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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 December 31, 2020
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

NEW JERSEY RESOURCES CORPORATION
(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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes:             No:

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes:             No:

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
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

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 February 2, 2021 was 96,250,435.



New Jersey Resources Corporation
TABLE OF CONTENTS
Page
1
3
PART I. FINANCIAL INFORMATION
ITEM 1.
4
9
9
9
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.



New Jersey Resources Corporation
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
1

New Jersey Resources Corporation
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

2

New Jersey Resources Corporation
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.
3

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS                                                                                                                                          

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
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 


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
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 

See Notes to Unaudited Condensed Consolidated Financial Statements
4

New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
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 
See Notes to Unaudited Condensed Consolidated Financial Statements
5

New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

ASSETS
(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 

See Notes to Unaudited Condensed Consolidated Financial Statements
6

New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CAPITALIZATION AND LIABILITIES
(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 

See Notes to Unaudited Condensed Consolidated Financial Statements

7

New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)
(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.



8

New Jersey Resources Corporation
Part I

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                                                               

1. NATURE OF THE BUSINESS

NJR provides regulated natural gas distribution services, transportation and storage services and operates certain unregulated businesses primarily through the following:

NJNG provides natural gas utility service to approximately 559,600 customers throughout Burlington, Middlesex, Monmouth, Morris and Ocean counties in New Jersey and is subject to rate regulation by the BPU. NJNG comprises the Natural Gas Distribution segment.

NJRCEV, the Company's clean energy subsidiary, comprises the Clean Energy Ventures segment and consists of the Company's capital investments in commercial and residential solar projects.

NJRES comprises the Energy Services segment. Energy Services maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S. and Canada.

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.

NJR Retail Holdings Corporation has two principal subsidiaries, NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey, and CR&R, which owns commercial real estate. NJRHS and CR&R are included in Home Services and Other operations.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Unaudited Condensed Consolidated Financial Statements have been prepared by NJR in accordance with the rules and regulations of the SEC and GAAP. The September 30, 2020 Balance Sheet data is derived from the audited financial statements of the Company. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and the notes thereto included in NJR's 2020 Annual Report on Form 10-K.

The Unaudited Condensed Consolidated Financial Statements include the accounts of NJR and its subsidiaries. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements reflect all adjustments necessary for a fair presentation of the results of the interim periods presented. These adjustments are of a normal and recurring nature. Because of the seasonal nature of NJR's utility and wholesale energy services operations, in addition to other factors, the financial results for the interim periods presented are not indicative of the results that are to be expected for the fiscal year ending September 30, 2021. Intercompany transactions and accounts have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period. On a quarterly basis or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of the fair value of derivative instruments, debt, equity method investments, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation. ARO are evaluated as often as needed. The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

9

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
The Company has legal, regulatory and environmental proceedings during the normal course of business that can result in loss contingencies. When evaluating the potential for a loss, the Company will establish a reserve if a loss is probable and can be reasonably estimated, in which case it is the Company’s policy to accrue the full amount of such estimates. Where the information is sufficient only to establish a range of probable liability, and no point within the range is more likely than any other, it is the Company’s policy to accrue the lower end of the range. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates.

In March 2020, COVID-19 was declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention and has spread globally, including throughout the United States. The Company’s Unaudited Condensed Consolidated Financial Statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities at the balance sheet date and reported amounts of revenue and expenses during the reporting periods presented. The Company considered the impacts of COVID-19 on the assumptions and estimates used and determined that there have been no material adverse impacts on the Company’s results of operations as of December 31, 2020.

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.

If the acquisition is deemed to be a business, the acquisition method of accounting is applied. Identifiable assets acquired and liabilities assumed at the acquisition date are recorded at fair value. If the transaction is deemed to be an asset purchase, the cost accumulation and allocation model is used whereby the assets and liabilities are recorded based on the purchase price and allocated to the individual assets and liabilities based on relative fair values.

The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed are based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates and the number of years on which to base the cash flow projections, as well as other assumptions and estimates used to determine the cash inflows and outflows. Management determines discount rates based on the risk inherent in the acquired assets, specific risks, industry beta and capital structure of guideline companies. The valuation of an acquired business is based on available information at the acquisition date and assumptions that are believed to be reasonable. However, a change in facts and circumstances as of the acquisition date can result in subsequent adjustments during the measurement period, but no later than one year from the acquisition date.

Revenues

Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. NJNG records unbilled revenue for natural gas services. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer after the last meter reading through the end of the respective accounting period is estimated, and recognizes unbilled revenues related to these amounts. The unbilled revenue estimates are based on estimated customer usage by customer type, weather effects, unaccounted-for natural gas and the most current tariff rates.

Clean Energy Ventures recognizes revenue when SRECs are transferred to counterparties. SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules. The Clean Energy Act of 2018 established guidelines for the closure of the SREC registration program to new applicants in New Jersey. The SREC program officially closed to new qualified solar projects on April 30, 2020.

In December 2019, the BPU established the TREC as the successor to the SREC program. TRECs provide a fixed compensation base multiplied by an assigned project factor in order to determine their value. The project factor is determined by the type and location of the project, as defined. All TRECs generated are required to be purchased monthly by a TREC program administrator as appointed by the BPU.

10

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
In June 2020, Clean Energy Ventures began generating TRECs for qualified new residential and commercial solar projects placed into service following the close of the SREC program. TREC revenue is recognized when TRECs are generated and are transferred monthly based upon metered solar electricity activity.

Revenues for Energy Services are recognized when the natural gas is physically delivered to the customer. In addition, changes in the fair value of derivatives that economically hedge the forecasted sales of the natural gas are recognized in operating revenues as they occur, as noted above. Energy Services also recognizes changes in the fair value of SREC derivative contracts as a component of operating revenues.

The Storage and Transportation segment generates revenues from firm storage contracts and transportation contracts, related usage fees and hub services for the use of storage space, injections and withdrawals from their natural gas storage facility and the delivery of natural gas to customers. Demand fees are recognized as revenue over the term of the related agreement while usage fees and hub services revenues are recognized as services are performed.
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.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on deposit and temporary investments with maturities of three months or less, and excludes restricted cash related to escrow balances for utility plant projects at NJNG and irrevocable letters of credit at Leaf River, which is recorded in other current and noncurrent assets on the Unaudited Condensed Consolidated Balance Sheets, respectively.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:
(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 

Loans Receivable

NJNG currently provides loans, with terms ranging from two to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program. The loans are recognized at fair value on the Unaudited Condensed Consolidated Balance Sheets. The Company recorded $14.4 million and $13.7 million in other current assets and $34.7 million and $35.3 million in other noncurrent assets as of December 31, 2020 and September 30, 2020, respectively, on the Unaudited Condensed Consolidated Balance Sheets, related to the loans. The Company regularly evaluates the credit quality and collection profile of its customers. If NJNG determines a loan is impaired, the basis of the loan would be subject to regulatory review for recovery. As of December 31, 2020 and September 30, 2020, the Company has not recorded any impairments for SAVEGREEN loans.

Natural Gas in Storage

The following table summarizes natural gas in storage, at average cost by segment as of:
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 
11

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
Software Costs

The Company capitalizes certain costs, such as software design and configuration, coding, testing and installation, that are incurred to purchase or create and implement computer software for internal use. Capitalized costs include external costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related costs for employees who are directly associated with and devote time to the internal-use software project. Maintenance costs are expensed as incurred. Upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality.

Amortization is recorded on the straight-line basis over the estimated useful lives. The following table presents the software costs included in the Unaudited Condensed Consolidated Financial Statements:
(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 $ $ — 
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.

Sale Leasebacks

NJNG utilizes sale leaseback arrangements as a financing mechanism to fund certain of its capital expenditures related to natural gas meters, whereby the physical asset is sold concurrent with an agreement to lease the asset back. These agreements include options to renew the lease or repurchase the asset at the end of the term. Proceeds from sale leaseback transactions are accounted for as financing arrangements and are included in long-term debt on the Unaudited Condensed Consolidated Balance Sheets. NJNG received $4.0 million in December 2019, in connection with the sale leaseback of its natural gas meters. There were no natural gas meter sale leasebacks recorded during the three months ended December 31, 2020.

In addition, for certain of its commercial solar energy projects, the Company enters into lease agreements that provide for the sale of commercial solar energy assets to third parties and the concurrent leaseback of the assets. For sale leaseback transactions where the Company has concluded that the terms of the arrangement does not qualify as a sale as the Company retains control of the underlying assets and, as such, the Company uses the financing method to account for the transaction. Under the financing method, the Company recognizes the proceeds received from the buyer-lessor that constitute a payment to acquire the solar energy asset as a financing arrangement, which is recorded as a component of debt on the Unaudited Condensed Consolidated Balance Sheets.

The Company continues to operate the solar assets and is responsible for related expenses and entitled to retain the revenue generated from SRECs and energy sales. The ITCs and other tax benefits associated with these solar projects transfer to the buyer; however, the payments are structured so that Clean Energy Ventures is compensated for the transfer of the related tax attributes. Accordingly, Clean Energy Ventures recognizes the equivalent value of the tax attributes in other income on the Unaudited Condensed Consolidated Statements of Operations over the respective five-year ITC recapture periods, starting with the second year of the lease.


12

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
In December 2020, Clean Energy Ventures received proceeds of $12.1 million in connection with the sale leaseback of two commercial solar projects. Clean Energy Ventures did not receive proceeds related to the sale leaseback of commercial solar assets during fiscal 2020. The proceeds received were recognized as a financing obligation on the Unaudited Condensed Consolidated Balance Sheets. Clean Energy Ventures did not enter into any sale leaseback transactions for its commercial solar assets during fiscal 2019. Clean Energy Ventures simultaneously entered into agreements to lease the assets back over a term of five- to 15-years.

Accumulated Other Comprehensive Loss

The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the three months ended December 31, 2020 and 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.

Change in Accounting Policy

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.

The Company applied the change in accounting method retrospectively to all prior periods presented.

The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Operations during the three months ended December 31, 2019 is as follows:
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 
13

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
The cumulative effect of the change in accounting policy on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2020 is as follows:
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 

Recently Adopted Updates to the Accounting Standards Codification

Financial Instruments

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.

14

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
The Company completed its evaluation of ASU No. 2016-13 and subsequent amendments related to this topic and adopted this new guidance beginning October 1, 2020, using the modified retrospective method. The adoption did not result in a cumulative effect adjustment to retained earnings as the current expected lifetime loss estimates were not materially different from the reserves already in place.

The Company segregates financial assets that fall within the scope of ASC 326, primarily trade receivables and unbilled revenues due in one year or less, into portfolio segments based on shared risk characteristics, such as geographical location and regulatory environment, for evaluation of expected credit losses. Historical and current information, such as average write-offs, are applied to each portfolio segment to estimate the allowance for losses on uncollectible receivables. Additionally, the allowance for losses on uncollectible receivables is adjusted for reasonable and supportable forecasts of future economic conditions, which can include changing weather, commodity prices, regulations, and macroeconomic factors, such as unemployment rates among others.

Fair Value

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.

Compensation - Retirement Benefits

In August 2018, the FASB issued ASU No. 2018-14, an amendment to ASC 715, Compensation - Retirement Benefits, which removes disclosures that no longer are considered cost-beneficial, clarifies the specific requirements of certain disclosures and adds new disclosure requirements identified as relevant. The guidance was effective for the Company beginning October 1, 2020, with early adoption permitted. Upon adoption, the amended presentation and disclosure requirements guidance did not have an impact on the Company's disclosures.

Other Recent Updates to the Accounting Standards Codification

Income Taxes

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.


15

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
Investments - Equity Method and Derivatives and Hedging

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.

Other

In October 2020, the FASB issued ASU 2020-10, which clarifies application of various provisions in the ASC by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. It also improves the consistency by amending the ASC to include all disclosure guidance in the appropriate section. The guidance is effective for public business entities in the fiscal year beginning after December 15, 2020. This ASU will be effective for the Company on October 1, 2021.

On January 7, 2021, the FASB issued ASU 2021-01, which refines the scope of ASC 848 and clarifies some of its guidance of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2020-900—Reference Rate Reform (Topic 848): Scope Refinement, which has since been deleted.

3. REVENUE

Revenue is recognized when a performance obligation is satisfied by transferring control of a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer using the output method of progress. The Company elected to apply the invoice practical expedient for recognizing revenue, whereby the amounts invoiced to customers represent the value to the customer and the Company’s performance completion as of the invoice date. Therefore, the Company does not disclose related unsatisfied performance obligations. The Company also elected the practical expedient to exclude from the transaction price all sales taxes that are assessed by a governmental authority and therefore presents sales tax net in operating revenues on the Unaudited Condensed Consolidated Statements of Operations.

16

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
Below is a listing of performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms and the nature of the goods and services being transferred, by reporting segment and other business operations:
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.
17

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
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.

Disaggregated revenues from contracts with customers by product line and by reporting segment and other business operations during the three months ended December 31, 2020 and 2019, is as follows:
(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.

18

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the three months ended December 31, 2020 and 2019, is as follows:
(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 

Customer Accounts Receivable/Credit Balances and Deposits

The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2020:
(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 


4. REGULATION

NJNG is subject to cost-based regulation, therefore, it is permitted to recover authorized operating expenses and earn a reasonable return on its utility capital investments based on the BPU's approval. The impact of the ratemaking process and decisions authorized by the BPU allows NJNG to capitalize or defer certain costs that are expected to be recovered from its customers as regulatory assets and to recognize certain obligations representing amounts that are probable future expenditures as regulatory liabilities in accordance with accounting guidance applicable to regulated operations.

NJNG's recovery of costs is facilitated through its base rates, BGSS and other regulatory tariff riders. NJNG is required to make annual filings to the BPU for review of its BGSS, CIP and various other programs and related rates. Annual rate changes are typically requested to be effective at the beginning of the following fiscal year. All rate and program changes are subject to proper notification and BPU review and approval. In addition, NJNG is permitted to implement certain BGSS rate changes on a provisional basis with proper notification to the BPU.

19

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for NJNG are comprised of the following:
(Thousands) December 31,
2020
September 30,
2020
Regulatory assets-current
New Jersey Clean Energy Program $ 13,508  $ 15,570 
Conservation Incentive Program 20,689  19,120 
Derivatives at fair value, net 3,194  — 
Other current regulatory assets 1,622  1,682 
Total current regulatory assets $ 39,013  $ 36,372 
Regulatory assets-noncurrent
Environmental remediation costs:
Expended, net of recoveries $ 36,892  $ 36,516 
Liability for future expenditures 148,002  150,590 
Deferred income taxes 32,406  28,241 
Derivatives at fair value, net 8 
SAVEGREEN 21,825  21,281 
Postemployment and other benefit costs 184,265  188,170 
Deferred storm damage costs 5,972  6,515 
Cost of removal 73,237  75,080 
Other noncurrent regulatory assets 17,517  20,068 
Total noncurrent regulatory assets $ 520,124  $ 526,462 
Regulatory liability-current
Overrecovered natural gas costs $ 16,941  $ 25,914 
Derivatives at fair value, net   274 
Total current regulatory liabilities $ 16,941  $ 26,188 
Regulatory liabilities-noncurrent
Tax Act impact (1)
$ 194,155  $ 195,425 
Derivatives at fair value, net   352 
Other noncurrent regulatory liabilities 961  509 
Total noncurrent regulatory liabilities $ 195,116  $ 196,286 
(1)Reflects the re-measurement and subsequent amortization of NJNG's net deferred tax liabilities as a result of the change in federal tax rates enacted in the Tax Act.

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets for Adelphia Gateway are comprised of the following:
(Thousands) December 31,
2020
September 30,
2020
Total current regulatory assets $ 329  $ 158 
Total noncurrent regulatory assets $ 1,213  $ 997 
Total-noncurrent regulatory liabilities $ 166  $ — 

The assets are comprised primarily of the tax benefit associated with the equity component of AFUDC and the liability consists primarily of scheduling penalties. Recovery of regulatory assets is subject to FERC approval.


20

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
Regulatory filings and/or actions that occurred during the current fiscal year include the following:

On October 28, 2020, the BPU approved the Company’s transmission and distribution component of the IIP for $150 million over five years, effective November 1, 2020. The recovery of information technology replacement and enhancements, that was included in the original IIP filing, will be included as part of base rate filings as projects are placed in service.

On November 20, 2020, NJNG notified the BPU of its intent to provide BGSS bill credits to residential and small commercial sales customers effective December 1, 2020 to December 31, 2020. The December bill credits were estimated to be $10.0 million, $9.4 million net of tax. On December 22, 2020, NJNG notified the BPU of the extension of the BGSS bill credits through January 31, 2021. The January 2021 bill credits are estimated to be $12.5 million, $11.7 million net of tax.

5. DERIVATIVE INSTRUMENTS

The Company is subject primarily to commodity price risk due to fluctuations in the market price of natural gas, SRECs and electricity. To manage this risk, the Company enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments to purchase and sell natural gas, SRECs and electricity. In addition, the Company is exposed to foreign currency and interest rate risk and may utilize foreign currency derivatives to hedge Canadian dollar denominated natural gas purchases and/or sales and interest rate derivatives to reduce exposure to fluctuations in interest rates. All of these types of contracts are accounted for as derivatives, unless the Company elects NPNS, which is done on a contract-by-contract election. Accordingly, all of the financial and certain of the Company's physical derivative instruments are recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets. For a more detailed discussion of the Company’s fair value measurement policies and level disclosures associated with the Company’s derivative instruments, see Note 6. Fair Value.

Energy Services

Energy Services chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect NPNS. The changes in the fair value of these derivatives are recorded as a component of natural gas purchases or operating revenues, as appropriate for Energy Services, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For Energy Services at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of natural gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either natural gas purchases or operating revenues.

Energy Services also enters into natural gas transactions in Canada and, consequently, is exposed to fluctuations in the value of Canadian currency relative to the U.S. dollar. Energy Services may utilize foreign currency derivatives to lock in the exchange rates associated with natural gas transactions denominated in Canadian currency. The derivatives may include currency forwards, futures, or swaps and are accounted for as derivatives. These derivatives are typically used to hedge demand fee payments on pipeline capacity, storage and natural gas purchase agreements.

As a result of Energy Services entering into transactions to borrow natural gas, commonly referred to as “park and loans,” an embedded derivative is recognized relating to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed natural gas is expected to occur, and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings.

Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. Energy Services recognizes changes in the fair value of these derivatives as a component of operating revenues. Upon settlement of the contract, the related revenue is recognized when the SREC is transferred to the counterparty.


21

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
Natural Gas Distribution

Changes in fair value of NJNG's financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company elects NPNS accounting treatment on all physical commodity contracts that NJNG entered into on or before December 31, 2015, and accounts for these contracts on an accrual basis. Accordingly, physical natural gas purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets when the contract settles and the natural gas is delivered. The average cost of natural gas is charged to expense in the current period earnings based on the BGSS factor times the therm sales. Effective for contracts executed on or after January 1, 2016, NJNG no longer elects NPNS accounting treatment on a portfolio basis. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect to treat certain contracts as normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG’s tariff for natural gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets.

In February 2020 and March 2020, NJNG entered into treasury lock transactions to fix the benchmark treasury rate associated with a $75 million debt tranche that was issued in September 2020. Settlement of the treasury locks resulted in a $6.6 million loss, which was recorded as a component of regulatory assets on the Unaudited Condensed Consolidated Balance Sheets. The loss is being amortized into earnings over the term of the debt as a component of interest expense on the Unaudited Condensed Consolidated Statements of Operations, which totaled $60,000 during the three months ended December 31, 2020.

Clean Energy Ventures

The Company elects NPNS accounting treatment on PPA contracts executed by Clean Energy Ventures that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect to treat certain contracts as normal.

Home Services and Other

In February 2020 and March 2020, NJR entered into treasury lock transactions to fix the benchmark treasury rate associated with $260 million of debt, of which $60 million was issued in July 2020 and $200 million was issued in September 2020. NJR designated its treasury lock contracts as cash flow hedges, therefore, changes in fair value of the effective portion of the hedges were recorded in OCI. Settlement of the treasury locks resulted in a loss of $13.7 million, which was recorded within OCI. The loss is being amortized into earnings over the term of the debt as a component of interest expense on the Unaudited Condensed Consolidated Statements of Operations, which totaled $231,000, net of tax, during the three months ended December 31, 2020.

Fair Value of Derivatives

The following table presents the fair value of NJR's derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:
Fair Value
December 31, 2020 September 30, 2020
(Thousands) Balance Sheet Location Asset
Derivatives
Liability
Derivatives
Asset
Derivatives
Liability
Derivatives
Derivatives not designated as hedging instruments:
Natural Gas Distribution:
Physical commodity contracts Derivatives - current $ 1  $ 176  $ 78  $ 76 
Financial commodity contracts Derivatives - current 723  574  71  282 
Energy Services:
Physical commodity contracts Derivatives - current 6,416  16,815  6,454  20,438 
Derivatives - noncurrent 1,159  12,668  1,264  12,003 
Financial commodity contracts Derivatives - current 25,784  6,866  16,671  12,965 
Derivatives - noncurrent 333  2,265  2,037  1,346 
Foreign currency contracts Derivatives - current 163  13  36  104 
Derivatives - noncurrent 55    48 
Total fair value of derivatives $ 34,634  $ 39,377  $ 26,659  $ 47,217 

22

New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)                     
Offsetting of Derivatives

The Company transacts under master netting arrangements or equivalent agreements that allow it to offset derivative assets and liabilities with the same counterparty. However, the Company’s policy is to present its derivative assets and liabilities on a gross basis at the contract level unit of account on the Unaudited Condensed Consolidated Balance Sheets. The following table summarizes the reported gross amounts, the amounts that the Company has the right to offset but elects not to, financial collateral, as well as the net amounts the Company could present on the Unaudited Condensed Consolidated Balance Sheets but elects not to.
(Thousands)
Amounts Presented on Balance Sheets (1)
Offsetting Derivative Instruments (2)
Financial Collateral Received/Pledged (3)
Net Amounts (4)
As of December 31, 2020:
Derivative assets:
Energy Services
Physical commodity contracts $ 7,575  $ (2,455) $ (200) $ 4,920 
Financial commodity contracts 26,117  (9,131) (888) 16,098 
Foreign currency contracts 218  (13)   205 
Total Energy Services $ 33,910  $ (11,599) $ (1,088) $ 21,223 
Natural Gas Distribution
Physical commodity contracts $ 1  $ (1) $   $  
Financial commodity contracts 723  (574)   149 
Total Natural Gas Distribution $ 724  $ (575) $   $ 149 
Derivative liabilities:
Energy Services
Physical commodity contracts $ 29,483  $ (2,455) $   $ 27,028 
Financial commodity contracts 9,131  (9,131)    
Foreign currency contracts 13  (13)    
Total Energy Services $ 38,627  $ (11,599) $   $ 27,028 
Natural Gas Distribution
Physical commodity contracts $ 176  $ (1) $   $ 175 
Financial commodity contracts 574  (574)    
Total Natural Gas Distribution $ 750  $ (575) $   $ 175 
As of September 30, 2020:
Derivative assets:
Energy Services
Physical commodity contracts $ 7,718  $ (3,587) $ (200) $ 3,931 
Financial commodity contracts 18,708  (14,311) —  4,397 
Foreign currency contracts 84  (84) —  — 
Total Energy Services $ 26,510  $ (17,982) $ (200) $ 8,328 
Natural Gas Distribution
Physical commodity contracts $ 78  $ (65) $ —  $ 13 
Financial commodity contracts 71  (71) —  — 
Total Natural Gas Distribution $ 149  $ (136) $ —  $ 13 
Derivative liabilities:
Energy Services
Physical commodity contracts $ 32,441  $ (3,587) $ —  $ 28,854 
Financial commodity contracts 14,311  (14,311) —  — 
Foreign currency contracts 107  (84) —  23 
Total Energy Services $ 46,859  $ (17,982) $ —  $ 28,877 
Natural Gas Distribution
Physical commodity contracts $ 76  $ (65) $ —  $ 11 
Financial commodity contracts 282  (71) —  211