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PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2020
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, 2020 and 2019:
| Pension |  | Other Postretirement
| 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | 289,957 |  |  | $ | 241,553 |  |  | $ | 20,952 |  |  | $ | 18,826 |
Service cost | 8,679 |  |  | 7,998 |  |  | 227 |  |  | 244 |
Interest cost | 7,735 |  |  | 9,202 |  |  | 501 |  |  | 718 |
Actuarial loss (gain) | 23,827 |  |  | 43,198 |  |  | (1,402) |  |  | 2,212 |
Exchange loss (gain) | 799 |  |  | (581) |  |  | — |  |  | — |
Benefit payments | (12,110) |  |  | (11,413) |  |  | (847) |  |  | (1,048) |
Benefit obligation, end of year | 318,887 |  |  | 289,957 |  |  | 19,431 |  |  | 20,952 |
Change in plan assets: |  |  |  |  |  |  |
Fair value, beginning of year (1) | 155,313 |  |  | 158,662 |  |  | — |  |  | — |
Actual return | 8,705 |  |  | 6,852 |  |  | — |  |  | — |
Benefit payments | (12,110) |  |  | (11,413) |  |  | (847) |  |  | (1,048) |
Employer contributions | 16,226 |  |  | 1,212 |  |  | 847 |  |  | 1,048 |
Fair value, end of year (1) | 168,134 |  |  | 155,313 |  |  | — |  |  | — |
Funded status (1) | (150,753) |  |  | (134,644) |  |  | (19,431) |  |  | (20,952) |
Unrecognized actuarial loss (gain) | 110,971 |  |  | 95,741 |  |  | 676 |  |  | (106) |
Unrecognized prior service cost | 343 |  |  | (367) |  |  | (2,048) |  |  | (330) |
Net amount recognized | $ | (39,439) |  |  | $ | (39,270) |  |  | $ | (20,803) |  |  | $ | (21,388) |
Amounts recognized in the consolidated balance sheet: |  |  |  |  |  |  |
Current liability | $ | (905) |  |  | $ | (882) |  |  | $ | (831) |  |  | $ | (989) |
Noncurrent benefit liability | (149,848) |  |  | (133,762) |  |  | (18,600) |  |  | (19,963) |
Accumulated other comprehensive loss (income) | 111,314 |  |  | 95,374 |  |  | (1,372) |  |  | (436) |
Net amount recognized | $ | (39,439) |  |  | $ | (39,270) |  |  | $ | (20,803) |  |  | $ | (21,388) |
Amounts recognized in accumulated |  |  |  |  |  |  |
other comprehensive loss (income): |  |  |  |  |  |  |
Net actuarial loss (income) | $ | 110,971 |  |  | $ | 95,741 |  |  | $ | 676 |  |  | $ | (106) |
Prior service cost | 343 |  |  | (367) |  |  | (2,048) |  |  | (330) |
Net amount recognized | $ | 111,314 |  |  | $ | 95,374 |  |  | $ | (1,372) |  |  | $ | (436) |
(1) The fair value of plan assets and funded status do not include the value of investments held in trust for the Company's non-qualified supplemental retirement plan. These investments totaled $24,610 and $22,986 as of September 30, 2020 and 2019, respectively. Refer to Note 7, "Investments" for further details.
Net Periodic Pension and Other Postretirement Benefit Cost | Net periodic pension and other postretirement benefit cost for the plans included the following:
| Pension |  | Other Postretirement
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | 8,679 |  |  | $ | 7,998 |  |  | $ | 8,159 |  |  | $ | 227 |  |  | $ | 244 |  |  | $ | 335 |
Interest cost * | 7,735 |  |  | 9,202 |  |  | 8,210 |  |  | 501 |  |  | 718 |  |  | 631 |
Expected return on plan assets * | (10,214) |  |  | (10,304) |  |  | (10,136) |  |  | — |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |
Prior service cost | (186) |  |  | (186) |  |  | (138) |  |  | (464) |  |  | (195) |  |  | (195) |
Net actuarial loss * | 9,767 |  |  | 4,245 |  |  | 7,018 |  |  | — |  |  | (59) |  |  | — |
Net benefit cost | $ | 15,781 |  |  | $ | 10,955 |  |  | $ | 13,113 |  |  | $ | 264 |  |  | $ | 708 |  |  | $ | 771 |
* Non-service components of pension and postretirement expense are included in other income (deductions), net.
Contributions During Fiscal Year | Contributions made in fiscal 2020 are as follows:
Contributions | Pension |  | Other Postretirement
Principal retirement plan * | $ | 14,983 |  |  | $ | — |
Supplemental retirement plan | 821 |  |  | — |
Other retirement plans | 422 |  |  | — |
Other postretirement plan | — |  |  | 847 |
* Amount represents contribution of Matthews Class A Common Stock (see above).
Amounts of AOCI Expected to be Recognized in Net Periodic Benefit Costs | Amounts of AOCI expected to be recognized in net periodic benefit costs in fiscal 2021 include:
| Pension Benefits |  | Other Postretirement Benefits
Net actuarial loss | $ | 12,076 |  |  | $ | — |
Prior service cost | (68) |  |  | (364) |
Weighted-Average Assumptions for Principal Retirement and Other Postretirement Benefit Plans | The weighted-average assumptions for those plans were:
| Pension |  | Other Postretirement
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate | 2.62 | % |  | 3.13 | % |  | 4.21 | % |  | 2.63 | % |  | 3.10 | % |  | 4.19 | %
Return on plan assets | 6.75 | % |  | 6.75 | % |  | 6.75 | % |  | — |  |  | — |  |  | — |
Compensation increase | 3.50 | % |  | 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, 2020 and 2019 and weighted-average target allocation were as follows:
| Plan Assets at |  | Target
Asset Category | 2020 |  | 2019 |  | Allocation*
Equity securities | $ | 118,677 |  |  | $ | 105,297 |  |  | 65 | %
Fixed income, cash and cash equivalents | 34,184 |  |  | 39,156 |  |  | 25 | %
Other investments | 15,273 |  |  | 10,860 |  |  | 10 | %
| $ | 168,134 |  |  | $ | 155,313 |  |  | 100 | %
* Target allocation relates to the Company's primary defined benefit pension plan as of September 30, 2020.
Fair Value Allocation of Plan Assets | The Company's defined benefit pension plans' asset categories at September 30, 2020 and 2019 were as follows:
| September 30, 2020
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities - stocks (1) | $ | 37,089 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,089 |
Equity securities - mutual funds | 81,588 |  |  | — |  |  | — |  |  | 81,588 |
Fixed income securities | 11,738 |  |  | 20,086 |  |  | — |  |  | 31,824 |
Cash and cash equivalents | 2,360 |  |  | — |  |  | — |  |  | 2,360 |
Other investments | — |  |  | — |  |  | 15,273 |  |  | 15,273 |
Total | $ | 132,775 |  |  | $ | 20,086 |  |  | $ | 15,273 |  |  | $ | 168,134 |
(1) Includes $14,936 of of Matthews Class A Common Stock in Level 1. |  |  |  |  |  |  |
| September 30, 2019
Asset Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities - stocks | $ | 54,985 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,985 |
Equity securities - mutual funds | 50,312 |  |  | — |  |  | — |  |  | 50,312 |
Fixed income securities | 15,829 |  |  | 18,968 |  |  | — |  |  | 34,797 |
Cash and cash equivalents | 4,359 |  |  | — |  |  | — |  |  | 4,359 |
Other investments | — |  |  | — |  |  | 10,860 |  |  | 10,860 |
Total | $ | 125,485 |  |  | $ | 18,968 |  |  | $ | 10,860 |  |  | $ | 155,313 |
Changes in Fair Value of Level 3 Plan Assets | Changes in the fair value of Level 3 assets at September 30, 2020 and 2019 are summarized as follows:
Asset Category | Fair Value, Beginning of Period |  | Acquisitions |  | Dispositions |  | Realized Gains |  | Unrealized Gains (Losses) |  | Fair Value, End of Period
Other investments: |  |  |  |  |  |  |  |  |  |  |
Fiscal Year Ended: |  |  |  |  |  |  |  |  |  |  |
September 30, 2020 | $ | 10,860 |  |  | $ | 10,835 |  |  | $ | (6,326) |  |  | $ | 220 |  |  | $ | (316) |  |  | $ | 15,273 |
September 30, 2019 | 10,115 |  |  | 4,162 |  |  | (2,786) |  |  | 685 |  |  | (1,316) |  |  | 10,860 |
Benefit Payments Expected to be Paid | Benefit payments expected to be paid are as follows:
Years ending September 30: | Pension Benefits |  | Other Postretirement Benefits
2021 | $ | 11,363 |  |  | $ | 831 |
2022 | 12,302 |  |  | 858 |
2023 | 12,630 |  |  | 887 |
2024 | 14,138 |  |  | 910 |
2025 | 14,252 |  |  | 931 |
2026-2030 | 78,163 |  |  | 4,557 |
| $ | 142,848 |  |  | $ | 8,974 |

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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans classified as Level 3, showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References No definition available. + Details
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