XML 55 R42.htm IDEA: XBRL DOCUMENT v3.21.2
Employee Benefit Plans (Tables)
12 Months Ended
Sep. 30, 2021
Compensation And Retirement Disclosure [Abstract]  
Participation and Contributions to Multiemployer Pension Plans

 

 

 

 

Pension Protection

Act Zone

Status

 

FIP / RP Status

 

Company

Contributions

(in thousands)

 

 

 

 

 

Pension Fund

 

EIN

/ Pension Plan

Number

 

2021

 

2020

 

Pending / Implemented

 

2021

 

 

2020

 

 

2019

 

 

Surcharge

Imposed

 

Expiration Date

of Collective-

Bargaining

Agreements

New England Teamsters and Trucking Industry Pension Fund

 

04-6372430

/ 001

 

Red

 

Red

 

Yes / Implemented

 

$

2,563

 

 

$

2,659

 

 

$

2,468

 

 

No

 

8/31/22 to 4/30/24

Westchester Teamsters Pension Fund

 

13-6123973

/ 001

 

Green

 

Green

 

N/A

 

 

1,100

 

 

 

887

 

 

 

1,039

 

 

No

 

1/31/24 to 12/31/24

Local 553 Pension Fund

 

13-6637826

/ 001

 

Green

 

Green

 

N/A

 

 

2,841

 

 

 

2,678

 

 

 

3,114

 

 

No

 

12/15/22 to 1/15/23

Local 463 Pension Fund

 

11-1800729

/ 001

 

Green

 

Green

 

N/A

 

 

138

 

 

 

138

 

 

 

144

 

 

No

 

6/30/22 to 2/28/23

IAM National Pension Fund

 

51-6031295

/ 002

 

Red

 

Red

 

Yes / Implemented

 

 

2,532

 

 

 

2,822

 

 

 

2,296

 

 

Yes

 

1/13/22 to 10/31/23

Teamsters Local 469 Pension Plan

 

22-6172237

/ 001

 

Red

 

Red

 

Yes / Implemented

 

 

11

 

 

 

20

 

 

 

26

 

 

Yes

 

8/31/24

Local 445 Pension Fund

 

13-1864489

/ 001

 

Red

 

Red

 

Yes / Implemented

 

 

7

 

 

 

5

 

 

 

4

 

 

Yes

 

10/31/24

All Other Multiemployer Pension Plans

 

 

 

 

 

 

 

 

 

 

411

 

 

 

448

 

 

 

507

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Contributions

 

$

9,603

 

 

$

9,657

 

 

$

9,598

 

 

 

 

 

 

Net Periodic Benefit Cost for Period Reconciliation of Changes in Plan Assets Projected Benefit Obligations and Amounts Recognized in Other Comprehensive Income and Accumulated Other Comprehensive Income

The following table provides the net periodic benefit cost for the period, a reconciliation of the changes in the Plan assets, projected benefit obligations, and the amounts recognized in other comprehensive income and accumulated other comprehensive income at the dates indicated using a measurement date of September 30 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Pension

 

 

 

Net Periodic

 

 

 

 

 

 

Fair

 

 

 

 

 

 

 

 

 

 

Related

 

 

 

Pension

 

 

 

 

 

 

Value of

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

Cost in

 

 

 

 

 

 

Pension

 

 

Projected

 

 

Other

 

 

Other

 

 

 

Income

 

 

 

 

 

 

Plan

 

 

Benefit

 

 

Comprehensive

 

 

Comprehensive

 

Debit / (Credit)

 

Statement

 

 

Cash

 

 

Assets

 

 

Obligation

 

 

(Income) / Loss

 

 

Income

 

Fiscal Year 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

 

 

 

 

 

 

 

 

$

61,924

 

 

$

(59,542

)

 

 

 

 

 

$

16,273

 

Interest cost

 

 

2,366

 

 

 

 

 

 

 

 

 

 

 

(2,366

)

 

 

 

 

 

 

 

 

Actual return on plan assets

 

 

(9,380

)

 

 

 

 

 

 

9,380

 

 

 

 

 

 

 

 

 

 

 

 

 

Employer contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit payments

 

 

 

 

 

 

 

 

 

 

(4,466

)

 

 

4,466

 

 

 

 

 

 

 

 

 

Investment and other expenses

 

 

(483

)

 

 

 

 

 

 

 

 

 

 

483

 

 

 

 

 

 

 

 

 

Difference between actual and expected return on plan assets

 

 

7,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,086

)

 

 

 

 

Anticipated expenses

 

 

310

 

 

 

 

 

 

 

 

 

 

 

(310

)

 

 

 

 

 

 

 

 

Actuarial loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,738

)

 

 

7,738

 

 

 

 

 

Amortization of unrecognized net actuarial loss

 

 

1,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,821

)

 

 

 

 

Annual cost/change

 

$

1,720

 

 

$

 

 

 

4,914

 

 

 

(5,465

)

 

$

(1,169

)

 

 

(1,169

)

Ending balance

 

 

 

 

 

 

 

 

 

$

66,838

 

 

$

(65,007

)

 

 

 

 

 

$

15,104

 

Funded status at the end of the year

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,831

 

 

 

 

 

 

 

 

 

Fiscal Year 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

 

1,875

 

 

 

 

 

 

 

 

 

 

 

(1,875

)

 

 

 

 

 

 

 

 

Actual return on plan assets

 

 

(6,538

)

 

 

 

 

 

 

6,538

 

 

 

 

 

 

 

 

 

 

 

 

 

Employer contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit payments

 

 

 

 

 

 

 

 

 

 

(4,288

)

 

 

4,288

 

 

 

 

 

 

 

 

 

Investment and other expenses

 

 

(539

)

 

 

 

 

 

 

 

 

 

 

539

 

 

 

 

 

 

 

 

 

Difference between actual and expected return on plan assets

 

 

4,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,268

)

 

 

 

 

Anticipated expenses

 

 

334

 

 

 

 

 

 

 

 

 

 

 

(334

)

 

 

 

 

 

 

 

 

Actuarial loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,009

)

 

 

3,009

 

 

 

 

 

Amortization of unrecognized net actuarial loss

 

 

1,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,617

)

 

 

 

 

Annual cost/change

 

$

1,017

 

 

$

 

 

 

2,250

 

 

 

(391

)

 

$

(2,876

)

 

 

(2,876

)

Ending balance

 

 

 

 

 

 

 

 

 

$

69,088

 

 

$

(65,398

)

 

 

 

 

 

$

12,228

 

Funded status at the end of the year

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,690

 

 

 

 

 

 

 

 

 

Fiscal Year 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest cost

 

 

1,541

 

 

 

 

 

 

 

 

 

 

 

(1,541

)

 

 

 

 

 

 

 

 

Actual return on plan assets

 

 

(678

)

 

 

 

 

 

 

678

 

 

 

 

 

 

 

 

 

 

 

 

 

Employer contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit payments

 

 

 

 

 

 

 

 

 

 

(4,429

)

 

 

4,429

 

 

 

 

 

 

 

 

 

Investment and other expenses

 

 

(377

)

 

 

 

 

 

 

 

 

 

 

377

 

 

 

 

 

 

 

 

 

Difference between actual and expected return on plan assets

 

 

(1,386

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,386

 

 

 

 

 

Anticipated expenses

 

 

345

 

 

 

 

 

 

 

 

 

 

 

(345

)

 

 

 

 

 

 

 

 

Actuarial gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,184

 

 

 

(1,184

)

 

 

 

 

Amortization of unrecognized net actuarial loss

 

 

937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(937

)

 

 

 

 

Annual cost/change

 

$

382

 

 

$

 

 

 

(3,751

)

 

 

4,104

 

 

$

(735

)

 

 

(735

)

Ending balance

 

 

 

 

 

 

 

 

 

$

65,337

 

 

$

(61,294

)

 

 

 

 

 

$

11,493

 

Funded status at the end of the year

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,043

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Assumptions Used in Measurement of Partnership's Benefit Obligation

 

 

 

September 30,

 

Weighted-Average Assumptions Used in the Measurement of the Company’s Benefit Obligation

 

2021

 

 

2020

 

 

2019

 

Discount rate at year end date

 

2.65%

 

 

2.45%

 

 

3.00%

 

Expected return on plan assets for the year ended

 

3.66%

 

 

4.36%

 

 

4.67%

 

Rate of compensation increase

 

N/A

 

 

N/A

 

 

N/A

 

 

Fair Values and Percentage of Company's Pension Plan Assets by Asset Category The fair values and percentage of the Company’s pension plan assets by asset category are as follows (in thousands):

 

 

September 30,

 

 

2021

 

 

2020

 

 

 

 

 

 

 

Concentration

 

 

 

 

 

 

Concentration

 

Asset Category

 

Level 1

 

 

Percentage

 

 

Level 1

 

 

Percentage

 

Corporate and U.S. government bond fund (1)

 

$

59,068

 

 

90%

 

 

$

62,602

 

 

90%

 

U.S. large-cap equity (1)

 

 

4,765

 

 

7%

 

 

 

5,006

 

 

7%

 

International equity (1)

 

 

1,165

 

 

2%

 

 

 

1,158

 

 

2%

 

Cash

 

 

339

 

 

1%

 

 

 

322

 

 

1%

 

Total

 

$

65,337

 

 

100%

 

 

$

69,088

 

 

100%

 

 

(1)

Represent investments in Vanguard funds that seek to replicate the asset category description.