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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
Summary of Changes in Funded Status of Plans and Liabilities Recognized
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)2021202020212020
Change in Benefit Obligation
Benefit obligation at beginning of year$397,164 $360,477 $245,862 $260,003 
Service cost8,730 8,223 4,844 4,854 
Interest cost9,112 10,587 6,071 7,026 
Plan participants’ contributions (2)
27 25 451 194 
Actuarial (gain) loss(7,319)29,738 (4,715)(23,226)
Benefits paid, net of retiree subsidies received(12,167)(11,886)(7,839)(2,989)
Benefit obligation at end of year$395,547 $397,164 $244,674 $245,862 
Change in plan assets
Fair value of plan assets at beginning of year$307,968 $288,634 $96,406 $83,925 
Actual return on plan assets58,874 30,632 18,144 6,872 
Employer contributions548 596 7,198 8,436 
Benefits paid, net of plan participants’ contributions (2)
(12,106)(11,894)(7,565)(2,827)
Fair value of plan assets at end of year$355,284 $307,968 $114,183 $96,406 
Funded status$(40,263)$(89,196)$(130,491)$(149,456)
Amounts recognized on Consolidated Balance Sheets
Postemployment employee (liability)
Current$(587)$(531)$(900)$(900)
Noncurrent(39,676)(88,665)(129,591)(148,556)
Total$(40,263)$(89,196)$(130,491)$(149,456)
(1)Includes the Company’s PEP.
(2)Prior to July 1, 1998, employees were eligible to elect an additional participant contribution to enhance their benefits and contributions made during the periods were insignificant.
Summary of Regulatory Assets and Accumulated Other Comprehensive Income
The following table summarizes the amounts recognized in regulatory assets and accumulated other comprehensive income as of September 30:
Regulatory AssetsAccumulated Other Comprehensive Income (Loss)
PensionOPEBPensionOPEB
Balance at September 30, 2019$99,606 $111,629 $27,801 $16,328 
Amounts arising during the period:
Net actuarial loss (gain)11,953 (21,974)7,731 (1,614)
Amounts amortized to net periodic costs:
Net actuarial (loss)(7,893)(6,536)(2,528)(907)
Prior service (cost) credit(102)182 — 16 
Balance at September 30, 2020$103,564 $83,301 $33,004 $13,823 
Amounts arising during the period:
Net actuarial (gain)(39,006)(16,286)(7,036)(76)
Amounts amortized to net periodic costs:
Net actuarial (loss)(8,269)(6,846)(3,178)(1,064)
Prior service (cost) credit(102)166 — 13 
Balance at September 30, 2021$56,187 $60,335 $22,790 $12,696 
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 AssetsAccumulated Other Comprehensive
Income (Loss)
PensionOPEBPensionOPEB
(Thousands)20212020202120202021202020212020
Net actuarial loss$55,922 $103,197 $60,468 $83,600 $22,790 $33,004 $12,707 $13,847 
Prior service cost (credit)265 367 (133)(299)— — (11)(24)
Total$56,187 $103,564 $60,335 $83,301 $22,790 $33,004 $12,696 $13,823 
Amounts included in regulatory assets and accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in fiscal 2022 are as follows:
Regulatory AssetsAccumulated Other Comprehensive Income (Loss)
(Thousands)PensionOPEBPensionOPEB
Net actuarial loss$5,843 $4,577 $2,902 $1,107 
Prior service cost (credit)102 (133)— (11)
Total$5,945 $4,444 $2,902 $1,096 
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 during fiscal 2020. The projected benefit and accumulated benefit obligations and the fair value of plan assets as of September 30, are as follows:
Pension
(Thousands)20212020
Projected benefit obligation$395,547 $397,164 
Accumulated benefit obligation$353,852 $352,320 
Fair value of plan assets$355,284 $307,968 
Components of Net Periodic Cost
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:
PensionOPEB
(Thousands)202120202019202120202019
Service cost$8,730 $8,223 $7,381 $4,844 $4,854 $4,404 
Interest cost9,112 10,587 12,173 6,071 7,026 8,324 
Expected return on plan assets(20,150)(20,579)(19,054)(6,497)(6,510)(5,515)
Recognized actuarial loss11,446 10,424 5,765 7,909 7,442 6,466 
Prior service cost (credit) amortization102 102 102 (179)(197)(365)
Net periodic benefit cost recognized as expense$9,240 $8,757 $6,367 $12,148 $12,615 $13,314 
Schedule of Weighted Average Assumptions Used
The weighted average assumptions used to determine the Company’s benefit costs during the fiscal years below and obligations as of September 30, are as follows:
PensionOPEB
202120202019202120202019
Benefit costs:
Discount rate
2.95/2.92%
(1)
3.37/3.35%
(1)
4.36/4.35%
(1)
3.08/3.03%
(1)
3.48/3.44%
(1)
4.38/4.37%
(1)
Expected asset return6.75 %7.25 %7.00 %6.75 %7.25 %7.00 %
Compensation increase
3.00/3.50%
(1)
3.00/3.50%
(1)
3.25/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.25/3.50%
(1)
Obligations:
Discount rate
3.10/3.07%
(1)
2.95/2.92%
(1)
3.37/3.35%
3.24/3.17%
(1)
3.08/3.03%
(1)
3.48/3.44%
(1)
Compensation increase
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
(1)Percentages for represented and nonrepresented plans, respectively.
Summary of Pension and OPEB Assets
Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, and the effect of a 1 percent change in the rate, are as follows:
($ in thousands)202120202019
HCCTR6.9%7.6%7.6%
Ultimate HCCTR4.5%4.5%4.5%
Year ultimate HCCTR reached202720262026
Effect of a 1 percentage point increase in the HCCTR on:
Year-end benefit obligation$43,217 $49,106 $49,061 
Total service and interest cost$2,959 $2,799 $2,923 
Effect of a 1 percentage point decrease in the HCCTR on:
Year-end benefit obligation$(34,669)$(38,844)$(38,747)
Total service and interest costs$(2,253)$(2,151)$(2,250)
Pension and OPEB assets held in the master trust, measured at fair value, as of September 30, are summarized as follows:
(Thousands)Quoted Prices in Active Markets for Identical Assets
(Level 1)		TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Total
As of September 30, 2021PensionOPEB
Assets
Money market funds$— $— $32 $32 
Registered Investment Companies:
Equity Funds:
Large Cap Index103,961 103,961 33,644 33,644 
Extended Market Index21,948 21,948 7,096 7,096 
International Stock61,286 61,286 20,063 20,063 
Fixed Income Funds:
Emerging Markets18,291 18,291 6,001 6,001 
Core Fixed Income— — 13,345 13,345 
Opportunistic Income— — 8,568 8,568 
Ultra Short Duration— — 8,536 8,536 
High Yield Bond Fund30,300 30,300 9,912 9,912 
Long Duration Fund93,849 93,849 — — 
Total assets at in the fair value hierarchy$329,635 329,635 $107,197 107,197 
Investments measured at net asset value
Common collective trusts25,649 6,986 
Total assets at fair value$355,284 $114,183 
(Thousands)Quoted Prices in Active Markets for Identical Assets
(Level 1)		TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Total
As of September 30, 2020:PensionOPEB
Assets
Money market funds$— $— $15 $15 
Registered Investment Companies:
Equity Funds:
Large Cap Index95,542 95,542 29,908 29,908 
Extended Market Index21,085 21,085 6,470 6,470 
International Stock56,912 56,912 17,390 17,390 
Fixed Income Funds:
Emerging Markets16,008 16,008 4,958 4,958 
Core Fixed Income— — 11,146 11,146 
Opportunistic Income— — 7,128 7,128 
Ultra Short Duration— — 7,057 7,057 
High Yield Bond Fund26,303 26,303 8,223 8,223 
Long Duration Fund77,036 77,036 — — 
Total assets at in the fair value hierarchy$292,886 292,886 $92,295 92,295 
Investments measured at net asset value
Common collective trusts15,082 4,111 
Total assets at fair value$307,968 $96,406 
Schedule of Mix and Targeted Allocation of Plan Assets
The mix and targeted allocation of the pension and OPEB plans’ assets are as follows:
2022Assets at
TargetSeptember 30,
Asset AllocationAllocation20212020
U.S. equity securities34 %36 %38 %
International equity securities17 17 18 
Fixed income38 40 39 
Other assets11 7 5 
Total100 %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 fiscal years:
(Thousands)PensionOPEB
2022$13,434 $6,936 
2023$14,353 $7,495 
2024$15,294 $8,069 
2025$16,277 $8,735 
2026$17,269 $9,392 
2027 - 2031$101,147 $55,685 
Schedule of Estimated Subsidy Payments
The following estimated subsidy payments are expected to be paid during the following fiscal years:
Estimated Subsidy
(Thousands) Payments
2022$314 
2023$350 
2024$388 
2025$425 
2026$466 
2027 - 2031$3,099