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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2024
Retirement Benefits [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) | 2024 | 2023 | 2024 | 2023
Change in Benefit Obligation |  |  |  |
Benefit obligation at beginning of year | $ | 290,321 |  | $ | 290,823 |  | $ | 203,406 |  | $ | 173,217 |
Service cost | 4,976 |  | 5,402 |  | 1,406 |  | 2,471 |
Interest cost | 16,240 |  | 15,174 |  | 8,327 |  | 9,146 |
Plan amendments | — |  | — |  | (79,881) |  | — |
Plan participants’ contributions (2) | 27 |  | 32 |  | 703 |  | 552 |
Actuarial loss (gain) | 36,863 |  | (7,057) |  | 54,518 |  | 25,363 |
Benefits paid, net of retiree subsidies received | (14,895) |  | (14,053) |  | (6,679) |  | (7,343) |
Benefit obligation at end of year | $ | 333,532 |  | $ | 290,321 |  | $ | 181,800 |  | $ | 203,406 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year | $ | 298,361 |  | $ | 284,347 |  | $ | 106,783 |  | $ | 99,736 |
Actual return on plan assets | 58,682 |  | 27,456 |  | 21,249 |  | 9,826 |
Employer contributions | 535 |  | 579 |  | 7,846 |  | 4,192 |
Benefits paid, net of plan participants’ contributions (2) | (14,868) |  | (14,021) |  | (6,157) |  | (6,971) |
Fair value of plan assets at end of year | $ | 342,710 |  | $ | 298,361 |  | $ | 129,721 |  | $ | 106,783 |
Funded status | $ | 9,178 |  | $ | 8,040 |  | $ | (52,079) |  | $ | (96,623) |
Amounts recognized on Consolidated Balance Sheets |  |  |  |
Postemployment employee benefit asset |  |  |  |
Noncurrent | $ | 21,104 |  | $ | 18,684 |  | $ | 3,556 |  | $ | — |
Postemployment employee benefit liability |  |  |  |
Current | $ | (552) |  | $ | (538) |  | $ | (2,400) |  | $ | (4,201) |
Noncurrent | (11,374) |  | (10,106) |  | (53,235) |  | (92,422) |
Total | $ | 9,178 |  | $ | 8,040 |  | $ | (52,079) |  | $ | (96,623) |
(1)Includes the Company’s PEP. (2)Contributions made by employees hired prior to July 1, 1998, that were eligible to elect an additional participant contribution to enhance their benefits, were immaterial during the periods.
Summary of Regulatory Assets and Accumulated Other Comprehensive Income | The following table summarizes the amounts recognized in regulatory assets and accumulated OCI as of September 30:
| Regulatory Assets |  | Accumulated Other Comprehensive Income (Loss)
(Thousands) | Pension | OPEB |  | Pension | OPEB
Balance at September 30, 2022 | $ | 35,321 |  | $ | 20,110 |  |  | $ | 5,003 |  | $ | (6,822) |
Amounts arising during the period: |  |  |  |  |
Net actuarial (gain) loss | (10,493) |  | 9,936 |  |  | (4,048) |  | 12,320 |
Amounts amortized to net periodic costs: |  |  |  |  |
Net actuarial (loss) | (87) |  | — |  |  | (213) |  | — |
Prior service (cost) | (103) |  | — |  |  | — |  | — |
Balance at September 30, 2023 | $ | 24,638 |  | $ | 30,046 |  |  | $ | 742 |  | $ | 5,498 |
Amounts arising during the period: |  |  |  |  |
Net actuarial (gain) loss | (2,407) |  | 27,108 |  |  | 934 |  | 14,080 |
Prior service (credit) | — |  | (60,504) |  |  | — |  | (19,376) |
Amounts amortized to net periodic costs: |  |  |  |  |
Net actuarial gain (loss) | 2 |  | (3,098) |  |  | (119) |  | (1,164) |
Prior service (cost) credit | (61) |  | 7,458 |  |  | — |  | 2,555 |
Balance at September 30, 2024 | $ | 22,172 |  | $ | 1,010 |  |  | $ | 1,557 |  | $ | 1,593 |
The amounts in regulatory assets and accumulated OCI 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) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Net actuarial loss | $ | 22,172 |  | $ | 24,577 |  | $ | 54,056 |  | $ | 30,046 |  | $ | 1,557 |  | $ | 742 |  | $ | 18,414 |  | $ | 5,498 |
Prior service cost (credit) | — |  | 61 |  | (53,046) |  | — |  | — |  | — |  | (16,821) |  | — |
Total | $ | 22,172 |  | $ | 24,638 |  | $ | 1,010 |  | $ | 30,046 |  | $ | 1,557 |  | $ | 742 |  | $ | 1,593 |  | $ | 5,498 |
Schedule of Accumulated Benefit Obligations in Excess of 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) | 2024 | 2023
Projected benefit obligation | $ | 333,532 |  | $ | 290,321 |
Accumulated benefit obligation | $ | 306,850 |  | $ | 267,794 |
Fair value of plan assets | $ | 342,710 |  | $ | 298,361 |
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) | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Service cost | $ | 4,976 |  | $ | 5,402 |  | $ | 8,291 |  | $ | 1,406 |  | $ | 2,471 |  | $ | 4,305 |
Interest cost | 16,240 |  | 15,174 |  | 9,632 |  | 8,327 |  | 9,146 |  | 6,355 |
Expected return on plan assets | (20,346) |  | (19,972) |  | (21,275) |  | (7,920) |  | (6,721) |  | (7,575) |
Recognized actuarial loss | 117 |  | 300 |  | 8,745 |  | 4,262 |  | — |  | 5,684 |
Prior service cost (credit) amortization | 61 |  | 103 |  | 101 |  | (10,013) |  | — |  | (144) |
Net periodic benefit cost recognized as expense | $ | 1,048 |  | $ | 1,007 |  | $ | 5,494 |  | $ | (3,938) |  | $ | 4,896 |  | $ | 8,625 |
Schedule of Weighted Average Assumptions Used | The weighted average assumptions used to determine the Company’s benefit costs during the fiscal years below and obligations as of September 30, are as follows:
| Pension |  | OPEB |
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |
Benefit costs: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.89/5.87% | (1) | 5.50/5.50% | (1) | 3.10/3.07% | (1) | 5.97/5.94% | (1) | 5.51/5.51% | (1) | 3.24/3.17% | (1)
Expected asset return | 7.00 | % |  | 7.00 | % |  | 6.75 | % |  | 7.00 | % |  | 7.00 | % |  | 6.75 | % |
Compensation increase | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1)
Obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.01/4.99% | (1) | 5.89/5.87% | (1) | 5.50/5.50% | (1) | 4.97/4.98% | (1) | 5.97/5.94% | (1) | 5.51/5.51% | (1)
Compensation increase | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1)
(1)Percentages for represented and non-represented plans, respectively.
Summary of Pension and OPEB Assets | Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, is as follows:
($ in thousands) | 2024 | 2023 | 2022
HCCTR | 8.8% | 7.4% | 6.6%
Ultimate HCCTR | 4.5% | 4.5% | 4.5%
Year ultimate HCCTR reached | 2032 | 2032 | 2027
Pension and OPEB assets held in the master trust, measured at fair value, are summarized as follows:
| Pension | OPEB
(Thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total
As of September 30, 2024 |  |  |  |  |  |
Assets |  |  |  |  |  |
Money market funds | $ | — |  |  | $ | — |  | $ | 24 |  |  | $ | 24 |
Registered Investment Companies: |  |  |  |  |  |
Equity Funds: |  |  |  |  |  |
Large Cap Index | 76,897 |  |  | 76,897 |  | 38,040 |  |  | 38,040 |
Extended Market Index | 16,665 |  |  | 16,665 |  | 7,977 |  |  | 7,977 |
International Stock | 50,549 |  |  | 50,549 |  | 22,730 |  |  | 22,730 |
Fixed Income Funds: |  |  |  |  |  |
Emerging Markets | 13,354 |  |  | 13,354 |  | 5,358 |  |  | 5,358 |
Core Fixed Income | — |  |  | — |  | 28,765 |  |  | 28,765 |
High Yield Bond Fund | 16,704 |  |  | 16,704 |  | 9,195 |  |  | 9,195 |
Long Duration Fund | 106,656 |  |  | 106,656 |  | — |  |  | — |
Total assets in the fair value hierarchy | $ | 280,825 |  |  | 280,825 |  | $ | 112,089 |  |  | 112,089 |
Investments measured at net asset value |  |  |  |  |  |
Collective investment trusts |  |  | 61,885 |  |  |  | 17,632 |
Total assets at fair value |  |  | $ | 342,710 |  |  |  | $ | 129,721 |
As of September 30, 2023 |  |  |  |  |  |
Assets |  |  |  |  |  |
Registered Investment Companies: |  |  |  |  |  |
Equity Funds: |  |  |  |  |  |
Large Cap Index | $ | 81,171 |  |  | $ | 81,171 |  | $ | 30,884 |  |  | $ | 30,884 |
Extended Market Index | 17,256 |  |  | 17,256 |  | 6,444 |  |  | 6,444 |
International Stock | 48,557 |  |  | 48,557 |  | 17,966 |  |  | 17,966 |
Fixed Income Funds: |  |  |  |  |  |
Emerging Markets | 11,471 |  |  | 11,471 |  | 4,306 |  |  | 4,306 |
Core Fixed Income | — |  |  | — |  | 22,241 |  |  | 22,241 |
High Yield Bond Fund | 20,685 |  |  | 20,685 |  | 7,651 |  |  | 7,651 |
Long Duration Fund | 58,484 |  |  | 58,484 |  | — |  |  | — |
Total assets in the fair value hierarchy | $ | 237,624 |  |  | 237,624 |  | $ | 89,492 |  |  | 89,492 |
Investments measured at net asset value |  |  |  |  |  |
Collective investment trusts |  |  | 60,737 |  |  |  | 17,291 |
Total assets at fair value |  |  | $ | 298,361 |  |  |  | $ | 106,783 |
Schedule of Mix and Targeted Allocation of Plan Assets | The mix and targeted allocation of the pension and OPEB plans’ assets are as follows:
| 2025 | Assets at
| Target | September 30,
Asset Allocation | Allocation | 2024 |  | 2023 |
U.S. equity securities | 29 | % |  | 29 | % |  | 34 | % |
International equity securities | 16 |  |  | 16 |  |  | 16 |  |
Fixed income | 39 |  |  | 38 |  |  | 31 |  |
Collective investment trusts at NAV | 16 |  |  | 17 |  |  | 19 |  |
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 fiscal years:
(Thousands) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 - 2034
Pension | $ | 16,273 |  | $ | 17,378 |  | $ | 18,452 |  | $ | 19,423 |  | $ | 20,493 |  | $ | 115,709 |
OPEB | $ | 8,397 |  | $ | 9,300 |  | $ | 10,138 |  | $ | 10,925 |  | $ | 11,703 |  | $ | 65,473 |
Schedule of Valuation Methodologies Used for Assets Measured at Fair Value | The following is a description of the valuation methodologies used for assets measured at fair value:
Asset Types | Description of the Valuation Methodologies
Money Market funds | Represents bank balances and money market funds that are valued based on the NAV of shares held at year end.
Registered Investment Companies | Equity and fixed income funds valued at the NAV of shares held by the plan at year end as reported on the active market on which the individual securities are traded.
Collective investment trusts | The NAV for collective investment trusts is provided by the Trustee and is used as a practical expedient to estimate fair value. The NAV is based on the value of the underlying assets owned by the fund less liabilities.

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