| Fair Value, by Balance Sheet Grouping |
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. |
|