EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Reconciliation of the Changes in the Pension Benefit Obligations and Fair Value of Pension Plan Assets

The following table provides a reconciliation of the changes in the pension benefit obligations and fair value of Pension Plan assets over the two-year period ended September 30, 2020 and a statement of the funded status as of September 30, 2020 and 2019:

(in thousands)	2020			2019
Accumulated Benefit Obligation	$	116,146		$	119,845
Changes in projected benefit obligations
Projected benefit obligation at beginning of year	$	119,845		$	106,205
Interest cost	3,598			4,389
Actuarial (gain) loss	4,310			16,914
Benefits paid	(11,607		)	(7,663		)
Projected benefit obligation at end of year	$	116,146		$	119,845
Change in plan assets
Fair value of plan assets at beginning of year	$	91,142		$	94,897
Actual return on plan assets	6,535			3,865
Employer contribution	33			43
Benefits paid	(11,607		)	(7,663		)
Fair value of plan assets at end of year	$	86,103		$	91,142
Funded status of the plan at end of year	$	(30,043	)	$	(28,703	)

Amounts Recognized in the Consolidated Balance Sheets

The amounts recognized in the Consolidated Balance Sheets at September 30, 2020 and 2019 are as follows (in thousands):

Accrued liabilities	$	(18	)	$	(50	)
Noncurrent liabilities-other	(30,025		)	(28,653		)
Net amount recognized	$	(30,043	)	$	(28,703	)

Amounts Recognized in Accumulated Other Comprehensive Income (Loss) and Not Yet Reflected in Net Periodic Benefit Cost

The amounts recognized in Accumulated Other Comprehensive Income (Loss) at September 30, 2020 and 2019, and not yet reflected in net periodic benefit cost, are as follows (in thousands):

Net actuarial loss $ (33,923 ) $ (37,084 )

Weighted Average Assumptions Used for the Pension Calculations

The weighted average assumptions used for the pension calculations were as follows:

	September 30,
	2020		2019		2018
Discount rate for net periodic benefit costs	3.16	%	4.27	%	3.79	%
Discount rate for year-end obligations	2.66	%	3.16	%	4.27	%
Expected return on plan assets	4.65	%	5.60	%	6.06	%

Components of the Net Periodic Pension (Benefit)

Components of the net periodic pension expense were as follows:

	Year Ended September 30,
(in thousands)	2020			2019			2018
Interest cost	$	3,598		$	4,389		$	4,077
Expected return on plan assets	(4,784		)	(5,523		)	(5,555		)
Recognized net actuarial loss	2,718			1,229			1,926
Settlement	3,001			1,953			913
Net pension expense	$	4,533		$	2,048		$	1,361

Expected Benefits to be Paid from the Pension Plan in Each of the Next Five Fiscal Years and Thereafter

The following table reflects the expected benefits to be paid from the Pension Plan in each of the next five fiscal years, and in the aggregate for the five years thereafter (in thousands).

Year Ended September 30,
2021		2022		2023		2024		2025		2026 – 2030		Total
$	5,931	$	6,910	$	6,980	$	7,023	$	7,141	$	33,599	$	67,584

Target Allocation and Asset Allocation for the Pension Plan

The target allocation for 2021 and the asset allocation for the Pension Plan at the end of fiscal years 2020 and 2019, by asset category, follows:

	Target Allocation		September 30,
Asset Category	2021		2020		2019
U.S. equities	45	%	42	%	47	%
International equities	20		22		16
Fixed income	35		36		37
Total	100	%	100	%	100	%

Fair Value of Pension Plan Assets

The fair value of Pension Plan assets at September 30, 2020 and 2019, summarized by level within the fair value hierarchy described in Note 14—Fair Value Measurement of Financial Instruments, are as follows:

	September 30, 2020
(in thousands)	Total		Level 1		Level 2		Level 3
Short-term investments	$	1,541	$	1,541	$	—	$	—
Mutual funds:
Domestic stock funds	35,660		35,660		—		—
Bond funds	17,328		17,328		—		—
Balanced funds	17,447		17,447		—		—
International stock funds	14,044		14,044		—		—
Total mutual funds	84,479		84,479		—		—
Oil and gas properties	83		—		—		83
Total	$	86,103	$	86,020	$	—	$	83

	September 30, 2019
(in thousands)	Total		Level 1		Level 2		Level 3
Short-term investments	$	3,072	$	3,072	$	—	$	—
Mutual funds:
Domestic stock funds	17,555		17,555		—		—
Bond funds	18,034		18,034		—		—
Balanced funds	17,878		17,878		—		—
International stock funds	14,181		14,181		—		—
Total mutual funds	67,648		67,648		—		—
Domestic common stock	20,261		17,748		2,513		—
Oil and gas properties	161		—		—		161
Total	$	91,142	$	88,468	$	2,513	$	161

Summary of Changes in the Fair Value of the Pension Plan's Level 3 Assets

The following table sets forth a summary of changes in the fair value of the Pension Plan’s Level 3 assets for the fiscal years ended September 30, 2020 and 2019:

	Oil and Gas Properties
	Year Ended September 30,
(in thousands)	2020			2019
Balance, beginning of year	$	161		$	116
Unrealized gains (losses) relating to property still held at the reporting date	(78		)	45
Balance, end of year	$	83		$	161