Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2016

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, 2016 and September 30, 2015. 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, 2016
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	81,255	$	—	$	—	$	—		$	81,255
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	2,991		—		—		(2,957		)	34
Over the Counter Swaps – Gas and Oil	—		137,774		—		(8,990		)	128,784
Foreign Currency Contacts	—		—		—		(2,222		)	(2,222		)
Other Investments:
Balanced Equity Mutual Fund	36,964		—		—		—			36,964
Fixed Income Mutual Fund	31,279		—		—		—			31,279
Common Stock – Financial Services Industry	3,813		—		—		—			3,813
Hedging Collateral Deposits	3,008		—		—		—			3,008
Total	$	159,310	$	137,774	$	—	$	(14,169	)	$	282,915

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	2,957	$	—	$	—	$	(2,957	)	$	—
Over the Counter Swaps – Gas and Oil	—		10,694		—		(8,990		)	1,704
Foreign Currency Contracts	—		2,222		—		(2,222		)	—
Total	$	2,957	$	12,916	$	—	$	(14,169	)	$	1,704
Total Net Assets/(Liabilities)	$	156,353	$	124,858	$	—	$	—		$	281,211



Recurring Fair Value Measures	At fair value as of September 30, 2015
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	92,196	$	—	$	—	$	—		$	92,196
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	6,373		—		—		(6,373		)	—
Over the Counter Swaps – Gas and Oil	—		272,335		1,791		(808		)	273,318
Foreign Currency Contracts	—		—		—		(2,955		)	(2,955		)
Other Investments:
Balanced Equity Mutual Fund	34,884		—		—		—			34,884
Fixed Income Mutual Fund	8,004		—		—		—			8,004
Common Stock – Financial Services Industry	4,318		—		—		—			4,318
Other Common Stock	450		—		—		—			450
Hedging Collateral Deposits	11,124		—		—		—			11,124
Total	$	157,349	$	272,335	$	1,791	$	(10,136	)	$	421,339

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	15,276	$	—	$	—	$	(6,373	)	$	8,903
Over the Counter Swaps – Gas and Oil	—		1,981		—		(808		)	1,173
Foreign Currency Contracts	—		2,955		—		(2,955		)	—
Total	$	15,276	$	4,936	$	—	$	(10,136	)	$	10,076
Total Net Assets/(Liabilities)	$	142,073	$	267,399	$	1,791	$	—		$	411,263


⁽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 quarter ended June 30, 2015 and the nine months ended June 30, 2016 and 2015, respectively. For the quarters and nine months ended June 30, 2016 and June 30, 2015, 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
	October 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, 2016
Derivative Financial Instruments⁽²⁾	$	1,791	$	(2,002	)	⁽¹⁾	$	211	$	—	$	—


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the nine months ended June 30, 2016.


⁽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, 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.