XML 58 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Interim Pension and Other Postretirement Benefits (Table)
 9 Months Ended
Jun. 30, 2014
General Discussion of Pension and Other Postretirement Benefits [Abstract]  
Components of net periodic pension cost table
The components of our net periodic pension cost for our pension and other postretirement benefit plans for the three and nine months ended June 30, 2014 and 2013 are presented in the following table. Most of these costs are recoverable through our gas distribution rates; however, a portion of these costs is capitalized into our gas distribution rate base. The remaining costs are recorded as a component of operation and maintenance expense. On October 2, 2013, due to the retirement of one of our executive officers, we recognized a settlement loss of $4.5 million associated with our Supplemental Executive Benefits Plan (SEBP). In association with his retirement, on October 2, 2013, we made a $16.8 million benefit payment from the SEBP. On April 1, 2013, due to the retirement of certain executives, we recognized a curtailment loss of $3.2 million associated with our SEBP and revalued the net periodic pension cost for the remainder of fiscal 2013. The revaluation of the net periodic pension cost resulted in an increase in the discount rate, effective April 1, 2013, to 4.21 percent, which reduced our net periodic pension cost by approximately $0.1 million for the remainder of the fiscal year. All other actuarial assumptions remained the same.
 
Three Months Ended June 30
 
Pension Benefits
 
Other Benefits
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Components of net periodic pension cost:
 
 
 
 
 
 
 
Service cost
$
4,738

 
$
5,194

 
$
4,196

 
$
4,700

Interest cost
6,824

 
6,019

 
3,987

 
3,241

Expected return on assets
(5,901
)
 
(5,739
)
 
(1,291
)
 
(997
)
Amortization of transition obligation
—

 
—

 
69

 
271

Amortization of prior service credit
(34
)
 
(35
)
 
(363
)
 
(363
)
Amortization of actuarial loss
3,931

 
5,432

 
158

 
1,049

Settlement loss
—

 
3,161

 
—

 
—

Net periodic pension cost
$
9,558

 
$
14,032

 
$
6,756

 
$
7,901

 
 
 
 
 
 
 
 
 
Nine Months Ended June 30
 
Pension Benefits
 
Other Benefits
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Components of net periodic pension cost:
 
 
 
 
 
 
 
Service cost
$
14,214

 
$
15,599

 
$
12,588

 
$
14,100

Interest cost
20,472

 
18,067

 
11,963

 
9,723

Expected return on assets
(17,702
)
 
(17,216
)
 
(3,875
)
 
(2,991
)
Amortization of transition obligation
—

 
—

 
205

 
811

Amortization of prior service credit
(102
)
 
(106
)
 
(1,088
)
 
(1,088
)
Amortization of actuarial loss
11,793

 
16,555

 
474

 
3,147

Settlement loss
4,539

 
3,161

 
—

 
—

Net periodic pension cost
$
33,214

 
$
36,060

 
$
20,267

 
$
23,702
Schedule of assumptions used table text block
The assumptions used to develop our net periodic pension cost for the three and nine months ended June 30, 2014 and 2013 are as follows:
 
Supplemental Executive Benefit Plans
 
Pension Benefits
 
Other Benefits
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Discount rate
4.95
%
 
4.21
%
 
4.95
%
 
4.04
%
 
4.95
%
 
4.04
%
Rate of compensation increase
3.50
%
 
3.50
%
 
3.50
%
 
3.50
%
 
N/A

 
N/A

Expected return on plan assets
N/A

 
N/A

 
7.25
%
 
7.75
%
 
4.60
%
 
4.70
%