njr-2022033100003563099/302022Q2falseP2YP5YP7YP5YP2YP7Yhttp://fasb.org/us-gaap/2021-01-31#PublicUtilitiesPropertyPlantAndEquipmentPlantInServicehttp://fasb.org/us-gaap/2021-01-31#PublicUtilitiesPropertyPlantAndEquipmentPlantInServicehttp://fasb.org/us-gaap/2021-01-31#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2021-01-31#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2021-01-31#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2021-01-31#LongTermDebtAndCapitalLeaseObligationsP1Y00003563092021-10-012022-03-3100003563092022-05-02xbrli:shares00003563092022-01-012022-03-31iso4217:USD00003563092021-01-012021-03-3100003563092020-10-012021-03-310000356309us-gaap:RegulatedOperationMember2022-01-012022-03-310000356309us-gaap:RegulatedOperationMember2021-01-012021-03-310000356309us-gaap:RegulatedOperationMember2021-10-012022-03-310000356309us-gaap:RegulatedOperationMember2020-10-012021-03-310000356309us-gaap:UnregulatedOperationMember2022-01-012022-03-310000356309us-gaap:UnregulatedOperationMember2021-01-012021-03-310000356309us-gaap:UnregulatedOperationMember2021-10-012022-03-310000356309us-gaap:UnregulatedOperationMember2020-10-012021-03-31iso4217:USDxbrli:shares0000356309njr:UtilityPlantMember2021-10-012022-03-310000356309njr:UtilityPlantMember2020-10-012021-03-310000356309njr:SolarEquipmentMember2021-10-012022-03-310000356309njr:SolarEquipmentMember2020-10-012021-03-310000356309njr:StorageAndTransportationAndOtherMember2021-10-012022-03-310000356309njr:StorageAndTransportationAndOtherMember2020-10-012021-03-3100003563092021-09-3000003563092020-09-3000003563092022-03-3100003563092021-03-310000356309us-gaap:CommonStockMember2021-09-300000356309us-gaap:AdditionalPaidInCapitalMember2021-09-300000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000356309njr:TreasuryStockAndOtherMember2021-09-300000356309us-gaap:RetainedEarningsMember2021-09-300000356309us-gaap:RetainedEarningsMember2021-10-012021-12-3100003563092021-10-012021-12-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-012021-12-310000356309us-gaap:CommonStockMember2021-10-012021-12-310000356309us-gaap:AdditionalPaidInCapitalMember2021-10-012021-12-310000356309njr:TreasuryStockAndOtherMember2021-10-012021-12-310000356309us-gaap:CommonStockMember2021-12-310000356309us-gaap:AdditionalPaidInCapitalMember2021-12-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000356309njr:TreasuryStockAndOtherMember2021-12-310000356309us-gaap:RetainedEarningsMember2021-12-3100003563092021-12-310000356309us-gaap:RetainedEarningsMember2022-01-012022-03-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000356309us-gaap:CommonStockMember2022-01-012022-03-310000356309us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000356309njr:TreasuryStockAndOtherMember2022-01-012022-03-310000356309us-gaap:CommonStockMember2022-03-310000356309us-gaap:AdditionalPaidInCapitalMember2022-03-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000356309njr:TreasuryStockAndOtherMember2022-03-310000356309us-gaap:RetainedEarningsMember2022-03-310000356309us-gaap:CommonStockMember2020-09-300000356309us-gaap:AdditionalPaidInCapitalMember2020-09-300000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000356309njr:TreasuryStockAndOtherMember2020-09-300000356309us-gaap:RetainedEarningsMember2020-09-300000356309us-gaap:RetainedEarningsMember2020-10-012020-12-3100003563092020-10-012020-12-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012020-12-310000356309us-gaap:CommonStockMember2020-10-012020-12-310000356309us-gaap:AdditionalPaidInCapitalMember2020-10-012020-12-310000356309njr:TreasuryStockAndOtherMember2020-10-012020-12-310000356309us-gaap:CommonStockMember2020-12-310000356309us-gaap:AdditionalPaidInCapitalMember2020-12-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000356309njr:TreasuryStockAndOtherMember2020-12-310000356309us-gaap:RetainedEarningsMember2020-12-3100003563092020-12-310000356309us-gaap:RetainedEarningsMember2021-01-012021-03-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000356309us-gaap:CommonStockMember2021-01-012021-03-310000356309us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000356309njr:TreasuryStockAndOtherMember2021-01-012021-03-310000356309us-gaap:CommonStockMember2021-03-310000356309us-gaap:AdditionalPaidInCapitalMember2021-03-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000356309njr:TreasuryStockAndOtherMember2021-03-310000356309us-gaap:RetainedEarningsMember2021-03-310000356309njr:NjngMember2021-10-012022-03-31njr:customer0000356309njr:SteckmanRidgeMember2022-03-31xbrli:pure0000356309njr:PennEastMember2022-03-310000356309njr:NJRRetailHoldingsCorporationMember2021-10-012022-03-31njr:subsidiary0000356309njr:EnergyServicesMember2022-01-012022-03-310000356309njr:EnergyServicesMember2021-10-012022-03-310000356309njr:EnergyServicesMember2022-03-310000356309srt:MinimumMember2021-10-012022-03-310000356309srt:MaximumMember2021-10-012022-03-310000356309us-gaap:FinancialAssetNotPastDueMember2022-03-310000356309us-gaap:FinancialAssetNotPastDueMember2021-09-300000356309njr:NaturalGasDistributionMember2022-03-31utr:Bcf0000356309njr:NaturalGasDistributionMember2021-09-300000356309njr:EnergyServicesMember2021-09-300000356309njr:UtilityPlantAtCostMember2022-03-310000356309njr:UtilityPlantAtCostMember2021-09-300000356309us-gaap:ConstructionInProgressMemberus-gaap:RegulatedOperationMember2022-03-310000356309us-gaap:ConstructionInProgressMemberus-gaap:RegulatedOperationMember2021-09-300000356309us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2022-03-310000356309us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2021-09-300000356309us-gaap:UnregulatedOperationMemberus-gaap:ConstructionInProgressMember2022-03-310000356309us-gaap:UnregulatedOperationMemberus-gaap:ConstructionInProgressMember2021-09-300000356309njr:AccumulatedDepreciationAndAmortizationUtilityPlantMember2022-03-310000356309njr:AccumulatedDepreciationAndAmortizationUtilityPlantMember2021-09-300000356309njr:AccumulatedDepreciationAndAmortizationNonutilityPlantAndEquipmentMember2022-03-310000356309njr:AccumulatedDepreciationAndAmortizationNonutilityPlantAndEquipmentMember2021-09-300000356309us-gaap:OtherOperatingIncomeExpenseMember2022-01-012022-03-310000356309us-gaap:OtherOperatingIncomeExpenseMember2021-01-012021-03-310000356309us-gaap:OtherOperatingIncomeExpenseMember2021-10-012022-03-310000356309us-gaap:OtherOperatingIncomeExpenseMember2020-10-012021-03-310000356309njr:DepreciationDepletionAndAmortizationMember2022-01-012022-03-310000356309njr:DepreciationDepletionAndAmortizationMember2021-01-012021-03-310000356309njr:DepreciationDepletionAndAmortizationMember2021-10-012022-03-310000356309njr:DepreciationDepletionAndAmortizationMember2020-10-012021-03-310000356309njr:NjngMember2020-10-012021-03-310000356309njr:CleanEnergyVenturesMember2021-10-012022-03-310000356309njr:CleanEnergyVenturesMember2020-10-012021-03-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-03-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-03-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-09-300000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-10-012022-03-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-10-012022-03-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-012022-03-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-09-300000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-10-012021-03-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-012021-03-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012021-03-310000356309njr:NaturalGasUtilityMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:NaturalGasUtilityMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:NaturalGasUtilityMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:NaturalGasUtilityMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:NaturalGasUtilityMemberus-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2022-01-012022-03-310000356309njr:NaturalGasUtilityMember2022-01-012022-03-310000356309njr:NaturalGasDistributionMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:WholesaleNaturalGasMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:EnergyServicesMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:StorageAndTransportationMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:WholesaleNaturalGasMembernjr:HomeServicesandOtherMember2022-01-012022-03-310000356309njr:WholesaleNaturalGasMember2022-01-012022-03-310000356309njr:ServiceContractsMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:ServiceContractsMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:EnergyServicesMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:ServiceContractsMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:ServiceContractsMemberus-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2022-01-012022-03-310000356309njr:ServiceContractsMember2022-01-012022-03-310000356309njr:InstallationandMaintenanceMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:InstallationandMaintenanceMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:EnergyServicesMembernjr:InstallationandMaintenanceMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:InstallationandMaintenanceMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:InstallationandMaintenanceMembernjr:HomeServicesandOtherMember2022-01-012022-03-310000356309njr:InstallationandMaintenanceMember2022-01-012022-03-310000356309njr:RenewableEnergyCertificatesMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:RenewableEnergyCertificatesMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:EnergyServicesMembernjr:RenewableEnergyCertificatesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:StorageAndTransportationMembernjr:RenewableEnergyCertificatesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:RenewableEnergyCertificatesMembernjr:HomeServicesandOtherMember2022-01-012022-03-310000356309njr:RenewableEnergyCertificatesMember2022-01-012022-03-310000356309njr:NaturalGasDistributionMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:EnergyServicesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:StorageAndTransportationMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309us-gaap:CorporateNonSegmentMemberus-gaap:ElectricityMembernjr:HomeServicesandOtherMember2022-01-012022-03-310000356309us-gaap:ElectricityMember2022-01-012022-03-310000356309njr:NaturalGasDistributionMembersrt:ConsolidationEliminationsMember2022-01-012022-03-310000356309srt:ConsolidationEliminationsMembernjr:CleanEnergyVenturesMember2022-01-012022-03-310000356309njr:EnergyServicesMembersrt:ConsolidationEliminationsMember2022-01-012022-03-310000356309njr:StorageAndTransportationMembersrt:ConsolidationEliminationsMember2022-01-012022-03-310000356309srt:ConsolidationEliminationsMembernjr:HomeServicesandOtherMember2022-01-012022-03-310000356309srt:ConsolidationEliminationsMember2022-01-012022-03-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2022-01-012022-03-310000356309njr:NaturalGasUtilityMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:NaturalGasUtilityMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:NaturalGasUtilityMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:NaturalGasUtilityMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:NaturalGasUtilityMemberus-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2021-01-012021-03-310000356309njr:NaturalGasUtilityMember2021-01-012021-03-310000356309njr:NaturalGasDistributionMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:WholesaleNaturalGasMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:EnergyServicesMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:StorageAndTransportationMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:WholesaleNaturalGasMembernjr:HomeServicesandOtherMember2021-01-012021-03-310000356309njr:WholesaleNaturalGasMember2021-01-012021-03-310000356309njr:ServiceContractsMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:ServiceContractsMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:EnergyServicesMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:ServiceContractsMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:ServiceContractsMemberus-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2021-01-012021-03-310000356309njr:ServiceContractsMember2021-01-012021-03-310000356309njr:InstallationandMaintenanceMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:InstallationandMaintenanceMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:EnergyServicesMembernjr:InstallationandMaintenanceMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:InstallationandMaintenanceMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:InstallationandMaintenanceMembernjr:HomeServicesandOtherMember2021-01-012021-03-310000356309njr:InstallationandMaintenanceMember2021-01-012021-03-310000356309njr:RenewableEnergyCertificatesMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:RenewableEnergyCertificatesMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:EnergyServicesMembernjr:RenewableEnergyCertificatesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:StorageAndTransportationMembernjr:RenewableEnergyCertificatesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:RenewableEnergyCertificatesMembernjr:HomeServicesandOtherMember2021-01-012021-03-310000356309njr:RenewableEnergyCertificatesMember2021-01-012021-03-310000356309njr:NaturalGasDistributionMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:EnergyServicesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:StorageAndTransportationMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309us-gaap:CorporateNonSegmentMemberus-gaap:ElectricityMembernjr:HomeServicesandOtherMember2021-01-012021-03-310000356309us-gaap:ElectricityMember2021-01-012021-03-310000356309njr:NaturalGasDistributionMembersrt:ConsolidationEliminationsMember2021-01-012021-03-310000356309srt:ConsolidationEliminationsMembernjr:CleanEnergyVenturesMember2021-01-012021-03-310000356309njr:EnergyServicesMembersrt:ConsolidationEliminationsMember2021-01-012021-03-310000356309njr:StorageAndTransportationMembersrt:ConsolidationEliminationsMember2021-01-012021-03-310000356309srt:ConsolidationEliminationsMembernjr:HomeServicesandOtherMember2021-01-012021-03-310000356309srt:ConsolidationEliminationsMember2021-01-012021-03-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2021-01-012021-03-310000356309njr:NaturalGasUtilityMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:NaturalGasUtilityMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:NaturalGasUtilityMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:NaturalGasUtilityMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:NaturalGasUtilityMemberus-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2021-10-012022-03-310000356309njr:NaturalGasUtilityMember2021-10-012022-03-310000356309njr:NaturalGasDistributionMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:WholesaleNaturalGasMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:EnergyServicesMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:StorageAndTransportationMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:WholesaleNaturalGasMembernjr:HomeServicesandOtherMember2021-10-012022-03-310000356309njr:WholesaleNaturalGasMember2021-10-012022-03-310000356309njr:ServiceContractsMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:ServiceContractsMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:EnergyServicesMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:ServiceContractsMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:ServiceContractsMemberus-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2021-10-012022-03-310000356309njr:ServiceContractsMember2021-10-012022-03-310000356309njr:InstallationandMaintenanceMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:InstallationandMaintenanceMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:EnergyServicesMembernjr:InstallationandMaintenanceMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:InstallationandMaintenanceMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:InstallationandMaintenanceMembernjr:HomeServicesandOtherMember2021-10-012022-03-310000356309njr:InstallationandMaintenanceMember2021-10-012022-03-310000356309njr:RenewableEnergyCertificatesMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:RenewableEnergyCertificatesMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:EnergyServicesMembernjr:RenewableEnergyCertificatesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:StorageAndTransportationMembernjr:RenewableEnergyCertificatesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:RenewableEnergyCertificatesMembernjr:HomeServicesandOtherMember2021-10-012022-03-310000356309njr:RenewableEnergyCertificatesMember2021-10-012022-03-310000356309njr:NaturalGasDistributionMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:EnergyServicesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:StorageAndTransportationMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309us-gaap:CorporateNonSegmentMemberus-gaap:ElectricityMembernjr:HomeServicesandOtherMember2021-10-012022-03-310000356309us-gaap:ElectricityMember2021-10-012022-03-310000356309njr:NaturalGasDistributionMembersrt:ConsolidationEliminationsMember2021-10-012022-03-310000356309srt:ConsolidationEliminationsMembernjr:CleanEnergyVenturesMember2021-10-012022-03-310000356309njr:EnergyServicesMembersrt:ConsolidationEliminationsMember2021-10-012022-03-310000356309njr:StorageAndTransportationMembersrt:ConsolidationEliminationsMember2021-10-012022-03-310000356309srt:ConsolidationEliminationsMembernjr:HomeServicesandOtherMember2021-10-012022-03-310000356309srt:ConsolidationEliminationsMember2021-10-012022-03-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2021-10-012022-03-310000356309njr:NaturalGasUtilityMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:NaturalGasUtilityMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:NaturalGasUtilityMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:NaturalGasUtilityMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:NaturalGasUtilityMemberus-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2020-10-012021-03-310000356309njr:NaturalGasUtilityMember2020-10-012021-03-310000356309njr:NaturalGasDistributionMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:WholesaleNaturalGasMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:EnergyServicesMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:StorageAndTransportationMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:WholesaleNaturalGasMembernjr:HomeServicesandOtherMember2020-10-012021-03-310000356309njr:WholesaleNaturalGasMember2020-10-012021-03-310000356309njr:ServiceContractsMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:ServiceContractsMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:EnergyServicesMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:ServiceContractsMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:ServiceContractsMemberus-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2020-10-012021-03-310000356309njr:ServiceContractsMember2020-10-012021-03-310000356309njr:InstallationandMaintenanceMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:InstallationandMaintenanceMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:EnergyServicesMembernjr:InstallationandMaintenanceMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:InstallationandMaintenanceMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:InstallationandMaintenanceMembernjr:HomeServicesandOtherMember2020-10-012021-03-310000356309njr:InstallationandMaintenanceMember2020-10-012021-03-310000356309njr:RenewableEnergyCertificatesMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:RenewableEnergyCertificatesMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:EnergyServicesMembernjr:RenewableEnergyCertificatesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:StorageAndTransportationMembernjr:RenewableEnergyCertificatesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:RenewableEnergyCertificatesMembernjr:HomeServicesandOtherMember2020-10-012021-03-310000356309njr:RenewableEnergyCertificatesMember2020-10-012021-03-310000356309njr:NaturalGasDistributionMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:EnergyServicesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:StorageAndTransportationMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:CorporateNonSegmentMemberus-gaap:ElectricityMembernjr:HomeServicesandOtherMember2020-10-012021-03-310000356309us-gaap:ElectricityMember2020-10-012021-03-310000356309njr:NaturalGasDistributionMembersrt:ConsolidationEliminationsMember2020-10-012021-03-310000356309srt:ConsolidationEliminationsMembernjr:CleanEnergyVenturesMember2020-10-012021-03-310000356309njr:EnergyServicesMembersrt:ConsolidationEliminationsMember2020-10-012021-03-310000356309njr:StorageAndTransportationMembersrt:ConsolidationEliminationsMember2020-10-012021-03-310000356309srt:ConsolidationEliminationsMembernjr:HomeServicesandOtherMember2020-10-012021-03-310000356309srt:ConsolidationEliminationsMember2020-10-012021-03-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:HomeServicesandOtherMember2020-10-012021-03-310000356309njr:ResidentialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:ResidentialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:ResidentialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:ResidentialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:ResidentialMemberus-gaap:CorporateNonSegmentMember2022-01-012022-03-310000356309njr:ResidentialMember2022-01-012022-03-310000356309njr:CommercialandIndustrialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:CommercialandIndustrialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:CommercialandIndustrialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:CommercialandIndustrialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:CommercialandIndustrialMemberus-gaap:CorporateNonSegmentMember2022-01-012022-03-310000356309njr:CommercialandIndustrialMember2022-01-012022-03-310000356309njr:FirmTransportationMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:FirmTransportationMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:FirmTransportationMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:FirmTransportationMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:FirmTransportationMemberus-gaap:CorporateNonSegmentMember2022-01-012022-03-310000356309njr:FirmTransportationMember2022-01-012022-03-310000356309njr:InterruptibleandOfftariffMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:InterruptibleandOfftariffMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:EnergyServicesMembernjr:InterruptibleandOfftariffMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:StorageAndTransportationMembernjr:InterruptibleandOfftariffMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:InterruptibleandOfftariffMember2022-01-012022-03-310000356309njr:InterruptibleandOfftariffMember2022-01-012022-03-310000356309us-gaap:CorporateNonSegmentMember2022-01-012022-03-310000356309njr:ResidentialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:ResidentialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:ResidentialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:ResidentialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:ResidentialMemberus-gaap:CorporateNonSegmentMember2021-01-012021-03-310000356309njr:ResidentialMember2021-01-012021-03-310000356309njr:CommercialandIndustrialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:CommercialandIndustrialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:CommercialandIndustrialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:CommercialandIndustrialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:CommercialandIndustrialMemberus-gaap:CorporateNonSegmentMember2021-01-012021-03-310000356309njr:CommercialandIndustrialMember2021-01-012021-03-310000356309njr:FirmTransportationMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:FirmTransportationMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:FirmTransportationMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:FirmTransportationMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:FirmTransportationMemberus-gaap:CorporateNonSegmentMember2021-01-012021-03-310000356309njr:FirmTransportationMember2021-01-012021-03-310000356309njr:InterruptibleandOfftariffMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:InterruptibleandOfftariffMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:EnergyServicesMembernjr:InterruptibleandOfftariffMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:StorageAndTransportationMembernjr:InterruptibleandOfftariffMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:InterruptibleandOfftariffMember2021-01-012021-03-310000356309njr:InterruptibleandOfftariffMember2021-01-012021-03-310000356309us-gaap:CorporateNonSegmentMember2021-01-012021-03-310000356309njr:ResidentialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:ResidentialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:ResidentialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:ResidentialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:ResidentialMemberus-gaap:CorporateNonSegmentMember2021-10-012022-03-310000356309njr:ResidentialMember2021-10-012022-03-310000356309njr:CommercialandIndustrialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:CommercialandIndustrialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:CommercialandIndustrialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:CommercialandIndustrialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:CommercialandIndustrialMemberus-gaap:CorporateNonSegmentMember2021-10-012022-03-310000356309njr:CommercialandIndustrialMember2021-10-012022-03-310000356309njr:FirmTransportationMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:FirmTransportationMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:FirmTransportationMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:FirmTransportationMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:FirmTransportationMemberus-gaap:CorporateNonSegmentMember2021-10-012022-03-310000356309njr:FirmTransportationMember2021-10-012022-03-310000356309njr:InterruptibleandOfftariffMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:InterruptibleandOfftariffMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:EnergyServicesMembernjr:InterruptibleandOfftariffMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:StorageAndTransportationMembernjr:InterruptibleandOfftariffMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309us-gaap:CorporateNonSegmentMembernjr:InterruptibleandOfftariffMember2021-10-012022-03-310000356309njr:InterruptibleandOfftariffMember2021-10-012022-03-310000356309us-gaap:CorporateNonSegmentMember2021-10-012022-03-310000356309njr:ResidentialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:ResidentialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:ResidentialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:ResidentialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:ResidentialMemberus-gaap:CorporateNonSegmentMember2020-10-012021-03-310000356309njr:ResidentialMember2020-10-012021-03-310000356309njr:CommercialandIndustrialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:CommercialandIndustrialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:CommercialandIndustrialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:CommercialandIndustrialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:CommercialandIndustrialMemberus-gaap:CorporateNonSegmentMember2020-10-012021-03-310000356309njr:CommercialandIndustrialMember2020-10-012021-03-310000356309njr:FirmTransportationMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:FirmTransportationMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:FirmTransportationMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:FirmTransportationMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:FirmTransportationMemberus-gaap:CorporateNonSegmentMember2020-10-012021-03-310000356309njr:FirmTransportationMember2020-10-012021-03-310000356309njr:InterruptibleandOfftariffMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:InterruptibleandOfftariffMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:EnergyServicesMembernjr:InterruptibleandOfftariffMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309njr:StorageAndTransportationMembernjr:InterruptibleandOfftariffMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:CorporateNonSegmentMembernjr:InterruptibleandOfftariffMember2020-10-012021-03-310000356309njr:InterruptibleandOfftariffMember2020-10-012021-03-310000356309us-gaap:CorporateNonSegmentMember2020-10-012021-03-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2022-03-310000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2022-03-310000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2022-03-310000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2022-03-310000356309us-gaap:CorporateNonSegmentMember2022-03-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2021-09-300000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2021-09-300000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2021-09-300000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2021-09-300000356309us-gaap:CorporateNonSegmentMember2021-09-300000356309njr:BaseRateStipulationMember2021-10-012022-03-310000356309njr:NjngMembernjr:NewJerseyCleanEnergyProgramMember2022-03-310000356309njr:NjngMembernjr:NewJerseyCleanEnergyProgramMember2021-09-300000356309njr:NjngMembernjr:ConservationIncentiveProgramMember2022-03-310000356309njr:NjngMembernjr:ConservationIncentiveProgramMember2021-09-300000356309njr:NjngMemberus-gaap:OtherRegulatoryAssetsLiabilitiesMember2022-03-310000356309njr:NjngMemberus-gaap:OtherRegulatoryAssetsLiabilitiesMember2021-09-300000356309njr:NjngMember2022-03-310000356309njr:NjngMember2021-09-300000356309njr:NjngMembernjr:EnviromentalRemediationCostsExpendedNetOfRecoveriesMember2022-03-310000356309njr:NjngMembernjr:EnviromentalRemediationCostsExpendedNetOfRecoveriesMember2021-09-300000356309njr:NjngMemberus-gaap:EnvironmentalRestorationCostsMember2022-03-310000356309njr:NjngMemberus-gaap:EnvironmentalRestorationCostsMember2021-09-300000356309njr:NjngMemberus-gaap:DeferredIncomeTaxChargesMember2022-03-310000356309njr:NjngMemberus-gaap:DeferredIncomeTaxChargesMember2021-09-300000356309njr:NjngMemberus-gaap:RenewableEnergyProgramMember2022-03-310000356309njr:NjngMemberus-gaap:RenewableEnergyProgramMember2021-09-300000356309us-gaap:PensionAndOtherPostretirementPlansCostsMembernjr:NjngMember2022-03-310000356309us-gaap:PensionAndOtherPostretirementPlansCostsMembernjr:NjngMember2021-09-300000356309njr:NjngMemberus-gaap:StormCostsMember2022-03-310000356309njr:NjngMemberus-gaap:StormCostsMember2021-09-300000356309us-gaap:RemovalCostsMembernjr:NjngMember2022-03-310000356309us-gaap:RemovalCostsMembernjr:NjngMember2021-09-300000356309njr:NjngMembernjr:LiabilityOverrecoveredGasCostsMember2022-03-310000356309njr:NjngMembernjr:LiabilityOverrecoveredGasCostsMember2021-09-300000356309njr:NjngMemberus-gaap:DeferredDerivativeGainLossMember2022-03-310000356309njr:NjngMemberus-gaap:DeferredDerivativeGainLossMember2021-09-300000356309njr:NjngMembernjr:TaxActMember2022-03-310000356309njr:NjngMembernjr:TaxActMember2021-09-300000356309njr:NjngMembernjr:OtherRegulatoryNoncurrentLiabilityMember2022-03-310000356309njr:NjngMembernjr:OtherRegulatoryNoncurrentLiabilityMember2021-09-300000356309njr:AdelphiaGatewayLLCMember2022-03-310000356309njr:AdelphiaGatewayLLCMember2021-09-300000356309njr:BPUMembernjr:NjngMember2021-11-172021-11-170000356309njr:SAFEIIAndNJRISEMember2021-10-012022-03-310000356309njr:BGSSMembernjr:NjngMember2021-11-172021-11-170000356309njr:BGSSBalancingMembernjr:NjngMember2021-11-172021-11-170000356309njr:ConservationIncentiveProgramMembernjr:NjngMember2021-11-172021-11-170000356309njr:NjngMembernjr:BGSSMember2021-11-192021-11-190000356309njr:SAVEGREENMember2022-01-262022-01-260000356309njr:RACMember2022-03-232022-03-230000356309njr:NJCEPMember2022-03-232022-03-230000356309njr:BPUMember2022-03-312022-03-310000356309njr:NjngMembernjr:BPUMemberus-gaap:SubsequentEventMember2022-04-222022-04-220000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2022-03-310000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2021-09-300000356309us-gaap:CommodityContractMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2022-03-310000356309us-gaap:CommodityContractMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2021-09-300000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMembernjr:NjresMember2022-03-310000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMembernjr:NjresMember2021-09-300000356309us-gaap:CommodityContractMemberus-gaap:NondesignatedMembernjr:NjresMember2022-03-310000356309us-gaap:CommodityContractMemberus-gaap:NondesignatedMembernjr:NjresMember2021-09-300000356309us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMembernjr:NjresMember2022-03-310000356309us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMembernjr:NjresMember2021-09-300000356309us-gaap:NondesignatedMember2022-03-310000356309us-gaap:NondesignatedMember2021-09-300000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMember2022-03-310000356309us-gaap:CommodityContractMembernjr:EnergyServicesMember2022-03-310000356309njr:EnergyServicesMemberus-gaap:ForeignExchangeContractMember2022-03-310000356309us-gaap:EnergyRelatedDerivativeMembernjr:NaturalGasDistributionMember2022-03-310000356309us-gaap:CommodityContractMembernjr:NaturalGasDistributionMember2022-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMember2021-09-300000356309us-gaap:CommodityContractMembernjr:EnergyServicesMember2021-09-300000356309njr:EnergyServicesMemberus-gaap:ForeignExchangeContractMember2021-09-300000356309us-gaap:EnergyRelatedDerivativeMembernjr:NaturalGasDistributionMember2021-09-300000356309us-gaap:CommodityContractMembernjr:NaturalGasDistributionMember2021-09-300000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2022-01-012022-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2021-01-012021-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2021-10-012022-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2020-10-012021-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMembernjr:GasPurchasesMemberus-gaap:NondesignatedMember2022-01-012022-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMembernjr:GasPurchasesMemberus-gaap:NondesignatedMember2021-01-012021-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMembernjr:GasPurchasesMemberus-gaap:NondesignatedMember2021-10-012022-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMembernjr:GasPurchasesMemberus-gaap:NondesignatedMember2020-10-012021-03-310000356309us-gaap:CommodityContractMembernjr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:NondesignatedMember2022-01-012022-03-310000356309us-gaap:CommodityContractMembernjr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:NondesignatedMember2021-01-012021-03-310000356309us-gaap:CommodityContractMembernjr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:NondesignatedMember2021-10-012022-03-310000356309us-gaap:CommodityContractMembernjr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:NondesignatedMember2020-10-012021-03-310000356309njr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-03-310000356309njr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-03-310000356309njr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-10-012022-03-310000356309njr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-10-012021-03-310000356309us-gaap:NondesignatedMember2022-01-012022-03-310000356309us-gaap:NondesignatedMember2021-01-012021-03-310000356309us-gaap:NondesignatedMember2021-10-012022-03-310000356309us-gaap:NondesignatedMember2020-10-012021-03-310000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2022-01-012022-03-310000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2021-01-012021-03-310000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2021-10-012022-03-310000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2020-10-012021-03-310000356309us-gaap:CommodityContractMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2022-01-012022-03-310000356309us-gaap:CommodityContractMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2021-01-012021-03-310000356309us-gaap:CommodityContractMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2021-10-012022-03-310000356309us-gaap:CommodityContractMemberus-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2020-10-012021-03-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2022-01-012022-03-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2021-01-012021-03-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2021-10-012022-03-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2020-10-012021-03-310000356309us-gaap:InterestExpenseMemberus-gaap:TreasuryLockMember2022-01-012022-03-310000356309us-gaap:InterestExpenseMemberus-gaap:TreasuryLockMember2021-01-012021-03-310000356309us-gaap:InterestExpenseMemberus-gaap:TreasuryLockMember2021-10-012022-03-310000356309us-gaap:InterestExpenseMemberus-gaap:TreasuryLockMember2020-10-012021-03-310000356309njr:NaturalGasDistributionMemberus-gaap:FutureMemberus-gaap:LongMember2021-10-012022-03-310000356309njr:NaturalGasDistributionMemberus-gaap:FutureMemberus-gaap:LongMember2020-10-012021-09-300000356309us-gaap:EnergyRelatedDerivativeMembernjr:NaturalGasDistributionMemberus-gaap:LongMember2021-10-012022-03-310000356309us-gaap:EnergyRelatedDerivativeMembernjr:NaturalGasDistributionMemberus-gaap:LongMember2020-10-012021-09-300000356309us-gaap:ShortMembernjr:EnergyServicesMemberus-gaap:FutureMember2021-10-012022-03-310000356309us-gaap:ShortMembernjr:EnergyServicesMemberus-gaap:FutureMember2020-10-012021-09-300000356309us-gaap:ShortMembernjr:EnergyServicesMemberus-gaap:SwapMember2021-10-012022-03-310000356309us-gaap:ShortMembernjr:EnergyServicesMemberus-gaap:SwapMember2020-10-012021-09-300000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:LongMember2021-10-012022-03-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:LongMember2020-10-012021-09-300000356309us-gaap:ForeignExchangeContractMember2022-03-310000356309us-gaap:ForeignExchangeContractMember2021-09-30njr:certificate0000356309njr:AssetsCurrentMembernjr:NaturalGasDistributionMember2022-03-310000356309njr:AssetsCurrentMembernjr:NaturalGasDistributionMember2021-09-300000356309njr:AssetsCurrentMembernjr:EnergyServicesMember2022-03-310000356309njr:AssetsCurrentMembernjr:EnergyServicesMember2021-09-300000356309njr:LiabilitiesCurrentMembernjr:EnergyServicesMember2022-03-310000356309njr:LiabilitiesCurrentMembernjr:EnergyServicesMember2021-09-300000356309us-gaap:ExternalCreditRatingInvestmentGradeMember2021-10-012022-03-310000356309us-gaap:ExternalCreditRatingNonInvestmentGradeMember2021-10-012022-03-310000356309njr:InternallyRatedInvestmentGradeMember2021-10-012022-03-310000356309njr:InternallyRatedNoninvestmentGradeMember2021-10-012022-03-310000356309us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-03-310000356309us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-09-300000356309us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000356309us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000356309njr:NjngMember2022-03-310000356309njr:NjngMember2021-09-300000356309njr:NjrMember2022-03-310000356309njr:NjrMember2021-09-300000356309njr:SolarAssetFinancingMembernjr:CleanEnergyVenturesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000356309njr:SolarAssetFinancingMembernjr:CleanEnergyVenturesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueInputsLevel1Member2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueInputsLevel2Member2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EnergyRelatedDerivativeMember2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EnergyRelatedDerivativeMember2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Member2022-03-310000356309us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMember2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMember2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2022-03-310000356309us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000356309us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000356309us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000356309us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMember2022-03-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueInputsLevel1Member2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueInputsLevel2Member2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EnergyRelatedDerivativeMember2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EnergyRelatedDerivativeMember2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Member2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Member2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel3Member2021-09-300000356309us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMember2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMember2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMember2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2021-09-300000356309us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300000356309us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300000356309us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300000356309us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-09-300000356309us-gaap:FairValueMeasurementsRecurringMember2021-09-300000356309njr:SteckmanRidgeMember2021-09-300000356309njr:PennEastMember2021-09-300000356309njr:NJRPipelineMembernjr:PennEastMember2022-03-310000356309njr:PennEastMember2021-10-012022-03-31utr:mi00003563092021-04-012021-06-300000356309njr:PennEastMembernjr:PennEastMember2022-03-312022-03-310000356309njr:PennEastMembernjr:PennEastMember2022-03-310000356309us-gaap:StockCompensationPlanMember2021-01-012021-03-310000356309us-gaap:StockCompensationPlanMember2020-10-012021-03-310000356309njr:NjrMembernjr:TermLoanMembernjr:CommittedCreditFacilitiesDueFebruary2023Member2022-03-310000356309us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembernjr:NjrMembernjr:TermLoanMembernjr:CommittedCreditFacilitiesDueFebruary2023Member2022-02-082022-02-080000356309njr:NjrMembernjr:TermLoanMembernjr:CommittedCreditFacilitiesDueFebruary2023Member2022-02-090000356309njr:NjrMembernjr:TermLoanMembernjr:CommittedCreditFacilitiesDueFebruary2023Member2022-02-140000356309njr:CommittedCreditFacilitiesDueSeptember2026Membernjr:NjrMemberus-gaap:RevolvingCreditFacilityMember2022-03-310000356309njr:CommittedCreditFacilitiesDueSeptember2026Membernjr:NjrMemberus-gaap:RevolvingCreditFacilityMember2021-09-300000356309njr:NjrMembernjr:TermLoanMembernjr:CommittedCreditFacilitiesDueFebruary2023Member2021-09-300000356309njr:CommittedCreditFacilitiesDueSeptember2026Memberus-gaap:RevolvingCreditFacilityMembernjr:NjngMember2022-03-310000356309njr:CommittedCreditFacilitiesDueSeptember2026Memberus-gaap:RevolvingCreditFacilityMembernjr:NjngMember2021-09-300000356309us-gaap:RevolvingCreditFacilityMembernjr:NjrMember2021-10-012022-03-310000356309njr:NjrMembernjr:LetterofCreditonBehalfofNJRESMember2022-03-310000356309njr:NjrMembernjr:LetterofCreditonBehalfofNJRESMember2021-09-300000356309us-gaap:RevolvingCreditFacilityMembernjr:NjngMember2021-10-012022-03-310000356309njr:NjngMemberus-gaap:LetterOfCreditMember2022-03-310000356309njr:NjngMemberus-gaap:LetterOfCreditMember2021-09-300000356309us-gaap:SeniorNotesMembernjr:NjrMember2022-02-160000356309us-gaap:SeniorNotesMembernjr:NjrMember2022-02-162022-02-160000356309us-gaap:SeniorNotesMembernjr:NjngMember2021-10-280000356309us-gaap:SeniorNotesMembernjr:NjngMembernjr:FixedInterestRateMaturing2051Member2021-10-280000356309us-gaap:SeniorNotesMembernjr:FixedInterestRateMaturing2061Membernjr:NjngMember2021-10-280000356309srt:MinimumMembernjr:CleanEnergyVenturesMember2021-10-012022-03-310000356309njr:CleanEnergyVenturesMembersrt:MaximumMember2021-10-012022-03-310000356309us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310000356309us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310000356309us-gaap:PensionPlansDefinedBenefitMember2021-10-012022-03-310000356309us-gaap:PensionPlansDefinedBenefitMember2020-10-012021-03-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-03-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-03-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-10-012022-03-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-10-012021-03-310000356309srt:MinimumMemberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-03-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembersrt:MaximumMember2022-03-310000356309us-gaap:StateAndLocalJurisdictionMember2022-03-310000356309us-gaap:StateAndLocalJurisdictionMember2021-09-300000356309srt:MinimumMemberus-gaap:StateAndLocalJurisdictionMember2021-10-012021-12-310000356309us-gaap:StateAndLocalJurisdictionMembersrt:MaximumMember2021-10-012021-12-310000356309us-gaap:CapitalLossCarryforwardMember2022-03-3100003563092019-12-310000356309srt:ScenarioForecastMember2023-12-310000356309srt:ScenarioForecastMember2024-12-310000356309srt:MinimumMembernjr:SolarPropertyMember2022-03-310000356309njr:SolarPropertyMembersrt:MaximumMember2022-03-310000356309srt:MinimumMembersrt:OfficeBuildingMember2022-03-310000356309srt:OfficeBuildingMembersrt:MaximumMember2022-03-310000356309srt:MinimumMembernjr:MeterLicenseMember2022-03-310000356309njr:MeterLicenseMembersrt:MaximumMember2022-03-310000356309us-gaap:EquipmentMember2022-03-310000356309njr:StorageandCapacityLeasesMember2022-03-310000356309srt:OfficeBuildingMember2021-07-310000356309srt:MinimumMembernjr:EnergyServicesMember2021-10-012022-03-310000356309njr:EnergyServicesMembersrt:MaximumMember2021-10-012022-03-310000356309njr:EnergyServicesMemberus-gaap:InventoriesMember2022-03-310000356309njr:StorageDemandFeesMembernjr:EnergyServicesMember2022-03-310000356309njr:EnergyServicesMembernjr:PipelineDemandFeesMember2022-03-310000356309njr:NaturalGasDistributionMemberus-gaap:InventoriesMember2022-03-310000356309njr:StorageDemandFeesMembernjr:NaturalGasDistributionMember2022-03-310000356309njr:NaturalGasDistributionMembernjr:PipelineDemandFeesMember2022-03-310000356309njr:RACMember2021-04-072021-04-070000356309njr:EnviromentalRemediationCostsExpendedNetOfRecoveriesMember2022-03-310000356309njr:NaturalGasDistributionExternalCustomersMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:NaturalGasDistributionExternalCustomersMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:NaturalGasDistributionExternalCustomersMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:NaturalGasDistributionExternalCustomersMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:IntersegmentEliminationMembernjr:NaturalGasDistributionExternalCustomersMember2022-01-012022-03-310000356309us-gaap:IntersegmentEliminationMembernjr:NaturalGasDistributionExternalCustomersMember2021-01-012021-03-310000356309us-gaap:IntersegmentEliminationMembernjr:NaturalGasDistributionExternalCustomersMember2021-10-012022-03-310000356309us-gaap:IntersegmentEliminationMembernjr:NaturalGasDistributionExternalCustomersMember2020-10-012021-03-310000356309njr:CleanEnergyVenturesExternalCustomersMemberus-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309njr:CleanEnergyVenturesExternalCustomersMemberus-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309njr:CleanEnergyVenturesExternalCustomersMemberus-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309njr:CleanEnergyVenturesExternalCustomersMemberus-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:IntersegmentEliminationMembernjr:EnergyServicesMember2022-01-012022-03-310000356309us-gaap:IntersegmentEliminationMembernjr:EnergyServicesMember2021-01-012021-03-310000356309us-gaap:IntersegmentEliminationMembernjr:EnergyServicesMember2021-10-012022-03-310000356309us-gaap:IntersegmentEliminationMembernjr:EnergyServicesMember2020-10-012021-03-310000356309us-gaap:IntersegmentEliminationMembernjr:StorageAndTransportationMember2022-01-012022-03-310000356309us-gaap:IntersegmentEliminationMembernjr:StorageAndTransportationMember2021-01-012021-03-310000356309us-gaap:IntersegmentEliminationMembernjr:StorageAndTransportationMember2021-10-012022-03-310000356309us-gaap:IntersegmentEliminationMembernjr:StorageAndTransportationMember2020-10-012021-03-310000356309us-gaap:OperatingSegmentsMember2022-01-012022-03-310000356309us-gaap:OperatingSegmentsMember2021-01-012021-03-310000356309us-gaap:OperatingSegmentsMember2021-10-012022-03-310000356309us-gaap:OperatingSegmentsMember2020-10-012021-03-310000356309us-gaap:IntersegmentEliminationMember2022-01-012022-03-310000356309us-gaap:IntersegmentEliminationMember2021-01-012021-03-310000356309us-gaap:IntersegmentEliminationMember2021-10-012022-03-310000356309us-gaap:IntersegmentEliminationMember2020-10-012021-03-310000356309us-gaap:OperatingSegmentsMember2022-03-310000356309us-gaap:OperatingSegmentsMember2021-09-300000356309srt:ConsolidationEliminationsMember2022-03-310000356309srt:ConsolidationEliminationsMember2021-09-300000356309njr:NJNGToNJRESAffiliateMember2020-04-012020-04-010000356309njr:NjngToSteckmanRidgeAffiliateMember2020-04-012020-04-010000356309njr:NjngToSteckmanRidgeAffiliateMember2022-01-012022-03-310000356309njr:NjngToSteckmanRidgeAffiliateMember2021-01-012021-03-310000356309njr:NjngToSteckmanRidgeAffiliateMember2021-10-012022-03-310000356309njr:NjngToSteckmanRidgeAffiliateMember2020-10-012021-03-310000356309njr:NjresToSteckmanRidgeAfffiliateMember2022-01-012022-03-310000356309njr:NjresToSteckmanRidgeAfffiliateMember2021-01-012021-03-310000356309njr:NjresToSteckmanRidgeAfffiliateMember2021-10-012022-03-310000356309njr:NjresToSteckmanRidgeAfffiliateMember2020-10-012021-03-310000356309njr:NjngToSteckmanRidgeAffiliateMember2022-03-310000356309njr:NjngToSteckmanRidgeAffiliateMember2021-09-300000356309njr:NjresToSteckmanRidgeAfffiliateMember2022-03-310000356309njr:NjresToSteckmanRidgeAfffiliateMember2021-09-30njr:lease0000356309njr:NJNGtoAdelphiaAffiliateMember2021-10-012022-03-31utr:dthutr:D0000356309njr:LeafRiverEnergyCenterLLCMember2021-10-012022-03-310000356309njr:NJNGAndCleanEnergyVenturesToPPAMember2021-03-012021-03-310000356309njr:NJNGToNJRSubsidiariesMember2021-07-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-08359
NEW JERSEY RESOURCES CORPORATION
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(Exact name of registrant as specified in its charter) |
| | | | | | | | |
New Jersey | | | | | 22-2376465 | |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
| | | | | | | | |
1415 Wyckoff Road | | | (732) | 938‑1480 | |
Wall | New Jersey | 07719 | | | (Registrant's telephone number, including area code) |
(Address of principal executive offices) | |
| | | | | | | | |
Securities registered pursuant to Section 12 (b) of the Act: |
| | | | | | | | |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
Common Stock - $2.50 Par Value | | NJR | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes: ☒ No: ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes: ☒ No: ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes: ☐ No: ☒
The number of shares outstanding of $2.50 par value Common Stock as of May 2, 2022 was 96,152,712.
New Jersey Resources Corporation
TABLE OF CONTENTS
| | | | | | | | | | | |
| | | Page |
| |
| |
PART I. FINANCIAL INFORMATION | |
| ITEM 1. | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| ITEM 2. | | |
| ITEM 3. | | |
| ITEM 4. | | |
PART II. OTHER INFORMATION | |
| ITEM 1. | | |
| ITEM 1A. | | |
| ITEM 2. | | |
| ITEM 6. | | |
| | | |
New Jersey Resources Corporation
GLOSSARY OF KEY TERMS
| | | | | |
Adelphia Gateway | Adelphia Gateway, LLC |
AFUDC | Allowance for Funds Used During Construction |
AMA | Asset Management Agreement |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
Bcf | Billion Cubic Feet |
BGSS | Basic Gas Supply Service |
BPU | New Jersey Board of Public Utilities |
CIP | Conservation Incentive Program |
Clean Energy Ventures | Clean Energy Ventures segment |
CME | Chicago Mercantile Exchange |
COVID-19 | Novel coronavirus disease |
CR&R | Commercial Realty & Resources Corp. |
DRP | NJR Direct Stock Purchase and Dividend Reinvestment Plan |
EE | Energy Efficiency |
Energy Services | Energy Services segment |
Exchange Act | Securities Exchange Act of 1934, as amended |
FASB | Financial Accounting Standards Board |
FCM | Futures Commission Merchant |
FERC | Federal Energy Regulatory Commission |
Financial margin | A non-GAAP financial measure, which represents revenues earned from the sale of natural gas less costs of natural gas sold including any transportation and storage costs, and excludes certain operations and maintenance expense and depreciation and amortization, as well as any accounting impact from the change in the fair value of certain derivative instruments |
Fitch | Fitch Ratings Company |
FMB | First Mortgage Bond |
GAAP | Generally Accepted Accounting Principles of the United States |
Home Services and Other | Home Services and Other Operations |
ICE | Intercontinental Exchange |
IIP | Infrastructure Investment Program |
IRS | Internal Revenue Service |
ISDA | The International Swaps and Derivatives Association |
ITC | Federal Investment Tax Credit |
Leaf River | Leaf River Energy Center LLC |
MGP | Manufactured Gas Plant |
MMBtu | Million British Thermal Units |
Moody's | Moody's Investors Service, Inc. |
Mortgage Indenture | The Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement between NJNG and U.S. Bank National Association dated as of September 1, 2014 |
MW | Megawatts |
MWh | Megawatt Hour |
NAESB | The North American Energy Standards Board |
Natural Gas Distribution | Natural Gas Distribution segment |
NFE | Net Financial Earnings |
NJ RISE | New Jersey Reinvestment in System Enhancement |
NJCEP | New Jersey's Clean Energy Program |
NJDEP | New Jersey Department of Environmental Protection |
| |
New Jersey Resources Corporation
| | | | | |
GLOSSARY OF KEY TERMS (cont.) |
| |
NJNG | New Jersey Natural Gas Company |
NJNG Credit Facility | The $250 million unsecured committed credit facility expiring in September 2026 |
NJR Credit Facility | The $500 million unsecured committed credit facility expiring in September 2026 |
NJR or The Company | New Jersey Resources Corporation |
NJRHS | NJR Home Services Company |
Non-GAAP | Not in accordance with Generally Accepted Accounting Principles of the United States |
NPNS | Normal Purchase/Normal Sale |
NYMEX | New York Mercantile Exchange |
OCI | Other Comprehensive Income |
O&M | Operation and Maintenance |
OPEB | Other Postemployment Benefit Plans |
PennEast | PennEast Pipeline Company, LLC |
PPA | Power Purchase Agreement |
RAC | Remediation Adjustment Clause |
REC | Renewable Energy Certificate |
SAFE II | Safety Acceleration and Facility Enhancement Program, Phase II |
SAVEGREEN | The SAVEGREEN Project® |
SBC | Societal Benefits Charge |
SOFR | A rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) |
SREC | Solar Renewable Energy Certificate |
Steckman Ridge | Collectively, Steckman Ridge GP, LLC and Steckman Ridge, LP |
Storage and Transportation | Storage and Transportation segment |
TETCO | Texas Eastern Transmission |
TREC | Transition Renewable Energy Certificate |
Trustee | U.S. Bank National Association |
U.S. | The United States of America |
USF | Universal Service Fund |
Utility Gross Margin | A non-GAAP financial measure, which represents operating revenues less natural gas purchases, sales tax, and regulatory rider expense, and excludes certain operations and maintenance expense and depreciation and amortization |
New Jersey Resources Corporation
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained in this report, including, without limitation, statements as to management expectations, assumptions and beliefs presented in Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk,” Part II, Item 1. “Legal Proceedings” and in the notes to the financial statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Forward-looking statements can also be identified by the use of forward-looking terminology such as “anticipate,” “estimate,” “may,” “could,” “might,” “intend,” “expect,” “believe,” “will” “plan,” or “should,” or comparable terminology and are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect on us. There can be no assurance that future developments will be in accordance with management's expectations, assumptions or beliefs, or that the effect of future developments on us will be those anticipated by management.
We caution readers that the expectations, assumptions and beliefs that form the basis for forward-looking statements regarding customer growth, customer usage, qualifications for ITCs, RECs, future rate case proceedings, financial condition, results of operations, cash flows, capital requirements, future capital expenditures, market risk, effective tax rate and other matters for fiscal 2022 and thereafter include many factors that are beyond our ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and changes in the debt and equity capital markets. The factors that could cause actual results to differ materially from our expectations, assumptions and beliefs include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended September 30, 2021, as well as the following:
•risks related to the impact of COVID-19, including the rise of COVID-19 mutations that have resulted in increased rates of reported cases, as well as impacts on business operations, supply chain, financial performance and condition and cash flows;
•our ability to obtain governmental and regulatory approvals, land-use rights, electric grid connection (in the case of clean energy projects) and/or financing for the construction, development and operation of our unregulated energy investments, pipeline transportation systems and NJNG and Storage and Transportation infrastructure projects, including Adelphia Gateway, in a timely manner;
•risks associated with our investments in clean energy projects, including the availability of regulatory incentives and federal tax credits, the availability of viable projects, our eligibility for ITCs, the future market for RECs and electricity prices, our ability to complete construction of the projects and operational risks related to projects in service;
•risks associated with acquisitions and the related integration of acquired assets with our current operations, including the acquisition of Adelphia Gateway;
•our ability to comply with current and future regulatory requirements;
•volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, our Energy Services segment operations and our risk management efforts;
•the performance of our subsidiaries;
•access to adequate supplies of natural gas and dependence on third-party storage and transportation facilities for natural gas supply;
•the level and rate at which NJNG’s costs and expenses are incurred and the extent to which they are approved for recovery from customers through the regulatory process, including through future base rate case filings;
•the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes;
•the regulatory and pricing policies of federal and state regulatory agencies;
•operating risks incidental to handling, storing, transporting and providing customers with natural gas;
•demographic changes in our service territory and their effect on our customer growth;
•changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the Company;
•the impact of volatility in the equity and credit markets on our access to capital, including the risks, political and economic disruption and uncertainty related to Russia's recent military invasion of Ukraine, and the international community’s responses;
•our ability to comply with debt covenants;
•the results of legal or administrative proceedings with respect to claims, rates, environmental issues, natural gas cost prudence reviews and other matters;
•risks related to cyberattacks or failure of information technology systems;
•the impact to the asset values and resulting higher costs and funding obligations of our pension and postemployment benefit plans as a result of potential downturns in the financial markets, lower discount rates, revised actuarial assumptions or impacts associated with the Patient Protection and Affordable Care Act;
•commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market;
•accounting effects and other risks associated with hedging activities and use of derivatives contracts;
•our ability to optimize our physical assets;
•weather and economic conditions, including those changes in weather and weather patterns that could be attributable to climate change;
•the costs of compliance with present and future environmental laws, potential climate change-related legislation or any legislation resulting from the 2019 New Jersey Energy Master Plan;
•uncertainties related to litigation, regulatory, administrative or environmental proceedings;
•changes to tax laws and regulations;
•impacts of inflation and increased natural gas costs;
•any potential need to record a valuation allowance for our deferred tax assets;
•the impact of natural disasters, terrorist activities and other extreme events on our operations and customers;
•risks related to our employee workforce and succession planning;
•risks associated with the management of our joint ventures and partnerships; and
•risks associated with keeping pace with technological change.
While we periodically reassess material trends and uncertainties affecting our results of operations and financial condition in connection with the preparation of management's discussion and analysis of results of operations and financial condition contained in our Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, we do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Six Months Ended |
| March 31, | March 31, |
(Thousands, except per share data) | 2022 | | 2021 | 2022 | | 2021 |
OPERATING REVENUES | | | | | | |
Utility | $ | 463,474 | | | $ | 310,167 | | $ | 737,909 | | | $ | 505,896 | |
Nonutility | 448,842 | | | 492,020 | | 850,249 | | | 750,596 | |
Total operating revenues | 912,316 | | | 802,187 | | 1,588,158 | | | 1,256,492 | |
OPERATING EXPENSES | | | | | | |
Natural gas purchases: | | | | | | |
Utility | 212,892 | | | 113,235 | | 335,161 | | | 169,380 | |
Nonutility | 410,535 | | | 330,488 | | 689,329 | | | 503,735 | |
Related parties | 1,883 | | | 1,730 | | 3,729 | | | 3,464 | |
Operation and maintenance | 85,786 | | | 110,265 | | 154,770 | | | 183,901 | |
Regulatory rider expenses | 30,910 | | | 18,413 | | 47,581 | | | 29,114 | |
Depreciation and amortization | 31,435 | | | 26,848 | | 61,828 | | | 54,210 | |
Total operating expenses | 773,441 | | | 600,979 | | 1,292,398 | | | 943,804 | |
OPERATING INCOME | 138,875 | | | 201,208 | | 295,760 | | | 312,688 | |
Other income, net | 4,127 | | | 5,007 | | 8,263 | | | 9,124 | |
Interest expense, net of capitalized interest | 18,926 | | | 20,153 | | 38,403 | | | 39,939 | |
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 124,076 | | | 186,062 | | 265,620 | | | 281,873 | |
Income tax provision | 28,810 | | | 39,057 | | 59,617 | | | 56,498 | |
Equity in earnings of affiliates | 769 | | | 2,804 | | 1,344 | | | 5,479 | |
NET INCOME | $ | 96,035 | | | $ | 149,809 | | $ | 207,347 | | | $ | 230,854 | |
| | | | | | |
EARNINGS PER COMMON SHARE | | | | | | |
Basic | $1.00 | | $1.56 | $2.16 | | $2.40 |
Diluted | $1.00 | | $1.55 | $2.15 | | $2.39 |
WEIGHTED AVERAGE SHARES OUTSTANDING | | | | | | |
Basic | 96,068 | | | 96,248 | | 96,006 | | | 96,181 | |
Diluted | 96,516 | | | 96,618 | | 96,480 | | | 96,598 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
| | | | | | | | | | | | | | | | | |
| | Three Months Ended | Six Months Ended |
| | March 31, | March 31, |
(Thousands) | | 2022 | 2021 | 2022 | 2021 |
Net income | | $ | 96,035 | | $ | 149,809 | | $ | 207,347 | | $ | 230,854 | |
Other comprehensive income, net of tax | | | | | |
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(80), $(79), $(159) and $(191), respectively | | 263 | | 263 | | 527 | | 494 | |
| | | | | |
Adjustment to postemployment benefit obligation, net of tax of $(232), $(244), $(465) and $(489), respectively | | 768 | | 813 | | 1,534 | | 1,625 | |
Other comprehensive income | | $ | 1,031 | | $ | 1,076 | | $ | 2,061 | | $ | 2,119 | |
Comprehensive income | | $ | 97,066 | | $ | 150,885 | | $ | 209,408 | | $ | 232,973 | |
See Notes to Unaudited Condensed Consolidated Financial Statements
New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | | | | | | | | | | | |
| Six Months Ended |
| March 31, |
(Thousands) | 2022 | | 2021 |
CASH FLOWS FROM OPERATING ACTIVITIES | | | |
Net income | $ | 207,347 | | | $ | 230,854 | |
Adjustments to reconcile net income to cash flows from operating activities | | | |
Unrealized (gain) on derivative instruments | (40,169) | | | (8,235) | |
| | | |
| | | |
| | | |
Depreciation and amortization | 61,828 | | | 54,210 | |
Amortization of acquired wholesale energy contracts | 1,464 | | | 3,401 | |
Allowance for equity used during construction | (6,133) | | | (10,603) | |
Allowance for doubtful accounts | 1,139 | | | 10,607 | |
Non cash lease expense | 2,559 | | | 1,957 | |
Deferred income taxes | 16,912 | | | 20,909 | |
Equivalent value of ITCs recognized on equipment financing | (727) | | | — | |
Manufactured gas plant remediation costs | (14,677) | | | (6,284) | |
Equity in earnings, net of distributions received from equity investees | 968 | | | (3,543) | |
Cost of removal - asset retirement obligations | (565) | | | (512) | |
Contributions to postemployment benefit plans | (2,324) | | | (2,018) | |
Taxes related to stock-based compensation | (166) | | | (145) | |
Changes in: | | | |
Components of working capital | 74,290 | | | 6,846 | |
Other noncurrent assets | 4,870 | | | 18,854 | |
Other noncurrent liabilities | 23,836 | | | 39,993 | |
Cash flows from operating activities | 330,452 | | | 356,291 | |
CASH FLOWS USED IN INVESTING ACTIVITIES | | | |
Expenditures for: | | | |
Utility plant | (108,434) | | | (152,496) | |
Solar equipment | (66,556) | | | (40,884) | |
Storage and Transportation and other | (109,290) | | | (28,518) | |
Cost of removal | (17,030) | | | (23,989) | |
| | | |
Distribution from equity investees in excess of equity in earnings | 478 | | | 871 | |
Investments in equity investees, net of return of capital | 4,000 | | | (482) | |
| | | |
| | | |
| | | |
Cash flows used in investing activities | (296,832) | | | (245,498) | |
CASH FLOWS USED IN FINANCING ACTIVITIES | | | |
Proceeds from long-term debt | 100,000 | | | — | |
Payments of long-term debt | (10,032) | | | (11,001) | |
Proceeds from term loan | 150,000 | | | — | |
| | | |
Payments of short-term debt, net | (225,090) | | | (116,850) | |
Proceeds from sale leaseback transactions - solar | 3,300 | | | 12,124 | |
Proceeds from sale leaseback transactions | 17,300 | | | — | |
Payments of common stock dividends | (63,725) | | | (60,894) | |
| | | |
Cash settlement of equity forward agreement | — | | | (388) | |
| | | |
Proceeds from issuance of common stock - DRP | 7,521 | | | 7,540 | |
| | | |
Tax withholding payments related to net settled stock compensation | (3,737) | | | (1,772) | |
Cash flows used in financing activities | (24,463) | | | (171,241) | |
Change in cash, cash equivalents and restricted cash | 9,157 | | | (60,448) | |
Cash, cash equivalents and restricted cash at beginning of period | 6,043 | | | 119,423 | |
Cash, cash equivalents and restricted cash at end of period | $ | 15,200 | | | $ | 58,975 | |
CHANGES IN COMPONENTS OF WORKING CAPITAL | | | |
Receivables | $ | (107,479) | | | $ | (136,295) | |
Inventories | 125,012 | | | 94,233 | |
Recovery of natural gas costs | 8,465 | | | (20,279) | |
Natural gas purchases payable | (25,964) | | | 33,191 | |
Natural gas purchases payable - related parties | (6) | | | 62 | |
Deferred revenue | 52,368 | | | (970) | |
Accounts payable and other | (88,866) | | | (18,651) | |
Prepaid expenses | (5,548) | | | (8,170) | |
Prepaid and accrued taxes | 75,921 | | | 59,614 | |
Restricted broker margin accounts | 53,708 | | | 7,644 | |
Customers' credit balances and deposits | (12,302) | | | (5,171) | |
Other current assets | (1,019) | | | 1,638 | |
Total | $ | 74,290 | | | $ | 6,846 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION | | | |
Cash paid for: | | | |
Interest (net of amounts capitalized) | $ | 42,754 | | | $ | 40,465 | |
Income taxes | $ | 1,263 | | | $ | 3,733 | |
Accrued capital expenditures | $ | 53,245 | | | $ | 22,840 | |
| | | |
See Notes to Unaudited Condensed Consolidated Financial Statements |
New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
| | | | | | | | |
| (Unaudited) | |
(Thousands) | March 31, 2022 | September 30, 2021 |
PROPERTY, PLANT AND EQUIPMENT | | |
Utility plant, at cost | $ | 3,451,038 | | $ | 3,324,611 | |
Construction work in progress | 154,978 | | 182,196 | |
Nonutility plant and equipment, at cost | 1,154,104 | | 1,124,896 | |
Construction work in progress | 511,351 | | 365,346 | |
Total property, plant and equipment | 5,271,471 | | 4,997,049 | |
Accumulated depreciation and amortization, utility plant | (637,491) | | (611,827) | |
Accumulated depreciation and amortization, nonutility plant and equipment | (187,141) | | (171,709) | |
Property, plant and equipment, net | 4,446,839 | | 4,213,513 | |
CURRENT ASSETS | | |
Cash and cash equivalents | 13,906 | | 4,749 | |
Customer accounts receivable | | |
Billed | 273,313 | | 212,838 | |
Unbilled revenues | 56,270 | | 10,351 | |
Allowance for doubtful accounts | (21,470) | | (24,652) | |
Regulatory assets | 33,717 | | 30,118 | |
Natural gas in storage, at average cost | 66,300 | | 193,606 | |
Materials and supplies, at average cost | 21,855 | | 19,561 | |
Prepaid expenses | 13,714 | | 8,166 | |
Prepaid and accrued taxes | 4,087 | | 51,211 | |
Derivatives, at fair value | 21,586 | | 35,251 | |
Restricted broker margin accounts | 49,901 | | 72,840 | |
| | |
Other current assets | 22,857 | | 20,235 | |
Total current assets | 556,036 | | 634,274 | |
NONCURRENT ASSETS | | |
Investments in equity method investees | 109,980 | | 114,529 | |
Regulatory assets | 513,006 | | 522,099 | |
Operating lease assets | 171,207 | | 173,928 | |
Derivatives, at fair value | 4,140 | | 3,403 | |
| | |
Intangible assets, net | 3,445 | | 5,029 | |
Software costs | 5,714 | | 5,582 | |
Other noncurrent assets | 59,637 | | 49,921 | |
Total noncurrent assets | 867,129 | | 874,491 | |
Total assets | $ | 5,870,004 | | $ | 5,722,278 | |
See Notes to Unaudited Condensed Consolidated Financial Statements
New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)
CAPITALIZATION AND LIABILITIES
| | | | | | | | |
| (Unaudited) | |
(Thousands, except share data) | March 31, 2022 | September 30, 2021 |
CAPITALIZATION | | |
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding March 31, 2022 — 96,081,796; September 30, 2021 — 95,709,662 | $ | 241,593 | | $ | 240,644 | |
Premium on common stock | 517,843 | | 502,584 | |
Accumulated other comprehensive loss, net of tax | (32,467) | | (34,528) | |
Treasury stock at cost and other; shares March 31, 2022 — 769,835; September 30, 2021 — 762,313 | (15,025) | | (12,448) | |
Retained earnings | 1,072,343 | | 934,610 | |
Common stock equity | 1,784,287 | | 1,630,862 | |
Long-term debt | 2,319,434 | | 2,162,164 | |
Total capitalization | 4,103,721 | | 3,793,026 | |
CURRENT LIABILITIES | | |
Current maturities of long-term debt | 24,539 | | 72,840 | |
Short-term debt | 302,210 | | 377,300 | |
Natural gas purchases payable | 142,733 | | 168,697 | |
Natural gas purchases payable to related parties | 855 | | 861 | |
Deferred revenue | 54,113 | | 1,745 | |
Accounts payable and other | 123,190 | | 223,497 | |
Dividends payable | 34,830 | | 34,768 | |
Accrued taxes | 32,153 | | 3,356 | |
Regulatory liabilities | 88,064 | | 28,007 | |
New Jersey Clean Energy Program | 6,608 | | 16,308 | |
Derivatives, at fair value | 45,216 | | 87,145 | |
Operating lease liabilities | 4,878 | | 4,300 | |
| | |
Restricted broker margin accounts | 2,464 | | — | |
Customers' credit balances and deposits | 20,284 | | 32,586 | |
Total current liabilities | 882,137 | | 1,051,410 | |
NONCURRENT LIABILITIES | | |
Deferred income taxes | 181,875 | | 163,530 | |
Deferred investment tax credits | 2,849 | | 3,010 | |
Deferred revenue | 5,088 | | 847 | |
Derivatives, at fair value | 19,632 | | 13,497 | |
Manufactured gas plant remediation | 121,605 | | 135,012 | |
Postemployment employee benefit liability | 166,887 | | 169,267 | |
Regulatory liabilities | 191,450 | | 193,051 | |
Operating lease liabilities | 140,036 | | 141,363 | |
Asset retirement obligation | 46,753 | | 46,306 | |
Other noncurrent liabilities | 7,971 | | 11,959 | |
Total noncurrent liabilities | 884,146 | | 877,842 | |
Commitments and contingent liabilities (Note 13) | | |
Total capitalization and liabilities | $ | 5,870,004 | | $ | 5,722,278 | |
See Notes to Unaudited Condensed Consolidated Financial Statements
New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Thousands) | Number of Shares | Common Stock | Premium on Common Stock | Accumulated Other Comprehensive (Loss) Income | Treasury Stock and Other | Retained Earnings | Total |
Balance at September 30, 2021 | 95,710 | | $ | 240,644 | | $ | 502,584 | | | $ | (34,528) | | | $ | (12,448) | | $ | 934,610 | | $ | 1,630,862 | |
Net income | — | | — | | — | | | — | | | — | | 111,312 | | 111,312 | |
Other comprehensive income | — | | — | | — | | | 1,030 | | | — | | — | | 1,030 | |
Common stock issued: | | | | | | | | | |
| | | | | | | | | |
Incentive compensation plan | 147 | | |