FAIR VALUE (Tables)

12 Months Ended

Sep. 30, 2020

As of September 30, the estimated fair value of long-term debt at NJNG and NJR, including current maturities, excluding finance leases and debt issuance costs, is as follows (1):


(Thousands)	2020		2019
NJNG (2) (3)
Carrying value	$	1,092,845	$	892,845
Fair market value	$	1,271,715	$	984,129
NJR (4)
Carrying value	$	1,010,000	$	550,000
Fair market value	$	1,146,033	$	584,735

(1)See Note 9. Debt for a reconciliation to long-term and short-term debt.

(2)Excludes finance leases of $74.2 million and $35.4 million as of September 30, 2020 and September 30, 2019, respectively.

(3)Excludes NJNG's debt issuance costs of $9.2 million and $9 million as of September 30, 2020 and September 30, 2019, respectively.

(4)Excludes NJR's debt issuance costs of $3.4 million and $2 million as of September 30, 2020 and September 30, 2019, respectively.

Assets and Liabilities Measured at Fair Value 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 September 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
As of September 30, 2019:
Assets
Physical commodity contracts		$	—		$	8,624		$	—	$	8,624
Financial commodity contracts		20,028			3,876			—		23,904
Financial commodity contracts - foreign exchange		—			1			—		1



Other (1)		1,706			—			—		1,706
Total assets at fair value		$	21,734		$	12,501		$	—	$	34,235
Liabilities
Physical commodity contracts		$	—		$	40,426		$	—	$	40,426
Financial commodity contracts		35,732			—			—		35,732
Financial commodity contracts - foreign exchange		—			286			—		286


Total liabilities at fair value		$	35,732		$	40,712		$	—	$	76,444

(1)Includes money market funds.