INVESTMENTS IN EQUITY INVESTEES (Tables)

12 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

As of September 30, the Company’s investments in equity method investees includes the following:

(Thousands)	2021		2020
Steckman Ridge (1)	$	109,050	$	112,378
PennEast (2)	5,479		95,997
Total	$	114,529	$	208,375

(1)Includes loans with a total outstanding principal balance of $70.4 million for both fiscal 2021 and 2020, which accrue interest at a variable rate that resets quarterly and are due October 1, 2023.

(2)Includes a deferred tax component related to AFUDC equity of $4.6 million for September 30, 2020. As a result of the impairment of the equity method investment in PennEast, the deferred tax component was reversed and charged to earnings as of September 30, 2021.

The following is the summarized financial information for Steckman Ridge and PennEast for fiscal years ended September 30:

(Thousands)	2021		2020		2019
Steckman Ridge
Operating revenues	$	21,847	$	28,814	$	32,087
Gross profit	$	13,350	$	20,537	$	24,051
Income from continuing operations	$	11,483	$	16,926	$	18,944
Net income	$	11,483	$	16,926	$	18,944
Net income attributable to NJR	$	5,742	$	8,463	$	9,472
Current assets	$	14,786	$	7,979
Noncurrent assets	$	202,670	$	207,051
Current liabilities	$	9,738	$	945
Noncurrent liabilities	$	140,810	$	140,810
PennEast
Operating revenues	$	—	$	—	$	—
Gross profit	$	—	$	—	$	—
Income from continuing operations	$	(406,305)	$	34,376	$	31,689
Net (loss) income	$	(406,305)	$	34,376	$	31,689
Net (loss) income attributable to NJR	$	(81,261)	$	6,875	$	6,338
Current assets	$	822	$	2,829
Noncurrent assets	$	44,998	$	446,212
Current liabilities	$	248	$	1,761
Noncurrent liabilities	$	500	$	500