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00000035 - Disclosure - Pension and Other Post-retirement Benefit Plans (Tables)
(http://corninggas.com/role/Disclosure-PensionandOtherPost-retirementBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001582244 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2015-10-01 - 2016-09-30
Compensation and Retirement Disclosure [Abstract]
 
Schedule of reconciliation of pension and post-retirement benefit plans
   Pension Benefits  Post-retirement Benefits
   2016  2015  2016  2015
Change in benefit obligations:
  Benefit obligation at beginning of year  $19,284,602   $18,633,318   $1,295,660   $1,264,378 
  Service cost (excluding expected expenses)   351,565    337,039    19,325    20,979 
  Interest cost   977,868    919,156    50,423    48,673 
  Participant contributions   —      —      77,754    63,740 
  Actuarial loss   2,361,479    300,931    191,240    25,891 
  Benefits paid   (947,538)   (905,842)   (147,926)   (128,001)
Curtailments   —      —      —      —   
  Benefit obligation at end of year   22,027,976    19,284,602    1,486,476    1,295,660 
Change in plan assets:                    
  Fair value of plan assets at beginning of year   13,757,839    13,675,154    —      —   
  Actual return on plan assets   1,122,982    4,126    —      —   
  Company contributions   957,516    990,897    70,172    64,261 
  Participant contributions   —      —      77,754    63,740 
  Benefits paid   (954,141)   (912,338)   (147,926)   (128,001)
  Fair value of plan assets at end of year   14,884,196    13,757,839    —      —   
Funded status   (7,143,780)   (5,526,763)   (1,486,476)   (1,295,660)
Unrecognized net actuarial loss/(gain)   5,998,607    4,403,014    150,130    (45,221)
Unrecognized prior service cost   2,622    9,797    146,536    150,083 
(Accrued) prepaid benefit cost   (1,142,551)   (1,113,952)   (1,189,810)   (1,190,798)
Accrued contribution   —      —      —      —   
                     
Amounts recognized in the balance sheet consists of:                    
Prepaid (accrued) benefit liability   (7,143,780)   (5,526,763)   (1,486,476)   (1,295,660)
                     
Amounts recognized in the Balance Sheets consist of:                    
  (Accrued)/prepaid pension cost as of beginning of fiscal year   (1,113,952)   (1,366,855)   (1,190,798)   (1,189,761)
  Pension (cost) income   (1,254,598)   (986,115)   (73,647)   (70,313)
  Contributions   957,516    990,897    —      —   
  Change in receivable contribution   268,483    248,121    —      —   
  Net benefits paid   —      —      74,635    69,276 
  Change in additional minimum liability   —      —      —      —   
  (Accrued)/prepaid pension cost as of end of fiscal year  $(1,142,551)  $(1,113,952)  $(1,189,810)  $(1,190,798)
                     
Fair value of plan assets at end of year                    
  Cash and equivalents  $406,557   $175,950    —      —   
  Government and agency issues   4,227,227    2,920,406    —      —   
  Corporate bonds   2,809,435    3,691,645    —      —   
  Fixed index funds   403,756    324,804    —      —   
  Fixed income   552,373    540,732    —      —   
  Equity securities   6,484,848    6,104,302    —      —   
   $14,884,196   $13,757,839    —      —   
  
Schedule of fair value of plan assets
 
Schedule of amortization of unrecognized net (gain)/loss
1   Projected benefit obligation as of September 30, 2016  $   22,027,976
2   Plan assets at September 30, 2016     (14,884,196)
3   Unrecognized (gain)/loss as of September 30, 2016         5,998,607
4   Ten percent of greater of (1) or (2)         2,202,798
5   Unamortized (gain)/loss subject to amortization - (3) minus (4)         3,795,809
6   Active future service of active plan participants expected to receive benefits                  9.99
7   Minimum amortization of unamortized net (gain)/loss - (5)/(6)  $        379,961
8   Amortization of (gain)/loss for 2016-2017  $     1,027,016

 

 

    
  
Schedule of components of net periodic benefit cost
    Pension Benefits         Post-retirement Benefits      
    2016    2015    2016    2015 
Components of net period benefit cost (benefit):                    
Service cost   357,565    343,039    19,325    20,979 
Interest cost   977,868    919,156    50,423    48,673 
Expected return on plan assets   (1,028,758)   (1,027,565)   —      —   
Amortization of prior service   7,175    9,406    3,547    3,547 
Amortization of unrecognized actuarial loss (gain)   672,265    493,958    (4,111)   (7,901)
Net periodic benefit cost (benefit)   986,115    737,994    69,184    65,298 
  
Schedule of weighted average assumptions used to determine net period cost
  Pension Benefits Post-retirement Benefits
  2016 2015 2016 2015
Weighted average assumptions used to determine net        
period cost at September 30:        
Discount rate 4.20% 5.22% 3.25% 4.00%
Salary increases 2.00% 2.00% N/A N/A
Expected return on assets 7.50% 7.50% N/A N/A
  
Schedule of estimated pension plan payments
 2017   $1,162,055 
 2018   $1,183,273 
 2019   $1,248,018 
 2020   $1,358,644 
 2021   $1,410,391 
 2022+   $7,215,801