Fair Value Measurements (Table)

3 Months Ended

Dec. 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 December 31, 2014 and September 30, 2014. 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⁾			December 31, 2014
	(In thousands)
Assets:
Financial instruments
Regulated distribution segment	$	—	$	976	$	—	$	—		$	976
Nonregulated segment	14		228,472		—		(211,084		)	17,402
Total financial instruments	14		229,448		—		(211,084		)	18,378
Hedged portion of gas stored underground	49,800		—		—		—			49,800
Available-for-sale securities
Money market funds	—		1,184		—		—			1,184
Registered investment companies	45,060		—		—		—			45,060
Bonds	—		33,548		—		—			33,548
Total available-for-sale securities	45,060		34,732		—		—			79,792
Total assets	$	94,874	$	264,180	$	—	$	(211,084	)	$	147,970
Liabilities:
Financial instruments
Regulated distribution segment	$	—	$	95,824	$	—	$	—		$	95,824
Nonregulated segment	13		254,572		—		(254,585		)	—
Total liabilities	$	13	$	350,396	$	—	$	(254,585	)	$	95,824



	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, 2014
	(In thousands)
Assets:
Financial instruments
Regulated distribution segment	$	—	$	36,140	$	—	$	—		$	36,140
Nonregulated segment	25		68,998		—		(46,298		)	22,725
Total financial instruments	25		105,138		—		(46,298		)	58,865
Hedged portion of gas stored underground	40,492		—		—		—			40,492
Available-for-sale securities
Money market funds	—		2,185		—		—			2,185
Registered investment companies	44,014		—		—		—			44,014
Bonds	—		33,414		—		—			33,414
Total available-for-sale securities	44,014		35,599		—		—			79,613
Total assets	$	84,531	$	140,737	$	—	$	(46,298	)	$	178,970
Liabilities:
Financial instruments
Regulated distribution segment	$	—	$	21,856	$	—	$	—		$	21,856
Nonregulated segment	12		72,044		—		(72,056		)	—
Total liabilities	$	12	$	93,900	$	—	$	(72,056	)	$	21,856

⁽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 December 31, 2014, we had $43.5 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $26.1 million was used to offset current and noncurrent risk management liabilities under master netting arrangements and the remaining $17.4 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, 2014 we had $25.8 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $3.1 million was used to offset current and noncurrent risk management liabilities under master netting arrangements and the remaining $22.7 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 December 31, 2014
Domestic equity mutual funds	$	29,231	$	8,956	$	(101	)	$	38,086
Foreign equity mutual funds	5,512		1,462		—			6,974
Bonds	33,474		110		(36		)	33,548
Money market funds	1,184		—		—			1,184
	$	69,401	$	10,528	$	(137	)	$	79,792
As of September 30, 2014
Domestic equity mutual funds	$	26,633	$	10,136	$	—		$	36,769
Foreign equity mutual funds	5,382		1,863		—			7,245
Bonds	33,266		161		(13		)	33,414
Money market funds	2,185		—		—			2,185
	$	67,466	$	12,160	$	(13	)	$	79,613

Other fair value measurements table

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



	December 31, 2014		September 30, 2014
	(In thousands)
Carrying Amount	$	2,460,000	$	2,460,000
Fair Value	$	2,817,435	$	2,769,541