XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.1
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
NOTE 13 EMPLOYEE BENEFIT PLANS
Components of Net Periodic Benefit Cost
The following provides information at March 31, 2021 and 2020, 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)2021202020212020
Interest cost$753 $1,097 $1,506 $2,194 
Expected return on plan assets(967)(1,381)(1,934)(2,762)
Recognized net actuarial loss590 669 1,180 1,338 
Settlement398 — 1,413 — 
Net pension expense$774 $385 $2,165 $770 
We recognized net pension expense of $0.8 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively, and $2.2 million and $0.8 million for the six months ended March 31, 2021 and 2020, respectively, in other expense within our Unaudited Condensed Consolidated Statements of Operations.
According to ASC 715, Compensation—Retirement Benefits, if the lump sum distributions made during a plan year exceed the total of the projected service cost and interest cost for the plan year, settlement accounting is required. Lump sum payments exceeded this threshold during the three and six months ended March 31, 2021. Accordingly, we recognized settlement expense of $0.4 million and $1.4 million for the three and six months ended March 31, 2021, respectively, in other expense within our Unaudited Condensed Consolidated Statements of Operations.
Employer Contributions
We did not make any contributions to the Pension Plan during the six months ended March 31, 2021. For the remainder of fiscal year 2021, we do not expect minimum contributions required by law to be needed. However, we may make contributions during the remainder of fiscal year 2021, if needed, to fund unexpected distributions in lieu of liquidating pension assets.