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REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables) | 6 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Information related to the Company's various reporting segments and other operations during the three months ended March 31, 2024 and 2023, are as follows:
| Segments |  |  |  |
(Thousands) | NJNG | CEV | ES |  | S&T | Subtotal | HSO | Elims | Total
2024 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 462,863 |  | 9,325 |  | 148,604 |  | (1) | 22,369 |  | $ | 643,161 |  | 14,752 |  | — |  | $ | 657,913 |
Intercompany | $ | 338 |  | — |  | (3,742) |  |  | 673 |  | $ | (2,731) |  | 153 |  | 2,578 |  | $ | — |
Depreciation and amortization | $ | 27,464 |  | 6,931 |  | 56 |  | (2) | 6,218 |  | $ | 40,669 |  | 271 |  | (865) |  | $ | 40,075 |
Interest income (3) | $ | 517 |  | — |  | 143 |  |  | 2,518 |  | $ | 3,178 |  | 332 |  | (1,474) |  | $ | 2,036 |
Interest expense, net of capitalized interest | $ | 14,850 |  | 7,182 |  | 3,513 |  |  | 5,868 |  | $ | 31,413 |  | 208 |  | — |  | $ | 31,621 |
Income tax provision (benefit) | $ | 24,476 |  | (1,594) |  | 5,289 |  |  | 619 |  | $ | 28,790 |  | 520 |  | 4,637 |  | $ | 33,947 |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 85 |  | $ | 85 |  | — |  | 653 |  | $ | 738 |
Net financial earnings (loss) | $ | 107,095 |  | (5,616) |  | 37,644 |  |  | 1,981 |  | $ | 141,104 |  | 384 |  | (2,912) |  | $ | 138,576 |
Capital expenditures | $ | 97,710 |  | 11,317 |  | — |  |  | 13,523 |  | $ | 122,550 |  | 130 |  | — |  | $ | 122,680 |
2023 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 400,500 |  | 14,406 |  | 196,553 |  | (1) | 19,303 |  | $ | 630,762 |  | 13,265 |  | — |  | $ | 644,027 |
Intercompany | $ | 338 |  | — |  | 177 |  |  | 1,584 |  | $ | 2,099 |  | 183 |  | (2,282) |  | $ | — |
Depreciation and amortization | $ | 25,319 |  | 6,465 |  | 62 |  | (2) | 6,020 |  | $ | 37,866 |  | 224 |  | — |  | $ | 38,090 |
Interest income (3) | $ | 376 |  | — |  | 380 |  |  | 1,684 |  | $ | 2,440 |  | 734 |  | (938) |  | $ | 2,236 |
Interest expense, net of capitalized interest | $ | 13,879 |  | 7,316 |  | 2,749 |  |  | 6,128 |  | $ | 30,072 |  | 189 |  | — |  | $ | 30,261 |
Income tax provision (benefit) | $ | 23,924 |  | (3,005) |  | 5,916 |  |  | 596 |  | $ | 27,431 |  | 488 |  | 2,667 |  | $ | 30,586 |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 977 |  | $ | 977 |  | — |  | 154 |  | $ | 1,131 |
Net financial earnings (loss) | $ | 100,697 |  | (9,379) |  | 21,125 |  |  | 2,450 |  | $ | 114,893 |  | 813 |  | (3,396) |  | $ | 112,310 |
Capital expenditures | $ | 92,600 |  | 13,706 |  | — |  |  | 10,122 |  | $ | 116,428 |  | 760 |  | — |  | $ | 117,188 |
(1)Includes sales to Canada for the ES segment, which are immaterial. (2)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations. (3)Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations. Information related to the Company's various reporting segments and other operations during the six months ended March 31, 2024 and 2023, are as follows:
| Segments |  |  |  |
(Thousands) | NJNG | CEV | ES |  | S&T | Subtotal | HSO | Elims | Total
2024 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 755,956 |  | 44,620 |  | 249,405 |  | (1) | 45,556 |  | $ | 1,095,537 |  | 29,586 |  | — |  | $ | 1,125,123 |
Intercompany | $ | 675 |  | — |  | (4,875) |  |  | 1,348 |  | $ | (2,852) |  | 153 |  | 2,699 |  | $ | — |
Depreciation and amortization | $ | 54,381 |  | 13,853 |  | 113 |  | (2) | 12,380 |  | $ | 80,727 |  | 500 |  | (865) |  | $ | 80,362 |
Interest income (3) | $ | 1,095 |  | — |  | 271 |  |  | 4,888 |  | $ | 6,254 |  | 688 |  | (2,880) |  | $ | 4,062 |
Interest expense, net of capitalized interest | $ | 29,601 |  | 14,629 |  | 6,639 |  |  | 11,801 |  | $ | 62,670 |  | 424 |  | — |  | $ | 63,094 |
Income tax provision | $ | 35,132 |  | 1,537 |  | 12,800 |  |  | 1,651 |  | $ | 51,120 |  | 468 |  | 5,295 |  | $ | 56,883 |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 1,078 |  | $ | 1,078 |  | — |  | 1,320 |  | $ | 2,398 |
Net financial earnings (loss) | $ | 158,539 |  | 4,906 |  | 45,475 |  |  | 5,621 |  | $ | 214,541 |  | (216) |  | (3,305) |  | $ | 211,020 |
Capital expenditures | $ | 177,425 |  | 37,083 |  | — |  |  | 21,308 |  | $ | 235,816 |  | 1,486 |  | — |  | $ | 237,302 |
2023 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 757,909 |  | 27,198 |  | 509,952 |  | (1) | 45,017 |  | $ | 1,340,076 |  | 27,518 |  | — |  | $ | 1,367,594 |
Intercompany | $ | 675 |  | — |  | 8,560 |  |  | 2,708 |  | $ | 11,943 |  | 196 |  | (12,139) |  | $ | — |
Depreciation and amortization | $ | 50,209 |  | 12,041 |  | 119 |  | (2) | 11,962 |  | $ | 74,331 |  | 442 |  | — |  | $ | 74,773 |
Interest income (3) | $ | 789 |  | — |  | 649 |  |  | 3,085 |  | $ | 4,523 |  | 1,388 |  | (1,716) |  | $ | 4,195 |
Interest expense, net of capitalized interest | $ | 27,588 |  | 13,211 |  | 5,807 |  |  | 12,835 |  | $ | 59,441 |  | 311 |  | — |  | $ | 59,752 |
Income tax provision (benefit) | $ | 38,307 |  | (4,842) |  | 25,980 |  |  | 2,539 |  | $ | 61,984 |  | 705 |  | 875 |  | $ | 63,564 |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 1,886 |  | $ | 1,886 |  | — |  | 191 |  | $ | 2,077 |
Net financial earnings (loss) | $ | 155,361 |  | (12,961) |  | 73,658 |  |  | 8,693 |  | $ | 224,751 |  | 784 |  | (2,941) |  | $ | 222,594 |
Capital expenditures | $ | 174,671 |  | 57,699 |  | — |  |  | 29,841 |  | $ | 262,211 |  | 900 |  | — |  | $ | 263,111 |
(1)Includes sales to Canada for the ES segment, which are immaterial. (2)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations. (3)Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.
Schedule of Assets for Business Segments and Business Operations | The Company's assets for the various reporting segments and business operations are detailed below:
| Segments |  |  | Intercompany |
(Thousands) | NJNG | CEV | ES | S&T | Subtotal | HSO | Assets (1) | Total
March 31, 2024 | $ | 4,527,458 |  | 1,124,392 |  | 104,094 |  | 1,012,899 |  | $ | 6,768,843 |  | 171,594 |  | (293,060) |  | $ | 6,647,377 |
September 30, 2023 | $ | 4,414,829 |  | 1,128,577 |  | 123,775 |  | 1,011,959 |  | $ | 6,679,140 |  | 171,275 |  | (312,919) |  | $ | 6,537,496 |
(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
Schedule of Reconciliation of Consolidated NFE to Consolidated Net Income | A reconciliation of consolidated NFE to consolidated net income is as follows:
| Three Months Ended | Six Months Ended
| March 31, | March 31,
(Thousands) | 2024 | 2023 | 2024 | 2023
Net financial earnings | $ | 138,576 |  | $ | 112,310 |  | $ | 211,020 |  | $ | 222,594 |
Less: |  |  |  |
Unrealized loss (gain) on derivative instruments and related transactions | 25,457 |  | 13,971 |  | 20,057 |  | (17,532) |
Tax effect | (6,049) |  | (3,320) |  | (4,767) |  | 4,167 |
Effects of economic hedging related to natural gas inventory | (2,845) |  | (11,203) |  | (19,073) |  | 12,769 |
Tax effect | 676 |  | 2,662 |  | 4,533 |  | (3,035) |
Gain on equity method investment | — |  | (200) |  | — |  | (200) |
Tax effect | — |  | 50 |  | — |  | 50 |
NFE tax adjustment | 525 |  | 103 |  | 47 |  | 207 |
Net income | $ | 120,812 |  | $ | 110,247 |  | $ | 210,223 |  | $ | 226,168 |

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