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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Sep. 30, 2022
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)2022202120222021
Change in Benefit Obligation
Benefit obligation at beginning of year$395,547 $397,164 $244,674 $245,862 
Service cost8,291 8,730 4,305 4,844 
Interest cost9,632 9,112 6,355 6,071 
Plan participants’ contributions (2)
59 27 423 451 
Actuarial (gain)(109,320)(7,319)(77,775)(4,715)
Benefits paid, net of retiree subsidies received(13,386)(12,167)(4,765)(7,839)
Benefit obligation at end of year$290,823 $395,547 $173,217 $244,674 
Change in plan assets
Fair value of plan assets at beginning of year$355,284 $307,968 $114,183 $96,406 
Actual (loss) return on plan assets(58,239)58,874 (15,996)18,144 
Employer contributions628 548 6,082 7,198 
Benefits paid, net of plan participants’ contributions (2)
(13,326)(12,106)(4,533)(7,565)
Fair value of plan assets at end of year$284,347 $355,284 $99,736 $114,183 
Funded status$(6,476)$(40,263)$(73,481)$(130,491)
Amounts recognized on Consolidated Balance Sheets
Postemployment employee benefit asset
Noncurrent$4,388 $— $— $— 
Postemployment employee benefit liability
Current$(578)$(587)$(900)$(900)
Noncurrent(10,286)(39,676)(72,581)(129,591)
Total$(6,476)$(40,263)$(73,481)$(130,491)
(1)Includes the Company’s PEP.
(2)Employees hired prior to July 1, 1998, that were eligible to elect an additional participant contribution to enhance their benefits, and contributions made during the periods were immaterial.
Summary of Regulatory Assets and Accumulated Other Comprehensive Income
The following table summarizes the amounts recognized in regulatory assets and accumulated OCI as of September 30:
Regulatory AssetsAccumulated Other Comprehensive Income (Loss)
PensionOPEBPensionOPEB
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 
Amounts arising during the period:
Net actuarial (gain)(14,922)(35,781)(14,885)(18,422)
Amounts amortized to net periodic costs:
Net actuarial (loss)(5,843)(4,577)(2,902)(1,107)
Prior service (cost) credit(101)133 — 11 
Balance at September 30, 2022$35,321 $20,110 $5,003 $(6,822)
The amounts in regulatory assets and accumulated OCI not yet recognized as components of net periodic benefit cost as of September 30 are:
Regulatory AssetsAccumulated Other Comprehensive
Income (Loss)
PensionOPEBPensionOPEB
(Thousands)20222021202220212022202120222021
Net actuarial loss (gain)$35,157 $55,922 $20,110 $60,468 $5,003 $22,790 $(6,822)$12,707 
Prior service cost (credit)164 265 — (133)— — — (11)
Total$35,321 $56,187 $20,110 $60,335 $5,003 $22,790 $(6,822)$12,696 
Amounts included in regulatory assets and accumulated OCI expected to be recognized as components of net periodic benefit cost in fiscal 2023 are as follows:
Regulatory AssetsAccumulated Other Comprehensive Income (Loss)
(Thousands)PensionOPEBPensionOPEB
Net actuarial (gain) loss $(36)$— $217 $— 
Total$(36)$— $217 $— 
Schedule of Accumulated Benefit Obligations in Excess of 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)20222021
Projected benefit obligation$290,823 $395,547 
Accumulated benefit obligation$265,933 $353,852 
Fair value of plan assets$284,347 $355,284 
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)202220212020202220212020
Service cost$8,291 $8,730 $8,223 $4,305 $4,844 $4,854 
Interest cost9,632 9,112 10,587 6,355 6,071 7,026 
Expected return on plan assets(21,275)(20,150)(20,579)(7,575)(6,497)(6,510)
Recognized actuarial loss8,745 11,446 10,424 5,684 7,909 7,442 
Prior service cost (credit) amortization101 102 102 (144)(179)(197)
Net periodic benefit cost recognized as expense$5,494 $9,240 $8,757 $8,625 $12,148 $12,615 
Schedule of Weighted Average Assumptions Used
The weighted average assumptions used to determine the Company’s benefit costs during the fiscal years below and obligations as of September 30, are as follows:
PensionOPEB
202220212020202220212020
Benefit costs:
Discount rate
3.10/3.07%
(1)
2.95/2.92%
(1)
3.37/3.35%
(1)
3.24/3.17%
(1)
3.08/3.03%
(1)
3.48/3.44%
(1)
Expected asset return6.75 %6.75 %7.25 %6.75 %6.75 %7.25 %
Compensation increase
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
Obligations:
Discount rate
5.50/5.50%
(1)
3.10/3.07%
(1)
2.95/2.92%
(1)
5.51/5.51%
(1)
3.24/3.17%
(1)
3.08/3.03%
(1)
Compensation increase
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
(1)Percentages for represented and non-represented plans, respectively.
Summary of Pension and OPEB Assets
Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, and the effect of a 1 percent change in the rate, are as follows:
($ in thousands)202220212020
HCCTR6.6%6.9%7.6%
Ultimate HCCTR4.5%4.5%4.5%
Year ultimate HCCTR reached202720272026
Effect of a 1 percentage point increase in the HCCTR on:
Year-end benefit obligation$26,710 $43,217 $49,106 
Total service and interest cost$2,544 $2,959 $2,799 
Effect of a 1 percentage point decrease in the HCCTR on:
Year-end benefit obligation$(21,853)$(34,669)$(38,844)
Total service and interest costs$(1,966)$(2,253)$(2,151)
Pension and OPEB assets held in the master trust, measured at fair value, as of September 30, are summarized as follows:
(Thousands)Quoted Prices in Active Markets for Identical Assets
(Level 1)		TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Total
As of September 30, 2022PensionOPEB
Assets
Money market funds$— $— $28 $28 
Registered Investment Companies:
Equity Funds:
Large Cap Index75,394 75,394 26,939 26,939 
Extended Market Index15,783 15,783 5,578 5,578 
International Stock44,846 44,846 16,106 16,106 
Fixed Income Funds:
Emerging Markets11,074 11,074 4,026 4,026 
Core Fixed Income— — 16,594 16,594 
Opportunistic Income— — 3,283 3,283 
Ultra Short Duration— — 3,296 3,296 
High Yield Bond Fund19,816 19,816 7,320 7,320 
Long Duration Fund59,084 59,084 — — 
Total assets in the fair value hierarchy$225,997 225,997 $83,170 83,170 
Investments measured at net asset value
Collective investment trusts58,350 16,566 
Total assets at fair value$284,347 $99,736 
(Thousands)Quoted Prices in Active Markets for Identical Assets
(Level 1)		TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Total
As of September 30, 2021:PensionOPEB
Assets
Money market funds$— $— $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 in the fair value hierarchy$329,635 329,635 $107,197 107,197 
Investments measured at net asset value
Collective investment trusts25,649 6,986 
Total assets at fair value$355,284 $114,183 
Schedule of Mix and Targeted Allocation of Plan Assets
The mix and targeted allocation of the pension and OPEB plans’ assets are as follows:
2023Assets at
TargetSeptember 30,
Asset AllocationAllocation20222021
U.S. equity securities34 %32 %36 %
International equity securities17 16 17 
Fixed income33 32 40 
Collective investment trusts at NAV16 20 7 
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
2023$14,112 $6,878 
2024$15,143 $7,508 
2025$16,150 $8,220 
2026$17,137 $8,938 
2027$18,104 $9,656 
2028 - 2032$104,614 $57,488 
Schedule of Estimated Subsidy Payments
The following estimated subsidy payments are expected to be paid during the following fiscal years:
Estimated Subsidy
(Thousands) Payments
2023$356 
2024$393 
2025$433 
2026$475 
2027$520 
2028 - 2032$3,426