 12,580 2,333 Total $ (4,054) $ 13,370 $ (7,498) Provision for (benefit from) income taxes: Current: U.S. Federal $ (7,690) $ (267) $ (371) Foreign 2,404 2,259 541 State (137) 2 29 Total (5,423) 1,994 199 Deferred: U.S. Federal 25,141 1,423 (2,266) Foreign — 132 56 State (2,496) 62 (810) Valuation allowance 475 14 1,801 Total 23,120 1,631 (1,219) Total provision for (benefit from) income taxes $ 17,697 $ 3,625 $ (1,020) The provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate as follows: Year Ended September 30, 2018 2019 2020 Statutory federal tax rate 24.53 % 21.00 % 21.00 % Tax provision for income taxes at the statutory rate $ (1,059) $ 2,808 $ (1,575) Foreign tax rate differentials (685) (157) 107 Provision for state taxes, net of federal taxes (45) 247 (145) U.S. tax on distributed and undistributed earnings of foreign subsidiaries 240 486 (289) Manufacturer’s deduction (86) — — Tax credits (511) (499) (1,058) Transition tax 2,170 — — Federal and state tax rate change impact on deferred tax asset 16,633 314 (60) Net operating loss carryback 407 — — Change in valuation allowance 475 14 1,801 Stock compensation — 655 24 Other, net 158 (243) 175 Provision for (benefit from) income taxes at effective tax rate $ 17,697 $ 3,625 $ (1,020) Effective tax rate (436.5) % 27.1 % 13.6 % During fiscal 2018, the Company’s effective tax rate was negative relative to the statutory rate primarily due to the Act that resulted in significant impacts on the value of the deferred tax asset as well a one-time transition tax on income generated by foreign entities. The Act lowered the statutory rate from 35% to 21%, however, the 2018 statutory rate is calculated to be 24.53% based on the fiscal year-end date of September 30, 2018. During fiscal 2019, the Company’s effective tax rate was higher than the federal statutory rate primarily due to state income taxes, the global intangible low-tax income tax (GILTI) and the forfeiture of stock options, restricted stock and performance share awards that occurred during the year. During fiscal 2020, the Company’s effective tax rate was lower than the federal statutory rate primarily due to an increased valuation allowance on tax credits that are not expected to be able to be utilized before they expire. Deferred tax assets (liabilities) are comprised of the following: September 30, 2019 2020 Deferred tax assets: Pension and postretirement benefits $ 48,367 $ 44,626 TIMET Agreement 4,163 3,585 Inventories 1,706 2,350 Accrued compensation and benefits 770 1,474 Accrued expenses and other 3,308 3,703 Tax attributes 4,441 4,892 Other assets — 404 Valuation allowance (1,675) (3,476) Total deferred tax assets $ 61,080 $ 57,558 Deferred tax liabilities: Property, plant and equipment, net $ (27,873) $ (27,434) Intangible and other (1,091) (1,186) Other liabilities — (518) Total deferred tax liabilities $ (28,964) $ (29,138) Net deferred tax assets (liabilities) $ 32,116 $ 28,420 As of September 30, 2020, the Company had state tax net operating loss carryforwards of $12,836, tax credits of $4,246 and foreign net operating loss carryforwards of $2,353. These tax attributes begin to expire in 2026, 2025, and 2021, respectively. The Company has recorded a valuation allowance against the foreign net operating loss carryforwards of $600 and federal and state tax credits of $2,876 because management does not believe that it is more likely than not that the amounts will be realized. Undistributed earnings of certain of the Company’s foreign subsidiaries amounted to approximately $76,479 at September 30, 2020. The Company considers those earnings reinvested indefinitely and, accordingly, aside from the one-time transition tax associated with the Act, no additional provision for U.S. income taxes has been provided. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation. As of September 30, 2020, the Company is open to examination in the U.S. for the 2016 through 2020 tax years and in various foreign jurisdictions from 2017 through 2020. The Company is also open to examination in various states in the U.S., none of which were individually material. As of September 30, 2019 and 2020, the Company had no uncertain tax positions .

Debt

Debt	12 Months Ended
Debt	Sep. 30, 2020
Debt
Debt	Note 8. Debt U.S. revolving credit facility On October 19, 2020, the Company and JPMorgan Chase Bank, N.A. entered into a Credit Agreement (the “Credit Agreement”) and related Pledge and Security Agreement with certain other lenders (the “Security Agreement”, and, together with the Credit Agreement, the “Credit Documents”). The Credit Documents, which have a three-year term expiring in October 2023, replaced the Third Amended and Restated Loan and Security Agreement and related agreements, dated as of July 14, 2011, as amended, previously entered into between the Company and Wells Fargo Capital Finance, LLC with certain other lenders (the “Previous Facility”). As of September 30, 2020, the Previous Facility had a zero balance. The Credit Agreement provides for revolving loans in the maximum amount of $100.0 million, subject to a borrowing base and certain reserves. The Credit Agreement permits an increase in the maximum revolving loan amount from $100.0 million up to an aggregate amount of $170.0 million at the request of the borrower if certain conditions are met. Borrowings under the Credit Agreement bear interest, at the Company’s option, at either JPMorgan’s “prime rate”, plus 1.25% - 1.75% per annum, or the adjusted Eurodollar rate used by the lender, plus 2.25% - 2.75% per annum (with a LIBOR floor of 0.5%). The Company must pay monthly, in arrears, a commitment fee of 0.425% per annum on the unused amount of the U.S. revolving credit facility total commitment. For letters of credit, the Company must pay a fronting fee of 0.125% per annum as well as customary fees for issuance, amendments and processing. The Company is subject to certain covenants as to fixed charge coverage ratios and other customary covenants, including covenants restricting the incurrence of indebtedness, the granting of liens and the sale of assets. The covenant pertaining to fixed charge coverage ratios is only effective in the event the amount of excess availability under the revolver is less than the greater of (i) 12.5% of the maximum credit revolving loan amount and (ii) $12.5 million. The Company is permitted to pay dividends and repurchase common stock if certain financial metrics are met. The Company may pay quarterly cash dividends up to $3.5 million per fiscal quarter so long as the Company is not in default under the Credit Documents. The Company’s U.K. subsidiary (Haynes International Ltd.) has an overdraft facility of 1,700 Pounds Sterling ($2,177), all of which was available September 30, 2020 available September 30, 2020 available September 30, 2020.

Pension Plan and Retirement Ben

Pension Plan and Retirement Benefits	12 Months Ended
Pension Plan and Retirement Benefits	Sep. 30, 2020
Pension Plan and Retirement Benefits
Pension Plan and Retirement Benefits	Note 9. Pension Plan and Retirement Benefits Defined Contribution Plans The Company sponsors a defined contribution plan (401(k)) for substantially all U.S. employees. The Company contributes an amount equal to 50% of an employee’s contribution to the plan up to a maximum contribution of 3% of the employee’s salary, except for all salaried employees and certain hourly employees (those hired after June 30, 2007 that are not eligible for the U.S. pension plan). The Company contributes an amount equal to 60% of an employee’s contribution to the plan up to a maximum contribution of 6% of the employee’s salary for these groups. Expenses associated with this plan for the years ended September 30, 2018, 2019 and 2020 totaled $1,811, $1,940 and $1,950, respectively. The Company sponsors certain profit sharing plans for the benefit of employees meeting certain eligibility requirements. There were no contributions to these plans for the years ended September 30, 2018, 2019 and 2020. Defined Benefit Plans The Company has non-contributory defined benefit pension plans which cover most employees in the U.S. and the U.K. Benefits provided under the Company’s U.S. defined benefit pension plan are based on years of service and the employee’s final compensation. The Company’s funding policy is to contribute annually an amount deductible for federal income tax purposes based upon an actuarial cost method using actuarial and economic assumptions designed to achieve adequate funding of benefit obligations. The Company has non-qualified pensions for former executives of the Company. Non-qualified pension plan expense for the years ended September 30, 2018, 2019 and 2020 was $34, $98 and $57, respectively. Accrued liabilities in the amount of $719 and $681 for these benefits are included in accrued pension and postretirement benefits liability at September 30, 2019 and 2020, respectively. In addition to providing pension benefits, the Company provides certain health care and life insurance benefits for retired employees. Substantially all domestic employees become eligible for these benefits, if they reach normal retirement age while working for the Company. The Company’s liability related to total retiree health care costs is limited to $5,000 annually. The Company made contributions of $8,000, $4,500, and $6,000 to fund its domestic Company-sponsored pension plan for the years ended September 30, 2018, 2019 and 2020, respectively. The Company’s U.K. subsidiary made contributions of $782, $737 and $517 for the years ended September 30, 2018, 2019 and 2020, respectively, to the U.K. pension plan. The Company uses a September 30 measurement date for its plans. The status of employee pension benefit plans and other postretirement benefit plans is summarized below: Defined Benefit Postretirement Pension Plans Health Care Benefits Year Ended Year Ended September 30, September 30, 2019 2020 2019 2020 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 278,280 $ 321,478 $ 108,013 $ 113,834 Service cost 5,239 5,546 318 1,416 Interest cost 10,652 8,866 4,353 3,493 Actuarial (gains) losses 42,130 24,183 4,245 (22,564) Benefits paid (13,734) (13,676) (3,095) (2,840) Administrative expenses (1,089) (1,007) — — Projected benefit obligation at end of year $ 321,478 $ 345,390 $ 113,834 $ 93,339 Change in Plan Assets: Fair value of plan assets at beginning of year $ 222,273 $ 225,917 $ — $ — Actual return on assets 13,230 27,795 — — Employer contributions 5,237 6,517 3,095 2,840 Benefits paid (13,734) (13,676) (3,095) (2,840) Administrative expenses (1,089) (1,007) — — Fair value of plan assets at end of year $ 225,917 $ 245,546 $ — $ — Funded Status of Plan: Unfunded status $ (95,561) $ (99,844) $ (113,834) $ (93,339) The actuarial losses incurred during the fiscal year ended September 30, 2019 were primarily driven from a decrease in discount rates applied against future expected benefit payments and resulted in an increase in the benefit obligation for both the Defined Benefit Pension Plan and Postretirement Health Care Plan. Similarly, the actuarial loss incurred during the fiscal year ended September 30, 2020 for the Defined Benefit Pension Plan was primarily driven from a decrease in the discount rate applied against future expected benefit payments which resulted in an increase in the defined benefit obligation. Conversely, the actuarial gain incurred during the fiscal year ended September 30, 2020 for the Postretirement Health Care Plan was primarily driven by a reduction in healthcare costs incurred over the past three years which is expected to continue in future years. Amounts recognized in the consolidated balance sheets are as follows: Defined Benefit Postretirement Non-Qualified All Plans Pension Plans Health Care Benefits Pension Plans Combined September 30, September 30, September 30, September 30, 2019 2020 2019 2020 2019 2020 2019 2020 Accrued pension and postretirement benefits: Current $ — $ — $ (4,155) $ (3,307) $ (95) $ (96) $ (4,250) $ (3,403) Non - (95,561) (99,844) (109,679) (90,032) (624) (585) (205,864) (190,461) Accrued pension and postretirement benefits $ (95,561) $ (99,844) $ (113,834) $ (93,339) $ (719) $ (681) $ (210,114) $ (193,864) Accumulated other comprehensive loss: Net loss 80,711 84,873 24,650 239 — — 105,361 85,112 Prior service cost 2,066 1,837 — — — — 2,066 1,837 Total accumulated other comprehensive loss $ 82,777 $ 86,710 $ 24,650 $ 239 $ — $ — $ 107,427 $ 86,949 The non-current portion of the defined benefit pension plan portion of accrued pension and postretirement benefits amounts to $95,561 and $99,844 in fiscal 2019 and 2020, respectively. These amounts include the UK pension plan net pension asset of $5,627 and $5,359, respectively, which is included in Other assets on the consolidated balance sheets as well as the US pension plan accrued pension liability of $101,188 and $105,203, respectively, which are recorded in accrued pension benefit (less current portion) on the consolidated balance sheet. The accumulated benefit obligation for the pension plans was $309,410 and $333,618 at September 30, 2019 and 2020, respectively. The cost of the Company’s postretirement benefits is accrued over the years employees provide service to the date of their full eligibility for such benefits. The Company’s policy is to fund the cost of claims on an annual basis. The components of net periodic pension cost and postretirement health care benefit cost are as follows: Defined Benefit Pension Plans Year Ended September 30, 2018 2019 2020 Service cost $ 5,536 $ 5,239 $ 5,546 Interest cost 10,801 10,652 8,866 Expected return on assets (15,157) (14,907) (15,061) Amortization of prior service cost 374 228 228 Recognized actuarial loss 4,910 1,449 7,288 Net periodic cost $ 6,464 $ 2,661 $ 6,867 Postretirement Health Care Benefits Year Ended September 30, 2018 2019 2020 Service cost $ 336 $ 318 $ 1,416 Interest cost 4,311 4,353 3,493 Recognized actuarial loss 2,999 1,487 1,848 Net periodic cost $ 7,646 $ 6,158 $ 6,757 Assumptions A 5.0% annual rate of increase for the costs of covered health care benefits for ages under 65 and a 5.0% annual rate of increase for ages over 65 were assumed for 2019 and 2020 and remained at 5.0% for the under 65 and over 65 age groups in the years thereafter. The actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans at September 30, 2019 and 2020 were determined based on the following assumptions: September 30, September 30, 2019 2020 Discount rate (postretirement health care) 3.13 % 2.50 % Discount rate (U.S. pension plan) 2.88 % 2.25 % Discount rate (U.K. pension plan) 1.70 % 1.50 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % The net periodic pension and postretirement health care benefit costs for the plans were determined using the following assumptions: Defined Benefit Pension and Postretirement Health Care Plans Year Ended September 30, 2018 2019 2020 Discount rate (postretirement health care plan) 3.75 % 4.13 % 3.13 % Discount rate (U.S. pension plan) 3.63 % 4.00 % 2.88 % Discount rate (U.K. pension plan) 2.50 % 2.80 % 1.70 % Expected return on plan assets (U.S. pension plan) 7.25 % 7.25 % 7.25 % Expected return on plan assets (U.K. pension plan) 3.30 % 3.20 % 2.20 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % 2.50 % Plan Assets and Investment Strategy The Company’s pension plan assets by level within the fair value hierarchy at September 30, 2019 and 2020, are presented in the table below. The pension plan assets were accounted for at fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments in U.S and International equities, and Fixed Income are held in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund. For more information on a description of the fair value hierarchy, see Note 16. September 30, 2019 Level 1 Active Level 2 Markets for Other Identical Observable Assets Inputs NAV Total U.S. Pension Plan Assets: U.S. common stock mutual funds $ — $ — $ 67,954 $ 67,954 Common /collective funds Bonds — — 81,871 81,871 U.S. common stock — — 30,292 30,292 International equity — — 24,561 24,561 Total U.S. $ — $ — $ 204,678 $ 204,678 U.K. Plan Assets: Equities $ — $ — $ 6,585 $ 6,585 Bonds — — 12,106 12,106 Other — — 2,548 2,548 Total U.K. $ — $ — $ 21,239 $ 21,239 Total pension plan assets $ — $ — $ 225,917 $ 225,917 September 30, 2020 Level 1 Active Level 2 Markets for Other Identical Observable Assets Inputs NAV Total U.S. Pension Plan Assets: U.S. common stock mutual funds $ — $ — $ 74,224 $ 74,224 Common /collective funds Bonds — — 89,426 89,426 U.S. common stock — — 33,088 33,088 International equity — — 26,828 26,828 Total U.S. $ — $ — $ 223,566 $ 223,566 U.K. Plan Assets: Equities $ — $ — $ 6,594 $ 6,594 Bonds — — 12,529 12,529 Other — — 2,857 2,857 Total U.K. $ — $ — $ 21,980 $ 21,980 Total pension plan assets $ — $ — $ 245,546 $ 245,546 The primary financial objectives of the plans are to minimize cash contributions over the long term and preserve capital while maintaining a high degree of liquidity. A secondary financial objective is, where possible, to avoid significant downside risk in the short run. The objective is based on a long-term investment horizon so that interim fluctuations should be viewed with appropriate perspective. It is the policy of the U.S. pension plan to invest assets with an allocation to equities as shown below. The balance of the assets is maintained in fixed income investments, and in cash holdings, to the extent permitted by the plan documents. Asset classes as a percent of total assets: Asset Class Target (1) Equity 60 % Fixed Income 40 % Real Estate and Other — % (1) From time to time the Company may adjust the target allocation by an amount not to exceed 10%. In choosing the assumption for the expected long-term rate of return on U.S. pension plan assets, the Company takes into account the plan’s target asset allocation at September 30, 2020 of 60% equities and 40% fixed income, as well as capital market assumptions relating to the asset classes. The Company believes that its assumption of a 7.25% long-term rate of return on plan assets is reasonable, and comparable to the asset return assumptions of other companies, given the target allocation of the plan assets. Note that over very long historical periods, the realized return on plan assets has met or exceeded the expected rate of return. Also note that in recognition of the variability of future market returns, it is reasonable to consider a modest range around the expected future return, and there exists the potential for the use of a lower, or higher, expected rates of return in the future. The U.K. pension plan assets follow a more conservative investment objective due to the higher funding status of the plan. Contributions and Benefit Payments The Company has not yet determined the amounts to contribute to its domestic pension plans, domestic other postretirement benefit plans and the U.K. pension plan in fiscal 2021. Pension and postretirement health care benefits, which include expected future service, are expected to be paid out of the respective plans as follows: Postretirement Fiscal Year Ending September 30 Pension Health Care 2021 $ 15,646 $ 3,307 2022 15,982 3,578 2023 16,409 3,761 2024 16,734 3,707 2025 17,051 3,690 2026 - 2030 (in total) 87,288 18,222

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	12 Months Ended
Legal, Environmental and Other Contingencies	Sep. 30, 2020
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 10. Legal, Environmental and Other Contingencies 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, asbestos, 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. In January 2017, a customer based in the United Kingdom wrote to the Company making a claim in relation to certain product sold to that customer by the Company. This writing was followed up by claim correspondence in 2018, 2019 and January of 2020. The Company has engaged its legal advisors in the United Kingdom to respond to the claim. However, no further interaction has occurred since January 2020. The Company intends to pursue insurance coverage as and if necessary while vigorously defending against the customer claim. Based on the facts presently known, management does not believe that the claim will have a material effect on the Company’s financial position, results of operations or cash flows. 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, 2020, the Company has accrued $602 for post-closure monitoring and maintenance activities, of which $525 is included in long-term obligations as it is not due within one year. Accruals for these costs are calculated by estimating the cost to monitor and maintain each post-closure site and multiplying that amount by the number of years remaining in the post-closure monitoring. Expected maturities of post-closure monitoring and maintenance activities (discounted) included in long-term obligations are as follows at September 30, 2020. Expected maturities of post-closure monitoring and maintenance activities (discounted) Year Ended September 30, 2022 $ 67 2023 65 2024 87 2025 65 2026 and thereafter 241 $ 525 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. Management does not currently expect that any remediation costs related to this matter will have a material adverse effect on the Company’s results of operations.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Sep. 30, 2020
Stock-Based Compensation
Stock-Based Compensation	Note 11. Stock based Compensation Restricted Stock Plan 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. On January 24, 2020, the Company adopted the 2020 Incentive Compensation Plan which provides for grants of restricted stock, restricted stock units and performance shares, among other awards. Up to 250,000 shares of restricted stock, restricted stock units and performance shares may be granted in the aggregate under this plan. Following the adoption of the 2020 Incentive Compensation Plan, the Company ceased granting award from the 2016 Incentive Compensation 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 trading day immediately preceding the grant date. The Company’s plans provide 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. The following table summarizes the activity under the 2016 restricted stock plan and the 2020 Incentive Compensation Plan with respect to restricted stock for the year ended September 30, 2020: Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2019 61,838 $ 34.94 Granted 97,811 $ 25.35 Forfeited / Canceled (1,050) $ 33.89 Vested (16,919) $ 40.12 Unvested at September 30, 2020 141,680 $ 27.71 Expected to vest 141,680 $ 27.71 Compensation expense related to restricted stock for the years ended September 30, 2018, 2019 and 2020 was $836, $631, and $1,160, respectively. The remaining unrecognized compensation expense related to restricted stock at September 30, 2020 was $2,260, to be recognized over a weighted average period of 1.18 years. During fiscal 2020, the Company repurchased 5,440 shares of stock from employees at an average purchase price of $36.38 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. Beginning in fiscal 2018, the Company has granted shares of restricted stock from the 2016 Incentive Compensation Plan with respect to which elections have been made by certain individuals to defer receipt to a future period. Such shares 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 will also be 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 year ended September 30, 2020. Weighted Average Fair Number of Value At Shares Grant Date Unvested and deferred at September 30, 2019 12,500 $ 33.98 Granted 7,449 $ 33.39 Vested and deferred (14,797) $ 34.45 Unvested and deferred at September 30, 2020 5,152 $ 31.78 Vested and deferred at September 30, 2020 26,197 $ 33.07 Compensation expense related to deferred restricted stock for the year ended September 30, 2018, 2019 and 2020 was $438, $442 and $271, respectively. The remaining unrecognized compensation expense related to restricted stock at September 30, 2020 was $30, to be recognized over a weighted average period of 0.17 years. Performance Shares In November 2019, the Company granted to certain employees target numbers of performance shares under the 2016 Incentive Compensation Plan. 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 commencing from the beginning of the fiscal year in which the award was granted as compared to the total shareholder return of the Company’s peer group, as defined by the Compensation Committee for this purpose. The fair value of the performance shares is estimated as of the date of the grant using a Monte Carlo simulation model. The following table summarizes the activity under the 2016 Incentive Compensation Plan with respect to performance shares for the twelve months ended September 30, 2020. Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2019 38,553 $ 42.52 Granted 23,880 $ 44.13 Forfeited / Canceled (1,071) $ 38.43 Unvested at September 30, 2020 61,362 $ 43.22 Compensation expense related to the performance shares for the years ended September 30, 2018, 2019 and 2020 was $500, $738 and $849, respectively. The remaining unrecognized compensation expense related to performance shares at September 30, 2020 was $1,130, to be recognized over a weighted average period of 1.17 years. Stock Option Plans The Company’s 2020 Incentive Compensation Plan and its previous stock option plans authorize, or formerly authorized, the granting of non-qualified stock options and stock appreciation rights to certain key employees and non-employee directors for the purchase of shares of the Company’s common stock. For the 2020 Incentive Compensation Plan, the maximum number of shares granted subject to options is 350,000. Following the adoption of the 2020 Incentive Compensation Plan, the Company ceased granting awards from its previous stock option plan, although awards remain outstanding from previous plans. 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 % the financial statements is measured based upon the grant date fair value. The Company has elected to use the Black-Scholes option pricing model to estimate fair value, 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 2018, 2019 and 2020: Fair Dividend Risk-free Expected Expected Grant Date Value Yield Interest Rate Volatility Life November 19, 2019 $ 9.66 2.38 % 1.65 % 35 % 5 years May 24, 2019 (Part 1) $ 8.75 2.88 % 2.11 % 40 % 5 years May 24, 2019 (Part 2) $ 7.94 2.88 % 2.11 % 40 % 5 years May 24, 2019 (Part 3) $ 7.23 2.88 % 2.11 % 40 % 5 years February 25, 2019 $ 10.86 2.52 % 2.47 % 41 % 5 years November 21, 2018 $ 10.61 2.59 % 2.88 % 41 % 5 years September 17, 2018 $ 11.03 2.55 % 2.89 % 40 % 5 years June 1, 2018 $ 13.92 2.07 % 2.68 % 41 % 5 years November 21, 2017 $ 9.74 2.77 % 2.06 % 42 % 5 years The stock-based employee compensation expense for stock options for the years ended September 30, 2018, 2019 and 2020 was $546, $764 and $1,038, respectively. The remaining unrecognized compensation expense at September 30, 2020 was $1,579, to be recognized over a weighted average vesting period of 1.47 years. The following table summarizes the activity under the stock option plans for the year ended September 30, 2020: Weighted Aggregate Weighted Average Intrinsic Average Remaining Number of Value Exercise Contractual Shares (000s) Prices Life Outstanding at September 30, 2019 482,391 $ 38.05 Granted 91,466 $ 37.00 Exercised (12,400) $ 34.00 Outstanding at September 30, 2020 561,457 $ — $ 37.97 7.07 yrs. Vested or expected to vest 509,918 $ — $ 37.92 7.11 yrs. Exercisable at September 30, 2020 299,093 $ — $ 40.67 5.67 yrs.

Quarterly Data (unaudited)

Quarterly Data (unaudited)	12 Months Ended
Quarterly Data (unaudited)	Sep. 30, 2020
Quarterly Data (unaudited)
Quarterly Data (unaudited)	Note 12. Quarterly Data (unaudited) The unaudited quarterly results of operations of the Company for the years ended September 30, 2019 and 2020 are as follows: 2019 Quarter Ended December 31 March 31 June 30 September 30 Net revenues $ 107,069 $ 127,474 $ 126,032 $ 129,640 Gross profit 11,335 14,683 18,175 21,310 Gross profit percentage of net revenues 10.6% 11.5% 14.4% 16.4% Net income (loss) (1,603) 1,509 3,802 6,037 Net income (loss) per share: Basic $ (0.13) $ 0.12 $ 0.30 $ 0.48 Diluted $ (0.13) $ 0.12 $ 0.30 $ 0.48 2020 Quarter Ended December 31 March 31 June 30 September 30 Net revenues $ 108,453 $ 111,563 $ 80,576 $ 79,938 Gross profit 18,743 19,296 2,639 3,954 Gross profit percentage of net revenues 17.3% 17.3% 3.3% 4.9% Net income (loss) 3,268 4,068 (8,097) (5,717) Net income (loss) per share: Basic $ 0.26 $ 0.32 $ (0.65) $ (0.46) Diluted $ 0.26 $ 0.32 $ (0.65) $ (0.46)

Segment Reporting

Segment Reporting	12 Months Ended
Segment Reporting	Sep. 30, 2020
Segment Reporting
Segment Reporting	Note 13. Segment Reporting The Company operates in one business segment: the design, manufacture, marketing and distribution of technologically advanced, high-performance alloys for use in the aerospace, industrial gas turbine, chemical processing and other industries. The Company has operations in the United States, Europe and Asia, which are summarized below. Sales between geographic areas are made at negotiated selling prices. Revenues from external customers are attributed to the geographic areas presented based on the destination of product shipments. Year Ended September 30, 2018 2019 2020 Net Revenue by Geography: United States $ 258,275 $ 300,728 $ 230,764 Europe 113,967 119,246 91,480 China 24,640 24,329 17,398 Other 38,444 45,912 40,888 Net Revenues $ 435,326 $ 490,215 $ 380,530 Net Revenue by Product Group: High-temperature resistant alloys $ 352,614 $ 392,172 $ 308,229 Corrosive-resistant alloys 82,712 98,043 72,301 Net revenues $ 435,326 $ 490,215 $ 380,530 September 30, 2019 2020 Long-lived Assets by Geography United States $ 163,158 $ 152,915 Europe 6,661 6,754 China 147 150 Total long-lived assets $ 169,966 $ 159,819

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
Valuation and Qualifying Accounts	Sep. 30, 2020
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	Note 14. Valuation and Qualifying Accounts Balance at Charges Balance at Beginning (credits) to End of of Period Expense Deductions (1) Period Allowance for doubtful accounts receivables: September 30, 2018 620 688 (178) 1,130 September 30, 2019 1,130 530 (1,219) 441 September 30, 2020 441 139 (35) 545 (1) Uncollectible accounts written off net of recoveries .

Deferred Revenue

Deferred Revenue	12 Months Ended
Deferred Revenue	Sep. 30, 2020
Deferred Revenue
Deferred Revenue	Note 15. Deferred Revenue On November 17, 2006, the Company entered into a twenty-year agreement to provide conversion services 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 20-year

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Sep. 30, 2020
Fair Value Measurements
Fair Value Measurements	Note 16. 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. 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. The valuation model used depends on the specific asset or liability being valued. 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) The fair value of Cash and Cash Equivalents is determined using Level 1 information. The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and 2020: September 30, 2019 Fair Value Measurements at Reporting Date Using: Level 1 Level 2 Level 3 NAV Total Assets: Pension plan assets $ — $ — $ — $ 225,917 $ 225,917 Total fair value $ — $ — $ — $ 225,917 $ 225,917 September 30, 2020 Fair Value Measurements at Reporting Date Using: Level 1 Level 2 Level 3 NAV Total Assets: Pension plan assets $ — $ — $ — $ 245,546 $ 245,546 Total fair value $ — $ — $ — $ 245,546 $ 245,546 The Company had no other financial assets or liabilities measured at fair value on a recurring basis as of September 30, 2019 or 2020.

Comprehensive Income (Loss) and

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component	12 Months Ended
	Sep. 30, 2020
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component	Note 17. Comprehensive Income (Loss) and 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 and foreign currency translation adjustments, net of tax when applicable. Comprehensive Income (Loss) Year Ended September 30, 2018 2019 2020 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net Net income (loss) $ (21,751) $ 9,745 $ (6,478) Other comprehensive income (loss): Pension and postretirement: Net gain (loss) arising during period $ 33,518 $ (7,576) 25,942 $ (48,052) 11,266 (36,786) $ 11,121 (2,381) 8,740 Amortization of prior service cost 374 (99) 275 228 (58) 170 228 (58) 170 Amortization of (gain) loss 7,887 (2,075) 5,812 2,935 (772) 2,163 9,129 (2,409) 6,720 Foreign currency translation adjustment (1,900) — (1,900) (3,620) — (3,620) 3,690 — 3,690 Other comprehensive income (loss) $ 39,879 $ (9,750) 30,129 $ (48,509) $ 10,436 (38,073) $ 24,168 $ (4,848) 19,320 Total comprehensive income (loss) $ 8,378 $ (28,328) $ 12,842 Accumulated Other Comprehensive Income (Loss) Year Ended September 30, 2019 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2018 $ (21,473) $ (11,201) $ (9,891) $ (42,565) Other comprehensive income (loss) before reclassifications (33,578) (3,209) (3,620) (40,407) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (1) 228 — — 228 Actuarial losses (1) 1,449 1,487 — 2,936 Tax benefit (437) (393) — (830) Net current-period other comprehensive income (loss) (32,338) (2,115) (3,620) (38,073) Accumulated other comprehensive income (loss) as of September 30, 2019 $ (53,811) $ (13,316) $ (13,511) $ (80,638) Year Ended September 30, 2020 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2019 $ (53,811) $ (13,316) $ (13,511) $ (80,638) Other comprehensive income (loss) before reclassifications (8,604) 17,344 3,690 12,430 Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (1) 228 — — 228 Actuarial losses (1) 7,281 1,848 — 9,129 Tax benefit (1,978) (489) — (2,467) Net current-period other comprehensive income (loss) (3,073) 18,703 3,690 19,320 Reclass due to adoption of ASU 2018-02 (8,509) (4,774) — (13,283) Accumulated other comprehensive income (loss) as of September 30, 2020 $ (65,393) $ 613 $ (9,821) $ (74,601) (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligations

Long-term Obligations	12 Months Ended
Long-term Obligations	Sep. 30, 2020
Long-term Obligations
Long-term Obligations	Note 18. Long-term Obligations The following table sets for the components of Long-term obligations as of September 30, 2019 and 2020. September 30, September 30, 2019 2020 Finance lease obligations $ 7,979 $ 7,809 Environmental post-closure monitoring and maintenance activities 606 602 Long-term disability 251 251 Deferred dividends 40 139 Less amounts due within one year (267) (292) Long-term obligations (less current portion) $ 8,609 $ 8,509

Leases

Leases	12 Months Ended
Leases	Sep. 30, 2020
Leases
Leases	Note 19. Leases On October 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) Nature of the Leases The Company has operating and finance leases for buildings, equipment (e.g. trucks and forklifts), vehicles, and computer equipment. Leasing arrangements require fixed payments and also include an amount that is probable will be owed under residual value guarantees , if applicable. Some lease payments also include payments related to purchase or termination options when the lessee is reasonably certain to exercise the option or is not reasonably certain not to exercise the option, respectively. The leases have remaining terms of one to 17 years . For all leases with an initial expected term of more than 12 months 842 On January 1, 2015, the Company entered into a finance lease agreement for the building that houses the assets and operations of LaPorte Custom Metal Processing (LCMP). The leased 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 The Company entered into a twenty-year 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 depreciated over the 20-year Significant Judgments and Assumptions Determination of Whether a Contract Contains a Lease The Company determines whether a contract is or contains a lease at the inception of the contract. The contract is or contains a lease if the contract conveys the right to control the use of identified assets for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from use of the property, plant, and equipment and have the right to direct its use. Practical Expedients (Policy Elections) The Company elected certain practical expedients and transition relief, including the short-term lease recognition exemption, which excludes leases with a term of 12 months or less from recognition on the balance sheet, recognizing lease components and non-lease components together as a single lease component, and the transition relief package which, among other things, includes not reassessing the lease classification or whether a contract is or contains a lease. The following table sets forth the components of the Company’s lease cost for the year ended September 30, 2020. September 30, 2020 Finance lease cost: Amortization of right of use asset $ 430 Interest on lease liabilities 825 Total finance lease cost $ 1,255 Operating lease cost $ 1,402 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases 825 Operating cash flows from operating leases 1,402 Financing cash flows from finance leases 170 Total cash paid for amounts included in measurement of lease liabilities $ 2,397 Lease costs associated with short term leases are not material. The following table sets forth the Company’s right of use assets and lease liabilities as of September 30, 2020. September 30, 2020 Finance lease assets (included in Property, plant and equipment, net) $ 6,503 Operating right of use lease assets (included in Other assets) $ 1,718 Finance lease liabilities Accrued expenses $ 195 Long-term obligations (less current portion) 7,614 Total Finance lease liabilities $ 7,809 Operating lease liabilities $ 1,718 September 30, 2020 Weighted average lease term (Years) Finance leases 15.1 Operating leases 3.2 Weighted average discount rate Finance leases 10.33 % Operating leases 5.25 % The following is a table of future minimum lease payments during each fiscal year under operating and finance leases and the present value of the net minimum lease payments as of September 30, 2020. Finance Operating Future minimum lease payments Leases Leases 2021 $ 1,001 $ 808 2022 1,012 427 2023 1,024 292 2024 1,031 281 2025 1,038 71 Thereafter 10,502 113 Total minimum lease payments 15,608 1,992 Less: amount representing interest (7,799) (274) Present value of net minimum lease payments $ 7,809 $ 1,718 The following is a table of future minimum lease payments as of September 30, 2019. Finance Operating Future minimum lease payments as of September 30, 2019 Leases Leases 2020 $ 993 $ 2,542 2021 1,000 1,254 2022 1,013 460 2023 1,024 277 2024 1,032 259 Thereafter 11,623 60 Total minimum lease payments 16,685 4,852 Less: amount representing interest (8,706) — Present value of net minimum lease payments $ 7,979 $ 4,852

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	12 Months Ended
Foreign Currency Forward Contracts	Sep. 30, 2020
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts	Note 20. Foreign Currency Forward Contracts Beginning in the third quarter of fiscal 2018, the Company entered into foreign currency forward contracts. The Company enters into foreign currency forward contracts with the purpose of reducing 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 September 30, 2018, 2019 and 2020, there are no contracts that remain unsettled. As a result, there is no impact to the balance sheet as of September 30, 2019 or September 30, 2020. Foreign exchange contract 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. Year Ended Year Ended Year Ended September 30, September 30, September 30, 2018 2019 2020 Foreign currency transactional gain (loss) $ 411 $ 1,071 $ (567) Foreign exchange forward contract gain (loss) (918) (1,638) (273) Net gain (loss) included in selling, general and administrative expense $ (507) $ (567) $ (840)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Summary of Significant Accounting Policies
Principles of Consolidation and Nature of Operations	A. Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with service centers in LaPorte, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Zurich, Switzerland; Singapore; Milan, Italy; and Tokyo, Japan.
Cash and Cash Equivalents	B. Cash and Cash Equivalents The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments.
Accounts Receivable	C. Accounts Receivable The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon evaluation of each customer’s ability to perform its obligation, which is updated periodically.
Revenue Recognition	D. Revenue Recognition The Company recognizes revenue when performance obligations under the terms of customer contracts are satisfied which occurs when control of the goods has been transferred to the customer and services have been performed. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation (TIMET) as a result of a twenty-year agreement entered into on November 17, 2006 to provide conversion services to TIMET. See Note 16, Deferred Revenue for a description of accounting treatment relating to this up-front fee.
Inventories	E. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first-in, first-out (FIFO) method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions.
Goodwill and Other Intangible Assets	F. Goodwill and Other Intangible Assets The Company has goodwill, trademarks, customer relationships and other intangibles as of September 30, 2020. As the customer relationships have a definite life, they are amortized over fifteen years. The Company reviews 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 undiscounted future 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 the trademarks exceeds the 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 was recognized in the years ended September 30, 2018, 2019 or 2020 because the fair value exceeded the carrying values. During fiscal 2018, 2019 and 2020, there were no changes in the carrying amount of goodwill. Amortization of the patents, customer relationships and other intangibles was $527, $255 and $228 for the years ended September 30, 2018, 2019 and 2020, respectively. The following represents a summary of intangible assets at September 30, 2019 and 2020: Gross Accumulated Carrying September 30, 2019 Amount Amortization Amount Trademarks $ 3,800 $ — $ 3,800 Customer relationships 2,100 (718) 1,382 Other 291 (189) 102 $ 6,191 $ (907) $ 5,284 Gross Accumulated Carrying September 30, 2020 Amount Amortization Amount Trademarks $ 3,800 $ — $ 3,800 Customer relationships 2,100 (858) 1,242 Other 291 (277) 14 $ 6,191 $ (1,135) $ 5,056 Estimated future Aggregate Amortization Expense: Year Ended September 30, 2021 $ 150 2022 133 2023 129 2024 126 2025 124 Thereafter 594
Property, Plant and Equipment	G. Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives, which are generally as follows: Buildings and improvements 40 years Machinery and equipment 5 — 14 years Land improvements 20 years Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when the balance on the revolver is zero. During fiscal 2020, capitalized interest was $0 as there were no long-term construction projects occurring during the time when there were borrowings against the revolver. The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of the asset to the undiscounted future 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. No impairment was recognized during the years ended September 30, 2018, 2019 or 2020.
Environmental Remediation	H. Environmental Remediation When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. Amounts accrued for post-closure monitoring are presented in Note 18, Long-term Obligations.
Pension and Postretirement Benefits	I. Pension and Postretirement Benefits The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for employees in the plan. Effective January 1, 2007, a plan amendment of the postretirement medical plan caps the Company’s liability related to retiree health care costs at $5,000 annually.
Foreign Currency Exchange	J. Foreign Currency Exchange The Company’s foreign operating entities’ financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in selling, general and administrative expense. Beginning in the third quarter of fiscal 2018, the Company has entered into foreign currency forward contracts (See Note 20, Foreign Currency Forward Contracts). The purpose of these forward contracts is to reduce income statement volatility resulting from transaction gains and losses.
Research and Technical Costs	K. Research and Technical Costs Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the fiscal years ended September 30, 2018, 2019 and 2020 were $3,785, $3,592 and $3,713, respectively.
Income Taxes	L. Income Taxes The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority (See Note 7, Income Taxes).
Stock-based Compensation	M. Stock-based Compensation As described in Note 12, the Company has incentive compensation plans that provide for the issuance of restricted stock, restricted stock units, performance shares, stock options and stock appreciation rights to key employees and non-employee directors. To date, the Company has only issued restricted stock, performance shares and stock options. The Company recognizes compensation expense under the fair-value based method as a component of operating expenses.
Financial Instruments and Concentrations of Risk	N. Financial Instruments and Concentrations of Risk The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company’s operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2019 and 2020, the Company had no foreign currency exchange contracts outstanding. To date, all foreign currency contracts have been settled prior to the end of the month in which they were initiated. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2020, and periodically throughout the year, the Company has maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. During 2018, 2019 and 2020, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses amounted to $688, $530 and $139 in fiscal 2018, 2019 and 2020, respectively, and were within management’s expectations. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas.
Accounting Estimates	O. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to bad debts, inventories, income taxes, asset impairment, incremental borrowing rates, retirement benefits and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions.
Earnings Per Share	P. Earnings Per Share 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. 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. Basic and diluted net income per share were computed as follows: Years ended September 30, (in thousands, except share and per share data) 2018 2019 2020 Numerator: Basic and Diluted Net income (loss) $ (21,751) $ 9,745 $ (6,478) Dividends (11,027) (11,037) (11,158) Undistributed income (loss) (32,778) (1,292) (17,636) Percentage allocated to common shares (a) 100.0 % 100.0 % 100.0 % Undistributed income (loss) allocated to common shares (32,778) (1,292) (17,636) Dividends paid on common shares outstanding 10,933 10,987 11,071 Net income (loss) available to common shares (21,845) 9,695 (6,565) Denominator: Basic and Diluted Weighted average common shares outstanding 12,419,564 12,445,212 12,470,664 Adjustment for dilutive potential common shares — 35,696 — Weighted average shares outstanding - Diluted 12,419,564 12,480,908 12,470,664 Basic net income (loss) per share $ (1.75) $ 0.78 $ (0.53) Diluted net income (loss) per share $ (1.75) $ 0.78 $ (0.53) Number of stock option shares excluded as their effect would be anti-dilutive 329,276 371,151 285,699 Number of restricted stock shares excluded as their effect would be anti-dilutive 91,008 — 96,999 Number of deferred restricted stock shares excluded as their effect would be anti-dilutive — — 34,498 Number of performance share awards excluded as their effect would be anti-dilutive — — 47,195 (a) Common shares outstanding 12,419,564 12,445,212 12,470,664 Unvested participating shares — — — 12,419,564 12,445,212 12,470,664
Recently Issued Accounting Pronouncements	Q. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) The Company elected the package of practical expedients included in this guidance which allowed it to not reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and, (iii) the initial direct costs for existing leases. The Company has elected the practical expedient to not separate lease components from non-lease components for all asset classes. The Company will recognize lease expense for operating leases in the consolidated statements of operations on a straight-line basis over the lease term. The Company also made a policy election to not recognize ROU asset and lease liabilities for short-term leases with an initial term of 12 months or less for all asset classes. Leases with the option to extend their term are reflected in the lease term when it is reasonably certain that the Company will exercise such options. The Company has expanded the disclosure of operating leases included in Note 19. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income comprehensive In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2020
Summary of Significant Accounting Policies
Summary of finite-lived intangible assets	Gross Accumulated Carrying September 30, 2019 Amount Amortization Amount Trademarks $ 3,800 $ — $ 3,800 Customer relationships 2,100 (718) 1,382 Other 291 (189) 102 $ 6,191 $ (907) $ 5,284 Gross Accumulated Carrying September 30, 2020 Amount Amortization Amount Trademarks $ 3,800 $ — $ 3,800 Customer relationships 2,100 (858) 1,242 Other 291 (277) 14 $ 6,191 $ (1,135) $ 5,056
Schedule of indefinite-lived intangible assets	Gross Accumulated Carrying September 30, 2019 Amount Amortization Amount Trademarks $ 3,800 $ — $ 3,800 Customer relationships 2,100 (718) 1,382 Other 291 (189) 102 $ 6,191 $ (907) $ 5,284 Gross Accumulated Carrying September 30, 2020 Amount Amortization Amount Trademarks $ 3,800 $ — $ 3,800 Customer relationships 2,100 (858) 1,242 Other 291 (277) 14 $ 6,191 $ (1,135) $ 5,056
Schedule of estimated future aggregate amortization expense	Estimated future Aggregate Amortization Expense: Year Ended September 30, 2021 $ 150 2022 133 2023 129 2024 126 2025 124 Thereafter 594
Schedule of estimated economic useful lives of property, plant and equipment	Buildings and improvements 40 years Machinery and equipment 5 — 14 years Land improvements 20 years
Schedule of basic and diluted net income per share	Years ended September 30, (in thousands, except share and per share data) 2018 2019 2020 Numerator: Basic and Diluted Net income (loss) $ (21,751) $ 9,745 $ (6,478) Dividends (11,027) (11,037) (11,158) Undistributed income (loss) (32,778) (1,292) (17,636) Percentage allocated to common shares (a) 100.0 % 100.0 % 100.0 % Undistributed income (loss) allocated to common shares (32,778) (1,292) (17,636) Dividends paid on common shares outstanding 10,933 10,987 11,071 Net income (loss) available to common shares (21,845) 9,695 (6,565) Denominator: Basic and Diluted Weighted average common shares outstanding 12,419,564 12,445,212 12,470,664 Adjustment for dilutive potential common shares — 35,696 — Weighted average shares outstanding - Diluted 12,419,564 12,480,908 12,470,664 Basic net income (loss) per share $ (1.75) $ 0.78 $ (0.53) Diluted net income (loss) per share $ (1.75) $ 0.78 $ (0.53) Number of stock option shares excluded as their effect would be anti-dilutive 329,276 371,151 285,699 Number of restricted stock shares excluded as their effect would be anti-dilutive 91,008 — 96,999 Number of deferred restricted stock shares excluded as their effect would be anti-dilutive — — 34,498 Number of performance share awards excluded as their effect would be anti-dilutive — — 47,195 (a) Common shares outstanding 12,419,564 12,445,212 12,470,664 Unvested participating shares — — — 12,419,564 12,445,212 12,470,664

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
Revenues from Contracts with Customers (Tables)	Sep. 30, 2020
Revenues from Contracts with Customers
Schedule of disaggregation of revenue	Year Ended September 30, 2018 2019 2020 Net revenues (dollars in thousands) Aerospace $ 226,898 $ 258,104 $ 191,980 Chemical processing 79,169 89,651 63,170 Industrial gas turbine 52,350 59,430 56,576 Other markets 53,417 57,946 45,099 Total product revenue 411,834 465,131 356,825 Other revenue 23,492 25,084 23,705 Net revenues $ 435,326 $ 490,215 $ 380,530

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Sep. 30, 2020
Inventories
Summary of major classes of inventories	September 30, September 30, 2019 2020 Raw Materials $ 17,935 $ 22,163 Work-in-process 138,859 110,717 Finished Goods 100,590 111,744 Other 1,418 1,500 $ 258,802 $ 246,124

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
Property, Plant and Equipment (Tables)	Sep. 30, 2020
Property, Plant and Equipment
Summary of the major classes of property, plant and equipment	September 30, 2019 2020 Land and land improvements $ 9,446 $ 10,066 Buildings and improvements 45,486 46,135 Machinery and equipment 293,542 301,496 Construction in process 2,770 2,705 351,244 360,402 Less accumulated depreciation (181,278) (200,583) $ 169,966 $ 159,819

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
Accrued Expenses (Tables)	Sep. 30, 2020
Accrued Expenses
Summary of the major classes of accrued expenses	September 30, 2019 2020 Employee compensation $ 9,936 $ 8,826 Taxes, other than income taxes 2,744 2,798 Accrued product returns 985 1,200 Utilities 924 714 Professional Fees 471 464 Finance lease obligation, current 170 195 Employee termination liabilities 384 59 Management incentive compensation 2,297 — Other 922 501 $ 18,833 $ 14,757

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Sep. 30, 2020
Income Taxes
Schedule of components of income before provision for income taxes	Year Ended September 30, 2018 2019 2020 Income (loss) before income taxes: U.S. $ (16,650) $ 790 $ (9,831) Foreign 12,596 12,580 2,333 Total $ (4,054) $ 13,370 $ (7,498) Provision for (benefit from) income taxes: Current: U.S. Federal $ (7,690) $ (267) $ (371) Foreign 2,404 2,259 541 State (137) 2 29 Total (5,423) 1,994 199 Deferred: U.S. Federal 25,141 1,423 (2,266) Foreign — 132 56 State (2,496) 62 (810) Valuation allowance 475 14 1,801 Total 23,120 1,631 (1,219) Total provision for (benefit from) income taxes $ 17,697 $ 3,625 $ (1,020)
Schedule of provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate	Year Ended September 30, 2018 2019 2020 Statutory federal tax rate 24.53 % 21.00 % 21.00 % Tax provision for income taxes at the statutory rate $ (1,059) $ 2,808 $ (1,575) Foreign tax rate differentials (685) (157) 107 Provision for state taxes, net of federal taxes (45) 247 (145) U.S. tax on distributed and undistributed earnings of foreign subsidiaries 240 486 (289) Manufacturer’s deduction (86) — — Tax credits (511) (499) (1,058) Transition tax 2,170 — — Federal and state tax rate change impact on deferred tax asset 16,633 314 (60) Net operating loss carryback 407 — — Change in valuation allowance 475 14 1,801 Stock compensation — 655 24 Other, net 158 (243) 175 Provision for (benefit from) income taxes at effective tax rate $ 17,697 $ 3,625 $ (1,020) Effective tax rate (436.5) % 27.1 % 13.6 %
Schedule of deferred tax assets (liabilities)	September 30, 2019 2020 Deferred tax assets: Pension and postretirement benefits $ 48,367 $ 44,626 TIMET Agreement 4,163 3,585 Inventories 1,706 2,350 Accrued compensation and benefits 770 1,474 Accrued expenses and other 3,308 3,703 Tax attributes 4,441 4,892 Other assets — 404 Valuation allowance (1,675) (3,476) Total deferred tax assets $ 61,080 $ 57,558 Deferred tax liabilities: Property, plant and equipment, net $ (27,873) $ (27,434) Intangible and other (1,091) (1,186) Other liabilities — (518) Total deferred tax liabilities $ (28,964) $ (29,138) Net deferred tax assets (liabilities) $ 32,116 $ 28,420

Pension Plan and Retirement B_2

Pension Plan and Retirement Benefits (Tables)	12 Months Ended
Pension Plan and Retirement Benefits (Tables)	Sep. 30, 2020
Pension Plan and Retirement Benefits
Schedule of status of employee pension benefit plans and other postretirement benefit plans	Defined Benefit Postretirement Pension Plans Health Care Benefits Year Ended Year Ended September 30, September 30, 2019 2020 2019 2020 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 278,280 $ 321,478 $ 108,013 $ 113,834 Service cost 5,239 5,546 318 1,416 Interest cost 10,652 8,866 4,353 3,493 Actuarial (gains) losses 42,130 24,183 4,245 (22,564) Benefits paid (13,734) (13,676) (3,095) (2,840) Administrative expenses (1,089) (1,007) — — Projected benefit obligation at end of year $ 321,478 $ 345,390 $ 113,834 $ 93,339 Change in Plan Assets: Fair value of plan assets at beginning of year $ 222,273 $ 225,917 $ — $ — Actual return on assets 13,230 27,795 — — Employer contributions 5,237 6,517 3,095 2,840 Benefits paid (13,734) (13,676) (3,095) (2,840) Administrative expenses (1,089) (1,007) — — Fair value of plan assets at end of year $ 225,917 $ 245,546 $ — $ — Funded Status of Plan: Unfunded status $ (95,561) $ (99,844) $ (113,834) $ (93,339)
Schedule of amounts recognized in the consolidated balance sheets and amounts expected to be recognized from AOCI into the statement of operations in the following year	Defined Benefit Postretirement Non-Qualified All Plans Pension Plans Health Care Benefits Pension Plans Combined September 30, September 30, September 30, September 30, 2019 2020 2019 2020 2019 2020 2019 2020 Accrued pension and postretirement benefits: Current $ — $ — $ (4,155) $ (3,307) $ (95) $ (96) $ (4,250) $ (3,403) Non - (95,561) (99,844) (109,679) (90,032) (624) (585) (205,864) (190,461) Accrued pension and postretirement benefits $ (95,561) $ (99,844) $ (113,834) $ (93,339) $ (719) $ (681) $ (210,114) $ (193,864) Accumulated other comprehensive loss: Net loss 80,711 84,873 24,650 239 — — 105,361 85,112 Prior service cost 2,066 1,837 — — — — 2,066 1,837 Total accumulated other comprehensive loss $ 82,777 $ 86,710 $ 24,650 $ 239 $ — $ — $ 107,427 $ 86,949
Schedule of components of net periodic pension and postretirement benefit cost	Defined Benefit Pension Plans Year Ended September 30, 2018 2019 2020 Service cost $ 5,536 $ 5,239 $ 5,546 Interest cost 10,801 10,652 8,866 Expected return on assets (15,157) (14,907) (15,061) Amortization of prior service cost 374 228 228 Recognized actuarial loss 4,910 1,449 7,288 Net periodic cost $ 6,464 $ 2,661 $ 6,867 Postretirement Health Care Benefits Year Ended September 30, 2018 2019 2020 Service cost $ 336 $ 318 $ 1,416 Interest cost 4,311 4,353 3,493 Recognized actuarial loss 2,999 1,487 1,848 Net periodic cost $ 7,646 $ 6,158 $ 6,757
Schedule of assumptions used to determine actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans	September 30, September 30, 2019 2020 Discount rate (postretirement health care) 3.13 % 2.50 % Discount rate (U.S. pension plan) 2.88 % 2.25 % Discount rate (U.K. pension plan) 1.70 % 1.50 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 %
Schedule of assumptions used to determine net periodic pension and postretirement health care benefit costs for the plans	Defined Benefit Pension and Postretirement Health Care Plans Year Ended September 30, 2018 2019 2020 Discount rate (postretirement health care plan) 3.75 % 4.13 % 3.13 % Discount rate (U.S. pension plan) 3.63 % 4.00 % 2.88 % Discount rate (U.K. pension plan) 2.50 % 2.80 % 1.70 % Expected return on plan assets (U.S. pension plan) 7.25 % 7.25 % 7.25 % Expected return on plan assets (U.K. pension plan) 3.30 % 3.20 % 2.20 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % 2.50 %
Schedule of plan assets by level within the fair value hierarchy	September 30, 2019 Level 1 Active Level 2 Markets for Other Identical Observable Assets Inputs NAV Total U.S. Pension Plan Assets: U.S. common stock mutual funds $ — $ — $ 67,954 $ 67,954 Common /collective funds Bonds — — 81,871 81,871 U.S. common stock — — 30,292 30,292 International equity — — 24,561 24,561 Total U.S. $ — $ — $ 204,678 $ 204,678 U.K. Plan Assets: Equities $ — $ — $ 6,585 $ 6,585 Bonds — — 12,106 12,106 Other — — 2,548 2,548 Total U.K. $ — $ — $ 21,239 $ 21,239 Total pension plan assets $ — $ — $ 225,917 $ 225,917 September 30, 2020 Level 1 Active Level 2 Markets for Other Identical Observable Assets Inputs NAV Total U.S. Pension Plan Assets: U.S. common stock mutual funds $ — $ — $ 74,224 $ 74,224 Common /collective funds Bonds — — 89,426 89,426 U.S. common stock — — 33,088 33,088 International equity — — 26,828 26,828 Total U.S. $ — $ — $ 223,566 $ 223,566 U.K. Plan Assets: Equities $ — $ — $ 6,594 $ 6,594 Bonds — — 12,529 12,529 Other — — 2,857 2,857 Total U.K. $ — $ — $ 21,980 $ 21,980 Total pension plan assets $ — $ — $ 245,546 $ 245,546
Schedule of asset classes as a percent of total assets	Asset Class Target (1) Equity 60 % Fixed Income 40 % Real Estate and Other — % (1) From time to time the Company may adjust the target allocation by an amount not to exceed 10%.
Schedule of expected benefit payments	Postretirement Fiscal Year Ending September 30 Pension Health Care 2021 $ 15,646 $ 3,307 2022 15,982 3,578 2023 16,409 3,761 2024 16,734 3,707 2025 17,051 3,690 2026 - 2030 (in total) 87,288 18,222

Legal, Environmental and Othe_2

Legal, Environmental and Other Contingencies (Tables)	12 Months Ended
Legal, Environmental and Other Contingencies (Tables)	Sep. 30, 2020
Legal, Environmental and Other Contingencies
Schedule of expected maturities of post-closure monitoring and maintenance activities (discounted)	Expected maturities of post-closure monitoring and maintenance activities (discounted) Year Ended September 30, 2022 $ 67 2023 65 2024 87 2025 65 2026 and thereafter 241 $ 525

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2020
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, 2019 61,838 $ 34.94 Granted 97,811 $ 25.35 Forfeited / Canceled (1,050) $ 33.89 Vested (16,919) $ 40.12 Unvested at September 30, 2020 141,680 $ 27.71 Expected to vest 141,680 $ 27.71
Summary of activity under the deferred restricted stock plan	Weighted Average Fair Number of Value At Shares Grant Date Unvested and deferred at September 30, 2019 12,500 $ 33.98 Granted 7,449 $ 33.39 Vested and deferred (14,797) $ 34.45 Unvested and deferred at September 30, 2020 5,152 $ 31.78 Vested and deferred at September 30, 2020 26,197 $ 33.07
Summary of activity under the 2016 Incentive Compensation Plan with respect to performance shares	Weighted Average Fair Number of Value At Shares Grant Date Unvested at September 30, 2019 38,553 $ 42.52 Granted 23,880 $ 44.13 Forfeited / Canceled (1,071) $ 38.43 Unvested at September 30, 2020 61,362 $ 43.22
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 November 19, 2019 $ 9.66 2.38 % 1.65 % 35 % 5 years May 24, 2019 (Part 1) $ 8.75 2.88 % 2.11 % 40 % 5 years May 24, 2019 (Part 2) $ 7.94 2.88 % 2.11 % 40 % 5 years May 24, 2019 (Part 3) $ 7.23 2.88 % 2.11 % 40 % 5 years February 25, 2019 $ 10.86 2.52 % 2.47 % 41 % 5 years November 21, 2018 $ 10.61 2.59 % 2.88 % 41 % 5 years September 17, 2018 $ 11.03 2.55 % 2.89 % 40 % 5 years June 1, 2018 $ 13.92 2.07 % 2.68 % 41 % 5 years November 21, 2017 $ 9.74 2.77 % 2.06 % 42 % 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, 2019 482,391 $ 38.05 Granted 91,466 $ 37.00 Exercised (12,400) $ 34.00 Outstanding at September 30, 2020 561,457 $ — $ 37.97 7.07 yrs. Vested or expected to vest 509,918 $ — $ 37.92 7.11 yrs. Exercisable at September 30, 2020 299,093 $ — $ 40.67 5.67 yrs.

Quarterly Data (unaudited) (Tab

Quarterly Data (unaudited) (Tables)	12 Months Ended
Quarterly Data (unaudited) (Tables)	Sep. 30, 2020
Quarterly Data (unaudited)
Schedule of unaudited quarterly results of operations of the Company	2019 Quarter Ended December 31 March 31 June 30 September 30 Net revenues $ 107,069 $ 127,474 $ 126,032 $ 129,640 Gross profit 11,335 14,683 18,175 21,310 Gross profit percentage of net revenues 10.6% 11.5% 14.4% 16.4% Net income (loss) (1,603) 1,509 3,802 6,037 Net income (loss) per share: Basic $ (0.13) $ 0.12 $ 0.30 $ 0.48 Diluted $ (0.13) $ 0.12 $ 0.30 $ 0.48 2020 Quarter Ended December 31 March 31 June 30 September 30 Net revenues $ 108,453 $ 111,563 $ 80,576 $ 79,938 Gross profit 18,743 19,296 2,639 3,954 Gross profit percentage of net revenues 17.3% 17.3% 3.3% 4.9% Net income (loss) 3,268 4,068 (8,097) (5,717) Net income (loss) per share: Basic $ 0.26 $ 0.32 $ (0.65) $ (0.46) Diluted $ 0.26 $ 0.32 $ (0.65) $ (0.46)

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
Segment Reporting (Tables)	Sep. 30, 2020
Segment Reporting
Schedule of revenues from external customers attributable to geographic areas	Year Ended September 30, 2018 2019 2020 Net Revenue by Geography: United States $ 258,275 $ 300,728 $ 230,764 Europe 113,967 119,246 91,480 China 24,640 24,329 17,398 Other 38,444 45,912 40,888 Net Revenues $ 435,326 $ 490,215 $ 380,530 Net Revenue by Product Group: High-temperature resistant alloys $ 352,614 $ 392,172 $ 308,229 Corrosive-resistant alloys 82,712 98,043 72,301 Net revenues $ 435,326 $ 490,215 $ 380,530
Schedule of long-lived assets by geographic areas	September 30, 2019 2020 Long-lived Assets by Geography United States $ 163,158 $ 152,915 Europe 6,661 6,754 China 147 150 Total long-lived assets $ 169,966 $ 159,819

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Tables)	12 Months Ended
Valuation and Qualifying Accounts (Tables)	Sep. 30, 2020
Valuation and Qualifying Accounts
Schedule of changes in valuation and qualifying accounts	Balance at Charges Balance at Beginning (credits) to End of of Period Expense Deductions (1) Period Allowance for doubtful accounts receivables: September 30, 2018 620 688 (178) 1,130 September 30, 2019 1,130 530 (1,219) 441 September 30, 2020 441 139 (35) 545 (1) Uncollectible accounts written off net of recoveries .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2020
Fair Value Measurements
Schedule of company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis	September 30, 2019 Fair Value Measurements at Reporting Date Using: Level 1 Level 2 Level 3 NAV Total Assets: Pension plan assets $ — $ — $ — $ 225,917 $ 225,917 Total fair value $ — $ — $ — $ 225,917 $ 225,917 September 30, 2020 Fair Value Measurements at Reporting Date Using: Level 1 Level 2 Level 3 NAV Total Assets: Pension plan assets $ — $ — $ — $ 245,546 $ 245,546 Total fair value $ — $ — $ — $ 245,546 $ 245,546

Comprehensive Income (Loss) a_2

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	12 Months Ended
	Sep. 30, 2020
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of comprehensive income (loss)	Year Ended September 30, 2018 2019 2020 Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net Net income (loss) $ (21,751) $ 9,745 $ (6,478) Other comprehensive income (loss): Pension and postretirement: Net gain (loss) arising during period $ 33,518 $ (7,576) 25,942 $ (48,052) 11,266 (36,786) $ 11,121 (2,381) 8,740 Amortization of prior service cost 374 (99) 275 228 (58) 170 228 (58) 170 Amortization of (gain) loss 7,887 (2,075) 5,812 2,935 (772) 2,163 9,129 (2,409) 6,720 Foreign currency translation adjustment (1,900) — (1,900) (3,620) — (3,620) 3,690 — 3,690 Other comprehensive income (loss) $ 39,879 $ (9,750) 30,129 $ (48,509) $ 10,436 (38,073) $ 24,168 $ (4,848) 19,320 Total comprehensive income (loss) $ 8,378 $ (28,328) $ 12,842
Schedule of accumulated other comprehensive income (loss)	Year Ended September 30, 2019 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2018 $ (21,473) $ (11,201) $ (9,891) $ (42,565) Other comprehensive income (loss) before reclassifications (33,578) (3,209) (3,620) (40,407) Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (1) 228 — — 228 Actuarial losses (1) 1,449 1,487 — 2,936 Tax benefit (437) (393) — (830) Net current-period other comprehensive income (loss) (32,338) (2,115) (3,620) (38,073) Accumulated other comprehensive income (loss) as of September 30, 2019 $ (53,811) $ (13,316) $ (13,511) $ (80,638) Year Ended September 30, 2020 Pension Postretirement Foreign Plan Plan Exchange Total Accumulated other comprehensive income (loss) as of September 30, 2019 $ (53,811) $ (13,316) $ (13,511) $ (80,638) Other comprehensive income (loss) before reclassifications (8,604) 17,344 3,690 12,430 Amounts reclassified from accumulated other comprehensive income (loss) Amortization of Pension and Postretirement Plan items (1) 228 — — 228 Actuarial losses (1) 7,281 1,848 — 9,129 Tax benefit (1,978) (489) — (2,467) Net current-period other comprehensive income (loss) (3,073) 18,703 3,690 19,320 Reclass due to adoption of ASU 2018-02 (8,509) (4,774) — (13,283) Accumulated other comprehensive income (loss) as of September 30, 2020 $ (65,393) $ 613 $ (9,821) $ (74,601) (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligations (Tables)

Long-term Obligations (Tables)	12 Months Ended
Long-term Obligations (Tables)	Sep. 30, 2020
Long-term Obligations
Schedule of long-term obligations	September 30, September 30, 2019 2020 Finance lease obligations $ 7,979 $ 7,809 Environmental post-closure monitoring and maintenance activities 606 602 Long-term disability 251 251 Deferred dividends 40 139 Less amounts due within one year (267) (292) Long-term obligations (less current portion) $ 8,609 $ 8,509

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Sep. 30, 2020
Leases
Schedule of lease costs	September 30, 2020 Finance lease cost: Amortization of right of use asset $ 430 Interest on lease liabilities 825 Total finance lease cost $ 1,255 Operating lease cost $ 1,402 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases 825 Operating cash flows from operating leases 1,402 Financing cash flows from finance leases 170 Total cash paid for amounts included in measurement of lease liabilities $ 2,397
Schedule of Balance Sheet operating and financing lease information	September 30, 2020 Finance lease assets (included in Property, plant and equipment, net) $ 6,503 Operating right of use lease assets (included in Other assets) $ 1,718 Finance lease liabilities Accrued expenses $ 195 Long-term obligations (less current portion) 7,614 Total Finance lease liabilities $ 7,809 Operating lease liabilities $ 1,718 September 30, 2020 Weighted average lease term (Years) Finance leases 15.1 Operating leases 3.2 Weighted average discount rate Finance leases 10.33 % Operating leases 5.25 %
Schedule of financing and operating lease maturity	The following is a table of future minimum lease payments during each fiscal year under operating and finance leases and the present value of the net minimum lease payments as of September 30, 2020. Finance Operating Future minimum lease payments Leases Leases 2021 $ 1,001 $ 808 2022 1,012 427 2023 1,024 292 2024 1,031 281 2025 1,038 71 Thereafter 10,502 113 Total minimum lease payments 15,608 1,992 Less: amount representing interest (7,799) (274) Present value of net minimum lease payments $ 7,809 $ 1,718 The following is a table of future minimum lease payments as of September 30, 2019. Finance Operating Future minimum lease payments as of September 30, 2019 Leases Leases 2020 $ 993 $ 2,542 2021 1,000 1,254 2022 1,013 460 2023 1,024 277 2024 1,032 259 Thereafter 11,623 60 Total minimum lease payments 16,685 4,852 Less: amount representing interest (8,706) — Present value of net minimum lease payments $ 7,979 $ 4,852

Foreign Currency Forward Cont_2

Foreign Currency Forward Contracts (Tables)	12 Months Ended
Foreign Currency Forward Contracts (Tables)	Sep. 30, 2020
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	Year Ended Year Ended Year Ended September 30, September 30, September 30, 2018 2019 2020 Foreign currency transactional gain (loss) $ 411 $ 1,071 $ (567) Foreign exchange forward contract gain (loss) (918) (1,638) (273) Net gain (loss) included in selling, general and administrative expense $ (507) $ (567) $ (840)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Revenue Recognition (Details)	Nov. 17, 2006
Conversion Services Agreement
Revenue Recognition
Term of agreement to provide conversion services	20 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Intangible Assets
Useful life	15 years
Goodwill impairment charges	$ 0	$ 0	$ 0
Change to goodwill	0	0	0
Amortization of customer relationships, patents, non-competes and other intangibles	228	255	$ 527
Total intangible assets, Gross Amount	6,191	6,191
Finite-lived intangible assets, Accumulated Amortization	(1,135)	(907)
Carrying Amount	5,056	5,284
Customer relationships
Intangible Assets
Finite-lived intangible assets Gross Amount	2,100	2,100
Finite-lived intangible assets, Accumulated Amortization	(858)	(718)
Finite-lived intangible assets, Carrying Amount	1,242	1,382
Other Intangible Assets
Intangible Assets
Finite-lived intangible assets Gross Amount	291	291
Finite-lived intangible assets, Accumulated Amortization	(277)	(189)
Finite-lived intangible assets, Carrying Amount	14	102
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800	3,800
Finite-lived intangible assets, Carrying Amount		$ 3,800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Amortization Expense (Details) $ in Thousands	Sep. 30, 2020USD ($)
Estimate of Aggregate Amortization Expense:
2021	$ 150
2022	133
2023	129
2024	126
2025	124
Thereafter	$ 594

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment
Interest capitalized	$ 0
Impairment recognized	$ 0	$ 0	$ 0
Buildings and improvements
Property, Plant and Equipment
Estimated economic useful lives	40 years
Machinery and equipment \| Minimum
Property, Plant and Equipment
Estimated economic useful lives	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment
Estimated economic useful lives	14 years
Land improvements
Property, Plant and Equipment
Estimated economic useful lives	20 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Pension and Postretirement Benefits (Details) $ in Thousands	Jan. 01, 2007USD ($)
Postretirement Health Care Benefits
Pension and Postretirement Benefits
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Research and Technical Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Research and Technical Costs
Research and technical expense	$ 3,713	$ 3,592	$ 3,785

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Financial Instruments (Details)	12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Financial Instruments
Foreign currency exchange contracts outstanding	0	0
Credit losses	$ 139,000	$ 530,000	$ 688,000

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Numerator: Basic and Diluted
Net income (loss)	$ (5,717)	$ (8,097)	$ 4,068	$ 3,268	$ 6,037	$ 3,802	$ 1,509	$ (1,603)	$ (6,478)	$ 9,745	$ (21,751)
Dividends									(11,158)	(11,037)	(11,027)
Undistributed income (loss) - Basic									(17,636)	(1,292)	(32,778)
Undistributed income (loss) - Diluted									$ (17,636)	$ (1,292)	$ (32,778)
Percentage allocated to common shares									100.00%	100.00%	100.00%
Undistributed income (loss) allocated to common shares - Basic									$ (17,636)	$ (1,292)	$ (32,778)
Undistributed income (loss) allocated to common shares - Diluted									(17,636)	(1,292)	(32,778)
Dividends paid on common shares outstanding									11,071	10,987	10,933
Net income (loss) available to common shares - Basic									(6,565)	9,695	(21,845)
Net income (loss) available to common shares - Diluted									$ (6,565)	$ 9,695	$ (21,845)
Denominator: Basic and Diluted
Weighted average common shares outstanding - Basic									12,470,664	12,445,212	12,419,564
Adjustment for dilutive potential common shares										35,696
Weighted average shares outstanding - Diluted									12,470,664	12,480,908	12,419,564
Basic net income (loss) per share (in dollars per share)	$ (0.46)	$ (0.65)	$ 0.32	$ 0.26	$ 0.48	$ 0.30	$ 0.12	$ (0.13)	$ (0.53)	$ 0.78	$ (1.75)
Diluted net income (loss) per share (in dollars per share)	$ (0.46)	$ (0.65)	$ 0.32	$ 0.26	$ 0.48	$ 0.30	$ 0.12	$ (0.13)	$ (0.53)	$ 0.78	$ (1.75)

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Employee and Directors Stock Options
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	285,699	371,151	329,276
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	96,999		91,008
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	34,498
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	47,195

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Percentage allocated to common shares - weighted average
Common shares outstanding	12,470,664	12,445,212	12,419,564
Total	12,470,664	12,445,212	12,419,564

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Oct. 01, 2019
Recently Issued Accounting Pronouncements
Lease, Practical Expedients, Package	true	true
Accumulated other comprehensive income (loss)	$ (74,601)	$ (80,638)
Retained earnings	$ 120,943	$ 125,296
Adjustment \| ASU 2018-02
Recently Issued Accounting Pronouncements
Accumulated other comprehensive income (loss)			$ (13,283)
Retained earnings			$ 13,283

Revenues from Contracts with _3

Revenues from Contracts with Customers - Other Information (Details) $ in Thousands, lb in Millions	Nov. 17, 2006USD ($)lb	Sep. 30, 2020USD ($)lb	Sep. 30, 2019USD ($)
Revenues from Contracts with Customers
Accounts receivable, gross		$ 51,663	$ 77,420
Accounts receivable, allowance for doubtful accounts		545	441
Contract liabilities		$ 15,329	17,829
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation		true
Estimated product returns		$ 1,200	$ 985
Conversion Services Agreement
Revenues from Contracts with Customers
Revenue recognition period	20 years	20 years
Advance payments received	$ 50,000
Conversion Services Agreement \| Maximum
Revenues from Contracts with Customers
Annual volume of titanium metal to be converted (in pounds) \| lb	10	10

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Revenue from Contracts with Customers
Net revenues	$ 79,938	$ 80,576	$ 111,563	$ 108,453	$ 129,640	$ 126,032	$ 127,474	$ 107,069	$ 380,530	$ 490,215	$ 435,326
Product
Revenue from Contracts with Customers
Net revenues									356,825	465,131	411,834
Aerospace
Revenue from Contracts with Customers
Net revenues									191,980	258,104	226,898
Chemical processing
Revenue from Contracts with Customers
Net revenues									63,170	89,651	79,169
Industrial gas turbine
Revenue from Contracts with Customers
Net revenues									56,576	59,430	52,350
Other markets
Revenue from Contracts with Customers
Net revenues									45,099	57,946	53,417
Other
Revenue from Contracts with Customers
Net revenues									$ 23,705	$ 25,084	$ 23,492

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Inventories
Raw Materials	$ 22,163	$ 17,935
Work-in-process	110,717	138,859
Finished Goods	111,744	100,590
Other	1,500	1,418
Total	$ 246,124	$ 258,802

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) $ in Thousands	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)item
Property, plant and equipment
Gross amount	$ 360,402	$ 351,244
Less accumulated depreciation	(200,583)	(181,278)
Net amount	159,819	169,966
Finance lease assets	6,503
Shanghai
Property, plant and equipment
Finance lease assets	138	135
La Porte
Property, plant and equipment
Finance lease assets	$ 6,640	$ 7,070
Number of leased buildings \| item	2	2
Land and land improvements
Property, plant and equipment
Gross amount	$ 10,066	$ 9,446
Buildings and improvements
Property, plant and equipment
Gross amount	46,135	45,486
Machinery and equipment
Property, plant and equipment
Gross amount	301,496	293,542
Construction in process
Property, plant and equipment
Gross amount	$ 2,705	$ 2,770

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Accrued Expenses
Employee compensation	$ 8,826	$ 9,936
Taxes, other than income taxes	2,798	2,744
Accrued product returns	1,200	985
Utilities	714	924
Professional fees	464	471
Finance lease obligation, current	195	170
Employee termination liabilities	59	384
Management incentive compensation		2,297
Other	501	922
Total accrued expenses	$ 14,757	$ 18,833

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Provision (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Income Taxes
Statutory federal tax rate (as a percent)	21.00%	21.00%	24.53%	35.00%
Tax expense related to change in deferred tax assets from Tax Cuts and Jobs Act			$ 16,633
Tax expense related to accumulated earnings and profits of controlled foreign corporation from Tax Cuts and Jobs Act			2,170
Income (loss) before income taxes:
U.S.	$ (9,831)	$ 790	(16,650)
Foreign	2,333	12,580	12,596
Income (loss) before income taxes	(7,498)	13,370	(4,054)
Current:
U.S. Federal	(371)	(267)	(7,690)
Foreign	541	2,259	2,404
State	29	2	(137)
Total	199	1,994	(5,423)
Deferred:
U.S. Federal	(2,266)	1,423	25,141
Foreign	56	132
State	(810)	62	(2,496)
Valuation allowance	1,801	14	475
Total	(1,219)	1,631	23,120
Total provision for (benefit from) income taxes	$ (1,020)	$ 3,625	$ 17,697

Income Taxes - Rate (Details)

Income Taxes - Rate (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Rate (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Effective income tax rate reconciliation
Statutory federal tax rate (as a percent)	21.00%	21.00%	24.53%	35.00%
Tax provision for income taxes at the statutory rate	$ (1,575)	$ 2,808	$ (1,059)
Foreign tax rate differentials	107	(157)	(685)
Provision for state taxes, net of federal taxes	(145)	247	(45)
U.S. tax on distributed and undistributed earnings of foreign subsidiaries	(289)	486	240
Manufacturer's deduction			(86)
Tax credits	(1,058)	(499)	(511)
Transition tax			2,170
Federal and state tax rate change impact on deferred tax asset	(60)	314	16,633
Net operating loss carryback			407
Change in valuation allowance	1,801	14	475
Stock compensation	24	655
Other, net	175	(243)	158
Total provision for (benefit from) income taxes	$ (1,020)	$ 3,625	$ 17,697
Effective tax rate (as a percent)	13.60%	27.10%	(436.50%)

Income Taxes - Deferred Taxes (

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Deferred tax assets:
Pension and postretirement benefits	$ 44,626	$ 48,367
Inventories	2,350	1,706
Accrued compensation and benefits	1,474	770
Accrued expenses and other	3,703	3,308
Tax attributes	4,892	4,441
Other assets	404
Valuation allowance	(3,476)	(1,675)
Total deferred tax assets	57,558	61,080
Deferred tax liabilities:
Property, plant and equipment, net	(27,434)	(27,873)
Intangible and other	(1,186)	(1,091)
Other liabilities	(518)
Total deferred tax liabilities	(29,138)	(28,964)
Net deferred tax assets (liabilities)	28,420	32,116
Conversion Services Agreement
Deferred tax assets:
TIMET Agreement	$ 3,585	$ 4,163

Income Taxes - NOL (Details)

Income Taxes - NOL (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Net operating loss carryforwards
Tax credit	$ 2,876,000
Undistributed losses of foreign subsidiaries	76,479,000
Undistributed losses of foreign subsidiaries taxes	0
Uncertain tax positions	0	$ 0
State
Net operating loss carryforwards
Net operating loss carryforwards	12,836,000
Tax credit	4,246,000
Foreign
Net operating loss carryforwards
Net operating loss carryforwards	2,353,000
Net operating loss carryforward valuation allowance	$ 600,000

Debt - US Revolving Credit Faci

Debt - US Revolving Credit Facility (Details) - USD ($)	Oct. 19, 2020	Sep. 30, 2020
Credit Agreement
Debt
Term of debt agreement	3 years
Maximum borrowing capacity	$ 100,000,000
Increased maximum revolving loan amount at the request of the borrowers	$ 170,000,000
Commitment fee (as a percent)	0.425%
Excess availability, percentage, maximum	12.50%
Excess availability, amount, maximum	$ 12,500,000
Maximum quarterly amount of dividends which the Company may pay if in compliance with financial covenants	$ 3,500,000
Percentage of equity interest in direct foreign subsidiaries pledged as collateral for borrowings	100.00%
Credit Agreement \| Prime rate
Debt
Floor rate (as a percent)	0.50%
Credit Agreement \| Minimum \| Prime rate
Debt
Basis spread on variable rate (as a percent)	1.25%
Credit Agreement \| Minimum \| Eurodollar rate
Debt
Basis spread on variable rate (as a percent)	2.25%
Credit Agreement \| Maximum \| Prime rate
Debt
Basis spread on variable rate (as a percent)	1.75%
Credit Agreement \| Maximum \| Eurodollar rate
Debt
Basis spread on variable rate (as a percent)	2.75%
Letters of credit
Debt
Fronting fee (as a percent)	0.125%
Domestic Line of Credit
Debt
Outstanding balance		$ 0

Debt - Overdraft Facilities (De

Debt - Overdraft Facilities (Details) - Sep. 30, 2020 € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	GBP (£)	USD ($)	EUR (€)	CHF (SFr)
Haynes International Ltd. overdraft facility
Debt and long-term obligations
Maximum borrowing capacity	£ 1,700	$ 2,177
Available borrowing capacity	£ 1,700	2,177
Haynes International S.A.R.L. overdraft facility
Debt and long-term obligations
Maximum borrowing capacity		281	€ 240
Available borrowing capacity		281	€ 240
Haynes International AG overdraft facility
Debt and long-term obligations
Maximum borrowing capacity		346		SFr 400
Available borrowing capacity		$ 346		SFr 400

Pension Plan and Retirement B_3

Pension Plan and Retirement Benefits - Defined Contribution Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
401(k)
Defined Contribution Plans
Expenses associated with plan	$ 1,950	$ 1,940	$ 1,811
401(k) \| Employees with exceptions
Defined Contribution Plans
Percentage employer matches of the employee's percentage contribution matched.	50.00%
401(k) \| Employees with exceptions \| Maximum
Defined Contribution Plans
Percentage of employees' gross pay for which the employer contributes a matching contribution	3.00%
401(k) \| Certain employees not eligible for U.S. pension plan
Defined Contribution Plans
Percentage employer matches of the employee's percentage contribution matched.	60.00%
401(k) \| Certain employees not eligible for U.S. pension plan \| Maximum
Defined Contribution Plans
Percentage of employees' gross pay for which the employer contributes a matching contribution	6.00%
Profit sharing plans
Defined Contribution Plans
Expenses associated with plan	$ 0	$ 0	$ 0

Pension Plan and Retirement B_4

Pension Plan and Retirement Benefits - Defined Benefit Plans - Expense (Details) - USD ($) $ in Thousands	Jan. 01, 2007	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Pension Plan and Retirement Benefits
Accrued pension and postretirement benefits		$ 193,864	$ 210,114
Defined Benefit Pension Plans
Pension Plan and Retirement Benefits
Pension plan expense		6,867	2,661	$ 6,464
Accrued pension and postretirement benefits		99,844	95,561
Contribution to plan		6,517	5,237
Pension Plans Defined Benefit Us [Member]
Pension Plan and Retirement Benefits
Contribution to plan		6,000	4,500	8,000
Pension Plans Defined Benefit Non Us [Member]
Pension Plan and Retirement Benefits
Contribution to plan		517	737	782
Non-qualified pension plan
Pension Plan and Retirement Benefits
Pension plan expense		57	98	34
Accrued pension and postretirement benefits		681	719
Postretirement Health Care Benefits
Pension Plan and Retirement Benefits
Pension plan expense		6,757	6,158	$ 7,646
Accrued pension and postretirement benefits		93,339	113,834
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000
Contribution to plan		$ 2,840	$ 3,095

Pension Plan and Retirement B_5

Pension Plan and Retirement Benefits - Defined Benefit Plans - Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Pension Plans
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$ 321,478	$ 278,280
Service cost	5,546	5,239	$ 5,536
Interest cost	8,866	10,652	10,801
Actuarial gains (losses)	24,183	42,130
Benefits paid	(13,676)	(13,734)
Administrative expenses	(1,007)	(1,089)
Projected benefit obligation at end of year	345,390	321,478	278,280
Change in Plan Assets:
Fair value of plan assets at beginning of year	225,917	222,273
Actual return on assets	27,795	13,230
Contribution to plan	6,517	5,237
Benefits paid	(13,676)	(13,734)
Administrative expenses	(1,007)	(1,089)
Fair value of plan assets at end of year	245,546	225,917	222,273
Funded Status of Plan:
Unfunded status	(99,844)	(95,561)
Postretirement Health Care Benefits
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	113,834	108,013
Service cost	1,416	318	336
Interest cost	3,493	4,353	4,311
Actuarial gains (losses)	(22,564)	4,245
Benefits paid	(2,840)	(3,095)
Projected benefit obligation at end of year	93,339	113,834	$ 108,013
Change in Plan Assets:
Contribution to plan	2,840	3,095
Benefits paid	(2,840)	(3,095)
Funded Status of Plan:
Unfunded status	$ (93,339)	$ (113,834)

Pension Plan and Retirement B_6

Pension Plan and Retirement Benefits - Defined Benefit Plans - Recognized in BS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Accrued pension and postretirement benefits:
Current	$ (3,403)	$ (4,250)
Non-current	(190,461)	(205,864)
Accrued pension and postretirement benefits	(193,864)	(210,114)
Accumulated other comprehensive loss:
Net (gain) loss	85,112	105,361
Prior service cost	1,837	2,066
Total accumulated other comprehensive loss	86,949	107,427
Accumulated benefit obligation	333,618	309,410
Defined Benefit Pension Plans
Accrued pension and postretirement benefits:
Non-current	(99,844)	(95,561)
Accrued pension and postretirement benefits	(99,844)	(95,561)
Accumulated other comprehensive loss:
Net (gain) loss	84,873	80,711
Prior service cost	1,837	2,066
Total accumulated other comprehensive loss	86,710	82,777
Defined Benefit Pension Plans \| Other assets
Accrued pension and postretirement benefits:
Noncurrent assets	5,359	5,627
Non-current	(105,203)	(101,188)
Postretirement Health Care Benefits
Accrued pension and postretirement benefits:
Current	(3,307)	(4,155)
Non-current	(90,032)	(109,679)
Accrued pension and postretirement benefits	(93,339)	(113,834)
Accumulated other comprehensive loss:
Net (gain) loss	239	24,650
Total accumulated other comprehensive loss	239	24,650
Non-qualified pension plan
Accrued pension and postretirement benefits:
Current	(96)	(95)
Non-current	(585)	(624)
Accrued pension and postretirement benefits	$ (681)	$ (719)

Pension Plan and Retirement B_7

Pension Plan and Retirement Benefits - Defined Benefit Plans - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Pension Plans
Components of net periodic pension cost and postretirement health care benefit cost
Service cost	$ 5,546	$ 5,239	$ 5,536
Interest cost	8,866	10,652	10,801
Expected return	(15,061)	(14,907)	(15,157)
Amortization of prior service cost	228	228	374
Recognized actuarial loss	7,288	1,449	4,910
Net periodic benefit cost	6,867	2,661	6,464
Postretirement Health Care Benefits
Components of net periodic pension cost and postretirement health care benefit cost
Service cost	1,416	318	336
Interest cost	3,493	4,353	4,311
Recognized actuarial loss	1,848	1,487	2,999
Net periodic benefit cost	$ 6,757	$ 6,158	$ 7,646

Pension Plan and Retirement B_8

Pension Plan and Retirement Benefits - Benefit Obligation Assumptions (Details) - USD ($) $ in Thousands	Jan. 01, 2007	Sep. 30, 2020	Sep. 30, 2019
Pension Plans Defined Benefit Us [Member]
Assumptions used to determine benefit obligation
Discount rate (as a percent)		2.25%	2.88%
Rate of compensation increase (as a percent)		2.50%	2.50%
Pension Plans Defined Benefit Non Us [Member]
Assumptions used to determine benefit obligation
Discount rate (as a percent)		1.50%	1.70%
Postretirement Health Care Benefits
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)		5.00%
Effect of one percentage point change in assumed health care cost trend rates
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000
Assumptions used to determine benefit obligation
Discount rate (as a percent)		2.50%	3.13%
Postretirement Health Care Benefits \| Minimum
Assumptions relating to health care cost trend rates
Employee age required to participate in the plan		65 years
Postretirement Health Care Benefits \| Maximum
Assumptions relating to health care cost trend rates
Employee age required to participate in the plan		65 years
Postretirement Health Care Benefits \| Under 65 age group
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)		5.00%
Postretirement Health Care Benefits \| Over 65 age group
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)		5.00%

Pension Plan and Retirement B_9

Pension Plan and Retirement Benefits - Cost Assumptions (Details)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Postretirement Health Care Benefits
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	3.13%	4.13%	3.75%
Pension Plans Defined Benefit Us [Member]
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	2.88%	4.00%	3.63%
Expected return on plan assets (as a percent)	7.25%	7.25%	7.25%
Rate of compensation increase (as a percent)	2.50%	2.50%	2.50%
Pension Plans Defined Benefit Non Us [Member]
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	1.70%	2.80%	2.50%
Expected return on plan assets (as a percent)	2.20%	3.20%	3.30%

Pension Plan and Retirement _10

Pension Plan and Retirement Benefits - Plan Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Pension Plans
Asset allocation
Total pension plan assets	$ 245,546	$ 225,917	$ 222,273
Defined Benefit Pension Plans \| NAV
Asset allocation
Total pension plan assets	245,546	225,917
Pension Plans Defined Benefit Us [Member]
Asset allocation
Total pension plan assets	223,566	204,678
Pension Plans Defined Benefit Us [Member] \| U.S. common stock mutual funds
Asset allocation
Total pension plan assets	74,224	67,954
Pension Plans Defined Benefit Us [Member] \| Bonds
Asset allocation
Total pension plan assets	89,426	81,871
Pension Plans Defined Benefit Us [Member] \| U.S. common stock
Asset allocation
Total pension plan assets	33,088	30,292
Pension Plans Defined Benefit Us [Member] \| International equity
Asset allocation
Total pension plan assets	26,828	24,561
Pension Plans Defined Benefit Us [Member] \| NAV
Asset allocation
Total pension plan assets	223,566	204,678
Pension Plans Defined Benefit Us [Member] \| NAV \| U.S. common stock mutual funds
Asset allocation
Total pension plan assets	74,224	67,954
Pension Plans Defined Benefit Us [Member] \| NAV \| Bonds
Asset allocation
Total pension plan assets	89,426	81,871
Pension Plans Defined Benefit Us [Member] \| NAV \| U.S. common stock
Asset allocation
Total pension plan assets	33,088	30,292
Pension Plans Defined Benefit Us [Member] \| NAV \| International equity
Asset allocation
Total pension plan assets	26,828	24,561
Pension Plans Defined Benefit Non Us [Member]
Asset allocation
Total pension plan assets	21,980	21,239
Pension Plans Defined Benefit Non Us [Member] \| Bonds
Asset allocation
Total pension plan assets	12,529	12,106
Pension Plans Defined Benefit Non Us [Member] \| Equity
Asset allocation
Total pension plan assets	6,594	6,585
Pension Plans Defined Benefit Non Us [Member] \| Other
Asset allocation
Total pension plan assets	2,857	2,548
Pension Plans Defined Benefit Non Us [Member] \| NAV
Asset allocation
Total pension plan assets	21,980	21,239
Pension Plans Defined Benefit Non Us [Member] \| NAV \| Bonds
Asset allocation
Total pension plan assets	12,529	12,106
Pension Plans Defined Benefit Non Us [Member] \| NAV \| Equity
Asset allocation
Total pension plan assets	6,594	6,585
Pension Plans Defined Benefit Non Us [Member] \| NAV \| Other
Asset allocation
Total pension plan assets	$ 2,857	$ 2,548

Pension Plan and Retirement _11

Pension Plan and Retirement Benefits - Investment Strategy (Details)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Pension Plans Defined Benefit Us [Member]
Asset allocation
Plan's return on assets assumption (as a percent)	7.25%	7.25%	7.25%
Pension Plans Defined Benefit Us [Member] \| Maximum
Asset allocation
Amount of adjustment to target allocation (as a percent)	10.00%
Pension Plans Defined Benefit Us [Member] \| Equity
Asset allocation
Target plan asset allocation (as a percent)	60.00%
Pension Plans Defined Benefit Us [Member] \| Fixed Income
Asset allocation
Target plan asset allocation (as a percent)	40.00%
Pension Plans Defined Benefit Non Us [Member]
Asset allocation
Plan's return on assets assumption (as a percent)	2.20%	3.20%	3.30%

Pension Plan and Retirement _12

Pension Plan and Retirement Benefits - Expected benefit payments (Details) $ in Thousands	Sep. 30, 2020USD ($)
Defined Benefit Pension Plans
Expected benefit payments
2021	$ 15,646
2022	15,982
2023	16,409
2024	16,734
2025	17,051
2026-2030 (in total)	87,288
Postretirement Health Care Benefits
Expected benefit payments
2021	3,307
2022	3,578
2023	3,761
2024	3,707
2025	3,690
2026-2030 (in total)	$ 18,222

Legal, Environmental and Othe_3

Legal, Environmental and Other Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Environmental post-closure monitoring and maintenance activities	$ 602	$ 606
Long Term Obligations
Maturities of long-term obligations (discounted)
2022	67
2023	65
2024	87
2025	65
2026 and thereafter	241
Long-term obligations (less current portion)	525
Pending litigation
Environmental post-closure monitoring and maintenance activities	$ 602

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan and Performance Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Jan. 24, 2020	Mar. 01, 2016
Restricted Stock \| 2009 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	61,838
Granted (in shares)	97,811
Forfeited / Canceled (in shares)	(1,050)
Vested and deferred (in shares)	(16,919)
Unvested and deferred at end of the period (in shares)	141,680	61,838
Expected to vest (in shares)	141,680
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 34.94
Granted (in dollars per share)	25.35
Forfeited / Canceled (in dollars per share)	33.89
Vested and deferred (in dollars per share)	40.12
Unvested and deferred at end of the period (in dollars per share)	27.71	$ 34.94
Expected to vest (in dollars per share)	$ 27.71
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	16,919
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 40.12
Restricted stock plan activity, other disclosures
Compensation expense	$ 1,160	$ 631	$ 836
Remaining unrecognized compensation expense	$ 2,260
Weighted average period for recognition	1 year 2 months 4 days
Restricted Stock \| 2009 Restricted Stock Plan \| Employee
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)	5,440
Average purchase price (in dollars per share)	$ 36.38
Restricted Stock \| 2016 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	12,500
Granted (in shares)	7,449
Vested and deferred (in shares)	(14,797)
Unvested and deferred at end of the period (in shares)	5,152	12,500
Expected to vest (in shares)	26,197
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 33.98
Granted (in dollars per share)	33.39
Vested and deferred (in dollars per share)	34.45
Unvested and deferred at end of the period (in dollars per share)	31.78	$ 33.98
Expected to vest (in dollars per share)	$ 33.07
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	14,797
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 34.45
Restricted stock plan activity, other disclosures
Compensation expense	$ 271	$ 442	438
Remaining unrecognized compensation expense	$ 30
Weighted average period for recognition	2 months 1 day
Restricted Stock, Restricted Stock Units and Performance Shares
Stock-Based Compensation
Number of shares authorized under the plan					275,000
Restricted Stock, Restricted Stock Units and Performance Shares \| 2020 Incentive Compensation Plan
Stock-Based Compensation
Number of shares authorized under the plan				250,000
Performance Shares
Stock-Based Compensation
Award vesting period	3 years
Performance Shares \| Certain Employees
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	38,553
Granted (in shares)	23,880
Forfeited / Canceled (in shares)	(1,071)
Unvested and deferred at end of the period (in shares)	61,362	38,553
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 42.52
Granted (in dollars per share)	44.13
Forfeited / Canceled (in dollars per share)	38.43
Unvested and deferred at end of the period (in dollars per share)	$ 43.22	$ 42.52
Restricted stock plan activity, other disclosures
Compensation expense	$ 849	$ 738	$ 500
Remaining unrecognized compensation expense	$ 1,130
Weighted average period for recognition	1 year 2 months 1 day

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plans (Details) - Employee and Directors Stock Options - USD ($) $ / shares in Units, $ in Thousands	Nov. 19, 2019	May 24, 2019	Feb. 25, 2019	Nov. 21, 2018	Sep. 17, 2018	Jun. 01, 2018	Nov. 21, 2017	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Information relating to stock options
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)	$ 9.66		$ 10.86	$ 10.61	$ 11.03	$ 13.92	$ 9.74
Dividend Yield (as a percent)	2.38%		2.52%	2.59%	2.55%	2.07%	2.77%
Risk-Free Interest Rate (as a percent)	1.65%		2.47%	2.88%	2.89%	2.68%	2.06%
Expected Volatility (as a percent)	35.00%		41.00%	41.00%	40.00%	41.00%	42.00%
Expected Life	5 years		5 years	5 years	5 years	5 years	5 years
Stock-based employee compensation expense								$ 1,038	$ 764	$ 546
Remaining unrecognized compensation expense								$ 1,579
Weighted average period for recognition								1 year 5 months 19 days
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)								482,391
Granted (in shares)								91,466
Exercised (in shares)								(12,400)
Outstanding at end of the period (in shares)								561,457	482,391
Vested or expected to vest (in shares)								509,918
Exercisable at end of period (in shares)								299,093
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share)								$ 38.05
Granted (in dollars per share)								37
Exercised (in dollars per share)								34
Outstanding at end of period (in dollars per share)								37.97	$ 38.05
Vested or expected to vest (in dollars per share)								37.92
Exercisable at end of the period (in dollars per share)								$ 40.67
Outstanding at end of the period, Weighted Average Remaining Contractual Life								7 years 25 days
Vested or expected to vest, Weighted Average Remaining Contractual Life								7 years 1 month 9 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life								5 years 8 months 1 day
Exercise Price 1
Fair value assumptions
Fair Value (in dollars per share)		$ 8.75
Dividend Yield (as a percent)		2.88%
Risk-Free Interest Rate (as a percent)		2.11%
Expected Volatility (as a percent)		40.00%
Expected Life		5 years
Exercise Price 2
Fair value assumptions
Fair Value (in dollars per share)		$ 7.94
Dividend Yield (as a percent)		2.88%
Risk-Free Interest Rate (as a percent)		2.11%
Expected Volatility (as a percent)		40.00%
Expected Life		5 years
Exercise Price 3
Fair value assumptions
Fair Value (in dollars per share)		$ 7.23
Dividend Yield (as a percent)		2.88%
Risk-Free Interest Rate (as a percent)		2.11%
Expected Volatility (as a percent)		40.00%
Expected Life		5 years
2020 Incentive Compensation Plan
Information relating to stock options
Number of shares authorized								350,000

Quarterly Data (unaudited) (Det

Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Quarterly Data (unaudited)
Net revenues	$ 79,938	$ 80,576	$ 111,563	$ 108,453	$ 129,640	$ 126,032	$ 127,474	$ 107,069	$ 380,530	$ 490,215	$ 435,326
Gross profit	$ 3,954	$ 2,639	$ 19,296	$ 18,743	$ 21,310	$ 18,175	$ 14,683	$ 11,335	44,632	65,503	55,835
Gross profit percentage of net revenue (as a percent)	4.90%	3.30%	17.30%	17.30%	16.40%	14.40%	11.50%	10.60%
Net income (loss)	$ (5,717)	$ (8,097)	$ 4,068	$ 3,268	$ 6,037	$ 3,802	$ 1,509	$ (1,603)	$ (6,478)	$ 9,745	$ (21,751)
Net income (loss) per share:
Basic (in dollars per share)	$ (0.46)	$ (0.65)	$ 0.32	$ 0.26	$ 0.48	$ 0.30	$ 0.12	$ (0.13)	$ (0.53)	$ 0.78	$ (1.75)
Diluted (in dollars per share)	$ (0.46)	$ (0.65)	$ 0.32	$ 0.26	$ 0.48	$ 0.30	$ 0.12	$ (0.13)	$ (0.53)	$ 0.78	$ (1.75)

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Segment Reporting
Number of Business Segment \| segment									1
Net revenues	$ 79,938	$ 80,576	$ 111,563	$ 108,453	$ 129,640	$ 126,032	$ 127,474	$ 107,069	$ 380,530	$ 490,215	$ 435,326
Long-lived assets	159,819				169,966				159,819	169,966
High-temperature resistant alloys
Segment Reporting
Net revenues									308,229	392,172	352,614
Corrosive-resistant alloys
Segment Reporting
Net revenues									72,301	98,043	82,712
U.S. pension plan
Segment Reporting
Net revenues									230,764	300,728	258,275
Long-lived assets	152,915				163,158				152,915	163,158
Europe
Segment Reporting
Net revenues									91,480	119,246	113,967
Long-lived assets	6,754				6,661				6,754	6,661
China
Segment Reporting
Net revenues									17,398	24,329	24,640
Long-lived assets	$ 150				$ 147				150	147
Other
Segment Reporting
Net revenues									$ 40,888	$ 45,912	$ 38,444

Valuation and Qualifying Acco_3

Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts receivables - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Movement in valuation and qualifying accounts
Balance at Beginning of Period	$ 441	$ 1,130	$ 620
Charges (credits) to Expense	139	530	688
Deductions	(35)	(1,219)	(178)
Balance at End of Period	$ 545	$ 441	$ 1,130

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Agreement $ in Thousands, lb in Millions	Nov. 17, 2006USD ($)lb	Sep. 30, 2020lb
Deferred revenue
Term of agreement to provide conversion services	20 years
Up-front/advance payment received	$ 50,000
Up Front Fees 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	20 years
Maximum
Deferred revenue
Annual volume of titanium metal to be converted (in pounds) \| lb	10	10
Amount of loan offered by counterparty	$ 12,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair value measurements on recurring basis - Total - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Assets:
Total fair value	$ 245,546	$ 225,917
Defined Benefit Pension Plans
Assets:
Total fair value	245,546	225,917
NAV
Assets:
Total fair value	245,546	225,917
NAV \| Defined Benefit Pension Plans
Assets:
Total fair value	$ 245,546	$ 225,917

Comprehensive Income (Loss) a_3

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Comprehensive Income (Loss)
Net income (loss)	$ (5,717)	$ (8,097)	$ 4,068	$ 3,268	$ 6,037	$ 3,802	$ 1,509	$ (1,603)	$ (6,478)	$ 9,745	$ (21,751)
Other comprehensive income (loss), Pre-tax									24,168	(48,509)	39,879
Other comprehensive income (loss), Tax									(4,848)	10,436	(9,750)
Other comprehensive income (loss)									19,320	(38,073)	30,129
Comprehensive income (loss)									12,842	(28,328)	8,378
Pension and postretirement: Net gain (loss) arising during period
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax									11,121	(48,052)	33,518
Other comprehensive income (loss), Tax									(2,381)	11,266	(7,576)
Other comprehensive income (loss)									8,740	(36,786)	25,942
Pension and postretirement: Less: amortization of prior service cost
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax									228	228	374
Other comprehensive income (loss), Tax									(58)	(58)	(99)
Other comprehensive income (loss)									170	170	275
Pension and postretirement: Less: amortization of gain (loss)
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax									9,129	2,935	7,887
Other comprehensive income (loss), Tax									(2,409)	(772)	(2,075)
Other comprehensive income (loss)									6,720	2,163	5,812
Accumulated Translation Adjustment
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax									3,690	(3,620)	(1,900)
Other comprehensive income (loss)									$ 3,690	$ (3,620)	$ (1,900)

Comprehensive Income (Loss) a_4

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Accumulated other comprehensive income (loss)
Balance	$ 296,275	$ 333,220	$ 333,772
Other comprehensive income (loss)	19,320	(38,073)	30,129
Balance	301,501	296,275	333,220
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	(80,638)	(42,565)	(72,694)
Other comprehensive income (loss) before reclassifications	12,430	(40,407)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(2,467)	(830)
Other comprehensive income (loss)	19,320	(38,073)	30,129
Balance	(74,601)	(80,638)	(42,565)
Accumulated Defined Benefit Plans Adjustment \| Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Balance	(53,811)	(21,473)
Other comprehensive income (loss) before reclassifications	(8,604)	(33,578)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(1,978)	(437)
Other comprehensive income (loss)	(3,073)	(32,338)
Balance	(65,393)	(53,811)	(21,473)
Accumulated Defined Benefit Plans Adjustment \| Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Balance	(13,316)	(11,201)
Other comprehensive income (loss) before reclassifications	17,344	(3,209)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(489)	(393)
Other comprehensive income (loss)	18,703	(2,115)
Balance	613	(13,316)	(11,201)
Pension and postretirement: Less: amortization of prior service cost
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	228	228
Other comprehensive income (loss)	170	170	275
Pension and postretirement: Less: amortization of prior service cost \| Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	228	228
Pension and postretirement: Less: amortization of gain (loss)
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	9,129	2,936
Other comprehensive income (loss)	6,720	2,163	5,812
Pension and postretirement: Less: amortization of gain (loss) \| Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	7,281	1,449
Pension and postretirement: Less: amortization of gain (loss) \| Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	1,848	1,487
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(13,511)	(9,891)
Other comprehensive income (loss) before reclassifications	3,690	(3,620)
Other comprehensive income (loss)	3,690	(3,620)	(1,900)
Balance	(9,821)	(13,511)	$ (9,891)
ASU 2018-02 \| Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	(13,283)
Amounts reclassified from accumulated other comprehensive income (loss)	(13,283)
Balance		$ (13,283)
ASU 2018-02 \| Accumulated Defined Benefit Plans Adjustment \| Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)	(8,509)
ASU 2018-02 \| Accumulated Defined Benefit Plans Adjustment \| Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)	$ (4,774)

Long-term Obligations (Details)

Long-term Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Long-term obligations (less current portion)
Finance lease rental payments	$ 7,809	$ 7,979
Environmental post-closure monitoring and maintenance activities	602	606
Long-term disability	251	251
Deferred dividends	139	40
Less amounts due within one year	(292)	(267)
Long-term obligations (less current portion)	$ 8,509	$ 8,609

Leases - Other (Details)

Leases - Other (Details) - USD ($) $ in Thousands	Jan. 01, 2015	Sep. 30, 2020	Sep. 30, 2019
Lessee, Operating Lease, Existence of Residual Value Guarantee		true
Lessee, Operating Lease, Existence of Option to Terminate		true
Lease, Practical Expedients, Package		true	true
Construction costs related to buildout of the facility
Lease term	20 years
Minimum
Operating lease remaining term		1 year
Finance lease remaining term		1 year
Maximum
Operating lease remaining term		17 years
Finance lease remaining term		17 years
Property Plant And Equipment
Construction costs related to buildout of the facility
Build out of facility		$ 4,100

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) $ in Thousands	Sep. 30, 2020USD ($)
Finance lease cost:
Amortization of right of use asset	$ 430
Interest on lease liabilities	825
Total finance lease cost	1,255
Operating lease costs:
Operating lease cost	1,402
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flow from finance leases	825
Operating cash flow from operating leases	1,402
Financing cash flows from finance leases	170
Total cash paid for amount included in measurement of lease liabilities	$ 2,397

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Leases
Finance lease assets (included in Property, plant and equipment, net)	$ 6,503
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating right of use lease assets (included in Other assets)	$ 1,718
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Prepaid Expenses and Deferred Costs, Noncurrent
Finance lease liabilities
Accrued expenses	$ 195	$ 170
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current
Long-term obligations (less current portion)	$ 7,614
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent
Total Finance lease liabilities	$ 7,809	7,979
Operating lease liabilities
Operating lease liabilities	$ 1,718	$ 4,852
Weighted average lease term Finance leases	15 years 1 month 6 days
Weighted average lease term Operating leases	3 years 2 months 12 days
Weighted average discount rate Finance leases (as a percent)	10.33%
Weighted average discount rate Operating leases (as a percent)	5.25%

Leases - Rolling Maturity (Deta

Leases - Rolling Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Finance Leases Rolling Maturity
2021	$ 1,001
2022	1,012
2023	1,024
2024	1,031
2025	1,038
Thereafter	10,502
Total minimum lease payments	15,608	$ 16,685
Less: amount representing interest	(7,799)	(8,706)
Total Finance lease liabilities	7,809	7,979
Operating Leases Rolling Maturity
2021	808
2022	427
2023	292
2024	281
2025	71
Thereafter	113
Total minimum lease payments	1,992	4,852
Less: amount representing interest	(274)
Present value of minimum lease payments	$ 1,718	$ 4,852

Leases - Year End Maturity (Det

Leases - Year End Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Finance Leases
2020		$ 993
2021		1,000
2022		1,013
2023		1,024
2024		1,032
Thereafter		11,623
Total minimum lease payments	$ 15,608	16,685
Less: amount representing interest	(7,799)	(8,706)
Total Finance lease liabilities	7,809	7,979
Operating Leases
2020		2,542
2021		1,254
2022		460
2023		277
2024		259
Thereafter		60
Total minimum lease payments	1,992	4,852
Less: amount representing interest	(274)
Present value of minimum lease payments	$ 1,718	$ 4,852

Foreign Currency Forward Cont_3

Foreign Currency Forward Contracts (Details) - Selling, General and Administrative Expenses - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (840)	$ (567)	$ (507)
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	(567)	1,071	411
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (273)	$ (1,638)	$ (918)