Haynes International (HAYN) 10-Q 28 Apr 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		12,458,953
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 12,202	$ 47,726
Accounts receivable, less allowance for doubtful accounts of $553 and $618 at September 30, 2021 and March 31, 2022, respectively	75,351	57,964
Inventories	292,097	248,495
Income taxes receivable	2,001	1,292
Other current assets	5,176	6,129
Total current assets	386,827	361,606
Property, plant and equipment, net	145,658	147,248
Deferred income taxes	12,311	16,397
Other assets	10,664	10,829
Goodwill	4,789	4,789
Other intangible assets, net	5,264	5,586
Total assets	565,513	546,455
Current liabilities:
Accounts payable	50,046	47,680
Accrued expenses	17,899	20,100
Income taxes payable	385	379
Accrued pension and postretirement benefits	3,554	3,554
Revolving credit facilities	21,500
Deferred revenue-current portion	2,500	2,500
Total current liabilities	95,884	74,213
Long-term obligations (less current portion)	8,111	8,301
Deferred revenue (less current portion)	9,079	10,329
Deferred income taxes	3,425	3,459
Operating lease liabilities	846	664
Accrued pension benefits (less current portion)	22,686	26,663
Accrued postretirement benefits (less current portion)	80,172	79,505
Total liabilities	220,203	203,134
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,757,778 and 12,822,397 shares issued and 12,562,140 and 12,458,953 shares outstanding at September 30, 2021 and March 31, 2022, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	264,098	262,057
Accumulated earnings	108,619	101,015
Treasury stock, 195,638 shares at September 30, 2021 and 363,444 shares at March 31, 2022	(14,218)	(7,423)
Accumulated other comprehensive loss	(13,202)	(12,341)
Total stockholders' equity	345,310	343,321
Total liabilities and stockholders' equity	$ 565,513	$ 546,455

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 618	$ 553
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)	12,822,397	12,757,778
Common stock, shares outstanding (in shares)	12,458,953	12,562,140
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)	363,444	195,638

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 117,056	$ 82,063	$ 216,486	$ 154,240
Cost of sales	93,643	73,678	175,296	144,868
Gross profit	23,413	8,385	41,190	9,372
Selling, general and administrative expense	11,782	11,257	23,144	20,990
Research and technical expense	944	864	1,849	1,651
Operating income (loss)	10,687	(3,736)	16,197	(13,269)
Nonoperating retirement benefit expense (income)	(1,088)	359	(2,176)	718
Interest income	(6)	(1)	(14)	(5)
Interest expense	514	298	814	602
Income (loss) before income taxes	11,267	(4,392)	17,573	(14,584)
Provision for (benefit from) income taxes	2,783	(760)	4,430	(2,925)
Net income (loss)	$ 8,484	$ (3,632)	$ 13,143	$ (11,659)
Net income (loss) per share:
Basic (dollars per share)	$ 0.68	$ (0.29)	$ 1.05	$ (0.94)
Diluted (dollars per share)	$ 0.67	$ (0.29)	$ 1.04	$ (0.94)
Weighted Average Common Shares Outstanding
Basic (in shares)	12,330,567	12,514,208	12,349,904	12,503,479
Diluted (in shares)	12,474,183	12,514,208	12,530,842	12,503,479
Dividends declared per common share (dollars per share)	$ 0.22	$ 0.22	$ 0.44	$ 0.44

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 8,484	$ (3,632)	$ 13,143	$ (11,659)
Other comprehensive income (loss), net of tax:
Pension and postretirement	(1)	1,527	(1)	3,055
Foreign currency translation adjustment	(1,429)	(268)	(860)	4,582
Other comprehensive income (loss)	(1,430)	1,259	(861)	7,637
Comprehensive income (loss)	$ 7,054	$ (2,373)	$ 12,282	$ (4,022)

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, 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)			(11,659)			(11,659)
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended March 31, 2021 and 2022 and $0.44 and $0.44 per share for the six months ended March 31, 2021 and 2022, respectively)			(5,563)			(5,563)
Other comprehensive income (loss)					7,637	7,637
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		2,213				2,213
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
Balance at Dec. 31, 2020	$ 13	258,642	110,134	(2,675)	(68,223)	297,891
Balance (in shares) at Dec. 31, 2020	12,682,147
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(3,632)			(3,632)
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended March 31, 2021 and 2022 and $0.44 and $0.44 per share for the six months ended March 31, 2021 and 2022, respectively)			(2,781)			(2,781)
Other comprehensive income (loss)					1,259	1,259
Issue restricted stock (less forfeitures) (in shares)	(200)
Vesting of restricted stock (in shares)	6,783
Stock compensation		1,154				1,154
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
Balance at Sep. 30, 2021	$ 13	262,057	101,015	(7,423)	(12,341)	343,321
Balance (in shares) at Sep. 30, 2021	12,562,140
Increase (Decrease) in Stockholders' Equity
Net income (loss)			13,143			13,143
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended March 31, 2021 and 2022 and $0.44 and $0.44 per share for the six months ended March 31, 2021 and 2022, respectively)			(5,539)			(5,539)
Other comprehensive income (loss)					(861)	(861)
Exercise of stock options		224				224
Exercise of stock options (in shares)	6,533
Issue restricted stock (less forfeitures) (in shares)	25,182
Vesting of restricted stock (in shares)	32,904
Purchase of treasury stock				(6,795)		(6,795)
Purchase of treasury stock (in shares)	(167,806)
Stock compensation		1,817				1,817
Balance at Mar. 31, 2022	$ 13	264,098	108,619	(14,218)	(13,202)	345,310
Balance (in shares) at Mar. 31, 2022	12,458,953
Balance at Dec. 31, 2021	$ 13	263,126	102,865	(14,023)	(11,772)	340,209
Balance (in shares) at Dec. 31, 2021	12,455,839
Increase (Decrease) in Stockholders' Equity
Net income (loss)			8,484			8,484
Dividends paid and accrued ($0.22 and $0.22 per share for the three months ended March 31, 2021 and 2022 and $0.44 and $0.44 per share for the six months ended March 31, 2021 and 2022, respectively)			(2,730)			(2,730)
Other comprehensive income (loss)					(1,430)	(1,430)
Exercise of stock options		109				109
Exercise of stock options (in shares)	2,883
Issue restricted stock (less forfeitures) (in shares)	(6,522)
Vesting of restricted stock (in shares)	11,993
Purchase of treasury stock				(195)		(195)
Purchase of treasury stock (in shares)	(5,240)
Stock compensation		863				863
Balance at Mar. 31, 2022	$ 13	$ 264,098	$ 108,619	$ (14,218)	$ (13,202)	$ 345,310
Balance (in shares) at Mar. 31, 2022	12,458,953

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended			6 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.44	$ 0.44

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 13,143	$ (11,659)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	9,252	9,588
Amortization	322	231
Pension and post-retirement expense - U.S. and U.K.	1,100	4,080
Change in long-term obligations	(16)	(15)
Stock compensation expense	1,817	2,213
Deferred revenue	(1,250)	(1,250)
Deferred income taxes	4,009	(3,941)
Loss on disposition of property		23
Change in assets and liabilities:
Accounts receivable	(17,830)	5,927
Inventories	(44,124)	22,210
Other assets	1,282	(624)
Accounts payable and accrued expenses	598	7,496
Income taxes	(701)	897
Accrued pension and postretirement benefits	(4,411)	(4,051)
Net cash provided by (used in) operating activities	(36,809)	31,125
Cash flows from investing activities:
Additions to property, plant and equipment	(7,729)	(2,103)
Net cash used in investing activities	(7,729)	(2,103)
Cash flows from financing activities:
Revolving credit facility borrowings	35,000
Revolving credit facility repayments	(13,500)
Dividends paid	(5,587)	(5,604)
Proceeds from exercise of stock options	224
Payment for purchase of treasury stock	(6,795)	(238)
Payment for debt issuance cost		(987)
Payments on long-term obligations	(120)	(106)
Net cash used in financing activities	9,222	(6,935)
Effect of exchange rates on cash	(208)	495
Increase (decrease) in cash and cash equivalents:	(35,524)	22,582
Cash and cash equivalents:
Beginning of period	47,726	47,238
End of period	12,202	69,820
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	559	439
Income taxes paid (refunded), net	998	61
Capital expenditures incurred but not yet paid	632	233
Dividends declared but not yet paid	$ 161	$ 98

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2022
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, 2021 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 six months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2022 or any other interim period. ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated. ​

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Mar. 31, 2022
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 2. Recently Issued Accounting Standards ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ​

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Mar. 31, 2022
Revenues from Contracts with Customers
Revenues from Contracts with Customers	Note 3. Revenues from Contracts with Customers ​ Contract Balances ​ As of September 30, 2021 and March 31, 2022, accounts receivable with customers were $58,517 and $75,969 , respectively. Allowance for doubtful accounts as of September 30, 2021 and March 31, 2022 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, 2021 and March 31, 2022, no contract liabilities have been recorded except for $12,829 and $11,579, respectively, for the Titanium Metals Corporation agreement, as described in Note 8 to the Condensed Consolidated Financial Statements and $1,060 and $610 , respectively, for accrued product returns. ​ 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 six months ended March 31, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ March 31, ​ March 31, ​ 2021 2022 2021 2022 Net revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 30,601 ​ $ 52,918 ​ $ 55,156 ​ $ 101,373 Chemical processing ​ 15,068 ​ 22,850 ​ 30,324 ​ 40,300 Industrial gas turbine ​ 16,436 ​ 24,788 ​ 30,403 ​ 39,386 Other markets ​ 15,546 ​ 9,755 ​ 28,325 ​ 24,242 Total product revenue ​ 77,651 ​ 110,311 ​ 144,208 ​ 205,301 Other revenue ​ 4,412 ​ 6,745 ​ 10,032 ​ 11,185 Net revenues ​ $ 82,063 ​ $ 117,056 ​ $ 154,240 ​ $ 216,486 ​

Inventories

Inventories	6 Months Ended
	Mar. 31, 2022
Inventories
Inventories	Note 4. Inventories ​ The following is a summary of the major classes of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ March 31, ​ ​ 2021 2022 Raw Materials ​ $ 22,711 ​ $ 23,017 ​ ​ Work-in-process ​ 138,609 ​ 185,059 ​ ​ Finished Goods ​ 85,797 ​ 82,566 ​ ​ Other ​ 1,378 ​ 1,455 ​ ​ ​ ​ $ 248,495 ​ $ 292,097 ​ ​ ​

Income Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	Note 5. Income Taxes ​ Income tax (benefit) expense for the three and six months ended March 31, 2021 and 2022 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	6 Months Ended
	Mar. 31, 2022
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 six months ended March 31, 2021 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ Six Months Ended March 31, ​ ​ ​ Pension Benefits ​ Other Benefits ​ Pension Benefits ​ Other Benefits ​ ​ 2021 2022 2021 2022 2021 2022 2021 2022 Service cost ​ $ 1,407 ​ $ 1,182 ​ $ 274 ​ $ 456 ​ $ 2,814 ​ $ 2,364 ​ $ 548 ​ $ 912 ​ Interest cost ​ 1,808 ​ 1,923 ​ 573 ​ 559 ​ 3,616 ​ 3,846 ​ 1,146 ​ ​ 1,118 ​ Expected return ​ (3,978) ​ (3,561) ​ — ​ — ​ (7,956) ​ (7,122) ​ — ​ ​ — ​ Amortizations ​ 1,956 ​ 51 ​ — ​ (60) ​ 3,912 ​ 102 ​ — ​ ​ (120) ​ Net periodic benefit cost ​ $ 1,193 ​ $ (405) ​ $ 847 ​ $ 955 ​ $ 2,386 ​ $ (810) ​ $ 1,694 ​ $ 1,910 ​ ​ The Company contributed $3,000 to Company-sponsored U.S. pension plans and $1,362 to its other post-retirement benefit plans for the six months ended March 31, 2022. The Company expects to make contributions of $3,000 to its U.S. pension plan and $2,097 to its other post-retirement benefit plan for the remainder of fiscal 2022. Additional contributions may be made to the U.S. pension plan as part of the Company’s capital allocation strategy, however, the amounts and timing have not yet been determined.

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	6 Months Ended
	Mar. 31, 2022
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, 2021 and March 31, 2022, the Company had accrued $566 for post-closure monitoring and maintenance activities, of which $496 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 March 31, 2022. ​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2023 $ 68 ​ 2024 89 ​ 2025 67 ​ 2026 ​ 68 ​ 2027 and thereafter 204 ​ ​ $ 496 ​ ​

Deferred Revenue

Deferred Revenue	6 Months Ended
	Mar. 31, 2022
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 up to an additional ten million 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	6 Months Ended
	Mar. 31, 2022
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. Customer relationships have a definite life and are amortized over a period 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), and 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 March 31, 2022. ​ During the first six months of fiscal 2022, there were no changes in the carrying amount of goodwill. ​ Amortization of customer relationships and other intangibles was $115 and $118 for the three-month periods ended March 31, 2021 and 2022, respectively, and $231 and $322 for the six-month periods ended March 31, 2021 and 2022, respectively. The following represents a summary of intangible assets at September 30, 2021 and March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2021 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (995) ​ ​ 1,105 ​ Other ​ 997 ​ ​ (316) ​ ​ 681 ​ ​ ​ $ 6,897 ​ $ (1,311) ​ $ 5,586 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying March 31, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,062) ​ ​ 1,038 ​ Other ​ 997 ​ ​ (571) ​ ​ 426 ​ ​ ​ $ 6,897 ​ $ (1,633) ​ $ 5,264 ​ ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2022 $ 459 ​ 2023 162 ​ 2024 126 ​ 2025 123 ​ 2026 120 ​ Thereafter 474 ​ ​

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Mar. 31, 2022
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 (loss) per share for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ March 31, ​ March 31, ​ (in thousands, except share and per share data) 2021 2022 2021 2022 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ (3,632) ​ $ 8,484 $ (11,659) $ 13,143 ​ Dividends paid and accrued ​ (2,781) ​ (2,730) ​ (5,563) ​ (5,539) ​ Undistributed income (loss) ​ (6,413) ​ 5,754 ​ (17,222) ​ 7,604 ​ Percentage allocated to common shares (a) ​ 100.0 % 99.0 % 100.0 % 99.0 % Undistributed income (loss) allocated to common shares ​ ​ (6,413) ​ ​ 5,697 ​ ​ (17,222) ​ ​ 7,525 ​ Dividends paid on common shares outstanding ​ 2,743 ​ 2,703 ​ 5,486 ​ 5,482 ​ Net income (loss) available to common shares ​ (3,670) ​ 8,400 ​ (11,736) ​ 13,007 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,514,208 ​ 12,330,567 ​ 12,503,479 ​ 12,349,904 ​ Adjustment for dilutive potential common shares ​ — ​ 143,616 ​ — ​ 180,938 ​ Weighted average shares outstanding - Diluted ​ 12,514,208 ​ 12,474,183 ​ 12,503,479 ​ 12,530,842 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share $ (0.29) $ 0.68 $ (0.94) $ 1.05 ​ Diluted net income (loss) per share $ (0.29) $ 0.67 $ (0.94) $ 1.04 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 358,346 ​ 306,752 ​ 358,346 ​ 271,806 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 173,569 ​ 56,296 ​ 173,669 ​ 58,818 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 28,833 ​ 3,507 ​ ​ 32,225 ​ ​ 3,646 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 46,231 ​ 51,326 ​ ​ 55,349 ​ ​ 72,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,514,208 ​ 12,330,567 ​ 12,503,479 ​ 12,349,904 ​ Unvested participating shares ​ — ​ 122,836 ​ — ​ 129,161 ​ ​ ​ 12,514,208 ​ 12,453,403 ​ 12,503,479 ​ 12,479,065 ​ ​

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Mar. 31, 2022
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 six months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2021 142,269 ​ $ 26.78 ​ Granted 31,704 ​ $ 44.07 ​ Forfeited / Canceled (6,522) ​ $ 28.79 ​ Vested (44,615) ​ $ 29.88 ​ Unvested at March 31, 2022 122,836 ​ $ 30.01 ​ Expected to vest 122,836 ​ $ 30.01 ​ ​ Compensation expense related to restricted stock for the three months ended March 31, 2021 and 2022 was $524 and $352 , respectively and for the six months ended March 31, 2021 and 2022 was $1,019 and $744 , respectively. The remaining unrecognized compensation expense related to restricted stock at March 31, 2022 was $1,949 , to be recognized over a weighted average period of 1.30 years. During the first six months of fiscal 2022, the Company repurchased 13,798 shares of stock from employees at an average purchase price of $42.52 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 six months ended March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested and deferred at September 30, 2021 7,398 ​ $ 22.64 ​ Granted 3,801 ​ $ 44.07 ​ Vested and deferred ​ (7,398) ​ $ 22.64 ​ Unvested and deferred at March 31, 2022 3,801 ​ $ 44.07 ​ Vested and deferred at March 31, 2022 20,500 ​ $ 29.23 ​ ​ Compensation expense related to deferred restricted stock for the three months ended March 31, 2021 and 2022 was $42 and $42 , respectively, and for the six months ended March 31, 2021 and 2022 was $104 and $84 , respectively. The remaining unrecognized compensation expense related to deferred restricted stock at March 31, 2022 was $112 , to be recognized over a weighted average period of 0.67 years. During the first six months of fiscal 2022, the Company repurchased 1,151 shares of stock from employees at an average purchase price of $41.78 to satisfy required withholding taxes upon release of deferred restricted stock-based compensation. ​ Performance Shares ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to performance shares for the six months ended March 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2021 87,193 ​ $ 37.24 ​ Granted 21,520 ​ $ 61.04 ​ Vested ​ (24,121) ​ $ 43.42 ​ Forfeited / Canceled ​ (8,172) ​ $ 42.97 ​ Unvested at March 31, 2022 76,420 ​ $ 41.37 ​ ​ Compensation expense related to the performance shares for the three months ended March 31, 2021 and 2022 was $287 and $224 , respectively, and for the six months ended March 31, 2021 and 2022 was $509 and $453 , respectively. The remaining unrecognized compensation expense related to performance shares at March 31, 2022 was $1,811 , to be recognized over a weighted average period of 1.59 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 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Dividend Risk-free Expected Expected Grant Date ​ Value ​ Yield ​ Interest Rate ​ Volatility ​ Life November 23, 2021 ​ $ 15.02 2.00 % 1.22 % 45 % 5 years ​ ​ The stock-based employee compensation expense for stock options for the three months ended March 31, 2021 and 2022 was $301 and $245 , respectively, and for the six months ended March 31, 2021 and 2022 was $581 and $537 , respectively. The remaining unrecognized compensation expense at March 31, 2022 was $1,117 , to be recognized over a weighted average vesting period of 1.00 year. ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to stock options for the six months ended March 31, 2022 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, 2021 702,576 ​ ​ ​ ​ $ 34.68 ​ ​ ​ ​ Granted 42,080 ​ ​ ​ ​ $ 44.07 ​ ​ ​ ​ Exercised (6,533) ​ ​ ​ ​ ​ 34.27 ​ ​ ​ ​ Canceled (22,478) ​ ​ ​ ​ $ 42.32 ​ ​ ​ ​ Outstanding at March 31, 2022 715,645 ​ $ 6,035 ​ $ 35.00 6.58 yrs. ​ Vested or expected to vest 650,351 ​ $ 5,482 ​ $ 34.99 4.31 yrs. ​ Exercisable at March 31, 2022 503,300 ​ $ 3,554 ​ $ 36.60 5.82 yrs. ​ ​

Dividend

Dividend	6 Months Ended
	Mar. 31, 2022
Dividend
Dividend	Note 12. Dividend ​ In the first and second quarters of fiscal 2022, 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, 2021 to stockholders of record at the close of business on December 1, 2021 and the second quarter dividend was paid on March 15, 2022 to stockholders of record at the close of business on March 1, 2022. The dividend cash pay-outs were $2,811 and $2,776 for the first and second quarters of fiscal 2022, respectively. ​ On April 28, 2022, 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 June 15, 2022 to stockholders of record at the close of business on June 1, 2022. ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2022
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. 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. Fixed income securities are held as individual bonds and are valued as either level 1 assets as they are quoted in active markets or level 2 assets. U.S and International equities, and Other Investments held in the Company’s pension plan are held as individual bonds or 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	6 Months Ended
	Mar. 31, 2022
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 March 31, 2021 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of December 31, 2020 ​ $ (63,865) ​ $ 613 ​ $ (4,971) ​ $ (68,223) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (268) ​ (268) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 52 ​ ​ — ​ ​ — ​ ​ 52 Actuarial losses (1) ​ ​ 1,939 ​ ​ — ​ ​ — ​ ​ 1,939 Tax benefit ​ ​ (464) ​ ​ — ​ ​ — ​ ​ (464) Net current-period other comprehensive income (loss) ​ 1,527 ​ — ​ (268) ​ 1,259 Accumulated other comprehensive income (loss) as of March 31, 2021 ​ $ (62,338) ​ $ 613 ​ $ (5,239) ​ $ (66,964) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of December 31, 2021 ​ $ (14,745) ​ $ 8,971 ​ $ (5,998) ​ $ (11,772) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (1,429) ​ (1,429) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 52 ​ ​ — ​ ​ — ​ ​ 52 Actuarial losses (1) ​ ​ 9 ​ ​ (60) ​ ​ — ​ ​ (51) Tax benefit ​ ​ (16) ​ ​ 14 ​ ​ — ​ ​ (2) Net current-period other comprehensive income (loss) ​ 45 ​ (46) ​ (1,429) ​ (1,430) Accumulated other comprehensive income (loss) as of March 31, 2022 ​ $ (14,700) ​ $ 8,925 ​ $ (7,427) ​ $ (13,202) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended March 31, 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 ​ — ​ — ​ 4,582 ​ 4,582 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 103 ​ ​ — ​ ​ — ​ ​ 103 Actuarial losses (1) ​ ​ 3,879 ​ ​ — ​ ​ — ​ ​ 3,879 Tax provision (benefit) ​ ​ (927) ​ ​ — ​ ​ — ​ ​ (927) Net current-period other comprehensive income (loss) ​ 3,055 ​ — ​ 4,582 ​ 7,637 Accumulated other comprehensive income (loss) as of March 31, 2021 ​ $ (62,338) ​ $ 613 ​ $ (5,239) ​ $ (66,964) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended March 31, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2021 ​ $ (14,791) ​ $ 9,017 ​ $ (6,567) ​ $ (12,341) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (860) ​ (860) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 103 ​ ​ — ​ ​ — ​ ​ 103 Actuarial losses (1) ​ ​ 17 ​ ​ (120) ​ ​ — ​ ​ (103) Tax provision (benefit) ​ ​ (29) ​ ​ 28 ​ ​ — ​ ​ (1) Net current-period other comprehensive income (loss) ​ 91 ​ (92) ​ (860) ​ (861) Accumulated other comprehensive income (loss) as of March 31, 2022 ​ $ (14,700) ​ $ 8,925 ​ $ (7,427) ​ $ (13,202) ​ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension c ost.

Long-term Obligations

Long-term Obligations	6 Months Ended
	Mar. 31, 2022
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, ​ March 31, ​ ​ 2021 2022 Finance lease obligations ​ $ 7,613 ​ $ 7,502 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 566 ​ ​ 566 ​ Long-term disability ​ ​ 231 ​ ​ 220 ​ Deferred dividends ​ ​ 210 ​ ​ 161 ​ Less amounts due within one year ​ (319) ​ (338) ​ Long-term obligations (less current portion) ​ $ 8,301 ​ $ 8,111 ​ ​ ​ ​ ​ ​

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	6 Months Ended
	Mar. 31, 2022
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 March 31, 2022, 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, 2021 or March 31, 2022. 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 March 31, ​ Six Months Ended March 31, ​ ​ 2021 2022 2021 2022 Foreign currency transactional gain (loss) ​ $ (89) ​ $ 510 ​ $ (542) ​ $ 290 Foreign exchange forward contract gain (loss) ​ $ (108) ​ $ (1,119) ​ $ 173 ​ $ (1,459) Net gain (loss) included in selling, general and administrative expense ​ $ (197) ​ $ (609) ​ $ (369) ​ $ (1,169) ​ ​

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Mar. 31, 2022
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)	6 Months Ended
	Mar. 31, 2022
Revenues from Contracts with Customers
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ March 31, ​ March 31, ​ 2021 2022 2021 2022 Net revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 30,601 ​ $ 52,918 ​ $ 55,156 ​ $ 101,373 Chemical processing ​ 15,068 ​ 22,850 ​ 30,324 ​ 40,300 Industrial gas turbine ​ 16,436 ​ 24,788 ​ 30,403 ​ 39,386 Other markets ​ 15,546 ​ 9,755 ​ 28,325 ​ 24,242 Total product revenue ​ 77,651 ​ 110,311 ​ 144,208 ​ 205,301 Other revenue ​ 4,412 ​ 6,745 ​ 10,032 ​ 11,185 Net revenues ​ $ 82,063 ​ $ 117,056 ​ $ 154,240 ​ $ 216,486

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Mar. 31, 2022
Inventories
Summary of major classes of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ March 31, ​ ​ 2021 2022 Raw Materials ​ $ 22,711 ​ $ 23,017 ​ ​ Work-in-process ​ 138,609 ​ 185,059 ​ ​ Finished Goods ​ 85,797 ​ 82,566 ​ ​ Other ​ 1,378 ​ 1,455 ​ ​ ​ ​ $ 248,495 ​ $ 292,097 ​ ​

Pension Plan and Retirement Ben

Pension Plan and Retirement Benefits (Tables)	6 Months Ended
	Mar. 31, 2022
Pension and Post-retirement Benefits
Schedule of components of net periodic pension and postretirement benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ Six Months Ended March 31, ​ ​ ​ Pension Benefits ​ Other Benefits ​ Pension Benefits ​ Other Benefits ​ ​ 2021 2022 2021 2022 2021 2022 2021 2022 Service cost ​ $ 1,407 ​ $ 1,182 ​ $ 274 ​ $ 456 ​ $ 2,814 ​ $ 2,364 ​ $ 548 ​ $ 912 ​ Interest cost ​ 1,808 ​ 1,923 ​ 573 ​ 559 ​ 3,616 ​ 3,846 ​ 1,146 ​ ​ 1,118 ​ Expected return ​ (3,978) ​ (3,561) ​ — ​ — ​ (7,956) ​ (7,122) ​ — ​ ​ — ​ Amortizations ​ 1,956 ​ 51 ​ — ​ (60) ​ 3,912 ​ 102 ​ — ​ ​ (120) ​ Net periodic benefit cost ​ $ 1,193 ​ $ (405) ​ $ 847 ​ $ 955 ​ $ 2,386 ​ $ (810) ​ $ 1,694 ​ $ 1,910 ​

Legal, Environmental and Othe_2

Legal, Environmental and Other Contingencies (Tables)	6 Months Ended
	Mar. 31, 2022
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, ​ ​ ​ 2023 $ 68 ​ 2024 89 ​ 2025 67 ​ 2026 ​ 68 ​ 2027 and thereafter 204 ​ ​ $ 496 ​

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	6 Months Ended
	Mar. 31, 2022
Goodwill and Other Intangible Assets, Net
Summary of finite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2021 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (995) ​ ​ 1,105 ​ Other ​ 997 ​ ​ (316) ​ ​ 681 ​ ​ ​ $ 6,897 ​ $ (1,311) ​ $ 5,586 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying March 31, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,062) ​ ​ 1,038 ​ Other ​ 997 ​ ​ (571) ​ ​ 426 ​ ​ ​ $ 6,897 ​ $ (1,633) ​ $ 5,264 ​
Schedule of indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying September 30, 2021 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (995) ​ ​ 1,105 ​ Other ​ 997 ​ ​ (316) ​ ​ 681 ​ ​ ​ $ 6,897 ​ $ (1,311) ​ $ 5,586 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying March 31, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,062) ​ ​ 1,038 ​ Other ​ 997 ​ ​ (571) ​ ​ 426 ​ ​ ​ $ 6,897 ​ $ (1,633) ​ $ 5,264 ​
Schedule of estimated future aggregate amortization expense	​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2022 $ 459 ​ 2023 162 ​ 2024 126 ​ 2025 123 ​ 2026 120 ​ Thereafter 474 ​

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Mar. 31, 2022
Net Income (Loss) Per Share
Schedule of basic and diluted net earnings (losses) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ March 31, ​ March 31, ​ (in thousands, except share and per share data) 2021 2022 2021 2022 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ (3,632) ​ $ 8,484 $ (11,659) $ 13,143 ​ Dividends paid and accrued ​ (2,781) ​ (2,730) ​ (5,563) ​ (5,539) ​ Undistributed income (loss) ​ (6,413) ​ 5,754 ​ (17,222) ​ 7,604 ​ Percentage allocated to common shares (a) ​ 100.0 % 99.0 % 100.0 % 99.0 % Undistributed income (loss) allocated to common shares ​ ​ (6,413) ​ ​ 5,697 ​ ​ (17,222) ​ ​ 7,525 ​ Dividends paid on common shares outstanding ​ 2,743 ​ 2,703 ​ 5,486 ​ 5,482 ​ Net income (loss) available to common shares ​ (3,670) ​ 8,400 ​ (11,736) ​ 13,007 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,514,208 ​ 12,330,567 ​ 12,503,479 ​ 12,349,904 ​ Adjustment for dilutive potential common shares ​ — ​ 143,616 ​ — ​ 180,938 ​ Weighted average shares outstanding - Diluted ​ 12,514,208 ​ 12,474,183 ​ 12,503,479 ​ 12,530,842 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share $ (0.29) $ 0.68 $ (0.94) $ 1.05 ​ Diluted net income (loss) per share $ (0.29) $ 0.67 $ (0.94) $ 1.04 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 358,346 ​ 306,752 ​ 358,346 ​ 271,806 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 173,569 ​ 56,296 ​ 173,669 ​ 58,818 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 28,833 ​ 3,507 ​ ​ 32,225 ​ ​ 3,646 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 46,231 ​ 51,326 ​ ​ 55,349 ​ ​ 72,059 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,514,208 ​ 12,330,567 ​ 12,503,479 ​ 12,349,904 ​ Unvested participating shares ​ — ​ 122,836 ​ — ​ 129,161 ​ ​ ​ 12,514,208 ​ 12,453,403 ​ 12,503,479 ​ 12,479,065 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Mar. 31, 2022
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, 2021 142,269 ​ $ 26.78 ​ Granted 31,704 ​ $ 44.07 ​ Forfeited / Canceled (6,522) ​ $ 28.79 ​ Vested (44,615) ​ $ 29.88 ​ Unvested at March 31, 2022 122,836 ​ $ 30.01 ​ Expected to vest 122,836 ​ $ 30.01 ​
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, 2021 7,398 ​ $ 22.64 ​ Granted 3,801 ​ $ 44.07 ​ Vested and deferred ​ (7,398) ​ $ 22.64 ​ Unvested and deferred at March 31, 2022 3,801 ​ $ 44.07 ​ Vested and deferred at March 31, 2022 20,500 ​ $ 29.23 ​
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, 2021 87,193 ​ $ 37.24 ​ Granted 21,520 ​ $ 61.04 ​ Vested ​ (24,121) ​ $ 43.42 ​ Forfeited / Canceled ​ (8,172) ​ $ 42.97 ​ Unvested at March 31, 2022 76,420 ​ $ 41.37 ​
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 23, 2021 ​ $ 15.02 2.00 % 1.22 % 45 % 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, 2021 702,576 ​ ​ ​ ​ $ 34.68 ​ ​ ​ ​ Granted 42,080 ​ ​ ​ ​ $ 44.07 ​ ​ ​ ​ Exercised (6,533) ​ ​ ​ ​ ​ 34.27 ​ ​ ​ ​ Canceled (22,478) ​ ​ ​ ​ $ 42.32 ​ ​ ​ ​ Outstanding at March 31, 2022 715,645 ​ $ 6,035 ​ $ 35.00 6.58 yrs. ​ Vested or expected to vest 650,351 ​ $ 5,482 ​ $ 34.99 4.31 yrs. ​ Exercisable at March 31, 2022 503,300 ​ $ 3,554 ​ $ 36.60 5.82 yrs. ​

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	6 Months Ended
	Mar. 31, 2022
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of December 31, 2020 ​ $ (63,865) ​ $ 613 ​ $ (4,971) ​ $ (68,223) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (268) ​ (268) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 52 ​ ​ — ​ ​ — ​ ​ 52 Actuarial losses (1) ​ ​ 1,939 ​ ​ — ​ ​ — ​ ​ 1,939 Tax benefit ​ ​ (464) ​ ​ — ​ ​ — ​ ​ (464) Net current-period other comprehensive income (loss) ​ 1,527 ​ — ​ (268) ​ 1,259 Accumulated other comprehensive income (loss) as of March 31, 2021 ​ $ (62,338) ​ $ 613 ​ $ (5,239) ​ $ (66,964) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of December 31, 2021 ​ $ (14,745) ​ $ 8,971 ​ $ (5,998) ​ $ (11,772) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (1,429) ​ (1,429) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 52 ​ ​ — ​ ​ — ​ ​ 52 Actuarial losses (1) ​ ​ 9 ​ ​ (60) ​ ​ — ​ ​ (51) Tax benefit ​ ​ (16) ​ ​ 14 ​ ​ — ​ ​ (2) Net current-period other comprehensive income (loss) ​ 45 ​ (46) ​ (1,429) ​ (1,430) Accumulated other comprehensive income (loss) as of March 31, 2022 ​ $ (14,700) ​ $ 8,925 ​ $ (7,427) ​ $ (13,202) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended March 31, 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 ​ — ​ — ​ 4,582 ​ 4,582 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 103 ​ ​ — ​ ​ — ​ ​ 103 Actuarial losses (1) ​ ​ 3,879 ​ ​ — ​ ​ — ​ ​ 3,879 Tax provision (benefit) ​ ​ (927) ​ ​ — ​ ​ — ​ ​ (927) Net current-period other comprehensive income (loss) ​ 3,055 ​ — ​ 4,582 ​ 7,637 Accumulated other comprehensive income (loss) as of March 31, 2021 ​ $ (62,338) ​ $ 613 ​ $ (5,239) ​ $ (66,964) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended March 31, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2021 ​ $ (14,791) ​ $ 9,017 ​ $ (6,567) ​ $ (12,341) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (860) ​ (860) Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 103 ​ ​ — ​ ​ — ​ ​ 103 Actuarial losses (1) ​ ​ 17 ​ ​ (120) ​ ​ — ​ ​ (103) Tax provision (benefit) ​ ​ (29) ​ ​ 28 ​ ​ — ​ ​ (1) Net current-period other comprehensive income (loss) ​ 91 ​ (92) ​ (860) ​ (861) Accumulated other comprehensive income (loss) as of March 31, 2022 ​ $ (14,700) ​ $ 8,925 ​ $ (7,427) ​ $ (13,202) ​ (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)	6 Months Ended
	Mar. 31, 2022
Long-term Obligations
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ March 31, ​ ​ 2021 2022 Finance lease obligations ​ $ 7,613 ​ $ 7,502 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 566 ​ ​ 566 ​ Long-term disability ​ ​ 231 ​ ​ 220 ​ Deferred dividends ​ ​ 210 ​ ​ 161 ​ Less amounts due within one year ​ (319) ​ (338) ​ Long-term obligations (less current portion) ​ $ 8,301 ​ $ 8,111 ​

Foreign Currency Forward Cont_2

Foreign Currency Forward Contracts (Tables)	6 Months Ended
	Mar. 31, 2022
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ Six Months Ended March 31, ​ ​ 2021 2022 2021 2022 Foreign currency transactional gain (loss) ​ $ (89) ​ $ 510 ​ $ (542) ​ $ 290 Foreign exchange forward contract gain (loss) ​ $ (108) ​ $ (1,119) ​ $ 173 ​ $ (1,459) Net gain (loss) included in selling, general and administrative expense ​ $ (197) ​ $ (609) ​ $ (369) ​ $ (1,169) ​

Revenues from Contracts with _3

Revenues from Contracts with Customers - Other Information (Details) $ in Thousands, lb in Millions	Nov. 17, 2006USD ($)	Mar. 31, 2022USD ($)lb	Sep. 30, 2021USD ($)
Revenues from Contracts with Customers
Accounts receivable, gross		$ 75,969	$ 58,517
Accounts receivable, allowance for doubtful accounts		618	553
Contract liabilities		11,579	12,829
Estimated product returns		$ 610	$ 1,060
Conversion Services Arrangement
Revenues from Contracts with Customers
Revenue recognition period		20 years
Advance payments received	$ 50,000
Conversion Services Arrangement | 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		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contracts with Customers
Net revenues	$ 117,056	$ 82,063	$ 216,486	$ 154,240
Product
Revenue from Contracts with Customers
Net revenues	110,311	77,651	205,301	144,208
Aerospace
Revenue from Contracts with Customers
Net revenues	52,918	30,601	101,373	55,156
Chemical processing
Revenue from Contracts with Customers
Net revenues	22,850	15,068	40,300	30,324
Industrial gas turbine
Revenue from Contracts with Customers
Net revenues	24,788	16,436	39,386	30,403
Other markets
Revenue from Contracts with Customers
Net revenues	9,755	15,546	24,242	28,325
Other
Revenue from Contracts with Customers
Net revenues	$ 6,745	$ 4,412	$ 11,185	$ 10,032

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Inventories
Raw Materials	$ 23,017	$ 22,711
Work-in-process	185,059	138,609
Finished Goods	82,566	85,797
Other	1,455	1,378
Total	$ 292,097	$ 248,495

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Taxes
Statutory federal tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%
Effective tax rate (as a percent)	24.70%	17.30%	25.20%	20.10%
Income (loss) before income taxes	$ 11,267	$ (4,392)	$ 17,573	$ (14,584)

Pension and Post-retirement B_2

Pension and Post-retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Pension Plan
Pension Plan and Retirement Benefits
Service cost	$ 1,182	$ 1,407	$ 2,364	$ 2,814
Interest cost	1,923	1,808	3,846	3,616
Expected return	(3,561)	(3,978)	(7,122)	(7,956)
Amortizations	51	1,956	102	3,912
Net periodic benefit cost	(405)	1,193	(810)	2,386
Contribution to plan			3,000
Expected future employer contribution	3,000		3,000
Defined Benefit Other Postretirement Benefit Plan
Pension Plan and Retirement Benefits
Service cost	456	274	912	548
Interest cost	559	573	1,118	1,146
Amortizations	(60)		(120)
Net periodic benefit cost	955	$ 847	1,910	$ 1,694
Contribution to plan			1,362
Expected future employer contribution	$ 2,097		$ 2,097

Legal, Environmental and Othe_3

Legal, Environmental and Other Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Environmental post-closure monitoring and maintenance activities	$ 566	$ 566
Maturities of long-term obligations (discounted)
Long-term obligations (less current portion)	496	$ 566
Long Term Obligations
Maturities of long-term obligations (discounted)
2023	68
2024	89
2025	67
2026	68
2027 and thereafter	204
Long-term obligations (less current portion)	$ 496

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Arrangement $ in Thousands, lb in Millions	Nov. 17, 2006USD ($)	Mar. 31, 2022USD ($)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	6 Months Ended
	Mar. 31, 2022USD ($)
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		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
Intangible Assets
Amortization of customer relationships, patents, non-competes and other intangibles	$ 118	$ 115	$ 322	$ 231
Total intangible assets, Gross Amount	6,897		6,897		$ 6,897
Finite-lived intangible assets, Accumulated Amortization	(1,633)		(1,633)		(1,311)
Carrying Amount	5,264		5,264		5,586
Customer relationships
Intangible Assets
Finite-Lived Intangible Assets, Gross	2,100		2,100		2,100
Finite-lived intangible assets, Accumulated Amortization	(1,062)		(1,062)		(995)
Finite-lived intangible assets, Carrying Amount	1,038		1,038		1,105
Other Intangible Assets
Intangible Assets
Finite-Lived Intangible Assets, Gross	997		997		997
Finite-lived intangible assets, Accumulated Amortization	(571)		(571)		(316)
Finite-lived intangible assets, Carrying Amount	426		426		681
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	Mar. 31, 2022USD ($)
Estimate of Aggregate Amortization Expense:
2022	$ 459
2023	162
2024	126
2025	123
2026	120
Thereafter	$ 474

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Numerator: Basic and Diluted
Net income (loss) - Basic	$ 8,484	$ (3,632)	$ 13,143	$ (11,659)
Net income (loss) - Diluted	8,484	(3,632)	13,143	(11,659)
Dividends paid and accrued	(2,730)	(2,781)	(5,539)	(5,563)
Undistributed income (loss) - Basic	5,754	(6,413)	7,604	(17,222)
Undistributed income (loss) - Diluted	$ 5,754	$ (6,413)	$ 7,604	$ (17,222)
Percentage allocated to common shares	99.00%	100.00%	99.00%	100.00%
Undistributed income (loss) allocated to common shares - Basic	$ 5,697	$ (6,413)	$ 7,525	$ (17,222)
Undistributed income (loss) allocated to common shares - Diluted	5,697	(6,413)	7,525	(17,222)
Dividends paid on common shares outstanding	2,703	2,743	5,482	5,486
Net income (loss) available to common shares - Basic	8,400	(3,670)	13,007	(11,736)
Net income (loss) available to common shares - Diluted	$ 8,400	$ (3,670)	$ 13,007	$ (11,736)
Denominator: Basic and Diluted
Weighted average shares outstanding - Basic (in shares)	12,330,567	12,514,208	12,349,904	12,503,479
Adjustment for dilutive potential common shares (in shares)	143,616		180,938
Weighted average shares outstanding - Diluted (in shares)	12,474,183	12,514,208	12,530,842	12,503,479
Basic net income (loss) per share (in dollars per share)	$ 0.68	$ (0.29)	$ 1.05	$ (0.94)
Diluted net income (loss) per share (in dollars per share)	$ 0.67	$ (0.29)	$ 1.04	$ (0.94)

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Employee and Directors Stock Options
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	306,752	358,346	271,806	358,346
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	56,296	173,569	58,818	173,669
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	3,507	28,833	3,646	32,225
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	51,326	46,231	72,059	55,349

Net Income (Loss) Per Share - W

Net Income (Loss) Per Share - Weighted Average Common Shares (Details) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Percentage allocated to common shares - weighted average
Weighted average shares outstanding - Basic (in shares)	12,330,567	12,514,208	12,349,904	12,503,479
Unvested participating shares	122,836		129,161
Total	12,453,403	12,514,208	12,479,065	12,503,479

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan and Performance Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock | 2009 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)			142,269
Granted (in shares)			31,704
Forfeited / Canceled (in shares)			(6,522)
Vested and deferred (in shares)			(44,615)
Unvested and deferred at end of the period (in shares)	122,836		122,836
Expected to vest (in shares)	122,836		122,836
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)			$ 26.78
Granted (in dollars per share)			44.07
Forfeited / Canceled (in dollars per share)			28.79
Vested and deferred (in dollars per share)			29.88
Unvested and deferred at end of the period (in dollars per share)	$ 30.01		30.01
Expected to vest (in dollars per share)	$ 30.01		$ 30.01
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)			44,615
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 29.88
Restricted stock plan activity, other disclosures
Compensation expense	$ 352	$ 524	$ 744	$ 1,019
Remaining unrecognized compensation expense	$ 1,949		$ 1,949
Weighted average period for recognition			1 year 3 months 18 days
Restricted Stock | 2009 Restricted Stock Plan | Employee
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)			13,798
Average purchase price (in dollars per share)	$ 42.52		$ 42.52
Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, other disclosures
Compensation expense			$ 84	104
Deferred Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, number of shares
Vested and deferred (in shares)			(20,500)
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 29.23
Deferred Restricted Stock plan activity, number of shares
Outstanding at beginning of period (in shares)			7,398
Granted (in shares)			3,801
Vested and deferred (in shares)			(7,398)
Outstanding at end of period (in shares)	3,801		3,801
Vested (in shares)			20,500
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Outstanding at beginning of period (in dollars per share)			$ 22.64
Granted (in dollars per share)			44.07
Vested and deferred (in dollars per share)			22.64
Outstanding at end of period (in dollars per share)	$ 44.07		44.07
Vested and deferred (in dollars per share)			$ 29.23
Restricted stock plan activity, other disclosures
Compensation expense	$ 42	42
Remaining unrecognized compensation expense	$ 112		$ 112
Weighted average period for recognition			8 months 1 day
Repurchase of stock from employees (in shares)			1,151
Average purchase price (in dollars per share)	$ 41.78		$ 41.78
Performance Shares | Certain Employees
Stock-Based Compensation
Remaining unrecognized compensation expense	$ 1,811		$ 1,811
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)			87,193
Granted (in shares)			21,520
Forfeited / Canceled (in shares)			(8,172)
Vested and deferred (in shares)			(24,121)
Unvested and deferred at end of the period (in shares)	76,420		76,420
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)			$ 37.24
Granted (in dollars per share)			61.04
Forfeited / Canceled (in dollars per share)			42.97
Vested and deferred (in dollars per share)			43.42
Unvested and deferred at end of the period (in dollars per share)	$ 41.37		$ 41.37
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)			24,121
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)			$ 43.42
Restricted stock plan activity, other disclosures
Compensation expense	$ 224	$ 287	$ 453	$ 509
Weighted average period for recognition			1 year 7 months 2 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plans (Details) - Employee and Directors Stock Options - USD ($) $ / shares in Units, $ in Thousands	Nov. 23, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Fair value assumptions
Fair Value (in dollars per share)	$ 15.02
Dividend Yield (as a percent)	2.00%
Risk-Free Interest Rate (as a percent)	1.22%
Expected Volatility (as a percent)	45.00%
Expected Life	5 years
Stock-based employee compensation expense		$ 245	$ 301	$ 537	$ 581
Remaining unrecognized compensation expense		$ 1,117		$ 1,117
Weighted average period for recognition				1 year
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)				702,576
Granted (in shares)				42,080
Exercised (in shares)				(6,533)
Canceled (in shares)				(22,478)
Outstanding at end of the period (in shares)		715,645		715,645
Vested or expected to vest (in shares)		650,351		650,351
Exercisable at end of period (in shares)		503,300		503,300
Outstanding at end of period, Aggregate Intrinsic Value		$ 6,035		$ 6,035
Vested or expected to vest, Aggregate Intrinsic Value		5,482		5,482
Exercisable at end of the period, Aggregate Intrinsic Value		$ 3,554		$ 3,554
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share)				$ 34.68
Granted (in dollars per share)				44.07
Exercised (in dollars per share)				34.27
Canceled (in dollars per share)				42.32
Outstanding at end of period (in dollars per share)		$ 35		35
Vested or expected to vest (in dollars per share)		34.99		34.99
Exercisable at end of the period (in dollars per share)		$ 36.60		$ 36.60
Outstanding at end of the period, Weighted Average Remaining Contractual Life				6 years 6 months 29 days
Vested or expected to vest, Weighted Average Remaining Contractual Life				4 years 3 months 21 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life				5 years 9 months 25 days

Dividend (Details)

Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 28, 2022	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Common stock dividend
Dividend declared (in dollars per share)	$ 0.22	$ 0.22		$ 0.22	$ 0.44	$ 0.44
Dividend paid (in dollars per share)		$ 0.22	$ 0.22	$ 0.22	$ 0.44	$ 0.44
Dividends paid		$ 2,776	$ 2,811		$ 5,587	$ 5,604

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Accumulated other comprehensive income (loss)
Balance	$ 340,209	$ 297,891	$ 343,321	$ 301,501
Other comprehensive income (loss)	(1,430)	1,259	(861)	7,637
Balance	345,310	293,891	345,310	293,891
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	(11,772)	(68,223)	(12,341)	(74,601)
Other comprehensive income (loss) before reclassifications	(1,429)	(268)	(860)	4,582
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	(2)	(464)	(1)	(927)
Other comprehensive income (loss)	(1,430)	1,259	(861)	7,637
Balance	(13,202)	(66,964)	(13,202)	(66,964)
Accumulated Other Comprehensive Income (Loss) | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Balance	(14,745)	(63,865)	(14,791)	(65,393)
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	(16)	(464)	(29)	(927)
Other comprehensive income (loss)	45	1,527	91	3,055
Balance	(14,700)	(62,338)	(14,700)	(62,338)
Accumulated Other Comprehensive Income (Loss) | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Balance	8,971	613	9,017	613
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	14		28
Other comprehensive income (loss)	(46)		(92)
Balance	8,925	613	8,925	613
Amortization of Pension and Postretirement Plan items
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	52	52	103	103
Amortization of Pension and Postretirement Plan items | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	52	52	103	103
Actuarial losses
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(51)	1,939	(103)	3,879
Actuarial losses | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	9	1,939	17	3,879
Actuarial losses | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(60)		(120)
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(5,998)	(4,971)	(6,567)	(9,821)
Other comprehensive income (loss) before reclassifications	(1,429)	(268)	(860)	4,582
Other comprehensive income (loss)	(1,429)	(268)	(860)	4,582
Balance	$ (7,427)	$ (5,239)	$ (7,427)	$ (5,239)

Long-term Obligations (Details)

Long-term Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Sep. 30, 2021
Long-term obligations (less current portion)
Finance lease obligations	$ 7,502	$ 7,613
Environmental post-closure monitoring and maintenance activities	566	566
Long-term disability	220	231
Deferred dividends	161	210
Less amounts due within one year	(338)	(319)
Long-term obligations (less current portion)	$ 8,111	$ 8,301

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		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (609)	$ (197)	$ (1,169)	$ (369)
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	510	(89)	290	(542)
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (1,119)	$ (108)	$ (1,459)	$ 173