DEBT (Tables)

12 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table presents the long-term debt of the Company as of September 30:

(Thousands)			2019			2018
NJNG
First mortgage bonds:		Maturity date:
3.00%	Series OO	August 1, 2041	46,500			46,500
3.15%	Series PP	April 15, 2028	50,000			50,000
3.58%	Series QQ	March 13, 2024	70,000			70,000
4.61%	Series RR	March 13, 2044	55,000			55,000
2.82%	Series SS	April 15, 2025	50,000			50,000
3.66%	Series TT	April 15, 2045	100,000			100,000
3.63%	Series UU	June 21, 2046	125,000			125,000
4.01%	Series VV	May 11, 2048	125,000			125,000
3.50%	Series WW	April 1, 2042	10,300			—
3.38%	Series XX	April 1, 2038	10,500			—
2.45%	Series YY	April 1, 2059	15,000			—
3.76%	Series ZZ	July 17, 2049	100,000			—
3.86%	Series AAA	July 17, 2059	85,000			—
2.75%	Series BBB (formally MM)	August 1, 2039	9,545			9,545
3.00%	Series CCC (formally NN)	August 1, 2043	41,000			41,000
Capital lease obligation-buildings		June 1, 2021	5,637			8,749
Capital lease obligation-meters		Various dates	29,744			27,188
Less: Debt issuance costs			(9,027		)	(6,515		)
Less: Current maturities of long-term debt			(10,420		)	(9,502		)
Total NJNG long-term debt			908,779			691,965
NJR
3.25%	Unsecured senior notes	September 17, 2022	50,000			50,000
3.48%	Unsecured senior notes	November 7, 2024	100,000			100,000
3.20%	Unsecured senior notes	August 18, 2023	50,000			50,000
3.54%	Unsecured senior notes	August 18, 2026	100,000			100,000
3.96%	Unsecured senior notes	June 8, 2028	100,000			100,000
3.29%	Unsecured senior notes	July 17, 2029	150,000			—
Variable	Term loan	August 16, 2019	—			100,000
Less: Debt issuance costs			(2,004		)	(1,136		)
Less: Current maturities of long-term debt			—			(100,000		)
Total NJR long-term debt			547,996			398,864
Clean Energy Ventures
Solar asset financing obligation		Various dates	91,401			103,923
Less: Current maturities of long-term debt			(10,999		)	(14,133		)
Total Clean Energy Ventures long-term debt			80,402			89,790
Total long-term debt			$	1,537,177		$	1,180,619

Schedule of Long-term Debt Redemption Requirements

Annual long-term debt redemption requirements, excluding capital leases, debt issuance costs and solar asset financing obligations, as of September 30, are as follows:

(Thousands)	NJNG		NJR
2020	$	—	$	—
2021	$	—	$	—
2022	$	—	$	50,000
2023	$	—	$	50,000
2024	$	70,000	$	100,000
Thereafter	$	822,845	$	350,000

Schedule of Contractual Commitments for Capital Lease Payments

Contractual commitments for capital lease payments, as of the fiscal years ended September 30, are as follows:

(Thousands)	Lease Payments
2020		$	11,707
2021		6,603
2022		7,494
2023		3,995
2024		4,652
Thereafter		4,173
Subtotal		38,624
Less: Interest component		(3,243		)
Total		$	35,381

Contractual commitments for solar sale-leaseback lease payments, as of the fiscal years ended September 30, are as follows:

(Thousands)	Lease Payments
2020		$	7,830
2021		7,803
2022		7,802
2023		7,878
2024		7,359
Thereafter		30,945
Subtotal		69,617
Less: Interest component		(22,971		)
Total		$	46,646

Summary of Short-Term Bank Facilities

A summary of NJR’s and NJNG’s short-term bank facilities as of September 30, are as follows:

(Thousands)	2019			2018
NJR
Bank revolving credit facilities: (1)	$	425,000		$	425,000
Notes outstanding at end of period	$	25,450		$	87,950
Weighted average interest rate at end of period	3.04		%	3.07		%
Amount available at end of period (2)	$	394,800		$	322,144
NJNG
Bank revolving credit facilities: (3)	$	250,000		$	250,000
Commercial paper outstanding at end of period	$	—		$	64,000
Weighted average interest rate at end of period	—		%	2.18		%
Amount available at end of period (4)	$	249,269		$	185,269

(1) Committed credit facilities, which require commitment fees of .075 percent on the unused amounts.

(2) Letters of credit outstanding total $4.8 million and $14.9 million as of September 30, 2019 and 2018, respectively, which reduces amount available by the same amount.

(3) Committed credit facilities, which require commitment fees of .075 percent on the unused amounts.

(4)

Letters of credit outstanding total $731,000 as of September 30, 2019 and 2018, which reduces amount available by the same amount.