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v3.22.2.2

DEBT (Tables) | 12 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The following table presents the long-term debt of the Company as of September 30:
(Thousands) | 2022 | 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NJNG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First mortgage bonds: | Maturity date: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.00% | Series OO | August 1, 2041 | 46,500 |  | 46,500 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.15% | Series PP | April 15, 2028 | 50,000 |  | 50,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.58% | Series QQ | March 13, 2024 | 70,000 |  | 70,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.61% | Series RR | March 13, 2044 | 55,000 |  | 55,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.82% | Series SS | April 15, 2025 | 50,000 |  | 50,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.66% | Series TT | April 15, 2045 | 100,000 |  | 100,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.63% | Series UU | June 21, 2046 | 125,000 |  | 125,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.01% | Series VV | May 11, 2048 | 125,000 |  | 125,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.50% | Series WW | April 1, 2042 | 10,300 |  | 10,300 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.38% | Series XX | April 1, 2038 | 10,500 |  | 10,500 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.45% | Series YY | April 1, 2059 | 15,000 |  | 15,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.76% | Series ZZ | July 17, 2049 | 100,000 |  | 100,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.86% | Series AAA | July 17, 2059 | 85,000 |  | 85,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.75% | Series BBB | August 1, 2039 | 9,545 |  | 9,545 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.00% | Series CCC | August 1, 2043 | 41,000 |  | 41,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.13% | Series DDD | June 30, 2050 | 50,000 |  | 50,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.13% | Series EEE | July 23, 2050 | 50,000 |  | 50,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.33% | Series FFF | July 23, 2060 | 25,000 |  | 25,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.87% | Series GGG | September 1, 2050 | 25,000 |  | 25,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.97% | Series HHH | September 1, 2060 | 50,000 |  | 50,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.97% | Series III | October 28, 2051 | 50,000 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.07% | Series JJJ | October 28, 2061 | 50,000 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.37% | Series LLL | May 27, 2037 | 50,000 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.71% | Series MMM | May 27, 2052 | 50,000 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease obligation-meters | Various dates | 30,290 |  | 20,135 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Debt issuance costs |  | (9,528) |  | (9,093) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Current maturities of long-term debt |  | (6,538) |  | (5,393) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total NJNG long-term debt | 1,307,069 |  | 1,098,494 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NJR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.25% | Unsecured senior notes | September 17, 2022 | — |  | 50,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.20% | Unsecured senior notes | August 18, 2023 | 50,000 |  | 50,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.48% | Unsecured senior notes | November 7, 2024 | 100,000 |  | 100,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.54% | Unsecured senior notes | August 18, 2026 | 100,000 |  | 100,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.96% | Unsecured senior notes | June 8, 2028 | 100,000 |  | 100,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.29% | Unsecured senior notes | July 17, 2029 | 150,000 |  | 150,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.60% | Unsecured senior notes | July 23, 2032 | 130,000 |  | 130,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.50% | Unsecured senior notes | July 23, 2030 | 130,000 |  | 130,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.25% | Unsecured senior notes | September 1, 2033 | 80,000 |  | 80,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.13% | Unsecured senior notes | September 1, 2031 | 120,000 |  | 120,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.38% | Unsecured senior notes | June 23, 2027 | 110,000 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3.64% | Unsecured senior notes | September 19, 2034 | 50,000 |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Debt issuance costs |  | (3,753) |  | (3,269) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Current maturities of long-term debt |  | (50,000) |  | (50,000) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total NJR long-term debt | 1,066,247 |  | 956,731 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Clean Energy Ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Solar asset financing obligation | Various dates | 130,618 |  | 124,387 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Current maturities of long-term debt | (18,532) |  | (17,448) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Clean Energy Ventures long-term debt | 112,086 |  | 106,939 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total long-term debt | $ | 2,485,402 |  | $ | 2,162,164 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Long-term Debt Redemption Requirements | Annual long-term debt redemption requirements, excluding finance leases, debt issuance costs and solar asset financing obligations, as of September 30, are as follows:
(Thousands) | NJR | NJNG
2023 | $ | 50,000 |  | $ | — |
2024 | $ | — |  | $ | 70,000 |
2025 | $ | 100,000 |  | $ | 50,000 |
2026 | $ | 100,000 |  | $ | — |
2027 | $ | 110,000 |  | $ | — |
Thereafter | $ | 760,000 |  | $ | 1,172,845 |
Finance Lease Liability, Maturity | Contractual commitments for finance lease payments, as of the fiscal years ended September 30, are as follows:
(Thousands) | Lease Payments
2023 |  | $ | 7,252 |
2024 |  | 7,909 |
2025 |  | 6,026 |
2026 |  | 4,955 |
2027 |  | 2,630 |
Thereafter |  | 3,262 |
Subtotal |  | 32,034 |
Less: Interest component |  | (1,744) |
Total |  | $ | 30,290 |
The following table presents the Company’s maturities of lease liabilities as of September 30, 2022:
(Thousands) | Operating Leases | Finance Leases |
2023 | $ | 8,024 |  | $ | 7,252 |  |
2024 | 7,652 |  | 7,909 |  |
2025 | 7,087 |  | 6,026 |  |
2026 | 6,998 |  | 4,955 |  |
2027 | 6,972 |  | 2,630 |  |
Thereafter | 190,972 |  | 3,262 |  |
Total future lease payments | 227,705 |  | 32,034 |  |
Less: interest | (84,761) |  | (1,744) |  |
Total lease liability | $ | 142,944 |  | $ | 30,290 |  |
Schedule of Contractual Commitments for Finance Lease Payments | Contractual commitments for the solar financing obligation payments, as of the fiscal years ended September 30, are as follows:
(Thousands) | Lease Payments
2023 |  | $ | 15,755 |
2024 |  | 43,000 |
2025 |  | 39,629 |
2026 |  | 2,841 |
2027 |  | 5,352 |
Thereafter |  | 16,442 |
Subtotal |  | 123,019 |
Less: Interest component |  | (11,443) |
Total |  | $ | 111,576 |
Schedule of Line of Credit Facilities | A summary of NJR’s credit facility and NJNG’s commercial paper program and credit facility as of September 30, are as follows:
(Thousands) | 2022 |  | 2021 |  | Expiration Dates
NJR |  |  |  |  |
Bank revolving credit facilities (1) | $ | 650,000 |  |  | $ | 500,000 |  |  | September 2027
Notes outstanding at end of period | $ | 200,150 |  |  | $ | 219,100 |  |  |
Weighted average interest rate at end of period | 3.97 | % |  | 1.05 | % |  |
Amount available at end of period (2) | $ | 440,177 |  |  | $ | 270,312 |  |  |
Bank term loan credit agreement | $ | 150,000 |  |  | $ | — |  |  | February 2023
Loans outstanding at end of period | $ | 150,000 |  |  | $ | — |  |  |
Weighted average interest rate at end of period | 3.81 | % |  | — | % |  |
Amount available at end of period | $ | — |  |  | $ | — |  |  |
NJNG |  |  |  |  |
Bank revolving credit facilities (3) | $ | 250,000 |  |  | $ | 250,000 |  |  | September 2027
Commercial paper outstanding at end of period | $ | 73,800 |  |  | $ | 158,200 |  |  |
Weighted average interest rate at end of period | 3.34 | % |  | .17 | % |  |
Amount available at end of period (4) | $ | 175,469 |  |  | $ | 91,069 |  |  |
(1)Committed credit facilities, which require commitment fees of 0.10 percent on the unused amounts. (2)Letters of credit outstanding total $9.7 million and $10.6 million as of September 30, 2022 and September 30, 2021, respectively, which reduces amount available by the same amount. (3)Committed credit facilities, which require commitment fees of 0.075 percent on the unused amounts. (4)Letters of credit outstanding total $731,000 as of both September 30, 2022 and 2021, which reduces amount available by the same amount.

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