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REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables) | 12 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Information related to the Company’s various reporting segments and other business operations, as of September 30, is detailed below:
| Segments |  |  |  |
(Thousands) | NJNG | CEV | ES |  | S&T | Subtotal | HSO | Elims | Total
2024 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 1,018,482 |  | 130,563 |  | 490,266 |  | (1) | 94,851 |  | $ | 1,734,162 |  | 62,377 |  | — |  | $ | 1,796,539 |
Intercompany | $ | 1,350 |  | — |  | (4,875) |  |  | 1,358 |  | $ | (2,167) |  | 258 |  | 1,909 |  | $ | — |
Depreciation and amortization | $ | 112,492 |  | 27,869 |  | 205 |  | (2) | 24,900 |  | $ | 165,466 |  | 1,101 |  | — |  | $ | 166,567 |
Interest income (3) | $ | 2,448 |  | — |  | 452 |  |  | 10,172 |  | $ | 13,072 |  | 1,423 |  | (5,826) |  | $ | 8,669 |
Interest expense, net of capitalized interest | $ | 62,288 |  | 28,545 |  | 15,233 |  |  | 23,441 |  | $ | 129,507 |  | 768 |  | — |  | $ | 130,275 |
Income tax provision | $ | 31,793 |  | 11,406 |  | 33,331 |  |  | 4,551 |  | $ | 81,081 |  | 2,666 |  | 1,159 |  | $ | 84,906 |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 2,816 |  | $ | 2,816 |  | — |  | 2,483 |  | $ | 5,299 |
Net financial earnings | $ | 133,400 |  | 33,662 |  | 111,515 |  |  | 12,229 |  | $ | 290,806 |  | 26 |  | (4) |  | $ | 290,828 |
Capital expenditures | $ | 419,453 |  | 104,287 |  | — |  |  | 45,338 |  | $ | 569,078 |  | 2,241 |  | — |  | $ | 571,319 |
2023 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 1,011,284 |  | 124,131 |  | 681,446 |  | (1) | 88,700 |  | $ | 1,905,561 |  | 57,433 |  | — |  | $ | 1,962,994 |
Intercompany | $ | 1,349 |  | — |  | 10,170 |  |  | 4,159 |  | $ | 15,678 |  | 205 |  | (15,883) |  | $ | — |
Depreciation and amortization | $ | 102,326 |  | 25,320 |  | 221 |  | (2) | 24,185 |  | $ | 152,052 |  | 889 |  | — |  | $ | 152,941 |
Interest income (3) | $ | 1,713 |  | — |  | 1,119 |  |  | 6,957 |  | $ | 9,789 |  | 2,977 |  | (3,847) |  | $ | 8,919 |
Interest expense, net of capitalized interest | $ | 56,595 |  | 28,569 |  | 11,400 |  |  | 25,803 |  | $ | 122,367 |  | 647 |  | — |  | $ | 123,014 |
Income tax provision (benefit) | $ | 33,065 |  | (7,683) |  | 24,343 |  |  | 3,444 |  | $ | 53,169 |  | (1,477) |  | (2,417) |  | $ | 49,275 |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 3,126 |  | $ | 3,126 |  | — |  | 804 |  | $ | 3,930 |
Net financial earnings | $ | 131,414 |  | 44,458 |  | 68,517 |  |  | 12,835 |  | $ | 257,224 |  | 4,758 |  | (155) |  | $ | 261,827 |
Capital expenditures | $ | 390,394 |  | 107,303 |  | — |  |  | 40,916 |  | $ | 538,613 |  | 2,306 |  | — |  | $ | 540,919 |
2022 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 1,127,417 |  | 128,280 |  | 1,529,178 |  | (1) | 65,286 |  | $ | 2,850,161 |  | 55,818 |  | — |  | $ | 2,905,979 |
Intercompany | $ | 1,350 |  | — |  | 94 |  |  | 2,449 |  | $ | 3,893 |  | 364 |  | (4,257) |  | $ | — |
Depreciation and amortization | $ | 94,579 |  | 21,396 |  | 148 |  | (2) | 12,302 |  | $ | 128,425 |  | 824 |  | — |  | $ | 129,249 |
Interest income (3) | $ | 895 |  | — |  | 16 |  |  | 2,110 |  | $ | 3,021 |  | 944 |  | (1,249) |  | $ | 2,716 |
Interest expense, net of capitalized interest | $ | 46,394 |  | 21,968 |  | 4,725 |  |  | 12,097 |  | $ | 85,184 |  | 646 |  | — |  | $ | 85,830 |
Income tax provision | $ | 40,141 |  | 11,361 |  | 21,776 |  |  | 1,879 |  | $ | 75,157 |  | 1,059 |  | (21) |  | $ | 76,195 |
Equity in loss of affiliates | $ | — |  | — |  | — |  |  | 9,865 |  | $ | 9,865 |  | — |  | (1,688) |  | $ | 8,177 |
Net financial earnings | $ | 140,124 |  | 39,403 |  | 39,121 |  |  | 22,454 |  | $ | 241,102 |  | (781) |  | — |  | $ | 240,321 |
Capital expenditures | $ | 298,374 |  | 146,676 |  | — |  |  | 151,988 |  | $ | 597,038 |  | 1,390 |  | — |  | $ | 598,428 |
Return of capital from equity investees | $ | — |  | — |  | — |  |  | (5,479) |  | $ | (5,479) |  | — |  | — |  | $ | (5,479) |
(1)Includes sales to Canada for ES, which were $8.4M and $2.4M during the fiscal years ended September 30, 2023 and 2022, respectively. There were no sales to Canada for ES during the fiscal year ended September 30, 2024. (2)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Consolidated Statements of Operations. (3)Included in other income, net on the Consolidated Statements of Operations.
Schedule of Assets for Business Segments and Other Business Operations | The Company’s assets at end of period for the various reporting segments and other business operations, as of September 30, are detailed below:
| Segments |  |  | Intercompany |
(Thousands) | NJNG | CEV | ES | S&T | Subtotal | HSO | Assets (1) | Total
2024 | $ | 4,789,835 |  | 1,157,573 |  | 108,710 |  | 1,025,457 |  | $ | 7,081,575 |  | 159,444 |  | (259,374) |  | $ | 6,981,645 |
2023 | $ | 4,414,829 |  | 1,128,577 |  | 123,775 |  | 1,011,959 |  | $ | 6,679,140 |  | 171,275 |  | (312,919) |  | $ | 6,537,496 |
2022 | $ | 4,030,686 |  | 1,015,065 |  | 333,064 |  | 999,520 |  | $ | 6,378,335 |  | 159,068 |  | (275,987) |  | $ | 6,261,416 |
(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
Reconciliation of Consolidated NFE to Consolidated Net Income | A reconciliation of consolidated NFE to consolidated net income, as of September 30, is as follows:
(Thousands) | 2024 | 2023 | 2022
Net financial earnings | $ | 290,828 |  | $ | 261,827 |  | $ | 240,321 |
Less: |  |  |
Unrealized loss (gain) on derivative instruments and related transactions | 19,574 |  | (38,081) |  | (59,906) |
Tax effect | (4,652) |  | 9,050 |  | 14,248 |
Effects of economic hedging related to natural gas inventory | (18,192) |  | 34,699 |  | 19,939 |
Tax effect | 4,323 |  | (8,246) |  | (4,738) |
Gain on equity method investment | — |  | (300) |  | (5,521) |
Tax effect | — |  | (19) |  | 1,377 |
Net income | $ | 289,775 |  | $ | 264,724 |  | $ | 274,922 |

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