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INVESTMENTS IN EQUITY INVESTEES | 9 Months Ended
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Jun. 30, 2022
Investments, All Other Investments [Abstract] |
INVESTMENTS IN EQUITY INVESTEES | 7. INVESTMENTS IN EQUITY INVESTEES The Company's investments in equity method investees include the following as of:
(Thousands) | June 30, 2022 | September 30, 2021
Steckman Ridge (1) | $ | 108,253 |  | $ | 109,050 |
PennEast | — |  | 5,479 |
Total | $ | 108,253 |  | $ | 114,529 |
(1)Includes loans with a total outstanding principal balance of $70.4 million for both June 30, 2022 and September 30, 2021, which accrue interest at a variable rate that resets quarterly and are due October 1, 2023. Steckman Ridge The Company holds a 50 percent equity method investment in Steckman Ridge, a jointly owned and controlled natural gas storage facility located in Bedford County, Pennsylvania. NJNG and Energy Services have entered into storage and park and loan agreements with Steckman Ridge. See Note 15. Related Party Transactions for more information on these intercompany transactions. PennEast The Company, through its subsidiary NJR Midstream Company, is a 20 percent investor in PennEast, a partnership whose purpose was to construct and operate a 120-mile natural gas pipeline that would have extended from northeast Pennsylvania to western New Jersey. During the third quarter of fiscal 2021, the Company recognized an other-than-temporary impairment charge of $92.0 million, or approximately $74.5 million, net of income taxes, which represents the best estimate of the salvage value of the remaining assets of the project. Other-than-temporary impairments are recorded in equity in earnings (losses) of affiliates in the Unaudited Condensed Consolidated Statements of Operations. On September 27, 2021, the PennEast partnership determined that this project is no longer supported, and all further development has ceased. On December 16, 2021, the FERC dismissed PennEast’s pending applications. The order vacates the certificate authorization for the PennEast pipeline project in light of PennEast’s response to FERC staff’s November 23, 2021 request for a status update, in which PennEast informed the Commission it is no longer developing the project. On March 10, 2022, following the sale of certain project related assets and refunds of interconnection fees received from interstate pipelines, the PennEast board of managers approved a cash distribution to members of the partnership totaling $4.0 million per partner. During the third quarter of fiscal 2022, the Company received an additional $5.5 million from the partnership. The return of capital received by the Company reduced the remaining carrying value of its equity method investment in PennEast to zero in the Unaudited Condensed Consolidated Balance Sheet, with the excess recorded as other income, net in the Unaudited Condensed Consolidated Statements of Operations.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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