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FAIR VALUE (Tables) | 12 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | As of September 30, the estimated fair value of long-term debt, including current maturities, excluding natural gas meter sale leasebacks, debt issuance costs and solar asset sale leasebacks, is as follows (1):
(Thousands) | 2024 | 2023
NJNG |  |
Carrying value (1) | $ | 1,647,845 |  | $ | 1,467,845 |
Fair market value | $ | 1,439,849 |  | $ | 1,097,088 |
NJR |  |
Carrying value (1) | $ | 1,120,000 |  | $ | 1,120,000 |
Fair market value | $ | 1,085,955 |  | $ | 1,009,448 |
(1)See Note 9. Debt f or a reconciliation to long-term and short-term debt.
Schedule of Fair Value Hierarchy | The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to inputs that are based on unobservable market data and includes the following:
Fair Value Hierarchy | Description of Fair Value Level | Fair Value Technique
Level 1 | Unadjusted quoted prices for identical assets or liabilities in active markets | The Company’s Level 1 assets and liabilities include exchange-traded natural gas futures and options contracts, listed equities and money market funds. Exchange-traded futures and options contracts include all energy contracts traded on the NYMEX, CME and ICE that the Company refers to internally as basis swaps, fixed swaps, futures and financial options that are cleared through an FCM.
Level 2 | Other significant observable inputs, such as interest rates or price data, including both commodity and basis pricing that is observed either directly or indirectly from publications or pricing services | The Company’s Level 2 assets and liabilities include over-the-counter physical forward commodity contracts and swap contracts, SREC forward sales or derivatives that are initially valued using observable quotes and are subsequently adjusted to include time value, credit risk or estimated transport pricing components for which no basis price is available. Level 2 financial derivatives consist of transactions with non-FCM counterparties (basis swaps, fixed swaps and/or options). Inputs are verifiable and do not require significant management judgment. For some physical commodity contracts, the Company utilizes transportation tariff rates that are publicly available and that it considers to be observable inputs that are equivalent to market data received from an independent source. There are no significant judgments or adjustments applied to the transportation tariff inputs and no market perspective is required. Even if the transportation tariff input were considered to be a “model,” it would still be considered to be a Level 2 input as the data is: •widely accepted and public; •non-proprietary and sourced from an independent third party; and •observable and published. These additional adjustments are generally not considered to be significant to the ultimate recognized values.
Level 3 | Inputs derived from a significant amount of unobservable market data | These include the Company’s best estimate of fair value and are derived primarily through the use of internal valuation methodologies.
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 September 30, 2024 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 2,408 |  |  |  | $ | — |  |  | $ | 2,408 |
Financial commodity contracts |  | 5,211 |  |  |  | — |  |  |  | — |  |  | 5,211 |
Money market funds |  | 62 |  |  |  | — |  |  |  | — |  |  | 62 |
Other |  | 2,671 |  |  |  | — |  |  |  | — |  |  | 2,671 |
Total assets at fair value |  | $ | 7,944 |  |  |  | $ | 2,408 |  |  |  | $ | — |  |  | $ | 10,352 |
Liabilities |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 15,683 |  |  |  | $ | — |  |  | $ | 15,683 |
Financial commodity contracts |  | 2,078 |  |  |  | — |  |  |  | — |  |  | 2,078 |
Total liabilities at fair value |  | $ | 2,078 |  |  |  | $ | 15,683 |  |  |  | $ | — |  |  | $ | 17,761 |
As of September 30, 2023 |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 7,054 |  |  |  | $ | — |  |  | $ | 7,054 |
Financial commodity contracts |  | 25,265 |  |  |  | — |  |  |  | — |  |  | 25,265 |
Money market funds |  | 145 |  |  |  | — |  |  |  | — |  |  | 145 |
Other |  | 2,641 |  |  |  | — |  |  |  | — |  |  | 2,641 |
Total assets at fair value |  | $ | 28,051 |  |  |  | $ | 7,054 |  |  |  | $ | — |  |  | $ | 35,105 |
Liabilities |  |  |  |  |  |  |  |  |  |
Physical commodity contracts |  | $ | — |  |  |  | $ | 21,115 |  |  |  | $ | — |  |  | $ | 21,115 |
Financial commodity contracts |  | 2,997 |  |  |  | — |  |  |  | — |  |  | 2,997 |
Total liabilities at fair value |  | $ | 2,997 |  |  |  | $ | 21,115 |  |  |  | $ | — |  |  | $ | 24,112 |

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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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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