Fair Value Measurements (Table)

12 Months Ended

Sep. 30, 2013

The following tables summarize, by level within the fair value hierarchy, our assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 and 2012. As required under authoritative accounting literature, assets and liabilities are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.



	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)⁽¹⁾		Significant Other Unobservable Inputs (Level 3)		Netting and Cash Collateral⁽²⁾			September 30, 2013
	(In thousands)
Assets:
Financial instruments
Natural gas distribution segment	$	—	$	111,191	$	—	$	—		$	111,191
Nonregulated segment	745		115,135		—		(99,618		)	16,262
Total financial instruments	745		226,326		—		(99,618		)	127,453
Hedged portion of gas stored underground	44,758		—		—		—			44,758
Available-for-sale securities
Money market funds	—		4,428		—		—			4,428
Registered investment companies	40,094		—		—		—			40,094
Bonds	—		28,160		—		—			28,160
Total available-for-sale securities	40,094		32,588		—		—			72,682
Total assets	$	85,597	$	258,914	$	—	$	(99,618	)	$	244,893
Liabilities:
Financial instruments
Natural gas distribution segment	$	—	$	1,543	$	—	$	—		$	1,543
Nonregulated segment	158		130,422		—		(124,447		)	6,133
Total liabilities	$	158	$	131,965	$	—	$	(124,447	)	$	7,676



	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)⁽¹⁾		Significant Other Unobservable Inputs (Level 3)		Netting and Cash Collateral⁽³⁾			September 30, 2012
	(In thousands)
Assets:
Financial instruments
Natural gas distribution segment	$	—	$	9,365	$	—	$	—		$	9,365
Nonregulated segment	714		179,835		—		(162,776		)	17,773
Total financial instruments	714		189,200		—		(162,776		)	27,138
Hedged portion of gas stored underground	67,192		—		—		—			67,192
Available-for-sale securities
Money market funds	—		1,634		—		—			1,634
Registered investment companies	40,212		—		—		—			40,212
Bonds	—		22,552		—		—			22,552
Total available-for-sale securities	40,212		24,186		—		—			64,398
Total assets	$	108,118	$	213,386	$	—	$	(162,776	)	$	158,728
Liabilities:
Financial instruments
Natural gas distribution segment	$	—	$	85,625	$	—	$	—		$	85,625
Nonregulated segment	4,563		191,109		—		(186,451		)	9,221
Total liabilities	$	4,563	$	276,734	$	—	$	(186,451	)	$	94,846

⁽¹⁾

Our Level 2 measurements consist of over-the-counter options and swaps, which are valued using a market-based approach in which observable market prices are adjusted for criteria specific to each instrument, such as the strike price, notional amount or basis differences, municipal and corporate bonds, which are valued based on the most recent available quoted market prices and money market funds which are valued at cost.

⁽²⁾

This column reflects adjustments to our gross financial instrument assets and liabilities to reflect netting permitted under our master netting agreements and the relevant authoritative accounting literature. In addition, as of September 30, 2013 we had $24.8 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $8.6 million was used to offset current risk management liabilities under master netting agreements and the remaining $16.2 million is classified as current risk management assets.

⁽³⁾

This column reflects adjustments to our gross financial instrument assets and liabilities to reflect netting permitted under our master netting agreements and the relevant authoritative accounting literature. In addition, as of September 30, 2012 we had $23.7 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $5.9 million was used to offset current risk management liabilities under master netting agreements and the remaining $17.8 million is classified as current risk management assets.

Available for sale securities

Available-for-sale securities are comprised of the following:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(In thousands)
As of September 30, 2013
Domestic equity mutual funds	$	27,043	$	7,476	$	(23	)	$	34,496
Foreign equity mutual funds	4,536		1,062		—			5,598
Bonds	28,016		168		(24		)	28,160
Money market funds	4,428		—		—			4,428
	$	64,023	$	8,706	$	(47	)	$	72,682
As of September 30, 2012
Domestic equity mutual funds	$	25,779	$	8,183	$	—		$	33,962
Foreign equity mutual funds	5,568		682		—			6,250
Bonds	22,358		196		(2		)	22,552
Money market funds	1,634		—		—			1,634
	$	55,339	$	9,061	$	(2	)	$	64,398

Other fair value measurements table

The following table presents the carrying value and fair value of our debt as of September 30, 2013:



	September 30, 2013
	(In thousands)
Carrying Amount	$	2,460,000
Fair Value	$	2,676,487