FAIR VALUE (Tables)

6 Months Ended

Mar. 31, 2015

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



(Thousands)	March 31, 2015		September 30, 2014
Carrying value ⁽¹⁾	$	682,845	$	557,845
Fair market value	$	728,283	$	586,909


(1)	Excludes capital leases of $52.6 million and $49.9 million as of March 31, 2015 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 March 31, 2015:
Assets:
Physical forward commodity contracts		$	—		$	11,076		$	—	$	11,076
Financial derivative contracts - natural gas		54,078			—			—		54,078
Available for sale equity securities - energy industry⁽¹⁾		10,856			—			—		10,856
Other ⁽²⁾		1,678			—			—		1,678
Total assets at fair value		$	66,612		$	11,076		$	—	$	77,688
Liabilities:
Physical forward commodity contracts		$	—		$	11,521		$	—	$	11,521
Financial commodity contracts - natural gas		76,685			—			—		76,685
Financial commodity contracts - foreign exchange		—			18			—		18
Total liabilities at fair value		$	76,685		$	11,539		$	—	$	88,224
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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