Fair Value Measurements (Table)

9 Months Ended

Jun. 30, 2020

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 June 30, 2020 and September 30, 2019. 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, 2020
	(In thousands)
Assets:
Financial instruments	$	—	$	5,864	$	—	$	—	$	5,864
Debt and equity securities
Registered investment companies	37,229		—		—		—		37,229
Bond mutual funds	28,954		—		—		—		28,954
Bonds⁽²⁾	—		34,408		—		—		34,408
Money market funds	—		5,126		—		—		5,126
Total debt and equity securities	66,183		39,534		—		—		105,717
Total assets	$	66,183	$	45,398	$	—	$	—	$	111,581
Liabilities:
Financial instruments	$	—	$	11,103	$	—	$	—	$	11,103



	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, 2019
	(In thousands)
Assets:
Financial instruments	$	—	$	1,811	$	—	$	—	$	1,811
Debt and equity securities
Registered investment companies	41,406		—		—		—		41,406
Bond mutual funds	25,966		—		—		—		25,966
Bonds⁽²⁾	—		31,915		—		—		31,915
Money market funds	—		2,596		—		—		2,596
Total debt and equity securities	67,372		34,511		—		—		101,883
Total assets	$	67,372	$	36,322	$	—	$	—	$	103,694
Liabilities:
Financial instruments	$	—	$	5,801	$	—	$	—	$	5,801

(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.

Schedule of Carrying Values and Estimated Fair Values of Long-Term Debt

The following table presents the carrying value and fair value of our long-term debt, excluding finance leases, debt issuance costs and original issue premium or discount, as of June 30, 2020 and September 30, 2019:



	June 30, 2020		September 30, 2019
	(In thousands)
Carrying Amount	$	4,560,000	$	3,560,000
Fair Value	$	5,563,300	$	4,216,249