Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2020

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 September 30, 2020 and 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.


	At Fair Value as of September 30, 2020
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Netting Adjustments(1)		Total(1)
	(Dollars in thousands)
Assets:
Cash Equivalents — Money Market Mutual Funds	$	12,285	$	—	$	—	$	—	$	12,285
Derivative Financial Instruments:

Over the Counter Swaps — Gas and Oil	—		36,418		—		(26,400)		10,018
Over the Counter No Cost Collars — Gas	—		—		—		(720)		(720)
Foreign Currency Contracts	—		259		—		(338)		(79)
Other Investments:
Balanced Equity Mutual Fund	39,618		—		—		—		39,618
Fixed Income Mutual Fund	72,253		—		—		—		72,253
Common Stock — Financial Services Industry	639		—		—		—		639


Total	$	124,795	$	36,677	$	—	$	(27,458)	$	134,014
Liabilities:
Derivative Financial Instruments:

Over the Counter Swaps — Gas and Oil	$	—	$	61,280	$	—	$	(26,400)	$	34,880
Over the Counter No Cost Collars — Gas	—		8,171		—		(720)		7,451
Foreign Currency Contracts	—		1,976		—		(338)		1,638
Total	$	—	$	71,427	$	—	$	(27,458)	$	43,969
Total Net Assets/(Liabilities)	$	124,795	$	(34,750)	$	—	$	—	$	90,045


	At Fair Value as of September 30, 2019
Recurring Fair Value Measures	Level 1		Level 2		Level 3		Netting Adjustments(1)		Total(1)
	(Dollars in thousands)
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.