Annual report pursuant to Section 13 and 15(d)

PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

v3.2.0.727
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