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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Net Provision For Income Tax

The net provisions for income taxes charged during the fiscal years ended September 30, 2013, 2012, and 2011 are as follows:

(Thousands)	2013				2012				2011
Included in Statements of Consolidated Income:
Federal
Current	$	(4,173	)		$	(3,835	)		$	4,724
Deferred	19,925				26,365				20,602
Investment tax credits	(213		)		(213		)		(213		)
State and local
Current	(301		)		(430		)		573
Deferred	2,340				4,402				3,496
Total Income Tax Expense	$	17,578			$	26,289			$	29,182

Effective income tax rate variation from stated tax rate

The effective income tax rate varied from the federal statutory income tax rate for each year due to the following:

	2013			2012			2011
Federal income tax statutory rate	35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefits	3.5			2.9			2.8
Certain expenses capitalized on books and deducted on tax return	(9.7	)		(6.9	)		(5.0	)
Taxes related to prior years	(1.6	)		(0.8	)		(0.7	)
Other items – net	(2.2	)		(0.6	)		(0.7	)
Effective income tax rate	25.0	%		29.6	%		31.4	%

Significant Items in Net Deferred Tax Liability

The significant items comprising the net deferred tax liability recognized in the Consolidated Balance Sheets as of September 30 are as follows:

(Thousands)	2013				2012
Deferred tax assets:
Reserves not currently deductible	$	13,933			$	16,400
Pension and other postretirement benefits	71,367				73,480
Unamortized investment tax credits	1,799				1,955
Other*	12,522				18,224
Total deferred tax assets	99,621				110,059
Deferred tax liabilities:
Relating to property	341,975				303,474
Regulatory pension and other postretirement benefits	124,871				121,554
Deferred gas costs	7,112				20,652
Other	5,789				26,563
Total deferred tax liabilities	479,747				472,243
Net deferred tax liability	380,126				362,184
Net deferred tax liability – current*	(1,012		)		(6,675		)
Net deferred tax liability – non-current*	$	379,114			$	355,509

* The Company periodically invests in tax credits. As of September 30, 2013, $7.1 million of state tax credits are included in Other and Net deferred tax liability. $4.7 million of state tax credits were classified as current. $2.4 million of state tax credits were classified as non-current.

Unrecognized Tax Benefit Reconciliation

The following table presents a reconciliation of the beginning and ending balances of unrecognized tax benefits at September 30 as reported in the Consolidated Balance Sheets:

(Thousands)	2013				2012
Unrecognized tax benefits, beginning of year	$	5,810			$	5,596
Increases related to prior year tax positions	145				78
Increases related to tax positions taken in current year	1,450				547
Reductions due to lapse of applicable statute of limitations	(5,018		)		(411		)
Unrecognized tax benefits, end of year	$	2,387			$	5,810

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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