SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Mar. 31, 2016

Accounting Policies [Abstract]

Summary of Gas in Storage

The following table summarizes gas in storage, at average cost by company as of:

	March 31, 2016				September 30, 2015
($ in thousands)	Gas in Storage			Bcf	Gas in Storage			Bcf
NJRES		$	89,514	52.3		$	93,696	44.6
NJNG		27,976		9.3		70,209		21.4
Total		$	117,490	61.6		$	163,905	66.0

Accounts Receivable by Subsidiary

Customer accounts receivable include outstanding billings from the following subsidiaries as of:

(Thousands)	March 31, 2016				September 30, 2015
NJRES	$	75,691	51	%	$	107,461	69	%
NJNG (1)	67,080		45		41,130		26
NJRCEV	1,975		1		1,084		1
NJRHS and other	4,076		3		5,598		4
Total	$	148,822	100	%	$	155,273	100	%

(1) Does not include unbilled revenues of $27.1 million and $6.4 million as of March 31, 2016 and September 30, 2015, respectively.

Schedule of Retrospective Application of New Accounting Standard

In November 2015, the FASB issued ASU 2015-17, an amendment to ASC 740, Income Taxes, to simplify the balance sheet presentation of deferred income taxes. The update requires entities to present all deferred tax assets and liabilities as noncurrent. The Company elected to early adopt the amended guidance effective October 1, 2015, and applied the new provisions retrospectively.

Accordingly, the following amounts on the Unaudited Condensed Consolidated Balance Sheets, as of September 30, 2015, have been adjusted:

(Thousands)	As Previously Reported		Effect of Change			As Adjusted
Assets
Deferred taxes (current)	$	56,296	$	(56,296	)	$	—
Total current assets	$	544,511	$	(56,296	)	$	488,215
Other noncurrent assets	$	60,300	$	1,615		$	61,915
Total noncurrent assets	$	666,266	$	1,615		$	667,881
Total assets	$	3,339,038	$	(54,681	)	$	3,284,357
Capitalization and Liabilities
Deferred income taxes	$	499,616	$	(54,681	)	$	444,935
Total noncurrent liabilities	$	952,387	$	(54,681	)	$	897,706
Total capitalization and liabilities	$	3,339,038	$	(54,681	)	$	3,284,357