FAIR VALUE (Tables)

6 Months Ended

Mar. 31, 2019

The estimated fair value of long-term debt at NJNG and NJR, including current maturities, excluding capital leases, debt issuance costs and solar asset financing obligations, is as follows:



(Thousands)	March 31, 2019		September 30, 2018
Carrying value ^{(1) (2) (3)}	$	1,172,045	$	1,172,045
Fair market value	$	1,200,720	$	1,158,051


(1)	Excludes capital leases of $40.2 million and $35.9 million as of March 31, 2019 and September 30, 2018, respectively.


(2)	Excludes NJNG's debt issuance costs of $6.4 million and $6.5 million as of March 31, 2019 and September 30, 2018, respectively.


(3)	Excludes NJR's debt issuance costs of $1.1 million for both March 31, 2019 and September 30, 2018.

Schedule of Fair Value Assets and Liabilities Measured 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 March 31, 2019:
Assets:
Physical commodity contracts		$	—		$	5,972		$	—	$	5,972
Financial commodity contracts		26,036			3,859			—		29,895
Financial commodity contracts - foreign exchange		—			2			—		2
Interest rate contracts		—			120			—		120
Money market funds		74,923			—			—		74,923
Other		1,947			—			—		1,947
Total assets at fair value		$	102,906		$	9,953		$	—	$	112,859
Liabilities:
Physical commodity contracts		$	—		$	35,707		$	—	$	35,707
Financial commodity contracts		36,885			—			—		36,885
Financial commodity contracts - foreign exchange		—			354			—		354
Total liabilities at fair value		$	36,885		$	36,061		$	—	$	72,946
As of September 30, 2018:
Assets:
Physical commodity contracts		$	—		$	11,682		$	—	$	11,682
Financial commodity contracts		18,868			7,025			—		25,893
Interest rate contracts		—			381			—		381
Investments in equity securities		32,917			—			—		32,917
Other ⁽¹⁾		1,217			—			—		1,217
Total assets at fair value		$	53,002		$	19,088		$	—	$	72,090
Liabilities:
Physical commodity contracts		$	—		$	29,666		$	—	$	29,666
Financial commodity contracts		39,724			—			—		39,724
Financial commodity contracts - foreign exchange		—			244			—		244
Total liabilities at fair value		$	39,724		$	29,910		$	—	$	69,634


(1)	Includes money market funds.