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FAIR VALUE (Tables)

6 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The estimated fair value of long-term debt, including current maturities, excluding finance leases, debt issuance costs and solar asset financing obligations, is as follows:

(Thousands)			March 31, 2022			September 30, 2021
Carrying value (1) (2) (3)			$	2,202,845		$	2,102,845
Fair market value			$	2,137,966		$	2,288,544

(1)Excludes finance leases of $33.5 million and $20.1 million as of March 31, 2022 and September 30, 2021, respectively.

(2)Excludes NJNG's debt issuance costs of $10.1 million and $9.1 million as of March 31, 2022 and September 30, 2021, respectively.

(3)Excludes NJR's debt issuance costs of $3.6 million and $3.3 million as of March 31, 2022 and September 30, 2021, 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 March 31, 2022:
Assets:
Physical commodity contracts						$	—								$	2,085								$	—					$	2,085
Financial commodity contracts						23,603									—									—						23,603
Financial commodity contracts - foreign exchange						—									38									—						38
Money market funds						39									—									—						39
Other						1,998									—									—						1,998
Total assets at fair value						$	25,640								$	2,123								$	—					$	27,763
Liabilities:
Physical commodity contracts						$	—								$	41,242								$	—					$	41,242
Financial commodity contracts						23,050									538									—						23,588
Financial commodity contracts - foreign exchange						—									18									—						18
Total liabilities at fair value						$	23,050								$	41,798								$	—					$	64,848

			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 September 30, 2021:
Assets:
Physical commodity contracts						$	—								$	3,187								$	—					$	3,187
Financial commodity contracts						35,340									—									—						35,340
Financial commodity contracts - foreign exchange						—									127									—						127
Money market funds						41									—									—						41
Other						1,815									—									—						1,815
Total assets at fair value						$	37,196								$	3,314								$	—					$	40,510
Liabilities:
Physical commodity contracts						$	—								$	37,845								$	—					$	37,845
Financial commodity contracts						62,188									606									—						62,794
Financial commodity contracts - foreign exchange						—									3									—						3
Total liabilities at fair value						$	62,188								$	38,454								$	—					$	100,642

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=123594938&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=123874694&loc=d3e19207-110258

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X

- 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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