CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost	$ 4,434,220	$ 4,221,395
Construction work in progress	395,943	233,295
Nonutility plant and equipment, at cost	1,972,811	1,834,956
Construction work in progress	151,404	206,869
Total property, plant and equipment	6,954,378	6,496,515
Accumulated depreciation and amortization, utility plant	(850,757)	(786,594)
Accumulated depreciation and amortization, nonutility plant and equipment	(293,522)	(306,698)
Property, plant and equipment, net	5,810,099	5,403,223
CURRENT ASSETS
Cash and cash equivalents	591	1,017
Customer accounts receivable:
Billed	109,366	105,531
Unbilled	24,194	20,094
Allowance for doubtful accounts	(11,371)	(8,506)
Regulatory assets	48,898	73,070
Natural gas in storage, at average cost	215,836	199,125
Materials and supplies, at average cost	43,420	38,484
Prepaid expenses	10,848	11,754
Prepaid taxes	67,143	67,066
Derivatives, at fair value	12,514	6,813
Restricted broker margin accounts	8,920	13,243
Other current assets	39,517	26,904
Total current assets	569,876	554,595
NONCURRENT ASSETS
Investments in equity method investees	101,243	101,744
Regulatory assets	672,518	609,192
Operating lease assets	185,596	184,485
Derivatives, at fair value	2,319	806
Software costs	11,151	10,522
Deferred income taxes	20,821	20,751
Postemployment employee benefit assets	40,813	24,660
Notes receivable	42,500	0
Other noncurrent assets	121,839	71,667
Total noncurrent assets	1,198,800	1,023,827
Total assets	7,578,775	6,981,645
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares September 30, 2025 — 100,478,590; September 30, 2024 — 99,461,448	250,705	248,159
Premium on common stock	676,635	633,811
Accumulated other comprehensive loss, net of tax	(11,463)	(6,521)
Treasury stock at cost and other; shares September 30, 2025 — 17,273; September 30, 2024 — 16,302	24,422	26,220
Retained earnings	1,451,367	1,298,774
Common stock equity	2,391,666	2,200,443
Long-term debt	3,250,387	2,879,464
Total capitalization	5,642,053	5,079,907
CURRENT LIABILITIES
Current maturities of long-term debt	158,192	189,006
Short-term debt	195,600	291,800
Natural gas purchases payable	62,593	57,515
Deferred revenue	22,605	21,572
Accounts payable and other	204,478	169,232
Dividends payable	47,719	44,752
Accrued taxes	11,722	10,593
Regulatory liabilities	12,884	32,981
New Jersey Clean Energy Program	17,171	18,491
Derivatives, at fair value	7,620	6,271
Restricted broker margin accounts	3,949	1,146
Operating lease liabilities	4,388	4,945
Customers’ credit balances and deposits	31,297	38,595
Total current liabilities	780,859	887,774
NONCURRENT LIABILITIES
Deferred income taxes	438,411	358,783
Deferred investment tax credits	1,878	2,156
Deferred revenue	17,580	3,095
Derivatives, at fair value	4,283	11,490
Manufactured gas plant remediation	166,990	161,650
Postemployment employee benefit liabilities	108,830	64,609
Regulatory liabilities	171,177	175,847
Operating lease liabilities	159,131	159,303
Asset retirement obligations	76,507	66,698
Other noncurrent liabilities	11,076	10,333
Total noncurrent liabilities	1,155,863	1,013,964
Commitments and contingent liabilities (Note 14)
Total capitalization and liabilities	7,578,775	6,981,645
Related Party
CURRENT LIABILITIES
Natural gas purchases payable to related parties	$ 641	$ 875