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FAIR VALUE (Tables)

3 Months Ended

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.

X

- 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

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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

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