XML 30 R14.htm IDEA: XBRL DOCUMENT v3.20.1
Retirement Benefit Plans
6 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
Retirement Benefit Plans
Retirement Benefit Plans
The Company and certain of its subsidiaries sponsor defined benefit pension plans covering some of its employees. The components of net periodic benefit cost of the Company’s defined benefit plans are as follows:
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2020
 
2019
 
2020
 
2019
Service cost
$
85

 
$
75

 
$
170

 
$
149

Interest cost
208

 
264

 
416

 
528

Expected return on plan assets
(363
)
 
(393
)
 
(727
)
 
(787
)
Amortization of net loss
188

 
107

 
376

 
215

Net periodic cost
$
118

 
$
53

 
$
235

 
$
105

During the six months ended March 31, 2020 and 2019, the Company made $244 and $48 in contributions, respectively, to its defined benefit pension plans. The Company anticipates making $173 of additional cash contributions to fund its defined benefit pension plans during the balance of fiscal 2020 and will use carryover balances from previous periods that have been available for use as a credit to reduce the amount of cash contributions that the Company is required to make to certain defined benefit plans in fiscal 2020. The Company's ability to elect to use such carryover balance will be determined based on the actual funded status of each defined benefit pension plan relative to the plan's minimum regulatory funding requirements. The Company does not anticipate making cash contributions above the minimum funding requirement to fund its defined benefit pension plans during the balance of fiscal 2020.
On November 26, 2019, the Company ratified a new collective bargaining agreement with one of its bargaining units. Included within the agreement was a provision to withdraw from its existing multi-employer plan resulting in the imposition of a withdrawal liability. The withdrawal liability of $739 was recorded within the cost of goods sold line of the consolidated condensed statement of operations and is included in other long-term liabilities and the current portion (next four quarterly installments) in accrued liabilities of the consolidated condensed balance sheets, payable in quarterly installments over the next 20 years.