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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts Related to Open Derivative Contracts
The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at March 31, 2019, September 30, 2018 and March 31, 2018, and the final settlement date of the Company's open derivative transactions as of March 31, 2019, excluding those derivatives that qualified for the NPNS exception:
 
 
 
 
 
 
Notional Amounts
(in millions)
Type
 
Units
 
Settlements Extending Through
 
March 31, 2019
 
September 30, 2018
 
March 31, 2018
Commodity Price Risk:
 
 
 
 
 
 
 
 
 
 
Regulated Utility Operations
 
 
 
 
 
 
 
 
 
 
Gas Utility NYMEX natural gas futures and option contracts
 
Dekatherms
 
March 2020
 
11.6

 
23.2

 
12.7

FTRs contracts
 
Kilowatt hours
 
N/A
 
—

 
—

 
25.5

Non-utility Operations
 
 
 
 
 
 
 
 
 
 
LPG swaps
 
Gallons
 
March 2021
 
369.2

 
394.3

 
229.2

Natural gas futures, forward and pipeline contracts
 
Dekatherms
 
January 2024
 
213.7

 
159.7

 
128.9

Natural gas basis swap contracts
 
Dekatherms
 
March 2023
 
84.0

 
54.4

 
74.1

NYMEX natural gas storage
 
Dekatherms
 
March 2020
 
0.3

 
1.8

 
0.9

NYMEX propane storage
 
Gallons
 
April 2019
 
0.1

 
0.6

 
—

Electricity long forward and futures contracts
 
Kilowatt hours
 
May 2022
 
3,685.0

 
4,307.6

 
4,184.1

Electricity short forward and futures contracts
 
Kilowatt hours
 
May 2022
 
265.0

 
359.3

 
490.9

Interest Rate Risk:
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
 
Euro
 
October 2022
 
€
300.0

 
€
585.8

 
€
645.8

Interest rate swaps
 
USD
 
July 2022
 
$
114.1

 
$
114.1

 
$
—

Foreign Currency Exchange Rate Risk:
 
 
 
 
 
 
 
 
 
 
Forward foreign currency exchange contracts
 
USD
 
September 2021
 
$
299.1

 
$
512.2

 
$
496.2

Forward foreign currency exchange contracts
 
Euro
 
October 2024
 
€
172.8

 
€
—

 
€
—

Cross-currency contracts
 
USD
 
N/A
 
$
—

 
$
49.9

 
$
49.9
Schedule of Derivative Assets, Liabilities and the Effects of Offsetting
The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting:
 
 
March 31,
2019
 
September 30,
2018
 
March 31,
2018
Derivative assets:
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Foreign currency contracts
 
$
7.1

 
$
1.5

 
$
0.3

Cross-currency contracts
 
—

 
0.9

 
—

 
 
7.1

 
2.4

 
0.3

Derivatives subject to PGC and DS mechanisms:
 
 
 
 
 
 
Commodity contracts
 
1.3

 
3.0

 
0.9

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity contracts
 
59.7

 
208.0

 
65.7

Foreign currency contracts
 
22.7

 
19.1

 
13.6

 
 
82.4

 
227.1

 
79.3

Total derivative assets — gross
 
90.8

 
232.5

 
80.5

Gross amounts offset in the balance sheet
 
(35.8
)
 
(34.3
)
 
(31.5
)
Cash collateral received
 
—

 
(12.2
)
 
(0.4
)
Total derivative assets — net
 
$
55.0

 
$
186.0

 
$
48.6

Derivative liabilities:
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
Foreign currency contracts
 
$
—

 
$
(0.4
)
 
$
(4.0
)
Cross-currency contracts
 
—

 
—

 
(2.2
)
Interest rate contracts
 
(5.7
)
 
(1.0
)
 
(1.9
)
 
 
(5.7
)
 
(1.4
)
 
(8.1
)
Derivatives subject to PGC and DS mechanisms:
 
 
 
 
 
 
Commodity contracts
 
(0.2
)
 
(0.1
)
 
(0.6
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
Commodity contracts
 
(72.5
)
 
(43.3
)
 
(37.2
)
Foreign currency contracts
 
(4.9
)
 
(14.0
)
 
(39.5
)
 
 
(77.4
)
 
(57.3
)
 
(76.7
)
Total derivative liabilities — gross
 
(83.3
)
 
(58.8
)
 
(85.4
)
Gross amounts offset in the balance sheet
 
35.8

 
34.3

 
31.5

Total derivative liabilities — net
 
$
(47.5
)
 
$
(24.5
)
 
$
(53.9
)
Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI and Noncontrolling Interest
The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI for the three and six months ended March 31, 2019 and 2018:
Three Months Ended March 31,:
 
 
 
 
 
 
 
 
 
 
 
 
Gain (Loss)
Recognized in
AOCI
 
Gain (Loss)
Reclassified from
AOCI into Income
 
Location of Gain (Loss) Reclassified from
AOCI into Income
Cash Flow Hedges:
 
2019
 
2018
 
2019
 
2018
 
Foreign currency contracts
 
$
0.2

 
$
(3.1
)
 
$
1.3

 
$
(3.9
)
 
Cost of sales
Cross-currency contracts
 
—

 
0.3

 
—

 
0.3

 
Interest expense/other operating income, net
Interest rate contracts
 
(2.4
)
 
0.5

 
(1.3
)
 
(0.7
)
 
Interest expense
Total
 
$
(2.2
)
 
$
(2.3
)
 
$
—

 
$
(4.3
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Investment Hedges:
 
 
 
 
 
 
 
 
 
 
Foreign currency contracts
 
$
5.9

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (Loss)
Recognized in Income
 
Location of Gain (Loss)
Recognized in Income
 

Derivatives Not Designated as Hedging Instruments:
 
2019
 
2018
 
 
 
Commodity contracts
 
$
(26.2
)
 
$
(41.8
)
 
Cost of sales
 

Commodity contracts
 
4.6

 
(0.2
)
 
Revenues
 
 
Commodity contracts
 
0.1

 
0.1

 
Operating and administrative expenses
 

Foreign currency contracts
 
7.8

 
(11.0
)
 
Other non-operating income (expense), net
 

Total
 
$
(13.7
)
 
$
(52.9
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended March 31,:
 
 
 
 
 
 
 
 
 
 
 
 
Gain (Loss)
Recognized in
AOCI
 
Gain (Loss)
Reclassified from
AOCI into Income
 
Location of Gain (Loss) Reclassified from
AOCI into Income
Cash Flow Hedges:
 
2019
 
2018
 
2019
 
2018
 
Foreign currency contracts
 
$
1.2

 
$
(4.5
)
 
$
2.1

 
$
(3.1
)
 
Cost of sales
Cross-currency contracts
 
(0.1
)
 
0.4

 
(0.3
)
 
0.5

 
Interest expense/other operating income, net
Interest rate contracts
 
(5.2
)
 
1.2

 
(2.8
)
 
(1.2
)
 
Interest expense
Total
 
$
(4.1
)
 
$
(2.9
)
 
$
(1.0
)
 
$
(3.8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Investment Hedges:
 
 
 
 
 
 
 
 
 
 
Foreign currency contracts
 
$
6.8

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (Loss)
Recognized in Income
 
Location of Gain (Loss)
Recognized in Income
 
 
Derivatives Not Designated as Hedging Instruments:
 
2019
 
2018
 
 
 
Commodity contracts
 
$
(185.9
)
 
$
(17.4
)
 
Cost of sales
 
 
Commodity contracts
 
1.8

 
(1.5
)
 
Revenues
 
 
Commodity contracts
 
(0.3
)
 
0.2

 
Operating and administrative expenses
 
 
Foreign currency contracts
 
16.7

 
(15.8
)
 
Other non-operating income (expense), net
 
 
Total
 
$
(167.7
)
 
$
(34.5
)