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FAIR VALUE MEASUREMENTS
 3 Months Ended
Dec. 31, 2012
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
4.
FAIR VALUE MEASUREMENTS

The following table categorizes the assets and liabilities in the Balance Sheets that are accounted for at fair value on a recurring basis in periods subsequent to initial recognition.
(Thousands)
Quoted
Prices in
Active
Markets
(Level 1)
 
Significant
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Effects of Netting and Cash Margin Receivables
/Payables
 
Total
As of December 31, 2012
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
U. S. Stock/Bond Mutual Funds
$
13,146

 
$
—

 
$
—

 
$
—

 
$
13,146

NYMEX natural gas contracts
1,726

 
—

 
—

 
(1,726
)
 
—

NYMEX gasoline and heating
oil contracts
281

 
—

 
—

 
(281
)
 
—

Total
$
15,153

 
$
—

 
$
—

 
$
(2,007
)
 
$
13,146

Liabilities
 
 
 
 
 
 
 
 
 
NYMEX natural gas contracts
$
6,162

 
$
—

 
$
—

 
$
(6,162
)
 
$
—

 
 
 
 
 
 
 
 
 
 
As of September 30, 2012
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
U. S. Stock/Bond Mutual Funds
$
13,187

 
$
—

 
$
—

 
$
—

 
$
13,187

NYMEX natural gas contracts
7,338

 
—

 
—

 
(7,338
)
 
—

NYMEX gasoline and heating
oil contracts
344

 
—

 
—

 
(344
)
 
—

Total
$
20,869

 
$
—

 
$
—

 
$
(7,682
)
 
$
13,187

Liabilities
 
 
 
 
 
 
 
 
 
NYMEX natural gas contracts
$
9,563

 
$
—

 
$
—

 
$
(9,563
)
 
$
—

 
 
 
 
 
 
 
 
 
 
As of December 31, 2011
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
U. S. Stock/Bond Mutual Funds
$
15,916

 
$
—

 
$
—

 
$
—

 
$
15,916

NYMEX natural gas contracts
8

 
—

 
—

 
(8
)
 
—

NYMEX gasoline and heating
oil contracts
31

 
—

 
—

 
(31
)
 
—

Total
$
15,955

 
$
—

 
$
—

 
$
(39
)
 
$
15,916

Liabilities
 
 
 
 
 
 
 
 
 
NYMEX natural gas contracts
$
26,349

 
$
—

 
$
—

 
$
(26,349
)
 
$
—



The mutual funds included in Level 1 are valued based on exchange-quoted market prices of identical securities. Derivative instruments included in Level 1 are valued using quoted market prices on the New York Mercantile Exchange (NYMEX). The Utility’s policy is to recognize transfers between the levels of the fair value hierarchy, if any, as of the beginning of the interim reporting period in which circumstances change or events occur to cause the transfer. The mutual funds are included in the Other Property and Investments line of the Balance Sheets. Derivative assets and liabilities, including receivables and payables associated with cash margin requirements, are presented net in the Balance Sheets when a legally enforceable netting agreement exists between Laclede Gas and the counterparty to a derivative contract. For additional information on derivative instruments, see Note 5, Derivative Instruments and Hedging Activities.