Pension, Profit Sharing and Other Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2020

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,
	2020		2019
Projected benefit obligation	$	251,892	$	246,697
Accumulated benefit obligation		251,892		246,697
Fair value of plan assets		232,132		221,311

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,
	2020		2019
Change in benefit obligations:
Net benefit obligation at the beginning of the year	$	246,697	$	222,332
Service cost		656		590
Interest cost		6,045		7,617
Actuarial loss		464		32,067
Gross benefits paid		(9,067)		(8,141)
Foreign currency exchange rate changes		7,097		(7,768)
Net benefit obligation at the end of the year		251,892		246,697
Change in plan assets:
Fair value of plan assets at the beginning of the year		221,311		214,530
Actual return on plan assets		7,302		17,794
Employer contributions		7,175		4,842
Gross benefits paid		(9,067)		(8,141)
PBGC Premium paid		(164)		(177)
Administrative expenses		(617)		(541)
Foreign currency exchange rate changes		6,192		(6,996)
Fair value of plan assets at the end of the year		232,132		221,311
Unfunded status of the plans		(19,760)		(25,386)
Unrecognized net actuarial loss		74,099		70,095
Net amount recognized	$	54,339	$	44,709
Amounts recognized in Accumulated OCI
Liability adjustment to OCI	$	(74,099)	$	(70,095)
Deferred tax asset		13,077		11,667
Valuation allowance on deferred tax asset		108		(1,172)
Accumulated other comprehensive loss	$	(60,914)	$	(59,600)

Components of net periodic pension cost (benefit)

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

	Years Ended September 30,
	2020		2019		2018
Service cost	$	656	$	590	$	606
Interest cost		6,045		7,617		7,529
Expected return on plan assets		(11,770)		(11,990)		(14,120)
Amortization of actuarial loss		3,900		2,098		2,777
Administrative expenses		336		348		438
Net pension benefit	$	(833)	$	(1,337)	$	(2,770)

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

	Years Ended September 30,
	2020	2019	2018
Weighted-average assumptions used to determine benefit obligation at September 30:
Discount rate	2.1%	2.5%	3.6%
Rate of compensation increase	2.9%	3.1%	3.3%
Weighted-average assumptions used to determine net periodic benefit cost for the years ended September 30:
Discount rate	2.5%	3.6%	3.3%
Expected return on plan assets	5.2%	5.7%	6.8%
Rate of compensation increase	3.1%	3.3%	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, 2020 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, 2020								September 30, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Plan assets held at fair value:
Cash equivalents	$	1,827	$	—	$	—	$	1,827	$	2,908	$	—	$	—	$	2,908
Plan assets held at net asset value practical expedient*:
Equity Funds								99,768								100,302
Fixed Income Funds								113,310								105,651
Diversified Growth Funds								3,626								8,886
Real Estate Funds								13,601								3,564
Total assets held at net asset value practical expedient:							$	230,305							$	218,403
Total Plan Assets							$	232,132							$	221,311

* 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):

2021	$	8,875
2022		9,044
2023		9,048
2024		9,308
2025		9,799
2024-2028		51,083