Fair Value Measurements (Table)

3 Months Ended

Dec. 31, 2018

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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, 2018 and September 30, 2018. 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, 2018
	(In thousands)
Assets:
Financial instruments	$	—	$	3,526	$	—	$	—	$	3,526
Debt and equity securities
Registered investment companies	37,241		—		—		—		37,241
Bond mutual funds	21,523		—		—		—		21,523
Bonds⁽²⁾	—		30,096		—		—		30,096
Money market funds	—		3,319		—		—		3,319
Total debt and equity securities	58,764		33,415		—		—		92,179
Total assets	$	58,764	$	36,941	$	—	$	—	$	95,705
Liabilities:
Financial instruments	$	—	$	87,195	$	—	$	—	$	87,195



	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, 2018
	(In thousands)
Assets:
Financial instruments	$	—	$	1,619	$	—	$	—	$	1,619
Debt and equity securities
Registered investment companies	42,644		—		—		—		42,644
Bond mutual funds	21,507		—		—		—		21,507
Bonds⁽²⁾	—		31,400		—		—		31,400
Money market funds	—		3,834		—		—		3,834
Total debt and equity securities	64,151		35,234		—		—		99,385
Total assets	$	64,151	$	36,853	$	—	$	—	$	101,004
Liabilities:
Financial instruments	$	—	$	56,837	$	—	$	—	$	56,837

(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 that are valued at cost.


(2)	Our investments in bonds are considered available-for-sale debt securities in accordance with current accounting guidance as described in Note 2.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying value and fair value of our debt as of December 31, 2018 and September 30, 2018:



	December 31, 2018		September 30, 2018
	(In thousands)
Carrying Amount	$	3,685,000	$	3,085,000
Fair Value	$	3,746,697	$	3,161,679