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Fair Value Measurements (Table)
12 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
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

Other fair value measurements table
The following table presents the carrying value and fair value of our debt as of September 30, 2014:
 
September 30, 2014
 
(In thousands)
Carrying Amount
$
2,460,000

Fair Value
$
2,769,541