Pension Plans (Tables)
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12 Months Ended |
Sep. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] |
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Accounting For The Pension Plans |
The following table presents the actuarial assumptions used in accounting for the pension plans: | | | | | | | | | | | | | | | | | | | | U.S. Plan | | International Plans | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | Weighted average assumptions used to determine benefit obligations at September 30 measurement date: | | | | | | | | | | | | Discount rate | — | % | | — | % | | 3.80 | % | | 1.3 | % | | 2.2 | % | | 2.4 | % | Rate of increase in future compensation | — | % | | — | % | | — | % | | 2.8 | % | | 3.0 | % | | 3.0 | % | Weighted average assumptions used to determine net periodic pension cost for fiscal years ended September 30: | | | | | | | | | | | | Discount rate | — | % | | 3.80 | % | | 4.90 | % | | 2.2 | % | | 2.4 | % | | 3.3 | % | Rate of increase in future compensation | — | % | | — | % | | — | % | | 3.0 | % | | 3.0 | % | | 3.0 | % | Rate of return on plan assets | — | % | | 1.35 | % | | 7.25 | % | | 5.7 | % | | 5.8 | % | | 5.7 | % |
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Components Of Net Periodic Pension Cost |
The actuarially computed components of net periodic pension cost recognized in our Consolidated Statements of Operations for each year are shown below: | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plan | | International Plans | | 2016 | | 2015 | | 2014 | | 2016 | | 2015 | | 2014 | | (in thousands) | Interest cost of projected benefit obligation | $ | — |
| | $ | 4,591 |
| | $ | 5,461 |
| | $ | 1,374 |
| | $ | 1,828 |
| | $ | 2,442 |
| Service cost | — |
| | — |
| | — |
| | 1,599 |
| | 1,466 |
| | 1,659 |
| Expected return on plan assets | — |
| | (1,364 | ) | | (7,151 | ) | | (3,305 | ) | | (3,364 | ) | | (2,506 | ) | Amortization of prior service cost | — |
| | — |
| | — |
| | (5 | ) | | (4 | ) | | (5 | ) | Recognized actuarial loss | — |
| | 2,577 |
| | 2,213 |
| | 2,292 |
| | 1,815 |
| | 1,181 |
| Settlement loss | — |
| | 66,332 |
| | — |
| | — |
| | — |
| | — |
| Net periodic pension cost | $ | — |
| | $ | 72,136 |
| | $ | 523 |
| | $ | 1,955 |
| | $ | 1,741 |
| | $ | 2,771 |
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Change In Benefit Obligation And Plan Assets |
The following tables display the change in benefit obligation and the change in the plan assets and funded status of the plans as well as the amounts recognized in our Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plan | | International Plans | | Total | | Year ended September 30, | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | | (in thousands) | Change in benefit obligation: | | | | | | | | | | | | Projected benefit obligation—beginning of year | $ | — |
| | $ | 134,453 |
| | $ | 78,188 |
| | $ | 84,106 |
| | $ | 78,188 |
| | $ | 218,559 |
| Service cost | — |
| | — |
| | 1,599 |
| | 1,466 |
| | 1,599 |
| | 1,466 |
| Interest cost | — |
| | 4,591 |
| | 1,374 |
| | 1,828 |
| | 1,374 |
| | 6,419 |
| Actuarial loss | — |
| | 1,606 |
| | 10,556 |
| | 1,988 |
| | 10,556 |
| | 3,594 |
| Foreign exchange impact | — |
| | — |
| | 2,431 |
| | (9,515 | ) | | 2,431 |
| | (9,515 | ) | Participant contributions | — |
| | — |
| | 147 |
| | 198 |
| | 147 |
| | 198 |
| Benefits paid | — |
| | (5,300 | ) | | (1,600 | ) | | (1,883 | ) | | (1,600 | ) | | (7,183 | ) | Settlements | — |
| | (135,350 | ) | | — |
| | — |
| | — |
| | (135,350 | ) | Projected benefit obligation—end of year | $ | — |
| | $ | — |
| | $ | 92,695 |
| | $ | 78,188 |
| | $ | 92,695 |
| | $ | 78,188 |
| Change in plan assets and funded status: | | | | | | | | | | |
| Plan assets at fair value—beginning of year | $ | — |
| | $ | 112,859 |
| | $ | 57,961 |
| | $ | 44,491 |
| | $ | 57,961 |
| | $ | 157,350 |
| Actual return on plan assets | — |
| | 2,316 |
| | 1,742 |
| | (438 | ) | | 1,742 |
| | 1,878 |
| Employer contributions | — |
| | 25,475 |
| | 1,978 |
| | 21,225 |
| | 1,978 |
| | 46,700 |
| Participant contributions | — |
| | — |
| | 147 |
| | 198 |
| | 147 |
| | 198 |
| Foreign exchange impact | — |
| | — |
| | 1,707 |
| | (5,632 | ) | | 1,707 |
| | (5,632 | ) | Settlements | — |
| | (135,350 | ) | | — |
| | — |
| | — |
| | (135,350 | ) | Benefits paid | — |
| | (5,300 | ) | | (1,600 | ) | | (1,883 | ) | | (1,600 | ) | | (7,183 | ) | Plan assets at fair value—end of year | — |
| | — |
| | 61,935 |
| | 57,961 |
| | 61,935 |
| | 57,961 |
| Projected benefit obligation—end of year | — |
| | — |
| | 92,695 |
| | 78,188 |
| | 92,695 |
| | 78,188 |
| Underfunded status | $ | — |
| | $ | — |
| | $ | (30,760 | ) | | $ | (20,227 | ) | | $ | (30,760 | ) | | $ | (20,227 | ) | Accumulated benefit obligation—end of year | $ | — |
| | $ | — |
| | $ | 88,768 |
| | $ | 74,928 |
| | $ | 88,768 |
| | $ | 74,928 |
| Amounts recognized in the balance sheet: | | | | | | | | | | | | Non-current liability | $ | — |
| | $ | — |
| | $ | (30,760 | ) | | $ | (20,227 | ) | | $ | (30,760 | ) | | $ | (20,227 | ) | Current liability | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Amounts in accumulated other comprehensive loss: | | | | | | | | | | | | Unrecognized actuarial loss | $ | — |
| | $ | — |
| | $ | 38,667 |
| | $ | 28,339 |
| | $ | 38,667 |
| | $ | 28,339 |
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year |
The following table shows change in accumulated other comprehensive loss:
| | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plan | | International Plans | | Total | | Year ended September 30, | | 2016 | | 2015 | | 2016 | | 2015 | | 2016 | | 2015 | | (in thousands) | Accumulated other comprehensive loss- beginning of year | $ | — |
| | $ | 68,256 |
| | $ | 28,339 |
| | $ | 27,669 |
| | $ | 28,339 |
| | $ | 95,925 |
| Recognized during year - net actuarial (losses) | — |
| | (2,577 | ) | | (2,288 | ) | | (1,811 | ) | | (2,288 | ) | | (4,388 | ) | Occurring during year - settlement loss | — |
| | (66,332 | ) | | — |
| | — |
| | — |
| | (66,332 | ) | Occurring during year - net actuarial losses | — |
| | 653 |
| | 12,119 |
| | 5,792 |
| | 12,119 |
| | 6,445 |
| Foreign exchange impact | — |
| | — |
| | 497 |
| | (3,311 | ) | | 497 |
| | (3,311 | ) | Accumulated other comprehensive loss- end of year | $ | — |
| | $ | — |
| | $ | 38,667 |
| | $ | 28,339 |
| | $ | 38,667 |
| | $ | 28,339 |
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Percentage Of Total Plan Assets |
The following table shows the percentage of total plan assets for each major category of plan assets: | | | | | | International Plans | | September 30, | | 2016 | | 2015 | Asset category: | | | | Equity securities | 49% | | 53% | Fixed income securities | 30% | | 32% | Commodities | 4% | | —% | Insurance company | 16% | | 13% | Cash | 1% | | 2% | | 100% | | 100% |
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Expected Future Benefit Payments |
As of September 30, 2016, benefit payments expected to be paid over the next ten years are outlined in the following table: | | | | | | Future Benefit Payments | | (in thousands) | Year ending September 30, | | 2017 | $ | 1,899 |
| 2018 | 2,314 |
| 2019 | 2,566 |
| 2020 | 2,861 |
| 2021 | 3,175 |
| 2022 to 2026 | 22,034 |
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International Plan Assets [Member] |
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Schedule of Available-for-sale Securities [Line Items] |
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Fair Value Of Plan Assets |
| | | | | | | | | | | | | | | | | | September 30, 2016 | | Level 1 | | Level 2 | | Level 3 | | Total | | (in thousands) | International plan assets: | | | | | | | | Fixed income securities: | | | | | | | | Government | $ | 8,518 |
| | $ | — |
| | $ | — |
| | $ | 8,518 |
| Europe corporate investment grade | 10,218 |
| | — |
| | — |
| | 10,218 |
| Europe large capitalization stocks | 30,615 |
| | — |
| | — |
| | 30,615 |
| Commodities | 2,709 |
| | — |
| | — |
| | 2,709 |
| Insurance company funds (1) | — |
| | 9,578 |
| | — |
| | 9,578 |
| Cash | 297 |
| | — |
| | — |
| | 297 |
| | $ | 52,357 |
| | $ | 9,578 |
| | $ | — |
| | $ | 61,935 |
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| | | | | | | | | | | | | | | | | | September 30, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | | (in thousands) | International plan assets: | | | | | | | | Fixed income securities: | | | | | | | | Government | $ | 11,086 |
| | $ | — |
| | $ | — |
| | $ | 11,086 |
| Europe corporate investment grade | 7,487 |
| | — |
| | — |
| | 7,487 |
| Europe large capitalization stocks | 30,887 |
| | — |
| | — |
| | 30,887 |
| Insurance company funds (1) | — |
| | 7,668 |
| | — |
| | 7,668 |
| Cash | 833 |
| | — |
| | — |
| | 833 |
| | $ | 50,293 |
| | $ | 7,668 |
| | $ | — |
| | $ | 57,961 |
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(1) These investments are comprised primarily of funds invested with an insurance company in Japan with a guaranteed rate of return. The insurance company invests these assets primarily in government and corporate bonds.
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