FAIR VALUE (Tables)

9 Months Ended

Jun. 30, 2017

The estimated fair value of long-term debt at NJNG and NJR, including current maturities, excluding capital leases and debt issuance costs, is as follows:



(Thousands)	June 30, 2017		September 30, 2016
Carrying value ⁽¹⁾	$	1,047,045	$	1,082,845
Fair market value	$	1,055,554	$	1,131,077


(1)	Excludes capital leases of $44.1 million and $42.2 million as of June 30, 2017 and September 30, 2016, respectively.

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized as follows:



	Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(Thousands)	(Level 1)			(Level 2)			(Level 3)			Total
As of June 30, 2017:
Assets:
Physical commodity contracts		$	—		$	10,214		$	—	$	10,214
Financial commodity contracts		20,403			—			—		20,403
Financial commodity contracts - foreign exchange		—			16			—		16
Available for sale equity securities - energy industry		59,887			—			—		59,887
Money market funds		55,311			—			—		55,311
Other		1,199			—			—		1,199
Total assets at fair value		$	136,800		$	10,230		$	—	$	147,030
Liabilities:
Physical commodity contracts		$	—		$	5,309		$	—	$	5,309
Financial commodity contracts		16,292			—			—		16,292
Interest rate contracts		—			8,594			—		8,594
Total liabilities at fair value		$	16,292		$	13,903		$	—	$	30,195


As of September 30, 2016:
Assets:
Physical commodity contracts		$	—		$	10,216		$	—	$	10,216
Financial commodity contracts		24,974			—			—		24,974
Financial commodity contracts - foreign exchange		—			1			—		1
Available for sale equity securities - energy industry		55,789			—			—		55,789
Money market funds		34,072			—			—		34,072
Other		1,444			—			—		1,444
Total assets at fair value		$	116,279		$	10,217		$	—	$	126,496
Liabilities:
Physical commodity contracts		$	—		$	14,026		$	—	$	14,026
Financial commodity contracts		49,201			—			—		49,201
Financial commodity contracts - foreign exchange		—			32			—		32
Interest rate contracts		—			23,073			—		23,073
Total liabilities at fair value		$	49,201		$	37,131		$	—	$	86,332