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EMPLOYEE BENEFIT PLANS

6 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 15 EMPLOYEE BENEFIT PLANS

Components of Net Periodic Benefit Cost

The following provides information at March 31, 2020 and 2019, related to the Company-sponsored domestic defined benefit pension plan, the Helmerich & Payne, Inc. Employee Retirement Plan (the “Pension Plan”):

	Three Months Ended March 31,								Six Months Ended March 31,
(in thousands)	2020				2019				2020				2019
Interest cost	$	1,097			$	1,097			$	2,194			$	2,194
Expected return on plan assets	(1,381		)		(1,386		)		(2,762		)		(2,772		)
Recognized net actuarial loss	669				291				1,338				583
Net pension expense	$	385			$	2			$	770			$	5

Employer Contributions

We did not contribute to the Pension Plan during the six months ended March 31, 2020. For the remainder of fiscal year 2020, we do not expect minimum contributions required by law to be needed; however, we may make contributions during the remainder of fiscal year 2020 if needed to fund unexpected distributions in lieu of liquidating pension assets.

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- References

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- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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