XML 63 R41.htm IDEA: XBRL DOCUMENT v3.24.4
RETIREMENT PLANS (Tables)
12 Months Ended
Sep. 30, 2024
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,
 2024202320242023
Change in Projected Benefit Obligation:   
Benefit obligation at beginning of year$7,511,000 $7,931,000 $1,734,000 $1,715,000 
Interest cost411,000 406,000 95,000 88,000 
Actuarial loss (gain)520,000 (394,000)149,000 (66,000)
Benefits paid(247,000)(432,000)(4,000)(3,000)
Benefit obligation at end of year8,195,000 7,511,000 1,974,000 1,734,000 
Change in Plan Assets:    
Fair value of plan assets at beginning of year11,982,000 11,316,000 — — 
Actual return on plan assets1,359,000 1,098,000 — — 
Benefits paid(247,000)(432,000) — 
Fair value of plan assets at end of year13,094,000 11,982,000 — — 
Funded status$4,899,000 $4,471,000 $(1,974,000)$(1,734,000)
Schedule of amounts recognized in the consolidated balance sheets
 Pension PlanSERP
 September 30,
 2024202320242023
Amounts recognized in the Consolidated Balance Sheets:
Noncurrent assets$4,899,000 $4,471,000 $ $— 
Current liabilities — (76,000)(70,000)
Noncurrent liabilities — (1,898,000)(1,664,000)
Net amount$4,899,000 $4,471,000 $(1,974,000)$(1,734,000)
Amounts recognized in accumulated other comprehensive income before income taxes:
Net actuarial gain$(1,251,000)$(1,178,000)$(96,000)$(330,000)
Accumulated other comprehensive income$(1,251,000)$(1,178,000)$(96,000)$(330,000)
Schedule of amounts recognized in accumulated other comprehensive (loss) income
 Pension PlanSERP
 September 30,
 2024202320242023
Amounts recognized in the Consolidated Balance Sheets:
Noncurrent assets$4,899,000 $4,471,000 $ $— 
Current liabilities — (76,000)(70,000)
Noncurrent liabilities — (1,898,000)(1,664,000)
Net amount$4,899,000 $4,471,000 $(1,974,000)$(1,734,000)
Amounts recognized in accumulated other comprehensive income before income taxes:
Net actuarial gain$(1,251,000)$(1,178,000)$(96,000)$(330,000)
Accumulated other comprehensive income$(1,251,000)$(1,178,000)$(96,000)$(330,000)
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,
 2024202320242023
Assumptions used to determine fiscal year-end benefit obligations:
Discount rate4.88%5.62%4.88%5.62%
Rate of compensation increaseN/AN/AN/AN/A
Assumptions used to determine net benefit costs (years ended): 
Discount rate5.62%5.25%5.62%5.25%
Expected return on plan assets6.50%6.00%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,
 2024202320242023
Net periodic benefit (income) cost for the year:
Interest cost$411,000 $406,000 $95,000 $88,000 
Expected return on plan assets(766,000)(667,000) — 
Amortization of net actuarial gain — (85,000)(79,000)
Net periodic benefit (income) cost$(355,000)$(261,000)$10,000 $9,000 
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, 2024 are as follows:
Pension PlanSERP
Expected Benefit Payments:  
Fiscal year ending September 30, 2025$396,000 $76,000 
Fiscal year ending September 30, 2026$562,000 $152,000 
Fiscal year ending September 30, 2027$555,000 $150,000 
Fiscal year ending September 30, 2028$593,000 $155,000 
Fiscal year ending September 30, 2029$630,000 $160,000 
Fiscal years ending September 30, 2030 through 2034$3,075,000 $764,000 
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 CategoryAllocation20242023
Cash and cash equivalents
0% - 25%
4%2%
Fixed income securities
15% - 40%
19%32%
Equity securities
45% - 75%
73%66%
Other investment
0% - 10%
4%—%
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, 2024Carrying
Amount
Quoted
Prices in
Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial Assets:    
Cash$531,000 $531,000 $ $ 
U.S. treasury and government securities516,000 516,000   
Fixed income exchange-traded funds1,872,000 1,872,000   
Preferred securities88,000 88,000   
Equities9,516,000 9,516,000   
Note receivable from an unrelated private company571,000   571,000 
Total$13,094,000 $12,523,000 $ $571,000 
  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 $— $— 
Summary of changes in the fair value of the pension plan Level 3 asset
The following sets forth a summary of changes in the fair value of the pension plan Level 3 asset:
 Year ended September 30,
 20242023
Balance at beginning of year
$ $— 
Issuance of note receivable from an unrelated private company
571,000 — 
Balance at end of year
$571,000 $—