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FAIR VALUE (Tables) | 6 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The estimated fair value of long-term debt, including current maturities, excluding natural gas meter finance arrangements, debt issuance costs and solar asset financing obligations, is as follows:
(Thousands) | March 31, 2023 | September 30, 2022
Carrying value (1) (2) (3) | $ | 2,537,845 |  | $ | 2,362,845 |
Fair market value | $ | 2,227,816 |  | $ | 1,946,356 |
(1)Excludes the sale leasebacks of natural gas meters of $35.2 million and $30.3 million as of March 31, 2023 and September 30, 2022, respectively. The fair value of certain sale leasebacks of natural gas meters amounted to $23.4 million and $15.7 million as of March 31, 2023 and September 30, 2022, respectively. (2)Excludes NJNG's debt issuance costs of $9.8 million and $9.5 million as of March 31, 2023 and September 30, 2022, respectively. (3)Excludes NJR's debt issuance costs of $4.0 million and $3.8 million as of March 31, 2023 and September 30, 2022, 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, 2023: |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 4,366 |  |  |  | $ | — |  |  | $ | 4,366 |
Financial commodity contracts |  | 22,932 |  |  |  | — |  |  |  | — |  |  | 22,932 |
Money market funds |  | 25,099 |  |  |  | — |  |  |  | — |  |  | 25,099 |
Other |  | 2,677 |  |  |  | — |  |  |  | — |  |  | 2,677 |
Total assets at fair value |  | $ | 50,708 |  |  |  | $ | 4,366 |  |  |  | $ | — |  |  | $ | 55,074 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 27,532 |  |  |  | $ | — |  |  | $ | 27,532 |
Financial commodity contracts |  | 14,019 |  |  |  | — |  |  |  | — |  |  | 14,019 |
Total liabilities at fair value |  | $ | 14,019 |  |  |  | $ | 27,532 |  |  |  | $ | — |  |  | $ | 41,551 |
As of September 30, 2022: |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 10,485 |  |  |  | $ | — |  |  | $ | 10,485 |
Financial commodity contracts |  | 20,517 |  |  |  | — |  |  |  | — |  |  | 20,517 |
Financial commodity contracts - foreign exchange |  | — |  |  |  | 18 |  |  |  | — |  |  | 18 |
Money market funds |  | 59 |  |  |  | — |  |  |  | — |  |  | 59 |
Other |  | 1,884 |  |  |  | — |  |  |  | — |  |  | 1,884 |
Total assets at fair value |  | $ | 22,460 |  |  |  | $ | 10,503 |  |  |  | $ | — |  |  | $ | 32,963 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 30,623 |  |  |  | $ | — |  |  | $ | 30,623 |
Financial commodity contracts |  | 33,231 |  |  |  | 168 |  |  |  | — |  |  | 33,399 |
Financial commodity contracts - foreign exchange |  | — |  |  |  | 17 |  |  |  | — |  |  | 17 |
Total liabilities at fair value |  | $ | 33,231 |  |  |  | $ | 30,808 |  |  |  | $ | — |  |  | $ | 64,039 |

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- 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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