PENSION AND OTHER POSTRETIREMENT PLANS (Tables)
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12 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Compensation and Retirement Disclosure [Abstract] |
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| 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, 2016 and 2015:
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Pension |
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Other Postretirement |
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2016 |
|
2015 |
|
2016 |
|
2015 |
Change in benefit obligation: |
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Benefit obligation, beginning of year |
$ |
238,727 |
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|
$ |
211,036 |
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|
$ |
20,424 |
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|
$ |
21,358 |
|
Acquisitions |
— |
|
|
27,162 |
|
|
— |
|
|
— |
|
Service cost |
7,446 |
|
|
6,764 |
|
|
402 |
|
|
454 |
|
Interest cost |
9,725 |
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|
8,740 |
|
|
845 |
|
|
885 |
|
Actuarial (gain) loss |
26,841 |
|
|
4,087 |
|
|
2,931 |
|
|
(814 |
) |
Exchange gain |
(6 |
) |
|
(1,206 |
) |
|
— |
|
|
— |
|
Benefit payments |
(19,167 |
) |
|
(17,856 |
) |
|
(1,312 |
) |
|
(1,459 |
) |
Benefit obligation, end of year |
263,566 |
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|
238,727 |
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|
23,290 |
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|
20,424 |
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Change in plan assets: |
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Fair value, beginning of year |
142,225 |
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|
131,753 |
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— |
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|
— |
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Acquisitions |
— |
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|
25,897 |
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|
— |
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|
— |
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Actual return |
11,244 |
|
|
625 |
|
|
— |
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|
— |
|
Benefit payments (1) |
(19,167 |
) |
|
(17,856 |
) |
|
(1,312 |
) |
|
(1,459 |
) |
Employer contributions |
17,562 |
|
|
1,806 |
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|
1,312 |
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|
1,459 |
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Fair value, end of year |
151,864 |
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|
142,225 |
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|
— |
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— |
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Funded status |
(111,701 |
) |
|
(96,502 |
) |
|
(23,291 |
) |
|
(20,424 |
) |
Unrecognized actuarial loss (gain) |
92,310 |
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|
77,368 |
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|
1,130 |
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|
(1,801 |
) |
Unrecognized prior service cost |
(1,048 |
) |
|
(1,231 |
) |
|
(916 |
) |
|
(1,111 |
) |
Net amount recognized |
$ |
(20,439 |
) |
|
$ |
(20,365 |
) |
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$ |
(23,077 |
) |
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$ |
(23,336 |
) |
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Amounts recognized in the consolidated balance sheet: |
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Current liability |
$ |
(760 |
) |
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$ |
(749 |
) |
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$ |
(1,148 |
) |
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$ |
(1,009 |
) |
Noncurrent benefit liability |
(110,941 |
) |
|
(95,753 |
) |
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(22,143 |
) |
|
(19,415 |
) |
Accumulated other comprehensive loss (income) |
91,262 |
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|
76,137 |
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|
214 |
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|
(2,912 |
) |
Net amount recognized |
$ |
(20,439 |
) |
|
$ |
(20,365 |
) |
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$ |
(23,077 |
) |
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$ |
(23,336 |
) |
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Amounts recognized in accumulated |
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other comprehensive loss (income):
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Net actuarial loss (income) |
$ |
92,310 |
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$ |
77,368 |
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$ |
1,130 |
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$ |
(1,801 |
) |
Prior service cost |
(1,048 |
) |
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(1,231 |
) |
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(916 |
) |
|
(1,111 |
) |
Net amount recognized |
$ |
91,262 |
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$ |
76,137 |
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|
$ |
214 |
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|
$ |
(2,912 |
) |
(1) Pension benefit payments in fiscal 2016 and 2015 include $9,300 and $10,000 of lump sum distributions, respectively, that were made to certain terminated vested employees as a settlement of the employees' pension obligations. These distributions did not meet the threshold to qualify as a settlement under U.S. GAAP and therefore, no unamortized actuarial loss was recognized in the Statement of Income upon completion of the lump sum distributions.
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| Net Periodic Pension and Other Postretirement Benefit Costs |
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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2016 |
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2015 |
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2014 |
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2016 |
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2015 |
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2014 |
Service cost |
$ |
7,446 |
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|
$ |
6,764 |
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$ |
6,150 |
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$ |
402 |
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$ |
454 |
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$ |
436 |
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Interest cost |
9,725 |
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|
8,740 |
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|
8,927 |
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|
845 |
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|
885 |
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|
919 |
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Expected return on plan assets |
(9,625 |
) |
|
(10,151 |
) |
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(9,666 |
) |
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— |
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— |
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— |
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Amortization: |
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Prior service cost |
(183 |
) |
|
(180 |
) |
|
(206 |
) |
|
(195 |
) |
|
(195 |
) |
|
(195 |
) |
Net actuarial loss (gain) |
7,468 |
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|
6,203 |
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|
3,927 |
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— |
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— |
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(87 |
) |
Net benefit cost |
$ |
14,831 |
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$ |
11,376 |
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$ |
9,132 |
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$ |
1,052 |
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$ |
1,144 |
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$ |
1,073 |
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| Contributions During Fiscal Year |
Contributions made in fiscal 2016 are as follows:
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Contributions |
Pension |
|
Other Postretirement |
Principal retirement plan |
$ |
15,800 |
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|
$ |
— |
|
Supplemental retirement plan |
725 |
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|
— |
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Other retirement plans |
1,037 |
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|
— |
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Other postretirement plan |
— |
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|
1,312 |
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| 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 2017 include:
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Pension
Benefits
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Other
Postretirement
Benefits
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Net actuarial loss |
$ |
10,035 |
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|
$ |
— |
|
Prior service cost |
(181 |
) |
|
(195 |
) |
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| 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 2016, 2015 and 2014. The weighted-average assumptions for those plans were:
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Pension |
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Other Postretirement
|
|
2016 |
|
2015 |
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2014 |
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2016 |
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2015 |
|
2014 |
Discount rate |
3.51 |
% |
|
4.25 |
% |
|
4.25 |
% |
|
3.42 |
% |
|
4.25 |
% |
|
4.25 |
% |
Return on plan assets |
7.25 |
% |
|
7.75 |
% |
|
7.75 |
% |
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— |
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— |
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— |
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Compensation increase |
3.50 |
% |
|
3.50 |
% |
|
3.50 |
% |
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— |
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— |
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— |
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| Weighted Average Asset Allocation and Target Allocation |
The Company's defined benefit pension plans' weighted-average asset allocation at September 30, 2016 and 2015 and weighted-average target allocation were as follows:
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Plan Assets at |
|
Target |
Asset Category |
2016 |
|
2015 |
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Allocation |
Equity securities |
$ |
58,849 |
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$ |
60,460 |
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|
50 |
% |
Fixed income, cash and cash equivalents |
72,495 |
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|
59,612 |
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|
30 |
% |
Other investments |
20,520 |
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|
22,153 |
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|
20 |
% |
|
$ |
151,864 |
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$ |
142,225 |
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|
100 |
% |
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| Fair Value Allocation of Plan Assets |
The Company's defined benefit pension plans' asset categories at September 30, 2016 and 2015 were as follows:
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September 30, 2016 |
Asset Category |
Level 1 |
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Level 2 |
|
Level 3 |
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Total |
Equity securities - stocks |
$ |
35,912 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
35,912 |
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Equity securities - mutual funds |
22,937 |
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|
— |
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|
— |
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|
22,937 |
|
Fixed income securities |
41,099 |
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|
11,732 |
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|
— |
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|
52,831 |
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Cash and cash equivalents |
19,664 |
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|
— |
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|
— |
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|
19,664 |
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Other investments |
7,694 |
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|
10 |
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|
12,816 |
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|
20,520 |
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Total |
$ |
127,306 |
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$ |
11,742 |
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|
$ |
12,816 |
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$ |
151,864 |
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September 30, 2015 |
Asset Category |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Equity securities - stocks |
$ |
31,559 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
31,559 |
|
Equity securities - mutual funds |
27,846 |
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|
1,055 |
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|
— |
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|
28,901 |
|
Fixed income securities |
39,644 |
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|
15,474 |
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|
— |
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|
55,118 |
|
Cash and cash equivalents |
4,494 |
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|
— |
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|
— |
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|
4,494 |
|
Other investments |
8,171 |
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|
— |
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|
13,982 |
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|
22,153 |
|
Total |
$ |
111,714 |
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|
$ |
16,529 |
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|
$ |
13,982 |
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$ |
142,225 |
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| Changes in Fair Value of Level 3 Plan Assets |
Changes in the fair value of Level 3 assets at September 30, 2016 and 2015 are summarized as follows:
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Asset Category |
Fair Value, Beginning of Period |
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Acquisitions |
|
Dispositions |
|
Realized Gains |
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Unrealized Gains (Losses) |
|
Fair Value, End of Period |
Other investments:
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Fiscal Year Ended: |
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September 30, 2016 |
$ |
13,982 |
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|
$ |
— |
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|
$ |
(941 |
) |
|
$ |
449 |
|
|
$ |
(674 |
) |
|
$ |
12,816 |
|
September 30, 2015 |
14,330 |
|
|
— |
|
|
(1,661 |
) |
|
608 |
|
|
705 |
|
|
13,982 |
|
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| Benefit Payments Expected to be Paid |
Benefit payments expected to be paid are as follows:
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Years ending September 30: |
Pension Benefits |
|
Other Postretirement Benefits |
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2017 |
$ |
9,772 |
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|
$ |
1,148 |
|
2018 |
10,066 |
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|
1,181 |
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2019 |
10,672 |
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|
1,210 |
|
2020 |
11,229 |
|
|
1,217 |
|
2021 |
11,665 |
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|
1,243 |
|
2022-2026 |
70,164 |
|
|
6,769 |
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|
$ |
123,568 |
|
|
$ |
12,768 |
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|