|
PENSION AND OTHER POSTRETIREMENT PLANS (Tables)
|
12 Months Ended |
|
Sep. 30, 2012
|
| PENSION AND OTHER POSTRETIREMENT PLANS [Abstract] |
|
| Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans |
The Company provides defined benefit pension and other postretirement plans to certain employees. 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, 2012 and 2011:
| |
|
Pension |
|
|
Other Postretirement |
|
| |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Change in benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year |
|
$ |
168,033 |
|
|
$ |
145,909 |
|
|
$ |
27,547 |
|
|
$ |
24,400 |
|
Service cost |
|
|
5,852 |
|
|
|
5,016 |
|
|
|
730 |
|
|
|
632 |
|
Interest cost |
|
|
7,842 |
|
|
|
7,510 |
|
|
|
1,283 |
|
|
|
1,254 |
|
Assumption changes |
|
|
19,701 |
|
|
|
16,501 |
|
|
|
2,508 |
|
|
|
2,285 |
|
Actuarial loss (gain) |
|
|
688 |
|
|
|
(887 |
) |
|
|
(2,473 |
) |
|
|
(226 |
) |
Benefit payments |
|
|
(6,256 |
) |
|
|
(6,016 |
) |
|
|
(764 |
) |
|
|
(798 |
) |
Benefit obligation, end of year |
|
|
195,860 |
|
|
|
168,033 |
|
|
|
28,831 |
|
|
|
27,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value, beginning of year |
|
|
100,554 |
|
|
|
94,869 |
|
|
|
- |
|
|
|
- |
|
Actual return |
|
|
16,000 |
|
|
|
1,300 |
|
|
|
- |
|
|
|
- |
|
Benefit payments |
|
|
(6,256 |
) |
|
|
(6,016 |
) |
|
|
(764 |
) |
|
|
(798 |
) |
Employer contributions |
|
|
6,279 |
|
|
|
10,401 |
|
|
|
764 |
|
|
|
798 |
|
Fair value, end of year |
|
|
116,577 |
|
|
|
100,554 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status |
|
|
(79,283 |
) |
|
|
(67,480 |
) |
|
|
(28,831 |
) |
|
|
(27,547 |
) |
Unrecognized actuarial loss |
|
|
92,940 |
|
|
|
85,868 |
|
|
|
8,561 |
|
|
|
8,462 |
|
Unrecognized prior service cost |
|
|
(2,142 |
) |
|
|
(525 |
) |
|
|
(1,774 |
) |
|
|
(1,607 |
) |
Net amount recognized |
|
$ |
11,515 |
|
|
$ |
17,863 |
|
|
$ |
(22,044 |
) |
|
$ |
(20,692 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in the consolidated balance sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liability |
|
$ |
(720 |
) |
|
$ |
(766 |
) |
|
$ |
(1,106 |
) |
|
$ |
(1,130 |
) |
Noncurrent benefit liability |
|
|
(78,563 |
) |
|
|
(66,714 |
) |
|
|
(27,725 |
) |
|
|
(26,417 |
) |
Accumulated other comprehensive loss |
|
|
90,798 |
|
|
|
85,343 |
|
|
|
6,787 |
|
|
|
6,855 |
|
Net amount recognized |
|
$ |
11,515 |
|
|
$ |
17,863 |
|
|
$ |
(22,044 |
) |
|
$ |
(20,692 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss |
|
$ |
92,940 |
|
|
$ |
85,868 |
|
|
$ |
8,561 |
|
|
$ |
8,462 |
|
Prior service cost |
|
|
(2,142 |
) |
|
|
(525 |
) |
|
|
(1,774 |
) |
|
|
(1,607 |
) |
Net amount recognized |
|
$ |
90,798 |
|
|
$ |
85,343 |
|
|
$ |
6,787 |
|
|
$ |
6,855 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Periodic Pension and Other Postretirement Cost |
Net periodic pension and other postretirement benefit cost for the plans included the following:
| |
|
Pension |
|
|
Other Postretirement |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
5,852 |
|
|
$ |
5,016 |
|
|
$ |
4,489 |
|
|
$ |
730 |
|
|
$ |
632 |
|
|
$ |
691 |
|
Interest cost |
|
|
7,842 |
|
|
|
7,510 |
|
|
|
7,495 |
|
|
|
1,283 |
|
|
|
1,254 |
|
|
|
1,383 |
|
Expected return on plan assets |
|
|
(7,836 |
) |
|
|
(7,398 |
) |
|
|
(6,982 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost |
|
|
(45 |
) |
|
|
26 |
|
|
|
24 |
|
|
|
(451 |
) |
|
|
(476 |
) |
|
|
(726 |
) |
Net actuarial loss |
|
|
6,814 |
|
|
|
5,364 |
|
|
|
5,395 |
|
|
|
535 |
|
|
|
407 |
|
|
|
521 |
|
Net benefit cost |
|
$ |
12,627 |
|
|
$ |
10,518 |
|
|
$ |
10,421 |
|
|
$ |
2,097 |
|
|
$ |
1,817 |
|
|
$ |
1,869 |
|
|
| Contributions During Fiscal Year |
Contributions made in fiscal 2012 are as follows:
Contributions |
|
Pension |
|
|
Other Postretirement |
|
| |
|
|
|
|
|
|
Principal retirement plan |
|
$ |
5,000 |
|
|
$ |
- |
|
Supplemental retirement plan |
|
|
728 |
|
|
|
- |
|
Other postretirement plan |
|
|
- |
|
|
|
953 |
|
|
| Amounts of AOCL Expected to be Recognized in Net Periodic Benefit Costs |
Amounts of AOCL expected to be recognized in net periodic benefit costs in fiscal 2013 include:
| |
|
|
|
|
Other |
|
| |
|
Pension |
|
|
Postretirement |
|
| |
|
Benefits |
|
|
Benefits |
|
| |
|
|
|
|
|
|
Net actuarial loss |
|
$ |
7,316 |
|
|
$ |
439 |
|
Prior service cost |
|
|
(206 |
) |
|
|
(272 |
) |
|
| Weighted-Average Assumptions for Principal Retirement and Other Postretirement Benefit Plans |
The measurement date of annual actuarial valuations for the Company's principal retirement and other postretirement benefit plans was September 30 for fiscal 2012, 2011 and 2010. The weighted-average assumptions for those plans were:
| |
|
Pension |
|
|
Other Postretirement |
|
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
Discount rate |
|
|
4.00 |
% |
|
|
4.75 |
% |
|
|
5.25 |
% |
|
|
4.00 |
% |
|
|
4.75 |
% |
|
|
5.25 |
% |
Return on plan assets |
|
|
8.00 |
|
|
|
8.00 |
|
|
|
8.00 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Compensation increase |
|
|
3.50 |
|
|
|
3.50 |
|
|
|
3.50 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
| Weighted Average Asset Allocation and Target Allocation |
The Company's primary defined benefit pension plan's weighted-average asset allocation at September 30, 2012 and 2011 and weighted-average target allocation were as follows:
| |
|
Plan Assets at |
|
|
Target |
|
Asset Category |
|
2012 |
|
|
2011 |
|
|
Allocation |
|
Equity securities |
|
$ |
63,186 |
|
|
$ |
50,147 |
|
|
|
50 |
% |
Fixed income, cash and cash equivalents |
|
|
35,218 |
|
|
|
37,032 |
|
|
|
30 |
% |
Other investments |
|
|
18,173 |
|
|
|
13,375 |
|
|
|
20 |
% |
| |
|
$ |
116,577 |
|
|
$ |
100,554 |
|
|
|
100 |
% |
|
| Fair Value Allocation of Plan Assets |
The Company's defined benefit pension plans' asset categories at September 30, 2012 and 2011 were as follows:
| |
|
September 30, 2012 |
|
Asset Category |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Equity securities - stocks |
|
$ |
34,127 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
34,127 |
|
Equity securities - mutual funds |
|
|
29,059 |
|
|
|
- |
|
|
|
- |
|
|
|
29,059 |
|
Fixed income securities |
|
|
10,523 |
|
|
|
12,707 |
|
|
|
- |
|
|
|
23,230 |
|
Cash and cash equivalents |
|
|
11,988 |
|
|
|
- |
|
|
|
- |
|
|
|
11,988 |
|
Other investments |
|
|
- |
|
|
|
- |
|
|
|
18,173 |
|
|
|
18,173 |
|
Total |
|
$ |
85,697 |
|
|
$ |
12,707 |
|
|
$ |
18,173 |
|
|
$ |
116,577 |
|
| |
|
September 30, 2011 |
|
Asset Category |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Equity securities - stocks |
|
$ |
23,954 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
23,954 |
|
Equity securities - mutual funds |
|
|
26,193 |
|
|
|
- |
|
|
|
- |
|
|
|
26,193 |
|
Fixed income securities |
|
|
7,197 |
|
|
|
14,421 |
|
|
|
- |
|
|
|
21,618 |
|
Cash and cash equivalents |
|
|
15,414 |
|
|
|
- |
|
|
|
- |
|
|
|
15,414 |
|
Other investments |
|
|
- |
|
|
|
- |
|
|
|
13,375 |
|
|
|
13,375 |
|
Total |
|
$ |
72,758 |
|
|
$ |
14,421 |
|
|
$ |
13,375 |
|
|
$ |
100,554 |
|
|
| Changes in Fair Value of Level 3 Plan Assets |
Changes in the fair value of Level 3 assets at September 30, 2012 and 2011 are summarized as follows:
| |
|
Fair Value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value, |
|
| |
|
Beginning of |
|
|
|
|
|
|
|
|
Realized |
|
|
Unrealized |
|
|
End of |
|
Asset Category |
|
Period |
|
|
Acquisitions |
|
|
Dispositions |
|
|
Gains (Losses) |
|
|
Gains |
|
|
Period |
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2012 |
|
$ |
13,375 |
|
|
$ |
3,800 |
|
|
$ |
- |
|
|
$ |
766 |
|
|
$ |
232 |
|
|
$ |
18,173 |
|
September 30, 2011 |
|
|
12,212 |
|
|
|
- |
|
|
|
- |
|
|
|
(90 |
) |
|
|
1,073 |
|
|
|
13,375 |
|
|
| Benefit Payments Expected to be Paid |
Benefit payments expected to be paid are as follows:
| |
|
|
|
|
Other |
|
| |
|
Pension |
|
|
Postretirement |
|
Years ending September 30: |
|
Benefits |
|
|
Benefits |
|
| |
|
|
|
|
|
|
2013 |
|
$ |
6,307 |
|
|
$ |
1,106 |
|
2014 |
|
|
6,667 |
|
|
|
1,203 |
|
2015 |
|
|
6,981 |
|
|
|
1,284 |
|
2016 |
|
|
7,402 |
|
|
|
1,347 |
|
2017 |
|
|
7,879 |
|
|
|
1,478 |
|
2018-2022 |
|
|
47,811 |
|
|
|
9,394 |
|
| |
|
$ |
83,047 |
|
|
$ |
15,812 |
|
|