PENSION AND OTHER POSTRETIREMENT PLANS (Tables)
|
12 Months Ended |
Sep. 30, 2014 |
|---|
| 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. Effective January 1, 2014, the Company's principal retirement plan was closed to new participants. 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, 2014 and 2013:
| |
|
Pension |
|
|
Other Postretirement |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
Change in benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year |
|
$ |
186,077 |
|
|
$ |
195,860 |
|
|
$ |
18,881 |
|
|
$ |
28,831 |
|
Acquisitions |
|
|
- |
|
|
|
9,437 |
|
|
|
- |
|
|
|
- |
|
Service cost |
|
|
6,150 |
|
|
|
7,160 |
|
|
|
436 |
|
|
|
796 |
|
Interest cost |
|
|
8,927 |
|
|
|
8,024 |
|
|
|
919 |
|
|
|
1,129 |
|
Actuarial (gain) loss |
|
|
18,412 |
|
|
|
(27,179 |
) |
|
|
1,929 |
|
|
|
(11,124 |
) |
Exchange (gain) loss |
|
|
(703 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Benefit payments |
|
|
(7,827 |
) |
|
|
(7,225 |
) |
|
|
(807 |
) |
|
|
(751 |
) |
Benefit obligation, end of year |
|
|
211,036 |
|
|
|
186,077 |
|
|
|
21,358 |
|
|
|
18,881 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value, beginning of year |
|
|
123,713 |
|
|
|
116,577 |
|
|
|
- |
|
|
|
- |
|
Actual return |
|
|
10,792 |
|
|
|
10,838 |
|
|
|
- |
|
|
|
- |
|
Benefit payments |
|
|
(7,827 |
) |
|
|
(7,225 |
) |
|
|
(807 |
) |
|
|
(751 |
) |
Employer contributions |
|
|
5,075 |
|
|
|
3,523 |
|
|
|
807 |
|
|
|
751 |
|
Fair value, end of year |
|
|
131,753 |
|
|
|
123,713 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status |
|
|
(79,283 |
) |
|
|
(62,363 |
) |
|
|
(21,358 |
) |
|
|
(18,881 |
) |
Unrecognized actuarial loss (gain) |
|
|
69,153 |
|
|
|
56,148 |
|
|
|
(987 |
) |
|
|
(3,001 |
) |
Unrecognized prior service cost |
|
|
(1,411 |
) |
|
|
(1,935 |
) |
|
|
(1,306 |
) |
|
|
(1,502 |
) |
Net amount recognized |
|
$ |
(11,541 |
) |
|
$ |
(8,150 |
) |
|
$ |
(23,651 |
) |
|
$ |
(23,384 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in the consolidated balance sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liability |
|
$ |
(733 |
) |
|
$ |
(721 |
) |
|
$ |
(1,007 |
) |
|
$ |
(925 |
) |
Noncurrent benefit liability |
|
|
(78,550 |
) |
|
|
(61,642 |
) |
|
|
(20,351 |
) |
|
|
(17,956 |
) |
Accumulated other comprehensive loss |
|
|
67,742 |
|
|
|
54,213 |
|
|
|
(2,293 |
) |
|
|
(4,503 |
) |
Net amount recognized |
|
$ |
(11,541 |
) |
|
$ |
(8,150 |
) |
|
$ |
(23,651 |
) |
|
$ |
(23,384 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss (income) |
|
$ |
69,153 |
|
|
$ |
56,148 |
|
|
$ |
(987 |
) |
|
$ |
(3,001 |
) |
Prior service cost |
|
|
(1,411 |
) |
|
|
(1,935 |
) |
|
|
(1,306 |
) |
|
|
(1,502 |
) |
Net amount recognized |
|
$ |
67,742 |
|
|
$ |
54,213 |
|
|
$ |
(2,293 |
) |
|
$ |
(4,503 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Periodic Pension and Other Postretirement Benefit Costs |
Net periodic pension and other postretirement benefit cost for the plans included the following:
| |
|
Pension |
|
|
Other Postretirement |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
6,150 |
|
|
$ |
7,160 |
|
|
$ |
5,852 |
|
|
$ |
436 |
|
|
$ |
796 |
|
|
$ |
730 |
|
Interest cost |
|
|
8,927 |
|
|
|
8,024 |
|
|
|
7,842 |
|
|
|
919 |
|
|
|
1,129 |
|
|
|
1,283 |
|
Expected return on plan assets |
|
|
(9,666 |
) |
|
|
(9,071 |
) |
|
|
(7,836 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost |
|
|
(206 |
) |
|
|
(206 |
) |
|
|
(45 |
) |
|
|
(195 |
) |
|
|
(272 |
) |
|
|
(451 |
) |
Net actuarial loss |
|
|
3,927 |
|
|
|
7,903 |
|
|
|
6,814 |
|
|
|
(87 |
) |
|
|
439 |
|
|
|
535 |
|
Net benefit cost |
|
$ |
9,132 |
|
|
$ |
13,810 |
|
|
$ |
12,627 |
|
|
$ |
1,073 |
|
|
$ |
2,092 |
|
|
$ |
2,097 |
|
|
| Contributions During Fiscal Year |
Contributions made in fiscal 2014 are as follows:
Contributions |
|
Pension |
|
|
Other Postretirement |
|
| |
|
|
|
|
|
|
Principal retirement plan |
|
$ |
3,000 |
|
|
$ |
- |
|
Supplemental retirement plan |
|
|
725 |
|
|
|
- |
|
Other retirement plan |
|
|
1,350 |
|
|
|
- |
|
Other postretirement plan |
|
|
- |
|
|
|
807 |
|
|
| Amounts of AOCI Expected to be Recognized in Net Periodic Benefit Costs |
Amounts of AOCI expected to be recognized in net periodic benefit costs in fiscal 2015 include:
| |
|
|
|
|
Other |
|
| |
|
Pension |
|
|
Postretirement |
|
| |
|
Benefits |
|
|
Benefits |
|
| |
|
|
|
|
|
|
Net actuarial loss |
|
$ |
6,258 |
|
|
$ |
- |
|
Prior service cost |
|
|
(180 |
) |
|
|
(195 |
) |
|
| 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 2014, 2013 and 2012. The weighted-average assumptions for those plans were:
| |
|
Pension |
|
|
Other Postretirement |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
Discount rate |
|
|
4.25 |
% |
|
|
5.00 |
% |
|
|
4.00 |
% |
|
|
4.25 |
% |
|
|
5.00 |
% |
|
|
4.00 |
% |
Return on plan assets |
|
|
7.75 |
|
|
|
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, 2014 and 2013 and weighted-average target allocation were as follows:
| |
|
Plan Assets at |
|
|
Target |
|
Asset Category |
|
2014 |
|
|
2013 |
|
|
Allocation |
|
Equity securities |
|
$ |
66,984 |
|
|
$ |
67,954 |
|
|
|
55 |
% |
Fixed income, cash and cash equivalents |
|
|
44,341 |
|
|
|
36,817 |
|
|
|
30 |
% |
Other investments |
|
|
20,428 |
|
|
|
18,942 |
|
|
|
15 |
% |
| |
|
$ |
131,753 |
|
|
$ |
123,713 |
|
|
|
100 |
% |
|
| Fair Value Allocation of Plan Assets |
The Company's defined benefit pension plans' asset categories at September 30, 2014 and 2013 were as follows:
| |
|
September 30, 2014 |
|
Asset Category |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Equity securities - stocks |
|
$ |
35,310 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
35,310 |
|
Equity securities - mutual funds |
|
|
30,694 |
|
|
|
980 |
|
|
|
- |
|
|
|
31,674 |
|
Fixed income securities |
|
|
20,042 |
|
|
|
9,503 |
|
|
|
- |
|
|
|
29,545 |
|
Cash and cash equivalents |
|
|
14,796 |
|
|
|
- |
|
|
|
- |
|
|
|
14,796 |
|
Other investments |
|
|
6,098 |
|
|
|
- |
|
|
|
14,330 |
|
|
|
20,428 |
|
Total |
|
$ |
106,940 |
|
|
$ |
10,483 |
|
|
$ |
14,330 |
|
|
$ |
131,753 |
|
| |
|
September 30, 2013 |
|
Asset Category |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Equity securities - stocks |
|
$ |
36,127 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
36,127 |
|
Equity securities - mutual funds |
|
|
30,507 |
|
|
|
1,320 |
|
|
|
- |
|
|
|
31,827 |
|
Fixed income securities |
|
|
17,912 |
|
|
|
9,487 |
|
|
|
- |
|
|
|
27,399 |
|
Cash and cash equivalents |
|
|
9,418 |
|
|
|
- |
|
|
|
- |
|
|
|
9,418 |
|
Other investments |
|
|
- |
|
|
|
- |
|
|
|
18,942 |
|
|
|
18,942 |
|
Total |
|
$ |
93,964 |
|
|
$ |
10,807 |
|
|
$ |
18,942 |
|
|
$ |
123,713 |
|
|
| Changes in Fair Value of Level 3 Plan Assets |
Changes in the fair value of Level 3 assets at September 30, 2014 and 2013 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, 2014 |
|
$ |
18,942 |
|
|
$ |
- |
|
|
$ |
(5,439 |
) |
|
$ |
1,118 |
|
|
$ |
(291 |
) |
|
$ |
14,330 |
|
September 30, 2013 |
|
|
18,173 |
|
|
|
- |
|
|
|
- |
|
|
|
48 |
|
|
|
721 |
|
|
|
18,942 |
|
|
| Benefit Payments Expected to be Paid |
Benefit payments expected to be paid are as follows:
| |
|
|
|
|
Other |
|
| |
|
Pension |
|
|
Postretirement |
|
Years ending September 30: |
|
Benefits |
|
|
Benefits |
|
| |
|
|
|
|
|
|
2015 |
|
$ |
7,747 |
|
|
$ |
1,007 |
|
2016 |
|
|
8,116 |
|
|
|
1,098 |
|
2017 |
|
|
8,550 |
|
|
|
1,205 |
|
2018 |
|
|
9,039 |
|
|
|
1,282 |
|
2019 |
|
|
9,611 |
|
|
|
1,347 |
|
2020-2024 |
|
|
57,292 |
|
|
|
6,847 |
|
| |
|
$ |
100,355 |
|
|
$ |
12,786 |
|
|