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Pension Plan and Retirement Benefits (Tables)
12 Months Ended
Sep. 30, 2022
Pension and Post-retirement Benefits  
Schedule of status of employee pension benefit plans and other postretirement benefit plans

Defined Benefit

Postretirement

 

Pension Plans

Health Care Benefits

 

Year Ended

Year Ended

 

September 30,

September 30,

 

    

2021

    

2022

    

    

2021

    

2022

 

Change in Benefit Obligation:

Projected benefit obligation at beginning of year

$

345,390

$

315,466

$

93,339

$

82,964

Service cost

 

5,795

 

4,728

 

1,095

 

1,825

Interest cost

 

7,481

 

7,936

 

2,292

 

2,234

Actuarial (gains) losses

 

(27,225)

 

(81,225)

 

(10,943)

 

(20,343)

Benefits paid

 

(14,965)

 

(15,223)

 

(2,819)

 

(2,643)

Administrative expenses

 

(1,010)

 

(407)

 

 

Projected benefit obligation at end of year

$

315,466

$

231,275

$

82,964

$

64,037

Change in Plan Assets:

Fair value of plan assets at beginning of year

$

245,546

$

297,703

$

$

Actual return on assets

 

47,132

 

(69,752)

 

 

Employer contributions

 

21,000

 

6,000

 

2,819

 

2,643

Benefits paid

 

(14,965)

 

(15,223)

 

(2,819)

 

(2,643)

Administrative expenses

(1,010)

(407)

Fair value of plan assets at end of year

$

297,703

$

218,321

$

$

Funded Status of Plan:

Unfunded status

$

(17,763)

$

(12,954)

$

(82,964)

$

(64,037)

Schedule of amounts recognized in the consolidated balance sheets and amounts expected to be recognized from AOCI into the statement of operations in the following year

Defined Benefit

Postretirement

Non-Qualified

All Plans

 

Pension Plans

Health Care Benefits

Pension Plans

Combined

 

September 30,

September 30,

September 30,

September 30,

 

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

 

Accrued pension and postretirement benefits:

Current

$

$

$

(3,459)

$

(3,276)

$

(95)

$

(95)

$

(3,554)

$

(3,371)

Non-current

 

(17,763)

 

(12,954)

 

(79,505)

 

(60,761)

 

(528)

 

(435)

 

(97,796)

 

(74,150)

Accrued pension and postretirement benefits

$

(17,763)

$

(12,954)

$

(82,964)

$

(64,037)

$

(623)

$

(530)

$

(101,350)

$

(77,521)

Accumulated other comprehensive income (loss):

Net income (loss)

 

19,150

 

22,496

 

(10,704)

 

(30,807)

 

 

 

8,446

 

(8,311)

Prior service cost

 

1,599

 

1,365

 

 

 

 

 

1,599

 

1,365

Total accumulated other comprehensive income (loss)

$

20,749

$

23,861

$

(10,704)

$

(30,807)

$

$

$

10,045

$

(6,946)

Schedule of components of net periodic pension and postretirement benefit cost

Defined Benefit Pension Plans

 

Year Ended September 30,

 

    

2020

    

2021

    

2022

 

Service cost

$

5,546

$

5,628

$

4,728

Interest cost

 

8,866

7,481

7,936

Expected return on assets

 

(15,061)

(16,356)

(14,818)

Amortization of prior service cost

 

228

239

233

Recognized actuarial loss

 

7,288

7,721

Net periodic cost

$

6,867

$

4,713

$

(1,921)

Postretirement

 

Health Care Benefits

 

Year Ended September 30,

 

    

2020

    

2021

    

2022

 

Service cost

$

1,416

$

1,095

$

1,825

Interest cost

 

3,493

2,292

2,234

Recognized actuarial loss

 

1,848

(240)

Net periodic cost

$

6,757

$

3,387

$

3,819

Schedule of assumptions used to determine actuarial present value of the projected pension benefit obligation and postretirement health care benefit obligation for the plans

    

September 30,

    

September 30,

 

2021

2022

 

Discount rate (postretirement health care)(1)

 

2.75

%  

5.13

%  

Discount rate (U.S. pension plan)(1)

 

2.63

%  

5.13

%  

Discount rate (U.K. pension plan)

 

2.00

%  

5.90

%  

Rate of compensation increase (U.S. pension plan only)

 

2.50

%  

2.50

%  

(1)The discount rate for the Postretirement health care plan and the U.S. pension plan are derived using the FTSE Pension Discount Curve and projected benefit payments.
Schedule of assumptions used to determine net periodic pension and postretirement health care benefit costs for the plans

Defined Benefit

 

Pension and

 

Postretirement Health

 

Care Plans

 

Year Ended

 

September 30,

 

    

2020

    

2021

    

2022

 

Discount rate (postretirement health care plan)

 

3.13

%  

2.50

%  

2.75

%  

Discount rate (U.S. pension plan)

 

2.88

%  

2.25

%  

2.63

%  

Discount rate (U.K. pension plan)

 

1.70

%  

1.50

%  

2.00

%  

Expected return on plan assets (U.S. pension plan)

 

7.25

%  

7.25

%  

5.25

%  

Expected return on plan assets (U.K. pension plan)

 

2.20

%  

2.00

%  

3.00

%  

Rate of compensation increase (U.S. pension plan only)

 

2.50

%  

2.50

%  

2.50

%  

Schedule of plan assets by level within the fair value hierarchy

September 30, 2021

 

    

Level 1

    

    

    

 

Active

Level 2

 

Markets for

Other

 

Identical

Observable

 

Assets

Inputs

NAV

Total

 

U.S. Pension Plan Assets:

U.S. corporate and government bonds

$

23,654

$

169,953

$

$

193,607

U.S. common stock mutual funds

 

$

$

44,743

 

44,743

Common /collective funds

U.S. common stock

 

 

 

19,672

 

19,672

International equity

 

 

 

16,245

 

16,245

Total U.S.

$

23,654

$

169,953

$

80,660

$

274,267

U.K. Plan Assets:

Equities

$

$

$

8,202

$

8,202

Bonds

 

 

 

12,890

 

12,890

Other

 

 

 

2,344

 

2,344

Total U.K.

$

$

$

23,436

$

23,436

Total pension plan assets

$

23,654

$

169,953

$

104,096

$

297,703

September 30, 2022

 

    

Level 1

    

    

    

 

Active

Level 2

 

Markets for

Other

 

Identical

Observable

 

Assets

Inputs

NAV

Total

 

U.S. Pension Plan Assets:

U.S. corporate and government bonds

$

15,926

$

158,582

$

$

174,508

U.S. common stock mutual funds

16,471

16,471

Common /collective funds

Bonds

 

 

 

 

Short-term money market

 

 

 

 

U.S. common stock

 

 

 

6,847

 

6,847

International equity

 

 

 

5,390

 

5,390

Total U.S.

$

15,926

$

158,582

$

28,708

$

203,216

U.K. Plan Assets:

Equities

$

$

$

5,135

$

5,135

Bonds

 

 

 

8,006

 

8,006

Other

 

 

 

1,964

 

1,964

Total U.K.

$

$

$

15,105

$

15,105

Total pension plan assets

$

15,926

$

158,582

$

43,813

$

218,321

Schedule of asset classes as a percent of total assets

Asset Class

    

Target(1)

 

Equity

 

14

%  

Fixed Income

 

86

%  

Real Estate and Other

 

%  

(1)The Company adjusts the target allocation based on the fair value of pension assets as a percentage of the projected pension obligation.  
Schedule of expected benefit payments

    

    

Postretirement

 

Fiscal Year Ending September 30

Pension

Health Care

 

2023

$

15,738

$

4,828

2024

 

16,081

 

4,841

2025

 

16,366

 

4,890

2026

 

16,573

 

5,068

2027

 

16,802

 

5,007

2028 - 2032 (in total)

 

83,895

 

25,956