Quarterly report pursuant to Section 13 or 15(d)

Pension and Other Postretirement Benefit Plans

v3.23.1
Pension and Other Postretirement Benefit Plans
 6 Months Ended
Mar. 31, 2023
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefit Plans Pension and Other Postretirement Benefit Plans
The Company provides defined benefit pension and other postretirement plans to certain employees. Net periodic pension and other postretirement benefit cost for the plans included the following:
  Three months ended March 31,
  Pension Other Postretirement
  2023 2022 2023 2022
Service cost $ 31  $ 5  $ 19  $ 41 
Interest cost * 105  48  161  103 
Expected return on plan assets * —  —  —  — 
Amortization:        
Prior service credit —  (66) (91) (91)
Net actuarial loss * (6) 91  (177) — 
Net benefit cost $ 130  $ 78  $ (88) $ 53 

  Six months ended March 31,
  Pension Other Postretirement
  2023 2022 2023 2022
Service cost $ 88  $ 385  $ 38  $ 82 
Interest cost * 248  1,038  322  206 
Expected return on plan assets * —  (1,042) —  — 
Amortization:        
Prior service credit —  (19) (182) (182)
Net actuarial loss * (16) 292  (354) — 
Settlement losses * 1,271  30,856  —  — 
Net benefit cost $ 1,591  $ 31,510  $ (176) $ 106 
* Non-service components of pension and postretirement expense are included in other income (deductions), net.

Benefit payments under the Company's principal defined benefit retirement plan ("DB Plan") were made from plan assets, while benefit payments under the supplemental retirement plan were made from the Company's operating funds. Benefit payments under the Company's postretirement benefit plan are made from the Company's operating funds.
Note 11.   Pension and Other Postretirement Benefit Plans (continued)

In the first quarter of fiscal 2023, the Company made lump sum payments totaling $24,242 to fully settle the supplemental retirement plan ("SERP") and defined benefit portion of the officers retirement restoration plan ("ORRP") obligations. The settlement of these plan obligations resulted in the recognition of a non-cash charge of $1,271, which has been presented as a component of other income (deductions), net for the six months ended March 31, 2023. This amount represents the immediate recognition of the deferred AOCI balances related to the SERP and ORRP. During the second quarter of fiscal 2023, the remaining funds held in a rabbi trust associated with the SERP were transferred to the Company. Consequently, these amounts are no longer classified as restricted cash.

In the first quarter of fiscal 2022, the Company terminated its DB Plan and made plan contributions totaling $35,706 to fully fund the planned settlement of the DB Plan obligations. Also during the first quarter of fiscal 2022, lump sum distributions of $185,958 were made from the DB Plan to plan participants, and non-participating annuity contracts totaling $56,274 were purchased by the DB Plan for plan participants, resulting in the full settlement of the DB Plan obligations. The settlement of the DB Plan obligations resulted in the recognition of a non-cash charge of $30,856, which has been presented as a component of other income (deductions), net for the six months ended March 31, 2022. This amount represents the immediate recognition of the remaining portion of the deferred AOCI balances related to the DB Plan.