REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)

3 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment

Information related to the Company's various reporting segments and other business operations during the three months ended December 31, 2024 and 2023, are as follows:


	Segments
(Thousands)	NJNG		CEV	ES		S&T	Subtotal		HSO	Elims	Total
2024
Operating revenues
External customers	$	333,428	26,406	86,308		26,586	$	472,728	15,633	—	$	488,361
Intercompany	$	337	—	—		42	$	379	161	(540)	$	—
Depreciation and amortization	$	32,084	6,425	47		6,496	$	45,052	277	—	$	45,329
Interest income (2)	$	637	—	34		2,456	$	3,127	273	(1,345)	$	2,055
Interest expense, net of capitalized interest	$	17,454	6,374	3,885		5,969	$	33,682	209	—	$	33,891
Income tax provision	$	18,261	14,141	2,769		1,489	$	36,660	469	255	$	37,384
Equity in earnings of affiliates	$	—	—	—		961	$	961	—	439	$	1,400
Net financial earnings (loss)	$	66,908	48,130	7,833		5,664	$	128,535	615	(256)	$	128,894
Capital expenditures	$	109,904	33,476	—		8,201	$	151,581	289	—	$	151,870
2023
Operating revenues
External customers	$	293,093	35,295	100,801		23,187	$	452,376	14,834	—	$	467,210
Intercompany	$	337	—	(1,133)		675	$	(121)	—	121	$	—
Depreciation and amortization	$	26,917	6,922	57	(1)	6,162	$	40,058	229	—	$	40,287
Interest income (2)	$	578	—	128		2,370	$	3,076	356	(1,406)	$	2,026
Interest expense, net of capitalized interest	$	14,751	7,447	3,126		5,933	$	31,257	216	—	$	31,473
Income tax provision (benefit)	$	10,656	3,131	7,511		1,032	$	22,330	(52)	658	$	22,936
Equity in earnings of affiliates	$	—	—	—		993	$	993	—	667	$	1,660
Net financial earnings (loss)	$	51,444	10,522	7,831		3,640	$	73,437	(600)	(393)	$	72,444
Capital expenditures	$	79,715	25,766	—		7,785	$	113,266	1,356	—	$	114,622

(1)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.

(2)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 other business operations are detailed below:


	Segments								Intercompany
(Thousands)	NJNG		CEV	ES	S&T	Subtotal		HSO	Assets (1)	Total
December 31, 2024	$	5,031,714	1,104,304	138,545	1,026,150	$	7,300,713	142,143	(248,891)	$	7,193,965
September 30, 2024	$	4,789,835	1,157,573	108,710	1,025,457	$	7,081,575	159,444	(259,374)	$	6,981,645

(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
	December 31,
(Thousands)		2024		2023
Net financial earnings		$	128,894	$	72,444
Less:
Unrealized loss (gain) on derivative instruments and related transactions		6,368		(5,400)
Tax effect		(1,513)		1,282
Effects of economic hedging related to natural gas inventory		(9,527)		(16,228)
Tax effect		2,264		3,857


NFE tax adjustment		(17)		(478)
Net income		$	131,319	$	89,411