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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract] |
Schedule of Net Funded Status | The following summarizes the changes in the funded status of the plans and the related liabilities recognized on the Consolidated Balance Sheets as of September 30:
| Pension (1) | OPEB
(Thousands) | 2013 | 2012 | 2013 | 2012
Change in Benefit Obligation |  |  |  |
Benefit obligation at beginning of year | $ | 211,136 |  | $ | 171,148 |  | $ | 121,027 |  | $ | 99,066 |
Service cost | 6,871 |  | 5,375 |  | 4,686 |  | 3,584 |
Interest cost | 8,942 |  | 8,825 |  | 5,148 |  | 5,133 |
Plan participants' contributions | 49 |  | 47 |  | 32 |  | 29 |
Amendments | — |  | 1,083 |  | — |  | (3,423 | )
Actuarial (gain) loss | (22,288 | ) | 30,428 |  | (15,645 | ) | 18,807 |
Benefits paid, net of retiree subsidies received | (5,884 | ) | (5,770 | ) | (2,477 | ) | (2,169 | )
Benefit obligation at end of year | $ | 198,826 |  | $ | 211,136 |  | $ | 112,771 |  | $ | 121,027 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year | $ | 166,664 |  | $ | 124,289 |  | $ | 41,090 |  | $ | 31,428 |
Actual return on plan assets | 19,323 |  | 28,018 |  | 5,120 |  | 6,222 |
Employer contributions | 20,083 |  | 20,080 |  | 5,977 |  | 5,775 |
Benefits paid, net of plan participants' contributions | (5,834 | ) | (5,723 | ) | (2,632 | ) | (2,335 | )
Fair value of plan assets at end of year | $ | 200,236 |  | $ | 166,664 |  | $ | 49,555 |  | $ | 41,090 |
Funded status | $ | 1,410 |  | $ | (44,472 | ) | $ | (63,216 | ) | $ | (79,937 | )
Amounts recognized on Consolidated Balance Sheets |  |  |  |
Postemployment employee benefit (liability) asset |  |  |  |
Current | $ | (96 | ) | $ | (93 | ) | $ | (100 | ) | $ | (120 | )
Noncurrent | 1,506 |  | (44,379 | ) | (63,116 | ) | (79,817 | )
Total | $ | 1,410 |  | $ | (44,472 | ) | $ | (63,216 | ) | $ | (79,937 | )
(1) | Includes the Company's PEP.
Schedule of Pension Costs Recognized in Regulatory Assets and Accumulated Other Comprehensive Income Loss | The following table summarizes the amounts recognized in regulatory assets and accumulated other comprehensive income as of September 30:
| Regulatory Assets |  |  | Accumulated Other Comprehensive Income (Loss)
| Pension | OPEB |  |  | Pension | OPEB
Balance at September 30, 2011 | $ | 72,355 |  | $ | 47,925 |  | (1) |  | $ | 22,160 |  | $ | 3,752 |
Amounts arising during the period: |  |  |  |  |  |
Net actuarial loss (gain) | 10,896 |  | 16,773 |  |  |  | 4,198 |  | (1,442 | )
Amounts amortized to net periodic costs: |  |  |  |  |  |
Net actuarial (loss) | (3,848 | ) | (2,671 | ) |  |  | (1,166 | ) | (223 | )
Prior service credit (cost) | 1,046 |  | (2,677 | ) |  |  | (9 | ) | (420 | )
Net transition obligation | — |  | (551 | ) |  |  | — |  | (156 | )
Balance at September 30, 2012 | $ | 80,449 |  | $ | 58,799 |  | (1) |  | $ | 25,183 |  | $ | 1,511 |
Amounts arising during the period: |  |  |  |  |  |
Net actuarial (gain) | (17,961 | ) | (13,523 | ) |  |  | (8,826 | ) | (3,589 | )
Amounts amortized to net periodic costs: |  |  |  |  |  |
Net actuarial (loss) | (5,719 | ) | (3,743 | ) |  |  | (1,927 | ) | (114 | )
Prior service (cost) credit | (105 | ) | 301 |  |  |  | (3 | ) | 54 |
Net transition obligation | — |  | (22 | ) |  |  | — |  | (4 | )
Balance at September 30, 2013 | $ | 56,664 |  | $ | 41,812 |  |  |  | $ | 14,427 |  | $ | (2,142 | )
(1) | Balance represents amounts recognized in accordance with ASC 715 and excludes $308,000 associated with a regulatory asset approved by the BPU for fiscal 2012.
The amounts in regulatory assets and accumulated other comprehensive income not yet recognized as components of net periodic benefit cost as of September 30 are:
| Regulatory Assets | Accumulated Other Comprehensive Income (Loss)
| Pension | OPEB | Pension | OPEB
(Thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012
Net actuarial loss (gain) | $ | 55,559 |  | $ | 79,239 |  | $ | 44,140 |  | $ | 61,406 |  | $ | 14,412 |  | $ | 25,165 |  | $ | (1,782 | ) | $ | 1,921 |
Prior service cost (credit) | 1,105 |  | 1,210 |  | (2,339 | ) | (2,640 | ) | 15 |  | 18 |  | (360 | ) | (414 | )
Net transition obligation | — |  | — |  | 11 |  | 33 |  | — |  | — |  | — |  | 4 |
Total | $ | 56,664 |  | $ | 80,449 |  | $ | 41,812 |  | $ | 58,799 |  | $ | 14,427 |  | $ | 25,183 |  | $ | (2,142 | ) | $ | 1,511 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | Amounts included in regulatory assets and accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in fiscal 2014 are as follows:
| Regulatory Assets |  | Accumulated Other Comprehensive Income (Loss)
(Thousands) | Pension | OPEB |  | Pension | OPEB
Net actuarial gain | $ | 4,348 |  | $ | 2,607 |  | — |  | $ | 1,248 |  | $ | (107 | )
Prior service credit | 108 |  | 11 |  | — |  | 3 |  | — |
Net transition obligation | — |  | (303 | ) | — |  | — |  | (54 | )
Total | $ | 4,456 |  | $ | 2,315 |  | — |  | $ | 1,251 |  | $ | (161 | )
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The accumulated benefit obligation for the pension plans, including the PEP, exceeded the fair value of plan assets. The projected benefit and accumulated benefit obligations and the fair value of plan assets as of September 30, are as follows:
| Pension
(Thousands) | 2013 | 2012
Projected benefit obligation | $ | 198,826 |  | $ | 211,136 |
Accumulated benefit obligation | $ | 176,172 |  | $ | 186,825 |
Fair value of plan assets | $ | 200,236 |  | $ | 166,664 |
Schedule of Net Benefit Costs | The components of the net periodic cost for pension benefits, including the Company's PEP, and OPEB costs (principally health care and life insurance) for employees and covered dependents for fiscal years ended September 30, are as follows:
| Pension | OPEB
(Thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011
Service cost | $ | 6,871 |  | $ | 5,375 |  | $ | 4,775 |  | $ | 4,686 |  | $ | 3,584 |  | $ | 3,345 |
Interest cost | 8,942 |  | 8,825 |  | 8,378 |  | 5,148 |  | 5,133 |  | 4,845 |
Expected return on plan assets | (14,825 | ) | (12,685 | ) | (11,490 | ) | (3,653 | ) | (2,746 | ) | (2,472 | )
Recognized actuarial loss | 7,646 |  | 5,015 |  | 3,946 |  | 3,857 |  | 2,894 |  | 2,612 |
Prior service cost amortization | 108 |  | 46 |  | 48 |  | (355 | ) | 25 |  | 75 |
Recognized net initial obligation | — |  | — |  | — |  | 26 |  | 356 |  | 356 |
Net periodic benefit cost | $ | 8,742 |  | $ | 6,576 |  | $ | 5,657 |  | $ | 9,709 |  | $ | 9,246 |  | $ | 8,761 |
Schedule of Assumptions Used | The weighted average assumptions used to determine benefit costs during the fiscal year and obligations as of September 30, are as follows:
| Pension |  | OPEB
| 2013 |  | 2012 |  | 2011 |  | 2013 |  | 2012 |  | 2011
Benefit costs: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.30 | % |  | 5.25 | % |  | 5.50 | % |  | 4.30 | % |  | 5.25 | % |  | 5.50 | %
Expected asset return | 8.50 | % |  | 8.25 | % |  | 8.25 | % |  | 8.50 | % |  | 8.25 | % |  | 8.25 | %
Compensation increase | 3.25 | % |  | 3.25 | % |  | 2.50/3.25% |  |  | 3.25 | % |  | 3.25 | % |  | 3.25 | %
Obligations: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.15 | % |  | 4.30 | % |  | 5.25 | % |  | 5.15 | % |  | 4.30 | % |  | 5.25 | %
Compensation increase | 3.25 | % |  | 3.25 | % |  | 3.25 | % |  | 3.25 | % |  | 3.25 | % |  | 3.25 | %
Schedule of Health Care Cost Trend Rates and Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates | Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, and the effect of a one percent change in the rate, are as follows:
($ in thousands) | 2013 |  | 2012 |  | 2011
HCCTR | 7.3 | % |  | 7.5 | % |  | 8.2 | %
Ultimate HCCTR | 4.8 | % |  | 4.8 | % |  | 4.8 | %
Year ultimate HCCTR reached | 2022 |  |  | 2022 |  |  | 2019 |
Effect of a 1 percentage point increase in the HCCTR on: |  |  |  |  |
Year-end benefit obligation | $ | 18,008 |  |  | $ | 21,278 |  |  | $ | 17,193 |
Total service and interest cost | $ | 2,156 |  |  | $ | 1,868 |  |  | $ | 1,751 |
Effect of a 1 percentage point decrease in the HCCTR on: |  |  |  |  |
Year-end benefit obligation | $ | (14,629 | ) |  | $ | (17,034 | ) |  | $ | (13,792 | )
Total service and interest costs | $ | (1,675 | ) |  | $ | (1,457 | ) |  | $ | (1,367 | )
Schedule of Allocation of Plan Assets | The mix and targeted allocation of the pension and OPEB plans' assets are as follows:
| 2014 | Assets at
| Target | September 30,
Asset Allocation | Allocation | 2013 |  |  | 2012 |  |
U.S. equity securities | 40 | % |  | 42 | % |  | 39 | % |
International equity securities | 20 |  |  | 22 |  |  | 21 |  |
Fixed income | 40 |  |  | 36 |  |  | 40 |  |
Total | 100 | % |  | 100 | % |  | 100 | % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:
(Thousands) | Pension | OPEB
2014 | $ | 6,819 |  | $ | 3,135 |
2015 | $ | 7,323 |  | $ | 3,677 |
2016 | $ | 7,900 |  | $ | 4,211 |
2017 | $ | 8,438 |  | $ | 4,729 |
2018 | $ | 9,210 |  | $ | 5,269 |
2019 - 2023 | $ | 58,543 |  | $ | 35,631 |
Schedule of Prescription Drug Subsidies | The estimated subsidy payments are:
| Estimated Subsidy Payment
Fiscal Year | (Thousands)
2014 | $211
2015 | $228
2016 | $249
2017 | $274
2018 | $299
2019 - 2023 | $1,988
Schedule of Defined Benefit Plans Disclosures | Pension and OPEB assets held in the master trust, measured at fair value, as of September 30, are summarized as follows:
| Quoted Prices in Active Markets for Identical Assets (Level 1)
(Thousands) | Pension |  | OPEB
Assets | 2013 |  | 2012 |  | 2013 |  | 2012
Money market funds | $ | 3 |  |  | $ | — |  |  | $ | 1,150 |  |  | $ | 1,159 |
Registered Investment Companies- |  |  |  |  |  |  |
Equity Funds |  |  |  |  |  |  |
Large Cap Index Fund | 69,707 |  |  | 55,006 |  |  | 16,419 |  |  | 13,217 |
Vanguard Extended Market Index Fund | 14,736 |  |  | 9,988 |  |  | 3,444 |  |  | 2,380 |
Vanguard Total International Stock | 42,792 |  |  | 34,266 |  |  | 10,033 |  |  | 8,166 |
Fixed Income Funds |  |  |  |  |  |  |
Emerging Markets Debt Fund | 8,754 |  |  | 8,380 |  |  | 11,684 |  |  | 10,207 |
High Yield Bond Fund | 19,850 |  |  | 16,635 |  |  | 2,163 |  |  | 1,997 |
Long Duration Fund | 44,394 |  |  | 42,389 |  |  | 4,662 |  |  | 3,964 |
Total assets at fair value | $ | 200,236 |  |  | $ | 166,664 |  |  | $ | 49,555 |  |  | $ | 41,090 |

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