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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Sep. 30, 2014
EMPLOYEE BENEFIT PLANS  
Schedule of reconciliation of the changes in the pension benefit obligations, fair value of Pension Plan assets and statement of the funded status

 

                                                                                                                                                                                    

 

 

2014

 

2013

 

 

 

(in thousands)

 

Accumulated Benefit Obligation

 

$

111,108

 

$

102,680

 

Changes in projected benefit obligations

 

 


 

 

 


 

 

Projected benefit obligation at beginning of year

 

$

102,680

 

$

112,062

 

Interest cost

 

 

4,763

 

 

4,339

 

Actuarial (gain) loss

 

 

10,787

 

 

(9,320

)

Benefits paid

 

 

(7,122

)

 

(4,401

)

 

 

 

 

 

 

Projected benefit obligation at end of year

 

$

111,108

 

$

102,680

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

96,818

 

$

86,718

 

Actual return on plan assets

 

 

11,132

 

 

12,369

 

Employer contribution

 

 

7,329

 

 

2,132

 

Benefits paid

 

 

(7,122

)

 

(4,401

)

 

 

 

 

 

 

Fair value of plan assets at end of year

 

$

108,157

 

$

96,818

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status of the plan at end of year

 

$

(2,951

)

$

(5,862

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of amounts recognized in the Consolidated Balance Sheets

        The amounts recognized in the Consolidated Balance Sheets are as follows (in thousands):

 

                                                                                                                                                                                    

Accrued liabilities

 

$

(62

)

$

(145

)

Noncurrent liabilities—other

 

 

(2,889

)

 

(5,717

)

 

 

 

 

 

 

Net amount recognized

 

$

(2,951

)

$

(5,862

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of amounts recognized in Accumulated Other Comprehensive Income and not yet reflected in net periodic benefit cost

        The amounts recognized in Accumulated Other Comprehensive Income at September 30, 2014 and 2013, and not yet reflected in net periodic benefit cost, are as follows (in thousands):

 

                                                                                                                                                                                    

Net actuarial loss

 

$

(23,405

)

$

(19,210

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of weighted average assumptions used for the pension calculations

 

                                                                                                                                                                                    

 

 

Years Ended
September 30,

 

 

 

2014

 

2013

 

2012

 

Discount rate for net periodic benefit costs

 

 

4.80 

%

 

4.06 

%

 

4.33 

%

Discount rate for year-end obligations

 

 

4.32 

%

 

4.80 

%

 

4.06 

%

Expected return on plan assets

 

 

6.61 

%

 

7.06 

%

 

7.16 

%

 

Schedule of components of net periodic pension expense (benefit)

 

                                                                                                                                                                                    

 

 

Years Ended September 30,

 

 

 

2014

 

2013

 

2012

 

 

 

(in thousands)

 

Interest cost

 

$

4,763

 

$

4,339

 

$

4,498

 

Expected return on plan assets

 

 

(6,789

)

 

(6,099

)

 

(5,463

)

Amortization of prior service cost

 

 

 

 

1

 

 

2

 

Recognized net actuarial loss

 

 

873

 

 

2,372

 

 

3,567

 

Settlement

 

 

1,376

 

 

 

 

 

 

 

 

 

 

 

 

 

Net pension expense (benefit)

 

$

223

 

$

613

 

$

2,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of expected benefits to be paid from pension plan

        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).

 

                                                                                                                                                                                    

Years Ended September 30,

2015

 

2016

 

2017

 

2018

 

2019

 

2020 - 2024

 

Total

$5,510

 

$6,416

 

$5,642

 

$6,999

 

$7,559

 

$36,032

 

$68,158

 

Schedule of target allocation and the asset allocation for the Pension Plan

 

                                                                                                                                                                                    

 

 

Target
Allocation

 

Percentage
of Plan
Assets At
September 30,

 

Asset Category

 

2015

 

2014

 

2013

 

U.S. equities

 

 

55 

%

 

61 

%

 

58 

%

International equities

 

 

15 

 

 

12 

 

 

13 

 

Fixed income

 

 

27 

 

 

25 

 

 

27 

 

Real estate and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

100 

%

 

100 

%

 

100 

%

 

 

 

 

 

 

 

 

 

Schedule of fair value of plan assets, summarized by level within fair value hierarchy

 

                                                                                                                                                                                    

 

 

Fair Value as of September 30, 2014

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

 

(in thousands)

 

Short-term investments

 

$

2,250 

 

$

2,250 

 

$

 

$

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic stock funds

 

 

55,054 

 

 

55,054 

 

 

 

 

 

Bond funds

 

 

24,722 

 

 

24,722 

 

 

 

 

 

International stock funds

 

 

8,731 

 

 

8,731 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total mutual funds

 

 

88,507 

 

 

88,507 

 

 

 

 

 

Domestic common stock

 

 

15,733 

 

 

15,733 

 

 

 

 

 

Foreign equity stock

 

 

1,366 

 

 

1,366 

 

 

 

 

 

Oil and gas properties

 

 

301 

 

 

 

 

 

 

301 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

108,157 

 

$

107,856 

 

$

 

$

301 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                                                                                                    

 

 

Fair Value as of September 30, 2013

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

 

(in thousands)

 

Short-term investments

 

$

1,983 

 

$

1,983 

 

$

 

$

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic stock funds

 

 

44,129 

 

 

44,129 

 

 

 

 

 

Bond funds

 

 

23,749 

 

 

23,749 

 

 

 

 

 

International stock funds

 

 

12,519 

 

 

12,519 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total mutual funds

 

 

80,397 

 

 

80,397 

 

 

 

 

 

Domestic common stock

 

 

12,998 

 

 

12,998 

 

 

 

 

 

Foreign equity stock

 

 

1,153 

 

 

1,153 

 

 

 

 

 

Oil and gas properties

 

 

287 

 

 

 

 

 

 

287 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

96,818 

 

$

96,531 

 

$

 

$

287 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of changes in fair value of plan's Level 3 assets

 

                                                                                                                                                                                    

 

 

Oil and Gas
Properties

 

 

 

Years Ended
September 30,

 

 

 

2014

 

2013

 

 

 

(in thousands)

 

Balance, beginning of year

 

$

287

 

$

299

 

Unrealized gains (losses) relating to property still held at the reporting date

 

 

14

 

 

(12

)

 

 

 

 

 

 

Balance, end of year

 

$

301

 

$

287