Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2015
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	285,506	$	—	$	—	$	—		$	285,506
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	4,198		—		—		(4,198		)	—
Over the Counter Swaps – Gas and Oil	—		240,633		2,594		(907		)	242,320
Other Investments:
Balanced Equity Mutual Fund	36,895		—		—		—			36,895
Common Stock – Financial Services Industry	6,402		—		—		—			6,402
Other Common Stock	523		—		—		—			523
Hedging Collateral Deposits	11,101		—		—		—			11,101
Total	$	344,625	$	240,633	$	2,594	$	(5,105	)	$	582,747

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	11,984	$	—	$	—	$	(4,198	)	$	7,786
Over the Counter Swaps – Gas and Oil	—		1,572		123		(907		)	788
Foreign Currency Contracts	—		554		—		—			554
Total	$	11,984	$	2,126	$	123	$	(5,105	)	$	9,128

Total Net Assets/(Liabilities)	$	332,641	$	238,507	$	2,471	$	—		$	573,619



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 nine months ended June 30, 2015 and 2014, respectively. For the quarters and nine months ended June 30, 2015 and June 30, 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
	April 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		June 30, 2015
Derivative Financial Instruments⁽²⁾	$	4,826	$	(2,249	)	⁽¹⁾	$	(106	)	$	—	$	2,471


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended June 30, 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		June 30, 2015
Derivative Financial Instruments⁽²⁾	$	1,368	$	(9,053	)	⁽¹⁾	$	10,156	$	—	$	2,471


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the nine months ended June 30, 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
	April 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		June 30, 2014
Derivative Financial Instruments⁽²⁾	$	(1,371	)	$	1,242	⁽¹⁾	$	(2,726	)	$	—	$	(2,855	)


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended June 30, 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		June 30, 2014
Derivative Financial Instruments⁽²⁾	$	(5,190	)	$	2,286	⁽¹⁾	$	49	$	—	$	(2,855	)


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the nine months ended June 30, 2014.


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