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DEBT (Tables) | 12 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The following table presents the long-term debt of the Company as of September 30:
(Thousands) | 2024 | 2023
NJNG |  |  |
First mortgage bonds: | Maturity date: |  |
Series OO | 3.00% | August 1, 2041 | 46,500 |  | 46,500 |
Series PP | 3.15% | April 15, 2028 | 50,000 |  | 50,000 |
Series QQ | 3.58% | March 13, 2024 | — |  | 70,000 |
Series RR | 4.61% | March 13, 2044 | 55,000 |  | 55,000 |
Series SS | 2.82% | April 15, 2025 | 50,000 |  | 50,000 |
Series TT | 3.66% | April 15, 2045 | 100,000 |  | 100,000 |
Series UU | 3.63% | June 21, 2046 | 125,000 |  | 125,000 |
Series VV | 4.01% | May 11, 2048 | 125,000 |  | 125,000 |
Series WW | 3.50% | April 1, 2042 | 10,300 |  | 10,300 |
Series XX | 3.38% | April 1, 2038 | 10,500 |  | 10,500 |
Series YY | 2.45% | April 1, 2059 | 15,000 |  | 15,000 |
Series ZZ | 3.76% | July 17, 2049 | 100,000 |  | 100,000 |
Series AAA | 3.86% | July 17, 2059 | 85,000 |  | 85,000 |
Series BBB | 2.75% | August 1, 2039 | 9,545 |  | 9,545 |
Series CCC | 3.00% | August 1, 2043 | 41,000 |  | 41,000 |
Series DDD | 3.13% | June 30, 2050 | 50,000 |  | 50,000 |
Series EEE | 3.13% | July 23, 2050 | 50,000 |  | 50,000 |
Series FFF | 3.33% | July 23, 2060 | 25,000 |  | 25,000 |
Series GGG | 2.87% | September 1, 2050 | 25,000 |  | 25,000 |
Series HHH | 2.97% | September 1, 2060 | 50,000 |  | 50,000 |
Series III | 2.97% | October 30, 2051 | 50,000 |  | 50,000 |
Series JJJ | 3.07% | October 28, 2061 | 50,000 |  | 50,000 |
Series LLL | 4.37% | May 27, 2037 | 50,000 |  | 50,000 |
Series MMM | 4.71% | May 27, 2052 | 50,000 |  | 50,000 |
Series NNN | 5.47% | October 24, 2052 | 125,000 |  | 125,000 |
Series OOO | 5.56% | September 28, 2033 | 50,000 |  | 50,000 |
Series PPP | 5.85% | October 30, 2053 | 50,000 |  | — |
Series QQQ | 5.82% | June 26, 2054 | 125,000 |  | — |
Series RRR | 5.49% | September 30, 2034 | 75,000 |  | — |
Meter financing obligation | Various dates | 31,574 |  | 31,352 |
Less: Debt issuance costs |  | (10,899) |  | (9,770) |
Less: Current maturities of long-term debt | (58,649) |  | (78,477) |
Total NJNG long-term debt | 1,609,871 |  | 1,410,950 |
NJR |  | 2024 | 2023
First mortgage bonds: | Maturity date: |  |
Unsecured senior notes | 3.48% | November 7, 2024 | 100,000 |  | 100,000 |
Unsecured senior notes | 3.54% | August 18, 2026 | 100,000 |  | 100,000 |
Unsecured senior notes | 3.96% | June 8, 2028 | 100,000 |  | 100,000 |
Unsecured senior notes | 3.29% | July 17, 2029 | 150,000 |  | 150,000 |
Unsecured senior notes | 3.50% | July 23, 2030 | 130,000 |  | 130,000 |
Unsecured senior notes | 3.60% | July 23, 2032 | 130,000 |  | 130,000 |
Unsecured senior notes | 3.13% | September 1, 2031 | 120,000 |  | 120,000 |
Unsecured senior notes | 3.25% | September 1, 2033 | 80,000 |  | 80,000 |
Unsecured senior notes | 4.38% | June 23, 2027 | 110,000 |  | 110,000 |
Unsecured senior notes | 3.64% | September 19, 2034 | 50,000 |  | 50,000 |
Unsecured senior notes | 6.14% | December 15, 2032 | 50,000 |  | 50,000 |
Less: Debt issuance costs |  | (3,011) |  | (3,656) |
Less: Current maturities of long-term debt | (100,000) |  | — |
Total NJR long-term debt | 1,016,989 |  | 1,116,344 |
CEV |  |
Solar asset financing obligation | Various dates | 282,962 |  | 278,401 |
Less: Current maturities of long-term debt | (30,358) |  | (37,678) |
Total CEV long-term debt | 252,604 |  | 240,723 |
Total long-term debt | $ | 2,879,464 |  | $ | 2,768,017 |
Schedule of Long-term Debt Redemption Requirements | Annual long-term debt redemption requirements, excluding meter financing obligations, debt issuance costs and solar asset financing obligations, as of September 30, are as follows:
(Thousands) | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter
NJR | $ | 100,000 |  | $ | 100,000 |  | $ | 110,000 |  | $ | 100,000 |  | $ | 150,000 |  | $ | 560,000 |
NJNG | $ | 50,000 |  | $ | — |  | $ | — |  | $ | 50,000 |  | $ | — |  | $ | 1,547,845 |
Finance Lease Liability, Maturity | Contractual commitments for meter sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows:
(Thousands) | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Subtotal
Future payments | $ | 9,665 |  | 7,906 |  | 5,579 |  | 6,211 |  | 3,171 |  | 1,852 |  | $ | 34,384 |
Less: Interest component |  |  |  |  |  |  | (2,810) |
Total |  |  |  |  |  |  | $ | 31,574 |
The following table presents the Company’s maturities of lease liabilities as of September 30, 2024:
(Thousands) | Operating | Finance
2025 | $ | 8,408 |  | $ | 8,169 |
2026 | 8,852 |  | 6,411 |
2027 | 8,834 |  | 4,083 |
2028 | 8,925 |  | 4,715 |
2029 | 8,994 |  | 1,676 |
Thereafter | 233,942 |  | — |
Total future payments | 277,955 |  | 25,054 |
Less: interest | (113,707) |  | (1,494) |
Total liability | $ | 164,248 |  | $ | 23,560 |
Schedule of Contractual Commitments for Finance Lease Payments | Contractual commitments for the solar sale leaseback arrangements, which represent the most likely outcome of cash payments, as of the fiscal years ended September 30, are as follows:
(Thousands) | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Subtotal
Future payments | $ | 57,184 |  | 20,396 |  | 22,907 |  | 34,293 |  | 81,586 |  | 32,610 |  | $ | 248,976 |
Less: Interest component |  |  |  |  |  |  | (43,234) |
Total |  |  |  |  |  |  | $ | 205,742 |
Schedule of Line of Credit Facilities | The following table summarizes NJR’s credit facility and NJNG’s commercial paper program and credit facility as of September 30:
|  |  | At end of period |
(Thousands) | As of date | Total borrowing capacity | Loans outstanding | Weighted average interest rate | Remaining borrowing capacity | Expiration dates
NJR bank revolving credit facility (1) |  |  |  |  |  |  |  |
2024 | $ | 575,000 |  | $ | 236,700 |  |  | 6.23 | % |  |  | $ | 325,951 |  | (2) | August 2029
2023 | $ | 650,000 |  | $ | 217,300 |  |  | 6.53 | % |  |  | $ | 426,967 |  | (2) | September 2027
NJNG bank revolving credit facility (3) |  |  |  |  |  |  |
2024 | $ | 250,000 |  | $ | 55,100 |  |  | 4.98 | % |  |  | $ | 194,169 |  | (4) | August 2029
2023 | $ | 250,000 |  | $ | 34,800 |  |  | 5.48 | % |  |  | $ | 214,469 |  | (4) | September 2027
(1)Committed credit facility, which requires commitment fees of 0.10% on the unused amount. (2)Letters of credit outstanding total approximately $12.3M and $5.7M as of September 30, 2024 and 2023, respectively, which reduces the amount available by the same amount. (3)Committed credit facility, which requires commitment fees of 0.075% on the unused amount. (4)Letters of credit outstanding total approximately $0.7M at both September 30, 2024 and 2023, which reduces the amount available by the same amount.

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