Fair Value Measurements (Table)

3 Months Ended

Dec. 31, 2015

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, 2015 and September 30, 2015. 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, 2015
	(In thousands)
Assets:
Financial instruments
Regulated distribution segment	$	—	$	812	$	—	$	—		$	812
Nonregulated segment	—		84,493		—		(66,264		)	18,229
Total financial instruments	—		85,305		—		(66,264		)	19,041
Hedged portion of gas stored underground	53,347		—		—		—			53,347
Available-for-sale securities
Money market funds	—		72		—		—			72
Registered investment companies	41,978		—		—		—			41,978
Bonds	—		33,129		—		—			33,129
Total available-for-sale securities	41,978		33,201		—		—			75,179
Total assets	$	95,325	$	118,506	$	—	$	(66,264	)	$	147,567
Liabilities:
Financial instruments
Regulated distribution segment	$	—	$	110,075	$	—	$	—		$	110,075
Nonregulated segment	—		105,512		—		(105,512		)	—
Total liabilities	$	—	$	215,587	$	—	$	(105,512	)	$	110,075



	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, 2015
	(In thousands)
Assets:
Financial instruments
Regulated distribution segment	$	—	$	746	$	—	$	—		$	746
Nonregulated segment	—		91,363		—		(82,509		)	8,854
Total financial instruments	—		92,109		—		(82,509		)	9,600
Hedged portion of gas stored underground	43,901		—		—		—			43,901
Available-for-sale securities
Money market funds	—		1,072		—		—			1,072
Registered investment companies	40,619		—		—		—			40,619
Bonds	—		32,509		—		—			32,509
Total available-for-sale securities	40,619		33,581		—		—			74,200
Total assets	$	84,520	$	125,690	$	—	$	(82,509	)	$	127,701
Liabilities:
Financial instruments
Regulated distribution segment	$	—	$	120,107	$	—	$	—		$	120,107
Nonregulated segment	—		125,983		—		(125,983		)	—
Total liabilities	$	—	$	246,090	$	—	$	(125,983	)	$	120,107

⁽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, 2015, we had $39.2 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $21.0 million was used to offset current and noncurrent risk management liabilities under master netting arrangements and the remaining $18.2 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, 2015, we had $43.5 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $34.6 million was used to offset current and noncurrent risk management liabilities under master netting arrangements and the remaining $8.9 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, 2015
Domestic equity mutual funds	$	30,054	$	6,843	$	(1,133	)	$	35,764
Foreign equity mutual funds	5,346		868		—			6,214
Bonds	33,149		40		(60		)	33,129
Money market funds	72		—		—			72
	$	68,621	$	7,751	$	(1,193	)	$	75,179
As of September 30, 2015
Domestic equity mutual funds	$	27,643	$	7,332	$	(456	)	$	34,519
Foreign equity mutual funds	5,261		905		(66		)	6,100
Bonds	32,423		106		(20		)	32,509
Money market funds	1,072		—		—			1,072
	$	66,399	$	8,343	$	(542	)	$	74,200

Other fair value measurements table

The following table presents the carrying value and fair value of our debt as of December 31, 2015 and September 30, 2015:



	December 31, 2015		September 30, 2015
	(In thousands)
Carrying Amount	$	2,460,000	$	2,460,000
Fair Value	$	2,666,801	$	2,669,323