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EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended
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Mar. 31, 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 plan and the related liabilities recognized on the Consolidated Balance Sheets:
| OPEB
(Thousands) | January 1, 2024 | September 30, 2023
Change in Benefit Obligation |  |
Benefit obligation at beginning of period | $ | 203,406 |  | $ | 173,217 |
Service cost | 642 |  | 2,471 |
Interest cost | 2,902 |  | 9,146 |
Plan amendments | (81,283) |  | — |
Plan participants’ contributions (1) | — |  | 552 |
Actuarial loss | 26,871 |  | 25,363 |
Benefits paid, net of retiree subsidies received | (1,614) |  | (7,343) |
Benefit obligation at end of period | $ | 150,924 |  | $ | 203,406 |
Change in plan assets |  |
Fair value of plan assets at beginning of period | $ | 106,783 |  | $ | 99,736 |
Actual return on plan assets | 8,995 |  | 9,826 |
Employer contributions | 3,181 |  | 4,192 |
Benefits paid, net of plan participants’ contributions (1) | (1,612) |  | (6,971) |
Fair value of plan assets at end of period | $ | 117,347 |  | $ | 106,783 |
Funded status | $ | (33,577) |  | $ | (96,623) |
Amounts recognized on Consolidated Balance Sheets |  |
Postemployment employee (liability) |  |
Current | $ | (1,613) |  | $ | (4,201) |
Noncurrent | (31,964) |  | (92,422) |
Total | $ | (33,577) |  | $ | (96,623) |
(1)Employees hired prior to July 1, 1998, were eligible to elect an additional participant contribution to enhance their benefits. Contributions made during the periods were immaterial.
Summary of Regulatory Assets and Accumulated Other Comprehensive Income (Loss) | The following table summarizes the amounts recognized in regulatory assets and accumulated other comprehensive income (loss):
| Regulatory Assets | Accumulated Other Comprehensive Income (Loss)
(Thousands) | OPEB
Balance at September 30, 2023 | $ | 30,046 |  | $ | 5,498 |
Amounts arising during the period: |  |
Net actuarial loss | 12,706 |  | 7,027 |
Prior service cost | (61,244) |  | (20,039) |
Amounts amortized to net periodic costs: |  |
Net actuarial loss | (355) |  | (141) |
Balance at January 1, 2024 | $ | (18,847) |  | $ | (7,655) |
The amounts in regulatory assets and accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost were as follows:
| Regulatory Assets | Accumulated Other Comprehensive Income (Loss)
| OPEB
(Thousands) | January 1, 2024 | September 30, 2023 | January 1, 2024 | September 30, 2023
Net actuarial loss | $ | 42,397 |  | $ | 30,046 |  | $ | 12,384 |  | $ | 5,498 |
Prior service cost | (61,244) |  | — |  | (20,039) |  | — |
Total | $ | (18,847) |  | $ | 30,046 |  | $ | (7,655) |  | $ | 5,498 |
Components of Net Periodic Cost | 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:
| Pension | OPEB
| Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended
| March 31, | March 31, | March 31, | March 31,
(Thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Service cost | $ | 1,244 |  | $ | 1,351 |  | $ | 2,488 |  | $ | 2,701 |  | $ | 255 |  | $ | 618 |  | $ | 897 |  | $ | 1,236 |
Interest cost | 4,060 |  | 3,793 |  | 8,120 |  | 7,587 |  | 1,808 |  | 2,287 |  | 4,710 |  | 4,573 |
Expected return on plan assets | (5,086) |  | (4,993) |  | (10,173) |  | (9,986) |  | (2,020) |  | (1,681) |  | (3,878) |  | (3,361) |
Recognized actuarial loss | 30 |  | 75 |  | 59 |  | 150 |  | 1,255 |  | — |  | 1,751 |  | — |
Prior service cost (credit) amortization | 15 |  | 26 |  | 31 |  | 51 |  | (3,337) |  | — |  | (3,337) |  | — |
Net periodic benefit cost | $ | 263 |  | $ | 252 |  | $ | 525 |  | $ | 503 |  | $ | (2,039) |  | $ | 1,224 |  | $ | 143 |  | $ | 2,448 |
Schedule of Weighted Average Assumptions Used | The weighted average assumptions used to determine the Company’s obligations are as follows:
| OPEB
| January 1, 2024 | September 30, 2023
Obligations: |  |  |  |
Discount rate | 5.02%/5.01% | (1) | 5.97%/5.94% | (1)
Compensation increase | 3.00%/3.50% | (1) | 3.00%/3.50% | (1)
(1)Percentages for represented and non-represented plans, respectively.

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