| Pension Plans | Period [Axis] |
|---|
2015-10-01 - 2016-09-30 |
|---|
Pension Plans | |
Schedule of projected benefit obligation, ABO and fair value of plan assets for the defined benefit pension plans in which the ABO was in excess of the fair value of plan assets |
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the defined benefit pension plans were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation
|
|
$
|
241,117
|
|
$
|
227,527
|
|
|
Accumulated benefit obligation
|
|
|
241,117
|
|
|
227,527
|
|
|
Fair value of plan assets
|
|
|
194,253
|
|
|
201,502
|
|
|
Schedule of changes in the projected benefit obligation and fair value of plan assets and the funded status |
The following table sets forth changes in the projected benefit obligation and fair value of plan assets and the funded status for these defined benefit plans (in thousands):
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
2016
|
|
2015
|
|
|
Change in benefit obligations:
|
|
|
|
|
|
|
|
|
Net benefit obligation at the beginning of the year
|
|
$
|
227,527
|
|
$
|
224,201
|
|
|
Service cost
|
|
|
595
|
|
|
670
|
|
|
Interest cost
|
|
|
8,972
|
|
|
9,073
|
|
|
Actuarial loss
|
|
|
41,583
|
|
|
8,203
|
|
|
Plan amendments
|
|
|
—
|
|
|
—
|
|
|
Gross benefits paid
|
|
|
(8,365)
|
|
|
(7,047)
|
|
|
Settlements
|
|
|
(10,424)
|
|
|
—
|
|
|
Foreign currency exchange rate changes
|
|
|
(18,771)
|
|
|
(7,573)
|
|
|
Net benefit obligation at the end of the year
|
|
|
241,117
|
|
|
227,527
|
|
|
|
|
|
|
|
|
|
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
|
Fair value of plan assets at the beginning of the year
|
|
|
201,502
|
|
|
206,982
|
|
|
Actual return on plan assets
|
|
|
23,775
|
|
|
2,815
|
|
|
Employer contributions
|
|
|
4,271
|
|
|
6,206
|
|
|
Gross benefits paid
|
|
|
(8,365)
|
|
|
(7,047)
|
|
|
Settlements
|
|
|
(10,424)
|
|
|
—
|
|
|
PBGC Premium paid
|
|
|
(362)
|
|
|
—
|
|
|
Administrative expenses
|
|
|
(925)
|
|
|
(682)
|
|
|
Foreign currency exchange rate changes
|
|
|
(15,219)
|
|
|
(6,772)
|
|
|
Fair value of plan assets at the end of the year
|
|
|
194,253
|
|
|
201,502
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded status of the plans
|
|
|
(46,864)
|
|
|
(26,025)
|
|
|
Unrecognized net actuarial loss
|
|
|
72,909
|
|
|
51,087
|
|
|
Net amount recognized
|
|
$
|
26,045
|
|
$
|
25,062
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in Accumulated OCI
|
|
|
|
|
|
|
|
|
Liability adjustment to OCI
|
|
$
|
(72,909)
|
|
$
|
(51,087)
|
|
|
Deferred tax asset
|
|
|
19,236
|
|
|
15,260
|
|
|
Valuation allowance on deferred tax asset
|
|
|
(5,153)
|
|
|
(3,415)
|
|
|
Accumulated other comprehensive loss
|
|
$
|
(58,826)
|
|
$
|
(39,242)
|
|
|
Components of net periodic pension cost (benefit) |
The components of net periodic pension cost (benefit) were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended September 30,
|
|
2016
|
|
2015
|
|
2014
|
|
|
Service cost
|
|
$
|
595
|
|
$
|
670
|
|
$
|
636
|
|
|
Interest cost
|
|
|
8,972
|
|
|
9,073
|
|
|
9,967
|
|
|
Expected return on plan assets
|
|
|
(13,182)
|
|
|
(13,835)
|
|
|
(13,183)
|
|
|
Amortization of actuarial loss
|
|
|
1,869
|
|
|
705
|
|
|
802
|
|
|
Settlement loss
|
|
|
2,671
|
|
|
—
|
|
|
—
|
|
|
Administrative expenses
|
|
|
177
|
|
|
163
|
|
|
152
|
|
|
Net pension cost (benefit)
|
|
$
|
1,102
|
|
$
|
(3,224)
|
|
$
|
(1,626)
|
|
|
Schedule of weighted-average assumptions used to determine benefit obligation and net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
Years ended September 30,
|
|
2016
|
|
2015
|
|
2014
|
|
|
Weighted-average assumptions used to determine benefit obligation at September 30:
|
|
|
|
|
|
|
|
|
Discount rate
|
|
3.0%
|
|
4.1%
|
|
4.2%
|
|
|
Rate of compensation increase
|
|
3.1%
|
|
3.1%
|
|
3.2%
|
|
|
Weighted-average assumptions used to determine net periodic benefit cost for the years ended September 30:
|
|
|
|
|
|
|
|
|
Discount rate
|
|
4.1%
|
|
4.2%
|
|
4.8%
|
|
|
Expected return on plan assets
|
|
6.8%
|
|
6.9%
|
|
7.0%
|
|
|
Rate of compensation increase
|
|
3.1%
|
|
3.2%
|
|
4.4%
|
|
|
Schedule of target ranges for each major category of the plans' assets |
The target ranges for each major category of the plans’ assets at September 30, 2016 are as follows:
|
|
|
|
|
|
|
Allocation
|
|
Asset Category
|
|
Range
|
|
Equity securities
|
|
20% to 55%
|
|
Debt securities
|
|
25% to 75%
|
|
Cash
|
|
0% to 55%
|
|
Real estate
|
|
0% to 10%
|
|
Schedule of fair value of the assets of defined benefit pension plans by asset category and their level within the fair value hierarchy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016
|
|
September 30, 2015
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
Cash equivalents
|
|
$
|
1,496
|
|
$
|
1,575
|
|
$
|
—
|
|
$
|
3,071
|
|
$
|
766
|
|
$
|
988
|
|
$
|
—
|
|
$
|
1,754
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. equity securities
|
|
|
—
|
|
|
35,589
|
|
|
—
|
|
|
35,589
|
|
|
—
|
|
|
38,912
|
|
|
—
|
|
|
38,912
|
|
|
Foreign equity securities
|
|
|
—
|
|
|
48,288
|
|
|
—
|
|
|
48,288
|
|
|
—
|
|
|
45,120
|
|
|
—
|
|
|
45,120
|
|
|
Fixed Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. fixed-income funds
|
|
|
—
|
|
|
46,292
|
|
|
—
|
|
|
46,292
|
|
|
—
|
|
|
49,744
|
|
|
—
|
|
|
49,744
|
|
|
U.K. fixed-income funds
|
|
|
—
|
|
|
25,927
|
|
|
—
|
|
|
25,927
|
|
|
—
|
|
|
24,707
|
|
|
—
|
|
|
24,707
|
|
|
Diversified growth fund
|
|
|
—
|
|
|
27,525
|
|
|
|
|
|
27,525
|
|
|
—
|
|
|
33,099
|
|
|
|
|
|
33,099
|
|
|
Real Estate
|
|
|
—
|
|
|
—
|
|
|
7,561
|
|
|
7,561
|
|
|
—
|
|
|
—
|
|
|
8,166
|
|
|
8,166
|
|
|
Total
|
|
$
|
1,496
|
|
$
|
185,196
|
|
$
|
7,561
|
|
$
|
194,253
|
|
$
|
766
|
|
$
|
192,570
|
|
$
|
8,166
|
|
$
|
201,502
|
|
|
Schedule of changes during the fiscal year in the fair value of plan assets categorized as Level 3 |
The following table presents the changes in the fair value of plan assets categorized as Level 3 in the preceding table (in thousands):
|
|
|
|
|
|
|
|
|
Real Estate
|
|
|
Balance as of October 1, 2014
|
|
$
|
7,096
|
|
|
Realized and unrealized gains, net
|
|
|
1,142
|
|
|
Purchases, sales and settlements, net
|
|
|
(72)
|
|
|
Balance as of September 30, 2015
|
|
|
8,166
|
|
|
Realized and unrealized gains, net
|
|
|
859
|
|
|
Purchases, sales and settlements, net
|
|
|
(1,464)
|
|
|
Balance as of September 30, 2016
|
|
$
|
7,561
|
|
|
Schedule of expected pension benefit payments, which reflect expected future service |
We expect to pay the following pension benefit payments, which reflect expected future service, as appropriate, (in thousands):
|
|
|
|
|
|
|
2017
|
|
$
|
8,073
|
|
|
2018
|
|
|
8,229
|
|
|
2019
|
|
|
8,646
|
|
|
2020
|
|
|
9,067
|
|
|
2021
|
|
|
9,289
|
|
|
2022-2026
|
|
|
49,574
|
|
|