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PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2023
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, 2023 and 2022:
| Pension |  | Other Postretirement
| 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | 36,609 |  |  | $ | 293,926 |  |  | $ | 12,813 |  |  | $ | 18,841 |
Acquisitions (1) | — |  |  | 9,829 |  |  | — |  |  | — |
Service cost | 163 |  |  | 392 |  |  | 76 |  |  | 165 |
Interest cost | 497 |  |  | 1,127 |  |  | 644 |  |  | 411 |
Actuarial gain | (512) |  |  | (19,978) |  |  | (641) |  |  | (5,989) |
Settlement | (24,242) |  |  | (242,232) |  |  | — |  |  | — |
Exchange loss (gain) | 979 |  |  | (3,093) |  |  | — |  |  | — |
Benefit payments | (598) |  |  | (3,362) |  |  | (517) |  |  | (615) |
Benefit obligation, end of year (2) | 12,896 |  |  | 36,609 |  |  | 12,375 |  |  | 12,813 |
Change in plan assets: |  |  |  |  |  |  |
Fair value, beginning of year | — |  |  | 208,344 |  |  | — |  |  | — |
Actual return | — |  |  | 368 |  |  | — |  |  | — |
Benefit payments | (598) |  |  | (3,362) |  |  | (517) |  |  | (615) |
Employer contributions | 24,840 |  |  | 36,882 |  |  | 517 |  |  | 615 |
Settlement | (24,242) |  |  | (242,232) |  |  | — |  |  | — |
Fair value, end of year | — |  |  | — |  |  | — |  |  | — |
Funded status | (12,896) |  |  | (36,609) |  |  | (12,375) |  |  | (12,813) |
Unrecognized actuarial (gain) loss | (1,518) |  |  | 5,140 |  |  | (5,906) |  |  | (5,973) |
Unrecognized prior service (credit) cost | — |  |  | (4,815) |  |  | (956) |  |  | (1,320) |
Net amount recognized | $ | (14,414) |  |  | $ | (36,284) |  |  | $ | (19,237) |  |  | $ | (20,106) |
Amounts recognized in the consolidated balance sheet: |  |  |  |  |  |  |
Current liability | $ | (68) |  |  | $ | (24,172) |  |  | $ | (876) |  |  | $ | (830) |
Noncurrent benefit liability | (12,828) |  |  | (12,437) |  |  | (11,499) |  |  | (11,983) |
Accumulated other comprehensive (income) loss | (1,518) |  |  | 325 |  |  | (6,862) |  |  | (7,293) |
Net amount recognized | $ | (14,414) |  |  | $ | (36,284) |  |  | $ | (19,237) |  |  | $ | (20,106) |
Amounts recognized in accumulated |  |  |  |  |  |  |
other comprehensive (income) loss: |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | (1,518) |  |  | $ | 5,140 |  |  | $ | (5,906) |  |  | $ | (5,973) |
Prior service (credit) cost | — |  |  | (4,815) |  |  | (956) |  |  | (1,320) |
Net amount recognized | $ | (1,518) |  |  | $ | 325 |  |  | $ | (6,862) |  |  | $ | (7,293) |
(1) Fiscal 2022 reflects 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
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $ | 163 |  |  | $ | 392 |  |  | $ | 7,919 |  |  | $ | 76 |  |  | $ | 165 |  |  | $ | 201 |
Interest cost * | 497 |  |  | 1,127 |  |  | 6,145 |  |  | 644 |  |  | 411 |  |  | 376 |
Expected return on plan assets * | — |  |  | (1,040) |  |  | (10,809) |  |  | — |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |
Prior service cost | — |  |  | (152) |  |  | (127) |  |  | (364) |  |  | (364) |  |  | (364) |
Net actuarial (gain) loss * | (64) |  |  | 469 |  |  | 9,769 |  |  | (708) |  |  | — |  |  | — |
Curtailment gain * | — |  |  | — |  |  | (220) |  |  | — |  |  | — |  |  | — |
Special termination benefits * | — |  |  | — |  |  | 315 |  |  | — |  |  | — |  |  | — |
Prior-service cost write-offs * | — |  |  | — |  |  | 261 |  |  | — |  |  | — |  |  | — |
Settlement* | 1,271 |  |  | 30,856 |  |  | — |  |  | — |  |  | — |  |  | — |
Net benefit cost | $ | 1,867 |  |  | $ | 31,652 |  |  | $ | 13,253 |  |  | $ | (352) |  |  | $ | 212 |  |  | $ | 213 |
* Non-service components of pension and postretirement expense are included in other income (deductions), net.
Contributions During Fiscal Year | Contributions made in fiscal 2023 are as follows:
Contributions | Pension |  | Other Postretirement
Supplemental retirement plan | $ | 23,469 |  |  | $ | — |
Other retirement plans | 1,371 |  |  | — |
Other postretirement plan | — |  |  | 517 |
Weighted-Average Assumptions for Principal Retirement and Other Postretirement Benefit Plans | The weighted-average assumptions for those plans were:
| Pension |  | Other Postretirement
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 4.13 | % |  | 4.01 | % |  | 2.79 | % |  | 5.86 | % |  | 5.37 | % |  | 2.83 | %
Return on plan assets | — | % |  | — | % |  | 3.10 | % |  | — |  |  | — |  |  | — |
Compensation increase | — | % |  | — | % |  | 3.50 | % |  | — |  |  | — |  |  | — |
Benefit Payments Expected to be Paid | Benefit payments expected to be paid are as follows:
Years ending September 30: | Pension Benefits |  | Other Postretirement Benefits
2024 | $ | 616 |  |  | $ | 876 |
2025 | 623 |  |  | 896 |
2026 | 628 |  |  | 910 |
2027 | 637 |  |  | 893 |
2028 | 650 |  |  | 893 |
2029-2033 | 3,499 |  |  | 4,287 |
| $ | 6,653 |  |  | $ | 8,755 |

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