REGULATION (Tables)

3 Months Ended

Dec. 31, 2019

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets are comprised of the following:



(Thousands)	December 31, 2019		September 30, 2019
Regulatory assets-current
New Jersey Clean Energy Program	$	13,757	$	15,468
Underrecovered gas costs	1,481		9,506
Conservation Incentive Program	1,427		3,371
Derivatives at fair value, net	5,562		4,526
Other	2,019		—
Total current regulatory assets	$	24,246	$	32,871
Regulatory assets-noncurrent
Environmental remediation costs
Expended, net of recoveries	$	38,170	$	38,351
Liability for future expenditures	129,241		131,080
Deferred income taxes	19,714		19,631
Derivatives at fair value, net	—		486
SAVEGREEN	11,918		10,201
Postemployment and other benefit costs	208,371		212,461
Deferred storm damage costs	8,144		8,687
Cost of removal	64,777		65,660
Other noncurrent regulatory assets	9,948		10,080
Total noncurrent regulatory assets	$	490,283	$	496,637
Regulatory liabilities-noncurrent
Tax Act impact ⁽¹⁾	$	199,169	$	200,417
New Jersey Clean Energy Program	3,598		197
Other noncurrent regulatory liabilities	546		1,821
Total noncurrent regulatory liabilities	$	203,313	$	202,435

(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.

Schedule of Regulatory Assets

Regulatory assets and liabilities included on the Unaudited Condensed Consolidated Balance Sheets are comprised of the following:



(Thousands)	December 31, 2019		September 30, 2019
Regulatory assets-current
New Jersey Clean Energy Program	$	13,757	$	15,468
Underrecovered gas costs	1,481		9,506
Conservation Incentive Program	1,427		3,371
Derivatives at fair value, net	5,562		4,526
Other	2,019		—
Total current regulatory assets	$	24,246	$	32,871
Regulatory assets-noncurrent
Environmental remediation costs
Expended, net of recoveries	$	38,170	$	38,351
Liability for future expenditures	129,241		131,080
Deferred income taxes	19,714		19,631
Derivatives at fair value, net	—		486
SAVEGREEN	11,918		10,201
Postemployment and other benefit costs	208,371		212,461
Deferred storm damage costs	8,144		8,687
Cost of removal	64,777		65,660
Other noncurrent regulatory assets	9,948		10,080
Total noncurrent regulatory assets	$	490,283	$	496,637
Regulatory liabilities-noncurrent
Tax Act impact ⁽¹⁾	$	199,169	$	200,417
New Jersey Clean Energy Program	3,598		197
Other noncurrent regulatory liabilities	546		1,821
Total noncurrent regulatory liabilities	$	203,313	$	202,435

(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.