XML 61 R47.htm IDEA: XBRL DOCUMENT v3.22.2.2
PENSION AND OTHER POSTRETIREMENT PLANS (Tables)
12 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Pension Plans
The following provides a reconciliation of benefit obligations, plan assets and funded status of the plans as of the Company's actuarial valuation as of September 30, 2022 and 2021:
 PensionOther Postretirement
 2022202120222021
Change in benefit obligation:
Benefit obligation, beginning of year$293,926 $318,887 $18,841 $19,431 
Acquisitions (1)
9,829 — — — 
Service cost392 7,919 165 201 
Interest cost1,127 6,145 411 376 
Actuarial gain(19,978)(8,045)(5,989)(660)
Curtailment gain— (17,324)— — 
Special termination benefits— 315 — — 
Settlement(242,232)— — — 
Exchange gain(3,093)(133)— — 
Benefit payments(3,362)(13,838)(615)(507)
Benefit obligation, end of year (2)
36,609 293,926 12,813 18,841 
Change in plan assets:    
Fair value, beginning of year208,344 168,134 — — 
Actual return368 37,789 — — 
Benefit payments(3,362)(13,838)(615)(507)
Employer contributions36,882 16,259 615 507 
Settlement(242,232)— — — 
Fair value, end of year— 208,344 — — 
Funded status(36,609)(85,582)(12,813)(18,841)
Unrecognized actuarial loss (gain)5,140 49,545 (5,973)16 
Unrecognized prior service (credit) cost(4,815)(309)(1,320)(1,684)
Net amount recognized$(36,284)$(36,346)$(20,106)$(20,509)
Amounts recognized in the consolidated balance sheet:    
Current liability$(24,172)$(779)$(830)$(883)
Noncurrent benefit liability(12,437)(84,803)(11,983)(17,958)
Accumulated other comprehensive loss (income)325 49,236 (7,293)(1,668)
Net amount recognized$(36,284)$(36,346)$(20,106)$(20,509)
Amounts recognized in accumulated    
       other comprehensive loss (income):
    
Net actuarial loss (gain)$5,140 $49,545 $(5,973)$16 
Prior service (credit) cost(4,815)(309)(1,320)(1,684)
Net amount recognized$325 $49,236 $(7,293)$(1,668)
(1) Benefit obligations assumed in connection with the acquisition of OLBRICH and R+S Automotive. For additional information, see Note 21.
(2) Gains and losses related to changes in assumptions (e.g., discount rate, mortality, etc.), asset, salary and other experience, and curtailments impacted benefit obligations.
Net Periodic Pension and Other Postretirement Benefit Cost
Net periodic pension and other postretirement benefit cost for the plans included the following:
 PensionOther Postretirement
 202220212020202220212020
Service cost$392 $7,919 $8,679 $165 $201 $227 
Interest cost *1,127 6,145 7,735 411 376 501 
Expected return on plan assets *(1,040)(10,809)(10,214)— — — 
Amortization:      
Prior service cost(152)(127)(186)(364)(364)(464)
Net actuarial loss *469 9,769 9,767 — — — 
Curtailment gain *— (220)— — — — 
Special termination benefits *— 315 — — — — 
Prior-service cost write-offs *— 261 — — — — 
Settlement*30,856 — — — — — 
Net benefit cost$31,652 $13,253 $15,781 $212 $213 $264 
* Non-service components of pension and postretirement expense are included in other income (deductions), net.
Contributions During Fiscal Year
Contributions made in fiscal 2022 are as follows:
ContributionsPensionOther Postretirement
Principal defined benefit retirement plan $35,706 $— 
Supplemental retirement plan760 — 
Other retirement plans416 — 
Other postretirement plan— 615 
Weighted-Average Assumptions for Principal Retirement and Other Postretirement Benefit Plans The weighted-average assumptions for those plans were:
 Pension
  
Other Postretirement   
 202220212020202220212020
Discount rate4.01 %2.79 %2.62 %5.37 %2.83 %2.63 %
Return on plan assets— %3.10 %6.75 %— — — 
Compensation increase— %3.50 %3.50 %— — — 
Weighted Average Asset Allocation and Target Allocation
The Company's defined benefit pension plans' weighted-average asset allocation at September 30, 2021 was as follows:
 Plan Assets at
Asset Category2021
Equity securities$4,075 
Fixed income, cash and cash equivalents189,958 
Other investments14,311 
 $208,344 
Fair Value Allocation of Plan Assets
The Company's defined benefit pension plans' asset categories at September 30, 2021 were as follows:

 September 30, 2021
Asset CategoryLevel 1Level 2Level 3Total
Equity securities - stocks (1)
$4,075 $— $— $4,075 
Fixed income securities10,403 101,133 — 111,536 
Cash and cash equivalents78,422 — — 78,422 
Other investments— — 14,311 14,311 
Total$92,900 $101,133 $14,311 $208,344 
(1) Includes $4,075 of of Matthews Class A Common Stock in Level 1.
Changes in Fair Value of Level 3 Plan Assets
Changes in the fair value of Level 3 assets at September 30, 2022 and 2021 are summarized as follows:

Asset CategoryFair Value, Beginning of PeriodAcquisitionsDispositionsRealized GainsUnrealized Gains (Losses)Fair Value, End of Period
Other investments:
Fiscal Year Ended:
September 30, 2022$14,311 $— $(14,700)$139 $250 $— 
September 30, 202115,273 236 (2,144)272 674 14,311 
Benefit Payments Expected to be Paid
Benefit payments expected to be paid are as follows:
Years ending September 30:Pension Benefits *Other Postretirement Benefits
2023$24,790 $830 
2024551 855 
2025560 870 
2026564 875 
2027573 859 
2028-20323,067 4,206 
 $30,105 $8,495 
* Pension benefit amounts include the settlement of the SERP and ORRP in fiscal 2023 (see above for further details).