FAIR VALUE (Tables)

3 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The estimated fair value of long-term debt, including current maturities, excluding capital leases, debt issuance costs and solar asset financing obligations, is as follows:

(Thousands)	December 31, 2019		September 30, 2019
Carrying value (1) (2) (3) (4)	$	1,442,845	$	1,442,845
Fair market value	$	1,548,234	$	1,568,864

(1) Excludes capital leases of $36.6 million and $35.4 million as of December 31, 2019 and September 30, 2019, respectively.

(2) Excludes solar asset financing obligations of $90.5 million and $91.4 million as of December 31, 2019 and September 30, 2019, respectively.

(3) Excludes NJNG's debt issuance costs of $9 million and $9 million as of December 31, 2019 and September 30, 2019, respectively.

(4) Excludes NJR's debt issuance costs of $1.6 million and $2 million as of December 31, 2019 and September 30, 2019, 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 December 31, 2019:
Assets:
Physical commodity contracts		$	—		$	15,185		$	—	$	15,185
Financial commodity contracts		35,592			3,354			—		38,946
Financial commodity contracts - foreign exchange		—			15			—		15
Other (1)		1,857			—			—		1,857
Total assets at fair value		$	37,449		$	18,554		$	—	$	56,003
Liabilities:
Physical commodity contracts		$	—		$	37,790		$	—	$	37,790
Financial commodity contracts		24,032			114			—		24,146
Financial commodity contracts - foreign exchange		—			124			—		124
Total liabilities at fair value		$	24,032		$	38,028		$	—	$	62,060
As of September 30, 2019:
Assets:
Physical commodity contracts		$	—		$	8,624		$	—	$	8,624
Financial commodity contracts		20,028			3,876			—		23,904
Financial commodity contracts - foreign exchange		—			1			—		1
Other (1)		1,706			—			—		1,706
Total assets at fair value		$	21,734		$	12,501		$	—	$	34,235
Liabilities:
Physical commodity contracts		$	—		$	40,426		$	—	$	40,426
Financial commodity contracts		35,732			—			—		35,732
Financial commodity contracts - foreign exchange		—			286			—		286
Total liabilities at fair value		$	35,732		$	40,712		$	—	$	76,444

(1)

Includes money market funds.