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DEBT | 9 Months Ended
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Jun. 30, 2014
Debt Disclosure [Abstract] |
DEBT | DEBT NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program, committed unsecured credit facilities and private placement debt shelf facilities. Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR credit or debt shelf facilities. Credit Facilities On January 24, 2014, NJR entered into an agreement for a $50 million unsecured committed credit line. The credit line was put in place primarily to provide additional working capital to NJRES to meet any potential margin calls that may arise in NJRES’ normal course of business. Effective January 31, 2014, NJR utilized the accordion option available under the NJR Credit Facility to increase the amount of credit available from $325 million to $425 million and the additional credit line was thereby terminated on the same date. On May 15, 2014, NJNG entered into a $250 million, five-year, revolving, unsecured credit facility expiring in May 2019, which replaced an existing credit facility that was scheduled to expire in August 2014. The new NJNG Credit Facility permits the borrowing of revolving loans and swing loans, as well as the issuance of letters of credit. It also permits an increase to the facility, from time to time, with the existing or new lenders, in a minimum of $15 million increments up to a maximum of $50 million at the lending banks' discretion. As of June 30, 2014, the unused amount available under the NJNG Credit Facility, including amounts allocated to the backstop under the commercial paper program and the issuance of letters of credit, was $168.3 million. A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows:
(Thousands) | June 30, 2014 |  | September 30, 2013 |  | Expiration Dates
NJR |  |  |  |  |
Bank revolving credit facility (1) | $ | 425,000 |  |  | $ | 325,000 |  |  | August 2017
Notes outstanding at end of period | $ | 93,500 |  |  | $ | 97,000 |  |  |
Weighted average interest rate at end of period | 1.16 | % |  | 1.00 | % |  |
Amount available at end of period (2) | $ | 304,830 |  |  | $ | 210,110 |  |  |
Bank term loan (3) | $ | 100,000 |  |  | $ | 100,000 |  |  | September 2014
Loan outstanding at end of period | $ | — |  |  | $ | 100,000 |  |  |
Weighted average interest rate at end of period | — | % |  | 0.74 | % |  |
Amount available at end of period | $ | 100,000 |  |  | $ | — |  |  |
Bank letter of credit facility (3) (4) | $ | — |  |  | $ | 10,000 |  |  | June 2014
NJNG |  |  |  |  |
Bank credit facility dedicated to EDA Bonds (1) (4) | $ | 100,000 |  |  | $ | 100,000 |  |  | August 2015
Bank revolving credit facility (1) | $ | 250,000 |  |  | $ | 250,000 |  |  | May 2019
Commercial paper outstanding at end of period | $ | 81,000 |  |  | $ | 168,600 |  |  |
Weighted average interest rate at end of period | 0.11 | % |  | 0.13 | % |  |
Amount available at end of period (5) | $ | 168,269 |  |  | $ | 81,400 |  |  |
(1) | Committed credit facilities, which require commitment fees on the unused amounts.
(2) | Letters of credit outstanding total $26.7 million and $17.9 million as of June 30, 2014 and September 30, 2013, respectively, which reduces amount available by the same amount.
(3) | Uncommitted, expired on June 5, 2014.
(4) | There were no borrowings outstanding as of June 30, 2014 and September 30, 2013, respectively.
(5) | Letters of credit outstanding total $731,000 and $266,000 as of June 30, 2014 and September 30, 2013, respectively, which reduces the amount available by the same amount.
NJR Long-term Debt On May 12, 2011, NJR entered into an unsecured, uncommitted $100 million private placement shelf note agreement allowing NJR to issue senior notes during a two-year issuance period, which expired on May 10, 2013. As of June 30, 2014, NJR had two series of notes outstanding under this agreement, $25 million at 1.94 percent, which will mature on September 15, 2015 and $25 million at 2.51 percent, which will mature on September 15, 2018. On June 30, 2011, NJR entered into an unsecured, uncommitted $75 million private placement shelf note agreement allowing NJR to issue senior notes during a three-year issuance period, which expired on June 30, 2014. As of June 30, 2014, NJR had $50 million at 3.25 percent outstanding, which will mature on September 17, 2022, under this agreement. On September 26, 2013, NJR entered into an unsecured, uncommitted $100 million private placement shelf note agreement allowing NJR to issue senior notes during a three-year issuance period ending September 26, 2016. As of June 30, 2014, $100 million remains available for borrowing under this facility. On July 23, 2014, NJR executed a commitment letter with Prudential for the issuance of $100 million in ten-year notes at 3.48 percent. The issuance of these notes is contingent upon the execution of a note purchase agreement and subject to customary closing conditions. NJNG Long-term Debt On March 13, 2014, NJNG issued $70 million of 3.58 percent senior notes due March 13, 2024, and $55 million of 4.61 percent senior notes due March 13, 2044, secured by FMB in the private placement market pursuant to a note purchase agreement entered into on February 7, 2014. The proceeds were used to pay down short-term debt and redeem its $60 million, 4.77 percent private placement bonds. During the second quarter of fiscal 2014, management decided to redeem the $12 million, 5 percent Series HH bonds, which were callable as of December 1, 2013. The bonds were redeemed on May 27, 2014. NJNG received $7.6 million and $7.1 million in December 2013 and 2012, respectively, in connection with the sale-leaseback of its natural gas meters. NJNG records a capital lease obligation that is paid over the term of the lease and has the option to purchase the meters back at fair value upon expiration of the lease.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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