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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Sep. 30, 2013
Annual Changes in Benefit Obligations and Plan Assets and Funded Status of Pension Plans and SERP

The table below presents the annual changes in benefit obligations and plan assets and the funded status of our Pension Plans and SERP as of and for the fiscal years ended September 30:

 

 

 

 

  
    Pension Plans     SERP  
    2013     2012     2013     2012  
 

 

 

  

Change in Benefit Obligation:

        

Benefit obligation, beginning of year

   $ 96,989      $ 73,383      $ 11,087      $ 7,942   

Service cost

     3,326        2,653        817        435   

Interest cost

     3,944        3,915        422        369   

Amendments

     298        -        -        -   

Actuarial losses

     (18,090 )      18,693        (615 )      2,868   

Benefits paid

     (1,781 )      (1,655 )      (525 )      (527 ) 
 

 

 

  

Benefit obligation, end of year

     84,686        96,989        11,186        11,087   
 

 

 

  

Change in Plan Assets:

        

Fair value of plan assets, beginning of year

     52,249        36,935        -        -   

Actual return (loss) on plan assets

     8,124        7,649        -        -   

Employer contributions

     6,704        9,320        525        527   

Benefits paid

     (1,781 )      (1,655 )      (525 )      (527 ) 
 

 

 

  

Fair value of plan assets, end of year

     65,296        52,249        -        -   
 

 

 

  

Funded status

   $ (19,390 )    $ (44,740 )    $ (11,186 )    $ (11,087 ) 
 

 

 

  
Amounts Pertaining to Pension Plans and SERP Recognized in Consolidated Balance Sheet

Amounts pertaining to our Pension Plans and SERP recognized in our consolidated balance sheet are classified as follows as of September 30:

 

 

 

 

  
    Pension Plans     SERP  
    2013     2012     2013     2012  
 

 

 

  

Employee related liabilities

   $ -      $ -      $ (677 )    $ (527 ) 

Pension obligations and other long-term liabilities

     (19,390 )      (44,740 )      (10,509 )      (10,560 ) 
 

 

 

  

Net amount recognized

   $ (19,390 )    $ (44,740 )    $ (11,186 )    $ (11,087 ) 
 

 

 

  
Changes in Components of Unrecognized Benefit Plan Costs

The following table summarizes changes in the components of unrecognized benefit plan costs for the year ended September 30:

 

 

 

 

  
    Pension Plans     SERP  
    2013     2012     2013     2012  
 

 

 

  

Net actuarial loss

   $ (21,817 )    $ 14,443      $ (616 )    $ 2,867   

Prior service costs

     298        -        -        -   

Amortization of:

        

Net actuarial loss from previous years

     (3,590 )      (2,549 )      (376 )      -   

Prior service costs

     (70 )      (63 )      (420 )      (420 ) 

Income tax benefits related to above items

     9,631        (4,732 )      540        (979 ) 
 

 

 

  

Changes in unrecognized benefit plan costs

   $ (15,548 )    $ 7,099      $ (872 )    $ 1,468   
 

 

 

  
Amounts Recognized as Components of Accumulated Other Comprehensive Loss

The following table sets forth the amounts recognized as components of accumulated other comprehensive loss at September 30:

 

 

 

 

  
    Pension Plans     SERP  
    2013     2012     2013     2012  
 

 

 

  

Net actuarial loss

   $ 17,950      $ 43,357      $ 2,576      $ 3,568   

Prior service costs

     642        414        982        1,402   

Income tax benefits related to above items

     (4,931 )      (14,562 )      (1,602 )      (2,142 ) 
 

 

 

  

Unrecognized benefit plan costs, net of tax

   $ 13,661      $ 29,209      $ 1,956      $ 2,828   
 

 

 

  
Expected Recognized Periodic Pension Cost Related to Accumulated Comprehensive Loss

The table below sets forth the amounts in accumulated other comprehensive loss at September 30, 2013, that we expect to recognize in periodic pension cost in the year ending September 30, 2014.

 

 

 

 

  
    Pension Plans      SERP  
 

 

 

  

Amortization of net actuarial loss

   $ 1,143       $ 262   

Amortization of prior service costs

     67         420   
 

 

 

  
  $ 1,210       $ 682   
 

 

 

  
Defined Benefit Plans

The table below provides data for our defined benefit plans as of September 30:

 

 

 

 

  
    2013      2012  
 

 

 

  

Plan Assets:

     

Ampac Plan

   $ 49,913       $ 41,055   

AFC Salaried Plan

     8,991         6,744   

AFC Bargaining Plan

     6,392         4,450   

Accumulated Benefit Obligation:

     

Ampac Plan

     54,786         61,368   

AFC Salaried Plan

     10,409         12,500   

AFC Bargaining Plan

     7,210         7,585   

Projected Benefit Obligation:

     

Ampac Plan

     65,838         74,645   

AFC Salaried Plan

     11,638         14,759   

AFC Bargaining Plan

     7,210         7,585   
Net Periodic Benefit Plan Cost

Net periodic benefit plan cost is comprised of the following for the years ended September 30:

 

 

 

 

  
    Pension Plans     SERP  
    2013     2012     2011     2013      2012      2011  
 

 

 

  

Net Periodic Benefit Plan Cost:

              

Service cost

   $ 3,326      $ 2,653      $ 2,432      $ 817       $ 435       $ 324   

Interest cost

     3,944        3,914        3,541        422         369         356   

Expected return on plan assets

     (4,399 )      (3,398 )      (2,886 )      -         -         -   

Recognized actuarial losses

     3,589        2,549        1,752        376         -         -   

Amortization of prior service costs

     70        63        63        420         420         420   
 

 

 

  

Net periodic pension cost

   $ 6,530      $ 5,781      $ 4,902      $ 2,035       $ 1,224       $ 1,100   
 

 

 

  
Weighted Average Actuarial Assumptions

Assumptions.

 

 

 

 

  
    Pension Plans      SERP  
    2013      2012      2011      2013      2012      2011  
 

 

 

  

Weighted-Average Actuarial Assumptions

                 

Used to Determine Benefit Obligation as of September 30:

                 

Discount rate

     5.31%         4.00%         5.40%         4.67%         3.90%         4.80%   

Rate of compensation increase

     3.50%         3.50%         4.00%         3.50%         3.50%         4.00%   

Weighted-Average Actuarial Assumptions

                 

Used to Determine Net Periodic Benefit

                 

Plan Cost for the Years Ended

                 

September 30:

                 

Discount rate

     4.00%         5.40%         5.80%         3.90%         4.80%         4.80%   

Rate of compensation increase

     3.50%         4.00%         4.00%         3.50%         4.00%         4.00%   

Expected return on plan assets

     8.00%         8.00%         8.00%         -         -         -   
Actual and Target Asset Allocation for Pension Plans

Using policy target allocation percentages and the asset class expected returns, a weighted average expected return was calculated. The actual and target asset allocation for the Pension Plans is as follows at September 30:

 

  

 

 

  
     Target      Actual  
     2013      2013      2012  
  

 

 

  

Equity securities

      68%         68%         74%   

Debt securities

      24%         21%         22%   

Real estate securities

      5%         5%         0%   

Cash and marketable securities

      3%         6%         4%   
  

 

 

  

Total

      100%         100%         100%   
  

 

 

  
Fair Values of Pension Plan Assets

The table below provides the fair values of the Pension Plans’ assets as of September 30, 2013 and 2012, by asset category, and identifies the level of inputs used to determine the fair value of assets in each category (see Note 1 for additional information regarding the level categories).

 

  

 

 

  
    

Quotes Prices
in Active
Markets for
Identical Assets

(Level 1)

      Significant
Other
Observable
Inputs
(Level 2)		     

Significant
Unobservable
Inputs

(Level 3)

      Total  
  

 

 

  

September 30, 2013:

            

Equity Securities

            

Domestic large-cap

    $ 15,964             $ 15,964   

Domestic mid-cap

      3,331               3,331   

Domestic small-cap

      902               902   

International

      7,861               7,861   

Mutual funds

      15,478               15,478   

Other

      1,324               1,324   

Fixed Income Securities

            

Mutual funds

      6,216               6,216   

Corporate bonds

       $ 3,999            3,999   

Certificate of deposit

               -   

U.S. Treasuries

      1,016               1,016   

Mortgage-backed

         303            303   

Foreign bonds

         1,901            1,901   

Real Estate Securities

      3,076               3,076   

Cash and cash equivalents

      3,859               3,859   

Other

      7         58            65   
  

 

 

  
   $ 59,034       $ 6,261       $ -       $ 65,295   
  

 

 

  

September 30, 2012:

            

Equity Securities

            

Domestic large-cap

    $ 20,188             $ 20,188   

Domestic mid-cap

      5,590               5,590   

Domestic small-cap

      1,768               1,768   

International

      5,939               5,939   

Other

      3,217               3,217   

Fixed Income Securities

               -   

Mutual funds

      6,146               6,146   

Corporate bonds

       $ 3,652            3,652   

Certificate of deposit

         805            805   

U.S. Treasuries

      973               973   

Mortgage-backed

         477            477   

Foreign bonds

         1,366            1,366   

Cash and cash equivalents

      2,056               2,056   

Other

         72            72   
  

 

 

  
   $ 45,877       $ 6,372       $ -       $ 52,249   
  

 

 

  
Expected Future Benefit Payments

The table below sets forth expected future benefit payments for the years ending September 30:

 

  

 

 

  
Years ending September 30:    Pension Plans      SERP  
  

 

 

  

2014

    $ 2,344       $ 677   

2015

      2,464         662   

2016

      2,681         1,081   

2017

      2,779         1,055   

2018

      3,019         1,027   

2019-2023

      20,326         4,662