SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Summary of Gas in Storage

The following table summarizes gas in storage, at average cost by company, as of September 30:

	2016				2015
($ in thousands)	Gas in Storage			Bcf	Gas in Storage			Bcf
NJRES		$	130,493	62.0		$	93,696	44.6
NJNG		75,758		21.3		70,209		21.4
Total		$	206,251	83.3		$	163,905	66.0

Schedule of Demand Charges

The following table summarizes the demand charges, which are net of capacity releases, and are included as a component of gas purchases on the Consolidated Statements of Operations for the fiscal years ended September 30:

(Millions)	2016		2015		2014
NJRES	$	141.0	$	130.6	$	122.0
NJNG	77.8		80.5		92.0
Total	$	218.8	$	211.1	$	214.0

Schedule of Capitalized Amounts Associated with Debt and Equity Component of AFUDC

Corresponding amounts for the debt component is recognized in interest expense and in other income for the equity component on the Consolidated Statements of Operations and include the following for the fiscal years ended September 30:

($ in thousands)	2016			2015			2014
AFUDC:
Debt	$	5,009		$	2,472		$	1,057
Equity	4,375			3,825			1,562
Total	$	9,384		$	6,297		$	2,619
Weighted average interest rate	5.06		%	4.63		%	3.30		%

Schedule of Sales Tax and TEFA

Sales tax that is collected from customers is presented in both operating revenues and operating expenses on the Consolidated Statements of Operations for the fiscal years ended September 30, as follows:

(Millions)	2016		2015		2014
Sales tax	$	31.0	$	44.1	$	47.4
TEFA (1)	—		—		1.4
Total	$	31.0	$	44.1	$	48.8

(1) TEFA was phased out in January 2014.

Schedule of Property, Plant and Equipment

Property, plant and equipment was comprised of the following as of September 30:

(Thousands)
Property Classifications	Estimated Useful Lives	2016			2015
Distribution facilities	38 to 74 years	$	1,823,672		$	1,695,898
Transmission facilities	35 to 56 years	292,433			289,599
Storage facilities	34 to 47 years	78,238			41,669
Solar property	20 to 25 years	479,948			395,704
Wind property	25 years	228,644			137,292
All other property	5 to 35 years	52,195			62,123
Total property, plant and equipment		2,955,130			2,622,285
Accumulated depreciation and amortization		(547,478		)	(494,024		)
Property, plant and equipment, net		$	2,407,652		$	2,128,261

Summary of Customer Accounts Receivable by Company

The following table summarizes customer accounts receivable by company as of September 30:

(Thousands)	2016				2015
NJRES	$	102,884	72	%	$	107,461	69	%
NJNG (1)	30,951		22		41,130		26
NJRCEV	1,807		1		1,084		1
NJRHS and other	7,016		5		5,598		4
Total	$	142,658	100	%	$	155,273	100	%

(1) Does not include unbilled revenues of $5.7 million and $6.4 million as of September 30, 2016 and 2015, respectively.

Changes in Components of Accumulated Other Comprehensive Income, Net

The following table presents the changes in the components of accumulated other comprehensive income, net of related tax effects, as of September 30:

(Thousands)	Unrealized gain (loss) on available for sale securities			Net unrealized gain (loss) on derivatives				Adjustment to postemployment benefit obligation				Total
Balance at September 30, 2014	$	4,782		$	(93	)		$	(10,283	)		$	(5,594	)
Other comprehensive income, net of tax
Other comprehensive income (loss), before reclassifications, net of tax of ($1,135), $146, $4,362, $3,373	1,603			(256		)		(6,483		)		(5,136		)
Amounts reclassified from accumulated other comprehensive income, net of tax of $0, ($202), ($674), ($876)	—			349			(1)	987			(2)	1,336
Net current-period other comprehensive income (loss), net of tax of ($1,135), ($56), $3,688, $2,497	1,603			93				(5,496		)		(3,800		)
Balance at September 30, 2015	$	6,385		$	—			$	(15,779	)		$	(9,394	)
Other comprehensive income, net of tax
Other comprehensive (loss), before reclassifications, net of tax of $1,499, $10, $3,164, $4,673	(2,187		)	(17		)		(4,600		)		(6,804		)
Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(10), $(698), $(708)	—			17			(1)	1,026			(2)	1,043
Net current-period other comprehensive (loss), net of tax of $1,499, $0, $2,466, $3,965	(2,187		)	—				(3,574		)		(5,761		)
Balance at September 30, 2016	$	4,198		$	—			$	(19,353	)		$	(15,155	)

(1) Consists of realized losses related to foreign currency derivatives, which are reclassified to gas purchases on the Consolidated Statements of Operations.

(2) Included in the computation of net periodic pension cost, a component of O&M expense on the Consolidated Statements of Operations. For more details, see Note 10. Employee Benefit Plans.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table presents the adjustments to the Consolidated Statements of Cash Flows for the fiscal year ended September 30, 2015:

(Thousands)	As Previously Reported			Effect of Change			As Adjusted
Cash flows from operating activities
Tax benefit from stock based compensation	$	—		$	881		$	881
Other noncurrent liabilities	$	25,695		$	2,146		$	27,841
Net cash flows provided from operating activities	$	387,920		$	3,027		$	390,947
Cash flows (used in) financing activities
Tax benefit from stock options exercised	$	881		$	(881	)	$	—
Tax withholding payments related to net settled stock compensation	$	—		$	(2,146	)	$	(2,146	)
Cash flows (used in) financing activities	$	(63,414	)	$	(3,027	)	$	(66,441	)

The following table presents the adjustments to the Consolidated Statements of Cash Flows for the fiscal year ended September 30, 2014:

(Thousands)	As Previously Reported			Effect of Change			As Adjusted
Cash flows from operating activities
Tax benefit from stock based compensation	$	—		$	414		$	414
Other noncurrent liabilities	$	19,775		$	949		$	20,724
Net cash flows provided from operating activities	$	356,786		$	1,363		$	358,149
Cash flows (used in) financing activities
Tax benefit from stock options exercised	$	414		$	(414	)	$	—
Tax withholding payments related to net settled stock compensation	$	—		$	(949	)	$	(949	)
Cash flows (used in) financing activities	$	(75,009	)	$	(1,363	)	$	(76,372	)

Accordingly, the following amounts on the 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