FAIR VALUE (Tables)

9 Months Ended

Jun. 30, 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)	June 30, 2019		September 30, 2018
Carrying value ^{(1) (2) (3)}	$	1,207,845	$	1,172,045
Fair market value	$	1,276,912	$	1,158,051


(1)	Excludes capital leases of $38.6 million and $35.9 million as of June 30, 2019 and September 30, 2018, respectively.


(2)	Excludes NJNG's debt issuance costs of $7.7 million and $6.5 million as of June 30, 2019 and September 30, 2018, respectively.


(3)	Excludes NJR's debt issuance costs of $1 million and $1.1 million as of June 30, 2019 and September 30, 2018, respectively.

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 June 30, 2019:
Assets:
Physical commodity contracts		$	—		$	11,055		$	—	$	11,055
Financial commodity contracts		27,122			4,606			—		31,728
Financial commodity contracts - foreign exchange		—			10			—		10
Interest rate contracts		—			20			—		20
Money market funds		21,513			—			—		21,513
Other		1,681			—			—		1,681
Total assets at fair value		$	50,316		$	15,691		$	—	$	66,007
Liabilities:
Physical commodity contracts		$	—		$	37,118		$	—	$	37,118
Financial commodity contracts		28,193			25			—		28,218
Financial commodity contracts - foreign exchange		—			264			—		264
Total liabilities at fair value		$	28,193		$	37,407		$	—	$	65,600
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.