Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2015

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table sets forth, by level within the fair value hierarchy, the Company's financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of March 31, 2015 and September 30, 2014. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over the counter swaps combines gas and oil swaps because a significant number of the counterparties enter into both gas and oil swap agreements with the Company.



Recurring Fair Value Measures	At fair value as of March 31, 2015
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	46,916	$	—	$	—	$	—		$	46,916
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	4,426		—		—		(4,426		)	—
Over the Counter Swaps – Gas and Oil	—		297,777		4,826		(719		)	301,884
Other Investments:
Balanced Equity Mutual Fund	37,090		—		—		—			37,090
Common Stock – Financial Services Industry	5,858		—		—		—			5,858
Other Common Stock	518		—		—		—			518
Hedging Collateral Deposits	15,726		—		—		—			15,726
Total	$	110,534	$	297,777	$	4,826	$	(5,145	)	$	407,992

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	16,510	$	—	$	—	$	(4,426	)	$	12,084
Over the Counter Swaps – Gas and Oil	—		1,810		—		(719		)	1,091
Total	$	16,510	$	1,810	$	—	$	(5,145	)	$	13,175

Total Net Assets/(Liabilities)	$	94,024	$	295,967	$	4,826	$	—		$	394,817



Recurring Fair Value Measures	At fair value as of September 30, 2014
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	23,794	$	—	$	—	$	—		$	23,794
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	2,725		—		—		(1,987		)	738
Over the Counter Swaps – Gas and Oil	—		75,951		1,368		(5,451		)	71,868
Other Investments:
Balanced Equity Mutual Fund	35,331		—		—		—			35,331
Common Stock – Financial Services Industry	6,629		—		—		—			6,629
Other Common Stock	455		—		—		—			455
Hedging Collateral Deposits	2,734		—		—		—			2,734
Total	$	71,668	$	75,951	$	1,368	$	(7,438	)	$	141,549

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	2,674	$	—	$	—	$	(1,987	)	$	687
Over the Counter Swaps – Gas and Oil	—		5,523		—		(5,451		)	72
Total	$	2,674	$	5,523	$	—	$	(7,438	)	$	759

Total Net Assets/(Liabilities)	$	68,994	$	70,428	$	1,368	$	—		$	140,790


⁽¹⁾	Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.

Fair Value Measurements Using Unobservable Inputs (Level 3)

The tables listed below provide reconciliations of the beginning and ending net balances for assets and liabilities measured at fair value and classified as Level 3 for the quarters and six months ended March 31, 2015 and 2014, respectively. For the quarters and six months ended March 31, 2015 and March 31, 2014, no transfers in or out of Level 1 or Level 2 occurred. There were no purchases or sales of derivative financial instruments during the periods presented in the tables below. All settlements of the derivative financial instruments are reflected in the Gains/Losses Realized and Included in Earnings column of the tables below (amounts in parentheses indicate credits in the derivative asset/liability accounts).



Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)			Total Gains/Losses
	January 1, 2015		Gains/Losses Realized and Included in Earnings				Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)		Transfer In/Out of Level 3		March 31, 2015
Derivative Financial Instruments⁽²⁾	$	5,337	$	(2,949	)	⁽¹⁾	$	2,438	$	—	$	4,826


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended March 31, 2015.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.



Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)			Total Gains/Losses
	October 1, 2014		Gains/Losses Realized and Included in Earnings				Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)		Transfer In/Out of Level 3		March 31, 2015
Derivative Financial Instruments⁽²⁾	$	1,368	$	(6,804	)	⁽¹⁾	$	10,262	$	—	$	4,826


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the six months ended March 31, 2015.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.



Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)				Total Gains/Losses
	January 1, 2014			Gains/Losses Realized and Included in Earnings			Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)			Transfer In/Out of Level 3		March 31, 2014
Derivative Financial Instruments⁽²⁾	$	(1,842	)	$	763	⁽¹⁾	$	(292	)	$	—	$	(1,371	)


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended March 31, 2014.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.




Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)				Total Gains/Losses
	October 1, 2013			Gains/Losses Realized and Included in Earnings			Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)		Transfer In/Out of Level 3		March 31, 2014
Derivative Financial Instruments⁽²⁾	$	(5,190	)	$	1,043	⁽¹⁾	$	2,776	$	—	$	(1,371	)


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the six months ended March 31, 2014.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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