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FAIR VALUE (Tables)
 12 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Estimated Fair Value of Long-term Debt
As of September 30, the estimated fair value of long-term debt at NJNG and NJR, including current maturities and excluding capital leases, as applicable, is as follows:
(Thousands)
2015
2014
NJNG
 
 
Carrying value (1)
$
582,845

$
432,845

Fair market value
$
584,240

$
453,773

NJR
 
 
Carrying value
$
225,000

$
125,000

Fair market value
$
233,079

$
133,136


(1)
Excludes capital leases of $46.9 million and $49.9 million as of September 30, 2015 and 2014, respectively.
Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized as follows:
 
Quoted Prices in Active Markets for Identical Assets
Significant Other Observable Inputs
Significant
Unobservable
Inputs
 
(Thousands)
(Level 1)
(Level 2)
(Level 3)
Total
As of September 30, 2015:
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Physical forward commodity contracts
 
$
—

 
 
$
6,572

 
 
$
—

 
$
6,572

Financial derivative contracts - natural gas
 
38,515

 
 
—

 
 
—

 
38,515

Available for sale equity securities - energy industry (1)
 
59,475

 
 
—

 
 
—

 
59,475

Other (2)
 
1,572

 
 
—

 
 
—

 
1,572

Total assets at fair value
 
$
99,562

 
 
$
6,572

 
 
$
—

 
$
106,134

Liabilities
 
 
 
 
 
 
 
 
 
 
Physical forward commodity contracts
 
$
—

 
 
$
9,281

 
 
$
—

 
$
9,281

Financial commodity contracts - natural gas
 
24,821

 
 
—

 
 
—

 
24,821

Interest rate contracts
 
—

 
 
4,228

 
 
—

 
4,228

Total liabilities at fair value
 
$
24,821

 
 
$
13,509

 
 
$
—

 
$
38,330

As of September 30, 2014:
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
Physical forward commodity contracts
 
$
—

 
 
$
15,426

 
 
$
—

 
$
15,426

Financial derivative contracts - natural gas
 
54,451

 
 
—

 
 
—

 
54,451

Available for sale equity securities - energy industry (1)
 
10,672

 
 
—

 
 
—

 
10,672

Other (2)
 
1,299

 
 
—

 
 
—

 
1,299

Total assets at fair value
 
$
66,422

 
 
$
15,426

 
 
$
—

 
$
81,848

Liabilities
 
 
 
 
 
 
 
 
 
 
Physical forward commodity contracts
 
$
—

 
 
$
30,910

 
 
$
—

 
$
30,910

Financial commodity contracts - natural gas
 
55,488

 
 
—

 
 
—

 
55,488

Financial commodity contracts - foreign exchange
 
—

 
 
155

 
 
—

 
155

Total liabilities at fair value
 
$
55,488

 
 
$
31,065

 
 
$
—

 
$
86,553

(1)
Included in other noncurrent assets on the Consolidated Balance Sheets.
(2)
Includes various money market funds in Level 1.