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PENSION, PROFIT SHARING AND OTHER BENEFIT PLANS (Tables)
12 Months Ended
Sep. 30, 2013
PENSION, PROFIT SHARING AND OTHER BENEFIT 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 (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 were as follows (in thousands):

 

September 30,

 

2013

 

2012

 

Projected benefit obligation

 

$

209,118

 

$

215,706

 

Accumulated benefit obligation

 

202,916

 

209,135

 

Fair value of plan assets

 

188,337

 

169,323

 

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,

 

2013

 

2012

 

Change in benefit obligations:

 

 

 

 

 

Net benefit obligation at the beginning of the year

 

$

215,706

 

$

185,485

 

Service cost

 

532

 

508

 

Interest cost

 

8,867

 

9,565

 

Actuarial loss (gain)

 

(5,726

)

22,761

 

Plan amendments

 

(1,178

)

57

 

Gross benefits paid

 

(8,576

)

(5,928

)

Foreign currency exchange rate changes

 

(507

)

3,258

 

Net benefit obligation at the end of the year

 

209,118

 

215,706

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at the beginning of the year

 

169,323

 

144,319

 

Actual return on plan assets

 

24,707

 

24,769

 

Employer contributions

 

3,915

 

4,354

 

Gross benefits paid

 

(8,576

)

(5,928

)

Administrative expenses

 

(843

)

(657

)

Foreign currency exchange rate changes

 

(189

)

2,466

 

Fair value of plan assets at the end of the year

 

188,337

 

169,323

 

 

 

 

 

 

 

Unfunded status of the plans

 

(20,781

)

(46,383

)

Unrecognized net actuarial loss

 

31,657

 

52,911

 

Net amount recognized

 

$

10,876

 

$

6,528

 

 

 

 

 

 

 

Amounts recognized in Accumulated OCI

 

 

 

 

 

Liability adjustment to OCI

 

$

(31,657

)

$

(52,911

)

Deferred tax asset

 

9,292

 

17,440

 

Accumulated other comprehensive loss

 

$

(22,365

)

$

(35,471

)

Components of net periodic pension cost (benefit)

The components of net periodic pension cost (benefit) were as follows (in thousands):

 

Years ended September 30, 

 

2013

 

2012

 

2011

 

Service cost

 

$

532

 

$

508

 

$

550

 

Interest cost

 

8,867

 

9,565

 

9,387

 

Expected return on plan assets

 

(11,605

)

(10,091

)

(9,979

)

Amortization of actuarial loss

 

1,798

 

1,593

 

985

 

Administrative expenses

 

76

 

82

 

85

 

Net pension cost (benefit)

 

$

(332

)

$

1,657

 

$

1,028

Schedule of weighted-average assumptions used to determine benefit obligation and net periodic benefit cost

 

Years ended September 30,

 

2013

 

2012

 

2011

 

Weighted-average assumptions used to determine benefit obligation at September 30:

 

 

 

 

 

 

 

Discount rate

 

4.8

%

4.3

%

5.2

%

Rate of compensation increase

 

4.4

%

3.8

%

4.3

%

Weighted-average assumptions used to determine net periodic benefit cost for the years ended September 30:

 

 

 

 

 

 

 

Discount rate

 

4.3

%

5.2

%

5.2

%

Expected return on plan assets

 

7.0

%

7.0

%

7.0

%

Rate of compensation increase

 

3.8

%

4.3

%

4.3

%

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, 2013 are as follows:

 

Asset Category

 

Allocation 
Range

 

Equity securities

 

40% to 75%

 

Debt securities

 

25% to 60%

 

Real estate and cash

 

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, 2013

 

September 30, 2012

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Cash equivalents

 

$

2,361

 

$

475

 

$

 

$

2,836

 

$

 

$

2,113

 

$

 

$

2,113

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. equity securities

 

 

54,870

 

 

54,870

 

 

47,998

 

 

47,998

 

U.K. equity securities

 

 

20,983

 

 

20,983

 

 

37,059

 

 

37,059

 

Other foreign equity securities

 

 

26,586

 

 

26,586

 

 

28,460

 

 

28,460

 

Fixed Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. fixed-income funds

 

 

33,849

 

 

33,849

 

 

37,585

 

 

37,585

 

U.K. fixed-income funds

 

 

12,804

 

 

12,804

 

 

10,494

 

 

10,494

 

Diversified growth fund

 

 

30,146

 

 

 

30,146

 

 

 

 

 

 

Real Estate

 

 

 

6,263

 

6,263

 

 

 

5,614

 

5,614

 

Total

 

$

2,361

 

$

179,713

 

$

6,263

 

$

188,337

 

$

 

$

163,709

 

$

5,614

 

$

169,323

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, 2011

 

$

5,026

 

Realized and unrealized gains, net

 

647

 

Purchases, sales and settlements, net

 

(59

)

Balance as of September 30, 2012

 

5,614

 

Realized and unrealized gains, net

 

712

 

Purchases, sales and settlements, net

 

(63

)

Balance as of September 30, 2013

 

$

6,263

 

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):

 

2014

 

$

7,391

 

2015

 

7,825

 

2016

 

8,256

 

2017

 

8,696

 

2018

 

9,577

 

2019-2023

 

56,540