EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

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)	2014			2013			2014			2013
Change in Benefit Obligation
Benefit obligation at beginning of year	$	198,826		$	211,136		$	112,771		$	121,027
Service cost	6,143			6,871			3,923			4,686
Interest cost	10,066			8,942			5,734			5,148
Plan participants' contributions	47			49			38			32
Special termination benefits	2,814			—			648			—
Actuarial loss (gain)	21,440			(22,288		)	6,792			(15,645		)
Benefits paid, net of retiree subsidies received	(11,637		)	(5,884		)	(2,133		)	(2,477		)
Benefit obligation at end of year	$	227,699		$	198,826		$	127,773		$	112,771
Change in plan assets
Fair value of plan assets at beginning of year	$	200,236		$	166,664		$	49,555		$	41,090
Actual return on plan assets	22,923			19,323			4,590			5,120
Employer contributions	85			20,083			4,970			5,977
Benefits paid, net of plan participants' contributions	(11,591		)	(5,834		)	(2,206		)	(2,632		)
Fair value of plan assets at end of year	$	211,653		$	200,236		$	56,909		$	49,555
Funded status	$	(16,046	)	$	1,410		$	(70,864	)	$	(63,216	)
Amounts recognized on Consolidated Balance Sheets
Postemployment employee benefit (liability) asset
Current	$	(100	)	$	(96	)	$	(136	)	$	(100	)
Noncurrent	(15,946		)	1,506			(70,728		)	(63,116		)
Total	$	(16,046	)	$	1,410		$	(70,864	)	$	(63,216	)


(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, 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	)
Amounts arising during the period:
Net actuarial loss	10,563			4,277				6,243			2,098
Amounts amortized to net periodic costs:
Net actuarial (loss) gain	(5,326		)	(2,607		)		(3,085		)	107
Prior service (cost) credit	(107		)	303				(4		)	54
Net transition obligation	—			(11		)		—			—
Balance at September 30, 2014	$	61,794		$	43,774			$	17,581		$	117


(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)	2014		2013		2014			2013			2014		2013		2014			2013
Net actuarial loss (gain)	$	60,797	$	55,559	$	45,809		$	44,140		$	17,570	$	14,412	$	425		$	(1,782	)
Prior service cost (credit)	997		1,105		(2,035		)	(2,339		)	11		15		(308		)	(360		)
Net transition obligation	—		—		—			11			—		—		—			—
Total	$	61,794	$	56,664	$	43,774		$	41,812		$	17,581	$	14,427	$	117		$	(2,142	)

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 2015 are as follows:



	Regulatory Assets					Accumulated Other Comprehensive Income (Loss)
(Thousands)	Pension		OPEB			Pension		OPEB
Net actuarial loss	$	5,305	$	2,911		$	1,680	$	32
Prior service cost (credit)	108		(311		)	3		(54		)
Total	$	5,413	$	2,600		$	1,683	$	(22	)

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)	2014		2013
Projected benefit obligation	$	227,699	$	198,826
Accumulated benefit obligation	$	198,058	$	176,172
Fair value of plan assets	$	211,653	$	200,236

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)	2014			2013			2012			2014			2013			2012
Service cost	$	6,143		$	6,871		$	5,375		$	3,923		$	4,686		$	3,584
Interest cost	10,066			8,942			8,825			5,734			5,148			5,133
Expected return on plan assets	(15,475		)	(14,825		)	(12,685		)	(4,174		)	(3,653		)	(2,746		)
Recognized actuarial loss	5,596			7,646			5,015			2,500			3,857			2,894
Prior service cost (credit) amortization	111			108			46			(357		)	(355		)	25
Recognized net initial obligation	—			—			—			11			26			356
Net periodic benefit cost	$	6,441		$	8,742		$	6,576		$	7,637		$	9,709		$	9,246
Special termination benefit	2,814			—			—			648			—			—
Net periodic benefit cost recognized as expense	$	9,255		$	8,742		$	6,576		$	8,285		$	9,709		$	9,246

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
	2014			2013		2012		2014		2013		2012
Benefit costs:
Discount rate	5.15	%		4.30	%	5.25	%	5.15	%	4.30	%	5.25	%
Expected asset return	8.25	%		8.50	%	8.25	%	8.25	%	8.50	%	8.25	%
Compensation increase	3.25	%		3.25	%	3.25	%	3.50	%	3.25	%	3.25	%

Obligations:
Discount rate	4.55	%		5.15	%	4.30	%	4.55	%	5.15	%	4.30	%
Compensation increase	3.25/3.50%		⁽¹⁾	3.25	%	3.25	%	3.50	%	3.25	%	3.25	%


(1)	Percentages for represented and nonrepresented plans, respectively.

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)	2014			2013			2012
HCCTR	7.1		%	7.3		%	7.5		%
Ultimate HCCTR	4.8		%	4.8		%	4.8		%
Year ultimate HCCTR reached	2022			2022			2022

Effect of a 1 percentage point increase in the HCCTR on:
Year-end benefit obligation	$	20,965		$	18,008		$	21,278
Total service and interest cost	$	1,885		$	2,156		$	1,868
Effect of a 1 percentage point decrease in the HCCTR on:
Year-end benefit obligation	$	(16,932	)	$	(14,629	)	$	(17,034	)
Total service and interest costs	$	(1,493	)	$	(1,675	)	$	(1,457	)

Schedule of Allocation of Plan Assets

The mix and targeted allocation of the pension and OPEB plans' assets are as follows:



	2015		Assets at
	Target		September 30,
Asset Allocation	Allocation		2014		2013
U.S. equity securities	40	%	39	%	42	%
International equity securities	20		20		22
Fixed income	40		41		36
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
2015	$	7,176	$	3,509
2016	$	8,102	$	4,292
2017	$	8,513	$	4,735
2018	$	9,309	$	5,197
2019	$	10,017	$	5,705
2020 - 2024	$	62,977	$	37,063

Schedule of Prescription Drug Subsidies

The estimated subsidy payments are:



	Estimated Subsidy Payment
Fiscal Year	(Thousands)
2015	$201
2016	$225
2017	$249
2018	$274
2019	$300
2020 - 2024	$2,030

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	2014		2013		2014		2013
Money market funds	$	50	$	3	$	1,154	$	1,150
Registered Investment Companies-
Equity Funds
Large Cap Index	70,358		69,707		19,092		16,419
Extended Market Index	12,475		14,736		3,733		3,444
International Stock	41,833		42,792		10,309		10,033
Fixed Income Funds
Emerging Markets	10,029		8,754		2,798		2,163
Core Fixed Income	—		—		6,522		11,684
Opportunistic Income	—		—		3,960		—
Ultra Short Duration	—		—		3,761		—
High Yield Bond Fund	21,054		19,850		5,580		4,662
Long Duration Fund	55,854		44,394		—		—
Total assets at fair value	$	211,653	$	200,236	$	56,909	$	49,555