| Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans |
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans as of the Company's actuarial valuation as of September 30, 2024 and 2023:
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Pension |
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Other Postretirement |
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2024 |
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2023 |
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2024 |
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2023 |
| Change in benefit obligation: |
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| Benefit obligation, beginning of year |
$ |
12,896 |
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$ |
36,609 |
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$ |
12,375 |
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$ |
12,813 |
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| Service cost |
125 |
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|
163 |
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|
55 |
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|
76 |
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| Interest cost |
530 |
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|
497 |
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|
684 |
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|
644 |
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| Actuarial loss (gain) |
1,100 |
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(512) |
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|
777 |
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(641) |
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| Settlement |
— |
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(24,242) |
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— |
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— |
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| Exchange loss |
645 |
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979 |
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— |
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— |
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| Benefit payments |
(584) |
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(598) |
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(513) |
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(517) |
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Benefit obligation, end of year (1)
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14,712 |
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12,896 |
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13,378 |
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12,375 |
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| Change in plan assets: |
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| Fair value, beginning of year |
— |
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— |
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— |
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— |
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| Benefit payments |
(584) |
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(598) |
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(513) |
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(517) |
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| Employer contributions |
584 |
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24,840 |
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|
513 |
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|
517 |
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| Settlement |
— |
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(24,242) |
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— |
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— |
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| Fair value, end of year |
— |
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— |
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— |
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— |
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| Funded status |
(14,712) |
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(12,896) |
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(13,378) |
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(12,375) |
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| Unrecognized actuarial gain |
(1,453) |
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(1,518) |
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(4,407) |
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(5,906) |
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| Unrecognized prior service credit |
— |
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— |
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(591) |
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(956) |
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| Net amount recognized |
$ |
(16,165) |
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$ |
(14,414) |
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$ |
(18,376) |
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$ |
(19,237) |
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| Amounts recognized in the consolidated balance sheet: |
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| Current liability |
$ |
— |
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$ |
(68) |
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$ |
(872) |
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$ |
(876) |
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| Noncurrent benefit liability |
(14,712) |
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(12,828) |
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(12,506) |
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(11,499) |
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| Accumulated other comprehensive income |
(1,453) |
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(1,518) |
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(4,998) |
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(6,862) |
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| Net amount recognized |
$ |
(16,165) |
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$ |
(14,414) |
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$ |
(18,376) |
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$ |
(19,237) |
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| Amounts recognized in accumulated |
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other comprehensive income:
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| Net actuarial gain |
$ |
(1,453) |
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$ |
(1,518) |
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$ |
(4,407) |
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$ |
(5,906) |
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| Prior service credit |
— |
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— |
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(591) |
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(956) |
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| Net amount recognized |
$ |
(1,453) |
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$ |
(1,518) |
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$ |
(4,998) |
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$ |
(6,862) |
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(1) Gains and losses related to changes in assumptions (e.g., discount rate, mortality, etc.), salary and other experience impacted benefit obligations.
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| Net Periodic Pension and Other Postretirement Benefit Cost |
Net periodic pension and other postretirement benefit cost for the plans included the following:
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Pension |
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Other Postretirement |
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2024 |
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2023 |
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2022 |
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2024 |
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2023 |
|
2022 |
| Service cost |
$ |
125 |
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$ |
163 |
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$ |
392 |
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$ |
55 |
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$ |
76 |
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$ |
165 |
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| Interest cost * |
530 |
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|
497 |
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1,127 |
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|
684 |
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|
644 |
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|
411 |
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| Expected return on plan assets * |
— |
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— |
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(1,040) |
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— |
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— |
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— |
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| Amortization: |
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| Prior service cost (credit) |
— |
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— |
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(152) |
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(364) |
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|
(364) |
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|
(364) |
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| Net actuarial (gain) loss * |
(53) |
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(64) |
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|
469 |
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(722) |
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(708) |
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— |
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| Settlement* |
— |
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1,271 |
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30,856 |
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— |
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— |
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— |
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| Net benefit cost |
$ |
602 |
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$ |
1,867 |
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$ |
31,652 |
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$ |
(347) |
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$ |
(352) |
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$ |
212 |
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* Non-service components of pension and postretirement expense are included in other income (deductions), net.
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