FAIR VALUE (Tables)

3 Months Ended

Dec. 31, 2014

The estimated fair value of long-term debt, including current maturities and excluding capital leases is as follows:



(Thousands)	December 31, 2014		September 30, 2014
Carrying value ⁽¹⁾	$	682,845	$	557,845
Fair market value	$	720,903	$	586,909


(1)	Excludes capital leases of $55.4 million and $57.7 million as of December 31, 2014 and September 30, 2014, respectively.

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized as follows:



	Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(Thousands)	(Level 1)			(Level 2)			(Level 3)			Total
As of December 31, 2014:
Assets:
Physical forward commodity contracts		$	—		$	15,313		$	—	$	15,313
Financial derivative contracts - natural gas		133,832			—			—		133,832
Available for sale equity securities - energy industry⁽¹⁾		11,786			—			—		11,786
Other ⁽²⁾		1,514			—			—		1,514
Total assets at fair value		$	147,132		$	15,313		$	—	$	162,445
Liabilities:
Physical forward commodity contracts		$	—		$	26,027		$	—	$	26,027
Financial commodity contracts - natural gas		70,717			—			—		70,717
Financial commodity contracts - foreign exchange		—			204			—		204
Total liabilities at fair value		$	70,717		$	26,231		$	—	$	96,948
As of September 30, 2014:
Assets:
Physical forward commodity contracts		$	—		$	15,426		$	—	$	15,426
Financial derivative contracts - natural gas		54,451			—			—		54,451
Available for sale equity securities - energy industry⁽¹⁾		10,672			—			—		10,672
Other ⁽²⁾		1,299			—			—		1,299
Total assets at fair value		$	66,422		$	15,426		$	—	$	81,848
Liabilities:
Physical forward commodity contracts		$	—		$	30,910		$	—	$	30,910
Financial commodity contracts - natural gas		55,488			—			—		55,488
Financial commodity contracts - foreign exchange		—			155			—		155
Total liabilities at fair value		$	55,488		$	31,065		$	—	$	86,553


(1)	Included in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.


(2)	Includes various money market funds in Level 1.

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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