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v3.22.2.2

PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended
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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:
| Pension |  | Other Postretirement
| 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | 293,926 |  |  | $ | 318,887 |  |  | $ | 18,841 |  |  | $ | 19,431 |
Acquisitions (1) | 9,829 |  |  | — |  |  | — |  |  | — |
Service cost | 392 |  |  | 7,919 |  |  | 165 |  |  | 201 |
Interest cost | 1,127 |  |  | 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 year | 208,344 |  |  | 168,134 |  |  | — |  |  | — |
Actual return | 368 |  |  | 37,789 |  |  | — |  |  | — |
Benefit payments | (3,362) |  |  | (13,838) |  |  | (615) |  |  | (507) |
Employer contributions | 36,882 |  |  | 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:
| Pension |  | Other Postretirement
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
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:
Contributions | Pension |  | Other Postretirement
Principal defined benefit retirement plan | $ | 35,706 |  |  | $ | — |
Supplemental retirement plan | 760 |  |  | — |
Other retirement plans | 416 |  |  | — |
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
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Discount rate | 4.01 | % |  | 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 Category |  |  | 2021 |  |
Equity securities |  |  | $ | 4,075 |  |  |
Fixed income, cash and cash equivalents |  |  | 189,958 |  |  |
Other investments |  |  | 14,311 |  |  |
|  |  | $ | 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 Category | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities - stocks (1) | $ | 4,075 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,075 |
Fixed income securities | 10,403 |  |  | 101,133 |  |  | — |  |  | 111,536 |
Cash and cash equivalents | 78,422 |  |  | — |  |  | — |  |  | 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 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, 2022 | $ | 14,311 |  |  | $ | — |  |  | $ | (14,700) |  |  | $ | 139 |  |  | $ | 250 |  |  | $ | — |
September 30, 2021 | 15,273 |  |  | 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 |
2024 | 551 |  |  | 855 |
2025 | 560 |  |  | 870 |
2026 | 564 |  |  | 875 |
2027 | 573 |  |  | 859 |
2028-2032 | 3,067 |  |  | 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).

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