| 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, 2023 and 2022:
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Pension |
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Other Postretirement |
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2023 |
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2022 |
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2023 |
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2022 |
| Change in benefit obligation: |
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| Benefit obligation, beginning of year |
$ |
36,609 |
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$ |
293,926 |
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$ |
12,813 |
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$ |
18,841 |
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Acquisitions (1)
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— |
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9,829 |
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— |
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— |
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| Service cost |
163 |
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|
392 |
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|
76 |
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|
165 |
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| Interest cost |
497 |
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1,127 |
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|
644 |
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|
411 |
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| Actuarial gain |
(512) |
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(19,978) |
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(641) |
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(5,989) |
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| Settlement |
(24,242) |
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(242,232) |
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— |
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— |
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| Exchange loss (gain) |
979 |
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(3,093) |
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— |
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— |
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| Benefit payments |
(598) |
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(3,362) |
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(517) |
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(615) |
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Benefit obligation, end of year (2)
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12,896 |
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36,609 |
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12,375 |
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12,813 |
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| Change in plan assets: |
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| Fair value, beginning of year |
— |
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208,344 |
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— |
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— |
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| Actual return |
— |
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368 |
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— |
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— |
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| Benefit payments |
(598) |
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(3,362) |
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(517) |
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(615) |
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| Employer contributions |
24,840 |
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36,882 |
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|
517 |
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|
615 |
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| Settlement |
(24,242) |
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(242,232) |
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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 |
(12,896) |
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(36,609) |
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(12,375) |
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(12,813) |
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| Unrecognized actuarial (gain) loss |
(1,518) |
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5,140 |
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(5,906) |
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(5,973) |
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| Unrecognized prior service (credit) cost |
— |
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(4,815) |
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(956) |
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(1,320) |
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| Net amount recognized |
$ |
(14,414) |
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$ |
(36,284) |
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$ |
(19,237) |
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$ |
(20,106) |
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| Amounts recognized in the consolidated balance sheet: |
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| Current liability |
$ |
(68) |
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$ |
(24,172) |
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$ |
(876) |
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$ |
(830) |
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| Noncurrent benefit liability |
(12,828) |
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(12,437) |
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(11,499) |
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(11,983) |
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| Accumulated other comprehensive (income) loss |
(1,518) |
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|
325 |
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(6,862) |
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(7,293) |
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| Net amount recognized |
$ |
(14,414) |
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$ |
(36,284) |
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$ |
(19,237) |
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$ |
(20,106) |
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| Amounts recognized in accumulated |
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other comprehensive (income) loss:
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| Net actuarial (gain) loss |
$ |
(1,518) |
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$ |
5,140 |
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$ |
(5,906) |
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$ |
(5,973) |
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| Prior service (credit) cost |
— |
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(4,815) |
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(956) |
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(1,320) |
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| Net amount recognized |
$ |
(1,518) |
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$ |
325 |
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$ |
(6,862) |
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$ |
(7,293) |
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(1) Fiscal 2022 reflects benefit obligations assumed in connection with the acquisition of OLBRICH and R+S Automotive. For additional information, see Note 21.
(2) Gains and losses related to changes in assumptions (e.g., discount rate, mortality, etc.), asset, salary and other experience, and curtailments 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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2023 |
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2022 |
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2021 |
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2023 |
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2022 |
|
2021 |
| Service cost |
$ |
163 |
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$ |
392 |
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$ |
7,919 |
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$ |
76 |
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$ |
165 |
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$ |
201 |
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| Interest cost * |
497 |
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|
1,127 |
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|
6,145 |
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|
644 |
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|
411 |
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|
376 |
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| Expected return on plan assets * |
— |
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(1,040) |
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(10,809) |
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— |
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— |
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— |
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| Amortization: |
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| Prior service cost |
— |
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(152) |
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(127) |
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|
(364) |
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(364) |
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|
(364) |
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| Net actuarial (gain) loss * |
(64) |
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|
469 |
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9,769 |
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(708) |
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— |
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— |
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| Curtailment gain * |
— |
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— |
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(220) |
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— |
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— |
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— |
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| Special termination benefits * |
— |
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— |
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|
315 |
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— |
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— |
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— |
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| Prior-service cost write-offs * |
— |
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— |
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|
261 |
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— |
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— |
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— |
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| Settlement* |
1,271 |
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|
30,856 |
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— |
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— |
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— |
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— |
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| Net benefit cost |
$ |
1,867 |
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$ |
31,652 |
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$ |
13,253 |
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$ |
(352) |
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$ |
212 |
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$ |
213 |
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* Non-service components of pension and postretirement expense are included in other income (deductions), net.
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