XML 56 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Employee Benefit Plans (Tables)
12 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations and Fair Value of Plan Assets, Funded Status of the Plan, and Amount Recognized in the Financial Statements
The following tables set forth the benefit obligation, fair value of plan assets, the funded status of the plans, amounts recognized in the Company’s consolidated financial statements and the assumptions used:
 Pension PlanPostretirement Plan
 2020201920202019
Accumulated benefit obligation$34,821,069 $30,927,973 $17,925,409 $18,030,399 
Change in benefit obligation:
Benefit obligation at beginning of year$35,550,987 $28,850,299 $18,030,399 $16,207,322 
Service cost691,602 537,268 167,879 132,882 
Interest cost1,062,227 1,166,728 531,480 648,944 
Actuarial loss (gain)3,620,400 5,901,915 (325,269)1,530,522 
Benefit payments, net of retiree contributions(927,214)(905,223)(479,080)(489,271)
Benefit obligation at end of year$39,998,002 $35,550,987 $17,925,409 $18,030,399 
Change in fair value of plan assets:
Fair value of plan assets at beginning of year$33,586,671 $28,184,697 $13,082,610 $12,924,957 
Actual return on plan assets, net of taxes4,198,174 3,907,197 1,112,723 346,924 
Employer contributions800,000 2,400,000 400,000 300,000 
Benefit payments, net of retiree contributions(927,214)(905,223)(479,080)(489,271)
Fair value of plan assets at end of year$37,657,631 $33,586,671 $14,116,253 $13,082,610 
Funded status$(2,340,371)$(1,964,316)$(3,809,156)$(4,947,789)
Amounts recognized in the consolidated balance sheet consist of:
Noncurrent liabilities$(2,340,371)$(1,964,316)$(3,809,156)$(4,947,789)
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss, net of tax$1,181,744 $1,047,063 $614,987 $777,717 
Total amounts included in other comprehensive loss, net of tax$1,181,744 $1,047,063 $614,987 $777,717 
Amounts deferred to a regulatory asset:
Net actuarial loss$6,977,944 $6,356,201 $2,755,333 $3,661,168 
Amounts recognized as regulatory assets$6,977,944 $6,356,201 $2,755,333 $3,661,168 
Schedule of Actuarial Assumptions Used
The following table details the actuarial assumptions used in determining the projected benefit obligations and net benefit cost of the pension and the accumulated benefit obligations and net benefit cost of the postretirement plan:
 Pension PlanPostretirement Plan
 2020201920202019
Assumptions used to determine benefit obligations:
Discount rate2.47 %3.03 %2.44 %3.00 %
Expected rate of compensation increase4.00 %4.00 %N/AN/A
Assumptions used to determine benefit costs:
Discount rate3.03 %4.11 %3.00 %4.09 %
Expected long-term rate of return on plan assets5.50 %5.50 %4.26 %4.30 %
Expected rate of compensation increase4.00 %4.00 %N/AN/A
Schedule of Components of Net Periodic Benefit Cost
Components of net periodic benefit cost are as follows:
 Pension PlanPostretirement Plan
 2020201920202019
Service cost$691,602 $537,268 $167,879 $132,882 
Interest cost1,062,227 1,166,728 531,480 648,944 
Expected return on plan assets(1,836,623)(1,549,437)(550,394)(547,218)
Recognized loss455,744 158,599 237,371 123,805 
Net periodic benefit cost$372,950 $313,158 $386,336 $358,413 
Summary of Assumed Health Care Cost Trend Rates Used
The assumed health care cost trend rates used in measuring the accumulated benefit obligation for the postretirement plan are presented below:
 Pre 65Post 65
 2020201920202019
Health care cost trend rate assumed for next year7.00 %7.00 %5.20 %5.20 %
Rate to which the cost trend is assumed to decline (the ultimate trend rate)5.50 %5.50 %5.20 %5.20 %
Year that the rate reaches the ultimate trend rate2023202220202019
Effect of a 1% Change in Health Care Cost Trend Rate Assumptions
The health care cost trend rate assumptions could have a significant effect on the amounts reported. A change of 1% would have the following effects: 
1% Increase1% Decrease
Effect on total service and interest cost components$132,000 $(105,000)
Effect on accumulated postretirement benefit obligation3,042,000 (2,454,000)
Schedule of Target and Actual Asset Allocation
The Company’s target and actual asset allocation in the pension and postretirement plans as of September 30, 2020 and 2019 were: 
 Pension PlanPostretirement Plan
 Target20202019Target20202019
Asset category:
Equity securities30 %30 %40 %50 %51 %49 %
Debt securities70 %69 %59 %50 %48 %50 %
Cash— %%%— %%%
Other— %— %— %— %— %— %
Summary of Fair Value Classifications of Benefit Plan Assets The following tables contains the fair value classifications of the plans' assets:
  Pension Plan
Fair Value Measurements - September 30, 2020
 Fair ValueLevel 1Level 2Level 3
Asset Class:
Cash$339,287 $339,287 $— $— 
Common and Collective Trust and Pooled Funds:
Bonds
Liability Driven Investment26,038,966 — 26,038,966 — 
Equities
Domestic Large Cap Growth3,462,841 — 3,462,841 — 
Domestic Large Cap Value3,351,694 — 3,351,694 — 
Domestic Small/Mid Cap Core1,665,005 — 1,665,005 — 
Foreign Large Cap Value1,473,427 — 1,473,427 — 
        Mutual Funds:
Equities
Foreign Large Cap Growth1,047,274 1,047,274 — — 
Foreign Large Cap Value279,137 279,137 — — 
Total$37,657,631 $1,665,698 $35,991,933 $— 
  Pension Plan
Fair Value Measurements - September 30, 2019
 Fair ValueLevel 1Level 2Level 3
Asset Class:
Cash$371,780 $371,780 $— $— 
Common and Collective Trust and Pooled Funds:
Bonds
Liability Driven Investment19,702,561 — 19,702,561 — 
Equities
Domestic Large Cap Growth4,069,197 — 4,069,197 — 
Domestic Large Cap Value4,055,518 — 4,055,518 — 
Domestic Small/Mid Cap Core2,032,084 — 2,032,084 — 
Foreign Large Cap Value1,783,990 — 1,783,990 — 
Mutual Funds:
Equities
Foreign Large Cap Growth1,227,981 1,227,981 — — 
Foreign Large Cap Value343,560 343,560 — — 
Total$33,586,671 $1,943,321 $31,643,350 $— 

  Postretirement Plan
Fair Value Measurements - September 30, 2020
 Fair ValueLevel 1Level 2Level 3
Asset Class:
Cash$73,908 $73,908 $— $— 
Mutual Funds
Bonds
Domestic Fixed Income6,163,808 6,163,808 — — 
Foreign Fixed Income638,709 638,709 — — 
Equities
Domestic Large Cap Growth2,197,839 2,197,839 — — 
Domestic Large Cap Value2,119,433 2,119,433 — — 
Domestic Small/Mid Cap Growth262,726 262,726 — — 
Domestic Small/Mid Cap Value235,216 235,216 — — 
Domestic Small/Mid Cap Core552,607 552,607 — — 
Foreign Large Cap Growth548,967 548,967 — — 
Foreign Large Cap Value1,224,420 1,224,420 — — 
Foreign Large Cap Core77,471 77,471 — — 
Other21,149 — 21,149 — 
Total$14,116,253 $14,095,104 $21,149 $— 
  Postretirement Plan
Fair Value Measurements - September 30, 2019
 Fair ValueLevel 1Level 2Level 3
Asset Class:
Cash$66,860 $66,860 $— $— 
Mutual Funds
Bonds
Domestic Fixed Income5,987,248 5,987,248 — — 
Foreign Fixed Income611,196 611,196 — — 
Equities
Domestic Large Cap Growth1,909,836 1,909,836 — — 
Domestic Large Cap Value1,931,615 1,931,615 — — 
Domestic Small/Mid Cap Growth210,251 210,251 — — 
Domestic Small/Mid Cap Value214,034 214,034 — — 
Domestic Small/Mid Cap Core464,526 464,526 — — 
Foreign Large Cap Growth489,286 489,286 — — 
Foreign Large Cap Value1,098,992 1,098,992 — — 
Foreign Large Cap Core70,782 70,782 — — 
Other27,984 — 27,984 — 
Total$13,082,610 $13,054,626 $27,984 $— 
Schedule of Expected Future Benefit Payments
The following table reflects expected future benefit payments:
Fiscal year ending September 30Pension
Plan
Postretirement
Plan
2021$1,043,787 $568,170 
20221,133,470 605,966 
20231,221,341 666,049 
20241,320,157 678,659 
20251,416,485 684,989 
2026-20308,355,472 3,637,984 
Schedule of Employer Contributions The following table reflects the Company's contributions:
Years Ended September 30,
20202019
Matching contribution$364,773 $348,369 
Discretionary contribution18,313 21,829