REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)

12 Months Ended

Sep. 30, 2024

Schedule of Segment Reporting Information, by Segment

Information related to the Company’s various reporting segments and other business operations, as of September 30, is detailed below:


	Segments
(Thousands)	NJNG		CEV	ES		S&T	Subtotal		HSO	Elims	Total
2024
Operating revenues
External customers	$	1,018,482	130,563	490,266	(1)	94,851	$	1,734,162	62,377	—	$	1,796,539
Intercompany	$	1,350	—	(4,875)		1,358	$	(2,167)	258	1,909	$	—
Depreciation and amortization	$	112,492	27,869	205	(2)	24,900	$	165,466	1,101	—	$	166,567
Interest income (3)	$	2,448	—	452		10,172	$	13,072	1,423	(5,826)	$	8,669
Interest expense, net of capitalized interest	$	62,288	28,545	15,233		23,441	$	129,507	768	—	$	130,275
Income tax provision	$	31,793	11,406	33,331		4,551	$	81,081	2,666	1,159	$	84,906
Equity in earnings of affiliates	$	—	—	—		2,816	$	2,816	—	2,483	$	5,299
Net financial earnings	$	133,400	33,662	111,515		12,229	$	290,806	26	(4)	$	290,828
Capital expenditures	$	419,453	104,287	—		45,338	$	569,078	2,241	—	$	571,319

2023
Operating revenues
External customers	$	1,011,284	124,131	681,446	(1)	88,700	$	1,905,561	57,433	—	$	1,962,994
Intercompany	$	1,349	—	10,170		4,159	$	15,678	205	(15,883)	$	—
Depreciation and amortization	$	102,326	25,320	221	(2)	24,185	$	152,052	889	—	$	152,941
Interest income (3)	$	1,713	—	1,119		6,957	$	9,789	2,977	(3,847)	$	8,919
Interest expense, net of capitalized interest	$	56,595	28,569	11,400		25,803	$	122,367	647	—	$	123,014
Income tax provision (benefit)	$	33,065	(7,683)	24,343		3,444	$	53,169	(1,477)	(2,417)	$	49,275
Equity in earnings of affiliates	$	—	—	—		3,126	$	3,126	—	804	$	3,930
Net financial earnings	$	131,414	44,458	68,517		12,835	$	257,224	4,758	(155)	$	261,827
Capital expenditures	$	390,394	107,303	—		40,916	$	538,613	2,306	—	$	540,919

2022
Operating revenues
External customers	$	1,127,417	128,280	1,529,178	(1)	65,286	$	2,850,161	55,818	—	$	2,905,979
Intercompany	$	1,350	—	94		2,449	$	3,893	364	(4,257)	$	—
Depreciation and amortization	$	94,579	21,396	148	(2)	12,302	$	128,425	824	—	$	129,249
Interest income (3)	$	895	—	16		2,110	$	3,021	944	(1,249)	$	2,716
Interest expense, net of capitalized interest	$	46,394	21,968	4,725		12,097	$	85,184	646	—	$	85,830
Income tax provision	$	40,141	11,361	21,776		1,879	$	75,157	1,059	(21)	$	76,195
Equity in loss of affiliates	$	—	—	—		9,865	$	9,865	—	(1,688)	$	8,177
Net financial earnings	$	140,124	39,403	39,121		22,454	$	241,102	(781)	—	$	240,321
Capital expenditures	$	298,374	146,676	—		151,988	$	597,038	1,390	—	$	598,428
Return of capital from equity investees	$	—	—	—		(5,479)	$	(5,479)	—	—	$	(5,479)

(1)Includes sales to Canada for ES, which were $8.4M and $2.4M during the fiscal years ended September 30, 2023 and 2022, respectively. There were no sales to Canada for ES during the fiscal year ended September 30, 2024.

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

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

Schedule of Assets for Business Segments and Other Business Operations

The Company’s assets at end of period for the various reporting segments and other business operations, as of September 30, are detailed below:


	Segments								Intercompany
(Thousands)	NJNG		CEV	ES	S&T	Subtotal		HSO	Assets (1)	Total
2024	$	4,789,835	1,157,573	108,710	1,025,457	$	7,081,575	159,444	(259,374)	$	6,981,645
2023	$	4,414,829	1,128,577	123,775	1,011,959	$	6,679,140	171,275	(312,919)	$	6,537,496
2022	$	4,030,686	1,015,065	333,064	999,520	$	6,378,335	159,068	(275,987)	$	6,261,416

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

Reconciliation of Consolidated NFE to Consolidated Net Income

A reconciliation of consolidated NFE to consolidated net income, as of September 30, is as follows:


(Thousands)	2024		2023		2022
Net financial earnings	$	290,828	$	261,827	$	240,321
Less:
Unrealized loss (gain) on derivative instruments and related transactions	19,574		(38,081)		(59,906)
Tax effect	(4,652)		9,050		14,248
Effects of economic hedging related to natural gas inventory	(18,192)		34,699		19,939
Tax effect	4,323		(8,246)		(4,738)
Gain on equity method investment	—		(300)		(5,521)
Tax effect	—		(19)		1,377
Net income	$	289,775	$	264,724	$	274,922