PENSION AND OTHER POSTRETIREMENT PLANS (Tables)
|
12 Months Ended |
Sep. 30, 2019 |
|---|
| Retirement Benefits [Abstract] |
|
| 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, 2019 and 2018:
|
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|
Pension |
|
Other Postretirement |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Change in benefit obligation: |
|
|
|
|
|
|
|
Benefit obligation, beginning of year |
$ |
241,553 |
|
|
$ |
259,672 |
|
|
$ |
18,826 |
|
|
$ |
20,316 |
|
Service cost |
7,998 |
|
|
8,159 |
|
|
244 |
|
|
335 |
|
Interest cost |
9,202 |
|
|
8,210 |
|
|
718 |
|
|
631 |
|
Actuarial loss (gain) |
43,198 |
|
|
(15,229 |
) |
|
2,212 |
|
|
(907 |
) |
Exchange gain |
(581 |
) |
|
(180 |
) |
|
— |
|
|
— |
|
Benefit payments |
(11,413 |
) |
|
(19,079 |
) |
|
(1,048 |
) |
|
(1,549 |
) |
Benefit obligation, end of year |
289,957 |
|
|
241,553 |
|
|
20,952 |
|
|
18,826 |
|
|
|
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
Fair value, beginning of year |
158,662 |
|
|
155,634 |
|
|
— |
|
|
— |
|
Actual return |
6,852 |
|
|
10,914 |
|
|
— |
|
|
— |
|
Benefit payments (1)
|
(11,413 |
) |
|
(19,079 |
) |
|
(1,048 |
) |
|
(1,549 |
) |
Employer contributions |
1,212 |
|
|
11,193 |
|
|
1,048 |
|
|
1,549 |
|
Fair value, end of year |
155,313 |
|
|
158,662 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Funded status |
(134,644 |
) |
|
(82,892 |
) |
|
(20,952 |
) |
|
(18,828 |
) |
Unrecognized actuarial loss (gain) |
95,741 |
|
|
53,405 |
|
|
(106 |
) |
|
(2,376 |
) |
Unrecognized prior service cost |
(367 |
) |
|
(552 |
) |
|
(330 |
) |
|
(525 |
) |
Net amount recognized |
$ |
(39,270 |
) |
|
$ |
(30,039 |
) |
|
$ |
(21,388 |
) |
|
$ |
(21,729 |
) |
|
|
|
|
|
|
|
|
Amounts recognized in the consolidated balance sheet: |
|
|
|
|
|
|
|
|
|
|
|
Current liability |
$ |
(882 |
) |
|
$ |
(857 |
) |
|
$ |
(989 |
) |
|
$ |
(1,075 |
) |
Noncurrent benefit liability |
(133,762 |
) |
|
(82,035 |
) |
|
(19,963 |
) |
|
(17,753 |
) |
Accumulated other comprehensive loss (income) |
95,374 |
|
|
52,853 |
|
|
(436 |
) |
|
(2,901 |
) |
Net amount recognized |
$ |
(39,270 |
) |
|
$ |
(30,039 |
) |
|
$ |
(21,388 |
) |
|
$ |
(21,729 |
) |
|
|
|
|
|
|
|
|
Amounts recognized in accumulated |
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|
|
|
|
|
|
|
|
other comprehensive loss (income):
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss (income) |
$ |
95,741 |
|
|
$ |
53,405 |
|
|
$ |
(106 |
) |
|
$ |
(2,376 |
) |
Prior service cost |
(367 |
) |
|
(552 |
) |
|
(330 |
) |
|
(525 |
) |
Net amount recognized |
$ |
95,374 |
|
|
$ |
52,853 |
|
|
$ |
(436 |
) |
|
$ |
(2,901 |
) |
(1) Pension benefit payments in fiscal 2018 included approximately $6,800 of lump sum distributions that were made to certain terminated vested employees as settlements of the employees' pension obligations. These distributions did not meet the threshold to qualify as settlements under U.S. GAAP and therefore, no unamortized actuarial losses were recognized in the Statements of Income upon completion of the lump sum distributions.
|
| 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 |
|
Other Postretirement |
|
2019 |
|
2018 |
|
2017 |
|
2019 |
|
2018 |
|
2017 |
Service cost |
$ |
7,998 |
|
|
$ |
8,159 |
|
|
$ |
8,553 |
|
|
$ |
244 |
|
|
$ |
335 |
|
|
$ |
392 |
|
Interest cost * |
9,202 |
|
|
8,210 |
|
|
7,362 |
|
|
718 |
|
|
631 |
|
|
626 |
|
Expected return on plan assets * |
(10,304 |
) |
|
(10,136 |
) |
|
(9,249 |
) |
|
— |
|
|
— |
|
|
— |
|
Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost |
(186 |
) |
|
(138 |
) |
|
(181 |
) |
|
(195 |
) |
|
(195 |
) |
|
(195 |
) |
Net actuarial loss * |
4,245 |
|
|
7,018 |
|
|
10,034 |
|
|
(59 |
) |
|
— |
|
|
— |
|
Net benefit cost |
$ |
10,955 |
|
|
$ |
13,113 |
|
|
$ |
16,519 |
|
|
$ |
708 |
|
|
$ |
771 |
|
|
$ |
823 |
|
* Non-service components of pension and postretirement expense are included in other income (deductions), net.
|
| Contributions During Fiscal Year |
Contributions made in fiscal 2019 are as follows:
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|
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|
Contributions |
Pension |
|
Other Postretirement |
Supplemental retirement plan |
$ |
793 |
|
|
$ |
— |
|
Other retirement plans |
419 |
|
|
— |
|
Other postretirement plan |
— |
|
|
1,048 |
|
|
| 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 2020 include:
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|
Pension
Benefits
|
|
Other
Postretirement
Benefits
|
Net actuarial loss |
$ |
9,790 |
|
|
$ |
— |
|
Prior service cost |
(186 |
) |
|
(94 |
) |
|
| Weighted-Average Assumptions for Principal Retirement and Other Postretirement Benefit Plans |
The weighted-average assumptions for those plans were:
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Pension |
|
Other Postretirement
|
|
2019 |
|
2018 |
|
2017 |
|
2019 |
|
2018 |
|
2017 |
Discount rate |
3.13 |
% |
|
4.21 |
% |
|
3.76 |
% |
|
3.10 |
% |
|
4.19 |
% |
|
3.72 |
% |
Return on plan assets |
6.75 |
% |
|
6.75 |
% |
|
6.75 |
% |
|
— |
|
|
— |
|
|
— |
|
Compensation increase |
3.50 |
% |
|
3.50 |
% |
|
3.50 |
% |
|
— |
|
|
— |
|
|
— |
|
|
| Weighted Average Asset Allocation and Target Allocation |
The Company's defined benefit pension plans' weighted-average asset allocation at September 30, 2019 and 2018 and weighted-average target allocation were as follows:
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Plan Assets at |
|
Target |
Asset Category |
2019 |
|
2018 |
|
Allocation*
|
Equity securities |
$ |
105,297 |
|
|
$ |
92,745 |
|
|
65 |
% |
Fixed income, cash and cash equivalents |
39,156 |
|
|
44,250 |
|
|
25 |
% |
Other investments |
10,860 |
|
|
21,667 |
|
|
10 |
% |
|
$ |
155,313 |
|
|
$ |
158,662 |
|
|
100 |
% |
|
|
|
|
|
|
* Target allocation relates to the Company's primary defined benefit pension plan as of September 30, 2019.
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| Fair Value Allocation of Plan Assets |
The Company's defined benefit pension plans' asset categories at September 30, 2019 and 2018 were as follows:
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|
September 30, 2019 |
Asset Category |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Equity securities - stocks |
$ |
54,985 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
54,985 |
|
Equity securities - mutual funds |
50,312 |
|
|
— |
|
|
— |
|
|
50,312 |
|
Fixed income securities |
15,829 |
|
|
18,968 |
|
|
— |
|
|
34,797 |
|
Cash and cash equivalents |
4,359 |
|
|
— |
|
|
— |
|
|
4,359 |
|
Other investments |
— |
|
|
— |
|
|
10,860 |
|
|
10,860 |
|
Total |
$ |
125,485 |
|
|
$ |
18,968 |
|
|
$ |
10,860 |
|
|
$ |
155,313 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
September 30, 2018 |
Asset Category |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Equity securities - stocks |
$ |
46,628 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
46,628 |
|
Equity securities - mutual funds |
46,117 |
|
|
— |
|
|
— |
|
|
46,117 |
|
Fixed income securities |
26,789 |
|
|
14,785 |
|
|
— |
|
|
41,574 |
|
Cash and cash equivalents |
2,676 |
|
|
— |
|
|
— |
|
|
2,676 |
|
Other investments |
11,552 |
|
|
— |
|
|
10,115 |
|
|
21,667 |
|
Total |
$ |
133,762 |
|
|
$ |
14,785 |
|
|
$ |
10,115 |
|
|
$ |
158,662 |
|
|
| Changes in Fair Value of Level 3 Plan Assets |
Changes in the fair value of Level 3 assets at September 30, 2019 and 2018 are summarized as follows:
|
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|
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|
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|
|
|
|
|
|
|
|
|
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|
Asset Category |
Fair Value, Beginning of Period |
|
Acquisitions |
|
Dispositions |
|
Realized Gains |
|
Unrealized Gains (Losses) |
|
Fair Value, End of Period |
Other investments: |
|
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|
|
|
|
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|
|
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|
Fiscal Year Ended: |
|
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|
|
|
|
|
|
|
|
|
September 30, 2019 |
$ |
10,115 |
|
|
$ |
4,162 |
|
|
$ |
(2,786 |
) |
|
$ |
685 |
|
|
$ |
(1,316 |
) |
|
$ |
10,860 |
|
September 30, 2018 |
9,480 |
|
|
— |
|
|
(149 |
) |
|
261 |
|
|
523 |
|
|
10,115 |
|
|
| Benefit Payments Expected to be Paid |
Benefit payments expected to be paid are as follows:
|
|
|
|
|
|
|
|
|
Years ending September 30: |
Pension Benefits |
|
Other Postretirement Benefits |
|
|
|
|
2020 |
$ |
10,733 |
|
|
$ |
989 |
|
2021 |
11,057 |
|
|
1,021 |
|
2022 |
12,360 |
|
|
1,051 |
|
2023 |
12,690 |
|
|
1,082 |
|
2024 |
14,038 |
|
|
1,127 |
|
2025-2029 |
75,514 |
|
|
5,832 |
|
|
$ |
136,392 |
|
|
$ |
11,102 |
|
|