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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Mar. 31, 2017
Accounting Policies [Abstract] |
Summary of Gas in Storage | The following table summarizes gas in storage, at average cost by company as of:
| March 31, 2017 | September 30, 2016
($ in thousands) | Gas in Storage |  | Bcf | Gas in Storage |  | Bcf
NJRES |  | $ | 128,281 |  | 46.4 |  |  | $ | 130,493 |  | 62.0 |
NJNG |  | 15,233 |  | 4.3 |  |  | 75,758 |  | 21.3 |
Total |  | $ | 143,514 |  | 50.7 |  |  | $ | 206,251 |  | 83.3 |
Accounts Receivable by Subsidiary | Customer accounts receivable include outstanding billings from the following subsidiaries as of:
(Thousands) | March 31, 2017 |  | September 30, 2016
NJRES | $ | 135,199 |  | 56 | % |  | $ | 102,884 |  | 72 | %
NJNG (1) | 100,449 |  | 41 |  |  | 30,951 |  | 22 |
NJRCEV | 2,405 |  | 1 |  |  | 1,807 |  | 1 |
NJRHS and other | 4,645 |  | 2 |  |  | 7,016 |  | 5 |
Total | $ | 242,698 |  | 100 | % |  | $ | 142,658 |  | 100 | %
(1) | Does not include unbilled revenues of $42.7 million and $5.7 million as of March 31, 2017 and September 30, 2016, respectively.
Schedule of Retrospective Application of New Accounting Standard | In addition, the following amounts on the Unaudited Condensed Consolidated Financial Statements have been adjusted retrospectively during the three and six months ended March 31, 2016:
(Thousands) | As Previously Reported |  | Effect of Change |  | As Adjusted
Three Months Ended |  |  |  |  |
Statements of Operations |  |  |  |  |
Income tax provision | $ | 17,840 |  |  | $ | (25 | ) |  | $ | 17,815 |
Net income | $ | 73,328 |  |  | $ | 25 |  |  | $ | 73,353 |
Earnings per common share |  |  |  |  |
Basic | $ | 0.85 |  |  | $ | — |  |  | $ | 0.85 |
Diluted | $ | 0.84 |  |  | $ | — |  |  | $ | 0.84 |
Six Months Ended |  |  |  |  |
Statements of Operations |  |  |  |  |
Income tax provision | $ | 26,197 |  |  | $ | (1,660 | ) |  | $ | 24,537 |
Net income | $ | 121,975 |  |  | $ | 1,660 |  |  | $ | 123,635 |
Earnings per common share |  |  |  |  |
Basic | $ | 1.42 |  |  | $ | 0.02 |  |  | $ | 1.44 |
Diluted | $ | 1.41 |  |  | $ | 0.01 |  |  | $ | 1.42 |
Cash flows from operating activities |  |  |  |  |
Net income | $ | 121,975 |  |  | $ | 1,660 |  |  | $ | 123,635 |
Tax benefit from stock based compensation | $ | — |  |  | $ | 1,660 |  |  | $ | 1,660 |
Other noncurrent liabilities | $ | 2,302 |  |  | $ | (139 | ) |  | $ | 2,163 |
Net cash flows from operating activities | $ | 114,824 |  |  | $ | 3,181 |  |  | $ | 118,005 |
Cash flows from financing activities |  |  |  |  |
Tax withholding payments related to net settled stock compensation | $ | — |  |  | $ | (3,181 | ) |  | $ | (3,181 | )
Cash flows from financing activities | $ | 53,547 |  |  | $ | (3,181 | ) |  | $ | 50,366 |
In addition, the following amounts on the Unaudited Condensed 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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