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RETIREMENT PLANS (Tables) | 12 Months Ended
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Sep. 30, 2021
Retirement Benefits [Abstract] |
Schedule of changes in benefit obligations, fair values of plan assets and reconciliations of the funded status of the retirement plans | The following tables detail the changes in benefit obligations, fair values of plan assets and reconciliations of the funded status of the retirement plans:
| Pension |  | SERP |  | Post-retirement Medical
| September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 10,280,000 |  |  | $ | 10,971,000 |  |  | $ | 2,031,000 |  |  | $ | 2,385,000 |  |  | $ | 2,839,000 |  |  | $ | 2,633,000 |
Service cost | — |  |  | 50,000 |  |  | — |  |  | 3,000 |  |  | — |  |  | — |
Interest cost | 258,000 |  |  | 304,000 |  |  | 51,000 |  |  | 63,000 |  |  | 48,000 |  |  | 80,000 |
Actuarial (gain) loss | (15,000) |  |  | 504,000 |  |  | 63,000 |  |  | (90,000) |  |  | — |  |  | 134,000 |
Benefits paid | (158,000) |  |  | (153,000) |  |  | (9,000) |  |  | — |  |  | (5,000) |  |  | (8,000) |
Curtailments | — |  |  | (1,396,000) |  |  | — |  |  | (330,000) |  |  | — |  |  | — |
Termination of post-retirement medical plan | — |  |  | — |  |  | — |  |  | — |  |  | (2,882,000) |  |  | — |
Benefit obligation at end of year | 10,365,000 |  |  | 10,280,000 |  |  | 2,136,000 |  |  | 2,031,000 |  |  | — |  |  | 2,839,000 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 11,051,000 |  |  | 10,192,000 |  |  | — |  |  | — |  |  | — |  |  | — |
Actual return on plan assets | 1,701,000 |  |  | 1,012,000 |  |  | — |  |  | — |  |  | — |  |  | — |
Employer contributions | — |  |  | — |  |  | — |  |  | — |  |  | 5,000 |  |  | 8,000 |
Benefits paid | (158,000) |  |  | (153,000) |  |  | — |  |  | — |  |  | (5,000) |  |  | (8,000) |
Fair value of plan assets at end of year | 12,594,000 |  |  | 11,051,000 |  |  | — |  |  | — |  |  | — |  |  | — |
Funded status | $ | 2,229,000 |  |  | $ | 771,000 |  |  | $ | (2,136,000) |  |  | $ | (2,031,000) |  |  | $ | — |  |  | $ | (2,839,000) |
Schedule of amounts recognized in the consolidated balance sheets |
| Pension |  | SERP |  | Post-retirement Medical
| September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Amounts recognized in the Consolidated Balance Sheets: |  |
Noncurrent assets | $ | 2,229,000 |  |  | $ | 771,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (35,000) |  |  | (32,000) |  |  | — |  |  | (9,000) |
Noncurrent liabilities | — |  |  | — |  |  | (2,101,000) |  |  | (1,999,000) |  |  | — |  |  | (2,830,000) |
Net amount | $ | 2,229,000 |  |  | $ | 771,000 |  |  | $ | (2,136,000) |  |  | $ | (2,031,000) |  |  | $ | — |  |  | $ | (2,839,000) |
Amounts recognized in accumulated other comprehensive income (loss) before income taxes: |  |
Net actuarial loss | $ | 471,000 |  |  | $ | 1,681,000 |  |  | $ | 135,000 |  |  | $ | 72,000 |  |  | $ | — |  |  | $ | 721,000 |
Prior service cost (credit) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Accumulated other comprehensive loss | $ | 471,000 |  |  | $ | 1,681,000 |  |  | $ | 135,000 |  |  | $ | 72,000 |  |  | $ | — |  |  | $ | 721,000 |
Schedule of amounts recognized in accumulated other comprehensive (loss) income |
| Pension |  | SERP |  | Post-retirement Medical
| September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Amounts recognized in the Consolidated Balance Sheets: |  |
Noncurrent assets | $ | 2,229,000 |  |  | $ | 771,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities | — |  |  | — |  |  | (35,000) |  |  | (32,000) |  |  | — |  |  | (9,000) |
Noncurrent liabilities | — |  |  | — |  |  | (2,101,000) |  |  | (1,999,000) |  |  | — |  |  | (2,830,000) |
Net amount | $ | 2,229,000 |  |  | $ | 771,000 |  |  | $ | (2,136,000) |  |  | $ | (2,031,000) |  |  | $ | — |  |  | $ | (2,839,000) |
Amounts recognized in accumulated other comprehensive income (loss) before income taxes: |  |
Net actuarial loss | $ | 471,000 |  |  | $ | 1,681,000 |  |  | $ | 135,000 |  |  | $ | 72,000 |  |  | $ | — |  |  | $ | 721,000 |
Prior service cost (credit) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Accumulated other comprehensive loss | $ | 471,000 |  |  | $ | 1,681,000 |  |  | $ | 135,000 |  |  | $ | 72,000 |  |  | $ | — |  |  | $ | 721,000 |
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit (income) costs | The following table presents the weighted-average assumptions used to determine benefit obligations and net benefit (income) costs:
| Pension |  | SERP |  | Post-retirement Medical
| Year ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Assumptions used to determine fiscal year-end benefit obligations: |  |  |  |
Discount rate | 2.84% |  | 2.54% |  | 2.84% |  | 2.54% |  | N/A |  | 2.54%
Rate of compensation increase | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Assumptions used to determine net benefit costs (years ended): |  |  |  |  |  |
Discount rate | 2.54% |  | 3.06% / 3.15%(1) |  | 2.54% |  | 3.06% / 3.15%(1) |  | 2.54% / 3.00%(2) |  | 3.06%
Expected return on plan assets | 5.00% |  | 6.50% |  | N/A |  | N/A |  | N/A |  | N/A
Rate of compensation increase | N/A |  | 4.00% |  | N/A |  | 4.00% |  | N/A |  | N/A
_______________________________________________ (1) 3.06% as of September 30, 2019 and 3.15% as of December 31, 2019 remeasurement. (2) 2.54% as of September 30, 2020 and 3.00% as of May 31, 2021 termination.
Schedule of components of net periodic benefit (income) cost | The components of net periodic benefit (income) cost are as follows:
| Pension |  | SERP |  | Post-retirement Medical
| Year ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Net periodic benefit (income) cost for the year: |  |
Service cost | $ | — |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 3,000 |  |  | $ | — |  |  | $ | — |
Interest cost | 258,000 |  |  | 304,000 |  |  | 51,000 |  |  | 63,000 |  |  | 48,000 |  |  | 80,000 |
Expected return on plan assets | (546,000) |  |  | (680,000) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | — |  |  | 1,000 |  |  | — |  |  | (1,000) |  |  | — |  |  | — |
Amortization of net actuarial loss | 39,000 |  |  | 35,000 |  |  | — |  |  | 5,000 |  |  | 62,000 |  |  | 80,000 |
Curtailment cost (income) | — |  |  | 53,000 |  |  | — |  |  | (53,000) |  |  | — |  |  | — |
Net periodic benefit (income) cost | $ | (249,000) |  |  | $ | (237,000) |  |  | $ | 51,000 |  |  | $ | 17,000 |  |  | $ | 110,000 |  |  | $ | 160,000 |
Schedule of benefits expected to be paid under the retirement plans | The benefits expected to be paid under the retirement plans as of September 30, 2021 are as follows:
| Pension |  | SERP
Expected Benefit Payments: |  |  |
Fiscal year ending September 30, 2022 | $ | 320,000 |  |  | $ | 35,000 |
Fiscal year ending September 30, 2023 | $ | 470,000 |  |  | $ | 97,000 |
Fiscal year ending September 30, 2024 | $ | 533,000 |  |  | $ | 123,000 |
Fiscal year ending September 30, 2025 | $ | 526,000 |  |  | $ | 122,000 |
Fiscal year ending September 30, 2026 | $ | 519,000 |  |  | $ | 121,000 |
Fiscal years ending September 30, 2027 through 2031 | $ | 2,840,000 |  |  | $ | 636,000 |
Schedule of year-end target allocation, by asset category, and the actual asset allocations | The Company’s year-end target allocation, by asset category, and the actual asset allocations were as follows:
| Target |  | September 30,
Asset Category | Allocation |  | 2021 |  | 2020
Cash and other | 0% - 15% |  | —% |  | —%
Fixed income securities | 15% - 40% |  | 31% |  | 52%
Equity securities | 45% - 75% |  | 69% |  | 48%
Schedule of pension plan assets at fair value | The following tables set forth by level, within the fair value hierarchy, pension plan assets at their fair value:
|  |  | Fair Value Measurements Using:
| Carrying Amount as of September 30, 2021 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Financial Assets: |  |  |  |  |  |  |
Cash | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | — |  |  | $ | — |
Corporate bonds | 1,000 |  |  | 1,000 |  |  | — |  |  | — |
Fixed income exchange-traded funds | 3,809,000 |  |  | 3,809,000 |  |  | — |  |  | — |
Preferred securities | 48,000 |  |  | 48,000 |  |  | — |  |  | — |
Equity securities exchange-traded funds | 459,000 |  |  | 459,000 |  |  | — |  |  | — |
Equities | 8,252,000 |  |  | 8,252,000 |  |  | — |  |  | — |
Total | $ | 12,594,000 |  |  | $ | 12,594,000 |  |  | $ | — |  |  | $ | — |
|  |  | Fair Value Measurements Using:
| Carrying Amount as of September 30, 2020 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Financial Assets: |  |  |  |  |  |  |
Corporate bonds | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | — |  |  | $ | — |
Fixed income exchange-traded funds | 5,762,000 |  |  | 5,762,000 |  |  | — |  |  | — |
Equity securities exchange-traded funds | 352,000 |  |  | 352,000 |  |  | — |  |  | — |
Equities | 4,936,000 |  |  | 4,936,000 |  |  | — |  |  | — |
Total | $ | 11,051,000 |  |  | $ | 11,051,000 |  |  | $ | — |  |  | $ | — |

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