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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Sep. 30, 2016
Accounting Policies [Abstract] |
Summary of Gas in Storage | The following table summarizes gas in storage, at average cost by company, as of September 30:
| 2016 | 2015
($ in thousands) | Gas in Storage |  | Bcf | Gas in Storage |  | Bcf
NJRES |  | $ | 130,493 |  | 62.0 |  |  | $ | 93,696 |  | 44.6 |
NJNG |  | 75,758 |  | 21.3 |  |  | 70,209 |  | 21.4 |
Total |  | $ | 206,251 |  | 83.3 |  |  | $ | 163,905 |  | 66.0 |
Schedule of Demand Charges | The following table summarizes the demand charges, which are net of capacity releases, and are included as a component of gas purchases on the Consolidated Statements of Operations for the fiscal years ended September 30:
(Millions) | 2016 | 2015 | 2014
NJRES | $ | 141.0 |  | $ | 130.6 |  | $ | 122.0 |
NJNG | 77.8 |  | 80.5 |  | 92.0 |
Total | $ | 218.8 |  | $ | 211.1 |  | $ | 214.0 |
Schedule of Capitalized Amounts Associated with Debt and Equity Component of AFUDC | Corresponding amounts for the debt component is recognized in interest expense and in other income for the equity component on the Consolidated Statements of Operations and include the following for the fiscal years ended September 30:
($ in thousands) | 2016 | 2015 | 2014
AFUDC: |  |  |
Debt | $ | 5,009 |  | $ | 2,472 |  | $ | 1,057 |
Equity | 4,375 |  | 3,825 |  | 1,562 |
Total | $ | 9,384 |  | $ | 6,297 |  | $ | 2,619 |
Weighted average interest rate | 5.06 | % | 4.63 | % | 3.30 | %
Schedule of Sales Tax and TEFA | Sales tax that is collected from customers is presented in both operating revenues and operating expenses on the Consolidated Statements of Operations for the fiscal years ended September 30, as follows:
(Millions) | 2016 | 2015 | 2014
Sales tax | $ | 31.0 |  | $ | 44.1 |  | $ | 47.4 |
TEFA (1) | — |  | — |  | 1.4 |
Total | $ | 31.0 |  | $ | 44.1 |  | $ | 48.8 |
(1) | TEFA was phased out in January 2014.
Schedule of Property, Plant and Equipment | Property, plant and equipment was comprised of the following as of September 30:
(Thousands) |  |  |  |
Property Classifications | Estimated Useful Lives |  | 2016 | 2015
Distribution facilities | 38 to 74 years |  | $ | 1,823,672 |  | $ | 1,695,898 |
Transmission facilities | 35 to 56 years |  | 292,433 |  | 289,599 |
Storage facilities | 34 to 47 years |  | 78,238 |  | 41,669 |
Solar property | 20 to 25 years |  | 479,948 |  | 395,704 |
Wind property | 25 years |  | 228,644 |  | 137,292 |
All other property | 5 to 35 years |  | 52,195 |  | 62,123 |
Total property, plant and equipment |  |  | 2,955,130 |  | 2,622,285 |
Accumulated depreciation and amortization |  |  | (547,478 | ) | (494,024 | )
Property, plant and equipment, net |  |  | $ | 2,407,652 |  | $ | 2,128,261 |
Summary of Customer Accounts Receivable by Company | The following table summarizes customer accounts receivable by company as of September 30:
(Thousands) | 2016 |  | 2015
NJRES | $ | 102,884 |  | 72 | % |  | $ | 107,461 |  | 69 | %
NJNG (1) | 30,951 |  | 22 |  |  | 41,130 |  | 26 |
NJRCEV | 1,807 |  | 1 |  |  | 1,084 |  | 1 |
NJRHS and other | 7,016 |  | 5 |  |  | 5,598 |  | 4 |
Total | $ | 142,658 |  | 100 | % |  | $ | 155,273 |  | 100 | %
(1) | Does not include unbilled revenues of $5.7 million and $6.4 million as of September 30, 2016 and 2015, respectively.
Changes in Components of Accumulated Other Comprehensive Income, Net | The following table presents the changes in the components of accumulated other comprehensive income, net of related tax effects, as of September 30:
(Thousands) | Unrealized gain (loss) on available for sale securities | Net unrealized gain (loss) on derivatives | Adjustment to postemployment benefit obligation | Total
Balance at September 30, 2014 | $ | 4,782 |  |  | $ | (93 | ) |  | $ | (10,283 | ) |  | $ | (5,594 | )
Other comprehensive income, net of tax |  |  |  |  |  |  |
Other comprehensive income (loss), before reclassifications, net of tax of ($1,135), $146, $4,362, $3,373 | 1,603 |  |  | (256 | ) |  | (6,483 | ) |  | (5,136 | )
Amounts reclassified from accumulated other comprehensive income, net of tax of $0, ($202), ($674), ($876) | — |  |  | 349 |  | (1) | 987 |  | (2) | 1,336 |
Net current-period other comprehensive income (loss), net of tax of ($1,135), ($56), $3,688, $2,497 | 1,603 |  |  | 93 |  |  | (5,496 | ) |  | (3,800 | )
Balance at September 30, 2015 | $ | 6,385 |  |  | $ | — |  |  | $ | (15,779 | ) |  | $ | (9,394 | )
Other comprehensive income, net of tax |  |  |  |  |  |  |
Other comprehensive (loss), before reclassifications, net of tax of $1,499, $10, $3,164, $4,673 | (2,187 | ) |  | (17 | ) |  | (4,600 | ) |  | (6,804 | )
Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(10), $(698), $(708) | — |  |  | 17 |  | (1) | 1,026 |  | (2) | 1,043 |
Net current-period other comprehensive (loss), net of tax of $1,499, $0, $2,466, $3,965 | (2,187 | ) |  | — |  |  | (3,574 | ) |  | (5,761 | )
Balance at September 30, 2016 | $ | 4,198 |  |  | $ | — |  |  | $ | (19,353 | ) |  | $ | (15,155 | )
(1) | Consists of realized losses related to foreign currency derivatives, which are reclassified to gas purchases on the Consolidated Statements of Operations.
(2) | Included in the computation of net periodic pension cost, a component of O&M expense on the Consolidated Statements of Operations. For more details, see Note 10. Employee Benefit Plans.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table presents the adjustments to the Consolidated Statements of Cash Flows for the fiscal year ended September 30, 2015:
(Thousands) | As Previously Reported |  | Effect of Change |  | As Adjusted
Cash flows from operating activities |  |  |  |  |
Tax benefit from stock based compensation | $ | — |  |  | $ | 881 |  |  | $ | 881 |
Other noncurrent liabilities | $ | 25,695 |  |  | $ | 2,146 |  |  | $ | 27,841 |
Net cash flows provided from operating activities | $ | 387,920 |  |  | $ | 3,027 |  |  | $ | 390,947 |
Cash flows (used in) financing activities |  |  |  |  |
Tax benefit from stock options exercised | $ | 881 |  |  | $ | (881 | ) |  | $ | — |
Tax withholding payments related to net settled stock compensation | $ | — |  |  | $ | (2,146 | ) |  | $ | (2,146 | )
Cash flows (used in) financing activities | $ | (63,414 | ) |  | $ | (3,027 | ) |  | $ | (66,441 | )
The following table presents the adjustments to the Consolidated Statements of Cash Flows for the fiscal year ended September 30, 2014:
(Thousands) | As Previously Reported |  | Effect of Change |  | As Adjusted
Cash flows from operating activities |  |  |  |  |
Tax benefit from stock based compensation | $ | — |  |  | $ | 414 |  |  | $ | 414 |
Other noncurrent liabilities | $ | 19,775 |  |  | $ | 949 |  |  | $ | 20,724 |
Net cash flows provided from operating activities | $ | 356,786 |  |  | $ | 1,363 |  |  | $ | 358,149 |
Cash flows (used in) financing activities |  |  |  |  |
Tax benefit from stock options exercised | $ | 414 |  |  | $ | (414 | ) |  | $ | — |
Tax withholding payments related to net settled stock compensation | $ | — |  |  | $ | (949 | ) |  | $ | (949 | )
Cash flows (used in) financing activities | $ | (75,009 | ) |  | $ | (1,363 | ) |  | $ | (76,372 | )
Accordingly, the following amounts on the Consolidated Balance Sheets, as of September 30, 2015, have been adjusted:
(Thousands) | As Previously Reported |  | Effect of Change |  | As Adjusted
Assets |  |  |  |  |
Deferred taxes (current) | $ | 56,296 |  |  | $ | (56,296 | ) |  | $ | — |
Total current assets | $ | 544,511 |  |  | $ | (56,296 | ) |  | $ | 488,215 |
Other noncurrent assets | $ | 60,300 |  |  | $ | 1,615 |  |  | $ | 61,915 |
Total noncurrent assets | $ | 666,266 |  |  | $ | 1,615 |  |  | $ | 667,881 |
Total assets | $ | 3,339,038 |  |  | $ | (54,681 | ) |  | $ | 3,284,357 |
Capitalization and Liabilities |  |  |  |  |
Deferred income taxes | $ | 499,616 |  |  | $ | (54,681 | ) |  | $ | 444,935 |
Total noncurrent liabilities | $ | 952,387 |  |  | $ | (54,681 | ) |  | $ | 897,706 |
Total capitalization and liabilities | $ | 3,339,038 |  |  | $ | (54,681 | ) |  | $ | 3,284,357 |

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