XML 21 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
BUSINESS SEGMENT AND OTHER OPERATIONS DATA (Tables)
 9 Months Ended
Jun. 30, 2014
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Information related to the Company's various business segments and other operations is detailed below:
 
Three Months Ended
Nine Months Ended
 
June 30,
June 30,
(Thousands)
2014
2013
2014
2013
Operating revenues
 
 
 
 
Natural Gas Distribution
 
 
 
 
External customers
$
111,383

$
119,022

$
739,380

$
689,621

Energy Services
 
 
 
 
External customers (1)
560,115

632,414

2,367,641

1,735,411

Intercompany
518

1,119

72,285

5,670

Clean Energy Ventures
 
 
 
 
External customers
3,155

2,563

8,007

7,182

Subtotal
675,171

755,118

3,187,313

2,437,884

Retail and Other
 
 
 
 
External customers
13,604

13,470

31,203

32,159

Intercompany
194

234

693

683

Eliminations
(712
)
(1,353
)
(72,978
)
(6,353
)
Total
$
688,257

$
767,469

$
3,146,231

$
2,464,373

Depreciation and amortization
 
 
 
 
Natural Gas Distribution
$
10,567

$
9,537

$
30,374

$
28,213

Energy Services
15

10

40

32

Clean Energy Ventures
2,823

2,196

7,969

6,131

Midstream
1

2

4

5

Subtotal
13,406

11,745

38,387

34,381

Retail and Other
212

196

627

586

Eliminations
2

1

—

(1
)
Total
$
13,620

$
11,942

$
39,014

$
34,966

Interest income (2)
 
 
 
 
Natural Gas Distribution
$
137

$
146

$
579

$
459

Energy Services
210

—

210

—

Midstream
171

265

709

799

Subtotal
518

411

1,498

1,258

Retail and Other
1

(1
)
1

1

Eliminations
(241
)
(217
)
(709
)
(667
)
Total
$
278

$
193

$
790

$
592

(1)
Includes sales to Canada, which accounted for 3.6 percent and 6.4 percent of total operating revenues during the nine months ended June 30, 2014 and 2013, respectively.
(2)
Included in other income on the Unaudited Condensed Consolidated Statements of Operations.
 
Three Months Ended
Nine Months Ended
 
June 30,
June 30,
(Thousands)
2014
2013
2014
2013
Interest expense, net of capitalized interest
 
 
 
 
Natural Gas Distribution
$
4,540

$
3,796

$
12,412

$
10,929

Energy Services
166

615

1,443

1,823

Clean Energy Ventures
1,382

870

3,817

2,475

Midstream
333

466

1,108

1,533

Subtotal
6,421

5,747

18,780

16,760

Retail and Other
86

261

328

819

Total
$
6,507

$
6,008

$
19,108

$
17,579

Income tax provision (benefit)
 
 
 
 
Natural Gas Distribution
$
4,348

$
1,788

$
42,256

$
39,089

Energy Services
(16,256
)
12,945

36,816

23,906

Clean Energy Ventures
1,286

(1,477
)
(18,146
)
(15,703
)
Midstream
1,321

1,073

3,890

3,935

Subtotal
(9,301
)
14,329

64,816

51,227

Retail and Other
1,680

1,378

360

349

Eliminations
(187
)
(410
)
201

(234
)
Total
$
(7,808
)
$
15,297

$
65,377

$
51,342

Equity in earnings of affiliates
 
 
 
 
Midstream
$
3,511

$
3,052

$
10,594

$
11,012

Eliminations
(830
)
(830
)
(2,538
)
(2,705
)
Total
$
2,681

$
2,222

$
8,056

$
8,307

Net financial earnings (loss)
 
 
 
 
Natural Gas Distribution
$
4,882

$
5,528

$
79,564

$
76,937

Energy Services
(8,628
)
2,097

90,153

21,479

Clean Energy Ventures
3,865

(1,381
)
20,286

9,078

Midstream
1,896

1,541

5,584

5,600

Subtotal
2,015

7,785

195,587

113,094

Retail and Other
2,485

1,944

708

813

Eliminations
14

9

—

(12
)
Total
$
4,514

$
9,738

$
196,295

$
113,895

Capital expenditures
 
 
 
 
Natural Gas Distribution
$
38,186

$
29,141

$
109,071

$
94,840

Clean Energy Ventures
46,166

14,891

91,569

39,756

Subtotal
84,352

44,032

200,640

134,596

Retail and Other
159

234

636

532

Total
$
84,511

$
44,266

$
201,276

$
135,128
Reconciliation of Consolidated Net Financial Earnings to Consolidated Net Income
A reconciliation of consolidated NFE to consolidated net income is as follows:
 
Three Months Ended
Nine Months Ended
 
June 30,
June 30,
(Thousands)
2014
2013
2014
2013
Consolidated net financial earnings
$
4,514

$
9,738

$
196,295

$
113,895

Less:
 
 
 
 
Unrealized (gain) loss from derivative instruments and related transactions (1)
(6,585
)
(44,148
)
45,811

(23,682
)
Effects of economic hedging related to natural gas inventory
38,139

13,440

(3,409
)
(9,425
)
Tax adjustments
(12,766
)
11,291

(12,497
)
12,172

Consolidated net (loss) income
$
(14,274
)
$
29,155

$
166,390

$
134,830


(1)
Excludes unrealized (gains) losses related to an intercompany transaction between NJNG and NJRES that have been eliminated in consolidation of approximately $(327,000) and $(708,000) for the three months ended and $345,000 and $(398,000) for the nine months ended June 30, 2014 and 2013, respectively.
Reconciliation of Assets from Segment to Consolidated
The Company's assets for the various business segments and business operations are detailed below:
(Thousands)
June 30,
2014
September 30,
2013
Assets at end of period:
 
 
Natural Gas Distribution
$
2,123,260

$
2,094,940

Energy Services
463,597

468,096

Clean Energy Ventures
362,240

253,663

Midstream
153,214

153,536

Subtotal
3,102,311

2,970,235

Retail and Other
85,148

85,293

Intercompany assets (1)
(81,552
)
(50,745
)
Total
$
3,105,907

$
3,004,783

(1)
Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.