FAIR VALUE (Tables)

3 Months Ended

Dec. 31, 2021

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


(Thousands)	December 31, 2021		September 30, 2021
Carrying value (1) (2) (3)	$	2,202,845	$	2,102,845
Fair market value	$	2,373,791	$	2,288,544

(1)Excludes finance leases of $35.1 million and $20.1 million as of December 31, 2021 and September 30, 2021, respectively.

(2)Excludes NJNG's debt issuance costs of $10.3 million and $9.1 million as of December 31, 2021 and September 30, 2021, respectively.

(3)Excludes NJR's debt issuance costs of $3.7 million and $3.3 million as of December 31, 2021 and September 30, 2021, 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, 2021:
Assets:
Physical commodity contracts		$	—		$	2,654		$	—	$	2,654
Financial commodity contracts		39,039			—			—		39,039
Financial commodity contracts - foreign exchange		—			68			—		68

Money market funds		41			—			—		41
Other		2,085			—			—		2,085
Total assets at fair value		$	41,165		$	2,722		$	—	$	43,887
Liabilities:
Physical commodity contracts		$	—		$	33,857		$	—	$	33,857
Financial commodity contracts		11,278			171			—		11,449
Financial commodity contracts - foreign exchange		—			4			—		4

Total liabilities at fair value		$	11,278		$	34,032		$	—	$	45,310


	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, 2021:
Assets:
Physical commodity contracts		$	—		$	3,187		$	—	$	3,187
Financial commodity contracts		35,340			—			—		35,340
Financial commodity contracts - foreign exchange		—			127			—		127

Money market funds		41			—			—		41
Other		1,815			—			—		1,815
Total assets at fair value		$	37,196		$	3,314		$	—	$	40,510
Liabilities:
Physical commodity contracts		$	—		$	37,845		$	—	$	37,845
Financial commodity contracts		62,188			606			—		62,794
Financial commodity contracts - foreign exchange		—			3			—		3
Total liabilities at fair value		$	62,188		$	38,454		$	—	$	100,642