FAIR VALUE (Tables)

3 Months Ended

Dec. 31, 2015

The estimated fair value of long-term debt, including current maturities and excluding capital leases is as follows:


(1)	Excludes capital leases of $51.3 million and $46.9 million as of December 31, 2015 and September 30, 2015, respectively.

Assets and liabilities measured at fair value on a recurring basis are summarized as follows:



	Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(Thousands)	(Level 1)			(Level 2)			(Level 3)			Total
As of December 31, 2015:
Assets:
Physical forward commodity contracts		$	—		$	12,889		$	—	$	12,889
Financial derivative contracts - natural gas		49,830			—			—		49,830
Available for sale equity securities - energy industry⁽¹⁾		65,790			—			—		65,790
Other ⁽²⁾		1,809			—			—		1,809
Total assets at fair value		$	117,429		$	12,889		$	—	$	130,318
Liabilities:
Physical forward commodity contracts		$	—		$	22,983		$	—	$	22,983
Financial commodity contracts - natural gas		29,589			—			—		29,589
Financial commodity contracts - foreign exchange		—			52			—		52
Interest rate contracts		—			1,861			—		1,861
Total liabilities at fair value		$	29,589		$	24,896		$	—	$	54,485
As of September 30, 2015:
Assets:
Physical forward commodity contracts		$	—		$	6,572		$	—	$	6,572
Financial derivative contracts - natural gas		38,515			—			—		38,515
Available for sale equity securities - energy industry⁽¹⁾		59,475			—			—		59,475
Other ⁽²⁾		1,572			—			—		1,572
Total assets at fair value		$	99,562		$	6,572		$	—	$	106,134
Liabilities:
Physical forward commodity contracts		$	—		$	9,281		$	—	$	9,281
Financial commodity contracts - natural gas		24,821			—			—		24,821
Interest rate contracts		—			4,228			—		4,228
Total liabilities at fair value		$	24,821		$	13,509		$	—	$	38,330


(1)	Included in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.


(2)	Includes various money market funds in Level 1.