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DERIVATIVE INSTRUMENTS | 6 Months Ended
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Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The Company is subject to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments to purchase and sell natural gas, SRECs and electricity. In addition, the Company may utilize foreign currency derivatives as cash flow hedges of Canadian dollar denominated gas purchases. These contracts, with a few exceptions as described below, are accounted for as derivatives. Accordingly, all of the financial and certain of the Company's physical derivative instruments are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company's fair value measurement policies and level disclosures associated with the NJR's derivative instruments, see Note 5. Fair Value. Since the Company chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS as appropriate, changes in the fair value of these derivative instruments are recorded as a component of gas purchases or operating revenues, as appropriate for NJRES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or (losses). For NJRES at settlement, realized gains and (losses) on all financial derivative instruments are recognized as a component of gas purchases and realized gains and (losses) on all physical derivatives follow the presentation of the related unrealized gains and (losses) as a component of either gas purchases or operating revenues. NJRES also enters into natural gas transactions in Canada and, consequently, is exposed to fluctuations in the value of Canadian currency relative to the US dollar. NJRES utilizes foreign currency derivatives to lock in the currency translation rate associated with natural gas transactions denominated in Canadian currency. The derivatives may include currency forwards, futures, or swaps and are accounted for as derivatives. These derivatives are being used to hedge future forecasted cash payments associated with transportation and storage contracts along with purchases of natural gas. The Company has designated these foreign currency derivatives as cash flow hedges of that exposure, and expects the hedge relationship to be highly effective throughout the term. Since NJRES designates its foreign exchange contracts as cash flow hedges, changes in fair value of the effective portion of the hedge are recorded in OCI. When the foreign exchange contracts are settled and the related purchases are recognized in income, realized gains and (losses) are recognized in gas purchases on the Unaudited Condensed Consolidated Statements of Operations. As a result of NJRES entering into transactions to borrow gas, commonly referred to as “park and loans,” an embedded derivative is created related to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed gas is expected to occur, and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings. Changes in fair value of NJNG's financial derivative instruments are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. NJNG has received regulatory approval to defer and to recover these amounts through future BGSS rates as an increase or decrease to the cost of natural gas in NJNG's tariff for gas service. The Company elects NPNS accounting treatment on all physical commodity contracts at NJNG. These contracts are accounted for on an accrual basis. Accordingly, physical purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets when the contract settles and the natural gas is delivered and amortized in current period earnings based on the current BPU BGSS factor. NJRCEV hedges certain of its expected production of SRECs through forward and futures contracts. The contracts require the Company to physically deliver the SRECs upon settlement. The Company elects NPNS accounting treatment on all SREC forward and futures contracts it enters into. NJRCEV recognizes the related revenue upon transfer of the SREC certificate to the counterparty. Fair Value of Derivatives 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
|  |  | March 31, 2015 |  | September 30, 2014
(Thousands) | Balance Sheet Location | Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
NJRES: |  |  |  |  |  |  |  |  |
Foreign currency contracts | Derivatives - current |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | 155 |
Fair value of derivatives designated as hedging instruments |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | 155 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
NJNG: |  |  |  |  |  |  |  |  |
Financial commodity contracts | Derivatives - current |  | $ | 907 |  |  | $ | 25,645 |  |  | $ | 2,525 |  |  | $ | 2,205 |
| Derivatives - noncurrent |  | — |  |  | — |  |  | 82 |  |  | 25 |
NJRES: |  |  |  |  |  |  |  |  |
Physical forward commodity contracts | Derivatives - current |  | 10,381 |  |  | 11,521 |  |  | 15,391 |  |  | 30,778 |
| Derivatives - noncurrent |  | 695 |  |  | — |  |  | 35 |  |  | 132 |
Financial commodity contracts | Derivatives - current |  | 48,725 |  |  | 47,442 |  |  | 46,307 |  |  | 46,725 |
| Derivatives - noncurrent |  | 4,446 |  |  | 3,598 |  |  | 5,537 |  |  | 6,533 |
Fair value of derivatives not designated as hedging instruments |  | $ | 65,154 |  |  | $ | 88,206 |  |  | $ | 69,877 |  |  | $ | 86,398 |
Total fair value of derivatives |  |  | $ | 65,154 |  |  | $ | 88,224 |  |  | $ | 69,877 |  |  | $ | 86,553 |
At March 31, 2015, the gross notional amount of the foreign currency transactions was approximately $101,000, and ineffectiveness in the hedge relationship is immaterial to the financial results of NJR. Offsetting of Derivatives NJR transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty, however NJR's policy is to present its derivative assets and liabilities on a gross basis in the Unaudited Condensed Consolidated Balance Sheets. The following table summarizes the reported gross amounts, the amounts that NJR has the right to offset but elects not to, financial collateral, as well as the net amounts NJR could present in the Unaudited Condensed Consolidated Balance Sheets but elects not to.
(Thousands) | Amounts Presented in Balance Sheets (1) | Offsetting Derivative Instruments (2) | Financial Collateral Received/Pledged (3) | Net Amounts (4)
As of March 31, 2015: |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |
NJRES |  |  |  |  |  |  |  |
Physical forward commodity contracts |  | $ | 11,076 |  |  | $ | (2,961 | ) |  | $ | — |  |  | $ | 8,115 |
Financial commodity contracts |  | 53,171 |  |  | (51,040 | ) |  | — |  |  | 2,131 |
Total NJRES |  | $ | 64,247 |  |  | $ | (54,001 | ) |  | $ | — |  |  | $ | 10,246 |
NJNG |  |  |  |  |  |  |  |
Financial commodity contracts |  | $ | 907 |  |  | $ | (907 | ) |  | $ | — |  |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |
NJRES |  |  |  |  |  |  |  |
Physical forward commodity contracts |  | $ | 11,521 |  |  | $ | (2,961 | ) |  | $ | (1,200 | ) |  | $ | 7,360 |
Financial commodity contracts |  | 51,040 |  |  | (51,040 | ) |  | — |  |  | — |
Foreign currency contracts |  | 18 |  |  | — |  |  | — |  |  | 18 |
Total NJRES |  | $ | 62,579 |  |  | $ | (54,001 | ) |  | $ | (1,200 | ) |  | $ | 7,378 |
NJNG |  |  |  |  |  |  |  |
Financial commodity contracts |  | $ | 25,645 |  |  | $ | (907 | ) |  | $ | (24,738 | ) |  | $ | — |
As of September 30, 2014: |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |
NJRES |  |  |  |  |  |  |  |
Physical forward commodity contracts |  | $ | 15,426 |  |  | $ | (11,531 | ) |  | $ | — |  |  | $ | 3,895 |
Financial commodity contracts |  | 51,844 |  |  | (51,844 | ) |  | — |  |  | — |
Total NJRES |  | $ | 67,270 |  |  | $ | (63,375 | ) |  | $ | — |  |  | $ | 3,895 |
NJNG |  |  |  |  |  |  |  |
Financial commodity contracts |  | $ | 2,607 |  |  | $ | (2,230 | ) |  | $ | (377 | ) |  | $ | — |
Derivative liabilities: |  |  |  |  |  |  |  |
NJRES |  |  |  |  |  |  |  |
Physical forward commodity contracts |  | $ | 30,910 |  |  | $ | (12,058 | ) |  | $ | (1,200 | ) |  | $ | 17,652 |
Financial commodity contracts |  | 53,258 |  |  | (51,844 | ) |  | (1,414 | ) |  | — |
Foreign currency contracts |  | 155 |  |  | — |  |  | — |  |  | 155 |
Total NJRES |  | $ | 84,323 |  |  | $ | (63,902 | ) |  | $ | (2,614 | ) |  | $ | 17,807 |
NJNG |  |  |  |  |  |  |  |
Financial commodity contracts |  | $ | 2,230 |  |  | $ | (2,230 | ) |  | $ | — |  |  | $ | — |
(1) | Derivative assets and liabilities are presented on a gross basis in the balance sheet as the Company does not elect balance sheet offsetting under ASC 210-20.
(2) | Offsetting derivative instruments include: transactions with NAESB netting election, transactions held by FCM's with net margining and transactions with ISDA netting.
(3) | Financial collateral includes cash balances at FCMs as well as cash received from or pledged to other counterparties.
(4) | Net amounts represent presentation of derivative assets and liabilities if the Company were to elect balance sheet offsetting under ASC 210-20.
NJRES utilizes financial derivatives to economically hedge the gross margin associated with the purchase of physical gas for injection into storage and the subsequent sale of physical gas at a later date. The gains or (losses) on the financial transactions that are economic hedges of the cost of the purchased gas are recognized prior to the gains or (losses) on the physical transaction, which are recognized in earnings when the natural gas is sold. Therefore, mismatches between the timing of the recognition of realized gains or (losses) on the financial derivative instruments and gains or (losses) associated with the actual sale of the natural gas that is being economically hedged along with fair value changes in derivative instruments creates volatility in the results of NJRES, although the Company's intended economic results relating to the entire transaction are unaffected. 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 | Six Months Ended
|  | March 31, | March 31,
Derivatives not designated as hedging instruments: | 2015 |  | 2014 | 2015 |  | 2014
NJRES: |  |  |  |  |  |  |
Physical commodity contracts | Operating revenues | $ | (1,144 | ) |  | $ | (57,916 | ) | $ | 14,947 |  |  | $ | (57,998 | )
Physical commodity contracts | Gas purchases | 10,063 |  |  | (54,481 | ) | (9,793 | ) |  | (79,474 | )
Financial commodity contracts | Gas purchases | (27,204 | ) |  | (101,629 | ) | 90,517 |  |  | (141,699 | )
Total unrealized and realized (losses) gains | $ | (18,285 | ) |  | $ | (214,026 | ) | $ | 95,671 |  |  | $ | (279,171 | )
The table above does not include (losses) gains associated with NJNG's financial derivatives that totaled $(5.5) million and $6.2 million for the three months ended March 31, 2015 and 2014, respectively, and $(24.5) million and $12.8 million for the six months ended March 31, 2015 and 2014, respectively. These derivatives are part of NJNG's risk management activities that relate to its natural gas purchases and BGSS incentive programs. As these transactions are entered into pursuant to and recoverable through regulatory riders, any changes in the value of NJNG's financial derivatives are deferred in regulatory assets or liabilities resulting in no impact to earnings. As previously noted, NJRES designates its foreign exchange contracts as cash flow hedges, therefore, changes in fair value of the effective portion of the hedges are recorded in OCI and, upon settlement of the contracts, realized gains and (losses) are reclassified from OCI to gas purchases on the Unaudited Condensed Consolidated Statements of Operations. The following table reflects the effect of derivative instruments designated as cash flow hedges on OCI as of March 31:
(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
| March 31, | March 31, | March 31,
Derivatives in cash flow hedging relationships: | 2015 | 2014 | 2015 | 2014 | 2015 | 2014
Foreign currency contracts | $ | (381 | ) | $ | (309 | ) | $ | 567 |  | $ | 68 |  | $ | — |  | $ | — |
(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)
| Six Months Ended | Six Months Ended | Six Months Ended
| March 31, | March 31, | March 31,
Derivatives in cash flow hedging relationships: | 2015 | 2014 | 2015 | 2014 | 2015 | 2014
Foreign currency contracts | $ | (405 | ) | $ | (460 | ) | $ | 542 |  | $ | 165 |  | $ | — |  | $ | — |
(1) | The settlement of foreign currency transactions over the next 12 months is expected to result in the reclassification of $(18,000) from OCI into earnings. The maximum tenor is April 2015.
NJNG and NJRES had the following outstanding long (short) derivatives as of:
|  |  | Volume (Bcf)
|  |  | March 31, 2015 | September 30, 2014
NJNG | Futures |  | 27.2 |  | 17.3 |
NJRES | Futures |  | (37.9 | ) | (62.1 | )
| Options |  | 1.2 |  | 1.2 |
| Physical |  | 74.7 |  | 28.6 |
Broker Margin Generally, exchange-traded futures contracts require posted collateral, referred to as margin, usually in the form of cash. The amount of margin required is comprised of a fixed initial amount based on exchange requirements and a variable amount based on a daily mark-to-market. The Company maintains separate broker margin accounts for NJNG and NJRES. The balances by company, are as follows:
(Thousands) | Balance Sheet Location | March 31, 2015 | September 30, 2014
NJNG | NJNG Broker margin - Current assets | $ | 29,471 |  | $ | 1,057 |
NJRES | NJRES Broker margin - Current assets | $ | 14,575 |  | $ | 26,282 |
Wholesale Credit Risk NJNG and NJRES are exposed to credit risk as a result of their wholesale marketing activities. In addition, NJRCEV engages in SREC sales. As a result of the inherent volatility in the prices of natural gas commodities, derivatives and SRECs, the market value of contractual positions with individual counterparties could exceed established credit limits or collateral provided by those counterparties. If a counterparty failed to perform the obligations under its contract (e.g., failed to deliver or pay for natural gas), then the Company could sustain a loss. NJR monitors and manages the credit risk of its wholesale marketing operations through credit policies and procedures that management believes reduce overall credit risk. These policies include a review and evaluation of current and prospective counterparties' financial statements and/or credit ratings, daily monitoring of counterparties' credit limits and exposure, daily communication with traders regarding credit status and the use of credit mitigation measures, such as collateral requirements and netting agreements. Examples of collateral include letters of credit and cash received for either prepayment or margin deposit. Collateral may be requested due to NJR's election not to extend credit or because exposure exceeds defined thresholds. Most of NJR's wholesale marketing contracts contain standard netting provisions. These contracts include those governed by ISDA and the NAESB. The netting provisions refer to payment netting, whereby receivables and payables with the same counterparty are offset and the resulting net amount is paid to the party to which it is due. The following is a summary of gross credit exposures grouped by investment and noninvestment grade counterparties, as of March 31, 2015. Internally-rated exposure applies to counterparties that are not rated by S&P or Moody's. In these cases, the Company's or guarantor's financial statements are reviewed, and similar methodologies and ratios used by S&P and/or Moody's are applied to arrive at a substitute rating. Gross credit exposure is defined as the unrealized fair value of physical and financial derivative commodity contracts, plus any outstanding wholesale receivable for the value of natural gas delivered and/or financial derivative commodity contract that has settled for which payment has not yet been received. 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 |  | $ | 144,536 |  |
Noninvestment grade |  | 23,734 |  |
Internally rated investment grade |  | 26,404 |  |
Internally rated noninvestment grade |  | 14,813 |  |
Total |  | $ | 209,487 |  |
Conversely, certain of NJNG's and NJRES' derivative instruments are linked to agreements containing provisions that would require cash collateral payments from the Company if certain events occur. These provisions vary based upon the terms in individual counterparty agreements and can result in cash payments if NJNG's credit rating were to fall below its current level. NJNG's credit rating, with respect to S&P, reflects the overall corporate credit profile of NJR. Specifically, most, but not all, of these additional payments will be triggered if NJNG's debt is downgraded by the major credit agencies, regardless of investment grade status. In addition, some of these agreements include threshold amounts that would result in additional collateral payments if the values of derivative liabilities were to exceed the maximum values provided for in relevant counterparty agreements. Other provisions include payment features that are not specifically linked to ratings, but are based on certain financial metrics. Collateral amounts associated with any of these conditions are determined based on a sliding scale and are contingent upon the degree to which the Company's credit rating and/or financial metrics deteriorate, and the extent to which liability amounts exceed applicable threshold limits. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on March 31, 2015 and September 30, 2014, was $76,000 and $39,000, respectively, for which the Company had not posted collateral. If all thresholds related to the credit-risk-related contingent features underlying these agreements had been invoked on March 31, 2015 and September 30, 2014, the Company would have been required to post an additional $75,000 and $7,000, respectively, to its counterparties. These amounts differ from the respective net derivative liabilities reflected on the Unaudited Condensed Consolidated Balance Sheets because the agreements also include clauses, commonly known as “Rights of Offset,” that would permit the Company to offset its derivative assets against its derivative liabilities for determining additional collateral to be posted, as previously discussed.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
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