Fair value measurements table |
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 September 30, 2014 and 2013. As required under authoritative accounting literature, 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(2) | | September 30, 2014 | | (In thousands) | Assets: | | | | | | | | | | Financial instruments | | | | | | | | | | Regulated distribution segment | $ | — |
| | $ | 36,140 |
| | $ | — |
| | $ | — |
| | $ | 36,140 |
| Nonregulated segment | 25 |
| | 68,998 |
| | — |
| | (46,298 | ) | | 22,725 |
| Total financial instruments | 25 |
| | 105,138 |
| | — |
| | (46,298 | ) | | 58,865 |
| Hedged portion of gas stored underground | 40,492 |
| | — |
| | — |
| | — |
| | 40,492 |
| Available-for-sale securities | | | | | | | | | | Money market funds | — |
| | 2,185 |
| | — |
| | — |
| | 2,185 |
| Registered investment companies | 44,014 |
| | — |
| | — |
| | — |
| | 44,014 |
| Bonds | — |
| | 33,414 |
| | — |
| | — |
| | 33,414 |
| Total available-for-sale securities | 44,014 |
| | 35,599 |
| | — |
| | — |
| | 79,613 |
| Total assets | $ | 84,531 |
| | $ | 140,737 |
| | $ | — |
| | $ | (46,298 | ) | | $ | 178,970 |
| Liabilities: | | | | | | | | | | Financial instruments | | | | | | | | | | Regulated distribution segment | $ | — |
| | $ | 21,856 |
| | $ | — |
| | $ | — |
| | $ | 21,856 |
| Nonregulated segment | 12 |
| | 72,044 |
| | — |
| | (72,056 | ) | | — |
| Total liabilities | $ | 12 |
| | $ | 93,900 |
| | $ | — |
| | $ | (72,056 | ) | | $ | 21,856 |
|
| | | | | | | | | | | | | | | | | | | | | | Quoted Prices in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2)(1) | | Significant Other Unobservable Inputs (Level 3) | | Netting and Cash Collateral(3) | | September 30, 2013 | | (In thousands) | Assets: | | | | | | | | | | Financial instruments | | | | | | | | | | Regulated distribution segment | $ | — |
| | $ | 111,191 |
| | $ | — |
| | $ | — |
| | $ | 111,191 |
| Nonregulated segment | 745 |
| | 115,135 |
| | — |
| | (105,751 | ) | | 10,129 |
| Total financial instruments | 745 |
| | 226,326 |
| | — |
| | (105,751 | ) | | 121,320 |
| Hedged portion of gas stored underground | 44,758 |
| | — |
| | — |
| | — |
| | 44,758 |
| Available-for-sale securities | | | | | | | | | | Money market funds | — |
| | 4,428 |
| | — |
| | — |
| | 4,428 |
| Registered investment companies | 40,094 |
| | — |
| | — |
| | — |
| | 40,094 |
| Bonds | — |
| | 28,160 |
| | — |
| | — |
| | 28,160 |
| Total available-for-sale securities | 40,094 |
| | 32,588 |
| | — |
| | — |
| | 72,682 |
| Total assets | $ | 85,597 |
| | $ | 258,914 |
| | $ | — |
| | $ | (105,751 | ) | | $ | 238,760 |
| Liabilities: | | | | | | | | | | Financial instruments | | | | | | | | | | Regulated distribution segment | $ | — |
| | $ | 1,543 |
| | $ | — |
| | $ | — |
| | $ | 1,543 |
| Nonregulated segment | 158 |
| | 130,422 |
| | — |
| | (130,580 | ) | | — |
| Total liabilities | $ | 158 |
| | $ | 131,965 |
| | $ | — |
| | $ | (130,580 | ) | | $ | 1,543 |
|
| | (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 which are valued at cost. |
| | (2) | This column reflects adjustments to our gross financial instrument assets and liabilities to reflect netting permitted under our master netting agreements and the relevant authoritative accounting literature. In addition, as of September 30, 2014 we had $25.8 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $3.1 million was used to offset current and noncurrent risk management liabilities under master netting agreements and the remaining $22.7 million is classified as current risk management assets. |
| | (3) | This column reflects adjustments to our gross financial instrument assets and liabilities to reflect netting permitted under our master netting agreements and the relevant authoritative accounting literature. In addition, as of September 30, 2013 we had $24.8 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $14.7 million was used to offset current and noncurrent risk management liabilities under master netting agreements and the remaining $10.1 million is classified as current risk management assets. |
|
Available for sale securities |
Available-for-sale securities are comprised of the following: | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | (In thousands) | As of September 30, 2014 | | | | | | | | Domestic equity mutual funds | $ | 26,633 |
| | $ | 10,136 |
| | $ | — |
| | $ | 36,769 |
| Foreign equity mutual funds | 5,382 |
| | 1,863 |
| | — |
| | 7,245 |
| Bonds | 33,266 |
| | 161 |
| | (13 | ) | | 33,414 |
| Money market funds | 2,185 |
| | — |
| | — |
| | 2,185 |
| | $ | 67,466 |
| | $ | 12,160 |
| | $ | (13 | ) | | $ | 79,613 |
| As of September 30, 2013 | | | | | | | | Domestic equity mutual funds | $ | 27,043 |
| | $ | 7,476 |
| | $ | (23 | ) | | $ | 34,496 |
| Foreign equity mutual funds | 4,536 |
| | 1,062 |
| | — |
| | 5,598 |
| Bonds | 28,016 |
| | 168 |
| | (24 | ) | | 28,160 |
| Money market funds | 4,428 |
| | — |
| | — |
| | 4,428 |
| | $ | 64,023 |
| | $ | 8,706 |
| | $ | (47 | ) | | $ | 72,682 |
|
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