XML 77 R40.htm IDEA: XBRL DOCUMENT v3.20.2
DEBT (Tables)
 12 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The following table presents the long-term debt of the Company as of September 30:
(Thousands)20202019
NJNG
First mortgage bonds:Maturity date:
3.00%Series OOAugust 1, 204146,500 46,500 
3.15%Series PPApril 15, 202850,000 50,000 
3.58%Series QQMarch 13, 202470,000 70,000 
4.61%Series RRMarch 13, 204455,000 55,000 
2.82%Series SSApril 15, 202550,000 50,000 
3.66%Series TTApril 15, 2045100,000 100,000 
3.63%Series UUJune 21, 2046125,000 125,000 
4.01%Series VVMay 11, 2048125,000 125,000 
3.50%Series WWApril 1, 204210,300 10,300 
3.38%Series XXApril 1, 203810,500 10,500 
2.45%Series YYApril 1, 205915,000 15,000 
3.76%Series ZZJuly 17, 2049100,000 100,000 
3.86%Series AAAJuly 17, 205985,000 85,000 
2.75%Series BBBAugust 1, 20399,545 9,545 
3.00%Series CCCAugust 1, 204341,000 41,000 
3.13%Series DDDJune 30, 205050,000 — 
3.13%Series EEEJuly 23, 205050,000 — 
3.33%Series FFFJuly 23, 206025,000 — 
2.87%Series GGGSeptember 1, 205025,000 — 
2.97%Series HHHSeptember 1, 206050,000 — 
Finance lease obligation-buildingsJune 30, 203747,597 5,637 
Finance lease obligation-metersVarious dates26,562 29,744 
Less: Debt issuance costs(9,195)(9,027)
Less: Current maturities of long-term debt(10,416)(10,420)
Total NJNG long-term debt1,147,393 908,779 
NJR
3.25%Unsecured senior notesSeptember 17, 202250,000 50,000 
3.20%Unsecured senior notesAugust 18, 202350,000 50,000 
3.48%Unsecured senior notesNovember 7, 2024100,000 100,000 
3.54%Unsecured senior notesAugust 18, 2026100,000 100,000 
3.96%Unsecured senior notesJune 8, 2028100,000 100,000 
3.29%Unsecured senior notesJuly 17, 2029150,000 150,000 
3.60%Unsecured senior notesJuly 23, 2032130,000 — 
3.50%Unsecured senior notesJuly 23, 2030130,000 — 
3.25%Unsecured senior notesSeptember 1, 203380,000 — 
3.13%Unsecured senior notesSeptember 1, 2031120,000 — 
Less: Debt issuance costs(3,424)(2,004)
Less: Current maturities of long-term debt— — 
Total NJR long-term debt1,006,576 547,996 
Clean Energy Ventures
Solar asset financing obligationVarious dates122,317 91,401 
Less: Current maturities of long-term debt(16,820)(10,999)
Total Clean Energy Ventures long-term debt105,497 80,402 
Total long-term debt$2,259,466 $1,537,177 
Schedule of Long-term Debt Redemption Requirements
Annual long-term debt redemption requirements, excluding finance leases, debt issuance costs and solar asset financing obligations, as of September 30, are as follows:
(Thousands)NJRNJNG
2021$— $— 
2022$50,000 $— 
2023$50,000 $— 
2024$100,000 $70,000 
2025$— $50,000 
Thereafter$810,000 $972,845 
Finance Lease, Liability, Maturity
Contractual commitments for finance lease payments, as of the fiscal years ended September 30, are as follows:
(Thousands)senior note
2021$54,992 
20226,004 
20234,622 
20245,279 
20253,396 
Thereafter2,324 
Subtotal76,617 
Less: Interest component(2,458)
Total$74,159 
The following table presents the Company's maturities of lease liabilities as of September 30, 2020:
(Thousands)Operating LeasesFinance Leases
2021$6,706 $54,992 
20226,634 6,004 
20236,590 4,622 
20246,210 5,279 
20255,646 3,396 
Thereafter122,085 2,324 
Total future lease payments153,871 76,617 
Less: Liability accretion
(52,117)(2,458)
Total lease liability$101,754 $74,159 
Schedule of Contractual Commitments for Finance Lease Payments
Contractual commitments for the solar financing obligation payments, as of the fiscal years ended September 30, are as follows:
(Thousands)Lease Payments
2021$12,928 
202212,926 
202313,003 
202412,904 
20258,985 
Thereafter47,268 
Subtotal108,014 
Less: Interest component(23,052)
Total$84,962 
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)20202019Expiration Dates
NJR
Bank revolving credit facilities (1)
$425,000 $425,000 December 2023
Notes outstanding at end of period$125,350 $25,450 
Weighted average interest rate at end of period1.49 %3.04 %
Amount available at end of period (2)
$289,356 $394,800 
Bank revolving credit facilities (1)
$250,000 $— April 2021
Notes outstanding at end of period$— $— 
Weighted average interest rate at end of period— %— %
Amount available at end of period (2)
$250,000 $— 
NJNG
Bank revolving credit facilities (3)
$250,000 $250,000 December 2023
Commercial paper outstanding at end of period$— $— 
Weighted average interest rate at end of period— %— %
Amount available at end of period (4)
$249,269 $249,269 
(1)Committed credit facilities, which require commitment fees of 0.075 percent on the unused amounts.
(2)Letters of credit outstanding total $10.3 million and $4.8 million as of September 30, 2020 and 2019, respectively, which reduces amount available by the same amount.
(3)Committed credit facilities, which require commitment fees of 0.075 percent on the unused amounts.
(4)Letters of credit outstanding total $731,000 as of September 30, 2020 and 2019, which reduces amount available by the same amount.