Company Quick10K Filing
Quick10K
New Jersey Resources
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$48.89 89 $4,360
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-K 2018-09-30 Annual: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-K 2017-09-30 Annual: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-K 2016-09-30 Annual: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-K 2015-09-30 Annual: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-K 2014-09-30 Annual: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-08-08 Regulation FD, Exhibits
8-K 2019-08-06 Earnings, Regulation FD, Exhibits
8-K 2019-07-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-07-08 Officers, Amend Bylaw, Exhibits
8-K 2019-05-07 Officers, Exhibits
8-K 2019-05-03 Earnings, Regulation FD, Exhibits
8-K 2019-02-07 M&A
8-K 2019-02-06 Earnings, Regulation FD, Exhibits
8-K 2019-01-24 Shareholder Vote
8-K 2019-01-24 Shareholder Vote
8-K 2018-12-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-05 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-21 Enter Agreement, Regulation FD, Exhibits
8-K 2018-11-20 Earnings, Regulation FD, Exhibits
8-K 2018-11-13 Enter Agreement, Officers, Exhibits
8-K 2018-09-10 Officers, Exhibits
8-K 2018-08-17 Other Events, Exhibits
8-K 2018-08-07 Earnings, Regulation FD, Exhibits
8-K 2018-07-17 Enter Agreement, Exhibits
8-K 2018-07-10 Amend Bylaw, Exhibits
8-K 2018-06-25 Enter Agreement, Exhibits
8-K 2018-06-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-11 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-01-24 Shareholder Vote
8-K 2018-01-19 Enter Agreement, Off-BS Arrangement, Exhibits
MELI MercadoLibre 26,760
SEE Sealed Air 6,680
SWCH Switch 2,750
GDOT Green Dot 2,470
MCRN Milacron Holdings 987
NNBR NN 382
PTN Palatin Technologies 284
FSI Quanta 34
IMAV I-Minerals 0
SGSI Spectrum Global Solutions 0
NJR 2019-06-30
Part I
Item 1. Financial Statements
Part II
Item 2. Management's Discussion and Analysis of Financial Condition and Results Of
Part I
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds
Item 5. Other Information
Part II
Item 6. Exhibits
EX-31.1 njrex311jun2019.htm
EX-31.2 njrex312jun2019.htm
EX-32.1 njrex321jun2019.htm
EX-32.2 njrex322jun2019.htm

New Jersey Resources Earnings 2019-06-30

NJR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 30, 2019
 
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, 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 August 2, 2019 was 89,980,410.
 


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                                                                                                                                                        
Adelphia
Adelphia Gateway, LLC
AFUDC
Allowance for Funds Used During Construction
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
Bcf
Billion Cubic Feet
BGSS
Basic Gas Supply Service
BPU
New Jersey Board of Public Utilities
CEO
Chief Executive Officer
CIP
Conservation Incentive Program
CME
Chicago Mercantile Exchange
COO
Chief Operating Officer
CR&R
Commercial Realty & Resources Corp.
Dominion
Dominion Energy, Inc.
DM
Dominion Energy Midstream Partners, L.P., a master limited partnership
DM Common Units
Common units representing limited partnership interests in DM
DRP
NJR Direct Stock Purchase and Dividend Reinvestment Plan
Dths
Dekatherms
EE
Energy Efficiency
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 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
IEC
Interstate Energy Company, LLC
IIP
Infrastructure Investment Program
IRS
Internal Revenue Service
ISDA
The International Swaps and Derivatives Association
ITC
Federal Investment Tax Credit
MGP
Manufactured Gas Plant
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
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
NJNG
New Jersey Natural Gas Company

1

New Jersey Resources Corporation

GLOSSARY OF KEY TERMS (cont.)                                                                                                                                           
 
 
NJNG Credit Facility
NJNG's $250 million unsecured committed credit facility expiring in December 2023
NJR Credit Facility
NJR's $425 million unsecured committed credit facility expiring in December 2023
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
O&M
Operation and Maintenance
OPEB
Other Postemployment Benefit Plans
PennEast
PennEast Pipeline Company, LLC
PPA
Power Purchase Agreement
PTC
Federal Production Tax Credit
RAC
Remediation Adjustment Clause
REC
Renewable Energy Certificate
S&P
Standard & Poor's Financial Services, LLC
SAFE
Safety Acceleration and Facility Enhancement
SAVEGREEN
The SAVEGREEN Project®
SBC
Societal Benefits Charge
SEC
U.S. Securities and Exchange Commission
SREC
Solar Renewable Energy Certificate
SRL
Southern Reliability Link
Steckman Ridge
Collectively, Steckman Ridge GP, LLC and Steckman Ridge, LP
Talen
Talen Energy Marketing, LLC
Tetco
Texas Eastern Transmission
The Exchange Act
The Securities Exchange Act of 1934, as amended
The Tax Act
An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017
Trustee
U.S. Bank National Association
U.S.
The United States of America
USF
Universal Service Fund


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 I. “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 Securities Exchange Act of 1934, as amended, 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 and SRECs, future rate case proceedings, completion of infrastructure projects, financial condition, results of operations, cash flows, capital requirements, future capital expenditures, market risk, effective tax rate and other matters for fiscal 2019 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, 2018, as well as the following:

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 SRECs and electricity prices, and operational risks related to projects in service;
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 Midstream infrastructure projects, including NJ RISE, SRL, PennEast and Adelphia, in a timely manner;
risks associated with acquisitions and the related integration of acquired assets with our current operations, including our planned Adelphia acquisition;
volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNGs BGSS incentive programs, our Energy Services segment operations and our risk management efforts;
our ability to comply with current and future regulatory requirements;
the level and rate at which NJNGs 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 performance of our subsidiaries;
operating risks incidental to handling, storing, transporting and providing customers with natural gas;
access to adequate supplies of natural gas and dependence on third-party storage and transportation facilities for natural gas supply;
the regulatory and pricing policies of federal and state regulatory agencies;
timing of qualifying for ITCs due to delays or failures to complete planned solar projects and the resulting effect on our effective tax rate and earnings;
the results of legal or administrative proceedings with respect to claims, rates, environmental issues, gas cost prudence reviews and other matters;
changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to our Company;
risks related to cyberattacks or failure of information technology systems;
the impact of volatility in the equity and credit markets on our access to capital;
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 the 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;
changes to tax laws and regulations;
any potential need to record a valuation allowance for our deferred tax assets;
our ability to comply with debt covenants;
demographic changes in our service territory and their effect on our customer growth;
the impact of natural disasters, terrorist activities and other extreme events on our operations and customers;
the costs of compliance with present and future environmental laws, including potential climate change-related legislation;
environmental-related and other uncertainties related to litigation or administrative proceedings;
risks related to our employee workforce; and
risks associated with the management of our joint ventures and partnership.

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 Ended
Nine Months Ended
 
June 30,
June 30,
(Thousands, except per share data)
2019
 
2018
2019

2018
OPERATING REVENUES
 
 
 
 
 
 
Utility
$
120,782

 
$
104,538

$
622,167

 
$
631,389

Nonutility
314,160

 
438,897

1,490,797

 
1,636,394

Total operating revenues
434,942

 
543,435

2,112,964

 
2,267,783

OPERATING EXPENSES
 
 
 
 
 
 
Gas purchases:
 
 
 
 
 
 
Utility
54,861

 
53,080

280,627

 
227,268

Nonutility
289,757

 
422,734

1,370,408

 
1,489,041

Related parties
2,126

 
2,156

6,455

 
6,392

Operation and maintenance
62,559

 
68,496

185,620

 
179,453

Regulatory rider expenses
4,136

 
5,542

32,159

 
36,915

Depreciation and amortization
23,149

 
20,320

67,292

 
64,634

Energy and other taxes
2,373

 
7,822

8,678

 
45,855

Total operating expenses
438,961

 
580,150

1,951,239

 
2,049,558

OPERATING (LOSS) INCOME
(4,019
)
 
(36,715
)
161,725

 
218,225

Other income, net
1,829

 
1,731

5,456

 
8,735

Interest expense, net of capitalized interest
11,648

 
11,037

37,643

 
34,740

(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
(13,838
)
 
(46,021
)
129,538

 
192,220

Income tax benefit
(1,941
)
 
(28,534
)
(11,854
)
 
(47,801
)
Equity in earnings of affiliates
3,495

 
3,213

10,027

 
9,670

NET (LOSS) INCOME
$
(8,402
)
 
$
(14,274
)
$
151,419

 
$
249,691

 
 
 
 
 
 
 
(LOSS) EARNINGS PER COMMON SHARE
 
 
 
 
 
 
Basic
$(0.09)
 
$(0.16)
$1.70
 
$2.85
Diluted
$(0.09)
 
$(0.16)
$1.69
 
$2.84
WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
 
 
Basic
89,600

 
87,888

88,995

 
87,493

Diluted
89,600

 
87,888

89,402

 
87,884


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
 
 
Three Months Ended
Nine Months Ended
 
 
June 30,
June 30,
(Thousands)
 
2019
2018
2019
2018
Net (loss) income
 
$
(8,402
)
$
(14,274
)
$
151,419

$
249,691

Other comprehensive income (loss), net of tax
 
 
 
 
 
Unrealized loss on investments in equity securities, net of tax of $0, $854, $0 and $9,071, respectively
 

(2,364
)

(25,055
)
Reclassifications of losses to net income on investments in equity securities, net of tax of $0, $0, $0 and $(858), respectively
 



11,647

Adjustment to postemployment benefit obligation, net of tax of $(118), $(104), $(333) and $(344), respectively
 
305

272

844

784

Other comprehensive income (loss)
 
$
305

$
(2,092
)
$
844

$
(12,624
)
Comprehensive (loss) income
 
$
(8,097
)
$
(16,366
)
$
152,263

$
237,067



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)
 
Nine Months Ended
 
June 30,
(Thousands)
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$
151,419

 
$
249,691

Adjustments to reconcile net income to cash flows from operating activities
 
 
 
Unrealized (gain) loss on derivative instruments
(25,353
)
 
25,904

Realized and unrealized gains on investments in equity securities
(1,567
)
 
(5,332
)
Gain on sale of businesses
(645
)
 
(4,687
)
Depreciation and amortization
67,292

 
64,634

Amortization of acquired wholesale energy contracts
7,813

 
17,813

Allowance for equity used during construction
(6,135
)
 
(3,730
)
Allowance for doubtful accounts
1,686

 
1,672

Deferred income taxes
(29,092
)
 
17,351

Deferred income tax benefit due to the Tax Act

 
(73,784
)
Manufactured gas plant remediation costs
(9,582
)
 
(13,624
)
Equity in earnings, net of distributions received from equity investees
(2,700
)
 
(935
)
Cost of removal - asset retirement obligations
(194
)
 
(93
)
Contributions to postemployment benefit plans
(5,994
)
 
(4,708
)
Tax benefit from stock-based compensation
1,289

 
2,841

Changes in:
 
 
 
Components of working capital
(14,829
)
 
64,527

Other noncurrent assets
16,906

 
41,793

Other noncurrent liabilities
15,476

 
13,224

Cash flows from operating activities
165,790

 
392,557

CASH FLOWS USED IN INVESTING ACTIVITIES
 
 
 
Expenditures for:
 
 
 
Utility plant
(207,357
)
 
(130,727
)
Solar equipment
(91,333
)
 
(88,416
)
Midstream and other
(13,116
)
 
(4,879
)
Cost of removal
(32,212
)
 
(42,683
)
Distribution from equity investees in excess of equity in earnings
1,473

 
2,515

Investments in equity investees
(2,696
)
 
(14,496
)
Cash paid related to acquisition

 
(10,000
)
Proceeds from sale of businesses, net of closing costs
205,745

 
27,916

Proceeds from sale of investments in equity securities, net
34,484

 
6,616

Cash flows used in investing activities
(105,012
)
 
(254,154
)
CASH FLOWS USED IN FINANCING ACTIVITIES
 
 
 
Proceeds from long-term debt
35,800

 
225,000

Payments of long-term debt
(15,001
)
 
(133,717
)
Payments of short-term debt, net
(52,650
)
 
(208,900
)
Proceeds from sale-leaseback transaction
9,895

 
7,820

Payments of common stock dividends
(77,730
)
 
(71,334
)
Proceeds from waiver discount issuance of common stock
57,391

 
41,677

Proceeds from issuance of common stock
13,199

 
13,572

Tax withholding payments related to net settled stock compensation
(6,704
)
 
(13,625
)
Cash flows used in financing activities
(35,800
)
 
(139,507
)
Change in cash, cash equivalents and restricted cash
24,978

 
(1,104
)
Cash, cash equivalents and restricted cash at beginning of period
1,710

 
2,469

Cash, cash equivalents and restricted cash at end of period
$
26,688

 
$
1,365

CHANGES IN COMPONENTS OF WORKING CAPITAL
 
 
 
Receivables
$
28,385

 
$
(5,757
)
Inventories
51,833

 
63,838

Recovery of gas costs
(14,870
)
 
28,524

Gas purchases payable
(66,060
)
 
28,041

Prepaid and accrued taxes
10,110

 
(22,993
)
Accounts payable and other
(31,883
)
 
5,213

Restricted broker margin accounts
13,092

 
(29,497
)
Customers' credit balances and deposits
(7,832
)
 
(745
)
Other current assets
2,396

 
(2,097
)
Total
$
(14,829
)
 
$
64,527

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
 
 
 
Cash paid for:
 
 
 
Interest (net of amounts capitalized)
$
42,107

 
$
35,295

Income taxes
$
8,550

 
$
4,195

Accrued capital expenditures
$
32,143

 
$
30,019

Inception gain on natural gas swap contract recognized as non-cash proceeds from sale of business
$

 
$
14,579

 
See Notes to Unaudited Condensed Consolidated Financial Statements

5

New Jersey Resources Corporation
Part I
 
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                      

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

ASSETS
(Thousands)
June 30,
2019
September 30,
2018
PROPERTY, PLANT AND EQUIPMENT
 
 
Utility plant, at cost
$
2,549,347

$
2,368,914

Construction work in progress
219,570

192,481

Nonutility plant and equipment, at cost
784,763

697,406

Construction work in progress
64,000

45,690

Total property, plant and equipment
3,617,680

3,304,491

Accumulated depreciation and amortization, utility plant
(568,996
)
(530,753
)
Accumulated depreciation and amortization, nonutility plant and equipment
(147,248
)
(122,689
)
Property, plant and equipment, net
2,901,436

2,651,049

CURRENT ASSETS
 
 
Cash and cash equivalents
26,297

1,458

Customer accounts receivable
 
 
Billed
174,670

205,490

Unbilled revenues
7,413

7,199

Allowance for doubtful accounts
(6,347
)
(5,704
)
Regulatory assets
32,920

18,297

Gas in storage, at average cost
132,635

184,633

Materials and supplies, at average cost
14,075

13,910

Prepaid and accrued taxes
24,533

23,047

Derivatives, at fair value
28,337

27,396

Restricted broker margin accounts
44,827

53,719

Assets held for sale

206,905

Other
30,611

33,730

Total current assets
509,971

770,080

NONCURRENT ASSETS
 
 
Investments in equity method investees
197,660

190,866

Regulatory assets
388,769

368,592

Derivatives, at fair value
14,476

10,560

Investments in equity securities

32,917

Intangible assets, net
15,261

23,375

Other noncurrent assets
95,839

96,225

Total noncurrent assets
712,005

722,535

Total assets
$
4,123,412

$
4,143,664


See Notes to Unaudited Condensed Consolidated Financial Statements

6

New Jersey Resources Corporation
Part I
 
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                      

CAPITALIZATION AND LIABILITIES
(Thousands, except share data)
June 30,
2019
September 30,
2018
CAPITALIZATION
 
 
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding
June 30, 2019 — 89,917,854; September 30, 2018 — 88,292,956
$
226,627

$
226,196

Premium on common stock
290,414

274,748

Accumulated other comprehensive loss, net of tax
(15,212
)
(12,610
)
Treasury stock at cost and other; shares June 30, 2019 — 732,777;
September 30, 2018 — 2,185,013
(15,628
)
(76,473
)
Retained earnings
1,085,996

1,007,117

Common stock equity
1,572,197

1,418,978

Long-term debt
1,211,811

1,180,619

Total capitalization
2,784,008

2,599,597

CURRENT LIABILITIES
 
 
Current maturities of long-term debt
124,592

123,545

Short-term debt
99,300

151,950

Gas purchases payable
145,243

211,303

Gas purchases payable to related parties
1,150

1,150

Accounts payable and other
96,873

135,240

Dividends payable
26,301

25,824

Accrued taxes
13,164

1,568

Regulatory liabilities

8,185

New Jersey Clean Energy Program
15,252

14,052

Derivatives, at fair value
40,677

46,652

Liabilities held for sale

4,182

Customers' credit balances and deposits
19,493

27,325

Total current liabilities
582,045

750,976

NONCURRENT LIABILITIES
 
 
Deferred income taxes
219,319

242,436

Deferred investment tax credits
3,734

3,976

Deferred gain
1,751

9,104

Derivatives, at fair value
24,923

22,982

Manufactured gas plant remediation
125,566

130,800

Postemployment employee benefit liability
141,187

137,007

Regulatory liabilities
203,660

209,139

Asset retirement obligation
30,149

28,688

Other
7,070

8,959

Total noncurrent liabilities
757,359

793,091