Pension, Profit Sharing and Other Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2017

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

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,	2017		2016
Projected benefit obligation	$	235,097	$	241,117
Accumulated benefit obligation		235,097		241,117
Fair value of plan assets		209,722		194,253

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,	2017		2016
Change in benefit obligations:
Net benefit obligation at the beginning of the year	$	241,117	$	227,527
Service cost		617		595
Interest cost		7,091		8,972
Actuarial (gain) loss		(10,082)		41,583
Gross benefits paid		(7,549)		(8,365)
Settlements		—		(10,424)
Foreign currency exchange rate changes		3,903		(18,771)
Net benefit obligation at the end of the year		235,097		241,117
Change in plan assets:
Fair value of plan assets at the beginning of the year		194,253		201,502
Actual return on plan assets		14,915		23,775
Employer contributions		5,354		4,271
Gross benefits paid		(7,549)		(8,365)
Settlements		—		(10,424)
PBGC Premium paid		(348)		(362)
Administrative expenses		(547)		(925)
Foreign currency exchange rate changes		3,644		(15,219)
Fair value of plan assets at the end of the year		209,722		194,253
Unfunded status of the plans		(25,375)		(46,864)
Unrecognized net actuarial loss		58,572		72,909
Net amount recognized	$	33,197	$	26,045
Amounts recognized in Accumulated OCI
Liability adjustment to OCI	$	(58,572)	$	(72,909)
Deferred tax asset		15,033		19,236
Valuation allowance on deferred tax asset		(2,107)		(5,153)
Accumulated other comprehensive loss	$	(45,646)	$	(58,826)

Components of net periodic pension cost (benefit)

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

	September 30,
	2017		2016		2015
Service cost	$	617	$	595	$	670
Interest cost		7,091		8,972		9,073
Expected return on plan assets		(12,928)		(13,182)		(13,835)
Amortization of actuarial loss		3,700		1,869		705
Settlement loss		—		2,671		—
Administrative expenses		474		177		163
Net pension cost (benefit)	$	(1,046)	$	1,102	$	(3,224)

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

Years ended September 30,	2017	2016	2015
Weighted-average assumptions used to determine benefit obligation at September 30:
Discount rate	3.3%	3.0%	4.1%
Rate of compensation increase	3.2%	3.1%	3.1%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended September 30:
Discount rate	3.0%	4.1%	4.2%
Expected return on plan assets	6.8%	6.8%	6.9%
Rate of compensation increase	3.1%	3.1%	3.2%

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, 2017 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

The fair value of the underlying investments comprised of real estate properties is determined through an appraisal process which uses valuation methodologies including comparisons to similar real estate and discounting of income streams.

	September 30, 2017								September 30, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Plan assets held at fair value:
Cash equivalents	$	2,665	$	—	$	—	$	2,665	$	3,071	$	—	$	—	$	3,071
Plan assets held at net asset value practical expedient*:
Equity Funds								101,433								83,877
Fixed Income Funds								84,188								72,219
Diversifies Growth Funds								16,646								27,525
Real Estate Funds								4,790								7,561
Total assets held at net asset value practical expedient:							$	207,057							$	191,182
Total Plan Assets							$	209,722							$	194,253

* Plan assets measured at fair value using NAV (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy.

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):

2018	$	8,330
2019		8,753
2020		9,148
2021		9,358
2022		9,543
2022-2026		50,890