Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2019 and September 30, 2019. 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 December 31, 2019
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	20,924	$	—	$	—	$	—		$	20,924
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	2,096		—		—		(2,096		)	—
Over the Counter Swaps – Gas and Oil	—		46,686		—		(5,031		)	41,655
Foreign Currency Contracts	—		118		—		(1,204		)	(1,086		)
Other Investments:
Balanced Equity Mutual Fund	36,740		—		—		—			36,740
Fixed Income Mutual Fund	62,220		—		—		—			62,220
Common Stock – Financial Services Industry	933		—		—		—			933
Hedging Collateral Deposits	9,666		—		—		—			9,666
Total	$	132,579	$	46,804	$	—	$	(8,331	)	$	171,052

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	7,741	$	—	$	—	$	(2,096	)	$	5,645
Over the Counter Swaps – Gas and Oil	—		5,524		—		(5,031		)	493
Foreign Currency Contracts	—		1,348		—		(1,204		)	144
Total	$	7,741	$	6,872	$	—	$	(8,331	)	$	6,282
Total Net Assets/(Liabilities)	$	124,838	$	39,932	$	—	$	—		$	164,770



Recurring Fair Value Measures	At fair value as of September 30, 2019
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	10,521	$	—	$	—	$	—		$	10,521
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	2,055		—		—		(2,055		)	—
Over the Counter Swaps – Gas and Oil	—		52,076		—		(1,483		)	50,593
Foreign Currency Contracts	—		5		—		(2,052		)	(2,047		)
Other Investments:
Balanced Equity Mutual Fund	40,660		—		—		—			40,660
Fixed Income Mutual Fund	62,339		—		—		—			62,339
Common Stock – Financial Services Industry	844		—		—		—			844
Hedging Collateral Deposits	6,832		—		—		—			6,832
Total	$	123,251	$	52,081	$	—	$	(5,590	)	$	169,742

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	7,149	$	—	$	—	$	(2,055	)	$	5,094
Over the Counter Swaps – Gas and Oil	—		1,671		—		(1,483		)	188
Foreign Currency Contracts	—		2,344		—		(2,052		)	292
Total	$	7,149	$	4,015	$	—	$	(5,590	)	$	5,574
Total Net Assets/(Liabilities)	$	116,102	$	48,066	$	—	$	—		$	164,168

⁽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.