Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents statement of income data related to discontinued operations.

	Year Ended September 30
	2017			2016
	(In thousands)
Operating revenues	$	303,474		$	1,005,090
Purchased gas cost	277,554			968,118
Operating expenses	7,874			26,184
Operating income	18,046			10,788
Other nonoperating expense	(211		)	(2,495		)
Income from discontinued operations before income taxes	17,835			8,293
Income tax expense	6,841			3,731
Income from discontinued operations	10,994			4,562
Gain on sale from discontinued operations, net of tax ($10,215 and $0)	2,716			—
Net income from discontinued operations	$	13,710		$	4,562

The following table presents statement of cash flow data related to discontinued operations.

	Year Ended September 30
	2017			2016
	(In thousands)
Depreciation and amortization	$	185		$	2,304
Capital expenditures	$	—		$	321
Non-cash loss in commodity contract cash flow hedges	$	(8,165	)	$	(33,533	)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The impact of our natural gas marketing segment commodity contracts designated as fair value hedges and the related hedged item on the results of discontinued operations on our consolidated income statement for the years ended September 30, 2017 and 2016 is presented below.

	Year Ended September 30
	2017			2016
	(In thousands)
Commodity contracts	$	(9,567	)	$	3,516
Fair value adjustment for natural gas inventory designated as the hedged item	12,858			18,079
Total decrease in purchased gas cost reflected in income from discontinued operations	$	3,291		$	21,595
The decrease in purchased gas cost reflected in income from discontinued operations is comprised of the following:
Basis ineffectiveness	$	(597	)	$	(1,390	)
Timing ineffectiveness	3,888			22,985
	$	3,291		$	21,595

The impact of our natural gas marketing segment cash flow hedges on our consolidated income statements for the years ended September 30, 2017 and 2016 is presented below. Note that this presentation does not reflect the financial impact arising from the hedged physical transactions. Therefore, this presentation is not indicative of the economic margin we realized when the underlying physical and financial transactions were settled.

	Year Ended September 30
	2017			2016
	(In thousands)
Loss reclassified from AOCI for effective portion of natural gas marketing commodity contracts	$	(2,612	)	$	(52,651	)
Gain (loss) arising from ineffective portion of natural gas marketing commodity contracts	111			(19		)
Gain on discontinuance of cash flow hedging of natural gas marketing commodity contracts reclassified from AOCI	10,579			—
Total impact on purchased gas cost reflected in income from discontinued operations	$	8,078		$	(52,670	)