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v3.23.3

Note 10 - Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Sep. 30, 2023
Notes Tables |
Schedule of Derivative Instruments [Table Text Block] |
|  | September 30, 2023 |  |  | September 30, 2022 |
Gas Marketing |  | Notional (MMBtu millions) |  |  | Maximum Term (Months) |  |  | Notional (MMBtu millions) |  |  | Maximum Term (Months) |
Natural gas futures purchased |  | 61.3 |  |  | 51 |  |  | 76.3 |  |  | 54 |
Natural gas options purchased, net |  | 4.9 |  |  | 15 |  |  | 3.7 |  |  | 12 |
Natural gas basis swaps purchased |  | 44.1 |  |  | 51 |  |  | 61.7 |  |  | 39 |
Gas Utility |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas futures purchased |  | 66.5 |  |  | 24 |  |  | 13.0 |  |  | 12 |
|  | September 30, 2023 |  |  | September 30, 2022 |
|  | Notional (MMBtu millions) |  |  | Maximum Term (Months) |  |  | Notional (MMBtu millions) |  |  | Maximum Term (Months) |
Natural gas futures purchased |  |  | 66.5 |  |  |  | 24 |  |  |  | 13.0 |  |  |  | 12 |
Derivative Instruments, Gain (Loss) [Table Text Block] |
Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income |
|  | Location of Gain (Loss) |  |  |  |  |  |  |  |  |  |  |  |
|  | Recorded in Income |  | 2023 |  |  | 2022 |  |  | 2021 |
Derivatives in Cash Flow Hedging Relationships |  |  |  |  |  |  |  |  |  |  |  |
Effective portion of gain recognized in OCI on derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | $ | 20.1 |  |  | $ | 56.7 |  |  | $ | 61.2 |
Effective portion of gain reclassified from AOCI to income: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest Expense |  | $ | (2.4 | ) |  | $ | (1.2 | ) |  | $ | (1.3 | )
Derivatives Not Designated as Hedging Instruments* |  |  |  |  |  |  |  |  |  |  |  |
Gain (Loss) recognized in income on derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Gas / diesel futures |  | Non-Operating Expense: Other Income |  | $ | 0.3 |  |  | $ | — |  |  | $ | — |
Natural gas commodity contracts |  | Operating Expenses: Natural Gas |  |  | 18.0 |  |  |  | 52.6 |  |  |  | 54.1 |
NYMEX / ICE natural gas contracts |  | Operating Expenses: Natural Gas |  |  | (35.0 | ) |  |  | 43.3 |  |  |  | (77.5 | )
Total |  |  | $ | (16.7 | ) |  | $ | 95.9 |  |  | $ | (23.4 | )
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
Fair Value of Derivative Instruments in the Consolidated Balance Sheets |
|  | Derivative Assets* |  |  | Derivative Liabilities* |
September 30, 2023 |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Other: Interest rate swaps |  | Current Assets: Other |  | $ | 44.2 |  |  | Current Liabilities: Other |  | $ | — |
Subtotal |  |  | 44.2 |  |  |  |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Gas Utility: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas contracts |  | Current Assets: Other |  |  | 6.3 |  |  | Current Liabilities: Other |  |  | 50.8 |
Gasoline and heating oil contracts |  | Current Assets: Other |  |  | 0.1 |  |  |  |  |  | — |
Gas Marketing: |  |  |  |  |  |  |  |  |  |  |  |
NYMEX / ICE natural gas contracts |  | Current Assets: Other |  |  | 8.0 |  |  | Current Liabilities: Other |  |  | 16.0 |
|  | Deferred Charges and Other Assets: Other |  |  | 2.1 |  |  | Deferred Credits and Other Liabilities: Other |  |  | 5.7 |
Natural gas commodity |  | Current Assets: Other |  |  | 31.2 |  |  | Current Liabilities: Other |  |  | 20.1 |
|  | Deferred Charges and Other Assets: Other |  |  | 5.5 |  |  | Deferred Credits and Other Liabilities: Other |  |  | 7.6 |
Subtotal |  |  |  |  | 53.2 |  |  |  |  |  | 100.2 |
Total derivatives |  |  |  | $ | 97.4 |  |  |  |  | $ | 100.2 |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Other: Interest rate swaps |  | Current Assets: Other |  | $ | 63.6 |  |  | Current Liabilities: Other |  | $ | — |
Subtotal |  |  |  |  | 63.6 |  |  |  |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Gas Utility: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas contracts |  | Current Assets: Other |  |  | 57.8 |  |  | Current Liabilities: Other |  |  | 30.7 |
Gas Marketing: |  |  |  |  |  |  |  |  |  |  |  |
NYMEX / ICE natural gas contracts |  | Current Assets: Other |  | 79.2 |  |  | Current Liabilities: Other |  |  | 71.5 |
|  | Deferred Charges and Other Assets: Other |  |  | 12.7 |  |  | Deferred Credits and Other Liabilities: Other |  |  | 10.8 |
Natural gas commodity |  | Current Assets: Other |  |  | 53.4 |  |  | Current Liabilities: Other |  |  | 55.1 |
|  | Deferred Charges and Other Assets: Other |  |  | 3.1 |  |  | Deferred Credits and Other Liabilities: Other |  |  | 10.4 |
Subtotal |  |  |  |  | 206.2 |  |  |  |  |  | 178.5 |
Total derivatives |  |  |  | $ | 269.8 |  |  |  |  | $ | 178.5 |
Fair Value of Derivative Instruments in the Balance Sheets |
|  | Derivative Assets* |  |  | Derivative Liabilities* |
September 30, 2023 |  | Balance Sheet Location |  | Fair Value |  |  | Balance Sheet Location |  | Fair Value |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Natural gas contracts |  | Current Assets: Other |  | $ | 6.3 |  |  | Current Liabilities: Other |  | $ | 50.8 |
Gasoline and heating oil contracts |  | Current Assets: Other |  |  | 0.1 |  |  |  |  |  |  |
Total derivatives |  |  |  | $ | 6.4 |  |  |  |  | $ | 50.8 |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |
Natural gas contracts |  | Current Assets: Other |  | $ | 57.8 |  |  | Current Liabilities: Other |  | $ | 30.7 |
Derivative Instrument Reconciliation [Table Text Block] |
|  | 2023 |  |  | 2022 |
Fair value of derivative assets presented above |  | $ | 97.4 |  |  | $ | 269.8 |
Fair value of cash margin receivable offset with derivatives |  |  | 49.3 |  |  |  | (36.6 | )
Netting of assets and liabilities with the same counterparty |  |  | (69.4 | ) |  |  | (117.0 | )
Total |  | $ | 77.3 |  |  | $ | 116.2 |
Derivative Instrument Assets, per Consolidated Balance Sheets: |  |  |  |  |  |  |  |
Current Assets: Other |  | $ | 71.8 |  |  | $ | 113.1 |
Deferred Charges and Other Assets: Other |  |  | 5.5 |  |  |  | 3.1 |
Total |  | $ | 77.3 |  |  | $ | 116.2 |
Fair value of derivative liabilities presented above |  | $ | 100.2 |  |  | $ | 178.5 |
Netting of assets and liabilities with the same counterparty |  |  | (69.4 | ) |  |  | (117.0 | )
Total |  | $ | 30.8 |  |  | $ | 61.5 |
Derivative Instrument Liabilities, per Consolidated Balance Sheets: |  |  |  |  |  |  |  |
Current Liabilities: Other |  | $ | 23.2 |  |  | $ | 51.1 |
Deferred Credits and Other Liabilities: Other |  |  | 7.6 |  |  |  | 10.4 |
Total |  | $ | 30.8 |  |  | $ | 61.5 |
|  | 2023 |  |  | 2022 |
Fair value of derivative assets presented above |  | $ | 6.4 |  |  | $ | 57.8 |
Fair value of cash margin (payable) receivable offset with derivatives |  |  | 37.6 |  |  |  | (27.1 | )
Netting of assets and liabilities with the same counterparty |  |  | (44.0 | ) |  |  | (30.7 | )
Total |  | $ | — |  |  | $ | — |
Fair value of derivative liabilities presented above |  | $ | 50.8 |  |  | $ | 30.7 |
Netting of assets and liabilities with the same counterparty |  |  | (44.0 | ) |  |  | (30.7 | )
Total |  | $ | 6.8 |  |  | $ | — |
Derivative Instrument Liabilities, per Balance Sheets: |  |  |  |  |  |  |  |
Derivative instrument liabilities |  | $ | 6.8 |  |  | $ | — |
Total |  | $ | 6.8 |  |  | $ | — |
Interest Rate Swap [Member] |
Notes Tables |
Schedule of Derivative Instruments [Table Text Block] |
Period Originated |  | Contract Hedge Term (Years) |  |  | Notional Amount |  |  | Fixed Interest Rate |  |  | Fiscal 2023 Mark-to-Market Gain |
Quarter 1, fiscal 2022 |  |  | 10 |  |  | $ | 50.0 |  |  |  | 1.4918 | % |  | $ | 2.7 |
Quarter 2, fiscal 2022 |  |  | 10 |  |  |  | 75.0 |  |  |  | 1.6475 | % |  |  | 4.0 |
Quarter 2, fiscal 2022 |  |  | 10 |  |  |  | 25.0 |  |  |  | 1.7460 | % |  |  | 1.5 |
Quarter 1, fiscal 2023 |  |  | 10 |  |  |  | 50.0 |  |  |  | 3.4480 | % |  |  | 2.4 |
Quarter 2, fiscal 2023 |  |  | 10 |  |  |  | 50.0 |  |  |  | 3.6850 | % |  |  | 0.9 |
Quarter 2, fiscal 2023 |  |  | 10 |  |  |  | 25.0 |  |  |  | 3.5350 | % |  |  | 0.5 |
Quarter 2, fiscal 2023 |  |  | 10 |  |  |  | 25.0 |  |  |  | 3.3850 | % |  |  | 0.6 |
Quarter 3, fiscal 2023 |  |  | 30 |  |  |  | 50.0 |  |  |  | 2.7470 | % |  |  | 7.8 |
Quarter 3, fiscal 2023 |  |  | 10 |  |  |  | 25.0 |  |  |  | 2.9020 | % |  |  | 2.2 |
Quarter 3, fiscal 2023 |  |  | 10 |  |  |  | 25.0 |  |  |  | 3.0180 | % |  |  | 2.0 |
|  |  |  |  |  | $ | 400.0 |  |  |  |  |  |  | $ | 24.6 |

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