Fair Value Measurements (Table)

6 Months Ended

Mar. 31, 2016

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 March 31, 2016 and September 30, 2015. 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⁾			March 31, 2016
	(In thousands)
Assets:
Financial instruments
Regulated distribution segment	$	—	$	637	$	—	$	—		$	637
Nonregulated segment	—		71,683		—		(64,846		)	6,837
Total financial instruments	—		72,320		—		(64,846		)	7,474
Hedged portion of gas stored underground	65,077		—		—		—			65,077
Available-for-sale securities
Money market funds	—		4,400		—		—			4,400
Registered investment companies	36,670		—		—		—			36,670
Bonds	—		33,477		—		—			33,477
Total available-for-sale securities	36,670		37,877		—		—			74,547
Total assets	$	101,747	$	110,197	$	—	$	(64,846	)	$	147,098
Liabilities:
Financial instruments
Regulated distribution segment	$	—	$	188,501	$	—	$	(2,660	)	$	185,841
Nonregulated segment	—		87,768		—		(87,768		)	—
Total liabilities	$	—	$	276,269	$	—	$	(90,428	)	$	185,841



	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, 2015
	(In thousands)
Assets:
Financial instruments
Regulated distribution segment	$	—	$	746	$	—	$	—		$	746
Nonregulated segment	—		91,363		—		(82,509		)	8,854
Total financial instruments	—		92,109		—		(82,509		)	9,600
Hedged portion of gas stored underground	43,901		—		—		—			43,901
Available-for-sale securities
Money market funds	—		1,072		—		—			1,072
Registered investment companies	40,619		—		—		—			40,619
Bonds	—		32,509		—		—			32,509
Total available-for-sale securities	40,619		33,581		—		—			74,200
Total assets	$	84,520	$	125,690	$	—	$	(82,509	)	$	127,701
Liabilities:
Financial instruments
Regulated distribution segment	$	—	$	120,107	$	—	$	—		$	120,107
Nonregulated segment	—		125,983		—		(125,983		)	—
Total liabilities	$	—	$	246,090	$	—	$	(125,983	)	$	120,107

⁽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 March 31, 2016, we had $2.7 million of cash held in margin accounts to collateralize certain regulated distribution financial instruments, which were used to offset noncurrent risk management liabilities. As of March 31, 2016, we had $22.9 million of cash held in margin accounts to collateralize certain nonregulated financial instruments. Of this amount, $16.1 million was used to offset current and noncurrent risk management liabilities under master netting arrangements with the remaining $6.8 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, 2015, we had $43.5 million of cash held in margin accounts to collateralize certain nonregulated financial instruments. Of this amount, $34.6 million was used to offset current and noncurrent risk management liabilities under master netting arrangements with the remaining $8.9 million is classified as current risk management assets.

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

Available-for-sale securities are comprised of the following:



	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
	(In thousands)
As of March 31, 2016
Domestic equity mutual funds	$	26,548	$	5,425	$	(1,115	)	$	30,858
Foreign equity mutual funds	5,037		775		—			5,812
Bonds	33,355		132		(10		)	33,477
Money market funds	4,400		—		—			4,400
	$	69,340	$	6,332	$	(1,125	)	$	74,547
As of September 30, 2015
Domestic equity mutual funds	$	27,643	$	7,332	$	(456	)	$	34,519
Foreign equity mutual funds	5,261		905		(66		)	6,100
Bonds	32,423		106		(20		)	32,509
Money market funds	1,072		—		—			1,072
	$	66,399	$	8,343	$	(542	)	$	74,200

Other fair value measurements table

The following table presents the carrying value and fair value of our debt as of March 31, 2016 and September 30, 2015:



	March 31, 2016		September 30, 2015
	(In thousands)
Carrying Amount	$	2,460,000	$	2,460,000
Fair Value	$	2,749,244	$	2,669,323