NJR New Jersey Resources Corp

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                           

Commission File Number: 001-08359

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes: ☐            No: ☒

The number of shares outstanding of $2.50 par value Common Stock as of May 3, 2021 was 96,339,849.

TABLE OF CONTENTS

									Page
Glossary of Key Terms									1
Information Concerning Forward-Looking Statements									3
PART I. FINANCIAL INFORMATION
			ITEM 1.			Unaudited Condensed Consolidated Financial Statements			4
						Notes to Unaudited Condensed Consolidated Financial Statements			9
						Note 1. Nature of the Business			9
						Note 2. Summary of Significant Accounting Policies			9
						Note 3. Revenue			17
						Note 4. Regulation			21
						Note 5. Derivative Instruments			23
						Note 6. Fair Value			28
						Note 7. Investments in Equity Investees			30
						Note 8. Earnings Per Share			31
						Note 9. Debt			32
						Note 10. Employee Benefit Plans			33
						Note 11. Income Taxes			34
						Note 12. Leases			35
						Note 13. Commitments and Contingent Liabilities			37
						Note 14. Common Stock Equity			39
						Note 15. Reporting Segment and Other Operations Data			39
						Note 16. Related Party Transactions			43
						Note 17. Acquisitions and Dispositions			43
			ITEM 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			45
			ITEM 3.			Quantitative and Qualitative Disclosures About Market Risk			72
			ITEM 4.			Controls and Procedures			75
PART II. OTHER INFORMATION
			ITEM 1.			Legal Proceedings			76
			ITEM 1A.			Risk Factors			76
			ITEM 2.			Unregistered Sale of Equity Securities and Use of Proceeds			76
			ITEM 6.			Exhibits			77
						Signatures			78

GLOSSARY OF KEY TERMS                                                                                                                                                       

Adelphia Gateway			Adelphia Gateway, LLC
AFUDC			Allowance for Funds Used During Construction
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
Bcf			Billion Cubic Feet
BGSS			Basic Gas Supply Service
BPU			New Jersey Board of Public Utilities
CARES Act			Coronavirus Aid, Relief, and Economic Security Act
CIP			Conservation Incentive Program
CME			Chicago Mercantile Exchange
COVID-19			Novel coronavirus disease
CR&R			Commercial Realty & Resources Corp.
DRP			NJR Direct Stock Purchase and Dividend Reinvestment Plan
Dths			Dekatherms
EE			Energy Efficiency
Energy Services			Energy Services segment
EPS			Earnings Per Share
FASB			Financial Accounting Standards Board
FCM			Futures Commission Merchant
FERC			Federal Energy Regulatory Commission
Financial margin			A non-GAAP financial measure, which represents revenues earned from the sale of natural gas less costs of natural gas sold including any transportation and storage costs, and excludes any accounting impact from the change in the fair value of certain derivative instruments
Fitch			Fitch Ratings Company
FMB			First Mortgage Bond
GAAP			Generally Accepted Accounting Principles of the United States
Home Services and Other			Home Services and Other Operations
ICE			Intercontinental Exchange
IEC			Interstate Energy Company, LLC
IIP			Infrastructure Investment Program
IRS			Internal Revenue Service
ISDA			The International Swaps and Derivatives Association
ITC			Federal Investment Tax Credit
Leaf River			Leaf River Energy Center LLC
MGP			Manufactured Gas Plant
Moody's			Moody's Investors Service, Inc.
Mortgage Indenture			The Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement between NJNG and U.S. Bank National Association dated as of September 1, 2014
MW			Megawatts
MWh			Megawatt Hour
NAESB			The North American Energy Standards Board
Natural Gas Act			The Natural Gas Act of 1938, as amended; the federal law regulating interstate natural gas pipeline and storage companies, among other things, codified beginning at 15 U.S.C. Section 717.
NFE			Net Financial Earnings
NJ RISE			New Jersey Reinvestment in System Enhancement
NJCEP			New Jersey's Clean Energy Program
NJDEP			New Jersey Department of Environmental Protection

GLOSSARY OF KEY TERMS (cont.)
NJNG			New Jersey Natural Gas Company
NJNG Credit Facility			NJNG's $250 million unsecured committed credit facility expiring in December 2023
NJR Credit Facility			NJR's $425 million unsecured committed credit facility expiring in December 2023
NJR or The Company			New Jersey Resources Corporation
NJRHS			NJR Home Services Company
Non-GAAP			Not in accordance with Generally Accepted Accounting Principles of the United States
NPNS			Normal Purchase/Normal Sale
NYMEX			New York Mercantile Exchange
OASDI			Old Age, Survivors and Disability Insurance tax
O&M			Operation and Maintenance
OPEB			Other Postemployment Benefit Plans
PennEast			PennEast Pipeline Company, LLC
PPA			Power Purchase Agreement
RAC			Remediation Adjustment Clause
REC			Renewable Energy Certificate
S&P			Standard & Poor's Financial Services, LLC
SAFE			Safety Acceleration and Facility Enhancement
SAVEGREEN			The SAVEGREEN Project®
SBC			Societal Benefits Charge
SEC			U.S. Securities and Exchange Commission
SREC			Solar Renewable Energy Certificate
SRL			Southern Reliability Link
Steckman Ridge			Collectively, Steckman Ridge GP, LLC and Steckman Ridge, LP
Storage and Transportation			Storage and Transportation segment
Talen			Talen Energy Marketing, LLC
TETCO			Texas Eastern Transmission
The Exchange Act			The Securities Exchange Act of 1934, as amended
The Tax Act			An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018, previously known as The Tax Cuts and Jobs Act of 2017
Third Circuit			The United States Court of Appeals for the Third Circuit
TREC			Transition Renewable Energy Certificate
Trustee			U.S. Bank National Association
U.S.			The United States of America
USF			Universal Service Fund

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS                                                                           

Certain statements contained in this report, including, without limitation, statements as to management expectations, assumptions and beliefs presented in Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk,” Part II, Item 1. “Legal Proceedings” and in the notes to the financial statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements can also be identified by the use of forward-looking terminology such as “anticipate,” “estimate,” “may,” “could,” “might,” “intend,” “expect,” “believe,” “will” “plan,” or “should,” or comparable terminology and are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect on us. There can be no assurance that future developments will be in accordance with management's expectations, assumptions or beliefs, or that the effect of future developments on us will be those anticipated by management.

We caution readers that the expectations, assumptions and beliefs that form the basis for forward-looking statements regarding customer growth, customer usage, qualifications for ITCs, RECs, future rate case proceedings, financial condition, results of operations, cash flows, capital requirements, future capital expenditures, market risk, effective tax rate and other matters for fiscal 2021 and thereafter include many factors that are beyond our ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and changes in the debt and equity capital markets. The factors that could cause actual results to differ materially from our expectations, assumptions and beliefs include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, as well as the following:

•risks related to the impact of COVID-19 on business operations, financial performance and condition and cash flows;

•our ability to obtain governmental and regulatory approvals, land-use rights, electric grid connection (in the case of clean energy projects) and/or financing for the construction, development and operation of our unregulated energy investments, pipeline transportation systems and NJNG and Storage and Transportation infrastructure projects, including PennEast and Adelphia Gateway, in a timely manner;

•risks associated with our investments in clean energy projects, including the availability of regulatory incentives and federal tax credits, the availability of viable projects, our eligibility for ITCs, the future market for SRECs and electricity prices, and operational risks related to projects in service;

•risks associated with acquisitions and the related integration of acquired assets with our current operations, including the acquisition of Adelphia Gateway and Leaf River;

•our ability to comply with current and future regulatory requirements;

•volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, our Energy Services segment operations and our risk management efforts;

•the performance of our subsidiaries;

•access to adequate supplies of natural gas and dependence on third-party storage and transportation facilities for natural gas supply;

•the level and rate at which NJNG’s costs and expenses are incurred and the extent to which they are approved for recovery from customers through the regulatory process, including through future base rate case filings;

•the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes;

•the regulatory and pricing policies of federal and state regulatory agencies;

•operating risks incidental to handling, storing, transporting and providing customers with natural gas;

•demographic changes in our service territory and their effect on our customer growth;

•timing of qualifying for ITCs due to delays or failures to complete planned solar projects and the resulting impact on our effective tax rate and earnings;

•changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the Company;

•the impact of volatility in the equity and credit markets on our access to capital;

•our ability to comply with debt covenants;

•the results of legal or administrative proceedings with respect to claims, rates, environmental issues, natural gas cost prudence reviews and other matters;

•risks related to cyberattacks or failure of information technology systems;

•the impact to the asset values and resulting higher costs and funding obligations of our pension and postemployment benefit plans as a result of potential downturns in the financial markets, lower discount rates, revised actuarial assumptions or impacts associated with the Patient Protection and Affordable Care Act;

•commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market;

•accounting effects and other risks associated with hedging activities and use of derivatives contracts;

•our ability to optimize our physical assets;

•weather and economic conditions;

•the costs of compliance with present and future environmental laws, potential climate change-related legislation or any legislation resulting from the 2019 New Jersey Energy Master Plan;

•uncertainties related to litigation, regulatory, administrative or environmental proceedings;

•changes to tax laws and regulations;

•any potential need to record a valuation allowance for our deferred tax assets;

•the impact of natural disasters, terrorist activities and other extreme events on our operations and customers;

•risks related to our employee workforce and succession planning;

•risks associated with the management of our joint ventures and partnerships; and

•risks associated with keeping pace with technological change.

While we periodically reassess material trends and uncertainties affecting our results of operations and financial condition in connection with the preparation of management's discussion and analysis of results of operations and financial condition contained in our Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, we do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Part I