SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Summary of Gas in Storage

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

	December 31, 2016				September 30, 2016
($ in thousands)	Gas in Storage			Bcf	Gas in Storage			Bcf
NJRES		$	163,393	62.9		$	130,493	62.0
NJNG		56,704		15.9		75,758		21.3
Total		$	220,097	78.8		$	206,251	83.3

Accounts Receivable by Subsidiary

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

(Thousands)	December 31, 2016				September 30, 2016
NJRES	$	173,708	69	%	$	102,884	72	%
NJNG (1)	71,404		28		30,951		22
NJRCEV	2,121		1		1,807		1
NJRHS and other	5,522		2		7,016		5
Total	$	252,755	100	%	$	142,658	100	%

(1) Does not include unbilled revenues of $47.6 million and $5.7 million as of December 31, 2016 and September 30, 2016, respectively.

Schedule of Retrospective Application of New Accounting Standard

In addition, the following amounts on the Unaudited Condensed Consolidated Financial Statements have been adjusted retrospectively, for the three months ended December 31, 2015:

(Thousands)	As Previously Reported			Effect of Change			As Adjusted
Statements of Operations
Income tax provision	$	8,357		$	(1,635	)	$	6,722
Net income	$	48,647		$	1,635		$	50,282
Earnings per common share
Basic	$	0.57		$	0.02		$	0.59
Diluted	$	0.56		$	0.02		$	0.58
Cash flows (used in) operating activities
Net income	$	48,647		$	1,635		$	50,282
Tax benefit from stock based compensation	$	—		$	1,635		$	1,635
Other noncurrent liabilities	$	4,401		$	(228	)	$	4,173
Net cash flows (used in) operating activities	$	(39,216	)	$	3,042		$	(36,174	)
Cash flows from financing activities
Tax withholding payments related to net settled stock compensation	$	—		$	(3,042	)	$	(3,042	)
Cash flows from financing activities	$	131,356		$	(3,042	)	$	128,314

In addition, the following amounts on the Unaudited Condensed Consolidated Balance sheets have been adjusted, retrospectively, as of September 30, 2016.

(Thousands)	As Previously Reported		Effect of Change			As Adjusted
Assets
Other noncurrent assets	$	68,708	$	(8,512	)	$	60,196
Total noncurrent assets	$	712,166	$	(8,512	)	$	703,654
Total assets	$	3,727,082	$	(8,512	)	$	3,718,570
Capitalization and Liabilities
Long-term debt	$	1,063,550	$	(8,512	)	$	1,055,038
Total capitalization	$	2,230,141	$	(8,512	)	$	2,221,629
Total capitalization and liabilities	$	3,727,082	$	(8,512	)	$	3,718,570