EMPLOYEE BENEFIT PLANS

3 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 13 EMPLOYEE BENEFIT PLANS

Components of Net Periodic Benefit Cost

The following provides information at December 31, 2020 and 2019, related to the Company-sponsored domestic defined benefit pension plan, the Helmerich & Payne, Inc. Employee Retirement Plan (the “Pension Plan”):

	Three Months Ended December 31,
(in thousands)	2020		2019
Interest cost	$	753	$	1,097
Expected return on plan assets	(967)		(1,381)
Recognized net actuarial loss	590		669
Settlement	1,015		—
Net pension expense	$	1,391	$	385

According to ASC 715, Compensation—Retirement Benefits, if the lump sum distributions made during a plan year exceed the total of the projected service cost and interest cost for the plan year, settlement accounting is required. Lump sum payments exceeded this threshold during the three months ended December 31, 2020. Accordingly, we recognized settlement expense of $1.0 million for the three months ended December 31, 2020, in other expense within our Unaudited Condensed Consolidated Statements of Operations.

Employer Contributions

We did not make any contributions to the Pension Plan during the three months ended December 31, 2020. For the remainder of fiscal year 2021, we do not expect minimum contributions required by law to be needed. However, we may make contributions during the remainder of fiscal year 2021, if needed, to fund unexpected distributions in lieu of liquidating pension assets.