FAIR VALUE (Tables)

12 Months Ended

Sep. 30, 2022

As of September 30, 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 (1):


(Thousands)	2022		2021
NJNG (2) (3)
Carrying value	$	1,292,845	$	1,092,845
Fair market value	$	979,388	$	1,188,261
NJR (4)
Carrying value	$	1,070,000	$	1,010,000
Fair market value	$	966,968	$	1,100,283

(1)See Note 9. Debt for a reconciliation to long-term and short-term debt.

(2)Excludes finance leases of $30.3 million and $20.1 million as of September 30, 2022 and September 30, 2021, respectively.

(3)Excludes NJNG’'s debt issuance costs of $9.5 million and $9.1 million as of September 30, 2022 and September 30, 2021, respectively.

(4)Excludes NJR’s debt issuance costs of $3.8 million and $3.3 million as of September 30, 2022 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 September 30, 2022:
Assets
Physical commodity contracts		$	—		$	10,485		$	—	$	10,485
Financial commodity contracts		20,517			—			—		20,517
Financial commodity contracts - foreign exchange		—			18			—		18

Money market funds		59			—			—		59
Other		1,884			—			—		1,884
Total assets at fair value		$	22,460		$	10,503		$	—	$	32,963
Liabilities
Physical commodity contracts		$	—		$	30,623		$	—	$	30,623
Financial commodity contracts		33,231			168			—		33,399
Financial commodity contracts - foreign exchange		—			17			—		17


Total liabilities at fair value		$	33,231		$	30,808		$	—	$	64,039
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