Fair Value Measurements (Table)

6 Months Ended

Mar. 31, 2014

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 March 31, 2014 and September 30, 2013. 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⁾			March 31, 2014
	(In thousands)
Assets:
Financial instruments
Natural gas distribution segment	$	—	$	89,411	$	—	$	—		$	89,411
Nonregulated segment	89		94,285		—		(77,524		)	16,850
Total financial instruments	89		183,696		—		(77,524		)	106,261
Hedged portion of gas stored underground	23,570		—		—		—			23,570
Available-for-sale securities
Money market funds	—		2,904		—		—			2,904
Registered investment companies	44,263		—		—		—			44,263
Bonds	—		28,503		—		—			28,503
Total available-for-sale securities	44,263		31,407		—		—			75,670
Total assets	$	67,922	$	215,103	$	—	$	(77,524	)	$	205,501
Liabilities:
Financial instruments
Natural gas distribution segment	$	—	$	—	$	—	$	—		$	—
Nonregulated segment	1,297		87,281		—		(88,578		)	—
Total liabilities	$	1,297	$	87,281	$	—	$	(88,578	)	$	—



	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, 2013
	(In thousands)
Assets:
Financial instruments
Natural gas distribution segment	$	—	$	111,191	$	—	$	—		$	111,191
Nonregulated segment	745		115,135		—		(105,751		)	10,129
Total financial instruments	745		226,326		—		(105,751		)	121,320
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	$	—	$	(105,751	)	$	238,760
Liabilities:
Financial instruments
Natural gas distribution segment	$	—	$	1,543	$	—	$	—		$	1,543
Nonregulated segment	158		130,422		—		(130,580		)	—
Total liabilities	$	158	$	131,965	$	—	$	(130,580	)	$	1,543

⁽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 March 31, 2014, we had $11.1 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $3.1 million was used to offset current risk management liabilities under master netting arrangements and the remaining $8.0 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, 2013 we had $24.8 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $14.7 million was used to offset current and noncurrent risk management liabilities under master netting arrangements and the remaining $10.1 million is classified as current risk management assets.

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

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



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(In thousands)
As of March 31, 2014
Domestic equity mutual funds	$	27,226	$	10,052	$	—		$	37,278
Foreign equity mutual funds	5,118		1,867		—			6,985
Bonds	28,320		191		(8		)	28,503
Money market funds	2,904		—		—			2,904
	$	63,568	$	12,110	$	(8	)	$	75,670
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

Other fair value measurements table

The following table presents the carrying value and fair value of our debt as of March 31, 2014 and September 30, 2013:



	March 31, 2014		September 30, 2013
	(In thousands)
Carrying Amount	$	2,460,000	$	2,460,000
Fair Value	$	2,739,091	$	2,676,487