The Company has defined benefit pension plans covering substantially all of its employees in the United States and certain foreign locations. The Company also provides certain postretirement health care and life insurance benefits to qualifying domestic retirees. Postretirement benefit plans in foreign countries are not material.

In January 1999, the Compensation and Benefits Committee of the Company’s Board of Directors approved design changes to the U.S. pension plan to reflect a pension equity formula. As a result, the U.S. pension plan was remeasured as of January 31, 1999, and the net periodic pension cost in 1999 and the benefit obligations at September 30, 1999 reflect the adoption of this change. No changes were made in the revaluation to the economic assumptions established at September 30, 1998.

The change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at September 30, 1999 and 1998 for these plans were as follows:

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Foreign pension plan assets at fair value included in the preceding table were $124,099 and $112,845 at September 30, 1999 and 1998, respectively. The foreign pension plan projected benefit obligations were $137,836 and $130,921 at September 30, 1999 and 1998, respectively.