FAIR VALUE (Tables)

6 Months Ended

Mar. 31, 2020

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)	March 31, 2020		September 30, 2019
Carrying value (1) (2) (3) (4)	$	1,442,845	$	1,442,845
Fair market value	$	1,529,601	$	1,568,864

(1) Excludes capital leases of $79.1 million and $35.4 million as of March 31, 2020 and September 30, 2019, respectively.

(2) Excludes solar asset financing obligations of $87.2 million and $91.4 million as of March 31, 2020 and September 30, 2019, respectively.

(3) Excludes NJNG's debt issuance costs of $8.8 million and $9 million as of March 31, 2020 and September 30, 2019, respectively.

(4) Excludes NJR's debt issuance costs of $1.5 million and $2 million as of March 31, 2020 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 March 31, 2020:
Assets:
Physical commodity contracts		$	—		$	11,209		$	—	$	11,209
Financial commodity contracts		30,129			2,744			—		32,873
Money market funds		22,263			—			—		22,263
Other (1)		1,804			—			—		1,804
Total assets at fair value		$	54,196		$	13,953		$	—	$	68,149
Liabilities:
Physical commodity contracts		$	—		$	26,982		$	—	$	26,982
Financial commodity contracts		16,791			265			—		17,056
Financial commodity contracts - foreign exchange		—			492			—		492
Interest rate contracts		—			19,184			—		19,184
Total liabilities at fair value		$	16,791		$	46,923		$	—	$	63,714
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.