Note 12 - Employee Benefit Plans (Tables)
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12 Months Ended |
Sep. 30, 2024 |
Notes Tables |
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Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] |
| | Pension Plan | | | Postretirement Plan | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Accumulated benefit obligation | | $ | 26,859,162 | | | $ | 24,449,856 | | | $ | 10,842,455 | | | $ | 11,248,448 | |
Change in benefit obligation: | | | | | | | | | | | | | | | | |
Benefit obligation at beginning of year | | $ | 26,747,624 | | | $ | 27,268,456 | | | $ | 11,248,448 | | | $ | 12,416,546 | |
Service cost | | | 324,265 | | | | 366,537 | | | | 30,398 | | | | 45,897 | |
Interest cost | | | 1,468,822 | | | | 1,372,098 | | | | 613,477 | | | | 620,622 | |
Actuarial loss (gain) | | | 2,613,621 | | | | (1,031,160 | ) | | | (540,914 | ) | | | (1,331,541 | ) |
Benefit payments, net of retiree contributions | | | (1,280,904 | ) | | | (1,228,307 | ) | | | (508,954 | ) | | | (503,076 | ) |
Benefit obligation at end of year | | $ | 29,873,428 | | | $ | 26,747,624 | | | $ | 10,842,455 | | | $ | 11,248,448 | |
Change in fair value of plan assets: | | | | | | | | | | | | | | | | |
Fair value of plan assets at beginning of year | | $ | 26,878,661 | | | $ | 28,017,797 | | | $ | 13,019,313 | | | $ | 12,138,119 | |
Actual return on plan assets, net of taxes | | | 5,456,381 | | | | 89,171 | | | | 2,567,922 | | | | 1,384,270 | |
Employer contributions | | | — | | | | — | | | | — | | | | — | |
Benefit payments, net of retiree contributions | | | (1,280,904 | ) | | | (1,228,307 | ) | | | (508,954 | ) | | | (503,076 | ) |
Fair value of plan assets at end of year | | $ | 31,054,138 | | | $ | 26,878,661 | | | $ | 15,078,281 | | | $ | 13,019,313 | |
Funded status | | $ | 1,180,710 | | | $ | 131,037 | | | $ | 4,235,826 | | | $ | 1,770,865 | |
Amounts recognized in the consolidated balance sheet consist of: | | | | | | | | | | | | | | | | |
Benefit plan assets under other non-current assets | | $ | 1,180,710 | | | $ | 131,037 | | | $ | 4,235,826 | | | $ | 1,770,865 | |
Benefit plan liabilities under deferred credits and other non-current liabilities | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Amounts recognized in accumulated other comprehensive income: | | | | | | | | | | | | | | | | |
Net actuarial loss (gain), net of tax | | $ | 432,149 | | | $ | 1,168,687 | | | $ | (227,071 | ) | | $ | 6,946 | |
Total amounts included in accumulated other comprehensive income, net of tax | | $ | 432,149 | | | $ | 1,168,687 | | | $ | (227,071 | ) | | $ | 6,946 | |
Amounts deferred to a regulatory asset (liability): | | | | | | | | | | | | | | | | |
Net actuarial loss (gain) | | $ | 3,041,666 | | | $ | 4,029,282 | | | $ | (4,032,929 | ) | | $ | (1,813,071 | ) |
Amounts recognized as regulatory assets (liabilities) | | $ | 3,041,666 | | | $ | 4,029,282 | | | $ | (4,032,929 | ) | | $ | (1,813,071 | ) |
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Defined Benefit Plan, Assumptions [Table Text Block] |
| | Pension Plan | | | Postretirement Plan | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Assumptions used to determine benefit obligations: | | | | | | | | | | | | | | | | |
Discount rate | | | 4.83 | % | | | 5.63 | % | | | 4.83 | % | | | 5.63 | % |
Expected rate of compensation increase | | | 4.00 | % | | | 4.00 | % | | | N/A | | | | N/A | |
Assumptions used to determine benefit costs: | | | | | | | | | | | | | | | | |
Discount rate | | | 5.63 | % | | | 5.15 | % | | | 5.63 | % | | | 5.16 | % |
Expected long-term rate of return on plan assets | | | 4.50 | % | | | 4.50 | % | | | 4.21 | % | | | 3.95 | % |
Expected rate of compensation increase | | | 4.00 | % | | | 4.00 | % | | | N/A | | | | N/A | |
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Schedule of Net Benefit Costs [Table Text Block] |
| | Pension Plan | | | Postretirement Plan | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Service cost | | $ | 324,265 | | | $ | 366,537 | | | $ | 30,398 | | | $ | 45,897 | |
Interest cost | | | 1,468,822 | | | | 1,372,098 | | | | 613,477 | | | | 620,622 | |
Expected return on plan assets | | | (1,179,830 | ) | | | (1,232,597 | ) | | | (533,249 | ) | | | (464,046 | ) |
Recognized loss (gain) | | | 316,522 | | | | 316,724 | | | | (40,597 | ) | | | — | |
Net periodic benefit cost | | $ | 929,779 | | | $ | 822,762 | | | $ | 70,029 | | | $ | 202,473 | |
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Schedule of Health Care Cost Trend Rates [Table Text Block] |
| | Pre 65 | | | Post 65 | |
| | 2024 | | | 2023 | | | 2024 | | | 2023 | |
Health care cost trend rate assumed for next year | | | 7.00 | % | | | 6.30 | % | | | 5.60 | % | | | 5.20 | % |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | | | 4.00 | % | | | 3.94 | % | | | 4.00 | % | | | 3.94 | % |
Year that the rate reaches the ultimate trend rate | | 2075 | | | 2075 | | | 2075 | | | 2075 | |
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Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] |
| | 1% Increase | | | 1% Decrease | |
Effect on total service and interest cost components | | $ | 71,000 | | | $ | (61,000 | ) |
Effect on accumulated postretirement benefit obligation | | | 1,204,000 | | | | (1,031,000 | ) |
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Schedule of Allocation of Plan Assets [Table Text Block] |
| | Pension Plan | | | Postretirement Plan | |
| | Target | | | 2024 | | | 2023 | | | Target | | | 2024 | | | 2023 | |
Asset category: | | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities | | | 25 | % | | | 25 | % | | | 27 | % | | | 30 | % | | | 48 | % | | | 43 | % |
Debt securities | | | 75 | % | | | 75 | % | | | 72 | % | | | 70 | % | | | 36 | % | | | 37 | % |
Cash | | | — | % | | | — | % | | | 1 | % | | | — | % | | | 16 | % | | | 20 | % |
| | | | | | Pension Plan | |
| | | | | | Fair Value Measurements - September 30, 2024 | |
| | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | |
Asset Class: | | | | | | | | | | | | | | | | |
Cash | | $ | 142,921 | | | $ | 142,921 | | | $ | — | | | $ | — | |
Common and Collective Trust and Pooled Funds: | | | | | | | | | | | | | | | | |
Bond Funds | | | 19,505,237 | | | | — | | | | 19,505,237 | | | | — | |
Mutual Funds: | | | | | | | | | | | | | | | | |
Domestic Fixed Income | | | 3,791,697 | | | | 3,791,697 | | | | — | | | | — | |
Equities | | | | | | | | | | | | | | | | |
Domestic Large Cap Growth | | | 2,073,092 | | | | 2,073,092 | | | | — | | | | — | |
Domestic Large Cap Value | | | 2,469,045 | | | | 2,469,045 | | | | — | | | | — | |
Domestic Small/Mid Cap Core | | | 1,297,579 | | | | 1,297,579 | | | | — | | | | — | |
Foreign Large Cap Growth | | | 498,732 | | | | 498,732 | | | | — | | | | — | |
Foreign Large Cap Value | | | 482,222 | | | | 482,222 | | | | — | | | | — | |
Foreign Large Cap Core | | | 793,613 | | | | 793,613 | | | | — | | | | — | |
Total | | $ | 31,054,138 | | | $ | 11,548,901 | | | $ | 19,505,237 | | | $ | — | |
| | | | | | Pension Plan | |
| | | | | | Fair Value Measurements - September 30, 2023 | |
| | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | |
Asset Class: | | | | | | | | | | | | | | | | |
Cash | | $ | 202,218 | | | $ | 202,218 | | | $ | — | | | $ | — | |
Common and Collective Trust and Pooled Funds: | | | | | | | | | | | | | | | | |
Bond Funds | | | 16,446,813 | | | | — | | | | 16,446,813 | | | | — | |
Mutual Funds: | | | | | | | | | | | | | | | | |
Domestic Fixed Income | | | 3,000,525 | | | | 3,000,525 | | | | — | | | | — | |
Equities | | | | | | | | | | | | | | | | |
Domestic Large Cap Growth | | | 2,256,767 | | | | 2,256,767 | | | | — | | | | — | |
Domestic Large Cap Value | | | 2,222,733 | | | | 2,222,733 | | | | — | | | | — | |
Domestic Small/Mid Cap Core | | | 1,082,801 | | | | 1,082,801 | | | | — | | | | — | |
Foreign Large Cap Growth | | | 481,309 | | | | 481,309 | | | | — | | | | — | |
Foreign Large Cap Value | | | 463,907 | | | | 463,907 | | | | — | | | | — | |
Foreign Large Cap Core | | | 721,588 | | | | 721,588 | | | | — | | | | — | |
Total | | $ | 26,878,661 | | | $ | 10,431,848 | | | $ | 16,446,813 | | | $ | — | |
| | | | | | Postretirement Plan | |
| | | | | | Fair Value Measurements - September 30, 2024 | |
| | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | |
Asset Class: | | | | | | | | | | | | | | | | |
Cash | | $ | 2,381,909 | | | $ | 2,381,909 | | | $ | — | | | $ | — | |
Mutual Funds: | | | | | | | | | | | | | | | | |
Bonds | | | | | | | | | | | | | | | | |
Domestic Fixed Income | | | 5,457,976 | | | | 5,457,976 | | | | — | | | | — | |
Equities | | | | | | | | | | | | | | | | |
Domestic Large Cap Growth | | | 2,412,824 | | | | 2,412,824 | | | | — | | | | — | |
Domestic Large Cap Value | | | 1,996,262 | | | | 1,996,262 | | | | — | | | | — | |
Domestic Small/Mid Cap Core | | | 738,393 | | | | 738,393 | | | | — | | | | — | |
Foreign Large Cap Growth | | | 532,391 | | | | 532,391 | | | | — | | | | — | |
Foreign Large Cap Value | | | 652,023 | | | | 652,023 | | | | — | | | | — | |
Foreign Large Cap Core | | | 906,503 | | | | 906,503 | | | | — | | | | — | |
Total | | $ | 15,078,281 | | | $ | 15,078,281 | | | $ | — | | | $ | — | |
| | | | | | Postretirement Plan | |
| | | | | | Fair Value Measurements - September 30, 2023 | |
| | Fair Value | | | Level 1 | | | Level 2 | | | Level 3 | |
Asset Class: | | | | | | | | | | | | | | | | |
Cash | | $ | 2,640,622 | | | $ | 2,640,622 | | | $ | — | | | $ | — | |
Mutual Funds: | | | | | | | | | | | | | | | | |
Bonds | | | | | | | | | | | | | | | | |
Domestic Fixed Income | | | 4,841,048 | | | | 4,841,048 | | | | — | | | | — | |
Foreign Fixed Income | | | — | | | | — | | | | — | | | | — | |
Equities | | | | | | | | | | | | | | | | |
Domestic Large Cap Growth | | | 1,693,422 | | | | 1,693,422 | | | | — | | | | — | |
Domestic Large Cap Value | | | 1,570,538 | | | | 1,570,538 | | | | — | | | | — | |
Domestic Small/Mid Cap Growth | | | — | | | | — | | | | — | | | | — | |
Domestic Small/Mid Cap Value | | | — | | | | — | | | | — | | | | — | |
Domestic Small/Mid Cap Core | | | 588,898 | | | | 588,898 | | | | — | | | | — | |
Foreign Large Cap Growth | | | 433,886 | | | | 433,886 | | | | — | | | | — | |
Foreign Large Cap Value | | | 526,364 | | | | 526,364 | | | | — | | | | — | |
Foreign Large Cap Core | | | 724,535 | | | | 724,535 | | | | — | | | | — | |
Total | | $ | 13,019,313 | | | $ | 13,019,313 | | | $ | — | | | $ | — | |
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Schedule of Expected Benefit Payments [Table Text Block] |
| | | Pension | | | Postretirement | |
Fiscal year ending September 30 | | | Plan | | | Plan | |
2025 | | | $ | 1,361,000 | | | $ | 682,000 | |
2026 | | | | 1,446,000 | | | | 698,000 | |
2027 | | | | 1,554,000 | | | | 730,000 | |
2028 | | | | 1,639,000 | | | | 734,000 | |
2029 | | | | 1,712,000 | | | | 766,000 | |
2030 - 2034 | | | | 9,483,000 | | | | 3,830,000 | |
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NQDC Plan [Member] |
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Notes Tables |
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Defined Contribution Plan Disclosures [Table Text Block] |
| | 2024 | | | 2023 | |
Beginning deferred compensation balance | | $ | 47,674 | | | $ | 59,108 | |
Employer contributions | | | 52,400 | | | | — | |
Earnings | | | 13,526 | | | | 6,787 | |
Forfeitures | | | — | | | | (18,221 | ) |
Ending deferred compensation balance | | $ | 113,600 | | | $ | 47,674 | |
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The 401K Plan [Member] |
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Notes Tables |
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Defined Contribution Plan Disclosures [Table Text Block] |
| | Years Ended September 30 | |
| | 2024 | | | 2023 | |
Matching contribution | | $ | 427,022 | | | $ | 388,616 | |
Discretionary contribution | | | 112,207 | | | | 75,899 | |
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