What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2024-11-26 compared with 2023-11-21 · 49 added, 107 removed, 566 unchanged (22% of the section changed)

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)

The following is a summary of fair market value of financial derivatives as of September 30, 2023, excluding foreign exchange contracts discussed below, by method of valuation and by maturity for each fiscal year period:

(Thousands) 2024 2025 2026 - 2028 After 2028 Total

Price based on ICE $ 21,604 $ 593 $ 71 $ — $ 22,268

The following is a summary of financial derivatives by type as of September 30, 2023:

Volume Bcf Price per MMBtu Amounts included in Derivatives (Thousands)

NJNG Futures 32.1 $0.97 - $5.89 $ 6,090

ES Futures (6.9) $0.00 - $6.87 16,178

Total $ 22,268

The following table reflects the changes in the fair market value of physical commodity contracts:

Balance Increase Less Balance

(Thousands) September 30,

2022 (Decrease) in Fair

Market Value Amounts

Settled September 30,

NJNG - Prices based on other external data $ 241 (26,852) (26,166) $ (445)

ES - Prices based on other external data (20,379) 14,249 7,486 (13,616)

Total $ (20,138) (12,603) (18,680) $ (14,061)

Our market price risk is predominately linked with changes in the price of natural gas at the Henry Hub, the delivery point for the NYMEX natural gas futures contracts.

Based on price sensitivity analysis, an illustrative 10% movement in the natural gas futures contract price, for example, increases (decreases) the reported derivative fair value of all open, unadjusted Henry Hub natural gas futures and fixed price swap positions by approximately $3.6M.

This analysis does not include potential changes to reported credit adjustments embedded in the $14.4M reported fair value.

Derivative Fair Value Sensitivity Analysis

(Thousands) Henry Hub Futures and Fixed Price Swaps

Percent increase in NYMEX natural gas futures prices 0% 5% 10% 15% 20%

Estimated change in derivative fair value $ — $ (1,805) $ (3,611) $ (5,417) $ (7,222)

Ending derivative fair value $ 14,392 $ 12,587 $ 10,781 $ 8,975 $ 7,170

Percent decrease in NYMEX natural gas futures prices 0% (5)% (10)% (15)% (20)%

Estimated change in derivative fair value $ — $ 1,805 $ 3,611 $ 5,417 $ 7,222

Ending derivative fair value $ 14,392 $ 16,197 $ 18,003 $ 19,809 $ 21,614

Wholesale Credit Risk

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Net credit exposure is defined as gross credit exposure reduced by collateral received from counterparties and/or payables, where netting agreements exist.

The amounts presented in the next tables exclude accounts receivable for NJNG retail natural gas sales and services.

New Jersey Resources Corporation

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)

The amounts presented below exclude accounts receivable for NJNG retail natural gas sales and services.

ES’s, CEV’s and S&T’s counterparty credit exposure as of September 30, 2024, is as follows:

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Total $ 6,349 $ 5,746

Due to the inherent volatility in the market price for natural gas, electricity and SRECs, the market value of contractual positions with individual counterparties could exceed established credit limits or collateral provided by those counterparties.

Due to the inherent volatility in the market price for natural gas, electricity and RECs, the market value of contractual positions with individual counterparties could exceed established credit limits or collateral provided by those counterparties.

If a counterparty failed to perform the obligations under its contract (for example, failed to make payment for natural gas received), we could sustain a loss.

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Any such loss could have a material impact on our financial condition, results of operations or cash flows.

Effects of Interest Rate and Foreign Currency Rate Fluctuations

We are also exposed to changes in interest rates on our debt hedges, variable rate debt and changes in foreign currency rates for our business conducted in Canada using Canadian dollars.

We do not believe an immediate 10% increase or decrease in interest rates or foreign currency rates would have a material effect on our operating results or cash flows.

Effects of Interest Rate Fluctuations

We are also exposed to changes in interest rates on our debt hedges and variable rate debt.

We do not believe an immediate 10% increase or decrease in interest rates would have a material effect on our operating results or cash flows.

Information regarding NJR’s interest rate risk can be found in the Liquidity and Capital Resources - Debt section of Item 7.

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The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Regulation — Impact of Rate-Regulation on Various Account Balances and Disclosures — Refer to Notes 2 and 4 to the financial statements

Regulation — Impact of Rate-Regulation on the Financial Statements — Refer to Notes 2 and 4 to the financial statements

Critical Audit Matter Description

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NJNG is subject to regulation by the New Jersey Board of Public Utilities (the “BPU”), which has jurisdiction with respect to the rates of gas distribution companies in New Jersey.

Management has determined NJNG meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial statements in accordance with the ASC 980, Regulated Operations.

New Jersey Resources Corporation

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• We tested the effectiveness of controls over the relevant regulatory account balances and disclosures, including management’s controls over the monitoring and evaluation of regulatory developments that may affect the probability of recovering costs in future rates or of a future reduction in rates due to refunds to customers.

• We read relevant regulatory orders issued by the BPU for NJNG and other public utilities in New Jersey, regulatory statutes, interpretations, procedural memorandums, filings made by interveners, and other publicly available information to assess the probability of recovery in future rates or of a future reduction in rates based on precedence of the BPU’s treatment of similar costs under similar circumstances.

• We read relevant regulatory orders issued by the BPU for NJNG and other public utilities in New Jersey, regulatory statutes, interpretations, procedural memorandums, filings made by intervenors, and other publicly available information to assess the probability of recovery in future rates or of a future reduction in rates based on precedence of the BPU’s treatment of similar costs under similar circumstances.

We also obtained and read the November 21, 2024 BPU order adopting the stipulation of settlement for NJNG’s January 2024 base rate case.

We evaluated the external information and compared that to management’s assertions regarding the probability of recovery or refund of regulatory asset and liability balances for completeness.

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Income tax provision 84,906 49,275 76,195

Equity in earnings (loss) of affiliates 3,930 8,177 ( 83,212 )

Equity in earnings of affiliates 5,299 3,930 8,177

NET INCOME $ 289,775 $ 264,724 $ 274,922

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Net income $ 289,775 $ 264,724 $ 274,922

Other comprehensive (loss) income, net of tax

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

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2,384 ( 6,186 ) 28,648

Other comprehensive (loss) income, net of tax ( 5,133 ) 29,702 9,787

Other comprehensive income (loss), net of tax 3,438 ( 5,133 ) 29,702

Comprehensive income $ 293,213 $ 259,591 $ 304,624

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Adjustments to reconcile net income to cash flows from operating activities

Unrealized (gain) loss on derivative instruments ( 38,081 ) ( 59,906 ) 54,203

Impairment of equity method investment — — 92,000

Unrealized loss (gain) on derivative instruments 19,574 ( 38,081 ) ( 59,906 )

Depreciation and amortization 166,567 152,941 129,249

6 unchanged sentences

Manufactured gas plant remediation costs ( 23,451 ) ( 9,571 ) ( 17,538 )

Equity in earnings, net of distributions received from equity investees — — ( 3,046 )

Cost of removal - asset retirement obligations ( 1,727 ) ( 1,526 ) ( 1,289 )

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Components of working capital ( 61,058 ) 61,525 ( 77,687 )

Other noncurrent assets ( 97,753 ) ( 38,424 ) 13,715

Other noncurrent liabilities 128,140 48,396 ( 3,481 )

Other noncurrent assets and liabilities ( 27,956 ) 30,387 9,972

Cash flows from operating activities 427,407 478,993 323,480

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Payments of term loan — ( 150,000 ) —

(Payments of) proceeds from short-term debt, net ( 21,850 ) ( 103,350 ) 251,950

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

1 unchanged sentence

Payments of common stock dividends ( 165,063 ) ( 150,973 ) ( 127,704 )

Cash settlement of equity forward agreement — — ( 2,823 )

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

Purchases of treasury stock — — ( 27,217 )

Tax withholding payments related to net settled stock compensation ( 5,724 ) ( 4,577 ) ( 4,177 )

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Customers’ credit balances and deposits ( 6,315 ) 11,664 660

Other current assets (liabilities) ( 2,102 ) 5,277 ( 2,573 )

Other current assets and liabilities ( 7,714 ) ( 2,102 ) 5,277

Total $ ( 61,058 ) $ 61,525 $ ( 77,687 )

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Derivatives, at fair value 806 1,564

Intangible assets, net 77 2,348

Software costs 10,522 8,375

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Operating lease liabilities 159,303 148,023

Asset retirement obligation 61,993 55,035

Asset retirement obligations 66,698 61,993

Other noncurrent liabilities 10,333 13,262

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Common stock issued:

Common stock offering — — ( 2,823 ) — — — ( 2,823 )

Incentive compensation plan 193 481 8,665 — — — 9,146

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Net income — — — — — 264,724 264,724

Other comprehensive income — — — 29,702 — — 29,702

Other comprehensive loss — — — ( 5,133 ) — — ( 5,133 )

Common stock issued:

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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)

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Net income — — — — — 289,775 289,775

Other comprehensive loss — — — ( 5,133 ) — — ( 5,133 )

Other comprehensive income — — — 3,438 — — 3,438

Common stock issued:

1 unchanged sentence

Dividend reinvestment plan 346 864 13,780 — — — 14,644

258 205 6,069 — 8,760 — 15,034

Waiver discount 1,380 3,452 56,278 — — — 59,730

9 unchanged sentences

The Company provides regulated natural gas distribution services, transmission and storage services and operates certain unregulated businesses primarily through the following:

NJNG provides natural gas utility service to approximately 576,000 customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU.

NJNG provides natural gas utility service to residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and is subject to rate regulation by the BPU.

NJNG comprises the Natural Gas Distribution segment.

NJRCEV, the Company’s clean energy subsidiary, comprises the CEV segment and invests in, owns and operates clean energy projects, including commercial and residential solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana.

NJRCEV, the Company’s clean energy subsidiary, comprises the CEV segment and owns and operates clean energy projects, including commercial and residential solar installations located in New Jersey, Rhode Island, New York, Connecticut, Michigan and Indiana.

On November 25, 2024, CEV completed the sale of its 91 MW residential solar portfolio, and related assets and liabilities included in The Sunlight Advantage® program to a third party for a total purchase price of $ 132.5 M.

Subsequent Events for more information regarding the transaction.

NJRES comprises the ES segment.

ES maintains and transacts around a portfolio of natural gas transportation and storage capacity contracts and provides physical wholesale energy, retail energy and energy management services in the U.S.

NJR Midstream Holdings Corporation, which comprises the Storage and Transportation segment, invests in energy-related ventures through its subsidiaries.

NJR Midstream Holdings Corporation, which comprises the S&T segment, invests in energy-related ventures through its subsidiaries.

The Company operates natural gas storage and transmission assets through the wholly-owned subsidiaries of Leaf River and Adelphia and is subject to rate regulation by FERC.

The Company holds a 50 % combined ownership interest in Steckman Ridge, located in Pennsylvania, which is accounted for under the equity method of accounting, and 20 % ownership interest in PennEast, which ceased operations in fiscal 2022.

The Company holds a 50 % combined ownership interest in Steckman Ridge, located in Pennsylvania, which is accounted for under the equity method of accounting.

NJR Retail Holdings Corporation has one principal subsidiary:

NJRHS, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJRHS is included in HSO operations.

NJRHS is included in HSO.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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The preparation of financial statements in conformity with GAAP requires the Company to make estimates that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingencies during the reporting period.

On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of the fair value of derivative instruments, debt, equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation.

ARO are evaluated periodically as required.

On a quarterly basis, or more frequently whenever events or changes in circumstances indicate a need, the Company evaluates its estimates, including those related to the calculation of equity method investments, lease liabilities, unbilled revenues, allowance for doubtful accounts, provisions for depreciation and amortization, long-lived assets, regulatory assets and liabilities, income taxes, pensions and other postemployment benefits, contingencies related to environmental matters and litigation and the fair value of derivative instruments and debt.

AROs are evaluated periodically as required.

The Company’s estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

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Revenues from the sale of natural gas to NJNG customers are recognized in the period that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue.

NJNG records unbilled revenue for natural gas services.

Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month.

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SRECs are physically delivered through the transfer of certificates as per contractual settlement schedules.

The Clean Energy Act of 2018 established guidelines for the closure of the SREC registration program to new applicants in New Jersey.

The SREC program officially closed to new qualified solar projects on April 30, 2020.

The SREC program officially closed to new qualified solar projects in April 2020.

In December 2019, the BPU established the TREC as the successor to the SREC program.

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The project factor is determined by the type and location of the project, as defined.

In July 2021, the BPU established a new successor solar incentive program.

The Administratively Determined Incentive Program provides administratively set incentives for net metered residential projects and net metered non-residential projects of 5 MW or less.

In July 2021, the BPU established a new successor solar incentive program, or SREC IIs.

The ADI Program provides administratively set incentives for net metered projects of 5 MW or less.

RECs generated through the production of electricity under this program are known as SREC IIs.

TRECs and SREC IIs generated are required to be purchased monthly by a REC program administrator as appointed by the BPU.

Revenue is recognized when RECs are generated and are transferred monthly based upon metered solar electricity activity.

Revenue for TRECs and SREC IIs are recognized upon generation and are transferred monthly based upon metered solar electricity activity.

Revenues for ES are recognized when the natural gas is physically delivered to the customer.

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For permanent releases of pipeline capacity, which represent a transfer of contractual rights for such capacity, revenue is recognized upon the transfer of the underlying contractual rights.

ES recognized $ 48.5 M and $ 53.0 M of operating revenue on the Consolidated Statements of Operations during fiscal 2023 and 2022, respectively.

ES recognized $ 137.2 M and $ 48.5 M of operating revenue related to the AMAs on the Consolidated Statements of Operations during fiscal 2024 and 2023, respectively.

Amounts received in excess of revenue recognized totaling $ 22.3 M and $ 58.7 M are included in deferred revenue on the Consolidated Balance Sheets as of September 30, 2024 and 2023, respectively.

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Operations and Maintenance Expenses

Operations and maintenance expenses include operations and maintenance salaries and benefits, materials and supplies, usage of vehicles, tools and equipment, payments to contractors, utility plant maintenance, amortization of software costs for unregulated entities, customer service, professional fees and other outside services, insurance expense, accretion of cost of removal for future retirements of utility assets and other administrative expenses and are expensed as incurred.

O&M includes salaries and benefits, materials and supplies, usage of vehicles, tools and equipment, payments to contractors, utility plant maintenance, amortization of software costs for unregulated entities, customer service, professional fees and other outside services, insurance expense, accretion of cost of removal for future retirements of utility assets and other administrative expenses, and are expensed as incurred.

Stock-Based Compensation

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The recognition period for these costs begins at either the applicable service inception date or grant date and continues throughout the requisite service period.

The related compensation cost is recognized as O&M expense on the Consolidated Statements of Operations.

The related compensation cost is recognized as O&M on the Consolidated Statements of Operations.

Stock-Based Compensation for further information.

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Upon retirement, the cost of depreciable property, plus removal costs less salvage, is charged to accumulated depreciation with no gain or loss recorded.

Depreciation is computed on a straight-line basis over the useful life of the assets for the Company’s nonutility entities, and is computed using rates based on the estimated average lives of the various classes of depreciable property for NJNG.

Depreciation is computed on a straight-line basis over the useful life of the assets for the Company’s nonutility entities, and using rates based on the estimated average lives of the various classes of depreciable property for NJNG.

The composite rate of depreciation used for NJNG was 2.69 % of average depreciable property in fiscal 2024, 2.68 % in fiscal 2023 and 2.66 % in fiscal 2022.

The Company recorded $ 166.6 M, $ 152.9 M and $ 129.2 M in depreciation expense during fiscal 2024, 2023 and 2022, respectively.

New Jersey Resources Corporation

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued)

Property, plant and equipment was comprised of the following as of September 30:

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Property, plant and equipment, net $ 5,403,223 $ 5,022,055

New Jersey Resources Corporation

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued)

Within storage and transportation property, base gas is required to maintain the necessary pressure and to allow for efficient operation of the Leaf River storage facility.

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Pursuant to a BPU order, NJNG is permitted to recover carrying costs on uncollected balances related to SBC program costs, which include NJCEP, RAC and USF expenditures.

The SBC interest rate changes each September based on the August 31 seven-year constant maturity treasury rate plus 60 basis points.

The rate was 4.79 %, 3.85 % and 1.68 % for the fiscal years ended September 30, 2023, 2022 and 2021, respectively.

The NJCEP and RAC interest rates change each September based on the August 31 seven-year constant maturity treasury rate plus 60 basis points.

The SBC rate was 4.33 %, 4.79 % and 3.85 % for the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

Accordingly, other income included $ 2.6 M, $ 1.8 M and $ 0.9 M in the fiscal years ended September 30, 2024, 2023 and 2022, respectively.

2 unchanged sentences

Corresponding amounts are recognized in interest expense on the Consolidated Statements of Operations.

New Jersey Resources Corporation

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued)

Cash and Cash Equivalents

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Cash, cash equivalents and restricted cash $ 1,612 $ 1,517 $ 1,452

New Jersey Resources Corporation

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued)

Allowance for Doubtful Accounts

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Loans Receivable

NJNG currently provides loans, with terms ranging from two to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program.

NJNG currently provides loans, with terms ranging from three to 10 years, to customers that elect to purchase and install certain energy-efficient equipment in accordance with its BPU-approved SAVEGREEN program.

The loans are recognized at fair value on the Consolidated Balance Sheets.

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Regulation for a more detailed description of Adelphia’s regulatory assets and liabilities.

New Jersey Resources Corporation

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued)

Natural Gas in Storage

6 unchanged sentences

Derivative Instruments

The Company accounts for its financial instruments, such as futures, options, foreign exchange contracts and interest rate contracts, as well as its physical commodity contracts related to the purchase and sale of natural gas at ES, as derivatives, and therefore recognizes them at fair value on the Consolidated Balance Sheets.

The Company accounts for its financial instruments, such as futures, options and interest rate contracts, as well as its physical commodity contracts related to the purchase and sale of natural gas at ES, as derivatives, and therefore recognizes them at fair value on the Consolidated Balance Sheets.

The Company’s unregulated subsidiaries record changes in the fair value of their financial commodity derivatives in natural gas purchases and changes in the fair value of their physical forward contracts in natural gas purchases or operating revenues, as appropriate, on the Consolidated Statements of Operations.

1 unchanged sentence

Cash flows from derivative financial instruments are included in cash flows from operating activities on the Consolidated Statements of Cash Flows.

New Jersey Resources Corporation

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued)

ASC 815, Derivatives and Hedging, also provides for a NPNS scope exception for qualifying physical commodity contracts for which physical delivery is probable and the quantities delivered are expected to be used or sold over a reasonable period of time in the normal course of business.

Effective January 1, 2016, the Company prospectively applies this normal scope exception on a case-by-case basis to physical commodity contracts at NJNG and PPAs at CEV.

The Company prospectively applies this normal scope exception on a case-by-case basis to physical commodity contracts at NJNG and PPAs at CEV.

When applied, it does not account for these contracts until the contract settles and the related underlying natural gas or power is delivered.

3 unchanged sentences

Fair values of exchange-traded instruments, including futures and swaps, are based on unadjusted, quoted prices in active markets.

The Company’s non-exchange-traded financial instruments, foreign currency derivatives, over-the-counter physical commodity contracts at ES and interest rate contracts are valued using observable, quoted prices for similar or identical assets when available.

The Company’s non-exchange-traded financial instruments, over-the-counter physical commodity contracts at ES and interest rate contracts are valued using observable, quoted prices for similar or identical assets when available.

In establishing the fair value of contracts for which a quoted basis price is not available at the measurement date, management utilizes available market data and pricing models to estimate fair values.

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Settlement of the treasury locks resulted in a loss, which was recorded within OCI and is amortized into earnings over the term of the associated debt as a component of interest expense on the Consolidated Statements of Operations.

As of both September 30, 2023 and 2022, amounts recognized in interest expense related to the amortization of the loss on treasury lock transactions totaled $ 0.2 M for NJNG and $ 1.1 M for NJR.

New Jersey Resources Corporation

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued)

Software Costs

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Operation and maintenance $ 13,087 $ 14,299

$ 14,299 $ 11,141

Depreciation and amortization $ 6,164 $ 4,130

(1) During both fiscal 2023 and 2022, $ 0.5 M was amortized from software costs into O&M.

Intangible Assets

Finite-lived intangible assets are stated at cost less accumulated amortization.

The Company amortizes intangible assets based upon the pattern in which the economic benefits are consumed over the life of the asset unless a pattern cannot be reliably determined, in which case the Company uses a straight-line amortization method.

As of September 30, 2023, intangible assets consist primarily of acquired wholesale natural gas energy contracts totaling $ 0.1 M, which will be fully amortized during fiscal 2024.

Long-lived Assets

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If the sum of the expected future undiscounted cash flows is less than the carrying amount of the asset, an impairment loss is recognized by reducing the recorded value of the asset to its fair value.

Factors that the Company analyzes in determining whether an impairment in its long-lived assets exists include:

a significant decrease in the market price of a long-lived asset;

a significant adverse change in the extent in which a long-lived asset is being used in its physical condition;

legal proceedings or other contributing factors;

significant business climate changes;

accumulations of costs in significant excess of the amounts expected;

a current-period operating or cash flow loss combined with a history of such events;

and current expectations that more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its estimated useful life.

During fiscal 2023 and 2022, there were no events or circumstances that indicated that the carrying value of long-lived assets or finite-lived intangibles was not recoverable.

Debt Issuance Costs

Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt.

Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt.

Debt for the total unamortized debt issuance costs that are recorded as a reduction to long-term debt on the Consolidated Balance Sheets.

New Jersey Resources Corporation

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk