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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2020
Retirement Benefits [Abstract] |
Reconciliation of the Changes in the Pension Benefit Obligations and Fair Value of Pension Plan Assets | The following table provides a reconciliation of the changes in the pension benefit obligations and fair value of Pension Plan assets over the two-year period ended September 30, 2020 and a statement of the funded status as of September 30, 2020 and 2019:
(in thousands) | 2020 |  | 2019
Accumulated Benefit Obligation | $ | 116,146 |  |  | $ | 119,845 |
Changes in projected benefit obligations |  |  |
Projected benefit obligation at beginning of year | $ | 119,845 |  |  | $ | 106,205 |
Interest cost | 3,598 |  |  | 4,389 |
Actuarial (gain) loss | 4,310 |  |  | 16,914 |
Benefits paid | (11,607 | ) |  | (7,663 | )
Projected benefit obligation at end of year | $ | 116,146 |  |  | $ | 119,845 |
Change in plan assets |  |  |
Fair value of plan assets at beginning of year | $ | 91,142 |  |  | $ | 94,897 |
Actual return on plan assets | 6,535 |  |  | 3,865 |
Employer contribution | 33 |  |  | 43 |
Benefits paid | (11,607 | ) |  | (7,663 | )
Fair value of plan assets at end of year | $ | 86,103 |  |  | $ | 91,142 |
Funded status of the plan at end of year | $ | (30,043 | ) |  | $ | (28,703 | )
Amounts Recognized in the Consolidated Balance Sheets | The amounts recognized in the Consolidated Balance Sheets at September 30, 2020 and 2019 are as follows (in thousands):
Accrued liabilities | $ | (18 | ) |  | $ | (50 | )
Noncurrent liabilities-other | (30,025 | ) |  | (28,653 | )
Net amount recognized | $ | (30,043 | ) |  | $ | (28,703 | )
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, 2020 and 2019, and not yet reflected in net periodic benefit cost, are as follows (in thousands):
Net actuarial loss | $ | (33,923 | ) |  | $ | (37,084 | )
Weighted Average Assumptions Used for the Pension Calculations | The weighted average assumptions used for the pension calculations were as follows:
| September 30,
| 2020 |  | 2019 |  | 2018
Discount rate for net periodic benefit costs | 3.16 | % |  | 4.27 | % |  | 3.79 | %
Discount rate for year-end obligations | 2.66 | % |  | 3.16 | % |  | 4.27 | %
Expected return on plan assets | 4.65 | % |  | 5.60 | % |  | 6.06 | %
Components of the Net Periodic Pension (Benefit) | Components of the net periodic pension expense were as follows:
| Year Ended September 30,
(in thousands) | 2020 |  | 2019 |  | 2018
Interest cost | $ | 3,598 |  |  | $ | 4,389 |  |  | $ | 4,077 |
Expected return on plan assets | (4,784 | ) |  | (5,523 | ) |  | (5,555 | )
Recognized net actuarial loss | 2,718 |  |  | 1,229 |  |  | 1,926 |
Settlement | 3,001 |  |  | 1,953 |  |  | 913 |
Net pension expense | $ | 4,533 |  |  | $ | 2,048 |  |  | $ | 1,361 |
Expected Benefits to be Paid from the Pension Plan in Each of the Next Five Fiscal Years and Thereafter | 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,
2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 – 2030 |  | Total
$ | 5,931 |  |  | $ | 6,910 |  |  | $ | 6,980 |  |  | $ | 7,023 |  |  | $ | 7,141 |  |  | $ | 33,599 |  |  | $ | 67,584 |
Target Allocation and Asset Allocation for the Pension Plan | The target allocation for 2021 and the asset allocation for the Pension Plan at the end of fiscal years 2020 and 2019, by asset category, follows:
| Target Allocation |  | September 30,
Asset Category | 2021 |  | 2020 |  | 2019
U.S. equities | 45 | % |  | 42 | % |  | 47 | %
International equities | 20 |  |  | 22 |  |  | 16 |
Fixed income | 35 |  |  | 36 |  |  | 37 |
Total | 100 | % |  | 100 | % |  | 100 | %
Fair Value of Pension Plan Assets | The fair value of Pension Plan assets at September 30, 2020 and 2019, summarized by level within the fair value hierarchy described in Note 14—Fair Value Measurement of Financial Instruments, are as follows:
| September 30, 2020
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Short-term investments | $ | 1,541 |  |  | $ | 1,541 |  |  | $ | — |  |  | $ | — |
Mutual funds: |  |  |  |  |  |  |
Domestic stock funds | 35,660 |  |  | 35,660 |  |  | — |  |  | — |
Bond funds | 17,328 |  |  | 17,328 |  |  | — |  |  | — |
Balanced funds | 17,447 |  |  | 17,447 |  |  | — |  |  | — |
International stock funds | 14,044 |  |  | 14,044 |  |  | — |  |  | — |
Total mutual funds | 84,479 |  |  | 84,479 |  |  | — |  |  | — |
Oil and gas properties | 83 |  |  | — |  |  | — |  |  | 83 |
Total | $ | 86,103 |  |  | $ | 86,020 |  |  | $ | — |  |  | $ | 83 |
| September 30, 2019
(in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Short-term investments | $ | 3,072 |  |  | $ | 3,072 |  |  | $ | — |  |  | $ | — |
Mutual funds: |  |  |  |  |  |  |
Domestic stock funds | 17,555 |  |  | 17,555 |  |  | — |  |  | — |
Bond funds | 18,034 |  |  | 18,034 |  |  | — |  |  | — |
Balanced funds | 17,878 |  |  | 17,878 |  |  | — |  |  | — |
International stock funds | 14,181 |  |  | 14,181 |  |  | — |  |  | — |
Total mutual funds | 67,648 |  |  | 67,648 |  |  | — |  |  | — |
Domestic common stock | 20,261 |  |  | 17,748 |  |  | 2,513 |  |  | — |
Oil and gas properties | 161 |  |  | — |  |  | — |  |  | 161 |
Total | $ | 91,142 |  |  | $ | 88,468 |  |  | $ | 2,513 |  |  | $ | 161 |
Summary of Changes in the Fair Value of the Pension Plan's Level 3 Assets | The following table sets forth a summary of changes in the fair value of the Pension Plan’s Level 3 assets for the fiscal years ended September 30, 2020 and 2019:
| Oil and Gas Properties
| Year Ended September 30,
(in thousands) | 2020 |  | 2019
Balance, beginning of year | $ | 161 |  |  | $ | 116 |
Unrealized gains (losses) relating to property still held at the reporting date | (78 | ) |  | 45 |
Balance, end of year | $ | 83 |  |  | $ | 161 |

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