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Retirement and Post-Retirement Employee Benefit Plans (Table)

12 Months Ended

Sep. 30, 2017

Schedule of Net Periodic Benefit Cost Not Yet Recognized And Recorded as Regulatory Assets

The amounts that have not yet been recognized in net periodic pension cost that have been recorded as regulatory assets are as follows:



	Defined Benefits Plan			Supplemental Executive Retirement Plans		Postretirement Plans			Total
	(In thousands)
September 30, 2017
Unrecognized prior service credit	$	(1,278	)	$	—	$	1,309		$	31
Unrecognized actuarial (gain) loss	62,388			42,170		(87,196		)	17,362
	$	61,110		$	42,170	$	(85,887	)	$	17,393
September 30, 2016
Unrecognized prior service credit	$	(1,509	)	$	—	$	(2,880	)	$	(4,389	)
Unrecognized actuarial (gain) loss	127,028			51,558		(54,298		)	124,288
	$	125,519		$	51,558	$	(57,178	)	$	119,899

Schedule of Allocation of Plan Assets

The following table presents asset allocation information for the postretirement benefit plan assets as of September 30, 2017 and 2016.



	Actual Allocation September 30
Security Class	2017		2016
Diversified investment funds	97.5	%	97.2	%
Cash and cash equivalents	2.5	%	2.8	%

The following table presents asset allocation information for the Master Trust as of September 30, 2017 and 2016.



	Targeted Allocation Range	Actual Allocation September 30
Security Class	Targeted Allocation Range	2017		2016
Domestic equities	35%-55%	43.9	%	40.5	%
International equities	10%-20%	17.2	%	15.5	%
Fixed income	5%-30%	10.6	%	11.2	%
Company stock	0%-15%	11.8	%	15.1	%
Other assets	0%-20%	16.5	%	17.7	%

Schedule of Employee Pension Plans Investments at Fair Value

In addition to the assets shown below, the Plan had net accounts receivable of $0.6 million and $2.6 million at September 30, 2017 and 2016 which materially approximates fair value due to the short-term nature of these assets.



	Assets at Fair Value as of September 30, 2017
	Level 1		Level 2		Level 3		Total
	(In thousands)
Investments:
Common stocks	$	164,910	$	—	$	—	$	164,910
Money market funds	—		9,588		—		9,588
Registered investment companies	64,102		—		—		64,102
Government securities:
Mortgage-backed securities	—		15,664		—		15,664
U.S. treasuries	5,129		822		—		5,951
Corporate bonds	—		32,314		—		32,314
Total investments at fair value	$	234,141	$	58,388	$	—	292,529
Investments measured at net asset value:
Common/collective trusts ⁽¹⁾							150,976
Limited partnerships ⁽¹⁾							64,135
Total investments at fair value							$	507,640



	Assets at Fair Value as of September 30, 2016
	Level 1		Level 2		Level 3		Total
	(In thousands)
Investments:
Common stocks	$	157,111	$	—	$	—	$	157,111
Money market funds	—		11,522		—		11,522
Registered investment companies	87,396		—		—		87,396
Government securities:
Mortgage-backed securities	—		15,223		—		15,223
U.S. treasuries	4,704		863		—		5,567
Corporate bonds	—		31,929		—		31,929
Total assets in the fair value hierarchy	$	249,211	$	59,537	$	—	308,748
Investments measured at net asset value:
Common/collective trusts ⁽¹⁾							105,124
Limited partnerships ⁽¹⁾							57,438
Total investments at fair value							$	471,310

Schedule of Expected Benefit Payments

The following benefit payments for our defined benefit plans, which reflect expected future service, as appropriate, are expected to be paid in the following fiscal years:



	Pension Plan		Supplemental Plans
	(In thousands)
2018	$	32,173	$	18,411
2019	32,903		23,000
2020	34,314		4,701
2021	36,487		4,609
2022	37,857		17,520
2023-2027	204,690		48,415

The following benefit payments paid by us, retirees and prescription drug subsidy payments for our postretirement benefit plans, which reflect expected future service, as appropriate, are expected to be paid in the following fiscal years. Company payments for fiscal 2017 include contributions to our postretirement plan trusts.



	Company Payments		Retiree Payments		Subsidy Payments		Total Postretirement Benefits
	(In thousands)
2018	$	15,387	$	3,392	$	—	$	18,779
2019	12,140		3,751		—		15,891
2020	12,658		4,171		—		16,829
2021	13,571		4,704		—		18,275
2022	14,523		5,282		—		19,805
2023-2027	85,118		35,165		—		120,283

Schedule of Postretirement Benefit Plans Investments at Fair Value

The following tables set forth by level, within the fair value hierarchy, the Retiree Medical Plan’s assets at fair value as of September 30, 2017 and 2016. The methods used to determine fair value for the assets held by the Retiree Medical Plan are fully described in Note 2.



	Assets at Fair Value as of September 30, 2017
	Level 1		Level 2		Level 3		Total
	(In thousands)
Investments:
Money market funds	$	—	$	4,534	$	—	$	4,534
Registered investment companies	180,256		—		—		180,256
Total investments at fair value	$	180,256	$	4,534	$	—	$	184,790



	Assets at Fair Value as of September 30, 2016
	Level 1		Level 2		Level 3		Total
	(In thousands)
Investments:
Money market funds	$	—	$	4,470	$	—	$	4,470
Registered investment companies	154,507		—		—		154,507
Total investments at fair value	$	154,507	$	4,470	$	—	$	158,977

Schedule of Assumptions Used [Table Text Block]

Additional assumptions are presented in the following table:



	Pension Liability				Pension Cost
	2017		2016		2017		2016		2015
Discount rate	3.89	%	3.73	%	3.73	%	4.55	%	4.43	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%	3.50	%	3.50	%
Expected return on plan assets	6.75	%	7.00	%	7.00	%	7.00	%	7.25	%

The actuarial assumptions used to determine the pension liability for our postretirement plan were determined as of September 30, 2017 and 2016 and the actuarial assumptions used to determine the net periodic pension cost for the postretirement plan were determined as of September 30, 2016, 2015 and 2014. The assumptions are presented in the following table:



	Postretirement Liability				Postretirement Cost
	2017		2016		2017		2016		2015
Discount rate	3.89	%	3.73	%	3.73	%	4.55	%	4.43	%
Expected return on plan assets	4.29	%	4.45	%	4.45	%	4.45	%	4.60	%
Initial trend rate	7.00	%	7.50	%	7.50	%	7.50	%	7.50	%
Ultimate trend rate	5.00	%	5.00	%	5.00	%	5.00	%	5.00	%
Ultimate trend reached in	2022		2022		2022		2021		2020

The actuarial assumptions used to determine the pension liability for the supplemental plans were determined as of September 30, 2017 and 2016 and the actuarial assumptions used to determine the net periodic pension cost for the supplemental plans were determined as of September 30, 2016, 2015 and 2014. These assumptions are presented in the following table:



	Pension Liability				Pension Cost
	2017		2016		2017		2016		2015
Discount rate	3.89	%	3.73	%	3.73	%	4.55	%	4.43	%
Rate of compensation increase	3.50	%	3.50	%	3.50	%	3.50	%	3.50	%

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

The following table presents the postretirement plan’s benefit obligation and funded status as of September 30, 2017 and 2016:



	2017			2016
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	279,222		$	267,179
Service cost	12,436			10,823
Interest cost	10,679			12,424
Plan participants’ contributions	4,936			4,289
Actuarial gain	(21,750		)	(1,052		)
Benefits paid	(13,970		)	(14,441		)
Plan amendments	2,545			—
Benefit obligation at end of year	274,098			279,222
Change in plan assets:
Fair value of plan assets at beginning of year	158,977			138,009
Actual return on plan assets	21,160			14,528
Employer contributions	13,687			16,592
Plan participants’ contributions	4,936			4,289
Benefits paid	(13,970		)	(14,441		)
Fair value of plan assets at end of year	184,790			158,977
Reconciliation:
Funded status	(89,308		)	(120,245		)
Unrecognized transition obligation	—			—
Unrecognized prior service cost	—			—
Unrecognized net loss	—			—
Accrued postretirement cost	$	(89,308	)	$	(120,245	)

The following table presents the supplemental plans’ accumulated benefit obligation, projected benefit obligation and funded status as of September 30, 2017 and 2016:



	2017			2016
	(In thousands)
Accumulated benefit obligation	$	130,070		$	137,616
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	142,574		$	122,393
Service cost	2,756			2,371
Interest cost	4,744			5,185
Actuarial (gain) loss	(2,452		)	17,229
Benefits paid	(4,588		)	(4,604		)
Settlements	(8,554		)	—
Benefit obligation at end of year	134,480			142,574
Change in plan assets:
Fair value of plan assets at beginning of year	—			—
Employer contribution	13,142			4,604
Benefits paid	(4,588		)	(4,604		)
Settlements	(8,554		)	—
Fair value of plan assets at end of year	—			—
Reconciliation:
Funded status	(134,480		)	(142,574		)
Unrecognized prior service cost	—			—
Unrecognized net loss	—			—
Accrued pension cost	$	(134,480	)	$	(142,574	)

The following table presents the Plan’s accumulated benefit obligation, projected benefit obligation and funded status as of September 30, 2017 and 2016:



	2017			2016
	(In thousands)
Accumulated benefit obligation	$	505,355		$	516,924
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	545,480		$	508,599
Service cost	18,109			16,419
Interest cost	20,443			23,193
Actuarial (gain) loss	(16,347		)	41,847
Benefits paid⁽¹⁾	(34,230		)	(44,578		)
Benefit obligation at end of year	533,455			545,480
Change in plan assets:
Fair value of plan assets at beginning of year	473,950			450,932
Actual return on plan assets	63,524			52,596
Employer contributions	5,000			15,000
Benefits paid⁽¹⁾	(34,230		)	(44,578		)
Fair value of plan assets at end of year	508,244			473,950
Reconciliation:
Funded status	(25,211		)	(71,530		)
Unrecognized prior service cost	—			—
Unrecognized net loss	—			—
Accrued pension cost	$	(25,211	)	$	(71,530	)

Schedule of Net Benefit Costs [Table Text Block]

Net periodic pension cost for the supplemental plans for fiscal 2017, 2016 and 2015 is recorded as operating expense and included the following components:



	Fiscal Year Ended September 30
	2017		2016		2015
	(In thousands)
Components of net periodic pension cost:
Service cost	$	2,756	$	2,371	$	3,971
Interest cost	4,744		5,185		4,943
Amortization of transition asset	—		—		—
Amortization of prior service cost	—		—		—
Recognized actuarial loss	4,251		2,586		2,343
Settlements	2,685		—		—
Net periodic pension cost	$	14,436	$	10,142	$	11,257

Net periodic postretirement cost for fiscal 2017, 2016 and 2015 is recorded as operating expense and included the components presented below.



	Fiscal Year Ended September 30
	2017			2016			2015
	(In thousands)
Components of net periodic postretirement cost:
Service cost	$	12,436		$	10,823		$	15,583
Interest cost	10,679			12,424			14,385
Expected return on assets	(7,185		)	(6,264		)	(6,431		)
Amortization of transition obligation	—			82			272
Amortization of prior service credit	(1,644		)	(1,644		)	(1,644		)
Recognized actuarial (gain) loss	(2,827		)	(2,167		)	—
Net periodic postretirement cost	$	11,459		$	13,254		$	22,165

Net periodic pension cost for the Plan for fiscal 2017, 2016 and 2015 is recorded as operating expense and included the following components:



	Fiscal Year Ended September 30
	2017			2016			2015
	(In thousands)
Components of net periodic pension cost:
Service cost	$	18,109		$	16,419		$	16,231
Interest cost	20,443			23,193			21,850
Expected return on assets	(27,975		)	(27,522		)	(25,744		)
Amortization of prior service credit	(231		)	(226		)	(192		)
Recognized actuarial loss	12,744			10,693			13,322
Net periodic pension cost	$	23,090		$	22,557		$	25,467

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]

Assumed health care cost trend rates have a significant effect on the amounts reported for the plan. A one-percentage point change in assumed health care cost trend rates would have the following effects on the latest actuarial calculations:



	One-Percentage Point Increase		One-Percentage Point Decrease
	(In thousands)
Effect on total service and interest cost components	$	4,526	$	(3,584	)
Effect on postretirement benefit obligation	$	41,259	$	(33,863	)