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DEBT | 6 Months Ended
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Mar. 31, 2019
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 and committed unsecured credit 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, 2019 |  | September 30, 2018 |  | Expiration Dates
NJR |  |  |  |  |
Bank revolving credit facilities (1) | $ | 425,000 |  |  | $ | 425,000 |  |  | December 2023
Notes outstanding at end of period | $ | — |  |  | $ | 87,950 |  |  |
Weighted average interest rate at end of period | — | % |  | 3.07 | % |  |
Amount available at end of period (2) | $ | 421,315 |  |  | $ | 322,144 |  |  |
Bank revolving credit facilities (1) | $ | 100,000 |  |  | $ | — |  |  | April 2019
Amount available at end of period | $ | 100,000 |  |  | $ | — |  |  |
NJNG |  |  |  |  |
Bank revolving credit facilities (1) | $ | 250,000 |  |  | $ | 250,000 |  |  | December 2023
Commercial paper outstanding at end of period | $ | 45,900 |  |  | $ | 64,000 |  |  |
Weighted average interest rate at end of period | 2.72 | % |  | 2.18 | % |  |
Amount available at end of period (3) | $ | 203,369 |  |  | $ | 185,269 |  |  |
(1) | Committed credit facilities, which require commitment fees on the unused amounts.
(2) | Letters of credit outstanding total $3.7 million and $14.9 million for March 31, 2019 and September 30, 2018, respectively, which reduces amount available by the same amount.
(3) | Letters of credit outstanding total $731,000 for both March 31, 2019 and September 30, 2018, which reduces the amount available by the same amount.
On December 5, 2018, NJNG entered into an Amended and Restated Credit Agreement governing a $250 million NJNG Credit Facility. The NJNG Credit Facility expires on December 5, 2023, subject to two mutual options for a one-year extension beyond that date. The NJNG Credit Facility permits the borrowing of revolving loans and swingline loans, as well as the issuance of letters of credit. The NJNG Credit Facility also includes an accordion feature, which would allow NJNG, in the absence of a default or event of default, to increase from time to time, with the existing or new lenders, the revolving credit commitments under the NJNG Credit Facility in minimum increments of $50 million up to a maximum of $100 million. On December 5, 2018, NJR entered into an Amended and Restated Credit Agreement governing a $425 million NJR Credit Facility. The NJR Credit Facility expires on December 5, 2023, subject to two mutual options for a one-year extension beyond that date. The NJR Credit Facility permits the borrowing of revolving loans and swingline loans, as well as the issuance of letters of credit. The NJR Credit Facility also includes an accordion feature, which would allow NJR, in the absence of a default or event of default, to increase from time to time, with the existing or new lenders, the revolving credit commitments under the NJR Credit Facility in minimum increments of $50 million up to a maximum of $250 million. Certain of NJR’s unregulated subsidiaries have guaranteed all of NJR’s obligations under the NJR Credit Facility. For accounting purposes, the Company treated both of the new credit facilities as a debt modification. On December 21, 2018, NJR entered into a four-month, $100 million revolving line of credit facility, which expired on April 18, 2019. As of March 31, 2019, there were no borrowings against the facility. 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 $9.9 million and $7.8 million in December 2018 and 2017, 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 during both the six months ended March 31, 2019 and 2018. On April 18, 2019, NJNG remarketed three FMBs, in the amount of $35.8 million, with a weighted average interest rate of 3.02 percent. The bonds have maturity dates ranging from April 2038 to April 2059.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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