XML 65 R41.htm IDEA: XBRL DOCUMENT v3.24.3
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Sep. 30, 2024
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)2024202320242023
Change in Benefit Obligation
Benefit obligation at beginning of year$290,321 $290,823 $203,406 $173,217 
Service cost4,976 5,402 1,406 2,471 
Interest cost16,240 15,174 8,327 9,146 
Plan amendments— — (79,881)— 
Plan participants’ contributions (2)
27 32 703 552 
Actuarial loss (gain)36,863 (7,057)54,518 25,363 
Benefits paid, net of retiree subsidies received(14,895)(14,053)(6,679)(7,343)
Benefit obligation at end of year$333,532 $290,321 $181,800 $203,406 
Change in plan assets
Fair value of plan assets at beginning of year$298,361 $284,347 $106,783 $99,736 
Actual return on plan assets58,682 27,456 21,249 9,826 
Employer contributions535 579 7,846 4,192 
Benefits paid, net of plan participants’ contributions (2)
(14,868)(14,021)(6,157)(6,971)
Fair value of plan assets at end of year$342,710 $298,361 $129,721 $106,783 
Funded status$9,178 $8,040 $(52,079)$(96,623)
Amounts recognized on Consolidated Balance Sheets
Postemployment employee benefit asset
Noncurrent$21,104 $18,684 $3,556 $— 
Postemployment employee benefit liability
Current$(552)$(538)$(2,400)$(4,201)
Noncurrent(11,374)(10,106)(53,235)(92,422)
Total$9,178 $8,040 $(52,079)$(96,623)
(1)Includes the Company’s PEP.
(2)Contributions made by employees hired prior to July 1, 1998, that were eligible to elect an additional participant contribution to enhance their benefits, were immaterial during the periods.
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)
(Thousands)PensionOPEBPensionOPEB
Balance at September 30, 2022$35,321 $20,110 $5,003 $(6,822)
Amounts arising during the period:
Net actuarial (gain) loss(10,493)9,936 (4,048)12,320 
Amounts amortized to net periodic costs:
Net actuarial (loss)(87)— (213)— 
Prior service (cost)(103)— — — 
Balance at September 30, 2023$24,638 $30,046 $742 $5,498 
Amounts arising during the period:
Net actuarial (gain) loss(2,407)27,108 934 14,080 
Prior service (credit)— (60,504)— (19,376)
Amounts amortized to net periodic costs:
Net actuarial gain (loss)2 (3,098)(119)(1,164)
Prior service (cost) credit(61)7,458 — 2,555 
Balance at September 30, 2024$22,172 $1,010 $1,557 $1,593 
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)20242023202420232024202320242023
Net actuarial loss$22,172 $24,577 $54,056 $30,046 $1,557 $742 $18,414 $5,498 
Prior service cost (credit)— 61 (53,046)— — — (16,821)— 
Total$22,172 $24,638 $1,010 $30,046 $1,557 $742 $1,593 $5,498 
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)20242023
Projected benefit obligation$333,532 $290,321 
Accumulated benefit obligation$306,850 $267,794 
Fair value of plan assets$342,710 $298,361 
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)202420232022202420232022
Service cost$4,976 $5,402 $8,291 $1,406 $2,471 $4,305 
Interest cost16,240 15,174 9,632 8,327 9,146 6,355 
Expected return on plan assets(20,346)(19,972)(21,275)(7,920)(6,721)(7,575)
Recognized actuarial loss117 300 8,745 4,262 — 5,684 
Prior service cost (credit) amortization61 103 101 (10,013)— (144)
Net periodic benefit cost recognized as expense$1,048 $1,007 $5,494 $(3,938)$4,896 $8,625 
Schedule of Weighted Average Assumptions Used
The weighted average assumptions used to determine the Company’s benefit costs during the fiscal years below and obligations as of September 30, are as follows:
PensionOPEB
202420232022202420232022
Benefit costs:
Discount rate
5.89/5.87%
(1)
5.50/5.50%
(1)
3.10/3.07%
(1)
5.97/5.94%
(1)
5.51/5.51%
(1)
3.24/3.17%
(1)
Expected asset return7.00 %7.00 %6.75 %7.00 %7.00 %6.75 %
Compensation increase
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
Obligations:
Discount rate
5.01/4.99%
(1)
5.89/5.87%
(1)
5.50/5.50%
(1)
4.97/4.98%
(1)
5.97/5.94%
(1)
5.51/5.51%
(1)
Compensation increase
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
3.00/3.50%
(1)
(1)Percentages for represented and non-represented plans, respectively.
Summary of Pension and OPEB Assets
Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, is as follows:
($ in thousands)202420232022
HCCTR8.8%7.4%6.6%
Ultimate HCCTR4.5%4.5%4.5%
Year ultimate HCCTR reached203220322027
Pension and OPEB assets held in the master trust, measured at fair value, are summarized as follows:
PensionOPEB
(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, 2024
Assets
Money market funds$— $— $24 $24 
Registered Investment Companies:
Equity Funds:
Large Cap Index76,897 76,897 38,040 38,040 
Extended Market Index16,665 16,665 7,977 7,977 
International Stock50,549 50,549 22,730 22,730 
Fixed Income Funds:
Emerging Markets13,354 13,354 5,358 5,358 
Core Fixed Income— — 28,765 28,765 
High Yield Bond Fund16,704 16,704 9,195 9,195 
Long Duration Fund106,656 106,656 — — 
Total assets in the fair value hierarchy$280,825 280,825 $112,089 112,089 
Investments measured at net asset value
Collective investment trusts61,885 17,632 
Total assets at fair value$342,710 $129,721 
As of September 30, 2023
Assets
Registered Investment Companies:
Equity Funds:
Large Cap Index$81,171 $81,171 $30,884 $30,884 
Extended Market Index17,256 17,256 6,444 6,444 
International Stock48,557 48,557 17,966 17,966 
Fixed Income Funds:
Emerging Markets11,471 11,471 4,306 4,306 
Core Fixed Income— — 22,241 22,241 
High Yield Bond Fund20,685 20,685 7,651 7,651 
Long Duration Fund58,484 58,484 — — 
Total assets in the fair value hierarchy$237,624 237,624 $89,492 89,492 
Investments measured at net asset value
Collective investment trusts60,737 17,291 
Total assets at fair value$298,361 $106,783 
Schedule of Mix and Targeted Allocation of Plan Assets
The mix and targeted allocation of the pension and OPEB plans’ assets are as follows:
2025Assets at
TargetSeptember 30,
Asset AllocationAllocation20242023
U.S. equity securities29 %29 %34 %
International equity securities16 16 16 
Fixed income39 38 31 
Collective investment trusts at NAV16 17 19 
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)202520262027202820292030 - 2034
Pension$16,273 $17,378 $18,452 $19,423 $20,493 $115,709 
OPEB$8,397 $9,300 $10,138 $10,925 $11,703 $65,473 
Schedule of Valuation Methodologies Used for Assets Measured at Fair Value The following is a description of the valuation methodologies used for assets measured at fair value:
Asset TypesDescription of the Valuation Methodologies
Money Market fundsRepresents bank balances and money market funds that are valued based on the NAV of shares held at year end.
Registered Investment CompaniesEquity and fixed income funds valued at the NAV of shares held by the plan at year end as reported on the active market on which the individual securities are traded.
Collective investment trustsThe NAV for collective investment trusts is provided by the Trustee and is used as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund less liabilities.