EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Sep. 30, 2013

Compensation and Retirement Disclosure [Abstract]

The following summarizes the changes in the funded status of the plans and the related liabilities recognized on the Consolidated Balance Sheets as of September 30:



	Pension ⁽¹⁾						OPEB
(Thousands)	2013			2012			2013			2012
Change in Benefit Obligation
Benefit obligation at beginning of year	$	211,136		$	171,148		$	121,027		$	99,066
Service cost	6,871			5,375			4,686			3,584
Interest cost	8,942			8,825			5,148			5,133
Plan participants' contributions	49			47			32			29
Amendments	—			1,083			—			(3,423		)
Actuarial (gain) loss	(22,288		)	30,428			(15,645		)	18,807
Benefits paid, net of retiree subsidies received	(5,884		)	(5,770		)	(2,477		)	(2,169		)
Benefit obligation at end of year	$	198,826		$	211,136		$	112,771		$	121,027
Change in plan assets
Fair value of plan assets at beginning of year	$	166,664		$	124,289		$	41,090		$	31,428
Actual return on plan assets	19,323			28,018			5,120			6,222
Employer contributions	20,083			20,080			5,977			5,775
Benefits paid, net of plan participants' contributions	(5,834		)	(5,723		)	(2,632		)	(2,335		)
Fair value of plan assets at end of year	$	200,236		$	166,664		$	49,555		$	41,090
Funded status	$	1,410		$	(44,472	)	$	(63,216	)	$	(79,937	)
Amounts recognized on Consolidated Balance Sheets
Postemployment employee benefit (liability) asset
Current	$	(96	)	$	(93	)	$	(100	)	$	(120	)
Noncurrent	1,506			(44,379		)	(63,116		)	(79,817		)
Total	$	1,410		$	(44,472	)	$	(63,216	)	$	(79,937	)


(1)	Includes the Company's PEP.

Schedule of Pension Costs Recognized in Regulatory Assets and Accumulated Other Comprehensive Income Loss

The following table summarizes the amounts recognized in regulatory assets and accumulated other comprehensive income as of September 30:



	Regulatory Assets							Accumulated Other Comprehensive Income (Loss)
	Pension			OPEB				Pension			OPEB
Balance at September 30, 2011	$	72,355		$	47,925		⁽¹⁾	$	22,160		$	3,752
Amounts arising during the period:
Net actuarial loss (gain)	10,896			16,773				4,198			(1,442		)
Amounts amortized to net periodic costs:
Net actuarial (loss)	(3,848		)	(2,671		)		(1,166		)	(223		)
Prior service credit (cost)	1,046			(2,677		)		(9		)	(420		)
Net transition obligation	—			(551		)		—			(156		)
Balance at September 30, 2012	$	80,449		$	58,799		⁽¹⁾	$	25,183		$	1,511
Amounts arising during the period:
Net actuarial (gain)	(17,961		)	(13,523		)		(8,826		)	(3,589		)
Amounts amortized to net periodic costs:
Net actuarial (loss)	(5,719		)	(3,743		)		(1,927		)	(114		)
Prior service (cost) credit	(105		)	301				(3		)	54
Net transition obligation	—			(22		)		—			(4		)
Balance at September 30, 2013	$	56,664		$	41,812			$	14,427		$	(2,142	)


(1)	Balance represents amounts recognized in accordance with ASC 715 and excludes $308,000 associated with a regulatory asset approved by the BPU for fiscal 2012.

The amounts in regulatory assets and accumulated other comprehensive income not yet recognized as components of net periodic benefit cost as of September 30 are:



	Regulatory Assets										Accumulated Other Comprehensive Income (Loss)
	Pension				OPEB						Pension				OPEB
(Thousands)	2013		2012		2013			2012			2013		2012		2013			2012
Net actuarial loss (gain)	$	55,559	$	79,239	$	44,140		$	61,406		$	14,412	$	25,165	$	(1,782	)	$	1,921
Prior service cost (credit)	1,105		1,210		(2,339		)	(2,640		)	15		18		(360		)	(414		)
Net transition obligation	—		—		11			33			—		—		—			4
Total	$	56,664	$	80,449	$	41,812		$	58,799		$	14,427	$	25,183	$	(2,142	)	$	1,511

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

Amounts included in regulatory assets and accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in fiscal 2014 are as follows:



	Regulatory Assets						Accumulated Other Comprehensive Income (Loss)
(Thousands)	Pension		OPEB				Pension		OPEB
Net actuarial gain	$	4,348	$	2,607		—	$	1,248	$	(107	)
Prior service credit	108		11			—	3		—
Net transition obligation	—		(303		)	—	—		(54		)
Total	$	4,456	$	2,315		—	$	1,251	$	(161	)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The accumulated benefit obligation for the pension plans, including the PEP, exceeded the fair value of plan assets. The projected benefit and accumulated benefit obligations and the fair value of plan assets as of September 30, are as follows:



	Pension
(Thousands)	2013		2012
Projected benefit obligation	$	198,826	$	211,136
Accumulated benefit obligation	$	176,172	$	186,825
Fair value of plan assets	$	200,236	$	166,664

Schedule of Net Benefit Costs

The components of the net periodic cost for pension benefits, including the Company's PEP, and OPEB costs (principally health care and life insurance) for employees and covered dependents for fiscal years ended September 30, are as follows:



	Pension									OPEB
(Thousands)	2013			2012			2011			2013			2012			2011
Service cost	$	6,871		$	5,375		$	4,775		$	4,686		$	3,584		$	3,345
Interest cost	8,942			8,825			8,378			5,148			5,133			4,845
Expected return on plan assets	(14,825		)	(12,685		)	(11,490		)	(3,653		)	(2,746		)	(2,472		)
Recognized actuarial loss	7,646			5,015			3,946			3,857			2,894			2,612
Prior service cost amortization	108			46			48			(355		)	25			75
Recognized net initial obligation	—			—			—			26			356			356
Net periodic benefit cost	$	8,742		$	6,576		$	5,657		$	9,709		$	9,246		$	8,761

Schedule of Assumptions Used

The weighted average assumptions used to determine benefit costs during the fiscal year and obligations as of September 30, are as follows:



	Pension						OPEB
	2013		2012		2011		2013		2012		2011
Benefit costs:
Discount rate	4.30	%	5.25	%	5.50	%	4.30	%	5.25	%	5.50	%
Expected asset return	8.50	%	8.25	%	8.25	%	8.50	%	8.25	%	8.25	%
Compensation increase	3.25	%	3.25	%	2.50/3.25%		3.25	%	3.25	%	3.25	%

Obligations:
Discount rate	5.15	%	4.30	%	5.25	%	5.15	%	4.30	%	5.25	%
Compensation increase	3.25	%	3.25	%	3.25	%	3.25	%	3.25	%	3.25	%

Schedule of Health Care Cost Trend Rates and Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates

Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, and the effect of a one percent change in the rate, are as follows:



($ in thousands)	2013			2012			2011
HCCTR	7.3		%	7.5		%	8.2		%
Ultimate HCCTR	4.8		%	4.8		%	4.8		%
Year ultimate HCCTR reached	2022			2022			2019

Effect of a 1 percentage point increase in the HCCTR on:
Year-end benefit obligation	$	18,008		$	21,278		$	17,193
Total service and interest cost	$	2,156		$	1,868		$	1,751
Effect of a 1 percentage point decrease in the HCCTR on:
Year-end benefit obligation	$	(14,629	)	$	(17,034	)	$	(13,792	)
Total service and interest costs	$	(1,675	)	$	(1,457	)	$	(1,367	)

Schedule of Allocation of Plan Assets

The mix and targeted allocation of the pension and OPEB plans' assets are as follows:



	2014		Assets at
	Target		September 30,
Asset Allocation	Allocation		2013		2012
U.S. equity securities	40	%	42	%	39	%
International equity securities	20		22		21
Fixed income	40		36		40
Total	100	%	100	%	100	%

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:



(Thousands)	Pension		OPEB
2014	$	6,819	$	3,135
2015	$	7,323	$	3,677
2016	$	7,900	$	4,211
2017	$	8,438	$	4,729
2018	$	9,210	$	5,269
2019 - 2023	$	58,543	$	35,631

Schedule of Prescription Drug Subsidies

The estimated subsidy payments are:



	Estimated Subsidy Payment
Fiscal Year	(Thousands)
2014	$211
2015	$228
2016	$249
2017	$274
2018	$299
2019 - 2023	$1,988

Schedule of Defined Benefit Plans Disclosures

Pension and OPEB assets held in the master trust, measured at fair value, as of September 30, are summarized as follows:



	Quoted Prices in Active Markets for Identical Assets (Level 1)
(Thousands)	Pension				OPEB
Assets	2013		2012		2013		2012
Money market funds	$	3	$	—	$	1,150	$	1,159
Registered Investment Companies-
Equity Funds
Large Cap Index Fund	69,707		55,006		16,419		13,217
Vanguard Extended Market Index Fund	14,736		9,988		3,444		2,380
Vanguard Total International Stock	42,792		34,266		10,033		8,166
Fixed Income Funds
Emerging Markets Debt Fund	8,754		8,380		11,684		10,207
High Yield Bond Fund	19,850		16,635		2,163		1,997
Long Duration Fund	44,394		42,389		4,662		3,964
Total assets at fair value	$	200,236	$	166,664	$	49,555	$	41,090