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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2017
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 |
|  | 2017 |  | 2016
|  | (in thousands)
Accumulated Benefit Obligation |  | $ | 109,976 |  | $ | 109,731
Changes in projected benefit obligations |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 109,731 |  | $ | 107,417
Interest cost |  |  | 4,053 |  |  | 4,266
Actuarial loss |  |  | 3,633 |  |  | 15,051
Benefits paid |  |  | (7,441) |  |  | (17,003)
Projected benefit obligation at end of year |  | $ | 109,976 |  | $ | 109,731
Change in plan assets |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 90,748 |  | $ | 98,060
Actual return on plan assets |  |  | 9,470 |  |  | 9,653
Employer contribution |  |  | 39 |  |  | 38
Benefits paid |  |  | (7,441) |  |  | (17,003)
Fair value of plan assets at end of year |  | $ | 92,816 |  | $ | 90,748
Funded status of the plan at end of year |  | $ | (17,160) |  | $ | (18,983)
Schedule of amounts recognized in the Consolidated Balance Sheets | The amounts recognized in the Consolidated Balance Sheets at September 30, 2017 and 2016 are as follows (in thousands):
Accrued liabilities |  | $ | (45) |  | $ | (45)
Noncurrent liabilities-other |  |  | (17,115) |  |  | (18,938)
Net amount recognized |  | $ | (17,160) |  | $ | (18,983)
Schedule of amounts recognized in Accumulated Other Comprehensive Income (Loss) and not yet reflected in net periodic benefit cost | The amounts recognized in Accumulated Other Comprehensive Income (Loss) at September 30, 2017 and 2016, and not yet reflected in net periodic benefit cost, are as follows (in thousands):
Net actuarial loss |  | $ | (28,873) |  | $ | (34,112)
Schedule of weighted average assumptions used for the pension calculations |
|  | Year Ended |
|  | September 30, |
|  | 2017 |  | 2016 |  | 2015 |
Discount rate for net periodic benefit costs |  | 3.64 | % | 4.27 | % | 4.32 | %
Discount rate for year-end obligations |  | 3.79 | % | 3.64 | % | 4.27 | %
Expected return on plan assets |  | 6.17 | % | 5.89 | % | 6.26 | %
Schedule of components of net periodic pension expense (benefit) |
|  | Year Ended September 30, |
|  | 2017 |  | 2016 |  | 2015 |
|  | (in thousands) |
Interest cost |  | $ | 4,053 |  | $ | 4,266 |  | $ | 4,584 |
Expected return on plan assets |  |  | (5,130) |  |  | (5,616) |  |  | (6,855) |
Recognized net actuarial loss |  |  | 2,891 |  |  | 2,083 |  |  | 1,308 |
Settlement |  |  | 1,640 |  |  | 4,964 |  |  | 2,873 |
Net pension expense |  | $ | 3,454 |  | $ | 5,697 |  | $ | 1,910 |
Schedule of expected benefits to be paid from the 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).
Year Ended September 30, |
2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 – 2027 |  | Total |
$ | 16,050 |  | $ | 6,844 |  | $ | 7,222 |  | $ | 5,591 |  | $ | 6,383 |  | $ | 32,723 |  | $ | 74,813 |
Schedule of target allocation and the asset allocation for the Pension Plan |
|  |  |  | Percentage |
|  |  |  | of Plan |
|  | Target |  | Assets at |
|  | Allocation |  | September 30, |
Asset Category |  | 2018 |  | 2017 |  | 2016 |
U.S. equities |  | 45 | % | 50 | % | 62 | %
International equities |  | 20 |  | 16 |  | 12 |
Fixed income |  | 35 |  | 34 |  | 21 |
Real estate and other |  | — |  | — |  | 5 |
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, 2017 |
|  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
|  | (in thousands) |
Short-term investments |  | $ | 3,488 |  | $ | 3,488 |  | $ | — |  | $ | — |
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic stock funds |  |  | 18,377 |  |  | 18,377 |  |  | — |  |  | — |
Bond funds |  |  | 18,357 |  |  | 18,357 |  |  | — |  |  | — |
Balanced funds |  |  | 18,222 |  |  | 18,222 |  |  | — |  |  | — |
International stock funds |  |  | 14,583 |  |  | 14,583 |  |  | — |  |  | — |
Total mutual funds |  |  | 69,539 |  |  | 69,539 |  |  | — |  |  | — |
Domestic common stock |  |  | 19,692 |  |  | 19,692 |  |  | — |  |  | — |
Oil and gas properties |  |  | 97 |  |  | — |  |  | — |  |  | 97 |
Total |  | $ | 92,816 |  | $ | 92,719 |  | $ | — |  | $ | 97 |
|  | 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 |
Summary of changes in fair value of the Pension Plan's Level 3 assets |
|  | Oil and Gas |
|  | Properties |
|  | Year Ended |
|  | September 30, |
|  | 2017 |  | 2016 |
|  | (in thousands) |
Balance, beginning of year |  | $ | 177 |  | $ | 387 |
Unrealized losses relating to property still held at the reporting date |  |  | (80) |  |  | (210) |
Balance, end of year |  | $ | 97 |  | $ | 177 |

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