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FAIR VALUE (Tables) | 3 Months Ended
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Dec. 31, 2018
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The estimated fair value of long-term debt at NJNG and NJR, including current maturities, excluding capital leases, debt issuance costs and solar asset financing obligations, is as follows:
(Thousands) | December 31, 2018 | September 30, 2018
Carrying value (1) (2) (3) | $ | 1,172,045 |  | $ | 1,172,045 |
Fair market value | $ | 1,163,321 |  | $ | 1,158,051 |
(1) | Excludes capital leases of $43.3 million and $35.9 million as of December 31, 2018 and September 30, 2018, respectively.
(2) | Excludes NJNG's debt issuance costs of $6.4 million and $6.5 million as of December 31, 2018 and September 30, 2018, respectively.
(3) | Excludes NJR's debt issuance costs of $1.1 million and $1.1 million as of December 31, 2018 and September 30, 2018, 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 December 30, 2018: |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 13,436 |  |  |  | $ | — |  |  | $ | 13,436 |
Financial commodity contracts |  | 42,658 |  |  |  | 5,110 |  |  |  | — |  |  | 47,768 |
Interest rate contracts |  | — |  |  |  | 239 |  |  |  | — |  |  | 239 |
Investments in equity securities |  | 33,174 |  |  |  | — |  |  |  | — |  |  | 33,174 |
Other (1) |  | 1,589 |  |  |  | — |  |  |  | — |  |  | 1,589 |
Total assets at fair value |  | $ | 77,421 |  |  |  | $ | 18,785 |  |  |  | $ | — |  |  | $ | 96,206 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 47,248 |  |  |  | $ | — |  |  | $ | 47,248 |
Financial commodity contracts |  | 54,172 |  |  |  | — |  |  |  | — |  |  | 54,172 |
Financial commodity contracts - foreign exchange |  | — |  |  |  | 519 |  |  |  | — |  |  | 519 |
Total liabilities at fair value |  | $ | 54,172 |  |  |  | $ | 47,767 |  |  |  | $ | — |  |  | $ | 101,939 |
As of September 30, 2018: |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 11,682 |  |  |  | $ | — |  |  | $ | 11,682 |
Financial commodity contracts |  | 18,868 |  |  |  | 7,025 |  |  |  | — |  |  | 25,893 |
Interest rate contracts |  | — |  |  |  | 381 |  |  |  | — |  |  | 381 |
Investments in equity securities |  | 32,917 |  |  |  | — |  |  |  | — |  |  | 32,917 |
Other (1) |  | 1,217 |  |  |  | — |  |  |  | — |  |  | 1,217 |
Total assets at fair value |  | $ | 53,002 |  |  |  | $ | 19,088 |  |  |  | $ | — |  |  | $ | 72,090 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 29,666 |  |  |  | $ | — |  |  | $ | 29,666 |
Financial commodity contracts |  | 39,724 |  |  |  | — |  |  |  | — |  |  | 39,724 |
Financial commodity contracts - foreign exchange |  | — |  |  |  | 244 |  |  |  | — |  |  | 244 |
Total liabilities at fair value |  | $ | 39,724 |  |  |  | $ | 29,910 |  |  |  | $ | — |  |  | $ | 69,634 |
(1) | Includes money market funds.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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