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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Sep. 30, 2016
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

                                                                                                                                                                                          

 

 

2016

 

2015

 

 

 

(in thousands)

 

Accumulated Benefit Obligation

 

$

109,731

 

$

107,417

 

Changes in projected benefit obligations

 

 


 

 

 


 

 

Projected benefit obligation at beginning of year

 

$

107,417

 

$

111,108

 

Interest cost

 

 

4,266

 

 

4,584

 

Actuarial loss

 

 

15,051

 

 

2,741

 

Benefits paid

 

 

(17,003

)

 

(11,016

)

​  

​  

​  

​  

Projected benefit obligation at end of year

 

$

109,731

 

$

107,417

 

​  

​  

​  

​  

​  

​  

​  

​  

Change in plan assets

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

98,060

 

$

108,157

 

Actual return on plan assets

 

 

9,653

 

 

(1,324

)

Employer contribution

 

 

38

 

 

2,243

 

Benefits paid

 

 

(17,003

)

 

(11,016

)

​  

​  

​  

​  

Fair value of plan assets at end of year

 

$

90,748

 

$

98,060

 

​  

​  

​  

​  

​  

​  

​  

​  

Funded status of the plan at end of year

 

$

(18,983

)

$

(9,357

)

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of amounts recognized in the Consolidated Balance Sheets

        The amounts recognized in the Consolidated Balance Sheets at September 30, 2016 and 2015 are as follows (in thousands):

                                                                                                                                                                                    

Accrued liabilities

 

$

(45

)

$

(44

)

Noncurrent liabilities—other

 

 

(18,938

)

 

(9,313

)

​  

​  

​  

​  

Net amount recognized

 

$

(18,983

)

$

(9,357

)

​  

​  

​  

​  

​  

​  

​  

​  

 

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, 2016 and 2015, and not yet reflected in net periodic benefit cost, are as follows (in thousands):

                                                                                                                                                                                    

Net actuarial loss

 

$

(34,112

)

$

(30,144

)

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of weighted average assumptions used for the pension calculations

                                                                                                                                                                                    

 

 

Years Ended
September 30,

 

 

 

2016

 

2015

 

2014

 

Discount rate for net periodic benefit costs

 

 

4.27 

%

 

4.32 

%

 

4.80 

%

Discount rate for year-end obligations

 

 

3.64 

%

 

4.27 

%

 

4.32 

%

Expected return on plan assets

 

 

5.89 

%

 

6.26 

%

 

6.61 

%

 

Schedule of components of Net Periodic Benefit Cost

                                                                                                                                                                                          

 

 

Years Ended September 30,

 

 

 

2016

 

2015

 

2014

 

 

 

(in thousands)

 

Interest cost

 

$

4,266

 

$

4,584

 

$

4,763

 

Expected return on plan assets

 

 

(5,616

)

 

(6,855

)

 

(6,789

)

Recognized net actuarial loss

 

 

2,083

 

 

1,308

 

 

873

 

Settlement

 

 

4,964

 

 

2,873

 

 

1,376

 

​  

​  

​  

​  

​  

​  

Net pension expense

 

$

5,697

 

$

1,910

 

$

223

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

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,

2017

 

2018

 

2019

 

2020

 

2021

 

2022 - 2026

 

Total

$13,976

 

$5,859

 

$6,013

 

$7,094

 

$5,674

 

$33,078

 

$71,694

 

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

                                                                                                                                                                                          

 

 

Target
Allocation

 

Percentage
of Plan
Assets at
September 30,

 

Asset Category

 

2017

 

2016

 

2015

 

U.S. equities

 

 

55 

%

 

62 

%

 

59 

%

International equities

 

 

13 

 

 

12 

 

 

13 

 

Fixed income

 

 

27 

 

 

21 

 

 

23 

 

Real estate and other

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

Total

 

 

100 

%

 

100 

%

 

100 

%

​  

​  

​  

​  

​  

​  

 

Schedule of fair value of Pension Plan assets, summarized by level within fair value hierarchy

                                                                                                                                                                                          

 

 

Fair Value as of September 30, 2016

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

 

(in thousands)

 

Short-term investments

 

$

467 

 

$

467 

 

$

 

$

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic stock funds

 

 

36,107 

 

 

36,107 

 

 

 

 

 

Bond funds

 

 

22,809 

 

 

22,809 

 

 

 

 

 

International stock funds

 

 

11,334 

 

 

11,334 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total mutual funds

 

 

70,250 

 

 

70,250 

 

 

 

 

 

Domestic common stock

 

 

18,305 

 

 

18,305 

 

 


 

 


 

Foreign equity stock

 

 

1,549 

 

 

1,549 

 

 

 

 

 

Oil and gas properties

 

 

177 

 

 

 

 

 

 

177 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total

 

$

90,748 

 

$

90,571 

 

$

 

$

177 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

Fair Value as of September 30, 2015

 

 

 

Total

 

Level 1

 

Level 2

 

Level 3

 

 

 

(in thousands)

 

Short-term investments

 

$

2,248 

 

$

2,248 

 

$

 

$

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic stock funds

 

 

40,072 

 

 

40,072 

 

 

 

 

 

Bond funds

 

 

25,344 

 

 

25,344 

 

 

 

 

 

International stock funds

 

 

12,644 

 

 

12,644 

 

 

 

 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total mutual funds

 

 

78,060 

 

 

78,060 

 

 

 

 

 

Domestic common stock

 

 

15,883 

 

 

15,883 

 

 


 

 


 

Foreign equity stock

 

 

1,482 

 

 

1,482 

 

 

 

 

 

Oil and gas properties

 

 

387 

 

 

 

 

 

 

387 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total

 

$

98,060 

 

$

97,673 

 

$

 

$

387 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of changes in fair value of the Pension Plan's Level 3 assets

                                                                                                                                                                                          

 

 

Oil and Gas
Properties

 

 

 

Years Ended
September 30,

 

 

 

2016

 

2015

 

 

 

(in thousands)

 

Balance, beginning of year

 

$

387

 

$

301

 

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

 

 

(210

)

 

86

 

​  

​  

​  

​  

Balance, end of year

 

$

177

 

$

387

 

​  

​  

​  

​  

​  

​  

​  

​