FAIR VALUE (Tables)

3 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

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

(Thousands)	December 31, 2020		September 30, 2020
Carrying value (1) (2) (3)	$	2,102,845	$	2,102,845
Fair market value	$	2,455,242	$	2,417,748

(1)Excludes finance leases of $69.5 million and $74.2 million as of December 31, 2020 and September 30, 2020, respectively.

(2)Excludes NJNG's debt issuance costs of $9.6 million and $9.2 million as of December 31, 2020 and September 30, 2020, respectively.

(3)Excludes NJR's debt issuance costs of $3.4 million as of both December 31, 2020 and September 30, 2020.

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 December 31, 2020:
Assets:
Physical commodity contracts		$	—		$	7,576		$	—	$	7,576
Financial commodity contracts		26,324			516			—		26,840
Financial commodity contracts - foreign exchange		—			218			—		218
Money market funds		17,384			—			—		17,384
Other		1,927			—			—		1,927
Total assets at fair value		$	45,635		$	8,310		$	—	$	53,945
Liabilities:
Physical commodity contracts		$	—		$	29,659		$	—	$	29,659
Financial commodity contracts		9,705			—			—		9,705
Financial commodity contracts - foreign exchange		—			13			—		13
Total liabilities at fair value		$	9,705		$	29,672		$	—	$	39,377
As of September 30, 2020:
Assets:
Physical commodity contracts		$	—		$	7,796		$	—	$	7,796
Financial commodity contracts		18,279			500			—		18,779
Financial commodity contracts - foreign exchange		—			84			—		84
Money market funds		112,291			—			—		112,291
Other		1,840			—			—		1,840
Total assets at fair value		$	132,410		$	8,380		$	—	$	140,790
Liabilities:
Physical commodity contracts		$	—		$	32,517		$	—	$	32,517
Financial commodity contracts		14,593			—			—		14,593
Financial commodity contracts - foreign exchange		—			107			—		107
Total liabilities at fair value		$	14,593		$	32,624		$	—	$	47,217