Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2019

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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, 2019 and September 30, 2018. 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, 2019
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	75,375	$	—	$	—	$	—		$	75,375
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	1,367		—		—		(1,367		)	—
Over the Counter Swaps – Gas and Oil	—		44,929		—		(6,850		)	38,079
Foreign Currency Contracts	—		78		—		(1,500		)	(1,422		)
Other Investments:
Balanced Equity Mutual Fund	40,313		—		—		—			40,313
Fixed Income Mutual Fund	55,034		—		—		—			55,034
Common Stock – Financial Services Industry	1,841		—		—		—			1,841
Hedging Collateral Deposits	6,835		—		—		—			6,835
Total	$	180,765	$	45,007	$	—	$	(9,717	)	$	216,055

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	5,686	$	—	$	—	$	(1,367	)	$	4,319
Over the Counter Swaps – Gas and Oil	—		7,071		—		(6,850		)	221
Foreign Currency Contracts	—		1,523		—		(1,500		)	23
Total	$	5,686	$	8,594	$	—	$	(9,717	)	$	4,563
Total Net Assets/(Liabilities)	$	175,079	$	36,413	$	—	$	—		$	211,492



Recurring Fair Value Measures	At fair value as of September 30, 2018
(Thousands of Dollars)	Level 1		Level 2			Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	215,272	$	—		$	—	$	—		$	215,272
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	1,075		—			—		(1,075		)	—
Over the Counter Swaps – Gas and Oil	—		26,074			—		(17,041		)	9,033
Foreign Currency Contracts	—		443			—		(443		)	—
Other Investments:
Balanced Equity Mutual Fund	38,468		—			—		—			38,468
Fixed Income Mutual Fund	51,331		—			—		—			51,331
Common Stock – Financial Services Industry	2,776		—			—		—			2,776
Hedging Collateral Deposits	3,441		—			—		—			3,441
Total	$	312,363	$	26,517		$	—	$	(18,559	)	$	320,321

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	2,412	$	—		$	—	$	(1,075	)	$	1,337
Over the Counter Swaps – Gas and Oil	—		64,224			—		(17,041		)	47,183
Foreign Currency Contracts	—		959			—		(443		)	516
Total	$	2,412	$	65,183		$	—	$	(18,559	)	$	49,036
Total Net Assets/(Liabilities)	$	309,951	$	(38,666	)	$	—	$	—		$	271,285

⁽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.