LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Outstanding Long-Term Debt at December 31 consisted of the following:

		2021		2020
Long-Term Debt (A):
SJG:
First Mortgage Bonds: (B)
3.28%	Series due 2030 (C)	$	150,000	$	150,000
3.93%	Series due 2050 (C)	250,000		250,000
3.98%	Series due 2050 (C)	125,000		125,000
3.00%	Series due 2024 (D)	30,000		40,000
3.03%	Series due 2024 (E)	21,000		28,000
3.63%	Series due 2025 (F)	3,637		4,546
4.84%	Series due 2026 (G)	12,500		15,000
4.93%	Series due 2026 (H)	37,500		45,000
4.03%	Series due 2027 (H)	45,000		45,000
4.01%	Series due 2030 (I)	34,000		34,000
4.23%	Series due 2030	30,000		30,000
3.74%	Series due 2032 (J)	35,000		35,000
5.55%	Series due 2033	32,000		32,000
6.213%	Series due 2034	10,000		10,000
5.45%	Series due 2035	10,000		10,000
3.00%	Series due 2047 (O)	200,000		200,000
Series A 2006 Bonds at variable rates due 2036 (K)		24,900		24,900
Total SJG Long-Term Debt Outstanding (R)		$	1,050,537	$	1,078,446
Less SJG Current Maturities		(31,084)		(52,809)
Total SJG Long-Term Debt (R)		$	1,019,453	$	1,025,637
SJI:
3.71%	Series due 2027 (M)	$	75,000	$	75,000
3.91%	Series due 2030 (M)	125,000		125,000
3.71%	Series C 2012 Notes due 2022	35,000		35,000
3.47%	Series due 2024	25,000		25,000
3.71%	Series due 2027	25,000		25,000
3.57%	Series 2017A-2 due 2025	25,000		25,000
3.81%	Series 2017B-2 due 2028	25,000		25,000
3.43%	Series 2018A due 2021 (L)	—		90,000
4.07%	Series 2018B due 2028	80,000		80,000
4.17%	Series 2018C due 2030	80,000		80,000
5.625%	Junior Subordinated Notes due 2079	200,000		200,000
5.02%	Series A Junior Subordinated Notes (P)	287,500		—
Convertible Equity Units (N, P)		335,000		287,500
ETG:
First Mortgage Bonds
4.02%	Series 2018A-1 due 2028	50,000		50,000
4.22%	Series 2018A-2 due 2033	55,000		55,000
4.29%	Series 2018A-3 due 2038	150,000		150,000
4.37%	Series 2018A-4 due 2048	200,000		200,000
4.52%	Series 2018A-5 due 2058	75,000		75,000
2.84%	Series 2019 A-1 due 2029	40,000		40,000

2.84%	Series 2019 A-2 due 2029	35,000		35,000
2.94%	Series 2019 A-3 due 2031	25,000		25,000
2.94%	Series 2019 A-4 due 2031	45,000		45,000
3.28%	Series 2020 A-1, Tranche A due 2050 (Q)	75,000		75,000
3.38%	Series 2020 A-1, Tranche B due 2060 (Q)	50,000		50,000
2.26%	Series 2020 A-2, Tranche A due 2031 (Q)	50,000		—
3.08%	Series 2020 A-2 Tranche B due 2041 (Q)	25,000		—
3.36%	Series 2020 A-2, Tranche C due 2041 (Q)	50,000		—
Total SJI Consolidated Long-Term Debt Outstanding (R)		$	3,293,037	2,950,946
Less SJI Consolidated Current Maturities		(66,076)		(142,801)
Total SJI Consolidated Long-Term Debt (R)		$	3,226,961	2,808,145

(A)    Long-term debt maturities for SJI for the succeeding five years are as follows (in thousands): 2022: $66,076; 2023: $40,084; 2024: $65,084; 2025: $66,084; and 2026: $41,175. Long-term debt maturities for SJG for the succeeding five years are as follows (in thousands): 2022: $31,084; 2023: $40,084; 2024: $40,084; 2025: $41,084; and 2026: $41,175.

(B)    SJG has a First Mortgage Indenture, which provides for the issuance by SJG of bonds, notes or other securities that are secured by a lien on substantially all of the operating properties and franchises of SJG.

(C)    In April 2020, SJG entered into a Note Purchase Agreement which provided for SJG to issue and sell its Senior Secured Notes, Series F, 2020 in the aggregate principal amount of $525.0 million in three Tranches, as follows: (a) Senior Secured Notes, Series F, 2020, Tranche A due April 16, 2030 in the aggregate principal amount of $150.0 million; (b) Senior Secured Notes, Series F, 2020, Tranche B due April 16, 2050 in the aggregate principal amount of $250.0 million; and (c) Senior Secured Notes, Series F, 2020, Tranche C due October 1, 2050 in the aggregate principal amount of $125.0 million. All of the Tranche A Notes and the Tranche B Notes were issued on April 16, 2020, and bear interest at 3.28% and 3.93%, respectively. The Tranche C Notes were issued on October 1, 2020, and bear interest at 3.98%.

(D)SJG has $30.0 million remaining of 3.00% MTNs, with $10.0 million due annually with the final payment due September 2024. As such, $10.0 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year.

(E)SJG has $21.0 million remaining of 3.03% MTNs, with $7.0 million due annually with the final payment due November 2024. As such, $7.0 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year.

(F)SJG pays $0.9 million annually toward the principal amount of 3.63% MTNs, with the final payment to be made December 2025. As such, $0.9 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year.

(G)SJG has $12.5 million remaining of 4.84% MTNs, with $2.5 million due annually with the final payment due March 2026. As such, $2.5 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year.

(H)SJG has $37.5 million remaining of 4.93% MTNs, with $7.5 million due annually with the final payment due June 2026. As such, $7.5 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. SJG also has $45.0 million of 4.03% MTNs, with $9.0 million due annually beginning in December 2023 with the final payment due in December 2027.

(I)    SJG initially entered into $42.0 million of 4.01% MTNs with several due dates, as follows: $8.0 million paid November 2019; $2.0 million due November 2025; $3.0 million due November 2026; $8.0 million due November 2027; and $7.0 million each due November 2028, 2029 and 2030.

(J)    SJG has $35.0 million of 3.74% MTNs, with $3.175 million due annually beginning April 2022 with final payment due April 2032. As such, $3.175 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year.

(K)    These variable rate demand bonds bear interest at a floating rate that resets weekly. The interest rate as of December 31, 2021 was 0.13%. Liquidity support on these bonds is provided under a separate letter of credit facility that was set to expire in August 2021; as such, these bonds were recorded in current portion of long-term debt on the consolidated balance sheets as of December 31, 2020. The letter of credit facility was extended to August 2024; as such these bonds were recorded in long-term debt on the consolidated balance sheets as of December 31, 2021.

(L)    In April 2021, SJI repaid the $90.0 million principal amount outstanding on its 3.43% Series 2018-A Notes at maturity.

(M)    On May 27, 2020, SJI entered into a Note Purchase Agreement which provided for the Company to issue an aggregate of $200.0 million of senior unsecured notes in two tranches, as follows: (a) Senior Notes, Series 2020A due July 30, 2027, in the aggregate principal amount of $75.0 million (the "Series 2020A Notes"); and (b) Senior Notes, Series 2020B due July 30, 2030, in the aggregate principal amount of $125.0 million (the "Series 2020B Notes"). The Company issued both tranches of the Notes on July 30, 2020. The Series 2020A Notes bear interest at 3.71% and the Series 2020B Notes bear interest at 3.91%. The proceeds from these issuances were used to pay off a term loan issued earlier in 2020.

(N)    In March and April 2021, SJI completed a public offering of Equity Units for gross proceeds of $335.0 million (see Note 6). As of December 31, 2021, these Equity Units were not converted into equity.

(O)    SJG has $200.0 million of 3.00% MTNs with varying principal amounts due annually, beginning with $16.0 million due in 2025.

(P)    In March 2021, the Company finalized the remarketing of the $287.5 million of Series A Junior Subordinated Notes, which, prior to this remarketing, were convertible equity units. The interest rate on the Series A Junior Subordinated Notes has been reset to 5.02% per year, and this reset rate became effective on April 15, 2021. See Note 6.

(Q)    On November 10, 2020, ETG entered into a Bond Purchase Agreement which provided for ETG to issue an aggregate of $250.0 million of first mortgage bonds in five tranches, as follows: (i) 3.28% First Mortgage Bonds, Series 2020A-1, Tranche A due November 10, 2050 in the aggregate principal amount of $75.0 million (the “Series 2020A-1, Tranche A Bonds”), (ii) 3.38% First Mortgage Bonds, Series 2020A-1, Tranche B due November 10, 2060 in the aggregate principal amount of $50.0 million (the “Series 2020A-1, Tranche B Bonds”), (iii) 2.26% First Mortgage Bonds, Series 2020A-2, Tranche A due June 15, 2031 in the aggregate principal amount of $50.0 million, (iv) 3.08% First Mortgage Bonds, Series 2020A-2, Tranche B due June 15, 2041 in the aggregate principal amount of $25.0 million, and (v) 3.36% First Mortgage Bonds, Series 2020A-2, Tranche C due June 15, 2051 in the aggregate principal amount of $50.0 million. The two Tranches of Series 2020A-1 Bonds were issued on November 10, 2020. ETG issued the three Tranches of Series 2020A-2 Bonds on June 15, 2021.

(R)    Total SJI consolidated Long-Term Debt in the table above does not include unamortized debt issuance costs of $38.5 million and $29.6 million as of December 31, 2021 and 2020, respectively, nor does it include $5.1 million and $5.2 million of unamortized debt discounts as of December 31, 2021 and 2020, respectively. These items are recorded as reductions to Long-Term Debt on the consolidated balance sheet. Also not included in the table above are finance leases of $5.6 million and $3.1 million as of December 31, 2021 and 2020, respectively (see Note 9), which is recorded as an increase to Long-Term Debt on the consolidated balance sheets. Total SJG Long-Term Debt in the table above does not include unamortized debt issuance costs of $8.7 million and $9.4 million as of December 31, 2021 and 2020, respectively.