REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)

3 Months Ended

Dec. 31, 2023

Schedule of Segment Reporting Information, by Segment

Information related to the Company's various reporting segments and other operations during the three months ended December 31, 2023 and 2022, are as follows:


	Segments
(Thousands)	NJNG		CEV	ES		S&T	Subtotal		HSO	Elims	Total
2023
Operating revenues
External customers	$	293,093	35,295	100,801	(1)	23,187	$	452,376	14,834	—	$	467,210
Intercompany	$	337	—	(1,133)		675	$	(121)	—	121	$	—
Depreciation and amortization	$	26,917	6,922	57	(2)	6,162	$	40,058	229	—	$	40,287
Interest income (3)	$	578	—	128		2,370	$	3,076	356	(1,406)	$	2,026
Interest expense, net of capitalized interest	$	14,751	7,447	3,126		5,933	$	31,257	216	—	$	31,473
Income tax provision (benefit)	$	10,656	3,131	7,511		1,032	$	22,330	(52)	658	$	22,936
Equity in earnings of affiliates	$	—	—	—		993	$	993	—	667	$	1,660
Net financial earnings (loss)	$	51,444	10,522	7,831		3,640	$	73,437	(600)	(393)	$	72,444
Capital expenditures	$	79,715	25,766	—		7,785	$	113,266	1,356	—	$	114,622
2022
Operating revenues
External customers	$	357,409	12,792	313,399	(1)	25,714	$	709,314	14,253	—	$	723,567
Intercompany	$	337	—	8,383		1,124	$	9,844	13	(9,857)	$	—
Depreciation and amortization	$	24,890	5,576	57	(2)	5,942	$	36,465	218	—	$	36,683
Interest income (3)	$	413	—	269		1,401	$	2,083	654	(778)	$	1,959
Interest expense, net of capitalized interest	$	13,709	5,895	3,058		6,707	$	29,369	122	—	$	29,491
Income tax provision (benefit)	$	14,383	(1,837)	20,064		1,943	$	34,553	217	(1,792)	$	32,978
Equity in earnings of affiliates	$	—	—	—		909	$	909	—	37	$	946
Net financial earnings (loss)	$	54,664	(3,582)	52,533		6,243	$	109,858	(29)	455	$	110,284
Capital expenditures	$	82,071	43,993	—		19,719	$	145,783	140	—	$	145,923

(1)Includes sales to Canada for the ES segment, which are immaterial.

(2)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations.

(3)Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.

Schedule of Assets for Business Segments and Business Operations

The Company's assets for the various reporting segments and business operations are detailed below:


	Segments								Intercompany
(Thousands)	NJNG		CEV	ES	S&T	Subtotal		HSO	Assets (1)	Total
December 31, 2023	$	4,590,049	1,131,841	151,932	1,009,549	$	6,883,371	170,421	(304,744)	$	6,749,048
September 30, 2023	$	4,414,829	1,128,577	123,775	1,011,959	$	6,679,140	171,275	(312,919)	$	6,537,496

(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.

Schedule of Reconciliation of Consolidated NFE to Consolidated Net Income

A reconciliation of consolidated NFE to consolidated net income is as follows:


	Three Months Ended
	December 31,
(Thousands)		2023		2022
Net financial earnings		$	72,444	$	110,284
Less:
Unrealized gain on derivative instruments and related transactions		(5,400)		(31,503)
Tax effect		1,282		7,487
Effects of economic hedging related to natural gas inventory		(16,228)		23,972
Tax effect		3,857		(5,697)


NFE tax adjustment		(478)		104
Net income		$	89,411	$	115,921