FAIR VALUE (Tables)

12 Months Ended

Sep. 30, 2018

As of September 30, the estimated fair value of long-term debt at NJNG and NJR, including current maturities, excluding capital leases, debt issuance costs and solar asset financing obligations, is as follows ⁽¹⁾:



(Thousands)	2018		2017
NJNG
Carrying value	$	672,045	$	672,045
Fair market value	$	669,162	$	673,051
NJR
Carrying value	$	500,000	$	425,000
Fair market value	$	488,889	$	434,625


(1)	See Note 8. Debt for a reconciliation to long-term and short-term debt.

Assets and Liabilities Measured at Fair Value 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 September 30, 2018:
Assets
Physical commodity contracts		$	—		$	11,682		$	—	$	11,682
Financial commodity contracts		18,868			7,025			—		25,893
Financial commodity contracts - foreign exchange		—			—			—		—
Interest rate contract		—			381			—		381
Available for sale equity securities		32,917			—			—		32,917
Other ⁽¹⁾		1,217			—			—		1,217
Total assets at fair value		$	53,002		$	19,088		$	—	$	72,090
Liabilities
Physical commodity contracts		$	—		$	29,666		$	—	$	29,666
Financial commodity contracts		39,724			—			—		39,724
Financial commodity contracts - foreign exchange		—			244			—		244
Total liabilities at fair value		$	39,724		$	29,910		$	—	$	69,634
As of September 30, 2017:
Assets
Physical commodity contracts		$	—		$	21,866		$	—	$	21,866
Financial commodity contracts		17,335								17,335
Financial commodity contracts - foreign exchange		—			44			—		44
Available for sale equity securities		65,752			—			—		65,752
Other ⁽¹⁾		1,202			—			—		1,202
Total assets at fair value		$	84,289		$	21,910		$	—	$	106,199
Liabilities
Physical commodity contracts		$	—		$	25,371		$	—	$	25,371
Financial commodity contracts		24,036			—			—		24,036
Interest rate contract		—			8,467			—		8,467
Total liabilities at fair value		$	24,036		$	33,838		$	—	$	57,874


(1)	Includes money market funds.