v3.26.1
Pension and Retirement Plans
 9 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension and Retirement Plans

10.          Pension and Retirement Plans

The Company’s operations have defined benefit and defined contribution plans in the U.K. and in the U.S. In the U.K., the Company provides defined benefit pension plans and defined contribution plans for some of its employees. In the U.S., the Company provides benefits through supplemental retirement plans to certain former employees. The U.S. supplemental retirement plans have life insurance policies which are not plan assets but were purchased by the Company as a vehicle to fund the costs of the plan. The Company also provides for officer death benefits through post-retirement plans to certain current officers of the Company in the U.S. All the Company’s defined benefit plans are closed to newly hired employees and have been since September 2009.

The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the condensed consolidated balance sheets.

The Company’s pension plan in the U.K. is the only pension plan with plan assets. In fiscal year 2025 the Company paid 8.5 million Great British Pounds to enter into a buy-in contract. This payment is subject to adjustment as a result of subsequent data cleansing activities. Under the terms of this buy-in contract, the insurer is liable to pay the benefits

of the plan, but the Company still retains full legal responsibility to pay the benefits to members using the insurance payments. The buy-in contract is treated as a plan asset. When the buy-in contract transitions to a buy-out contract the Company will be relieved of primary responsibility for the pension benefit obligation and settlement will be recognized.

The components of net periodic benefit costs related to the US and UK plans are as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30, 

​

​

2026

​

2025

​

  ​ ​ ​

U.K.

  ​ ​ ​

U.S.

  ​ ​ ​

Total

  ​ ​ ​

U.K.

  ​ ​ ​

U.S.

  ​ ​ ​

Total

​

​

(Amounts in thousands)

Pension:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest cost

​

$

114

​

$

2

​

$

116

​

$

135

​

$

2

​

$

137

Expected return on plan assets

​

 

(114)

​

 

—

​

 

(114)

​

 

(156)

​

 

—

​

 

(156)

Amortization of past service costs

​

​

2

​

​

—

​

​

2

​

​

2

​

​

—

​

​

2

Amortization of net gain

​

 

—

​

 

(1)

​

 

(1)

​

 

—

​

 

(2)

​

 

(2)

Net periodic (benefit) cost

​

$

2

​

$

1

​

$

3

​

$

(19)

​

$

—

​

$

(19)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Post Retirement:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Service cost

​

$

—

​

$

6

​

$

6

​

$

—

​

$

7

​

$

7

Interest cost

​

 

—

​

 

16

​

 

16

​

 

—

​

 

14

​

 

14

Amortization of net gain

​

 

—

​

 

(32)

​

 

(32)

​

 

—

​

 

(29)

​

 

(29)

Net periodic benefit

​

$

—

​

$

(10)

​

$

(10)

​

$

—

​

$

(8)

​

$

(8)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

Nine Months Ended June 30, 

​

​

2026

​

2025

​

  ​ ​ ​

U.K.

  ​ ​ ​

U.S.

  ​ ​ ​

Total

  ​ ​ ​

U.K.

  ​ ​ ​

U.S.

  ​ ​ ​

Total

​

​

(Amounts in thousands)

Pension:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest cost

​

$

341

​

$

5

​

$

346

​

$

344

​

$

6

​

$

350

Expected return on plan assets

​

 

(341)

​

 

—

​

 

(341)

​

 

(400)

​

 

—

​

 

(400)

Amortization of past service costs

​

​

6

​

​

—

​

​

6

​

​

6

​

​

—

​

​

6

Amortization of net gain

​

 

—

​

 

(2)

​

 

(2)

​

 

—

​

 

(5)

​

 

(5)

Net periodic cost (benefit)

​

$

6

​

$

3

​

$

9

​

$

(50)

​

$

1

​

$

(49)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Post Retirement:

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

​

 

  ​

Service cost

​

$

—

​

$

18

​

$

18

​

$

—

​

$

20

​

$

20

Interest cost

​

 

—

​

 

47

​

 

47

​

 

—

​

 

44

​

 

44

Amortization of net gain

​

 

—

​

 

(95)

​

 

(95)

​

 

—

​

 

(89)

​

 

(89)

Net periodic benefit

​

$

—

​

$

(30)

​

$

(30)

​

$

—

​

$

(25)

​

$

(25)

​

The fair value of the assets held by the UK pension plan by asset category are as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Values as of

​

​

June 30, 2026

​

September 30, 2025

​

​

Fair Value Measurements Using Inputs Considered as

​

Fair Value Measurements Using Inputs Considered as

Asset Category

  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

​

​

(Amounts in thousands)

Cash on deposit

​

$

78

​

$

78

​

$

—

​

$

—

​

$

42

​

$

42

​

$

—

​

$

—

Buy-in contract*

​

​

8,297

​

​

—

​

​

—

​

​

8,297

​

​

8,428

​

​

—

​

​

—

​

​

8,428

Total plan assets

​

$

8,375

​

$

78

​

$

—

​

$

8,297

​

$

8,470

​

$

42

​

$

—

​

$

8,428

​

*This fair value is based on the latest information available, which is as of September 30, 2025 not June 30, 2026 as the table is labeled. The difference from September 30, 2025 is due to the Great British Pounds being converted into U.S. dollars at a different exchange rate.