Fair Value Measurements (Table)

3 Months Ended

Dec. 31, 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 December 31, 2017 and September 30, 2017. 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		December 31, 2017
	(In thousands)
Assets:
Financial instruments	$	—	$	646	$	—	$	—	$	646
Available-for-sale securities
Registered investment companies	43,065		—		—		—		43,065
Bond mutual funds	16,359		—		—		—		16,359
Bonds	—		30,861		—		—		30,861
Money market funds	—		614		—		—		614
Total available-for-sale securities	59,424		31,475		—		—		90,899
Total assets	$	59,424	$	32,121	$	—	$	—	$	91,545
Liabilities:
Financial instruments	$	—	$	117,175	$	—	$	—	$	117,175



	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

(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.

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 December 31, 2017
Domestic equity mutual funds	$	27,171	$	8,850	$	(14	)	$	36,007
Foreign equity mutual funds	4,725		2,333		—			7,058
Bond mutual funds	16,461		—		(102		)	16,359
Bonds	30,936		6		(81		)	30,861
Money market funds	614		—		—			614
	$	79,907	$	11,189	$	(197	)	$	90,899
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

Other fair value measurements table

The following table presents the carrying value and fair value of our debt as of December 31, 2017 and September 30, 2017:



	December 31, 2017		September 30, 2017
	(In thousands)
Carrying Amount	$	3,085,000	$	3,085,000
Fair Value	$	3,305,656	$	3,382,272