XML 45 R29.htm IDEA: XBRL DOCUMENT v3.21.2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Schedule of Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:

(Thousands)			June 30, 2021			September 30, 2020			June 30, 2020			September 30, 2019
Balance Sheet
Cash and cash equivalents			$	4,719		$	117,012		$	42,821		$	2,676
Restricted cash in other noncurrent assets			$	1,291		$	2,411		$	2,424		$	1,387
Statements of Cash Flow
Cash, cash equivalents and restricted cash			$	6,010		$	119,423		$	45,245		$	4,063

Summary of Natural Gas in Storage

The following table summarizes natural gas in storage, at average cost by segment as of:

			June 30, 2021									September 30, 2020
($ in thousands)			Natural Gas in Storage						Bcf			Natural Gas in Storage						Bcf
Natural Gas Distribution						$	68,657		17.4						$	110,037		27.2
Energy Services						57,167			22.2						57,352			34.3
Storage and Transportation						—			—						115			0.02
Total						$	125,824		39.6						$	167,504		61.52

Schedule of Software Costs Included in the Consolidated Financial Statements

The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements:

(Thousands)			June 30, 2021			September 30, 2020
Balance Sheets
Utility plant, at cost			$	14,127		$	13,452
Construction work in progress			$	2,496		$	—
Nonutility plant and equipment, at cost			$	334		$	316
Accumulated depreciation and amortization, utility plant			$	(1,057)		$	(279)
Accumulated depreciation and amortization, nonutility plant and equipment			$	(23)		$	(5)
Software costs			$	5,560		$	4,707

			Three Months Ended						Nine Months Ended
			June 30,						June 30,
Statements of Operations			2021			2020			2021			2020
Operation and maintenance (1)			$	2,039		$	1,928		$	6,810		$	4,524
Depreciation and amortization			$	273		$	—		$	796		$	—

(1)During the three and nine months ended June 30, 2021, approximately $147,000 and $335,000, respectively, was amortized from software costs into O&M. There were no amounts amortized for the three and nine months ended June 30, 2020.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the three months ended June 30, 2021 and 2020:

(Thousands)			Cash Flow Hedges						Postemployment Benefit Obligation						Total
Balance at March 31, 2021			$	(9,903)					$	(32,293)					$	(42,196)
Other comprehensive income, net of tax
Amounts reclassified from accumulated other comprehensive loss, net of tax of $(79), $(245), $(324), respectively			264						812			(1)			1,076
Balance at June 30, 2021			$	(9,639)					$	(31,481)					$	(41,120)
Balance at March 31, 2020			$	(9,711)					$	(24,928)					$	(34,639)
Other comprehensive (loss) income, net of tax
Other comprehensive loss, before reclassifications, net of tax of $180, $0, $180			(626)						—						(626)
Amounts reclassified from accumulated other comprehensive loss, net of tax of $0, $(191), $(191)			—						663			(1)			663
Net current-period other comprehensive (loss) income, net of tax of $180, $(191), $(11)			(626)						663						37
Balance at June 30, 2020			$	(10,337)					$	(24,265)					$	(34,602)

(1)Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Unaudited Condensed Consolidated Statements of Operations.

The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the nine months ended June 30, 2021 and 2020:

(Thousands)			Cash Flow Hedges						Postemployment Benefit Obligation						Total
Balance at September 30, 2020			$	(10,397)					$	(33,918)					$	(44,315)
Other comprehensive income, net of tax
Amounts reclassified from accumulated other comprehensive loss, net of tax of $(270), $(734), $(1,004), respectively			758						2,437			(1)			3,195
Balance at June 30, 2021			$	(9,639)					$	(31,481)					$	(41,120)
Balance at September 30, 2019			$	—					$	(31,787)					$	(31,787)
Other comprehensive income, net of tax
Other comprehensive (loss) income, before reclassifications, net of tax of $2,961, $(1,681), $1,280			(10,337)						5,378						(4,959)
Amounts reclassified from accumulated other comprehensive loss, net of tax of $0, $(480) and $(480)			—						2,144			(1)			2,144
Net current-period other comprehensive (loss) income, net of tax of $2,961, $(2,161), $800			(10,337)						7,522						(2,815)
Balance at June 30, 2020			$	(10,337)					$	(24,265)					$	(34,602)

(1)Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Unaudited Condensed Consolidated Statements of Operations.

Impact of Changes Resulting from Change in Accounting Principle

The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Operations during the three months ended June 30, 2020 is as follows:

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Depreciation and amortization			$	31,216		(3,344)			$	27,872
Total operating expenses			$	319,165		(3,344)			$	315,821
Operating loss			$	(20,191)		3,344			$	(16,847)
Loss before income taxes and equity in earnings of affiliates			$	(32,622)		3,344			$	(29,278)
Income tax benefit			$	(2,190)		(4,577)			$	(6,767)
Net loss			$	(27,219)		7,921			$	(19,298)
(Loss) Earnings per common share
Basic			$	(0.28)		0.08			$	(0.20)
Diluted			$	(0.28)		0.08			$	(0.20)

The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Operations during the nine months ended June 30, 2020 is as follows:

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Depreciation and amortization			$	89,758		(9,733)			$	80,025
Total operating expenses			$	1,377,103		(9,733)			$	1,367,370
Operating income			$	176,521		9,733			$	186,254
Income before income taxes and equity in earnings of affiliates			$	136,364		9,733			$	146,097
Income tax (benefit) expense			$	(4,092)		30,080			$	25,988
Net income			$	150,647		(20,347)			$	130,300
Earnings per common share
Basic			$	1.60		(0.22)			$	1.38
Diluted			$	1.59		(0.21)			$	1.38

The cumulative effect of the change in accounting policy on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2020 is as follows:

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Assets
Nonutility plant and equipment, at cost			$	1,430,723		(322,211)			$	1,108,512
Accumulated depreciation and amortization, nonutility plant and equipment			$	(202,507)		61,945			$	(140,562)
Property, plant and equipment, net			$	3,983,035		(260,266)			$	3,722,769
Other noncurrent assets			$	78,716		6,941			$	85,657
Total noncurrent assets			$	964,435		6,941			$	971,376
Total assets			$	5,569,802		(253,325)			$	5,316,477
Capitalization
Retained earnings			$	1,148,297		(200,796)			$	947,501
Common stock equity			$	1,844,692		(200,796)			$	1,643,896
Total capitalization			$	4,104,158		(200,796)			$	3,903,362
Liabilities
Deferred income taxes			$	190,610		(52,529)			$	138,081
Total noncurrent liabilities			$	931,922		(52,529)			$	879,393
Total capitalization and liabilities			$	5,569,802		(253,325)			$	5,316,477

The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Cash Flows as of June 30, 2020 is as follows:

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Depreciation and amortization			$	89,758		(9,733)			$	80,025
Deferred income taxes			$	(3,066)		30,080			$	27,014

The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Common Stock Equity as of June 30, 2020 is as follows:

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Retained Earnings
Balance at September 30, 2019			$	1,075,960		(206,102)			$	869,858
Net Income			$	89,361		(13,609)			$	75,752
Balance at December 31, 2019			$	1,135,475		(219,711)			$	915,764
Net Income			$	88,505		(14,659)			$	73,846
Balance at March 31, 2020			$	1,194,092		(234,370)			$	959,722
Net Loss			$	(27,219)		7,921			$	(19,298)
Balance at June 30, 2020			$	1,136,925		(226,449)			$	910,476
Total
Balance at September 30, 2019			$	1,551,717		(206,102)			$	1,345,615
Net Income			$	89,361		(13,609)			$	75,752
Balance at December 31, 2019			$	1,827,803		(219,711)			$	1,608,092
Net Income			$	88,505		(14,659)			$	73,846
Balance at March 31, 2020			$	1,889,107		(234,370)			$	1,654,737
Net Loss			$	(27,219)		7,921			$	(19,298)
Balance at June 30, 2020			$	1,838,927		(226,449)			$	1,612,478

X

- Definition

Schedule Of Software Costs Included In Consolidated Financial Statements Sunday

+ References

No definition available.

+ Details

Name:	njr_ScheduleOfSoftwareCostsIncludedInConsolidatedFinancialStatementsSundayTableTextBlock
Namespace Prefix:	njr_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of accumulated other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669686-108580

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

+ Details

Name:	us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

+ Details

Name:	us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121583591&loc=SL98516268-108586

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all information related to inventories for utilities.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfUtilityInventoryTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration