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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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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 | )
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Projected benefit obligation at end of year |  | $ | 109,731 |  | $ | 107,417 |
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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 | )
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Fair value of plan assets at end of year |  | $ | 90,748 |  | $ | 98,060 |
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Funded status of the plan at end of year |  | $ | (18,983 | ) | $ | (9,357 | )
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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 | )
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Net amount recognized |  | $ | (18,983 | ) | $ | (9,357 | )
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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 | )
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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 |
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Net pension expense |  | $ | 5,697 |  | $ | 1,910 |  | $ | 223 |
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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 |  |  | 5 |  |  | 5 |  |  | 5 |
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Total |  |  | 100 | % |  | 100 | % |  | 100 | %
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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 |  |  | — |  |  | — |
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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 |
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Total |  | $ | 90,748 |  | $ | 90,571 |  | $ | — |  | $ | 177 |
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|  | 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 |  |  | — |  |  | — |
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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 |
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Total |  | $ | 98,060 |  | $ | 97,673 |  | $ | — |  | $ | 387 |
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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 |
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Balance, end of year |  | $ | 177 |  | $ | 387 |
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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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