10-Q 1 njr-20240331.htm 10-Q MARCH 31, 2024 njr-20240331
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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, 2024
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 Jersey22-2376465
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1415 Wyckoff Road(732)938‑1480
WallNew Jersey07719(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 classTrading symbol(s)Name of each exchange on which registered
Common Stock - $2.50 Par ValueNJRNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 3, 2024 was 98,822,278.



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 5.
ITEM 6.



New Jersey Resources Corporation
GLOSSARY OF KEY TERMS                                                                                                                                                       
AdelphiaAdelphia Gateway, LLC
AFUDCAllowance for Funds Used During Construction
AMAAsset Management Agreement
ASCAccounting Standards Codification
ASUAccounting Standards Update
BBillion
BcfBillion Cubic Feet
BGSSBasic Gas Supply Service
BPUNew Jersey Board of Public Utilities
CIPConservation Incentive Program
Clean Energy Ventures or CEV
NJR Clean Energy Ventures Corporation or our Clean Energy Ventures segment
CMEChicago Mercantile Exchange
DRPNJR Direct Stock Purchase and Dividend Reinvestment Plan
Energy Services or ESNJR Energy Services Company, LLC or our Energy Services segment
Exchange Act
Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FCMFutures Commission Merchant
FERCFederal 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
FitchFitch Ratings Company
FMBFirst Mortgage Bond
GAAPGenerally Accepted Accounting Principles of the United States
Home Services and Other or HSOHome Services and Other Operations
ICEIntercontinental Exchange
IIPInfrastructure Investment Program
ISDAThe International Swaps and Derivatives Association
ITCFederal Investment Tax Credit
Leaf RiverLeaf River Energy Center LLC
MMillion
MGPManufactured Gas Plant
MMBtuMillion British Thermal Units
Moody'sMoody's Investors Service, Inc.
Mortgage IndentureThe 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, as amended
MWMegawatts
MWhMegawatt Hour
NAESBThe North American Energy Standards Board
NFENet Financial Earnings
NJCEPNew Jersey's Clean Energy Program
NJDEPNew Jersey Department of Environmental Protection
NJNGNew Jersey Natural Gas Company or our Natural Gas Distribution segment
NJNG Credit Facility
The $250M unsecured committed credit facility expiring in September 2027
1

New Jersey Resources Corporation
GLOSSARY OF KEY TERMS (cont.)                                                                                                                                        
NJR Credit Facility
The $650M unsecured committed credit facility expiring in September 2027
NJR or The CompanyNew Jersey Resources Corporation
NJR RetailNJR Retail Company
NJRHSNJR Home Services Company
Non-GAAPNot in accordance with Generally Accepted Accounting Principles of the United States
NPNSNormal Purchase/Normal Sale
NYMEXNew York Mercantile Exchange
OCIOther Comprehensive Income
O&MOperation and Maintenance expenses
OPEBOther Postemployment Benefit Plans
PPAPower Purchase Agreement
RACRemediation Adjustment Clause
RECRenewable Energy Certificate
SAVEGREENThe SAVEGREEN Project®
SBCSocietal Benefits Charge
SG&ASelling, General and Administrative expenses
SRECSolar Renewable Energy Certificate
Steckman RidgeCollectively, Steckman Ridge GP, LLC and Steckman Ridge, LP
Storage and Transportation or S&TStorage and Transportation segment
TETCOTexas Eastern Transmission
TRECTransition Renewable Energy Certificate
TrusteeU.S. Bank National Association
U.S.The United States of America
USFUniversal 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
2

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,” “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 2024 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, 2023, as well as the following, which are neither presented in order of importance nor weighted:
our ability to obtain governmental and regulatory approvals, permits, certificates, 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 S&T infrastructure projects, in a timely manner;
our ability to address concerns over long-term climate change;
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;
our ability to comply with current and future regulatory requirements;
risks associated with our pipeline of projects and timely completion of such projects;
commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market;
volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, ES operations and our risk management efforts;
the performance of our subsidiaries;
access to adequate supplies of natural gas and dependence on third-party S&T 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;
impacts of inflation, including the current inflationary environment, and increased natural gas costs;
the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes;
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 events causing volatility in the equity and credit markets on our access to capital, including natural disasters, pandemic illness and other extreme events and risks, political and economic disruption and uncertainty related to Russia’s military invasion of Ukraine, the Israel-Hamas War, and the international community’s responses;
risks of prolonged constriction of credit availability in the markets and our ability to secure short-term financing;
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, including ransomware, terrorism, other malicious acts against, 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, including, but not limited to, inflationary pressures, recessionary pressures, or rising interest rates, and/or reductions in bond yields;
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, as well as future executive orders and the outcomes of regulatory proceedings concerning natural gas;
uncertainties related to litigation, regulatory, administrative or environmental proceedings;
changes to tax laws and regulations, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act of 2022;
any potential need to record a valuation allowance for our deferred tax assets;
the delay or prevention of a favorable transaction due to changes in control provisions or laws;
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, including, but not limited to, cloud computing and generative artificial intelligence.

Forward-looking statements made in this report apply only as of the date of this report. 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.
3

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS                                                                                                                                          

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands, except per share data)2024202320242023
OPERATING REVENUES
Utility$462,863 $400,500 $755,956 $757,909 
Nonutility195,050 243,527 369,167 609,685 
Total operating revenues657,913 644,027 1,125,123 1,367,594 
OPERATING EXPENSES
Natural gas purchases:
Utility204,347 156,370 320,467 338,816 
Nonutility105,018 160,364 164,495 392,434 
Related parties1,799 1,770 3,678 3,597 
Operation and maintenance107,223 99,095 201,662 178,596 
Regulatory rider expenses29,229 23,154 48,418 41,405 
Depreciation and amortization40,075 38,090 80,362 74,773 
Total operating expenses487,691 478,843 819,082 1,029,621 
OPERATING INCOME170,222 165,184 306,041 337,973 
Other income, net15,420 4,779 21,761 9,434 
Interest expense, net of capitalized interest31,621 30,261 63,094 59,752 
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES154,021 139,702 264,708 287,655 
Income tax provision33,947 30,586 56,883 63,564 
Equity in earnings of affiliates738 1,131 2,398 2,077 
NET INCOME$120,812 $110,247 $210,223 $226,168 
EARNINGS PER COMMON SHARE
Basic$1.23$1.14$2.14$2.34
Diluted$1.22$1.13$2.13$2.32
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic98,377 96,893 98,123 96,689 
Diluted99,102 97,556 98,839 97,346 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)2024202320242023
Net income$120,812 $110,247 $210,223 $226,168 
Other comprehensive income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(80), $(80), $(159) and $(159), respectively
262 264 526 527 
Adjustment to postemployment benefit obligation, net of tax of $(2,908), $(13), $(2,948) and $(25), respectively
9,624 41 9,755 82 
Other comprehensive income, net of tax$9,886 $305 $10,281 $609 
Comprehensive income$130,698 $110,552 $220,504 $226,777 

See Notes to Unaudited Condensed Consolidated Financial Statements
4

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
March 31,
(Thousands)20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$210,223 $226,168 
Adjustments to reconcile net income to cash flows from operating activities
Unrealized loss (gain) on derivative instruments20,057 (17,532)
Depreciation and amortization80,362 74,773 
Amortization of acquired wholesale energy contracts260 1,283 
Allowance for equity used during construction(3,572)(2,801)
Allowance for doubtful accounts(24)(395)
Non cash lease expense2,130 1,848 
Deferred income taxes49,301 36,072 
Equivalent value of ITCs recognized on equipment financing(10,605)(899)
Manufactured gas plant remediation costs(12,577)(4,362)
Cost of removal - asset retirement obligations(763)(644)
Contributions to postemployment benefit plans(2,191)(634)
Taxes related to stock-based compensation1,186 554 
Changes in:
Components of working capital(3,021)(42,519)
Other noncurrent assets and liabilities7,836 72,209 
Cash flows from operating activities338,602 343,121 
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant(160,937)(157,914)
Solar equipment(37,083)(57,699)
Storage and Transportation and other(21,846)(30,741)
Cost of removal(17,436)(16,757)
Distribution from equity investees in excess of equity in earnings2,284 1,374 
Cash flows used in investing activities(235,018)(261,737)
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds from long-term debt50,000 175,000 
Payments of long-term debt(82,790)(10,534)
Payments of term loan (150,000)
Payments of short-term debt, net(55,950)(86,300)
Proceeds from sale leaseback transactions - solar24,394 61,808 
Proceeds from sale leaseback transactions - natural gas meters8,814 8,441 
Payments of common stock dividends(82,156)(75,200)
Proceeds from waiver discount issuance of common stock35,838 17,919 
Proceeds from issuance of common stock - DRP7,522 7,610 
Tax withholding payments related to net settled stock compensation(5,027)(4,024)
Cash flows used in financing activities(99,355)(55,280)
Change in cash, cash equivalents and restricted cash4,229 26,104 
Cash, cash equivalents and restricted cash at beginning of period1,517 1,452 
Cash, cash equivalents and restricted cash at end of period$5,746 $27,556 
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables$(144,321)$(8,877)
Inventories115,166 185,444 
Recovery of natural gas costs(3,853)(28,825)
Natural gas purchases payable13,178 (159,016)
Natural gas purchases payable - related parties 5 
Deferred revenue, current48,294 1,587 
Accounts payable and other(15,888)(24,095)
Prepaid expenses(6,350)(6,493)
Prepaid and accrued taxes30,705 51,591 
Restricted broker margin accounts(15,015)(43,414)
Customers' credit balances and deposits(20,032)(7,725)
Other current assets and liabilities(4,905)(2,701)
Total$(3,021)$(42,519)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)$60,256 $57,622 
Income taxes$6,699 $1,967 
Accrued capital expenditures$17,513 $24,318 
See Notes to Unaudited Condensed Consolidated Financial Statements
5

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS
(Unaudited)
(Thousands)March 31,
2024
September 30,
2023
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost$4,012,235 $3,843,037 
Construction work in progress223,421 237,428 
Nonutility plant and equipment, at cost1,791,100 1,767,306 
Construction work in progress171,396 142,768 
Total property, plant and equipment6,198,152 5,990,539 
Accumulated depreciation and amortization, utility plant(753,750)(714,087)
Accumulated depreciation and amortization, nonutility plant and equipment(278,854)(254,397)
Property, plant and equipment, net5,165,548 5,022,055 
CURRENT ASSETS
Cash and cash equivalents5,036 954 
Customer accounts receivable
Billed185,069 97,540 
Unbilled revenues74,456 19,100 
Allowance for doubtful accounts(9,576)(11,036)
Regulatory assets93,887 73,587 
Natural gas in storage, at average cost80,996 199,501 
Materials and supplies, at average cost30,361 27,022 
Prepaid expenses16,091 9,741 
Prepaid taxes18,299 43,046 
Derivatives, at fair value14,056 30,755 
Restricted broker margin accounts19,310 20,796 
Other current assets25,726 21,071 
Total current assets553,711 532,077 
NONCURRENT ASSETS
Investments in equity method investees101,778 104,134 
Regulatory assets535,104 584,830 
Operating lease assets177,176 175,740 
Derivatives, at fair value910 1,564 
Software costs9,734 8,375 
Deferred income taxes22,848 28,383 
Postemployment employee benefit assets18,618 18,684 
Other noncurrent assets61,950 61,654 
Total noncurrent assets928,118 983,364 
Total assets$6,647,377 $6,537,496 

See Notes to Unaudited Condensed Consolidated Financial Statements
6

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CAPITALIZATION AND LIABILITIES
(Unaudited)
(Thousands, except share data)March 31,
2024
September 30,
2023
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares March 31, 2024 — 98,744,915; September 30, 2023 — 97,584,455
$246,367 $243,458 
Premium on common stock604,009 558,654 
Accumulated other comprehensive income (loss), net of tax322 (9,959)
Treasury stock at cost and other; shares March 31, 2024 — 16,302;
September 30, 2023 — 13,041
22,936 20,748 
Retained earnings1,305,591 1,177,834 
Common stock equity2,179,225 1,990,735 
Long-term debt2,726,221 2,768,017 
Total capitalization4,905,446 4,758,752 
CURRENT LIABILITIES
Current maturities of long-term debt148,375 116,155 
Short-term debt196,150 252,100 
Natural gas purchases payable64,455 51,277 
Natural gas purchases payable to related parties859 859 
Deferred revenue109,698 61,404 
Accounts payable and other127,159 151,790 
Dividends payable41,290 40,981 
Accrued taxes16,048 10,090 
Regulatory liabilities33,163 32,287 
New Jersey Clean Energy Program6,827 15,804 
Derivatives, at fair value10,725 16,145 
Operating lease liabilities4,780 4,772 
Restricted broker margin accounts4,689 8,029 
Customers' credit balances and deposits24,878 44,910 
Total current liabilities789,096 806,603 
NONCURRENT LIABILITIES
Deferred income taxes330,805 285,427 
Deferred investment tax credits2,295 2,434 
Deferred revenue612 659 
Derivatives, at fair value13,791 7,967 
Manufactured gas plant remediation157,813 169,390 
Postemployment employee benefit liability42,333 102,528 
Regulatory liabilities178,276 180,458 
Operating lease liabilities150,971 148,023 
Asset retirement obligations62,817 61,993 
Other noncurrent liabilities13,122 13,262 
Total noncurrent liabilities952,835 972,141 
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities$6,647,377 $6,537,496 

See Notes to Unaudited Condensed Consolidated Financial Statements

7

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)
(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance as of September 30, 202397,584 $243,458 $558,654 $(9,959)$20,748 $1,177,834 $1,990,735 
Net income— — — — — 89,411 89,411 
Other comprehensive income— — — 395 — — 395 
Common stock issued:
Incentive compensation plan116 290 3,451 — — — 3,741 
Dividend reinvestment plan94 236 3,552 — — — 3,788 
Waiver discount410 1,025 16,894 — — — 17,919 
Cash dividend declared ($.42 per share)
— — — — — (41,176)(41,176)
Treasury stock and other(2)— — — 1,388 — 1,388 
Balance as of December 31, 202398,202 $245,009 $582,551 $(9,564)$22,136 $1,226,069 $2,066,201 
Net income     120,812 120,812 
Other comprehensive income   9,886   9,886 
Common stock issued:
Incentive compensation plan25 64 1,178    1,242 
Dividend reinvestment plan84 209 3,446    3,655 
Waiver discount435 1,085 16,834    17,919 
Cash dividend declared ($.42 per share)
     (41,290)(41,290)
Treasury stock and other(1)   800  800 
Balance as of March 31, 202498,745 $246,367 $604,009 $322 $22,936 $1,305,591 $2,179,225 


(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance as of September 30, 202296,250 $241,616 $519,697 $(4,826)$(6,805)$1,067,528 $1,817,210 
Net income     115,921 115,921 
Other comprehensive income   304   304 
Common stock issued:
Incentive compensation plan92 229 3,243    3,472 
Dividend reinvestment plan (1)
93 — 437  3,429 — 3,866 
Waiver discount368 — 4,469  13,450 — 17,919 
Cash dividend declared ($.39 per share)
— — —  — (37,665)(37,665)
Treasury stock and other— — —  1,768 — 1,768 
Balance as of December 31, 202296,803 $241,845 $527,846 $(4,522)$11,842 $1,145,784 $1,922,795 
Net income— — — — — 110,247 110,247 
Other comprehensive income— — — 305 — — 305 
Common stock issued:
Incentive plan29 74 1,096 — — — 1,170 
Dividend reinvestment plan77 — 877 — 2,794 — 3,671 
Cash dividend declared ($.39 per share)
— — — — — (37,791)(37,791)
Treasury stock and other(8)— — — 439 — 439 
Balance as of March 31, 202396,901 $241,919 $529,819 $(4,217)$15,075 $1,218,240 $2,000,836 
(1)Certain shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.
8

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS                                               

1. NATURE OF THE BUSINESS

The Company provides regulated natural gas distribution services, transmission and storage services and operates certain unregulated businesses primarily through the following:

NJNG provides natural gas utility service to approximately 581,600 customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU. NJNG comprises the Natural Gas Distribution segment.

Clean Energy Ventures, the Company's clean energy subsidiary, comprises the CEV segment and invests in, owns and operates clean energy projects, including commercial and residential solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana.

Energy Services comprises the ES segment. ES maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S. and Canada.

NJR Midstream Holdings Corporation, which comprises the S&T segment, invests in energy-related ventures through its subsidiaries. The Company operates natural gas storage and transmission assets through the wholly-owned subsidiaries of Leaf River and Adelphia, and is subject to rate regulation by FERC. The Company holds a 50% combined ownership interest in Steckman Ridge, located in Pennsylvania which is accounted for under the equity method of accounting.

NJR Retail Holdings Corporation has one principal subsidiary, NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey. NJRHS is included in HSO.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and GAAP. The September 30, 2023 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's 2023 Annual Report on Form 10-K.

The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of the Company's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2024. Intercompany transactions and accounts have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of the fair value of derivative instruments, debt, equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation. Asset retirement obligations are evaluated periodically as required. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.


The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates.

Revenues

Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. NJNG records unbilled revenue for natural gas services. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates.

CEV recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The Clean Energy Act of 2018 established guidelines for the closure of the SREC registration program to new applicants in New Jersey. The SREC program officially closed to new qualified solar projects on April 30, 2020.

In December 2019, the BPU established the TREC as the successor to the SREC program. TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined.

In July 2021, the BPU established a new successor solar incentive program. The Administratively Determined Incentive Program provides administratively set incentives for net metered residential projects and net metered non-residential projects of 5 MW or less. RECs generated through the production of electricity under this program are known as SREC IIs.

TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU. Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity.

Revenues for ES are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur. ES also recognizes changes in the fair value of SREC derivative contracts as a component of operating revenues.

During December 2020, ES entered into a series of AMAs with an investment grade public utility to release pipeline capacity associated with certain natural gas transportation contracts, which commenced in November 2021. The AMAs include a series of temporary and permanent releases and revenue under these agreements is recognized as the performance obligations are satisfied. For temporary releases of pipeline capacity, revenue is recognized on a straight-line basis over the agreed upon term. For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights. ES recognized operating revenue of $9.5M during both the three months ended March 31, 2024 and 2023, and $19.0M and $29.5M during the six months ended March 31, 2024 and 2023, respectively, on the Unaudited Condensed Consolidated Statements of Operations. Amounts received in excess of revenue totaling $107.2M and $58.7M are included in deferred revenue on the Unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and September 30, 2023, respectively.

S&T generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed.

Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.


Cash and Cash Equivalents

Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG, which are recorded in other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:
(Thousands)March 31,
2024
September 30,
2023
March 31,
2023
Balance Sheet
Cash and cash equivalents$5,036 $954 $27,095 
Restricted cash in other noncurrent assets$710 $563 $461 
Statements of Cash Flow
Cash, cash equivalents and restricted cash$5,746 $1,517 $27,556 

Allowance for Doubtful Accounts

The Company segregates financial assets, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others.

Loans Receivable

NJNG currently provides loans, with terms ranging from two to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Unaudited Condensed Consolidated Balance Sheets. The Company has $15.8M and $15.1M recorded in other current assets and $43.6M and $39.0M in other noncurrent assets as of March 31, 2024 and September 30, 2023, respectively, on the Unaudited Condensed Consolidated Balance Sheets, related to the loans. The Company regularly evaluates the credit quality and collection profile of its customers. If NJNG determines a loan is impaired, the basis of the loan would be subject to regulatory review for recovery. As of March 31, 2024 and September 30, 2023, the Company has not recorded any impairments for SAVEGREEN loans.

Natural Gas in Storage

The following table summarizes natural gas in storage, at average cost by segment as of:
March 31, 2024September 30, 2023
($ in thousands)Natural Gas in StorageBcfNatural Gas in StorageBcf
NJNG$60,539 9.2 $175,025 29.1 
ES20,457 11.3 24,476 14.6 
Total$80,996 20.5 $199,501 43.7 

Software Costs

The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Amortization is recorded on the straight-line basis over the estimated useful lives.
The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements:

(Thousands)March 31,
2024
September 30,
2023
Balance Sheets
Utility plant, at cost$88,234 $51,282 
Construction work in progress$45,573 $55,012 
Nonutility plant and equipment, at cost$344 $344 
Accumulated depreciation and amortization, utility plant$(9,728)$