40 added · 45 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Internal-Use Software In September 2025, the FASB issued ASU No. 2025-06 , an amendment to ASC 350, Intangibles—Goodwill and Other , which simplifies the capitalization guidance as it relates to Internal-Use Software by removing all references to project stages and clarifying the threshold to apply to begin capitalizing costs.
Disaggregated revenues from contracts with customers by customer type and by reportable segment and other business operations during the fiscal years ended September 30, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2025 Residential $ 805,351 2,110 — — 62,396 $ 869,857 Commercial and industrial 164,796 42,705 47,653 106,372 190 361,716 Firm transportation 110,042 — — — — 110,042 Interruptible, off-tariff and other 9,690 — — — — 9,690 Revenues out of scope 211,617 67,686 405,804 — — 685,107 Total operating revenues $ 1,301,496 112,501 453,457 106,372 62,586 $ 2,036,412 2024 Residential $ 641,606 13,960 — — 62,219 $ 717,785 Commercial and industrial 123,727 34,064 164,165 94,851 158 416,965 Firm transportation 86,600 — — — — 86,600 Interruptible, off-tariff and other 8,599 — — — — 8,599 Revenues out of scope 157,950 82,539 326,101 — — 566,590 Total operating revenues $ 1,018,482 130,563 490,266 94,851 62,377 $ 1,796,539 2023 Residential $ 621,663 13,668 — — 57,091 $ 692,422 Commercial and industrial 136,011 30,701 76,975 88,700 342 332,729 Firm transportation 77,722 — — — — 77,722 Interruptible, off-tariff and other 8,647 — — — — 8,647 Revenues out of scope 167,241 79,762 604,471 — — 851,474 Total operating revenues $ 1,011,284 124,131 681,446 88,700 57,433 $ 1,962,994 Page 83 New Jersey Resources Corporation Part II ITEM 8.
The guidance becomes effective for the Company beginning with our annual report for the fiscal year ended September 30, 2026, and can be applied either prospectively or retrospectively.
The guidance became effective for the Company for joint ventures formed beginning January 1, 2025, and was applied on a prospective basis.
We tested the effectiveness of management’s internal controls over the recognition of amounts deferred as regulatory assets or liabilities and 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 obtained and read relevant regulatory orders issued by the BPU for NJNG 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 obtained an analysis from management regarding the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities to assess management’s assertion that amounts are probable of recovery or a future reduction in rates. • We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments. /s/ Deloitte & Touche LLP Morristown, New Jersey November 20, 2025 We have served as the Company’s auditor since 1951.
The following table summarizes natural gas in storage, at average cost by reportable segment, as of September 30: 2025 2024 ($ in thousands) Natural Gas in Storage Bcf Natural Gas in Storage Bcf NJNG $ 184,099 30.8 $ 177,655 30.8 ES 30,686 13.2 21,378 13.1 S&T 1,051 0.3 92 — Total $ 215,836 44.3 $ 199,125 43.9 Page 75 New Jersey Resources Corporation Part II ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) The following is an analysis of the change in the Company’s AROs for the fiscal years ended September 30: (Thousands) Balance at October 1 Accretion Additions Change in assumptions Retirements Balance at period end 2025 NJNG $ 59,674 3,353 351 7,079 ( 2,044 ) $ 68,413 NJRCEV $ 7,023 256 815 — — $ 8,094 2024 NJNG $ 55,285 3,039 152 2,925 ( 1,727 ) $ 59,674 NJRCEV $ 6,708 236 79 — — $ 7,023 Accretion for the next five years, for the fiscal years ended September 30, is estimated to be as follows: (Thousands) 2026 2027 2028 2029 2030 Total Estimated Accretion $ 3,955 4,156 4,376 4,616 4,868 $ 21,971 Accumulated Other Comprehensive Income The following table presents the changes in the components of accumulated other comprehensive income, net of related tax effects: (Thousands) Cash Flow Hedges Postemployment Benefit Obligation Total Balance as of September 30, 2023 $ ( 7,269 ) $ ( 2,690 ) $ ( 9,959 ) Other comprehensive income, net of tax Other comprehensive income, before reclassifications, net of tax of $ 0 , $( 1,002 ) and $( 1,002 ), respectively — 3,360 3,360 Amounts reclassified from accumulated other comprehensive income, net of tax of $( 317 ), $ 296 and $( 21 ), respectively 1,054 ( 976 ) (1) 78 Net current-period other comprehensive income, net of tax of $( 317 ), $( 706 ) and $( 1,023 ), respectively 1,054 2,384 3,438 Balance as of September 30, 2024 $ ( 6,215 ) $ ( 306 ) $ ( 6,521 ) Other comprehensive income, net of tax Other comprehensive income, before reclassifications, net of tax of $ 0 , $ 1,571 and $ 1,571 , respectively — ( 5,213 ) ( 5,213 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $( 317 ), $ 232 and $( 85 ), respectively 1,052 ( 781 ) (1) 271 Net current-period other comprehensive income, net of tax of $( 317 ), $ 1,803 and $ 1,486 , respectively 1,052 ( 5,994 ) ( 4,942 ) Balance as of September 30, 2025 $ ( 5,163 ) $ ( 6,300 ) $ ( 11,463 ) (1) Included in the computation of net periodic pension cost, a component of O&M on the Consolidated Statements of Operations.
Disaggregated revenues from contracts with customers by product line and by reportable segment and other business operations during fiscal 2025, 2024 and 2023 are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2025 Natural gas utility sales (1) $ 1,091,000 — — — — $ 1,091,000 Natural gas services — — 47,653 106,413 — 154,066 Service contracts — — — — 37,327 37,327 Installations and maintenance — — — — 25,561 25,561 Renewable energy certificates — 17,575 — — — 17,575 Electricity sales — 27,240 — — — 27,240 Eliminations (2) ( 1,121 ) — — ( 41 ) ( 302 ) ( 1,464 ) Revenues from contracts with customers 1,089,879 44,815 47,653 106,372 62,586 1,351,305 Alternative revenue programs (3) ( 28,747 ) — — — — ( 28,747 ) Derivative instruments 240,364 67,686 (4) 405,804 — — 713,854 Revenues out of scope 211,617 67,686 405,804 — — 685,107 Total operating revenues $ 1,301,496 112,501 453,457 106,372 62,586 $ 2,036,412 2024 Natural gas utility sales (1) $ 861,882 — — — — $ 861,882 Natural gas services — — 164,165 96,209 — 260,374 Service contracts — — — — 36,231 36,231 Installations and maintenance — — — — 26,404 26,404 Renewable energy certificates — 15,111 — — — 15,111 Electricity sales — 32,913 — — — 32,913 Eliminations (2) ( 1,350 ) — — ( 1,358 ) ( 258 ) ( 2,966 ) Revenues from contracts with customers 860,532 48,024 164,165 94,851 62,377 1,229,949 Alternative revenue programs (3) 1,087 — — — — 1,087 Derivative instruments 156,863 82,539 (4) 321,226 — — 560,628 Eliminations (2) — — 4,875 — — 4,875 Revenues out of scope 157,950 82,539 326,101 — — 566,590 Total operating revenues $ 1,018,482 130,563 490,266 94,851 62,377 $ 1,796,539 Page 82 New Jersey Resources Corporation Part II ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) (Thousands) NJNG CEV ES S&T HSO Total 2023 Natural gas utility sales (1) $ 845,392 — — — — 845,392 Natural gas services — — 76,975 92,859 — 169,834 Service contracts — — — — 35,210 35,210 Installations and maintenance — — — — 22,428 22,428 Renewable energy certificates — 12,636 — — — 12,636 Electricity sales — 31,733 — — — 31,733 Eliminations (2) ( 1,349 ) — — ( 4,159 ) ( 205 ) ( 5,713 ) Revenues from contracts with customers 844,043 44,369 76,975 88,700 57,433 1,111,520 Alternative revenue programs (3) 27,257 — — — — 27,257 Derivative instruments 139,984 79,762 (4) 614,641 — — 834,387 Eliminations (2) — — ( 10,170 ) — — ( 10,170 ) Revenues out of scope 167,241 79,762 604,471 — — 851,474 Total operating revenues $ 1,011,284 124,131 681,446 88,700 57,433 $ 1,962,994 (1) Includes building rent related to the Wall headquarters, which is eliminated in consolidation.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Customer Accounts Receivable/Credit Balances and Deposits The timing of revenue recognition, customer billings and cash collections resulting in accounts receivables, billed and unbilled, and customers’ credit balances and deposits on the Consolidated Balance Sheets are as follows: Customer Accounts Receivable Customers’Credit (Thousands) Billed Unbilled Balances and Deposits Balance as of September 30, 2023 $ 97,540 $ 19,100 $ 44,910 Increase (decrease) 7,991 994 ( 6,315 ) Balance as of September 30, 2024 105,531 20,094 38,595 Increase (decrease) 3,835 4,100 ( 7,298 ) Balance as of September 30, 2025 $ 109,366 $ 24,194 $ 31,297 The following table provides information about receivables, which are included within accounts receivable, billed and unbilled, and customers’ credit balances and deposits, respectively, on the Consolidated Balance Sheets as of September 30: (Thousands) NJNG CEV ES S&T HSO Total 2025 Customer accounts receivable Billed $ 75,789 6,818 17,483 8,172 1,104 $ 109,366 Unbilled 14,817 9,377 — — — 24,194 Customers’ credit balances and deposits ( 31,257 ) — — ( 40 ) — ( 31,297 ) Total $ 59,349 16,195 17,483 8,132 1,104 $ 102,263 2024 Customer accounts receivable Billed $ 51,613 8,441 34,002 8,598 2,877 $ 105,531 Unbilled 11,839 8,255 — — — 20,094 Customers’ credit balances and deposits ( 38,572 ) — — ( 23 ) — ( 38,595 ) Total $ 24,880 16,696 34,002 8,575 2,877 $ 87,030 4.
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 ;
Amounts related to the financing are due to CEV no later than December 31, 2027, and are recorded as notes receivable within the Company’s consolidated balance sheet as of September 30, 2025.
No longer disclosed
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Financial Instruments In March 2022, the FASB issued ASU No. 2022-02 , an amendment to ASC 326, Financial Instruments-Credit Losses , which eliminates the accounting guidance for creditors in troubled debt restructuring.
The guidance is effective for the Company for joint ventures formed beginning January 1, 2025, and the Company can elect to apply it either prospectively or retrospectively back to a joint venture’s formation date provided adequate information is available.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Disaggregated revenues from contracts with customers by customer type and by reporting segment and other business operations during the fiscal years ended September 30, are as follows: (Thousands) NJNG CEV ES S&T HSO Total 2024 Residential $ 641,606 13,960 — — 62,219 $ 717,785 Commercial and industrial 123,727 34,064 164,165 94,851 158 416,965 Firm transportation 86,600 — — — — 86,600 Interruptible, off-tariff and other 8,599 — — — — 8,599 Revenues out of scope 157,950 82,539 326,101 — — 566,590 Total operating revenues $ 1,018,482 130,563 490,266 94,851 62,377 $ 1,796,539 2023 Residential $ 621,663 13,668 — — 57,091 $ 692,422 Commercial and industrial 136,011 30,701 76,975 88,700 342 332,729 Firm transportation 77,722 — — — — 77,722 Interruptible, off-tariff and other 8
This update further clarifies guidance previously released in ASU No. 2017-12, which established the ”last-of-layer” method, and this update renames that method as the “portfolio layer” method.
The guidance was effective for the Company beginning October 1, 2023, and was applied on a prospective basis to new acquisitions following the date of adoption.
The guidance is effective for the Company on October 1, 2025, and can be applied either prospectively or retrospectively.
The impact of the ratemaking process and decisions authorized by the BPU allows NJNG to capitalize or defer certain costs that are expected to be recovered from its customers as regulatory assets, and to recognize certain obligations representing amounts that are probable future expenditures as regulatory liabilities in accordance with accounting guidance applicable to regulated operations.
It also aligns conflicting disclosure requirement guidance in ASC 326 by requiring disclosure of current-period gross write-offs by year of origination.
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. • We obtained an analysis from management regarding the probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities in order to assess management’s assertion that amounts are probable of recovery or a future reduction in rates. • We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments. /s/ Deloitte & Touche LLP Morristown, New Jersey November 26, 2024 We have served as the Company’s auditor since 1951.
The following table summarizes natural gas in storage, at average cost by company, as of September 30: 2024 2023 ($ in thousands) Natural Gas in Storage Bcf Natural Gas in Storage Bcf NJNG $ 177,655 30.8 $ 175,025 29.1 ES 21,378 13.1 24,476 14.6 S&T 92 — — — Total $ 199,125 43.9 $ 199,501 43.7 Derivative Instruments 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 following is an analysis of the change in the Company’s ARO for the fiscal years ended September 30: (Thousands) Balance at October 1 Accretion Additions Change in assumptions Retirements Balance at period end 2024 NJNG $ 55,285 3,039 152 2,925 ( 1,727 ) $ 59,674 NJRCEV $ 6,708 236 79 — — $ 7,023 2023 NJNG $ 49,874 2,693 155 4,089 ( 1,526 ) $ 55,285 NJRCEV $ 5,161 213 1,334 — — $ 6,708 Accretion for the next five years, for the fiscal years ended September 30, is estimated to be as follows: (Thousands) 2025 2026 2027 2028 2029 Total Estimated Accretion $ 3,403 3,573 3,751 3,948 4,165 $ 18,840 Page 78 New Jersey Resources Corporation Part II ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (Continued) Accumulated Other Comprehensive Income The following table presents the changes in the components of accumulated other comprehensive income, net of related tax effects: (Thousands) Cash Flow Hedges Postemployment Benefit Obligation Total Balance as of September 30, 2022 $ ( 8,322 ) $ 3,496 $ ( 4,826 ) Other comprehensive income, net of tax Other comprehensive income, before reclassifications, net of tax of $ 0 , $ 1,922 and $ 1,922 , respectively — ( 6,350 ) ( 6,350 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $( 317 ), $( 49 ) and $( 366 ), respectively 1,053 164 (1) 1,217 Net current-period other comprehensive income, net of tax of $( 317 ), $ 1,873 and $ 1,556 , respectively 1,053 ( 6,186 ) ( 5,133 ) Balance as of September 30, 2023 $ ( 7,269 ) $ ( 2,690 ) $ ( 9,959 ) Other comprehensive income, net of tax Other comprehensive income, before reclassifications, net of tax of $ 0 , $( 1,002 ) and $( 1,002 ), respectively — 3,360 3,360 Amounts reclassified from accumulated other comprehensive income, net of tax of $( 317 ), $ 296 and $( 21 ), respectively 1,054 ( 976 ) (1) 78 Net current-period other comprehensive income, net of tax of $( 317 ), $( 706 ) and $( 1,023 ), respectively 1,054 2,384 3,438 Balance as of September 30, 2024 $ ( 6,215 ) $ ( 306 ) $ ( 6,521 ) (1) Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Consolidated Statements of Operations.