SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Assets and Liabilities Held for Sale

ASSETS AND LIABILITIES HELD FOR SALE - As discussed above, SJI is involved in the sale and/or potential sale of solar assets, MTF & ACB, and ELK and has recorded the following in Assets Held for Sale and Liabilities Held for Sale on the condensed consolidated balance sheets as of June 30, 2020 (ELK and two solar projects) and December 31, 2019 (ELK, MTF & ACB, and three solar projects):

	June 30, 2020		December 31, 2019
Assets Held for Sale:
Current Assets	$	—	$	5,365
Net Utility Plant	19,335		18,692
Net Nonutility Property, Plant & Equipment	19,993		110,400
Goodwill	59		59
Regulatory Assets	638		415
Other Noncurrent Assets	19		8,509
Total Assets Held for Sale	$	40,044	$	143,440
Liabilities Held for Sale:
Current Liabilities	$	—	$	916
Asset Retirement Obligations	2,609		2,515
Regulatory Liabilities	3,246		2,583
Other Noncurrent Liabilities	7		29
Total Liabilities Held for Sale	$	5,862	$	6,043

Summarized operating results of the discontinued operations for the three and six months ended June 30, 2020 and 2019, were (in thousands, except per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Loss before Income Taxes:
Sand Mining	$	(17)	$	(23)	$	(36)	$	(44)
Fuel Oil	(60)		(96)		(116)		(153)
Income Tax Benefits	16		24		32		40
Loss from Discontinued Operations — Net	$	(61)	$	(95)	$	(120)	$	(157)
Earnings Per Common Share from
Discontinued Operations — Net:
Basic and Diluted	$	—	$	—	$	—	$	—

Asset Retirement Obligation Activity

ARO activity for the six months ended June 30, 2020 as follows (in thousands):

SJI (includes SJG and all other consolidated subsidiaries):	2020
ARO as of January 1,	$	263,950
Accretion	6,074
Additions	2,012
Settlements	(5,152)
Revisions in Estimated Cash Flows (A)	(72,577)
ARO as of June 30,	$	194,307
SJG:	2020
ARO as of January 1,	$	96,509
Accretion	2,042
Additions	1,161
Settlements	(1,142)
Revisions in Estimated Cash Flows (A)	(18,751)
ARO as of June 30,	$	79,819

(A) The revisions in estimated cash flows for SJI and SJG for the six months ended June 30, 2020 shown in the table above reflect decreases in the estimated retirement costs primarily as a result of changes in contractor costs to settle the ARO liability. Corresponding entries were made to Regulatory Assets and Utility Plant, thus having no impact on earnings.

Schedule of Asset Management Agreement Contract Purchase

The total purchase price was allocated as follows (in thousands):

Natural Gas in Storage	$	9,685
Intangible Asset	19,200
Profit Sharing - Other Liabilities	(17,546)
Total Consideration	$	11,339