XML 60 R40.htm IDEA: XBRL DOCUMENT
v3.22.2.2

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2022
Retirement Benefits [Abstract] |
Summary of Changes in Funded Status of Plans and Liabilities Recognized | The following summarizes the changes in the funded status of the plans and the related liabilities recognized on the Consolidated Balance Sheets as of September 30:
| Pension (1) | OPEB
(Thousands) | 2022 | 2021 | 2022 | 2021
Change in Benefit Obligation |  |  |  |
Benefit obligation at beginning of year | $ | 395,547 |  | $ | 397,164 |  | $ | 244,674 |  | $ | 245,862 |
Service cost | 8,291 |  | 8,730 |  | 4,305 |  | 4,844 |
Interest cost | 9,632 |  | 9,112 |  | 6,355 |  | 6,071 |
Plan participants’ contributions (2) | 59 |  | 27 |  | 423 |  | 451 |
Actuarial (gain) | (109,320) |  | (7,319) |  | (77,775) |  | (4,715) |
Benefits paid, net of retiree subsidies received | (13,386) |  | (12,167) |  | (4,765) |  | (7,839) |
Benefit obligation at end of year | $ | 290,823 |  | $ | 395,547 |  | $ | 173,217 |  | $ | 244,674 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year | $ | 355,284 |  | $ | 307,968 |  | $ | 114,183 |  | $ | 96,406 |
Actual (loss) return on plan assets | (58,239) |  | 58,874 |  | (15,996) |  | 18,144 |
Employer contributions | 628 |  | 548 |  | 6,082 |  | 7,198 |
Benefits paid, net of plan participants’ contributions (2) | (13,326) |  | (12,106) |  | (4,533) |  | (7,565) |
Fair value of plan assets at end of year | $ | 284,347 |  | $ | 355,284 |  | $ | 99,736 |  | $ | 114,183 |
Funded status | $ | (6,476) |  | $ | (40,263) |  | $ | (73,481) |  | $ | (130,491) |
Amounts recognized on Consolidated Balance Sheets |  |  |  |
Postemployment employee benefit asset |  |  |  |
Noncurrent | $ | 4,388 |  | $ | — |  | $ | — |  | $ | — |
Postemployment employee benefit liability |  |  |  |
Current | $ | (578) |  | $ | (587) |  | $ | (900) |  | $ | (900) |
Noncurrent | (10,286) |  | (39,676) |  | (72,581) |  | (129,591) |
Total | $ | (6,476) |  | $ | (40,263) |  | $ | (73,481) |  | $ | (130,491) |
(1)Includes the Company’s PEP. (2)Employees hired prior to July 1, 1998, that were eligible to elect an additional participant contribution to enhance their benefits, and contributions made during the periods were immaterial.
Summary of Regulatory Assets and Accumulated Other Comprehensive Income | The following table summarizes the amounts recognized in regulatory assets and accumulated OCI as of September 30:
| Regulatory Assets |  | Accumulated Other Comprehensive Income (Loss)
| Pension | OPEB |  | Pension | OPEB
Balance at September 30, 2020 | $ | 103,564 |  | $ | 83,301 |  |  | $ | 33,004 |  | $ | 13,823 |
Amounts arising during the period: |  |  |  |  |
Net actuarial (gain) | (39,006) |  | (16,286) |  |  | (7,036) |  | (76) |
Amounts amortized to net periodic costs: |  |  |  |  |
Net actuarial (loss) | (8,269) |  | (6,846) |  |  | (3,178) |  | (1,064) |
Prior service (cost) credit | (102) |  | 166 |  |  | — |  | 13 |
Balance at September 30, 2021 | $ | 56,187 |  | $ | 60,335 |  |  | $ | 22,790 |  | $ | 12,696 |
Amounts arising during the period: |  |  |  |  |
Net actuarial (gain) | (14,922) |  | (35,781) |  |  | (14,885) |  | (18,422) |
Amounts amortized to net periodic costs: |  |  |  |  |
Net actuarial (loss) | (5,843) |  | (4,577) |  |  | (2,902) |  | (1,107) |
Prior service (cost) credit | (101) |  | 133 |  |  | — |  | 11 |
Balance at September 30, 2022 | $ | 35,321 |  | $ | 20,110 |  |  | $ | 5,003 |  | $ | (6,822) |
The amounts in regulatory assets and accumulated OCI not yet recognized as components of net periodic benefit cost as of September 30 are:
| Regulatory Assets | Accumulated Other Comprehensive Income (Loss)
| Pension | OPEB | Pension | OPEB
(Thousands) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021
Net actuarial loss (gain) | $ | 35,157 |  | $ | 55,922 |  | $ | 20,110 |  | $ | 60,468 |  | $ | 5,003 |  | $ | 22,790 |  | $ | (6,822) |  | $ | 12,707 |
Prior service cost (credit) | 164 |  | 265 |  | — |  | (133) |  | — |  | — |  | — |  | (11) |
Total | $ | 35,321 |  | $ | 56,187 |  | $ | 20,110 |  | $ | 60,335 |  | $ | 5,003 |  | $ | 22,790 |  | $ | (6,822) |  | $ | 12,696 |
Amounts included in regulatory assets and accumulated OCI expected to be recognized as components of net periodic benefit cost in fiscal 2023 are as follows:
| Regulatory Assets |  | Accumulated Other Comprehensive Income (Loss)
(Thousands) | Pension | OPEB |  | Pension | OPEB
Net actuarial (gain) loss | $ | (36) |  | $ | — |  |  | $ | 217 |  | $ | — |
Total | $ | (36) |  | $ | — |  |  | $ | 217 |  | $ | — |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The projected benefit and accumulated benefit obligations and the fair value of plan assets as of September 30, are as follows:
| Pension
(Thousands) | 2022 | 2021
Projected benefit obligation | $ | 290,823 |  | $ | 395,547 |
Accumulated benefit obligation | $ | 265,933 |  | $ | 353,852 |
Fair value of plan assets | $ | 284,347 |  | $ | 355,284 |
Components of Net Periodic Cost | The components of the net periodic cost for pension benefits, including the Company’s PEP, and OPEB costs (principally health care and life insurance) for employees and covered dependents for fiscal years ended September 30, are as follows:
| Pension | OPEB
(Thousands) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020
Service cost | $ | 8,291 |  | $ | 8,730 |  | $ | 8,223 |  | $ | 4,305 |  | $ | 4,844 |  | $ | 4,854 |
Interest cost | 9,632 |  | 9,112 |  | 10,587 |  | 6,355 |  | 6,071 |  | 7,026 |
Expected return on plan assets | (21,275) |  | (20,150) |  | (20,579) |  | (7,575) |  | (6,497) |  | (6,510) |
Recognized actuarial loss | 8,745 |  | 11,446 |  | 10,424 |  | 5,684 |  | 7,909 |  | 7,442 |
Prior service cost (credit) amortization | 101 |  | 102 |  | 102 |  | (144) |  | (179) |  | (197) |
Net periodic benefit cost recognized as expense | $ | 5,494 |  | $ | 9,240 |  | $ | 8,757 |  | $ | 8,625 |  | $ | 12,148 |  | $ | 12,615 |
Schedule of Weighted Average Assumptions Used | The weighted average assumptions used to determine the Company’s benefit costs during the fiscal years below and obligations as of September 30, are as follows:
| Pension |  | OPEB |
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |
Benefit costs: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.10/3.07% | (1) | 2.95/2.92% | (1) | 3.37/3.35% | (1) | 3.24/3.17% | (1) | 3.08/3.03% | (1) | 3.48/3.44% | (1)
Expected asset return | 6.75 | % |  | 6.75 | % |  | 7.25 | % |  | 6.75 | % |  | 6.75 | % |  | 7.25 | % |
Compensation increase | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1)
Obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.50/5.50% | (1) | 3.10/3.07% | (1) | 2.95/2.92% | (1) | 5.51/5.51% | (1) | 3.24/3.17% | (1) | 3.08/3.03% | (1)
Compensation increase | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1) | 3.00/3.50% | (1)
(1)Percentages for represented and non-represented plans, respectively.
Summary of Pension and OPEB Assets | Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, and the effect of a 1 percent change in the rate, are as follows:
($ in thousands) | 2022 |  | 2021 |  | 2020
HCCTR | 6.6% |  | 6.9% |  | 7.6%
Ultimate HCCTR | 4.5% |  | 4.5% |  | 4.5%
Year ultimate HCCTR reached | 2027 |  | 2027 |  | 2026
Effect of a 1 percentage point increase in the HCCTR on: |  |  |  |  |
Year-end benefit obligation | $ | 26,710 |  |  | $ | 43,217 |  |  | $ | 49,106 |
Total service and interest cost | $ | 2,544 |  |  | $ | 2,959 |  |  | $ | 2,799 |
Effect of a 1 percentage point decrease in the HCCTR on: |  |  |  |  |
Year-end benefit obligation | $ | (21,853) |  |  | $ | (34,669) |  |  | $ | (38,844) |
Total service and interest costs | $ | (1,966) |  |  | $ | (2,253) |  |  | $ | (2,151) |
Pension and OPEB assets held in the master trust, measured at fair value, as of September 30, are summarized as follows:
(Thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total
As of September 30, 2022 | Pension |  | OPEB
Assets |  |  |  |  |  |  |
Money market funds | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | $ | 28 |
Registered Investment Companies: |  |  |  |  |  |  |
Equity Funds: |  |  |  |  |  |  |
Large Cap Index | 75,394 |  |  | 75,394 |  |  | 26,939 |  |  | 26,939 |
Extended Market Index | 15,783 |  |  | 15,783 |  |  | 5,578 |  |  | 5,578 |
International Stock | 44,846 |  |  | 44,846 |  |  | 16,106 |  |  | 16,106 |
Fixed Income Funds: |  |  |  |  |  |  |
Emerging Markets | 11,074 |  |  | 11,074 |  |  | 4,026 |  |  | 4,026 |
Core Fixed Income | — |  |  | — |  |  | 16,594 |  |  | 16,594 |
Opportunistic Income | — |  |  | — |  |  | 3,283 |  |  | 3,283 |
Ultra Short Duration | — |  |  | — |  |  | 3,296 |  |  | 3,296 |
High Yield Bond Fund | 19,816 |  |  | 19,816 |  |  | 7,320 |  |  | 7,320 |
Long Duration Fund | 59,084 |  |  | 59,084 |  |  | — |  |  | — |
Total assets in the fair value hierarchy | $ | 225,997 |  |  | 225,997 |  |  | $ | 83,170 |  |  | 83,170 |
Investments measured at net asset value |  |  |  |  |  |  |
Collective investment trusts |  |  | 58,350 |  |  |  |  | 16,566 |
Total assets at fair value |  |  | $ | 284,347 |  |  |  |  | $ | 99,736 |
(Thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Total
As of September 30, 2021: | Pension |  | OPEB
Assets |  |  |  |  |  |  |
Money market funds | $ | — |  |  | $ | — |  |  | $ | 32 |  |  | $ | 32 |
Registered Investment Companies: |  |  |  |  |  |  |
Equity Funds: |  |  |  |  |  |  |
Large Cap Index | 103,961 |  |  | 103,961 |  |  | 33,644 |  |  | 33,644 |
Extended Market Index | 21,948 |  |  | 21,948 |  |  | 7,096 |  |  | 7,096 |
International Stock | 61,286 |  |  | 61,286 |  |  | 20,063 |  |  | 20,063 |
Fixed Income Funds: |  |  |  |  |  |  |
Emerging Markets | 18,291 |  |  | 18,291 |  |  | 6,001 |  |  | 6,001 |
Core Fixed Income | — |  |  | — |  |  | 13,345 |  |  | 13,345 |
Opportunistic Income | — |  |  | — |  |  | 8,568 |  |  | 8,568 |
Ultra Short Duration | — |  |  | — |  |  | 8,536 |  |  | 8,536 |
High Yield Bond Fund | 30,300 |  |  | 30,300 |  |  | 9,912 |  |  | 9,912 |
Long Duration Fund | 93,849 |  |  | 93,849 |  |  | — |  |  | — |
Total assets in the fair value hierarchy | $ | 329,635 |  |  | 329,635 |  |  | $ | 107,197 |  |  | 107,197 |
Investments measured at net asset value |  |  |  |  |  |  |
Collective investment trusts |  |  | 25,649 |  |  |  |  | 6,986 |
Total assets at fair value |  |  | $ | 355,284 |  |  |  |  | $ | 114,183 |
Schedule of Mix and Targeted Allocation of Plan Assets | The mix and targeted allocation of the pension and OPEB plans’ assets are as follows:
| 2023 | Assets at
| Target | September 30,
Asset Allocation | Allocation | 2022 |  | 2021 |
U.S. equity securities | 34 | % |  | 32 | % |  | 36 | % |
International equity securities | 17 |  |  | 16 |  |  | 17 |  |
Fixed income | 33 |  |  | 32 |  |  | 40 |  |
Collective investment trusts at NAV | 16 |  |  | 20 |  |  | 7 |  |
Total | 100 | % |  | 100 | % |  | 100 | % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following fiscal years:
(Thousands) | Pension | OPEB
2023 | $ | 14,112 |  | $ | 6,878 |
2024 | $ | 15,143 |  | $ | 7,508 |
2025 | $ | 16,150 |  | $ | 8,220 |
2026 | $ | 17,137 |  | $ | 8,938 |
2027 | $ | 18,104 |  | $ | 9,656 |
2028 - 2032 | $ | 104,614 |  | $ | 57,488 |
Schedule of Estimated Subsidy Payments | The following estimated subsidy payments are expected to be paid during the following fiscal years:
| Estimated Subsidy
(Thousands) | Payments
2023 |  | $ | 356 |
2024 |  | $ | 393 |
2025 |  | $ | 433 |
2026 |  | $ | 475 |
2027 |  | $ | 520 |
2028 - 2032 |  | $ | 3,426 |

X
- Definition Schedule of Pension Costs Recognized in Regulatory Assets and Accumulated Other Comprehensive Income Loss [Table Text Block] + References No definition available. + Details
Name: | njr_ScheduleOfPensionCostsRecognizedInRegulatoryAssetsAndAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | njr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Prescription Drug Subsidies [Table Text Block] + References No definition available. + Details
Name: | njr_ScheduleOfPrescriptionDrugSubsidiesTableTextBlock
Namespace Prefix: | njr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration