FAIR VALUE (Tables)

6 Months Ended

Mar. 31, 2017

The estimated fair value of long-term debt at NJNG and NJR, including current maturities, excluding capital leases and debt issuance costs, is as follows:



(Thousands)	March 31, 2017		September 30, 2016
Carrying value ⁽¹⁾	$	1,047,045	$	1,082,845
Fair market value	$	1,041,750	$	1,131,077


(1)	Excludes capital leases of $45.9 million and $42.2 million as of March 31, 2017 and September 30, 2016, respectively.

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized as follows:



	Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(Thousands)	(Level 1)			(Level 2)			(Level 3)			Total
As of March 31, 2017:
Assets:
Physical commodity contracts		$	—		$	10,228		$	—	$	10,228
Financial commodity contracts		28,220			—			—		28,220
Financial commodity contracts - foreign exchange		—			2			—		2
Available for sale equity securities - energy industry		65,884			—			—		65,884
Money market funds		65,115			—			—		65,115
Other		1,249			—			—		1,249
Total assets at fair value		$	160,468		$	10,230		$	—	$	170,698
Liabilities:
Physical commodity contracts		$	—		$	3,065		$	—	$	3,065
Financial commodity contracts		31,180			—			—		31,180
Financial commodity contracts - foreign exchange		—			27			—		27
Interest rate contracts		—			4,392			—		4,392
Total liabilities at fair value		$	31,180		$	7,484		$	—	$	38,664
As of September 30, 2016:
Assets:
Physical commodity contracts		$	—		$	10,216		$	—	$	10,216
Financial commodity contracts		24,974			—			—		24,974
Financial commodity contracts - foreign exchange		—			1			—		1
Available for sale equity securities - energy industry		55,789			—			—		55,789
Money market funds		34,072			—			—		34,072
Other		1,444			—			—		1,444
Total assets at fair value		$	116,279		$	10,217		$	—	$	126,496
Liabilities:
Physical commodity contracts		$	—		$	14,026		$	—	$	14,026
Financial commodity contracts		49,201			—			—		49,201
Financial commodity contracts - foreign exchange		—			32			—		32
Interest rate contracts		—			23,073			—		23,073
Total liabilities at fair value		$	49,201		$	37,131		$	—	$	86,332