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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Dec. 31, 2012
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by NJR in accordance with the rules and regulations of the Securities and Exchange Commission (SEC). The September 30, 2012, 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 financial statements and the notes thereto included in NJR's 2012 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 NJR'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 ended September 30, 2013.

Intercompany transactions and accounts have been eliminated.

Gas in Storage

The following table summarizes gas in storage, at average cost by company as of:
 
December 31,
2012
September 30,
2012
($ in thousands)
Gas in Storage
 
Bcf
Gas in Storage
 
Bcf
NJNG
 
$
123,624

19.8

 
$
145,379

22.2

NJRES
 
192,321

57.6

 
119,814

45.5

Total
 
$
315,945

77.4

 
$
265,193

67.7



Available for Sale Securities

Included in Other noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets are certain investments in equity securities of a publicly traded energy company that have a fair value of $10.5 million and $11 million as of December 31, 2012 and September 30, 2012, respectively. Total unrealized gains associated with these equity securities, which are included as a part of accumulated other comprehensive income, a component of common stock equity, were $7.8 million ($4.6 million, after tax) and $8.3 million ($4.9 million, after tax) as of December 31, 2012 and September 30, 2012, respectively.

Disposal of Equipment

In October 2012, one of NJRCEV's commercial solar assets sustained damage as a result of Post Tropical Cyclone Sandy, commonly referred to as Superstorm Sandy (Superstorm Sandy). The Company determined that a minor portion of the damaged equipment was irreparable and, therefore, disposed of the affected portion. As a result, during the three months ended December 31, 2012, the Company recognized a pre-tax loss of $758,000, which is included in other income on the Unaudited Condensed Consolidated Statements of Operations. The Company has insurance coverage that provides for recovery of losses from property damage.

Recent Updates to the Accounting Standards Codification (ASC)

Balance Sheet Offsetting

In December 2011, the FASB issued an amendment to ASC Topic 210, Balance Sheet, requiring additional disclosures about the nature of an entity's rights of setoff and related master netting arrangements associated with its financial and derivative instruments. The objective of the disclosures is to facilitate comparison between financial statements prepared on the basis of U.S. generally accepted accounting principles (U.S. GAAP) and those prepared on the basis of International Financial Reporting Standards (IFRS). The amended guidance will become effective for interim and annual periods beginning on or after January 1, 2013, and will be applied retrospectively. The Company has determined that the new guidance will not impact its financial position, results of operations or cash flows upon adoption.