Pension, Profit Sharing and Other Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2019

Pension Plans

Schedule of projected benefit obligation, accumulated benefit obligation 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,
	2019		2018
Projected benefit obligation	$	246,697	$	222,332
Accumulated benefit obligation		246,697		222,332
Fair value of plan assets		221,311		214,530

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,
	2019		2018
Change in benefit obligations:
Net benefit obligation at the beginning of the year	$	222,332	$	235,097
Service cost		590		606
Interest cost		7,617		7,529
Actuarial (gain) loss		32,067		(9,449)
Gross benefits paid		(8,141)		(8,034)
Foreign currency exchange rate changes		(7,768)		(3,417)
Net benefit obligation at the end of the year		246,697		222,332
Change in plan assets:
Fair value of plan assets at the beginning of the year		214,530		209,722
Actual return on plan assets		17,794		11,998
Employer contributions		4,842		5,117
Gross benefits paid		(8,141)		(8,034)
PBGC Premium paid		(177)		(286)
Administrative expenses		(541)		(698)
Foreign currency exchange rate changes		(6,996)		(3,289)
Fair value of plan assets at the end of the year		221,311		214,530
Unfunded status of the plans		(25,386)		(7,802)
Unrecognized net actuarial loss		70,095		48,081
Net amount recognized	$	44,709	$	40,279
Amounts recognized in Accumulated OCI
Liability adjustment to OCI	$	(70,095)	$	(48,081)
Deferred tax asset		11,667		7,365
Valuation allowance on deferred tax asset		(1,172)		610
Accumulated other comprehensive loss	$	(59,600)	$	(40,106)

Components of net periodic pension cost (benefit)

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

	Years Ended September 30,
	2019		2018		2017
Service cost	$	590	$	606	$	617
Interest cost		7,617		7,529		7,091
Expected return on plan assets		(11,990)		(14,120)		(12,928)
Amortization of actuarial loss		2,098		2,777		3,700
Administrative expenses		348		438		474
Net pension benefit	$	(1,337)	$	(2,770)	$	(1,046)

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

	Years Ended September 30,
	2019	2018	2017
Weighted-average assumptions used to determine benefit obligation at September 30:
Discount rate	2.5%	3.6%	3.3%
Rate of compensation increase	3.1%	3.3%	3.2%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended September 30:
Discount rate	3.6%	3.3%	3.0%
Expected return on plan assets	5.7%	6.8%	6.8%
Rate of compensation increase	3.3%	3.2%	3.1%

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, 2019 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, 2019								September 30, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Plan assets held at fair value:
Cash equivalents	$	2,908	$	—	$	—	$	2,908	$	19,314	$	—	$	—	$	19,314
Plan assets held at net asset value practical expedient*:
Equity Funds								100,302								107,424
Fixed Income Funds								105,651								73,533
Diversified Growth Funds								8,886								14,259
Real Estate Funds								3,564								—
Total assets held at net asset value practical expedient:							$	218,403							$	195,216
Total Plan Assets							$	221,311							$	214,530

* 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 (in thousands):

2020	$	9,067
2021		9,140
2022		9,306
2023		9,324
2024		9,693
2024-2028		52,750