Haynes International (HAYN) 10-K 17 Nov 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2022	Nov. 14, 2022	Mar. 31, 2022
Cover Abstract
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 373,488,556
Entity Common Stock, Shares Outstanding		12,521,087
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Indianapolis, IN

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 8,440	$ 47,726
Accounts receivable, less allowance for credit losses of $553 and $428 at September 30, 2021 and September 30, 2022, respectively	94,912	57,964
Inventories	357,556	248,495
Income taxes receivable		1,292
Other current assets	3,514	6,129
Total current assets	464,422	361,606
Property, plant and equipment, net	142,772	147,248
Deferred income taxes	5,680	16,397
Other assets	9,723	10,829
Goodwill	4,789	4,789
Other intangible assets, net	4,909	5,586
Total assets	632,295	546,455
Current liabilities:
Accounts payable	54,886	47,680
Accrued expenses	19,294	20,100
Income taxes payable	828	379
Accrued pension and postretirement benefits	3,371	3,554
Deferred revenue-current portion	2,500	2,500
Total current liabilities	80,879	74,213
Revolving credit facilities - Long-term	74,721
Long-term obligations (less current portion)	7,848	8,301
Deferred revenue (less current portion)	7,829	10,329
Deferred income taxes	3,103	3,459
Operating lease liabilities	576	664
Accrued pension benefits (less current portion)	21,090	26,663
Accrued postretirement benefits (less current portion)	60,761	79,505
Total liabilities	256,807	203,134
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,757,778 and 12,854,773 shares issued and 12,562,140 and 12,479,741 shares outstanding at September 30, 2021 and September 30, 2022, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	266,193	262,057
Accumulated earnings	135,040	101,015
Treasury stock, 195,638 shares at September 30, 2021 and 375,032 shares at September 30, 2022	(14,666)	(7,423)
Accumulated other comprehensive loss	(11,092)	(12,341)
Total stockholders' equity	375,488	343,321
Total liabilities and stockholders' equity	$ 632,295	$ 546,455

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 428	$ 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)	12,854,773	12,757,778
Common stock, shares outstanding (in shares)	12,479,741	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)	375,032	195,638

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 490,461	$ 337,661	$ 380,530
Cost of sales	384,128	297,931	335,898
Gross profit	106,333	39,730	44,632
Selling, general and administrative expense	47,089	43,470	40,307
Research and technical expense	3,822	3,403	3,713
Operating income (loss)	55,422	(7,143)	612
Nonoperating retirement benefit expense (income)	(4,655)	1,470	6,822
Interest income	(18)	(16)	(44)
Interest expense	2,481	1,186	1,332
Income (loss) before income taxes	57,614	(9,783)	(7,498)
Provision for (benefit from) income taxes	12,527	(1,100)	(1,020)
Net income (loss)	$ 45,087	$ (8,683)	$ (6,478)
Net income (loss) per share:
Basic (dollars per share)	$ 3.62	$ (0.71)	$ (0.53)
Diluted (dollars per share)	$ 3.57	$ (0.71)	$ (0.53)
Weighted Average Common Shares Outstanding
Basic (in shares)	12,346,025	12,499,609	12,470,664
Diluted (in shares)	12,505,500	12,499,609	12,470,664
Dividends declared per common share (dollars per share)	$ 0.88	$ 0.88	$ 0.88

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$ 45,087	$ (8,683)	$ (6,478)
Other comprehensive income (loss), net of tax:
Pension and postretirement	13,066	59,006	15,630
Foreign currency translation adjustment	(11,817)	3,254	3,690
Other comprehensive income	1,249	62,260	19,320
Comprehensive income	$ 46,336	$ 53,577	$ 12,842

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Adjusted Balance Accumulated Earnings	Adjusted Balance Accumulated 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)					(6,478)			(6,478)
Dividends paid and accrued ($0.88 and $0.88 and $0.88 per share for the year ended September 30, 2020 and 2021 and 2022, respectively)					(11,158)			(11,158)
Other comprehensive income (loss)							19,320	19,320
Exercise of stock options				422				422
Exercise of stock options (in shares)			12,400
Issue restricted stock (less forfeitures) (in shares)			101,911
Purchase of treasury stock						(198)		(198)
Purchase of treasury stock (in shares)			(5,440)
Stock compensation				3,318				3,318
Balance at Sep. 30, 2020			$ 13	257,583	120,943	(2,437)	(74,601)	301,501
Balance (in shares) at Sep. 30, 2020			12,622,371
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(8,683)			(8,683)
Dividends paid and accrued ($0.88 and $0.88 and $0.88 per share for the year ended September 30, 2020 and 2021 and 2022, respectively)					(11,245)			(11,245)
Other comprehensive income (loss)							62,260	62,260
Issue restricted stock (less forfeitures) (in shares)			76,498
Purchase of treasury stock						(4,986)		(4,986)
Purchase of treasury stock (in shares)			(136,729)
Stock compensation				4,474				4,474
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)					45,087			45,087
Dividends paid and accrued ($0.88 and $0.88 and $0.88 per share for the year ended September 30, 2020 and 2021 and 2022, respectively)					(11,062)			(11,062)
Other comprehensive income (loss)							1,249	1,249
Exercise of stock options				537				537
Exercise of stock options (in shares)			14,558
Issue restricted stock (less forfeitures) (in shares)			82,437
Purchase of treasury stock						(7,243)		(7,243)
Purchase of treasury stock (in shares)			(179,394)
Stock compensation				3,599				3,599
Balance at Sep. 30, 2022			$ 13	$ 266,193	$ 135,040	$ (14,666)	$ (11,092)	$ 375,488
Balance (in shares) at Sep. 30, 2022			12,479,741

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividend paid (in dollars per share)	$ 0.88	$ 0.88	$ 0.88

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 45,087	$ (8,683)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	18,289	19,100
Amortization	780	467	$ 228
Pension and post-retirement expense - U.S. and U.K.	1,898	8,100
Change in long-term obligations	(136)	9
Stock compensation expense	3,599	4,474
Deferred revenue	(2,500)	(2,500)
Deferred income taxes	6,442	(2,436)
Loss on disposition of property	18	173
Change in assets and liabilities:
Accounts receivable	(42,710)	(6,159)
Inventories	(116,780)	(777)
Other assets	3,464	(4,926)
Accounts payable and accrued expenses	10,696	33,869
Income taxes	1,780	2,859
Accrued pension and postretirement benefits	(9,408)	(20,305)
Net cash provided by (used in) operating activities	(79,481)	23,265
Cash flows from investing activities:
Additions to property, plant and equipment	(15,114)	(5,949)
Net cash used in investing activities	(15,114)	(5,949)
Cash flows from financing activities:
Revolving credit facility borrowings	115,528
Revolving credit facility repayments	(40,807)
Dividends paid	(11,072)	(11,175)	(11,058)
Proceeds from exercise of stock options	537
Payment for purchase of treasury stock	(7,243)	(4,986)
Payment for debt issuance cost	(103)	(997)
Payments on long-term obligations	(278)	(285)
Net cash provided by (used in) financing activities	56,562	(17,443)
Effect of exchange rates on cash	(1,253)	615
Increase (decrease) in cash and cash equivalents:	(39,286)	488
Cash and cash equivalents:
Beginning of period	47,726	47,726	47,238
End of period	8,440	47,726	$ 47,726
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	1,206	855
Income taxes paid (refunded), net	3,671	(1,580)
Capital expenditures incurred but not yet paid	242	666
Dividends declared but not yet paid	$ 199	$ 210

Background and Organization

Background and Organization	12 Months Ended
	Sep. 30, 2022
Background and Organization
Background and Organization	Note 1. Background and Organization Description of Business Haynes International, Inc. and its subsidiaries (the “Company”, “Haynes”, “we”, “our” or “us”) develops, manufactures, markets and distributes technologically advanced, high-performance alloys primarily for use in the aerospace, industrial gas turbine and chemical processing industries. The Company’s products are high-temperature resistant alloys (“HTA”) and corrosion-resistant alloys (“CRA”). The Company’s HTA products are used by manufacturers of equipment that is subjected to extremely high temperatures, such as jet engines for the aerospace industry, gas turbine engines for power generation, waste incineration and industrial heating equipment. The Company’s CRA products are used in applications that require resistance to extreme corrosion, such as chemical processing, power plant emissions control and hazardous waste treatment. The Company produces its high-performance alloys primarily in sheet, coil and plate forms. In addition, the Company produces its products as seamless and welded tubulars, and in slab, bar, billets and wire forms. High-performance alloys are characterized by highly engineered, often proprietary, metallurgical formulations primarily of nickel, cobalt and other metals with complex physical properties. The complexity of the manufacturing process for high-performance alloys is reflected in the Company’s relatively high average selling price per pound, compared to the average selling price of other metals, such as carbon steel sheet, stainless steel sheet and aluminum. The high-performance alloy industry has significant barriers to entry such as the combination of (i) demanding end-user specifications, (ii) a multi-stage manufacturing process and (iii) the technical sales, marketing and manufacturing expertise required to develop and sell new applications. ​ COVID-19 Pandemic ​ COVID-19 related disruptions ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies A. Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with service centers in LaPorte, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Singapore; Milan, Italy; and Tokyo, Japan. B. Cash and Cash Equivalents The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments. C. Accounts Receivable The Company maintains allowances for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon evaluation of each customer’s ability to perform its obligation, which is updated periodically. D. Revenue Recognition The Company recognizes revenue when performance obligations under the terms of customer contracts are satisfied which occurs when control of the goods has been transferred to the customer and services have been performed. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation (TIMET) as a result of a twenty-year agreement entered into on November 17, 2006 to provide conversion services to TIMET. See Note 15, Deferred Revenue for a description of accounting treatment relating to this up-front fee. E. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first-in, first-out (FIFO) method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions. F. Goodwill and Other Intangible Assets The Company has goodwill, trademarks, customer relationships and other intangibles as of September 30, 2022. As the customer relationships have a definite life, they are amortized over fifteen years. The Company reviews customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and August 31 for trademarks (the annual impairment testing dates), or more frequently if impairment indicators exist. If the carrying value of the trademarks exceeds the fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment was recognized in the years ended September 30, 2020, 2021 or 2022 because the fair value exceeded the carrying values. During fiscal 2020, 2021 and 2022, there were no changes in the carrying amount of goodwill. Amortization of the customer relationships and other intangibles was $228, $467 and $780 for the years ended September 30, 2020, 2021 and 2022, respectively. The following represents a summary of intangible assets at September 30, 2021 and 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 September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2023 $ 216 ​ 2024 176 ​ 2025 123 ​ 2026 120 ​ 2027 116 ​ Thereafter 358 ​ ​ G. Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives, which are generally as follows: ​ ​ ​ ​ ​ ​ ​ Buildings and improvements ​ ​ ​ 40 years Machinery and equipment 5 — 14 years Land improvements ​ ​ 20 years ​ Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when the balance on the revolver is zero. The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows for the identified asset group. Recoverability the asset group is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group 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 group. No impairment was recognized during the years ended September 30, 2020, 2021 or 2022. H. Environmental Remediation When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. Amounts accrued for post-closure monitoring are presented in Note 18, Long-term Obligations. I. Pension and Postretirement Benefits The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for employees in the plan. Effective January 1, 2007, a plan amendment of the postretirement medical plan caps the Company’s liability related to retiree health care costs at $5,000 annually. Effective October 1, 2009, the U.S. postretirement plan was closed for all non-union employees. J. Foreign Currency Exchange The Company’s foreign operating entities’ financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in selling, general and administrative expense. The Company has entered into foreign currency forward contracts (See Note 20, Foreign Currency Forward Contracts) with the purpose to reduce income statement volatility resulting from transaction gains and losses. K. Research and Technical Costs Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the fiscal years ended September 30, 2020, 2021 and 2022 were $3,713, $3,403 and $3,822, respectively. L. Income Taxes The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority (See Note 7, Income Taxes). M. Stock-based Compensation As described in Note 12, the Company has incentive compensation plans that provide for the issuance of restricted stock, restricted stock units, performance shares, stock options and stock appreciation rights to key employees and non-employee directors. To date, the Company has only issued restricted stock, performance shares and stock options. The stock-based compensation grants typically have a vesting period before the employee can take receipt of the stock or becomes eligible to exercises stock options. Employees earn and receive dividends from the restricted stock during this vesting period and accumulated dividends related to performance shares are paid to the employees at the time that the shares are received by the employee after the end of the vesting period. The Company recognizes compensation expense under the fair-value based method as a component of operating expenses. N. Financial Instruments and Concentrations of Risk The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company’s operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2021 and 2022, the Company had no foreign currency exchange contracts outstanding. To date, all foreign currency contracts have been settled prior to the end of the month in which they were initiated. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2022, and periodically throughout the year, the Company has maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. During 2020, 2021 and 2022, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses amounted to $139, $74 and $171 in fiscal 2020, 2021 and 2022, respectively. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas. O. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to credit losses, inventories, income taxes, asset impairment, incremental borrowing rates, retirement benefits and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions. P. Earnings Per Share The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended September 30, (in thousands, except share and per share data) 2020 2021 2022 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (6,478) ​ $ (8,683) ​ $ 45,087 ​ Dividends ​ (11,158) ​ (11,245) ​ (11,062) ​ Undistributed income (loss) ​ (17,636) ​ (19,928) ​ 34,025 ​ Percentage allocated to common shares (a) ​ 100.0 % 100.0 % 99.0 % Undistributed income (loss) allocated to common shares ​ ​ (17,636) ​ ​ (19,928) ​ ​ 33,699 ​ Dividends paid on common shares outstanding ​ 11,071 ​ 11,098 ​ 10,955 ​ Net income (loss) available to common shares ​ ​ (6,565) ​ ​ (8,830) ​ ​ 44,654 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,470,664 ​ 12,499,609 ​ 12,346,025 ​ Adjustment for dilutive potential common shares ​ — ​ — ​ 159,475 ​ Weighted average shares outstanding - Diluted ​ 12,470,664 ​ 12,499,609 ​ 12,505,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ (0.53) ​ $ (0.71) ​ $ 3.62 ​ Diluted net income (loss) per share ​ $ (0.53) ​ $ (0.71) ​ $ 3.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 285,699 ​ 385,548 ​ 261,228 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 96,999 ​ 165,794 ​ 50,415 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 34,498 ​ 30,529 ​ 2,791 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 47,195 ​ 76,266 ​ 46,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,470,664 ​ 12,499,609 ​ 12,346,025 ​ Unvested participating shares ​ — ​ — ​ 119,549 ​ ​ ​ 12,470,664 ​ 12,499,609 ​ 12,465,574 ​ ​ Q. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848).

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Sep. 30, 2022
Revenues from Contracts with Customers
Revenues from Contracts with Customers	Note 3. Revenues from Contracts with Customers The Company applies a five-step analysis to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company’s revenue from contracts with customers is generated primarily from providing high-performance alloys, manufactured to the specifications of its customers, along with conversion services to certain customers. Performance Obligations Revenue is recognized when performance obligations under the terms of contracts with the customer are satisfied, which occurs when control of the goods and services has been transferred to the customer. This predominately occurs upon shipment or delivery of the product or when the service is performed. The Company may occasionally have customer agreements involving production and shipment of goods that would require revenue to be recognized over time due to there being no alternative use for the product without significant economic loss and an enforceable right to payment including a normal profit margin from the customer in the event of contract termination. As of September 30, 2021 and September 30, 2022, the Company did not have any customer agreements that would require revenue to be recorded over time. Each customer purchase order or contract for goods transferred represents a single performance obligation for which revenue is recognized at either a point in time or over-time as described in the preceding paragraph. The standard terms and conditions of a customer purchase order include limited warranties and the right of customers to have products that do not meet specifications repaired or replaced, at the Company’s option. Such warranties do not represent a separate performance obligation. The customer agreement with Titanium Metals Corporation (“TIMET”) (See Note 15) includes the performance obligation to provide conversion services for up to ten million pounds of titanium metal annually over a twenty-year period which ends in fiscal 2027. The transaction price under this contract included a $50,000 up-front fee as well as conversion service fees based upon the fulfillment of conversion services requested at the option of TIMET. The $50,000 fee is allocated to the obligation to provide manufacturing capacity over time and, therefore, is recognized in income on a straight-line basis over the 20-year Transaction Price Each customer purchase order or contract sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements may include variable consideration, such as volume rebates, which generally depend upon the Company’s customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company exercises judgment to estimate the most likely amount of variable consideration at each reporting date. Revenue is measured as the amount of consideration expected to be received in exchange for the transfer of goods or services to customers. Revenue is derived from product sales or conversion services, and is reported net of sales discounts, rebates, incentives, returns and other allowances offered to customers, if applicable. Payment terms vary from customer to customer depending upon credit worthiness, prior payment history and other credit considerations. Amounts billed to customers for shipping and handling activities to fulfill the Company’s promise to transfer of the goods are included in revenues and costs incurred by the Company for the delivery of goods and are classified as cost of sales in the consolidated statements of operations. Shipping terms may vary for products shipped outside the United States depending on the mode of transportation, the country where the material is shipped and any agreements made with the customers. Contract Balances As of September 30, 2021 and September 30, 2022, accounts receivable with customers were $58,517 and $95,340, respectively. Allowance for credit losses as of September 30, 2021 and September 30, 2022 were $553 and $428, respectively, and are presented within accounts receivable, less allowance for credit losses 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 September 30, 2022, no contract liabilities have been recorded except for $12,829 and $10,329, respectively, for the TIMET agreement and $1,060 and $700 for accrued product returns, respectively. Practical Expedients The Company has elected to use the practical expedient that permits the omission of disclosure for remaining performance obligations which are expected to be satisfied within one year or less. Aside from the TIMET agreement, the Company does not have any remaining performance obligations in excess of one year or contracts that it does not have the right to invoice as of September 30, 2022. The Company does not adjust for the time value of money as the majority of its contracts have an original expected duration of one year or less; contracts that are greater than one year are related to net revenues that are constrained until the subsequent sales occur. Disaggregation of Revenue Revenue is disaggregated by end-use markets. The following table includes a breakdown of net revenues to the markets served by the Company for the fiscal years ended September 30, 2020, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ September 30, ​ 2020 2021 2022 Net revenues (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 191,980 ​ $ 128,072 ​ $ 230,001 Chemical processing ​ 63,170 ​ 63,147 ​ 91,665 Industrial gas turbine ​ 56,576 ​ 66,772 ​ 91,878 Other markets ​ 45,099 ​ 58,090 ​ 53,706 Total product revenue ​ 356,825 ​ 316,081 ​ 467,250 Other revenue ​ 23,705 ​ 21,580 ​ 23,211 Net revenues ​ $ 380,530 ​ $ 337,661 ​ $ 490,461 ​ See Note 13 for revenue disaggregated by geography and product group.

Inventories

Inventories	12 Months Ended
	Sep. 30, 2022
Inventories
Inventories	Note 4. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first-in, first-out (“FIFO”) method. The following is a summary of the major classes of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 2022 Raw Materials ​ $ 22,711 ​ $ 31,887 ​ ​ Work-in-process ​ 138,609 ​ 226,572 ​ ​ Finished Goods ​ 85,797 ​ 97,657 ​ ​ Other ​ 1,378 ​ 1,440 ​ ​ ​ ​ $ 248,495 ​ $ 357,556 ​ ​ ​

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment
Property, Plant and Equipment	Note 5. Property, Plant and Equipment The following is a summary of the major classes of property, plant and equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2022 Land and land improvements ​ $ 10,266 ​ $ 10,158 ​ Buildings and improvements ​ 46,241 ​ 45,872 ​ Machinery and equipment ​ 306,161 ​ 313,841 ​ Construction in process ​ 3,344 ​ 8,756 ​ ​ ​ 366,012 ​ 378,627 ​ Less accumulated depreciation ​ (218,764) ​ (235,855) ​ ​ ​ $ 147,248 ​ $ 142,772 ​ ​ As of September 30, 2021 and 2022, the Company had $145 and $132, respectively, of assets under a finance lease for equipment related to the service center operation in Shanghai, China. Additionally, the Company had $6,073 and $5,643 of assets under finance leases for two buildings at the LaPorte, Indiana service center as of September 30, 2021 and 2022, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Sep. 30, 2022
Accrued Expenses
Accrued Expenses	Note 6. Accrued Expenses The following is a summary of the major classes of accrued expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2022 Employee compensation ​ $ 9,424 ​ $ 7,734 ​ Taxes, other than income taxes ​ 2,798 ​ 2,897 ​ Accrued product returns ​ ​ 1,060 ​ ​ 700 ​ Utilities ​ ​ 1,000 ​ ​ 1,383 ​ Professional fees ​ ​ 836 ​ ​ 966 ​ Finance lease obligation, current ​ ​ 228 ​ ​ 265 ​ Management incentive compensation ​ ​ 3,411 ​ ​ 3,609 ​ Other ​ 1,343 ​ 1,740 ​ ​ ​ $ 20,100 ​ $ 19,294 ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2022
Income Taxes
Income Taxes	Note 7. Income Taxes The components of income (loss) before provision for income taxes and the provision for income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2020 2021 2022 Income (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ (9,831) ​ $ (11,417) ​ $ 38,864 Foreign ​ 2,333 ​ 1,634 ​ 18,750 Total ​ $ (7,498) ​ $ (9,783) ​ $ 57,614 Provision for (benefit from) income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ (371) ​ $ 741 ​ $ 2,031 Foreign ​ 541 ​ 349 ​ 3,302 State ​ 29 ​ 228 ​ 639 Total ​ 199 ​ 1,318 ​ 5,972 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ (2,266) ​ (2,986) ​ 5,931 Foreign ​ 56 ​ 470 ​ 120 State ​ (810) ​ (317) ​ (300) Valuation allowance ​ 1,801 ​ 415 ​ 804 Total ​ (1,219) ​ (2,418) ​ 6,555 Total provision for (benefit from) income taxes ​ $ (1,020) ​ $ (1,100) ​ $ 12,527 ​ The provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2020 2021 2022 Statutory federal tax rate ​ 21.00 % ​ 21.00 % ​ 21.00 % Tax provision for income taxes at the statutory rate ​ $ (1,575) ​ $ (2,054) ​ $ 12,099 ​ Foreign tax rate differentials ​ 107 ​ (59) ​ (307) ​ Provision for state taxes, net of federal taxes ​ (145) ​ (84) ​ 974 ​ U.S. tax on distributed and undistributed earnings of foreign subsidiaries ​ (289) ​ 198 ​ 984 ​ Foreign derived intangible income deduction ​ ​ — ​ — ​ (966) ​ Tax credits ​ (1,058) ​ (691) ​ (702) ​ Federal and state tax rate change impact on deferred tax asset ​ (60) ​ 790 ​ (206) ​ Change in valuation allowance ​ 1,801 ​ 415 ​ 804 ​ Stock compensation ​ ​ 24 ​ ​ 138 ​ ​ 191 ​ Other, net ​ 175 ​ 247 ​ (344) ​ Provision for (benefit from) income taxes at effective tax rate ​ $ (1,020) ​ $ (1,100) ​ $ 12,527 ​ Effective tax rate ​ 13.6 % 11.2 % 21.7 % ​ During fiscal 2020, the Company’s effective tax rate was lower than the federal statutory rate primarily due to an increased valuation allowance on tax credits that are not expected to be able to be utilized before they expire. During fiscal 2021, the Company’s effective tax rate was lower than the federal statutory rate primarily due to an increase in the UK tax rate and decreases in the state tax rates and apportionment, both of which resulted in a decrease in net deferred tax assets. During fiscal 2022, the Company’s effective tax rate was higher than the federal statutory rate primarily due to a provision for state taxes, net of federal taxes and an increased valuation allowance on tax credits that are not expected to be able to be utilized before they expire. Deferred tax assets (liabilities) are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2022 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits ​ $ 22,318 ​ $ 16,802 ​ TIMET Agreement ​ 2,976 ​ 2,396 ​ Inventories ​ 1,498 ​ 3,225 ​ Accrued compensation and benefits ​ 2,034 ​ 2,096 ​ Accrued expenses and other ​ 3,376 ​ 2,600 ​ Tax attributes ​ 11,638 ​ 5,625 ​ Other assets ​ ​ 299 ​ 250 ​ Valuation allowance ​ ​ (3,891) ​ ​ (4,695) ​ Total deferred tax assets ​ $ 40,248 ​ $ 28,299 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ $ (25,669) ​ $ (24,081) ​ Intangible and other ​ (1,296) ​ (1,414) ​ Other liabilities ​ ​ (345) ​ (227) ​ Total deferred tax liabilities ​ $ (27,310) ​ $ (25,722) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets (liabilities) ​ $ 12,938 ​ $ 2,577 ​ ​ As of September 30, 2022, the Company had state tax net operating loss carryforwards of $14,557, tax credits of $5,193 and foreign net operating loss carryforwards of $2,392. Certain state tax attributes and other tax credit attributes begin to expire in 2026 and 2024, respectively, and the foreign tax attributes begin to expire in 2025. The Company has recorded a valuation allowance against the foreign net operating loss carryforwards of $598 and federal and state tax credits of $4,097 because management does not believe that it is more likely than not that the amounts will be realized. Undistributed earnings of certain of the Company’s foreign subsidiaries amounted to approximately $66,094 at September 30, 2022. The Company considers most of those earnings reinvested indefinitely and, accordingly, aside from the one-time transition tax associated with the Tax Cuts and Jobs Act, no additional provision for U.S. income taxes has been provided. We note that with our foreign subsidiary in the United Kingdom, Haynes International Ltd, as of September 30, 2022, we consider this subsidiary to be indefinitely reinvested except to the extent there is previously tax earnings and profit (PTEP), in that case, we might decide to repatriate cash via a dividend to the U.S. If such funds were to be repatriated, there could be minor currency gain/loss that would be subject to tax and any distribution could also be subject to applicable non-U.S. income and withholding taxes. As of September 30, 2022, the Company is open to examination in the U.S. for the 2017 through 2021 tax years and in various foreign jurisdictions from 2017 through 2022. The Company is also open to examination in various states in the U.S., none of which were individually material. As of September 30, 2021 and 2022, the Company had no uncertain tax positions.

Debt

Debt	12 Months Ended
	Sep. 30, 2022
Debt
Debt	Note 8. Debt U.S. revolving credit facility On October 19, 2020, the Company and JPMorgan Chase Bank, N.A. entered into a Credit Agreement (the “Credit Agreement”) and related Pledge and Security Agreement with certain other lenders (the “Security Agreement”, and, together with the Credit Agreement, the “Credit Documents”). The Credit Documents, which had a three-year term expiring in October 2023, replaced the Third Amended and Restated Loan and Security Agreement and related agreements, dated as of July 14, 2011, as amended, previously entered into between the Company and Wells Fargo Capital Finance, LLC with certain other lenders. On August 30, 2022, the Company amended the Credit Agreement to extend the maturity of the agreement from October 19, 2023 to April 19, 2024 and switched from a LIBOR-based interest rate calculation to a SOFR-based interest rate calculation. On October 7, 2022, the Company again amended the Credit Agreement to implement an accordion feature that increased the maximum borrowing amount from $100.0 million to $160.0 million, subject to a borrowing base and certain reserves. The Company must pay monthly, in arrears, a commitment fee of 0.425% per annum on the unused amount of the U.S. revolving credit facility total commitment. For letters of credit, the Company must pay a fronting fee of 0.125% per annum as well as customary fees for issuance, amendments and processing. The Company is subject to certain covenants as to fixed charge coverage ratios and other customary covenants, including covenants restricting the incurrence of indebtedness, the granting of liens and the sale of assets. The covenant pertaining to fixed charge coverage ratios is only effective in the event the amount of excess availability under the revolver is less than the greater of (i) 12.5% of the maximum credit revolving loan amount and (ii) $12.5 million. The Company is permitted to pay dividends and repurchase common stock if certain financial metrics are met. The Company may pay quarterly cash dividends up to $3.5 million per fiscal quarter so long as the Company is not in default under the Credit Documents. Borrowings under the Credit Agreement are collateralized by a pledge of substantially all of the U.S. assets of the Company, including the equity interests in its U.S. subsidiaries, but excluding the four-high Steckel rolling mill and related assets, which are pledged to Titanium Metals Corporation (“TIMET”) to secure the performance of the Company’s obligations under a Conversion Services Agreement with TIMET (see discussion of TIMET at Note 15). Borrowings under the Credit Agreement are also secured by a pledge of a 100% equity interest in each of the Company’s direct foreign subsidiaries. ​ The Company’s U.K. subsidiary (Haynes International Ltd.) has an overdraft facility of 1,333 Pounds Sterling ($1,471), all of which was available September 30, 2022 available September 30, 2022 available September 30, 2022

Pension Plan and Retirement Ben

Pension Plan and Retirement Benefits	12 Months Ended
	Sep. 30, 2022
Pension and Post-retirement Benefits
Pension Plan and Retirement Benefits	Note 9. Pension Plan and Retirement Benefits Defined Contribution Plans The Company sponsors a defined contribution plan (401(k)) for substantially all U.S. employees. The Company contributes an amount equal to 50% of an employee’s contribution to the plan up to a maximum contribution of 3% of the employee’s salary, except for all salaried employees and certain hourly employees (those hired after June 30, 2007 that are not eligible for the U.S. pension plan). The Company contributes an amount equal to 60% of an employee’s contribution to the plan up to a maximum contribution of 6% of the employee’s salary for these groups. Expenses associated with this plan for the years ended September 30, 2020, 2021 and 2022 totaled $1,950, $1,748 and $2,016, respectively. The Company sponsors certain profit sharing plans for the benefit of employees meeting certain eligibility requirements. There were no contributions to these plans for the years ended September 30, 2020, 2021 and 2022. Defined Benefit Plans The Company has non-contributory defined benefit pension plans which cover certain employees in the U.S. and the U.K. Benefits provided under the Company’s U.S. defined benefit pension plan are based on years of service and the employee’s final compensation. The Company’s funding policy is to contribute annually an amount deductible for federal income tax purposes based upon an actuarial cost method using actuarial and economic assumptions designed to achieve adequate funding of benefit obligations. In fiscal 2021, the Company accelerated funding as part of its capital allocation strategy and continues to evaluate additional funding in future years as it strives to achieve a zero net liability. The Company has non-qualified pensions for a few former executives of the Company. Non-qualified pension plan expense for the years ended September 30, 2020, 2021 and 2022 was $57, $37 and $3, respectively. Accrued liabilities in the amount of $623 and $530 for these benefits are included in accrued pension and postretirement benefits liability at September 30, 2021 and 2022, respectively. In addition to providing pension benefits, the Company provides certain health care and life insurance benefits for retired employees. Certain employees, depending on date of hire, become eligible for health care, and substantially all employees become eligible for life insurance, if they reach normal retirement age while working for the Company. The Company’s liability related to total retiree health care costs is limited to $5,000 annually. The Company made contributions of $6,000, $21,000, and $6,000 to fund its domestic Company-sponsored pension plan for the years ended September 30, 2020, 2021 and 2022, respectively. The Company’s U.K. subsidiary made contributions of $517, $0 and $0 for the years ended September 30, 2020, 2021 and 2022, respectively, to the U.K. pension plan. The Company uses a September 30 measurement date for its plans. As of the September 30, 2022 measurement date, the Projected benefit obligation for the U.S pension plan and the U.K. pension plan was $223,871 and $7,404, respectively. The status of employee pension benefit plans and other postretirement benefit plans is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ ​ Postretirement ​ ​ Pension Plans ​ ​ Health Care Benefits ​ ​ Year Ended ​ ​ Year Ended ​ ​ September 30, ​ ​ September 30, ​ 2021 2022 2021 2022 Change in Benefit Obligation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected benefit obligation at beginning of year ​ $ 345,390 ​ $ 315,466 ​ ​ $ 93,339 ​ $ 82,964 ​ Service cost ​ 5,795 ​ 4,728 ​ ​ 1,095 ​ 1,825 ​ Interest cost ​ 7,481 ​ 7,936 ​ ​ 2,292 ​ 2,234 ​ Actuarial (gains) losses ​ (27,225) ​ (81,225) ​ ​ (10,943) ​ (20,343) ​ Benefits paid ​ (14,965) ​ (15,223) ​ ​ (2,819) ​ (2,643) ​ Administrative expenses ​ (1,010) ​ (407) ​ ​ — ​ — ​ Projected benefit obligation at end of year ​ $ 315,466 ​ $ 231,275 ​ ​ $ 82,964 ​ $ 64,037 ​ Change in Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 245,546 ​ $ 297,703 ​ ​ $ — ​ $ — ​ Actual return on assets ​ 47,132 ​ (69,752) ​ ​ — ​ — ​ Employer contributions ​ 21,000 ​ 6,000 ​ ​ 2,819 ​ 2,643 ​ Benefits paid ​ (14,965) ​ (15,223) ​ ​ (2,819) ​ (2,643) ​ Administrative expenses ​ ​ (1,010) ​ ​ (407) ​ ​ ​ — ​ ​ — ​ Fair value of plan assets at end of year ​ $ 297,703 ​ $ 218,321 ​ ​ $ — ​ $ — ​ Funded Status of Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded status ​ $ (17,763) ​ $ (12,954) ​ ​ $ (82,964) ​ $ (64,037) ​ ​ The actuarial gain incurred during the fiscal year ended September 30, 2021, for the Defined Benefit Pension Plan was driven by higher returns on pension assets than were expected and an increase in the discount rate which resulted in an increase in pension assets and a decrease in the defined benefit obligation. The actuarial gain incurred during the fiscal year ended September 30, 2022 for the Defined Benefit Pension Plan was driven by an increase in the discount rate applied against future expected benefit payments which resulted in a decrease in the defined benefit obligation. Amounts recognized in the consolidated balance sheets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ Postretirement ​ Non-Qualified ​ All Plans ​ ​ Pension Plans ​ Health Care Benefits ​ Pension Plans ​ Combined ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2021 2022 2021 2022 2021 2022 2021 2022 Accrued pension and postretirement benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ (3,459) ​ $ (3,276) ​ $ (95) ​ $ (95) ​ $ (3,554) ​ $ (3,371) ​ Non - ​ (17,763) ​ (12,954) ​ (79,505) ​ (60,761) ​ (528) ​ (435) ​ (97,796) ​ (74,150) ​ Accrued pension and postretirement benefits ​ $ (17,763) ​ $ (12,954) ​ $ (82,964) ​ $ (64,037) ​ $ (623) ​ $ (530) ​ $ (101,350) ​ $ (77,521) ​ Accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ 19,150 ​ 22,496 ​ (10,704) ​ (30,807) ​ — ​ — ​ 8,446 ​ (8,311) ​ Prior service cost ​ 1,599 ​ 1,365 ​ — ​ — ​ — ​ — ​ 1,599 ​ 1,365 ​ Total accumulated other comprehensive income (loss) ​ $ 20,749 ​ $ 23,861 ​ $ (10,704) ​ $ (30,807) ​ $ — ​ $ — ​ $ 10,045 ​ $ (6,946) ​ ​ The non-current portion of the defined benefit pension plan portion of accrued pension and postretirement benefits amounts to $17,763 and $12,954 in fiscal 2021 and 2022, respectively. These amounts include the UK pension plan net pension asset of $8,372 and $7,702, respectively, which is included in Other assets on the consolidated balance sheets as well as the US pension plan accrued pension liability of $26,135 and $20,655, respectively, which are recorded in accrued pension benefit (less current portion) on the consolidated balance sheet. The accumulated benefit obligation for the pension plans was $308,284 and $227,915 at September 30, 2021 and 2022, respectively. The cost of the Company’s postretirement benefits is accrued over the years that employees provide service to the date of their full eligibility for such benefits. The Company’s policy is to fund the cost of claims on an annual basis. The components of net periodic pension cost and postretirement health care benefit cost are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit Pension Plans ​ ​ Year Ended September 30, ​ 2020 2021 2022 Service cost ​ $ 5,546 ​ $ 5,628 ​ $ 4,728 ​ Interest cost ​ 8,866 ​ ​ 7,481 ​ ​ 7,936 ​ Expected return on assets ​ (15,061) ​ ​ (16,356) ​ ​ (14,818) ​ Amortization of prior service cost ​ 228 ​ ​ 239 ​ ​ 233 ​ Recognized actuarial loss ​ 7,288 ​ ​ 7,721 ​ ​ — ​ Net periodic cost ​ $ 6,867 ​ $ 4,713 ​ $ (1,921) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Postretirement ​ ​ Health Care Benefits ​ ​ Year Ended September 30, ​ 2020 2021 2022 Service cost ​ $ 1,416 ​ $ 1,095 ​ $ 1,825 ​ Interest cost ​ 3,493 ​ ​ 2,292 ​ ​ 2,234 ​ Recognized actuarial loss ​ 1,848 ​ ​ — ​ ​ (240) ​ Net periodic cost ​ $ 6,757 ​ $ 3,387 ​ $ 3,819 ​ ​ Assumptions A 5.0% annual rate of increase for the costs of covered health care benefits for ages under 65 and a 5.0% annual rate of increase for ages over 65 were assumed for 2021 and 2022 and increased to 7.0% for the under 65 and over 65 age groups in 2023, 6.5% in 2024, 6.0% in 2025, 5.5% in 2026 and 5.0% in the years thereafter. The actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans at September 30, 2021 and 2022 were determined based on the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ September 30, September 30, ​ ​ 2021 ​ 2022 Discount rate (postretirement health care) (1) 2.75 % 5.13 % Discount rate (U.S. pension plan) (1) 2.63 % 5.13 % Discount rate (U.K. pension plan) 2.00 % 5.90 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % ​ (1) The discount rate for the Postretirement health care plan and the U.S. pension plan are derived using the FTSE Pension Discount Curve and projected benefit payments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ ​ Pension and ​ ​ Postretirement Health ​ ​ Care Plans ​ ​ Year Ended ​ ​ September 30, ​ 2020 2021 2022 Discount rate (postretirement health care plan) 3.13 % 2.50 % 2.75 % Discount rate (U.S. pension plan) 2.88 % 2.25 % 2.63 % Discount rate (U.K. pension plan) 1.70 % 1.50 % 2.00 % Expected return on plan assets (U.S. pension plan) 7.25 % 7.25 % 5.25 % Expected return on plan assets (U.K. pension plan) 2.20 % 2.00 % 3.00 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % 2.50 % ​ Plan Assets and Investment Strategy The Company’s pension plan assets by level within the fair value hierarchy at September 30, 2021 and 2022, are presented in the table below. The pension plan assets were accounted for at fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Investments in U.S and International equities, and Fixed Income are held in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund, and individual fixed income securities which consists of Level 1 and Level 2 assets. As of September 30, 2022, the fixed income portfolio consisted of 305 issuances of fixed income securities from 251 issuers. For more information on a description of the fair value hierarchy, see Note 16. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Level 2 ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ ​ ​ ​ ​ ​ ​ Assets ​ Inputs ​ NAV ​ Total U.S. Pension Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. corporate and government bonds ​ $ 23,654 ​ $ 169,953 ​ $ — ​ $ 193,607 ​ U.S. common stock mutual funds ​ — ​ $ — ​ $ 44,743 ​ 44,743 ​ Common /collective funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. common stock ​ — ​ — ​ 19,672 ​ 19,672 ​ International equity ​ — ​ — ​ 16,245 ​ 16,245 ​ Total U.S. ​ $ 23,654 ​ $ 169,953 ​ $ 80,660 ​ $ 274,267 ​ U.K. Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equities ​ $ — ​ $ — ​ $ 8,202 ​ $ 8,202 ​ Bonds ​ — ​ — ​ 12,890 ​ 12,890 ​ Other ​ — ​ — ​ 2,344 ​ 2,344 ​ Total U.K. ​ $ — ​ $ — ​ $ 23,436 ​ $ 23,436 ​ Total pension plan assets ​ $ 23,654 ​ $ 169,953 ​ $ 104,096 ​ $ 297,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Level 2 ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ ​ ​ ​ ​ ​ ​ Assets ​ Inputs ​ NAV ​ Total U.S. Pension Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. corporate and government bonds ​ $ 15,926 ​ $ 158,582 ​ $ — ​ $ 174,508 ​ U.S. common stock mutual funds ​ ​ — ​ ​ — ​ ​ 16,471 ​ ​ 16,471 ​ Common /collective funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ — ​ — ​ — ​ — ​ Short-term money market ​ — ​ — ​ — ​ — ​ U.S. common stock ​ — ​ — ​ 6,847 ​ 6,847 ​ International equity ​ — ​ — ​ 5,390 ​ 5,390 ​ Total U.S. ​ $ 15,926 ​ $ 158,582 ​ $ 28,708 ​ $ 203,216 ​ U.K. Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equities ​ $ — ​ $ — ​ $ 5,135 ​ $ 5,135 ​ Bonds ​ — ​ — ​ 8,006 ​ 8,006 ​ Other ​ — ​ — ​ 1,964 ​ 1,964 ​ Total U.K. ​ $ — ​ $ — ​ $ 15,105 ​ $ 15,105 ​ Total pension plan assets ​ $ 15,926 ​ $ 158,582 ​ $ 43,813 ​ $ 218,321 ​ ​ The primary financial objectives of the plans are to maintain asset funding as a percentage of the benefit obligations. The U.S. Pension Plan utilized a customized liability driven investment (LDI) strategy which is designed to match the risk and duration of the fixed income assets in the portfolio with that of the obligation. It is the policy of the U.S. pension plan to invest assets with an allocation to equities as shown below based on a matrix which determines the allocation between equities and fixed income based on the funding percentage of the plan. The balance of the assets is maintained in fixed income investments, and in cash holdings, to the extent permitted by the plan documents. Target asset classes as a percent of total assets as of September 30, 2022: ​ ​ ​ ​ ​ Asset Class Target (1) Equity 14 % Fixed Income 86 % Real Estate and Other — % (1) The Company adjusts the target allocation based on the fair value of pension assets as a percentage of the projected pension obligation. In choosing the assumption for the expected long-term rate of return on U.S. pension plan assets, the Company takes into account the plan’s target asset allocation as well as capital market assumptions relating to the asset classes. The Company believes that its assumption the long-term rate of return on plan assets is reasonable, and comparable to the asset return assumptions of other companies, given the target allocation of the plan assets. Note that over very long historical periods, the realized return on plan assets has met or exceeded the expected rate of return. Also note that in recognition of the variability of future market returns, it is reasonable to consider a modest range around the expected future return, and there exists the potential for the use of a lower, or higher, expected rates of return in the future. ​ The U.K. pension plan assets follow a more conservative investment objective due to the higher funding status of the plan. Contributions and Benefit Payments The Company has not yet determined the amounts to contribute to its domestic pension plans, domestic other postretirement benefit plans and the U.K. pension plan in fiscal 2023. Pension and postretirement health care benefits, which include expected future service, are expected to be paid out of the respective plans as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Postretirement Fiscal Year Ending September 30 ​ Pension ​ Health Care 2023 ​ $ 15,738 ​ $ 4,828 ​ 2024 ​ 16,081 ​ 4,841 ​ 2025 ​ 16,366 ​ 4,890 ​ 2026 ​ 16,573 ​ 5,068 ​ 2027 ​ 16,802 ​ 5,007 ​ 2028 - 2032 (in total) ​ 83,895 ​ 25,956 ​ ​

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	12 Months Ended
	Sep. 30, 2022
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 10. Legal, Environmental and Other Contingencies Legal The Company is regularly involved in litigation, both as a plaintiff and as a defendant, relating to its business and operations, including environmental, commercial, asbestos, employment and federal and/or state Equal Employment Opportunity Commission administrative actions. Future expenditures for environmental, employment, intellectual property and other legal matters cannot be determined with any degree of certainty. 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, 2022, the Company has accrued $407 for post-closure monitoring and maintenance activities, of which $341 is included in long-term obligations as it is not due within one year. Accruals for these costs are calculated by estimating the cost to monitor and maintain each post-closure site and multiplying that amount by the number of years remaining in the post-closure monitoring. Expected maturities of post-closure monitoring and maintenance activities (discounted) included in long-term obligations are as follows at September 30, 2022. ​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2024 $ 82 ​ 2025 60 ​ 2026 58 ​ 2027 ​ 62 ​ 2028 and thereafter 79 ​ ​ $ 341 ​ ​

Stockholders Equity

Stockholders Equity	12 Months Ended
	Sep. 30, 2022
Stockholder's Equity
Stockholder's Equity	Note 11. Stockholder’s Equity Dividends During fiscal years 2020, 2021, and 2022, the Company paid dividends of $11,058, $11,175 and $11,072, respectively. Treasury Stock Treasury stock activity for fiscal years 2020, 2021 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2020 2021 2022 Number of shares at beginning of year ​ ​ 53,469 ​ ​ 58,909 ​ ​ 195,638 Repurchases of common stock to satisfy employee payroll taxes ​ ​ 5,440 ​ ​ 23,751 ​ ​ 37,002 Repurchases of common stock from share repurchase plan ​ ​ — ​ ​ 112,978 ​ ​ 142,392 Number of shares at end of year ​ ​ 58,909 ​ ​ 195,638 ​ ​ 375,032 ​ Share Repurchase Plan On July 28, 2021, the Board of Directors authorized the use of up to $20 million of available cash to purchase shares of the Company's common stock through July 27, 2022. The Board adopted the repurchase plan because it believed that repurchasing the Company’s stock at current market prices presented an attractive capital allocation strategy for the Company given the available options for the use of capital. The authorization of the repurchase plan has expired and no new authorization has been put in place. In the fourth quarter of fiscal 2021, the Company repurchased 112,978 shares at an average price per share of $37.57 with an aggregate purchase price of $4,245 under the 10b5-1 agreement and in the first quarter of fiscal 2022, the Company repurchased 142,392 shares at an average price per share of $40.09 with an aggregate purchase price of $5,709 under the 10b5-1 agreement. In addition to the above-mentioned share repurchase plan, the Company repurchased 37,002 shares in fiscal 2022 with an aggregate purchase price of $1,534 in order to satisfy payroll taxes related to employee stock-based compensation plans.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Sep. 30, 2022
Stock-Based Compensation
Stock-Based Compensation	Note 12. Stock based Compensation Restricted Stock Plan On March 1, 2016, the Company adopted the 2016 Incentive Compensation Plan which provides for grants of restricted stock, restricted stock units and performance shares, among other awards. Up to 275,000 shares of restricted stock, restricted stock units and performance shares may be granted in the aggregate under this plan. Following the adoption of the 2016 Incentive Compensation Plan, the Company ceased granting awards from the 2009 restricted stock plan, although awards remain outstanding thereunder. On January 24, 2020, the Company adopted the 2020 Incentive Compensation Plan which provides for grants of restricted stock, restricted stock units and performance shares, among other awards. Up to 250,000 shares of restricted stock, restricted stock units and performance shares were authorized to be granted in the aggregate under this plan which was subsequently amended on February 25, 2022 to allow for an aggregate of 575,000 authorized shares of restricted stock, restricted stock units and performance shares to be granted. Following the adoption of the 2020 Incentive Compensation Plan, the Company ceased granting awards from the 2016 Incentive Compensation Plan, although awards remain outstanding thereunder. ​ Grants of restricted stock are comprised of shares of the Company’s common stock subject to transfer restrictions, which vest in accordance with the terms and conditions established by the Compensation Committee. The Compensation Committee may set vesting requirements based on the achievement of specific performance goals or the passage of time. Employees earn and receive dividends from the restricted stock during this vesting period. Restricted shares are subject to forfeiture if employment or service terminates prior to the vesting date or if any applicable performance goals are not met. The Company will assess, on an ongoing basis, the probability of whether the performance criteria will be achieved. The Company will recognize compensation expense over the performance period if it is deemed probable that the goals will be achieved. The fair value of the Company’s restricted stock is determined based upon the closing price of the Company’s common stock on the trading day immediately preceding the grant date. The Company’s plans provide for the adjustment of the number of shares covered by an outstanding grant and the maximum number of shares for which restricted stock may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. The shares of time-based restricted stock granted to employees vest on the third anniversary of their grant date if the recipient is still an employee of the Company on such date. The shares of restricted stock granted to non-employee directors will vest on the earlier of (a) the first anniversary of the date of grant or (b) the failure of such non-employee director to be re-elected at an annual meeting of the stockholders of the Company as a result of such non-employee director being excluded from the nominations for any reason other than cause. The following table summarizes the activity under the 2016 restricted stock plan and the 2020 Incentive Compensation Plan with respect to restricted stock for the year ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2021 142,269 ​ $ 26.78 ​ Granted 32,204 ​ $ 43.98 ​ Forfeited / Canceled (6,522) ​ $ 28.79 ​ Vested (71,415) ​ $ 25.63 ​ Unvested at September 30, 2022 96,536 ​ $ 33.23 ​ Expected to vest 96,536 ​ $ 33.23 ​ ​ Compensation expense related to restricted stock for the years ended September 30, 2020, 2021 and 2022 was $1,160, $2,024, and $1,474, respectively. The remaining unrecognized compensation expense related to restricted stock at September 30, 2022 was $1,239, to be recognized over a weighted average period of 0.99 years. During fiscal 2022, the Company repurchased 25,386 shares of stock from employees at an average purchase price of $40.78 to satisfy required withholding taxes upon vesting of restricted stock-based compensation. Deferred Restricted Stock On November 20, 2017, the Company adopted a deferred compensation plan that allows directors and officers the option to defer receipt of cash and stock compensation. Beginning in fiscal 2018, the Company has granted shares of restricted stock from the 2016 and 2020 Incentive Compensation Plans with respect to which elections have been made by certain individuals to defer receipt to a future period. Such shares vest in accordance with the parameters of the 2016 and 2020 Incentive Compensation Plans, however, receipt of the shares and any corresponding dividends are deferred until the end of the deferral period. In the event the deferred shares are forfeited prior to the vesting date, deferred dividends pertaining to those shares will also be forfeited. During the deferral period, the participants who elected to defer shares will not have voting rights with respect to those shares. The following table summarizes the activity under the 2016 Incentive Compensation Plan and the 2020 Incentive Compensation Plan with respect to deferred restricted stock for the year ended September 30, 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 September 30, 2022 3,801 ​ $ 44.07 ​ Vested and deferred at September 30, 2022 20,050 ​ $ 29.23 ​ ​ Compensation expense related to deferred restricted stock for the year ended September 30, 2020, 2021 and 2022 was $271, $188 and $168, respectively. The remaining unrecognized compensation expense related to restricted stock at September 30, 2022 was $28, to be recognized over a weighted average period of 0.17 years. Performance Shares In November 2019, the Company granted to certain employees, target numbers of performance shares under the 2016 Incentive Compensation Plan. The number of performance shares that will ultimately be earned, as well as the number of shares that will be distributed in settling those earned performance shares, if any, will not be determined until the end of the performance period. Performance shares earned will depend on the calculated total shareholder return of the Company at the end of the three-year period commencing from the beginning of the fiscal year in which the award was granted as compared to the total shareholder return of the Company’s peer group, as defined by the Compensation Committee for this purpose. The fair value of the performance shares is estimated as of the date of the grant using a Monte Carlo simulation model. The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to performance shares for the twelve months ended September 30, 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 September 30, 2022 76,420 ​ $ 41.37 ​ ​ Compensation expense related to the performance shares for the years ended September 30, 2020, 2021 and 2022 was $849, $1,082 and $1,021, respectively. The remaining unrecognized compensation expense related to performance shares at September 30, 2022 was $1,242, to be recognized over a weighted average period of 1.54 years. Stock Option Plans The Company’s 2020 Incentive Compensation Plan and its previous stock option plans authorize, or formerly authorized, the granting of non-qualified stock options and stock appreciation rights to certain key employees and non-employee directors for the purchase of shares of the Company’s common stock. For the 2020 Incentive Compensation Plan, the maximum number of shares granted subject to options is 350,000 which was subsequently amended on February 25, 2022 to allow for a maximum number of shares granted subject to options in the amount of 400,000. Following the adoption of the 2020 Incentive Compensation Plan, the Company ceased granting awards from its previous stock option plan, although awards remain outstanding from previous plans. Each plan provides for the adjustment of the maximum number of shares for which options may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. Unless the Compensation Committee determines otherwise, options are exercisable for a period of ten years from the date of grant and vest 33 1 / 3 % ​ The 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 2020, 2021 and 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 ​ November 24, 2020 ​ $ 5.91 3.89 % 0.39 % 43 % 5 years ​ November 19, 2019 ​ $ 9.66 2.38 % 1.65 % 35 % 5 years ​ ​ The stock-based employee compensation expense for stock options for the years ended September 30, 2020, 2021 and 2022 was $1,038, $1,180 and $937, respectively. The remaining unrecognized compensation expense at September 30, 2022 was $717, to be recognized over a weighted average vesting period of 1.03 years. The following table summarizes the activity under the stock option plans for the year ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (14,558) ​ ​ ​ ​ $ 36.83 ​ ​ ​ ​ Forfeited/Canceled (32,878) ​ ​ ​ ​ $ 44.36 ​ ​ ​ ​ Outstanding at September 30, 2022 697,220 ​ $ 2,281 ​ $ 34.75 6.17 yrs. ​ Vested or expected to vest 669,846 ​ $ 2,101 ​ $ 34.92 6.10 yrs. ​ Exercisable at September 30, 2022 534,296 ​ $ 1,103 ​ $ 36.07 5.55 yrs. ​ ​

Segment Reporting

Segment Reporting	12 Months Ended
	Sep. 30, 2022
Segment Reporting
Segment Reporting	Note 13. Segment Reporting The Company operates in one business segment: the design, manufacture, marketing and distribution of technologically advanced, high-performance alloys for use in the aerospace, industrial gas turbine, chemical processing and other industries. The Company has operations in the United States, Europe and China, which are summarized below. Sales between geographic areas are made at negotiated selling prices. Revenues from external customers are attributed to the geographic areas presented based on the destination of product shipments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2020 2021 2022 Net Revenue by Geography: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 230,764 ​ $ 179,127 ​ $ 278,473 ​ Europe ​ 91,480 ​ 85,555 ​ 116,599 ​ China ​ 17,398 ​ 30,668 ​ 33,910 ​ Other ​ 40,888 ​ 42,311 ​ 61,479 ​ Net Revenues ​ $ 380,530 ​ $ 337,661 ​ $ 490,461 ​ Net Revenue by Product Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High-temperature resistant alloys ​ $ 308,229 ​ $ 253,246 ​ $ 387,464 ​ Corrosive-resistant alloys ​ 72,301 ​ 84,415 ​ 102,997 ​ Net revenues ​ $ 380,530 ​ $ 337,661 ​ $ 490,461 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2022 Long-lived Assets by Geography ​ ​ ​ ​ ​ ​ ​ United States ​ $ 140,263 ​ $ 135,698 ​ Europe ​ 6,834 ​ 6,921 ​ China ​ 151 ​ 153 ​ Total long-lived assets ​ $ 147,248 ​ $ 142,772 ​ ​

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Sep. 30, 2022
Valuation and Qualifying Accounts
Valuation and Qualifying Accounts	Note 14. Valuation and Qualifying Accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charges ​ Balance at ​ ​ Beginning ​ (credits) to ​ ​ ​ End of ​ ​ of Period ​ Expense ​ Deductions (1) ​ Period Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 441 139 ​ (35) 545 ​ September 30, 2021 545 74 ​ (66) 553 ​ September 30, 2022 553 171 ​ (296) 428 ​ (1) Uncollectible accounts written off net of recoveries .

Deferred Revenue

Deferred Revenue	12 Months Ended
	Sep. 30, 2022
Deferred Revenue
Deferred Revenue	Note 15. Deferred Revenue On November 17, 2006, the Company entered into a twenty-year agreement to provide conversion services to Titanium Metals Corporation (TIMET) for up to ten million pounds of titanium metal annually. TIMET paid the Company a $50,000 up-front fee and will also pay the Company for its processing services during the term of the agreement ( 20 years 20-year

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2022
Fair Value Measurements
Fair Value Measurements	Note 16. Fair Value Measurements The fair value hierarchy has three levels based on the inputs used to determine fair value: ● Level 1—Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2—Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and ● Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. When available, the Company uses unadjusted quoted market prices to measure fair value. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. The valuation model used depends on the specific asset or liability being valued. 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) The fair value of Cash and Cash Equivalents is determined using Level 1 information. The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 Fair Value Measurements ​ ​ at Reporting Date Using: ​ Level 1 Level 2 Level 3 NAV Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 23,654 ​ $ 169,953 ​ $ — $ 104,096 ​ $ 297,703 ​ Total fair value ​ $ 23,654 ​ $ 169,953 ​ $ — $ 104,096 ​ $ 297,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 Fair Value Measurements ​ ​ at Reporting Date Using: ​ Level 1 Level 2 Level 3 NAV Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 15,926 ​ $ 158,582 ​ $ — $ 43,813 ​ $ 218,321 ​ Total fair value ​ $ 15,926 ​ $ 158,582 ​ $ — $ 43,813 ​ $ 218,321 ​ ​ The Company had no other financial assets or liabilities measured at fair value on a recurring basis as of September 30, 2021 or 2022.

Comprehensive Income (Loss) and

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component	12 Months Ended
	Sep. 30, 2022
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component	Note 17. Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension and foreign currency translation adjustments, net of tax when applicable. Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ ​ 2020 ​ ​ 2021 ​ ​ 2022 ​ Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net Net income (loss) ​ ​ ​ ​ ​ ​ ​ $ (6,478) ​ ​ ​ ​ ​ ​ ​ ​ $ (8,683) ​ ​ ​ ​ ​ ​ ​ ​ $ 45,087 Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gain (loss) arising during period ​ $ 11,121 ​ ​ (2,381) ​ 8,740 ​ ​ $ 68,941 ​ ​ (16,044) ​ 52,897 ​ ​ $ 16,991 ​ ​ (3,924) ​ 13,067 Amortization of prior service cost ​ 228 ​ ​ (58) ​ 170 ​ ​ 228 ​ ​ (52) ​ 176 ​ ​ 239 ​ ​ (56) ​ 183 Amortization of (gain) loss ​ 9,129 ​ ​ (2,409) ​ 6,720 ​ ​ 7,735 ​ ​ (1,802) ​ 5,933 ​ ​ (240) ​ ​ 56 ​ (184) Foreign currency translation adjustment ​ 3,690 ​ — ​ 3,690 ​ ​ 3,254 ​ — ​ 3,254 ​ ​ (11,817) ​ — ​ (11,817) Other comprehensive income (loss) ​ $ 24,168 ​ $ (4,848) ​ 19,320 ​ ​ $ 80,158 ​ $ (17,898) ​ 62,260 ​ ​ $ 5,173 ​ $ (3,924) ​ 1,249 Total comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ $ 12,842 ​ ​ ​ ​ ​ ​ ​ ​ $ 53,577 ​ ​ ​ ​ ​ ​ ​ ​ $ 46,336 ​ Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 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 ​ 44,493 ​ 8,404 ​ 3,254 ​ 56,151 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 228 ​ ​ — ​ ​ — ​ ​ 228 Actuarial losses (1) ​ ​ 7,735 ​ ​ — ​ ​ — ​ ​ 7,735 Tax benefit ​ ​ (1,854) ​ ​ — ​ ​ — ​ ​ (1,854) Net current-period other comprehensive income (loss) ​ 50,602 ​ 8,404 ​ 3,254 ​ 62,260 Accumulated other comprehensive income (loss) as of September 30, 2021 ​ $ (14,791) ​ $ 9,017 ​ $ (6,567) ​ $ (12,341) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, 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 ​ (2,557) ​ 15,624 ​ (11,817) ​ 1,250 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 239 ​ ​ — ​ ​ — ​ ​ 239 Actuarial losses (1) ​ ​ — ​ ​ (240) ​ ​ — ​ ​ (240) Tax benefit ​ ​ (56) ​ ​ 56 ​ ​ — ​ ​ — Net current-period other comprehensive income (loss) ​ (2,374) ​ 15,440 ​ (11,817) ​ 1,249 Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligations

Long-term Obligations	12 Months Ended
	Sep. 30, 2022
Long-term Obligations
Long-term Obligations	Note 18. Long-term Obligations The following table sets for the components of Long-term obligations as of September 30, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 2022 Finance lease obligations ​ $ 7,613 ​ $ 7,384 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 566 ​ ​ 407 ​ Long-term disability ​ ​ 231 ​ ​ 210 ​ Deferred dividends ​ ​ 210 ​ ​ 199 ​ Less amounts due within one year ​ (319) ​ (352) ​ Long-term obligations (less current portion) ​ $ 8,301 ​ $ 7,848 ​ ​

Leases

Leases	12 Months Ended
	Sep. 30, 2022
Leases
Leases	Note 19. Leases On October 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) ​ Nature of the Leases ​ The Company has operating and finance leases for buildings, equipment (e.g. trucks and forklifts), vehicles, and computer equipment. Leasing arrangements require fixed payments and also include an amount that is probable will be owed under residual value guarantees , if applicable. Some lease payments also include payments related to purchase or termination options when the lessee is reasonably certain to exercise the option or is not reasonably certain not to exercise the option, respectively. The leases have remaining terms of 1 to 15 years . For all leases with an initial expected term of more than 12 months 842 On January 1, 2015, the Company entered into a finance lease agreement for the building that houses the assets and operations of LaPorte Custom Metal Processing (LCMP). The leased asset and obligation are recorded at the present value of the minimum lease payments. The asset is included in Property, plant and equipment, net on the Consolidated Balance Sheet and is depreciated over the 20-year The Company entered into a twenty-year net on the Consolidated Balance Sheet and depreciated over the 20-year Significant Judgments and Assumptions ​ Determination of Whether a Contract Contains a Lease ​ The Company determines whether a contract is or contains a lease at the inception of the contract. The contract is or contains a lease if the contract conveys the right to control the use of identified assets for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from use of the property, plant, and equipment and have the right to direct its use. ​ Practical Expedients (Policy Elections) ​ The Company elected certain practical expedients and transition relief, including the short-term lease recognition exemption, which excludes leases with a term of 12 months or less from recognition on the balance sheet, recognizing lease components and non-lease components together as a single lease component, and the transition relief package which, among other things, includes not reassessing the lease classification or whether a contract is or contains a lease. ​ The following table sets forth the components of the Company’s lease cost for the year ended September 30, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2021 ​ 2022 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right of use asset $ 430 ​ $ 430 ​ Interest on lease liabilities ​ 806 ​ ​ 784 ​ Total finance lease cost $ 1,236 ​ $ 1,214 ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost $ 1,687 ​ $ 1,100 ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ 806 ​ ​ 784 ​ Operating cash flows from operating leases ​ 1,687 ​ ​ 1,100 ​ Financing cash flows from finance leases ​ 195 ​ ​ 228 ​ Total cash paid for amounts included in measurement of lease liabilities $ 2,688 ​ $ 2,112 ​ ​ Lease costs associated with short term leases are not material. ​ The following table sets forth the Company’s right of use assets and lease liabilities as of September 30, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2021 ​ 2022 Finance lease assets (included in Property, plant and equipment, net) $ 6,218 ​ $ 5,643 ​ Operating right of use lease assets (included in Other assets) $ 1,494 ​ $ 1,085 ​ ​ ​ ​ ​ ​ ​ ​ Finance lease liabilities ​ ​ ​ ​ ​ ​ Accrued expenses $ 228 ​ $ 265 ​ Long-term obligations (less current portion) ​ 7,385 ​ ​ 7,119 ​ Total Finance lease liabilities $ 7,613 ​ $ 7,384 ​ Operating lease liabilities $ 1,494 ​ $ 1,085 ​ ​ Operating lease payments due within one year are recorded in Accrued expenses on the Consolidated Balance Sheet. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2022 Weighted average lease term (Years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 14.1 ​ ​ 13.1 ​ Operating leases ​ ​ 2.5 ​ ​ 3.0 ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 10.32 % ​ 10.32 % Operating leases ​ ​ 5.25 % ​ 5.25 % ​ The following is a table of future minimum lease payments during each fiscal year under operating and finance leases and the present value of the net minimum lease payments as of September 30, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Operating Future minimum lease payments Leases ​ Leases ​ 2023 $ 1,024 ​ $ 507 ​ 2024 1,032 ​ 381 ​ 2025 1,037 ​ 154 ​ 2026 1,044 ​ 82 ​ 2027 1,049 ​ 62 ​ Thereafter 8,408 ​ — ​ Total minimum lease payments ​ 13,594 ​ ​ 1,186 ​ Less: amount representing interest ​ (6,210) ​ ​ (101) ​ Present value of net minimum lease payments $ 7,384 ​ $ 1,085 ​ ​

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	12 Months Ended
	Sep. 30, 2022
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts	Note 20. Foreign Currency Forward Contracts The Company enters into foreign currency forward contracts with the purpose of reducing income statement volatility resulting from foreign currency denominated transactions. The Company has not designated the contacts as hedges; therefore, changes in fair value are recognized in earnings. All of these contracts are designed to be settled within the same fiscal quarter they are entered into and, accordingly, as of September 30, 2020, 2021 and 2022, there are no contracts that remain unsettled. As a result, there is no impact to the balance sheet as of September 30, 2021 or September 30, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2020 ​ 2021 ​ 2022 Foreign currency transactional gain (loss) $ (567) ​ $ (42) ​ $ 4,393 Foreign exchange forward contract gain (loss) ​ (273) ​ ​ (532) ​ ​ (6,066) Net gain (loss) included in selling, general and administrative expense ​ $ (840) ​ $ (574) ​ $ (1,673) ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Principles of Consolidation and Nature of Operations	A. Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of Haynes International, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances are eliminated. The Company has manufacturing facilities in Kokomo, Indiana; Mountain Home, North Carolina; and Arcadia, Louisiana with service centers in LaPorte, Indiana; LaMirada, California; Houston, Texas; Windsor, Connecticut; Openshaw, England; Lenzburg, Switzerland; Shanghai, China; and sales offices in Paris, France; Singapore; Milan, Italy; and Tokyo, Japan.
Cash and Cash Equivalents	B. Cash and Cash Equivalents The Company considers all highly liquid investment instruments, including investments with original maturities of three months or less at acquisition, to be cash equivalents, the carrying value of which approximates fair value due to the short maturity of these investments.
Accounts Receivable	C. Accounts Receivable The Company maintains allowances for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company markets its products to a diverse customer base, both in the United States of America and overseas. Trade credit is extended based upon evaluation of each customer’s ability to perform its obligation, which is updated periodically.
Revenue Recognition	D. Revenue Recognition The Company recognizes revenue when performance obligations under the terms of customer contracts are satisfied which occurs when control of the goods has been transferred to the customer and services have been performed. Allowances for sales returns are recorded as a component of net sales in the periods in which the related sales are recognized. The Company determines this allowance based on historical experience. Additionally, the Company recognizes revenue attributable to an up-front fee received from Titanium Metals Corporation (TIMET) as a result of a twenty-year agreement entered into on November 17, 2006 to provide conversion services to TIMET. See Note 15, Deferred Revenue for a description of accounting treatment relating to this up-front fee.
Inventories	E. Inventories Inventories are stated at the lower of cost or net realizable value. The cost of inventories is determined using the first-in, first-out (FIFO) method. The Company writes down its inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market or scrap value, if applicable, based upon assumptions about future demand and market conditions.
Goodwill and Other Intangible Assets	F. Goodwill and Other Intangible Assets The Company has goodwill, trademarks, customer relationships and other intangibles as of September 30, 2022. As the customer relationships have a definite life, they are amortized over fifteen years. The Company reviews customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and August 31 for trademarks (the annual impairment testing dates), or more frequently if impairment indicators exist. If the carrying value of the trademarks exceeds the fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment was recognized in the years ended September 30, 2020, 2021 or 2022 because the fair value exceeded the carrying values. During fiscal 2020, 2021 and 2022, there were no changes in the carrying amount of goodwill. Amortization of the customer relationships and other intangibles was $228, $467 and $780 for the years ended September 30, 2020, 2021 and 2022, respectively. The following represents a summary of intangible assets at September 30, 2021 and 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 September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2023 $ 216 ​ 2024 176 ​ 2025 123 ​ 2026 120 ​ 2027 116 ​ Thereafter 358 ​ ​
Property, Plant and Equipment	G. Property, Plant and Equipment Additions to property, plant and equipment are recorded at cost with depreciation calculated primarily by using the straight-line method based on estimated economic useful lives, which are generally as follows: ​ ​ ​ ​ ​ ​ ​ Buildings and improvements ​ ​ ​ 40 years Machinery and equipment 5 — 14 years Land improvements ​ ​ 20 years ​ Expenditures for maintenance and repairs and minor renewals are charged to expense; major renewals are capitalized. Upon retirement or sale of assets, the cost of the disposed assets and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. The Company records capitalized interest for long-term construction projects to capture the cost of capital committed prior to the placed in service date as a part of the historical cost of acquiring the asset. Interest is not capitalized when the balance on the revolver is zero. The Company reviews long-lived assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. The reviews are conducted at the lowest identifiable level of cash flows for the identified asset group. Recoverability the asset group is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group 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 group. No impairment was recognized during the years ended September 30, 2020, 2021 or 2022.
Environmental Remediation	H. Environmental Remediation When it is probable that a liability has been incurred or an asset of the Company has been impaired, a loss is recognized assuming the amount of the loss can be reasonably estimated. The measurement of environmental liabilities by the Company is based on currently available facts, present laws and regulations and current technology. Such estimates take into consideration the expected costs of post-closure monitoring based on historical experience. Amounts accrued for post-closure monitoring are presented in Note 18, Long-term Obligations.
Pension and Postretirement Benefits	I. Pension and Postretirement Benefits The Company has defined benefit pension and postretirement plans covering most of its current and former employees. Significant elements in determining the assets or liabilities and related income or expense for these plans are the expected return on plan assets, the discount rate used to value future payment streams, expected trends in health care costs and other actuarial assumptions. Annually, the Company evaluates the significant assumptions to be used to value its pension and postretirement plan assets and liabilities based on current market conditions and expectations of future costs. If actual results are less favorable than those projected by management, additional expense may be required in future periods. Salaried employees hired after December 31, 2005 and hourly employees hired after June 30, 2007 are not covered by the pension plan; however, they are eligible for an enhanced matching program of the defined contribution plan (401(k)). Effective December 31, 2007, the U.S. pension plan was amended to freeze benefits for all non-union employees in the U.S. Effective September 30, 2009, the U.K. pension plan was amended to freeze benefits for employees in the plan. Effective January 1, 2007, a plan amendment of the postretirement medical plan caps the Company’s liability related to retiree health care costs at $5,000 annually. Effective October 1, 2009, the U.S. postretirement plan was closed for all non-union employees.
Foreign Currency Exchange	J. Foreign Currency Exchange The Company’s foreign operating entities’ financial statements are denominated in the functional currencies of each respective country, which are the local currencies. All assets and liabilities are translated to U.S. dollars using exchange rates in effect at the end of the year, and revenues and expenses are translated at the weighted average rate for the year. Translation gains or losses are recorded as a separate component of comprehensive income (loss) and transaction gains and losses are reflected in the consolidated statements of operations. Gains and losses arising from the impact of foreign currency exchange rate fluctuations on transactions in foreign currency are included in selling, general and administrative expense. The Company has entered into foreign currency forward contracts (See Note 20, Foreign Currency Forward Contracts) with the purpose to reduce income statement volatility resulting from transaction gains and losses.
Research and Technical Costs	K. Research and Technical Costs Research and technical costs related to the development of new products and processes are expensed as incurred. Research and technical costs for the fiscal years ended September 30, 2020, 2021 and 2022 were $3,713, $3,403 and $3,822, respectively.
Income Taxes	L. Income Taxes The Company accounts for deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between book and tax basis of recorded assets and liabilities. A valuation allowance is required if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The determination of whether or not a valuation allowance is needed is based upon an evaluation of both positive and negative evidence. In its evaluation of the need for a valuation allowance, the Company utilizes prudent and feasible tax planning strategies. The ultimate amount of deferred tax assets realized could be different from those recorded, as influenced by potential changes in enacted tax laws and the availability of future taxable income. The Company records uncertain tax positions on the basis of a two-step process whereby (1) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is greater than 50 percent likely to be realized upon ultimate settlement with the related tax authority (See Note 7, Income Taxes).
Stock-based Compensation	M. Stock-based Compensation As described in Note 12, the Company has incentive compensation plans that provide for the issuance of restricted stock, restricted stock units, performance shares, stock options and stock appreciation rights to key employees and non-employee directors. To date, the Company has only issued restricted stock, performance shares and stock options. The stock-based compensation grants typically have a vesting period before the employee can take receipt of the stock or becomes eligible to exercises stock options. Employees earn and receive dividends from the restricted stock during this vesting period and accumulated dividends related to performance shares are paid to the employees at the time that the shares are received by the employee after the end of the vesting period. The Company recognizes compensation expense under the fair-value based method as a component of operating expenses.
Financial Instruments and Concentrations of Risk	N. Financial Instruments and Concentrations of Risk The Company may periodically enter into forward currency exchange contracts to minimize the variability in the Company’s operating results arising from foreign exchange rate movements. The Company does not engage in foreign currency speculation. At September 30, 2021 and 2022, the Company had no foreign currency exchange contracts outstanding. To date, all foreign currency contracts have been settled prior to the end of the month in which they were initiated. Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. At September 30, 2022, and periodically throughout the year, the Company has maintained cash balances in excess of federally insured limits. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the relatively short maturity of these instruments. During 2020, 2021 and 2022, the Company did not have sales to any group of affiliated customers that were greater than 10% of net revenues. The Company generally does not require collateral with the exception of letters of credit with certain foreign sales. Credit losses amounted to $139, $74 and $171 in fiscal 2020, 2021 and 2022, respectively. The Company does not believe it is significantly vulnerable to the risk of near-term severe impact from business concentrations with respect to customers, suppliers, products, markets or geographic areas.
Accounting Estimates	O. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to credit losses, inventories, income taxes, asset impairment, incremental borrowing rates, retirement benefits and environmental matters. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, pension asset mix and in some cases, actuarial techniques, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company routinely reevaluates these significant factors and makes adjustments where facts and circumstances dictate. Actual results may differ from these estimates under different assumptions or conditions.
Earnings Per Share	P. Earnings Per Share The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. Basic and diluted net income per share were computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended September 30, (in thousands, except share and per share data) 2020 2021 2022 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (6,478) ​ $ (8,683) ​ $ 45,087 ​ Dividends ​ (11,158) ​ (11,245) ​ (11,062) ​ Undistributed income (loss) ​ (17,636) ​ (19,928) ​ 34,025 ​ Percentage allocated to common shares (a) ​ 100.0 % 100.0 % 99.0 % Undistributed income (loss) allocated to common shares ​ ​ (17,636) ​ ​ (19,928) ​ ​ 33,699 ​ Dividends paid on common shares outstanding ​ 11,071 ​ 11,098 ​ 10,955 ​ Net income (loss) available to common shares ​ ​ (6,565) ​ ​ (8,830) ​ ​ 44,654 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,470,664 ​ 12,499,609 ​ 12,346,025 ​ Adjustment for dilutive potential common shares ​ — ​ — ​ 159,475 ​ Weighted average shares outstanding - Diluted ​ 12,470,664 ​ 12,499,609 ​ 12,505,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ (0.53) ​ $ (0.71) ​ $ 3.62 ​ Diluted net income (loss) per share ​ $ (0.53) ​ $ (0.71) ​ $ 3.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 285,699 ​ 385,548 ​ 261,228 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 96,999 ​ 165,794 ​ 50,415 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 34,498 ​ 30,529 ​ 2,791 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 47,195 ​ 76,266 ​ 46,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,470,664 ​ 12,499,609 ​ 12,346,025 ​ Unvested participating shares ​ — ​ — ​ 119,549 ​ ​ ​ 12,470,664 ​ 12,499,609 ​ 12,465,574 ​
Recently Issued Accounting Pronouncements	Q. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
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 September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​
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 September 30, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,128) ​ ​ 972 ​ Other ​ 1,100 ​ ​ (963) ​ ​ 137 ​ ​ ​ $ 7,000 ​ $ (2,091) ​ $ 4,909 ​
Schedule of estimated future aggregate amortization expense	​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2023 $ 216 ​ 2024 176 ​ 2025 123 ​ 2026 120 ​ 2027 116 ​ Thereafter 358 ​
Schedule of estimated economic useful lives of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ Buildings and improvements ​ ​ ​ 40 years Machinery and equipment 5 — 14 years Land improvements ​ ​ 20 years
Schedule of basic and diluted net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended September 30, (in thousands, except share and per share data) 2020 2021 2022 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ (6,478) ​ $ (8,683) ​ $ 45,087 ​ Dividends ​ (11,158) ​ (11,245) ​ (11,062) ​ Undistributed income (loss) ​ (17,636) ​ (19,928) ​ 34,025 ​ Percentage allocated to common shares (a) ​ 100.0 % 100.0 % 99.0 % Undistributed income (loss) allocated to common shares ​ ​ (17,636) ​ ​ (19,928) ​ ​ 33,699 ​ Dividends paid on common shares outstanding ​ 11,071 ​ 11,098 ​ 10,955 ​ Net income (loss) available to common shares ​ ​ (6,565) ​ ​ (8,830) ​ ​ 44,654 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,470,664 ​ 12,499,609 ​ 12,346,025 ​ Adjustment for dilutive potential common shares ​ — ​ — ​ 159,475 ​ Weighted average shares outstanding - Diluted ​ 12,470,664 ​ 12,499,609 ​ 12,505,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ (0.53) ​ $ (0.71) ​ $ 3.62 ​ Diluted net income (loss) per share ​ $ (0.53) ​ $ (0.71) ​ $ 3.57 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 285,699 ​ 385,548 ​ 261,228 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 96,999 ​ 165,794 ​ 50,415 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 34,498 ​ 30,529 ​ 2,791 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 47,195 ​ 76,266 ​ 46,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,470,664 ​ 12,499,609 ​ 12,346,025 ​ Unvested participating shares ​ — ​ — ​ 119,549 ​ ​ ​ 12,470,664 ​ 12,499,609 ​ 12,465,574 ​

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Sep. 30, 2022
Revenues from Contracts with Customers
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ September 30, ​ 2020 2021 2022 Net revenues (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Aerospace ​ $ 191,980 ​ $ 128,072 ​ $ 230,001 Chemical processing ​ 63,170 ​ 63,147 ​ 91,665 Industrial gas turbine ​ 56,576 ​ 66,772 ​ 91,878 Other markets ​ 45,099 ​ 58,090 ​ 53,706 Total product revenue ​ 356,825 ​ 316,081 ​ 467,250 Other revenue ​ 23,705 ​ 21,580 ​ 23,211 Net revenues ​ $ 380,530 ​ $ 337,661 ​ $ 490,461

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Sep. 30, 2022
Inventories
Summary of major classes of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 2022 Raw Materials ​ $ 22,711 ​ $ 31,887 ​ ​ Work-in-process ​ 138,609 ​ 226,572 ​ ​ Finished Goods ​ 85,797 ​ 97,657 ​ ​ Other ​ 1,378 ​ 1,440 ​ ​ ​ ​ $ 248,495 ​ $ 357,556 ​ ​

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment
Summary of the major classes of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2022 Land and land improvements ​ $ 10,266 ​ $ 10,158 ​ Buildings and improvements ​ 46,241 ​ 45,872 ​ Machinery and equipment ​ 306,161 ​ 313,841 ​ Construction in process ​ 3,344 ​ 8,756 ​ ​ ​ 366,012 ​ 378,627 ​ Less accumulated depreciation ​ (218,764) ​ (235,855) ​ ​ ​ $ 147,248 ​ $ 142,772 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Sep. 30, 2022
Accrued Expenses
Summary of the major classes of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2022 Employee compensation ​ $ 9,424 ​ $ 7,734 ​ Taxes, other than income taxes ​ 2,798 ​ 2,897 ​ Accrued product returns ​ ​ 1,060 ​ ​ 700 ​ Utilities ​ ​ 1,000 ​ ​ 1,383 ​ Professional fees ​ ​ 836 ​ ​ 966 ​ Finance lease obligation, current ​ ​ 228 ​ ​ 265 ​ Management incentive compensation ​ ​ 3,411 ​ ​ 3,609 ​ Other ​ 1,343 ​ 1,740 ​ ​ ​ $ 20,100 ​ $ 19,294 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2022
Income Taxes
Schedule of components of income before provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2020 2021 2022 Income (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ (9,831) ​ $ (11,417) ​ $ 38,864 Foreign ​ 2,333 ​ 1,634 ​ 18,750 Total ​ $ (7,498) ​ $ (9,783) ​ $ 57,614 Provision for (benefit from) income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ (371) ​ $ 741 ​ $ 2,031 Foreign ​ 541 ​ 349 ​ 3,302 State ​ 29 ​ 228 ​ 639 Total ​ 199 ​ 1,318 ​ 5,972 Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ (2,266) ​ (2,986) ​ 5,931 Foreign ​ 56 ​ 470 ​ 120 State ​ (810) ​ (317) ​ (300) Valuation allowance ​ 1,801 ​ 415 ​ 804 Total ​ (1,219) ​ (2,418) ​ 6,555 Total provision for (benefit from) income taxes ​ $ (1,020) ​ $ (1,100) ​ $ 12,527
Schedule of provision for income taxes applicable to results of operations differed from the U.S. federal statutory rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2020 2021 2022 Statutory federal tax rate ​ 21.00 % ​ 21.00 % ​ 21.00 % Tax provision for income taxes at the statutory rate ​ $ (1,575) ​ $ (2,054) ​ $ 12,099 ​ Foreign tax rate differentials ​ 107 ​ (59) ​ (307) ​ Provision for state taxes, net of federal taxes ​ (145) ​ (84) ​ 974 ​ U.S. tax on distributed and undistributed earnings of foreign subsidiaries ​ (289) ​ 198 ​ 984 ​ Foreign derived intangible income deduction ​ ​ — ​ — ​ (966) ​ Tax credits ​ (1,058) ​ (691) ​ (702) ​ Federal and state tax rate change impact on deferred tax asset ​ (60) ​ 790 ​ (206) ​ Change in valuation allowance ​ 1,801 ​ 415 ​ 804 ​ Stock compensation ​ ​ 24 ​ ​ 138 ​ ​ 191 ​ Other, net ​ 175 ​ 247 ​ (344) ​ Provision for (benefit from) income taxes at effective tax rate ​ $ (1,020) ​ $ (1,100) ​ $ 12,527 ​ Effective tax rate ​ 13.6 % 11.2 % 21.7 % ​
Schedule of deferred tax assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2022 Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits ​ $ 22,318 ​ $ 16,802 ​ TIMET Agreement ​ 2,976 ​ 2,396 ​ Inventories ​ 1,498 ​ 3,225 ​ Accrued compensation and benefits ​ 2,034 ​ 2,096 ​ Accrued expenses and other ​ 3,376 ​ 2,600 ​ Tax attributes ​ 11,638 ​ 5,625 ​ Other assets ​ ​ 299 ​ 250 ​ Valuation allowance ​ ​ (3,891) ​ ​ (4,695) ​ Total deferred tax assets ​ $ 40,248 ​ $ 28,299 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ $ (25,669) ​ $ (24,081) ​ Intangible and other ​ (1,296) ​ (1,414) ​ Other liabilities ​ ​ (345) ​ (227) ​ Total deferred tax liabilities ​ $ (27,310) ​ $ (25,722) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets (liabilities) ​ $ 12,938 ​ $ 2,577 ​

Pension Plan and Retirement B_2

Pension Plan and Retirement Benefits (Tables)	12 Months Ended
	Sep. 30, 2022
Pension and Post-retirement Benefits
Schedule of status of employee pension benefit plans and other postretirement benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ ​ Postretirement ​ ​ Pension Plans ​ ​ Health Care Benefits ​ ​ Year Ended ​ ​ Year Ended ​ ​ September 30, ​ ​ September 30, ​ 2021 2022 2021 2022 Change in Benefit Obligation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected benefit obligation at beginning of year ​ $ 345,390 ​ $ 315,466 ​ ​ $ 93,339 ​ $ 82,964 ​ Service cost ​ 5,795 ​ 4,728 ​ ​ 1,095 ​ 1,825 ​ Interest cost ​ 7,481 ​ 7,936 ​ ​ 2,292 ​ 2,234 ​ Actuarial (gains) losses ​ (27,225) ​ (81,225) ​ ​ (10,943) ​ (20,343) ​ Benefits paid ​ (14,965) ​ (15,223) ​ ​ (2,819) ​ (2,643) ​ Administrative expenses ​ (1,010) ​ (407) ​ ​ — ​ — ​ Projected benefit obligation at end of year ​ $ 315,466 ​ $ 231,275 ​ ​ $ 82,964 ​ $ 64,037 ​ Change in Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 245,546 ​ $ 297,703 ​ ​ $ — ​ $ — ​ Actual return on assets ​ 47,132 ​ (69,752) ​ ​ — ​ — ​ Employer contributions ​ 21,000 ​ 6,000 ​ ​ 2,819 ​ 2,643 ​ Benefits paid ​ (14,965) ​ (15,223) ​ ​ (2,819) ​ (2,643) ​ Administrative expenses ​ ​ (1,010) ​ ​ (407) ​ ​ ​ — ​ ​ — ​ Fair value of plan assets at end of year ​ $ 297,703 ​ $ 218,321 ​ ​ $ — ​ $ — ​ Funded Status of Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unfunded status ​ $ (17,763) ​ $ (12,954) ​ ​ $ (82,964) ​ $ (64,037) ​
Schedule of amounts recognized in the consolidated balance sheets and amounts expected to be recognized from AOCI into the statement of operations in the following year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ Postretirement ​ Non-Qualified ​ All Plans ​ ​ Pension Plans ​ Health Care Benefits ​ Pension Plans ​ Combined ​ ​ September 30, ​ September 30, ​ September 30, ​ September 30, ​ 2021 2022 2021 2022 2021 2022 2021 2022 Accrued pension and postretirement benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ (3,459) ​ $ (3,276) ​ $ (95) ​ $ (95) ​ $ (3,554) ​ $ (3,371) ​ Non - ​ (17,763) ​ (12,954) ​ (79,505) ​ (60,761) ​ (528) ​ (435) ​ (97,796) ​ (74,150) ​ Accrued pension and postretirement benefits ​ $ (17,763) ​ $ (12,954) ​ $ (82,964) ​ $ (64,037) ​ $ (623) ​ $ (530) ​ $ (101,350) ​ $ (77,521) ​ Accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ 19,150 ​ 22,496 ​ (10,704) ​ (30,807) ​ — ​ — ​ 8,446 ​ (8,311) ​ Prior service cost ​ 1,599 ​ 1,365 ​ — ​ — ​ — ​ — ​ 1,599 ​ 1,365 ​ Total accumulated other comprehensive income (loss) ​ $ 20,749 ​ $ 23,861 ​ $ (10,704) ​ $ (30,807) ​ $ — ​ $ — ​ $ 10,045 ​ $ (6,946) ​
Schedule of components of net periodic pension and postretirement benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit Pension Plans ​ ​ Year Ended September 30, ​ 2020 2021 2022 Service cost ​ $ 5,546 ​ $ 5,628 ​ $ 4,728 ​ Interest cost ​ 8,866 ​ ​ 7,481 ​ ​ 7,936 ​ Expected return on assets ​ (15,061) ​ ​ (16,356) ​ ​ (14,818) ​ Amortization of prior service cost ​ 228 ​ ​ 239 ​ ​ 233 ​ Recognized actuarial loss ​ 7,288 ​ ​ 7,721 ​ ​ — ​ Net periodic cost ​ $ 6,867 ​ $ 4,713 ​ $ (1,921) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Postretirement ​ ​ Health Care Benefits ​ ​ Year Ended September 30, ​ 2020 2021 2022 Service cost ​ $ 1,416 ​ $ 1,095 ​ $ 1,825 ​ Interest cost ​ 3,493 ​ ​ 2,292 ​ ​ 2,234 ​ Recognized actuarial loss ​ 1,848 ​ ​ — ​ ​ (240) ​ Net periodic cost ​ $ 6,757 ​ $ 3,387 ​ $ 3,819 ​ ​
Schedule of assumptions used to determine actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans	​ ​ ​ ​ ​ ​ ​ ​ September 30, September 30, ​ ​ 2021 ​ 2022 Discount rate (postretirement health care) (1) 2.75 % 5.13 % Discount rate (U.S. pension plan) (1) 2.63 % 5.13 % Discount rate (U.K. pension plan) 2.00 % 5.90 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % ​ (1) The discount rate for the Postretirement health care plan and the U.S. pension plan are derived using the FTSE Pension Discount Curve and projected benefit payments.
Schedule of assumptions used to determine net periodic pension and postretirement health care benefit costs for the plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Defined Benefit ​ ​ Pension and ​ ​ Postretirement Health ​ ​ Care Plans ​ ​ Year Ended ​ ​ September 30, ​ 2020 2021 2022 Discount rate (postretirement health care plan) 3.13 % 2.50 % 2.75 % Discount rate (U.S. pension plan) 2.88 % 2.25 % 2.63 % Discount rate (U.K. pension plan) 1.70 % 1.50 % 2.00 % Expected return on plan assets (U.S. pension plan) 7.25 % 7.25 % 5.25 % Expected return on plan assets (U.K. pension plan) 2.20 % 2.00 % 3.00 % Rate of compensation increase (U.S. pension plan only) 2.50 % 2.50 % 2.50 % ​
Schedule of plan assets by level within the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Level 2 ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ ​ ​ ​ ​ ​ ​ Assets ​ Inputs ​ NAV ​ Total U.S. Pension Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. corporate and government bonds ​ $ 23,654 ​ $ 169,953 ​ $ — ​ $ 193,607 ​ U.S. common stock mutual funds ​ — ​ $ — ​ $ 44,743 ​ 44,743 ​ Common /collective funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. common stock ​ — ​ — ​ 19,672 ​ 19,672 ​ International equity ​ — ​ — ​ 16,245 ​ 16,245 ​ Total U.S. ​ $ 23,654 ​ $ 169,953 ​ $ 80,660 ​ $ 274,267 ​ U.K. Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equities ​ $ — ​ $ — ​ $ 8,202 ​ $ 8,202 ​ Bonds ​ — ​ — ​ 12,890 ​ 12,890 ​ Other ​ — ​ — ​ 2,344 ​ 2,344 ​ Total U.K. ​ $ — ​ $ — ​ $ 23,436 ​ $ 23,436 ​ Total pension plan assets ​ $ 23,654 ​ $ 169,953 ​ $ 104,096 ​ $ 297,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ Active ​ Level 2 ​ ​ ​ ​ ​ ​ ​ Markets for ​ Other ​ ​ ​ ​ ​ ​ ​ Identical ​ Observable ​ ​ ​ ​ ​ ​ ​ Assets ​ Inputs ​ NAV ​ Total U.S. Pension Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. corporate and government bonds ​ $ 15,926 ​ $ 158,582 ​ $ — ​ $ 174,508 ​ U.S. common stock mutual funds ​ ​ — ​ ​ — ​ ​ 16,471 ​ ​ 16,471 ​ Common /collective funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bonds ​ — ​ — ​ — ​ — ​ Short-term money market ​ — ​ — ​ — ​ — ​ U.S. common stock ​ — ​ — ​ 6,847 ​ 6,847 ​ International equity ​ — ​ — ​ 5,390 ​ 5,390 ​ Total U.S. ​ $ 15,926 ​ $ 158,582 ​ $ 28,708 ​ $ 203,216 ​ U.K. Plan Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equities ​ $ — ​ $ — ​ $ 5,135 ​ $ 5,135 ​ Bonds ​ — ​ — ​ 8,006 ​ 8,006 ​ Other ​ — ​ — ​ 1,964 ​ 1,964 ​ Total U.K. ​ $ — ​ $ — ​ $ 15,105 ​ $ 15,105 ​ Total pension plan assets ​ $ 15,926 ​ $ 158,582 ​ $ 43,813 ​ $ 218,321 ​
Schedule of asset classes as a percent of total assets	​ ​ ​ ​ ​ Asset Class Target (1) Equity 14 % Fixed Income 86 % Real Estate and Other — % (1) The Company adjusts the target allocation based on the fair value of pension assets as a percentage of the projected pension obligation.
Schedule of expected benefit payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Postretirement Fiscal Year Ending September 30 ​ Pension ​ Health Care 2023 ​ $ 15,738 ​ $ 4,828 ​ 2024 ​ 16,081 ​ 4,841 ​ 2025 ​ 16,366 ​ 4,890 ​ 2026 ​ 16,573 ​ 5,068 ​ 2027 ​ 16,802 ​ 5,007 ​ 2028 - 2032 (in total) ​ 83,895 ​ 25,956 ​

Legal, Environmental and Othe_2

Legal, Environmental and Other Contingencies (Tables)	12 Months Ended
	Sep. 30, 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, ​ ​ ​ 2024 $ 82 ​ 2025 60 ​ 2026 58 ​ 2027 ​ 62 ​ 2028 and thereafter 79 ​ ​ $ 341 ​

Stockholders Equity (Tables)

Stockholders Equity (Tables)	12 Months Ended
	Sep. 30, 2022
Stockholder's Equity
Schedule of treasury stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2020 2021 2022 Number of shares at beginning of year ​ ​ 53,469 ​ ​ 58,909 ​ ​ 195,638 Repurchases of common stock to satisfy employee payroll taxes ​ ​ 5,440 ​ ​ 23,751 ​ ​ 37,002 Repurchases of common stock from share repurchase plan ​ ​ — ​ ​ 112,978 ​ ​ 142,392 Number of shares at end of year ​ ​ 58,909 ​ ​ 195,638 ​ ​ 375,032

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Sep. 30, 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 32,204 ​ $ 43.98 ​ Forfeited / Canceled (6,522) ​ $ 28.79 ​ Vested (71,415) ​ $ 25.63 ​ Unvested at September 30, 2022 96,536 ​ $ 33.23 ​ Expected to vest 96,536 ​ $ 33.23 ​
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 September 30, 2022 3,801 ​ $ 44.07 ​ Vested and deferred at September 30, 2022 20,050 ​ $ 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 September 30, 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 ​ November 24, 2020 ​ $ 5.91 3.89 % 0.39 % 43 % 5 years ​ November 19, 2019 ​ $ 9.66 2.38 % 1.65 % 35 % 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 (14,558) ​ ​ ​ ​ $ 36.83 ​ ​ ​ ​ Forfeited/Canceled (32,878) ​ ​ ​ ​ $ 44.36 ​ ​ ​ ​ Outstanding at September 30, 2022 697,220 ​ $ 2,281 ​ $ 34.75 6.17 yrs. ​ Vested or expected to vest 669,846 ​ $ 2,101 ​ $ 34.92 6.10 yrs. ​ Exercisable at September 30, 2022 534,296 ​ $ 1,103 ​ $ 36.07 5.55 yrs. ​

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Sep. 30, 2022
Segment Reporting
Schedule of revenues from external customers attributable to geographic areas	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ 2020 2021 2022 Net Revenue by Geography: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 230,764 ​ $ 179,127 ​ $ 278,473 ​ Europe ​ 91,480 ​ 85,555 ​ 116,599 ​ China ​ 17,398 ​ 30,668 ​ 33,910 ​ Other ​ 40,888 ​ 42,311 ​ 61,479 ​ Net Revenues ​ $ 380,530 ​ $ 337,661 ​ $ 490,461 ​ Net Revenue by Product Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ High-temperature resistant alloys ​ $ 308,229 ​ $ 253,246 ​ $ 387,464 ​ Corrosive-resistant alloys ​ 72,301 ​ 84,415 ​ 102,997 ​ Net revenues ​ $ 380,530 ​ $ 337,661 ​ $ 490,461 ​
Schedule of long-lived assets by geographic areas	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2022 Long-lived Assets by Geography ​ ​ ​ ​ ​ ​ ​ United States ​ $ 140,263 ​ $ 135,698 ​ Europe ​ 6,834 ​ 6,921 ​ China ​ 151 ​ 153 ​ Total long-lived assets ​ $ 147,248 ​ $ 142,772 ​

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Sep. 30, 2022
Valuation and Qualifying Accounts
Schedule of changes in valuation and qualifying accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at Charges ​ Balance at ​ ​ Beginning ​ (credits) to ​ ​ ​ End of ​ ​ of Period ​ Expense ​ Deductions (1) ​ Period Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 441 139 ​ (35) 545 ​ September 30, 2021 545 74 ​ (66) 553 ​ September 30, 2022 553 171 ​ (296) 428 ​ (1) Uncollectible accounts written off net of recoveries .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Sep. 30, 2022
Fair Value Measurements
Schedule of company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 Fair Value Measurements ​ ​ at Reporting Date Using: ​ Level 1 Level 2 Level 3 NAV Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 23,654 ​ $ 169,953 ​ $ — $ 104,096 ​ $ 297,703 ​ Total fair value ​ $ 23,654 ​ $ 169,953 ​ $ — $ 104,096 ​ $ 297,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 Fair Value Measurements ​ ​ at Reporting Date Using: ​ Level 1 Level 2 Level 3 NAV Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 15,926 ​ $ 158,582 ​ $ — $ 43,813 ​ $ 218,321 ​ Total fair value ​ $ 15,926 ​ $ 158,582 ​ $ — $ 43,813 ​ $ 218,321 ​ ​

Comprehensive Income (Loss) a_2

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	12 Months Ended
	Sep. 30, 2022
Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, ​ ​ 2020 ​ ​ 2021 ​ ​ 2022 ​ Pre-tax Tax Net Pre-tax Tax Net Pre-tax Tax Net Net income (loss) ​ ​ ​ ​ ​ ​ ​ $ (6,478) ​ ​ ​ ​ ​ ​ ​ ​ $ (8,683) ​ ​ ​ ​ ​ ​ ​ ​ $ 45,087 Other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gain (loss) arising during period ​ $ 11,121 ​ ​ (2,381) ​ 8,740 ​ ​ $ 68,941 ​ ​ (16,044) ​ 52,897 ​ ​ $ 16,991 ​ ​ (3,924) ​ 13,067 Amortization of prior service cost ​ 228 ​ ​ (58) ​ 170 ​ ​ 228 ​ ​ (52) ​ 176 ​ ​ 239 ​ ​ (56) ​ 183 Amortization of (gain) loss ​ 9,129 ​ ​ (2,409) ​ 6,720 ​ ​ 7,735 ​ ​ (1,802) ​ 5,933 ​ ​ (240) ​ ​ 56 ​ (184) Foreign currency translation adjustment ​ 3,690 ​ — ​ 3,690 ​ ​ 3,254 ​ — ​ 3,254 ​ ​ (11,817) ​ — ​ (11,817) Other comprehensive income (loss) ​ $ 24,168 ​ $ (4,848) ​ 19,320 ​ ​ $ 80,158 ​ $ (17,898) ​ 62,260 ​ ​ $ 5,173 ​ $ (3,924) ​ 1,249 Total comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ $ 12,842 ​ ​ ​ ​ ​ ​ ​ ​ $ 53,577 ​ ​ ​ ​ ​ ​ ​ ​ $ 46,336
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 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 ​ 44,493 ​ 8,404 ​ 3,254 ​ 56,151 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 228 ​ ​ — ​ ​ — ​ ​ 228 Actuarial losses (1) ​ ​ 7,735 ​ ​ — ​ ​ — ​ ​ 7,735 Tax benefit ​ ​ (1,854) ​ ​ — ​ ​ — ​ ​ (1,854) Net current-period other comprehensive income (loss) ​ 50,602 ​ 8,404 ​ 3,254 ​ 62,260 Accumulated other comprehensive income (loss) as of September 30, 2021 ​ $ (14,791) ​ $ 9,017 ​ $ (6,567) ​ $ (12,341) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended September 30, 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 ​ (2,557) ​ 15,624 ​ (11,817) ​ 1,250 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 239 ​ ​ — ​ ​ — ​ ​ 239 Actuarial losses (1) ​ ​ — ​ ​ (240) ​ ​ — ​ ​ (240) Tax benefit ​ ​ (56) ​ ​ 56 ​ ​ — ​ ​ — Net current-period other comprehensive income (loss) ​ (2,374) ​ 15,440 ​ (11,817) ​ 1,249 Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Long-term Obligations (Tables)

Long-term Obligations (Tables)	12 Months Ended
	Sep. 30, 2022
Long-term Obligations
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 2022 Finance lease obligations ​ $ 7,613 ​ $ 7,384 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 566 ​ ​ 407 ​ Long-term disability ​ ​ 231 ​ ​ 210 ​ Deferred dividends ​ ​ 210 ​ ​ 199 ​ Less amounts due within one year ​ (319) ​ (352) ​ Long-term obligations (less current portion) ​ $ 8,301 ​ $ 7,848 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2022
Leases
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2021 ​ 2022 Finance lease cost: ​ ​ ​ ​ ​ ​ Amortization of right of use asset $ 430 ​ $ 430 ​ Interest on lease liabilities ​ 806 ​ ​ 784 ​ Total finance lease cost $ 1,236 ​ $ 1,214 ​ ​ ​ ​ ​ ​ ​ ​ Operating lease cost $ 1,687 ​ $ 1,100 ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ 806 ​ ​ 784 ​ Operating cash flows from operating leases ​ 1,687 ​ ​ 1,100 ​ Financing cash flows from finance leases ​ 195 ​ ​ 228 ​ Total cash paid for amounts included in measurement of lease liabilities $ 2,688 ​ $ 2,112 ​
Schedule of Balance Sheet operating and financing lease information	The following table sets forth the Company’s right of use assets and lease liabilities as of September 30, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ 2021 ​ 2022 Finance lease assets (included in Property, plant and equipment, net) $ 6,218 ​ $ 5,643 ​ Operating right of use lease assets (included in Other assets) $ 1,494 ​ $ 1,085 ​ ​ ​ ​ ​ ​ ​ ​ Finance lease liabilities ​ ​ ​ ​ ​ ​ Accrued expenses $ 228 ​ $ 265 ​ Long-term obligations (less current portion) ​ 7,385 ​ ​ 7,119 ​ Total Finance lease liabilities $ 7,613 ​ $ 7,384 ​ Operating lease liabilities $ 1,494 ​ $ 1,085 ​ ​ Operating lease payments due within one year are recorded in Accrued expenses on the Consolidated Balance Sheet. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ September 30, ​ ​ 2021 ​ 2022 Weighted average lease term (Years) ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 14.1 ​ ​ 13.1 ​ Operating leases ​ ​ 2.5 ​ ​ 3.0 ​ Weighted average discount rate ​ ​ ​ ​ ​ ​ ​ Finance leases ​ ​ 10.32 % ​ 10.32 % Operating leases ​ ​ 5.25 % ​ 5.25 %
Schedule of financing and operating lease maturity	The following is a table of future minimum lease payments during each fiscal year under operating and finance leases and the present value of the net minimum lease payments as of September 30, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance Operating Future minimum lease payments Leases ​ Leases ​ 2023 $ 1,024 ​ $ 507 ​ 2024 1,032 ​ 381 ​ 2025 1,037 ​ 154 ​ 2026 1,044 ​ 82 ​ 2027 1,049 ​ 62 ​ Thereafter 8,408 ​ — ​ Total minimum lease payments ​ 13,594 ​ ​ 1,186 ​ Less: amount representing interest ​ (6,210) ​ ​ (101) ​ Present value of net minimum lease payments $ 7,384 ​ $ 1,085 ​

Foreign Currency Forward Cont_2

Foreign Currency Forward Contracts (Tables)	12 Months Ended
	Sep. 30, 2022
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ September 30, ​ September 30, ​ September 30, ​ 2020 ​ 2021 ​ 2022 Foreign currency transactional gain (loss) $ (567) ​ $ (42) ​ $ 4,393 Foreign exchange forward contract gain (loss) ​ (273) ​ ​ (532) ​ ​ (6,066) Net gain (loss) included in selling, general and administrative expense ​ $ (840) ​ $ (574) ​ $ (1,673)

Summary of Significant Accoun_4

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

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Intangible Assets
Useful life	15 years
Goodwill impairment charges	$ 0	$ 0	$ 0
Change to goodwill	0	0	0
Amortization of customer relationships, patents, non-competes and other intangibles	780	467	$ 228
Total intangible assets, Gross Amount	7,000	6,897
Finite-lived intangible assets, Accumulated Amortization	(2,091)	(1,311)
Carrying Amount	4,909	5,586
Customer relationships
Intangible Assets
Finite-lived intangible assets Gross Amount	2,100	2,100
Finite-lived intangible assets, Accumulated Amortization	(1,128)	(995)
Finite-lived intangible assets, Carrying Amount	972	1,105
Other Intangible Assets
Intangible Assets
Finite-lived intangible assets Gross Amount	1,100	997
Finite-lived intangible assets, Accumulated Amortization	(963)	(316)
Finite-lived intangible assets, Carrying Amount	137	681
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800	3,800
Finite-lived intangible assets, Carrying Amount		$ 3,800

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Estimate of Aggregate Amortization Expense:
2023	$ 216
2024	176
2025	123
2026	120
2027	116
Thereafter	$ 358

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment
Impairment recognized	$ 0	$ 0	$ 0
Building and Building Improvements [Member]
Property, Plant and Equipment
Estimated economic useful lives	40 years
Machinery and Equipment [Member] | Minimum
Property, Plant and Equipment
Estimated economic useful lives	5 years
Machinery and Equipment [Member] | Maximum
Property, Plant and Equipment
Estimated economic useful lives	14 years
Land Improvements [Member]
Property, Plant and Equipment
Estimated economic useful lives	20 years

Summary of Significant Accoun_8

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

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Research and Technical Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Research and Technical Costs
Research and technical expense	$ 3,822	$ 3,403	$ 3,713

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Financial Instruments (Details)	12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Financial Instruments
Foreign currency exchange contracts outstanding	0	0
Credit losses	$ 171,000	$ 74,000	$ 139,000

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Numerator: Basic and Diluted
Net income (loss)	$ 45,087	$ (8,683)	$ (6,478)
Dividends paid and accrued ($0.88 and $0.88 and $0.88 per share for the year ended September 30, 2020 and 2021 and 2022, respectively)	(11,062)	(11,245)	(11,158)
Undistributed income (loss) - Basic	34,025	(19,928)	(17,636)
Undistributed income (loss) - Diluted	$ 34,025	$ (19,928)	$ (17,636)
Percentage allocated to common shares	99%	100%	100%
Undistributed income (loss) allocated to common shares - Basic	$ 33,699	$ (19,928)	$ (17,636)
Undistributed income (loss) allocated to common shares - Diluted	33,699	(19,928)	(17,636)
Dividends paid on common shares outstanding	10,955	11,098	11,071
Net income (loss) available to common shares - Basic	44,654	(8,830)	(6,565)
Net income (loss) available to common shares - Diluted	$ 44,654	$ (8,830)	$ (6,565)
Denominator: Basic and Diluted
Weighted average shares outstanding - Basic (in shares)	12,346,025	12,499,609	12,470,664
Adjustment for dilutive potential common shares (in shares)	159,475
Weighted average shares outstanding - Diluted (in shares)	12,505,500	12,499,609	12,470,664
Basic net income (loss) per share (in dollars per share)	$ 3.62	$ (0.71)	$ (0.53)
Diluted net income (loss) per share (in dollars per share)	$ 3.57	$ (0.71)	$ (0.53)

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Employee and Directors Stock Options
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	261,228	385,548	285,699
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	50,415	165,794	96,999
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	2,791	30,529	34,498
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	46,693	76,266	47,195

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Weighted Average Common Shares (Details) - shares	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Percentage allocated to common shares - weighted average
Weighted average shares outstanding - Basic (in shares)	12,346,025	12,499,609	12,470,664
Unvested participating shares	119,549
Total	12,465,574	12,499,609	12,470,664

Revenues from Contracts with _3

Revenues from Contracts with Customers - Other Information (Details) $ in Thousands, lb in Millions		12 Months Ended
	Nov. 17, 2006 USD ($) lb	Sep. 30, 2022 USD ($) lb	Sep. 30, 2021 USD ($)
Revenues from Contracts with Customers
Accounts receivable, gross		$ 95,340	$ 58,517
Accounts receivable, allowance for doubtful accounts		428	553
Contract liabilities		$ 10,329	12,829
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation		true
Estimated product returns		$ 700	$ 1,060
Conversion Services Arrangement
Revenues from Contracts with Customers
Revenue recognition period	20 years	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	10

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contracts with Customers
Net revenues	$ 490,461	$ 337,661	$ 380,530
Product
Revenue from Contracts with Customers
Net revenues	467,250	316,081	356,825
Aerospace
Revenue from Contracts with Customers
Net revenues	230,001	128,072	191,980
Chemical processing
Revenue from Contracts with Customers
Net revenues	91,665	63,147	63,170
Industrial gas turbine
Revenue from Contracts with Customers
Net revenues	91,878	66,772	56,576
Other markets
Revenue from Contracts with Customers
Net revenues	53,706	58,090	45,099
Others
Revenue from Contracts with Customers
Net revenues	$ 23,211	$ 21,580	$ 23,705

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Inventories
Raw Materials	$ 31,887	$ 22,711
Work-in-process	226,572	138,609
Finished Goods	97,657	85,797
Other	1,440	1,378
Total	$ 357,556	$ 248,495

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) $ in Thousands	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($) item
Property, plant and equipment
Gross amount	$ 378,627	$ 366,012
Less accumulated depreciation	(235,855)	(218,764)
Net amount	142,772	147,248
Finance lease assets	5,643	6,218
Shanghai
Property, plant and equipment
Finance lease assets	132	145
La Porte
Property, plant and equipment
Finance lease assets	$ 5,643	$ 6,073
Number of leased buildings | item	2	2
Land and Land Improvements [Member]
Property, plant and equipment
Gross amount	$ 10,158	$ 10,266
Building and Building Improvements [Member]
Property, plant and equipment
Gross amount	45,872	46,241
Machinery and Equipment [Member]
Property, plant and equipment
Gross amount	313,841	306,161
Construction in Progress [Member]
Property, plant and equipment
Gross amount	$ 8,756	$ 3,344

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Accrued Expenses
Employee compensation	$ 7,734	$ 9,424
Taxes, other than income taxes	2,897	2,798
Accrued product returns	700	1,060
Utilities	1,383	1,000
Professional fees	966	836
Finance lease obligation, current	265	228
Management incentive compensation	3,609	3,411
Other	1,740	1,343
Total accrued expenses	$ 19,294	$ 20,100

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Taxes
Statutory federal tax rate (as a percent)	21%	21%	21%
Income (loss) before income taxes:
U.S.	$ 38,864	$ (11,417)	$ (9,831)
Foreign	18,750	1,634	2,333
Income (loss) before income taxes	57,614	(9,783)	(7,498)
Current:
U.S. Federal	2,031	741	(371)
Foreign	3,302	349	541
State	639	228	29
Total	5,972	1,318	199
Deferred:
U.S. Federal	5,931	(2,986)	(2,266)
Foreign	120	470	56
State	(300)	(317)	(810)
Valuation allowance	804	415	1,801
Total	6,555	(2,418)	(1,219)
Total provision for (benefit from) income taxes	$ 12,527	$ (1,100)	$ (1,020)

Income Taxes - Rate (Details)

Income Taxes - Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Effective income tax rate reconciliation
Statutory federal tax rate (as a percent)	21%	21%	21%
Tax provision for income taxes at the statutory rate	$ 12,099	$ (2,054)	$ (1,575)
Foreign tax rate differentials	(307)	(59)	107
Provision for state taxes, net of federal taxes	974	(84)	(145)
U.S. tax on distributed and undistributed earnings of foreign subsidiaries	984	198	(289)
Foreign derived intangible income deduction	(966)
Tax credits	(702)	(691)	(1,058)
Federal and state tax rate change impact on deferred tax asset	(206)	790	(60)
Change in valuation allowance	804	415	1,801
Stock compensation	191	138	24
Other, net	(344)	247	175
Total provision for (benefit from) income taxes	$ 12,527	$ (1,100)	$ (1,020)
Effective tax rate (as a percent)	21.70%	11.20%	13.60%

Income Taxes - Deferred Taxes (

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Deferred tax assets:
Pension and postretirement benefits	$ 16,802	$ 22,318
Inventories	3,225	1,498
Accrued compensation and benefits	2,096	2,034
Accrued expenses and other	2,600	3,376
Tax attributes	5,625	11,638
Other assets	250	299
Valuation allowance	(4,695)	(3,891)
Total deferred tax assets	28,299	40,248
Deferred tax liabilities:
Property, plant and equipment, net	(24,081)	(25,669)
Intangible and other	(1,414)	(1,296)
Other liabilities	(227)	(345)
Total deferred tax liabilities	(25,722)	(27,310)
Net deferred tax assets (liabilities)	2,577	12,938
Conversion Services Arrangement
Deferred tax assets:
TIMET Agreement	$ 2,396	$ 2,976

Income Taxes - NOL (Details)

Income Taxes - NOL (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Net operating loss carryforwards
Tax credit	$ 4,097,000
Undistributed losses of foreign subsidiaries	66,094,000
Undistributed losses of foreign subsidiaries taxes	0
Uncertain tax positions	0	$ 0
State
Net operating loss carryforwards
Net operating loss carryforwards	14,557,000
Tax credit	5,193,000
Foreign
Net operating loss carryforwards
Net operating loss carryforwards	2,392,000
Net operating loss carryforward valuation allowance	$ 598,000

Debt - US Revolving Credit Faci

Debt - US Revolving Credit Facility (Details) - USD ($) $ in Thousands	Oct. 19, 2020	Oct. 07, 2022	Oct. 06, 2022	Sep. 30, 2022
Debt
Revolving credit facilities - Long-term				$ 74,721
Credit Agreement
Debt
Term of debt agreement	3 years
Maximum borrowing capacity		$ 160,000	$ 100,000
Increased maximum revolving loan amount at the request of the borrowers	$ 170,000
Commitment fee (as a percent)	0.425%
Excess availability, percentage, maximum	12.50%
Excess availability, amount, maximum	$ 12,500
Maximum quarterly amount of dividends which the Company may pay if in compliance with financial covenants	$ 3,500
Percentage of equity interest in direct foreign subsidiaries pledged as collateral for borrowings	100%
Credit Agreement | SOFR
Debt
Basis spread on variable rate (as a percent)	0.10%
Floor rate (as a percent)	0.50%
Credit Agreement | Minimum | Prime rate
Debt
Basis spread on variable rate (as a percent)	1.25%
Credit Agreement | Minimum | Eurodollar rate
Debt
Basis spread on variable rate (as a percent)	2.25%
Credit Agreement | Maximum | Prime rate
Debt
Basis spread on variable rate (as a percent)	1.75%
Credit Agreement | Maximum | Eurodollar rate
Debt
Basis spread on variable rate (as a percent)	2.75%
Letter of Credit [Member]
Debt
Fronting fee (as a percent)	0.125%
Domestic Line of Credit [Member]
Debt
Outstanding balance				$ 74,700

Debt - Overdraft Facilities (De

Debt - Overdraft Facilities (Details) - Sep. 30, 2022 € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	GBP (£)	USD ($)	EUR (€)	CHF (SFr)
Haynes International Ltd. overdraft facility
Debt and long-term obligations
Maximum borrowing capacity	£ 1,333	$ 1,471
Available borrowing capacity	£ 1,333	1,471
Haynes International S.A.R.L. overdraft facility
Debt and long-term obligations
Maximum borrowing capacity		234	€ 240
Available borrowing capacity		234	€ 240
Haynes International AG overdraft facility
Debt and long-term obligations
Maximum borrowing capacity		1,040		SFr 1,020
Available borrowing capacity		$ 1,040		SFr 1,020

Pension Plan and Retirement B_3

Pension Plan and Retirement Benefits - Defined Contribution Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Defined Contribution 401K Plan [Member]
Defined Contribution Plans
Expenses associated with plan	$ 2,016	$ 1,748	$ 1,950
Defined Contribution 401K Plan [Member] | Employees with exceptions
Defined Contribution Plans
Percentage employer matches of the employee's percentage contribution matched.	50%
Defined Contribution 401K Plan [Member] | Employees with exceptions | Maximum
Defined Contribution Plans
Percentage of employees' gross pay for which the employer contributes a matching contribution	3%
Defined Contribution 401K Plan [Member] | Certain employees not eligible for U.S. pension plan
Defined Contribution Plans
Percentage employer matches of the employee's percentage contribution matched.	60%
Defined Contribution 401K Plan [Member] | Certain employees not eligible for U.S. pension plan | Maximum
Defined Contribution Plans
Percentage of employees' gross pay for which the employer contributes a matching contribution	6%
Profit Sharing Plans [Member]
Defined Contribution Plans
Expenses associated with plan	$ 0	$ 0	$ 0

Pension Plan and Retirement B_4

Pension Plan and Retirement Benefits - Defined Benefit Plans - Expense (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2007	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Pension Plan and Retirement Benefits
Accrued pension and postretirement benefits		$ 77,521	$ 101,350
Defined Benefit Pension Plan
Pension Plan and Retirement Benefits
Pension plan expense		(1,921)	4,713	$ 6,867
Accrued pension and postretirement benefits		12,954	17,763
Contribution to plan		6,000	21,000
Projected benefit obligation		231,275	315,466	345,390
Pension Plans Defined Benefit Us [Member]
Pension Plan and Retirement Benefits
Contribution to plan		6,000	21,000	6,000
Pension Plans Defined Benefit Non Us [Member]
Pension Plan and Retirement Benefits
Contribution to plan		0	0	517
Non Qualified Pension Plans Defined Benefit [Member]
Pension Plan and Retirement Benefits
Pension plan expense		3	37	57
Accrued pension and postretirement benefits		530	623
Defined Benefit Other Postretirement Benefit Plan
Pension Plan and Retirement Benefits
Pension plan expense		3,819	3,387	6,757
Accrued pension and postretirement benefits		64,037	82,964
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000
Contribution to plan		2,643	2,819
Projected benefit obligation		64,037	$ 82,964	$ 93,339
UNITED STATES
Pension Plan and Retirement Benefits
Projected benefit obligation		223,871
Pension Plans Defined Benefit Non US
Pension Plan and Retirement Benefits
Projected benefit obligation		$ 7,404

Pension Plan and Retirement B_5

Pension Plan and Retirement Benefits - Defined Benefit Plans - Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Change in Benefit Obligation:
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense
Defined Benefit Pension Plan
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	$ 315,466	$ 345,390
Service cost	4,728	5,795
Interest cost	7,936	7,481	$ 8,866
Actuarial gains (losses)	(81,225)	(27,225)
Benefits paid	(15,223)	(14,965)
Administrative expenses	(407)	(1,010)
Projected benefit obligation at end of year	231,275	315,466	345,390
Change in Plan Assets:
Fair value of plan assets at beginning of year	297,703	245,546
Actual return on assets	(69,752)	47,132
Contribution to plan	6,000	21,000
Benefits paid	(15,223)	(14,965)
Administrative expenses	(407)	(1,010)
Fair value of plan assets at end of year	218,321	297,703	245,546
Funded Status of Plan:
Unfunded status	(12,954)	(17,763)
Defined Benefit Other Postretirement Benefit Plan
Change in Benefit Obligation:
Projected benefit obligation at beginning of year	82,964	93,339
Service cost	1,825	1,095	1,416
Interest cost	2,234	2,292	3,493
Actuarial gains (losses)	(20,343)	(10,943)
Benefits paid	(2,643)	(2,819)
Projected benefit obligation at end of year	64,037	82,964	$ 93,339
Change in Plan Assets:
Contribution to plan	2,643	2,819
Benefits paid	(2,643)	(2,819)
Funded Status of Plan:
Unfunded status	$ (64,037)	$ (82,964)

Pension Plan and Retirement B_6

Pension Plan and Retirement Benefits - Defined Benefit Plans - Recognized in BS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Accrued pension and postretirement benefits:
Current	$ (3,371)	$ (3,554)
Non-current	(74,150)	(97,796)
Accrued pension and postretirement benefits	(77,521)	(101,350)
Accumulated other comprehensive income (loss):
Net income (loss)	(8,311)	8,446
Prior service cost	1,365	1,599
Total accumulated other comprehensive income (loss)	(6,946)	10,045
Accumulated benefit obligation	227,915	308,284
Defined Benefit Pension Plan
Accrued pension and postretirement benefits:
Non-current	(12,954)	(17,763)
Accrued pension and postretirement benefits	(12,954)	(17,763)
Accumulated other comprehensive income (loss):
Net income (loss)	22,496	19,150
Prior service cost	1,365	1,599
Total accumulated other comprehensive income (loss)	23,861	20,749
Defined Benefit Pension Plan | Other assets
Accrued pension and postretirement benefits:
Noncurrent assets	7,702	8,372
Non-current	(20,655)	(26,135)
Defined Benefit Other Postretirement Benefit Plan
Accrued pension and postretirement benefits:
Current	(3,276)	(3,459)
Non-current	(60,761)	(79,505)
Accrued pension and postretirement benefits	(64,037)	(82,964)
Accumulated other comprehensive income (loss):
Net income (loss)	(30,807)	(10,704)
Total accumulated other comprehensive income (loss)	(30,807)	(10,704)
Non Qualified Pension Plans Defined Benefit [Member]
Accrued pension and postretirement benefits:
Current	(95)	(95)
Non-current	(435)	(528)
Accrued pension and postretirement benefits	$ (530)	$ (623)

Pension Plan and Retirement B_7

Pension Plan and Retirement Benefits - Defined Benefit Plans - Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Components of net periodic pension cost and postretirement health care benefit cost
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense	Nonoperating Retirement Benefit Expense
Defined Benefit Pension Plan
Components of net periodic pension cost and postretirement health care benefit cost
Service cost	$ 4,728	$ 5,628	$ 5,546
Service cost	4,728	5,795
Interest cost	7,936	7,481	8,866
Expected return	(14,818)	(16,356)	(15,061)
Amortization of prior service cost	233	239	228
Recognized actuarial loss		7,721	7,288
Net periodic benefit cost	(1,921)	4,713	6,867
Defined Benefit Other Postretirement Benefit Plan
Components of net periodic pension cost and postretirement health care benefit cost
Service cost	1,825	1,095	1,416
Interest cost	2,234	2,292	3,493
Recognized actuarial loss	(240)		1,848
Net periodic benefit cost	$ 3,819	$ 3,387	$ 6,757

Pension Plan and Retirement B_8

Pension Plan and Retirement Benefits - Benefit Obligation Assumptions (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2007	Sep. 30, 2027	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Pension Plans Defined Benefit Us [Member]
Assumptions used to determine benefit obligation
Discount rate (as a percent)							5.13%	2.63%
Rate of compensation increase (as a percent)							2.50%	2.50%
Pension Plans Defined Benefit Non Us [Member]
Assumptions used to determine benefit obligation
Discount rate (as a percent)							5.90%	2%
Defined Benefit Other Postretirement Benefit Plan
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)		5%	5.50%	6%	6.50%	7%
Effect of one percentage point change in assumed health care cost trend rates
Maximum liability related to total retiree health care costs under plan amendment	$ 5,000
Assumptions used to determine benefit obligation
Discount rate (as a percent)							5.13%	2.75%
Defined Benefit Other Postretirement Benefit Plan | Minimum
Assumptions relating to health care cost trend rates
Employee age required to participate in the plan						65 years	65 years	65 years
Defined Benefit Other Postretirement Benefit Plan | Maximum
Assumptions relating to health care cost trend rates
Employee age required to participate in the plan							65 years	65 years
Defined Benefit Other Postretirement Benefit Plan | Under Sixty Five Age Group [Member]
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)							5%	5%
Defined Benefit Other Postretirement Benefit Plan | Over Sixty Five Age Group [Member]
Assumptions relating to health care cost trend rates
Annual rate of increase for the costs of covered health care benefits on the basis of age (as a percent)							5%	5%

Pension Plan and Retirement B_9

Pension Plan and Retirement Benefits - Cost Assumptions (Details)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Other Postretirement Benefit Plan
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	2.75%	2.50%	3.13%
Pension Plans Defined Benefit Us [Member]
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	2.63%	2.25%	2.88%
Expected return on plan assets (as a percent)	5.25%	7.25%	7.25%
Rate of compensation increase (as a percent)	2.50%	2.50%	2.50%
Pension Plans Defined Benefit Non Us [Member]
Assumptions used to determine net periodic benefit cost
Discount rate (as a percent)	2%	1.50%	1.70%
Expected return on plan assets (as a percent)	3%	2%	2.20%

Pension Plan and Retirement _10

Pension Plan and Retirement Benefits - Plan Assets (Details) $ in Thousands	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Defined Benefit Pension Plan
Asset allocation
Total pension plan assets	$ 218,321	$ 297,703	$ 245,546
Defined Benefit Pension Plan | Fair Value, Inputs, Level 1 [Member]
Asset allocation
Total pension plan assets	15,926	23,654
Defined Benefit Pension Plan | Fair Value, Inputs, Level 2 [Member]
Asset allocation
Total pension plan assets	158,582	169,953
Defined Benefit Pension Plan | NAV
Asset allocation
Total pension plan assets	$ 43,813	104,096
Pension Plans Defined Benefit Us [Member]
Defined Benefit Plans
Number of issuances of fixed income securities | item	305
Number of issuers of fixed income securities | item	251
Asset allocation
Total pension plan assets	$ 203,216	274,267
Pension Plans Defined Benefit Us [Member] | U.S. corporate and government bonds
Asset allocation
Total pension plan assets	174,508	193,607
Pension Plans Defined Benefit Us [Member] | Mutual Fund [Member]
Asset allocation
Total pension plan assets	16,471	44,743
Pension Plans Defined Benefit Us [Member] | U.S. common stock
Asset allocation
Total pension plan assets	6,847	19,672
Pension Plans Defined Benefit Us [Member] | International equity
Asset allocation
Total pension plan assets	5,390	16,245
Pension Plans Defined Benefit Us [Member] | Fair Value, Inputs, Level 1 [Member]
Asset allocation
Total pension plan assets	15,926	23,654
Pension Plans Defined Benefit Us [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. corporate and government bonds
Asset allocation
Total pension plan assets	15,926	23,654
Pension Plans Defined Benefit Us [Member] | Fair Value, Inputs, Level 2 [Member]
Asset allocation
Total pension plan assets	158,582	169,953
Pension Plans Defined Benefit Us [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. corporate and government bonds
Asset allocation
Total pension plan assets	158,582	169,953
Pension Plans Defined Benefit Us [Member] | NAV
Asset allocation
Total pension plan assets	28,708	80,660
Pension Plans Defined Benefit Us [Member] | NAV | Mutual Fund [Member]
Asset allocation
Total pension plan assets	16,471	44,743
Pension Plans Defined Benefit Us [Member] | NAV | U.S. common stock
Asset allocation
Total pension plan assets	6,847	19,672
Pension Plans Defined Benefit Us [Member] | NAV | International equity
Asset allocation
Total pension plan assets	5,390	16,245
Pension Plans Defined Benefit Non Us [Member]
Asset allocation
Total pension plan assets	15,105	23,436
Pension Plans Defined Benefit Non Us [Member] | Bonds [Member]
Asset allocation
Total pension plan assets	8,006	12,890
Pension Plans Defined Benefit Non Us [Member] | Equity
Asset allocation
Total pension plan assets	5,135	8,202
Pension Plans Defined Benefit Non Us [Member] | Other
Asset allocation
Total pension plan assets	1,964	2,344
Pension Plans Defined Benefit Non Us [Member] | NAV
Asset allocation
Total pension plan assets	15,105	23,436
Pension Plans Defined Benefit Non Us [Member] | NAV | Bonds [Member]
Asset allocation
Total pension plan assets	8,006	12,890
Pension Plans Defined Benefit Non Us [Member] | NAV | Equity
Asset allocation
Total pension plan assets	5,135	8,202
Pension Plans Defined Benefit Non Us [Member] | NAV | Other
Asset allocation
Total pension plan assets	$ 1,964	$ 2,344

Pension Plan and Retirement _11

Pension Plan and Retirement Benefits - Investment Strategy (Details)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Pension Plans Defined Benefit Us [Member]
Asset allocation
Plan's return on assets assumption (as a percent)	5.25%	7.25%	7.25%
Pension Plans Defined Benefit Us [Member] | Equity
Asset allocation
Target plan asset allocation (as a percent)	14%
Pension Plans Defined Benefit Us [Member] | Fixed Income
Asset allocation
Target plan asset allocation (as a percent)	86%
Pension Plans Defined Benefit Non Us [Member]
Asset allocation
Plan's return on assets assumption (as a percent)	3%	2%	2.20%

Pension Plan and Retirement _12

Pension Plan and Retirement Benefits - Expected benefit payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Defined Benefit Pension Plan
Expected benefit payments
2023	$ 15,738
2024	16,081
2025	16,366
2026	16,573
2027	16,802
2028-2032 (in total)	83,895
Defined Benefit Other Postretirement Benefit Plan
Expected benefit payments
2023	4,828
2024	4,841
2025	4,890
2026	5,068
2027	5,007
2028-2032 (in total)	$ 25,956

Legal, Environmental and Othe_3

Legal, Environmental and Other Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Environmental post-closure monitoring and maintenance activities	$ 407	$ 566
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent
Long Term Obligations
Maturities of long-term obligations (discounted)
2024	$ 82
2025	60
2026	58
2027	62
2028 and thereafter	79
Long-term obligations (less current portion)	341
Pending Litigation
Environmental post-closure monitoring and maintenance activities	$ 407

Stockholders Equity - Dividends

Stockholders Equity - Dividends (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Stockholder's Equity
Dividends paid	$ 11,072	$ 11,175	$ 11,058

Stockholders Equity - Treasury

Stockholders Equity - Treasury stock activity (Details) - shares	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Stockholder's Equity
Number of shares at beginning of year		195,638	58,909	53,469
Repurchases of common stock to satisfy employee payroll taxes	37,002	37,002	23,751	5,440
Repurchases of common stock from share repurchase plan		142,392	112,978
Number of shares at end of year	195,638	375,032	195,638	58,909

Stockholders Equity - Share Rep

Stockholders Equity - Share Repurchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Jul. 28, 2021
Stockholder's Equity
Repurchases of common stock from share repurchase plan			142,392	112,978
Repurchases of common stock to satisfy employee payroll taxes		37,002	37,002	23,751	5,440
Aggregate purchase price of shares repurchased to satisfy employee payroll taxes		$ 1,534
Share Repurchase Plan
Stockholder's Equity
Available cash to purchase shares						$ 20,000
Repurchases of common stock from share repurchase plan	142,392	112,978
Repurchase of common stock price (dollars per share)	$ 40.09	$ 37.57
Aggregate purchase price of shares repurchased from share repurchase plan	$ 5,709	$ 4,245

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan and Performance Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Feb. 25, 2022	Jan. 24, 2020	Mar. 01, 2016
Restricted Stock | 2009 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	142,269
Granted (in shares)	32,204
Forfeited / Canceled (in shares)	(6,522)
Vested and deferred (in shares)	(71,415)
Unvested and deferred at end of the period (in shares)	96,536	142,269
Expected to vest (in shares)	96,536
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)	43.98
Forfeited / Canceled (in dollars per share)	28.79
Vested and deferred (in dollars per share)	25.63
Unvested and deferred at end of the period (in dollars per share)	33.23	$ 26.78
Expected to vest (in dollars per share)	$ 33.23
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	71,415
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 25.63
Restricted stock plan activity, other disclosures
Compensation expense	$ 1,474	$ 2,024	$ 1,160
Remaining unrecognized compensation expense	$ 1,239
Weighted average period for recognition	11 months 26 days
Restricted Stock | 2009 Restricted Stock Plan | Employee
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)	25,386
Average purchase price (in dollars per share)	$ 40.78
Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	7,398
Granted (in shares)	3,801
Vested and deferred (in shares)	(7,398)
Unvested and deferred at end of the period (in shares)	3,801	7,398
Expected to vest (in shares)	20,050
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 22.64
Granted (in dollars per share)	44.07
Vested and deferred (in dollars per share)	22.64
Unvested and deferred at end of the period (in dollars per share)	44.07	$ 22.64
Expected to vest (in dollars per share)	$ 29.23
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	7,398
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 22.64
Restricted stock plan activity, other disclosures
Compensation expense	$ 168	$ 188	271
Remaining unrecognized compensation expense	$ 28
Weighted average period for recognition	2 months 1 day
Restricted Stock, Restricted Stock Units and Performance Shares
Stock-Based Compensation
Number of shares authorized under the plan						275,000
Restricted Stock, Restricted Stock Units and Performance Shares | 2020 Incentive Compensation Plan
Stock-Based Compensation
Number of shares authorized under the plan				575,000	250,000
Performance Shares
Stock-Based Compensation
Award vesting period	3 years
Performance Shares | Certain Employees
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	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	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)	$ 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	$ 37.24
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	$ 1,021	$ 1,082	$ 849
Remaining unrecognized compensation expense	$ 1,242
Weighted average period for recognition	1 year 6 months 14 days

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plans (Details) - Employee and Directors Stock Options - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Nov. 23, 2021	Nov. 24, 2020	Nov. 19, 2019	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Feb. 25, 2022
Information relating to stock options
Expiration period				10 years
Vesting of awards per year (as a percent)				33.33%
Award vesting period				3 years
Fair value assumptions
Fair Value (in dollars per share)	$ 15.02	$ 5.91	$ 9.66
Dividend Yield (as a percent)	2%	3.89%	2.38%
Risk-Free Interest Rate (as a percent)	1.22%	0.39%	1.65%
Expected Volatility (as a percent)	45%	43%	35%
Expected Life	5 years	5 years	5 years
Stock-based employee compensation expense				$ 937	$ 1,180	$ 1,038
Remaining unrecognized compensation expense				$ 717
Weighted average period for recognition				1 year 10 days
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)				(14,558)
Canceled (in shares)				(32,878)
Outstanding at end of the period (in shares)				697,220	702,576
Vested or expected to vest (in shares)				669,846
Exercisable at end of period (in shares)				534,296
Outstanding at end of period, Aggregate Intrinsic Value				$ 2,281
Vested or expected to vest, Aggregate Intrinsic Value				2,101
Exercisable at end of the period, Aggregate Intrinsic Value				$ 1,103
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)				36.83
Canceled (in dollars per share)				44.36
Outstanding at end of period (in dollars per share)				34.75	$ 34.68
Vested or expected to vest (in dollars per share)				34.92
Exercisable at end of the period (in dollars per share)				$ 36.07
Outstanding at end of the period, Weighted Average Remaining Contractual Life				6 years 2 months 1 day
Vested or expected to vest, Weighted Average Remaining Contractual Life				6 years 1 month 6 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life				5 years 6 months 18 days
2020 Incentive Compensation Plan
Information relating to stock options
Number of shares authorized				350,000			400,000

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)
Segment Reporting
Number of Business Segment | segment	1
Net revenues	$ 490,461	$ 337,661	$ 380,530
Long-lived assets	142,772	147,248
High Temperature Resistant Alloys [Member]
Segment Reporting
Net revenues	387,464	253,246	308,229
Corrosive Resistant Alloys [Member]
Segment Reporting
Net revenues	102,997	84,415	72,301
UNITED STATES
Segment Reporting
Net revenues	278,473	179,127	230,764
Long-lived assets	135,698	140,263
Europe
Segment Reporting
Net revenues	116,599	85,555	91,480
Long-lived assets	6,921	6,834
CHINA
Segment Reporting
Net revenues	33,910	30,668	17,398
Long-lived assets	153	151
Other Countries [Member]
Segment Reporting
Net revenues	$ 61,479	$ 42,311	$ 40,888

Valuation and Qualifying Acco_3

Valuation and Qualifying Accounts (Details) - Credit Losses - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Movement in valuation and qualifying accounts
Balance at Beginning of Period	$ 553	$ 545	$ 441
Charges (credits) to Expense	171	74	139
Deductions	(296)	(66)	(35)
Balance at End of Period	$ 428	$ 553	$ 545

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Arrangement $ in Thousands, lb in Millions		12 Months Ended
	Nov. 17, 2006 USD ($) lb	Sep. 30, 2022 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	20 years
Maximum
Deferred revenue
Annual volume of titanium metal to be converted (in pounds) | lb	10	10
Amount of loan offered by counterparty	$ 12,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - Estimate of Fair Value Measurement [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Assets:
Total fair value	$ 218,321	$ 297,703
Defined Benefit Pension Plan
Assets:
Total fair value	218,321	297,703
Fair Value, Inputs, Level 1 [Member]
Assets:
Total fair value	15,926	23,654
Fair Value, Inputs, Level 1 [Member] | Defined Benefit Pension Plan
Assets:
Total fair value	15,926	23,654
Fair Value, Inputs, Level 2 [Member]
Assets:
Total fair value	158,582	169,953
Fair Value, Inputs, Level 2 [Member] | Defined Benefit Pension Plan
Assets:
Total fair value	158,582	169,953
NAV
Assets:
Total fair value	43,813	104,096
NAV | Defined Benefit Pension Plan
Assets:
Total fair value	$ 43,813	$ 104,096

Comprehensive Income (Loss) a_3

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Comprehensive Income (Loss)
Net income (loss)	$ 45,087	$ (8,683)	$ (6,478)
Other comprehensive income (loss), Pre-tax	5,173	80,158	24,168
Other comprehensive income (loss), Tax	(3,924)	(17,898)	(4,848)
Other comprehensive income	1,249	62,260	19,320
Comprehensive income	46,336	53,577	12,842
Pension and postretirement: Net gain (loss) arising during period
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax	16,991	68,941	11,121
Other comprehensive income (loss), Tax	(3,924)	(16,044)	(2,381)
Other comprehensive income	13,067	52,897	8,740
Pension and postretirement: Less: amortization of prior service cost
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax	239	228	228
Other comprehensive income (loss), Tax	(56)	(52)	(58)
Other comprehensive income	183	176	170
Pension and postretirement: Less: amortization of gain (loss)
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax	(240)	7,735	9,129
Other comprehensive income (loss), Tax	56	(1,802)	(2,409)
Other comprehensive income	(184)	5,933	6,720
Accumulated Translation Adjustment
Comprehensive Income (Loss)
Other comprehensive income (loss), Pre-tax	(11,817)	3,254	3,690
Other comprehensive income	$ (11,817)	$ 3,254	$ 3,690

Comprehensive Income (Loss) a_4

Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Income (Loss) by Component - Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Accumulated other comprehensive income (loss)
Balance	$ 343,321	$ 301,501	$ 296,275
Other comprehensive income	1,249	62,260	19,320
Balance	375,488	343,321	301,501
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	(12,341)	(74,601)	(80,638)
Other comprehensive income (loss) before reclassifications	1,250	56,151
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)		(1,854)
Other comprehensive income	1,249	62,260	19,320
Balance	(11,092)	(12,341)	(74,601)
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Balance	(14,791)	(65,393)
Other comprehensive income (loss) before reclassifications	(2,557)	44,493
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	(56)	(1,854)
Other comprehensive income	(2,374)	50,602
Balance	(17,165)	(14,791)	(65,393)
Accumulated Defined Benefit Plans Adjustment | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Balance	9,017	613
Other comprehensive income (loss) before reclassifications	15,624	8,404
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	56
Other comprehensive income	15,440	8,404
Balance	24,457	9,017	613
Pension and postretirement: Less: amortization of prior service cost
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	239	228
Other comprehensive income	183	176	170
Pension and postretirement: Less: amortization of prior service cost | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	239	228
Pension and postretirement: Less: amortization of gain (loss)
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(240)	7,735
Other comprehensive income	(184)	5,933	6,720
Pension and postretirement: Less: amortization of gain (loss) | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax		7,735
Pension and postretirement: Less: amortization of gain (loss) | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(240)
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(6,567)	(9,821)
Other comprehensive income (loss) before reclassifications	(11,817)	3,254
Other comprehensive income	(11,817)	3,254	3,690
Balance	$ (18,384)	$ (6,567)	$ (9,821)

Long-term Obligations (Details)

Long-term Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Long-term obligations (less current portion)
Finance lease obligations	$ 7,384	$ 7,613
Environmental post-closure monitoring and maintenance activities	407	566
Long-term disability	210	231
Deferred dividends	199	210
Less amounts due within one year	(352)	(319)
Long-term obligations (less current portion)	$ 7,848	$ 8,301
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Long-term obligations (less current portion)	Long-term obligations (less current portion)

Leases - Other (Details)

Leases - Other (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2015	Sep. 30, 2022
Lessee, Operating Lease, Existence of Residual Value Guarantee		true
Lessee, Operating Lease, Existence of Option to Terminate		true
Lease, Practical Expedients, Package		true
Construction costs related to buildout of the facility
Lease term	20 years
Minimum
Operating lease remaining term		1 year
Finance lease remaining term		1 year
Maximum
Operating lease remaining term		15 years
Finance lease remaining term		15 years
Property Plant And Equipment
Construction costs related to buildout of the facility
Build out of facility		$ 4,100

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Finance lease cost:
Amortization of right of use asset	$ 430	$ 430
Interest on lease liabilities	784	806
Total finance lease cost	1,214	1,236
Operating lease costs:
Operating lease cost	1,100	1,687
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flow from finance leases	784	806
Operating cash flow from operating leases	1,100	1,687
Financing cash flows from finance leases	228	195
Total cash paid for amount included in measurement of lease liabilities	$ 2,112	$ 2,688

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Leases
Finance lease assets (included in Property, plant and equipment, net)	$ 5,643	$ 6,218
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating right of use lease assets (included in Other assets)	$ 1,085	$ 1,494
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Prepaid Expenses and Deferred Costs, Noncurrent	Prepaid Expenses and Deferred Costs, Noncurrent
Finance lease liabilities
Accrued expenses	$ 265	$ 228
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Long-term obligations (less current portion)	$ 7,119	$ 7,385
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent	Capital Leases Future Minimum Payments And Accrual For Environmental Loss Contingencies Noncurrent
Total Finance lease liabilities	$ 7,384	$ 7,613
Operating lease liabilities
Operating lease liabilities	$ 1,085	$ 1,494
Weighted average lease term Finance leases	13 years 1 month 6 days	14 years 1 month 6 days
Weighted average lease term Operating leases	3 years	2 years 6 months
Weighted average discount rate Finance leases (as a percent)	10.32%	10.32%
Weighted average discount rate Operating leases (as a percent)	5.25%	5.25%

Leases - Rolling Maturity (Deta

Leases - Rolling Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Finance Leases Rolling Maturity
2023	$ 1,024
2024	1,032
2025	1,037
2026	1,044
2027	1,049
Thereafter	8,408
Total minimum lease payments	13,594
Less: amount representing interest	(6,210)
Total Finance lease liabilities	7,384	$ 7,613
Operating Leases Rolling Maturity
2023	507
2024	381
2025	154
2026	82
2027	62
Total minimum lease payments	1,186
Less: amount representing interest	(101)
Present value of minimum lease payments	$ 1,085	$ 1,494

Foreign Currency Forward Cont_3

Foreign Currency Forward Contracts (Details) - Selling, General and Administrative Expenses - Not Designated as Hedging Instrument - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (1,673)	$ (574)	$ (840)
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	4,393	(42)	(567)
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ (6,066)	$ (532)	$ (273)