XML 32 R19.htm IDEA: XBRL DOCUMENT v3.24.0.1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
10. EMPLOYEE BENEFIT PLANS

Pension and Other Postemployment Benefit Plans

The components of the net periodic cost for pension benefits, including the Company's Pension Equalization Plan, and OPEB costs (principally health care and life insurance) for employees and covered dependents were as follows:
PensionOPEB
Three Months EndedThree Months Ended
December 31,December 31,
(Thousands)2023202220232022
Service cost$1,244 $1,350 $642 $618 
Interest cost4,060 3,794 2,902 2,286 
Expected return on plan assets(5,087)(4,993)(1,858)(1,680)
Recognized actuarial loss29 75 496 — 
Prior service cost amortization16 25 — — 
Net periodic benefit cost$262 $251 $2,182 $1,224 

The Company does not expect to make additional contributions to fund the pension plans during fiscal 2024 based on current actuarial assumptions; however, funding requirements are uncertain and can depend significantly on changes in actuarial assumptions, returns on plan assets and changes in the demographics of eligible employees and covered dependents. In addition, as in the past, the Company may elect to make contributions in excess of the minimum required amount to the plans. There were no discretionary contributions made during the three months ended December 31, 2023 and 2022.

In January 2024, the Company announced changes to its postretirement medical benefits plan. Beginning on January 1, 2025, the Company will replace the existing retiree medical coverage for certain eligible employees age 65 and older and their Medicare-eligible dependents with an employer funded Health Reimbursement Arrangement. Medicare-eligible participants may use the Health Reimbursement Arrangement towards the purchase of supplemental insurance coverage and for other qualified medical expenses. Future changes affecting active bargaining unit employees will be negotiated with the unions, where necessary, and to the extent required by law.

The liability associated with postretirement medical benefits will be remeasured as of January 1, 2024, and the expense for the remainder of fiscal 2024 will be recorded using updated assumptions and actuarial calculations. The Company expects the announced plan changes to reduce the accumulated projected benefit obligation by approximately $82M and reduce the net periodic postretirement benefit costs by approximately $11M to $13M for the remainder of fiscal 2024.