EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Sep. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Summary of Changes in Funded Status of Plans and Liabilities Recognized

The following summarizes the changes in the funded status of the plans and the related liabilities recognized on the Consolidated Balance Sheets as of September 30:

	Pension (1)						OPEB
(Thousands)	2016			2015			2016			2015
Change in Benefit Obligation
Benefit obligation at beginning of year	$	255,987		$	227,699		$	138,367		$	127,773
Service cost	7,591			7,485			4,521			4,253
Interest cost	11,342			10,199			6,256			5,739
Plan participants’ contributions (2)	47			47			104			60
Actuarial loss	26,369			17,418			15,590			3,891
Benefits paid, net of retiree subsidies received	(7,682		)	(6,861		)	(4,445		)	(3,349		)
Benefit obligation at end of year	$	293,654		$	255,987		$	160,393		$	138,367
Change in plan assets
Fair value of plan assets at beginning of year	$	199,123		$	211,653		$	57,269		$	56,909
Actual return on plan assets	28,316			(5,813		)	5,872			(1,799		)
Employer contributions	30,071			97			3,235			5,672
Benefits paid, net of plan participants’ contributions (2)	(7,635		)	(6,814		)	(4,341		)	(3,513		)
Fair value of plan assets at end of year	$	249,875		$	199,123		$	62,035		$	57,269
Funded status	$	(43,779	)	$	(56,864	)	$	(98,358	)	$	(81,098	)
Amounts recognized on Consolidated Balance Sheets
Postemployment employee (liability)
Current	$	(79	)	$	(71	)	$	(454	)	$	(477	)
Noncurrent	(43,700		)	(56,793		)	(97,904		)	(80,621		)
Total	$	(43,779	)	$	(56,864	)	$	(98,358	)	$	(81,098	)

(1) Includes the Company’s PEP.

(2) Prior to July 1, 1998, employees were eligible to elect an additional participant contribution to enhance their benefits and contributions made during the periods were insignificant.

Summary of Regulatory Assets and Accumulated Other Comprehensive Income

The following table summarizes the amounts recognized in regulatory assets and accumulated other comprehensive income as of September 30:

	Regulatory Assets						Accumulated Other Comprehensive Income (Loss)
	Pension			OPEB			Pension			OPEB
Balance at September 30, 2014	$	61,794		$	43,774		$	17,581		$	117
Amounts arising during the period:
Net actuarial loss	30,579			9,563			9,742			1,103
Amounts amortized to net periodic costs:
Net actuarial (loss)	(5,305		)	(2,911		)	(1,680		)	(32		)
Prior service (cost) credit	(108		)	311			(3		)	54
Balance at September 30, 2015	$	86,960		$	50,737		$	25,640		$	1,242
Amounts arising during the period:
Net actuarial loss	13,696			11,274			4,475			3,289
Amounts amortized to net periodic costs:
Net actuarial (loss)	(5,607		)	(3,175		)	(1,676		)	(99		)
Prior service (cost) credit	(108		)	311			(3		)	54
Balance at September 30, 2016	$	94,941		$	59,147		$	28,436		$	4,486

The amounts in regulatory assets and accumulated other comprehensive income not yet recognized as components of net periodic benefit cost as of September 30 are:

	Regulatory Assets										Accumulated Other Comprehensive Income (Loss)
	Pension				OPEB						Pension				OPEB
(Thousands)	2016		2015		2016			2015			2016		2015		2016			2015
Net actuarial loss	$	94,158	$	86,070	$	60,561		$	52,462		$	28,432	$	25,632	$	4,686		$	1,495
Prior service cost (credit)	783		890		(1,414		)	(1,725		)	4		8		(200		)	(253		)
Total	$	94,941	$	86,960	$	59,147		$	50,737		$	28,436	$	25,640	$	4,486		$	1,242

Schedule of Amounts Expected to be Recognized as Components of Net Periodic Benefit Cost

Amounts included in regulatory assets and accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in fiscal 2017 are as follows:

	Regulatory Assets					Accumulated Other Comprehensive Income (Loss)
(Thousands)	Pension		OPEB			Pension		OPEB
Net actuarial loss	$	6,799	$	4,210		$	2,028	$	160
Prior service cost (credit)	108		(311		)	3		(54		)
Total	$	6,907	$	3,899		$	2,031	$	106

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The accumulated benefit obligation for the pension plans, including the PEP, exceeded the fair value of plan assets. The projected benefit and accumulated benefit obligations and the fair value of plan assets as of September 30, are as follows:

	Pension
(Thousands)	2016		2015
Projected benefit obligation	$	293,654	$	255,987
Accumulated benefit obligation	$	252,077	$	217,937
Fair value of plan assets	$	249,875	$	199,123

Components of Net Periodic Cost

The components of the net periodic cost for pension benefits, including the Company’s PEP, and OPEB costs (principally health care and life insurance) for employees and covered dependents for fiscal years ended September 30, are as follows:

	Pension									OPEB
(Thousands)	2016			2015			2014			2016			2015			2014
Service cost	$	7,591		$	7,485		$	6,143		$	4,521		$	4,253		$	3,923
Interest cost	11,342			10,199			10,066			6,256			5,739			5,734
Expected return on plan assets	(20,118		)	(17,090		)	(15,475		)	(4,845		)	(4,977		)	(4,174		)
Recognized actuarial loss	7,281			6,985			5,596			3,274			2,943			2,500
Prior service cost (credit) amortization	111			111			111			(365		)	(364		)	(357		)
Recognized net initial obligation	—			—			—			—			—			11
Net periodic benefit cost	$	6,207		$	7,690		$	6,441		$	8,841		$	7,594		$	7,637
Special termination benefit	—			—			2,814			—			—			648
Net periodic benefit cost recognized as expense	$	6,207		$	7,690		$	9,255		$	8,841		$	7,594		$	8,285

Schedule of Weighted Average Assumptions Used

The weighted average assumptions used to determine NJR’s benefit costs during the fiscal years below and obligations as of September 30, are as follows:

	Pension									OPEB
	2016			2015			2014			2016			2015			2014
Benefit costs:
Discount rate	4.50	%		4.55	%		5.15	%		4.60/4.55%		(1)	4.55	%		5.15	%
Expected asset return	8.75	%		8.75	%		8.25	%		8.75	%		8.75	%		8.25	%
Compensation increase	3.25/3.50%		(1)	3.25	%		3.25	%		3.50	%		3.50	%		3.50	%
Obligations:
Discount rate	3.96/3.94%		(1)	4.50	%		4.55	%		4.08/4.01%		(1)	4.60/4.55%		(1)	4.55	%
Compensation increase	3.25/3.50%		(1)	3.25/3.50%		(1)	3.25/3.50%		(1)	3.50	%		3.50	%		3.50	%

(1) Percentages for represented and nonrepresented plans, respectively.

Information on Assumed HCCTR Used to Determine Expected OPEB Benefits

Information relating to the assumed HCCTR used to determine expected OPEB benefits as of September 30, and the effect of a one percent change in the rate, are as follows:

($ in thousands)	2016			2015			2014
HCCTR	8.5		%	6.7		%	7.1		%
Ultimate HCCTR	4.5		%	4.8		%	4.8		%
Year ultimate HCCTR reached	2025			2022			2022
Effect of a 1 percentage point increase in the HCCTR on:
Year-end benefit obligation	$	28,803		$	26,025		$	20,965
Total service and interest cost	$	2,331		$	2,026		$	1,885
Effect of a 1 percentage point decrease in the HCCTR on:
Year-end benefit obligation	$	(22,862	)	$	(20,427	)	$	(16,932	)
Total service and interest costs	$	(1,801	)	$	(1,593	)	$	(1,493	)

Schedule of Mix and Targeted Allocation of Plan Assets

The mix and targeted allocation of the pension and OPEB plans’ assets are as follows:

	2017		Assets at
	Target		September 30,
Asset Allocation	Allocation		2016		2015
U.S. equity securities	40	%	38	%	38	%
International equity securities	20		20		19
Fixed income	40		42		43
Total	100	%	100	%	100	%

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:

(Thousands)	Pension		OPEB
2017	$	8,195	$	3,707
2018	$	9,019	$	4,150
2019	$	9,778	$	4,672
2020	$	10,594	$	5,225
2021	$	11,532	$	5,806
2022 - 2026	$	73,863	$	37,817

Schedule of Estimated Subsidy Payments

The estimated subsidy payments are as follows:

	Estimated Subsidy Payment
Fiscal Year	(Thousands)
2017	$234
2018	$256
2019	$276
2020	$306
2021	$337
2022 - 2026	$2,331

Summary of Pension and OPEB Assets Held in the Master Trust

Pension and OPEB assets held in the master trust, measured at fair value, as of September 30, are summarized as follows:

	Quoted Prices in Active Markets for Identical Assets (Level 1)
(Thousands)	Pension				OPEB
Assets	2016		2015		2016		2015
Money market funds	$	—	$	—	$	9	$	2,237
Registered Investment Companies:
Equity Funds:
Large Cap Index	78,306		63,285		19,532		17,460
Extended Market Index	16,250		11,827		4,114		3,762
International Stock	50,702		37,353		12,997		10,261
Fixed Income Funds:
Emerging Markets	12,906		8,857		3,294		2,617
Core Fixed Income	—		—		7,177		7,148
Opportunistic Income	—		—		4,155		4,179
Ultra Short Duration	—		—		4,082		3,960
High Yield Bond Fund	25,976		20,532		6,675		5,645
Long Duration Fund	65,735		57,269		—		—
Total assets at fair value	$	249,875	$	199,123	$	62,035	$	57,269