Retirement Benefit Plans (Tables)

12 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Net pension expense, benefit obligations and plan assets

Net pension expense, benefit obligations and plan assets for the Company-sponsored defined benefit pension plans consists of the following:



	Years Ended September 30,
	2013			2012
Service cost	$	288		$	266
Interest cost	851			988
Expected return on plan assets	(1,485		)	(1,413		)
Amortization of prior service cost	8			47
Amortization of net loss	917			861
Settlement cost	299			513
Curtailment cost	252			—
Net pension expense for defined benefit plan	$	1,130		$	1,262

Defined Benefit pension plans

The status of all defined benefit pension plans at September 30 is as follows:



	2013			2012
Benefit obligations:
Benefit obligations at beginning of year	$	26,306		$	24,030
Service cost	288			266
Interest cost	851			988
Actuarial loss (gain)	(2,624		)	2,659
Benefits paid	(1,454		)	(1,637		)
Early retirement expense	229			—
Benefit obligations at end of year	$	23,596		$	26,306
Plan assets:
Plan assets at beginning of year	$	18,949		$	16,642
Actual return on plan assets	2,154			2,929
Employer contributions	786			1,015
Benefits paid	(1,454		)	(1,637		)
Plan assets at end of year	$	20,435		$	18,949

Amount recognized in the consolidated balance sheets



	Plans in which Assets Exceed Benefit Obligations at September 30,				Plans in which Benefit Obligations Exceed Assets at September 30,
	2013		2012		2013			2012
Reconciliation of funded status:
Plan assets in excess of (less than) projected benefit obligations	$	1,086	$	520	$	(4,246	)	$	(7,877	)
Amounts recognized in accumulated other comprehensive loss:
Net loss	297		872		5,972			9,907
Prior service cost	—		—		—			31
Net amount recognized in the consolidated balance sheets	$	1,383	$	1,392	$	1,726		$	2,061
Amounts recognized in the consolidated balance sheets are:
Other assets	$	1,086	$	520	$	(46	)	$	—
Other long-term liabilities	—		—		(4,200		)	(7,877		)
Accumulated other comprehensive loss – pretax	297		872		5,972			9,938
Net amount recognized in the consolidated balance sheets	$	1,383	$	1,392	$	1,726		$	2,061

Components of net periodic benefit cost

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit costs during fiscal 2014 are as follows:



	Plans in which Assets Exceed Benefit Obligations		Plans in which Benefit Obligations Exceed Assets
Net loss	$	—	$	595
Prior service cost	—		—
Total	$	—	$	595

Developing the benefit obligation and the net pension expense for defined benefit pension plans

Where applicable, the following weighted-average assumptions were used in developing the benefit obligation and the net pension expense for defined benefit pension plans:



	Years Ended September 30,
	2013		2012
Discount rate for liabilities	4.4	%	3.6	%
Discount rate for expenses	3.4	%	4.2	%
Expected return on assets	8.1	%	8.1	%

Fair values and levels within the fair value hierarchy

The following tables set forth the asset allocation of the Company’s defined benefit pension plan assets and summarize the fair values and levels within the fair value hierarchy for such plan assets as of September 30, 2013 and 2012:



September 30, 2013	Asset Amount		Level 1		Level 2		Level 3
U.S. equity securities:
Large value	$	518	$	—	$	518	$	—
Large blend	9,632		—		9,632		—
Large growth	496		—		496		—
Mid blend	233		—		233		—
Small blend	245		—		245		—
Non-U.S equity securities:
Foreign large blend	1,617		—		1,617		—
Diversified emerging markets	31		—		31		—
U.S. debt securities:
Inflation protected bond	521		—		521		—
Intermediate term bond	6,231		—		4,232		1,999
High inflation bond	310		—		310		—
Non-U.S. debt securities:
Emerging markets bonds	102		—		102		—
Stable value:
Short-term bonds	499		—		499		—
Total plan assets at fair value	$	20,435	$	—	$	18,436	$	1,999



September 30, 2012	Asset Amount		Level 1		Level 2		Level 3
U.S. equity securities:
Large value	$	288	$	—	$	288	$	—
Large blend	8,592		—		8,592		—
Large growth	640		—		640		—
Mid blend	19		—		19		—
Small blend	4		—		4		—
Non-U.S equity securities:
Foreign large blend	1,295		—		1,295		—
Diversified emerging markets	70		—		70		—
U.S. debt securities:
Inflation protected bond	952		—		952		—
Intermediate term bond	6,412		—		4,319		2,093
High inflation bond	299		—		299		—
Non-U.S. debt securities:
Emerging markets bonds	239		—		239		—
Stable value:
Short-term bonds	139				139		—
Total plan assets at fair value	$	18,949	$	—	$	16,856	$	2,093

Changes in the fair value of the Company's Level 3 investments

Changes in the fair value of the Company’s Level 3 investments during the years ending September 30, 2013 and 2012 were as follows:



	2013			2012
Balance at beginning of year	$	2,093		$	2,093
Actual return on plan assets	2			118
Purchases and sales of plan assets, net	(96		)	(118		)
Balance at end of year	$	1,999		$	2,093

Asset allocation range provides flexibility for the Plan's investments

The “Asset Allocation Range” anticipates these potential scenarios and provides flexibility for the Plan’s investments to vary around the objective without triggering a reallocation of the assets, as noted by the following:



	Percent of Plan Assets at September 30,				Asset Allocation Range
	2013		2012		Asset Allocation Range
U.S. equities	54	%	50	%	30% to 70%
Non-U.S. equities	8	%	7	%	0% to 20%
U.S. debt securities	35	%	41	%	20% to 70%
Non-U.S. debt securities	1	%	1	%	0% to 10%
Other securities	2	%	1	%	0% to 60%
Total	100	%	100	%

Expected benefit payment amount

The following defined benefit payment amounts are expected to be made in the future:



Years Ending September 30,	Projected Benefit Payments
2014	$	1,378
2015	1,281
2016	1,248
2017	1,714
2018	1,826
2019-2023	7,988

Company's contribution to U.S. multi-employer retirement plans for certain union employees

The Company contributes to two (2) U.S. multi-employer retirement plans for certain union employees, as follow:

Pension

Fund

Pension Protection Act Zone Status

FIP/RP Status

Pending/

Implemented

Contributions by the Company

Surcharge

Imposed

Expiration of

Collective

Bargaining

Agreement

2013

2012

2013

2012

Fund ¹

Green

5/31/2015

Fund ²

Yellow

Implemented

213

205

Yes

7/31/2017

¹ The fund is the IAM National Pension Fund – EIN 51-6031295 / Plan number 2. The IAM National Pension Fund utilized the special 30-year amortization provided by Public law 111-192, section 211 to amortize its losses from 2008.

² The fund is the Boilermaker-Blacksmith National Pension Trust – EIN 48-6168020 / Plan number 1. Refer to Note 13 for further discussion related to this multi-employer plan.