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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract] |
Summary of Changes in Funded Status of Plans and Liabilities Recognized | 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) | 2015 | 2014 | 2015 | 2014
Change in Benefit Obligation |  |  |  |
Benefit obligation at beginning of year | $ | 227,699 |  | $ | 198,826 |  | $ | 127,773 |  | $ | 112,771 |
Service cost | 7,485 |  | 6,143 |  | 4,253 |  | 3,923 |
Interest cost | 10,199 |  | 10,066 |  | 5,739 |  | 5,734 |
Plan participants' contributions | 47 |  | 47 |  | 60 |  | 38 |
Special termination benefits | — |  | 2,814 |  | — |  | 648 |
Actuarial loss | 17,418 |  | 21,440 |  | 3,891 |  | 6,792 |
Benefits paid, net of retiree subsidies received | (6,861 | ) | (11,637 | ) | (3,349 | ) | (2,133 | )
Benefit obligation at end of year | $ | 255,987 |  | $ | 227,699 |  | $ | 138,367 |  | $ | 127,773 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year | $ | 211,653 |  | $ | 200,236 |  | $ | 56,909 |  | $ | 49,555 |
Actual return on plan assets | (5,813 | ) | 22,923 |  | (1,799 | ) | 4,590 |
Employer contributions | 97 |  | 85 |  | 5,672 |  | 4,970 |
Benefits paid, net of plan participants' contributions | (6,814 | ) | (11,591 | ) | (3,513 | ) | (2,206 | )
Fair value of plan assets at end of year | $ | 199,123 |  | $ | 211,653 |  | $ | 57,269 |  | $ | 56,909 |
Funded status | $ | (56,864 | ) | $ | (16,046 | ) | $ | (81,098 | ) | $ | (70,864 | )
Amounts recognized on Consolidated Balance Sheets |  |  |  |
Postemployment employee benefit (liability) |  |  |  |
Current | $ | (71 | ) | $ | (100 | ) | $ | (477 | ) | $ | (136 | )
Noncurrent | (56,793 | ) | (15,946 | ) | (80,621 | ) | (70,728 | )
Total | $ | (56,864 | ) | $ | (16,046 | ) | $ | (81,098 | ) | $ | (70,864 | )
(1) | Includes the Company's PEP.
Summary of Regulatory Assets and Accumulated Other Comprehensive Income | 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, 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 |
Amounts arising during the period: |  |  |  |  |
Net actuarial loss | 30,579 |  | 9,563 |  |  | 9,742 |  | 1,103 |
Amounts amortized to net periodic costs: |  |  |  |  |
Net actuarial (loss) | (5,305 | ) | (2,911 | ) |  | (1,680 | ) | (32 | )
Prior service (cost) credit | (108 | ) | 311 |  |  | (3 | ) | 54 |
Net transition obligation | — |  | — |  |  | — |  | — |
Balance at September 30, 2015 | $ | 86,960 |  | $ | 50,737 |  |  | $ | 25,640 |  | $ | 1,242 |
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) | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014
Net actuarial loss | $ | 86,070 |  | $ | 60,797 |  | $ | 52,462 |  | $ | 45,809 |  | $ | 25,632 |  | $ | 17,570 |  | $ | 1,495 |  | $ | 425 |
Prior service cost (credit) | 890 |  | 997 |  | (1,725 | ) | (2,035 | ) | 8 |  | 11 |  | (253 | ) | (308 | )
Net transition obligation | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total | $ | 86,960 |  | $ | 61,794 |  | $ | 50,737 |  | $ | 43,774 |  | $ | 25,640 |  | $ | 17,581 |  | $ | 1,242 |  | $ | 117 |
Schedule of Amounts Expected to be Recognized as Components of Net Periodic Benefit Cost | Amounts included in regulatory assets and accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in fiscal 2016 are as follows:
| Regulatory Assets |  | Accumulated Other Comprehensive Income (Loss)
(Thousands) | Pension | OPEB |  | Pension | OPEB
Net actuarial loss | $ | 5,606 |  | $ | 3,175 |  |  | $ | 1,675 |  | $ | 99 |
Prior service cost (credit) | 108 |  | (311 | ) |  | 3 |  | (54 | )
Total | $ | 5,714 |  | $ | 2,864 |  |  | $ | 1,678 |  | $ | 45 |
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) | 2015 | 2014
Projected benefit obligation | $ | 255,987 |  | $ | 227,699 |
Accumulated benefit obligation | $ | 217,937 |  | $ | 198,058 |
Fair value of plan assets | $ | 199,123 |  | $ | 211,653 |
Components of Net Periodic Cost | 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) | 2015 | 2014 | 2013 | 2015 | 2014 | 2013
Service cost | $ | 7,485 |  | $ | 6,143 |  | $ | 6,871 |  | $ | 4,253 |  | $ | 3,923 |  | $ | 4,686 |
Interest cost | 10,199 |  | 10,066 |  | 8,942 |  | 5,739 |  | 5,734 |  | 5,148 |
Expected return on plan assets | (17,090 | ) | (15,475 | ) | (14,825 | ) | (4,977 | ) | (4,174 | ) | (3,653 | )
Recognized actuarial loss | 6,985 |  | 5,596 |  | 7,646 |  | 2,943 |  | 2,500 |  | 3,857 |
Prior service cost (credit) amortization | 111 |  | 111 |  | 108 |  | (364 | ) | (357 | ) | (355 | )
Recognized net initial obligation | — |  | — |  | — |  | — |  | 11 |  | 26 |
Net periodic benefit cost | $ | 7,690 |  | $ | 6,441 |  | $ | 8,742 |  | $ | 7,594 |  | $ | 7,637 |  | $ | 9,709 |
Special termination benefit | — |  | 2,814 |  | — |  | — |  | 648 |  | — |
Net periodic benefit cost recognized as expense | $ | 7,690 |  | $ | 9,255 |  | $ | 8,742 |  | $ | 7,594 |  | $ | 8,285 |  | $ | 9,709 |
Schedule of Weighted Average 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
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
Benefit costs: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.55 | % |  | 5.15 | % |  | 4.30 | % |  | 4.55 | % |  | 5.15 | % |  | 4.30 | %
Expected asset return | 8.75 | % |  | 8.25 | % |  | 8.50 | % |  | 8.75 | % |  | 8.25 | % |  | 8.50 | %
Compensation increase | 3.25 | % |  | 3.25 | % |  | 3.25 | % |  | 3.50 | % |  | 3.50 | % |  | 3.25 | %
Obligations: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.50 | % |  | 4.55 | % |  | 5.15 | % |  | 4.60/4.55% |  | (1) | 4.55 | % |  | 5.15 | %
Compensation increase | 3.25/3.50% |  | (1) | 3.25/3.50% |  | (1) | 3.25 | % |  | 3.50 | % |  | 3.50 | % |  | 3.25 | %
(1) | Percentages for represented and nonrepresented plans, respectively.
Information on Assumed HCCTR Used to Determine Expected OPEB Benefits | 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) | 2015 |  | 2014 |  | 2013
HCCTR | 6.7 | % |  | 7.1 | % |  | 7.3 | %
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 | $ | 26,025 |  |  | $ | 20,965 |  |  | $ | 18,008 |
Total service and interest cost | $ | 2,026 |  |  | $ | 1,885 |  |  | $ | 2,156 |
Effect of a 1 percentage point decrease in the HCCTR on: |  |  |  |  |
Year-end benefit obligation | $ | (20,427 | ) |  | $ | (16,932 | ) |  | $ | (14,629 | )
Total service and interest costs | $ | (1,593 | ) |  | $ | (1,493 | ) |  | $ | (1,675 | )
Schedule of Mix and Targeted Allocation of Plan Assets | The mix and targeted allocation of the pension and OPEB plans' assets are as follows:
| 2016 | Assets at
| Target | September 30,
Asset Allocation | Allocation | 2015 |  |  | 2014 |  |
U.S. equity securities | 40 | % |  | 38 | % |  | 39 | % |
International equity securities | 20 |  |  | 19 |  |  | 20 |  |
Fixed income | 40 |  |  | 43 |  |  | 41 |  |
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
2016 | $ | 7,958 |  | $ | 3,755 |
2017 | $ | 8,383 |  | $ | 4,122 |
2018 | $ | 9,106 |  | $ | 4,524 |
2019 | $ | 9,807 |  | $ | 5,005 |
2020 | $ | 10,542 |  | $ | 5,513 |
2021 - 2025 | $ | 67,414 |  | $ | 35,509 |
Schedule of Estimated Subsidy Payments | The estimated subsidy payments are:
| Estimated Subsidy Payment
Fiscal Year | (Thousands)
2016 | $210
2017 | $231
2018 | $253
2019 | $276
2020 | $304
2021 - 2025 | $2,067
Summary of Pension and OPEB Assets Held in the Master Trust | 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 | 2015 |  | 2014 |  | 2015 |  | 2014
Money market funds | $ | — |  |  | $ | 50 |  |  | $ | 2,237 |  |  | $ | 1,154 |
Registered Investment Companies: |  |  |  |  |  |  |
Equity Funds |  |  |  |  |  |  |
Large Cap Index | 63,285 |  |  | 70,358 |  |  | 17,460 |  |  | 19,092 |
Extended Market Index | 11,827 |  |  | 12,475 |  |  | 3,762 |  |  | 3,733 |
International Stock | 37,353 |  |  | 41,833 |  |  | 10,261 |  |  | 10,309 |
Fixed Income Funds |  |  |  |  |  |  |
Emerging Markets | 8,857 |  |  | 10,029 |  |  | 2,617 |  |  | 2,798 |
Core Fixed Income | — |  |  | — |  |  | 7,148 |  |  | 6,522 |
Opportunistic Income | — |  |  | — |  |  | 4,179 |  |  | 3,960 |
Ultra Short Duration | — |  |  | — |  |  | 3,960 |  |  | 3,761 |
High Yield Bond Fund | 20,532 |  |  | 21,054 |  |  | 5,645 |  |  | 5,580 |
Long Duration Fund | 57,269 |  |  | 55,854 |  |  | — |  |  | — |
Total assets at fair value | $ | 199,123 |  |  | $ | 211,653 |  |  | $ | 57,269 |  |  | $ | 56,909 |

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