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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2018
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 |
|  | 2018 |  | 2017
|  | (in thousands)
Accumulated Benefit Obligation |  | $ | 106,205 |  | $ | 109,976
Changes in projected benefit obligations |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 109,976 |  | $ | 109,731
Interest cost |  |  | 4,077 |  |  | 4,053
Actuarial (gain) loss |  |  | (2,143) |  |  | 3,633
Benefits paid |  |  | (5,705) |  |  | (7,441)
Projected benefit obligation at end of year |  | $ | 106,205 |  | $ | 109,976
Change in plan assets |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 92,816 |  | $ | 90,748
Actual return on plan assets |  |  | 7,754 |  |  | 9,470
Employer contribution |  |  | 32 |  |  | 39
Benefits paid |  |  | (5,705) |  |  | (7,441)
Fair value of plan assets at end of year |  | $ | 94,897 |  | $ | 92,816
Funded status of the plan at end of year |  | $ | (11,308) |  | $ | (17,160)
Schedule of amounts recognized in the Consolidated Balance Sheets | The amounts recognized in the Consolidated Balance Sheets at September 30, 2018 and 2017 are as follows (in thousands):
Accrued liabilities |  | $ | (58) |  | $ | (45)
Noncurrent liabilities-other |  |  | (11,250) |  |  | (17,115)
Net amount recognized |  | $ | (11,308) |  | $ | (17,160)
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, 2018 and 2017, and not yet reflected in net periodic benefit cost, are as follows (in thousands):
Net actuarial loss |  | $ | (21,693) |  | $ | (28,873)
Schedule of weighted average assumptions used for the pension calculations |
|  | September 30,
|  | 2018 |  | 2017 |  | 2016 |
Discount rate for net periodic benefit costs |  | 3.79 | % | 3.64 | % | 4.27 | %
Discount rate for year-end obligations |  | 4.27 | % | 3.79 | % | 3.64 | %
Expected return on plan assets |  | 6.06 | % | 6.17 | % | 5.89 | %
Schedule of components of net periodic pension expense (benefit) |
|  | Year Ended September 30,
|  | 2018 |  | 2017 |  | 2016
|  | (in thousands)
Interest cost |  | $ | 4,077 |  | $ | 4,053 |  | $ | 4,266
Expected return on plan assets |  |  | (5,555) |  |  | (5,130) |  |  | (5,616)
Recognized net actuarial loss |  |  | 1,926 |  |  | 2,891 |  |  | 2,083
Settlement |  |  | 913 |  |  | 1,640 |  |  | 4,964
Net pension expense |  | $ | 1,361 |  | $ | 3,454 |  | $ | 5,697
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,
2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 – 2028 |  | Total
$ | 18,075 |  | $ | 7,433 |  | $ | 5,684 |  | $ | 6,351 |  | $ | 6,665 |  | $ | 31,813 |  | $ | 76,021
Schedule of target allocation and the asset allocation for the Pension Plan |
|  |  |  | Percentage |
|  |  |  | of Plan |
|  | Target |  | Assets at |
|  | Allocation |  | September 30, |
Asset Category |  | 2019 |  | 2018 |  | 2017 |
U.S. equities |  | 45 | % | 52 | % | 50 | %
International equities |  | 20 |  | 15 |  | 16 |
Fixed income |  | 35 |  | 33 |  | 34 |
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, 2018
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
|  | (in thousands)
Short-term investments |  | $ | 2,745 |  | $ | 2,745 |  | $ | — |  | $ | —
Mutual funds: |  |  |  |  |  |  |  |  |  |  |  |
Domestic stock funds |  |  | 18,361 |  |  | 18,361 |  |  | — |  |  | —
Bond funds |  |  | 17,918 |  |  | 17,918 |  |  | — |  |  | —
Balanced funds |  |  | 17,977 |  |  | 17,977 |  |  | — |  |  | —
International stock funds |  |  | 14,548 |  |  | 14,548 |  |  | — |  |  | —
Total mutual funds |  |  | 68,804 |  |  | 68,804 |  |  | — |  |  | —
Domestic common stock |  |  | 23,232 |  |  | 20,771 |  |  | 2,461 |  |  | —
Oil and gas properties |  |  | 116 |  |  | — |  |  | — |  |  | 116
Total |  | $ | 94,897 |  | $ | 92,320 |  | $ | 2,461 |  | $ | 116
|  | 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
Summary of changes in fair value of the Pension Plan's Level 3 assets |
|  | Oil and Gas Properties
|  | Year Ended
|  | September 30,
|  | 2018 |  | 2017
|  | (in thousands)
Balance, beginning of year |  | $ | 97 |  | $ | 177
Unrealized gains (losses) relating to property still held at the reporting date |  |  | 19 |  |  | (80)
Balance, end of year |  | $ | 116 |  | $ | 97

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