Haynes International (HAYN) 10-Q 2 Feb 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2022	Jan. 30, 2023
Cover Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-33288
Entity Registrant Name	HAYNES INTERNATIONAL, INC.
Entity Central Index Key	0000858655
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1185400
Entity Address, Address Line One	1020 West Park Avenue
Entity Address, City or Town	Kokomo
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46904-9013
City Area Code	765
Local Phone Number	456-6000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	HAYN
Security Exchange Name	NASDAQ
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,617,383
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 11,527	$ 8,440
Accounts receivable, less allowance for credit losses of $428 and $476 at September 30, 2022 and December 31, 2022, respectively	91,967	94,912
Inventories	390,535	357,556
Income taxes receivable	172
Other current assets	4,328	3,514
Total current assets	498,529	464,422
Property, plant and equipment, net	142,210	142,772
Deferred income taxes	5,632	5,680
Other assets	9,614	9,723
Goodwill	4,789	4,789
Other intangible assets, net	5,028	4,909
Total assets	665,802	632,295
Current liabilities:
Accounts payable	63,255	54,886
Accrued expenses	17,213	19,294
Income taxes payable	2,580	828
Accrued pension and postretirement benefits	3,371	3,371
Deferred revenue-current portion	2,500	2,500
Total current liabilities	88,919	80,879
Revolving credit facilities - Long-term	88,025	74,721
Long-term obligations (less current portion)	7,777	7,848
Deferred revenue (less current portion)	7,204	7,829
Deferred income taxes	3,263	3,103
Operating lease liabilities	570	576
Accrued pension benefits (less current portion)	19,585	21,090
Accrued postretirement benefits (less current portion)	61,315	60,761
Total liabilities	276,658	256,807
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value (40,000,000 shares authorized, 12,854,773 and 12,988,622 shares issued and 12,479,741 and 12,597,607 shares outstanding at September 30, 2022 and December 31, 2022, respectively)	13	13
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)
Additional paid-in capital	270,340	266,193
Accumulated earnings	139,976	135,040
Treasury stock, 375,032 shares at September 30, 2022 and 391,015 shares at December 31, 2022	(15,504)	(14,666)
Accumulated other comprehensive loss	(5,681)	(11,092)
Total stockholders' equity	389,144	375,488
Total liabilities and stockholders' equity	$ 665,802	$ 632,295

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 476	$ 428
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)	12,988,622	12,854,773
Common stock, shares outstanding (in shares)	12,597,607	12,479,741
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)	391,015	375,032

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Net revenues	$ 132,673	$ 99,430
Cost of sales	109,635	81,653
Gross profit	23,038	17,777
Selling, general and administrative expense	10,952	11,362
Research and technical expense	973	905
Operating income	11,113	5,510
Nonoperating retirement benefit expense (income)	(366)	(1,088)
Interest income	(6)	(8)
Interest expense	1,501	300
Income (loss) before income taxes	9,984	6,306
Provision for (benefit from) income taxes	2,245	1,647
Net income	$ 7,739	$ 4,659
Net income per share:
Basic (dollars per share)	$ 0.62	$ 0.37
Diluted (dollars per share)	$ 0.61	$ 0.37
Weighted Average Common Shares Outstanding
Basic (in shares)	12,454,858	12,368,821
Diluted (in shares)	12,699,246	12,587,139
Dividends declared per common share (dollars per share)	$ 0.22	$ 0.22

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 7,739	$ 4,659
Other comprehensive income, net of tax:
Pension and postretirement	(393)
Foreign currency translation adjustment	5,804	569
Other comprehensive income	5,411	569
Comprehensive income	$ 13,150	$ 5,228

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Sep. 30, 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)			4,659			4,659
Dividends paid and accrued ($0.22 and $0.22 per share for the quarter ended December 31, 2021 and 2022, respectively)			(2,809)			(2,809)
Other comprehensive income (loss)					569	569
Exercise of stock options		115				115
Exercise of stock options (in shares)	3,650
Issue restricted stock (less forfeitures) (in shares)	31,704
Vesting of restricted stock (in shares)	20,911
Purchase of treasury stock				(6,600)		(6,600)
Purchase of treasury stock (in shares)	(162,566)
Stock compensation		954				954
Balance at Dec. 31, 2021	$ 13	263,126	102,865	(14,023)	(11,772)	340,209
Balance (in shares) at Dec. 31, 2021	12,455,839
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)			7,739			7,739
Dividends paid and accrued ($0.22 and $0.22 per share for the quarter ended December 31, 2021 and 2022, respectively)			(2,803)			(2,803)
Other comprehensive income (loss)					5,411	5,411
Exercise of stock options		3,377				3,377
Exercise of stock options (in shares)	87,687
Issue restricted stock (less forfeitures) (in shares)	33,733
Vesting of restricted stock (in shares)	12,429
Purchase of treasury stock				(838)		(838)
Purchase of treasury stock (in shares)	(15,983)
Stock compensation		770				770
Balance at Dec. 31, 2022	$ 13	$ 270,340	$ 139,976	$ (15,504)	$ (5,681)	$ 389,144
Balance (in shares) at Dec. 31, 2022	12,597,607

CONSOLIDATED STATEMENTS OF ST_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 7,739	$ 4,659
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	4,447	4,636
Amortization	126	118
Pension and post-retirement expense - U.S. and U.K.	653	550
Change in long-term obligations	(28)	(9)
Stock compensation expense	770	954
Deferred revenue	(625)	(625)
Deferred income taxes	322	1,678
Loss on disposition of property	34
Change in assets and liabilities:
Accounts receivable	5,223	1,176
Inventories	(29,202)	(22,655)
Other assets	(596)	1,429
Accounts payable and accrued expenses	4,585	(13,220)
Income taxes	1,568	(323)
Accrued pension and postretirement benefits	(2,115)	(2,202)
Net cash provided by (used in) operating activities	(7,099)	(23,834)
Cash flows from investing activities:
Additions to property, plant and equipment	(3,320)	(3,335)
Net cash used in investing activities	(3,320)	(3,335)
Cash flows from financing activities:
Revolving credit facility borrowings	39,674	8,000
Revolving credit facility repayments	(26,370)	(5,000)
Dividends paid	(2,796)	(2,811)
Proceeds from exercise of stock options	3,377	115
Payment for purchase of treasury stock	(838)	(6,600)
Payment for debt issuance cost	(245)
Payments on long-term obligations	(67)	(58)
Net cash provided by (used in) financing activities	12,735	(6,354)
Effect of exchange rates on cash	771	59
Increase (decrease) in cash and cash equivalents:	3,087	(33,464)
Cash and cash equivalents:
Beginning of period	8,440	47,726
End of period	11,527	14,262
Supplemental disclosures of cash flow information:
Interest (net of capitalized interest)	1,160	199
Income taxes paid, net	453	254
Capital expenditures incurred but not yet paid	293	775
Dividends declared but not yet paid	$ 206	$ 207

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2022
Basis of Presentation
Basis of Presentation	Note 1. Basis of Presentation ​ Interim Financial Statements ​ The accompanying unaudited condensed interim consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), and such principles are applied on a basis consistent with information reflected in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2022 filed with the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations promulgated by the SEC related to interim financial statements. In the opinion of management, the interim financial information includes all adjustments and accruals which are necessary for a fair presentation of results for the respective interim periods. The results of operations for the three months ended December 31, 2022 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2023 or any other interim period. ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated. ​

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Dec. 31, 2022
Recently Issued Accounting Standards
Recently Issued Accounting Standards	Note 2. Recently Issued Accounting Standards ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). ​

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Dec. 31, 2022
Revenues from Contracts with Customers
Revenues from Contracts with Customers	Note 3. Revenues from Contracts with Customers ​ Contract Balances ​ As of September 30, 2022 and December 31, 2022, accounts receivable with customers were $95,340 and $92,443 , respectively. Allowance for credit losses as of September 30, 2022 and December 31, 2022 were , 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, 2022 and December 31, 2022, contract liabilities of $10,329 and $9,704 , respectively, for the Titanium Metals Corporation agreement, as described in Note 8 to the Condensed Consolidated Financial Statement have been recorded. Additionally, contract liabilities of , respectively, were recorded for accrued product returns. ​ Disaggregation of Revenue ​ Revenue is disaggregated by end-use markets. The following table includes a breakdown of net revenues to the markets served by the Company for the three months ended December 31, 2021 and 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ December 31, ​ 2021 2022 Net revenues ​ ​ ​ ​ ​ ​ Aerospace ​ $ 48,455 ​ $ 64,518 Chemical processing ​ 17,450 ​ 22,715 Industrial gas turbine ​ 14,598 ​ 26,025 Other markets ​ 14,487 ​ 14,722 Total product revenue ​ 94,990 ​ 127,980 Other revenue ​ 4,440 ​ 4,693 Net revenues ​ $ 99,430 ​ $ 132,673 ​

Inventories

Inventories	3 Months Ended
	Dec. 31, 2022
Inventories
Inventories	Note 4. Inventories ​ The following is a summary of the major classes of inventories: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2022 Raw Materials ​ $ 31,887 ​ $ 50,631 ​ ​ Work-in-process ​ 226,572 ​ 218,633 ​ ​ Finished Goods ​ 97,657 ​ 119,755 ​ ​ Other ​ 1,440 ​ 1,516 ​ ​ ​ ​ $ 357,556 ​ $ 390,535 ​ ​ ​

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 5. Income Taxes ​ Income tax (benefit) expense for the three months ended December 31, 2021 and 2022 differed from the U.S. federal statutory rate of 21.0%, primarily due to state income taxes, ​

Pension and Post-retirement Ben

Pension and Post-retirement Benefits	3 Months Ended
	Dec. 31, 2022
Pension and Post-retirement Benefits
Pension and Post-retirement Benefits	Note 6. Pension and Post-retirement Benefits ​ Components of net periodic pension and post-retirement benefit cost for the three months ended December 31, 2021 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ ​ ​ Pension Benefits ​ Other Benefits ​ ​ 2021 2022 2021 2022 Service cost ​ $ 1,182 ​ $ 672 ​ $ 456 ​ $ 347 ​ Interest cost ​ 1,923 ​ 2,772 ​ 559 ​ 800 ​ Expected return ​ (3,561) ​ (3,419) ​ — ​ — ​ Amortizations ​ 51 ​ 51 ​ (60) ​ (570) ​ Net periodic benefit cost ​ $ (405) ​ $ 76 ​ $ 955 ​ $ 577 ​ ​ The Company contributed $1,500 to Company-sponsored U.S. pension plans and $593 to its other post-retirement benefit plans for the three months ended December 31, 2022. The Company expects to make contributions of $4,500 to its U.S. pension plan and $2,683 to its other post-retirement benefit plan for the remainder of fiscal 2023. Additional contributions may be made to the U.S. pension plan as part of the Company’s capital allocation strategy, however, the amounts and timing have not yet been determined .

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	3 Months Ended
	Dec. 31, 2022
Legal, Environmental and Other Contingencies
Legal, Environmental and Other Contingencies	Note 7. Legal, Environmental and Other Contingencies ​ Legal ​ The Company is regularly involved in litigation, both as a plaintiff and as a defendant, relating to its business and operations, including environmental, commercial, asbestos, employment and federal and/or state Equal Employment Opportunity Commission administrative actions. Future expenditures for environmental, employment, intellectual property and other legal matters cannot be determined with any degree of certainty. Environmental The Company has received permits from the Indiana Department of Environmental Management and the North Carolina Department of Environment and Natural Resources to close and provide post-closure environmental monitoring and care for certain areas of its Kokomo, Indiana and Mountain Home, North Carolina facilities, respectively. The Company is required to, among other things, monitor groundwater and to continue post-closure maintenance of the former disposal areas at each site. As a result, the Company is aware of elevated levels of certain contaminants in the groundwater, and additional testing and corrective action by the Company could be required. The Company is unable to estimate the costs of any further corrective action at these sites, if required. Accordingly, the Company cannot assure that the costs of any future corrective action at these or any other current or former sites would not have a material effect on the Company’s financial condition, results of operations or liquidity. As of September 30, 2022 and December 31, 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 December 31, 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 ​ ​

Deferred Revenue

Deferred Revenue	3 Months Ended
	Dec. 31, 2022
Deferred Revenue
Deferred Revenue	Note 8. Deferred Revenue ​ On November 17, 2006, the Company entered into a twenty-year agreement to provide conversion services to Titanium Metals Corporation (TIMET) for up to ten million pounds of titanium metal annually. TIMET paid the Company a $50,000 up-front fee and will also pay the Company for its processing services during the term of the agreement ( 20 years ) at prices established by the terms of the agreement. TIMET may exercise an option to have ten million additional pounds of titanium converted annually, provided that it offers to loan up to $12,000 to the Company for certain capital expenditures which may be required to expand capacity. In addition to the volume commitment, the Company has granted TIMET a first priority security interest in its four-high Steckel rolling mill, along with rights of access if the Company enters into bankruptcy or defaults on any financing arrangements. The Company has agreed not to manufacture titanium products (other than cold reduced titanium tubing). The Company has also agreed not to provide titanium hot-rolling conversion services to any entity other than TIMET for the term of the Conversion Services Agreement. ​ The agreement contains certain default provisions which could result in contract termination and damages, including liquidated damages of $25,000 and the Company being required to return the unearned portion of the up-front fee. The Company considered each provision and the likelihood of the occurrence of a default that would result in liquidated damages. Based on the nature of the events that could trigger the liquidated damages clause, and the availability of the cure periods set forth in the agreement, the Company determined and continues to believe that none of these circumstances are reasonably likely to occur. Therefore, events resulting in liquidated damages have not been factored in as a reduction to the amount of revenue recognized over the life of the contract. The cash received of $50,000 is recognized in income on a straight-line basis over the 20-year term of the agreement. If an event of default occurred and was not cured within any applicable grace period, the Company would recognize the impact of the liquidated damages in the period of default and re-evaluate revenue recognition under the contract for future periods. The portion of the up-front fee not recognized in income is shown as deferred revenue on the Consolidated Balance Sheet. ​

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	3 Months Ended
	Dec. 31, 2022
Goodwill and Other Intangible Assets, Net
Goodwill and Other Intangible Assets, Net	Note 9. Goodwill and Other Intangible Assets, Net ​ The Company has goodwill, trademarks, customer relationships and other intangibles. Customer relationships have a definite life and are amortized over a period of fifteen years . The Company reviews customer relationships for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the assets is measured by a comparison of the carrying amount of the asset to the undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. ​ Goodwill and trademarks (indefinite lived) are tested for impairment at least annually as of January 31 for goodwill and August 31 for trademarks (the annual impairment testing dates), and more frequently if impairment indicators exist. If the carrying value of a trademark exceeds its fair value (determined using an income approach, based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist resulting in a charge to earnings to the extent of the impairment. The impairment test for goodwill is performed by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment loss in the event that the carrying amount is greater than the fair value. Any goodwill impairment loss recognized would not exceed the total carrying amount of goodwill allocated to that reporting unit. No impairment has been recognized as of December 31, 2022 because the fair value exceeds the carrying values. ​ During the first three months of fiscal 2023, there were no changes in the carrying amount of goodwill. ​ Amortization of customer relationships and other intangibles was $118 and $126 for the three-month periods ended December 31, 2021 and 2022, respectively. The following represents a summary of intangible assets at September 30, 2022 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying December 31, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,161) ​ ​ 939 ​ Other ​ 1,345 ​ ​ (1,056) ​ ​ 289 ​ ​ ​ $ 7,245 ​ $ (2,217) ​ $ 5,028 ​ ​ ​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2023 $ 259 ​ 2024 252 ​ 2025 123 ​ 2026 120 ​ 2027 116 ​ Thereafter 358 ​ ​

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Dec. 31, 2022
Net Income (Loss) Per Share
Net Income (Loss) Per Share	Note 10. Net Income (Loss) Per Share ​ The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. ​ The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ December 31, ​ (in thousands, except share and per share data) 2021 2022 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ Net income $ 4,659 $ 7,739 ​ Dividends paid and accrued ​ (2,809) ​ (2,803) ​ Undistributed income (loss) ​ 1,850 ​ 4,936 ​ Percentage allocated to common shares (a) ​ 98.9 % 99.2 % Undistributed income (loss) allocated to common shares ​ ​ 1,830 ​ ​ 4,897 ​ Dividends paid on common shares outstanding ​ 2,779 ​ 2,783 ​ Net income available to common shares ​ 4,609 ​ 7,680 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,368,821 ​ 12,454,858 ​ Adjustment for dilutive potential common shares ​ 218,318 ​ 244,388 ​ Weighted average shares outstanding - Diluted ​ 12,587,139 ​ 12,699,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 0.37 $ 0.62 ​ Diluted net income per share $ 0.37 $ 0.61 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 236,861 ​ 203,999 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 61,264 ​ 47,098 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 3,780 ​ ​ 7,225 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 55,008 ​ ​ 43,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,368,821 ​ 12,454,858 ​ Unvested participating shares ​ 135,486 ​ 98,897 ​ ​ ​ 12,504,307 ​ 12,553,755 ​ ​

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	Note 11. Stock-Based Compensation ​ Restricted Stock ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to restricted stock for the three months ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 96,536 ​ $ 33.23 ​ Granted 26,159 ​ $ 48.86 ​ Forfeited / Canceled — ​ $ 0.00 ​ Vested (31,372) ​ $ 38.39 ​ Unvested at December 31, 2022 91,323 ​ $ 35.93 ​ Expected to vest 91,323 ​ $ 35.93 ​ ​ Compensation expense related to restricted stock for the three months ended December 31, 2021 and 2022 was $392 and $306 , respectively. The remaining unrecognized compensation expense related to restricted stock at December 31, 2022 was $2,211 , to be recognized over a weighted average period of 1.89 years. During the first three months of fiscal 2023, the Company repurchased 10,509 shares of stock from employees at an average purchase price of $ 52.41 to satisfy required withholding taxes upon vesting of restricted stock-based compensation. ​ Deferred Restricted Stock ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to deferred restricted stock for the three months ended December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested and deferred at September 30, 2022 3,801 ​ $ 44.07 ​ Granted 7,574 ​ $ 48.85 ​ Vested and deferred ​ (3,801) ​ $ 44.07 ​ Unvested and deferred at December 31, 2022 7,574 ​ $ 48.85 ​ Vested and deferred at December 31, 2022 23,851 ​ $ 31.60 ​ ​ Compensation expense related to deferred restricted stock for the three months ended December 31, 2021 and 2022 was $42 and $59 , respectively. The remaining unrecognized compensation expense related to deferred restricted stock at December 31, 2022 was $339 , to be recognized over a weighted average period of 0.92 years. ​ Performance Shares ​ The following table summarizes the activity under the 2016 and 2020 Incentive Compensation Plans with respect to performance shares for the three months ended December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 76,420 ​ $ 41.37 ​ Granted 19,555 ​ $ 69.39 ​ Vested ​ (21,306) ​ $ 44.13 ​ Forfeited / Canceled ​ — ​ $ 0.00 ​ Unvested at December 31, 2022 74,669 ​ $ 47.92 ​ ​ During the first three months of fiscal 2023, 21,306 performance share awards vested which resulted in the issuance of 12,429 shares of stock to certain employees. The Company repurchased 5,474 shares of stock from employees at an average purchase price of $52.41 to satisfy required withholding taxes upon release of performance share awards. Compensation expense related to the performance shares for the three months ended December 31, 2021 and 2022 was $229 and $241 , respectively. The remaining unrecognized compensation expense related to performance shares at December 31, 2022 was $2,358 to be recognized over a weighted average period of 1.84 years. ​ Stock Options ​ The Company has elected to use the Black-Scholes option pricing model to estimate fair value, which incorporates various assumptions including volatility, expected life, risk-free interest rates and dividend yields. The volatility is based on historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the stock option granted. The Company uses historical volatility because management believes such volatility is representative of prospective trends. The expected term of an award is based on historical exercise data. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of the awards. The dividend yield assumption is based on the Company’s history and expectations regarding dividend payouts at the time of the grant. The following assumptions were used for grants during fiscal year 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Dividend Risk-free Expected Expected Grant Date ​ Value ​ Yield ​ Interest Rate ​ Volatility ​ Life November 22, 2022 ​ $ 20.52 1.80 % 3.97 % 51 % 5 years ​ ​ The stock-based employee compensation expense for stock options for the three months ended December 31, 2021 and 2022 was $292 and $164 , respectively. The remaining unrecognized compensation expense at December 31, 2022 was $1,132 , to be recognized over a weighted average vesting period of 1.80 years. ​ The following table summarizes the activity under the 2007, 2016 and 2020 Incentive Compensation Plans with respect to stock options for the three months ended December 31, 2022 and provides information regarding outstanding stock options: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Aggregate ​ Weighted ​ Average ​ ​ ​ ​ Intrinsic ​ Average ​ Remaining ​ ​ Number of ​ Value ​ Exercise ​ Contractual ​ ​ Shares ​ (000s) ​ Prices ​ Life Outstanding at September 30, 2022 697,220 ​ ​ ​ ​ $ 34.75 ​ ​ ​ ​ Granted 31,035 ​ ​ ​ ​ $ 48.85 ​ ​ ​ ​ Exercised (87,687) ​ ​ ​ ​ $ 39.16 ​ ​ ​ ​ Surrendered ​ (13,081) ​ ​ ​ ​ $ 47.96 ​ ​ ​ ​ Outstanding at December 31, 2022 627,487 ​ $ 7,258 ​ $ 34.55 6.50 yrs. ​ Vested or expected to vest 606,194 ​ $ 6,924 ​ $ 34.70 6.43 yrs. ​ Exercisable at December 31, 2022 525,538 ​ $ 6,190 ​ $ 34.24 6.06 yrs. ​ ​

Dividend

Dividend	3 Months Ended
	Dec. 31, 2022
Dividend
Dividend	Note 12. Dividend ​ In the first quarter of fiscal 2023, the Company declared and paid quarterly cash dividends of $0.22 per outstanding share of the Company’s common stock. The first quarter dividend was paid on December 19, 2022 to stockholders of record at the close of business on December 5, 2022. The dividend cash pay-out was $2,796 for the first quarter of fiscal 2023. ​ On February 2, 2023, the Company announced that the Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock. The dividend is payable March 15, 2023 to stockholders of record at the close of business on March 1, 2023. ​

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 13. Fair Value Measurements ​ The fair value hierarchy has three levels based on the inputs used to determine fair value. ​ ● Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; ● Level 2 — Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; and ● Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. ​ When available, the Company uses unadjusted quoted market prices to measure fair value. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. The valuation model used depends on the specific asset or liability being valued. Fixed income securities are held as individual bonds and are valued as either level 1 assets as they are quoted in active markets or level 2 assets. U.S and International equities, and Other Investments held in the Company’s pension plan are held as individual bonds or in mutual funds and common / collective funds which are valued using net asset value (NAV) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. These investments are not classified in the fair value hierarchy in accordance with guidance included in ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component	3 Months Ended
	Dec. 31, 2022
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Changes in Accumulated Other Comprehensive Income (Loss) by Component	Note 14. Changes in Accumulated Other Comprehensive Income (Loss) by Component ​ Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension, post-retirement and foreign currency translation adjustments, primarily caused by the strengthening or weakening of the U.S. dollar against the British pound sterling, net of tax when applicable. ​ Accumulated Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2021 ​ 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 ​ — ​ — ​ 569 ​ 569 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 8 ​ ​ (60) ​ ​ — ​ ​ (52) Tax provision (benefit) ​ ​ (13) ​ ​ 14 ​ ​ — ​ ​ 1 Net current-period other comprehensive income (loss) ​ 46 ​ (46) ​ 569 ​ 569 Accumulated other comprehensive income (loss) as of December 31, 2021 ​ $ (14,745) ​ $ 8,971 ​ $ (5,998) ​ $ (11,772) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 5,804 ​ 5,804 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 7 ​ ​ (570) ​ ​ — ​ ​ (563) Tax provision (benefit) ​ ​ (14) ​ ​ 133 ​ ​ — ​ ​ 119 Net current-period other comprehensive income (loss) ​ 44 ​ (437) ​ 5,804 ​ 5,411 Accumulated other comprehensive income (loss) as of December 31, 2022 ​ $ (17,121) ​ $ 24,020 ​ $ (12,580) ​ $ (5,681) ​ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension c ost.

Long-term Obligations

Long-term Obligations	3 Months Ended
	Dec. 31, 2022
Long-term Obligations
Long-term Obligations	Note 15. Long-term Obligations ​ The following table sets forth the components of the Company’s Long-term obligations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2022 Finance lease obligations ​ $ 7,384 ​ $ 7,321 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 407 ​ ​ 407 ​ Long-term disability ​ ​ 210 ​ ​ 205 ​ Deferred dividends ​ ​ 199 ​ ​ 206 ​ Less amounts due within one year ​ (352) ​ (362) ​ Long-term obligations (less current portion) ​ $ 7,848 ​ $ 7,777 ​ ​

Debt

Debt	3 Months Ended
	Dec. 31, 2022
Debt
Debt	Note 16. 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 were subsequently amended to extend the maturity of the agreement to April 19, 2024 and switch 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 8). Borrowings under the Credit Agreement are also secured by a pledge of a ​

Foreign Currency Forward Contra

Foreign Currency Forward Contracts	3 Months Ended
	Dec. 31, 2022
Foreign Currency Forward Contracts
Foreign Currency Forward Contracts	Note 17. Foreign Currency Forward Contracts ​ The Company enters into foreign currency forward contracts to reduce income statement volatility resulting from foreign currency denominated transactions. The Company has not designated the contracts as hedges, therefore, changes in fair value are recognized in earnings. All of these contracts are designed to be settled within the same fiscal quarter they are entered into and, accordingly, as of December 31, 2022, there were no contracts that remain unsettled. As a result, there was no impact to the balance sheet from those contracts as of September 30, 2022 or December 31, 2022. Foreign exchange contract gains and losses are recorded within selling, general and administrative expenses on the Consolidated Statements of Operations along with foreign currency transactional gains and losses as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ ​ 2021 2022 Foreign currency transactional gain (loss) ​ $ (220) ​ $ (1,851) Foreign exchange forward contract gain (loss) ​ $ (340) ​ $ 1,873 Net gain (loss) included in selling, general and administrative expense ​ $ (560) ​ $ 22 ​ ​

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2022
Basis of Presentation
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the accounts of Haynes International, Inc. and directly or indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Dec. 31, 2022
Revenues from Contracts with Customers
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ December 31, ​ 2021 2022 Net revenues ​ ​ ​ ​ ​ ​ Aerospace ​ $ 48,455 ​ $ 64,518 Chemical processing ​ 17,450 ​ 22,715 Industrial gas turbine ​ 14,598 ​ 26,025 Other markets ​ 14,487 ​ 14,722 Total product revenue ​ 94,990 ​ 127,980 Other revenue ​ 4,440 ​ 4,693 Net revenues ​ $ 99,430 ​ $ 132,673

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2022
Inventories
Summary of major classes of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2022 Raw Materials ​ $ 31,887 ​ $ 50,631 ​ ​ Work-in-process ​ 226,572 ​ 218,633 ​ ​ Finished Goods ​ 97,657 ​ 119,755 ​ ​ Other ​ 1,440 ​ 1,516 ​ ​ ​ ​ $ 357,556 ​ $ 390,535 ​ ​

Pension and Post-retirement B_2

Pension and Post-retirement Benefits (Tables)	3 Months Ended
	Dec. 31, 2022
Pension and Post-retirement Benefits
Schedule of components of net periodic pension and postretirement benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ ​ ​ Pension Benefits ​ Other Benefits ​ ​ 2021 2022 2021 2022 Service cost ​ $ 1,182 ​ $ 672 ​ $ 456 ​ $ 347 ​ Interest cost ​ 1,923 ​ 2,772 ​ 559 ​ 800 ​ Expected return ​ (3,561) ​ (3,419) ​ — ​ — ​ Amortizations ​ 51 ​ 51 ​ (60) ​ (570) ​ Net periodic benefit cost ​ $ (405) ​ $ 76 ​ $ 955 ​ $ 577 ​

Legal, Environmental and Othe_2

Legal, Environmental and Other Contingencies (Tables)	3 Months Ended
	Dec. 31, 2022
Legal, Environmental and Other Contingencies
Schedule of expected maturities of post-closure monitoring and maintenance activities (discounted)	​ ​ ​ ​ ​ Expected maturities of post-closure monitoring and maintenance activities (discounted) ​ Year Ending September 30, ​ ​ ​ 2024 $ 82 ​ 2025 60 ​ 2026 58 ​ 2027 ​ 62 ​ 2028 and thereafter 79 ​ ​ $ 341 ​

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	3 Months Ended
	Dec. 31, 2022
Goodwill and Other Intangible Assets, Net
Summary of finite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying December 31, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,161) ​ ​ 939 ​ Other ​ 1,345 ​ ​ (1,056) ​ ​ 289 ​ ​ ​ $ 7,245 ​ $ (2,217) ​ $ 5,028 ​
Schedule of indefinite-lived intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Accumulated Carrying December 31, 2022 ​ Amount ​ Amortization ​ Amount Trademarks ​ $ 3,800 ​ $ — ​ $ 3,800 ​ Customer relationships ​ ​ 2,100 ​ ​ (1,161) ​ ​ 939 ​ Other ​ 1,345 ​ ​ (1,056) ​ ​ 289 ​ ​ ​ $ 7,245 ​ $ (2,217) ​ $ 5,028 ​
Schedule of estimated future aggregate amortization expense	​ ​ ​ ​ ​ Estimated future Aggregate Amortization Expense: ​ Year Ending September 30, ​ ​ ​ 2023 $ 259 ​ 2024 252 ​ 2025 123 ​ 2026 120 ​ 2027 116 ​ Thereafter 358 ​

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Dec. 31, 2022
Net Income (Loss) Per Share
Schedule of basic and diluted net earnings (losses) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ December 31, ​ (in thousands, except share and per share data) 2021 2022 Numerator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ Net income $ 4,659 $ 7,739 ​ Dividends paid and accrued ​ (2,809) ​ (2,803) ​ Undistributed income (loss) ​ 1,850 ​ 4,936 ​ Percentage allocated to common shares (a) ​ 98.9 % 99.2 % Undistributed income (loss) allocated to common shares ​ ​ 1,830 ​ ​ 4,897 ​ Dividends paid on common shares outstanding ​ 2,779 ​ 2,783 ​ Net income available to common shares ​ 4,609 ​ 7,680 ​ Denominator: Basic and Diluted ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 12,368,821 ​ 12,454,858 ​ Adjustment for dilutive potential common shares ​ 218,318 ​ 244,388 ​ Weighted average shares outstanding - Diluted ​ 12,587,139 ​ 12,699,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share $ 0.37 $ 0.62 ​ Diluted net income per share $ 0.37 $ 0.61 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of stock option shares excluded as their effect would be anti-dilutive ​ 236,861 ​ 203,999 ​ Number of restricted stock shares excluded as their effect would be anti-dilutive ​ 61,264 ​ 47,098 ​ Number of deferred restricted stock shares excluded as their effect would be anti-dilutive ​ ​ 3,780 ​ ​ 7,225 ​ Number of performance share awards excluded as their effect would be anti-dilutive ​ ​ 55,008 ​ ​ 43,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ (a ) ​ ​ ​ ​ ​ ​ ​ Common shares outstanding ​ 12,368,821 ​ 12,454,858 ​ Unvested participating shares ​ 135,486 ​ 98,897 ​ ​ ​ 12,504,307 ​ 12,553,755 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Summary of activity under the restricted stock plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Fair ​ ​ Number of ​ Value At ​ ​ Shares ​ Grant Date Unvested at September 30, 2022 96,536 ​ $ 33.23 ​ Granted 26,159 ​ $ 48.86 ​ Forfeited / Canceled — ​ $ 0.00 ​ Vested (31,372) ​ $ 38.39 ​ Unvested at December 31, 2022 91,323 ​ $ 35.93 ​ Expected to vest 91,323 ​ $ 35.93 ​
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, 2022 3,801 ​ $ 44.07 ​ Granted 7,574 ​ $ 48.85 ​ Vested and deferred ​ (3,801) ​ $ 44.07 ​ Unvested and deferred at December 31, 2022 7,574 ​ $ 48.85 ​ Vested and deferred at December 31, 2022 23,851 ​ $ 31.60 ​
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, 2022 76,420 ​ $ 41.37 ​ Granted 19,555 ​ $ 69.39 ​ Vested ​ (21,306) ​ $ 44.13 ​ Forfeited / Canceled ​ — ​ $ 0.00 ​ Unvested at December 31, 2022 74,669 ​ $ 47.92 ​
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 22, 2022 ​ $ 20.52 1.80 % 3.97 % 51 % 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, 2022 697,220 ​ ​ ​ ​ $ 34.75 ​ ​ ​ ​ Granted 31,035 ​ ​ ​ ​ $ 48.85 ​ ​ ​ ​ Exercised (87,687) ​ ​ ​ ​ $ 39.16 ​ ​ ​ ​ Surrendered ​ (13,081) ​ ​ ​ ​ $ 47.96 ​ ​ ​ ​ Outstanding at December 31, 2022 627,487 ​ $ 7,258 ​ $ 34.55 6.50 yrs. ​ Vested or expected to vest 606,194 ​ $ 6,924 ​ $ 34.70 6.43 yrs. ​ Exercisable at December 31, 2022 525,538 ​ $ 6,190 ​ $ 34.24 6.06 yrs. ​

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	3 Months Ended
	Dec. 31, 2022
Changes in Accumulated Other Comprehensive Income (Loss) by Component
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2021 ​ 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 ​ — ​ — ​ 569 ​ 569 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 8 ​ ​ (60) ​ ​ — ​ ​ (52) Tax provision (benefit) ​ ​ (13) ​ ​ 14 ​ ​ — ​ ​ 1 Net current-period other comprehensive income (loss) ​ 46 ​ (46) ​ 569 ​ 569 Accumulated other comprehensive income (loss) as of December 31, 2021 ​ $ (14,745) ​ $ 8,971 ​ $ (5,998) ​ $ (11,772) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2022 ​ Pension Postretirement Foreign ​ ​ ​ ​ Plan ​ Plan ​ Exchange ​ Total Accumulated other comprehensive income (loss) as of September 30, 2022 ​ $ (17,165) ​ $ 24,457 ​ $ (18,384) ​ $ (11,092) Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 5,804 ​ 5,804 Amounts reclassified from accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Amortization of Pension and Postretirement Plan items (1) ​ ​ 51 ​ ​ — ​ ​ — ​ ​ 51 Actuarial losses (1) ​ ​ 7 ​ ​ (570) ​ ​ — ​ ​ (563) Tax provision (benefit) ​ ​ (14) ​ ​ 133 ​ ​ — ​ ​ 119 Net current-period other comprehensive income (loss) ​ 44 ​ (437) ​ 5,804 ​ 5,411 Accumulated other comprehensive income (loss) as of December 31, 2022 ​ $ (17,121) ​ $ 24,020 ​ $ (12,580) ​ $ (5,681) ​ (1) These accumulated other comprehensive income components are included in the computation of net periodic pension c ost.

Long-term Obligations (Tables)

Long-term Obligations (Tables)	3 Months Ended
	Dec. 31, 2022
Long-term Obligations
Schedule of long-term obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 2022 Finance lease obligations ​ $ 7,384 ​ $ 7,321 ​ Environmental post-closure monitoring and maintenance activities ​ ​ 407 ​ ​ 407 ​ Long-term disability ​ ​ 210 ​ ​ 205 ​ Deferred dividends ​ ​ 199 ​ ​ 206 ​ Less amounts due within one year ​ (352) ​ (362) ​ Long-term obligations (less current portion) ​ $ 7,848 ​ $ 7,777 ​

Foreign Currency Forward Cont_2

Foreign Currency Forward Contracts (Tables)	3 Months Ended
	Dec. 31, 2022
Foreign Currency Forward Contracts
Schedule of foreign exchange hedging gains and losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, ​ ​ 2021 2022 Foreign currency transactional gain (loss) ​ $ (220) ​ $ (1,851) Foreign exchange forward contract gain (loss) ​ $ (340) ​ $ 1,873 Net gain (loss) included in selling, general and administrative expense ​ $ (560) ​ $ 22 ​

Revenues from Contracts with _3

Revenues from Contracts with Customers - Other Information (Details) $ in Thousands, lb in Millions		3 Months Ended
	Nov. 17, 2006 USD ($)	Dec. 31, 2022 USD ($) lb	Sep. 30, 2022 USD ($)
Revenues from Contracts with Customers
Accounts receivable, gross		$ 92,443	$ 95,340
Accounts receivable, allowance for doubtful accounts		476	428
Contract liabilities		9,704	10,329
Estimated product returns		$ 1,000	$ 700
Conversion Services Arrangement
Revenues from Contracts with Customers
Revenue recognition period		20 years
Advance payments received	$ 50,000
Conversion Services Arrangement | Maximum
Revenues from Contracts with Customers
Annual volume of titanium metal to be converted (in pounds) | lb		10

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contracts with Customers
Net revenues	$ 132,673	$ 99,430
Product
Revenue from Contracts with Customers
Net revenues	127,980	94,990
Aerospace
Revenue from Contracts with Customers
Net revenues	64,518	48,455
Chemical processing
Revenue from Contracts with Customers
Net revenues	22,715	17,450
Industrial gas turbine
Revenue from Contracts with Customers
Net revenues	26,025	14,598
Other markets
Revenue from Contracts with Customers
Net revenues	14,722	14,487
Others
Revenue from Contracts with Customers
Net revenues	$ 4,693	$ 4,440

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Inventories
Raw Materials	$ 50,631	$ 31,887
Work-in-process	218,633	226,572
Finished Goods	119,755	97,657
Other	1,516	1,440
Total	$ 390,535	$ 357,556

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Statutory federal tax rate (as a percent)	21%	21%
Effective tax rate (as a percent)	22.50%	26.10%
Income (loss) before income taxes	$ 9,984	$ 6,306

Pension and Post-retirement B_3

Pension and Post-retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Pension Plan
Pension Plan and Retirement Benefits
Service cost	$ 672	$ 1,182
Interest cost	2,772	1,923
Expected return	(3,419)	(3,561)
Amortizations	51	51
Net periodic benefit cost	76	(405)
Contribution to plan	1,500
Expected future employer contribution	4,500
Defined Benefit Other Postretirement Benefit Plan
Pension Plan and Retirement Benefits
Service cost	347	456
Interest cost	800	559
Amortizations	(570)	(60)
Net periodic benefit cost	577	$ 955
Contribution to plan	593
Expected future employer contribution	$ 2,683

Legal, Environmental and Othe_3

Legal, Environmental and Other Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Environmental post-closure monitoring and maintenance activities	$ 407	$ 407
Maturities of long-term obligations (discounted)
Long-term obligations (less current portion)	341	$ 407
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

Deferred Revenue (Details)

Deferred Revenue (Details) - Conversion Services Arrangement $ in Thousands, lb in Millions		3 Months Ended
	Nov. 17, 2006 USD ($)	Dec. 31, 2022 USD ($) lb
Deferred revenue
Term of agreement to provide conversion services	20 years
Up-front/advance payment received	$ 50,000
Up Front Fees Received	$ 50,000
Additional volume of titanium metal to be converted on exercise of option by service receiver (in pounds) | lb		10
Liquidated damages		$ 25,000
Revenue recognition period		20 years
Maximum
Deferred revenue
Annual volume of titanium metal to be converted (in pounds) | lb		10
Amount of loan offered by counterparty		$ 12,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Overview (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill and Other Intangible Assets, Net
Goodwill impairment loss	$ 0
Change to goodwill	$ 0
Customer relationships
Goodwill and Other Intangible Assets, Net
Useful life	15 years

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Intangible Assets
Amortization of customer relationships, patents, non-competes and other intangibles	$ 126	$ 118
Total intangible assets, Gross Amount	7,245		$ 7,000
Finite-lived intangible assets, Accumulated Amortization	(2,217)		(2,091)
Carrying Amount	5,028		4,909
Customer relationships
Intangible Assets
Finite-Lived Intangible Assets, Gross	2,100		2,100
Finite-lived intangible assets, Accumulated Amortization	(1,161)		(1,128)
Finite-lived intangible assets, Carrying Amount	939		972
Other Intangible Assets
Intangible Assets
Finite-Lived Intangible Assets, Gross	1,345		1,100
Finite-lived intangible assets, Accumulated Amortization	(1,056)		(963)
Finite-lived intangible assets, Carrying Amount	289		137
Trademarks
Intangible Assets
Indefinite-lived intangible assets	$ 3,800		$ 3,800

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Estimate of Aggregate Amortization Expense:
2023	$ 259
2024	252
2025	123
2026	120
2027	116
Thereafter	$ 358

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator: Basic and Diluted
Net income - Basic	$ 7,739	$ 4,659
Net income - Diluted	7,739	4,659
Dividends paid and accrued ($0.22 and $0.22 per share for the quarter ended December 31, 2021 and 2022, respectively)	(2,803)	(2,809)
Undistributed income (loss) - Basic	4,936	1,850
Undistributed income (loss) - Diluted	$ 4,936	$ 1,850
Percentage allocated to common shares	99.20%	98.90%
Undistributed income (loss) allocated to common shares - Basic	$ 4,897	$ 1,830
Undistributed income (loss) allocated to common shares - Diluted	4,897	1,830
Dividends paid on common shares outstanding	2,783	2,779
Net income available to common shares - Basic	7,680	4,609
Net income available to common shares - Diluted	$ 7,680	$ 4,609
Denominator: Basic and Diluted
Weighted average shares outstanding - Basic (in shares)	12,454,858	12,368,821
Adjustment for dilutive potential common shares (in shares)	244,388	218,318
Weighted average shares outstanding - Diluted (in shares)	12,699,246	12,587,139
Basic net income per share (in dollars per share)	$ 0.62	$ 0.37
Diluted net income per share (in dollars per share)	$ 0.61	$ 0.37

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee and Directors Stock Options
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	203,999	236,861
Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	47,098	61,264
Deferred Restricted Stock
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	7,225	3,780
Performance Shares
Antidilutive securities
Number of shares excluded as their effect would be anti-dilutive	43,266	55,008

Net Income (Loss) Per Share - W

Net Income (Loss) Per Share - Weighted Average Common Shares (Details) - shares	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Percentage allocated to common shares - weighted average
Weighted average shares outstanding - Basic (in shares)	12,454,858	12,368,821
Unvested participating shares	98,897	135,486
Total	12,553,755	12,504,307

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Plan and Performance Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock | 2009 Restricted Stock Plan
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	96,536
Granted (in shares)	26,159
Vested and deferred (in shares)	(31,372)
Unvested and deferred at end of the period (in shares)	91,323
Expected to vest (in shares)	91,323
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 33.23
Granted (in dollars per share)	48.86
Forfeited / Canceled (in dollars per share)	0
Vested and deferred (in dollars per share)	38.39
Unvested and deferred at end of the period (in dollars per share)	35.93
Expected to vest (in dollars per share)	$ 35.93
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	31,372
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 38.39
Restricted stock plan activity, other disclosures
Compensation expense	$ 306	$ 392
Remaining unrecognized compensation expense	$ 2,211
Weighted average period for recognition	1 year 10 months 20 days
Restricted Stock | 2009 Restricted Stock Plan | Employee
Restricted stock plan activity, other disclosures
Repurchase of stock from employees (in shares)	10,509
Average purchase price (in dollars per share)	$ 52.41
Deferred Restricted Stock | 2016 Restricted Stock Plan
Restricted stock plan activity, number of shares
Vested and deferred (in shares)	(23,851)
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 31.60
Deferred Restricted Stock plan activity, number of shares
Outstanding at beginning of period (in shares)	3,801
Granted (in shares)	7,574
Vested and deferred (in shares)	(3,801)
Outstanding at end of period (in shares)	7,574
Vested (in shares)	23,851
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Outstanding at beginning of period (in dollars per share)	$ 44.07
Granted (in dollars per share)	48.85
Vested and deferred (in dollars per share)	44.07
Outstanding at end of period (in dollars per share)	48.85
Vested and deferred (in dollars per share)	$ 31.60
Restricted stock plan activity, other disclosures
Compensation expense	$ 59	42
Remaining unrecognized compensation expense	$ 339
Weighted average period for recognition	11 months 1 day
Performance Shares
Stock-Based Compensation
Remaining unrecognized compensation expense	$ 2,358
Restricted stock plan activity, number of shares
Unvested and deferred at beginning of the period (in shares)	76,420
Granted (in shares)	19,555
Vested and deferred (in shares)	(21,306)
Unvested and deferred at end of the period (in shares)	74,669
Restricted stock plan activity, Weighted Average Fair Value at Grant Date
Unvested and deferred at beginning of the period (in dollars per share)	$ 41.37
Granted (in dollars per share)	69.39
Forfeited / Canceled (in dollars per share)	0
Vested and deferred (in dollars per share)	44.13
Unvested and deferred at end of the period (in dollars per share)	$ 47.92
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	21,306
Deferred Restricted Stock plan activity, Weighted Average Fair Value at Grant Date
Vested and deferred (in dollars per share)	$ 44.13
Restricted stock plan activity, other disclosures
Compensation expense	$ 241	$ 229
Weighted average period for recognition	1 year 10 months 2 days
Repurchase of stock from employees (in shares)	5,474
Average purchase price (in dollars per share)	$ 52.41
Performance Shares | Certain Employees
Restricted stock plan activity, number of shares
Vested and deferred (in shares)	(12,429)
Deferred Restricted Stock plan activity, number of shares
Vested (in shares)	12,429

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 22, 2022	Dec. 31, 2022	Dec. 31, 2021
Fair value assumptions
Fair Value (in dollars per share)	$ 20.52
Dividend Yield (as a percent)	1.80%
Risk-Free Interest Rate (as a percent)	3.97%
Expected Volatility (as a percent)	51%
Expected Life	5 years
Employee and Directors Stock Options
Fair value assumptions
Stock-based employee compensation expense		$ 164	$ 292
Remaining unrecognized compensation expense		$ 1,132
Weighted average period for recognition		1 year 9 months 18 days
Activity under stock option plans, number of shares
Outstanding at beginning of the period (in shares)		697,220
Granted (in shares)		31,035
Exercised (in shares)		(87,687)
Canceled (in shares)		(13,081)
Outstanding at end of the period (in shares)		627,487
Vested or expected to vest (in shares)		606,194
Exercisable at end of period (in shares)		525,538
Outstanding at end of period, Aggregate Intrinsic Value		$ 7,258
Vested or expected to vest, Aggregate Intrinsic Value		6,924
Exercisable at end of the period, Aggregate Intrinsic Value		$ 6,190
Weighted Average Exercise Prices
Outstanding at beginning of the period (in dollars per share)		$ 34.75
Granted (in dollars per share)		48.85
Exercised (in dollars per share)		39.16
Surrendered (in dollars per share)		47.96
Outstanding at end of period (in dollars per share)		34.55
Vested or expected to vest (in dollars per share)		34.70
Exercisable at end of the period (in dollars per share)		$ 34.24
Outstanding at end of the period, Weighted Average Remaining Contractual Life		6 years 6 months
Vested or expected to vest, Weighted Average Remaining Contractual Life		6 years 5 months 4 days
Exercisable at end of the period, Weighted Average Remaining Contractual Life		6 years 21 days

Dividend (Details)

Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 02, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock dividend
Dividend declared (in dollars per share)	$ 0.22	$ 0.22	$ 0.22
Dividend paid (in dollars per share)		$ 0.22	$ 0.22
Dividends paid		$ 2,796	$ 2,811

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) by Component - Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated other comprehensive income (loss)
Balance	$ 375,488	$ 343,321
Other comprehensive income	5,411	569
Balance	389,144	340,209
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss)
Balance	(11,092)	(12,341)
Other comprehensive income (loss) before reclassifications	5,804	569
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	119	1
Other comprehensive income	5,411	569
Balance	(5,681)	(11,772)
Accumulated Other Comprehensive Income (Loss) | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Balance	(17,165)	(14,791)
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	(14)	(13)
Other comprehensive income	44	46
Balance	(17,121)	(14,745)
Accumulated Other Comprehensive Income (Loss) | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Balance	24,457	9,017
Amounts reclassified from accumulated other comprehensive income (loss), Tax provision (benefit)	133	14
Other comprehensive income	(437)	(46)
Balance	24,020	8,971
Amortization of Pension and Postretirement Plan items
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	51	51
Amortization of Pension and Postretirement Plan items | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	51	51
Actuarial losses
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(563)	(52)
Actuarial losses | Defined Benefit Pension Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	7	8
Actuarial losses | Defined Benefit Other Postretirement Benefit Plan
Accumulated other comprehensive income (loss)
Amounts reclassified from accumulated other comprehensive income (loss), before tax	(570)	(60)
Accumulated Translation Adjustment
Accumulated other comprehensive income (loss)
Balance	(18,384)	(6,567)
Other comprehensive income (loss) before reclassifications	5,804	569
Other comprehensive income	5,804	569
Balance	$ (12,580)	$ (5,998)

Long-term Obligations (Details)

Long-term Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Sep. 30, 2022
Long-term obligations (less current portion)
Finance lease obligations	$ 7,321	$ 7,384
Environmental post-closure monitoring and maintenance activities	407	407
Long-term disability	205	210
Deferred dividends	206	199
Less amounts due within one year	(362)	(352)
Long-term obligations (less current portion)	$ 7,777	$ 7,848

Debt - US Revolving Credit Faci

Debt - US Revolving Credit Facility (Details) - USD ($) $ in Thousands	Oct. 19, 2020	Dec. 31, 2022	Oct. 07, 2022	Oct. 06, 2022	Sep. 30, 2022
Debt
Revolving credit facilities - Long-term		$ 88,025			$ 74,721
Credit Agreement
Debt
Maximum borrowing capacity			$ 160,000	$ 100,000
Outstanding balance		$ 88,000
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%

Foreign Currency Forward Cont_3

Foreign Currency Forward Contracts (Details) - Selling, General and Administrative Expenses - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ 22	$ (560)
Foreign Currency Transaction
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	(1,851)	(220)
Foreign Exchange Forward
Foreign currency balance sheet hedging
Foreign currency net gain (loss)	$ 1,873	$ (340)