Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2014

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table sets forth, by level within the fair value hierarchy, the Company's financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of March 31, 2014 and September 30, 2013. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over the counter swaps has been changed to combine gas and oil swaps at both March 31, 2014 and September 30, 2013. In the September 30, 2013 Form 10-K, gas swaps were reported separately from oil swaps. This change in presentation was made because a significant number of the counterparties enter into both gas and oil swap agreements with the Company.



Recurring Fair Value Measures	At fair value as of March 31, 2014
(Thousands of Dollars)	Level 1		Level 2		Level 3			Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	129,892	$	—	$	—		$	—		$	129,892
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	3,297		—		—			(847		)	2,450
Over the Counter Swaps – Gas and Oil	—		48,284		273			(25,230		)	23,327
Other Investments:
Balanced Equity Mutual Fund	34,407		—		—			—			34,407
Common Stock – Financial Services Industry	7,631		—		—			—			7,631
Other Common Stock	383		—		—			—			383
Hedging Collateral Deposits	—		—		—			—			—
Total	$	175,610	$	48,284	$	273		$	(26,077	)	$	198,090

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	847	$	—	$	—		$	(847	)	$	—
Over the Counter Swaps – Gas and Oil	—		45,822		1,644			(25,230		)	22,236
Total	$	847	$	45,822	$	1,644		$	(26,077	)	$	22,236

Total Net Assets/(Liabilities)	$	174,763	$	2,462	$	(1,371	)	$	—		$	175,854



Recurring Fair Value Measures	At fair value as of September 30, 2013
(Thousands of Dollars)	Level 1		Level 2		Level 3			Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	51,332	$	—	$	—		$	—		$	51,332
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	2,552		—		—			(1,641		)	911
Over the Counter Swaps – Gas and Oil	—		57,070		—			(9,003		)	48,067
Other Investments:
Balanced Equity Mutual Fund	31,813		—		—			—			31,813
Common Stock – Financial Services Industry	6,544		—		—			—			6,544
Other Common Stock	330		—		—			—			330
Hedging Collateral Deposits	1,094		—		—			—			1,094
Total	$	93,665	$	57,070	$	—		$	(10,644	)	$	140,091

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	1,641	$	—	$	—		$	(1,641	)	$	—
Over the Counter Swaps – Gas and Oil	—		4,452		5,190			(9,003		)	639
Total	$	1,641	$	4,452	$	5,190		$	(10,644	)	$	639

Total Net Assets/(Liabilities)	$	92,024	$	52,618	$	(5,190	)	$	—		$	139,452


⁽¹⁾	Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.

Fair Value Measurements Using Unobservable Inputs (Level 3)

All settlements of the derivative financial instruments are reflected in the Gains/Losses Realized and Included in Earnings column of the tables below (amounts in parentheses indicate credits in the derivative asset/liability accounts).



Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)				Total Gains/Losses
	January 1, 2014			Gains/Losses Realized and Included in Earnings			Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)			Transfer In/Out of Level 3		March 31, 2014
Derivative Financial Instruments⁽²⁾	$	(1,842	)	$	763	⁽¹⁾	$	(292	)	$	—	$	(1,371	)


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended March 31, 2014.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.



Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)				Total Gains/Losses
	October 1, 2013			Gains/Losses Realized and Included in Earnings			Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)		Transfer In/Out of Level 3		March 31, 2014
Derivative Financial Instruments⁽²⁾	$	(5,190	)	$	1,043	⁽¹⁾	$	2,776	$	—	$	(1,371	)


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the six months ended March 31, 2014.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.



Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)				Total Gains/Losses
	January 1, 2013			Gains/Losses Realized and Included in Earnings			Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)			Transfer In/Out of Level 3		March 31, 2013
Derivative Financial Instruments⁽²⁾	$	(14,089	)	$	4,539	⁽¹⁾	$	(7,056	)	$	—	$	(16,606	)


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended March 31, 2013.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.



Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)				Total Gains/Losses
	October 1, 2012			Gains/Losses Realized and Included in Earnings			Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)			Transfer In/Out of Level 3		March 31, 2013
Derivative Financial Instruments⁽²⁾	$	(19,664	)	$	6,801	⁽¹⁾	$	(3,743	)	$	—	$	(16,606	)


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the six months ended March 31, 2013.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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