NEW JERSEY RESOURCES CORP
For the period ended Sep 30, 2024. Filed Nov 26, 2024.
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FY2024 · Filed Nov 26, 2024
NJR$54.71+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Financial Statements
| (Thousands, except per share data) | |||
|---|---|---|---|
| Fiscal years ended September 30, | 2024 | 2023 | 2022 |
| OPERATING REVENUES | |||
| Utility | $1,018,482 | $1,011,284 | $1,127,417 |
| Nonutility | 778,057 | 951,710 | 1,778,562 |
| Total operating revenues | 1,796,539 | 1,962,994 | 2,905,979 |
| OPERATING EXPENSES | |||
| Natural gas purchases: | |||
| Utility | 405,332 | 416,158 | 547,901 |
| Nonutility | 304,426 | 555,579 | 1,393,656 |
| Related parties | 7,147 | 7,206 | 7,395 |
| Operation and maintenance | 394,636 | 373,568 | 361,866 |
| Regulatory rider expenses | 60,327 | 50,542 | 59,437 |
| Depreciation and amortization | 166,567 | 152,941 | 129,249 |
| Total operating expenses | 1,338,435 | 1,555,994 | 2,499,504 |
| OPERATING INCOME | 458,104 | 407,000 | 406,475 |
| Other income, net | 41,553 | 26,083 | 22,295 |
| Interest expense, net of capitalized interest | 130,275 | 123,014 | 85,830 |
| INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 369,382 | 310,069 | 342,940 |
| Income tax provision | 84,906 | 49,275 | 76,195 |
| Equity in earnings of affiliates | 5,299 | 3,930 | 8,177 |
| NET INCOME | $289,775 | $264,724 | $274,922 |
| EARNINGS PER COMMON SHARE | |||
| Basic | $2.94 | $2.73 | $2.86 |
| Diluted | $2.92 | $2.71 | $2.85 |
| WEIGHTED AVERAGE SHARES OUTSTANDING | |||
| Basic | 98,634 | 97,028 | 96,100 |
| Diluted | 99,289 | 97,627 | 96,488 |
| (Thousands) | |||
|---|---|---|---|
| Fiscal years ended September 30, | 2024 | 2023 | 2022 |
| Net income | $289,775 | $264,724 | $274,922 |
| Other comprehensive income (loss), net of tax | |||
| Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(317), $(317) and $(317), respectively | 1,054 | 1,053 | 1,054 |
| Adjustment to postemployment benefit obligation, net of tax of $(706), $1,873 and $(8,657), respectively | 2,384 | (6,186) | 28,648 |
| Other comprehensive income (loss), net of tax | 3,438 | (5,133) | 29,702 |
| Comprehensive income | $293,213 | $259,591 | $304,624 |
| (Thousands) | |||
|---|---|---|---|
| Fiscal years ended September 30, | 2024 | 2023 | 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $289,775 | $264,724 | $274,922 |
| Adjustments to reconcile net income to cash flows from operating activities | |||
| Unrealized loss (gain) on derivative instruments | 19,574 | (38,081) | (59,906) |
| Depreciation and amortization | 166,567 | 152,941 | 129,249 |
| Amortization of acquired wholesale energy contracts | 125 | 2,271 | 2,561 |
| Allowance for equity used during construction | (6,874) | (7,137) | (11,243) |
| Allowance for doubtful accounts | 1,229 | 1,570 | 2,401 |
| Non-cash lease expense | 4,674 | 3,708 | 4,850 |
| Deferred income taxes | 85,735 | 30,462 | 81,659 |
| Equivalent value of ITCs recognized on equipment financing | (15,328) | (6,986) | (7,542) |
| Manufactured gas plant remediation costs | (23,451) | (9,571) | (17,538) |
| Cost of removal - asset retirement obligations | (1,727) | (1,526) | (1,289) |
| Contributions to postemployment benefit plans | (2,659) | (4,706) | (6,785) |
| Taxes related to stock-based compensation | (1,219) | (588) | (144) |
| Changes in: | |||
| Components of working capital | (61,058) | 61,525 | (77,687) |
| Other noncurrent assets and liabilities | (27,956) | 30,387 | 9,972 |
| Cash flows from operating activities | 427,407 | 478,993 | 323,480 |
| CASH FLOWS USED IN INVESTING ACTIVITIES | |||
| Expenditures for: | |||
| Utility plant | (372,019) | (350,304) | (259,081) |
| Solar equipment | (104,287) | (107,303) | (146,676) |
| Storage and transportation and other | (46,628) | (42,757) | (153,378) |
| Cost of removal | (48,385) | (40,555) | (39,293) |
| Distribution from equity investees in excess of equity in earnings | 2,246 | 2,294 | 2,336 |
| Investments in equity investees, net of return of capital | — | — | 5,479 |
| Cash flows used in investing activities | (569,073) | (538,625) | (590,613) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from long-term debt | 250,000 | 225,000 | 360,000 |
| Payments of long-term debt | (125,066) | (71,934) | (68,343) |
| Proceeds from term loan | — | — | 150,000 |
| Payments of term loan | — | (150,000) | — |
| Proceeds from (payments of) short-term debt, net | 39,700 | (21,850) | (103,350) |
| Proceeds from sale leaseback transactions - solar | 64,694 | 167,790 | 24,071 |
| Proceeds from sale leaseback transactions - natural gas meters | 8,814 | 8,441 | 17,300 |
| Payments of common stock dividends | (165,063) | (150,973) | (127,704) |
| Proceeds from waiver discount issuance of common stock | 59,730 | 42,807 | — |
| Proceeds from issuance of common stock - DRP | 14,676 | 14,993 | 14,745 |
| Tax withholding payments related to net settled stock compensation | (5,724) | (4,577) | (4,177) |
| Cash flows from financing activities | 141,761 | 59,697 | 262,542 |
| Change in cash, cash equivalents and restricted cash | 95 | 65 | (4,591) |
| Cash, cash equivalents and restricted cash at beginning of period | 1,517 | 1,452 | 6,043 |
| Cash, cash equivalents and restricted cash at end of period | $1,612 | $1,517 | $1,452 |
| CHANGES IN COMPONENTS OF WORKING CAPITAL | |||
| Receivables | $(12,744) | $112,628 | $(16,658) |
| Inventories | (11,086) | 67,445 | (80,801) |
| Recovery of natural gas costs | 734 | (14,427) | 1,037 |
| Natural gas purchases payable | 6,238 | (183,772) | 66,352 |
| Natural gas purchases payable - related parties | 16 | 8 | (10) |
| Deferred revenue | (39,832) | 934 | 33,802 |
| Accounts payable and other | 15,640 | 7,537 | (34,259) |
| Prepaid expenses | (2,013) | (1,169) | (406) |
| Prepaid and accrued taxes | (23,517) | 16,415 | (1,516) |
| Restricted broker margin accounts | 19,535 | 46,364 | (51,165) |
| Customers’ credit balances and deposits | (6,315) | 11,664 | 660 |
| Other current assets and liabilities | (7,714) | (2,102) | 5,277 |
| Total | $(61,058) | $61,525 | $(77,687) |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION | |||
| Cash paid for: | |||
| Interest (net of amounts capitalized) | $120,239 | $108,194 | $84,375 |
| Income taxes | $21,313 | $4,282 | $4,252 |
| Accrued capital expenditures | $22,535 | $25,867 | $34,674 |
| See Notes to Consolidated Financial Statements | |||
ASSETS
| (Thousands) | ||
|---|---|---|
| September 30, | 2024 | 2023 |
| PROPERTY, PLANT AND EQUIPMENT | ||
| Utility plant, at cost | $4,221,395 | $3,843,037 |
| Construction work in progress | 233,295 | 237,428 |
| Nonutility plant and equipment, at cost | 1,834,956 | 1,767,306 |
| Construction work in progress | 206,869 | 142,768 |
| Total property, plant and equipment | 6,496,515 | 5,990,539 |
| Accumulated depreciation and amortization, utility plant | (786,594) | (714,087) |
| Accumulated depreciation and amortization, nonutility plant and equipment | (306,698) | (254,397) |
| Property, plant and equipment, net | 5,403,223 | 5,022,055 |
| CURRENT ASSETS | ||
| Cash and cash equivalents | 1,017 | 954 |
| Customer accounts receivable: | ||
| Billed | 105,531 | 97,540 |
| Unbilled revenues | 20,094 | 19,100 |
| Allowance for doubtful accounts | (8,506) | (11,036) |
| Regulatory assets | 73,070 | 73,587 |
| Natural gas in storage, at average cost | 199,125 | 199,501 |
| Materials and supplies, at average cost | 38,484 | 27,022 |
| Prepaid expenses | 11,754 | 9,741 |
| Prepaid taxes | 67,066 | 43,046 |
| Derivatives, at fair value | 6,813 | 30,755 |
| Restricted broker margin accounts | 13,243 | 20,796 |
| Other current assets | 26,904 | 21,071 |
| Total current assets | 554,595 | 532,077 |
| NONCURRENT ASSETS | ||
| Investments in equity method investees | 101,744 | 104,134 |
| Regulatory assets | 609,192 | 584,830 |
| Operating lease assets | 184,485 | 175,740 |
| Derivatives, at fair value | 806 | 1,564 |
| Software costs | 10,522 | 8,375 |
| Deferred income taxes | 20,751 | 28,383 |
| Postemployment employee benefit assets | 24,660 | 18,684 |
| Other noncurrent assets | 71,667 | 61,654 |
| Total noncurrent assets | 1,023,827 | 983,364 |
| Total assets | $6,981,645 | $6,537,496 |
CAPITALIZATION AND LIABILITIES
| (Thousands, except share data) | ||
|---|---|---|
| September 30, | 2024 | 2023 |
| CAPITALIZATION | ||
| Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding shares September 30, 2024 — 99,461,448; September 30, 2023 — 97,584,455 | $248,159 | $243,458 |
| Premium on common stock | 633,811 | 558,654 |
| Accumulated other comprehensive loss, net of tax | (6,521) | (9,959) |
| Treasury stock at cost and other; shares September 30, 2024 — 16,302; September 30, 2023 — 13,041 | 26,220 | 20,748 |
| Retained earnings | 1,298,774 | 1,177,834 |
| Common stock equity | 2,200,443 | 1,990,735 |
| Long-term debt | 2,879,464 | 2,768,017 |
| Total capitalization | 5,079,907 | 4,758,752 |
| CURRENT LIABILITIES | ||
| Current maturities of long-term debt | 189,006 | 116,155 |
| Short-term debt | 291,800 | 252,100 |
| Natural gas purchases payable | 57,515 | 51,277 |
| Natural gas purchases payable to related parties | 875 | 859 |
| Deferred revenue | 21,572 | 61,404 |
| Accounts payable and other | 169,232 | 151,790 |
| Dividends payable | 44,752 | 40,981 |
| Accrued taxes | 10,593 | 10,090 |
| Regulatory liabilities | 32,981 | 32,287 |
| New Jersey Clean Energy Program | 18,491 | 15,804 |
| Derivatives, at fair value | 6,271 | 16,145 |
| Restricted broker margin accounts | 1,146 | 8,029 |
| Operating lease liabilities | 4,945 | 4,772 |
| Customers’ credit balances and deposits | 38,595 | 44,910 |
| Total current liabilities | 887,774 | 806,603 |
| NONCURRENT LIABILITIES | ||
| Deferred income taxes | 358,783 | 285,427 |
| Deferred investment tax credits | 2,156 | 2,434 |
| Deferred revenue | 3,095 | 659 |
| Derivatives, at fair value | 11,490 | 7,967 |
| Manufactured gas plant remediation | 161,650 | 169,390 |
| Postemployment employee benefit liabilities | 64,609 | 102,528 |
| Regulatory liabilities | 175,847 | 180,458 |
| Operating lease liabilities | 159,303 | 148,023 |
| Asset retirement obligations | 66,698 | 61,993 |
| Other noncurrent liabilities | 10,333 | 13,262 |
| Total noncurrent liabilities | 1,013,964 | 972,141 |
| Commitments and contingent liabilities (Note 14) | ||
| Total capitalization and liabilities | $6,981,645 | $6,537,496 |
CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY
| (Thousands) | Number of Shares | Common Stock | Premium on Common Stock | Accumulated Other Comprehensive (Loss) Income | Treasury Stock And Other | Retained Earnings | Total |
|---|---|---|---|---|---|---|---|
| Balance as of September 30, 2021 | 95,710 | $240,644 | $502,584 | $(34,528) | $(12,448) | $934,610 | $1,630,862 |
| Net income | — | — | — | — | — | 274,922 | 274,922 |
| Other comprehensive income | — | — | — | 29,702 | — | — | 29,702 |
| Common stock issued: | |||||||
| Incentive compensation plan | 193 | 481 | 8,665 | — | — | — | 9,146 |
| Dividend reinvestment plan (1) | 355 | 491 | 8,450 | — | 5,800 | — | 14,741 |
| Cash dividend declared ($1.4775 per share) | — | — | — | — | — | (142,004) | (142,004) |
| Treasury stock and other | (8) | — | (2) | — | (157) | — | (159) |
| Balance as of September 30, 2022 | 96,250 | 241,616 | 519,697 | (4,826) | (6,805) | 1,067,528 | 1,817,210 |
| Net income | — | — | — | — | — | 264,724 | 264,724 |
| Other comprehensive loss | — | — | — | (5,133) | — | — | (5,133) |
| Common stock issued: | |||||||
| Incentive compensation plan | 136 | 339 | 4,829 | — | — | — | 5,168 |
| Dividend reinvestment plan (1) | 258 | 205 | 6,069 | — | 8,760 | — | 15,034 |
| Waiver discount | 948 | 1,298 | 28,059 | — | 13,450 | — | 42,807 |
| Cash dividend declared ($1.59 per share) | — | — | — | — | — | (154,418) | (154,418) |
| Treasury stock and other | (8) | — | — | — | 5,343 | — | 5,343 |
| Balance as of September 30, 2023 | 97,584 | 243,458 | 558,654 | (9,959) | 20,748 | 1,177,834 | 1,990,735 |
| Net income | — | — | — | — | — | 289,775 | 289,775 |
| Other comprehensive income | — | — | — | 3,438 | — | — | 3,438 |
| Common stock issued: | |||||||
| Incentive compensation plan | 154 | 385 | 5,099 | — | — | — | 5,484 |
| Dividend reinvestment plan | 346 | 864 | 13,780 | — | — | — | 14,644 |
| Waiver discount | 1,380 | 3,452 | 56,278 | — | — | — | 59,730 |
| Cash dividend declared ($1.71 per share) | — | — | — | — | — | (168,835) | (168,835) |
| Treasury stock and other | (3) | — | — | — | 5,472 | — | 5,472 |
| Balance as of September 30, 2024 | 99,461 | $248,159 | $633,811 | $(6,521) | $26,220 | $1,298,774 | $2,200,443 |
(1)Certain shares sold through the DRP issued from treasury stock are at average cost, which may differ from the actual market price paid.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.