REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables)

12 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Information related to the Company’s various reporting segments and other business operations, as of September 30, is detailed below:

	Segments
(Thousands)	NJNG		CEV	ES		S&T	Subtotal		HSO	Elims	Total
2023
Operating revenues
External customers	$	1,011,284	124,131	681,446	(1)	88,700	$	1,905,561	57,433	—	$	1,962,994
Intercompany	$	1,349	—	10,170		4,159	$	15,678	205	(15,883)	$	—
Depreciation and amortization	$	102,326	25,320	221	(2)	24,185	$	152,052	889	—	$	152,941
Interest income (3)	$	1,713	—	1,119		6,957	$	9,789	2,977	(3,847)	$	8,919
Interest expense, net of capitalized interest	$	56,595	28,569	11,400		25,803	$	122,367	647	—	$	123,014
Income tax provision (benefit)	$	33,065	(7,683)	24,343		3,444	$	53,169	(1,477)	(2,417)	$	49,275
Equity in earnings of affiliates	$	—	—	—		3,126	$	3,126	—	804	$	3,930
Net financial earnings	$	131,414	44,458	68,517		12,835	$	257,224	4,758	(155)	$	261,827
Capital expenditures	$	390,394	107,303	—		40,916	$	538,613	2,306	—	$	540,919
2022
Operating revenues
External customers	$	1,127,417	128,280	1,529,178	(1)	65,286	$	2,850,161	55,818	—	$	2,905,979
Intercompany	$	1,350	—	94		2,449	$	3,893	364	(4,257)	$	—
Depreciation and amortization	$	94,579	21,396	148	(2)	12,302	$	128,425	824	—	$	129,249
Interest income (3)	$	895	—	16		2,110	$	3,021	944	(1,249)	$	2,716
Interest expense, net of capitalized interest	$	46,394	21,968	4,725		12,097	$	85,184	646	—	$	85,830
Income tax provision	$	40,141	11,361	21,776		1,879	$	75,157	1,059	(21)	$	76,195
Equity in earnings of affiliates	$	—	—	—		9,865	$	9,865	—	(1,688)	$	8,177
Net financial earnings (loss)	$	140,124	39,403	39,121		22,454	$	241,102	(781)	—	$	240,321
Capital expenditures	$	298,374	146,676	—		151,988	$	597,038	1,390	—	$	598,428
Return of capital from equity investees	$	—	—	—		(5,479)	$	(5,479)	—	—	$	(5,479)
2021
Operating revenues
External customers	$	731,796	95,275	1,228,846	(1)	49,252	$	2,105,169	51,444	—	$	2,156,613
Intercompany	$	—	—	(426)		1,768	$	1,342	785	(2,127)	$	—
Depreciation and amortization	$	80,045	20,567	111	(2)	9,960	$	110,683	980	(276)	$	111,387
Interest income (3)	$	85	241	11		2,243	$	2,580	522	(935)	$	2,167
Interest expense, net of capitalized interest	$	36,405	22,548	2,204		13,348	$	74,505	4,054	—	$	78,559
Income tax provision (benefit)	$	19,054	5,048	18,371		(10,043)	$	32,430	(196)	1,052	$	33,286
Equity in loss of affiliates	$	—	—	—		(81,072)	$	(81,072)	—	(2,140)	$	(83,212)
Net financial earnings (loss)	$	107,375	16,789	71,117		13,046	$	208,327	(826)	211	$	207,712
Capital expenditures	$	426,628	87,852	—		107,500	$	621,980	2,630	—	$	624,610
Investments in equity investees	$	—	—	—		690	$	690	—	—	$	690

(1)Includes sales to Canada for ES, which are $8.4M, $2.4M and $0.1M in the fiscal years ended September 30, 2023, 2022 and 2021, respectively.

(2)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Consolidated Statements of Operations.

(3)Included in other income, net on the Consolidated Statements of Operations.

Schedule of Assets for Business Segments and Other Business Operations

The Company’s assets at end of period for the various reporting segments and other business operations, as of September 30, are detailed below:

	Segments								Intercompany
(Thousands)	NJNG		CEV	ES	S&T	Subtotal		HSO	Assets (1)	Total
2023	$	4,414,829	1,128,577	123,775	1,011,959	$	6,679,140	171,275	(312,919)	$	6,537,496
2022	$	4,030,686	1,015,065	333,064	999,520	$	6,378,335	159,068	(275,987)	$	6,261,416
2021	$	3,707,461	914,788	365,423	862,407	$	5,850,079	162,134	(289,935)	$	5,722,278

(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.

Reconciliation of Consolidated NFE to Consolidated Net Income

A reconciliation of consolidated NFE to consolidated net income, as of September 30, is as follows:

(Thousands)	2023		2022		2021
Net financial earnings	$	261,827	$	240,321	$	207,712
Less:
Unrealized (gain) loss on derivative instruments and related transactions	(38,081)		(59,906)		54,203
Tax effect	9,050		14,248		(12,887)
Effects of economic hedging related to natural gas inventory	34,699		19,939		(42,405)
Tax effect	(8,246)		(4,738)		10,078
(Gain on) impairment of equity method investment	(300)		(5,521)		92,000
Tax effect	(19)		1,377		(11,167)
Net income	$	264,724	$	274,922	$	117,890