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DEBT | 6 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
DEBT | 9. DEBT NJR and NJNG finance working capital requirements and capital expenditures through various short-term debt and long-term financing arrangements, including a commercial paper program, committed unsecured credit facilities and private placement debt shelf facilities. Credit Facilities A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows:
(Thousands) | March 31, 2018 |  | September 30, 2017 |  | Expiration Dates
NJR |  |  |  |  |
Bank revolving credit facilities (1) | $ | 425,000 |  |  | $ | 425,000 |  |  | September 2020
Notes outstanding at end of period | $ | 150,900 |  |  | $ | 255,000 |  |  |
Weighted average interest rate at end of period | 2.60 | % |  | 2.14 | % |  |
Amount available at end of period (2) | $ | 263,326 |  |  | $ | 156,601 |  |  |
Bank revolving credit facilities (1) | $ | 100,000 |  |  | $ | — |  |  | April 2018
Amount available at end of period | $ | 100,000 |  |  | $ | — |  |  |
NJNG |  |  |  |  |
Bank revolving credit facilities (1) | $ | 250,000 |  |  | $ | 250,000 |  |  | May 2019
Commercial paper outstanding at end of period | $ | — |  |  | $ | 11,000 |  |  |
Weighted average interest rate at end of period | — | % |  | 1.13 | % |  |
Amount available at end of period (3) | $ | 249,269 |  |  | $ | 238,269 |  |  |
(1) | Committed credit facilities, which require commitment fees on the unused amounts.
(2) | Letters of credit outstanding total $10.8 million and $13.4 million for March 31, 2018 and September 30, 2017, respectively, which reduces amount available by the same amount.
(3) | Letters of credit outstanding total $731,000 for both March 31, 2018 and September 30, 2017, which reduces the amount available by the same amount.
On December 14, 2017, NJR entered into a four-month, $75 million revolving line of credit facility. On January 19, 2018, NJR amended the agreement to increase the available amount to $100 million. As of March 31, 2018, there were no borrowings against the facility. This facility expired on April 14, 2018. Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR credit or debt shelf facilities. Long-term Debt NJNG NJNG received $7.8 million and $9.6 million in December 2017 and 2016, respectively, in connection with the sale-leaseback of its natural gas meters. NJNG records a capital lease obligation that is paid over the term of the lease and has the option to purchase the meters back at fair value upon expiration of the lease. NJNG exercised early purchase options with respect to certain outstanding meter leases by making final principal payments of $1.1 million and $1 million during the six months ended March 31, 2018 and 2017, respectively. In June 2015, NJNG entered into a treasury lock transaction to fix a benchmark treasury rate of 3.26 percent associated with the $125 million debt issuance expected in May 2018. This debt issuance coincides with the maturity of NJNG's existing $125 million, 5.6 percent notes due May 15, 2018. This treasury lock was settled on March 13, 2018. The resulting $2.6 million loss is recorded as a component of regulatory assets on the Unaudited Condensed Consolidated Balance Sheets and will be amortized in earnings over the life of the May 2018 debt issuance. NJR On January 26, 2018, NJR entered into a variable-for-fixed interest rate swap on NJR's existing $100 million variable rate term loan due August 16, 2019, which fixed the variable rate at 2.84 percent.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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