XML 24 R14.htm IDEA: XBRL DOCUMENT v3.21.2
Interim Pension and Other Postretirement Benefit Plan Information
 9 Months Ended
Jun. 30, 2021
Retirement Benefits, Description [Abstract]  
Interim Pension and Other Postretirement Benefit Plan Information Interim Pension and Other Postretirement Benefit Plan Information
The components of our net periodic pension cost for our pension and other postretirement benefit plans for the three and nine months ended June 30, 2021 and 2020 are presented in the following tables. Most of these costs are recoverable through our tariff rates. A portion of these costs is capitalized into our rate base or deferred as a regulatory asset or liability. The remaining costs are recorded as a component of operation and maintenance expense or other non-operating expense.
In the third quarter of fiscal 2021, due to the retirement of certain executives, we recognized a settlement charge of $9.0 million associated with our Supplemental Executive Retirement Plan and revalued the net periodic pension cost for the remainder of fiscal 2021. The revaluation of the net periodic pension cost for our Supplemental Executive Retirement Plan
resulted in an increase in the discount rate, effective May 31, 2021, to 3.11% from 2.80%, which will decrease our net periodic pension cost by approximately $0.5 million for the remainder of the fiscal year.
 Three Months Ended June 30
 Pension BenefitsOther Benefits
 2021202020212020
 (In thousands)
Components of net periodic pension cost:
Service cost$4,609 $4,652 $4,305 $3,366 
Interest cost(1)
5,016 5,843 2,661 2,653 
Expected return on assets(1)
(6,978)(7,079)(2,613)(2,625)
Amortization of prior service cost (credit)(1)
(58)(58)44 43 
Amortization of actuarial (gain) loss(1)
3,062 3,242 — (334)
Settlements(1)
8,999 — — — 
Net periodic pension cost$14,650 $6,600 $4,397 $3,103 
 Nine Months Ended June 30
 Pension BenefitsOther Benefits
2021202020212020
 (In thousands)
Components of net periodic pension cost:
Service cost$13,834 $13,957 $12,917 $10,099 
Interest cost(1)
15,072 17,529 7,981 7,959 
Expected return on assets(1)
(20,934)(21,237)(7,841)(7,874)
Amortization of prior service cost (credit)(1)
(174)(174)130 130 
Amortization of actuarial (gain) loss(1)
9,405 9,725 — (1,003)
Settlements(1)
8,999 — — — 
Net periodic pension cost$26,202 $19,800 $13,187 $9,311 
(1)    The components of net periodic cost other than the service cost component are included in the line item other non-operating expense in the condensed consolidated statements of comprehensive income or are capitalized on the condensed consolidated balance sheets as a regulatory asset or liability, as described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2020.
For the nine months ended June 30, 2021 we contributed $16.8 million to our postretirement medical plans. We anticipate contributing a total of between $15 million and $25 million to our postretirement plans during fiscal 2021.