00003563099/30false2021Q1P2YP5YP5YP7YP5YP1YP7YP1YP5YP5Y00003563092020-10-012020-12-31xbrli:shares00003563092021-02-02iso4217:USD00003563092019-10-012019-12-310000356309us-gaap:RegulatedOperationMember2020-10-012020-12-310000356309us-gaap:RegulatedOperationMember2019-10-012019-12-310000356309us-gaap:UnregulatedOperationMember2020-10-012020-12-310000356309us-gaap:UnregulatedOperationMember2019-10-012019-12-31iso4217:USDxbrli:shares0000356309njr:UtilityPlantMember2020-10-012020-12-310000356309njr:UtilityPlantMember2019-10-012019-12-310000356309njr:SolarEquipmentMember2020-10-012020-12-310000356309njr:SolarEquipmentMember2019-10-012019-12-310000356309njr:StorageAndTransportationAndOtherMember2020-10-012020-12-310000356309njr:StorageAndTransportationAndOtherMember2019-10-012019-12-3100003563092020-09-3000003563092019-09-3000003563092020-12-3100003563092019-12-310000356309us-gaap:CommonStockMember2020-09-300000356309us-gaap:AdditionalPaidInCapitalMember2020-09-300000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000356309njr:TreasuryStockAndOtherMember2020-09-300000356309us-gaap:RetainedEarningsMember2020-09-300000356309us-gaap:RetainedEarningsMember2020-10-012020-12-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012020-12-310000356309us-gaap:CommonStockMember2020-10-012020-12-310000356309us-gaap:AdditionalPaidInCapitalMember2020-10-012020-12-310000356309njr:TreasuryStockAndOtherMember2020-10-012020-12-310000356309us-gaap:CommonStockMember2020-12-310000356309us-gaap:AdditionalPaidInCapitalMember2020-12-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000356309njr:TreasuryStockAndOtherMember2020-12-310000356309us-gaap:RetainedEarningsMember2020-12-310000356309us-gaap:CommonStockMember2019-09-300000356309us-gaap:AdditionalPaidInCapitalMember2019-09-300000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300000356309njr:TreasuryStockAndOtherMember2019-09-300000356309us-gaap:RetainedEarningsMember2019-09-300000356309us-gaap:RetainedEarningsMember2019-10-012019-12-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-10-012019-12-310000356309us-gaap:CommonStockMember2019-10-012019-12-310000356309us-gaap:AdditionalPaidInCapitalMember2019-10-012019-12-310000356309njr:TreasuryStockAndOtherMember2019-10-012019-12-310000356309us-gaap:CommonStockMember2019-12-310000356309us-gaap:AdditionalPaidInCapitalMember2019-12-310000356309us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000356309njr:TreasuryStockAndOtherMember2019-12-310000356309us-gaap:RetainedEarningsMember2019-12-31njr:customer0000356309njr:NjngMember2020-10-012020-12-31xbrli:pure0000356309njr:SteckmanRidgeMember2020-12-310000356309njr:PennEastMember2020-12-31njr:subsidiary0000356309njr:NJRRetailHoldingsCorporationMember2020-10-012020-12-310000356309srt:MinimumMember2020-10-012020-12-310000356309srt:MaximumMember2020-10-012020-12-310000356309njr:NaturalGasDistributionMember2020-12-31utr:Bcf0000356309njr:NaturalGasDistributionMember2020-09-300000356309njr:EnergyServicesMember2020-12-310000356309njr:EnergyServicesMember2020-09-300000356309njr:StorageAndTransportationMember2020-12-310000356309njr:StorageAndTransportationMember2020-09-300000356309njr:UtilityPlantAtCostMember2020-12-310000356309njr:UtilityPlantAtCostMember2020-09-300000356309us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2020-12-310000356309us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2020-09-300000356309us-gaap:ConstructionInProgressMember2020-12-310000356309us-gaap:ConstructionInProgressMember2020-09-300000356309njr:AccumulatedDepreciationAndAmortizationUtilityPlantMember2020-12-310000356309njr:AccumulatedDepreciationAndAmortizationUtilityPlantMember2020-09-300000356309njr:AccumulatedDepreciationAndAmortizationNonutilityPlantAndEquipmentMember2020-12-310000356309njr:AccumulatedDepreciationAndAmortizationNonutilityPlantAndEquipmentMember2020-09-300000356309us-gaap:OtherOperatingIncomeExpenseMember2020-10-012020-12-310000356309us-gaap:OtherOperatingIncomeExpenseMember2019-10-012019-12-310000356309njr:DepreciationDepletionAndAmortizationMember2020-10-012020-12-310000356309njr:DepreciationDepletionAndAmortizationMember2019-10-012019-12-310000356309njr:NjngMember2019-12-012019-12-3100003563092020-12-012020-12-310000356309srt:MinimumMembernjr:CleanEnergyVenturesMember2020-10-012020-12-310000356309srt:MaximumMembernjr:CleanEnergyVenturesMember2020-10-012020-12-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-09-300000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-10-012020-12-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-012020-12-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-09-300000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-09-300000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-10-012019-12-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-10-012019-12-310000356309us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310000356309us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000356309srt:ScenarioPreviouslyReportedMember2019-10-012019-12-310000356309srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-10-012019-12-310000356309srt:ScenarioPreviouslyReportedMember2020-09-300000356309srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2020-09-300000356309srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2019-09-300000356309us-gaap:RetainedEarningsMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-09-300000356309srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2019-10-012019-12-310000356309us-gaap:RetainedEarningsMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-10-012019-12-310000356309srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2019-12-310000356309us-gaap:RetainedEarningsMembersrt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-12-310000356309srt:ScenarioPreviouslyReportedMember2019-09-300000356309srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-09-300000356309srt:ScenarioPreviouslyReportedMember2019-12-310000356309srt:RevisionOfPriorPeriodChangeInAccountingPrincipleAdjustmentMember2019-12-310000356309njr:NaturalGasUtilityMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:CleanEnergyVenturesMembernjr:NaturalGasUtilityMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:EnergyServicesMembernjr:NaturalGasUtilityMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:StorageAndTransportationMembernjr:NaturalGasUtilityMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:HomeServicesandOtherMembernjr:NaturalGasUtilityMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:NaturalGasUtilityMember2020-10-012020-12-310000356309njr:NaturalGasDistributionMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:CleanEnergyVenturesMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:EnergyServicesMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:StorageAndTransportationMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:HomeServicesandOtherMembernjr:WholesaleNaturalGasMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:WholesaleNaturalGasMember2020-10-012020-12-310000356309njr:NaturalGasDistributionMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:CleanEnergyVenturesMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:EnergyServicesMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:StorageAndTransportationMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:HomeServicesandOtherMemberus-gaap:CorporateNonSegmentMembernjr:ServiceContractsMember2020-10-012020-12-310000356309njr:ServiceContractsMember2020-10-012020-12-310000356309njr:InstallationandMaintenanceMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:InstallationandMaintenanceMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:InstallationandMaintenanceMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:InstallationandMaintenanceMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:InstallationandMaintenanceMembernjr:HomeServicesandOtherMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:InstallationandMaintenanceMember2020-10-012020-12-310000356309njr:RenewableEnergyCertificatesMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:RenewableEnergyCertificatesMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:RenewableEnergyCertificatesMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:RenewableEnergyCertificatesMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:RenewableEnergyCertificatesMembernjr:HomeServicesandOtherMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:RenewableEnergyCertificatesMember2020-10-012020-12-310000356309us-gaap:ElectricityMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:CleanEnergyVenturesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:EnergyServicesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:StorageAndTransportationMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:HomeServicesandOtherMemberus-gaap:ElectricityMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309us-gaap:ElectricityMember2020-10-012020-12-310000356309srt:ConsolidationEliminationsMembernjr:NaturalGasDistributionMember2020-10-012020-12-310000356309srt:ConsolidationEliminationsMembernjr:CleanEnergyVenturesMember2020-10-012020-12-310000356309srt:ConsolidationEliminationsMembernjr:EnergyServicesMember2020-10-012020-12-310000356309srt:ConsolidationEliminationsMembernjr:StorageAndTransportationMember2020-10-012020-12-310000356309srt:ConsolidationEliminationsMembernjr:HomeServicesandOtherMember2020-10-012020-12-310000356309srt:ConsolidationEliminationsMember2020-10-012020-12-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:HomeServicesandOtherMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:NaturalGasUtilityMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:CleanEnergyVenturesMembernjr:NaturalGasUtilityMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:EnergyServicesMembernjr:NaturalGasUtilityMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:StorageAndTransportationMembernjr:NaturalGasUtilityMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:HomeServicesandOtherMembernjr:NaturalGasUtilityMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:NaturalGasUtilityMember2019-10-012019-12-310000356309njr:NaturalGasDistributionMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:CleanEnergyVenturesMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:EnergyServicesMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:StorageAndTransportationMembernjr:WholesaleNaturalGasMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:HomeServicesandOtherMembernjr:WholesaleNaturalGasMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:WholesaleNaturalGasMember2019-10-012019-12-310000356309njr:NaturalGasDistributionMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:CleanEnergyVenturesMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:EnergyServicesMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:StorageAndTransportationMembernjr:ServiceContractsMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:HomeServicesandOtherMemberus-gaap:CorporateNonSegmentMembernjr:ServiceContractsMember2019-10-012019-12-310000356309njr:ServiceContractsMember2019-10-012019-12-310000356309njr:InstallationandMaintenanceMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:InstallationandMaintenanceMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:InstallationandMaintenanceMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:InstallationandMaintenanceMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:InstallationandMaintenanceMembernjr:HomeServicesandOtherMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:InstallationandMaintenanceMember2019-10-012019-12-310000356309us-gaap:ElectricityMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:CleanEnergyVenturesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:EnergyServicesMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:StorageAndTransportationMemberus-gaap:ElectricityMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:HomeServicesandOtherMemberus-gaap:ElectricityMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309us-gaap:ElectricityMember2019-10-012019-12-310000356309srt:ConsolidationEliminationsMembernjr:NaturalGasDistributionMember2019-10-012019-12-310000356309srt:ConsolidationEliminationsMembernjr:CleanEnergyVenturesMember2019-10-012019-12-310000356309srt:ConsolidationEliminationsMembernjr:EnergyServicesMember2019-10-012019-12-310000356309srt:ConsolidationEliminationsMembernjr:StorageAndTransportationMember2019-10-012019-12-310000356309srt:ConsolidationEliminationsMembernjr:HomeServicesandOtherMember2019-10-012019-12-310000356309srt:ConsolidationEliminationsMember2019-10-012019-12-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:HomeServicesandOtherMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:ResidentialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:ResidentialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:ResidentialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:ResidentialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:ResidentialMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:ResidentialMember2020-10-012020-12-310000356309njr:CommercialandIndustrialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:CleanEnergyVenturesMembernjr:CommercialandIndustrialMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:EnergyServicesMembernjr:CommercialandIndustrialMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:StorageAndTransportationMembernjr:CommercialandIndustrialMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:CommercialandIndustrialMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:CommercialandIndustrialMember2020-10-012020-12-310000356309njr:FirmTransportationMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:FirmTransportationMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:FirmTransportationMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:FirmTransportationMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:FirmTransportationMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:FirmTransportationMember2020-10-012020-12-310000356309njr:InterruptibleandOfftariffMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:InterruptibleandOfftariffMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:InterruptibleandOfftariffMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:InterruptibleandOfftariffMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309njr:InterruptibleandOfftariffMemberus-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:InterruptibleandOfftariffMember2020-10-012020-12-310000356309us-gaap:CorporateNonSegmentMember2020-10-012020-12-310000356309njr:ResidentialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:ResidentialMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:ResidentialMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:ResidentialMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:ResidentialMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:ResidentialMember2019-10-012019-12-310000356309njr:CommercialandIndustrialMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:CleanEnergyVenturesMembernjr:CommercialandIndustrialMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:EnergyServicesMembernjr:CommercialandIndustrialMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:StorageAndTransportationMembernjr:CommercialandIndustrialMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:CommercialandIndustrialMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:CommercialandIndustrialMember2019-10-012019-12-310000356309njr:FirmTransportationMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:FirmTransportationMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:FirmTransportationMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:FirmTransportationMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:FirmTransportationMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:FirmTransportationMember2019-10-012019-12-310000356309njr:InterruptibleandOfftariffMembernjr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:InterruptibleandOfftariffMembernjr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:InterruptibleandOfftariffMembernjr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:InterruptibleandOfftariffMembernjr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309njr:InterruptibleandOfftariffMemberus-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:InterruptibleandOfftariffMember2019-10-012019-12-310000356309us-gaap:CorporateNonSegmentMember2019-10-012019-12-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-12-310000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-12-310000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-12-310000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-12-310000356309us-gaap:CorporateNonSegmentMember2020-12-310000356309njr:NjngMembernjr:NewJerseyCleanEnergyProgramMember2020-12-310000356309njr:NjngMembernjr:NewJerseyCleanEnergyProgramMember2020-09-300000356309njr:NjngMembernjr:ConservationIncentiveProgramMember2020-12-310000356309njr:NjngMembernjr:ConservationIncentiveProgramMember2020-09-300000356309njr:NjngMemberus-gaap:DeferredDerivativeGainLossMember2020-12-310000356309njr:NjngMemberus-gaap:DeferredDerivativeGainLossMember2020-09-300000356309us-gaap:OtherRegulatoryAssetsLiabilitiesMembernjr:NjngMember2020-12-310000356309us-gaap:OtherRegulatoryAssetsLiabilitiesMembernjr:NjngMember2020-09-300000356309njr:NjngMember2020-12-310000356309njr:NjngMember2020-09-300000356309njr:NjngMembernjr:EnviromentalRemediationCostsExpendedNetOfRecoveriesMember2020-12-310000356309njr:NjngMembernjr:EnviromentalRemediationCostsExpendedNetOfRecoveriesMember2020-09-300000356309us-gaap:EnvironmentalRestorationCostsMembernjr:NjngMember2020-12-310000356309us-gaap:EnvironmentalRestorationCostsMembernjr:NjngMember2020-09-300000356309us-gaap:DeferredIncomeTaxChargesMembernjr:NjngMember2020-12-310000356309us-gaap:DeferredIncomeTaxChargesMembernjr:NjngMember2020-09-300000356309njr:NjngMemberus-gaap:RenewableEnergyProgramMember2020-12-310000356309njr:NjngMemberus-gaap:RenewableEnergyProgramMember2020-09-300000356309njr:NjngMemberus-gaap:PensionAndOtherPostretirementPlansCostsMember2020-12-310000356309njr:NjngMemberus-gaap:PensionAndOtherPostretirementPlansCostsMember2020-09-300000356309us-gaap:StormCostsMembernjr:NjngMember2020-12-310000356309us-gaap:StormCostsMembernjr:NjngMember2020-09-300000356309njr:NjngMemberus-gaap:RemovalCostsMember2020-12-310000356309njr:NjngMemberus-gaap:RemovalCostsMember2020-09-300000356309njr:NjngMembernjr:LiabilityOverrecoveredGasCostsMember2020-12-310000356309njr:NjngMembernjr:LiabilityOverrecoveredGasCostsMember2020-09-300000356309njr:NjngMemberus-gaap:DeferredDerivativeGainLossMember2020-12-310000356309njr:NjngMemberus-gaap:DeferredDerivativeGainLossMember2020-09-300000356309njr:NjngMembernjr:TaxActMember2020-12-310000356309njr:NjngMembernjr:TaxActMember2020-09-300000356309njr:OtherRegulatoryNoncurrentLiabilityMembernjr:NjngMember2020-12-310000356309njr:OtherRegulatoryNoncurrentLiabilityMembernjr:NjngMember2020-09-300000356309njr:AdelphiaGatewayLLCMember2020-12-310000356309njr:AdelphiaGatewayLLCMember2020-09-300000356309njr:BPUMembernjr:NjngMember2020-10-282020-10-280000356309njr:BGSSMembernjr:NjngMember2020-11-202020-11-200000356309njr:BGSSMembernjr:NjngMember2020-12-222020-12-220000356309njr:DebtIssuedInSeptember2020Membernjr:NaturalGasDistributionMember2020-09-300000356309us-gaap:TreasuryLockMembernjr:NaturalGasDistributionMember2020-09-012020-09-300000356309us-gaap:CorporateNonSegmentMember2020-09-300000356309njr:DebtIssuedInJuly2020Memberus-gaap:CorporateNonSegmentMember2020-09-300000356309njr:DebtIssuedInSeptember2020Memberus-gaap:CorporateNonSegmentMember2020-09-300000356309us-gaap:TreasuryLockMemberus-gaap:CorporateNonSegmentMember2020-09-012020-09-300000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMemberus-gaap:EnergyRelatedDerivativeMember2020-12-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMemberus-gaap:EnergyRelatedDerivativeMember2020-09-300000356309us-gaap:NondesignatedMemberus-gaap:CommodityContractMembernjr:NaturalGasDistributionMember2020-12-310000356309us-gaap:NondesignatedMemberus-gaap:CommodityContractMembernjr:NaturalGasDistributionMember2020-09-300000356309njr:NjresMemberus-gaap:NondesignatedMemberus-gaap:EnergyRelatedDerivativeMember2020-12-310000356309njr:NjresMemberus-gaap:NondesignatedMemberus-gaap:EnergyRelatedDerivativeMember2020-09-300000356309njr:NjresMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-12-310000356309njr:NjresMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2020-09-300000356309njr:NjresMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-12-310000356309njr:NjresMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2020-09-300000356309us-gaap:NondesignatedMember2020-12-310000356309us-gaap:NondesignatedMember2020-09-300000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMember2020-12-310000356309us-gaap:CommodityContractMembernjr:EnergyServicesMember2020-12-310000356309us-gaap:ForeignExchangeContractMembernjr:EnergyServicesMember2020-12-310000356309us-gaap:EnergyRelatedDerivativeMembernjr:NaturalGasDistributionMember2020-12-310000356309us-gaap:CommodityContractMembernjr:NaturalGasDistributionMember2020-12-310000356309njr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMember2020-09-300000356309us-gaap:CommodityContractMembernjr:EnergyServicesMember2020-09-300000356309us-gaap:ForeignExchangeContractMembernjr:EnergyServicesMember2020-09-300000356309us-gaap:EnergyRelatedDerivativeMembernjr:NaturalGasDistributionMember2020-09-300000356309us-gaap:CommodityContractMembernjr:NaturalGasDistributionMember2020-09-300000356309us-gaap:NondesignatedMemberus-gaap:SalesMembernjr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMember2020-10-012020-12-310000356309us-gaap:NondesignatedMemberus-gaap:SalesMembernjr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMember2019-10-012019-12-310000356309us-gaap:NondesignatedMembernjr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:EnergyRelatedDerivativeMember2020-10-012020-12-310000356309us-gaap:NondesignatedMembernjr:EnergyServicesMembernjr:GasPurchasesMemberus-gaap:EnergyRelatedDerivativeMember2019-10-012019-12-310000356309us-gaap:NondesignatedMemberus-gaap:CommodityContractMembernjr:EnergyServicesMembernjr:GasPurchasesMember2020-10-012020-12-310000356309us-gaap:NondesignatedMemberus-gaap:CommodityContractMembernjr:EnergyServicesMembernjr:GasPurchasesMember2019-10-012019-12-310000356309us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMembernjr:EnergyServicesMembernjr:GasPurchasesMember2020-10-012020-12-310000356309us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMembernjr:EnergyServicesMembernjr:GasPurchasesMember2019-10-012019-12-310000356309us-gaap:NondesignatedMember2020-10-012020-12-310000356309us-gaap:NondesignatedMember2019-10-012019-12-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMemberus-gaap:EnergyRelatedDerivativeMember2020-10-012020-12-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMemberus-gaap:EnergyRelatedDerivativeMember2019-10-012019-12-310000356309us-gaap:NondesignatedMemberus-gaap:CommodityContractMembernjr:NaturalGasDistributionMember2020-10-012020-12-310000356309us-gaap:NondesignatedMemberus-gaap:CommodityContractMembernjr:NaturalGasDistributionMember2019-10-012019-12-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2020-10-012020-12-310000356309us-gaap:NondesignatedMembernjr:NaturalGasDistributionMember2019-10-012019-12-310000356309us-gaap:TreasuryLockMember2020-10-012020-12-310000356309us-gaap:TreasuryLockMember2019-10-012019-12-310000356309us-gaap:InterestExpenseMemberus-gaap:TreasuryLockMember2020-10-012020-12-310000356309us-gaap:InterestExpenseMemberus-gaap:TreasuryLockMember2019-10-012019-12-310000356309us-gaap:LongMemberus-gaap:FutureMembernjr:NaturalGasDistributionMember2020-12-310000356309us-gaap:LongMemberus-gaap:FutureMembernjr:NaturalGasDistributionMember2020-09-300000356309us-gaap:LongMembernjr:NaturalGasDistributionMemberus-gaap:EnergyRelatedDerivativeMember2020-12-310000356309us-gaap:LongMembernjr:NaturalGasDistributionMemberus-gaap:EnergyRelatedDerivativeMember2020-09-300000356309us-gaap:FutureMembernjr:EnergyServicesMemberus-gaap:ShortMember2020-12-310000356309us-gaap:FutureMembernjr:EnergyServicesMemberus-gaap:ShortMember2020-09-300000356309njr:EnergyServicesMemberus-gaap:ShortMemberus-gaap:SwapMember2020-12-310000356309njr:EnergyServicesMemberus-gaap:ShortMemberus-gaap:SwapMember2020-09-300000356309njr:EnergyServicesMemberus-gaap:ShortMemberus-gaap:EnergyRelatedDerivativeMember2020-12-310000356309us-gaap:LongMembernjr:EnergyServicesMemberus-gaap:EnergyRelatedDerivativeMember2020-09-300000356309us-gaap:ForeignExchangeContractMember2020-09-300000356309us-gaap:ForeignExchangeContractMember2020-12-31njr:certificate0000356309us-gaap:ExternalCreditRatingInvestmentGradeMember2020-10-012020-12-310000356309us-gaap:ExternalCreditRatingNonInvestmentGradeMember2020-10-012020-12-310000356309njr:InternallyRatedInvestmentGradeMember2020-10-012020-12-310000356309njr:InternallyRatedNoninvestmentGradeMember2020-10-012020-12-310000356309us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2020-12-310000356309us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2020-09-300000356309us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2020-12-310000356309us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2020-09-300000356309njr:NjngMember2020-12-310000356309njr:NjngMember2020-09-300000356309njr:NjrMember2020-09-300000356309njr:NjrMember2020-12-310000356309njr:CleanEnergyVenturesMembernjr:SolarAssetFinancingMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000356309njr:CleanEnergyVenturesMembernjr:SolarAssetFinancingMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-09-300000356309us-gaap:FairValueInputsLevel1Memberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueInputsLevel2Memberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueInputsLevel3Memberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-12-310000356309us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-12-310000356309us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-12-310000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-12-310000356309us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueMeasurementsRecurringMember2020-12-310000356309us-gaap:FairValueInputsLevel1Memberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:FairValueInputsLevel2Memberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:FairValueInputsLevel3Memberus-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:EnergyRelatedDerivativeMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:CommodityContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:ForeignExchangeContractMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-09-300000356309us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-09-300000356309us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-09-300000356309us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2020-09-300000356309us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309us-gaap:FairValueMeasurementsRecurringMember2020-09-300000356309njr:SteckmanRidgeMember2020-09-300000356309njr:PennEastMember2020-09-3000003563092019-10-012020-09-300000356309njr:PennEastMembernjr:NJRPipelineMember2020-12-31utr:mi0000356309njr:PennEastMember2020-10-012020-12-31njr:phase0000356309njr:PennEastMember2020-01-302020-01-300000356309us-gaap:StockCompensationPlanMember2020-10-012020-12-310000356309njr:CommittedCreditFacilitiesDueDecember2023Membernjr:NjrMemberus-gaap:RevolvingCreditFacilityMember2020-12-310000356309njr:CommittedCreditFacilitiesDueDecember2023Membernjr:NjrMemberus-gaap:RevolvingCreditFacilityMember2020-09-300000356309njr:NjrMembernjr:CreditFacilitiesDueApril2021Memberus-gaap:RevolvingCreditFacilityMember2020-12-310000356309njr:NjrMembernjr:CreditFacilitiesDueApril2021Memberus-gaap:RevolvingCreditFacilityMember2020-09-300000356309njr:NjngMembernjr:CommittedCreditFacilitiesDueDecember2023Memberus-gaap:RevolvingCreditFacilityMember2020-12-310000356309njr:NjngMembernjr:CommittedCreditFacilitiesDueDecember2023Memberus-gaap:RevolvingCreditFacilityMember2020-09-300000356309njr:NjrMemberus-gaap:RevolvingCreditFacilityMember2020-10-012020-12-310000356309njr:NjrMembernjr:LetterofCreditonBehalfofNJRESMember2020-12-310000356309njr:NjrMembernjr:LetterofCreditonBehalfofNJRESMember2020-09-300000356309njr:NjngMemberus-gaap:RevolvingCreditFacilityMember2020-10-012020-12-310000356309us-gaap:LetterOfCreditMembernjr:NjngMember2020-12-310000356309us-gaap:LetterOfCreditMembernjr:NjngMember2020-09-300000356309njr:NjrMemberus-gaap:RevolvingCreditFacilityMember2020-04-242020-04-240000356309njr:NjrMemberus-gaap:RevolvingCreditFacilityMember2020-04-240000356309us-gaap:LondonInterbankOfferedRateLIBORMembernjr:NjrMemberus-gaap:RevolvingCreditFacilityMember2020-04-242020-04-240000356309njr:NjrMembernjr:CreditFacilitiesDueApril2021Memberus-gaap:RevolvingCreditFacilityMember2019-12-130000356309njr:NjrMembernjr:CreditFacilitiesDueApril2021Memberus-gaap:RevolvingCreditFacilityMember2020-10-240000356309njr:NjngMember2019-10-012019-12-310000356309us-gaap:PensionPlansDefinedBenefitMember2020-10-012020-12-310000356309us-gaap:PensionPlansDefinedBenefitMember2019-10-012019-12-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-10-012020-12-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-10-012019-12-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembersrt:MinimumMember2020-12-310000356309us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembersrt:MaximumMember2020-12-310000356309us-gaap:DomesticCountryMember2020-12-310000356309us-gaap:DomesticCountryMember2020-09-300000356309us-gaap:StateAndLocalJurisdictionMember2020-12-310000356309us-gaap:StateAndLocalJurisdictionMember2020-09-300000356309us-gaap:StateAndLocalJurisdictionMembersrt:MinimumMember2020-10-012020-12-310000356309us-gaap:StateAndLocalJurisdictionMembersrt:MaximumMember2020-10-012020-12-310000356309njr:SolarPropertyMembersrt:MinimumMember2020-12-310000356309srt:MaximumMembernjr:SolarPropertyMember2020-12-310000356309srt:OfficeBuildingMembersrt:MinimumMember2020-12-310000356309srt:MaximumMembersrt:OfficeBuildingMember2020-12-310000356309njr:MeterLicenseMember2020-12-310000356309us-gaap:EquipmentMember2020-12-310000356309njr:StorageandCapacityLeasesMember2020-12-310000356309njr:EnergyServicesMembersrt:MinimumMember2020-10-012020-12-310000356309srt:MaximumMembernjr:EnergyServicesMember2020-10-012020-12-310000356309us-gaap:InventoriesMembernjr:EnergyServicesMember2020-12-310000356309njr:StorageDemandFeesMembernjr:EnergyServicesMember2020-12-310000356309njr:PipelineDemandFeesMembernjr:EnergyServicesMember2020-12-310000356309us-gaap:InventoriesMembernjr:NaturalGasDistributionMember2020-12-310000356309njr:StorageDemandFeesMembernjr:NaturalGasDistributionMember2020-12-310000356309njr:PipelineDemandFeesMembernjr:NaturalGasDistributionMember2020-12-310000356309njr:RACMember2020-09-082020-09-080000356309njr:RACMember2020-09-092020-09-090000356309njr:EnviromentalRemediationCostsExpendedNetOfRecoveriesMember2020-12-3100003563092019-12-012019-12-310000356309njr:DirectlyIssuedCommonStockMember2019-12-012019-12-310000356309njr:ForwardSalesAgreementsMember2019-12-012019-12-310000356309njr:ForwardSalesAgreementsMember2020-12-310000356309njr:EnergyServicesMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000356309njr:EnergyServicesMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000356309njr:StorageAndTransportationMemberus-gaap:IntersegmentEliminationMember2020-10-012020-12-310000356309njr:StorageAndTransportationMemberus-gaap:IntersegmentEliminationMember2019-10-012019-12-310000356309us-gaap:OperatingSegmentsMember2020-10-012020-12-310000356309us-gaap:OperatingSegmentsMember2019-10-012019-12-310000356309us-gaap:IntersegmentEliminationMember2020-10-012020-12-310000356309us-gaap:IntersegmentEliminationMember2019-10-012019-12-310000356309njr:NaturalGasDistributionMemberus-gaap:OperatingSegmentsMember2020-09-300000356309njr:CleanEnergyVenturesMemberus-gaap:OperatingSegmentsMember2020-09-300000356309njr:EnergyServicesMemberus-gaap:OperatingSegmentsMember2020-09-300000356309njr:StorageAndTransportationMemberus-gaap:OperatingSegmentsMember2020-09-300000356309us-gaap:OperatingSegmentsMember2020-12-310000356309us-gaap:OperatingSegmentsMember2020-09-300000356309srt:ConsolidationEliminationsMember2020-12-310000356309srt:ConsolidationEliminationsMember2020-09-300000356309njr:NjngToNjresAffilateMember2010-04-012010-04-010000356309njr:NjngToSteckmanRidgeAffiliateMember2020-04-012020-04-010000356309njr:NjngToSteckmanRidgeAffiliateMember2020-10-012020-12-310000356309njr:NjngToSteckmanRidgeAffiliateMember2019-10-012019-12-310000356309njr:NjresToSteckmanRidgeAfffiliateMember2020-10-012020-12-310000356309njr:NjresToSteckmanRidgeAfffiliateMember2019-10-012019-12-310000356309njr:NjngToSteckmanRidgeAffiliateMember2020-12-310000356309njr:NjngToSteckmanRidgeAffiliateMember2020-09-300000356309njr:NjresToSteckmanRidgeAfffiliateMember2020-12-310000356309njr:NjresToSteckmanRidgeAfffiliateMember2020-09-30njr:lease0000356309njr:NJNGtoPennEastAffiliateMember2020-10-012020-12-31njr:DTH0000356309njr:NJREStoPennEastAffiliateMember2020-10-012020-12-310000356309njr:NJNGtoAdelphiaAffiliateMember2020-10-012020-12-310000356309njr:LeafRiverEnergyCenterLLCMember2020-10-012020-12-310000356309njr:TalenGenerationLLCMembernjr:TalensMembershipInterestsInIECMember2020-01-132020-01-130000356309njr:TalenGenerationLLCMembernjr:TalensMembershipInterestsInIECMember2017-11-012017-11-300000356309njr:TalenGenerationLLCMembernjr:TalensMembershipInterestsInIECMember2020-10-012020-12-310000356309njr:TalenGenerationLLCMembernjr:TalensMembershipInterestsInIECMember2020-01-130000356309njr:TalenGenerationLLCMembernjr:TalensMembershipInterestsInIECMember2019-12-192019-12-190000356309njr:TalenGenerationLLCMembernjr:TalensMembershipInterestsInIECMembernjr:AdelphiaGatewayLLCMember2020-01-132020-01-130000356309njr:TalenGenerationLLCMembernjr:TalensMembershipInterestsInIECMembernjr:AdelphiaGatewayLLCMember2020-01-130000356309njr:TalenGenerationLLCMembernjr:TalensMembershipInterestsInIECMembersrt:MinimumMember2020-10-012020-12-310000356309njr:TalenGenerationLLCMembersrt:MaximumMembernjr:TalensMembershipInterestsInIECMember2020-10-012020-12-310000356309njr:NJRPipelineMembernjr:LeafRiverEnergyCenterLLCMember2019-10-110000356309njr:NJRPipelineMembernjr:LeafRiverEnergyCenterLLCMember2019-10-112019-10-110000356309srt:MinimumMembernjr:NJRPipelineMembernjr:LeafRiverEnergyCenterLLCMember2020-10-012020-12-310000356309srt:MaximumMembernjr:NJRPipelineMembernjr:LeafRiverEnergyCenterLLCMember2020-10-012020-12-31

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

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

(Exact name of registrant as specified in its charter)

New Jersey

22-2376465

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

1415 Wyckoff Road

(732)

938‑1480

Wall

New Jersey

07719

(Registrant's telephone number, including area code)

(Address of principal executive offices)

Securities registered pursuant to Section 12 (b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered)

Common Stock - $2.50 Par Value

NJR

New York Stock Exchange

Yes: ☒            No: ☐

Yes: ☒            No: ☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

Yes: ☐            No: ☒

									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			16
						Note 4. Regulation			19
						Note 5. Derivative Instruments			21
						Note 6. Fair Value			26
						Note 7. Investments in Equity Investees			28
						Note 8. Earnings Per Share			29
						Note 9. Debt			30
						Note 10. Employee Benefit Plans			31
						Note 11. Income Taxes			32
						Note 12. Leases			33
						Note 13. Commitments and Contingent Liabilities			35
						Note 14. Common Stock Equity			37
						Note 15. Reporting Segment and Other Operations Data			37
						Note 16. Related Party Transactions			41
						Note 17. Acquisitions and Dispositions			41
			ITEM 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			43
			ITEM 3.			Quantitative and Qualitative Disclosures About Market Risk			70
			ITEM 4.			Controls and Procedures			72
PART II. OTHER INFORMATION
			ITEM 1.			Legal Proceedings			73
			ITEM 1A.			Risk Factors			73
			ITEM 2.			Unregistered Sale of Equity Securities and Use of Proceeds			73
			ITEM 6.			Exhibits			74
						Signatures			75

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
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

•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.

						Three Months Ended
						December 31,
(Thousands, except per share data)												2020						2019
OPERATING REVENUES
Utility												$	195,729					$	219,623
Nonutility												258,576						395,413
Total operating revenues												454,305						615,036
OPERATING EXPENSES
Natural gas purchases:
Utility												56,145						91,814
Nonutility												173,247						317,356
Related parties												1,734						1,524
Operation and maintenance												73,636						63,345
Regulatory rider expenses												10,701						11,742
Depreciation and amortization												27,362						24,637
Total operating expenses												342,825						510,418
OPERATING INCOME												111,480						104,618
Other income, net												4,117						286
Interest expense, net of capitalized interest												19,786						16,070
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES												95,811						88,834
Income tax provision												17,441						16,471
Equity in earnings of affiliates												2,675						3,389
NET INCOME												$	81,045					$	75,752
EARNINGS PER COMMON SHARE
Basic												$0.84						$0.82
Diluted												$0.84						$0.82
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic												96,114						91,911
Diluted												96,415						92,320

									Three Months Ended
									December 31,
(Thousands)												2020			2019
Net income												$	81,045		$	75,752
Other comprehensive income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(112) and $0, respectively												231			—
Adjustment to postemployment benefit obligation, net of tax of $(245) and $(217), respectively												812			759
Other comprehensive income												$	1,043		$	759
Comprehensive income												$	82,088		$	76,511

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

			Three Months Ended
			December 31,
(Thousands)			2020						2019
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Net income			$	81,045					$	75,752
Adjustments to reconcile net income to cash flows from operating activities
Unrealized gain on derivative instruments			(37,491)						(41,766)
Depreciation and amortization			27,362						24,637
Amortization of acquired wholesale energy contracts			716						134
Allowance for equity used during construction			(4,931)						(2,732)
Allowance for doubtful accounts			3,970						430
Non cash lease expense			1,324						861
Deferred income taxes			17,667						19,976
Manufactured gas plant remediation costs			(1,274)						(2,974)
Equity in earnings, net of distributions received from equity investees			(1,189)						(1,332)
Cost of removal - asset retirement obligations			(256)						(61)
Contributions to postemployment benefit plans			(1,670)						(2,256)
Tax benefit from stock-based compensation			76						798
Changes in:
Components of working capital			(74,434)						(117,241)
Other noncurrent assets			11,806						1,312
Other noncurrent liabilities			9,002						1,398
Cash flows from (used in) operating activities			31,723						(43,064)
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant			(64,481)						(69,861)
Solar equipment			(22,335)						(45,699)
Storage and Transportation and other			(8,299)						(2,687)
Cost of removal			(14,765)						(7,936)
Acquisition of assets, net of cash acquired of $5.1 million			—						(368,126)
Distribution from equity investees in excess of equity in earnings			1,413						643
Investments in equity investees			(286)						(509)
Cash flows used in investing activities			(108,753)						(494,175)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from term loan			—						350,000
Payments of term loan			—						(212,900)
Payments of long-term debt			(5,203)						(3,853)
Proceeds from (payments of) short-term debt, net			9,000						228,159
Proceeds from sale leaseback transaction - solar			12,124						—
Proceeds from sale leaseback transaction			—						4,000
Payments of common stock dividends			(31,902)						(26,974)
Proceeds from issuance of common stock - public equity offering			—						212,900
Proceeds from issuance of common stock - DRP			3,911						3,572
Tax withholding payments related to net settled stock compensation			(5,534)						(3,543)
Cash flows (used in) from financing activities			(17,604)						551,361
Change in cash, cash equivalents and restricted cash			(94,634)						14,122
Cash, cash equivalents and restricted cash at beginning of period			119,423						4,063
Cash, cash equivalents and restricted cash at end of period			$	24,789					$	18,185
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables			$	(108,143)					$	(164,622)
Inventories			5,792						(17,055)
Recovery of natural gas costs			(10,542)						7,951
Natural gas purchases payable			24,146						44,086
Natural gas purchases payable - related parties			74						—
Prepaid expenses			(5,045)						(12,482)
Prepaid and accrued taxes			10,568						15,390
Accounts payable and other			(39,232)						(27,080)
Restricted broker margin accounts			38,986						34,976
Customers' credit balances and deposits			7,014						2,457
Other current assets			1,948						(862)
Total			$	(74,434)					$	(117,241)
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)			$	11,298					$	14,938
Income taxes			$	230					$	—
Accrued capital expenditures			$	4,205					$	14,864

(Thousands)			December 31, 2020			September 30, 2020
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost			$	2,846,982		$	2,800,052
Construction work in progress			401,393			379,846
Nonutility plant and equipment, at cost			1,117,839			1,108,512
Construction work in progress			204,152			176,556
Total property, plant and equipment			4,570,366			4,464,966
Accumulated depreciation and amortization, utility plant			(603,385)			(601,635)
Accumulated depreciation and amortization, nonutility plant and equipment			(148,666)			(140,562)
Property, plant and equipment, net			3,818,315			3,722,769
CURRENT ASSETS
Cash and cash equivalents			22,358			117,012
Customer accounts receivable
Billed			197,641			134,173
Unbilled revenues			53,794			9,226
Allowance for doubtful accounts			(11,105)			(7,242)
Regulatory assets			39,342			36,530
Natural gas in storage, at average cost			163,169			167,504
Materials and supplies, at average cost			18,949			20,406
Prepaid expenses			11,684			6,639
Prepaid and accrued taxes			12,858			24,301
Derivatives, at fair value			33,087			23,310
Restricted broker margin accounts			48,105			69,444
Other			19,322			21,029
Total current assets			609,204			622,332
NONCURRENT ASSETS
Investments in equity method investees			211,581			208,375
Regulatory assets			521,337			527,459
Operating lease assets			138,633			131,769
Derivatives, at fair value			1,547			3,349
Intangible assets, net			9,397			10,060
Software costs			5,498			4,707
Other noncurrent assets			81,393			85,657
Total noncurrent assets			969,386			971,376
Total assets			$	5,396,905		$	5,316,477

(Thousands, except share data)			December 31, 2020			September 30, 2020
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding December 31, 2020 — 96,139,436; September 30, 2020 — 95,949,183			$	240,367		$	240,243
Premium on common stock			492,890			491,982
Accumulated other comprehensive loss, net of tax			(43,272)			(44,315)
Treasury stock at cost and other; shares December 31, 2020 — 7,623; September 30, 2020 — 148,310			11,649			8,485
Retained earnings			996,580			947,501
Common stock equity			1,698,214			1,643,896
Long-term debt			2,264,972			2,259,466
Total capitalization			3,963,186			3,903,362
CURRENT LIABILITIES
Current maturities of long-term debt			26,864			27,236
Short-term debt			134,350			125,350
Natural gas purchases payable			120,091			95,945
Natural gas purchases payable to related parties			865			791
Accounts payable and other			110,456			141,500
Dividends payable			31,966			31,902
Accrued taxes			1,842			2,717
Regulatory liabilities			16,941			26,188
New Jersey Clean Energy Program			13,508			15,570
Derivatives, at fair value			24,444			33,865
Operating lease liabilities			4,397			6,724
Customers' credit balances and deposits			32,948			25,934
Total current liabilities			518,672			533,722
NONCURRENT LIABILITIES
Deferred income taxes			166,128			138,081
Deferred investment tax credits			3,251			3,332
Deferred gain			987			1,035
Derivatives, at fair value			14,933			13,352
Manufactured gas plant remediation			148,000			150,590
Postemployment employee benefit liability			235,845			237,221
Regulatory liabilities			195,282			196,450
Operating lease liabilities			104,970			95,030
Asset retirement obligation			33,906			33,723
Other			11,745			10,579
Total noncurrent liabilities			915,047			879,393
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities			$	5,396,905		$	5,316,477

(Thousands)			Number of Shares			Common Stock			Premium on Common Stock			Accumulated Other Comprehensive (Loss) Income									Treasury Stock And Other			Retained Earnings			Total
Balance at September 30, 2020			95,949			$	240,243		$	491,982					$	(44,315)					$	8,485		$	947,501		$	1,643,896
Net income			—			—			—						—						—			81,045			81,045
Other comprehensive income			—			—			—						1,043						—			—			1,043
Common stock issued:
Incentive compensation plan			50			124			5,410						—						—			—			5,534
Dividend reinvestment plan (1)			140			—			(4,502)						—						5,593			—			1,091
Cash dividend declared ($.3325 per share)			—			—			—						—						—			(31,966)			(31,966)
Treasury stock and other			—			—			—						—						(2,429)			—			(2,429)
Balance at December 31, 2020			96,139			$	240,367		$	492,890					$	(43,272)					$	11,649		$	996,580		$	1,698,214

(1)Shares sold through the DRP are issued from treasury stock at average cost, which may differ from the actual market price paid.

(Thousands)			Number of Shares			Common Stock			Premium on Common Stock			Accumulated Other Comprehensive (Loss) Income									Treasury Stock And Other			Retained Earnings			Total
Balance at September 30, 2019			89,999			$	226,649		$	291,331					$	(31,787)					$	(10,436)		$	869,858		$	1,345,615
Net income			—			—			—						—						—			75,752			75,752
Other comprehensive income			—			—			—						759						—			—			759
Common stock issued:
Common stock offering			5,333			13,333			199,567						—						—			—			212,900
Incentive compensation plan			96			239			3,053						—						—			—			3,292
Dividend reinvestment plan (1)			80			—			314						—						3,185			—			3,499
Cash dividend declared ($.3125 per share)			—			—			—						—						—			(29,846)			(29,846)
Treasury stock and other			—			—			—						—						(3,879)			—			(3,879)
Balance at December 31, 2019			95,508			$	240,221		$	494,265					$	(31,028)					$	(11,130)		$	915,764		$	1,608,092

(1)Shares sold through the DRP are issued from treasury stock at average cost, which may differ from the actual market price paid.

NJR Midstream Holdings Corporation, which comprises the Storage and Transportation segment, formerly the Midstream segment, invests in energy-related ventures through its subsidiaries. The Company holds a 50 percent combined ownership interest in Steckman Ridge, located in Pennsylvania and 20 percent ownership interest in PennEast, which are accounted for under the equity method of accounting. The Company also operates natural gas storage and transmission assets through the wholly-owned subsidiaries of Leaf River, which was acquired on October 11, 2019 and Adelphia Gateway, which was acquired on January 13, 2020 and is subject to rate regulation by FERC. See Note 17. Acquisitions and Dispositions for more information regarding these acquisitions.

The Company follows the guidance in ASC 805, Business Combinations, for determining the appropriate accounting treatment for acquisitions. ASU No. 2017-01, Clarifying the Definition of a Business, provides an initial fair value screen to determine if substantially all of the fair value of the assets acquired is concentrated in a single asset or group of similar assets. If the initial screening test is not met, the set is considered a business based on whether there are inputs and substantive processes in place. Based on the results of this analysis and conclusion on an acquisition’s classification of a business combination or an asset acquisition, the accounting treatment is derived.

Revenues from all other activities are recorded in the period during which products or services are delivered and accepted by customers, or over the related contractual term. See Note 3. Revenue for further information.

(Thousands)			December 31, 2020			September 30, 2020			December 31, 2019			September 30, 2019
Balance Sheet
Cash and cash equivalents			$	22,358		$	117,012		$	15,666		$	2,676
Restricted cash in other noncurrent assets			$	2,431		$	2,411		$	2,519		$	1,387
Statements of Cash Flow
Cash, cash equivalents and restricted cash			$	24,789		$	119,423		$	18,185		$	4,063

			December 31, 2020									September 30, 2020
($ in thousands)			Natural Gas in Storage						Bcf			Natural Gas in Storage						Bcf
Natural Gas Distribution						$	98,434		25.1						$	110,037		27.2
Energy Services						64,688			30.8						57,352			34.3
Storage and Transportation						47			—						115			0.02
Total						$	163,169		55.9						$	167,504		61.52

(Thousands)			December 31, 2020			September 30, 2020
Balance Sheets
Utility plant, at cost			$	13,894		$	13,452
Nonutility plant and equipment, at cost			$	330		$	316
Construction work in progress			$	2		$	—
Accumulated depreciation and amortization, utility plant			$	(517)		$	(279)
Accumulated depreciation and amortization, nonutility plant and equipment			$	(11)		$	(5)
Software costs			$	5,498		$	4,707
			Three Months Ended
			December 31,
Statements of Operations			2020			2019
Operation and maintenance (1)			$	1,924		$	1,487
Depreciation and amortization			$	253		$	—

(1)During the three months ended December 31, 2020, $77,000 was amortized into O&M. There were no amounts amortized into O&M for the three months ended December 31, 2019.

(Thousands)			Cash Flow Hedges						Postemployment Benefit Obligation						Total
Balance at September 30, 2020			$	(10,397)					$	(33,918)					$	(44,315)
Other comprehensive income, net of tax
Amounts reclassified from accumulated other comprehensive income, net of tax of $(112), $(245), $(357), respectively			231						812			(1)			1,043
Balance at December 31, 2020			$	(10,166)					$	(33,106)					$	(43,272)
Balance at September 30, 2019			$	—					$	(31,787)					$	(31,787)
Other comprehensive income, net of tax
Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(217) and $(217)			—						759			(1)			759
Balance at December 31, 2019			$	—					$	(31,028)					$	(31,028)

(1)Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Unaudited Condensed Consolidated Statements of Operations.

Effective October 1, 2020, the Company changed its method of accounting for ITCs at Clean Energy Ventures from the flow through method to the deferral method. Prior to the change, the Company recognized ITCs as a reduction of income tax expense in the period that the qualified solar energy property, to which it relates, was placed in service. Effective with the accounting change, the Company recorded ITCs as a reduction to the carrying value of the related asset when placed in service and recognizes ITCs in earnings as a reduction to depreciation expense over the productive life of the related property. The deferral method is considered the preferred method per the authoritative guidance as described in ASC 740 - Income Taxes. The change to the deferral method is also consistent with the application of authoritative accounting guidance throughout other reporting segments and promotes proper matching of the benefits of the recognition of the ITC with the expected use of the asset.

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Depreciation and amortization			$	27,758		(3,121)			$	24,637
Total operating expenses			$	513,539		(3,121)			$	510,418
Operating income			$	101,497		3,121			$	104,618
Income before income taxes and equity in earnings of affiliates			$	85,713		3,121			$	88,834
Income tax (benefit) expense			$	(259)		16,730			$	16,471
Net income			$	89,361		(13,609)			$	75,752
Earnings per common share
Basic			$	0.97		(0.15)			$	0.82
Diluted			$	0.97		(0.15)			$	0.82

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Assets
Nonutility plant and equipment, at cost			$	1,430,723		(322,211)			$	1,108,512
Accumulated depreciation and amortization, nonutility plant and equipment			$	(202,507)		61,945			$	(140,562)
Property, plant and equipment, net			$	3,983,035		(260,266)			$	3,722,769
Other noncurrent assets			$	78,716		6,941			$	85,657
Total noncurrent assets			$	964,435		6,941			$	971,376
Total assets			$	5,569,802		(253,325)			$	5,316,477
Capitalization
Retained earnings			$	1,148,297		(200,796)			$	947,501
Common stock equity			$	1,844,692		(200,796)			$	1,643,896
Total capitalization			$	4,104,158		(200,796)			$	3,903,362
Liabilities
Deferred income taxes			$	190,610		(52,529)			$	138,081
Total noncurrent liabilities			$	931,922		(52,529)			$	879,393
Total capitalization and liabilities			$	5,569,802		(253,325)			$	5,316,477

The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Cash Flows as of December 31, 2019 is as follows:

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Depreciation and amortization			$	27,758		(3,121)			$	24,637
Deferred income taxes			$	3,246		16,730			$	19,976

The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Common Stock Equity as of December 31, 2019 is as follows:

			As Previously			Effect of			As
(Thousands)			Reported			Change			Adjusted
Retained Earnings
Balance at September 30, 2019			$	1,075,960		(206,102)			$	869,858
Net income			$	89,361		(13,609)			$	75,752
Balance at December 30, 2019			$	1,135,475		(219,711)			$	915,764
Total
Balance at September 30, 2019			$	1,551,717		(206,102)			$	1,345,615
Net income			$	89,361		(13,609)			$	75,752
Balance at December 30, 2019			$	1,827,803		(219,711)			$	1,608,092

In June 2016, the FASB issued ASU No. 2016-13, an amendment to ASC 326, Financial Instruments - Credit Losses, which changes the impairment model for certain financial assets that have a contractual right to receive cash, including trade and loan receivables. The new model requires recognition based upon an estimation of expected credit losses rather than recognition of losses when it is probable that they have been incurred. An entity will apply the amendment through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company assessed the impact of the guidance on NJR's reserve methodologies and credit policies and procedures for any assets that could be impacted, noting the majority of NJR's financial assets are short-term in nature, such as trade receivables and unbilled revenues.

In August 2018, the FASB issued ASU No. 2018-13, an amendment to ASC 820, Fair Value Measurement, which removes, modifies and adds to certain disclosure requirements of fair value measurements. Disclosure requirements removed include the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. Modifications include considerations around the requirement to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse. The additions include the requirement to disclose changes in unrealized gains and losses for the period in other comprehensive income for recurring Level 3 fair value measurements held and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The guidance is effective for the Company beginning October 1, 2020, with early adoption permitted. Upon adoption, the amendments were applied on a prospective or retrospective basis depending on the specific amendments’ transition requirements. The Company does not have either Level 3 fair value measurements or transfers between Level 1 or Level 2 in its current portfolios, and therefore, this ASU did not have an impact on the Company's financial statements and disclosures.

In December 2019, the FASB issued ASU No. 2019-12, an amendment to ASC 740, Income Taxes, which is intended to simplify the accounting for income taxes and changes the accounting for certain income tax transactions, among other minor improvements. The guidance is effective for the Company beginning October 1, 2021, with early adoption permitted. Upon adoption, the amendments will be applied on a prospective basis. The Company is currently evaluating the amendments to understand the impact on its financial position, results of operations, cash flows and disclosures upon adoption.

In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The update states that an entity is required to evaluate observable transactions that necessitate applying or discontinuing the equity method of accounting, when applying the measurement alternative in Topic 321. This evaluation occurs prior to applying or upon ceasing the equity method. The update also states that when applying paragraph 815-10-15-141(a) for forward contracts and purchased options, an entity is not required to assess whether the underlying securities will be accounted for under the equity method in accordance with Topic 323 or fair value method under Topic 825 upon settlement or exercise. The guidance is effective for the Company beginning October 1, 2021, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU but does not expect that its pending adoption will have a material effect on its consolidated financial statements.

Revenue Recognized Over Time:
Segment			Performance Obligation			Description
Natural Gas Distribution			Natural gas utility sales			NJNG's performance obligation is to provide natural gas to residential, commercial and industrial customers as demanded, based on regulated tariff rates, which are established by the BPU. Revenues from the sale of natural gas are recognized in the period that gas is delivered and consumed by customers, including an estimate for quantities consumed but not billed during the period. Payment is due each month for the previous month's deliveries. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the billing period. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects and the most current tariff rates. NJNG is entitled to be compensated for performance completed until service is terminated. Customers may elect to purchase the natural gas commodity from NJNG or may contract separately to purchase natural gas directly from third-party suppliers. As NJNG is acting as an agent on behalf of the third-party supplier, revenue is recorded for the delivery of natural gas to the customer.
Clean Energy Ventures			Commercial solar electricity			Clean Energy Ventures operates wholly-owned solar projects that recognize revenue as electricity is generated and transferred to the customer. The performance obligation is to provide electricity to the customer in accordance with contract terms or the interconnection agreement and is satisfied upon transfer of electricity generated. Revenue is recognized as invoiced and the payment is due each month for the previous month's services.
Clean Energy Ventures			Residential solar electricity			Clean Energy Ventures provides access to residential rooftop and ground-mount solar equipment to customers who then pay the Company a monthly fee. The performance obligation is to provide electricity to the customer based on generation from the underlying residential solar asset and is satisfied upon transfer of electricity generated. Revenue is derived from the contract terms and is recognized as invoiced, with the payment due each month for the previous month's services.
Clean Energy Ventures			Transition renewable energy certificates			Clean Energy Ventures generates TRECs, which are created for every MWh of electricity produced by a solar generator. The performance obligation of Clean Energy Ventures is to generate electricity and TRECs, which are purchased monthly by a REC Administrator. Revenue is recognized upon generation.
Energy Services			Natural gas services			The performance obligation of Energy Services is to provide the customer transportation, storage and asset management services on an as-needed basis. Energy Services generates revenue through management fees, demand charges, reservation fees and transportation charges centered around the buying and selling of the natural gas commodity, representing one series of distinct performance obligations. Revenue is recognized based upon the underlying natural gas quantities physically delivered and the customer obtaining control. Energy Services invoices customers on a monthly basis in line with the terms of the contract and based on the services provided. Payment is due each month for the previous month's invoiced services.
Storage and Transportation			Natural gas services			The performance obligation of the Storage and Transportation segment is to provide the customer with storage and transportation services. The Storage and Transportation segment generates revenues from firm storage contracts and transportation contracts, related usage fees for the use of storage space, injection and withdrawal at the storage facility and the delivery of natural gas to customers. Revenue is recognized over time as customers receive the benefits of service as it is performed on their behalf using an output method based on actual deliveries. Demand fees are recognized as revenue over the term of the related agreement.
Home Services and Other			Service contracts			Home Services enters into service contracts with homeowners to provide maintenance and replacement services of applicable heating, cooling or ventilation equipment. All services provided relate to a distinct performance obligation which is to provide services for the specific equipment over the term of the contract. Revenue is recognized on a straight-line basis over the term of the contract and payment is due upon receipt of the invoice.

Revenue Recognized at a Point in Time:
Storage and Transportation			Natural gas services			The performance obligation of the Storage and Transportation segment is to provide the customer with storage and transportation services. The Storage and Transportation segment generates revenues from hub services for the use of storage space, injection and withdrawal from the storage facility. Hub services include park and loan transactions and wheeling. Hub services revenues are recognized as services are performed.
Home Services and Other			Installations			Home Services installs appliances, including but not limited to, furnaces, air conditioning units, boilers and generators to customers. The distinct performance obligation is the installation of the contracted appliance, which is satisfied at the point in time the item is installed. The transaction price for each installation differs accordingly. Revenue is recognized at a point in time upon completion of the installation, which is when the customer is billed.

(Thousands)			Natural Gas Distribution			Clean Energy Ventures						Energy Services			Storage and Transportation			Home Services and Other			Total
2020
Natural gas utility sales			$	189,364		—						—			—			—			$	189,364
Natural gas services			—			—						6,428			13,104			—			19,532
Service contracts			—			—						—			—			8,259			8,259
Installations and maintenance			—			—						—			—			4,318			4,318
Renewable energy certificates			—			690						—			—			—			690
Electricity sales			—			4,388						—			—			—			4,388
Eliminations (1)			—			—						—			(657)			(167)			(824)
Revenues from contracts with customers			189,364			5,078						6,428			12,447			12,410			225,727
Alternative revenue programs (2)			1,568			—						—			—			—			1,568
Derivative instruments			4,797			1,292			(3)			223,049			—			—			229,138
Eliminations (1)			—			—						(2,128)			—			—			(2,128)
Revenues out of scope			6,365			1,292						220,921			—			—			228,578
Total operating revenues			$	195,729		6,370						227,349			12,447			12,410			$	454,305
2019
Natural gas utility sales			$	219,894		—						—			—			—			$	219,894
Natural gas services			—			—						7,321			9,072			—			16,393
Service contracts			—			—						—			—			8,038			8,038
Installations and maintenance			—			—						—			—			4,869			4,869
Electricity sales			—			4,018						—			—			—			4,018
Eliminations (1)			—			—						—			(667)			(415)			(1,082)
Revenues from contracts with customers			219,894			4,018						7,321			8,405			12,492			252,130
Alternative revenue programs (2)			(1,943)			—						—			—			—			(1,943)
Derivative instruments			1,672			2,194			(3)			363,094			—			—			366,960
Eliminations (1)			—			—						(2,111)			—			—			(2,111)
Revenues out of scope			(271)			2,194						360,983			—			—			362,906
Total operating revenues			$	219,623		6,212						368,304			8,405			12,492			$	615,036

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

(2)Includes CIP revenue.

(3)Includes SREC revenue.

(Thousands)			Natural Gas Distribution			Clean Energy Ventures			Energy Services			Storage and Transportation			Home Services and Other			Total
2020
Residential			$	137,224		2,722			—			—			12,204			$	152,150
Commercial and industrial			29,229			2,356			6,428			12,447			206			50,666
Firm transportation			21,104			—			—			—			—			21,104
Interruptible and off-tariff			1,807			—			—			—			—			1,807
Revenues out of scope			6,365			1,292			220,921			—			—			228,578
Total operating revenues			$	195,729		6,370			227,349			12,447			12,410			$	454,305
2019
Residential			$	153,222		2,460			—			—			12,279			$	167,961
Commercial and industrial			45,422			1,558			7,321			8,405			213			62,919
Firm transportation			19,589			—			—			—			—			19,589
Interruptible and off-tariff			1,661			—			—			—			—			1,661
Revenues out of scope			(271)			2,194			360,983			—			—			362,906
Total operating revenues			$	219,623		6,212			368,304			8,405			12,492			$	615,036

(Thousands)			Natural Gas Distribution			Clean Energy Ventures			Energy Services			Storage and Transportation			Home Services and Other						Total
Customer accounts receivable
Billed			$	79,146		4,436			108,544			3,559			1,956						$	197,641
Unbilled			51,720			2,074			—			—			—						53,794
Customers' credit balances and deposits			(32,948)			—			—			—			—						(32,948)
Total			$	97,918		6,510			108,544			3,559			1,956						$	218,487