Annual report pursuant to Section 13 and 15(d)

PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

v2.4.0.8
PENSION AND OTHER POSTRETIREMENT PLANS (Tables)
12 Months Ended
Sep. 30, 2013
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, 2013 and 2012:

   
Pension
   
Other Postretirement
 
   
2013
   
2012
   
2013
   
2012
 
Change in benefit obligation:
                       
Benefit obligation, beginning of year
  $ 195,860     $ 168,033     $ 28,831     $ 27,547  
Acquisitions
    9,437       -       -       -  
Service cost
    7,160       5,852       796       730  
Interest cost
    8,024       7,842       1,129       1,283  
Assumption changes
    (26,288 )     19,701       (10,270 )     2,508  
Actuarial (gain) loss
    (891 )     688       (854 )     (2,473 )
Benefit payments
    (7,225 )     (6,256     (751 )     (764 )
Benefit obligation, end of year
    186,077       195,860       18,881       28,831  
 
                               
Change in plan assets:
                               
Fair value, beginning of year
    116,577       100,554       -       -  
Actual return
    10,838       16,000       -       -  
Benefit payments
    (7,225 )     (6,256     (751 )     (764
Employer contributions
    3,523       6,279       751       764  
Fair value, end of year
    123,713       116,577       -       -  
                                 
Funded status
    (62,363 )     (79,283     (18,881 )     (28,831
Unrecognized actuarial loss (gain)
    56,148       92,940       (3,001 )     8,561  
Unrecognized prior service cost
    (1,935 )     (2,142     (1,502 )     (1,774
Net amount recognized
  $ (8,150 )   $ 11,515     $ (23,384 )   $ (22,044
                                 
Amounts recognized in the consolidated balance sheet:
                               
Current liability
  $ (721 )   $ (720   $ (925 )   $ (1,106 )
Noncurrent benefit liability
    (61,642 )     (78,563     (17,956 )     (27,725 )
Accumulated other comprehensive loss
    54,213       90,798       (4,503 )     6,787  
Net amount recognized
  $ (8,150 )   $ 11,515     $ (23,384 )   $ (22,044 )
                                 
Amounts recognized in accumulated
                               
      other comprehensive loss:
                               
Net actuarial loss (income)
  $ 56,148     $ 92,940     $ (3,001 )   $ 8,561  
Prior service cost
    (1,935 )     (2,142     (1,502 )     (1,774 )
Net amount recognized
  $ 54,213     $ 90,798     $ (4,503 )   $ 6,787  
Net Periodic Pension and Other Postretirement Cost
Net periodic pension and other postretirement benefit cost for the plans included the following:

   
Pension
   
Other Postretirement
 
   
2013
   
2012
   
2011
   
2013
   
2012
   
2011
 
                                     
Service cost
  $ 7,160     $ 5,852     $ 5,016     $ 796     $ 730     $ 632  
Interest cost
    8,024       7,842       7,510       1,129       1,283       1,254  
Expected return on plan assets
    (9,071     (7,836     (7,398     -       -       -  
Amortization:
                                               
Prior service cost
    (206     (45     26       (272     (451     (476
Net actuarial loss
    7,903       6,814       5,364       439       535       407  
Net benefit cost
  $ 13,810     $ 12,627     $ 10,518     $ 2,092     $ 2,097     $ 1,817  
Contributions During Fiscal Year
Contributions made in fiscal 2013 are as follows:

Contributions
 
Pension
   
Other Postretirement
 
             
   Principal retirement plan
  $ 2,500     $ -  
   Supplemental retirement plan
    725       -  
   Other postretirement plan
    -       751  
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 2014 include:

         
Other
 
   
Pension
   
Postretirement
 
   
Benefits
   
Benefits
 
             
Net actuarial loss
  $ 3,964     $ (87 )
Prior service cost
    (206 )     (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 2013, 2012 and 2011.  The weighted-average assumptions for those plans were:

   
Pension
   
Other Postretirement
 
   
2013
   
2012
   
2011
   
2013
   
2012
   
2011
 
Discount rate
    5.00 %     4.00 %     4.75 %     5.00 %     4.00 %     4.75 %
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, 2013 and 2012 and weighted-average target allocation were as follows:

   
Plan Assets at
   
Target
 
Asset Category
 
2013
   
2012
   
Allocation
 
Equity securities
  $ 67,954     $ 63,186       55 %
Fixed income, cash and cash equivalents
    36,817       35,218       30 %
Other investments
    18,942       18,173       15 %
    $ 123,713     $ 116,577       100 %
Fair Value Allocation of Plan Assets
The Company’s defined benefit pension plans’ asset categories at September 30, 2013 and 2012 were as follows:

   
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  

   
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  
Changes in Fair Value of Level 3 Plan Assets
Changes in the fair value of Level 3 assets at September 30, 2013 and 2012 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, 2013
  $ 18,173     $ -       -     $ 48     $ 721     $ 18,942  
September 30, 2012
    13,375       3,800       -       766       232       18,173  
Benefit Payments Expected to be Paid
Benefit payments expected to be paid are as follows:

         
Other
 
   
Pension
   
Postretirement
 
Years ending September 30:
 
Benefits
   
Benefits
 
             
2014
  $ 7,080     $ 926  
2015
    7,722       917  
2016
    8,190       1,004  
2017
    8,550       1,126  
2018
    9,063       1,186  
2019-2023
    53,709       6,275  
    $ 94,314     $ 11,434