Haynes International (HAYN) 10-Q 29 Jul 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 $0.001 per share
Trading Symbol	HAYN
Security Exchange Name	NASDAQ
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,688,730
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Current assets:
Cash and cash equivalents	$ 74,164	$ 47,238
Accounts receivable, less allowance for doubtful accounts of $545 and $582 at September 30, 2020 and June 30, 2021, respectively	51,946	51,118
Inventories	230,726	246,124
Income taxes receivable	1,178	3,770
Other current assets	4,575	3,285
Total current assets	362,589	351,535
Property, plant and equipment, net	149,870	159,819
Deferred income taxes	33,066	30,551
Other assets	7,591	8,974
Goodwill	4,789	4,789
Other intangible assets, net	5,703	5,056
Total assets	563,608	560,724
Current liabilities:
Accounts payable	31,488	17,555
Accrued expenses	18,930	14,757
Income taxes payable	222
Accrued pension and postretirement benefits	3,403	3,403
Deferred revenue-current portion	2,500	2,500
Total current liabilities	56,543	38,215
Long-term obligations (less current portion)	8,306	8,509
Deferred revenue (less current portion)	10,954	12,829
Deferred income taxes	2,184	2,131
Operating lease liabilities	1,315	1,719
Accrued pension benefits (less current portion)	98,823	105,788
Accrued postretirement benefits (less current portion)	90,471	90,032
Total liabilities	268,596	259,223
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,681,280 and 12,758,078 shares issued and 12,622,371 and 12,688,730 shares outstanding at September 30, 2020 and June 30, 2021, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	260,954	257,583
Accumulated earnings	101,329	120,943
Treasury stock, 58,909 shares at September 30, 2020 and 69,348 shares at June 30, 2021	(2,675)	(2,437)
Accumulated other comprehensive loss	(64,609)	(74,601)
Total stockholders' equity	295,012	301,501
Total liabilities and stockholders' equity	$ 563,608	$ 560,724

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 582	$ 545
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)	12,758,078	12,681,280
Common stock, shares outstanding (in shares)	12,688,730	12,622,371
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)	69,348	58,909

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 88,143	$ 80,576	$ 242,383	$ 300,592
Cost of sales	74,485	77,937	219,353	259,914
Gross profit	13,658	2,639	23,030	40,678
Selling, general and administrative expense	11,475	9,824	32,465	32,116
Research and technical expense	831	867	2,482	2,777
Operating income (loss)	1,352	(8,052)	(11,917)	5,785
Nonoperating retirement benefit expense	359	1,700	1,077	5,100
Interest income	(4)	(11)	(9)	(35)
Interest expense	298	417	900	964
Income (loss) before income taxes	699	(10,158)	(13,885)	(244)
Provision for (benefit from) income taxes	277	(2,061)	(2,648)	517
Net income (loss)	$ 422	$ (8,097)	$ (11,237)	$ (761)
Net income (loss) per share:
Basic	$ 0.03	$ (0.65)	$ (0.91)	$ (0.06)
Diluted	$ 0.03	$ (0.65)	$ (0.91)	$ (0.06)
Weighted Average Common Shares Outstanding
Basic	12,515,161	12,475,406	12,507,373	12,469,703
Diluted	12,676,294	12,475,406	12,507,373	12,469,703
Dividends declared per common share	$ 0.22	$ 0.22	$ 0.66	$ 0.66

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 422	$ (8,097)	$ (11,237)	$ (761)
Other comprehensive income (loss), net of tax:
Pension and postretirement	1,528	1,719	4,583	5,158
Foreign currency translation adjustment	827	(176)	5,409	149
Other comprehensive income (loss)	2,355	1,543	9,992	5,307
Comprehensive income (loss)	$ 2,777	$ (6,554)	$ (1,245)	$ 4,546

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	AdjustmentAccumulated Earnings	AdjustmentAccumulated Other Comprehensive Income (Loss)	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total
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)					(761)			(761)
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2020 and 2021 and $0.66 and $0.66 per share for the nine months ended June 30, 2020 and 2021, respectively)					(8,410)			(8,410)
Other comprehensive income (loss)							5,307	5,307
Exercise of stock options				422				422
Exercise of stock options (in shares)			12,400
Issue restricted stock (less forfeitures) (in shares)			36,461
Purchase of treasury stock						(198)		(198)
Purchase of treasury stock (in shares)			(5,440)
Stock compensation				2,489				2,489
Balance at Jun. 30, 2020			$ 13	256,754	129,408	(2,437)	(88,614)	295,124
Balance (in shares) at Jun. 30, 2020			12,556,921
Balance at Mar. 31, 2020			$ 13	255,896	140,297	(2,437)	(90,157)	303,612
Balance (in shares) at Mar. 31, 2020			12,556,921
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(8,097)			(8,097)
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2020 and 2021 and $0.66 and $0.66 per share for the nine months ended June 30, 2020 and 2021, respectively)					(2,792)			(2,792)
Other comprehensive income (loss)							1,543	1,543
Stock compensation				858				858
Balance at Jun. 30, 2020			$ 13	256,754	129,408	(2,437)	(88,614)	295,124
Balance (in shares) at Jun. 30, 2020			12,556,921
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(11,237)			(11,237)
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2020 and 2021 and $0.66 and $0.66 per share for the nine months ended June 30, 2020 and 2021, respectively)					(8,377)			(8,377)
Other comprehensive income (loss)							9,992	9,992
Issue restricted stock (less forfeitures) (in shares)			55,518
Vesting of restricted stock (in shares)			21,280
Purchase of treasury stock						(238)		(238)
Purchase of treasury stock (in shares)			(10,439)
Stock compensation				3,371				3,371
Balance at Jun. 30, 2021			$ 13	260,954	101,329	(2,675)	(64,609)	295,012
Balance (in shares) at Jun. 30, 2021			12,688,730
Balance at Mar. 31, 2021			$ 13	259,796	103,721	(2,675)	(66,964)	293,891
Balance (in shares) at Mar. 31, 2021			12,688,730
Increase (Decrease) in Stockholders' Equity
Net income (loss)					422			422
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended June 30, 2020 and 2021 and $0.66 and $0.66 per share for the nine months ended June 30, 2020 and 2021, respectively)					(2,814)			(2,814)
Other comprehensive income (loss)							2,355	2,355
Stock compensation				1,158				1,158
Balance at Jun. 30, 2021			$ 13	$ 260,954	$ 101,329	$ (2,675)	$ (64,609)	$ 295,012
Balance (in shares) at Jun. 30, 2021			12,688,730

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended				9 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ (11,237)	$ (761)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	14,383	14,588
Amortization	350	150
Pension and post-retirement expense - U.S. and U.K.	6,119	10,342
Change in long-term obligations	(24)	(21)
Stock compensation expense	3,371	2,489
Deferred revenue	(1,875)	(1,875)
Deferred income taxes	(3,865)	633
Loss on disposition of property	23
Change in assets and liabilities:
Accounts receivable	145	24,815
Inventories	18,468	(4,956)
Other assets	(275)	(20)
Accounts payable and accrued expenses	18,009	(15,929)
Income taxes	2,830	(3,041)
Accrued pension and postretirement benefits	(6,232)	(6,733)
Net cash provided by (used in) operating activities	40,190	19,681
Cash flows from investing activities:
Additions to property, plant and equipment	(4,155)	(7,142)
Net cash provided by (used in) investing activities	(4,155)	(7,142)
Cash flows from financing activities:
Revolving credit facility borrowings		30,000
Dividends paid	(8,395)	(8,285)
Proceeds from exercise of stock options		422
Payment for purchase of treasury stock	(238)	(198)
Payment for debt issuance cost	(997)
Payments on long-term obligation	(161)	(140)
Net cash provided by (used in) financing activities	(9,791)	21,799
Effect of exchange rates on cash	682	90
Increase (decrease) in cash and cash equivalents:	26,926	34,428
Cash and cash equivalents:
Beginning of period	47,238	31,038
End of period	74,164	65,466
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	654	865
Income taxes paid (refunded), net	(1,658)	2,912
Capital expenditures incurred, but not yet paid	53	531
Dividends declared but not yet paid	$ 121	$ 124

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2021
Basis of Presentation
Basis of Presentation	Note 1. Basis of Presentation ​ Interim Financial Statements ​ The accompanying unaudited condensed interim consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and such principles are applied on a basis consistent with information reflected in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020 filed with the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations promulgated by the SEC related to interim financial statements. In the opinion of management, the interim financial information includes all adjustments and accruals which are necessary for a fair presentation of results for the respective interim periods. The results of operations for the three and nine months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2021 or any interim period. ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated. ​ COVID-19 Pandemic ​ COVID-19 related disruptions ​

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Jun. 30, 2021
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 2. Recently Issued Accounting Standards ​ 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	9 Months Ended
	Jun. 30, 2021
Revenues from Contracts with Customers
Revenues from Contracts with Customers	Note 3. Revenues from Contracts with Customers ​ Contract Balances ​ As of September 30, 2020 and June 30, 2021, accounts receivable with customers were $51,663 and $52,528 , respectively. Allowance for doubtful accounts as of September 30, 2020 and June 30, 2021 were , 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, 2020 and June 30, 2021, no contract liabilities have been recorded except for $15,329 and $13,454, respectively, for the Titanium Metals Corporation agreement, as described in Note 8 to the Condensed Consolidated Financial Statements and $1,200 and $1,050 for accrued product returns respectively. ​ 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 three and nine months ended June 30, 2020 and 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2021 2020 2021 Net revenues (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 40,375 ​ $ 33,950 ​ $ 158,390 ​ $ 89,106 Chemical processing ​ 12,143 ​ 17,010 ​ 44,687 ​ 47,334 Industrial gas turbine ​ 13,673 ​ 17,835 ​ 44,137 ​ 48,238 Other markets ​ 11,203 ​ 13,709 ​ 35,840 ​ 42,034 Total product revenue ​ 77,394 ​ 82,504 ​ 283,054 ​ 226,712 Other revenue ​ 3,182 ​ 5,639 ​ 17,538 ​ 15,671 Net revenues ​ $ 80,576 ​ $ 88,143 ​ $ 300,592 ​ $ 242,383 ​

Inventories

Inventories	9 Months Ended
	Jun. 30, 2021
Inventories
Inventories	Note 4. Inventories ​ The following is a summary of the major classes of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, ​ ​ 2020 2021 Raw Materials ​ $ 22,163 ​ $ 17,299 ​ ​ Work-in-process ​ 110,717 ​ 119,307 ​ ​ Finished Goods ​ 111,744 ​ 92,637 ​ ​ Other ​ 1,500 ​ 1,483 ​ ​ ​ ​ $ 246,124 ​ $ 230,726 ​ ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2021
Income Taxes
Income Taxes	Note 5. Income Taxes ​ Income tax expense (benefit) for the three and nine months ended June 30, 2020 and 2021 differed from the U.S. federal statutory rate of 21.0%, primarily due to state income taxes, ​

Pension and Post-retirement Ben

Pension and Post-retirement Benefits	9 Months Ended
	Jun. 30, 2021
Pension and Post-retirement Benefits
Pension and Post-retirement Benefits	Note 6. Pension and Post-retirement Benefits ​ Components of net periodic pension and post-retirement benefit cost for the three and nine months ended June 30, 2020 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ ​ ​ Pension Benefits ​ Other Benefits ​ Pension Benefits ​ Other Benefits ​ ​ 2020 2021 2020 2021 2020 2021 2020 2021 Service cost ​ $ 1,386 ​ $ 1,407 ​ $ 354 ​ $ 274 ​ $ 4,159 ​ $ 4,221 ​ $ 1,062 ​ $ 822 ​ Interest cost ​ 2,148 ​ 1,808 ​ 874 ​ 572 ​ 6,444 ​ 5,424 ​ 2,620 ​ ​ 1,718 ​ Expected return ​ (3,639) ​ (3,978) ​ — ​ — ​ (10,907) ​ (11,934) ​ — ​ ​ — ​ Amortizations ​ 1,860 ​ 1,956 ​ 462 ​ — ​ 5,578 ​ 5,868 ​ 1,386 ​ ​ — ​ Net periodic benefit cost ​ $ 1,755 ​ $ 1,193 ​ $ 1,690 ​ $ 846 ​ $ 5,274 ​ $ 3,579 ​ $ 5,068 ​ $ 2,540 ​ ​ The Company contributed $4,500 to Company-sponsored U.S. pension plans and $2,101 to its other post-retirement benefit plans for the nine months ended June 30, 2021. The Company expects to make contributions of $1,500 to its U.S. pension plan plus an additional amount up to $15,000 as a part of the Company’s capital allocation strategy and $1,206 to its other post-retirement benefit plan for the remainder of fiscal 2021.

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	9 Months Ended
	Jun. 30, 2021
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 7. 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. 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 and June 30, 2021, 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 June 30, 2021. ​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2022 $ 67 ​ 2023 65 ​ 2024 87 ​ 2025 ​ 65 ​ 2026 and thereafter 241 ​ ​ $ 525 ​ ​

Deferred Revenue

Deferred Revenue	9 Months Ended
	Jun. 30, 2021
Deferred Revenue
Deferred Revenue	Note 8. 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) at prices established by the terms of the agreement. TIMET may exercise an option to have ten million additional pounds of titanium converted annually, provided that it offers to loan up to $12,000 to the Company for certain capital expenditures which may be required to expand capacity. In addition to the volume commitment, the Company has granted TIMET a first priority security interest in its four-high Steckel rolling mill, along with rights of access if the Company enters into bankruptcy or defaults on any financing arrangements. The Company has agreed not to manufacture titanium products (other than cold reduced titanium tubing). The Company has also agreed not to provide titanium hot-rolling conversion services to any entity other than TIMET for the term of the Conversion Services Agreement. The agreement contains certain default provisions which could result in contract termination and damages, including liquidated damages of $25,000 and the Company being required to return the unearned portion of the up-front fee. The Company considered each provision and the likelihood of the occurrence of a default that would result in liquidated damages. Based on the nature of the events that could trigger the liquidated damages clause, and the availability of the cure periods set forth in the agreement, the Company determined and continues to believe that none of these circumstances are reasonably likely to occur. Therefore, events resulting in liquidated damages have not been factored in as a reduction to the amount of revenue recognized over the life of the contract. The cash received of $50,000 is recognized in income on a straight-line basis over the 20-year term of the agreement. If an event of default occurred and was not cured within any applicable grace period, the Company would recognize the impact of the liquidated damages in the period of default and re-evaluate revenue recognition under the contract for future periods. The portion of the up-front fee not recognized in income is shown as deferred revenue on the Consolidated Balance Sheet. ​

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	9 Months Ended
	Jun. 30, 2021
Goodwill and Other Intangible Assets, Net
Goodwill and Other Intangible Assets, Net	Note 9. Goodwill and Other Intangible Assets, Net ​ The Company has goodwill, trademarks, customer relationships and other intangibles. As the customer relationships have a definite life, they are amortized over a life of 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 cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. ​ Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and August 31 for trademarks (the annual impairment testing dates), or more frequently if impairment indicators exist. If the carrying value of a trademark exceeds its fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment has been recognized as of June 30, 2021. ​ During the first nine months of fiscal 2021, there were no changes in the carrying amount of goodwill. ​ Amortization of customer relationships and other intangibles was $50 and $119 for the three-month periods ended June 30, 2020 and 2021, respectively and $150 and $350 for the nine-month periods ended June 30, 2020 and 2021, respectively. The following represents a summary of intangible assets at September 30, 2020 and June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying June 30, 2021 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (961) ​ ​ 1,139 ​ Other ​ 997 ​ ​ (233) ​ ​ 764 ​ ​ ​ $ 6,897 ​ $ (1,194) ​ $ 5,703 ​ ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2021 $ 117 ​ 2022 465 ​ 2023 462 ​ 2024 142 ​ 2025 123 ​ Thereafter 594 ​ ​

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Jun. 30, 2021
Net Income (Loss) Per Share
Net Income (Loss) Per Share	Note 10. Net Income (Loss) 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. The following table sets forth the computation of basic and diluted earnings (losses) per share for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands, except share and per share data) 2020 2021 2020 2021 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ (8,097) ​ $ 422 $ (761) $ (11,237) ​ Dividends paid and accrued ​ (2,792) ​ (2,814) ​ (8,410) ​ (8,377) ​ Undistributed income (loss) ​ (10,889) ​ (2,392) ​ (9,171) ​ (19,614) ​ Percentage allocated to common shares (a) ​ 100.0 % 100.0 % 100.0 % 100.0 % Undistributed income (loss) allocated to common shares ​ ​ (10,889) ​ ​ (2,392) ​ ​ (9,171) ​ ​ (19,614) ​ Dividends paid on common shares outstanding ​ 2,792 ​ 2,776 ​ 8,410 ​ 8,263 ​ Net income (loss) available to common shares ​ (8,097) ​ 384 ​ (761) ​ (11,351) ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,475,406 ​ 12,515,161 ​ 12,469,703 ​ 12,507,373 ​ Adjustment for dilutive potential common shares ​ — ​ 161,133 ​ — ​ — ​ Weighted average shares outstanding - Diluted ​ 12,475,406 ​ 12,676,294 ​ 12,469,703 ​ 12,507,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share $ (0.65) $ 0.03 $ (0.06) $ (0.91) ​ Diluted net income (loss) per share $ (0.65) $ 0.03 $ (0.06) $ (0.91) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 299,093 ​ 411,917 ​ 263,376 ​ 376,203 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 81,380 ​ 68,345 ​ 82,105 ​ 173,636 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 36,499 ​ 2,778 ​ ​ 35,547 ​ ​ 31,094 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 46,581 ​ 48,373 ​ ​ 46,581 ​ ​ 62,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,475,406 ​ 12,515,161 ​ 12,469,703 ​ 12,507,373 ​ Unvested participating shares ​ — ​ — ​ — ​ — ​ ​ ​ 12,475,406 ​ 12,515,161 ​ 12,469,703 ​ 12,507,373 ​ ​

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jun. 30, 2021
Stock-Based Compensation
Stock-Based Compensation	Note 11. Stock-Based Compensation ​ Restricted Stock ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to restricted stock for the nine months ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2020 141,680 ​ $ 27.71 ​ Granted 55,718 ​ $ 22.64 ​ Forfeited / Canceled (200) ​ $ 35.49 ​ Vested (23,629) ​ $ 32.80 ​ Unvested at June 30, 2021 173,569 ​ $ 25.38 ​ Expected to vest 173,569 ​ $ 25.38 ​ ​ Compensation expense related to restricted stock for the three months ended June 30, 2020 and 2021 was $276 and $529 , respectively, and for the nine months ended June 30, 2020 and 2021 was $832 and $1,547 , respectively. The remaining unrecognized compensation expense related to restricted stock at June 30, 2021 was $1,968 , to be recognized over a weighted average period of 0.93 years. During the first nine months of fiscal 2021, the Company repurchased 10,439 shares of stock from employees at an average purchase price of $22.81 to satisfy required withholding taxes upon vesting of restricted stock-based compensation. ​ Deferred Restricted Stock ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to deferred restricted stock for the nine months ended June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested and deferred at September 30, 2020 5,152 ​ $ 31.78 ​ Granted 7,398 ​ $ 22.64 ​ Vested and deferred ​ (5,152) ​ $ 31.78 ​ Unvested and deferred at June 30, 2021 7,398 ​ $ 22.64 ​ Vested and deferred at June 30, 2021 21,435 ​ $ 31.97 ​ ​ Compensation expense related to deferred restricted stock for the three months ended June 30, 2020 and 2021 was $83 and $42 , respectively, and for the nine months ended June 30, 2020 and 2021 was $226 and $146 , respectively. The remaining unrecognized compensation expense related to deferred restricted stock at June 30, 2021 was $70 , to be recognized over a weighted average period of 0.42 years. ​ Performance Shares ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to performance shares for the nine months ended June 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2020 61,362 ​ $ 43.22 ​ Granted 39,031 ​ $ 28.23 ​ Vested ​ (13,200) ​ $ 38.43 ​ Unvested at June 30, 2021 87,193 ​ $ 37.24 ​ ​ During the first nine months of fiscal 2021, 13,200 performance share awards vested which resulted in the issuance of 11,366 shares of stock to certain employees. Compensation expense related to the performance shares for the three months ended June 30, 2020 and 2021 was $238 and $287 , respectively, and for the nine months ended June 30, 2020 and 2021 was $652 and $796 , respectively. The remaining unrecognized compensation expense related to performance shares at June 30, 2021 was $1,437 , to be recognized over a weighted average period of 1.26 years. ​ Stock Options ​ 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 year 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Dividend Risk-free Expected Expected Grant Date ​ Value ​ Yield ​ Interest Rate ​ Volatility ​ Life November 24, 2020 ​ $ 5.91 3.89 % 0.39 % 43 % 5 years ​ ​ The stock-based employee compensation expense for stock options for the three months ended June 30, 2020 and 2021 was $261 and $301 , respectively, and for the nine months ended June 30, 2020 and 2021 was $779 and $882 , respectively. The remaining unrecognized compensation expense at June 30, 2021 was $1,493 , to be recognized over a weighted average vesting period of 1.24 years. ​ The following table summarizes the activity under the stock option plans and the 2016 and 2020 Incentive Compensation Plans with respect to stock options for the nine months ended June 30, 2021 and provides information regarding outstanding stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Aggregate ​ Weighted ​ Average ​ ​ ​ ​ Intrinsic ​ Average ​ Remaining ​ ​ Number of ​ Value ​ Exercise ​ Contractual ​ ​ Shares ​ (000s) ​ Prices ​ Life Outstanding at September 30, 2020 561,457 ​ ​ ​ ​ $ 37.97 ​ ​ ​ ​ Granted 149,519 ​ ​ ​ ​ $ 22.64 ​ ​ ​ ​ Canceled (8,400) ​ ​ ​ ​ $ 40.26 ​ ​ ​ ​ Outstanding at June 30, 2021 702,576 ​ $ 2,464 ​ $ 34.68 7.06 yrs. ​ Vested or expected to vest 651,037 ​ $ 2,419 ​ $ 34.38 4.99 yrs. ​ Exercisable at June 30, 2021 411,917 ​ $ 415 ​ $ 38.86 5.88 yrs. ​ ​

Dividend

Dividend	9 Months Ended
	Jun. 30, 2021
Dividend
Dividend	Note 12. Dividend ​ In the first, second and third quarters of fiscal 2021, the Company declared and paid quarterly cash dividends of $0.22 per outstanding share of the Company’s common stock. The first quarter dividend was paid on December 15, 2020 to stockholders of record at the close of business on December 1, 2020, the second quarter dividend was paid on March 15, 2021 to stockholders of record at the close of business on March 1, 2021 and the third quarter dividend was paid on June 15, 2021 to stockholders of record at the close of business on June 1, 2021. The dividend cash pay-outs were $2,795, $2,809 and $2,791 for the first, second and third quarters of fiscal 2021, respectively. ​ On July 29, 2021, the Company announced that the Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock. The dividend is payable September 15, 2021 to stockholders of record at the close of business on September 1, 2021. ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2021
Fair Value Measurements
Fair Value Measurements	Note 13. Fair Value Measurements ​ The fair value hierarchy has three levels based on the inputs used to determine fair value. ​ ● Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2 — Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and ● Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. ​ When available, the Company uses unadjusted quoted market prices to measure fair value and classifies such items within Level 1. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. If quoted market prices are not available, the valuation model used depends on the specific asset or liability being valued. The fair value of cash and cash equivalents is determined using Level 1 information. The Company had no Level 2 or Level 3 assets or liabilities as of September 30, 2020 or June 30, 2021. ​ U.S. and international equities, fixed income and other investments held in the Company’s pension plan are held in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. These investments are not classified in the fair value hierarchy in accordance with guidance included in ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ​

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	9 Months Ended
	Jun. 30, 2021
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Changes in Accumulated Other Comprehensive Income (Loss) by Component	Note 14. Changes in Accumulated Other Comprehensive Income (Loss) by Component ​ Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension, post-retirement and foreign currency translation adjustments, primarily caused by the strengthening or weakening of the U.S. dollar against the British pound sterling, net of tax when applicable. ​ Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of March 31, 2020 ​ $ (59,562) ​ $ (17,409) ​ $ (13,186) ​ $ (90,157) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (176) ​ (176) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 1,819 ​ ​ 461 ​ ​ — ​ ​ 2,280 Tax benefit ​ ​ (489) ​ ​ (123) ​ ​ — ​ ​ (612) Net current-period other comprehensive income (loss) ​ 1,381 ​ 338 ​ (176) ​ 1,543 Accumulated other comprehensive income (loss) as of June 30, 2020 ​ $ (58,181) ​ $ (17,071) ​ $ (13,362) ​ $ (88,614) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of March 31, 2021 ​ $ (62,338) ​ $ 613 ​ $ (5,239) ​ $ (66,964) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 827 ​ 827 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 1,940 ​ ​ — ​ ​ — ​ ​ 1,940 Tax benefit ​ ​ (463) ​ ​ — ​ ​ — ​ ​ (463) Net current-period other comprehensive income (loss) ​ 1,528 ​ — ​ 827 ​ 2,355 Accumulated other comprehensive income (loss) as of June 30, 2021 ​ $ (60,810) ​ $ 613 ​ $ (4,412) ​ $ (64,609) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 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 ​ — ​ — ​ 149 ​ 149 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 154 ​ ​ — ​ ​ — ​ ​ 154 Actuarial losses (1) ​ ​ 5,461 ​ ​ 1,386 ​ ​ — ​ ​ 6,847 Tax benefit ​ ​ (1,476) ​ ​ (367) ​ ​ — ​ ​ (1,843) Net current-period other comprehensive income (loss) ​ 4,139 ​ 1,019 ​ 149 ​ 5,307 Reclass due to adoption of ASU 2018-02 ​ ​ (8,509) ​ ​ (4,774) ​ ​ — ​ ​ (13,283) Accumulated other comprehensive income (loss) as of June 30, 2020 ​ $ (58,181) ​ $ (17,071) ​ $ (13,362) ​ $ (88,614) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2021 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2020 ​ $ (65,393) ​ $ 613 ​ $ (9,821) ​ $ (74,601) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 5,409 ​ 5,409 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 154 ​ ​ — ​ ​ — ​ ​ 154 Actuarial losses (1) ​ ​ 5,819 ​ ​ — ​ ​ — ​ ​ 5,819 Tax benefit ​ ​ (1,390) ​ ​ — ​ ​ — ​ ​ (1,390) Net current-period other comprehensive income (loss) ​ 4,583 ​ — ​ 5,409 ​ 9,992 Accumulated other comprehensive income (loss) as of June 30, 2021 ​ $ (60,810) ​ $ 613 ​ $ (4,412) ​ $ (64,609) ​ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension c ost.

Long-term Obligations

Long-term Obligations	9 Months Ended
	Jun. 30, 2021
Long-term Obligations
Long-term Obligations	Note 15. Long-term Obligations ​ The following table sets forth the components of the Company’s Long-term obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, ​ ​ 2020 2021 Finance lease obligations ​ $ 7,809 ​ $ 7,664 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 602 ​ ​ 602 ​ Long-term disability ​ ​ 251 ​ ​ 236 ​ Deferred dividends ​ ​ 139 ​ ​ 121 ​ Less amounts due within one year ​ (292) ​ (317) ​ Long-term obligations (less current portion) ​ $ 8,509 ​ $ 8,306 ​ ​ ​ ​ ​ ​ ​ ​ ​

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	9 Months Ended
	Jun. 30, 2021
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts	Note 16. Foreign Currency Forward Contracts ​ The Company enters into foreign currency forward contracts to reduce income statement volatility resulting from foreign currency denominated transactions. The Company has not designated the contracts as hedges, therefore, changes in fair value are recognized in earnings. All of these contracts are designed to be settled within the same fiscal quarter they are entered into and, accordingly, as of June 30, 2021, there were no contracts that remain unsettled. As a result, there was no impact to the balance sheet from those contracts as of September 30, 2020 or June 30, 2021. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ ​ 2020 2021 2020 2021 Foreign currency transactional gain (loss) ​ $ (70) ​ $ 14 ​ $ (417) ​ $ (528) Foreign exchange forward contract gain (loss) ​ $ (198) ​ $ (176) ​ $ (220) ​ $ (3) Net gain (loss) included in selling, general and administrative expense ​ $ (268) ​ $ (162) ​ $ (637) ​ $ (531) ​ ​ ​ ​ ​ ​ ​ ​

Subsequent Events - Capital All

Subsequent Events - Capital Allocation Strategy	9 Months Ended
	Jun. 30, 2021
Subsequent Events - Capital Allocation Strategy
Subsequent Events - Capital Allocation Strategy	Note 17. Subsequent Events – Capital Allocation Strategy ​ On July 28, 2021, the Company announced a multi-faceted capital allocation strategy which includes; 1) a share repurchase plan 2) the recent adoption of a glide path for the U.S. pension plan to help secure improvements in funding percentage realized this fiscal year, and 3) a U.S. pension plan accelerated funding strategy. ​ Further details of each strategy are as follows: ● Share Repurchase Plan: On July 28, 2021, the Board of Directors authorized the use of up to $20.0 million of available cash to purchase shares of the Company's common stock for a period of one year. Under the share repurchase plan, the Company is authorized to repurchase outstanding shares of its common stock in the open market or in privately negotiated transactions. The share repurchase plan may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the plan. The Company intends to make all repurchases and to administer the plan in accordance with applicable laws and regulatory guidelines, including Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. ​ ● Recent Adoption of Pension Plan Glide Path: The Company adopted a glide path strategy that changed the pension plan asset allocation with the intention of securing the improvement in pension plan funding percentage from 68% at September 30, 2020 to over 80% as of June 30, 2021. This improved funding was driven by better than expected return on plan assets with favorable movement of interest rates. In addition, this strategy includes a customized liability-driven investment strategy that is expected to substantially reduce the plan’s future interest rate risk and an asset allocation designed to reduce the plan’s equity risk, both of which are expected to reduce the volatility of pension expense going forward. ​ ● Accelerated Funding Strategy: The Company also intends to increase pension funding levels to further reduce the pension liability as it strives to be fully funded with a zero net liability, in approximately three years , depending on future valuations and market conditions. The Company intends to begin this strategy with additional funding of $15.0 million in plan contributions this year in addition to our current $6.0 million funding level ( $21 million total). Additional future funding levels will be determined based upon market conditions and our financial position. ​ ●

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Jun. 30, 2021
Basis of Presentation
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	9 Months Ended
	Jun. 30, 2021
Revenues from Contracts with Customers
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2021 2020 2021 Net revenues (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 40,375 ​ $ 33,950 ​ $ 158,390 ​ $ 89,106 Chemical processing ​ 12,143 ​ 17,010 ​ 44,687 ​ 47,334 Industrial gas turbine ​ 13,673 ​ 17,835 ​ 44,137 ​ 48,238 Other markets ​ 11,203 ​ 13,709 ​ 35,840 ​ 42,034 Total product revenue ​ 77,394 ​ 82,504 ​ 283,054 ​ 226,712 Other revenue ​ 3,182 ​ 5,639 ​ 17,538 ​ 15,671 Net revenues ​ $ 80,576 ​ $ 88,143 ​ $ 300,592 ​ $ 242,383

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jun. 30, 2021
Inventories
Summary of major classes of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, ​ ​ 2020 2021 Raw Materials ​ $ 22,163 ​ $ 17,299 ​ ​ Work-in-process ​ 110,717 ​ 119,307 ​ ​ Finished Goods ​ 111,744 ​ 92,637 ​ ​ Other ​ 1,500 ​ 1,483 ​ ​ ​ ​ $ 246,124 ​ $ 230,726 ​ ​

Pension and Retirement Benefits

Pension and Retirement Benefits (Tables)	9 Months Ended
	Jun. 30, 2021
Pension and Post-retirement Benefits
Schedule of components of net periodic pension and postretirement benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ ​ ​ Pension Benefits ​ Other Benefits ​ Pension Benefits ​ Other Benefits ​ ​ 2020 2021 2020 2021 2020 2021 2020 2021 Service cost ​ $ 1,386 ​ $ 1,407 ​ $ 354 ​ $ 274 ​ $ 4,159 ​ $ 4,221 ​ $ 1,062 ​ $ 822 ​ Interest cost ​ 2,148 ​ 1,808 ​ 874 ​ 572 ​ 6,444 ​ 5,424 ​ 2,620 ​ ​ 1,718 ​ Expected return ​ (3,639) ​ (3,978) ​ — ​ — ​ (10,907) ​ (11,934) ​ — ​ ​ — ​ Amortizations ​ 1,860 ​ 1,956 ​ 462 ​ — ​ 5,578 ​ 5,868 ​ 1,386 ​ ​ — ​ Net periodic benefit cost ​ $ 1,755 ​ $ 1,193 ​ $ 1,690 ​ $ 846 ​ $ 5,274 ​ $ 3,579 ​ $ 5,068 ​ $ 2,540 ​

Legal, Environmental and Othe_2

Legal, Environmental and Other Contingencies (Tables)	9 Months Ended
	Jun. 30, 2021
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 Ending September 30, ​ ​ ​ 2022 $ 67 ​ 2023 65 ​ 2024 87 ​ 2025 ​ 65 ​ 2026 and thereafter 241 ​ ​ $ 525 ​

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	9 Months Ended
	Jun. 30, 2021
Goodwill and Other Intangible Assets, Net
Summary of finite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying June 30, 2021 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (961) ​ ​ 1,139 ​ Other ​ 997 ​ ​ (233) ​ ​ 764 ​ ​ ​ $ 6,897 ​ $ (1,194) ​ $ 5,703 ​
Schedule of indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying June 30, 2021 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (961) ​ ​ 1,139 ​ Other ​ 997 ​ ​ (233) ​ ​ 764 ​ ​ ​ $ 6,897 ​ $ (1,194) ​ $ 5,703 ​
Schedule of estimated future aggregate amortization expense	​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2021 $ 117 ​ 2022 465 ​ 2023 462 ​ 2024 142 ​ 2025 123 ​ Thereafter 594 ​

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Jun. 30, 2021
Net Income (Loss) Per Share
Schedule of basic and diluted net earnings (losses) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ June 30, ​ June 30, ​ (in thousands, except share and per share data) 2020 2021 2020 2021 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ (8,097) ​ $ 422 $ (761) $ (11,237) ​ Dividends paid and accrued ​ (2,792) ​ (2,814) ​ (8,410) ​ (8,377) ​ Undistributed income (loss) ​ (10,889) ​ (2,392) ​ (9,171) ​ (19,614) ​ Percentage allocated to common shares (a) ​ 100.0 % 100.0 % 100.0 % 100.0 % Undistributed income (loss) allocated to common shares ​ ​ (10,889) ​ ​ (2,392) ​ ​ (9,171) ​ ​ (19,614) ​ Dividends paid on common shares outstanding ​ 2,792 ​ 2,776 ​ 8,410 ​ 8,263 ​ Net income (loss) available to common shares ​ (8,097) ​ 384 ​ (761) ​ (11,351) ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,475,406 ​ 12,515,161 ​ 12,469,703 ​ 12,507,373 ​ Adjustment for dilutive potential common shares ​ — ​ 161,133 ​ — ​ — ​ Weighted average shares outstanding - Diluted ​ 12,475,406 ​ 12,676,294 ​ 12,469,703 ​ 12,507,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share $ (0.65) $ 0.03 $ (0.06) $ (0.91) ​ Diluted net income (loss) per share $ (0.65) $ 0.03 $ (0.06) $ (0.91) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 299,093 ​ 411,917 ​ 263,376 ​ 376,203 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 81,380 ​ 68,345 ​ 82,105 ​ 173,636 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 36,499 ​ 2,778 ​ ​ 35,547 ​ ​ 31,094 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 46,581 ​ 48,373 ​ ​ 46,581 ​ ​ 62,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,475,406 ​ 12,515,161 ​ 12,469,703 ​ 12,507,373 ​ Unvested participating shares ​ — ​ — ​ — ​ — ​ ​ ​ 12,475,406 ​ 12,515,161 ​ 12,469,703 ​ 12,507,373 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2021
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, 2020 141,680 ​ $ 27.71 ​ Granted 55,718 ​ $ 22.64 ​ Forfeited / Canceled (200) ​ $ 35.49 ​ Vested (23,629) ​ $ 32.80 ​ Unvested at June 30, 2021 173,569 ​ $ 25.38 ​ Expected to vest 173,569 ​ $ 25.38 ​
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, 2020 5,152 ​ $ 31.78 ​ Granted 7,398 ​ $ 22.64 ​ Vested and deferred ​ (5,152) ​ $ 31.78 ​ Unvested and deferred at June 30, 2021 7,398 ​ $ 22.64 ​ Vested and deferred at June 30, 2021 21,435 ​ $ 31.97 ​
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, 2020 61,362 ​ $ 43.22 ​ Granted 39,031 ​ $ 28.23 ​ Vested ​ (13,200) ​ $ 38.43 ​ Unvested at June 30, 2021 87,193 ​ $ 37.24 ​
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 24, 2020 ​ $ 5.91 3.89 % 0.39 % 43 % 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, 2020 561,457 ​ ​ ​ ​ $ 37.97 ​ ​ ​ ​ Granted 149,519 ​ ​ ​ ​ $ 22.64 ​ ​ ​ ​ Canceled (8,400) ​ ​ ​ ​ $ 40.26 ​ ​ ​ ​ Outstanding at June 30, 2021 702,576 ​ $ 2,464 ​ $ 34.68 7.06 yrs. ​ Vested or expected to vest 651,037 ​ $ 2,419 ​ $ 34.38 4.99 yrs. ​ Exercisable at June 30, 2021 411,917 ​ $ 415 ​ $ 38.86 5.88 yrs. ​

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	9 Months Ended
	Jun. 30, 2021
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of March 31, 2020 ​ $ (59,562) ​ $ (17,409) ​ $ (13,186) ​ $ (90,157) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (176) ​ (176) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 1,819 ​ ​ 461 ​ ​ — ​ ​ 2,280 Tax benefit ​ ​ (489) ​ ​ (123) ​ ​ — ​ ​ (612) Net current-period other comprehensive income (loss) ​ 1,381 ​ 338 ​ (176) ​ 1,543 Accumulated other comprehensive income (loss) as of June 30, 2020 ​ $ (58,181) ​ $ (17,071) ​ $ (13,362) ​ $ (88,614) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2021 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of March 31, 2021 ​ $ (62,338) ​ $ 613 ​ $ (5,239) ​ $ (66,964) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 827 ​ 827 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 1,940 ​ ​ — ​ ​ — ​ ​ 1,940 Tax benefit ​ ​ (463) ​ ​ — ​ ​ — ​ ​ (463) Net current-period other comprehensive income (loss) ​ 1,528 ​ — ​ 827 ​ 2,355 Accumulated other comprehensive income (loss) as of June 30, 2021 ​ $ (60,810) ​ $ 613 ​ $ (4,412) ​ $ (64,609) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 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 ​ — ​ — ​ 149 ​ 149 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 154 ​ ​ — ​ ​ — ​ ​ 154 Actuarial losses (1) ​ ​ 5,461 ​ ​ 1,386 ​ ​ — ​ ​ 6,847 Tax benefit ​ ​ (1,476) ​ ​ (367) ​ ​ — ​ ​ (1,843) Net current-period other comprehensive income (loss) ​ 4,139 ​ 1,019 ​ 149 ​ 5,307 Reclass due to adoption of ASU 2018-02 ​ ​ (8,509) ​ ​ (4,774) ​ ​ — ​ ​ (13,283) Accumulated other comprehensive income (loss) as of June 30, 2020 ​ $ (58,181) ​ $ (17,071) ​ $ (13,362) ​ $ (88,614) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2021 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2020 ​ $ (65,393) ​ $ 613 ​ $ (9,821) ​ $ (74,601) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 5,409 ​ 5,409 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 154 ​ ​ — ​ ​ — ​ ​ 154 Actuarial losses (1) ​ ​ 5,819 ​ ​ — ​ ​ — ​ ​ 5,819 Tax benefit ​ ​ (1,390) ​ ​ — ​ ​ — ​ ​ (1,390) Net current-period other comprehensive income (loss) ​ 4,583 ​ — ​ 5,409 ​ 9,992 Accumulated other comprehensive income (loss) as of June 30, 2021 ​ $ (60,810) ​ $ 613 ​ $ (4,412) ​ $ (64,609) ​ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension c ost.

Long-term Obligations (Tables)

Long-term Obligations (Tables)	9 Months Ended
	Jun. 30, 2021
Long-term Obligations
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ June 30, ​ ​ 2020 2021 Finance lease obligations ​ $ 7,809 ​ $ 7,664 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 602 ​ ​ 602 ​ Long-term disability ​ ​ 251 ​ ​ 236 ​ Deferred dividends ​ ​ 139 ​ ​ 121 ​ Less amounts due within one year ​ (292) ​ (317) ​ Long-term obligations (less current portion) ​ $ 8,509 ​ $ 8,306 ​

Foreign Currency Forward Cont_2

Foreign Currency Forward Contracts (Tables)	9 Months Ended
	Jun. 30, 2021
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Nine Months Ended June 30, ​ ​ 2020 2021 2020 2021 Foreign currency transactional gain (loss) ​ $ (70) ​ $ 14 ​ $ (417) ​ $ (528) Foreign exchange forward contract gain (loss) ​ $ (198) ​ $ (176) ​ $ (220) ​ $ (3) Net gain (loss) included in selling, general and administrative expense ​ $ (268) ​ $ (162) ​ $ (637) ​ $ (531) ​

Revenues from Contracts with _3

Revenues from Contracts with Customers - Other Information (Details) $ in Thousands, lb in Millions	Nov. 17, 2006USD ($)	Jun. 30, 2021USD ($)lb	Sep. 30, 2020USD ($)
Revenues from Contracts with Customers
Accounts receivable, gross		$ 52,528	$ 51,663
Accounts receivable, allowance for doubtful accounts		582	545
Contract liabilities		13,454	15,329
Estimated product returns		$ 1,050	$ 1,200
Conversion Services Agreement
Revenues from Contracts with Customers
Revenue recognition period		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

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contracts with Customers
Net revenues	$ 88,143	$ 80,576	$ 242,383	$ 300,592
Product
Revenue from Contracts with Customers
Net revenues	82,504	77,394	226,712	283,054
Aerospace
Revenue from Contracts with Customers
Net revenues	33,950	40,375	89,106	158,390
Chemical processing
Revenue from Contracts with Customers
Net revenues	17,010	12,143	47,334	44,687
Industrial gas turbine
Revenue from Contracts with Customers
Net revenues	17,835	13,673	48,238	44,137
Other markets
Revenue from Contracts with Customers
Net revenues	13,709	11,203	42,034	35,840
Other
Revenue from Contracts with Customers
Net revenues	$ 5,639	$ 3,182	$ 15,671	$ 17,538

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Inventories
Raw Materials	$ 17,299	$ 22,163
Work-in-process	119,307	110,717
Finished Goods	92,637	111,744
Other	1,483	1,500
Total	$ 230,726	$ 246,124

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Statutory federal tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Effective tax rate (as a percent)	39.60%	20.30%	19.10%	(211.90%)
Income (loss) before income taxes	$ 699	$ (10,158)	$ (13,885)	$ (244)

Pension and Post-retirement B_2

Pension and Post-retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Defined Benefit Pension Plans
Pension Plan and Retirement Benefits
Service cost	$ 1,407	$ 1,386	$ 4,221	$ 4,159
Interest cost	1,808	2,148	5,424	6,444
Expected return	(3,978)	(3,639)	(11,934)	(10,907)
Amortizations	1,956	1,860	5,868	5,578
Net periodic benefit cost	1,193	1,755	3,579	5,274
Contribution to plan			4,500
Expected future employer contribution	1,500		1,500
US pension plan | Maximum
Pension Plan and Retirement Benefits
Additional pension contribution per year			15,000
Postretirement Health Care Benefits
Pension Plan and Retirement Benefits
Service cost	274	354	822	1,062
Interest cost	572	874	1,718	2,620
Amortizations		462		1,386
Net periodic benefit cost	846	$ 1,690	2,540	$ 5,068
Contribution to plan			2,101
Expected future employer contribution	$ 1,206		$ 1,206

Legal, Environmental and Othe_3

Legal, Environmental and Other Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Sep. 30, 2020
Environmental post-closure monitoring and maintenance activities	$ 602	$ 602
Maturities of long-term obligations (discounted)
Long-term obligations (less current portion)	525	$ 602
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

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Agreement $ in Thousands, lb in Millions	Nov. 17, 2006USD ($)	Jun. 30, 2021USD ($)lb
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
Maximum
Deferred revenue
Annual volume of titanium metal to be converted (in pounds) | lb		10
Amount of loan offered by counterparty		$ 12,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Overview (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2021USD ($)
Goodwill and Other Intangible Assets, Net
Goodwill impairment loss	$ 0
Change to goodwill	$ 0
Customer relationships
Goodwill and Other Intangible Assets, Net
Useful life	15 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2020
Intangible Assets
Amortization of customer relationships, patents, non-competes and other intangibles	$ 119	$ 50	$ 350	$ 150
Total intangible assets, Gross Amount	6,897		6,897		$ 6,191
Finite-lived intangible assets, Accumulated Amortization	(1,194)		(1,194)		(1,135)
Carrying Amount	5,703		5,703		5,056
Customer relationships
Intangible Assets
Finite-Lived Intangible Assets, Gross	2,100		2,100		2,100
Finite-lived intangible assets, Accumulated Amortization	(961)		(961)		(858)
Finite-lived intangible assets, Carrying Amount	1,139		1,139		1,242
Other Intangible Assets
Intangible Assets
Finite-Lived Intangible Assets, Gross	997		997		291
Finite-lived intangible assets, Accumulated Amortization	(233)		(233)		(277)
Finite-lived intangible assets, Carrying Amount	764		764		14
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800		$ 3,800		$ 3,800

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Amortization Expense (Details) $ in Thousands	Jun. 30, 2021USD ($)
Estimate of Aggregate Amortization Expense:
2021	$ 117
2022	465
2023	462
2024	142
2025	123
Thereafter	$ 594

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator: Basic and Diluted
Net income (loss) - Basic	$ 422	$ (8,097)	$ (11,237)	$ (761)
Net income (loss) - Diluted	422	(8,097)	(11,237)	(761)
Dividends paid and accrued	(2,814)	(2,792)	(8,377)	(8,410)
Undistributed income (loss) - Basic	(2,392)	(10,889)	(19,614)	(9,171)
Undistributed income (loss) - Diluted	$ (2,392)	$ (10,889)	$ (19,614)	$ (9,171)
Percentage allocated to common shares	100.00%	100.00%	100.00%	100.00%
Undistributed income (loss) allocated to common shares - Basic	$ (2,392)	$ (10,889)	$ (19,614)	$ (9,171)
Undistributed income (loss) allocated to common shares - Diluted	(2,392)	(10,889)	(19,614)	(9,171)
Dividends paid on common shares outstanding	2,776	2,792	8,263	8,410
Net income (loss) available to common shares - Basic	384	(8,097)	(11,351)	(761)
Net income (loss) available to common shares - Diluted	$ 384	$ (8,097)	$ (11,351)	$ (761)
Denominator: Basic and Diluted
Weighted average shares outstanding - Basic	12,515,161	12,475,406	12,507,373	12,469,703
Adjustment for dilutive potential common shares	161,133
Weighted average shares outstanding - Diluted	12,676,294	12,475,406	12,507,373	12,469,703
Basic net income (loss) per share (in dollars per share)	$ 0.03	$ (0.65)	$ (0.91)	$ (0.06)
Diluted net income (loss) per share (in dollars per share)	$ 0.03	$ (0.65)	$ (0.91)	$ (0.06)

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee and Directors Stock Options
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	411,917	299,093	376,203	263,376
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	68,345	81,380	173,636	82,105
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	2,778	36,499	31,094	35,547
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	48,373	46,581	62,975	46,581

Net Income (Loss) Per Share - W

Net Income (Loss) Per Share - Weighted Average Common Shares (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Percentage allocated to common shares - weighted average
Weighted average shares outstanding - Basic	12,515,161	12,475,406	12,507,373	12,469,703
Total	12,515,161	12,475,406	12,507,373	12,469,703

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan and Performance Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock | 2009 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)			141,680
Granted (in shares)			55,718
Forfeited / Canceled (in shares)			(200)
Vested and deferred (in shares)			(23,629)
Unvested and deferred at end of the period (in shares)	173,569		173,569
Expected to vest (in shares)	173,569		173,569
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)			$ 27.71
Granted (in dollars per share)			22.64
Forfeited / Canceled (in dollars per share)			35.49
Vested and deferred (in dollars per share)			32.80
Unvested and deferred at end of the period (in dollars per share)	$ 25.38		25.38
Expected to vest (in dollars per share)	$ 25.38		$ 25.38
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)			23,629
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 32.80
Restricted stock plan activity, other disclosures
Compensation expense	$ 529	$ 276	$ 1,547	$ 832
Remaining unrecognized compensation expense	$ 1,968		$ 1,968
Weighted average period for recognition			11 months 4 days
Restricted Stock | 2009 Restricted Stock Plan | Employee
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)			10,439
Average purchase price (in dollars per share)	$ 22.81		$ 22.81
Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, other disclosures
Compensation expense			$ 146	226
Deferred Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, number of shares
Vested and deferred (in shares)			(21,435)
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 31.97
Deferred Restricted Stock plan activity, number of shares
Outstanding at beginning of period (in shares)			5,152
Granted (in shares)			7,398
Vested and deferred (in shares)			(5,152)
Outstanding at end of period (in shares)	7,398		7,398
Vested (in shares)			21,435
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Outstanding at beginning of period (in dollars per share)			$ 31.78
Granted (in dollars per share)			22.64
Vested and deferred (in dollars per share)			31.78
Outstanding at end of period (in dollars per share)	$ 22.64		22.64
Vested and deferred (in dollars per share)			$ 31.97
Restricted stock plan activity, other disclosures
Compensation expense	$ 42	83
Remaining unrecognized compensation expense	70		$ 70
Weighted average period for recognition			5 months 1 day
Performance Shares
Restricted stock plan activity, number of shares
Vested and deferred (in shares)			(13,200)
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)			13,200
Performance Shares | Certain Employees
Stock-Based Compensation
Remaining unrecognized compensation expense	$ 1,437		$ 1,437
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)			61,362
Granted (in shares)			39,031
Vested and deferred (in shares)			(13,200)
Unvested and deferred at end of the period (in shares)	87,193		87,193
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)			$ 43.22
Granted (in dollars per share)			28.23
Vested and deferred (in dollars per share)			38.43
Unvested and deferred at end of the period (in dollars per share)	$ 37.24		$ 37.24
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)			13,200
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 38.43
Restricted stock plan activity, other disclosures
Stock issued to certain employees			11,366
Compensation expense	$ 287	$ 238	$ 796	$ 652
Weighted average period for recognition			1 year 3 months 3 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plans (Details) - Employee and Directors Stock Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair value assumptions
Fair Value (in dollars per share)			$ 5.91
Dividend Yield (as a percent)			3.89%
Risk-Free Interest Rate (as a percent)			0.39%
Expected Volatility (as a percent)			43.00%
Expected Life			5 years
Stock-based employee compensation expense	$ 301	$ 261	$ 882	$ 779
Remaining unrecognized compensation expense	$ 1,493		$ 1,493
Weighted average period for recognition			1 year 2 months 26 days
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)			561,457
Granted (in shares)			149,519
Canceled (in shares)			(8,400)
Outstanding at end of the period (in shares)	702,576		702,576
Vested or expected to vest (in shares)	651,037		651,037
Exercisable at end of period (in shares)	411,917		411,917
Outstanding at end of period, Aggregate Intrinsic Value	$ 2,464		$ 2,464
Vested or expected to vest, Aggregate Intrinsic Value	2,419		2,419
Exercisable at end of the period, Aggregate Intrinsic Value	$ 415		$ 415
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share)			$ 37.97
Granted (in dollars per share)			22.64
Canceled (in dollars per share)			40.26
Outstanding at end of period (in dollars per share)	$ 34.68		34.68
Vested or expected to vest (in dollars per share)	34.38		34.38
Exercisable at end of the period (in dollars per share)	$ 38.86		$ 38.86
Outstanding at end of the period, Weighted Average Remaining Contractual Life			7 years 21 days
Vested or expected to vest, Weighted Average Remaining Contractual Life			4 years 11 months 26 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life			5 years 10 months 17 days

Dividend (Details)

Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 29, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common stock dividend
Dividend declared (in dollars per share)	$ 0.22	$ 0.22			$ 0.22	$ 0.66	$ 0.66
Dividend paid (in dollars per share)		$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66
Dividend paid (in dollars)		$ 2,791	$ 2,809	$ 2,795		$ 8,395	$ 8,285

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) by Component - Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated other comprehensive income (loss)
Balance	$ 293,891	$ 303,612	$ 301,501	$ 296,275
Other comprehensive income (loss)	2,355	1,543	9,992	5,307
Balance	295,012	295,124	295,012	295,124
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	(66,964)	(90,157)	(74,601)	(80,638)
Other comprehensive income (loss) before reclassifications	827	(176)	5,409	149
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(463)	(612)	(1,390)	(1,843)
Other comprehensive income (loss)	2,355	1,543	9,992	5,307
Balance	(64,609)	(88,614)	(64,609)	(88,614)
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Balance	(62,338)	(59,562)	(65,393)	(53,811)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit	(463)	(489)	(1,390)	(1,476)
Other comprehensive income (loss)	1,528	1,381	4,583	4,139
Balance	(60,810)	(58,181)	(60,810)	(58,181)
Accumulated Defined Benefit Plans Adjustment | Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Balance	613	(17,409)	613	(13,316)
Amounts reclassified from accumulated other comprehensive income (loss), Tax benefit		(123)		(367)
Other comprehensive income (loss)		338		1,019
Balance	613	(17,071)	613	(17,071)
Amortization of Pension and Postretirement Plan items
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	51	51	154	154
Amortization of Pension and Postretirement Plan items | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	51	51	154	154
Actuarial losses
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	1,940	2,280	5,819	6,847
Actuarial losses | Defined Benefit Pension Plans
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	1,940	1,819	5,819	5,461
Actuarial losses | Postretirement Health Care Benefits
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax		461		1,386
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(5,239)	(13,186)	(9,821)	(13,511)
Other comprehensive income (loss) before reclassifications	827	(176)	5,409	149
Other comprehensive income (loss)	827	(176)	5,409	149
Balance	$ (4,412)	$ (13,362)	$ (4,412)	(13,362)
ASU 2018-02 | Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss)				(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	Jun. 30, 2021	Sep. 30, 2020
Long-term obligations (less current portion)
Finance lease obligations	$ 7,664	$ 7,809
Environmental post-closure monitoring and maintenance activities	602	602
Long-term disability	236	251
Deferred dividends	121	139
Less amounts due within one year	(317)	(292)
Long-term obligations (less current portion)	$ 8,306	$ 8,509

Foreign Currency Forward Cont_3

Foreign Currency Forward Contracts (Details) - Selling, General and Administrative Expenses - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (162)	$ (268)	$ (531)	$ (637)
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	14	(70)	(528)	(417)
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (176)	$ (198)	$ (3)	$ (220)

Subsequent Events - Capital A_2

Subsequent Events - Capital Allocation Strategy (Details) - USD ($) $ in Millions	Jul. 28, 2021	Jun. 30, 2021	Sep. 30, 2020
Glide Path Strategy
Subsequent Event
Percentage of pension plan funding		80.00%	68.00%
Subsequent Event | Accelerated Funding Strategy
Subsequent Event
Pension liability on the balance sheet	$ 0
Accelerated funding strategy term	3 years
Additional pension contribution per year	$ 15
Contribution to plan current	6
Subsequent Event | Maximum | Accelerated Funding Strategy
Subsequent Event
Contribution to plan current	21
Subsequent Event | Maximum | Share Repurchase Plan
Subsequent Event
Available cash to purchase shares	$ 20