XML 65 R38.htm IDEA: XBRL DOCUMENT v3.23.4
RETIREMENT PLANS (Tables)
12 Months Ended
Sep. 30, 2023
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 PlanSERP
 September 30,
 2023202220232022
Change in Projected Benefit Obligation:   
Benefit obligation at beginning of year$7,931,000 $10,365,000 $1,715,000 $2,136,000 
Interest cost406,000 290,000 88,000 60,000 
Actuarial gain(394,000)(2,418,000)(66,000)(478,000)
Benefits paid(432,000)(306,000)(3,000)(3,000)
Benefit obligation at end of year7,511,000 7,931,000 1,734,000 1,715,000 
Change in Plan Assets:    
Fair value of plan assets at beginning of year11,316,000 12,594,000 — — 
Actual return on plan assets1,098,000 (972,000)— — 
Benefits paid(432,000)(306,000) — 
Fair value of plan assets at end of year11,982,000 11,316,000 — — 
Funded status$4,471,000 $3,385,000 $(1,734,000)$(1,715,000)
Schedule of amounts recognized in the consolidated balance sheets
 Pension PlanSERP
 September 30,
 2023202220232022
Amounts recognized in the Consolidated Balance Sheets:
Noncurrent assets$4,471,000 $3,385,000 $ $— 
Current liabilities — (70,000)(66,000)
Noncurrent liabilities — (1,664,000)(1,649,000)
Net amount$4,471,000 $3,385,000 $(1,734,000)$(1,715,000)
Amounts recognized in accumulated other comprehensive income before income taxes:
Net actuarial gain$(1,178,000)$(353,000)$(330,000)$(343,000)
Accumulated other comprehensive income$(1,178,000)$(353,000)$(330,000)$(343,000)
Schedule of amounts recognized in accumulated other comprehensive (loss) income
 Pension PlanSERP
 September 30,
 2023202220232022
Amounts recognized in the Consolidated Balance Sheets:
Noncurrent assets$4,471,000 $3,385,000 $ $— 
Current liabilities — (70,000)(66,000)
Noncurrent liabilities — (1,664,000)(1,649,000)
Net amount$4,471,000 $3,385,000 $(1,734,000)$(1,715,000)
Amounts recognized in accumulated other comprehensive income before income taxes:
Net actuarial gain$(1,178,000)$(353,000)$(330,000)$(343,000)
Accumulated other comprehensive income$(1,178,000)$(353,000)$(330,000)$(343,000)
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 PlanSERP
                   Year ended September 30,
 2023202220232022
Assumptions used to determine fiscal year-end benefit obligations:
Discount rate5.62%5.25%5.62%5.25%
Rate of compensation increaseN/AN/AN/AN/A
Assumptions used to determine net benefit costs (years ended): 
Discount rate5.25%2.84%5.25%2.84%
Expected return on plan assets6.00%5.00%N/AN/A
Rate of compensation increaseN/AN/AN/AN/A
Schedule of components of net periodic benefit (income) cost
The components of net periodic benefit (income) cost are as follows:
 Pension PlanSERP
 Year ended September 30,
 2023202220232022
Net periodic benefit (income) cost for the year:
Interest cost$406,000 $290,000 $88,000 $60,000 
Expected return on plan assets(667,000)(622,000) — 
Amortization of net actuarial gain — (79,000)— 
Net periodic benefit (income) cost$(261,000)$(332,000)$9,000 $60,000 
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, 2023 are as follows:
Pension PlanSERP
Expected Benefit Payments:  
Fiscal year ending September 30, 2024$402,000 $70,000 
Fiscal year ending September 30, 2025$552,000 $140,000 
Fiscal year ending September 30, 2026$545,000 $138,000 
Fiscal year ending September 30, 2027$537,000 $137,000 
Fiscal year ending September 30, 2028$574,000 $142,000 
Fiscal years ending September 30, 2029 through 2033$2,990,000 $712,000 
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:
 
 TargetSeptember 30,
Asset CategoryAllocation20232022
Cash and other
0% - 25%
2%14%
Fixed income securities
15% - 40%
32%34%
Equity securities
45% - 75%
66%52%
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:
September 30, 2023Carrying
Amount
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial Assets:    
Cash$263,000 $263,000 $ $ 
U.S. treasury and government securities709,000 709,000   
Fixed income exchange-traded funds3,102,000 3,102,000   
Preferred securities47,000 47,000   
Equities7,861,000 7,861,000   
Total$11,982,000 $11,982,000 $ $ 
  Fair Value Measurements Using:
September 30, 2022Carrying
Amount
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial Assets:    
Cash$1,539,000 $1,539,000 $— $— 
Corporate bonds1,000 1,000 — — 
U.S. treasury and government securities561,000 561,000 — — 
Fixed income exchange-traded funds3,223,000 3,223,000 — — 
Preferred securities67,000 67,000 — — 
Equity securities exchange-traded funds408,000 408,000 — — 
Equities5,517,000 5,517,000 — — 
Total$11,316,000 $11,316,000 $— $—