PENSION AND OTHER POSTRETIREMENT PLANS (Tables)
|
12 Months Ended |
Sep. 30, 2015 |
|---|
| PENSION AND OTHER POSTRETIREMENT PLANS [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, 2015 and 2014:
| |
|
Pension |
|
|
Other Postretirement |
|
| |
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Change in benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation, beginning of year |
|
$ |
211,036 |
|
|
$ |
186,077 |
|
|
$ |
21,358 |
|
|
$ |
18,881 |
|
Acquisitions |
|
|
27,162 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Service cost |
|
|
6,764 |
|
|
|
6,150 |
|
|
|
454 |
|
|
|
436 |
|
Interest cost |
|
|
8,740 |
|
|
|
8,927 |
|
|
|
885 |
|
|
|
919 |
|
Actuarial (gain) loss |
|
|
4,087 |
|
|
|
18,412 |
|
|
|
(814 |
) |
|
|
1,929 |
|
Exchange gain |
|
|
(1,206 |
) |
|
|
(703 |
) |
|
|
- |
|
|
|
- |
|
Benefit payments |
|
|
(17,856 |
) |
|
|
(7,827 |
) |
|
|
(1,459 |
) |
|
|
(807 |
) |
Benefit obligation, end of year |
|
|
238,727 |
|
|
|
211,036 |
|
|
|
20,424 |
|
|
|
21,358 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value, beginning of year |
|
|
131,753 |
|
|
|
123,713 |
|
|
|
- |
|
|
|
- |
|
Acquisitions |
|
|
25,897 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Actual return |
|
|
625 |
|
|
|
10,792 |
|
|
|
- |
|
|
|
- |
|
Benefit payments (1) |
|
|
(17,856 |
) |
|
|
(7,827 |
) |
|
|
(1,459 |
) |
|
|
(807 |
) |
Employer contributions |
|
|
1,806 |
|
|
|
5,075 |
|
|
|
1,459 |
|
|
|
807 |
|
Fair value, end of year |
|
|
142,225 |
|
|
|
131,753 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status |
|
|
(96,502 |
) |
|
|
(79,283 |
) |
|
|
(20,424 |
) |
|
|
(21,358 |
) |
Unrecognized actuarial loss (gain) |
|
|
77,368 |
|
|
|
69,153 |
|
|
|
(1,801 |
) |
|
|
(987 |
) |
Unrecognized prior service cost |
|
|
(1,231 |
) |
|
|
(1,411 |
) |
|
|
(1,111 |
) |
|
|
(1,306 |
) |
Net amount recognized |
|
$ |
(20,365 |
) |
|
$ |
(11,541 |
) |
|
$ |
(23,336 |
) |
|
$ |
(23,651 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in the consolidated balance sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liability |
|
$ |
(749 |
) |
|
$ |
(733 |
) |
|
$ |
(1,009 |
) |
|
$ |
(1,007 |
) |
Noncurrent benefit liability |
|
|
(95,753 |
) |
|
|
(78,550 |
) |
|
|
(19,415 |
) |
|
|
(20,351 |
) |
Accumulated other comprehensive loss (income) |
|
|
76,137 |
|
|
|
67,742 |
|
|
|
(2,912 |
) |
|
|
(2,293 |
) |
Net amount recognized |
|
$ |
(20,365 |
) |
|
$ |
(11,541 |
) |
|
$ |
(23,336 |
) |
|
$ |
(23,651 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other comprehensive loss (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss (income) |
|
$ |
77,368 |
|
|
$ |
69,153 |
|
|
$ |
(1,801 |
) |
|
$ |
(987 |
) |
Prior service cost |
|
|
(1,231 |
) |
|
|
(1,411 |
) |
|
|
(1,111 |
) |
|
|
(1,306 |
) |
Net amount recognized |
|
$ |
76,137 |
|
|
$ |
67,742 |
|
|
$ |
(2,912 |
) |
|
$ |
(2,293 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Pension benefit payments in fiscal 2015 includes $10,000 of lump sum distributions 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.
|
| 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 |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
6,764 |
|
|
$ |
6,150 |
|
|
$ |
7,160 |
|
|
$ |
454 |
|
|
$ |
436 |
|
|
$ |
796 |
|
Interest cost |
|
|
8,740 |
|
|
|
8,927 |
|
|
|
8,024 |
|
|
|
885 |
|
|
|
919 |
|
|
|
1,129 |
|
Expected return on plan assets |
|
|
(10,151 |
) |
|
|
(9,666 |
) |
|
|
(9,071 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service cost |
|
|
(180 |
) |
|
|
(206 |
) |
|
|
(206 |
) |
|
|
(195 |
) |
|
|
(195 |
) |
|
|
(272 |
) |
Net actuarial loss (gain) |
|
|
6,203 |
|
|
|
3,927 |
|
|
|
7,903 |
|
|
|
- |
|
|
|
(87 |
) |
|
|
439 |
|
Net benefit cost |
|
$ |
11,376 |
|
|
$ |
9,132 |
|
|
$ |
13,810 |
|
|
$ |
1,144 |
|
|
$ |
1,073 |
|
|
$ |
2,092 |
|
|
| Contributions During Fiscal Year |
Contributions made in fiscal 2015 are as follows:
Contributions |
|
Pension |
|
|
Other Postretirement |
|
| |
|
|
|
|
|
|
Principal retirement plan |
|
$ |
- |
|
|
$ |
- |
|
Supplemental retirement plan |
|
|
725 |
|
|
|
- |
|
Other retirement plans |
|
|
1,081 |
|
|
|
- |
|
Other postretirement plan |
|
|
- |
|
|
|
1,459 |
|
|
| 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 2016 include:
| |
|
|
|
|
Other |
|
| |
|
Pension |
|
|
Postretirement |
|
| |
|
Benefits |
|
|
Benefits |
|
| |
|
|
|
|
|
|
Net actuarial loss |
|
$ |
7,473 |
|
|
$ |
- |
|
Prior service cost |
|
|
(183 |
) |
|
|
(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 2015, 2014 and 2013. The weighted-average assumptions for those plans were:
| |
|
Pension |
|
|
Other Postretirement
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
Discount rate |
|
|
4.25 |
% |
|
|
4.25 |
% |
|
|
5.00 |
% |
|
|
4.25 |
% |
|
|
4.25 |
% |
|
|
5.00 |
% |
Return on plan assets |
|
|
7.25 |
|
|
|
7.75 |
|
|
|
8.00 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
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, 2015 and 2014 and weighted-average target allocation were as follows:
| |
|
Plan Assets at |
|
|
Target |
|
Asset Category |
|
2015 |
|
|
2014 |
|
|
Allocation |
|
Equity securities |
|
$ |
60,460 |
|
|
$ |
66,984 |
|
|
|
50 |
% |
Fixed income, cash and cash equivalents |
|
|
59,612 |
|
|
|
44,341 |
|
|
|
30 |
% |
Other investments |
|
|
22,153 |
|
|
|
20,428 |
|
|
|
20 |
% |
| |
|
$ |
142,225 |
|
|
$ |
131,753 |
|
|
|
100 |
% |
|
| Fair Value Allocation of Plan Assets |
The Company's defined benefit pension plans' asset categories at September 30, 2015 and 2014 were as follows:
| |
|
September 30, 2015 |
|
Asset Category |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Equity securities - stocks |
|
$ |
31,559 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
31,559 |
|
Equity securities - mutual funds |
|
|
27,846 |
|
|
|
1,055 |
|
|
|
- |
|
|
|
28,901 |
|
Fixed income securities |
|
|
39,644 |
|
|
|
15,474 |
|
|
|
- |
|
|
|
55,118 |
|
Cash and cash equivalents |
|
|
4,494 |
|
|
|
- |
|
|
|
- |
|
|
|
4,494 |
|
Other investments |
|
|
8,171 |
|
|
|
- |
|
|
|
13,982 |
|
|
|
22,153 |
|
Total |
|
$ |
111,714 |
|
|
$ |
16,529 |
|
|
$ |
13,982 |
|
|
$ |
142,225 |
|
| |
|
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 |
|
|
| Changes in Fair Value of Level 3 Plan Assets |
Changes in the fair value of Level 3 assets at September 30, 2015 and 2014 are summarized as follows:
| |
|
Fair Value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value, |
|
| |
|
Beginning of |
|
|
|
|
|
|
|
|
Realized |
|
|
Unrealized |
|
|
End of |
|
Asset Category |
|
Period |
|
|
Acquisitions |
|
|
Dispositions |
|
|
Gains |
|
|
Gains (Losses) |
|
|
Period |
|
Other investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 |
|
$ |
14,330 |
|
|
$ |
- |
|
|
$ |
(1,661 |
) |
|
$ |
608 |
|
|
$ |
705 |
|
|
$ |
13,982 |
|
September 30, 2014 |
|
|
18,942 |
|
|
|
- |
|
|
|
(5,439 |
) |
|
|
1,118 |
|
|
|
(291 |
) |
|
|
14,330 |
|
|
| Benefit Payments Expected to be Paid |
Benefit payments expected to be paid are as follows:
| |
|
|
|
|
Other |
|
| |
|
Pension |
|
|
Postretirement |
|
Years ending September 30: |
|
Benefits |
|
|
Benefits |
|
| |
|
|
|
|
|
|
2016 |
|
$ |
9,074 |
|
|
$ |
1,009 |
|
2017 |
|
|
9,519 |
|
|
|
1,051 |
|
2018 |
|
|
10,075 |
|
|
|
1,146 |
|
2019 |
|
|
10,673 |
|
|
|
1,194 |
|
2020 |
|
|
11,249 |
|
|
|
1,169 |
|
2021-2025 |
|
|
65,563 |
|
|
|
6,507 |
|
| |
|
$ |
116,153 |
|
|
$ |
12,076 |
|
|