Fair Value Measurements (Table)

12 Months Ended

Sep. 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 September 30, 2017 and 2016. 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		September 30, 2017
	(In thousands)
Assets:
Financial instruments	$	—	$	3,239	$	—	$	—	$	3,239
Available-for-sale securities
Registered investment companies	41,097		—		—		—		41,097
Bond mutual funds	16,371		—		—		—		16,371
Bonds	—		29,104		—		—		29,104
Money market funds	—		1,837		—		—		1,837
Total available-for-sale securities	57,468		30,941		—		—		88,409
Total assets	$	57,468	$	34,180	$	—	$	—	$	91,648
Liabilities:
Financial instruments	$	—	$	112,398	$	—	$	—	$	112,398



	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 ⁽³⁾	$	—	$	44,141	$	—	$	(32,515	)	$	11,626
Hedged portion of gas stored underground ⁽³⁾	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⁽³⁾	$	—	$	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 agreements and the remaining $6.8 million is classified as current risk management assets.


(3)	Our financial instruments and hedged portion of gas stored underground include assets and liabilities related to our natural gas marketing operations, which are classified as “held for sale” on our consolidated balance sheets at September 30, 2016.

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, 2017
Domestic equity mutual funds	$	25,361	$	8,920	$	—		$	34,281
Foreign equity mutual funds	4,581		2,235		—			6,816
Bond mutual funds	16,391		2		(22		)	16,371
Bonds	29,074		46		(16		)	29,104
Money market funds	1,837		—		—			1,837
	$	77,244	$	11,203	$	(38	)	$	88,409
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 September 30, 2017:



	September 30, 2017
	(In thousands)
Carrying Amount	$	3,085,000
Fair Value	$	3,382,272