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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Sep. 30, 2017
Accounting Policies [Abstract] |
Summary of Gas in Storage | The following table summarizes gas in storage, at average cost by company, as of September 30:
| 2017 | 2016
($ in thousands) | Gas in Storage |  | Bcf | Gas in Storage |  | Bcf
Energy Services |  | $ | 122,884 |  | 53.9 |  |  | $ | 130,493 |  | 62.0 |
Natural Gas Distribution |  | 79,179 |  | 21.8 |  |  | 75,758 |  | 21.3 |
Total |  | $ | 202,063 |  | 75.7 |  |  | $ | 206,251 |  | 83.3 |
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) | 2017 | 2016 | 2015
Energy Services | $ | 126.4 |  | $ | 141.0 |  | $ | 130.6 |
Natural Gas Distribution | 80.2 |  | 77.8 |  | 80.5 |
Total | $ | 206.6 |  | $ | 218.8 |  | $ | 211.1 |
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) | 2017 | 2016 | 2015
AFUDC: |  |  |
Debt | $ | 1,311 |  | $ | 5,009 |  | $ | 2,472 |
Equity | 3,867 |  | 4,375 |  | 3,825 |
Total | $ | 5,178 |  | $ | 9,384 |  | $ | 6,297 |
Weighted average interest rate | 6.90 | % | 5.06 | % | 4.63 | %
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 |  | 2017 | 2016
Distribution facilities | 38 to 74 years |  | $ | 1,952,697 |  | $ | 1,823,672 |
Transmission facilities | 35 to 56 years |  | 294,586 |  | 292,433 |
Storage facilities | 34 to 47 years |  | 78,245 |  | 78,238 |
Solar property | 20 to 25 years |  | 587,345 |  | 479,948 |
Wind property | 25 years |  | 244,764 |  | 228,644 |
All other property | 5 to 35 years |  | 53,433 |  | 52,195 |
Total property, plant and equipment |  |  | 3,211,070 |  | 2,955,130 |
Accumulated depreciation and amortization |  |  | (601,329 | ) | (547,478 | )
Property, plant and equipment, net |  |  | $ | 2,609,741 |  | $ | 2,407,652 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense for the next five years as of September 30, is as follows:
(Thousands) |
2018 | $ | 18,222 |
2019 | $ | 8,424 |
2020 | $ | 4,925 |
2021 | $ | 4,604 |
2022 | $ | 2,561 |
Thereafter | $ | 2,348 |
Summary of Customer Accounts Receivable by Company | The following table summarizes customer accounts receivable by company as of September 30:
(Thousands) | 2017 |  | 2016
Energy Services | $ | 150,322 |  | 77 | % |  | $ | 102,884 |  | 72 | %
NJNG (1) | 37,432 |  | 19 |  |  | 30,951 |  | 22 |
Clean Energy Ventures | 2,655 |  | 1 |  |  | 1,807 |  | 1 |
NJRHS and other | 6,058 |  | 3 |  |  | 7,016 |  | 5 |
Total | $ | 196,467 |  | 100 | % |  | $ | 142,658 |  | 100 | %
(1) | Does not include unbilled revenues of $7.2 million and $5.7 million as of September 30, 2017 and 2016, 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 as of 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 | )
Other comprehensive income, net of tax |  |  |  |  |  |  |
Other comprehensive income, before reclassifications, net of tax of $(6,593), $0, $(2,619), $(9,212) | 10,019 |  |  | — |  |  | 3,783 |  |  | 13,802 |
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax of $2,192, $0, $(868), $1,324 | (3,173 | ) |  | — |  | (1) | 1,270 |  | (2) | (1,903 | )
Net current-period other comprehensive income, net of tax of $(4,401), $0, $(3,487), $(7,888) | 6,846 |  |  | — |  |  | 5,053 |  |  | 11,899 |
Balance at September 30, 2017 | $ | 11,044 |  |  | $ | — |  |  | $ | (14,300 | ) |  | $ | (3,256 | )
(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 11. Employee Benefit Plans.
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | In addition, the following amounts on the Consolidated Balance Sheets have been adjusted, retrospectively, as of September 30, 2016.
(Thousands) | As Previously Reported |  | Effect of Change |  | As Adjusted
Assets |  |  |  |  |
Other noncurrent assets | $ | 68,708 |  |  | $ | (8,512 | ) |  | $ | 60,196 |
Total noncurrent assets | $ | 712,166 |  |  | $ | (8,512 | ) |  | $ | 703,654 |
Total assets | $ | 3,727,082 |  |  | $ | (8,512 | ) |  | $ | 3,718,570 |
Capitalization and Liabilities |  |  |  |  |
Long-term debt | $ | 1,063,550 |  |  | $ | (8,512 | ) |  | $ | 1,055,038 |
Total capitalization | $ | 2,230,141 |  |  | $ | (8,512 | ) |  | $ | 2,221,629 |
Total capitalization and liabilities | $ | 3,727,082 |  |  | $ | (8,512 | ) |  | $ | 3,718,570 |

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