Fair Value Measurements (Table)

9 Months Ended

Jun. 30, 2017

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 June 30, 2017 and September 30, 2016. 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		June 30, 2017
	(In thousands)
Assets:
Financial instruments	$	—	$	3,228	$	—	$	—	$	3,228
Available-for-sale securities
Registered investment companies	39,406		—		—		—		39,406
Bond mutual funds	15,892		—		—		—		15,892
Bonds	—		31,429		—		—		31,429
Money market funds	—		2,884		—		—		2,884
Total available-for-sale securities	55,298		34,313		—		—		89,611
Total assets	$	55,298	$	37,541	$	—	$	—	$	92,839
Liabilities:
Financial instruments	$	—	$	109,372	$	—	$	—	$	109,372



	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, 2016
	(In thousands)
Assets:
Financial instruments	$	—	$	44,141	$	—	$	(32,515	)	$	11,626
Hedged portion of gas stored underground	52,578		—		—		—			52,578
Available-for-sale securities
Registered investment companies	38,677		—		—		—			38,677
Bonds	—		31,394		—		—			31,394
Money market funds	—		2,630		—		—			2,630
Total available-for-sale securities	38,677		34,024		—		—			72,701
Total assets	$	91,255	$	78,165	$	—	$	(32,515	)	$	136,905
Liabilities:
Financial instruments	$	—	$	323,684	$	—	$	(82,865	)	$	240,819

(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. As of September 30, 2016, we had $50.4 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $43.6 million was used to offset current and noncurrent risk management liabilities under master netting arrangements with the remaining $6.8 million classified as current risk management assets.

Schedule of Available-for-sale Securities Reconciliation Table

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



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(In thousands)
As of June 30, 2017
Domestic equity mutual funds	$	25,236	$	7,749	$	(17	)	$	32,968
Foreign equity mutual funds	4,581		1,857		—			6,438
Bond mutual funds	15,928		—		(36		)	15,892
Bonds	31,407		52		(30		)	31,429
Money market funds	2,884		—		—			2,884
	$	80,036	$	9,658	$	(83	)	$	89,611
As of September 30, 2016
Domestic equity mutual funds	$	26,692	$	6,419	$	(590	)	$	32,521
Foreign equity mutual funds	4,954		1,202		—			6,156
Bonds	31,296		108		(10		)	31,394
Money market funds	2,630		—		—			2,630
	$	65,572	$	7,729	$	(600	)	$	72,701

Other fair value measurements table

The following table presents the carrying value and fair value of our debt as of June 30, 2017 and September 30, 2016:



	June 30, 2017		September 30, 2016
	(In thousands)
Carrying Amount	$	3,085,000	$	2,460,000
Fair Value	$	3,388,003	$	2,844,990