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DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table reflects the fair value of NJR's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:
 
 
 
Fair Value
 
 
 
December 31, 2012
 
September 30, 2012
(Thousands)
Balance Sheet Location
Asset
Derivatives
Liability
Derivatives
Asset
Derivatives
Liability
Derivatives
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
NJRES:
 
 
 
 
 
 
 
 
 
Foreign currency contracts
Derivatives - current
 
$
80

 
$
71

 
$
116

 
$
97

 
Derivatives - noncurrent
 
48

 
—

 
70

 
15

Fair value of derivatives designated as hedging instruments
 
$
128

 
$
71

 
$
186

 
$
112

 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
NJNG:
 
 
 
 
 
 
 
 
 
Financial derivative contracts
Derivatives - current
 
$
2,713

 
$
1,747

 
$
6,203

 
$
5,034

 
Derivatives - noncurrent
 
—

 
—

 
1,000

 
—

NJRES:
 
 
 
 
 
 
 
 
 
Physical forward commodity contracts
Derivatives - current
 
13,416

 
10,423

 
19,590

 
9,530

 
Derivatives - noncurrent
 
84

 
27

 
658

 
216

Financial derivative contracts
Derivatives - current
 
29,289

 
10,392

 
22,112

 
27,779

 
Derivatives - noncurrent
 
391

 
1,700

 
600

 
2,902

Fair value of derivatives not designated as hedging instruments
 
$
45,893

 
$
24,289

 
$
50,163

 
$
45,461

Total fair value of derivatives
 
 
$
46,021

 
$
24,360

 
$
50,349

 
$
45,573
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table reflects the effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations as of:
(Thousands)
Location of gain (loss) recognized in income on derivatives
Amount of gain (loss) recognized
in income on derivatives
 
 
Three Months Ended
 
 
December 31,
Derivatives not designated as hedging instruments:
2012
 
2011
NJRES:
 
 
 
 
Physical commodity contracts
Operating revenues
$
(5,635
)
 
$
(11,908
)
Physical commodity contracts
Gas purchases
(206
)
 
4,275

Financial derivative contracts
Gas purchases
29,202

 
62,454

Total unrealized and realized (losses) gains
$
23,361

 
$
54,821
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following table reflect the effect of derivative instruments designated as cash flow hedges on OCI as of:
(Thousands)
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (1)
Amount of Gain or (Loss) Reclassified from OCI into Income (Effective Portion)
Amount of Gain or (Loss) Recognized on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
Three Months Ended
Three Months Ended
Three Months Ended
 
December 31,
December 31,
December 31,
Derivatives in cash flow hedging relationships:
2012
2011
2012
2011
2012
2011
Foreign currency contracts
$
(95
)
$
(76
)
$
79

$
13

$
—

$
—

(1)
The settlement of foreign currency transactions over the next twelve months is expected to result in the reclassification of $9,000 from OCI into earnings. The maximum tenor is April 2015
Schedule of Derivative Instruments
NJNG and NJRES had the following outstanding long (short) derivatives as of:
 
 
 
Volume (Bcf)
 
 
 
December 31,
2012
September 30,
2012
NJNG
Futures
 
20.6

16.1

 
Swaps
 
—

3.4

NJRES
Futures
 
(27.1
)
(28.6
)
 
Swaps
 
(0.7
)
13.2

 
Options
 
—

4.4

 
Physical
 
(12.4
)
(3.5
)
Schedule of Due to (from) Broker-Dealers and Clearing Organizations
The Company maintains broker margin accounts for NJNG and NJRES. The balances by company, are as follows:
(Thousands)
Balance Sheet Location
December 31,
2012
September 30,
2012
NJNG
Broker margin - Current assets
$
1,011

$
1,713

NJRES
Broker margin - Current assets
$
7,730

$
20,216
Schedules of Concentration of Risk, by Risk Factor

The amounts presented below have not been reduced by any collateral received or netting and exclude accounts receivable for NJNG retail natural gas sales and services.
(Thousands)
Gross Credit Exposure
Investment grade
 
$
194,354

 
Noninvestment grade
 
2,510

 
Internally rated investment grade
 
30,934

 
Internally rated noninvestment grade
 
10,174

 
Total
 
$
237,972