NATIONAL FUEL GAS CO, 10-Q filed on 5/3/2019
Quarterly Report
v3.19.1
Document And Entity Information - $ / shares
6 Months Ended
Mar. 31, 2019
Apr. 30, 2019
Document And Entity Information [Abstract]    
Document Type 10-Q  
Document Period End Date Mar. 31, 2019  
Amendment Flag false  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Entity Registrant Name NATIONAL FUEL GAS COMPANY  
Entity Central Index Key 0000070145  
Current Fiscal Year End Date --09-30  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   86,306,427
Trading Symbol NFG  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Listing, Par Value Per Share $ 1.00  
v3.19.1
Consolidated Statements Of Income And Earnings Reinvested In The Business (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
INCOME        
Operating Revenues $ 552,544 $ 540,905 $ 1,042,791 $ 960,561
Operating Expenses:        
Property, Franchise and Other Taxes 22,535 22,802 46,540 43,650
Depreciation, Depletion and Amortization 65,664 61,155 129,918 116,985
Total Operating Expenses 399,185 369,316 727,748 639,502
Operating Income 153,359 171,589 315,043 321,059
Other Income (Expense):        
Other Income (Deductions) (5,919) (13,092) (15,521) (16,594)
Interest Expense on Long-Term Debt (25,273) (27,148) (50,713) (55,235)
Other Interest Expense (1,787) (1,233) (2,860) (1,736)
Income Before Income Taxes 120,380 130,116 245,949 247,494
Income Tax Expense (Benefit) 29,785 38,269 52,693 (43,007)
Net Income Available for Common Stock 90,595 91,847 193,256 290,501
EARNINGS REINVESTED IN THE BUSINESS        
Balance at Beginning of Period 1,172,334 1,014,733 1,098,900 851,669
Beginning Retained Earnings Unappropriated And Current Period Net Income 1,262,929 1,106,580 1,292,156 1,142,170
Dividends on Common Stock (36,678) (35,641) (73,342) (71,231)
Balance at March 31 $ 1,236,657 $ 1,070,939 $ 1,236,657 $ 1,070,939
Earnings Per Common Share, Basic:        
Net Income Available for Common Stock (in dollars per share) $ 1.05 $ 1.07 $ 2.24 $ 3.39
Earnings Per Common Share, Diluted:        
Net Income Available for Common Stock (in dollars per share) $ 1.04 $ 1.06 $ 2.23 $ 3.37
Weighted Average Common Shares Outstanding:        
Used in Basic Calculation (shares) 86,290,047 85,809,233 86,159,932 85,718,779
Used in Diluted Calculation (shares) 86,767,673 86,323,636 86,738,809 86,318,892
Dividends Per Common Share:        
Dividends Declared (in dollars per share) $ 0.425 $ 0.415 $ 0.850 $ 0.830
Purchased Gas [Member]        
Operating Expenses:        
Purchased Gas $ 195,037 $ 176,608 $ 333,697 $ 270,642
Utility and Energy Marketing [Member]        
INCOME        
Operating Revenues 357,654 339,422 629,747 565,147
Operating Expenses:        
Operation and Maintenance 48,559 46,708 92,475 90,789
Exploration and Production and Other [Member]        
INCOME        
Operating Revenues 146,467 147,868 310,403 288,318
Operating Expenses:        
Operation and Maintenance 40,141 39,127 72,936 74,209
Pipeline and Storage and Gathering [Member]        
INCOME        
Operating Revenues 48,423 53,615 102,641 107,096
Operating Expenses:        
Operation and Maintenance 27,249 22,916 52,182 43,227
Guidance for Recognition and Measurement of Financial Assets and Liabilities [Member]        
EARNINGS REINVESTED IN THE BUSINESS        
Cumulative Effect of Adoption of Authoritative Guidance 0 0 7,437 0
Guidance for Reclassification of Stranded Tax Effects [Member]        
EARNINGS REINVESTED IN THE BUSINESS        
Cumulative Effect of Adoption of Authoritative Guidance $ 10,406 $ 0 $ 10,406 $ 0
v3.19.1
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Statement of Comprehensive Income [Abstract]        
Net Income Available for Common Stock $ 90,595 $ 91,847 $ 193,256 $ 290,501
Other Comprehensive Income (Loss), Before Tax:        
Unrealized Gain (Loss) on Securities Available for Sale Arising During the Period 0 (678) 0 (722)
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period (26,000) (12,582) 19,390 (18,081)
Reclassification Adjustment for Realized (Gains) Losses on Securities Available for Sale in Net Income 0 0 0 (430)
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income 4,739 3,199 24,384 (9,349)
Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities to Earnings Reinvested in the Business 0 0 (11,738) 0
Other Comprehensive Income (Loss), Before Tax (21,261) (10,061) 32,036 (28,582)
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Securities Available for Sale Arising During the Period 0 (252) 0 (317)
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period (7,399) (3,519) 5,593 (5,824)
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Securities Available for Sale in Net Income 0 0 0 (158)
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income 1,328 551 6,874 (4,646)
Reclassification Adjustment for Income Tax Benefit (Expense) on the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities to Earnings Reinvested in the Business 0 0 (4,301) 0
Reclassification Adjustment for Stranded Tax Effects Related to the 2017 Tax Reform Act to Earnings Reinvested in the Business (10,406) 0 (10,406) 0
Income Taxes – Net 4,335 (3,220) 18,572 (10,945)
Other Comprehensive Income (Loss) (25,596) (6,841) 13,464 (17,637)
Comprehensive Income $ 64,999 $ 85,006 $ 206,720 $ 272,864
v3.19.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
ASSETS    
Property, Plant and Equipment $ 10,788,894 $ 10,439,839
Less - Accumulated Depreciation, Depletion and Amortization 5,573,020 5,462,696
Property, Plant and Equipment, Net, Total 5,215,874 4,977,143
Current Assets    
Cash and Temporary Cash Investments 100,643 229,606
Hedging Collateral Deposits [1] 1,983 3,441
Receivables – Net of Allowance for Uncollectible Accounts of $30,234 and $24,537, Respectively 235,586 141,498
Unbilled Revenue 60,196 24,182
Gas Stored Underground 6,848 37,813
Materials and Supplies - at average cost 37,695 35,823
Unrecovered Purchased Gas Costs 5,760 4,204
Other Current Assets 57,586 68,024
Total Current Assets 506,297 544,591
Other Assets    
Recoverable Future Taxes 113,441 115,460
Unamortized Debt Expense 14,922 15,975
Other Regulatory Assets 108,193 112,918
Deferred Charges 39,634 40,025
Other Investments 135,022 132,545
Goodwill 5,476 5,476
Prepaid Post-Retirement Benefit Costs 86,802 82,733
Fair Value of Derivative Financial Instruments 11,130 9,518
Other 42,184 102
Total Other Assets 556,804 514,752
Total Assets 6,278,975 6,036,486
Capitalization:    
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 86,300,675 Shares and 85,956,814 Shares, Respectively 86,301 85,957
Paid in Capital 821,837 820,223
Earnings Reinvested in the Business 1,236,657 1,098,900
Accumulated Other Comprehensive Loss (54,286) (67,750)
Total Comprehensive Shareholders’ Equity 2,090,509 1,937,330
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs 2,132,488 2,131,365
Total Capitalization 4,222,997 4,068,695
Current and Accrued Liabilities    
Notes Payable to Banks and Commercial Paper 0 0
Current Portion of Long-Term Debt 0 0
Accounts Payable 141,851 160,031
Amounts Payable to Customers 15,463 3,394
Dividends Payable 36,678 36,532
Interest Payable on Long-Term Debt 18,508 19,062
Customer Advances 433 13,609
Customer Security Deposits 18,519 25,703
Other Accruals and Current Liabilities 195,797 132,693
Fair Value of Derivative Financial Instruments 5,749 49,036
Total Current and Accrued Liabilities 432,998 440,060
Deferred Credits    
Deferred Income Taxes 618,850 512,686
Taxes Refundable to Customers 365,380 370,628
Cost of Removal Regulatory Liability 215,864 212,311
Other Regulatory Liabilities 156,722 146,743
Pension and Other Post-Retirement Liabilities 49,213 66,103
Asset Retirement Obligations 104,138 108,235
Other Deferred Credits 112,813 111,025
Total Deferred Credits 1,622,980 1,527,731
Commitments and Contingencies (Note 7) 0 0
Total Capitalization and Liabilities $ 6,278,975 $ 6,036,486
[1] Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
v3.19.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
Statement of Financial Position [Abstract]    
Receivables, Allowance for Uncollectible Accounts $ 30,234 $ 24,537
Common Stock, Par Value $ 1 $ 1
Common Stock, Shares Authorized 200,000,000 200,000,000
Common Stock, Shares Issued 86,300,675 85,956,814
Common Stock, Shares Outstanding 86,300,675 85,956,814
v3.19.1
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES    
Net Income Available for Common Stock $ 193,256 $ 290,501
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation, Depletion and Amortization 129,918 116,985
Deferred Income Taxes 90,468 (62,459)
Stock-Based Compensation 10,731 7,862
Other 7,997 8,052
Change in:    
Receivables and Unbilled Revenue (130,377) (123,954)
Gas Stored Underground and Materials and Supplies 29,093 28,004
Unrecovered Purchased Gas Costs (1,556) 4,197
Other Current Assets 10,438 (8,819)
Accounts Payable 10,226 10,838
Amounts Payable to Customers 12,069 12,083
Customer Advances (13,176) (15,547)
Customer Security Deposits (7,184) (1,399)
Other Accruals and Current Liabilities 48,028 37,646
Other Assets (38,686) (9,541)
Other Liabilities (10,410) (5,767)
Net Cash Provided by Operating Activities 340,835 288,682
INVESTING ACTIVITIES    
Capital Expenditures (386,579) (261,720)
Net Proceeds from Sale of Oil and Gas Producing Properties 0 17,310
Other (2,616) 5,355
Net Cash Used in Investing Activities (389,195) (239,055)
Financing Activities    
Reduction of Long-Term Debt 0 (307,047)
Dividends Paid on Common Stock (73,197) (71,091)
Net Repurchases of Common Stock (8,864)  
Net Proceeds from Issuance of Common Stock   2,891
Net Cash Used in Financing Activities (82,061) (375,247)
Net Decrease in Cash, Cash Equivalents, and Restricted Cash (130,421) (325,620)
Cash, Cash Equivalents and Restricted Cash at October 1 233,047 557,271
Cash, Cash Equivalents and Restricted Cash at March 31 102,626 231,651
Supplemental Disclosure of Cash Flow Information, Non-Cash Investing Activities:    
Non-Cash Capital Expenditures $ 74,929 $ 51,939
v3.19.1
Summary Of Significant Accounting Policies
6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies
 
Principles of Consolidation.  The Company consolidates all entities in which it has a controlling financial interest.  All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to oil and gas producing properties accounted for under the full cost method of accounting.
 
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Reclassifications.  In November 2016, the FASB issued authoritative guidance related to the presentation of restricted cash on the statement of cash flows. The new guidance requires restricted cash and cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, and requires disclosure of how cash and cash equivalents on the statement of cash flows reconciles to the balance sheet. The Company considers Hedging Collateral Deposits to be restricted cash. The Company adopted this guidance effective October 1, 2018 on a retrospective basis. As a result, prior periods have been reclassified to conform to the current year presentation. Additional discussion is provided below at Consolidated Statement of Cash Flows.

In March 2017, the FASB issued authoritative guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance requires segregation of the service cost component from the other components of net periodic pension cost and net periodic postretirement benefit cost for financial reporting purposes. The service cost component is to be presented on the income statement in the same line items as other compensation costs included within Operating Expenses and the other components of net periodic pension cost and net periodic postretirement benefit cost are to be presented on the income statement below the subtotal labeled Operating Income (Loss). Under this guidance, the service cost component is eligible to be capitalized as part of the cost of inventory or property, plant and equipment while the other components of net periodic pension cost and net periodic postretirement benefit cost are generally not eligible for capitalization, unless allowed by a regulator. The Company adopted this guidance effective October 1, 2018. The Company applied the guidance retrospectively for the pension and postretirement benefit costs using amounts disclosed in prior period financial statement notes as estimates for the reclassifications in accordance with a practical expedient allowed under the guidance. For the quarter and six months ended March 31, 2018, Operating Income increased $14.9 million and $22.4 million, respectively, and Other Income (Deductions) decreased by the same amounts as a result of the reclassifications. For the quarter and six months ended March 31, 2019, Other Income (Deductions) includes $12.4 million and $19.8 million, respectively, of pension and postretirement benefit costs.

Earnings for Interim Periods.  The Company, in its opinion, has included all adjustments (which consist of only normally recurring adjustments, unless otherwise disclosed in this Form 10-Q) that are necessary for a fair statement of the results of operations for the reported periods. The consolidated financial statements and notes thereto, included herein, should be read in conjunction with the financial statements and notes for the years ended September 30, 2018, 2017 and 2016 that are included in the Company's 2018 Form 10-K.  The consolidated financial statements for the year ended September 30, 2019 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year.
 
The earnings for the six months ended March 31, 2019 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2019.  Most of the business of the Utility and Energy Marketing segments is seasonal in nature and is influenced by weather conditions.  Due to the seasonal nature of the heating business in the Utility and Energy Marketing segments, earnings during the winter months normally represent a substantial part of the earnings that those segments are expected to achieve for the entire fiscal year.  The Company’s business segments are discussed more fully in Note 8 – Business Segment Information.
 
Consolidated Statements of Cash Flows.  The components, as reported on the Company’s Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands):
 
Six Months Ended 
 March 31, 2019
 
Six Months Ended 
 March 31, 2018
 
Balance at October 1, 2018
 
Balance at March 31, 2019
 
Balance at October 1, 2017
 
Balance at March 31, 2018
 
 
 
 
 
 
 
 
Cash and Temporary Cash Investments
$
229,606

 
$
100,643

 
$
555,530

 
$
227,994

Hedging Collateral Deposits
3,441

 
1,983

 
1,741

 
3,657

Cash, Cash Equivalents, and Restricted Cash
$
233,047

 
$
102,626

 
$
557,271

 
$
231,651



The Company considers all highly liquid debt instruments purchased with a maturity date of generally three months or less to be cash equivalents. The Company’s restricted cash is comprised entirely of amounts reported as Hedging Collateral Deposits on the Consolidated Balance Sheets. Hedging Collateral Deposits is an account title for cash held in margin accounts funded by the Company to serve as collateral for hedging positions. In accordance with its accounting policy, the Company does not offset hedging collateral deposits paid or received against related derivative financial instruments liability or asset balances.

Gas Stored Underground.  In the Utility segment, gas stored underground is carried at lower of cost or net realizable value, on a LIFO method.  Gas stored underground normally declines during the first and second quarters of the year and is replenished during the third and fourth quarters.  In the Utility segment, the current cost of replacing gas withdrawn from storage is recorded in the Consolidated Statements of Income and a reserve for gas replacement is recorded in the Consolidated Balance Sheets under the caption “Other Accruals and Current Liabilities.”  Such reserve, which amounted to $36.9 million at March 31, 2019, is reduced to zero by September 30 of each year as the inventory is replenished.
 
Property, Plant and Equipment.  In the Company’s Exploration and Production segment, oil and gas property acquisition, exploration and development costs are capitalized under the full cost method of accounting. Under this methodology, all costs associated with property acquisition, exploration and development activities are capitalized, including internal costs directly identified with acquisition, exploration and development activities. The internal costs that are capitalized do not include any costs related to production, general corporate overhead, or similar activities. The Company does not recognize any gain or loss on the sale or other disposition of oil and gas properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center.
 
Capitalized costs include costs related to unproved properties, which are excluded from amortization until proved reserves are found or it is determined that the unproved properties are impaired.  Such costs amounted to $64.9 million and $62.2 million at March 31, 2019 and September 30, 2018, respectively.  All costs related to unproved properties are reviewed quarterly to determine if impairment has occurred. The amount of any impairment is transferred to the pool of capitalized costs being amortized.
 
Capitalized costs are subject to the SEC full cost ceiling test. The ceiling test, which is performed each quarter, determines a limit, or ceiling, on the amount of property acquisition, exploration and development costs that can be capitalized. The ceiling under this test represents (a) the present value of estimated future net cash flows, excluding future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, using a discount factor of 10%, which is computed by applying prices of oil and gas (as adjusted for hedging) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet, less estimated future expenditures, plus (b) the cost of unevaluated properties not being depleted, less (c) income tax effects related to the differences between the book and tax basis of the properties. The natural gas and oil prices used to calculate the full cost ceiling are based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the twelve-month period prior to the end of the reporting period. If capitalized costs, net of accumulated depreciation, depletion and amortization and related deferred income taxes, exceed the ceiling at the end of any quarter, a permanent impairment is required to be charged to earnings in that quarter.  At March 31, 2019, the ceiling exceeded the book value of the oil and gas properties by approximately $577.5 million. In adjusting estimated future cash flows for hedging under the ceiling test at March 31, 2019, estimated future net cash flows were decreased by $37.0 million.
    
Accumulated Other Comprehensive Loss.  The components of Accumulated Other Comprehensive Loss and changes for the six months ended March 31, 2019 and 2018, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands): 
 
Gains and Losses on Derivative Financial Instruments
 
Gains and Losses on Securities Available for Sale
 
Funded Status of the Pension and Other Post-Retirement Benefit Plans
 
Total
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
Balance at January 1, 2019
$
17,886

 
$

 
$
(46,576
)
 
$
(28,690
)
Other Comprehensive Gains and Losses Before Reclassifications
(18,601
)
 

 

 
(18,601
)
Amounts Reclassified From Other Comprehensive Income (Loss)
3,411

 

 

 
3,411

Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act
1,866

 

 
(12,272
)
 
(10,406
)
Balance at March 31, 2019
$
4,562

 
$

 
$
(58,848
)
 
$
(54,286
)
Six Months Ended March 31, 2019
 
 
 
 
 
 
 
Balance at October 1, 2018
$
(28,611
)
 
$
7,437

 
$
(46,576
)
 
$
(67,750
)
Other Comprehensive Gains and Losses Before Reclassifications
13,797

 

 

 
13,797

Amounts Reclassified From Other Comprehensive Income (Loss)
17,510

 

 

 
17,510

Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities

 
(7,437
)
 

 
(7,437
)
Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act
1,866

 

 
(12,272
)
 
(10,406
)
Balance at March 31, 2019
$
4,562

 
$

 
$
(58,848
)
 
$
(54,286
)
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
Balance at January 1, 2018
$
10,256

 
$
7,311

 
$
(58,486
)
 
$
(40,919
)
Other Comprehensive Gains and Losses Before Reclassifications
(9,063
)
 
(426
)
 

 
(9,489
)
Amounts Reclassified From Other Comprehensive Income (Loss)
2,648

 

 

 
2,648

Balance at March 31, 2018
$
3,841

 
$
6,885

 
$
(58,486
)
 
$
(47,760
)
Six Months Ended March 31, 2018
 
 
 
 
 
 
 
Balance at October 1, 2017
$
20,801

 
$
7,562

 
$
(58,486
)
 
$
(30,123
)
Other Comprehensive Gains and Losses Before Reclassifications
(12,257
)
 
(405
)
 

 
(12,662
)
Amounts Reclassified From Other Comprehensive Income (Loss)
(4,703
)
 
(272
)
 

 
(4,975
)
Balance at March 31, 2018
$
3,841

 
$
6,885

 
$
(58,486
)
 
$
(47,760
)

In February 2018, the FASB issued authoritative guidance that allows an entity to elect a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the 2017 Tax Reform Act and requires certain disclosures about stranded tax effects. The Company adopted this authoritative guidance effective January 1, 2019 and recorded a cumulative effect adjustment related to deferred income taxes associated with hedging activities and pension and post-retirement benefit obligations for the quarter ended March 31, 2019 to increase retained earnings by $10.4 million and decrease accumulated other comprehensive income by the same amount.

In January 2016, the FASB issued authoritative guidance regarding the recognition and measurement of financial assets and liabilities. The authoritative guidance primarily affects the accounting for equity investments and the presentation and disclosure
requirements for financial instruments. All equity investments in unconsolidated entities will be measured at fair value through earnings rather than through accumulated other comprehensive income. The Company adopted this authoritative guidance effective October 1, 2018 and, as called for by the modified retrospective method of adoption, recorded a cumulative effect adjustment for the quarter ended December 31, 2018 to increase retained earnings by $7.4 million and decrease accumulated other comprehensive income by the same amount.
    
Reclassifications Out of Accumulated Other Comprehensive Loss.  The details about the reclassification adjustments out of accumulated other comprehensive loss for the six months ended March 31, 2019 and 2018 are as follows (amounts in parentheses indicate debits to the income statement) (in thousands):
Details About Accumulated Other Comprehensive Loss Components
 
Amount of Gain or (Loss) Reclassified from
Accumulated Other Comprehensive Loss
 
Affected Line Item in the Statement Where Net Income is Presented
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
 
2019
 
2018
 
2019
 
2018
 
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
 
     Commodity Contracts
 

($4,260
)
 

($3,467
)
 

($22,782
)
 

$9,375

 
Operating Revenues
     Commodity Contracts
 
(280
)
 
750

 
(1,182
)
 
947

 
Purchased Gas
     Foreign Currency Contracts
 
(199
)
 
(482
)
 
(420
)
 
(973
)
 
Operating Revenues
Gains (Losses) on Securities Available for Sale
 

 

 

 
430

 
Other Income (Deductions)
 
 
(4,739
)
 
(3,199
)
 
(24,384
)
 
9,779

 
Total Before Income Tax
 
 
1,328

 
551

 
6,874

 
(4,804
)
 
Income Tax Expense
 
 

($3,411
)
 

($2,648
)
 

($17,510
)
 

$4,975

 
Net of Tax

Other Current Assets.  The components of the Company’s Other Current Assets are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Prepayments
$
8,063

 
$
11,126

Prepaid Property and Other Taxes
23,015

 
14,088

Federal Income Taxes Receivable
7,460

 
22,457

State Income Taxes Receivable
7,677

 
8,822

Fair Values of Firm Commitments
179

 
1,739

Regulatory Assets
11,192

 
9,792

 
$
57,586

 
$
68,024



Other Assets.  The components of the Company’s Other Assets are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Federal Income Taxes Receivable
$
42,093

 
$

Other
91

 
102

 
$
42,184

 
$
102


 
Other Accruals and Current Liabilities.  The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Accrued Capital Expenditures
$
52,875

 
$
38,354

Regulatory Liabilities
53,744

 
57,425

Reserve for Gas Replacement
36,922

 

Liability for Royalty and Working Interests
21,438

 
12,062

Other
30,818

 
24,852

 
$
195,797

 
$
132,693


 
Earnings Per Common Share.  Basic earnings per common share is computed by dividing income or loss by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.  For purposes of determining earnings per common share, the potentially dilutive securities the Company had outstanding were SARs, restricted stock units and performance shares.  For the quarter and six months ended March 31, 2019, the diluted weighted average shares outstanding shown on the Consolidated Statements of Income reflects the potential dilution as a result of these securities as determined using the Treasury Stock Method.  SARs, restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share. There were 159,023 securities and 175,443 securities excluded as being antidilutive for the quarter and six months ended March 31, 2019, respectively. There were 685,338 securities and 316,159 securities excluded as being antidilutive for the quarter and six months ended March 31, 2018, respectively.
 
Stock-Based Compensation.  The Company granted 244,734 performance shares during the six months ended March 31, 2019. The weighted average fair value of such performance shares was $55.67 per share for the six months ended March 31, 2019. Performance shares are an award constituting units denominated in common stock of the Company, the number of which may be adjusted over a performance cycle based upon the extent to which performance goals have been satisfied.  Earned performance shares may be distributed in the form of shares of common stock of the Company, an equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company. The performance shares do not entitle the participant to receive dividends during the vesting period.
 
Half of the performance shares granted during the six months ended March 31, 2019 must meet a performance goal related to relative return on capital over a three-year performance cycle.  The performance goal over the performance cycle is the Company’s total return on capital relative to the total return on capital of other companies in a group selected by the Compensation Committee (“Report Group”).  Total return on capital for a given company means the average of the Report Group companies’ returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during the performance cycle, based on data reported for the Report Group companies in the Bloomberg database.  The number of these performance shares that will vest and be paid will depend upon the Company’s performance relative to the Report Group and not upon the absolute level of return achieved by the Company.  The fair value of these performance shares is calculated by multiplying the expected number of shares that will be issued by the average market price of Company common stock on the date of grant reduced by the present value of forgone dividends over the vesting term of the award.  The fair value is recorded as compensation expense over the vesting term of the award.  The other half of the performance shares granted during the six months ended March 31, 2019 must meet a performance goal related to relative total shareholder return over a three-year performance cycle.  The performance goal over the performance cycle is the Company’s three-year total shareholder return relative to the three-year total shareholder return of the other companies in the Report Group.  Three-year total shareholder return for a given company will be based on the data reported for that company (with the starting and ending stock prices over the performance cycle calculated as the average closing stock price for the prior calendar month and with dividends reinvested in that company’s securities at each ex-dividend date) in the Bloomberg database.  The number of these total shareholder return performance shares ("TSR performance shares") that will vest and be paid will depend upon the Company’s performance relative to the Report Group and not upon the absolute level of return achieved by the Company.  The fair value price at the date of grant for the TSR performance shares is determined using a Monte Carlo simulation technique, which includes a reduction in value for the present value of forgone dividends over the vesting term of the award.  This price is multiplied by the number of TSR performance shares awarded, the result of which is recorded as compensation expense over the vesting term of the award.
 
The Company granted 111,108 non-performance based restricted stock units during the six months ended March 31, 2019.  The weighted average fair value of such non-performance based restricted stock units was $49.72 per share for the six months ended March 31, 2019.  Restricted stock units represent the right to receive shares of common stock of the Company (or
the equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company) at the end of a specified time period. These non-performance based restricted stock units do not entitle the participant to receive dividends during the vesting period. The accounting for non-performance based restricted stock units is the same as the accounting for restricted share awards, except that the fair value at the date of grant of the restricted stock units must be reduced by the present value of forgone dividends over the vesting term of the award.
 
New Authoritative Accounting and Financial Reporting Guidance.     In February 2016, the FASB issued authoritative guidance, which has subsequently been amended, requiring organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by all leases, regardless of whether they are considered to be capital leases or operating leases. The FASB’s previous authoritative guidance required organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by capital leases while excluding operating leases from balance sheet recognition. The new authoritative guidance will be effective as of the Company’s first quarter of fiscal 2020, with early adoption permitted. The Company does not anticipate early adoption. The Company has developed a plan for the adoption and implementation of the authoritative guidance and continues to develop its complete lease inventory. The Company also continues to evaluate and document technical accounting issues, policy considerations, financial reporting and disclosure implications, and changes to internal controls and business processes. While the Company continues to assess the impact on its financial statements, the Company expects that adoption of the authoritative guidance will result in an increase to its assets and liabilities on its consolidated balance sheet.

In August 2017, the FASB issued authoritative guidance which changes the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities and to simplify the application of hedge accounting. The new guidance will be effective as of the Company’s first quarter of fiscal 2020, with early adoption permitted. The Company does not expect adoption of this guidance to have a significant impact on its consolidated financial statements and is currently evaluating the impact of this guidance.
v3.19.1
Revenue from Contracts with Customers
6 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
 
The Company adopted authoritative guidance regarding revenue recognition on October 1, 2018 using the modified retrospective method of adoption for open contracts as of October 1, 2018. A cumulative effect adjustment to retained earnings was not necessary since no revenue recognition differences were identified when comparing the revenue recognition criteria under the new authoritative guidance to the previous guidance. The Company records revenue related to its derivative financial instruments in the Exploration and Production segment as well as in the Energy Marketing segment. The Company also records revenue related to alternative revenue programs in its Utility segment. Revenue related to derivative financial instruments and alternative revenue programs are excluded from the scope of the new authoritative guidance since they are accounted for under other existing accounting guidance.

The following tables provide a disaggregation of the Company's revenues for the quarter and six months ended March 31, 2019, presented by type of service from each reportable segment.
Quarter Ended March 31, 2019 (Thousands)
 
 
 
 

 
 

 
 

 
 

Revenues By Type of Service
Exploration and Production
 
Pipeline and Storage
 
Gathering
 
Utility
 
Energy Marketing
 
All Other
 
Corporate and Intersegment Eliminations
 
Total Consolidated
Production of Natural Gas
$
121,824

 
$

 
$

 
$

 
$

 
$

 
$

 
$
121,824

Production of Crude Oil
34,878

 

 

 

 

 

 

 
34,878

Natural Gas Processing
971

 

 

 

 

 

 

 
971

Natural Gas Gathering Services

 

 
29,368

 

 

 

 
(29,366
)
 
2

Natural Gas Transportation Service

 
52,239

 

 
45,083

 

 

 
(19,819
)
 
77,503

Natural Gas Storage Service

 
19,360

 

 

 

 

 
(8,333
)
 
11,027

Natural Gas Residential Sales

 

 

 
229,254

 

 

 

 
229,254

Natural Gas Commercial Sales

 

 

 
34,255

 

 

 

 
34,255

Natural Gas Industrial Sales

 

 

 
1,867

 

 

 

 
1,867

Natural Gas Marketing

 

 

 

 
58,516

 

 
(43
)
 
58,473

Other
493

 
740

 

 
(5,963
)
 
8

 
310

 
(105
)
 
(4,517
)
Total Revenues from Contracts with Customers
158,166

 
72,339

 
29,368

 
304,496

 
58,524

 
310

 
(57,666
)
 
565,537

Alternative Revenue Programs

 

 

 
(1,466
)
 

 

 

 
(1,466
)
Derivative Financial Instruments
(12,064
)
 

 

 

 
537

 

 

 
(11,527
)
Total Revenues
$
146,102

 
$
72,339

 
$
29,368

 
$
303,030

 
$
59,061

 
$
310

 
$
(57,666
)
 
$
552,544


Six Months Ended March 31, 2019 (Thousands)
 
 
 
 

 
 

 
 

 
 

Revenues By Type of Service
Exploration and Production
 
Pipeline and Storage
 
Gathering
 
Utility
 
Energy Marketing
 
All Other
 
Corporate and Intersegment Eliminations
 
Total Consolidated
Production of Natural Gas
$
257,735

 
$

 
$

 
$

 
$

 
$

 
$

 
$
257,735

Production of Crude Oil
72,433

 

 

 

 

 

 

 
72,433

Natural Gas Processing
1,945

 

 

 

 

 

 

 
1,945

Natural Gas Gathering Services

 

 
59,058

 

 

 

 
(59,056
)
 
2

Natural Gas Transportation Service

 
108,375

 

 
80,714

 

 

 
(36,884
)
 
152,205

Natural Gas Storage Service

 
38,289

 

 

 

 

 
(16,306
)
 
21,983

Natural Gas Residential Sales

 

 

 
396,121

 

 

 

 
396,121

Natural Gas Commercial Sales

 

 

 
56,301

 

 

 

 
56,301

Natural Gas Industrial Sales

 

 

 
3,368

 

 

 

 
3,368

Natural Gas Marketing

 

 

 

 
107,803

 

 
(375
)
 
107,428

Other
876

 
2,744

 

 
(8,824
)
 
9

 
1,316

 
(510
)
 
(4,389
)
Total Revenues from Contracts with Customers
332,989

 
149,408

 
59,058

 
527,680

 
107,812

 
1,316

 
(113,131
)
 
1,065,132

Alternative Revenue Programs

 

 

 
(1,993
)
 

 

 

 
(1,993
)
Derivative Financial Instruments
(24,011
)
 

 

 

 
3,663

 

 

 
(20,348
)
Total Revenues
$
308,978

 
$
149,408

 
$
59,058

 
$
525,687

 
$
111,475

 
$
1,316

 
$
(113,131
)
 
$
1,042,791



Exploration and Production Segment Revenue

The Company’s Exploration and Production segment records revenue from the sale of the natural gas and oil that it produces and natural gas liquids (NGLs) processed based on entitlement, which means that revenue is recorded based on the actual amount of natural gas or oil that is delivered to a pipeline, or upon pick-up in the case of NGLs, and the Company’s ownership interest. Natural gas production occurs primarily in the Appalachian region of the United States and crude oil production occurs primarily in the West Coast region of the United States. If a production imbalance occurs between what was supposed to be delivered to a pipeline and what was actually produced and delivered, the Company accrues the difference as an imbalance.  The sales contracts generally require the Company to deliver a specific quantity of a commodity per day for a specific number of days at a price that is either fixed or variable and considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery.  

The transaction price for the sale of natural gas, oil and NGLs is contractually agreed upon based on prevailing market pricing (primarily tied to a market index with certain adjustments based on factors such as delivery location and prevailing supply and demand conditions) or fixed pricing.  The Company allocates the transaction price to each performance obligation on the basis of the relative standalone selling price of each distinct unit sold. Revenue is recognized at a point in time when the transfer of the commodity occurs at the delivery point per the contract. The amount billable, as determined by the contracted quantity and price, indicates the value to the customer, and is used for revenue recognition purposes by the Exploration and Production segment as specified by the “invoice practical expedient” (the amount that the Exploration and Production segment has the right to invoice) under the authoritative guidance for revenue recognition. The contracts typically require payment within 30 days of the end of the calendar month in which the natural gas and oil is delivered, or picked up in the case of NGLs.

The Company uses derivative financial instruments to manage commodity price risk in the Exploration and Production segment related to sales of the natural gas and oil that it produces. Gains or losses on such derivative financial instruments are recorded as adjustments to revenue; however, they are not considered to be revenue from contracts with customers.

Pipeline and Storage Segment Revenue

The Company’s Pipeline and Storage segment records revenue for natural gas transportation and storage services in New York and Pennsylvania at tariff-based rates regulated by the FERC. Customers secure their own gas supply and the Pipeline and Storage segment provides transportation and/or storage services to move the customer-supplied gas to the intended location, including injections into or withdrawals from the storage field. This performance obligation is satisfied over time. The rate design for the Pipeline and Storage segment’s customers generally includes a combination of volumetric or commodity charges as well as monthly “fixed” charges (including charges commonly referred to as capacity charges, demand charges, or reservation charges). These types of fixed charges represent compensation for standing ready over the period of the month to deliver quantities of gas, regardless of whether the customer takes delivery of any quantity of gas. The performance obligation under these circumstances is satisfied based on the passage of time and meter reads, if applicable, which correlates to the period for which the charges are eligible to be invoiced. The amount billable, as determined by the meter read and the “fixed” monthly charge, indicates the value to the customer, and is used for revenue recognition purposes by the Pipeline and Storage segment as specified by the “invoice practical expedient” (the amount that the Pipeline and Storage segment has the right to invoice) under the authoritative guidance for revenue recognition. Customers are billed after the end of each calendar month, with payment typically due by the 25th day of the month in which the invoice is received.

The Company’s Pipeline and Storage segment expects to recognize the following revenue amounts in future periods related to “fixed” charges associated with remaining performance obligations for transportation and storage contracts: $82.8 million for the remainder of fiscal 2019; $156.4 million for fiscal 2020; $133.1 million for fiscal 2021; $114.0 million for fiscal 2022; $82.7 million for fiscal 2023; and $370.7 million thereafter.

Gathering Segment Revenue

The Company’s Gathering segment provides gathering and processing services in the Appalachian region of Pennsylvania, primarily for Seneca. The Gathering segment’s primary performance obligation is to deliver gathered natural gas volumes from Seneca’s wells into interstate pipelines at contractually agreed upon per unit rates. This obligation is satisfied over time. The performance obligation is satisfied based on the passage of time and meter reads, which correlates to the period for which the charges are eligible to be invoiced. The amount billable, as determined by the meter read and the contracted volumetric rate, indicates the value to the customer, and is used for revenue recognition purposes by the Gathering segment as specified by the “invoice practical expedient” (the amount that the Gathering segment has the right to invoice) under the authoritative guidance for revenue recognition. Customers are billed after the end of each calendar month, with payment typically due by the 10th day after the invoice is received.
 
Utility Segment Revenue

The Company’s Utility segment records revenue for natural gas sales and natural gas transportation services in western New York and northwestern Pennsylvania at tariff-based rates regulated by the NYPSC and the PaPUC. Natural gas sales and transportation services are provided largely to residential, commercial and industrial customers. The Utility segment’s performance obligation to its customers is to deliver natural gas, an obligation which is satisfied over time. This obligation generally remains in effect as long as the customer consumes the natural gas provided by the Utility segment. The Utility segment recognizes revenue when it satisfies its performance obligation by delivering natural gas to the customer. Natural gas is delivered and consumed by the customer simultaneously. The satisfaction of the performance obligation is measured by the turn of the meter dial. The amount billable, as determined by the meter read and the tariff-based rate, indicates the value to the customer, and is used for revenue recognition purposes by the Utility segment as specified by the “invoice practical expedient” (the amount that the Utility segment has the right to invoice) under the authoritative guidance for revenue recognition. Since the Utility segment bills its customers in cycles having billing dates that do not generally coincide with the end of a calendar month, a receivable is recorded for natural gas delivered but not yet billed to customers based on an estimate of the amount of natural gas delivered between the last meter reading date and the end of the accounting period. Such receivables are a component of Unbilled Revenue on the Consolidated Balance Sheets. The Utility segment’s tariffs allow customers to utilize budget billing. In this situation, since the amount billed may differ from the amount of natural gas delivered to the customer in any given month, revenue is recognized monthly based on the amount of natural gas consumed. The differential between the amount billed and the amount consumed is recorded as a component of Receivables or Customer Advances on the Consolidated Balance Sheets. All receivables or advances related to budget billing are settled within one year.

Utility Segment Alternative Revenue Programs

As indicated in the revenue table shown above, the Company’s Utility segment has alternative revenue programs that are excluded from the scope of the new authoritative guidance regarding revenue recognition. The NYPSC has authorized alternative revenue programs that are designed to mitigate the impact that weather and conservation have on margin. The NYPSC has also authorized additional alternative revenue programs that adjust billings for the effects of broad external factors or to compensate the Company for demand-side management initiatives. These alternative revenue programs primarily allow the Company and customer to share in variances from imputed margins due to migration of transportation customers, allow for adjustments to the gas cost recovery mechanism for fluctuations in uncollectible expenses associated with gas costs, and allow the Company to pass on to customers costs associated with customer energy efficiency programs. In general, revenue is adjusted monthly for these programs and is collected from or passed back to customers within 24 months of the annual reconciliation period.

Energy Marketing Segment Revenue

The Company’s Energy Marketing segment records revenue for competitively priced natural gas sales in western and central New York and northwestern Pennsylvania. Sales are provided largely to industrial, wholesale, commercial, public authority and residential customers. The Energy Marketing segment’s performance obligation to its customers is to deliver natural gas, an obligation which is satisfied over time. This obligation generally remains in effect as long as the customer consumes the natural gas provided by the Energy Marketing segment. The Energy Marketing segment recognizes revenue when it satisfies its performance obligation by delivering natural gas to the customer. Natural gas is delivered and consumed by the customer simultaneously. The satisfaction of the performance obligation is measured by the turn of the meter dial. The amount billable, as determined by the meter read and the contracted or market based rate, indicates the value to the customer, and is used for revenue recognition purposes by the Energy Marketing segment as specified by the “invoice practical expedient” (the amount that the Energy Marketing segment has the right to invoice) under the authoritative guidance for revenue recognition. Since the Energy Marketing segment bills its residential customers in cycles having billing dates that do not generally coincide with the end of a calendar month, a receivable is recorded for natural gas delivered but not yet billed to customers based on an estimate of the amount of natural gas delivered between the last meter reading date and the end of the accounting period. Such receivables are a component of Unbilled Revenue on the Consolidated Balance Sheets. The Energy Marketing segment also allows customers to utilize budget billing. In this situation, since the amount billed may differ from the amount of natural gas delivered to the customer in any given month, revenue is recognized monthly based on the amount of natural gas consumed. The differential between the amount billed and the amount consumed is recorded as a component of Receivables or Customer Advances on the Consolidated Balance Sheets. All receivables or advances related to budget billing are settled within one year.

The Company uses derivative financial instruments to manage commodity price risk in the Energy Marketing segment related to the sale of natural gas to its customers. Gains or losses on such derivative financial instruments are recorded as adjustments to revenue; however, they are not considered to be revenue from contracts with customers.
v3.19.1
Fair Value Measurements
6 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 
The FASB authoritative guidance regarding fair value measurements establishes a fair-value hierarchy and prioritizes the inputs used in valuation techniques that measure fair value. Those inputs are prioritized into three levels. Level 1 inputs are unadjusted quoted prices in active markets for assets or liabilities that the Company can access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly at the measurement date. Level 3 inputs are unobservable inputs for the asset or liability at the measurement date. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.
 
The following table sets forth, by level within the fair value hierarchy, the Company's financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of March 31, 2019 and September 30, 2018.  Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over the counter swaps combines gas and oil swaps because a significant number of the counterparties enter into both gas and oil swap agreements with the Company.  
Recurring Fair Value Measures
At fair value as of March 31, 2019
(Thousands of Dollars)   
Level 1
 
Level 2
 
Level 3
 
Netting Adjustments(1)
 
Total(1)
Assets:
 

 
 

 
 

 
 

 
 

Cash Equivalents – Money Market Mutual Funds
$
79,632

 
$

 
$

 
$

 
$
79,632

Derivative Financial Instruments:
 

 
 

 
 

 
 

 
 

Commodity Futures Contracts – Gas
1,468

 

 

 
(1,415
)
 
53

Over the Counter Swaps – Gas and Oil

 
23,389

 

 
(12,312
)
 
11,077

Foreign Currency Contracts

 
5

 

 
(5
)
 

Other Investments:
 

 
 

 
 

 
 

 
 

Balanced Equity Mutual Fund
38,892

 

 

 

 
38,892

Fixed Income Mutual Fund
54,165

 

 

 

 
54,165

Common Stock – Financial Services Industry
1,713

 

 

 

 
1,713

Hedging Collateral Deposits
1,983

 

 

 

 
1,983

Total                                           
$
177,853

 
$
23,394

 
$

 
$
(13,732
)
 
$
187,515

 
 
 
 
 
 
 
 
 
 
Liabilities:
 

 
 

 
 

 
 

 
 

Derivative Financial Instruments:
 

 
 

 
 

 
 

 
 

Commodity Futures Contracts – Gas
$
1,415

 
$

 
$

 
$
(1,415
)
 
$

Over the Counter Swaps – Gas and Oil

 
15,865

 

 
(12,312
)
 
3,553

Foreign Currency Contracts

 
2,201

 

 
(5
)
 
2,196

Total
$
1,415

 
$
18,066

 
$

 
$
(13,732
)
 
$
5,749

Total Net Assets/(Liabilities)
$
176,438

 
$
5,328

 
$

 
$

 
$
181,766

 
Recurring Fair Value Measures
At fair value as of September 30, 2018
(Thousands of Dollars)   
Level 1
 
Level 2
 
Level 3
 
Netting Adjustments(1)
 
Total(1)
Assets:
 

 
 

 
 

 
 

 
 

Cash Equivalents – Money Market Mutual Funds
$
215,272

 
$

 
$

 
$

 
$
215,272

Derivative Financial Instruments:
 

 
 

 
 

 
 

 
 

Commodity Futures Contracts – Gas
1,075

 

 

 
(1,075
)
 

Over the Counter Swaps – Gas and Oil

 
26,074

 

 
(17,041
)
 
9,033

Foreign Currency Contracts

 
443

 

 
(443
)
 

Other Investments:
 

 
 

 
 

 
 

 
 

Balanced Equity Mutual Fund
38,468

 

 

 

 
38,468

Fixed Income Mutual Fund
51,331

 

 

 

 
51,331

Common Stock – Financial Services Industry
2,776

 

 

 

 
2,776

Hedging Collateral Deposits
3,441

 

 

 

 
3,441

Total                                           
$
312,363

 
$
26,517

 
$

 
$
(18,559
)
 
$
320,321

 
 
 
 
 
 
 
 
 
 
Liabilities:
 

 
 

 
 

 
 

 
 

Derivative Financial Instruments:
 

 
 

 
 

 
 

 
 

Commodity Futures Contracts – Gas
$
2,412

 
$

 
$

 
$
(1,075
)
 
$
1,337

Over the Counter Swaps – Gas and Oil

 
64,224

 

 
(17,041
)
 
47,183

     Foreign Currency Contracts

 
959

 

 
(443
)
 
516

Total
$
2,412

 
$
65,183

 
$

 
$
(18,559
)
 
$
49,036

Total Net Assets/(Liabilities)
$
309,951

 
$
(38,666
)
 
$

 
$

 
$
271,285


(1) 
Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
 
Derivative Financial Instruments
 
At March 31, 2019 and September 30, 2018, the derivative financial instruments reported in Level 1 consist of natural gas NYMEX and ICE futures contracts used in the Company’s Energy Marketing segment. Hedging collateral deposits were $2.0 million at March 31, 2019 and $3.4 million at September 30, 2018, which were associated with these futures contracts and have been reported in Level 1 as well. The derivative financial instruments reported in Level 2 at March 31, 2019 and September 30, 2018 consist of natural gas price swap agreements used in the Company’s Exploration and Production and Energy Marketing segments, crude oil price swap agreements used in the Company’s Exploration and Production segment, basis hedge swap agreements used in the Company's Energy Marketing segment and foreign currency contracts used in the Company's Exploration and Production segment. The fair value of the Level 2 price swap agreements is based on an internal, discounted cash flow model that uses observable inputs (i.e. LIBOR based discount rates and basis differential information, if applicable, at active natural gas and crude oil trading markets). The fair value of the Level 2 foreign currency contracts is determined using the market approach based on observable market transactions of forward Canadian currency rates. 
 
The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities.  At March 31, 2019, the Company determined that nonperformance risk would have no material impact on its financial position or results of operation.  To assess nonperformance risk, the Company considered information such as any applicable collateral posted, master netting arrangements, and applied a market-based method by using the counterparty's (assuming the derivative is in a gain position) or the Company’s (assuming the derivative is in a loss position) credit default swaps rates.
 
For the quarters ended March 31, 2019 and March 31, 2018, there were no assets or liabilities measured at fair value and classified as Level 3. For the quarters ended March 31, 2019 and March 31, 2018, no transfers in or out of Level 1 or Level 2 occurred.
v3.19.1
Financial Instruments
6 Months Ended
Mar. 31, 2019
Financial Instruments, Owned, at Fair Value [Abstract]  
Financial Instruments Financial Instruments
 
Long-Term Debt.  The fair market value of the Company’s debt, as presented in the table below, was determined using a discounted cash flow model, which incorporates the Company’s credit ratings and current market conditions in determining the yield, and subsequently, the fair market value of the debt.  Based on these criteria, the fair market value of long-term debt, including current portion, was as follows (in thousands): 
 
March 31, 2019
 
September 30, 2018
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Long-Term Debt
$
2,132,488

 
$
2,192,744

 
$
2,131,365

 
$
2,121,861


 
The fair value amounts are not intended to reflect principal amounts that the Company will ultimately be required to pay. Carrying amounts for other financial instruments recorded on the Company’s Consolidated Balance Sheets approximate fair value. The fair value of long-term debt was calculated using observable inputs (U.S. Treasuries/LIBOR for the risk free component and company specific credit spread information – generally obtained from recent trade activity in the debt).  As such, the Company considers the debt to be Level 2.
 
Any temporary cash investments, notes payable to banks and commercial paper are stated at cost. Temporary cash investments are considered Level 1, while notes payable to banks and commercial paper are considered to be Level 2.  Given the short-term nature of the notes payable to banks and commercial paper, the Company believes cost is a reasonable approximation of fair value.

Other Investments. The components of the Company's Other Investments are as follows (in thousands):
 
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Life Insurance Contracts
$
40,252

 
$
39,970

Equity Mutual Fund
38,892

 
38,468

Fixed Income Mutual Fund
54,165

 
51,331

Marketable Equity Securities
1,713

 
2,776

 
$
135,022

 
$
132,545


 
Investments in life insurance contracts are stated at their cash surrender values or net present value. Investments in an equity mutual fund, a fixed income mutual fund and the stock of an insurance company (marketable equity securities) are stated at fair value based on quoted market prices with changes in fair value recognized in net income. The insurance contracts and marketable equity and fixed income securities are primarily informal funding mechanisms for various benefit obligations the Company has to certain employees.
 
Derivative Financial Instruments.  The Company uses derivative financial instruments to manage commodity price risk in the Exploration and Production segment as well as the Energy Marketing segment. The Company enters into futures contracts and over-the-counter swap agreements for natural gas and crude oil to manage the price risk associated with forecasted sales of gas and oil. In addition, the Company also enters into foreign exchange forward contracts to manage the risk of currency fluctuations associated with transportation costs denominated in Canadian currency in the Exploration and Production segment. These instruments are accounted for as cash flow hedges. The Company also enters into futures contracts and swaps, which are accounted for as cash flow hedges, to manage the price risk associated with forecasted gas purchases. The Company enters into futures contracts and swaps to mitigate risk associated with fixed price sales commitments, fixed price purchase commitments, and the decline in value of natural gas held in storage. These instruments are accounted for as fair value hedges. The duration of the Company’s combined cash flow and fair value commodity hedges does not typically exceed 5 years while the foreign currency forward contracts do not exceed 7 years. The Exploration and Production segment holds the majority of the Company’s derivative financial instruments.

The Company has presented its net derivative assets and liabilities as “Fair Value of Derivative Financial Instruments” on its Consolidated Balance Sheets at March 31, 2019 and September 30, 2018.  Substantially all of the derivative financial instruments reported on those line items relate to commodity contracts and a small portion relates to foreign currency forward contracts.
 
Cash Flow Hedges
 
For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (loss) and reclassified into earnings in the period or periods during which the hedged transaction affects earnings.  Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. 

As of March 31, 2019, the Company had the following commodity derivative contracts (swaps and futures contracts) outstanding:
Commodity
Units

 
Natural Gas
97.5

 Bcf (short positions)
Natural Gas
4.5

 Bcf (long positions)
Crude Oil
3,414,000

 Bbls (short positions)
    
As of March 31, 2019, the Company was hedging a total of $84.6 million of forecasted transportation costs denominated in Canadian dollars with foreign currency forward contracts (long positions).
As of March 31, 2019, the Company had $6.4 million ($4.6 million after tax) of net hedging gains included in the accumulated other comprehensive income (loss) balance. It is expected that $1.7 million ($1.2 million after tax) of unrealized gains will be reclassified into the Consolidated Statement of Income within the next 12 months as the underlying hedged transactions are recorded in earnings.
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the
Three Months Ended March 31, 2019 and 2018 (Thousands of Dollars)
Derivatives in Cash Flow Hedging Relationships
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Three Months Ended March 31,
Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion)
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Three Months Ended March 31,
Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Three Months Ended March 31,
 
2019
2018
 
2019
2018
 
2019
2018
Commodity Contracts
$
(27,228
)
$
(10,514
)
Operating Revenue
$
(4,260
)
$
(3,467
)
Operating Revenue
$
(6,742
)
$
335

Commodity Contracts
(54
)
(344
)
Purchased Gas
(280
)
750

Not Applicable


Foreign Currency Contracts
1,282

(1,724
)
Operating Revenue
(199
)
(482
)
Not Applicable


Total
$
(26,000
)
$
(12,582
)
 
$
(4,739
)
$
(3,199
)
 
$
(6,742
)
$
335

The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the
Six Months Ended March 31, 2019 and 2018 (Thousands of Dollars)
Derivatives in Cash Flow Hedging Relationships
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Six Months Ended March 31,
Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion)
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Six Months Ended March 31,
Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Six Months Ended March 31,
 
2019
2018
 
2019
2018
 
2019
2018
Commodity Contracts
$
22,825

$
(16,463
)
Operating Revenue
$
(22,782
)
$
9,375

Operating Revenue
$
(237
)
$
(98
)
Commodity Contracts
(1,333
)
613

Purchased Gas
(1,182
)
947

Not Applicable


Foreign Currency Contracts
(2,102
)
(2,231
)
Operating Revenue
(420
)
(973
)
Not Applicable


Total
$
19,390

$
(18,081
)
 
$
(24,384
)
$
9,349

 
$
(237
)
$
(98
)
 
 
 
 
 
 
 
 
 

Fair Value Hedges
 
The Company utilizes fair value hedges to mitigate risk associated with fixed price sales commitments, fixed price purchase commitments and the decline in the value of certain natural gas held in storage. With respect to fixed price sales commitments, the Company enters into long positions to mitigate the risk of price increases for natural gas supplies that could occur after the Company enters into fixed price sales agreements with its customers. With respect to fixed price purchase commitments, the Company enters into short positions to mitigate the risk of price decreases that could occur after the Company locks into fixed price purchase deals with its suppliers. With respect to storage hedges, the Company enters into short positions to mitigate the risk of price decreases that could result in a lower of cost or net realizable value writedown of the value of natural gas in storage that is recorded in the Company’s financial statements. As of March 31, 2019, the Company’s Energy Marketing segment had fair value hedges covering approximately 23.5 Bcf (23.3 Bcf of fixed price sales commitments and 0.2 Bcf of commitments related to the withdrawal of storage gas). For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk completely offset each other in current earnings, as shown below.

Derivatives in Fair Value Hedging Relationships
Location of Gain or (Loss) on Derivative and Hedged Item Recognized in the Consolidated Statement of Income
Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income for the
Six Months Ended March 31, 2019
(In Thousands)
Amount of Gain or (Loss) on the Hedged Item Recognized in the Consolidated Statement of Income for the
Six Months Ended March 31, 2019
(In Thousands)
Commodity Contracts
Operating Revenues
$
1,645

$
(1,645
)
Commodity Contracts
Purchased Gas
$
94

$
(94
)
 
 
$
1,739

$
(1,739
)
 
Credit Risk
 
The Company may be exposed to credit risk on any of the derivative financial instruments that are in a gain position. Credit risk relates to the risk of loss that the Company would incur as a result of nonperformance by counterparties pursuant to the terms of their contractual obligations. To mitigate such credit risk, management performs a credit check, and then on a quarterly basis monitors counterparty credit exposure. The majority of the Company’s counterparties are financial institutions and energy
traders. The Company has over-the-counter swap positions and applicable foreign currency forward contracts with eighteen counterparties of which ten are in a net gain position. On average, the Company had $1.1 million of credit exposure per counterparty in a gain position at March 31, 2019. The maximum credit exposure per counterparty in a gain position at March 31, 2019 was $4.0 million. As of March 31, 2019, no collateral was received from the counterparties by the Company. The Company's gain position on such derivative financial instruments had not exceeded the established thresholds at which the counterparties would be required to post collateral, nor had the counterparties' credit ratings declined to levels at which the counterparties were required to post collateral.
 
As of March 31, 2019, fifteen of the eighteen counterparties to the Company’s outstanding derivative instrument contracts (specifically the over-the-counter swaps and applicable foreign currency forward contracts) had a common credit-risk related contingency feature. In the event the Company’s credit rating increases or falls below a certain threshold (applicable debt ratings), the available credit extended to the Company would either increase or decrease. A decline in the Company’s credit rating, in and of itself, would not cause the Company to be required to increase the level of its hedging collateral deposits (in the form of cash deposits, letters of credit or treasury debt instruments). If the Company’s outstanding derivative instrument contracts were in a liability position (or if the liability were larger) and/or the Company’s credit rating declined, then additional hedging collateral deposits may be required.  At March 31, 2019, the fair market value of the derivative financial instrument assets with a credit-risk related contingency feature was $7.6 million according to the Company’s internal model (discussed in Note 3 — Fair Value Measurements).  At March 31, 2019, the fair market value of the derivative financial instrument liabilities with a credit-risk related contingency feature was $5.7 million according to the Company's internal model. For its over-the-counter swap agreements and foreign currency forward contracts, no hedging collateral deposits were required to be posted by the Company at March 31, 2019.
   
For its exchange traded futures contracts, the Company was required to post $2.0 million in hedging collateral deposits as of March 31, 2019. As these are exchange traded futures contracts, there are no specific credit-risk related contingency features. The Company posts or receives hedging collateral based on open positions and margin requirements it has with its counterparties.
 
The Company’s requirement to post hedging collateral deposits and the Company's right to receive hedging collateral deposits is based on the fair value determined by the Company’s counterparties, which may differ from the Company’s assessment of fair value. Hedging collateral deposits may also include closed derivative positions in which the broker has not cleared the cash from the account to offset the derivative liability. The Company records liabilities related to closed derivative positions in Other Accruals and Current Liabilities on the Consolidated Balance Sheet. These liabilities are relieved when the broker clears the cash from the hedging collateral deposit account.
v3.19.1
Income Taxes
6 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes

The effective tax rates for the quarters ended March 31, 2019 and March 31, 2018 were 24.7% and 29.4%, respectively. The decrease in the effective tax rates was primarily the result of the reduction in the federal income tax rate and the impact of the sequestration of refundable alternative minimum tax (AMT) credit carryovers recorded during the quarter ended March 31, 2018, both of which are discussed below. The effective tax rates for the six months ended March 31, 2019 and March 31, 2018 were 21.4% and negative 17.4%, respectively. The difference is a result of the impact of the one-time remeasurement of the deferred income tax liability under the 2017 Tax Reform Act.
On December 22, 2017, the 2017 Tax Reform Act was enacted. The 2017 Tax Reform Act included a reduction in the corporate federal income tax rate from 35% to a blended 24.5% for fiscal 2018 and 21% for fiscal 2019 and beyond. The Company’s accumulated deferred income taxes were remeasured based upon the new tax rates. For the non-rate regulated activities through the year ended September 30, 2018, the change in beginning of the year deferred income taxes of $103.5 million was recorded as a reduction to income tax expense. For the Company's rate regulated activities, the reduction in deferred income taxes of $336.7 million was recorded as a decrease to Recoverable Future Taxes of $65.7 million and an increase to Taxes Refundable to Customers of $271.0 million. The 2017 Tax Reform Act includes provisions that stipulate how these excess deferred taxes are to be passed back to customers for certain accelerated tax depreciation benefits. Potential refunds of other deferred income taxes will be determined by the federal and state regulatory agencies. For further discussion, refer to Note 10 - Regulatory Matters.
The 2017 Tax Reform Act also provides that the Company’s existing AMT credit carryovers are refundable, if not utilized to reduce tax, beginning in fiscal 2019. During fiscal 2018, the Department of Treasury indicated that a portion of the refundable AMT credit carryovers would be subject to sequestration. Accordingly, the Company recorded a $5.0 million valuation allowance related to this sequestration. During the quarter ended December 31, 2018, the Office of Management and Budget determined that these AMT refunds would not be subject to sequestration. As such, the Company has removed the valuation allowance. In addition, the Company reclassified the estimated fiscal 2019 refund, approximately $42.1 million, from Deferred Income Taxes to Other Assets.
v3.19.1
Capitalization
6 Months Ended
Mar. 31, 2019
Capitalization, Long-term Debt and Equity [Abstract]  
Capitalization Capitalization

Summary of Changes in Common Stock Equity
 
Common Stock
 
Paid In
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Income (Loss)
Shares
 
Amount
 
 
(Thousands, except per share amounts)
Balance at January 1, 2019
86,271

 
$
86,271

 
$
817,076

 
$
1,172,334

 
$
(28,690
)
Net Income Available for Common Stock
 
 
 
 
 
 
90,595

 
 
Dividends Declared on Common Stock ($0.425 Per Share)
 
 
 
 
 
 
(36,678
)
 
 
Cumulative Effect of Adoption of Authoritative Guidance for Reclassification of Stranded Tax Effects
 
 
 
 
 
 
10,406

 
 
Other Comprehensive Loss, Net of Tax
 
 
 
 
 
 
 
 
(25,596
)
Share-Based Payment Expense (1)
 
 
 
 
5,038

 
 
 
 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans
30

 
30

 
(277
)
 
 
 
 
Balance at March 31, 2019
86,301

 
$
86,301

 
$
821,837

 
$
1,236,657

 
$
(54,286
)
 
 
 
 
 
 
 
 
 
 
Balance at October 1, 2018
85,957

 
$
85,957

 
$
820,223

 
$
1,098,900

 
$
(67,750
)
Net Income Available for Common Stock
 
 
 
 
 
 
193,256

 
 
Dividends Declared on Common Stock ($0.85 Per Share)
 
 
 
 
 
 
(73,342
)
 
 
Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities
 
 
 
 
 
 
7,437

 
 
Cumulative Effect of Adoption of Authoritative Guidance for Reclassification of Stranded Tax Effects
 
 
 
 
 
 
10,406

 
 
Other Comprehensive Income, Net of Tax
 
 
 
 
 
 
 
 
13,464

Share-Based Payment Expense (1)
 
 
 
 
9,955

 
 
 
 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans
344

 
344

 
(8,341
)
 
 
 
 
Balance at March 31, 2019
86,301

 
$
86,301

 
$
821,837

 
$
1,236,657

 
$
(54,286
)
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2018
85,761

 
$
85,761

 
$
800,348

 
$
1,014,733

 
$
(40,919
)
Net Income Available for Common Stock
 
 
 
 
 
 
91,847

 
 
Dividends Declared on Common Stock ($0.415 Per Share)
 
 
 
 
 
 
(35,641
)
 
 
Other Comprehensive Loss, Net of Tax
 
 
 
 
 
 
 
 
(6,841
)
Share-Based Payment Expense (1)
 
 
 
 
3,563

 
 
 
 
Common Stock Issued Under Stock and Benefit Plans
121

 
121

 
6,215

 
 
 
 
Balance at March 31, 2018
85,882

 
$
85,882

 
$
810,126

 
$
1,070,939

 
$
(47,760
)
 
 
 
 
 
 
 
 
 
 
Balance at October 1, 2017
85,543

 
$
85,543

 
$
796,646

 
$
851,669

 
$
(30,123
)
Net Income Available for Common Stock
 
 
 
 
 
 
290,501

 
 
Dividends Declared on Common Stock ($0.83 Per Share)
 
 
 
 
 
 
(71,231
)
 
 
Other Comprehensive Loss, Net of Tax
 
 
 
 
 
 
 
 
(17,637
)
Share-Based Payment Expense (1)
 
 
 
 
7,074

 
 
 
 
Common Stock Issued Under Stock and Benefit Plans
339

 
339

 
6,406

 
 
 
 
Balance at March 31, 2018
85,882

 
$
85,882

 
$
810,126

 
$
1,070,939

 
$
(47,760
)


(1) 
Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits.
 
Common Stock.  During the six months ended March 31, 2019, the Company issued 126,879 original issue shares of common stock as a result of SARs exercises, 79,654 original issue shares of common stock for restricted stock units that vested and 281,882 original issue shares of common stock for performance shares that vested.  The Company also issued 14,583 original issue shares
of common stock to the non-employee directors of the Company who receive compensation under the Company’s 2009 Non-Employee Director Equity Compensation Plan, as partial consideration for the directors’ services during the six months ended March 31, 2019.  Holders of stock-based compensation awards will often tender shares of common stock to the Company for payment of applicable withholding taxes.  During the six months ended March 31, 2019, 159,137 shares of common stock were tendered to the Company for such purposes.  The Company considers all shares tendered as cancelled shares restored to the status of authorized but unissued shares, in accordance with New Jersey law.
 
Current Portion of Long-Term Debt.  None of the Company's long-term debt as of March 31, 2019 and September 30, 2018 had a maturity date within the following twelve-month period.
v3.19.1
Commitments And Contingencies
6 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies Commitments and Contingencies
 
Environmental Matters.  The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment.  The Company has established procedures for the ongoing evaluation of its operations to identify potential environmental exposures and to comply with regulatory requirements.  It is the Company’s policy to accrue estimated environmental clean-up costs (investigation and remediation) when such amounts can reasonably be estimated and it is probable that the Company will be required to incur such costs. 
    
At March 31, 2019, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $7.3 million, which includes a $4.0 million estimated minimum liability to remediate a former manufactured gas plant site located in New York.  In March 2018, the NYDEC issued a Record of Decision for this New York site and the minimum liability reflects the remedy selected in the Record of Decision. The Company's liability for such clean-up costs has been recorded in Other Deferred Credits on the Consolidated Balance Sheet at March 31, 2019. The Company expects to recover its environmental clean-up costs through rate recovery over a period of approximately 3 years and is currently not aware of any material additional exposure to environmental liabilities.  However, changes in environmental laws and regulations, new information or other factors could have an adverse financial impact on the Company.
    
Northern Access Project. On February 3, 2017, Supply Corporation and Empire received FERC approval of the Northern Access project described herein. On April 7, 2017, the NYDEC issued a Notice of Denial of the federal Clean Water Act Section 401 Water Quality Certification and other state stream and wetland permits for the New York portion of the project (the Water Quality Certification for the Pennsylvania portion of the project was received on January 27, 2017). On April 21, 2017, Supply Corporation and Empire filed a Petition for Review in the United States Court of Appeals for the Second Circuit of the NYDEC's Notice of Denial with respect to National Fuel's application for the Water Quality Certification, and on May 11, 2017, the Company commenced legal action in New York State Supreme Court challenging the NYDEC's actions with regard to various state permits. On August 6, 2018, the FERC issued an Order finding that the NYDEC exceeded the statutory time frame to take action under the Clean Water Act and, therefore, waived its opportunity to approve or deny the Water Quality Certification. FERC denied rehearing requests associated with its Order. In light of these legal actions and the need to complete necessary project development activities in advance of construction, the in-service date for the project is expected to be no earlier than fiscal 2022.
 
Other.  The Company is involved in other litigation and regulatory matters arising in the normal course of business.  These other matters may include, for example, negligence claims and tax, regulatory or other governmental audits, inspections, investigations and other proceedings.  These matters may involve state and federal taxes, safety, compliance with regulations, rate base, cost of service and purchased gas cost issues, among other things.  While these other matters arising in the normal course of business could have a material effect on earnings and cash flows in the period in which they are resolved, an estimate of the possible loss or range of loss, if any, cannot be made at this time.
v3.19.1
Business Segment Information
6 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information    
 
The Company reports financial results for five segments: Exploration and Production, Pipeline and Storage, Gathering, Utility and Energy Marketing.  The division of the Company’s operations into reportable segments is based upon a combination of factors including differences in products and services, regulatory environment and geographic factors.
 
The data presented in the tables below reflect financial information for the segments and reconciliations to consolidated amounts.  As stated in the 2018 Form 10-K, the Company evaluates segment performance based on income before discontinued operations, extraordinary items and cumulative effects of changes in accounting (when applicable).  When these items are not applicable, the Company evaluates performance based on net income.  There have not been any changes in the basis of segmentation nor in the basis of measuring segment profit or loss from those used in the Company’s 2018 Form 10-K.  A listing of segment assets at March 31, 2019 and September 30, 2018 is shown in the tables below.  
Quarter Ended March 31, 2019 (Thousands)
 
 
 
 
 
 
 
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Revenue from External Customers
$146,102
$48,421
$2
$298,636
$59,018
$552,179
$310
$55
$552,544
Intersegment Revenues
$—
$23,918
$29,366
$4,394
$43
$57,721
$—
$(57,721)
$—
Segment Profit: Net Income (Loss)
$21,873
$17,749
$12,690
$35,589
$544
$88,445
$(128)
$2,278
$90,595

 


 





Six Months Ended March 31, 2019 (Thousands)
 
 
 
 
 
 
 
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Revenue from External Customers
$308,978
$102,639
$2
$518,647
$111,100
$1,041,366
$1,316
$109
$1,042,791
Intersegment Revenues
$—
$46,769
$59,056
$7,040
$375
$113,240
$—
$(113,240)
$—
Segment Profit: Net Income
$60,087
$42,851
$26,872
$61,237
$243
$191,290
$256
$1,710
$193,256
 
 
 
 
 
 
 
 
 
 
(Thousands)
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Segment Assets:
 
 
 
 
 
 
 
 
 
At March 31, 2019
$1,777,770
$1,861,900
$554,491
$2,013,937
$53,898
$6,261,996
$78,398
$(61,419)
$6,278,975
At September 30, 2018
$1,568,563
$1,848,180
$533,608
$1,921,971
$50,971
$5,923,293
$78,109
$35,084
$6,036,486

Quarter Ended March 31, 2018 (Thousands)
 
 
 
 
 
 
 
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Revenue from External Customers
$146,411
$53,714
$(99)
$283,778
$55,644
$539,448
$1,232
$225
$540,905
Intersegment Revenues
$—
$23,044
$27,832
$5,700
$(51)
$56,525
$—
$(56,525)
$—
Segment Profit: Net Income (Loss)
$26,537
$22,724
$11,770
$33,360
$578
$94,969
$207
$(3,329)
$91,847
Six Months Ended March 31, 2018 (Thousands)
 
 
 
 
 
 
 
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Revenue from External Customers
$285,552
$107,025
$71
$470,867
$94,280
$957,795
$2,328
$438
$960,561
Intersegment Revenues
$—
$45,028
$51,497
$7,882
$76
$104,483
$—
$(104,483)
$—
Segment Profit: Net Income (Loss)
$133,235
$61,186
$57,169
$54,353
$1,624
$307,567
$(511)
$(16,555)
$290,501
 
 
 
 
 
 
 
 
 
 
v3.19.1
Retirement Plan And Other Post-Retirement Benefits
6 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Retirement Plan and Other Post-Retirement Benefits Retirement Plan and Other Post-Retirement Benefits
 
Components of Net Periodic Benefit Cost (in thousands):
 
 
Retirement Plan
 
Other Post-Retirement Benefits
Three Months Ended March 31,
2019
2018
 
2019
2018





 




Service Cost
$
2,120

$
2,480

 
$
380

$
458

Interest Cost
9,594

8,252

 
4,286

3,700

Expected Return on Plan Assets
(15,591
)
(15,429
)
 
(7,539
)
(7,871
)
Amortization of Prior Service Cost (Credit)
206

235

 
(107
)
(107
)
Amortization of Losses
8,024

9,301

 
1,490

2,639

Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1)
4,786

6,492

 
6,565

6,250






 




Net Periodic Benefit Cost
$
9,139

$
11,331

 
$
5,075

$
5,069

 
 
 
 
 
 
 
Retirement Plan
 
Other Post-Retirement Benefits
Six Months Ended March 31,
2019
2018
 
2019
2018
 
 
 
 
 
 
Service Cost
$
4,241

$
4,960

 
$
760

$
915

Interest Cost
19,189

16,503

 
8,572

7,400

Expected Return on Plan Assets
(31,184
)
(30,857
)
 
(15,078
)
(15,741
)
Amortization of Prior Service Cost (Credit)
413

469

 
(214
)
(214
)
Amortization of Losses
16,048

18,602

 
2,980

5,279

Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1)
5,604

8,214

 
10,536

9,858

 
 
 
 
 
 
Net Periodic Benefit Cost
$
14,311

$
17,891

 
$
7,556

$
7,497

 
 
 
 
 
 
(1) 
The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months.
 
Employer Contributions.    During the six months ended March 31, 2019, the Company contributed $29.2 million to its tax-qualified, noncontributory defined-benefit retirement plan (Retirement Plan) and $2.1 million to its VEBA trusts for its other post-retirement benefits.  In the remainder of 2019, the Company may contribute up to $5.0 million to the Retirement Plan and the Company expects its contributions to the VEBA trusts to be in the range of $0.5 million to $1.0 million.
v3.19.1
Regulatory Matters
6 Months Ended
Mar. 31, 2019
Regulatory Assets and Liabilities, Other Disclosures [Abstract]  
Regulatory Matters Regulatory Matters

New York Jurisdiction
    
Distribution Corporation's current delivery rates in its New York jurisdiction were approved by the NYPSC in an order issued on April 20, 2017 with rates becoming effective May 1, 2017. The order provided for a return on equity of 8.7%.

Pennsylvania Jurisdiction

Distribution Corporation’s Pennsylvania jurisdiction delivery rates are being charged to customers in accordance with a rate settlement approved by the PaPUC. The rate settlement does not specify any requirement to file a future rate case.

FERC Jurisdiction

Supply Corporation currently has no active rate case on file. Supply Corporation's current rate settlement requires a rate case filing no later than December 31, 2019. In response to the FERC’s July 2018 Final Rule in RM18-11-000, et. al (Order No. 849), on December 6, 2018, Supply Corporation filed its Form 501-G, which addresses the impact of the 2017 Tax Reform Act, and advised the Commission that it would make a Section 4 rate filing no later than July 31, 2019, thereby obviating the need for FERC to take any further action. Refer to Note 5 - Income Taxes for further discussion of the 2017 Tax Reform Act.

Empire filed a Section 4 rate case on June 29, 2018, proposing rate increases to be effective August 1, 2018. Empire and its customers reached a settlement in principle in December 2018, and Empire’s subsequent motion to put in place those interim settlement rates, effective January 1, 2019, was approved by FERC’s Chief Administrative Law Judge on December 31, 2018. The settlement remains subject to FERC approval. The “black box” settlement provides for new, system-wide rates, and which, based on current contracts, is estimated to increase Empire’s revenues on a yearly basis by approximately $4.6 million. The settlement also provides new depreciation rates and a tiered transportation revenue sharing mechanism, beginning with Empire sharing 35% of transportation only revenues (net of certain excluded items) over $64.4 million up to Empire sharing 55% of those revenues over $68.4 million. Empire has also committed to undertake certain improvements to its electronic bulletin board and will convene regular customer meetings to address these and other improvements. Under the settlement, Empire and the other parties may not file to change rates until March 31, 2021, except that Empire may make a filing (to be effective November 1, 2020) under limited circumstances for contract changes with a large customer. Empire must file a Section 4 rate case no later than May 1, 2025.
v3.19.1
Summary Of Significant Accounting Policies (Policy)
6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Principles of Consolidation Principles of Consolidation.  The Company consolidates all entities in which it has a controlling financial interest.  All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to oil and gas producing properties accounted for under the full cost method of accounting.
 
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
Reclassifications Reclassifications.  In November 2016, the FASB issued authoritative guidance related to the presentation of restricted cash on the statement of cash flows. The new guidance requires restricted cash and cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, and requires disclosure of how cash and cash equivalents on the statement of cash flows reconciles to the balance sheet. The Company considers Hedging Collateral Deposits to be restricted cash. The Company adopted this guidance effective October 1, 2018 on a retrospective basis. As a result, prior periods have been reclassified to conform to the current year presentation. Additional discussion is provided below at Consolidated Statement of Cash Flows.

In March 2017, the FASB issued authoritative guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance requires segregation of the service cost component from the other components of net periodic pension cost and net periodic postretirement benefit cost for financial reporting purposes. The service cost component is to be presented on the income statement in the same line items as other compensation costs included within Operating Expenses and the other components of net periodic pension cost and net periodic postretirement benefit cost are to be presented on the income statement below the subtotal labeled Operating Income (Loss). Under this guidance, the service cost component is eligible to be capitalized as part of the cost of inventory or property, plant and equipment while the other components of net periodic pension cost and net periodic postretirement benefit cost are generally not eligible for capitalization, unless allowed by a regulator. The Company adopted this guidance effective October 1, 2018. The Company applied the guidance retrospectively for the pension and postretirement benefit costs using amounts disclosed in prior period financial statement notes as estimates for the reclassifications in accordance with a practical expedient allowed under the guidance. For the quarter and six months ended March 31, 2018, Operating Income increased $14.9 million and $22.4 million, respectively, and Other Income (Deductions) decreased by the same amounts as a result of the reclassifications. For the quarter and six months ended March 31, 2019, Other Income (Deductions) includes $12.4 million and $19.8 million, respectively, of pension and postretirement benefit costs.
Earnings For Interim Periods Earnings for Interim Periods.  The Company, in its opinion, has included all adjustments (which consist of only normally recurring adjustments, unless otherwise disclosed in this Form 10-Q) that are necessary for a fair statement of the results of operations for the reported periods. The consolidated financial statements and notes thereto, included herein, should be read in conjunction with the financial statements and notes for the years ended September 30, 2018, 2017 and 2016 that are included in the Company's 2018 Form 10-K.  The consolidated financial statements for the year ended September 30, 2019 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year.
 
The earnings for the six months ended March 31, 2019 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2019.  Most of the business of the Utility and Energy Marketing segments is seasonal in nature and is influenced by weather conditions.  Due to the seasonal nature of the heating business in the Utility and Energy Marketing segments, earnings during the winter months normally represent a substantial part of the earnings that those segments are expected to achieve for the entire fiscal year.  The Company’s business segments are discussed more fully in Note 8 – Business Segment Information.
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows.  The components, as reported on the Company’s Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands):
 
Six Months Ended 
 March 31, 2019
 
Six Months Ended 
 March 31, 2018
 
Balance at October 1, 2018
 
Balance at March 31, 2019
 
Balance at October 1, 2017
 
Balance at March 31, 2018
 
 
 
 
 
 
 
 
Cash and Temporary Cash Investments
$
229,606

 
$
100,643

 
$
555,530

 
$
227,994

Hedging Collateral Deposits
3,441

 
1,983

 
1,741

 
3,657

Cash, Cash Equivalents, and Restricted Cash
$
233,047

 
$
102,626

 
$
557,271

 
$
231,651



The Company considers all highly liquid debt instruments purchased with a maturity date of generally three months or less to be cash equivalents. The Company’s restricted cash is comprised entirely of amounts reported as Hedging Collateral Deposits on the Consolidated Balance Sheets. Hedging Collateral Deposits is an account title for cash held in margin accounts funded by the Company to serve as collateral for hedging positions. In accordance with its accounting policy, the Company does not offset hedging collateral deposits paid or received against related derivative financial instruments liability or asset balances.
Gas Stored Underground Gas Stored Underground.  In the Utility segment, gas stored underground is carried at lower of cost or net realizable value, on a LIFO method.  Gas stored underground normally declines during the first and second quarters of the year and is replenished during the third and fourth quarters.  In the Utility segment, the current cost of replacing gas withdrawn from storage is recorded in the Consolidated Statements of Income and a reserve for gas replacement is recorded in the Consolidated Balance Sheets under the caption “Other Accruals and Current Liabilities.”  Such reserve, which amounted to $36.9 million at March 31, 2019, is reduced to zero by September 30 of each year as the inventory is replenished.
Property, Plant and Equipment Property, Plant and Equipment.  In the Company’s Exploration and Production segment, oil and gas property acquisition, exploration and development costs are capitalized under the full cost method of accounting. Under this methodology, all costs associated with property acquisition, exploration and development activities are capitalized, including internal costs directly identified with acquisition, exploration and development activities. The internal costs that are capitalized do not include any costs related to production, general corporate overhead, or similar activities. The Company does not recognize any gain or loss on the sale or other disposition of oil and gas properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center.
 
Capitalized costs include costs related to unproved properties, which are excluded from amortization until proved reserves are found or it is determined that the unproved properties are impaired.  Such costs amounted to $64.9 million and $62.2 million at March 31, 2019 and September 30, 2018, respectively.  All costs related to unproved properties are reviewed quarterly to determine if impairment has occurred. The amount of any impairment is transferred to the pool of capitalized costs being amortized.
 
Capitalized costs are subject to the SEC full cost ceiling test. The ceiling test, which is performed each quarter, determines a limit, or ceiling, on the amount of property acquisition, exploration and development costs that can be capitalized. The ceiling under this test represents (a) the present value of estimated future net cash flows, excluding future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, using a discount factor of 10%, which is computed by applying prices of oil and gas (as adjusted for hedging) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet, less estimated future expenditures, plus (b) the cost of unevaluated properties not being depleted, less (c) income tax effects related to the differences between the book and tax basis of the properties. The natural gas and oil prices used to calculate the full cost ceiling are based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the twelve-month period prior to the end of the reporting period. If capitalized costs, net of accumulated depreciation, depletion and amortization and related deferred income taxes, exceed the ceiling at the end of any quarter, a permanent impairment is required to be charged to earnings in that quarter.  At March 31, 2019, the ceiling exceeded the book value of the oil and gas properties by approximately $577.5 million. In adjusting estimated future cash flows for hedging under the ceiling test at March 31, 2019, estimated future net cash flows were decreased by $37.0 million.
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss.  The components of Accumulated Other Comprehensive Loss and changes for the six months ended March 31, 2019 and 2018, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands): 
 
Gains and Losses on Derivative Financial Instruments
 
Gains and Losses on Securities Available for Sale
 
Funded Status of the Pension and Other Post-Retirement Benefit Plans
 
Total
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
Balance at January 1, 2019
$
17,886

 
$

 
$
(46,576
)
 
$
(28,690
)
Other Comprehensive Gains and Losses Before Reclassifications
(18,601
)
 

 

 
(18,601
)
Amounts Reclassified From Other Comprehensive Income (Loss)
3,411

 

 

 
3,411

Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act
1,866

 

 
(12,272
)
 
(10,406
)
Balance at March 31, 2019
$
4,562

 
$

 
$
(58,848
)
 
$
(54,286
)
Six Months Ended March 31, 2019
 
 
 
 
 
 
 
Balance at October 1, 2018
$
(28,611
)
 
$
7,437

 
$
(46,576
)
 
$
(67,750
)
Other Comprehensive Gains and Losses Before Reclassifications
13,797

 

 

 
13,797

Amounts Reclassified From Other Comprehensive Income (Loss)
17,510

 

 

 
17,510

Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities

 
(7,437
)
 

 
(7,437
)
Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act
1,866

 

 
(12,272
)
 
(10,406
)
Balance at March 31, 2019
$
4,562

 
$

 
$
(58,848
)
 
$
(54,286
)
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
Balance at January 1, 2018
$
10,256

 
$
7,311

 
$
(58,486
)
 
$
(40,919
)
Other Comprehensive Gains and Losses Before Reclassifications
(9,063
)
 
(426
)
 

 
(9,489
)
Amounts Reclassified From Other Comprehensive Income (Loss)
2,648

 

 

 
2,648

Balance at March 31, 2018
$
3,841

 
$
6,885

 
$
(58,486
)
 
$
(47,760
)
Six Months Ended March 31, 2018
 
 
 
 
 
 
 
Balance at October 1, 2017
$
20,801

 
$
7,562

 
$
(58,486
)
 
$
(30,123
)
Other Comprehensive Gains and Losses Before Reclassifications
(12,257
)
 
(405
)
 

 
(12,662
)
Amounts Reclassified From Other Comprehensive Income (Loss)
(4,703
)
 
(272
)
 

 
(4,975
)
Balance at March 31, 2018
$
3,841

 
$
6,885

 
$
(58,486
)
 
$
(47,760
)

In February 2018, the FASB issued authoritative guidance that allows an entity to elect a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the 2017 Tax Reform Act and requires certain disclosures about stranded tax effects. The Company adopted this authoritative guidance effective January 1, 2019 and recorded a cumulative effect adjustment related to deferred income taxes associated with hedging activities and pension and post-retirement benefit obligations for the quarter ended March 31, 2019 to increase retained earnings by $10.4 million and decrease accumulated other comprehensive income by the same amount.

In January 2016, the FASB issued authoritative guidance regarding the recognition and measurement of financial assets and liabilities. The authoritative guidance primarily affects the accounting for equity investments and the presentation and disclosure
requirements for financial instruments. All equity investments in unconsolidated entities will be measured at fair value through earnings rather than through accumulated other comprehensive income. The Company adopted this authoritative guidance effective October 1, 2018 and, as called for by the modified retrospective method of adoption, recorded a cumulative effect adjustment for the quarter ended December 31, 2018 to increase retained earnings by $7.4 million and decrease accumulated other comprehensive income by the same amount.
    
Reclassifications Out of Accumulated Other Comprehensive Loss Reclassifications Out of Accumulated Other Comprehensive Loss.  The details about the reclassification adjustments out of accumulated other comprehensive loss for the six months ended March 31, 2019 and 2018 are as follows (amounts in parentheses indicate debits to the income statement) (in thousands):
Details About Accumulated Other Comprehensive Loss Components
 
Amount of Gain or (Loss) Reclassified from
Accumulated Other Comprehensive Loss
 
Affected Line Item in the Statement Where Net Income is Presented
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
 
2019
 
2018
 
2019
 
2018
 
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
 
     Commodity Contracts
 

($4,260
)
 

($3,467
)
 

($22,782
)
 

$9,375

 
Operating Revenues
     Commodity Contracts
 
(280
)
 
750

 
(1,182
)
 
947

 
Purchased Gas
     Foreign Currency Contracts
 
(199
)
 
(482
)
 
(420
)
 
(973
)
 
Operating Revenues
Gains (Losses) on Securities Available for Sale
 

 

 

 
430

 
Other Income (Deductions)
 
 
(4,739
)
 
(3,199
)
 
(24,384
)
 
9,779

 
Total Before Income Tax
 
 
1,328

 
551

 
6,874

 
(4,804
)
 
Income Tax Expense
 
 

($3,411
)
 

($2,648
)
 

($17,510
)
 

$4,975

 
Net of Tax

Other Current Assets
Other Current Assets.  The components of the Company’s Other Current Assets are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Prepayments
$
8,063

 
$
11,126

Prepaid Property and Other Taxes
23,015

 
14,088

Federal Income Taxes Receivable
7,460

 
22,457

State Income Taxes Receivable
7,677

 
8,822

Fair Values of Firm Commitments
179

 
1,739

Regulatory Assets
11,192

 
9,792

 
$
57,586

 
$
68,024

Other Assets Other Assets.  The components of the Company’s Other Assets are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Federal Income Taxes Receivable
$
42,093

 
$

Other
91

 
102

 
$
42,184

 
$
102

Other Accruals and Current Liabilities Other Accruals and Current Liabilities.  The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Accrued Capital Expenditures
$
52,875

 
$
38,354

Regulatory Liabilities
53,744

 
57,425

Reserve for Gas Replacement
36,922

 

Liability for Royalty and Working Interests
21,438

 
12,062

Other
30,818

 
24,852

 
$
195,797

 
$
132,693

Earnings Per Common Share Earnings Per Common Share.  Basic earnings per common share is computed by dividing income or loss by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.  For purposes of determining earnings per common share, the potentially dilutive securities the Company had outstanding were SARs, restricted stock units and performance shares.  For the quarter and six months ended March 31, 2019, the diluted weighted average shares outstanding shown on the Consolidated Statements of Income reflects the potential dilution as a result of these securities as determined using the Treasury Stock Method.  SARs, restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share. There were 159,023 securities and 175,443 securities excluded as being antidilutive for the quarter and six months ended March 31, 2019, respectively. There were 685,338 securities and 316,159 securities excluded as being antidilutive for the quarter and six months ended March 31, 2018, respectively.
Stock-Based Compensation Stock-Based Compensation.  The Company granted 244,734 performance shares during the six months ended March 31, 2019. The weighted average fair value of such performance shares was $55.67 per share for the six months ended March 31, 2019. Performance shares are an award constituting units denominated in common stock of the Company, the number of which may be adjusted over a performance cycle based upon the extent to which performance goals have been satisfied.  Earned performance shares may be distributed in the form of shares of common stock of the Company, an equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company. The performance shares do not entitle the participant to receive dividends during the vesting period.
 
Half of the performance shares granted during the six months ended March 31, 2019 must meet a performance goal related to relative return on capital over a three-year performance cycle.  The performance goal over the performance cycle is the Company’s total return on capital relative to the total return on capital of other companies in a group selected by the Compensation Committee (“Report Group”).  Total return on capital for a given company means the average of the Report Group companies’ returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during the performance cycle, based on data reported for the Report Group companies in the Bloomberg database.  The number of these performance shares that will vest and be paid will depend upon the Company’s performance relative to the Report Group and not upon the absolute level of return achieved by the Company.  The fair value of these performance shares is calculated by multiplying the expected number of shares that will be issued by the average market price of Company common stock on the date of grant reduced by the present value of forgone dividends over the vesting term of the award.  The fair value is recorded as compensation expense over the vesting term of the award.  The other half of the performance shares granted during the six months ended March 31, 2019 must meet a performance goal related to relative total shareholder return over a three-year performance cycle.  The performance goal over the performance cycle is the Company’s three-year total shareholder return relative to the three-year total shareholder return of the other companies in the Report Group.  Three-year total shareholder return for a given company will be based on the data reported for that company (with the starting and ending stock prices over the performance cycle calculated as the average closing stock price for the prior calendar month and with dividends reinvested in that company’s securities at each ex-dividend date) in the Bloomberg database.  The number of these total shareholder return performance shares ("TSR performance shares") that will vest and be paid will depend upon the Company’s performance relative to the Report Group and not upon the absolute level of return achieved by the Company.  The fair value price at the date of grant for the TSR performance shares is determined using a Monte Carlo simulation technique, which includes a reduction in value for the present value of forgone dividends over the vesting term of the award.  This price is multiplied by the number of TSR performance shares awarded, the result of which is recorded as compensation expense over the vesting term of the award.
 
The Company granted 111,108 non-performance based restricted stock units during the six months ended March 31, 2019.  The weighted average fair value of such non-performance based restricted stock units was $49.72 per share for the six months ended March 31, 2019.  Restricted stock units represent the right to receive shares of common stock of the Company (or
the equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company) at the end of a specified time period. These non-performance based restricted stock units do not entitle the participant to receive dividends during the vesting period. The accounting for non-performance based restricted stock units is the same as the accounting for restricted share awards, except that the fair value at the date of grant of the restricted stock units must be reduced by the present value of forgone dividends over the vesting term of the award.
New Authoritative Accounting and Financial Reporting Guidance New Authoritative Accounting and Financial Reporting Guidance.     In February 2016, the FASB issued authoritative guidance, which has subsequently been amended, requiring organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by all leases, regardless of whether they are considered to be capital leases or operating leases. The FASB’s previous authoritative guidance required organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by capital leases while excluding operating leases from balance sheet recognition. The new authoritative guidance will be effective as of the Company’s first quarter of fiscal 2020, with early adoption permitted. The Company does not anticipate early adoption. The Company has developed a plan for the adoption and implementation of the authoritative guidance and continues to develop its complete lease inventory. The Company also continues to evaluate and document technical accounting issues, policy considerations, financial reporting and disclosure implications, and changes to internal controls and business processes. While the Company continues to assess the impact on its financial statements, the Company expects that adoption of the authoritative guidance will result in an increase to its assets and liabilities on its consolidated balance sheet.

In August 2017, the FASB issued authoritative guidance which changes the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities and to simplify the application of hedge accounting. The new guidance will be effective as of the Company’s first quarter of fiscal 2020, with early adoption permitted. The Company does not expect adoption of this guidance to have a significant impact on its consolidated financial statements and is currently evaluating the impact of this guidance.
v3.19.1
Summary Of Significant Accounting Policies (Tables)
6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash The components, as reported on the Company’s Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands):
 
Six Months Ended 
 March 31, 2019
 
Six Months Ended 
 March 31, 2018
 
Balance at October 1, 2018
 
Balance at March 31, 2019
 
Balance at October 1, 2017
 
Balance at March 31, 2018
 
 
 
 
 
 
 
 
Cash and Temporary Cash Investments
$
229,606

 
$
100,643

 
$
555,530

 
$
227,994

Hedging Collateral Deposits
3,441

 
1,983

 
1,741

 
3,657

Cash, Cash Equivalents, and Restricted Cash
$
233,047

 
$
102,626

 
$
557,271

 
$
231,651

Components of Accumulated Other Comprehensive Loss The components of Accumulated Other Comprehensive Loss and changes for the six months ended March 31, 2019 and 2018, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands): 
 
Gains and Losses on Derivative Financial Instruments
 
Gains and Losses on Securities Available for Sale
 
Funded Status of the Pension and Other Post-Retirement Benefit Plans
 
Total
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
Balance at January 1, 2019
$
17,886

 
$

 
$
(46,576
)
 
$
(28,690
)
Other Comprehensive Gains and Losses Before Reclassifications
(18,601
)
 

 

 
(18,601
)
Amounts Reclassified From Other Comprehensive Income (Loss)
3,411

 

 

 
3,411

Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act
1,866

 

 
(12,272
)
 
(10,406
)
Balance at March 31, 2019
$
4,562

 
$

 
$
(58,848
)
 
$
(54,286
)
Six Months Ended March 31, 2019
 
 
 
 
 
 
 
Balance at October 1, 2018
$
(28,611
)
 
$
7,437

 
$
(46,576
)
 
$
(67,750
)
Other Comprehensive Gains and Losses Before Reclassifications
13,797

 

 

 
13,797

Amounts Reclassified From Other Comprehensive Income (Loss)
17,510

 

 

 
17,510

Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities

 
(7,437
)
 

 
(7,437
)
Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act
1,866

 

 
(12,272
)
 
(10,406
)
Balance at March 31, 2019
$
4,562

 
$

 
$
(58,848
)
 
$
(54,286
)
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
Balance at January 1, 2018
$
10,256

 
$
7,311

 
$
(58,486
)
 
$
(40,919
)
Other Comprehensive Gains and Losses Before Reclassifications
(9,063
)
 
(426
)
 

 
(9,489
)
Amounts Reclassified From Other Comprehensive Income (Loss)
2,648

 

 

 
2,648

Balance at March 31, 2018
$
3,841

 
$
6,885

 
$
(58,486
)
 
$
(47,760
)
Six Months Ended March 31, 2018
 
 
 
 
 
 
 
Balance at October 1, 2017
$
20,801

 
$
7,562

 
$
(58,486
)
 
$
(30,123
)
Other Comprehensive Gains and Losses Before Reclassifications
(12,257
)
 
(405
)
 

 
(12,662
)
Amounts Reclassified From Other Comprehensive Income (Loss)
(4,703
)
 
(272
)
 

 
(4,975
)
Balance at March 31, 2018
$
3,841

 
$
6,885

 
$
(58,486
)
 
$
(47,760
)

Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss The details about the reclassification adjustments out of accumulated other comprehensive loss for the six months ended March 31, 2019 and 2018 are as follows (amounts in parentheses indicate debits to the income statement) (in thousands):
Details About Accumulated Other Comprehensive Loss Components
 
Amount of Gain or (Loss) Reclassified from
Accumulated Other Comprehensive Loss
 
Affected Line Item in the Statement Where Net Income is Presented
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
 
2019
 
2018
 
2019
 
2018
 
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
 
     Commodity Contracts
 

($4,260
)
 

($3,467
)
 

($22,782
)
 

$9,375

 
Operating Revenues
     Commodity Contracts
 
(280
)
 
750

 
(1,182
)
 
947

 
Purchased Gas
     Foreign Currency Contracts
 
(199
)
 
(482
)
 
(420
)
 
(973
)
 
Operating Revenues
Gains (Losses) on Securities Available for Sale
 

 

 

 
430

 
Other Income (Deductions)
 
 
(4,739
)
 
(3,199
)
 
(24,384
)
 
9,779

 
Total Before Income Tax
 
 
1,328

 
551

 
6,874

 
(4,804
)
 
Income Tax Expense
 
 

($3,411
)
 

($2,648
)
 

($17,510
)
 

$4,975

 
Net of Tax

Schedule of Other Current Assets The components of the Company’s Other Current Assets are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Prepayments
$
8,063

 
$
11,126

Prepaid Property and Other Taxes
23,015

 
14,088

Federal Income Taxes Receivable
7,460

 
22,457

State Income Taxes Receivable
7,677

 
8,822

Fair Values of Firm Commitments
179

 
1,739

Regulatory Assets
11,192

 
9,792

 
$
57,586

 
$
68,024

Schedule of Other Assets The components of the Company’s Other Assets are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Federal Income Taxes Receivable
$
42,093

 
$

Other
91

 
102

 
$
42,184

 
$
102

Schedule of Other Accruals and Current Liabilities The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands):
                            
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Accrued Capital Expenditures
$
52,875

 
$
38,354

Regulatory Liabilities
53,744

 
57,425

Reserve for Gas Replacement
36,922

 

Liability for Royalty and Working Interests
21,438

 
12,062

Other
30,818

 
24,852

 
$
195,797

 
$
132,693

v3.19.1
Revenue from Contracts with Customers (Tables)
6 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following tables provide a disaggregation of the Company's revenues for the quarter and six months ended March 31, 2019, presented by type of service from each reportable segment.
Quarter Ended March 31, 2019 (Thousands)
 
 
 
 

 
 

 
 

 
 

Revenues By Type of Service
Exploration and Production
 
Pipeline and Storage
 
Gathering
 
Utility
 
Energy Marketing
 
All Other
 
Corporate and Intersegment Eliminations
 
Total Consolidated
Production of Natural Gas
$
121,824

 
$

 
$

 
$

 
$

 
$

 
$

 
$
121,824

Production of Crude Oil
34,878

 

 

 

 

 

 

 
34,878

Natural Gas Processing
971

 

 

 

 

 

 

 
971

Natural Gas Gathering Services

 

 
29,368

 

 

 

 
(29,366
)
 
2

Natural Gas Transportation Service

 
52,239

 

 
45,083

 

 

 
(19,819
)
 
77,503

Natural Gas Storage Service

 
19,360

 

 

 

 

 
(8,333
)
 
11,027

Natural Gas Residential Sales

 

 

 
229,254

 

 

 

 
229,254

Natural Gas Commercial Sales

 

 

 
34,255

 

 

 

 
34,255

Natural Gas Industrial Sales

 

 

 
1,867

 

 

 

 
1,867

Natural Gas Marketing

 

 

 

 
58,516

 

 
(43
)
 
58,473

Other
493

 
740

 

 
(5,963
)
 
8

 
310

 
(105
)
 
(4,517
)
Total Revenues from Contracts with Customers
158,166

 
72,339

 
29,368

 
304,496

 
58,524

 
310

 
(57,666
)
 
565,537

Alternative Revenue Programs

 

 

 
(1,466
)
 

 

 

 
(1,466
)
Derivative Financial Instruments
(12,064
)
 

 

 

 
537

 

 

 
(11,527
)
Total Revenues
$
146,102

 
$
72,339

 
$
29,368

 
$
303,030

 
$
59,061

 
$
310

 
$
(57,666
)
 
$
552,544


Six Months Ended March 31, 2019 (Thousands)
 
 
 
 

 
 

 
 

 
 

Revenues By Type of Service
Exploration and Production
 
Pipeline and Storage
 
Gathering
 
Utility
 
Energy Marketing
 
All Other
 
Corporate and Intersegment Eliminations
 
Total Consolidated
Production of Natural Gas
$
257,735

 
$

 
$

 
$

 
$

 
$

 
$

 
$
257,735

Production of Crude Oil
72,433

 

 

 

 

 

 

 
72,433

Natural Gas Processing
1,945

 

 

 

 

 

 

 
1,945

Natural Gas Gathering Services

 

 
59,058

 

 

 

 
(59,056
)
 
2

Natural Gas Transportation Service

 
108,375

 

 
80,714

 

 

 
(36,884
)
 
152,205

Natural Gas Storage Service

 
38,289

 

 

 

 

 
(16,306
)
 
21,983

Natural Gas Residential Sales

 

 

 
396,121

 

 

 

 
396,121

Natural Gas Commercial Sales

 

 

 
56,301

 

 

 

 
56,301

Natural Gas Industrial Sales

 

 

 
3,368

 

 

 

 
3,368

Natural Gas Marketing

 

 

 

 
107,803

 

 
(375
)
 
107,428

Other
876

 
2,744

 

 
(8,824
)
 
9

 
1,316

 
(510
)
 
(4,389
)
Total Revenues from Contracts with Customers
332,989

 
149,408

 
59,058

 
527,680

 
107,812

 
1,316

 
(113,131
)
 
1,065,132

Alternative Revenue Programs

 

 

 
(1,993
)
 

 

 

 
(1,993
)
Derivative Financial Instruments
(24,011
)
 

 

 

 
3,663

 

 

 
(20,348
)
Total Revenues
$
308,978

 
$
149,408

 
$
59,058

 
$
525,687

 
$
111,475

 
$
1,316

 
$
(113,131
)
 
$
1,042,791

v3.19.1
Fair Value Measurements (Tables)
6 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The following table sets forth, by level within the fair value hierarchy, the Company's financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of March 31, 2019 and September 30, 2018.  Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over the counter swaps combines gas and oil swaps because a significant number of the counterparties enter into both gas and oil swap agreements with the Company.  
Recurring Fair Value Measures
At fair value as of March 31, 2019
(Thousands of Dollars)   
Level 1
 
Level 2
 
Level 3
 
Netting Adjustments(1)
 
Total(1)
Assets:
 

 
 

 
 

 
 

 
 

Cash Equivalents – Money Market Mutual Funds
$
79,632

 
$

 
$

 
$

 
$
79,632

Derivative Financial Instruments:
 

 
 

 
 

 
 

 
 

Commodity Futures Contracts – Gas
1,468

 

 

 
(1,415
)
 
53

Over the Counter Swaps – Gas and Oil

 
23,389

 

 
(12,312
)
 
11,077

Foreign Currency Contracts

 
5

 

 
(5
)
 

Other Investments:
 

 
 

 
 

 
 

 
 

Balanced Equity Mutual Fund
38,892

 

 

 

 
38,892

Fixed Income Mutual Fund
54,165

 

 

 

 
54,165

Common Stock – Financial Services Industry
1,713

 

 

 

 
1,713

Hedging Collateral Deposits
1,983

 

 

 

 
1,983

Total                                           
$
177,853

 
$
23,394

 
$

 
$
(13,732
)
 
$
187,515

 
 
 
 
 
 
 
 
 
 
Liabilities:
 

 
 

 
 

 
 

 
 

Derivative Financial Instruments:
 

 
 

 
 

 
 

 
 

Commodity Futures Contracts – Gas
$
1,415

 
$

 
$

 
$
(1,415
)
 
$

Over the Counter Swaps – Gas and Oil

 
15,865

 

 
(12,312
)
 
3,553

Foreign Currency Contracts

 
2,201

 

 
(5
)
 
2,196

Total
$
1,415

 
$
18,066

 
$

 
$
(13,732
)
 
$
5,749

Total Net Assets/(Liabilities)
$
176,438

 
$
5,328

 
$

 
$

 
$
181,766

 
Recurring Fair Value Measures
At fair value as of September 30, 2018
(Thousands of Dollars)   
Level 1
 
Level 2
 
Level 3
 
Netting Adjustments(1)
 
Total(1)
Assets:
 

 
 

 
 

 
 

 
 

Cash Equivalents – Money Market Mutual Funds
$
215,272

 
$

 
$

 
$

 
$
215,272

Derivative Financial Instruments:
 

 
 

 
 

 
 

 
 

Commodity Futures Contracts – Gas
1,075

 

 

 
(1,075
)
 

Over the Counter Swaps – Gas and Oil

 
26,074

 

 
(17,041
)
 
9,033

Foreign Currency Contracts

 
443

 

 
(443
)
 

Other Investments:
 

 
 

 
 

 
 

 
 

Balanced Equity Mutual Fund
38,468

 

 

 

 
38,468

Fixed Income Mutual Fund
51,331

 

 

 

 
51,331

Common Stock – Financial Services Industry
2,776

 

 

 

 
2,776

Hedging Collateral Deposits
3,441

 

 

 

 
3,441

Total                                           
$
312,363

 
$
26,517

 
$

 
$
(18,559
)
 
$
320,321

 
 
 
 
 
 
 
 
 
 
Liabilities:
 

 
 

 
 

 
 

 
 

Derivative Financial Instruments:
 

 
 

 
 

 
 

 
 

Commodity Futures Contracts – Gas
$
2,412

 
$

 
$

 
$
(1,075
)
 
$
1,337

Over the Counter Swaps – Gas and Oil

 
64,224

 

 
(17,041
)
 
47,183

     Foreign Currency Contracts

 
959

 

 
(443
)
 
516

Total
$
2,412

 
$
65,183

 
$

 
$
(18,559
)
 
$
49,036

Total Net Assets/(Liabilities)
$
309,951

 
$
(38,666
)
 
$

 
$

 
$
271,285


(1) 
Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
v3.19.1
Financial Instruments (Tables)
6 Months Ended
Mar. 31, 2019
Financial Instruments, Owned, at Fair Value [Abstract]  
Long-Term Debt Based on these criteria, the fair market value of long-term debt, including current portion, was as follows (in thousands): 
 
March 31, 2019
 
September 30, 2018
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Long-Term Debt
$
2,132,488

 
$
2,192,744

 
$
2,131,365

 
$
2,121,861

Schedule Of Other Investments The components of the Company's Other Investments are as follows (in thousands):
 
At March 31, 2019
 
At September 30, 2018
 
 
 
 
Life Insurance Contracts
$
40,252

 
$
39,970

Equity Mutual Fund
38,892

 
38,468

Fixed Income Mutual Fund
54,165

 
51,331

Marketable Equity Securities
1,713

 
2,776

 
$
135,022

 
$
132,545

Schedule of Derivative Financial Instruments Designated And Qualifying As Cash Flow Hedges On The Statement Of Financial Performance
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the
Three Months Ended March 31, 2019 and 2018 (Thousands of Dollars)
Derivatives in Cash Flow Hedging Relationships
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Three Months Ended March 31,
Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion)
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Three Months Ended March 31,
Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Three Months Ended March 31,
 
2019
2018
 
2019
2018
 
2019
2018
Commodity Contracts
$
(27,228
)
$
(10,514
)
Operating Revenue
$
(4,260
)
$
(3,467
)
Operating Revenue
$
(6,742
)
$
335

Commodity Contracts
(54
)
(344
)
Purchased Gas
(280
)
750

Not Applicable


Foreign Currency Contracts
1,282

(1,724
)
Operating Revenue
(199
)
(482
)
Not Applicable


Total
$
(26,000
)
$
(12,582
)
 
$
(4,739
)
$
(3,199
)
 
$
(6,742
)
$
335

The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the
Six Months Ended March 31, 2019 and 2018 (Thousands of Dollars)
Derivatives in Cash Flow Hedging Relationships
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Six Months Ended March 31,
Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion)
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Six Months Ended March 31,
Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Six Months Ended March 31,
 
2019
2018
 
2019
2018
 
2019
2018
Commodity Contracts
$
22,825

$
(16,463
)
Operating Revenue
$
(22,782
)
$
9,375

Operating Revenue
$
(237
)
$
(98
)
Commodity Contracts
(1,333
)
613

Purchased Gas
(1,182
)
947

Not Applicable


Foreign Currency Contracts
(2,102
)
(2,231
)
Operating Revenue
(420
)
(973
)
Not Applicable


Total
$
19,390

$
(18,081
)
 
$
(24,384
)
$
9,349

 
$
(237
)
$
(98
)
 
 
 
 
 
 
 
 
 

Schedule Of Derivatives And Hedged Items in Fair Value Hedging Relationships For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk completely offset each other in current earnings, as shown below.

Derivatives in Fair Value Hedging Relationships
Location of Gain or (Loss) on Derivative and Hedged Item Recognized in the Consolidated Statement of Income
Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income for the
Six Months Ended March 31, 2019
(In Thousands)
Amount of Gain or (Loss) on the Hedged Item Recognized in the Consolidated Statement of Income for the
Six Months Ended March 31, 2019
(In Thousands)
Commodity Contracts
Operating Revenues
$
1,645

$
(1,645
)
Commodity Contracts
Purchased Gas
$
94

$
(94
)
 
 
$
1,739

$
(1,739
)
 
v3.19.1
Capitalization (Tables)
6 Months Ended
Mar. 31, 2019
Capitalization, Long-term Debt and Equity [Abstract]  
Summary of Changes in Common Stock Equity Summary of Changes in Common Stock Equity
 
Common Stock
 
Paid In
Capital
 
Earnings
Reinvested
in the
Business
 
Accumulated
Other
Comprehensive
Income (Loss)
Shares
 
Amount
 
 
(Thousands, except per share amounts)
Balance at January 1, 2019
86,271

 
$
86,271

 
$
817,076

 
$
1,172,334

 
$
(28,690
)
Net Income Available for Common Stock
 
 
 
 
 
 
90,595

 
 
Dividends Declared on Common Stock ($0.425 Per Share)
 
 
 
 
 
 
(36,678
)
 
 
Cumulative Effect of Adoption of Authoritative Guidance for Reclassification of Stranded Tax Effects
 
 
 
 
 
 
10,406

 
 
Other Comprehensive Loss, Net of Tax
 
 
 
 
 
 
 
 
(25,596
)
Share-Based Payment Expense (1)
 
 
 
 
5,038

 
 
 
 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans
30

 
30

 
(277
)
 
 
 
 
Balance at March 31, 2019
86,301

 
$
86,301

 
$
821,837

 
$
1,236,657

 
$
(54,286
)
 
 
 
 
 
 
 
 
 
 
Balance at October 1, 2018
85,957

 
$
85,957

 
$
820,223

 
$
1,098,900

 
$
(67,750
)
Net Income Available for Common Stock
 
 
 
 
 
 
193,256

 
 
Dividends Declared on Common Stock ($0.85 Per Share)
 
 
 
 
 
 
(73,342
)
 
 
Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities
 
 
 
 
 
 
7,437

 
 
Cumulative Effect of Adoption of Authoritative Guidance for Reclassification of Stranded Tax Effects
 
 
 
 
 
 
10,406

 
 
Other Comprehensive Income, Net of Tax
 
 
 
 
 
 
 
 
13,464

Share-Based Payment Expense (1)
 
 
 
 
9,955

 
 
 
 
Common Stock Issued (Repurchased) Under Stock and Benefit Plans
344

 
344

 
(8,341
)
 
 
 
 
Balance at March 31, 2019
86,301

 
$
86,301

 
$
821,837

 
$
1,236,657

 
$
(54,286
)
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2018
85,761

 
$
85,761

 
$
800,348

 
$
1,014,733

 
$
(40,919
)
Net Income Available for Common Stock
 
 
 
 
 
 
91,847

 
 
Dividends Declared on Common Stock ($0.415 Per Share)
 
 
 
 
 
 
(35,641
)
 
 
Other Comprehensive Loss, Net of Tax
 
 
 
 
 
 
 
 
(6,841
)
Share-Based Payment Expense (1)
 
 
 
 
3,563

 
 
 
 
Common Stock Issued Under Stock and Benefit Plans
121

 
121

 
6,215

 
 
 
 
Balance at March 31, 2018
85,882

 
$
85,882

 
$
810,126

 
$
1,070,939

 
$
(47,760
)
 
 
 
 
 
 
 
 
 
 
Balance at October 1, 2017
85,543

 
$
85,543

 
$
796,646

 
$
851,669

 
$
(30,123
)
Net Income Available for Common Stock
 
 
 
 
 
 
290,501

 
 
Dividends Declared on Common Stock ($0.83 Per Share)
 
 
 
 
 
 
(71,231
)
 
 
Other Comprehensive Loss, Net of Tax
 
 
 
 
 
 
 
 
(17,637
)
Share-Based Payment Expense (1)
 
 
 
 
7,074

 
 
 
 
Common Stock Issued Under Stock and Benefit Plans
339

 
339

 
6,406

 
 
 
 
Balance at March 31, 2018
85,882

 
$
85,882

 
$
810,126

 
$
1,070,939

 
$
(47,760
)


(1) 
Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits.
v3.19.1
Business Segment Information (Tables)
6 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Financial Segment Information By Segment A listing of segment assets at March 31, 2019 and September 30, 2018 is shown in the tables below.  
Quarter Ended March 31, 2019 (Thousands)
 
 
 
 
 
 
 
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Revenue from External Customers
$146,102
$48,421
$2
$298,636
$59,018
$552,179
$310
$55
$552,544
Intersegment Revenues
$—
$23,918
$29,366
$4,394
$43
$57,721
$—
$(57,721)
$—
Segment Profit: Net Income (Loss)
$21,873
$17,749
$12,690
$35,589
$544
$88,445
$(128)
$2,278
$90,595

 


 





Six Months Ended March 31, 2019 (Thousands)
 
 
 
 
 
 
 
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Revenue from External Customers
$308,978
$102,639
$2
$518,647
$111,100
$1,041,366
$1,316
$109
$1,042,791
Intersegment Revenues
$—
$46,769
$59,056
$7,040
$375
$113,240
$—
$(113,240)
$—
Segment Profit: Net Income
$60,087
$42,851
$26,872
$61,237
$243
$191,290
$256
$1,710
$193,256
 
 
 
 
 
 
 
 
 
 
(Thousands)
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Segment Assets:
 
 
 
 
 
 
 
 
 
At March 31, 2019
$1,777,770
$1,861,900
$554,491
$2,013,937
$53,898
$6,261,996
$78,398
$(61,419)
$6,278,975
At September 30, 2018
$1,568,563
$1,848,180
$533,608
$1,921,971
$50,971
$5,923,293
$78,109
$35,084
$6,036,486

Quarter Ended March 31, 2018 (Thousands)
 
 
 
 
 
 
 
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Revenue from External Customers
$146,411
$53,714
$(99)
$283,778
$55,644
$539,448
$1,232
$225
$540,905
Intersegment Revenues
$—
$23,044
$27,832
$5,700
$(51)
$56,525
$—
$(56,525)
$—
Segment Profit: Net Income (Loss)
$26,537
$22,724
$11,770
$33,360
$578
$94,969
$207
$(3,329)
$91,847
Six Months Ended March 31, 2018 (Thousands)
 
 
 
 
 
 
 
Exploration and Production
Pipeline and Storage
Gathering
Utility
Energy Marketing
Total Reportable Segments
All Other
Corporate and Intersegment Eliminations
Total Consolidated
Revenue from External Customers
$285,552
$107,025
$71
$470,867
$94,280
$957,795
$2,328
$438
$960,561
Intersegment Revenues
$—
$45,028
$51,497
$7,882
$76
$104,483
$—
$(104,483)
$—
Segment Profit: Net Income (Loss)
$133,235
$61,186
$57,169
$54,353
$1,624
$307,567
$(511)
$(16,555)
$290,501
 
 
 
 
 
 
 
 
 
 
v3.19.1
Retirement Plan And Other Post-Retirement Benefits (Tables)
6 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost Components of Net Periodic Benefit Cost (in thousands):
 
 
Retirement Plan
 
Other Post-Retirement Benefits
Three Months Ended March 31,
2019
2018
 
2019
2018





 




Service Cost
$
2,120

$
2,480

 
$
380

$
458

Interest Cost
9,594

8,252

 
4,286

3,700

Expected Return on Plan Assets
(15,591
)
(15,429
)
 
(7,539
)
(7,871
)
Amortization of Prior Service Cost (Credit)
206

235

 
(107
)
(107
)
Amortization of Losses
8,024

9,301

 
1,490

2,639

Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1)
4,786

6,492

 
6,565

6,250






 




Net Periodic Benefit Cost
$
9,139

$
11,331

 
$
5,075

$
5,069

 
 
 
 
 
 
 
Retirement Plan
 
Other Post-Retirement Benefits
Six Months Ended March 31,
2019
2018
 
2019
2018
 
 
 
 
 
 
Service Cost
$
4,241

$
4,960

 
$
760

$
915

Interest Cost
19,189

16,503

 
8,572

7,400

Expected Return on Plan Assets
(31,184
)
(30,857
)
 
(15,078
)
(15,741
)
Amortization of Prior Service Cost (Credit)
413

469

 
(214
)
(214
)
Amortization of Losses
16,048

18,602

 
2,980

5,279

Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1)
5,604

8,214

 
10,536

9,858

 
 
 
 
 
 
Net Periodic Benefit Cost
$
14,311

$
17,891

 
$
7,556

$
7,497

 
 
 
 
 
 
(1) 
The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months.
v3.19.1
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Sep. 30, 2018
Sep. 30, 2019
Summary Of Significant Accounting Policies [Line Items]            
Pension and Postretirement Benefit Costs in Other Income and Deductions $ 12,400 $ 14,900 $ 19,800 $ 22,400    
Gas stored underground $ (6,848)   (6,848)   $ (37,813)  
Capitalized costs of unproved properties excluded from amortization     $ 64,900   62,200  
Full cost ceiling test discount factor 10.00%   10.00%      
Amount Full Cost Ceiling Exceeds Book Value Of Oil And Gas Properties $ 577,500   $ 577,500      
Decrease estimated future net cash flows $ 37,000          
Antidilutive securities 159,023 685,338 175,443 316,159    
Reserve For Gas Replacement [Member]            
Summary Of Significant Accounting Policies [Line Items]            
Gas stored underground $ 36,922   $ 36,922   $ 0  
Non-performance Based Restricted Stock Units [Member]            
Summary Of Significant Accounting Policies [Line Items]            
Share based compensation other than options grants in period     111,108      
Granted in fiscal year, weighted average grant date fair value     $ 49.72      
Performance Shares [Member]            
Summary Of Significant Accounting Policies [Line Items]            
Share based compensation other than options grants in period     244,734      
Granted in fiscal year, weighted average grant date fair value     $ 55.67      
Subsequent Event [Member] | Reserve For Gas Replacement [Member]            
Summary Of Significant Accounting Policies [Line Items]            
Gas stored underground           $ 0
Guidance for Reclassification of Stranded Tax Effects [Member]            
Summary Of Significant Accounting Policies [Line Items]            
Cumulative Effect of Adoption of Authoritative Guidance 10,400   $ 10,400      
Guidance for Recognition and Measurement of Financial Assets and Liabilities [Member]            
Summary Of Significant Accounting Policies [Line Items]            
Cumulative Effect of Adoption of Authoritative Guidance $ 7,400   $ 7,400      
v3.19.1
Summary Of Significant Accounting Policies (Consolidated Statements Of Cash Flows) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
Mar. 31, 2018
Sep. 30, 2017
Cash and Cash Equivalents [Line Items]        
Cash and Temporary Cash Investments $ 100,643 $ 229,606 $ 227,994 $ 555,530
Hedging Collateral Deposits 1,983 [1] 3,441 [1] 3,657 1,741
Cash, Cash Equivalents and Restricted Cash $ 102,626 $ 233,047 $ 231,651 $ 557,271
[1] Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
v3.19.1
Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Accumulated Other Comprehensive Loss [Roll Forward]        
Balance at Beginning of Period $ (28,690) $ (40,919) $ (67,750) $ (30,123)
Other Comprehensive Gains and Losses Before Reclassifications (18,601) (9,489) 13,797 (12,662)
Amounts Reclassified From Other Comprehensive Income (Loss) 3,411 2,648 17,510 (4,975)
Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities     (7,437)  
Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act (10,406)   (10,406)  
Balance at End of Period (54,286) (47,760) (54,286) (47,760)
Gains And Losses On Derivative Financial Instruments [Member]        
Accumulated Other Comprehensive Loss [Roll Forward]        
Balance at Beginning of Period 17,886 10,256 (28,611) 20,801
Other Comprehensive Gains and Losses Before Reclassifications (18,601) (9,063) 13,797 (12,257)
Amounts Reclassified From Other Comprehensive Income (Loss) 3,411 2,648 17,510 (4,703)
Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities     0  
Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act 1,866   1,866  
Balance at End of Period 4,562 3,841 4,562 3,841
Gains And Losses On Securities Available For Sale [Member]        
Accumulated Other Comprehensive Loss [Roll Forward]        
Balance at Beginning of Period 0 7,311 7,437 7,562
Other Comprehensive Gains and Losses Before Reclassifications 0 (426) 0 (405)
Amounts Reclassified From Other Comprehensive Income (Loss) 0 0 0 (272)
Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities     (7,437)  
Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act 0   0  
Balance at End of Period 0 6,885 0 6,885
Funded Status Of The Pension And Other Post-Retirement Benefit Plans [Member]        
Accumulated Other Comprehensive Loss [Roll Forward]        
Balance at Beginning of Period (46,576) (58,486) (46,576) (58,486)
Other Comprehensive Gains and Losses Before Reclassifications 0 0 0 0
Amounts Reclassified From Other Comprehensive Income (Loss) 0 0 0 0
Reclassification Adjustment for the Cumulative Effect of Adoption of Authoritative Guidance for Financial Assets and Liabilities     0  
Reclassification of Stranded Tax Effects Related to the 2017 Tax Reform Act (12,272)   (12,272)  
Balance at End of Period $ (58,848) $ (58,486) $ (58,848) $ (58,486)
v3.19.1
Summary Of Significant Accounting Policies (Reclassification Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]        
Operating Revenues $ 552,544 $ 540,905 $ 1,042,791 $ 960,561
Other Income (Deductions) (5,919) (13,092) (15,521) (16,594)
Income Before Income Taxes 120,380 130,116 245,949 247,494
Income Tax Expense (29,785) (38,269) (52,693) 43,007
Net Income Available for Common Stock 90,595 91,847 193,256 290,501
Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Loss [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]        
Income Before Income Taxes (4,739) (3,199) (24,384) 9,779
Income Tax Expense 1,328 551 6,874 (4,804)
Net Income Available for Common Stock (3,411) (2,648) (17,510) 4,975
Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Loss [Member] | Gains And Losses On Securities Available For Sale [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]        
Other Income (Deductions) 0 0 0 430
Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Loss [Member] | Commodity Contracts [Member] | Gains And Losses On Derivative Financial Instruments [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]        
Operating Revenues (4,260) (3,467) (22,782) 9,375
Foreign Currency Contracts [Member] | Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Loss [Member] | Gains And Losses On Derivative Financial Instruments [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]        
Operating Revenues (199) (482) (420) (973)
Purchased Gas [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]        
Purchased Gas 195,037 176,608 333,697 270,642
Purchased Gas [Member] | Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Loss [Member] | Commodity Contracts [Member] | Gains And Losses On Derivative Financial Instruments [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items]        
Purchased Gas $ (280) $ 750 $ (1,182) $ 947
v3.19.1
Summary Of Significant Accounting Policies (Components Of Other Current Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
Summary Of Significant Accounting Policies [Line Items]    
Prepayments $ 8,063 $ 11,126
Prepaid Property and Other Taxes 23,015 14,088
Fair Values of Firm Commitments 179 1,739
Regulatory Assets 11,192 9,792
Other Current Assets 57,586 68,024
State [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Income Taxes Receivable 7,677 8,822
Other Current Assets [Member] | Federal [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Income Taxes Receivable $ 7,460 $ 22,457
v3.19.1
Summary Of Significant Accounting Policies (Other Assets) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
Other Assets [Line Items]    
Other $ 91 $ 102
Other Assets 42,184 102
Other Noncurrent Assets [Member] | Federal [Member]    
Other Assets [Line Items]    
Income Taxes Receivable $ 42,093 $ 0
v3.19.1
Summary Of Significant Accounting Policies (Schedule Of Other Accruals And Current Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
Summary Of Significant Accounting Policies [Line Items]    
Regulatory Liabilities $ 53,744 $ 57,425
Reserve for Gas Replacement (6,848) (37,813)
Liability for Royalty and Working Interests 21,438 12,062
Other Accruals and Current Liabilities 195,797 132,693
Accrued Capital Expenditures [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Other 52,875 38,354
Reserve For Gas Replacement [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Reserve for Gas Replacement 36,922 0
Other Accruals [Member]    
Summary Of Significant Accounting Policies [Line Items]    
Other $ 30,818 $ 24,852
v3.19.1
Revenue from Contracts with Customers (Narrative) (Details)
$ in Millions
Mar. 31, 2019
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Future Revenue Amounts Related to Remaining Performance Obligations $ 82.8
Remaining Performance Obligation, Expected Timing of Satisfaction 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Future Revenue Amounts Related to Remaining Performance Obligations $ 156.4
Remaining Performance Obligation, Expected Timing of Satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Future Revenue Amounts Related to Remaining Performance Obligations $ 133.1
Remaining Performance Obligation, Expected Timing of Satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Future Revenue Amounts Related to Remaining Performance Obligations $ 114.0
Remaining Performance Obligation, Expected Timing of Satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Future Revenue Amounts Related to Remaining Performance Obligations $ 82.7
Remaining Performance Obligation, Expected Timing of Satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Future Revenue Amounts Related to Remaining Performance Obligations $ 370.7
Remaining Performance Obligation, Expected Timing of Satisfaction
v3.19.1
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Disaggregation of Revenue [Line Items]        
Revenue $ 552,544 $ 540,905 $ 1,042,791 $ 960,561
Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 158,166   332,989  
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition (12,064)   (24,011)  
Revenue 146,102   308,978  
Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 72,339   149,408  
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Revenue 72,339   149,408  
Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 29,368   59,058  
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Revenue 29,368   59,058  
Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 304,496   527,680  
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition (1,466)   (1,993)  
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Revenue 303,030   525,687  
Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 58,524   107,812  
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition 537   3,663  
Revenue 59,061   111,475  
All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 310   1,316  
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Revenue 310   1,316  
Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers (57,666)   (113,131)  
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition 0   0  
Revenue (57,666)   (113,131)  
Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 565,537   1,065,132  
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition (1,466)   (1,993)  
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition (11,527)   (20,348)  
Revenue 552,544   1,042,791  
Production of Natural Gas [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 121,824   257,735  
Production of Natural Gas [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Natural Gas [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Natural Gas [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Natural Gas [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Natural Gas [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Natural Gas [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Natural Gas [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 121,824   257,735  
Production of Crude Oil [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 34,878   72,433  
Production of Crude Oil [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Crude Oil [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Crude Oil [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Crude Oil [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Crude Oil [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Crude Oil [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Production of Crude Oil [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 34,878   72,433  
Natural Gas Processing [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 971   1,945  
Natural Gas Processing [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Processing [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Processing [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Processing [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Processing [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Processing [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Processing [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 971   1,945  
Natural Gas Gathering Services [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Gathering Services [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Gathering Services [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 29,368   59,058  
Natural Gas Gathering Services [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Gathering Services [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Gathering Services [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Gathering Services [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers (29,366)   (59,056)  
Natural Gas Gathering Services [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 2   2  
Natural Gas Transportation Service [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Transportation Service [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 52,239   108,375  
Natural Gas Transportation Service [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Transportation Service [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 45,083   80,714  
Natural Gas Transportation Service [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Transportation Service [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Transportation Service [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers (19,819)   (36,884)  
Natural Gas Transportation Service [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 77,503   152,205  
Natural Gas Storage Service [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Storage Service [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 19,360   38,289  
Natural Gas Storage Service [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Storage Service [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Storage Service [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Storage Service [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Storage Service [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers (8,333)   (16,306)  
Natural Gas Storage Service [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 11,027   21,983  
Natural Gas Residential Sales [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Residential Sales [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Residential Sales [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Residential Sales [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 229,254   396,121  
Natural Gas Residential Sales [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Residential Sales [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Residential Sales [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Residential Sales [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 229,254   396,121  
Natural Gas Commercial Sales [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Commercial Sales [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Commercial Sales [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Commercial Sales [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 34,255   56,301  
Natural Gas Commercial Sales [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Commercial Sales [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Commercial Sales [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Commercial Sales [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 34,255   56,301  
Natural Gas Industrial Sales [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Industrial Sales [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Industrial Sales [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Industrial Sales [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 1,867   3,368  
Natural Gas Industrial Sales [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Industrial Sales [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Industrial Sales [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Industrial Sales [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 1,867   3,368  
Natural Gas Marketing [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Marketing [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Marketing [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Marketing [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Marketing [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 58,516   107,803  
Natural Gas Marketing [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Natural Gas Marketing [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers (43)   (375)  
Natural Gas Marketing [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 58,473   107,428  
Other [Member] | Exploration And Production [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 493   876  
Other [Member] | Pipeline And Storage [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 740   2,744  
Other [Member] | Gathering [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 0   0  
Other [Member] | Utility [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers (5,963)   (8,824)  
Other [Member] | Energy Marketing [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 8   9  
Other [Member] | All Other [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers 310   1,316  
Other [Member] | Corporate And Intersegment Eliminations [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers (105)   (510)  
Other [Member] | Total Consolidated [Member]        
Disaggregation of Revenue [Line Items]        
Revenue from Contracts with Customers $ (4,517)   $ (4,389)  
v3.19.1
Fair Value Measurements (Narrative) (Details) - USD ($)
Mar. 31, 2019
Sep. 30, 2018
Mar. 31, 2018
Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Hedging collateral deposits $ 1,983,000 [1] $ 3,441,000 [1] $ 3,657,000 $ 1,741,000
Fair Value, Inputs, Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Hedging collateral deposits 1,983,000 3,441,000    
Fair Value, Inputs, Level 1 [Member] | Futures [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Hedging collateral deposits 2,000,000.0 $ 3,400,000    
Derivative Financial Instruments [Member]        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Level 3 Fair Value 0   0  
Level 1 or Level 2 Transfers $ 0   $ 0  
[1] Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
v3.19.1
Fair Value Measurements (Recurring Fair Value Measures Of Assets And Liabilities) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
Mar. 31, 2018
Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash Equivalents - Money Market Mutual Funds [1] $ 79,632 $ 215,272    
Hedging Collateral Deposits 1,983 [1] 3,441 [1] $ 3,657 $ 1,741
Total Assets [1] 187,515 320,321    
Total Liabilities [1] 5,749 49,036    
Total Net Assets/(Liabilities) [1] 181,766 271,285    
Commodity Futures Contracts - Gas [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset [1] 53 0    
Derivative Liability [1] 0 1,337    
Over The Counter Swaps - Gas And Oil [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset [1] 11,077 9,033    
Derivative Liability [1] 3,553 47,183    
Foreign Currency Contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset [1] 0 0    
Derivative Liability [1] 2,196 516    
Balanced Equity Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments [1] 38,892 38,468    
Fixed Income Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments [1] 54,165 51,331    
Common Stock - Financial Services Industry [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments [1] 1,713 2,776    
Fair Value, Inputs, Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash Equivalents - Money Market Mutual Funds 79,632 215,272    
Hedging Collateral Deposits 1,983 3,441    
Total Assets 177,853 312,363    
Total Liabilities 1,415 2,412    
Total Net Assets/(Liabilities) 176,438 309,951    
Fair Value, Inputs, Level 1 [Member] | Commodity Futures Contracts - Gas [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 1,468 1,075    
Derivative Liability 1,415 2,412    
Fair Value, Inputs, Level 1 [Member] | Over The Counter Swaps - Gas And Oil [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 0 0    
Derivative Liability 0 0    
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 0 0    
Derivative Liability 0 0    
Fair Value, Inputs, Level 1 [Member] | Balanced Equity Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 38,892 38,468    
Fair Value, Inputs, Level 1 [Member] | Fixed Income Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 54,165 51,331    
Fair Value, Inputs, Level 1 [Member] | Common Stock - Financial Services Industry [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 1,713 2,776    
Fair Value, Inputs, Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash Equivalents - Money Market Mutual Funds 0 0    
Hedging Collateral Deposits 0 0    
Total Assets 23,394 26,517    
Total Liabilities 18,066 65,183    
Total Net Assets/(Liabilities) 5,328 (38,666)    
Fair Value, Inputs, Level 2 [Member] | Commodity Futures Contracts - Gas [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 0 0    
Derivative Liability 0 0    
Fair Value, Inputs, Level 2 [Member] | Over The Counter Swaps - Gas And Oil [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 23,389 26,074    
Derivative Liability 15,865 64,224    
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 5 443    
Derivative Liability 2,201 959    
Fair Value, Inputs, Level 2 [Member] | Balanced Equity Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 0 0    
Fair Value, Inputs, Level 2 [Member] | Fixed Income Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 0 0    
Fair Value, Inputs, Level 2 [Member] | Common Stock - Financial Services Industry [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 0 0    
Fair Value, Inputs, Level 3 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash Equivalents - Money Market Mutual Funds 0 0    
Hedging Collateral Deposits 0 0    
Total Assets 0 0    
Total Liabilities 0 0    
Total Net Assets/(Liabilities) 0 0    
Fair Value, Inputs, Level 3 [Member] | Commodity Futures Contracts - Gas [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 0 0    
Derivative Liability 0 0    
Fair Value, Inputs, Level 3 [Member] | Over The Counter Swaps - Gas And Oil [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 0 0    
Derivative Liability 0 0    
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset 0 0    
Derivative Liability 0 0    
Fair Value, Inputs, Level 3 [Member] | Balanced Equity Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 0 0    
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 0 0    
Fair Value, Inputs, Level 3 [Member] | Common Stock - Financial Services Industry [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments 0 0    
Netting Adjustments [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash Equivalents - Money Market Mutual Funds [1] 0 0    
Hedging Collateral Deposits [1] 0 0    
Total Assets [1] (13,732) (18,559)    
Total Liabilities [1] (13,732) (18,559)    
Total Net Assets/(Liabilities) [1] 0 0    
Netting Adjustments [Member] | Commodity Futures Contracts - Gas [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset [1] (1,415) (1,075)    
Derivative Liability [1] (1,415) (1,075)    
Netting Adjustments [Member] | Over The Counter Swaps - Gas And Oil [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset [1] (12,312) (17,041)    
Derivative Liability [1] (12,312) (17,041)    
Netting Adjustments [Member] | Foreign Currency Contracts [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Derivative Asset [1] (5) (443)    
Derivative Liability [1] (5) (443)    
Netting Adjustments [Member] | Balanced Equity Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments [1] 0 0    
Netting Adjustments [Member] | Fixed Income Mutual Fund [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments [1] 0 0    
Netting Adjustments [Member] | Common Stock - Financial Services Industry [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Other Investments [1] $ 0 $ 0    
[1] Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
v3.19.1
Financial Instruments (Narrative) (Details)
$ in Thousands
6 Months Ended
Mar. 31, 2019
USD ($)
counterparty
MMcf
bbl
Sep. 30, 2018
USD ($)
[1]
Mar. 31, 2018
USD ($)
Sep. 30, 2017
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign Currency Forward Contract Hedge Duration 7 years      
Net hedging gains (losses) in accumulated other comprehensive income (loss) $ 6,400      
After tax net hedging gains (losses) in accumulated other comprehensive income (loss) 4,600      
Pre-Tax Net Hedging Gains (Losses) Reclassified Within Twelve Months 1,700      
After Tax Net Hedging Gains (Losses) Reclassified Within Twelve Months 1,200      
Fair market value of derivative asset with a credit-risk related contingency 7,600      
Fair market value of derivative liability with a credit-risk related contingency 5,700      
Hedging collateral deposits $ 1,983 [1] $ 3,441 $ 3,657 $ 1,741
Cash Flow and Fair Value Commodity Hedges [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Hedge Duration 5 years      
Over the Counter Swaps and Foreign Currency Forward Contracts [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Number of counterparties in which the company holds over-the-counter swap positions | counterparty 18      
Number of counterparties in net gain position | counterparty 10      
Credit risk exposure per counterparty $ 1,100      
Maximum credit risk exposure per counterparty 4,000      
Collateral Received by the Company 0      
Hedging collateral deposits $ 0      
Withdrawal of Storage Gas Mmcf [Member] | Energy Marketing [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Nonmonetary notional amount of price risk fair value hedge derivatives, natural gas | MMcf 200      
Fair Value Hedges MMCf [Member] | Energy Marketing [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Nonmonetary notional amount of price risk fair value hedge derivatives, natural gas | MMcf 23,500      
Fixed Price Sales Commitments MMCf [Member] | Energy Marketing [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Nonmonetary notional amount of price risk fair value hedge derivatives, natural gas | MMcf 23,300      
Natural Gas MMCf [Member] | Cash Flow Hedges Short Position [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Nonmonetary notional amount of price risk cash flow hedge derivatives, natural gas | MMcf 97,500      
Natural Gas MMCf [Member] | Cash Flow Hedges Long Position [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Nonmonetary notional amount of price risk cash flow hedge derivatives, natural gas | MMcf 4,500      
Crude Oil Bbls [Member] | Cash Flow Hedges Short Position [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Nonmonetary notional amount of price risk cash flow hedge derivatives, crude oil | bbl 3,414,000      
Exchange Traded Futures Contracts [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Hedging collateral deposits $ 2,000      
Foreign Currency Contracts [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, Notional Amount $ 84,600      
Credit Risk Related Contingency Feature [Member] | Over the Counter Swaps and Foreign Currency Forward Contracts [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Number of counterparties with a common credit-risk related contingency | counterparty 15      
[1] Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
v3.19.1
Financial Instruments (Long-Term Debt) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
Financial Instruments, Owned, at Fair Value [Abstract]    
Carrying Amount $ 2,132,488 $ 2,131,365
Fair Value $ 2,192,744 $ 2,121,861
v3.19.1
Financial Investments (Other Investments) (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Sep. 30, 2018
Investment Holdings [Line Items]    
Cash Surrender Value of Life Insurance $ 40,252 $ 39,970
Other Investments 135,022 132,545
Equity Mutual Fund [Member]    
Investment Holdings [Line Items]    
Fair Value 38,892 38,468
Fixed Income Mutual Fund [Member]    
Investment Holdings [Line Items]    
Fair Value 54,165 51,331
Insurance Company Stock [Member]    
Investment Holdings [Line Items]    
Fair Value $ 1,713 $ 2,776
v3.19.1
Financial Instruments (Schedule Of Derivative Financial Instruments Designated And Qualifying As Cash Flow Hedges On The Statement Of Financial Performance) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) $ (26,000) $ (12,582) $ 19,390 $ (18,081)
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) (4,739) (3,199) (24,384) 9,349
Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) (6,742) 335 (237) (98)
Foreign Currency Contracts [Member] | Operating Revenues [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) 1,282 (1,724) (2,102) (2,231)
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) (199) (482) (420) (973)
Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) 0 0 0 0
Commodity Contracts [Member] | Operating Revenues [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) (27,228) (10,514) 22,825 (16,463)
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) (4,260) (3,467) (22,782) 9,375
Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) (6,742) 335 (237) (98)
Commodity Contracts [Member] | Purchased Gas [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) (54) (344) (1,333) 613
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) (280) 750 (1,182) 947
Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) $ 0 $ 0 $ 0 $ 0
v3.19.1
Financial Instruments (Schedule Of Derivatives And Hedged Items In Fair Value Hedging Relationships) (Details)
$ in Thousands
6 Months Ended
Mar. 31, 2019
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]  
Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income $ 1,739
Amount of Gain or (Loss) on the Hedged Item Recognized in the Consolidated Statement of Income (1,739)
Operating Revenues [Member]  
Derivative Instruments, Gain (Loss) [Line Items]  
Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income 1,645
Amount of Gain or (Loss) on the Hedged Item Recognized in the Consolidated Statement of Income (1,645)
Purchased Gas [Member]  
Derivative Instruments, Gain (Loss) [Line Items]  
Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income 94
Amount of Gain or (Loss) on the Hedged Item Recognized in the Consolidated Statement of Income $ (94)
v3.19.1
Income Taxes (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Sep. 30, 2018
Sep. 30, 2017
Income Taxes [Line Items]            
Effective Tax Rate 24.70% 29.40% 21.40% (17.40%)    
Federal Statutory Rate     21.00%   24.50% 35.00%
Reduction to Income Tax Expense Due to Remeasurement of Deferred Income Tax Assets and Liabilities     $ 5,000   $ 103,500  
Reduction In Deferred Taxes for Rate Regulated Activities Due to Remeasurement of Deferred Income Tax Assets and Liabilities         336,700  
Decrease to Recoverable Future Taxes Due to Change in Corporate Tax Rate         65,700  
Increase in Taxes Refundable to Customers Due to Change in Corporate Tax Rate         271,000  
Federal [Member] | Other Noncurrent Assets [Member]            
Income Taxes [Line Items]            
Income Taxes Receivable $ 42,093   $ 42,093   $ 0  
v3.19.1
Capitalization (Narrative) (Details) - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2019
Sep. 30, 2018
Debt Instrument [Line Items]    
Common stock shares issued due to SARs exercises 126,879  
Shares tendered 159,137  
Current Portion of Long-Term Debt $ 0 $ 0
Restricted Stock Units [Member]    
Debt Instrument [Line Items]    
Common stock issued 79,654  
Performance Shares [Member]    
Debt Instrument [Line Items]    
Common stock issued 281,882  
Board Of Directors [Member]    
Debt Instrument [Line Items]    
Common stock issued 14,583  
v3.19.1
Capitalization and Short-Term Borrowings (Summary of Changes in Common Stock Equity) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Schedule of Capitalization, Equity [Line Items]        
Beginning balance (shares)     85,956,814  
Beginning balance     $ 820,223  
Balance at Beginning of Period $ 1,172,334 $ 1,014,733 1,098,900 $ 851,669
Balance at Beginning of Period (28,690) (40,919) (67,750) (30,123)
Net Income Available for Common Stock 90,595 91,847 193,256 290,501
Dividends Declared on Common Stock (36,678) (35,641) (73,342) (71,231)
Other Comprehensive Income (Loss), Net of Tax $ (25,596) (6,841) $ 13,464 (17,637)
Ending balance (shares) 86,300,675   86,300,675  
Ending balance $ 821,837   $ 821,837  
Balance at March 31 1,236,657 1,070,939 1,236,657 1,070,939
Balance at End of Period (54,286) (47,760) (54,286) (47,760)
Paid-in Capital [Member]        
Schedule of Capitalization, Equity [Line Items]        
Beginning balance 817,076 800,348 820,223 796,646
Share-Based Payment Expense [1] 5,038 3,563 9,955 7,074
Common Stock Issued Under Stock and Benefit Plans (Value)   6,215   6,406
Common Stock Repurchased Under Stock and Benefit Plans, Value (277)   (8,341)  
Ending balance 821,837 810,126 821,837 810,126
Earnings Reinvested in The Business [Member]        
Schedule of Capitalization, Equity [Line Items]        
Balance at Beginning of Period 1,172,334 1,014,733 1,098,900 851,669
Net Income Available for Common Stock 90,595 91,847 193,256 290,501
Dividends Declared on Common Stock (36,678) (35,641) (73,342) (71,231)
Balance at March 31 1,236,657 1,070,939 1,236,657 1,070,939
Accumulated Other Comprehensive Income (Loss) [Member]        
Schedule of Capitalization, Equity [Line Items]        
Balance at Beginning of Period (28,690) (40,919) (67,750) (30,123)
Other Comprehensive Income (Loss), Net of Tax (25,596) (6,841) 13,464 (17,637)
Balance at End of Period $ (54,286) $ (47,760) $ (54,286) $ (47,760)
Common Stock [Member]        
Schedule of Capitalization, Equity [Line Items]        
Beginning balance (shares) 86,271,000 85,761,000 85,957,000 85,543,000
Beginning balance (value) $ 86,271 $ 85,761 $ 85,957 $ 85,543
Common Stock Issued Under Stock and Benefit Plans (Shares) 30,000 121,000 344,000 339,000
Common Stock Issued Under Stock and Benefit Plans (Value) $ 30 $ 121 $ 344 $ 339
Ending balance (shares) 86,301,000 85,882,000 86,301,000 85,882,000
Ending balance (value) $ 86,301 $ 85,882 $ 86,301 $ 85,882
Guidance for Reclassification of Stranded Tax Effects [Member]        
Schedule of Capitalization, Equity [Line Items]        
Cumulative Effect of Adoption of Authoritative Guidance 10,400   10,400  
Guidance for Reclassification of Stranded Tax Effects [Member] | Earnings Reinvested in The Business [Member]        
Schedule of Capitalization, Equity [Line Items]        
Cumulative Effect of Adoption of Authoritative Guidance 10,406   10,406  
Guidance for Recognition and Measurement of Financial Assets and Liabilities [Member]        
Schedule of Capitalization, Equity [Line Items]        
Cumulative Effect of Adoption of Authoritative Guidance 7,400   7,400  
Guidance for Recognition and Measurement of Financial Assets and Liabilities [Member] | Earnings Reinvested in The Business [Member]        
Schedule of Capitalization, Equity [Line Items]        
Cumulative Effect of Adoption of Authoritative Guidance $ 7,437   $ 7,437  
[1] Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits.
v3.19.1
Commitments And Contingencies (Details)
$ in Millions
6 Months Ended
Mar. 31, 2019
USD ($)
Site Contingency [Line Items]  
Estimated minimum liability for environmental remediation $ 7.3
Rate recovery period 3 years
Former Manufactured Gas Plant Site New York [Member]  
Site Contingency [Line Items]  
Estimated minimum liability for environmental remediation $ 4.0
v3.19.1
Business Segment Information (Narrative) (Details)
6 Months Ended
Mar. 31, 2019
segment
Segment Reporting [Abstract]  
Number of reportable segments 5
v3.19.1
Business Segment Information (Financial Segment Information By Segment) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Sep. 30, 2018
Segment Reporting Information [Line Items]          
Revenue $ 552,544 $ 540,905 $ 1,042,791 $ 960,561  
Segment Profit: Net Income (Loss) 90,595 91,847 193,256 290,501  
Segment Assets 6,278,975   6,278,975   $ 6,036,486
Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 552,544 540,905 1,042,791 960,561  
Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue 0 0 0 0  
Exploration And Production [Member]          
Segment Reporting Information [Line Items]          
Revenue 146,102   308,978    
Segment Profit: Net Income (Loss) 21,873 26,537 60,087 133,235  
Segment Assets 1,777,770   1,777,770   1,568,563
Exploration And Production [Member] | Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 146,102 146,411 308,978 285,552  
Exploration And Production [Member] | Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue 0 0 0 0  
Pipeline And Storage [Member]          
Segment Reporting Information [Line Items]          
Revenue 72,339   149,408    
Segment Profit: Net Income (Loss) 17,749 22,724 42,851 61,186  
Segment Assets 1,861,900   1,861,900   1,848,180
Pipeline And Storage [Member] | Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 48,421 53,714 102,639 107,025  
Pipeline And Storage [Member] | Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue 23,918 23,044 46,769 45,028  
Gathering [Member]          
Segment Reporting Information [Line Items]          
Revenue 29,368   59,058    
Segment Profit: Net Income (Loss) 12,690 11,770 26,872 57,169  
Segment Assets 554,491   554,491   533,608
Gathering [Member] | Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 2 (99) 2 71  
Gathering [Member] | Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue 29,366 27,832 59,056 51,497  
Utility [Member]          
Segment Reporting Information [Line Items]          
Revenue 303,030   525,687    
Segment Profit: Net Income (Loss) 35,589 33,360 61,237 54,353  
Segment Assets 2,013,937   2,013,937   1,921,971
Utility [Member] | Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 298,636 283,778 518,647 470,867  
Utility [Member] | Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue 4,394 5,700 7,040 7,882  
Energy Marketing [Member]          
Segment Reporting Information [Line Items]          
Revenue 59,061   111,475    
Segment Profit: Net Income (Loss) 544 578 243 1,624  
Segment Assets 53,898   53,898   50,971
Energy Marketing [Member] | Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 59,018 55,644 111,100 94,280  
Energy Marketing [Member] | Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue 43 (51) 375 76  
Total Reportable Segments [Member]          
Segment Reporting Information [Line Items]          
Segment Profit: Net Income (Loss) 88,445 94,969 191,290 307,567  
Segment Assets 6,261,996   6,261,996   5,923,293
Total Reportable Segments [Member] | Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 552,179 539,448 1,041,366 957,795  
Total Reportable Segments [Member] | Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue 57,721 56,525 113,240 104,483  
All Other [Member]          
Segment Reporting Information [Line Items]          
Revenue 310   1,316    
Segment Profit: Net Income (Loss) (128) 207 256 (511)  
Segment Assets 78,398   78,398   78,109
All Other [Member] | Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 310 1,232 1,316 2,328  
All Other [Member] | Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue 0 0 0 0  
Corporate And Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Revenue (57,666)   (113,131)    
Segment Profit: Net Income (Loss) 2,278 (3,329) 1,710 (16,555)  
Segment Assets (61,419)   (61,419)   $ 35,084
Corporate And Intersegment Eliminations [Member] | Revenue from External Customers [Member]          
Segment Reporting Information [Line Items]          
Revenue 55 225 109 438  
Corporate And Intersegment Eliminations [Member] | Intersegment Revenues [Member]          
Segment Reporting Information [Line Items]          
Revenue $ (57,721) $ (56,525) $ (113,240) $ (104,483)  
v3.19.1
Retirement Plan And Other Post-Retirement Benefits (Narrative) (Details)
$ in Millions
6 Months Ended
Mar. 31, 2019
USD ($)
Retirement Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's contributions $ 29.2
VEBA Trusts [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's contributions 2.1
Minimum [Member] | VEBA Trusts [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future contributions in remainder of fiscal year 0.5
Maximum [Member] | Retirement Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future contributions in remainder of fiscal year 5.0
Maximum [Member] | VEBA Trusts [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Estimated future contributions in remainder of fiscal year $ 1.0
v3.19.1
Retirement Plan And Other Post-Retirement Benefits (Components Of Net Periodic Benefit Cost) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Retirement Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service Cost $ 2,120 $ 2,480 $ 4,241 $ 4,960
Interest Cost 9,594 8,252 19,189 16,503
Expected Return on Plan Assets (15,591) (15,429) (31,184) (30,857)
Amortization of Prior Service Cost (Credit) 206 235 413 469
Amortization of Losses 8,024 9,301 16,048 18,602
Net Amortization and Deferral For Regulatory Purposes (Including Volumetric Adjustments) [1] 4,786 6,492 5,604 8,214
Net Periodic Benefit Cost 9,139 11,331 14,311 17,891
Other Post-Retirement Benefit Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service Cost 380 458 760 915
Interest Cost 4,286 3,700 8,572 7,400
Expected Return on Plan Assets (7,539) (7,871) (15,078) (15,741)
Amortization of Prior Service Cost (Credit) (107) (107) (214) (214)
Amortization of Losses 1,490 2,639 2,980 5,279
Net Amortization and Deferral For Regulatory Purposes (Including Volumetric Adjustments) [1] 6,565 6,250 10,536 9,858
Net Periodic Benefit Cost $ 5,075 $ 5,069 $ 7,556 $ 7,497
[1] The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months.
v3.19.1
Regulatory Matters (Details)
$ in Millions
6 Months Ended
Mar. 31, 2019
USD ($)
Regulatory Matters [Line Items]  
Approved Return on Equity 8.70%
Empire [Member]  
Regulatory Matters [Line Items]  
Estimated Increase to Revenues from Interim Rates $ 4.6
Empire [Member] | Maximum [Member]  
Regulatory Matters [Line Items]  
Revenue Sharing Mechanism Percentage 55.00%
Revenue Sharing Mechanism Revenue Level $ 68.4
Empire [Member] | Minimum [Member]  
Regulatory Matters [Line Items]  
Revenue Sharing Mechanism Percentage 35.00%
Revenue Sharing Mechanism Revenue Level $ 64.4