XML 18 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Retirement Plan And Other Post-Retirement Benefits
 9 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Retirement Plan and Other Post-Retirement Benefits Retirement Plan and Other Post-Retirement Benefits
 
        Components of Net Periodic Benefit Cost (in thousands):
 
 Retirement PlanOther Post-Retirement Benefits
Three Months Ended June 30,2020201920202019
Service Cost$2,330  $2,120  $402  $380  
Interest Cost7,483  9,594  3,228  4,286  
Expected Return on Plan Assets(15,016) (15,591) (7,308) (7,539) 
Amortization of Prior Service Cost (Credit)182  206  (107) (107) 
Amortization of Losses9,846  8,024  134  1,490  
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1)
604  (113) 6,036  3,757  
Net Periodic Benefit Cost$5,429  $4,240  $2,385  $2,267  
 Retirement PlanOther Post-Retirement Benefits
Nine Months Ended June 30,2020201920202019
Service Cost$6,989  $6,362  $1,206  $1,140  
Interest Cost22,448  28,783  9,685  12,858  
Expected Return on Plan Assets(45,048) (46,775) (21,924) (22,618) 
Amortization of Prior Service Cost (Credit)547  619  (322) (321) 
Amortization of Losses29,538  24,072  401  4,471  
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1)
7,651  5,490  21,131  14,294  
Net Periodic Benefit Cost$22,125  $18,551  $10,177  $9,824  
(1)The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months.
 
        The components of net periodic benefit cost other than service cost are presented in Other Income (Deductions) on the Consolidated Statements of Income.

Employer Contributions.    During the nine months ended June 30, 2020, the Company contributed $23.5 million to its tax-qualified, noncontributory defined-benefit retirement plan (Retirement Plan) and $2.7 million to its VEBA trusts for its other post-retirement benefits.  In the remainder of 2020, the Company expects its contributions to the Retirement Plan to be in the range of $1.0 million to $6.0 million. In the remainder of 2020, the Company expects to contribute approximately $0.2 million to its VEBA trusts.

        While the market turbulence resulting from the COVID-19 pandemic has had a negative impact on the funded status of the Retirement Plan and VEBA trusts, near-term funding requirements have not changed. The Company will continue to monitor the performance of its Retirement Plan and VEBA trusts during the COVID-19 pandemic to determine if funding requirements will need to increase during the remainder of 2020.