Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 15, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-6364 | ||
Entity Registrant Name | South Jersey Industries, Inc. | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 22-1901645 | ||
Entity Address, Address Line One | 1 South Jersey Plaza | ||
Entity Address, City or Town | Folsom | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08037 | ||
City Area Code | (609) | ||
Local Phone Number | 561-9000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,910,165,365 | ||
Entity Common Stock, Shares Outstanding | 117,379,409 | ||
Documents Incorporated by Reference | In Part III of Form 10-K: Portions of South Jersey Industries, Inc.'s definitive proxy statement for its 2022 annual meeting of shareholders to be filed with the Securities and Exchange Commission are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0000091928 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock - $1.25 par value per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock - $1.25 par value per share | ||
Trading Symbol | SJI | ||
Security Exchange Name | NYSE | ||
5.625% Junior Subordinated Notes due 2079 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.625% Junior Subordinated Notes due 2079 | ||
Trading Symbol | SJIJ | ||
Security Exchange Name | NYSE | ||
Corporate Units | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Corporate Units | ||
Trading Symbol | SJIV | ||
Security Exchange Name | NYSE | ||
South Jersey Gas Company | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-22211 | ||
Entity Registrant Name | South Jersey Gas Co | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 21-0398330 | ||
Entity Address, Address Line One | 1 South Jersey Plaza | ||
Entity Address, City or Town | Folsom | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 08037 | ||
City Area Code | (609) | ||
Local Phone Number | 561-9000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 2,339,139 | ||
Entity Central Index Key | 0001035216 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Philadelphia, Pennsylvania |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenues: | |||
Utility | $ 958,383 | $ 918,428 | $ 896,874 |
Nonutility | 1,033,613 | 622,955 | 731,752 |
Total Operating Revenues | 1,991,996 | 1,541,383 | 1,628,626 |
Operating Expenses: | |||
Operations | 265,140 | 272,171 | 276,093 |
Impairment Charges | 0 | 0 | 10,745 |
Depreciation | 131,778 | 118,715 | 99,753 |
Energy and Other Taxes | 1,435 | 11,918 | 11,996 |
Net Gain on Sales of Assets | 0 | (2,578) | (3,133) |
Total Operating Expenses | 1,642,876 | 1,259,161 | 1,427,421 |
Operating Income (Loss) | 349,120 | 282,222 | 201,205 |
Other Income and Expense | 4,592 | 7,979 | 4,208 |
Interest Charges | (127,130) | (118,534) | (114,477) |
Income Before Income Taxes | 226,582 | 171,667 | 90,936 |
Income Taxes | (47,107) | (22,664) | (21,061) |
Equity in (Losses) Earnings of Affiliated Companies | (90,961) | 8,294 | 7,314 |
Income from Continuing Operations | 88,514 | 157,297 | 77,189 |
Income (Loss) from Discontinued Operations - (Net of taxes) | 51 | (255) | (272) |
Net Income | 88,565 | 157,042 | 76,917 |
Subtract/Add: Income (Loss) Attributable to Noncontrolling Interests | 474 | (42) | 0 |
Net Income | $ 88,091 | $ 157,084 | $ 76,917 |
Basic Earnings per Common Share: | |||
Continuing Operations (in USD per share) | $ 0.81 | $ 1.62 | $ 0.84 |
Discontinued Operations (in USD per share) | 0 | 0 | 0 |
Net Income (in USD per share) | 0.81 | 1.62 | 0.84 |
Subtract/Add: Income (loss) attributable to noncontrolling interests (in USD per share) | $ 0 | $ 0 | $ 0 |
Average Shares of Common Stock Outstanding - Basic (in shares) | 109,269 | 96,854 | 92,130 |
Diluted Earnings per Common Share: | |||
Continuing Operations (in USD per share) | $ 0.80 | $ 1.62 | $ 0.84 |
Discontinued Operations (in USD per share) | 0 | 0 | 0 |
Net Income (in USD per share) | 0.80 | 1.62 | 0.84 |
Subtract/Add: Income (loss) attributable to noncontrolling interests (in USD per share) | $ 0 | $ 0 | $ 0 |
Average Shares of Common Stock Outstanding - Diluted (in shares) | 110,120 | 96,995 | 92,253 |
Utility | |||
Operating Expenses: | |||
Cost of Sales - (Excluding depreciation and amortization) | $ 296,356 | $ 297,094 | $ 351,284 |
Nonutility | |||
Operating Expenses: | |||
Cost of Sales - (Excluding depreciation and amortization) | $ 948,167 | $ 561,841 | $ 680,683 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 88,565 | $ 157,042 | $ 76,917 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Postretirement Liability Adjustment, net of tax | 11,455 | (5,692) | (6,498) |
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, net of tax | 32 | 34 | 35 |
Other Comprehensive Income (Loss) - Net of Tax | 11,487 | (5,658) | (6,463) |
Comprehensive Income | 100,052 | 151,384 | 70,454 |
Subtract/Add: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 474 | (42) | 0 |
Comprehensive Income Attributable to South Jersey Industries, Inc. | $ 99,578 | $ 151,426 | $ 70,454 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Comprehensive Income (Loss), Net of Tax: | |||
Postretirement Liability Adjustment, tax | $ (4,426) | $ 2,316 | $ 2,539 |
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, tax | $ (14) | $ (12) | $ (11) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 88,565 | $ 157,042 | $ 76,917 |
(Income) Loss from Discontinued Operations - Net of taxes | (51) | 255 | 272 |
Income from Continuing Operations | 88,514 | 157,297 | 77,189 |
Adjustments to Reconcile Income from Continuing Operations to Net Cash Provided by Operating Activities: | |||
Net Gain on Sales of Assets | 0 | (2,578) | (3,133) |
Step Acquisition Gain | 0 | (1,971) | 0 |
Payment of Swap Termination | 0 | (8,173) | 0 |
Gain on Insurance Proceeds | 0 | 0 | (794) |
Impairment Charges | 0 | 0 | 10,745 |
Impairment on Investments in Equity Method Investees | 102,872 | 0 | 0 |
Gain from Tax Settlement | (10,960) | 0 | 0 |
Depreciation and Amortization | 211,652 | 170,647 | 133,385 |
Net Unrealized (Gain) Loss on Derivatives - Energy Related | (5,567) | (385) | 11,748 |
Unrealized (Gain) Loss on Derivatives - Other | 0 | (4,760) | 2,798 |
Provision for Uncollectibles | 10,159 | 9,558 | 10,432 |
CIP Receivable/Payable | 3,237 | (27,807) | 922 |
Deferred Gas Costs and Energy Related Derivatives - Net of Recoveries | (29,000) | 44,450 | 16,654 |
Stock-Based Compensation Expense | 5,966 | 5,797 | 5,209 |
Deferred and Noncurrent Income Taxes - Net | 47,342 | 21,841 | 21,543 |
Environmental Remediation Costs - Net of Recoveries | (34,057) | (19,325) | (49,180) |
Gas Plant Cost of Removal | (13,847) | (16,777) | (18,823) |
Dividends Received from Equity Method Investments | 2,849 | 1,714 | 1,770 |
Income from Equity Method Investments | (5,467) | (8,294) | (7,314) |
Societal Benefit Costs Regulatory Asset and Liabilities | (21,915) | (23,068) | (24,503) |
Excess Deferred Income Tax | (21,901) | (14,668) | (8,505) |
Changes in: | |||
Accounts Receivable | (85,911) | (48,576) | 92,614 |
Accounts Payable and Other Accrued Liabilities | 80,715 | 49,981 | (137,717) |
Other Assets and Liabilities | (51,570) | 26,733 | (13,988) |
Cash Flows from Discontinued Operations | 2 | 3 | 0 |
CASH USED IN OPERATING ACTIVITIES | 273,113 | 311,639 | 121,052 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (532,026) | (486,451) | (504,212) |
Acquisition-related Working Capital Settlement | (267) | 0 | 15,600 |
Cash Paid for Acquisitions, Net of Cash Acquired | 0 | (21,613) | (3,952) |
Proceeds from Business Dispositions and Sale of Property, Plant and Equipment | 0 | 119,948 | 26,938 |
Investment in Contract Receivables | (22,215) | (24,449) | (15,718) |
Proceeds from Contract Receivables | 13,969 | 12,904 | 10,301 |
Proceeds from Company-Owned Life Insurance | 0 | 0 | 1,694 |
Investment in Subsidiary, Net of Cash Acquired | (44,356) | (79,181) | 0 |
Investment in Affiliates | (14,039) | (12,139) | (4,866) |
Net Advances on Notes Receivable - Affiliates | (46,563) | (19,301) | (3,433) |
Net Repayment of Notes Receivable - Affiliates | 0 | 2,531 | 0 |
Net Cash Used in Investing Activities | (645,497) | (507,751) | (477,648) |
Cash Flows from Financing Activities: | |||
Net (Repayments of) Borrowings from Short-Term Credit Facilities | (262,400) | (252,300) | 578,200 |
Proceeds from Issuance of Long-Term Debt | 460,000 | 1,050,000 | 429,657 |
Payments for Issuance of Long-Term Debt | (17,632) | (8,191) | (2,744) |
Principal Repayments of Long-Term Debt | (117,909) | (667,909) | (733,909) |
Dividends on Common Stock | (133,336) | (114,643) | (106,938) |
Proceeds from Sale of Common Stock | 429,772 | 200,000 | 189,032 |
Payments for the Issuance of Common Stock | (2,322) | (2,409) | 0 |
Capital Contributions of Noncontrolling Interests in Subsidiary | 3,820 | 6,037 | 0 |
Other | 0 | (1,023) | 0 |
Net Cash Provided by Financing Activities | 359,993 | 209,562 | 353,298 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (12,391) | 13,450 | (3,298) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 41,831 | 28,381 | 31,679 |
Cash, Cash Equivalents and Restricted Cash at End of Year | 29,440 | 41,831 | 28,381 |
Cash paid (received) during the year for: | |||
Interest (Net of Amounts Capitalized) | 122,070 | 108,901 | 114,015 |
Income Taxes (Net of Refunds) | (301) | (4,336) | (10,639) |
Supplemental Disclosures of Non-Cash Investing Activities | |||
Capital Expenditures acquired on account but unpaid as of year-end | $ 36,389 | $ 37,616 | $ 54,321 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment: | ||
Utility Plant, at original cost | $ 5,682,805 | $ 5,265,661 |
Accumulated Depreciation | (975,619) | (914,122) |
Nonutility Property and Equipment, at cost | 240,503 | 147,764 |
Accumulated Depreciation | (35,367) | (35,069) |
Property, Plant and Equipment - Net | 4,912,322 | 4,464,234 |
Investments: | ||
Available-for-Sale Securities | 37 | 32 |
Restricted Investments | 686 | 7,786 |
Investment in Affiliates | 38,509 | 106,230 |
Total Investments | 39,232 | 114,048 |
Current Assets: | ||
Cash and Cash Equivalents | 28,754 | 34,045 |
Accounts Receivable | 343,835 | 278,723 |
Unbilled Revenues | 87,357 | 85,423 |
Provision for Uncollectibles | (41,763) | (30,582) |
Notes Receivable - Affiliate | 5,695 | 2,847 |
Natural Gas in Storage, average cost | 59,744 | 39,440 |
Materials and Supplies, average cost | 1,053 | 2,561 |
Prepaid Taxes | 33,977 | 23,851 |
Derivatives - Energy Related Assets | 95,041 | 41,439 |
Other Prepayments and Current Assets | 25,269 | 29,081 |
Total Current Assets | 638,962 | 506,828 |
Regulatory and Other Noncurrent Assets: | ||
Regulatory Assets | 672,416 | 673,992 |
Derivatives - Energy Related Assets | 22,488 | 6,935 |
Notes Receivable - Affiliate | 64,254 | 31,073 |
Contract Receivables | 45,339 | 41,428 |
Goodwill | 706,960 | 706,960 |
Other | 206,699 | 143,650 |
Total Regulatory and Other Noncurrent Assets | 1,718,156 | 1,604,038 |
Total Assets | 7,308,672 | 6,689,148 |
Equity: | ||
Common Stock | 146,675 | 125,740 |
Premium on Common Stock | 1,559,060 | 1,218,000 |
Treasury Stock (at par) | (287) | (321) |
Accumulated Other Comprehensive Loss | (26,729) | (38,216) |
Retained Earnings | 310,433 | 355,678 |
Total South Jersey Industries, Inc. Equity | 1,989,152 | 1,660,881 |
Noncontrolling Interests | 10,289 | 5,995 |
Total Equity | 1,999,441 | 1,666,876 |
Long-Term Debt | 3,189,009 | 2,776,400 |
Total Capitalization | 5,188,450 | 4,443,276 |
Current Liabilities: | ||
Notes Payable | 334,000 | 596,400 |
Current Portion of Long-Term Debt | 66,076 | 142,801 |
Accounts Payable | 330,164 | 256,589 |
Customer Deposits and Credit Balances | 40,355 | 35,899 |
Environmental Remediation Costs | 40,905 | 45,265 |
Taxes Accrued | 4,937 | 6,025 |
Derivatives - Energy Related Liabilities | 60,002 | 27,006 |
Derivatives - Other Current | 568 | 659 |
Deferred Contract Revenues | 753 | 479 |
Interest Accrued | 23,611 | 21,140 |
Other Current Liabilities | 54,311 | 31,369 |
Total Current Liabilities | 955,682 | 1,163,632 |
Deferred Credits and Other Noncurrent Liabilities: | ||
Deferred Income Taxes | 198,901 | 149,534 |
Environmental Remediation Costs | 125,176 | 148,310 |
Asset Retirement Obligations | 229,030 | 202,092 |
Derivatives - Energy Related Liabilities | 16,079 | 4,947 |
Derivatives - Other Noncurrent | 7,432 | 9,279 |
Regulatory Liabilities | 398,951 | 420,577 |
Other | 188,971 | 147,501 |
Total Deferred Credits and Other Noncurrent Liabilities | 1,164,540 | 1,082,240 |
Commitments and Contingencies (Note 15) | ||
Total Capitalization and Liabilities | $ 7,308,672 | $ 6,689,148 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 16, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | |||||
Common stock, par value (in USD per share) | $ 1.25 | $ 1.25 | |||
Common stock, authorized (in shares) | 220,000,000 | 220,000,000 | 220,000,000 | 120,000,000 | |
Common stock, outstanding (in shares) | 117,340,493 | 100,591,940 | 92,394,155 | 85,506,218 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Total South Jersey Industries, Inc. Equity | Common Stock | Premium on Common Stock | Treasury Stock | AOCL | Retained Earnings | NCI |
Beginning balance at Dec. 31, 2018 | $ 1,267,022 | $ 1,267,022 | $ 106,883 | $ 843,268 | $ (292) | $ (26,095) | $ 343,258 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 76,917 | 76,917 | 76,917 | |||||
Other Comprehensive Income (Loss), Net of Tax | (6,463) | (6,463) | (6,463) | |||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 193,247 | 193,247 | 8,610 | 184,634 | 3 | |||
Cash Dividends Declared - Common Stock | (106,938) | (106,938) | (106,938) | |||||
Ending balance at Dec. 31, 2019 | 1,423,785 | 1,423,785 | 115,493 | 1,027,902 | (289) | (32,558) | 313,237 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 157,042 | 157,084 | 157,084 | (42) | ||||
Other Comprehensive Income (Loss), Net of Tax | (5,658) | (5,658) | (5,658) | 0 | ||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 200,313 | 200,313 | 10,247 | 190,098 | (32) | |||
Cash Dividends Declared - Common Stock | (114,643) | (114,643) | (114,643) | |||||
Capital Contributions of Noncontrolling Interests in Subsidiaries | 6,037 | 0 | 6,037 | |||||
Ending balance at Dec. 31, 2020 | 1,666,876 | 1,660,881 | 125,740 | 1,218,000 | (321) | (38,216) | 355,678 | 5,995 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 88,565 | 88,091 | 88,091 | 474 | ||||
Other Comprehensive Income (Loss), Net of Tax | 11,487 | 11,487 | 11,487 | |||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 431,507 | 431,507 | 20,935 | 410,538 | 34 | |||
Contract Liability Adjustment (see Note 6) | (69,478) | (69,478) | (69,478) | 0 | ||||
Cash Dividends Declared - Common Stock | (133,336) | (133,336) | (133,336) | |||||
Capital Contributions of Noncontrolling Interests in Subsidiaries | 3,820 | 0 | 3,820 | |||||
Ending balance at Dec. 31, 2021 | $ 1,999,441 | $ 1,989,152 | $ 146,675 | $ 1,559,060 | $ (287) | $ (26,729) | $ 310,433 | $ 10,289 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash Dividends Declared - Common Stock (in USD per share) | $ 1.22 | $ 1.19 | $ 1.16 |
South Jersey Gas Company Statem
South Jersey Gas Company Statements of Income (Statement) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total Operating Revenues | $ 1,991,996 | $ 1,541,383 | $ 1,628,626 |
Operations and Maintenance | 265,140 | 272,171 | 276,093 |
Depreciation | 131,778 | 118,715 | 99,753 |
Energy and Other Taxes | 1,435 | 11,918 | 11,996 |
Total Operating Expenses | 1,642,876 | 1,259,161 | 1,427,421 |
Operating Income (Loss) | 349,120 | 282,222 | 201,205 |
Other Income and Expense | 4,592 | 7,979 | 4,208 |
Interest Charges | (127,130) | (118,534) | (114,477) |
Income Before Income Taxes | 226,582 | 171,667 | 90,936 |
Income Taxes | (47,107) | (22,664) | (21,061) |
Net Income | 88,565 | 157,042 | 76,917 |
South Jersey Gas Company | |||
Total Operating Revenues | 618,426 | 571,787 | 569,226 |
Cost of Sales - (Excluding depreciation and amortization) | 190,887 | 181,262 | 211,344 |
Operations and Maintenance | 143,205 | 143,277 | 139,537 |
Depreciation | 80,243 | 71,026 | 65,965 |
Energy and Other Taxes | 4,877 | 4,987 | 4,886 |
Total Operating Expenses | 419,212 | 400,552 | 421,732 |
Operating Income (Loss) | 199,214 | 171,235 | 147,494 |
Other Income and Expense | 5,971 | 5,536 | 4,376 |
Interest Charges | (39,133) | (33,388) | (31,654) |
Income Before Income Taxes | 166,052 | 143,383 | 120,216 |
Income Taxes | (38,414) | (35,324) | (32,822) |
Net Income | $ 127,638 | $ 108,059 | $ 87,394 |
South Jersey Gas Company Stat_2
South Jersey Gas Company Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 88,565 | $ 157,042 | $ 76,917 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Postretirement Liability Adjustment, net of tax | 11,455 | (5,692) | (6,498) |
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, net of tax | 32 | 34 | 35 |
Other Comprehensive Income (Loss) - Net of Tax | 11,487 | (5,658) | (6,463) |
Comprehensive Income | 100,052 | 151,384 | 70,454 |
South Jersey Gas Company | |||
Net Income | 127,638 | 108,059 | 87,394 |
Other Comprehensive Income (Loss), Net of Tax: | |||
Postretirement Liability Adjustment, net of tax | 8,598 | (3,765) | (5,553) |
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, net of tax | 32 | 34 | 35 |
Other Comprehensive Income (Loss) - Net of Tax | 8,630 | (3,731) | (5,518) |
Comprehensive Income | $ 136,268 | $ 104,328 | $ 81,876 |
South Jersey Gas Company Stat_3
South Jersey Gas Company Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Comprehensive Income (Loss), Net of Tax: | |||
Postretirement Liability Adjustment, tax | $ (4,426) | $ 2,316 | $ 2,539 |
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, tax | (14) | (12) | (11) |
South Jersey Gas Company | |||
Other Comprehensive Income (Loss), Net of Tax: | |||
Postretirement Liability Adjustment, tax | (3,352) | 1,482 | 2,241 |
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, tax | $ (14) | $ (12) | $ (11) |
South Jersey Gas Company Stat_4
South Jersey Gas Company Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 88,091,000 | $ 157,084,000 | $ 76,917,000 |
Adjustments to Reconcile Income from Continuing Operations to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 211,652,000 | 170,647,000 | 133,385,000 |
CIP Receivable/Payable | 3,237,000 | (27,807,000) | 922,000 |
Environmental Remediation Costs - Net of Recoveries | (34,057,000) | (19,325,000) | (49,180,000) |
Deferred and Noncurrent Income Taxes - Net | 47,342,000 | 21,841,000 | 21,543,000 |
Gas Plant Cost of Removal | (13,847,000) | (16,777,000) | (18,823,000) |
Societal Benefit Costs Regulatory Asset and Liabilities | (21,915,000) | (23,068,000) | (24,503,000) |
Excess Deferred Income Tax | (21,901,000) | (14,668,000) | (8,505,000) |
Changes in: | |||
Accounts Receivable | (85,911,000) | (48,576,000) | 92,614,000 |
Accounts Payable and Other Accrued Liabilities | 80,715,000 | 49,981,000 | (137,717,000) |
Other Assets and Liabilities | (51,570,000) | 26,733,000 | (13,988,000) |
CASH USED IN OPERATING ACTIVITIES | 273,113,000 | 311,639,000 | 121,052,000 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (532,026,000) | (486,451,000) | (504,212,000) |
Investment in Contract Receivables | (22,215,000) | (24,449,000) | (15,718,000) |
Proceeds from Contract Receivables | 13,969,000 | 12,904,000 | 10,301,000 |
Net Cash Used in Investing Activities | (645,497,000) | (507,751,000) | (477,648,000) |
Cash Flows from Financing Activities: | |||
Net (Repayments of) Borrowings from Short-Term Credit Facilities | (262,400,000) | (252,300,000) | 578,200,000 |
Proceeds from Issuance of Long-Term Debt | 460,000,000 | 1,050,000,000 | 429,657,000 |
Principal Repayments of Long-Term Debt | (117,909,000) | (667,909,000) | (733,909,000) |
Payments for Issuance of Long-Term Debt | (17,632,000) | (8,191,000) | (2,744,000) |
Net Cash Provided by Financing Activities | 359,993,000 | 209,562,000 | 353,298,000 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (12,391,000) | 13,450,000 | (3,298,000) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 41,831,000 | 28,381,000 | 31,679,000 |
Cash, Cash Equivalents and Restricted Cash at End of Year | 29,440,000 | 41,831,000 | 28,381,000 |
Cash paid (received) during the year for: | |||
Interest (Net of Amounts Capitalized) | 122,070,000 | 108,901,000 | 114,015,000 |
Income Taxes (Net of Refunds) | (301,000) | (4,336,000) | (10,639,000) |
Supplemental Disclosures of Non-Cash Investing Activities | |||
Capital Expenditures acquired on account but unpaid as of year-end | 36,389,000 | 37,616,000 | 54,321,000 |
South Jersey Gas Company | |||
Cash Flows from Operating Activities: | |||
Net Income | 127,638,000 | 108,059,000 | 87,394,000 |
Adjustments to Reconcile Income from Continuing Operations to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 127,440,000 | 101,711,000 | 93,910,000 |
Provision for Uncollectibles | 7,794,000 | 6,209,000 | 7,193,000 |
CIP Receivable/Payable | 3,237,000 | (27,807,000) | 922,000 |
Deferred Gas Costs - Net of Recoveries | (25,258,000) | 31,257,000 | 9,712,000 |
Environmental Remediation Costs - Net of Recoveries | (18,299,000) | (27,161,000) | (42,654,000) |
Deferred and Noncurrent Income Taxes - Net | 38,414,000 | 35,324,000 | 32,822,000 |
Gas Plant Cost of Removal | (7,197,000) | (8,433,000) | (8,931,000) |
Societal Benefit Costs Regulatory Asset and Liabilities | (11,841,000) | (11,811,000) | (12,994,000) |
Excess Deferred Income Tax | (21,901,000) | (14,668,000) | (8,508,000) |
Changes in: | |||
Accounts Receivable | (35,969,000) | (13,846,000) | 8,182,000 |
Accounts Payable and Other Accrued Liabilities | 8,299,000 | (1,949,000) | (28,759,000) |
Other Assets and Liabilities | (9,133,000) | 14,302,000 | (6,584,000) |
CASH USED IN OPERATING ACTIVITIES | 183,224,000 | 191,187,000 | 131,705,000 |
Cash Flows from Investing Activities: | |||
Capital Expenditures | (249,100,000) | (269,012,000) | (257,654,000) |
Investment in Contract Receivables | (22,117,000) | (24,449,000) | (15,718,000) |
Proceeds from Contract Receivables | 13,969,000 | 12,904,000 | 10,301,000 |
Net Cash Used in Investing Activities | (257,248,000) | (280,557,000) | (263,071,000) |
Cash Flows from Financing Activities: | |||
Net (Repayments of) Borrowings from Short-Term Credit Facilities | 60,500,000 | (123,800,000) | 63,800,000 |
Proceeds from Issuance of Long-Term Debt | 0 | 525,000,000 | 90,000,000 |
Principal Repayments of Long-Term Debt | (27,909,000) | (417,909,000) | (18,909,000) |
Payments for Issuance of Long-Term Debt | (945,000) | (3,748,000) | (36,000) |
Additional Investment by Shareholder | 40,000,000 | 109,500,000 | 0 |
Net Cash Provided by Financing Activities | 71,646,000 | 89,043,000 | 134,855,000 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (2,378,000) | (327,000) | 3,489,000 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 6,424,000 | 6,751,000 | 3,262,000 |
Cash, Cash Equivalents and Restricted Cash at End of Year | 4,046,000 | 6,424,000 | 6,751,000 |
Cash paid (received) during the year for: | |||
Interest (Net of Amounts Capitalized) | 38,679,000 | 27,630,000 | 31,076,000 |
Income Taxes (Net of Refunds) | 1,000 | 1,000 | (14,122,000) |
Supplemental Disclosures of Non-Cash Investing Activities | |||
Capital Expenditures acquired on account but unpaid as of year-end | $ 20,268,000 | $ 28,877,000 | $ 36,040,000 |
South Jersey Gas Company Balanc
South Jersey Gas Company Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment: | ||
Utility Plant, at original cost | $ 5,682,805 | $ 5,265,661 |
Accumulated Depreciation | (975,619) | (914,122) |
Property, Plant and Equipment - Net | 4,707,186 | 4,351,539 |
Investments: | ||
Restricted Investments | 686 | 7,786 |
Total Investments | 39,232 | 114,048 |
Current Assets: | ||
Cash and Cash Equivalents | 28,754 | 34,045 |
Accounts Receivable | 343,835 | 278,723 |
Unbilled Revenues | 87,357 | 85,423 |
Provision for Uncollectibles | (41,763) | (30,582) |
Natural Gas in Storage, average cost | 59,744 | 39,440 |
Materials and Supplies, average cost | 1,053 | 2,561 |
Prepaid Taxes | 33,977 | 23,851 |
Derivatives - Energy Related Assets | 95,041 | 41,439 |
Other Prepayments and Current Assets | 25,269 | 29,081 |
Total Current Assets | 638,962 | 506,828 |
Regulatory and Other Noncurrent Assets: | ||
Regulatory Assets | 672,416 | 673,992 |
Contract Receivables | 45,339 | 41,428 |
Derivatives - Energy Related Assets | 22,488 | 6,935 |
Other | 206,699 | 143,650 |
Total Regulatory and Other Noncurrent Assets | 1,718,156 | 1,604,038 |
Total Assets | 7,308,672 | 6,689,148 |
Equity: | ||
Common Stock | 146,675 | 125,740 |
Premium on Common Stock | 1,559,060 | 1,218,000 |
Accumulated Other Comprehensive Loss | (26,729) | (38,216) |
Retained Earnings | 310,433 | 355,678 |
Total South Jersey Industries, Inc. Equity | 1,989,152 | 1,660,881 |
Long-Term Debt | 3,189,009 | 2,776,400 |
Total Capitalization | 5,188,450 | 4,443,276 |
Current Liabilities: | ||
Notes Payable | 334,000 | 596,400 |
Current Portion of Long-Term Debt | 66,076 | 142,801 |
Derivatives - Energy Related Liabilities | 60,002 | 27,006 |
Derivatives - Other Current | 568 | 659 |
Customer Deposits and Credit Balances | 40,355 | 35,899 |
Environmental Remediation Costs | 40,905 | 45,265 |
Taxes Accrued | 4,937 | 6,025 |
Interest Accrued | 23,611 | 21,140 |
Other Current Liabilities | 54,311 | 31,369 |
Total Current Liabilities | 955,682 | 1,163,632 |
Deferred Credits and Other Noncurrent Liabilities: | ||
Regulatory Liabilities | 398,951 | 420,577 |
Deferred Income Taxes | 198,901 | 149,534 |
Environmental Remediation Costs | 125,176 | 148,310 |
Asset Retirement Obligations | 229,030 | 202,092 |
Derivatives - Energy Related Liabilities | 16,079 | 4,947 |
Derivatives - Other Noncurrent | 7,432 | 9,279 |
Other | 188,971 | 147,501 |
Total Deferred Credits and Other Noncurrent Liabilities | 1,164,540 | 1,082,240 |
Commitments and Contingencies (Note 15) | ||
Total Capitalization and Liabilities | 7,308,672 | 6,689,148 |
South Jersey Gas Company | ||
Property, Plant and Equipment: | ||
Utility Plant, at original cost | 3,613,360 | 3,387,831 |
Accumulated Depreciation | (656,829) | (606,925) |
Property, Plant and Equipment - Net | 2,956,531 | 2,780,906 |
Investments: | ||
Restricted Investments | 686 | 4,826 |
Total Investments | 686 | 4,826 |
Current Assets: | ||
Cash and Cash Equivalents | 3,360 | 1,598 |
Accounts Receivable | 125,848 | 88,657 |
Accounts Receivable - Related Parties | 7,591 | 3,989 |
Unbilled Revenues | 43,236 | 46,837 |
Provision for Uncollectibles | (25,166) | (17,359) |
Natural Gas in Storage, average cost | 23,143 | 14,050 |
Materials and Supplies, average cost | 606 | 619 |
Prepaid Taxes | 17,252 | 19,522 |
Derivatives - Energy Related Assets | 9,396 | 4,053 |
Other Prepayments and Current Assets | 13,413 | 12,710 |
Total Current Assets | 218,679 | 174,676 |
Regulatory and Other Noncurrent Assets: | ||
Regulatory Assets | 482,745 | 495,084 |
Contract Receivables | 45,247 | 41,428 |
Derivatives - Energy Related Assets | 507 | 87 |
Other | 63,502 | 25,258 |
Total Regulatory and Other Noncurrent Assets | 592,001 | 561,857 |
Total Assets | 3,767,897 | 3,522,265 |
Equity: | ||
Common Stock | 5,848 | 5,848 |
Premium on Common Stock | 505,244 | 465,244 |
Accumulated Other Comprehensive Loss | (22,976) | (31,606) |
Retained Earnings | 991,878 | 864,240 |
Total South Jersey Industries, Inc. Equity | 1,479,994 | 1,303,726 |
Long-Term Debt | 1,010,727 | 1,016,280 |
Total Capitalization | 2,490,721 | 2,320,006 |
Current Liabilities: | ||
Notes Payable | 108,000 | 47,500 |
Current Portion of Long-Term Debt | 31,084 | 52,809 |
Accounts Payable - Commodity | 31,846 | 22,199 |
Accounts Payable - Other | 33,162 | 44,186 |
Accounts Payable - Related Parties | 12,901 | 11,049 |
Derivatives - Energy Related Liabilities | 2,520 | 2,868 |
Derivatives - Other Current | 568 | 659 |
Customer Deposits and Credit Balances | 25,232 | 23,637 |
Environmental Remediation Costs | 27,575 | 23,067 |
Taxes Accrued | 3,615 | 3,942 |
Interest Accrued | 11,604 | 10,961 |
Other Current Liabilities | 11,365 | 11,467 |
Total Current Liabilities | 299,472 | 254,344 |
Deferred Credits and Other Noncurrent Liabilities: | ||
Regulatory Liabilities | 222,411 | 245,360 |
Deferred Income Taxes | 443,402 | 403,609 |
Environmental Remediation Costs | 64,389 | 78,176 |
Asset Retirement Obligations | 103,371 | 89,252 |
Derivatives - Energy Related Liabilities | 324 | 190 |
Derivatives - Other Noncurrent | 7,432 | 9,279 |
Other | 136,375 | 122,049 |
Total Deferred Credits and Other Noncurrent Liabilities | 977,704 | 947,915 |
Commitments and Contingencies (Note 15) | ||
Total Capitalization and Liabilities | $ 3,767,897 | $ 3,522,265 |
South Jersey Gas Company Bala_2
South Jersey Gas Company Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 16, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value (in USD per share) | $ 1.25 | $ 1.25 | |||
Common stock, authorized (in shares) | 220,000,000 | 220,000,000 | 220,000,000 | 120,000,000 | |
Common stock, outstanding (in shares) | 117,340,493 | 100,591,940 | 92,394,155 | 85,506,218 | |
South Jersey Gas Company | |||||
Common stock, par value (in USD per share) | $ 2.50 | $ 2.50 | |||
Common stock, authorized (in shares) | 4,000,000 | 4,000,000 | |||
Common stock, outstanding (in shares) | 2,339,139 | 2,339,139 |
South Jersey Gas Company Stat_5
South Jersey Gas Company Statements of Changes in Common Equity and Comprehensive Income - USD ($) $ in Thousands | Total | AOCL | South Jersey Gas Company | South Jersey Gas CompanyCommon Stock | South Jersey Gas CompanyPremium on Common Stock | South Jersey Gas CompanyAOCL | South Jersey Gas CompanyRetained Earnings |
Beginning balance at Dec. 31, 2018 | $ 1,008,022 | $ 5,848 | $ 355,744 | $ (22,357) | $ 668,787 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | $ 76,917 | 87,394 | 87,394 | ||||
Other Comprehensive Income (Loss), Net of Tax | (6,463) | $ (6,463) | (5,518) | (5,518) | |||
Ending balance at Dec. 31, 2019 | 1,089,898 | 5,848 | 355,744 | (27,875) | 756,181 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 157,084 | 108,059 | 108,059 | ||||
Additional Investment by Shareholder | 109,500 | 109,500 | |||||
Other Comprehensive Income (Loss), Net of Tax | (5,658) | (5,658) | (3,731) | (3,731) | |||
Ending balance at Dec. 31, 2020 | 1,660,881 | 1,303,726 | 5,848 | 465,244 | (31,606) | 864,240 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 88,091 | 127,638 | 127,638 | ||||
Additional Investment by Shareholder | 40,000 | 40,000 | |||||
Other Comprehensive Income (Loss), Net of Tax | 11,487 | $ 11,487 | 8,630 | 8,630 | |||
Ending balance at Dec. 31, 2021 | $ 1,989,152 | $ 1,479,994 | $ 5,848 | $ 505,244 | $ (22,976) | $ 991,878 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: GENERAL - SJI provides a variety of energy-related products and services primarily through the following wholly-owned subsidiaries: ▪ SJIU is a holding company that owns SJG and ETG and, until its sale in July 2020, owned ELK. • SJG is a regulated natural gas utility which distributes natural gas in the seven southernmost counties of New Jersey. • ETG is a regulated natural gas utility which distributes natural gas in seven counties in northern and central New Jersey. • ELK is a regulated natural gas utility which distributes natural gas in northern Maryland. On July 31, 2020, SJI sold ELK (see "Sale of ELK" below). ▪ SJE acquires and markets electricity to retail end users. ▪ SJRG markets natural gas storage, commodity and transportation assets along with fuel management services on a wholesale basis in the mid-Atlantic, Appalachian and southern states. ▪ SJEX owns oil, gas and mineral rights in the Marcellus Shale region of Pennsylvania. ▪ Marina develops and operates on-site energy-related projects. Marina includes the Catamaran joint venture that was entered into for the purpose of developing, owning and operating renewable energy projects, and supporting SJI's commitment to clean energy initiatives. Catamaran owns Annadale and Bronx Midco, operators of fuel cell projects in New York, in which Marina, through Catamaran, owns 93% and 92%, respectively. Catamaran also owns a solar generation site in Massachusetts, in which Marina, through Catamaran, owns 90%. The remaining ownership percentages are recorded as Noncontrolling Interests in the consolidated financial statements. Previously, Marina also included MTF and ACB, which were sold in February 2020, and solar projects that were sold in 2020 and 2019 as discussed below under Divestitures. The principal wholly-owned subsidiaries of Marina are: • ACLE, BCLE, SCLE and SXLE own landfill gas-to-energy production facilities in Atlantic, Burlington, Salem and Sussex Counties, respectively, located in New Jersey. ACLE ceased operations on September 30, 2021, while BCLE, SCLE and SXLE ceased operations on June 1, 2020. • Marina owns, directly and through wholly-owned subsidiaries, solar energy projects at rooftop generation sites in New Jersey, including projects that were acquired in 2020 and 2021. ▪ SJESP receives commissions on appliance service contracts from a third party. • Midstream invests in infrastructure and other midstream projects, including the PennEast project for which development ceased in September 2021. See Note 3. • SJEI provides energy procurement and cost reduction services. The significant wholly-owned subsidiaries of SJEI include: • AEP, an aggregator, broker and consultant in the retail energy markets that matches end users with suppliers for the procurement of natural gas and electricity. • EnerConnex, an aggregator, broker and consultant in the retail and wholesale energy markets that matches end users with suppliers for the procurement of natural gas and electricity. On August 7, 2020, SJEI acquired the remaining 75% of EnerConnex, of which SJEI previously held a 25% interest. • SJI Renewable Energy Ventures, LLC, which holds our equity interest in REV. • SJI RNG Devco, LLC, which includes our renewable natural gas development rights and costs incurred in order to develop certain dairy farms. BASIS OF PRESENTATION - SJI's consolidated financial statements include the accounts of SJI, its direct and indirect wholly-owned subsidiaries (including SJG) and subsidiaries in which SJI has a controlling interest. All significant intercompany accounts and transactions have been eliminated in consolidation. SJI also reports on a consolidated basis the operations of those entities listed under "Acquisitions" below as of their respective acquisition dates, along with its controlling interest in Catamaran as noted below. In management's opinion, the consolidated financial statements of SJI and SJG reflect all normal recurring adjustments needed to fairly present their respective financial positions, operating results and cash flows at the dates and for the periods presented. Certain prior years' data presented in the financial statements and footnotes have been reclassified to conform to the current year presentation. These reclassifications had no impact on the Company's results of operations, financial position or cash flows. ACQUISITIONS – Additional information about these transactions is included in Note 20. 2021: • Bronx Midco – this entity was formed by Catamaran and a third party and is 99% owned by Catamaran. In June, Bronx Midco purchased a fuel cell project in Bronx, NY, of which Marina, through its ownership in Catamaran, has a 92% ownership interest. • Acquired two solar energy projects, one in New Jersey and the other in Massachusetts. 2020: • Rooftop solar generation sites - SJI, through its wholly-owned subsidiary Marina, acquired three entities owning newly operational solar-generation sites in June and a fourth entity in August. • EnerConnex – In August, SJI, through its wholly-owned subsidiary SJEI, completed its acquisition of the remaining 75% of EnerConnex. Prior to this transaction, SJEI had a 25% interest in EnerConnex; as such, the acquisition of the remaining 75% was accounted for as a business combination achieved in stages. • Catamaran – In August, SJI, through its wholly-owned subsidiary Marina, formed the Catamaran joint venture with a third party partner. On the same date, Catamaran purchased 100% ownership of Annadale, of which Marina has a 93% ownership interest. • REV – In December, SJI, through its wholly-owned subsidiary SJIEE, completed its acquisition of a 35% interest in REV. As part of the transaction, SJI also acquired renewable natural gas development rights in certain dairy farms, previously owned by REV. The 35% interest in REV is accounted for under the equity method of accounting (see Note 3). 2019: • AEP – In August, SJI, through its wholly-owned subsidiary SJEI, completed its acquisition of AEP. DIVESTITURES – • Solar assets – In June 2018, the Company, through its wholly-owned subsidiary, Marina, entered into a series of agreements whereby Marina agreed to sell its then-existing portfolio of solar energy projects (for this section, the "Projects"), along with the assets comprising the Projects. These sales occurred during 2018-2020, including Projects sold during 2020 and 2019 for total consideration of $7.2 million and $24.3 million, respectively. In connection with this transaction, Marina was leasing back from the buyer certain of the Projects that had not yet passed the fifth anniversary of their placed-in-service dates for U.S. federal income tax purposes. The leaseback ran from the date each such Project was acquired by the buyer until the later of the first anniversary of the applicable acquisition date and the fifth anniversary of the applicable placed-in-service date of the Project. As of December 31, 2021, there were no remaining Projects that were being leased back from the buyer. The results of these leased back Projects during the years ended 2021, 2020 and 2019 were not material. The Company recorded pre-tax gains on the sale of these solar projects of $0.8 million and $3.1 million in 2020 and 2019, respectively, in Net Gain on Sales of Assets on the consolidated statements of income, with these gains pertaining to those Projects that were not impaired as discussed under "Impairment of Long-Lived Assets" below. At December 31, 2019, the Company had two projects that are not part of the above transaction but were previously expected to be sold and, as a result, were recorded as Assets Held For Sale on the consolidated balance sheets as of December 31, 2019. During the fourth quarter of 2020, management made the decision not to sell these two projects. As a result, these projects are recorded as held and used in Property, Plant and Equipment on the consolidated balance sheets as of December 31, 2021 and 2020. SJI recorded $5.3 million of depreciation expense during the fourth quarter of 2020 for depreciation not taken during the time the projects were classified as held for sale. Further, the decision not to sell these projects resulted in a triggering event for management to assess these projects for impairment. As a result of the tests performed, no impairments were recorded as the future undiscounted cash flows exceeded the net book value of the projects as of December 31, 2020. • MTF & ACB – In February 2020, the Company sold MTF and ACB for a final sales price of $97.0 million, including working capital and recognized a pre-tax gain in 2020 of $1.1 million, which is recorded in Net Gain on Sales of Assets on the consolidated statements of income. • ELK – In July 2020, the Company sold ELK and, in 2020, received total consideration of approximately $15.6 million and recognized a pre-tax gain of $0.7 million, which is recorded in Net Gain on Sales of Assets on the consolidated statements of income. The working capital settlement finalized in 2021 was not material. IMPAIRMENT OF LONG-LIVED ASSETS - Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment, where an impairment loss is indicated if the total undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset's carrying amount and fair value, with the difference recorded within Impairment Charges on the consolidated statements of income. Fair values can be determined based on agreements to sell assets as well as by a variety of valuation methods, including third-party appraisals, sales prices of similar assets, and present value techniques. We assessed the long-lived assets of SJI and SJG as of December 31, 2021 and 2020 to determine whether a potential impairment was indicated, including assessing the impact of the COVID-19 pandemic. There were no indicators noted through these assessments that an impairment had occurred. In 2019, total impairment charges of $10.8 million (pre-tax) were recorded, $2.4 million of which were related to the expected purchase price of two of the unsold solar sites discussed in "Divestitures" being less than their carrying value. The other $8.4 million were impairments of goodwill and identifiable intangible assets, which were the result of the purchase price for MTF and ACB discussed in "Divestitures" being less than its carrying value. These impairment charges were recorded within Impairment Charges on the consolidated statements of income in 2019 and were included within the Renewables segment. For considerations related to impairments of goodwill and other intangible assets under FASB ASC 350, Intangibles - Goodwill and Other, see Note 21. EQUITY INVESTMENTS - Marketable equity securities that are purchased as long-term investments are classified as Available-for-Sale Securities and carried at their fair value on the consolidated balance sheets. Any unrealized gains or losses are included in AOCL. SJI, through wholly-owned subsidiaries, holds significant variable interests in several companies but is not the primary beneficiary. Consequently, these investments are accounted for under the equity method. SJI includes the operations of these affiliated companies on a pre-tax basis in the statements of consolidated income under Equity in (Losses) Earnings of Affiliated Companies. In the event that losses and/or distributions from these equity method investments exceed the carrying value, and the Company is obligated to provide additional financial support, the excess will be recorded as either a current or non-current liability on the consolidated balance sheets. If we have provided any additional financial support to the investee, such as loans or advances, our share of losses that exceed the carrying amount of our investment are recorded against that amount of financial support. An impairment loss is recorded when there is clear evidence that a decline in value is other than temporary. See discussion of our equity method investments, including PennEast and Energenic and their related impairment losses, in Note 3. NONCONTROLLING INTERESTS - Interests held by third parties in consolidated majority-owned subsidiaries are presented as noncontrolling interests, which represents the noncontrolling stockholders’ interests in the underlying net assets of the Company’s consolidated majority-owned subsidiaries. As of December 31, 2021, SJI's noncontrolling interests balances are solely related to the Catamaran projects (see Note 20). ESTIMATES AND ASSUMPTIONS - The consolidated financial statements were prepared to conform with GAAP. Management makes estimates and assumptions that affect the amounts reported in the consolidated financial statements and related disclosures. Therefore, actual results could differ from those estimates. Significant estimates include amounts related to regulatory accounting, energy derivatives, environmental remediation costs, legal contingencies, pension and other postretirement benefit costs, revenue recognition, goodwill, evaluation of equity method investments for other-than-temporary impairment, income taxes and allowance for credit losses. Estimates may be subject to future uncertainties, including the continued evolution of the COVID-19 pandemic and its impact on our operations and economic conditions, which could affect the fair value of the ETG reporting unit and its goodwill balance (see Note 21), as well as the allowance for credit losses and the total impact and potential recovery of incremental costs associated with COVID-19 (see Notes 7 and 11, respectively). REGULATION - The Utilities are subject to the rules and regulations of the BPU. See Note 10 for a discussion of the Utilities' rate structure and regulatory actions. The Utilities maintain their accounts according to the BPU's prescribed Uniform System of Accounts. The Utilities follow the accounting for regulated enterprises prescribed by ASC 980, Regulated Operations , which allows for the deferral of certain costs (regulatory assets) and creation of certain obligations (regulatory liabilities) when it is probable that such items will be recovered from or refunded to customers in future periods. See Note 11 for more information related to regulatory assets and liabilities. OPERATING REVENUES - Gas and electric revenues are recognized in the period the commodity is delivered to customers. For retail customers (including customers of SJG) that are not billed at the end of the month, we record an estimate to recognize unbilled revenues for gas and electricity delivered from the date of the last meter reading to the end of the month. The Utilities also have revenues that arise from alternative revenue programs, which are discussed in Note 19. For ETG and SJG, unrealized gains and losses on energy-related derivative instruments are recorded in Regulatory Assets or Regulatory Liabilities on the consolidated balance sheets of SJI and SJG (see Note 16) until they become realized, in which case they are recognized in operating revenues. SJRG's gas revenues are recognized in the period the commodity is delivered, and operating revenues for SJRG include realized and unrealized gains and losses on energy-related derivative instruments. See further discussion under "Derivative Instruments." SJRG presents revenues and expenses related to its energy trading activities on a net basis in operating revenues. This net presentation has no effect on operating income or net income. The Company recognizes revenue for commissions received related to SJESP appliance service contracts, along with commissions received related to AEP and EnerConnex energy procurement service contracts, on a monthly basis as the commissions are earned. Marina recognizes revenue for renewable energy projects when output is generated and delivered to the customer, and when renewable energy credits have been transferred to the third party at an agreed upon price. See further information in Note 19. We considered the impact the COVID-19 pandemic has had on operating revenues, noting that SJI and SJG have not seen a significant reduction in revenues as a result of the pandemic. This is due to the delivery of gas and electricity being considered an essential service, with delivery to customers continuing in a timely manner with no delays or operational shutdowns taking place to date. To the extent that the pandemic does impact our ability to deliver in the future, operating revenues could be impacted. Currently, the impact of the pandemic to the collectability of our accounts receivable continues to be monitored, but such receivables have traditionally been included in rate recovery (see Note 11). ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Accounts receivable are carried at the amount owed by customers. Accounts receivable are recorded gross on the consolidated balance sheets with an allowance for credit losses shown as a separate line item titled Provision for Uncollectibles. Beginning January 1, 2020, an allowance for credit losses was established in accordance with ASC 326, Financial Instruments - Credit Losses , meaning accounts receivables and unbilled revenues are carried at net realizable value based on the allowance for credit loss model, which is based on management's best estimate of expected credit losses to reduce accounts receivable for amounts estimated to be uncollectible. These estimates are based on such data as our accounts receivable aging, collection experience, current and forecasted economic conditions and an assessment of the collectibility of specific accounts. See Note 7. NATURAL GAS IN STORAGE – Natural Gas in Storage is reflected at average cost on the consolidated balance sheets, and represents natural gas that will be utilized in the ordinary course of business. ARO - The amounts included under ARO are primarily related to the legal obligations of SJI and SJG to cut and cap gas distribution pipelines when taking those pipelines out of service in future years. These liabilities are generally recognized upon the acquisition or construction of the asset, or when management has sufficient information to make an estimate of the obligation. The related asset retirement cost is capitalized concurrently by increasing the carrying amount of the related asset by the same amount as the liability and is depreciated over the remaining life of the related asset. Changes in the liability are recorded for the passage of time (accretion) or for revisions to cash flows originally estimated to settle the ARO. ARO activity was as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 AROs as of January 1, $ 202,092 $ 263,950 Accretion 8,875 8,185 Additions 6,605 6,574 Settlements (8,736) (9,564) Revisions in Estimated Cash Flows (A) 20,194 (67,053) AROs as of December 31, $ 229,030 $ 202,092 SJG: 2021 2020 AROs as of January 1, $ 89,252 $ 96,509 Accretion 3,776 4,121 Additions 3,017 3,729 Settlements (2,221) (2,579) Revisions in Estimated Cash Flows (A) 9,547 (12,528) AROs as of December 31, $ 103,371 $ 89,252 (A) The revisions in estimated cash flows for SJI and SJG for the year ended December 31, 2021 reflect changes in inflation, and for the year ended December 31, 2020 reflect decreases in the estimated retirement costs primarily as a result of changes in contractor costs to settle the ARO liability, along with a decrease to the discount rate. PROPERTY, PLANT AND EQUIPMENT - For regulatory purposes, utility plant is stated at original cost, which may be different than costs if the assets were acquired from an unregulated entity. Nonutility property, plant and equipment is stated at cost. The cost of adding, replacing and renewing property is charged to the appropriate plant account. Utility Plant balances and Nonutility Property and Equipment as of December 31, 2021 and 2020 were comprised of the following (in thousands): SJI (includes SJG and all other consolidated subsidiaries): SJG 2021 2020 2021 2020 Utility Plant Production Plant $ 241 $ 1,334 $ 25 $ 25 Storage Plant 82,313 90,294 62,140 61,971 Transmission Plant 345,716 338,981 322,051 311,272 Distribution Plant 4,703,918 4,330,797 2,923,016 2,705,893 General Plant 430,940 428,737 264,194 265,185 Other Plant 1,955 1,955 1,855 1,855 Utility Plant In Service 5,565,083 5,192,098 3,573,281 3,346,201 Construction Work In Progress 117,722 73,563 40,079 41,630 Total Utility Plant $ 5,682,805 $ 5,265,661 $ 3,613,360 $ 3,387,831 Accumulated Depreciation (975,619) (914,122) (656,829) (606,925) Net Utility Plant $ 4,707,186 $ 4,351,539 $ 2,956,531 $ 2,780,906 Nonutility Property and Equipment Solar Assets $ 61,478 $ 40,380 N/A N/A Fuel Cell Assets 80,550 80,546 N/A N/A Other Assets 24,711 26,838 N/A N/A Construction Work In Progress (A) 73,764 — Total Nonutility Property and Equipment $ 240,503 $ 147,764 Accumulated Depreciation (35,367) (35,069) Net Nonutility Property and Equipment $ 205,136 $ 112,695 (A) Represents costs incurred for ongoing construction of fuel cells, solar energy projects, and renewable natural gas facilities and equipment at dairy farms. DEPRECIATION - We depreciate utility plant on a straight-line basis over the estimated remaining lives of the various property classes. These estimates are periodically reviewed and adjusted as required after BPU approval. The composite annual rate for all SJG depreciable utility property was approximately 2.4% in 2021, 2.5% in 2020, and 2.2% in 2019. The composite rate for all ETG depreciable utility property was approximately 2.5% in 2021, 2.3% in 2020, and 2.4% in 2019. The actual composite rate may differ from the approved rate as the asset mix changes over time. Except for retirements outside of the normal course of business, accumulated depreciation is charged with the cost of depreciable utility property retired, less salvage. All solar and fuel cell assets are included in Nonutility Property, Plant & Equipment on the consolidated balance sheets. Depreciation for solar assets is computed on a straight-line basis over the estimated useful lives of the assets, which range from 20 to 35 years depending on the length of underlying project contracts. All other nonutility property depreciation is computed on a straight-line basis over the estimated useful lives of the property, ranging up to 15 years. Gain or loss on the disposition of nonutility property is recognized in operating income. CAPITALIZED SOFTWARE COSTS - For implementation costs incurred in a cloud computing arrangement that is a service contract, SJI and SJG capitalize certain costs incurred during the application-development and post-implementation-operation stages (provided the costs result in enhanced functionality to the hosted solution) in accordance with ASC 350-40. These costs are amortized over the life of the cloud computing arrangement. All other costs that do not meet the capitalization criteria per ASC 350-40 are expensed as incurred. LEASES - SJI, directly and through certain of its subsidiaries, including SJG, is a lessee of real estate (land and building), fleet vehicles, and office equipment. The Company evaluates its contracts at the lease inception date for the purpose of determining whether the contract is, or contains, a lease on the basis of whether or not the contract grants the Company the use of a specifically identified asset for a period of time, as well as whether the contract grants the Company both the right to direct the use of that asset and receive substantially all of the economic benefits from the use of the asset. We measure the right-of-use asset and lease liability at the present value of future lease payments excluding variable payments based on usage or performance. The majority of our leases are comprised of fixed lease payments, with a portion of the Company’s real estate, fleet vehicles, and office equipment leases including lease payments tied to levels of production, maintenance and property taxes, which may be subject to variability. Variable lease costs not included in the measurement of the lease are presented and disclosed as variable lease cost. We also evaluate contracts in which we are the owner of an underlying asset in the same manner as if it was a lease, to determine if we should be considered the lessor of that asset. The discount rate used to classify and measure a lease where SJI is a lessee is the rate implicit in the lease unless that rate cannot be readily determinable. In that case, the Company uses its incremental borrowing rate which is a lease-specific secured borrowing rate that factors in SJI’s credit standing and the lease term. SJI uses its incremental borrowing rate as the rate implicit in its leases is not readily determinable, except for the related party lease with SJG as discussed in Note 9. When measuring a lease, we include options to extend a lease in the lease term when it is reasonably certain that the option will be exercised and exclude all options to terminate the lease when it is reasonably certain that the option will not be exercised. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain that we would exercise such option. The renewal options in the leases generally allow the Company to extend the lease for an additional period of between 1 and 5 years, with the exception of a lease agreement between SJI and SJG (see Note 9). Our lease agreements generally do not include restrictions, financial covenants or residual value guarantees. In addition, other than the intercompany lease between SJI and SJG (see Note 9), the Company has not entered into any related party leases. ASC 842 includes certain practical expedients for arrangements where we are a lessee. We have elected, for all asset classes, the practical expedient to not separate lease components (e.g., costs related to renting the property) from their related non-lease components (e.g., common area maintenance costs), resulting in accounting for them as a single lease component. We have similarly elected, for all asset classes, the balance sheet recognition exemption for all leases with a term of 12 months or less. ASC 842 defines a short-term lease as any lease with a term of 12 months or less which does not include a purchase option that is reasonably certain of being exercised. ASC 842 includes a balance sheet recognition exemption for short-term leases, which the Company has elected for all asset classes. The Company recognizes lease cost for short-term leases on a straight-line basis over the lease term. DEBT ISSUANCE COSTS & DEBT DISCOUNTS - Debt issuance costs and debt discounts are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt, and are presented as a direct deduction from the carrying amount of the related debt. See Note 14 for total unamortized debt issuance costs and debt discounts that are recorded as a reduction to long-term debt on the consolidated balance sheets of SJI and SJG. AFUDC & CAPITALIZED INTEREST - SJI and SJG record AFUDC, which represents the estimated debt and equity costs of capital funds that are necessary to finance the construction of new facilities, at the rate of return on the rate base utilized by the BPU to set rates in the Utilities' last base rate proceedings, and amounts are included in Utility Plant on the consolidated balance sheets. These capitalized interest amounts are included in all plant categories, including Construction Work In Progress, in the Utility Plant table above, based on the nature of the underlying projects that qualified for AFUDC and each project's in-service status. For SJG's accelerated infrastructure programs and ETG's infrastructure investment programs, SJG and ETG record AFUDC at a rate prescribed by the programs which are discussed in Note 10. While cash is not realized currently, AFUDC increases the regulated revenue requirement and is included in rate base and recovered over the service life of the asset through a higher rate base and higher depreciation. Interest charges are presented net of AFUDC and capitalized interest on the statements of consolidated income. The amount of AFUDC and interest capitalized by SJI (including SJG) for the years ended December 31, 2021, 2020 and 2019 was $5.7 million, $7.1 million and $6.0 million, respectively. The amount of AFUDC and interest capitalized by SJG for the years ended December 31, 2021, 2020 and 2019 was $2.9 million, $5.6 million and $4.5 million, respectively. DERIVATIVE INSTRUMENTS - SJI accounts for derivative instruments in accordance with ASC 815, Derivatives and Hedging . We record all derivatives, whether designated in hedging relationships or not, on the consolidated balance sheets at fair value unless the derivative contracts qualify for the normal purchase and sale exemption. In general, if the derivative is designated as a fair value hedge, we recognize the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk in earnings. SJI and SJG have no fair value or cash flow hedges. We formally document all relationships between hedging instruments and hedged items, as well as our risk management objectives, strategies for undertaking various hedge transactions and our methods for assessing and testing correlation and hedge ineffectiveness. All hedging instruments are linked to the hedged asset, liability, firm commitment or forecasted transaction. Due to the application of regulatory accounting principles under ASC 980, gains and losses on derivatives related to SJG's and ETG's gas purchases are recorded through the BGSS clause. Initially and on an ongoing basis, we assess whether derivatives designated as hedges are highly effective in offsetting changes in cash flows or fair values of the hedged items. We discontinue hedge accounting prospectively if we decide to discontinue the hedging relationship; determine that the anticipated transaction is no longer likely to occur; or determine that a derivative is no longer highly effective as a hedge. In the event that hedge accounting is discontinued, we will continue to carry the derivative on the balance sheet at its current fair value and recognize subsequent changes in fair value in current period earnings. Unrealized gains and losses on the discontinued hedges that were previously included in AOCL will be reclassified into earnings when the forecasted transaction occurs, or when it is probable that it will not occur. Hedge accounting has been discontinued for all remaining derivatives that were designated as hedging instruments. As a result, unrealized gains and losses on these derivatives, that were previously recorded in AOCL on the consolidated balance sheets, are being recorded into earnings over the remaining lives of the derivative contracts. TREASURY STOCK – SJI uses the par value method of accounting for treasury stock. As of December 31, 2021 and 2020, SJI held 229,978 and 256,372 shares of treasury stock, respectively. These shares are related to deferred compensation arrangements where the amounts earned are held in the stock of SJI. INCOME TAXES - Deferred income taxes are provided for all significant temporary differences between the book and taxable bases of assets and liabilities in accordance with ASC 740, Income Taxes (see Note 4). Certain deferred income taxes are recorded with offsetting regulatory assets or liabilities by the Company to recognize that income taxes will be recovered or refunded through future rates. A valuation allowance is recorded when it is more likely than not that any of SJI's or SJG's deferred tax assets will not be realized (see Note 4). The U.S. federal government provides businesses with an ITC under Section 48 of the Internal Revenue Code, available to the owner of solar and fuel cell systems that are purchased and placed into service. The Company recognizes ITC on eligible assets in the year in which the project commences commercial operations. Among other requirements, such credits require projects to have commenced construc |
STOCK-BASED COMPENSATION PLAN
STOCK-BASED COMPENSATION PLAN | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION PLAN | STOCK-BASED COMPENSATION PLAN: Under SJI's Omnibus Equity Compensation Plan (Plan), shares, stock appreciation rights, and options may be issued to SJI’s officers (Officers), non-employee directors (Directors) and other key employees. Grants to Officers and other key employees - SJI grants time-based shares of restricted stock, one-third of which vest annually over a three-year period and which are limited to a 100% payout. The vesting and payout of time-based shares of restricted stock is solely contingent upon the service requirement being met in years one two three Performance-based grants containing market-based performance targets use SJI's TSR relative to a peer group to measure performance. As these TSR-related performance-based grants are contingent upon market and service conditions, SJI is required to measure and recognize stock-based compensation expense based on the fair value at the date of grant on a straight-line basis over the requisite three-year period of each award. In addition, SJI identifies specific forfeitures of share-based awards, and compensation expense is adjusted accordingly over the requisite service period. Compensation expense is not adjusted based on the actual achievement of the market-based goals. The fair value of TSR-related performance-based restricted stock awards on the date of grant is estimated using a Monte Carlo simulation model. Performance-based grants containing earnings-based performance targets use pre-defined CEGR goals for SJI to measure performance. As CEGR-based grants are contingent upon performance and service conditions, SJI is required to measure and recognize stock-based compensation expense based on the fair value at the date of grant over the requisite three-year period of each award. The fair value is measured as the market price at the date of grant. The initial accruals of compensation expense are based on the estimated number of shares expected to vest, assuming the requisite service is rendered and probable outcome of the performance condition is achieved. That estimate is revised if subsequent information indicates that the actual number of shares is likely to differ from previous estimates. Compensation expense is ultimately adjusted based on the actual achievement of service and performance targets. Grants to Directors - SJI granted 54,419, 38,456 and 30,961 restricted shares to Directors in 2021, 2020 and 2019, respectively. Shares issued to Directors vest after twelve months and contain no performance conditions. As a result, 100% of the shares granted generally vest. The following table summarizes the nonvested restricted stock awards outstanding at December 31, 2021, and the assumptions used to estimate the fair value of the awards: Grants Shares Outstanding Fair Value Per Share Expected Volatility Risk-Free Interest Rate Officers & Key Employees - 2019 - TSR 32,292 $ 32.88 23.2 % 2.40 % 2019 - CEGR, Time 69,265 31.38 N/A N/A 2020 - TSR 38,813 $ 25.51 34.8 % 0.21 % 2020 - CEGR, Time 123,487 $ 25.19 N/A N/A 2021- TSR 42,716 $ 28.11 39.9 % 0.27 % 2021 - CEGR, Time 185,902 $ 25.33 N/A N/A Directors - 2021 54,419 $ 24.75 N/A N/A Expected volatility is based on the actual volatility of SJI’s share price over the preceding three-year period as of the valuation date. The risk-free interest rate is based on the zero-coupon U.S. Treasury Bond, with a term equal to the three-year term of the Officers' and other key employees' restricted shares. As notional dividend equivalents are credited to the holders during the three-year service period, no reduction to the fair value of the award is required. As the Directors’ restricted stock awards contain no performance conditions and dividends are paid or credited to the holder during the twelve month service period, the fair value of these awards is equal to the market value of the shares on the date of grant. The following table summarizes the total stock-based compensation cost to SJI for the years ended December 31 (in thousands): 2021 2020 2019 Officers & Key Employees $ 5,069 $ 4,590 $ 4,371 Directors 897 1,207 838 Total Cost 5,966 5,797 5,209 Capitalized (440) (46) (275) Net Expense $ 5,526 $ 5,751 $ 4,934 The table above does not reflect the reversal of approximately $1.3 million in 2020 of previously recorded costs associated with TSR and CEGR-based grants for which performance goals were not met. As of December 31, 2021, there was $6.0 million of total unrecognized compensation cost related to nonvested stock-based compensation awards granted under the Plan. That cost is expected to be recognized over a weighted average period of 1.6 years. The following table summarizes information regarding restricted stock award activity for SJI during 2021, excluding accrued dividend equivalents: Officers & Other Key Employees Directors Weighted Average Fair Value Nonvested Shares Outstanding, January 1, 2021 449,786 38,456 $ 28.88 Granted 243,540 54,419 $ 25.66 Vested (172,019) (38,456) $ 30.37 Cancelled/Forfeited (28,832) — $ 25.71 Nonvested Shares Outstanding, December 31, 2021 492,475 54,419 $ 26.72 SJI has a policy of issuing new shares to satisfy its obligations under the Plan; therefore, there are no cash payment requirements resulting from the normal operation of the Plan. However, a change in control could result in such shares becoming non-forfeitable or immediately payable in cash. At the discretion of the Officers, Directors and other key employees, the receipt of vested shares can be deferred until future periods. These deferred shares are included in Treasury Stock on the consolidated balance sheets. During the years ended December 31, 2021, 2020 and 2019, SJI issued 146,597, 78,149 and 125,288 shares to its Officers and other key employees at a market value of $3.6 million, $2.2 million and $3.7 million. These issued shares include shares deferred for payout in prior years. SJG - Officers and other key employees of SJG participate in the Plan. During the years ended December 31, 2021, 2020 and 2019, SJG officers and other key employees were granted 23,010, 7,902 and 6,095 shares, respectively, of SJI restricted stock, which had an immaterial impact to SJG's financial statements for all years. |
AFFILIATIONS, DISCONTINUED OPER
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS | AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS: AFFILIATIONS — The following affiliated entities are accounted for under the equity method: PennEast - Midstream has a 20% investment in PennEast. The following events have occurred with respect to PennEast: • On September 10, 2019, the U.S. Court of Appeals for the Third Circuit ruled that PennEast does not have eminent domain authority over NJ state-owned lands. A Petition for Rehearing En Banc was denied by the U.S. Court of Appeals for the Third Circuit on November 5, 2019. • On October 8, 2019, the NJDEP denied and closed PennEast’s application for several permits without prejudice, citing the Third Circuit decision. On October 11, 2019, PennEast submitted a letter to the NJDEP objecting to its position that the application is administratively incomplete. PennEast's objections were rejected by the NJDEP on November 18, 2019. • In December 2019, PennEast asked the FERC for a two-year extension to construct the pipeline. • On January 30, 2020, the FERC voted to approve PennEast’s petition for a declaratory order and expedited action requesting that FERC issue an order interpreting the Natural Gas Act’s eminent domain authority. On the same day, PennEast filed an amendment with the FERC to construct PennEast in two phases. Phase one consisted of construction of a pipeline in Pennsylvania from the eastern Marcellus Shale region in Luzerne County that would terminate in Northampton County. Phase two included construction of the remaining original certificated route in Pennsylvania and New Jersey. Construction was expected to begin following approval by the FERC of the phased approach and receipt of any remaining governmental and regulatory permits. • On February 18, 2020, PennEast filed a Petition for a Writ of Certiorari with the Supreme Court of the United States ("petition") to review the September 10, 2019 Third Circuit decision. • On February 20, 2020, FERC granted PennEast’s request for a two-year extension to complete the construction of the pipeline. • On April 14, 2020, the U.S. Supreme Court ordered the State of New Jersey to respond to PennEast's petition. The court directed NJ respondents, including state agencies and the NJ Conservation Foundation, to answer the petition by PennEast. The state responded on June 2, 2020. • On June 29, 2020, the U.S. Supreme Court invited the U.S. Solicitor General to file a brief expressing the views of the United States. • On December 9, 2020, the Solicitor General filed a brief supporting PennEast's petition for a Writ of Certiorari. • On December 23, 2020, the NJ Attorney General filed a brief with the Supreme Court in response to the brief of the Solicitor General. • On February 3, 2021, the Supreme Court granted PennEast's petition for a Writ of Certiorari. • On June 29, 2021, the Supreme Court ruled that PennEast can sue New Jersey to secure key land-use rights for the project. • On September 27, 2021, the PennEast partners announced that further development of the project is no longer supported. • On December 16, 2021, the FERC, recognizing the cancellation of the project, vacated its prior approval of the project. Despite the favorable outcomes from the Supreme Court, PennEast continued to experience regulatory and legal challenges resulting in continued delays preventing the commencement of construction and commercial operation of the project. As a result, the Company evaluated its investment in PennEast for an other-than-temporary impairment as of June 30, 2021. Our impairment assessment used a discounted cash flow income approach, including consideration of the severity and duration of any decline in fair value of our investment in the project. Our significant estimates and assumptions included development options and the likelihoods of success of such options, potential regulatory and legal outcomes, construction costs, timing of in-service dates, revenues (including forecasted volumes and rates), and discount rates. The Company estimated the fair value of its investment in PennEast using probability weighted scenarios assigned to discounted future cash flows. Based upon this analysis, in the second quarter of 2021, the Company recognized an other-than-temporary impairment charge of $87.4 million, which is recorded in Equity in (Losses) Earnings from Affiliates in the consolidated statements of income for the year ended December 31, 2021 and reduced its investment in PennEast. As of December 31, 2021, the Company’s investment in PennEast totaled $8.2 million as compared to $91.3 million as of December 31, 2020. The impairment did not result in a tax benefit during the year ended December 31, 2021, as a valuation allowance had been established for the federal deferred tax asset related to the capital loss (see Note 4). In September 2021, the PennEast partners, following extensive evaluation and discussion, determined that further development of the project was no longer supported, and thus all further development of the project has ceased. Given that construction of the pipeline will not continue, the Company re-evaluated its investment for an additional other-than temporary impairment. It was determined that no additional impairment was needed as the current value of the investment represented the best estimate of the salvage value of the remaining assets of the project. It is possible that future developments could impact the fair value and could result in the recognition of additional impairment charges. Summarized financial information for the years ended December 31 for PennEast, as derived from their statements of income for 2021, 2020 and 2019, is below (in thousands): 2021 2020 2019 Revenues $ — $ — $ — Gross Profit $ — $ — $ — (Loss) Income from Continuing Operations $ (416,073) $ 34,663 $ 32,291 Net (Loss) Income $ (416,073) $ 34,663 $ 32,291 Net (Loss) Income Attributable to South Jersey Industries, Inc. $ (83,215) $ 6,933 $ 6,458 Summarized financial information as of December 31 for PennEast as derived from their balance sheets for 2021 and 2020, is below (in thousands): 2021 2020 Current Assets $ 1,216 $ 3,079 Noncurrent Assets $ 45,000 $ 456,205 Current Liabilities $ 479 $ 2,789 Noncurrent Liabilities $ 500 $ — Energenic - Marina and a joint venture partner formed Energenic, in which Marina has a 50% equity interest. Energenic developed and operated on-site, self-contained, energy-related projects. Energenic currently does not have any projects that are operational; however, it owns cogeneration, long-lived assets for which Energenic has been pursuing project development opportunities. Marina has notes and related interest receivable related to Energenic; such notes are secured by the cogeneration assets. Energenic reviewed these cogeneration assets for impairment as of December 31, 2021, as it was determined that future development of a project to utilize these assets is no longer probable, and thus the net book value of these assets may exceed their fair market value. The impairment assessment was performed in accordance with ASC 360, Property, Plant and Equipment, and included consideration of development opportunities for the assets as well as receiving a third-party price quote for similar assets. As a result of the impairment test performed, Energenic recorded an impairment charge of $12.7 million, of which Marina recorded its 50% equity interest, or $6.4 million, which was recorded in Equity in (Losses) Earnings of Affiliated Companies on the consolidated statements of income. This loss reduced the Notes Receivable – Affiliate balance on the consolidated balance sheets as our investment in the Energenic affiliate had been reduced to zero as a result of previous losses. As a result of the impairment charge taken by Energenic, Marina evaluated the realizability of its remaining recorded interests in Energenic, which include notes receivable and accrued interest, and determined that these interests were no longer realizable above the amount of Marina's share in the fair market value of Energenic's cogeneration assets. As a result, we recognized an other-than-temporary impairment charge of $9.1 million. Of this amount, $6.4 million was recorded in Other Income and Expense related to the write off of interest accrued on the notes receivable (which decreased Accounts Receivable on the consolidated balance sheets), and $2.7 million was recorded in Equity in (Losses) Earnings of Affiliated Companies (which decreased Notes Receivable – Affiliate on the consolidated balance sheets). Summarized financial information for the years ended December 31 for Energenic, as derived from their statements of income for 2021, 2020 and 2019, is below (in thousands): 2021 2020 2019 Revenues $ 143 $ 144 $ 144 Gross Profit $ 61 $ 64 $ 65 Losses from Continuing Operations $ (16,628) $ (3,797) $ (3,795) Net Losses $ (16,628) $ (3,797) $ (3,795) Net Losses Attributable to South Jersey Industries, Inc. $ (8,314) $ (1,898) $ (1,898) Summarized financial information as of December 31 for Energenic as derived from their balance sheets for 2021 and 2020, is below (in thousands): 2021 2020 Current Assets $ 11,181 $ 10,284 Noncurrent Assets $ 8,764 $ 24,296 Current Liabilities $ 17,456 $ 15,319 Noncurrent Liabilities $ 29,378 $ 29,522 Millennium - SJI and a joint venture partner formed Millennium, in which SJI has a 50% equity interest. Millennium reads utility customers’ meters on a monthly basis for a fee. Potato Creek - SJI and a joint venture partner formed Potato Creek, in which SJEX has a 30% equity interest. Potato Creek owns and manages the oil, gas and mineral rights of certain real estate in Pennsylvania. EnergyMark - SJE has a 33% investment in EnergyMark, an entity that acquires and markets natural gas to retail end users . For the years ended December 31, 2021, 2020 and 2019, SJRG had net sales to EnergyMark of $25.6 million, $13.7 million and $27.8 million, respectively. REV - SJI Renewable Energy Ventures, LLC has a 35% equity interest in REV, an LNG distributor and developer of LNG and RNG assets and projects. Summarized financial information for the years ended December 31 for all affiliates, as derived from their statements of income for 2021, 2020 and 2019, is below (in thousands): 2021 2020 2019 Revenues $ 136,819 $ 77,266 $ 94,570 Gross Profit $ 30,919 $ 16,278 $ 14,930 (Loss) Income from Continuing Operations $ (424,006) $ 36,906 $ 32,825 Net (Loss) Income $ (424,006) $ 36,906 $ 32,825 Net (Loss) Income Attributable to South Jersey Industries, Inc. $ (90,961) $ 8,294 $ 7,314 Summarized financial information as of December 31 for all affiliates as derived from their balance sheets for 2021 and 2020, is below (in thousands): 2021 2020 Current Assets $ 67,160 $ 38,286 Noncurrent Assets $ 113,685 $ 505,846 Current Liabilities $ 40,214 $ 30,586 Noncurrent Liabilities $ 93,285 $ 49,737 AFFILIATE TRANSACTIONS - The Company made net investments in and net advances to certain of the above unconsolidated affil iat es of $60.6 million, $28.9 million and $8.3 million in 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, the outstanding balance of Notes Receivable – Affiliates was $69.9 million and $33.9 million, respectively. These Notes Receivable-Affiliates are comprised of: • As of December 31, 2021 and 2020, $62.6 million and $19.3 million, respectively, of the notes are related to REV which accrue interest at variable rates. • As of December 31, 2021 and 2020, $2.0 million and $12.1 million, respectively, of notes are related to Energenic, after the impairments discussed above. Such notes are secured by Energenic's cogeneration assets for energy service projects, accrue interest at 7.5%, which is no longer being recognized by Marina as a result of the impairments discussed above, and are to be repaid through 2025, although the Company does not expect to realize amounts above its share of the remaining fair value of Energenic's cogeneration assets discussed above. Current losses at Energenic have been offset against the Notes Receivable – Affiliate balance in recent years as our investment in the Energenic affiliate had been reduced to zero as a result of previous losses. • As of December 31, 2021 and 2020, $5.3 million and $2.5 million, respectively, of unsecured notes which accrue interest at variable rates. SJI holds significant variable interests in these entities but is not the primary beneficiary. Consequently, these entities are accounted for under the equity method because SJI does not have both (a) the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity that could potentially be significant to the entity or the right to receive benefits from the entity that could potentially be significant to the entity. As of December 31, 2021 and 2020, SJI had a net asset of approximately $38.5 million and $106.2 million, respectively, included in Investment in Affiliates on the consolidated balance sheets related to equity method investees; the decrease from prior year is due to the impairment charge related to PennEast noted above. SJI’s maximum exposure to loss from these entities as of December 31, 2021 and 2020 is limited to its combined investments in these entities, which includes related Notes Receivable-Affiliates, in the aggregate amount of $108.5 million and $140.1 million, respectively. DISCONTINUED OPERATIONS - Discontinued Operations consist of the environmental remediation activities related to the properties of SJF and the product liability litigation and environmental remediation activities related to the prior business of Morie. SJF is a subsidiary of EMI, an SJI subsidiary, which previously operated a fuel oil business. Morie is the former sand mining and processing subsidiary of EMI. EMI sold the common stock of Morie in 1996. SJI conducts tests annually to estimate the environmental remediation costs for these properties (see Note 15). Summarized operating results of the discontinued operations for the years ended December 31, were (in thousands, except per share amounts): 2021 2020 2019 Income (Loss) before Income Taxes: Sand Mining $ 854 $ (49) $ (79) Fuel Oil (789) (272) (263) Income Tax (Expense) Benefits (14) 66 70 Income (Loss) from Discontinued Operations — Net $ 51 $ (255) $ (272) Earnings Per Common Share from Discontinued Operations — Net: Basic and Diluted $ — $ — $ — GUARANTEES - SJI has issued guarantees to third parties on behalf of its consolidated subsidiaries. See Note 15. SJG RELATED-PARTY TRANSACTIONS - SJG conducts business with its parent, SJI, and several other related parties. A description of each of these affiliates and related transactions is as follows: SJIEE - a wholly-owned subsidiary of SJI that serves as a holding company for all of SJI’s nonutility operating businesses, including the following subsidiaries: • SJRG - SJG sells natural gas for resale and capacity release to SJRG and also meets some of SJG's gas purchasing requirements by purchasing natural gas from SJRG. • Marina - Prior to the sale of MTF and ACB in February 2020 (see Note 1), SJG provided natural gas transportation services to Marina under BPU-approved tariffs. Millennium - (a joint venture discussed above) - Reads SJG's utility customers’ meters on a monthly basis for a fee. SJIU - a holding company that owns SJG. SJIU incurs corporate-level expenses such as employee salaries and benefits, legal fees, and consulting fees and charges a portion of these expenses to SJG. In addition to the above, SJG provides various administrative and professional services to SJI and each of the affiliates discussed above. Likewise, SJI provides substantial administrative services on SJG's behalf. Amounts due to and due from these related parties for activities that are passed through to customers through billing rates at the same amounts that SJG earns from or is charged by the affiliates are not considered material to SJG's financial statements as a whole. On July 1, 2021, SJG (the lessor) and SJI (the lessee) entered into an intercompany lease agreement for the Company's corporate headquarters in Folsom, NJ (see Note 9). A summary of related party transactions involving SJG, excluding pass-through items, included in SJG's Operating Revenues were as follows (in thousands): 2021 2020 2019 Operating Revenues/Affiliates: SJRG $ 20,067 $ 7,483 $ 5,039 Marina — 60 394 Other 83 80 80 Total Operating Revenues/Affiliates $ 20,150 $ 7,623 $ 5,513 Related-party transactions involving SJG, excluding pass-through items, included in SJG's Cost of Sales and Operating Expenses were as follows (in thousands): 2021 2020 2019 Costs of Sales/Affiliates (Excluding depreciation and amortization) SJRG $ 5,013 $ 4,969 $ 9,612 Operations Expense/Affiliates: SJI (parent company only) $ 25,919 $ 26,173 $ 22,462 SJIU 4,281 3,825 1,833 Millennium 3,458 3,277 3,146 Other 180 1,516 1,680 Total Operations Expense/Affiliates $ 33,838 $ 34,791 $ 29,121 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES: SJI files a consolidated federal income tax return and various state income tax returns, some of which are combined or unitary. Total income taxes applicable to operations differ from the tax that would have resulted by applying the statutory Federal income tax rate to pre-tax income for SJI and SJG for the following reasons (in thousands): 2021 2020 2019 SJI (includes SJG and all other consolidated subsidiaries): Tax at Statutory Rate $ 28,481 $ 37,791 $ 20,633 Increase (Decrease) Resulting from: State Income Taxes 11,666 7,896 7,813 Federal and State Valuation Allowance 15,069 7,392 — ESOP Dividend (608) (627) (697) Impairment on Investment in Equity Method Investee 4,172 — — AFUDC (1,327) (1,901) (1,546) Amortization of Excess Deferred Taxes (5,354) (6,174) (3,475) Investment and Other Tax Credits (5,993) (23,439) (953) Other - Net 1,001 1,726 (714) Income Taxes: Continuing Operations 47,107 22,664 21,061 Discontinued Operations 14 (66) (70) Total Income Tax Expense $ 47,121 $ 22,598 $ 20,991 SJG: Tax at Statutory Rate 34,871 30,111 25,245 Increase (Decrease) Resulting from: State Income Taxes 8,311 8,965 9,542 ESOP Dividend (517) (533) (592) AFUDC (461) (821) (591) Amortization of Excess Deferred Taxes (3,075) (3,154) — Other - Net (715) 756 (782) Total Income Tax Expense 38,414 35,324 32,822 The provision for income taxes is comprised of the following (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 2019 Current: Federal $ — $ — $ — State (235) 823 (482) Total Current (235) 823 (482) Deferred: Federal 31,209 3,312 11,171 State 16,133 18,529 10,372 Total Deferred 47,342 21,841 21,543 Income Taxes: Continuing Operations 47,107 22,664 21,061 Discontinued Operations 14 (66) (70) Total Income Tax Expense (Benefit) $ 47,121 $ 22,598 $ 20,991 SJG: Current: Federal $ — $ — $ — State — — — Total Current — — — Deferred: Federal 27,894 23,976 20,744 State 10,520 11,348 12,078 Total Deferred 38,414 35,324 32,822 Total Income Tax Expense $ 38,414 $ 35,324 $ 32,822 For the year ended December 31, 2021, the change in SJI income tax expense in 2021 compared with 2020 increased primarily due to an increase in income before income taxes of consolidated subsidiaries along with less ITC. For the year ended December 31, 2020, the change in SJI Income Tax expense in 2020 compared with 2019 increased primarily due to an increase in income before income taxes in 2020 compared with the prior year along with the valuation allowance discussed below. These increases were partially offset with the benefits from ITC recorded for fuel cell and solar projects that commenced operations in 2020 (see Note 1). For the year ended 2019, changes in SJI tax expense correlated with changes in income before income taxes. For the years ended 2021, 2020 and 2019, changes in SJG tax expense correlated with changes in income before income taxes. CARES ACT - Given the impact that COVID-19 has had on the economy, on March 27, 2020 the President signed into law the CARES Act, an economic stimulus package in response to the COVID-19 global pandemic, as a way to provide relief to both businesses and individuals affected by the virus. The CARES Act contains several corporate tax provisions that impacted SJI and SJG, including deferring payments on social security taxes for employees and other employee retention credits. These impacts of the CARES Act, and these provisions, did not have a material effect on income tax expense or deferred tax assets/liabilities. DEFERRED TAX ASSETS AND LIABILITIES - The net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes resulted in the following net deferred tax assets and liabilities for SJI and SJG at December 31 (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 Deferred Tax Assets: Net Operating Loss Carryforward $ 179,518 $ 141,252 Investment and Other Tax Credits 251,541 243,827 Deferred State Tax 30,567 24,338 Income Taxes Recoverable Through Rates 88,201 92,739 Pension & Other Post Retirement Benefits 16,575 34,558 Deferred Revenues 5,355 4,530 Provision for Uncollectibles 11,979 8,763 Other 15,461 17,691 Total Deferred Tax Asset 599,197 567,698 Valuation Allowance (22,484) (7,392) Total Deferred Tax Asset, net of Valuation Allowance $ 576,713 $ 560,306 Deferred Tax Liabilities: Book versus Tax Basis of Property $ 586,081 $ 512,357 Deferred Gas Costs - Net 14,102 13,737 Derivatives / Unrealized Gain 2,567 1,215 Environmental Remediation 49,378 50,262 Deferred Regulatory Costs 19,165 13,360 Budget Billing - Customer Accounts 6,310 5,248 Deferred Pension & Other Post Retirement Benefits 21,973 33,307 CIP 5,196 6,178 Equity In Loss Of Affiliated Companies 3,744 16,019 Goodwill Amortization 41,517 28,013 Other 8,176 8,977 Total Deferred Tax Liability $ 758,209 $ 688,673 Deferred Tax Liability - Net $ 181,496 $ 128,367 SJG: Deferred Tax Assets: Net Operating Loss and Tax Credits $ 27,688 $ 35,301 Deferred State Tax 25,039 22,918 Provision for Uncollectibles 6,997 4,887 Income Taxes Recoverable Through Rates 54,900 58,573 Pension & Other Post Retirement Benefits 8,742 20,857 Deferred Revenues 5,479 4,739 Other 2,717 2,813 Total Deferred Tax Assets $ 131,562 $ 150,088 Deferred Tax Liabilities: Book Versus Tax Basis of Property $ 456,216 $ 435,764 Deferred Fuel Costs - Net 18,015 10,189 Environmental Remediation 45,496 46,857 Deferred Regulatory Costs 17,209 15,087 Deferred Pension & Other Post Retirement Benefits 13,064 21,398 Budget Billing - Customer Accounts 6,310 5,248 Section 461 Prepayments 1,528 1,469 CIP 5,196 6,178 Other 11,930 11,507 Total Deferred Tax Liabilities $ 574,964 $ 553,697 Deferred Tax Liability - Net $ 443,402 $ 403,609 SJG is included in the consolidated federal income tax return filed by SJI. The actual taxes, including credits, are allocated by SJI to its subsidiaries, generally on a separate return basis except for net operating loss and credit carryforwards. As of December 31, 2021 and 2020, there were no income taxes due to or from SJI. NOL AND ITC CARRYFORWARD - As of December 31, 2021, SJI has the following federal and state net operating loss carryforwards (in thousands): Net Operating Loss Carryforwards Expire in: Federal State 2031 $ — $ 11,395 2032 21,541 3,108 2033 57,515 18,557 2034 107,043 13,658 2035 51,385 25,063 2036 102,256 126,344 2037 85,444 96,697 2038 — 127,846 2039 — 129,940 2040 — 82,476 2041 — 132,396 Indefinite 161,029 — $ 586,213 $ 767,480 As of December 31, 2021, SJI has the following investment tax credit carryforwards (in thousands): Expire in: Investment Tax Credit Carryforwards 2030 $ 11,628 2031 25,664 2032 32,031 2033 45,606 2034 37,699 2035 45,005 2036 11,744 2037 636 2038 93 2039 — 2040 23,814 2041 4,364 $ 238,284 SJI and SJG also have federal research and development credits of $7.7 million and $3.2 million, respectively, which will expire between 2031 and 2040. SJI and SJG have state credits of $6.8 million and $3.8 million, respectively, that will expire between 2024 and 2041. As of December 31, 2021 and 2020, SJG has total federal net operating loss carryforwards of $33.6 million and $67.7 million, respectively, that will expire between 2036 and 2037. As of December 31, 2021 and 2020, SJG has a state net operating loss carryforward of $192.0 million and $212.8 million, respectively, that will expire between 2036 and 2039. A valuation allowance is recorded when it is more likely than not that any of SJI's or SJG's deferred tax assets will not be realized. As of December 31, 2021 and 2020, SJI had a total federal and state valuation allowance of $22.5 million and $7.4 million, respectively, recorded on the consolidated balance sheets. SJI recorded a valuation allowance of $14.2 million in 2021 against the federal deferred tax asset related to the capital loss that resulted from the other-than-temporary impairment charge taken on the Company's investment in PennEast (see Note 3). SJI recorded a valuation allowance of $7.4 million in 2020 related to certain state net operating loss and state credit carryforwards expected to expire prior to being fully utilized. SJG believes that they will generate sufficient future taxable income to realize the income tax benefits related to their net deferred tax assets. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, is as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 2019 Balance at January 1, $ 2,372 $ 1,566 $ 1,147 Increase as a result of tax positions taken in prior years 14,611 806 419 Balance at December 31, $ 16,983 $ 2,372 $ 1,566 SJG: Balance at January 1, $ 1,129 $ 1,104 $ 1,063 Increase as a result of tax position taken in prior years 14,023 25 41 Balance at December 31, $ 15,152 $ 1,129 $ 1,104 The total unrecognized tax benefits reflected in the table above exclude $1.9 million, $0.9 million and $0.8 million of accrued interest and penalties for each of the years ended December 31, 2021, 2020 and 2019 for both SJI and SJG. The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is not significant. The Company's policy is to record interest and penalties related to unrecognized tax benefits as interest expense and other expense, respectively. These amounts were not significant in 2021, 2020 or 2019. The majority of the increased tax position in 2021 and 2020 is attributable to research and development credits and specified liability loss carryback claims. The Company does not anticipate any significant changes in the total unrecognized tax benefits within the next 12 months. The Company evaluates certain tax benefits that have been recorded in the financial statements for uncertainties. In 2021, SJG recorded a reserve of $13.9 million for a portion of tax benefits related to tax positions taken in prior years. The reserve is recorded in Other Noncurrent Liabilities in the consolidated balance sheets as of December 31, 2021. The amount of income taxes we pay is subject to ongoing audits by federal and state tax authorities, which could result in proposed assessments. Future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period any assessments are determined or resolved or as such statutory audit periods are closed. We are not aware of any other matters that would result in significant changes to the amount of unrecognized income tax benefits reflected on the consolidated balance sheets as of December 31, 2021. The unrecognized tax benefits are primarily related to an uncertainty of state income tax issues relating to the Company's nexus in certain states, tax credits and federal carryback claims. The IRS has finalized its audits of the Company's consolidated federal income tax returns through 2013. Federal income tax returns from 2014 forward and state income tax returns from 2013 forward are open and subject to examination. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
PREFERRED STOCK | PREFERRED STOCK: REDEEMABLE CUMULATIVE PREFERRED STOCK - SJI has 2,500,000 authorized shares of Preference Stock, no par value, which has not been issued. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | COMMON STOCK: The following shares were issued and outstanding at December 31: 2021 2020 2019 Beginning of Year 100,591,940 92,394,155 85,506,218 New Issuances During Year: Settlement of Equity Forward Sale Agreement 4,891,579 — 6,779,661 Stock-Based Compensation Plan 161,990 75,502 108,276 Public Equity Offering 11,694,984 8,122,283 — End of Year 117,340,493 100,591,940 92,394,155 The par value ($1.25 per share) of stock issued was recorded in Common Stock and the net excess over par value was recorded in Premium on Common Stock. There were 2,339,139 shares of SJG's common stock (par value $2.50 per share) outstanding as of December 31, 2021. SJG did not issue any new shares during the period. SJIU owns all of the outstanding common stock of SJG. AUTHORIZED SHARES - On October 16, 2020, SJI filed an amendment to its Certificate of Incorporation that increased the authorized number of shares of its common stock from 120,000,000 to 220,000,000 and the aggregate number of shares authorized to be issued by SJI from 122,500,000 to 222,500,000. ATM PUBLIC EQUITY OFFERING - • In April 2020, SJI entered into an ATM Equity Offering Sales Agreement (the "Sales Agreement") to sell, from time to time, shares of the Company’s common stock, par value $1.25 per share, having an aggregate sale price up to $200.0 million, through an “at-the-market” equity offering program. In June 2020, 8,122,283 shares were sold pursuant to the Sales Agreement at an average market price of approximately $24.62 for total net proceeds of $198.0 million after deducting commissions and other general & administrative expenses. These sales exhausted the shares that were available for sale under the Sales Agreement. The Company used the net proceeds from this offering for general corporate purposes. COMMON STOCK PUBLIC OFFERING - • On March 22, 2021, SJI offered 10,250,000 shares of its common stock, par value $1.25 per share, at a public offering price of $22.25 per share. Of the offered shares, 362,359 shares were issued at closing. The remaining 9,887,641 shares of common stock ("Forward Shares") are to be sold by Bank of America, N.A., as forward seller, pursuant to a forward sale agreement. SJI has an option to settle the forward sale agreement by delivering newly issued shares of SJI common stock and receive proceeds, subject to certain adjustments, from the sale of those shares, assuming one or more future physical settlements of the forward sale agreement, no later than March 2022. SJI may also choose to settle the forward sale contract with a cash payment, or multiple cash payments, no later than March 2022. In the event SJI elects to settle all or a portion of the forward sale contract with a cash payment, no additional shares of SJI common stock would be issued under the forward sale contract for the portions that were cash settled. • On March 25, 2021, 1,537,500 shares pursuant to the underwriters’ option as part of the underwriting agreement for the above offering of shares were issued at the same public offering price of $22.25. • The issuance of a total 1,899,859 shares in March 2021 resulted in gross proceeds of $42.3 million, with net proceeds, after deducting underwriting discounts and commissions as well as legal fees, totaling $40.6 million. • On December 27, 2021, 4,891,579 Forward Shares were issued under the forward sale agreement for net proceeds of $100.0 million, The forward price used to determine cash proceeds received by SJI was calculated based on the initial forward sale price, as adjusted for underwriting fees, interest rate adjustments as specified in the forward sale agreement and any dividends paid on our common stock during the forward period. EQUITY UNITS PUBLIC OFFERING - • On March 22, 2021, SJI issued and sold 6,000,000 Equity Units, initially consisting of Corporate Units ("2021 Corporate Units"). Each 2021 Corporate Unit has a stated amount of $50 and is comprised of (a) a purchase contract obligating the holder to purchase from the Company for a price in cash of $50, on the purchase contract settlement date, or April 1, 2024, subject to earlier termination or settlement, a certain number of shares of Common Stock; and (b) a 1/20, or 5%, undivided beneficial ownership interest in $1,000 principal amount of the Company’s 2021 Series B 1.65% Remarketable Junior Subordinated Notes due 2029 (for this section, the “Notes”). In addition to interest payable under the Notes, holders of the 2021 Corporate Units will be entitled to receive quarterly contract adjustment payments at a rate of 7.10% per year on the stated amount of $50 per 2021 Corporate Unit, subject to the Company’s right to defer such contract adjustment payments. No deferral period will extend beyond the purchase contract settlement date. The contract adjustment payments are payable quarterly on January 1, April 1, July 1 and October 1 of each year. The contract adjustment payments will be subordinated to all of the Company's existing and future “Priority Indebtedness” and will be structurally subordinated to all liabilities of our subsidiaries. The present value of the contract adjustment payments due through April 1, 2024 was $69.5 million and is charged to Shareholders’ Equity, with an offsetting credit to Other Current and Noncurrent Liabilities on the consolidated balance sheets. These liabilities are accreted over the life of the purchase contract by interest charges to the consolidated statements of income based on a constant rate calculation. Total interest recorded in 2021 was $0.9 million related to these liabilities and is recorded within Interest Charges on the consolidated statements of income. Subsequent contract adjustment payments reduce this liability. The balance recorded in Other Current and Noncurrent Liabilities was $23.8 million and $34.6 million, respectively, as of December 31, 2021. This offering resulted in gross proceeds of approximately $300.0 million, with net proceeds, after deducting underwriting discounts and commissions, of $291.0 million. As of December 31, 2021, the net proceeds, after amortization of the underwriting discounts, are recorded as Long-Term Debt on the consolidated balance sheets. • On April 1, 2021, the underwriters purchased an additional 700,000 Equity Units as part of their option under the above offering to purchase an additional 900,000 Equity Units. Gross proceeds were approximately $35.0 million, with net proceeds, after deducting underwriting discounts and commissions, of approximately $34.0 million. As of December 31, 2021, the net proceeds, after amortization of the underwriting discounts, are recorded as Long-Term Debt on the consolidated balance sheets. CONVERTIBLE UNITS - • In 2018, SJI issued and sold 5,750,000 Equity Units, initially in the form of Corporate Units ("2018 Corporate Units"), which included 750,000 of 2018 Corporate Units pursuant to the underwriters’ option. Each 2018 Corporate Unit had a stated amount of $50 and was comprised of (a) a purchase contract obligating the holder to purchase from the Company, and for the Company to sell to the holder for a price in cash of $50, on the purchase contract settlement date, or April 15, 2021, subject to earlier termination or settlement, a certain number of shares of common stock; and (b) a 1/20, or 5%, undivided beneficial ownership interest in $1,000 principal amount of SJI’s 2018 Series A 3.70% Remarketable Junior Subordinated Notes due 2031 (the "Series A Junior Subordinated Notes"). SJI paid the holder quarterly contract adjustment payments at a rate of 3.55% per year on the stated amount of $50 per Equity Unit, in respect of each purchase contract, subject to the Company's right to defer these payments. The net proceeds, after amortization of the underwriting discounts, are recorded as Long-Term Debt on the consolidated balance sheets. • On March 25, 2021, the Company finalized the remarketing of the $287.5 million of Series A Junior Subordinated Notes. The interest rate on the Series A Junior Subordinated Notes has been reset to 5.020% per year, and this reset rate became effective on April 15, 2021 (see below). Interest on the Series A Junior Subordinated Notes will be payable semi-annually on April 15 and October 15, commencing on April 15, 2021, and at maturity. As a result, these notes continue to be recorded as Long-Term Debt on the consolidated balance sheets as of December 31, 2021. • On April 1, 2021, the Company announced the settlement rate for the stock purchase contracts that are components of the 2018 Corporate Units with holders of the 2018 Corporate Units to receive 1.7035 shares of SJI common stock for each stock purchase contract that they hold, with cash to be paid in lieu of any fractional shares. The settlement rate was set to be based upon the original settlement rate of 1.6949 shares, as adjusted for certain corporate events since original issuance. Consequently, on April 15, 2021, each holder of the 2018 Corporate Units on that date, following payment of $50.00 for each unit held, received 1.7035 shares of the Company’s common stock for each such unit. As a result of settlement of the outstanding stock purchase contracts, on April 15, 2021, the Company received approximately $287.5 million in exchange for approximately 9.8 million shares of common stock. Additionally, each 2018 Corporate Unit holder of record on April 1, 2021, received the final quarterly cash distribution of $0.90625 per 2018 Corporate Unit and received any remaining amounts from the treasury portfolio that was purchased in connection with the remarketing described above, as well as any earnings from the reinvestment of that treasury portfolio when it matured. The convertible units consisted of the following (in thousands): December 31, 2021 December 31, 2020 Principal amount: 2021 Series B Remarketable Junior Subordinated Notes due 2029 2018 Series A Remarketable Junior Notes due 2031 Principal (A) $ 335,000 $ 287,500 Unamortized debt discount and issuance costs (A) $ 9,110 $ 7,181 Net carrying amount $ 325,890 $ 280,319 Carrying amount of the equity component (B) $ — $ — (A) Included in the consolidated balance sheets within Long-Term Debt. (B) There is no equity portion as of December 31, 2021 and 2020 for these Notes. During 2021, 2020, and 2019, the Company recognized $17.9 million, $10.7 million and $10.7 million, respectively, of coupon interest expense, all of which was included in Interest Charges on the consolidated statements of income. During those periods, the amortization of debt discount and issuance costs was not material. As of December 31, 2021, the effective interest rate was 2.1% on the 2021 Notes and 5.0% on the 2018 Notes. EPS — SJI's basic EPS is based on the weighted-average number of common shares outstanding. SJI's diluted EPS includes consideration of the effect of SJI's restricted stock as dis cussed in Note 2, along with the impact of the Forward Shares, Equity Units and Convertible Units discussed above, accounted for under the treasury stock method. The incremental shares required for inclusion in the denominator for the diluted EPS calculation were 851,364, 141,076, and 123,021 shares for the years ended December 31, 2021, 2020, and 2019, respectively. DRP — SJI offers a DRP which allows participating shareholders to purchase shares of SJI common stock by automatic reinvestment of dividends or optional purchases. SJI currently purchases shares on the open market to fund share purchases by DRP participants, and as a result SJI did not raise any equity capital through the DRP in 2021, 2020 or 2019. RETAINED EARNINGS — The Utilities are limited by their regulatory authorities on the amount of cash dividends or other distributions they are able to transfer to their parent, specifically if such dividends or other distributions could impact their capital structure. In addition, SJG's First Mortgage Indentures contain a restriction regarding the amount of cash dividends or other distributions that it may pay. As of December 31, 2021, this loan restriction does not affect the amount that may be distributed from SJG's retained earnings. ADDITIONAL INVESTMENT BY SHAREHOLDER — SJG received $40.0 million and $109.5 million in equity contributions from SJI in 2021 and 2020, respectively. There were no equity contributions to SJG in 2019. Future equity contributions will occur on an as needed basis. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS: RESTRICTED INVESTMENTS — SJI and SJG maintain margin accounts with certain counterparties to support their risk management activities associated with hedging commodities. The balances required to be held in these margin accounts increase as the net value of the outstanding energy-related contracts with the respective counterparties decrease. The following table provides SJI's (including SJG) and SJG's balances of Restricted Investments as well as presents a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that total to the amounts shown in the consolidated statements of cash flows (in thousands): As of December 31, 2021 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents $ 28,754 $ 3,360 Restricted Investments 686 686 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 29,440 $ 4,046 As of December 31, 2020 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents $ 34,045 $ 1,598 Restricted Investments 7,786 4,826 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 41,831 $ 6,424 The carrying amounts of the Restricted Investments for both SJI and SJG approximate their fair values at December 31, 2021 and 2020, which would be included in Level 1 of the fair value hierarchy (see Note 17). ALLOWANCE FOR CREDIT LOSSES - Accounts receivable and unbilled revenues are recorded gross on the consolidated balance sheets with allowance for credit losses shown as a separate line item titled Provision for Uncollectibles. A summary of changes in the allowance for credit losses for the years ended December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 SJI (includes SJG and all other consolidated subsidiaries): Balance at beginning of period $ 30,582 $ 19,829 Provision for expected credit losses 10,159 9,558 Regulated assets (A) 7,012 10,953 Recoveries of accounts previously written off 592 909 Uncollectible accounts written off (6,582) (10,667) Balance at end of period $ 41,763 $ 30,582 SJG: Balance at beginning of period $ 17,359 $ 14,032 Provision for expected credit losses 7,794 6,209 Regulated assets (A) 3,119 4,845 Recoveries of accounts previously written off 160 424 Uncollectible accounts written off (3,266) (8,151) Balance at end of period $ 25,166 $ 17,359 (A) Deferral of incremental costs related to the COVID-19 pandemic as a regulatory asset, resulting from a July 2, 2020 BPU Order (see Note 11). NOTES RECEIVABLE-AFFILIATES - The carrying amounts of the Note Receivable-Affiliate balances approximate their fair values at December 31, 2021 and 2020, which would be included in Level 2 of the fair value hierarchy (see Note 17). See Note 3 for more detail on these balances. CONTRACT RECEIVABLES — SJG provides financing to customers for the purpose of attracting conversions to natural gas heating systems from competing fuel sources. The terms of these loans call for customers to make monthly payments over periods ranging from five In addition, as part of the EET programs, SJG and ETG provide financing to customers to upgrade equipment for the purpose of promoting energy efficiency. The terms of these loans range from two There have been no material impacts to this risk of uncollectibility as a result of COVID-19. The carrying amounts of these receivables approximate their fair value at December 31, 2021 and 2020, which would be included in Level 2 of the fair value hierarchy (see Note 17). CREDIT RISK - As of December 31, 2021, there were no individual counterparties that totaled more than five percent of SJI's current and noncurrent Derivatives - Energy Related Assets. FINANCIAL INSTRUMENTS NOT CARRIED AT FAIR VALUE - The fair value of a financial instrument is the market price to sell an asset or transfer a liability at the measurement date. The carrying amounts of SJI's and SJG's financial instruments approximate their fair values at December 31, 2021 and 2020, except as noted below (in thousands): 2021 2020 SJI (includes SJG and all consolidated entities) Estimated fair values of long-term debt $ 3,653,868 $ 3,152,224 Carrying amounts of long-term debt, including current maturities (A) $ 3,255,085 $ 2,919,201 Net of: Unamortized debt issuance costs $ 38,462 $ 29,574 Unamortized debt discounts $ 5,135 $ 5,224 SJG Estimated fair values of long-term debt $ 1,171,657 $ 1,197,052 Carrying amounts of long-term debt, including current maturities $ 1,041,811 $ 1,069,089 Net of: Unamortized debt issuance costs $ 8,726 $ 9,357 (A) SJI Long-Term Debt on the consolidated balance sheet as of December 31, 2021 and December 21, 2020 includes $5.6 million and $3.1 million of finance leases, respectively. See Note 9. For Long-Term Debt (including current maturities), in estimating the fair value, SJI and SJG use the present value of remaining cash flows at the balance sheet date. SJI and SJG based the estimates on interest rates available at the end of each period for debt with similar terms and maturities (Level 2 in the fair value hierarchy, see Note 17). |
SEGMENTS OF BUSINESS
SEGMENTS OF BUSINESS | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS OF BUSINESS | SEGMENTS OF BUSINESS: ASC 280 , Segment Reporting, establishes standards for reporting information about operating segments and requires that a public business enterprise report financial and descriptive information about its reportable operating segments. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the CODM in deciding how to allocate resources and in assessing performance. Beginning with the first quarter of 2021, our internal management reporting, specifically around our nonutility businesses, changed primarily due to recent acquisitions and new product lines entered into. These were primarily within the fuel cell, solar, RNG, and retail businesses. See Notes 1 and 20 for information about these acquisitions. As a result of these changes in our businesses, the Company realigned its operating segments. The realigned segments reflect the financial information regularly evaluated by the CODM, which for SJI is the Company's Chief Executive Officer. The operating segments are as follows: • SJG utility operations consist primarily of natural gas distribution to residential, commercial and industrial customers in southern New Jersey. • ETG utility operations consist primarily of natural gas distribution to residential, commercial and industrial customers in northern and central New Jersey. • ELK utility operations consist of natural gas distribution to residential, commercial and industrial customers in Maryland. As discussed in Note 1, on July 31, 2020, SJI sold ELK to a third-party buyer. • Wholesale energy operations include the activities of SJRG and SJEX. • Retail services operations includes the activities of SJE, SJESP and SJEI, as well as our equity interest in Millennium. • Renewables consists of: ◦ The Catamaran joint venture, which owns Annadale and Bronx Midco, along with a solar project in Massachusetts. ◦ Solar-generation sites located in New Jersey, and three legacy solar projects, one of which was sold during the first quarter of 2020. ◦ The activities of ACLE, BCLE, SCLE and SXLE, which have all ceased operations (see Note 1). ◦ MTF and ACB, which were sold in the first quarter of 2020. • Decarbonization consists of: ◦ SJI Renewables Energy Ventures, LLC, which includes our equity interest in REV, which is included in Equity in (Loss) Earnings of Affiliated Companies on the consolidated statements of income. ◦ SJI RNG Devco, LLC, which includes costs incurred to develop renewable natural gas operations at certain dairy farms along with the related development rights acquired in 2020. • Midstream invests in infrastructure and other midstream projects, including an investment in PennEast for which development ceased in September 2021 (see Note 3). • Corporate & Services segment includes costs related to financing, acquisitions and divestitures, and other unallocated costs. • Intersegment represents intercompany transactions among the above SJI consolidated entities. SJI groups its utility businesses under its wholly-owned subsidiary SJIU. This group consists of the gas utility operations of SJG and ETG and, until its sale, ELK. SJI groups its nonutility operations into separate categories: Energy Management; Energy Production; Midstream; and Corporate & Services. Energy Management includes wholesale energy operations and retail services. Energy Production includes renewables and decarbonization. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. See Note 1. Information about SJI’s operations in different reportable operating segments is presented below (in thousands). All prior periods were revised to conform to the new segment alignment noted above. 2021 2020 2019 Operating Revenues: SJI Utilities: SJG Utility Operations $ 618,426 $ 571,787 $ 569,226 ETG Utility Operations 360,024 349,392 325,133 ELK Utility Operations — 4,793 7,949 Subtotal SJI Utilities 978,450 925,972 902,308 Energy Management: Wholesale Energy Operations 993,938 571,590 607,093 Retail Services 17,889 38,251 83,845 Subtotal Energy Management 1,011,827 609,841 690,938 Energy Production: Renewables 24,038 15,617 48,748 Decarbonization — — — Subtotal Energy Production 24,038 15,617 48,748 Corporate & Services 59,480 54,422 43,901 Subtotal 2,073,795 1,605,852 1,685,895 Intersegment Sales (81,799) (64,469) (57,269) Total Operating Revenues $ 1,991,996 $ 1,541,383 $ 1,628,626 2021 2020 2019 Operating Income: SJI Utilities: SJG Utility Operations $ 199,214 $ 171,235 $ 147,494 ETG Utility Operations 95,509 89,638 69,315 ELK Utility Operations — 372 721 Subtotal SJI Utilities 294,723 261,245 217,530 Energy Management: Wholesale Energy Operations 48,406 33,869 439 Retail Services 1,838 (3,153) (2,764) Subtotal Energy Management 50,244 30,716 (2,325) Energy Production: Renewables 4,569 (5,602) (4,248) Decarbonization (120) — — Subtotal Energy Production 4,449 (5,602) (4,248) Midstream — (467) (154) Corporate and Services (296) (3,670) (9,598) Total Operating Income $ 349,120 $ 282,222 $ 201,205 Depreciation and Amortization: SJI Utilities: SJG Utility Operations $ 127,440 $ 101,711 $ 93,910 ETG Utility Operations 70,643 57,967 29,051 ELK Utility Operations — 354 469 Subtotal SJI Utilities 198,083 160,032 123,430 Energy Management: Wholesale Energy Operations 92 69 89 Retail Services 537 — — Subtotal Energy Management 629 69 89 Energy Production: Renewables 5,106 5,647 4,591 Decarbonization — — — Subtotal Energy Production 5,106 5,647 4,591 Corporate and Services 7,834 4,899 5,275 Total Depreciation and Amortization $ 211,652 $ 170,647 $ 133,385 Interest Charges: SJI Utilities: SJG Utility Operations $ 39,133 $ 33,388 $ 31,654 ETG Utility Operations 34,155 29,997 27,352 ELK Utility Operations — 21 8 Subtotal SJI Utilities 73,288 63,406 59,014 Energy Management: Retail Services 180 43 (142) Subtotal Energy Management 180 43 (142) Energy Production: Renewables 4,660 4,001 8,637 Decarbonization 1,513 — — Subtotal Energy Production 6,173 4,001 8,637 Midstream 1,704 2,513 2,262 Corporate and Services 52,636 55,873 57,858 Subtotal 133,981 125,836 127,629 Intersegment Borrowings (6,851) (7,302) (13,152) Total Interest Charges $ 127,130 $ 118,534 $ 114,477 2021 2020 2019 Income Taxes: SJI Utilities: SJG Utility Operations $ 38,414 $ 35,324 $ 32,822 ETG Utility Operations 15,053 12,465 7,761 ELK Utility Operations — 186 146 Subtotal SJI Utilities 53,467 47,975 40,729 Energy Management: Wholesale Energy Operations 14,035 9,666 574 Retail Services 1,537 287 (262) Subtotal Energy Management 15,572 9,953 312 Energy Production: Renewables (8,124) (24,132) (3,308) Decarbonization 146 — — Subtotal Energy Production (7,978) (24,132) (3,308) Midstream (329) (217) (135) Corporate and Services (13,625) (10,915) (16,537) Total Income Taxes $ 47,107 $ 22,664 $ 21,061 Property Additions: SJI Utilities: SJG Utility Operations $ 243,699 $ 266,009 $ 264,235 ETG Utility Operations 224,019 197,730 197,457 ELK Utility Operations — 970 2,762 Subtotal SJI Utilities 467,718 464,709 464,454 Energy Management: Wholesale Energy Operations 6 6 7 Retail Services 55 — 4 Subtotal Energy Management 61 6 11 Energy Production: Renewables 64,906 85,280 229 Decarbonization 29,600 — — Subtotal Energy Production 94,506 85,280 229 Midstream 29 131 46 Corporate and Services 4,254 2,799 1,554 Total Property Additions $ 566,568 $ 552,925 $ 466,294 2021 2020 Identifiable Assets: SJI Utilities: SJG Utility Operations $ 3,767,897 $ 3,522,265 ETG Utility Operations 2,788,465 2,561,067 Subtotal SJI Utilities 6,556,362 6,083,332 Energy Group: Wholesale Energy Operations 278,995 195,882 Retail Services 25,741 29,687 Subtotal Energy Group 304,736 225,569 Energy Services: Renewables 195,791 153,018 Decarbonization 138,787 40,482 Subtotal Energy Services 334,578 193,500 Midstream 8,970 92,208 Corporate and Services 370,899 318,095 Intersegment Assets (266,920) (225,331) Discontinued Operations 47 1,775 Total Identifiable Assets $ 7,308,672 $ 6,689,148 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES: Lessee: As discussed in Note 1, SJI, directly and through certain of its subsidiaries, including SJG, is a lessee of real estate (land and building), communication towers and office equipment. SJI currently does not have any contracts where it is considered the lessor. The lease-related amounts in the balance sheets where SJG is a lessee at December 31, 2021 and 2020, and activity and costs during the periods presented are not material for SJG and, therefore, the disclosures included herein reflect those of SJI only, which includes SJG as well as all other consolidated subsidiaries. However, SJG is considered the lessor in a lease with SJI as described below under "Lessor." SJI has two real estate leases that are classified as finance leases, which result in the recognition of interest expense on the lease liability per the effective interest model and amortization of the ROU asset on a straight-line basis over the respective lease terms: • As part of the Annadale acquisition in 2020 (see Note 20), a real estate lease was acquired resulting in the recognition of an ROU asset and lease liability upon acquisition, each of $3.1 million, with a lease term of 35 years. • As part of the acquisitions of solar projects (see Notes 1 and 20), a land lease was acquired with one of the projects resulting in the recognition of an ROU asset and a lease liability upon acquisition, each of $2.6 million, with a lease term of 20 years. SJI has the following real estate leases that are classified as operating leases: • As part of the acquisition of the Bronx Midco fuel cell project (see Note 20), a land lease was acquired resulting in the recognition of an ROU asset and a lease liability upon acquisition, each of $6.7 million. The lease cost associated with this lease is recognized on a straight-line basis over the lease term of 35 years. • On July 1, 2021, SJG (as lessor) and SJI (as lessee) entered into an intercompany lease agreement for the Company's corporate headquarters in Folsom, NJ. The rent income and the rent expense associated with this lease are recognized on a straight-line basis over the lease term. The rent income and rent expense for SJG and SJI, respectively, for 2021 was $1.0 million. The rent income and rent expense, as well as certain other balances related to this lease, were eliminated in SJI’s consolidated financial statements. • As part of the development of renewable natural gas operations at dairy farms, SJI RNG Devco entered into several real estate lease agreements in 2021, resulting in the recognition of ROU assets and liabilities, each of $4.8 million. The lease costs associated with these leases are recognized on a straight-line basis over the lease terms of 20 years. • Marina entered into a real estate lease related to a solar project in Massachusetts in 2021, resulting in the recognition of an ROU asset and liability, each of $1.7 million. The lease costs associated with these leases are recognized on a straight-line basis over the lease terms of 35 years. • The remainder of SJI's real estate leases are comprised primarily of office space and payment centers. Real estate operating leases generally have a lease term between 3 and 35 years. Other operating leases primarily consist of communication towers and office equipment, which generally have a lease term of 5 years. ROU assets and lease liabilities recorded in the consolidated balance sheets as of December 31, are as follows (in thousands): Location on Balance Sheet 2021 2020 ROU assets Operating leases Other Noncurrent Assets $ 16,733 $ 1,929 Finance leases Property Plant and Equipment 5,589 3,018 Total ROU assets $ 22,322 $ 4,947 Lease liabilities Operating leases Other Current/Noncurrent Liabilities $ 16,812 $ 1,917 Finance leases Current Portion of Long Term Debt/ Long Term Debt 5,638 3,053 Total lease liabilities $ 22,450 $ 4,970 As of December 31, 2021, the operating lease liability is comprised of approximately $16.5 million of real estate leases and $0.3 million of communication tower and equipment leases. As of December 31, 2020, the operating lease liability is comprised of approximately $1.3 million of real estate leases and $0.6 million of equipment leases. The maturities of SJI’s (including SJG and all other consolidated subsidiaries) operating lease and finance lease liabilities as of December 31, 2021 are as follows (in thousands): Operating Leases Finance Leases 2022 $ 1,127 $ 248 2023 1,262 250 2024 1,245 252 2025 1,130 253 2026 896 255 Thereafter 25,614 10,366 Total lease payments 31,274 11,624 Less imputed interest 14,462 5,986 Total lease liabilities $ 16,812 $ 5,638 Included in the consolidated balance sheets Current lease liabilities $ 753 $ 5 Long-term lease liabilities 16,059 5,633 Total lease liabilities $ 16,812 $ 5,638 The total operating lease costs, the components of finance lease costs, and variable lease costs for SJI for the years ended December 31 were as follows (in thousands): 2021 2020 SJI (includes SJG and all other consolidated subsidiaries): Total operating lease cost $ 570 $ 1,339 Finance lease costs: Amortization of ROU assets 71 32 Interest expense 190 56 Variable lease cost 162 680 Total lease cost $ 993 $ 2,107 Short-term lease costs were not material for SJI. SJI did not have any sublease income or leases with related parties during the year ended December 31, 2020. As of December 31, 2021, SJI had a related party lease with SJG (see Note 3). Supplemental cash flow and other information The supplemental cash flow information related to operating leases for SJI (including SJG and all other consolidated subsidiaries) for the years ended December 31 were as follows (in thousands): 2021 2020 Operating cash flows from operating leases $ 1,076 $ 1,151 Operating cash flows from finance leases $ 190 $ 64 Financing cash flows from finance leases $ 55 $ — 2021 2020 ROU assets obtained in exchange for operating lease liabilities $ 15,028 $ — ROU assets obtained in exchange for finance lease liabilities $ 2,625 $ 3,057 The following table represents the weighted-average remaining lease term and weighted-average discount rate: Weighted average remaining lease term December 31, 2021 December 31, 2020 SJI (includes SJG and all other consolidated subsidiaries): Operating leases 29.2 years 4.7 years Finance lease 33.7 years 34.7 years Weighted average discount rate December 31, 2021 December 31, 2020 SJI (includes SJG and all other consolidated subsidiaries): Operating leases 4.0% 3.0% Finance lease 4.3% 5.0% SJG The lease-related balances as the lessee at December 31, 2021 and 2020, and activity and costs during the periods presented are not material for SJG. Lessor : As discussed above, SJG executed a lease agreement with SJI for the use of SJI's corporate headquarters in Folsom, NJ. This lease is classified as an operating lease by SJG with a lease term of 10 years, which includes the noncancelable period of 5 years plus the first 5-year renewal option. There are nine additional options to renew the lease after the original term expires, totaling an additional 45 years, if renewed. After considering various entity, contract, asset and market factors, SJG concluded that the least term is 10 years as it is not reasonably certain that SJI will exercise renewal options past that point. Rent income of $1.0 million was recorded by SJG on the consolidated statements of income for 2021. The future minimum payments to be recovered by SJG on this operating lease are follows (in thousands): Year ended December 31, 2022 $ 1,965 2023 $ 1,965 2024 $ 1,965 2025 $ 1,965 2026 $ 1,965 Thereafter $ 8,841 Total $ 18,666 |
LEASES | LEASES: Lessee: As discussed in Note 1, SJI, directly and through certain of its subsidiaries, including SJG, is a lessee of real estate (land and building), communication towers and office equipment. SJI currently does not have any contracts where it is considered the lessor. The lease-related amounts in the balance sheets where SJG is a lessee at December 31, 2021 and 2020, and activity and costs during the periods presented are not material for SJG and, therefore, the disclosures included herein reflect those of SJI only, which includes SJG as well as all other consolidated subsidiaries. However, SJG is considered the lessor in a lease with SJI as described below under "Lessor." SJI has two real estate leases that are classified as finance leases, which result in the recognition of interest expense on the lease liability per the effective interest model and amortization of the ROU asset on a straight-line basis over the respective lease terms: • As part of the Annadale acquisition in 2020 (see Note 20), a real estate lease was acquired resulting in the recognition of an ROU asset and lease liability upon acquisition, each of $3.1 million, with a lease term of 35 years. • As part of the acquisitions of solar projects (see Notes 1 and 20), a land lease was acquired with one of the projects resulting in the recognition of an ROU asset and a lease liability upon acquisition, each of $2.6 million, with a lease term of 20 years. SJI has the following real estate leases that are classified as operating leases: • As part of the acquisition of the Bronx Midco fuel cell project (see Note 20), a land lease was acquired resulting in the recognition of an ROU asset and a lease liability upon acquisition, each of $6.7 million. The lease cost associated with this lease is recognized on a straight-line basis over the lease term of 35 years. • On July 1, 2021, SJG (as lessor) and SJI (as lessee) entered into an intercompany lease agreement for the Company's corporate headquarters in Folsom, NJ. The rent income and the rent expense associated with this lease are recognized on a straight-line basis over the lease term. The rent income and rent expense for SJG and SJI, respectively, for 2021 was $1.0 million. The rent income and rent expense, as well as certain other balances related to this lease, were eliminated in SJI’s consolidated financial statements. • As part of the development of renewable natural gas operations at dairy farms, SJI RNG Devco entered into several real estate lease agreements in 2021, resulting in the recognition of ROU assets and liabilities, each of $4.8 million. The lease costs associated with these leases are recognized on a straight-line basis over the lease terms of 20 years. • Marina entered into a real estate lease related to a solar project in Massachusetts in 2021, resulting in the recognition of an ROU asset and liability, each of $1.7 million. The lease costs associated with these leases are recognized on a straight-line basis over the lease terms of 35 years. • The remainder of SJI's real estate leases are comprised primarily of office space and payment centers. Real estate operating leases generally have a lease term between 3 and 35 years. Other operating leases primarily consist of communication towers and office equipment, which generally have a lease term of 5 years. ROU assets and lease liabilities recorded in the consolidated balance sheets as of December 31, are as follows (in thousands): Location on Balance Sheet 2021 2020 ROU assets Operating leases Other Noncurrent Assets $ 16,733 $ 1,929 Finance leases Property Plant and Equipment 5,589 3,018 Total ROU assets $ 22,322 $ 4,947 Lease liabilities Operating leases Other Current/Noncurrent Liabilities $ 16,812 $ 1,917 Finance leases Current Portion of Long Term Debt/ Long Term Debt 5,638 3,053 Total lease liabilities $ 22,450 $ 4,970 As of December 31, 2021, the operating lease liability is comprised of approximately $16.5 million of real estate leases and $0.3 million of communication tower and equipment leases. As of December 31, 2020, the operating lease liability is comprised of approximately $1.3 million of real estate leases and $0.6 million of equipment leases. The maturities of SJI’s (including SJG and all other consolidated subsidiaries) operating lease and finance lease liabilities as of December 31, 2021 are as follows (in thousands): Operating Leases Finance Leases 2022 $ 1,127 $ 248 2023 1,262 250 2024 1,245 252 2025 1,130 253 2026 896 255 Thereafter 25,614 10,366 Total lease payments 31,274 11,624 Less imputed interest 14,462 5,986 Total lease liabilities $ 16,812 $ 5,638 Included in the consolidated balance sheets Current lease liabilities $ 753 $ 5 Long-term lease liabilities 16,059 5,633 Total lease liabilities $ 16,812 $ 5,638 The total operating lease costs, the components of finance lease costs, and variable lease costs for SJI for the years ended December 31 were as follows (in thousands): 2021 2020 SJI (includes SJG and all other consolidated subsidiaries): Total operating lease cost $ 570 $ 1,339 Finance lease costs: Amortization of ROU assets 71 32 Interest expense 190 56 Variable lease cost 162 680 Total lease cost $ 993 $ 2,107 Short-term lease costs were not material for SJI. SJI did not have any sublease income or leases with related parties during the year ended December 31, 2020. As of December 31, 2021, SJI had a related party lease with SJG (see Note 3). Supplemental cash flow and other information The supplemental cash flow information related to operating leases for SJI (including SJG and all other consolidated subsidiaries) for the years ended December 31 were as follows (in thousands): 2021 2020 Operating cash flows from operating leases $ 1,076 $ 1,151 Operating cash flows from finance leases $ 190 $ 64 Financing cash flows from finance leases $ 55 $ — 2021 2020 ROU assets obtained in exchange for operating lease liabilities $ 15,028 $ — ROU assets obtained in exchange for finance lease liabilities $ 2,625 $ 3,057 The following table represents the weighted-average remaining lease term and weighted-average discount rate: Weighted average remaining lease term December 31, 2021 December 31, 2020 SJI (includes SJG and all other consolidated subsidiaries): Operating leases 29.2 years 4.7 years Finance lease 33.7 years 34.7 years Weighted average discount rate December 31, 2021 December 31, 2020 SJI (includes SJG and all other consolidated subsidiaries): Operating leases 4.0% 3.0% Finance lease 4.3% 5.0% SJG The lease-related balances as the lessee at December 31, 2021 and 2020, and activity and costs during the periods presented are not material for SJG. Lessor : As discussed above, SJG executed a lease agreement with SJI for the use of SJI's corporate headquarters in Folsom, NJ. This lease is classified as an operating lease by SJG with a lease term of 10 years, which includes the noncancelable period of 5 years plus the first 5-year renewal option. There are nine additional options to renew the lease after the original term expires, totaling an additional 45 years, if renewed. After considering various entity, contract, asset and market factors, SJG concluded that the least term is 10 years as it is not reasonably certain that SJI will exercise renewal options past that point. Rent income of $1.0 million was recorded by SJG on the consolidated statements of income for 2021. The future minimum payments to be recovered by SJG on this operating lease are follows (in thousands): Year ended December 31, 2022 $ 1,965 2023 $ 1,965 2024 $ 1,965 2025 $ 1,965 2026 $ 1,965 Thereafter $ 8,841 Total $ 18,666 |
LEASES | LEASES: Lessee: As discussed in Note 1, SJI, directly and through certain of its subsidiaries, including SJG, is a lessee of real estate (land and building), communication towers and office equipment. SJI currently does not have any contracts where it is considered the lessor. The lease-related amounts in the balance sheets where SJG is a lessee at December 31, 2021 and 2020, and activity and costs during the periods presented are not material for SJG and, therefore, the disclosures included herein reflect those of SJI only, which includes SJG as well as all other consolidated subsidiaries. However, SJG is considered the lessor in a lease with SJI as described below under "Lessor." SJI has two real estate leases that are classified as finance leases, which result in the recognition of interest expense on the lease liability per the effective interest model and amortization of the ROU asset on a straight-line basis over the respective lease terms: • As part of the Annadale acquisition in 2020 (see Note 20), a real estate lease was acquired resulting in the recognition of an ROU asset and lease liability upon acquisition, each of $3.1 million, with a lease term of 35 years. • As part of the acquisitions of solar projects (see Notes 1 and 20), a land lease was acquired with one of the projects resulting in the recognition of an ROU asset and a lease liability upon acquisition, each of $2.6 million, with a lease term of 20 years. SJI has the following real estate leases that are classified as operating leases: • As part of the acquisition of the Bronx Midco fuel cell project (see Note 20), a land lease was acquired resulting in the recognition of an ROU asset and a lease liability upon acquisition, each of $6.7 million. The lease cost associated with this lease is recognized on a straight-line basis over the lease term of 35 years. • On July 1, 2021, SJG (as lessor) and SJI (as lessee) entered into an intercompany lease agreement for the Company's corporate headquarters in Folsom, NJ. The rent income and the rent expense associated with this lease are recognized on a straight-line basis over the lease term. The rent income and rent expense for SJG and SJI, respectively, for 2021 was $1.0 million. The rent income and rent expense, as well as certain other balances related to this lease, were eliminated in SJI’s consolidated financial statements. • As part of the development of renewable natural gas operations at dairy farms, SJI RNG Devco entered into several real estate lease agreements in 2021, resulting in the recognition of ROU assets and liabilities, each of $4.8 million. The lease costs associated with these leases are recognized on a straight-line basis over the lease terms of 20 years. • Marina entered into a real estate lease related to a solar project in Massachusetts in 2021, resulting in the recognition of an ROU asset and liability, each of $1.7 million. The lease costs associated with these leases are recognized on a straight-line basis over the lease terms of 35 years. • The remainder of SJI's real estate leases are comprised primarily of office space and payment centers. Real estate operating leases generally have a lease term between 3 and 35 years. Other operating leases primarily consist of communication towers and office equipment, which generally have a lease term of 5 years. ROU assets and lease liabilities recorded in the consolidated balance sheets as of December 31, are as follows (in thousands): Location on Balance Sheet 2021 2020 ROU assets Operating leases Other Noncurrent Assets $ 16,733 $ 1,929 Finance leases Property Plant and Equipment 5,589 3,018 Total ROU assets $ 22,322 $ 4,947 Lease liabilities Operating leases Other Current/Noncurrent Liabilities $ 16,812 $ 1,917 Finance leases Current Portion of Long Term Debt/ Long Term Debt 5,638 3,053 Total lease liabilities $ 22,450 $ 4,970 As of December 31, 2021, the operating lease liability is comprised of approximately $16.5 million of real estate leases and $0.3 million of communication tower and equipment leases. As of December 31, 2020, the operating lease liability is comprised of approximately $1.3 million of real estate leases and $0.6 million of equipment leases. The maturities of SJI’s (including SJG and all other consolidated subsidiaries) operating lease and finance lease liabilities as of December 31, 2021 are as follows (in thousands): Operating Leases Finance Leases 2022 $ 1,127 $ 248 2023 1,262 250 2024 1,245 252 2025 1,130 253 2026 896 255 Thereafter 25,614 10,366 Total lease payments 31,274 11,624 Less imputed interest 14,462 5,986 Total lease liabilities $ 16,812 $ 5,638 Included in the consolidated balance sheets Current lease liabilities $ 753 $ 5 Long-term lease liabilities 16,059 5,633 Total lease liabilities $ 16,812 $ 5,638 The total operating lease costs, the components of finance lease costs, and variable lease costs for SJI for the years ended December 31 were as follows (in thousands): 2021 2020 SJI (includes SJG and all other consolidated subsidiaries): Total operating lease cost $ 570 $ 1,339 Finance lease costs: Amortization of ROU assets 71 32 Interest expense 190 56 Variable lease cost 162 680 Total lease cost $ 993 $ 2,107 Short-term lease costs were not material for SJI. SJI did not have any sublease income or leases with related parties during the year ended December 31, 2020. As of December 31, 2021, SJI had a related party lease with SJG (see Note 3). Supplemental cash flow and other information The supplemental cash flow information related to operating leases for SJI (including SJG and all other consolidated subsidiaries) for the years ended December 31 were as follows (in thousands): 2021 2020 Operating cash flows from operating leases $ 1,076 $ 1,151 Operating cash flows from finance leases $ 190 $ 64 Financing cash flows from finance leases $ 55 $ — 2021 2020 ROU assets obtained in exchange for operating lease liabilities $ 15,028 $ — ROU assets obtained in exchange for finance lease liabilities $ 2,625 $ 3,057 The following table represents the weighted-average remaining lease term and weighted-average discount rate: Weighted average remaining lease term December 31, 2021 December 31, 2020 SJI (includes SJG and all other consolidated subsidiaries): Operating leases 29.2 years 4.7 years Finance lease 33.7 years 34.7 years Weighted average discount rate December 31, 2021 December 31, 2020 SJI (includes SJG and all other consolidated subsidiaries): Operating leases 4.0% 3.0% Finance lease 4.3% 5.0% SJG The lease-related balances as the lessee at December 31, 2021 and 2020, and activity and costs during the periods presented are not material for SJG. Lessor : As discussed above, SJG executed a lease agreement with SJI for the use of SJI's corporate headquarters in Folsom, NJ. This lease is classified as an operating lease by SJG with a lease term of 10 years, which includes the noncancelable period of 5 years plus the first 5-year renewal option. There are nine additional options to renew the lease after the original term expires, totaling an additional 45 years, if renewed. After considering various entity, contract, asset and market factors, SJG concluded that the least term is 10 years as it is not reasonably certain that SJI will exercise renewal options past that point. Rent income of $1.0 million was recorded by SJG on the consolidated statements of income for 2021. The future minimum payments to be recovered by SJG on this operating lease are follows (in thousands): Year ended December 31, 2022 $ 1,965 2023 $ 1,965 2024 $ 1,965 2025 $ 1,965 2026 $ 1,965 Thereafter $ 8,841 Total $ 18,666 |
RATES AND REGULATORY ACTIONS
RATES AND REGULATORY ACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Public Utilities, General Disclosures [Abstract] | |
RATES AND REGULATORY ACTIONS | RATES AND REGULATORY ACTIONS: SJG and ETG are subject to the rules and regulations of the BPU. SJG: Base Rate Case - In March 2020, SJG filed a base rate case with the BPU to increase its base rates in order to obtain a return on new capital investments made by SJG since the settlement of its last base rate case in 2017. In September 2020, the BPU approved the settlement of SJG's rate case petition, resulting in an increase in annual revenues from base rates effective October 1, 2020 of $39.5 million, including an approved after-tax rate of return of 6.9%, with a return on equity of 9.6% and a common equity component of 54.0%. Included was recovery of $10.1 million in costs related to a previous project to re-power the for mer BL England facility with natural gas (see Note 11) and $5.1 million of costs related to the ERIP (see Note 12). These costs are to be amortized over a five year period commencing October 1, 2020. Periodic Rate Mechanisms : SJG's tariff, a schedule detailing the terms, conditions and rate information applicable to its various types of natural gas service, as ap proved by the BPU, has several primary rate mechanisms. The current effective rate mechanisms reflected in SJG’s tariff, and regulatory actions regarding each for the preceding three years, are described below (filings and petitions described below are still pending unless otherwise indicated). The approvals for the BGSS and clauses under the SBC discussed below do not impact SJG's earnings. They represent changes in the cash requirements of SJG corresponding to cost changes and/or previously over/under recoveries from ratepayers associated with each respective mechanism. BGSS Clause - The BGSS price structure allows SJG to recover all prudently incurred gas costs. Changes to BGSS charges to customers can occur either monthly or periodically (annually). Monthly changes in BGSS charges are applicable to large use customers and are pursuant to a BPU-approved formula based on commodity market prices. Periodic changes in BGSS charges are applicable to lower usage customers, which include all of SJG's residential customers, and those rates are evaluated at least annually by the BPU. However, to some extent, more frequent rate changes to the periodic BGSS are allowed. SJG collects gas costs from customers on a forecasted basis and defers periodic over/under recoveries to the following BGSS year, which runs from October 1 through September 30. If SJG is in a net cumulative undercollected position, gas costs deferrals are reflected on the consolidated balance sheets as a regulatory asset. If SJG is in a net cumulative overcollected position, amounts due back to customers are reflected on the consolidated balance sheets as a regulatory liability. SJG pays interest on net overcollected BGSS balances at the rate of return on rate base utilized by the BPU to set rates in the most recently concluded base rate proceeding. • 2019-2020 BGSS year - In September 2019, the BPU approved, on a provisional basis, a $27.6 million decrease in gas cost recoveries, effective October 1, 2019. This was approved as a final rate in the first quarter of 2020 with no changes from the provisional rate. • 2020-2021 BGSS year - In September 2020, the BPU approved, on a provisional basis, a $59.4 million decrease in gas cost recoveries, effective October 1, 2020 based on SJG's June 2020 BGSS filing. Although SJG's June 2020 BGSS filing included consideration of $22.9 million of costs requested to be recovered over a two-year period related to a previous dispute on a long-term gas supply contract that was settled during 2019 ("supply contract costs"), the provisional rate adjustments effective October 1, 2020 included the temporary removal of these amounts to allow for a further review of these costs during the course of this proceeding. In May 2021, the BPU approved these provisional rates, adjusted for a two-year amortization of the supply contract costs through September 30, 2022 as final effective June 1, 2021. • 2021-2022 BGSS year - In November 2021, the BPU approved, on a provisional basis, a $36.2 million increase in gas cost recoveries, effective December 1, 2021. The approval extended the amortization of the supply contract costs to September 30, 2024. In addition, as allowed under the BGSS clause, in November 2021, SJG issued a notice to the BPU of SJG's intent to self-implement a BGSS rate adjustment representing an additional 5% increase of the monthly bill of a typical residential customer, effective December 1, 2021, for a total increase of $56.6 million in revenues. CIP - The primary purpose of the CIP is to promote conservation efforts, without negatively impacting financial stability, and to base SJG's profit margin on the number of customers rather than the amount of natural gas distributed to customers. Each CIP year begins October 1 and ends September 30 of the subsequent year. On a monthly basis during the CIP year, SJG records adjustments to earnings based on weather and customer usage factors, as incurred. Subsequent to each year, SJG makes filings with the BPU to review and approve amounts recorded under the CIP. BPU-approved cash inflows or outflows generally will not begin until the next CIP year. • 2019-2020 CIP year - In September 2019, the BPU approved, on a provisional basis, a total $7.6 million net decrease in revenues, which included a $32.3 million decrease in non-weather related revenues and a $24.7 million increase in weather related revenues, effective October 2019. This was approved as a final rate in the first quarter of 2020 with no changes from the provisional rate. • 2020-2021 CIP year - In September 2020, the BPU approved, on a provisional basis, a $27.4 million increase in revenues, effective October 1, 2020, which included a $17.3 million increase in weather-related revenues and a $10.1 million increase in non-weather-related revenues. This was approved as a final rate in the second quarter of 2021 with no changes from the provisional rate. • 2021-2022 CIP year - In November 2021, the BPU approved, on a provisional basis, a $15.3 million decrease in revenues, effective December 1, 2021, which included a $6.5 million decrease in weather-related revenues and a $8.8 million decrease in non-weather related revenues. AIRP - In October 2016, the BPU approved an extension of the AIRP for a five-year period commencing October 1, 2016 through September 30, 2021, with authorized investments of up to $302.5 million to continue replacing cast iron and unprotected bare steel mains and associated services ("AIRP II"). Pursuant to the Order, AIRP II investments are to be recovered through annual base rate adjustments. • September 2019 - The BPU approved an increase in annual revenues from base rates of $6.7 million to reflect the roll-in of $64.5 million of in service AIRP II investments from July 1, 2018 through June 30, 2019, effective October 1, 2019. • September 2020 - The BPU approved an increase in annual revenues from base rates of $6.4 million to reflect the roll-in of $58.8 million of AIRP II in service investments for the period July 1, 2019 through June 30, 2020, effective October 1, 2020. • December 2021 - The BPU approved an increase in annual revenues from base rates of $6.7 million to reflect the roll-in of $69.0 million of AIRP II in service investments for the period July 1, 2020 through September 30, 2021. The AIRP II Program concluded September 30, 2021 and the final rate adjustment for this program became effective January 1, 2022. SHARP - SHARP replaces low pressure distribution mains and services with high pressure mains and services in coastal areas that are susceptible to flooding during major storm events. SHARP investments are to be recovered through annual base rate adjustments. Phase one of SJG’s initial SHARP expired in June 2017. In May 2018, the BPU approved SJG's petition to continue its storm hardening efforts under a second phase of SHARP ("SHARP II"). SHARP II is a three-year program, with a total investment level of approximately $100.3 million, focused on four system enhancement projects within the coastal regions. • April 2019 - SJG submitted its first annual filing, pursuant to the May 2018 BPU approval of the SHARP II, seeking a base rate adjustment to increase annual revenues by approximately $3.0 million to reflect the roll-in of approximately $28.3 million of SHARP II investments placed in service during June 1, 2018 through June 30, 2019. • September 2019 - The BPU approved an increase in annual revenues from base rates of $2.9 million to reflect the roll-in of $27.4 million of in service SHARP II investments made from July 1, 2018 through June 30, 2019, effective October 1, 2019. • September 2020 - The BPU approved an increase in annual revenues from base rates of $3.7 million to reflect the roll-in of $33.3 million of SHARP II in service investments for the period July 1, 2019 through June 30, 2020, effective October 1, 2020. • September 2021 - The BPU approved an increase in annual revenues from base rates of $2.2 million to reflect the roll-in of $22.8 million of SHARP II in service investments for the period July 1, 2020 through June 30, 2021. The SHARP II program ended June 30, 2021 and the final rate adjustment for this program became effective October 1, 2021. IIP – In November 2020, SJG filed a petition with the BPU, seeking authority to implement an IIP pursuant to which SJG would recover the costs associated with SJG's planned initial investment of approximately $742.5 million from 2021-2026 to, among other things, replace its at-risk plastic and coated steel mains, as well as excess flow valves on new service lines, and related services. This matter is pending before the BPU. EET - SJG has authorization to recover costs associated with its EEPs through the EET cost recovery mechanism. The EEP rate enables SJG to recover the costs of its EEP as authorized by the BPU. SJG’s EEP consists of a range of rebates and related offers, including, for example, various customer education and outreach initiatives, as well as an on-line customer dashboard, that are designed to encourage customers to conserve energy and to provide them with information on how to lower their gas bills. In October 2018, the BPU approved the continuation of SJG's existing EEPs with modifications, and to implement several new EEPs for a period of three years (the "EEP IV"), with a total budget of $81.3 million and a revenue increase of $3.5 million, effective November 1, 2018, which allow SJG to recover incremental operating and maintenance expenses and earn a return of, and return on, program investments over a seven-year amortization period. From 2019 through 2021, the following changes occurred related to the recovery of costs and the allowed return of, and on, prior investments associated with EET/EEPs: • January 2019 - The BPU approved a $1.6 million decrease in revenues, effective February 1, 2019. • January 2020 - The BPU approved a $1.3 million increase in revenues, effective February 1, 2020. • January 2021 - The BPU approved a $5.9 million increase in revenues, effective February 1, 2021. In addition, in September 2020, SJG filed a petition seeking authorization to implement new EEPs, commencing July 1, 2021 (the "EEP V"). SJG’s petition included a request to recover, in the first year, $6.3 million in revenues. In April 2021, the BPU approved SJG's continuation of several of SJG's existing EEPs with modifications. It also approved SJG's implementation of EEP V for a period of three years, with a total budget of $133.3 million and a revenue increase of $5.4 million, effective July 1, 2021. This approval allows SJG to recover incremental operating and maintenance expenses and earns a return of, and return on, program investments over a ten-year amortization period. SBC - The SBC allows SJG to recover costs related to several BPU-mandated programs. Within the SBC are the RAC, the CLEP and the USF and LL programs. The USF and LL programs require a separate annual regulatory filing while annual adjustments for the RAC and CLEP programs are the subject of our annual SBC filings discussed below. The RAC recovers environmental remediation costs of 12 former gas manufacturing plants (see Note 15). The BPU allows SJG to recover such costs over seven-year amortization periods, resulting in a regulatory asset for the costs that have been incurred but not yet recovered in rates (see Note 11). The CLEP recovers costs associated with SJG’s energy efficiency and renewable energy programs required under the NJCEP. From July 2018 through July 2021, the BPU approved annual NJCEP funding levels of $344.7 million for which SJG’s annual responsibility during the timeframe ranged from $12.7 million to $13.2 million. Regulatory filings related to the RAC and CLEP programs over the preceding three years were as follows: • 2018-2019 SBC filing - In March 2019, the BPU approved a $2.2 million decrease in revenues, with rates effective May 1, 2019. • 2019-2020 SBC filing - In March 2020, the BPU approved a $3.9 million increase in revenues, effective April 1, 2020. • 2020-2021 SBC filing - In April 2021, the BPU approved a $5.1 million increase in annual revenue, effective June 1, 2021. • 2021-2022 SBC filing - In July 2021, SJG filed its annual SBC petition, requesting a $0.9 million increase in annual revenues. This matter is pending BPU approval. The USF and LL are statewide programs which are funded from collections from customers of all New Jersey electric and gas utilities. From 2018-2021, the BPU approved statewide USF and LL annual budgets for all NJ gas utilities ranging from $45.6 million to $80.3 million, of which SJG’s annual responsibility during that timeframe was between $5.5 million and $9.6 million. Unbundling - This allows all natural gas consumers to select their natural gas commodity supplier. As of December 31, 2021, 19,793 of SJG's customers were purchasing their gas commodity from someone other than SJG. Customers choosing to purchase natural gas from providers other than the utility are charged for the cost of gas by the marketer. While customer choice can reduce utility revenues, it does not negatively affect SJG's net income or financial condition as the resulting decrease in utility revenues is offset by a corresponding decrease in gas costs. The BPU continues to allow for full recovery of prudently incurred natural gas costs through the BGSS. Unbundling did not change the fact that SJG still recovers cost of service, including certain deferred costs, through base rates. Pipeline Integrity Costs - SJG is permitted to defer and recover incremental costs incurred as a result of Pipeline Integrity Management regulations, which are aimed at enhancing public safety and reliability. The regulations require that utilities use a comprehensive analysis to assess, evaluate, repair and validate the integrity of certain transmission lines in the event of a leak or failure. SJG is authorized to defer future program costs, including related carrying costs, for recovery in the next base rate case proceeding, subject to review by the BPU. Tax Reform - In response to the implementation of Tax Reform, in March 2018, SJG filed a petition with the BPU for a change within base rates, a customer refund, and the introduction of a rider ("Rider H") to reflect the change in the corporate tax rate from 35% to 21%. The BPU subsequently approved an interim rate reduction, effective April 1, 2018, to reflect the change in the corporate tax rate under Tax Reform, within SJG's base rates. In September 2018, the BPU granted final approval of SJG's request, including: ◦ A final base rate adjustment to reflect an annual revenue reduction of approximately $25.9 million, effective April 1, 2018; ◦ A one-time customer refund was issued in October 2018 of approximately $13.8 million, including interest, for over collected tax during the period January 1, 2018 through September 30, 2018; and ◦ A customer refund of approximately $27.5 million to return "Unprotected" EDIT to customers through SJG's Rider H over a five-year period effective October 1, 2018. In May 2020, the BPU issued an Order resolving SJG’s 2019 Compliance Filing and 2019 Tax Act Rider petition, with a revised Rider H credit rate effective June 1, 2020. The terms of settlement include the following: • The “Unprotected” EDIT balance of approximately $44.7 million (adjusted from the previously approved level to reclassify certain EDIT from "Protected" to "Unprotected") will be refunded to customers over a 5 year period through the approved rider (which began October 1, 2018); • The net “Protected” EDIT regulatory liability of $149.4 million (regulatory liability of $181.0 million partially offset by a regulatory asset of $31.6 million) will be refunded to customers through a proposed base rate adjustment in SJG’s next base rate case. That next base rate case was the 2020 rate filing and the BPU approved a settlement under which amortization of the net “Protected” EDIT was used to reduce the test year revenue requirement over the remaining book lives of the related assets. In June 2020, in compliance with the September 2018 Order discussed above, SJG submitted its annual Rider H true up filing to modify SJG’s current Rider H credit rate for the period of October 1, 2020 through September 30, 2021. In September 2020, the BPU approved a rate adjustment to SJG’s Rider H credit rate to refund, from October 1, 2020 through September 30, 2021, approximately $14.9 million related to SJG’s "Unprotected" EDIT. Additionally, as part of the approved settlement in its base rate case, SJG will refund an additional $1.9 million associated with the accumulated balance of the amortization of the "Protected" EDIT recognized during the period January 1, 2018 through June 30, 2019. Effective October 1, 2020, this amount will be refunded to customers through the Rider H credit rate over its remaining three-year term. In June 2021, in compliance with the September 2018 Order discussed above, SJG submitted its annual Rider H true-up filing to modify SJG's current Rider H credit rate for the period of October 1, 2021 through September 30, 2022. In its filing, SJG proposed to return $11.6 million to its customers. This matter is pending before the BPU. ETG: Base Rate Case - In April 2019, ETG filed a petition with the BPU requesting a base rate revenue increase to recognize the infrastructure investments made to maintain the safety and reliability of its natural gas system. In November 2019, the BPU issued an Order that permitted ETG to increase base rate revenues by $34.0 million with new rates in effect November 15, 2019. The Order also provides for an after-tax rate of return of approximately 6.5%, with a return on equity of approximately 9.6% and a common equity component of approximately 51.5%. In December 2021, ETG filed a petition with the BPU requesting a base rate revenue increase, which was updated in February 2022 to a requested increase of $72.9 million, primarily to obtain a return on new capital investments made by ETG since the settlement of its last base rate case in 2019. This matter is pending before the BPU. Periodic Rate Mechanisms : Like SJG, ETG's tariff includes several primary rate mechanisms. The current effective rate mechanisms reflected in ETG's tariff, and regulatory actions regarding each for the preceding three years, are described below (filings and petitions described below are still pending, unless otherwise indicated). The approvals for the BGSS and the clauses under the SBC discussed below do not impact ETG's earnings. They represent changes in the cash requirements of ETG corresponding to cost changes and/or previous over/under recoveries from ratepayers associated with each respective mechanism. IIP - Consistent with approval of the ETG/ELK Acquisition, SJI was required to develop a plan, in concert with the BPU and the New Jersey Division of Rate Counsel, to address the replacement of ETG's aging infrastructure. In October 2018, ETG filed an IIP petition with the BPU pursuant to rules adopted by the BPU in December 2017 pertaining to utility infrastructure investments. The IIP petition sought authority to recover the costs associated with ETG's initial investment of approximately $518.0 million from 2019-2023 to, among other things, replace its cast-iron and low-pressure vintage main and related services. The IIP petition included a request for timely recovery of ETG's investment on a semi-annual basis through a separate rate mechanism. In June 2019, the BPU approved a $300.0 million IIP effective July 1, 2019. The Order authorized the recovery of costs associated with ETG’s investments of approximately $300.0 million between 2019-2024 to replace its cast-iron and bare steel vintage main and related services. The Order provides for annual recovery of ETG's investments through a separate rate mechanism. In April 2020, ETG submitted its annual filing, pursuant to the June 2019 BPU approval of the IIP. In July 2020, ETG submitted an updated filing, reflecting rider rates to increase annual revenues by $6.8 million to reflect the roll-in of $63.3 million of IIP investments for the period July 2019 through June 2020. The BPU issued an Order in September 2020 approving the updated IIP rates effective October 1, 2020. In April 2021, ETG submitted its annual filing, pursuant to the June 2019 BPU approval of the IIP. In July 2021, ETG submitted an updated filing, reflecting rider rates to increase annual revenues by $7.1 million to reflect the roll-in of $64.0 million of IIP investments for the period July 2020 through June 2021. The BPU issued an Order in September 2021 approving the updated IIP rates effective October 1, 2021. BGSS Clause - The BGSS for ETG is similar to that of SJG defined above. • March 2020 - The BPU approved ETG's annual BGSS filing in May 2019 to maintain its current BGSS-P rate. As ETG requested to maintain its current rate there was no corresponding increase or decrease in gas cost recoveries requested. This was approved on a provisional basis effective October 1, 2019, and final rates were approved, effective April 1, 2020, with no changes. • June 2020 - ETG submitted its annual BGSS filing. During discovery, ETG updated the rate for a revised request of a $21.1 million decrease in revenues. The BPU issued an Order in September 2020 approving the revised rate decrease on a provisional basis effective October 1, 2020, and final rates were approved, effective July 1, 2021, with no changes. • June 2021 - ETG submitted its annual BGSS filing. In August 2021, ETG updated the requested rate for a revised $11.3 million increase in revenues. The BPU issued an Order in November 2021 approving the revised rate increase on a provisional basis, effective December 1, 2021. In addition, as allowed under the BGSS clause, in November 2021, ETG issued a notice to the BPU of ETG's intent to self-implement a BGSS rate adjustment representing an additional 5% increase of the monthly bill of a typical residential customer, effective December 2021, for a total increase of $19.1 million in revenues. CIP - In April 2021, the BPU approved the implementation of ETG's CIP, which is similar to SJG's discussed above and further discussed below under "EEP." Each CIP year begins on July 1 and ends on June 30 of the subsequent year, with the first year effective July 1, 2021. The CIP replaces the WNC, which is discussed below. EEP - ETG's EEP is similar to SJG's discussed above. ETG has authorization from the BPU to offer its EEP through June 30, 2024 at a total budget of approximately $83.4 million, which allows ETG to recover incremental operating and maintenance expenses and earn a return of, and return on, program investments over a ten-year amortization period. From 2019 through 2021, the following changes occurred related to the recovery of costs and the allowed return on prior investments associated with EEPs: • January 2019 - ETG entered into a stipulation with Board Staff and the New Jersey Division of Rate Counsel extending its EEP through February 29, 2020 at a total budget of approximately $3.0 million. The BPU approved the stipulation in February 2019. • April 2019 - The BPU approved a revenue increase of $1.3 million associated with ETG’s annual EEP rate adjustment filing, effective May 1, 2019. • July 2019 - ETG filed its annual EEP rate adjustment petition, requesting a $1.0 million increase in revenues to continue recovering the costs of, and the allowed return on, investments associated with its EEP. In the first quarter of 2020, the final rate was approved by the BPU, effective April 1, 2020. The final rate reflected a $0.9 million increase in revenues. • In February 2020, the BPU approved ETG's stipulation with the BPU and the New Jersey Division of Rate Counsel extending its EEP through June 2020 under the previously approved budget and from July 2020 through December 2021 at a total budget of approximately $4.2 million. • In July 2020, ETG filed its annual EEP rate adjustment petition, requesting a $0.2 million decrease in revenues related to the recovery of costs of, and the allowed return on, investments associated with its EEPs. In June 2021, the BPU approved the stipulation to resolve ETG's annual EEP filing, effective July 1, 2021. The final rate reflected a $0.5 million decrease in revenues. • In September 2020, ETG filed for a new EEP program to expand its EEPs for three years and also proposed to establish a CIP, similar to SJG’s CIP, which eliminates the link between usage and margin and includes a weather component. In April 2021, the BPU approved the stipulation for ETG's new EEP program to expand its EEPs for three years effective July 1, 2021, authorizing a total budget of $83.4 million which would initially increase annual revenues by $2.8 million. This new EEP program replaces the one previously in effect. In April 2021, the BPU also approved the stipulation to establish a CIP effective July 1, 2021. • In July 2021, ETG filed its annual EEP rate adjustment petition for its legacy EEP programs, requesting a $1.6 million decrease in revenues related to the recovery of costs of, and the allowed return on, investments associated with its EEPs. This matter is pending BPU approval. WNC - The WNC rate allows ETG to implement surcharges or credits during the months of October through May to compensate for weather-related changes in customer usage from the previous winter period. • 2019-2020 WNC filing - In September 2019, the BPU approved a $7.8 million decrease in revenues to return a net revenue excess of $1.6 million primarily due to colder than normal weather, effective November 1, 2019. The BPU approved a slightly lower final rate effective April 1, 2020. • 2020-2021 WNC filing - In September 2020, the BPU approved a $7.1 million increase in revenues to an annual revenue of $5.5 million to recover a deficiency from warmer than normal weather, effective October 1, 2020. This rate was approved by the BPU as final on February 17, 2021. • 2021-2022 WNC filing - In September 2021, the BPU approved an annual revenue increase of $5.5 million to recover a deficiency balance associated with the period ending May 31, 2021 due to warmer than normal weather. This rate was approved by the BPU on a provisional basis effective October 1, 2021. The WNC calculation ended May 31, 2021 and was replaced by the CIP effective July 1, 2021 as further discussed above. SBC - Similar to SJG, the SBC allows ETG to recover costs related to several BPU-mandated programs, including the RAC, the CEP and the USF and LL programs. The RAC is similar to that of SJG defined above, recovering environmental remediation costs of former manufactured gas plants (see Note 15) and resulting in a regulatory asset for the costs that have been incurred but not yet recovered in rates (see Note 11). • May 2019 - The BPU approved ETG's annual RAC filing with the BPU, with a $6.9 million increase in RAC recoveries, effective June 1, 2019. • March 2020 -The BPU approved ETG's annual RAC rate adjustment petition, requesting a $6.0 million increase in revenues, effective April 1, 2020. • March 2021 - The BPU approved ETG's annual RAC rate adjustment petition, with a $3.2 million decrease in revenues, effective April 1, 2021. • November 2021 - The BPU approved ETG's annual RAC rate adjustment petition on a provisional basis, with a $7.9 million decrease in revenues, effective December 1, 2021. The CEP recovers costs associated with ETG’s energy efficiency and renewable energy programs required under the NJCEP. From July 2018 through June 2021, the BPU approved annual NJCEP funding levels of $344.7 million for which ETG's annual responsibility during the timeframe ranged from $10.6 million to $11.5 million. • 2019-2020 CEP filing - In September 2019, the BPU approved a $0.1 million decrease in revenues, effective November 1, 2019. • 2020-2021 CEP filing - In September 2020, the BPU approved a $3.2 million increase in revenues effective October 1, 2020. • 2021-2022 CEP filing - In September 2021, the BPU approved, on a provisional basis, a $0.2 million decrease in revenues effective October 1, 2021. The USF and LL are statewide programs through which funds are collected from customers of all New Jersey electric and gas utilities. Annually, the BPU approves a statewide budget for these programs, as noted within the SJG section above. From 2019-2021, ETG's annual responsibility was between $5.4 million and $9.0 million. ELK: As discussed in Note 1, in December 2019, the Company entered into an agreement to sell ELK to a third-party buyer. This transaction was approved by the MPSC on June 29, 2020. This transaction closed on July 31, 2020. |
REGULATORY ASSETS & REGULATORY
REGULATORY ASSETS & REGULATORY LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
REGULATORY ASSETS & REGULATORY LIABILITIES | REGULATORY ASSETS & REGULATORY LIABILITIES:The discussion under Note 10 is integral to the following explanations of specific regulatory assets and liabilities. The Utilities' Regulatory Assets consisted of the following items (in thousands) : December 31, 2021 SJG ETG Total SJI Environmental Remediation Costs: Expended - Net $ 151,630 $ 13,972 $ 165,602 Liability for Future Expenditures 97,964 77,830 175,794 Deferred ARO Costs 47,784 33,872 81,656 Deferred Pension Costs - Unrecognized Prior Service Cost — 30,881 30,881 Deferred Pension and Other Postretirement Benefit Costs 47,504 813 48,317 Deferred Gas Costs - Net 38,234 — 38,234 CIP Receivable 17,776 2,955 20,731 SBC Receivable (excluding RAC) 7,519 — 7,519 Deferred Interest Rate Contracts 8,002 — 8,002 EET/EEP 20,632 5,199 25,831 AFUDC - Equity Related Deferrals 12,199 — 12,199 WNC — 4,269 4,269 Deferred COVID-19 Costs 7,687 10,225 17,912 Other Regulatory Assets 25,814 9,655 35,469 Total Regulatory Assets $ 482,745 $ 189,671 $ 672,416 December 31, 2020 SJG ETG Total SJI Environmental Remediation Costs: Expended - Net $ 157,340 $ 5,196 $ 162,536 Liability for Future Expenditures 101,243 91,837 193,080 Insurance Recovery Receivables — (6,807) (6,807) Deferred ARO Costs 42,365 25,453 67,818 Deferred Pension Costs - Unrecognized Prior Service Cost — 33,898 33,898 Deferred Pension and Other Postretirement Benefit Costs 77,426 8,466 85,892 Deferred Gas Costs - Net 19,178 — 19,178 CIP Receivable 21,013 — 21,013 SBC Receivable (excluding RAC) 3,453 — 3,453 Deferred Interest Rate Contracts 9,938 — 9,938 EET/EEP 18,725 3,062 21,787 AFUDC - Equity Related Deferrals 11,822 — 11,822 WNC — 7,444 7,444 Deferred COVID-19 Costs 4,737 5,818 10,555 Other Regulatory Assets 27,844 4,541 32,385 Total Regulatory Assets $ 495,084 $ 178,908 $ 673,992 Except where noted below, all regulatory assets are or are expected to be recovered through utility rate charges, as detailed in the following discussion. The Utilities are currently permitted to recover interest on Environmental Remediation Costs, SBC Receivable, EET/EEP and Pipeline Integrity Costs, while the other assets are being recovered without a return on investment. ENVIRONMENTAL REMEDIATION COSTS - SJG and ETG have regulatory assets associated with environmental costs related to the cleanup of environmental sites as discussed in Note 15. "Environmental Remediation Cost: Liability for Future Expenditures," relates to estimated future expenditures required to complete the remediation of these sites. SJG and ETG recorded this estimated amount as a regulatory asset with the corresponding current and noncurrent liabilities on the consolidated balance sheets under the captions "Current Liabilities" (SJI and SJG) and "Deferred Credits and Other Noncurrent Liabilities" (SJI) and "Regulatory and Other Noncurrent Liabilities" (SJG). These costs meet the deferral requirements of ASC 980, as the BPU allows SJG and ETG to recover such expenditures through the RAC mechanism. "Environmental Remediation Cost: Expended - Net," represents what has been spent to clean up the sites, less recoveries through the RAC and insurance carriers. The BPU allows SJG and ETG to recover the deferred costs not recovered from insurance carriers through their RAC mechanisms over seven-year periods after the costs are incurred. "Insurance Recovery Receivables" represents the balance of an insurance settlement executed in the fourth quarter of 2019 with a third party. This settlement was to be received in installments, and was returned to ETG's customers through the RAC. Of the original total of $20.4 million, $13.6 million was received by ETG in 2020. The remaining $6.8 million was not collected in 2021 per the settlement as the insurance company was placed in liquidation. The Company has fully reserved for this receivable within "Environmental Remediation Cost: Expended - Net," as the probability of recovery is remote. DEFERRED ARO COSTS - The Utilities record AROs primarily related to the legal obligation to cut and cap gas distribution pipelines when ta king those pipelines out of service. Deferred ARO costs represent the period to period passage of time (accretion) and depreciation of the underlying ARO asset. The Deferred ARO Costs regulatory asset increased year over year due to both accretion and depreciation. There is no impact on earnings as a result of these changes. DEFERRED PENSION COSTS - UNRECOGNIZED PRIOR SERVICE COST - The BPU approved ETG to recover costs related to ETG's unrecognized prior service cost and actuarial gains/losses for pension and postretirement benefits. This ETG deferred asset is being amortized over 15.0 years for pension and over 9.2 years f or postretirement benefits. DEFERRED PENSION AND OTHER POSTRETIREMENT BENEFIT COSTS - The BPU authorized SJG and ETG to recover costs related to postretirement benefits under the accrual method of accounting consistent with GAAP. SJI's regulatory asset represents the recognition of the underfunded positions of SJI's and ETG's pension and other postretirement benefit plans. Subsequent adjustments to this balance occur annually to reflect changes in the funded positions of these benefit plans caused by changes in actual plan experience as well as assumptions of future experience (see Note 12). DEFERRED GAS COSTS - NET - Over/under collections of gas costs are monitored through SJG's and ETG's BGSS clause. Net undercollected gas costs are classified as a regulatory asset and net overcollected gas costs are classified as a regulatory liability (see Note 10). Realized and unrealized gains and losses on derivative contracts used to hedge natural gas purchases are als o included in the BGSS, subject to BPU approval (see Note 16). Included in SJG's balance as of both December 31, 2021 and 2020 is $21.3 million and $22.9 million, respectively, of costs related to a previous pricing dispute on a long-term gas supply contract. As of June 1, 2021, SJG has begun to recover these costs from its customers through the BGSS clause. SJG’s deferred gas costs-net are in an under-recovered position, resulting in a regulatory asset as of December 31, 2021. The BGSS regulatory assets of SJG increased year over year primarily due to the actual gas commodity costs exceeding the recoveries from customers and overall higher commodity costs due to higher market prices, partially offset by changes in valuations of hedged natural gas positions from prior periods. ETG's deferred gas costs-net are in an over-recovered position, resulting in a regulatory liability as of December 31, 2021, see the Regulatory Liabilities table below. CIP RECEIVABLE - The CIP tracking mechanism at the Utilities adjusts earnings when the actual usage per customer experienced during the period varies from an established baseline usage per customer . For SJG, actual usage per customer was more than the established baseline during 2021, resulting in a reduction of the regulatory asset at December 31, 2021 as compared to 2020. This is primarily the result of colder than normal weather experienced in the region in 2021 compared to 2020. For ETG, actual usage per customer was less than the established baseline during 2021, resulting in the establishment of the regulatory asset during 2021 as CIP was effective for ETG July 1, 2021. SBC RECEIVABLE - This regulatory asset primarily represents the deferred expenses incurred under SBC programs, which include the CEP/CLEP, USF and LL mechanisms (see Note 10). Under recoveries are presented as a regulatory asset and over recoveries are presented as a regulatory liability. The increase in SJG's SBC receivable is primarily due to CLEP expenditures in excess of recoveries during the period. ETG's SBC mechanisms are in a regulatory liability position and presented within other regulatory liabilities. DEFERRED INTEREST RATE CONTRACTS - These amounts represent the unrealized gains or losses of interest rate derivatives as discussed further in Note 16. EET/EEP - The EET/EEP Regulatory Assets of SJG and ETG increased year over year primarily due to expenditures in excess of recoveries as well as the investments in the new EEPs which were effective July 1, 2021 (see Note 10). AFUDC EQUITY RELATED DEFERRALS - This regulatory asset represents the future revenue to recover the future income taxes related to the deferred tax liability for the equity component of AFUDC. The deferred amount is being amortized over the life of the associated utility plant. WNC - The tariffs for ETG include a weather normalization clause that reduces customer bills when weather is colder than normal and increases customer bills when weather is warmer than normal. The overall change in ETG's weather normalization from 2020 to 2021 was due to colder than normal weather during the winter months. The WNC deferral ended May 31, 2021 and was replaced by the CIP effective July 1, 2021. Amounts recorded as a regulatory asset will continue to be collected from customers until the WNC balance is fully recovered. DEFERRED COVID-19 COSTS - On July 2, 2020, the BPU issued an Order authorizing New Jersey's regulated utilities to create a COVID-19-related regulatory asset by deferring on their books and records the prudently incurred incremental costs related to COVID-19 beginning on March 9, 2020 and continuing through September 30, 2021, or 60 days after the termination of the public health emergency, whichever is later. On September 14, 2021, the BPU extended this period to December 31, 2022. The Company is required to file quarterly reports with the BPU, along with a petition of recovery of such incremental costs with the BPU by December 31, 2022 or within 60 days of the close of the tracking period, whichever is later. The deferred balance is principally related to expected credit losses from uncollectibles as a result of the COVID-19 pandemic, specifically related to changes in payment patterns observed to date and consideration of macroeconomic factors. We have deemed these costs to be probable of recovery. OTHER REGULATORY ASSETS - Some of the assets included in Other Regulatory Assets are currently being recovered from ratepayers as approved by the BPU. Management believes the remaining deferred costs are probable of recovery from ratepayers through future utility rates. The Utilities' Regulatory Liabilities consisted of the following items (in thousands): December 31, 2021 SJG ETG Total SJI Excess Plant Removal Costs $ 12,125 $ 33,988 $ 46,113 Excess Deferred Taxes 206,902 111,003 317,905 Deferred Gas Costs - Net — 28,842 28,842 Other Regulatory Liabilities 3,384 2,707 6,091 Total Regulatory Liabilities $ 222,411 $ 176,540 $ 398,951 December 31, 2020 SJG ETG Total SJI Excess Plant Removal Costs $ 12,666 $ 37,953 $ 50,619 Excess Deferred Taxes 232,694 113,888 346,582 Deferred Gas Costs - Net — 22,291 22,291 Other Regulatory Liabilities — 1,085 1,085 Total Regulatory Liabilities $ 245,360 $ 175,217 $ 420,577 EXCESS PLANT REMOVAL COSTS - The Utilities accrue and collect for cost of removal of utility property. This regulatory liability represents customer collections in excess of actual expenditures, which will be returned to customers as a reduction to depreciation expense. The Excess Plant Removal Costs Liability decreased year over year primarily due to the actual removal costs exceeding the collections in 2021. EXCESS DEFERRED TAXES - This liability is recognized as a result of Tax Reform enacted into law on December 22, 2017. The decrease in this regulatory liability year over year is related to excess tax amounts returned to customers through customer billings. See Note 10. DEFERRED GAS COSTS - NET - Over/under collections of gas costs are monitored through ETG's BGSS mechanism. Net under collected gas costs are classified as a regulatory asset and net over-collected gas costs are classified as a regulatory liability. Derivative contracts used to hedge natural gas purchases are also included in the BGSS, su bject to BPU approval, along with amounts to be returned to customers under the AMA as discussed in Note 1. The increase year over year is primarily driven by the change in the value of the energy-related derivative contracts. OTHER REGULATORY LIABILITIES - This liability primarily represents recoveries in excess of expenditures for the SBC programs, which include the CEP/CLEP, USF and LL mechanisms (see Note 10). |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS:SJI ans ETG sponsor several trusteed, qualified defined benefit pension plans and other postretirement benefit plans. Employees of SJG participate in the defined benefit pension plans and other postretirement benefit plans of SJI. SJI's qualified defined benefit pension plan was closed beginning in 2003. ETG's defined benefit pension plan was closed to new employees beginning in 2018. SJI's and ETG's plans are funded in accordance with the requirements of the ERISA. In addition, non-union employees are eligible to participate in the defined contribution plan. Approximately 30% and 28% of SJI's and SJG's current, full-time, regular employees, respectively, will be entitled to annuity payments upon retirement. The Company also provides a non-qualified benefit and defined contribution pension plan for a selected group of the Company's management and highly compensated employees. Benefits under these non-qualified pension plans, including the SERP discussed below, are funded on a cash basis. In addition, SJI and ETG provide health care and life insurance benefits for eligible retired employees through postretirement benefit plans. Net periodic benefit cost related to the SJI employee and officer pension and other postretirement benefit plans consisted of the following components (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Pension Benefits 2021 2020 2019 Service Cost $ 5,887 $ 5,871 $ 5,583 Interest Cost 13,028 15,017 17,294 Expected Return on Plan Assets (23,762) (21,929) (20,195) Amortization: Prior Service Cost 98 105 105 Actuarial Loss 12,932 10,845 9,550 Net Periodic Benefit Cost 8,183 9,909 12,337 Settlement, Curtailment and Special Termination Costs 44 781 955 Capitalized Benefit Costs (1,551) (1,969) (2,008) Deferred Benefit Costs (1,168) (1,591) (2,411) Total Net Periodic Benefit Expense $ 5,508 $ 7,130 $ 8,873 SJI (includes SJG and all other consolidated subsidiaries): Other Postretirement Benefits 2021 2020 2019 Service Cost $ 814 $ 681 $ 533 Interest Cost 1,920 2,367 2,884 Expected Return on Plan Assets (5,741) (5,381) (4,571) Amortization: Prior Service Credits (624) (624) (561) Actuarial Loss 1,118 853 1,163 Net Periodic Benefit Credit (2,513) (2,104) (552) Capitalized Benefit Costs (225) (209) (201) Deferred Benefit Costs 1,164 935 357 Total Net Periodic Benefit Income $ (1,574) $ (1,378) $ (396) Net periodic benefit cost related to the SJG employee and officer pension and other postretirement benefit plans consisted of the following components (in thousands): SJG: Pension Benefits 2021 2020 2019 Service Cost $ 3,778 $ 3,797 $ 3,621 Interest Cost 8,481 9,695 11,067 Expected Return on Plan Assets (13,403) (11,903) (11,028) Amortization: Prior Service Cost 88 95 95 Actuarial Loss 11,569 9,364 8,224 Net Periodic Benefit Cost 10,513 11,048 11,979 Capitalized Benefit Costs (1,551) (1,395) (1,437) Affiliate SERP Allocations (4,728) (3,938) (3,541) Deferred Benefit Costs (1,168) (1,591) (2,411) Total Net Periodic Benefit Expense $ 3,066 $ 4,124 $ 4,590 SJG: Other Postretirement Benefits 2021 2020 2019 Service Cost $ 480 $ 396 $ 343 Interest Cost 1,181 1,463 1,863 Expected Return on Plan Assets (4,041) (3,860) (3,220) Amortization: Prior Service Credits (502) (502) (474) Actuarial Loss 884 672 1,042 Net Periodic Benefit Credits (1,998) (1,831) (446) Capitalized Benefit Costs (225) (166) (155) Deferred Benefit Costs 1,164 935 357 Total Net Periodic Benefit Income $ (1,059) $ (1,062) $ (244) Settlement, Curtailment and Special Termination Costs reflected in the tables above in 2021 were not material; in 2020 relate to a settlement of certain participants' benefits under ETG's pension plan; and in 2019 relate to an ERIP. Capitalized benefit costs reflected in the tables above relate to the Utilities' construction programs. Only the service cost component of net benefit cost is eligible for capitalization. Companies with publicly traded equity securities that sponsor a postretirement benefit plan are required to fully recognize, as an asset or liability, the overfunded or underfunded status of its benefit plans and recognize changes in the funded status in the year in which the changes occur. Changes in funded status are generally reported in AOCL; however, since the Utilities recover all prudently incurred pension and postretirement benefit costs from its ratepayers, a significant portion of the charges resulting from the recording of additional liabilities under this requirement are reported as regulatory assets (see Note 11). Details of the activity within Regulatory Assets and AOCL associated with Pension and Other Postretirement Benefits are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Regulatory Assets Accumulated Other Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Balance at January 1, 2020 $ 61,584 $ 12,251 $ 51,285 $ 964 Amounts Arising during the Period: Net Actuarial Loss 17,377 1,718 11,459 2,194 Prior Service Credit — (436) — (317) Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,337) (672) (5,244) (180) Prior Service (Credits) Cost (95) 502 (11) 107 Balance at December 31, 2020 72,529 13,363 57,489 2,768 Amounts Arising during the Period: Net Actuarial Gain (19,155) (11,763) (7,465) (1,540) Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,187) (884) (6,740) (233) Prior Service (Credits) Cost (88) 502 (10) 107 Balance at December 31, 2021 $ 47,099 $ 1,218 $ 43,274 $ 1,102 SJG: Regulatory Assets Accumulated Other Comprehensive Loss (pre-tax) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Balance at January 1, 2020 $ 60,668 $ 11,342 $ 42,190 $ — Amounts Arising during the Period: Net Actuarial Loss 10,595 1,014 9,119 — Prior Service Credit (Cost) — (436) — — Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (5,492) (672) (3,872) — Prior Service (Cost) Credit (95) 502 — — Balance at December 31, 2020 65,676 11,750 47,437 — Amounts Arising during the Period: Net Actuarial Gain (14,357) (8,951) (3,350) — Other — — (3,177) — Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,144) (884) (5,423) — Prior Service (Cost) Credit (88) 502 — — Balance at December 31, 2021 $ 45,087 $ 2,417 $ 35,487 $ — The estimated costs that will be amortized from Regulatory Assets for SJI and SJG into net periodic benefit costs in 2022 are as follows (in thousands): SJI and SJG (amounts are the same for both entities): Pension Benefits Other Postretirement Benefits Prior Service Cost/(Credit) $ 63 $ (502) Net Actuarial Loss $ 2,839 $ 100 The estimated costs that will be amortized from AOCL for SJI and SJG into net periodic benefit costs in 2022 are as follows (in thousands): Pension Benefits Other Postretirement Benefits SJI (includes SJG and all other consolidated subsidiaries): Prior Service Cost/(Credit) $ 7 $ (107) Net Actuarial Loss $ 4,246 $ 40 SJG: Prior Service Cost/(Credit) $ — $ — Net Actuarial Loss $ 3,278 $ — A reconciliation of the plans' benefit obligations, fair value of plan assets, funded status and amounts recognized in SJI's consolidated balance sheets follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 Change in Benefit Obligations: Benefit Obligation at Beginning of Year $ 481,848 $ 439,373 $ 75,540 $ 73,659 Service Cost 5,887 5,871 814 681 Interest Cost 13,028 15,017 1,920 2,367 Actuarial (Gain) Loss (10,823) 48,316 (4,025) 3,933 Retiree Contributions — — — 84 Plan Amendments — — — (753) Benefits Paid (19,193) (19,569) (4,309) (4,431) Settlement (9,173) (7,160) — — Benefit Obligation at End of Year $ 461,574 $ 481,848 $ 69,940 $ 75,540 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 330,987 $ 312,497 $ 87,870 $ 82,522 Actual Return on Plan Assets 39,690 41,344 15,100 5,348 Employer Contributions 9,287 3,875 4,309 4,347 Retiree Contributions — — — 84 Benefits Paid (19,193) (19,569) (4,309) (4,431) Settlement (9,173) (7,160) — — Fair Value of Plan Assets at End of Year $ 351,598 $ 330,987 $ 102,970 $ 87,870 Funded Status at End of Year: $ (109,976) $ (150,861) $ 33,030 $ 12,330 Amounts Related to Unconsolidated Affiliate 30 (495) 228 299 Accrued Net Benefit (Cost) Credit at End of Year $ (109,946) $ (151,356) $ 33,258 $ 12,629 Amounts Recognized in the Statement of Financial Position Consist of: Noncurrent Assets $ — $ — $ 33,258 $ 12,629 Current Liabilities (3,969) (3,704) — — Noncurrent Liabilities (105,977) (147,652) — — Net Amount Recognized at End of Year $ (109,946) $ (151,356) $ 33,258 $ 12,629 Amounts Recognized in Regulatory Assets Consist of: Prior Service Costs (Credits) $ 109 $ 197 $ (4,723) $ (5,225) Net Actuarial Loss 46,990 72,332 5,941 18,588 $ 47,099 $ 72,529 $ 1,218 $ 13,363 Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): Prior Service Costs (Credits) $ 12 $ 22 $ (1,722) $ (1,829) Net Actuarial Loss 43,262 57,467 2,824 4,597 $ 43,274 $ 57,489 $ 1,102 $ 2,768 SJG: Other Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Change in Benefit Obligations : Benefit Obligation at Beginning of Year $ 318,262 $ 286,517 $ 46,189 $ 47,306 Service Cost 3,778 3,797 480 396 Interest Cost 8,481 9,695 1,181 1,463 Actuarial (Gain) Loss (11,714) 27,561 (1,538) (167) Retiree Contributions — — — 13 Plan Amendments 1,800 3,464 — (436) Benefits Paid (13,261) (12,772) (3,496) (2,386) Benefit Obligation at End of Year $ 307,346 $ 318,262 $ 42,816 $ 46,189 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 181,940 $ 170,959 $ 61,869 $ 59,190 Actual Return on Plan Assets 19,399 19,914 11,453 2,679 Employer Contributions 8,862 3,840 3,496 2,373 Retiree Contributions — — — 13 Benefits Paid (13,261) (12,773) (3,496) (2,386) Fair Value of Plan Assets at End of Year $ 196,940 $ 181,940 $ 73,322 $ 61,869 Funded Status at End of Year : Accrued Net Benefit (Cost) Credit at End of Year $ (110,406) $ (136,322) $ 30,506 $ 15,680 Amounts Recognized in the Statement of Financial Position Consist of: Noncurrent Assets $ — $ — $ 30,506 $ 15,680 Current Liabilities (3,935) (3,669) — — Noncurrent Liabilities (106,471) (132,653) — — Net Amount Recognized at End of Year $ (110,406) $ (136,322) $ 30,506 $ 15,680 Amounts Recognized in Regulatory Assets Consist of: Prior Service Costs (Credits) $ 109 $ 197 $ (4,723) $ (5,225) Net Actuarial Loss 44,978 65,479 7,140 16,975 Net Amount Recognized at End of Year $ 45,087 $ 65,676 $ 2,417 $ 11,750 Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: Net Actuarial Loss $ 35,487 $ 47,437 $ — $ — The PBO and ABO of SJI's qualified employee pension plans were $371.9 million and $355.3 million, respectively, as of December 31, 2021; and $388.3 million and $370.2 million, respectively, as of December 31, 2020. The ABO of these plans exceeded the value of the plan assets as seen in the SJI table above under "Change in Plan Assets." The PBO and ABO for SJI's non-funded SERP were $89.7 million and $88.4 million, respectively, as of December 31, 2021; and $93.6 million and $90.6 million, respectively, as of December 31, 2020. SJI's SERP obligation, along with the obligations under ETG's pension and other postretirement benefit plans, are reflected in the tables above. The PBO and ABO of SJG's qualified employee pension plans were $209.6 million and $201.4 million, respectively, as of December 31, 2021; and $218.4 million and $207.8 million, respectively, as of December 31, 2020. The ABO of these plans exceeded the value of the plan assets as seen in the SJG table above under "Change in Plan Assets." The PBO and ABO for SJG's non-funded SERP were $89.7 million and $88.4 million, respectively, as of December 31, 2021; and $93.2 million and $90.2 million, respectively, as of December 31, 2020. SJG's SERP obligation is reflected in the tables above. Actuarial gains incurred in 2021 are primarily a result of an increase in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2021 compared to the prior year. Actuarial losses incurred in 2020 are primarily a result of a decrease in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2020 compared to the prior year. The weighted-average assumptions used to determine benefit obligations for SJI and SJG at December 31 were: Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 Discount Rate 3.02 % 2.73 % 2.99 % 2.61 % Rate of Compensation Increase 3.00 % 3.00 % 3.00 % 3.00 % The weighted-average assumptions used to determine net periodic benefit cost (credit) for SJI and SJG for the years ended December 31 were: Pension Benefits Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount Rate 2.73 % 3.49 % 4.39 % 2.61 % 3.43 % 4.31 % Expected Long-Term Return on Plan Assets 7.25 % 7.25 % 7.25 % 6.75 % 6.75 % 6.75 % Rate of Compensation Increase 3.00 % 3.00 % 3.50 % 3.00 % 3.00 % 3.50 % The SOA updates the mortality projection on an annual basis. The Company utilizes the most current projection tables available. The obligations as of December 31, 2021, 2020 and 2019, disclosed herein, reflect the use of the updated projection tables applicable to those years. The discount rates used to determine the benefit obligations at each year end, which are used to determine the net periodic benefit cost for the subsequent year, were based on a portfolio model of high-quality investments with maturities that match the expected benefit payments under our pension and other postretirement benefit plans. The expected long-term return on plan assets (“return”) has been determined by applying long-term capital market projections provided by our pension plan Trustee to the asset allocation guidelines, as defined in SJI's and SJG's investment policy, to arrive at a weighted average return. For certain other equity securities held by an investment manager outside of the control of the Trustee, the return has been determined based on historic performance in combination with long-term expectations. The return for the other postretirement benefits plan is determined in the same manner as discussed above; however, the expected return is reduced based on the taxable nature of the underlying trusts. PLAN ASSETS - SJI's and SJG's overall investment strategy for pension plan assets is to achieve a diversification by asset class, style of manager, and sector and industry limits to achieve investment results that match the actuarially assumed rate of return, while preserving the inflation adjusted value of the plans. The target allocations for pension plan assets are 40-70 percent equity securities, 0-10 percent cash, 25-60 percent fixed income investments, and 0-10 percent to all other types of investments. Equity securities include investments in large-cap, mid-cap and small-cap companies within mutual funds. Fixed income securities include group annuity contracts for pension payments, and hedge funds. Other types of investments include investments in private equity funds and real estate funds that follow several different strategies. The strategy recognizes that risk and volatility are present to some degree with all types of investments. SJI and SJG seek to avoid high levels of risk at the total fund level through diversification by asset class, style of manager, and sector and industry limits. Specifically prohibited investments include, but are not limited to, venture capital, margin trading, commodities and securities of companies with less than $250.0 million capitalization (except in the small-cap portion of the fund where capitalization levels as low as $50.0 million are permissible). These restrictions are only applicable to individual investment managers with separately managed portfolios and do not apply to mutual funds or commingled trusts. SJI evaluated its pension and other postretirement benefit plans' asset portfolios for the existence of significant concentrations of credit risk as of December 31, 2021. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country, and individual fund. As of December 31, 2021, there were no significant concentrations (defined as greater than 10 percent of plan assets) of risk in SJI's pension and other postretirement benefit plan assets. GAAP establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. This hierarchy groups assets into three distinct levels, as fully described in Note 17, which will serve as the basis for presentation throughout the remainder of this Note. The fair values of SJI's and SJG's pension plan assets at December 31, 2021 and 2020 by asset category are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2021 Cash / Cash Equivalents: Cash $ 1,299 $ 1,299 $ — $ — STIF-Type Instrument (a) 6,525 6,525 — — Equity securities: U.S. Large-Cap (b) 100,095 100,095 — — U.S. Mid-Cap (b) 14,730 14,730 — — U.S. Small-Cap (b) 13,639 13,639 — — International (b) 83,831 83,831 — — Fixed Income: Core Plus Fixed Income (c) 49,510 24,363 25,147 — Short Term Fixed (c) 27,039 27,039 — — Long Term Fixed (c) 41,875 41,875 — — Subtotal Fair Value $ 338,543 $ 313,396 $ 25,147 $ — Measured at net asset value practical expedient: Private Equity Fund (d) $ 13,055 Subtotal measured at net asset value practical expedient $ 13,055 Total Fair Value $ 351,598 Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2020 Cash / Cash Equivalents: Cash $ 881 $ 881 $ — $ — STIF-Type Instrument (a) 5,779 5,779 — — Equity securities: U.S. Large-Cap (b) 100,322 100,322 — — U.S. Mid-Cap (b) 17,774 17,774 — — U.S. Small-Cap (b) 14,938 14,938 — — International (b) 86,085 86,085 — — Fixed Income: Core Plus Fixed Income (c) 54,066 27,296 26,770 — Long Term Fixed (c) 41,194 41,194 — — Subtotal Fair Value $ 321,039 $ 294,269 $ 26,770 $ — Measured at net asset value practical expedient: Private Equity Fund (d) $ 9,948 Subtotal measured at net asset value practical expedient $ 9,948 Total Fair Value $ 330,987 SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2021: Cash / Cash Equivalents: Cash $ 213 $ 213 $ — $ — STIF-Type Instrument (a) 4,976 4,976 — — Equity securities: U.S. Large-Cap (b) 54,651 54,651 — — U.S. Mid-Cap (b) 7,632 7,632 — — U.S. Small-Cap (b) 7,580 7,580 — — International (b) 45,634 45,634 — — Fixed Income: Core Plus Fixed Income (c) 27,592 13,578 14,014 — Short Term Fixed (c) 14,931 14,931 — — Long Term Fixed (c) 23,396 23,396 — — Subtotal Fair Value $ 186,605 $ 172,591 $ 14,014 $ — Measured at net asset value practical expedient: Private Equity Fund (d) $ 10,335 Subtotal measured at net asset value practical expedient $ 10,335 Total Fair Value $ 196,940 Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2020: Cash / Cash Equivalents: Cash $ 303 $ 303 $ — $ — STIF-Type Instrument (a) 3,380 3,380 — — Equity securities: U.S. Large-Cap (b) 52,346 52,346 — — U.S. Mid-Cap (b) 8,138 8,138 — — U.S. Small-Cap (b) 8,249 8,249 — — International (b) 44,120 44,120 — — Fixed Income: Core Plus Fixed Income (c) 32,571 16,450 16,121 — Long Term Fixed (c) 24,895 24,895 — — Subtotal Fair Value $ 174,002 $ 157,881 $ 16,121 $ — Measured at net asset value practical expedient: Private Equity Fund (d) $ 7,938 Subtotal measured at net asset value practical expedient $ 7,938 Total Fair Value $ 181,940 (a) This category represents short-term investment funds held for the purpose of funding disbursement payment arrangements. Underlying assets are valued based on quoted prices in active markets. These funds are classified as Level 1 investments. (b) This category of equity investments represents a managed portfolio of common stock investments among several sectors. These common stocks are actively traded on exchanges and price quotes for these shares are readily available. These common stocks are classified as Level 1 investments. (c) This category represents investments using a value-oriented fixed income strategy that invests primarily in a diversified mix of U.S. dollar-denominated investment-grade fixed income securities, with a predominant focus on investment-grade securities across all market sectors and maturities, as well as other alternatives such as high-yield bonds, emerging markets debt, and non-dollar bonds. Those values that can be obtained from quoted prices in active markets are classified as Level 1 investments. For those values where quoted prices are not in active markets, they are based on models using observable market information, and as such are classified as Level 2 investments. (d) This category represents a limited partnership which includes several investments in U.S. leveraged buyout, venture capital, and special situation funds. Fund valuations are reported on a 90 to 120 day lag and, therefore, the value reported herein represents the market value as of June or September 30, 2021 and 2020, respectively, with cash flow changes through December applied. The fund’s investments are stated at fair value, which is generally based on the valuations provided by the general partners or managers of such investments. Fair Value Measurement Using Significant Unobservable Inputs (Level 3) (In thousands) SJI (includes SJG and all other consolidated subsidiaries): Guaranteed Private Insurance Equity Real Contract Funds Estate Total Balance at January 1, 2020 $ 2,756 $ — $ — $ 2,756 Actual return on plan assets: Relating to assets still held at the reporting date — — — — Relating to assets sold during the period — — — — Purchases, Sales and Settlements (2,756) — — (2,756) Balance at December 31, 2020 — — — — Actual return on plan assets: Relating to assets still held at the reporting date — — — — Relating to assets sold during the period — — — — Purchases, Sales and Settlements — — — — Balance at December 31, 2021 $ — $ — $ — $ — SJG: Guaranteed Insurance Contract Private Real Total Balance at January 1, 2020 $ 2,216 $ — $ — $ 2,216 Actual return on plan assets: Relating to assets still held at the reporting date — — — — Relating to assets sold during the period — — — — Purchases, Sales and Settlements (2,216) — — (2,216) Balance at December 31, 2020 — — — — Actual return on plan assets: Relating to assets still held at the reporting date — — — — Relating to assets sold during the period — — — — Purchases, Sales and Settlements — — — — Balance at December 31, 2021 $ — $ — $ — $ — As with the pension plan assets, SJI's and SJG's overall investment strategy for post-retirement benefit plan assets is to achieve a diversification by asset class, style of manager, and sector and industry limits to achieve investment results that match the actuarially assumed rate of return, while preserving the inflation adjusted value of the plans. SJI and SJG have implemented this diversification strategy with a mix of mutual funds and Company-owned life insurance policies. The target allocations for post-retirement benefit plan assets are 55-75 percent equity securities, 0-10 percent cash, 25-45 percent fixed income investments and 0-10 percent to all other types of investments. Equity securities include investments in large-cap, mid-cap and small-cap companies within mutual funds. The insurance policies are backed by a series of commingled trust investments held by the insurance carrier. The fair values of SJI's and SJG's other postretirement benefit plan assets at December 31, 2021 and 2020 by asset category are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2021: Cash / Cash Equivalents: Cash $ 292 $ 292 $ — $ — STIF-Type Instrument (d) 2,780 2,780 — — Equity Securities: U.S. Large-Cap (a) 21,012 21,012 — — U.S. Mid-Cap (a) 4,292 4,292 — — U.S. Small-Cap (a) 7,380 7,380 — — U.S. International (a) 21,079 21,079 — — Fixed Income: Core Plus Fixed Income (c) 14,958 7,243 7,715 — Mutual Funds - Bonds (a) 12,724 12,724 — — Subtotal Fair Value $ 84,517 $ 76,802 $ 7,715 $ — Measured at net asset value practical expedient: Company Owned Life Insurance (b) $ 18,453 Subtotal measured at net asset value practical expedient $ 18,453 Total Fair Value $ 102,970 SJI (includes SJG and all other consolidated subsidiaries): Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2020: Cash $ 2,334 $ 2,334 $ — $ — Equity Securities: U.S. Large-Cap (a) 18,839 18,839 — — U.S. Mid-Cap (a) 4,379 4,379 — — U.S. Small-Cap (a) 3,361 3,361 — U.S. International (a) 20,369 20,369 — Fixed Income: Core Plus Fixed Income (c) 6,431 — 6,431 — Mutual Funds - Bonds (a) 14,881 14,881 0 0 Subtotal Fair Value $ 70,594 $ 64,163 $ 6,431 $ — Measured at net asset value practical expedient: Company Owned Life Insurance (b) $ 17,276 Subtotal measured at net asset value practical expedient $ 17,276 Total Fair Value $ 87,870 SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2021 Cash / Cash Equivalents: Cash $ 170 $ 170 $ — $ — STIF-Type Instrument (d) 2,616 2,616 0 0 Equity Securities: U.S. Large-Cap (a) 16,101 16,101 — — U.S. Mid-Cap (a) 2,652 2,652 — — U.S. Small-Cap (a) 2,115 2,115 — — U.S. International (a) 13,392 13,392 — — Fixed Income: Core Plus Fixed Income (c) 10,273 5,055 5,218 — Mutual Funds - Bonds (a) 8,603 8,603 — — Subtotal Fair Value $ 55,922 $ 50,704 $ 5,218 $ — Measured at net asset value practical expedient: Company Owned Life Insurance (b) $17,400 Subtotal measured at net asset value practical expedient $17,400 Total Fair Value $ 73,322 SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2020 Cash $ 2,083 $ 2,083 $ 0 $ 0 Equity Securities: U.S. Large-Cap (a) 10,764 10,764 — — U.S. Mid-Cap (a) 2,591 2,591 — — U.S. Small-Cap (a) 2,200 2,200 — — U.S. International (a) 12,889 12,889 — — Fixed Income: Core Plus Fixed Income (c) 4,741 — 4,741 — Mutual Funds - Bonds (a) 10,392 10,392 — — Subtotal Fair Value $ 45,660 $ 40,919 $ 4,741 $ — Measured at net asset value practical expedient: Company Owned Life Insurance (b) $ 16,209 Subtotal measured at net asset value practical expedient $ 16,209 Total Fair Value $ 61,869 (a) This category represents a managed portfolio of common stock investments among several sectors. These common stocks are actively traded on exchanges and price quotes for these shares are readily available. These common stocks are classified as Level 1 investments. (b) This category represents company-owned life insurance policies with a nationally known life insurance company. The value of these policies is backed by a series of common/collective trust funds held by the insurance carrier. (c) This category represents investments using a value-oriented fixed income strategy that invests primarily in a diversified mix of U.S. dollar-denominated investment-grade fixed income securities, with a predominant focus on investment-grade securities across all market sectors and maturities, as well as other alternatives such as high-yield bonds, emerging markets debt, and non-dollar bonds. Those values that can be obtained from quoted prices in active markets are classified as Level 1 investments. For those values where quoted prices are not in active markets, they are based on models using observable market information, and as such are classified as Level 2 investments. (d) This category represents short-term investment funds held for the purpose of funding disbursement payment arrangements. Underlying assets are valued based on quoted prices in active markets. These funds are classified as Level 1 investments. FUTURE BENEFIT PAYMENTS - The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Pension Benefits Other Postretirement Benefits 2022 $ 22,834 $ 5,451 2023 $ 23,550 $ 5,271 2024 $ 23,795 $ 4,932 2025 $ 24,008 $ 4,696 2026 $ 24,618 $ 4,448 2027 - 2031 $ 130,850 $ 18,642 SJG: Pension Benefits Other Postretirement Benefits 2022 $ 14,143 $ 3,591 2023 $ 14,658 $ 3,500 2024 $ 15,022 $ 3,285 2025 $ 15,398 $ 3,100 2026 $ 15,792 $ 2,926 2027 - 2031 $ 86,896 $ 11,931 CONTRIBUTIONS - SJI and SJG made $5.4 million and $5.0 million contributions to its employee pension and OPEB plans in 2021, respectively. SJI and SJG did not make contributions to its employee pension or OPEB plans in 2020 or 2019. Payments related to the unfunded SERP plan for SJI and SJG in 2021, 2020 and 2019 were $3.9 million, $3.9 million and $4.1 million, respectively. SERP payments for SJI and SJG are expected to approximate $3.9 million in 2022. DEFINED CONTRIBUTION PLAN - SJI, SJG and ETG offer a Savings Plan to eligible employees. For employees eligible for participation in the defined benefit pension plans, SJI and SJG match 50% of participants' contributions to the Savings Plan up to 6% of base compensation. For employees who are not eligible for participation in the defined benefit pension plans, SJI and SJG match 50% of participants' contributions up to 8% of base compensation, as well as a year-end contribution of $1,500, if 10 or fewer years of service, or $2,000, if more than 10 years of service. The amount expensed and contributed for the matching provision of the Savings Plan for SJI approximated $4.0 million, $4.6 million and $3.4 million for the years ended December 31, 2021, 2020 and 2019, respectively, and $1.2 million, $1.6 million and $1.2 million for SJG for the years ended December 31, 2021, 2020 and 2019, respectively. |
LINES OF CREDIT & SHORT-TERM BO
LINES OF CREDIT & SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Line of Credit Facility [Abstract] | |
LINES OF CREDIT & SHORT-TERM BORROWINGS | LINES OF CREDIT & SHORT-TERM BORROWINGS: Credit facilities and available liquidity as of December 31, 2021 were as follows (in thousands): Company Total Facility Usage Available Liquidity Expiration Date SJI: SJI Syndicated Revolving Credit Facility $ 500,000 $ 152,800 (A) $ 347,200 September 2026 SJG: Commercial Paper Program/Revolving Credit Facility 250,000 109,900 (B) 140,100 September 2026 ETG: ETG Revolving Credit Facility 250,000 84,000 (C) 166,000 September 2026 Total $ 1,000,000 $ 346,700 $ 653,300 (A) Includes letters of credit outstanding in the amount of $9.8 million, which is used to enable SJE to market retail electricity as well as for various construction and operating activities. (B) Includes letters of credit outstanding in the amount of $1.9 million, which supports the remediation of environmental conditions at certain locations in SJG's service territory. (C) Includes letters of credit outstanding in the amount of $1.0 million, which supports ETG's construction activity. For SJI and SJG, the amount of usage shown in the table above, less the letters of credit noted in (A)-(C) for SJI and (B) for SJG above, equals the amounts recorded as Notes Payable on the respective consolidated balance sheets as of December 31, 2021. During the first quarter of 2021, SJI paid off its $150.0 million term loan agreement at maturity. On September 1, 2021, SJI, SJG and ETG (collectively, the "Borrowers") entered into an unsecured, five-year master revolving credit facility (the "Credit Facility") with a syndicate of banks, which expires on September 1, 2026, unless earlier terminated or extended in accordance with its terms. The Credit Facility provides for maximum borrowings in a total aggregate amount of $1.0 billion, including the issuance of swingline loans (in an amount not to exceed an aggregate of $100.0 million) and letters of credit (in an amount not to exceed an aggregate of $350.0 million, of which $50.0 million has been initially committed by various lenders), each at the applicable interest rates specified in the Credit Facility. The Borrowers each have access to a portion of the facility (a “Sublimit”) under which it can borrow, with the Sublimits of SJI, SJG and ETG initially being $500.0 million, $250.0 million and $250.0 million, respectively. The Sublimits may be changed from time to time at the request of the Borrowers, but with maximum and minimum Sublimits, which are subject to change upon certain events, including if the amount of available credit is increased. Borrowings under the Credit Facility are at market rates. Subject to certain conditions set forth in the Credit Facility, the Borrowers may increase the amount of the borrowings available under the Credit Facility by up to a maximum aggregate amount of $250.0 million (for a total facility of up to $1.25 billion), although no lender is obligated to increase its commitment. The Credit Facility contains customary representations, warranties and covenants, including a financial covenant limiting the ratio of Indebtedness of each Borrower and its subsidiaries on a consolidated basis to Consolidated Total Capitalization of each Borrower of not more than 0.70 to 1 (as such terms are defined in the Credit Facility). SJI, SJG and ETG were all in compliance with these covenants as of December 31, 2021. In connection with entry into the Credit Facility, the following revolving credit facilities were terminated effective September 1, 2021: (a) SJI's credit agreement, dated as of August 7, 2017, which provided for a revolving credit facility of up to $500.0 million; (b) SJG's credit agreement, dated as of August 14, 2017, which provided for a revolving credit facility of up to $200.0 million; and (c) ETG's credit agreement, dated as of June 29, 2018, which provided for a revolving credit facility of up to $200.0 million. SJG has a commercial paper program under which it may issue short-term, unsecured promissory notes to qualified investors up to a maximum aggregate amount outstanding at any time of $250.0 million. The notes have fixed maturities which may vary by note, but cannot exceed 270 days from the date of issue. Proceeds from the notes are used for general corporate purposes. SJG's commercial paper program is backstopped by its Sublimit allocation of the SJI Credit Facility of $250.0 million. The principal amount of borrowings outstanding under the commercial paper program and the Sublimit allocation credit facility cannot exceed an aggregate of $250.0 million. Although there can be no assurance, management believes that actions presently being taken to pay off or refinance the short-term debt and borrowings that are due within the next year will be successful, as the Company has been successful in refinancing debt in the past. No adjustments have been made to the financial statements to account for this uncertainty. The weighted average interest rate on these borrowings, which changes daily, were as follows: December 31, 2021 December 31, 2020 December 31, 2019 Weighted average interest rate on borrowings: SJI (inclusive of all subsidiaries' facilities) 1.05 % 1.35 % 2.67 % SJG 0.34 % 0.23 % 1.99 % Average borrowings and maximum amounts outstanding on these facilities for the years ended December 31 were as follows (in thousands): 2021 2020 Average borrowings outstanding, not including letters of credit: SJI (inclusive of all subsidiaries' facilities) $ 190,000 $ 472,900 SJG $ 40,900 $ 116,600 Maximum amounts outstanding, not including letters of credit: SJI (inclusive of all subsidiaries' facilities) $ 452,900 $ 872,200 SJG $ 123,000 $ 187,000 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT: Outstanding Long-Term Debt at December 31 consisted of the following: 2021 2020 Long-Term Debt (A): SJG: First Mortgage Bonds: (B) 3.28% Series due 2030 (C) $ 150,000 $ 150,000 3.93% Series due 2050 (C) 250,000 250,000 3.98% Series due 2050 (C) 125,000 125,000 3.00% Series due 2024 (D) 30,000 40,000 3.03% Series due 2024 (E) 21,000 28,000 3.63% Series due 2025 (F) 3,637 4,546 4.84% Series due 2026 (G) 12,500 15,000 4.93% Series due 2026 (H) 37,500 45,000 4.03% Series due 2027 (H) 45,000 45,000 4.01% Series due 2030 (I) 34,000 34,000 4.23% Series due 2030 30,000 30,000 3.74% Series due 2032 (J) 35,000 35,000 5.55% Series due 2033 32,000 32,000 6.213% Series due 2034 10,000 10,000 5.45% Series due 2035 10,000 10,000 3.00% Series due 2047 (O) 200,000 200,000 Series A 2006 Bonds at variable rates due 2036 (K) 24,900 24,900 Total SJG Long-Term Debt Outstanding (R) $ 1,050,537 $ 1,078,446 Less SJG Current Maturities (31,084) (52,809) Total SJG Long-Term Debt (R) $ 1,019,453 $ 1,025,637 SJI: 3.71% Series due 2027 (M) $ 75,000 $ 75,000 3.91% Series due 2030 (M) 125,000 125,000 3.71% Series C 2012 Notes due 2022 35,000 35,000 3.47% Series due 2024 25,000 25,000 3.71% Series due 2027 25,000 25,000 3.57% Series 2017A-2 due 2025 25,000 25,000 3.81% Series 2017B-2 due 2028 25,000 25,000 3.43% Series 2018A due 2021 (L) — 90,000 4.07% Series 2018B due 2028 80,000 80,000 4.17% Series 2018C due 2030 80,000 80,000 5.625% Junior Subordinated Notes due 2079 200,000 200,000 5.02% Series A Junior Subordinated Notes (P) 287,500 — Convertible Equity Units (N, P) 335,000 287,500 ETG: First Mortgage Bonds 4.02% Series 2018A-1 due 2028 50,000 50,000 4.22% Series 2018A-2 due 2033 55,000 55,000 4.29% Series 2018A-3 due 2038 150,000 150,000 4.37% Series 2018A-4 due 2048 200,000 200,000 4.52% Series 2018A-5 due 2058 75,000 75,000 2.84% Series 2019 A-1 due 2029 40,000 40,000 2.84% Series 2019 A-2 due 2029 35,000 35,000 2.94% Series 2019 A-3 due 2031 25,000 25,000 2.94% Series 2019 A-4 due 2031 45,000 45,000 3.28% Series 2020 A-1, Tranche A due 2050 (Q) 75,000 75,000 3.38% Series 2020 A-1, Tranche B due 2060 (Q) 50,000 50,000 2.26% Series 2020 A-2, Tranche A due 2031 (Q) 50,000 — 3.08% Series 2020 A-2 Tranche B due 2041 (Q) 25,000 — 3.36% Series 2020 A-2, Tranche C due 2041 (Q) 50,000 — Total SJI Consolidated Long-Term Debt Outstanding (R) $ 3,293,037 2,950,946 Less SJI Consolidated Current Maturities (66,076) (142,801) Total SJI Consolidated Long-Term Debt (R) $ 3,226,961 2,808,145 (A) Long-term debt maturities for SJI for the succeeding five years are as follows (in thousands): 2022: $66,076; 2023: $40,084; 2024: $65,084; 2025: $66,084; and 2026: $41,175. Long-term debt maturities for SJG for the succeeding five years are as follows (in thousands): 2022: $31,084; 2023: $40,084; 2024: $40,084; 2025: $41,084; and 2026: $41,175. (B) SJG has a First Mortgage Indenture, which provides for the issuance by SJG of bonds, notes or other securities that are secured by a lien on substantially all of the operating properties and franchises of SJG. (C) In April 2020, SJG entered into a Note Purchase Agreement which provided for SJG to issue and sell its Senior Secured Notes, Series F, 2020 in the aggregate principal amount of $525.0 million in three Tranches, as follows: (a) Senior Secured Notes, Series F, 2020, Tranche A due April 16, 2030 in the aggregate principal amount of $150.0 million; (b) Senior Secured Notes, Series F, 2020, Tranche B due April 16, 2050 in the aggregate principal amount of $250.0 million; and (c) Senior Secured Notes, Series F, 2020, Tranche C due October 1, 2050 in the aggregate principal amount of $125.0 million. All of the Tranche A Notes and the Tranche B Notes were issued on April 16, 2020, and bear interest at 3.28% and 3.93%, respectively. The Tranche C Notes were issued on October 1, 2020, and bear interest at 3.98%. (D) SJG has $30.0 million remaining of 3.00% MTNs, with $10.0 million due annually with the final payment due September 2024. As such, $10.0 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (E) SJG has $21.0 million remaining of 3.03% MTNs, with $7.0 million due annually with the final payment due November 2024. As such, $7.0 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (F) SJG pays $0.9 million annually toward the principal amount of 3.63% MTNs, with the final payment to be made December 2025. As such, $0.9 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (G) SJG has $12.5 million remaining of 4.84% MTNs, with $2.5 million due annually with the final payment due March 2026. As such, $2.5 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (H) SJG has $37.5 million remaining of 4.93% MTNs, with $7.5 million due annually with the final payment due June 2026. As such, $7.5 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. SJG also has $45.0 million of 4.03% MTNs, with $9.0 million due annually beginning in December 2023 with the final payment due in December 2027. (I) SJG initially entered into $42.0 million of 4.01% MTNs with several due dates, as follows: $8.0 million paid November 2019; $2.0 million due November 2025; $3.0 million due November 2026; $8.0 million due November 2027; and $7.0 million each due November 2028, 2029 and 2030. (J) SJG has $35.0 million of 3.74% MTNs, with $3.175 million due annually beginning April 2022 with final payment due April 2032. As such, $3.175 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (K) These variable rate demand bonds bear interest at a floating rate that resets weekly. The interest rate as of December 31, 2021 was 0.13%. Liquidity support on these bonds is provided under a separate letter of credit facility that was set to expire in August 2021; as such, these bonds were recorded in current portion of long-term debt on the consolidated balance sheets as of December 31, 2020. The letter of credit facility was extended to August 2024; as such these bonds were recorded in long-term debt on the consolidated balance sheets as of December 31, 2021. (L) In April 2021, SJI repaid the $90.0 million principal amount outstanding on its 3.43% Series 2018-A Notes at maturity. (M) On May 27, 2020, SJI entered into a Note Purchase Agreement which provided for the Company to issue an aggregate of $200.0 million of senior unsecured notes in two tranches, as follows: (a) Senior Notes, Series 2020A due July 30, 2027, in the aggregate principal amount of $75.0 million (the "Series 2020A Notes"); and (b) Senior Notes, Series 2020B due July 30, 2030, in the aggregate principal amount of $125.0 million (the "Series 2020B Notes"). The Company issued both tranches of the Notes on July 30, 2020. The Series 2020A Notes bear interest at 3.71% and the Series 2020B Notes bear interest at 3.91%. The proceeds from these issuances were used to pay off a term loan issued earlier in 2020. (N) In March and April 2021, SJI completed a public offering of Equity Units for gross proceeds of $335.0 million (see Note 6). As of December 31, 2021, these Equity Units were not converted into equity. (O) SJG has $200.0 million of 3.00% MTNs with varying principal amounts due annually, beginning with $16.0 million due in 2025. (P) In March 2021, the Company finalized the remarketing of the $287.5 million of Series A Junior Subordinated Notes, which, prior to this remarketing, were convertible equity units. The interest rate on the Series A Junior Subordinated Notes has been reset to 5.02% per year, and this reset rate became effective on April 15, 2021. See Note 6. (Q) On November 10, 2020, ETG entered into a Bond Purchase Agreement which provided for ETG to issue an aggregate of $250.0 million of first mortgage bonds in five tranches, as follows: (i) 3.28% First Mortgage Bonds, Series 2020A-1, Tranche A due November 10, 2050 in the aggregate principal amount of $75.0 million (the “Series 2020A-1, Tranche A Bonds”), (ii) 3.38% First Mortgage Bonds, Series 2020A-1, Tranche B due November 10, 2060 in the aggregate principal amount of $50.0 million (the “Series 2020A-1, Tranche B Bonds”), (iii) 2.26% First Mortgage Bonds, Series 2020A-2, Tranche A due June 15, 2031 in the aggregate principal amount of $50.0 million, (iv) 3.08% First Mortgage Bonds, Series 2020A-2, Tranche B due June 15, 2041 in the aggregate principal amount of $25.0 million, and (v) 3.36% First Mortgage Bonds, Series 2020A-2, Tranche C due June 15, 2051 in the aggregate principal amount of $50.0 million. The two Tranches of Series 2020A-1 Bonds were issued on November 10, 2020. ETG issued the three Tranches of Series 2020A-2 Bonds on June 15, 2021. (R) Total SJI consolidated Long-Term Debt in the table above does not include unamortized debt issuance costs of $38.5 million and $29.6 million as of December 31, 2021 and 2020, respectively, nor does it include $5.1 million and $5.2 million of unamortized debt discounts as of December 31, 2021 and 2020, respectively. These items are recorded as reductions to Long-Term Debt on the consolidated balance sheet. Also not included in the table above are finance leases of $5.6 million and $3.1 million as of December 31, 2021 and 2020, respectively (see Note 9), which is recorded as an increase to Long-Term Debt on the consolidated balance sheets. Total SJG Long-Term Debt in the table above does not include unamortized debt issuance costs of $8.7 million and $9.4 million as of December 31, 2021 and 2020, respectively. All Notes listed above contain a financial covenant limiting the ratio of indebtedness to total capitalization to not more than 0.70 to 1, measured at the end of each fiscal quarter. SJI and the Utilities were in compliance with these covenants as of December 31, 2021. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES:GAS SUPPLY CONTRACTS - In the normal course of business, SJG, SJRG and ETG have entered into long-term contracts for natural gas supplies, firm transportation and gas storage service. The transportation and storage service agreements with interstate pipeline suppliers were made under FERC-approved tariffs. SJG's and ETG's cumulative obligation for gas supply-related demand charges and reservation fees paid to suppliers for these services averages approximately $6.8 million and $5.5 million per month, respectively, and is recovered on a current basis through the BGSS. SJRG's cumulative obligation for demand charges and reservation fees paid to suppliers for these services averages approximately $0.8 million per month. SJRG has also committed to purchase 526,400 dts/d of natural gas, from various suppliers, for terms ranging from five ETG has an AMA with SJRG for transportation and storage capacity to meet natural gas demands. The AMA is in effect through March 31, 2022; both entities plan to extend this AMA prior to its expiration. It also requires SJRG to pay minimum annual fees of $4.25 million to ETG and includes tiered margin sharing levels between ETG and SJRG (see Note 1). LITIGATION - SJI and SJG are subject to claims, actions and other legal proceedings arising in the ordinary course of business. Neither SJI nor SJG can make any assurance as to the outcome of any of these actions but, based on an analysis of these claims and consultation with outside counsel, we do not believe that any of these claims, other than described below, would be reasonably likely to have a material impact on the business or financial statements of SJI or SJG. Liabilities related to claims are accrued when the amount or range of amounts of probable settlement costs or other charges for these claims can be reasonably estimated. In August 2018, the State of New Jersey filed a civil enforcement action in the New Jersey Superior Court, Atlantic County, against SJG and several other current and former owners of certain property in Atlantic City, NJ alleging damage to the State's natural resources and seeking payment for damages to those natural resources, where SJG and its predecessors previously operated a manufactured gas plant. Assessment of the nature and extent of the alleged damages requires substantial analysis from multiple experts. To date, discovery has not yet taken place and there is limited precedent on a number of the legal matters involved. As a result, SJG is currently evaluating the merits of the State of New Jersey’s allegations. All parties have agreed to and begun mediation efforts. SJG intends to vigorously defend itself in this matter, however, an adverse outcome in the litigation could have a material impact on SJI's and SJG's results of operations, financial condition and liquidity. SJG recorded a liability based on its best-estimate of the probable outcome of this matter as of December 31, 2021. This manufactured gas plant site has been fully remediated as discussed under "Environmental Remediation Costs" below. SJI has accrued approximately $11.3 million and $4.1 million related to all claims in the aggregate as of December 31, 2021 and 2020, respectively, of which SJG has accrued approximately $10.0 million and $1.2 million as of December 31, 2021 and 2020, respectively. COLLECTIVE BARGAINING AGREEMENTS — SJI and its subsidiaries employed 1,173 and 1,130 employees as of December 31, 2021 and 2020, respectively. SJG employed 432 and 441 employees as of December 31, 2021 and 2020, respectively. As of December 31, 2021, 289 of the total number of employees were represented by labor unions at SJG, and 233 were represented by a labor union at ETG. As of December 31, 2020, 303 of the total number of employees were represented by labor unions at SJG, and 167 were represented by a labor union at ETG. Collective bargaining agreements with unions that represent SJG employees include agreements with IBEW Local 1293, which was finalized in February 2022 and now runs through February 2025, and with IAM Local 76 which was finalized in 2021 and now runs through August 2025. A collective bargaining agreement with UWUA Local 424 that represents unionized ETG employees runs through November 2022. The labor agreements cover wage increases, health and welfare benefits, paid time off programs, and other benefits. At ETG, 68 employees voted to certify as a new bargaining unit effective November 23, 2021, for which SJI is actively negotiating a new collective bargaining agreement. GUARANTEES - As of December 31, 2021, SJI, the parent company, has issued guarantees to third parties on behalf of its consolidated subsidiaries. These guarantees were issued to guarantee payment to third parties with whom SJI's consolidated subsidiaries have commodity supply contracts. As of December 31, 2021, these guarantees support future firm commitments of SJI's consolidated subsidiaries and $143.1 million of the Accounts Payable already recorded on SJI's consolidated balance sheet. As of December 31, 2021, SJI had issued $11.3 million of parental guarantees on behalf of EnergyMark, an unconsolidated subsidiary. These guarantees generally expire within one year and were issued to enable the subsidiary to market retail natural gas. AFFILIATE LOANS - SJI has provided $62.6 million and $19.3 million in capital contribution loans to REV, which are recorded in Notes Receivable - Affiliates on the consolidated balance sheets as of December 31, 2021 and 2020, respectively (see Note 3). The amount of capital contribution loans may be amended upward from time to time at the sole discretion of SJI. CONVERTIBLE UNITS - The Company has a contract obligating the holder of the Equity Units to purchase from the Company, and for the Company to sell to the holder for a price in cash of $50, a certain number of shares of common stock. In April 2021, a similar contract related to SJI's Convertible Units was settled. See Note 6. ENVIRONMENTAL REMEDIATION COSTS — SJG incurred and recorded costs for environmental cleanup of 12 sites where SJG or its predecessors operated gas manufacturing plants. SJG stopped manufacturing gas in the 1950s. ETG is subject to environmental remediation liabilities associated with 5 former manufactured gas plant sites in New Jersey. These environmental remediation expenditures are recoverable from customers through the RAC mechanism approved by the BPU (see Note 10). SJI and some of its nonutility subsidiaries also recorded costs for environmental cleanup of sites where SJF previously operated a fuel oil business and Morie maintained equipment, fueling stations and storage (see Note 3). Remaining ranges of potential exposure for future remediation related to SJI's nonutility subsidiaries' sites are not material. SJI successfully entered into settlements with all of its historic comprehensive general liability carriers regarding the environmental remediation expenditures at the SJG sites. Since the early 1980s, SJI accrued environmental remediation costs of $629.6 million, of which $463.5 million was spent as of December 31, 2021. SJG accrued environmental remediation costs of $510.5 million, of which $418.5 million was spent as of December 31, 2021. The following table details the amounts expended and accrued for SJI's and SJG's environmental remediation during the last two years (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 Beginning of Year $ 193,575 $ 232,885 Change in Accruals 9,111 (22,198) Expenditures (36,605) (17,112) End of Year $ 166,081 $ 193,575 SJG: 2021 2020 Beginning of Year $ 101,243 $ 131,262 Change in Accruals 9,398 (15,273) Expenditures (18,677) (14,746) End of Year $ 91,964 $ 101,243 The balances are segregated between current and noncurrent on the consolidated balance sheets under the captions Current Liabilities (SJI & SJG), Deferred Credits and Other Noncurrent Liabilities (SJI) and Regulatory and Other Noncurrent Liabilities (SJG). Management estimates that undiscounted future costs to clean up SJG's sites will range from $92.0 million to $154.3 million. Six of SJG's sites comprise the majority of these estimates, with future costs ranging from $83.6 million to $146.1 million. The remediation efforts at SJG's six most significant sites include the following: Site 1 - A combination of excavation and subsurface containment of impacted media has been approved by the regulatory authority for this site and work is underway. Steps remaining to remediate the site include completion of the remedial action, issuance of a Response Action Outcome, and long-term groundwater monitoring. Site 2 - Remediation of the soil contamination at this site has been completed. Steps remaining to remediate the site include completion of sediment remediation, completion of post-remediation groundwater monitoring, issuance of a Response Action Outcome, and long-term groundwater monitoring. Site 3 - A significant portion of the remedial action at this site has been completed. Steps remaining to remediate the site include completion of the approved subsurface containment remedy, issuance of a Response Action Outcome, and long term groundwater monitoring. Site 4 - The remedial action approved by the regulatory authority is currently being implemented. Remaining steps to remediate the site include post-remediation groundwater monitoring, ongoing operation of the product recovery system, and issuance of a Response Action Outcome. Site 5 - The remedial action to address impacted soil has been completed. Steps remaining include long-term groundwater monitoring and issuance of a Response Action Outcome. Site 6 - The remedial action to address impacted soil has been completed. Steps remaining include long-term groundwater monitoring and issuance of a Response Action Outcome. Management estimates that undiscounted future costs to clean up ETG's sites will range from $73.6 million to $137.9 million. The remediation efforts at ETG's five sites include the following: Site 1 - The remedial action approved by the regulatory authority is currently being implemented. Steps remaining to remediate the site include completion of the remedial action, issuance of a Response Action Outcome, and long-term groundwater monitoring. Site 2 - The remedial action to address impacted soil has been completed. Steps remaining include long-term groundwater monitoring and issuance of a Response Action Outcome. Site 3 - Permitting is underway for a soil and sediment remedial action at the site that has recently been approved by the regulatory authority. Steps remaining to fully remediate the site include implementation of the approved remedy, long-term groundwater monitoring, and issuance of a Response Action Outcome. Site 4 - Soil remediation for the on-site portion of the work has been completed and an unrestricted use Response Action Outcome-A has been issued. Steps remaining to fully remediate the site include implementation of the remedial action proposed for the remaining areas, long-term groundwater monitoring, and issuance of a Response Action Outcome. Site 5 - Soil remediation for a portion of the site has been completed; investigations to characterize the remaining impacts are underway. Steps remaining to fully remediate the site include implementation of a remedial action for the remaining areas, long-term groundwater monitoring, and issuance of a Response Action Outcome. SJI and SJG recorded the lower end of the above-mentioned ranges as a liability because a single reliable estimation point is not feasible due to the amount of uncertainty involved in the nature of projected remediation efforts and the long period over which remediation efforts will continue. Recorded amounts include estimated costs based on projected investigation and remediation work plans using existing technologies. Actual costs could differ from the estimates due to the long-term nature of the projects, changing technology, government regulations and site-specific requirements. Significant risks surrounding these estimates include unforeseen market price increases for remedial services, property owner acceptance of the selected remedy, regulatory approval of the selected remedy and remedial investigative findings. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS: Certain SJI subsidiaries, including SJG, are involved in buying, selling, transporting and storing natural gas, and buying and selling retail electricity for their own accounts as well as managing these activities for third parties. These subsidiaries are subject to market risk on expected future purchases and sales due to commodity price fluctuations. Management takes an active role in the risk management process and has developed policies and procedures that require specific administrative and business functions to assist in identifying, assessing and controlling various risks. Management reviews any open positions in accordance with strict policies to limit exposure to market risk. These derivative instruments include forward contracts, swap agreements, options contracts and futures contracts. As of December 31, 2021, SJI and SJG had outstanding derivative contracts as follows: SJI Consolidated SJG Derivative contracts intended to limit exposure to market risk to: Expected future purchases of natural gas (in MMdts) 96.7 10.3 Expected future sales of natural gas (in MMdts) 130.2 0.8 Basis and Index related net purchase/(sale) contracts (in MMdts) 72.1 1.5 These contracts, which have not been designated as hedging instruments under GAAP, are measured at fair value and recorded in Derivatives - Energy Related Assets or Derivatives - Energy Related Liabilities on the consolidated balance sheets of SJI and SJG. For SJE and SJRG contracts, the net unrealized pre-tax gains (losses) for these energy-related commodity contracts are included with realized gains (losses) in Operating Revenues – Nonutility on the consolidated statements of income for SJI. These unrealized pre-tax gains (losses) were $5.6 million, $0.4 million and $(11.7) million for the years ended December 31, 2021, 2020 and 2019, respectively. For SJG's and ETG's contracts, the costs or benefits are recoverable through the BGSS clause, subject to BPU approval. As a result, unrealized gains (losses) for SJG's and ETG's energy-related commodity contracts are included with realized gains and losses in Regulatory Assets or Regulatory Liabilities on the consolidated balance sheets of SJI (ETG and SJG) and SJG. As of December 31, 2021 and 2020, SJI had $22.1 million and $2.4 million, respectively, and SJG had $7.1 million and $1.1 million, respectively, of unrealized gains (losses) included in its BGSS regulatory accounts related to energy-related commodity contracts. As part of its gas purchasing strategy, SJG uses financial contracts through SJRG to limit exposure to forward price risk. The costs or benefits of these short-term contracts are recoverable through SJG's BGSS clause, subject to BPU approval. See Note 3 for more information about these related party transactions. The retail electric operations of SJE use forward physical and financial contracts to mitigate commodity price risk on fixed price electric contracts. However, expected future purchases and sales of electricity are not material. SJG has interest rate derivatives to mitigate exposure to increasing interest rates and the impact of those rates on cash flows of variable-rate debt. These interest rate derivatives are measured at fair value and recorded in Derivatives - Other on the consolidated balance sheets. The fair value represents the amount SJG would have to pay the counterparty to terminate these contracts as of those dates. As of December 31, 2021, SJG's active interest rate swaps were as follows: Notional Amount Fixed Interest Rate Start Date Maturity $ 12,500,000 3.530% 12/1/2006 2/1/2036 $ 12,500,000 3.430% 12/1/2006 2/1/2036 Unrealized losses on these interest rate derivatives for SJG totaled $8.0 million and $9.9 million as of December 31, 2021 and 2020, respectively. For these unrealized losses, management believes that, subject to BPU approval, the market value upon termination can be recovered in rates and, therefore, they have been recorded in Regulatory Assets in the consolidated balance sheets. See Note 11. SJI had interest rate derivatives that were terminated in December 2020 at a price equal to the fair value of the instruments of $8.2 million, which was recorded to Interest Charges on the consolidated statements of income for the year ended December 31, 2020. The fair values of all derivative instruments, none of which are designated as hedging instruments under GAAP, as reflected in the consolidated balance sheets as of December 31, are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): December 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Energy-related commodity contracts: Derivatives - Energy Related - Current $ 95,041 $ 60,002 $ 41,439 $ 27,006 Derivatives - Energy Related - Noncurrent 22,488 16,079 6,935 4,947 Interest rate contracts: Derivatives - Other - Current — 568 — 659 Derivatives - Other - Noncurrent — 7,432 — 9,279 Total Derivatives $ 117,529 $ 84,081 $ 48,374 $ 41,891 SJG: December 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Energy-related commodity contracts: Derivatives – Energy Related – Current $ 9,396 $ 2,520 $ 4,053 $ 2,868 Derivatives – Energy Related – Noncurrent 507 324 87 190 Interest rate contracts: Derivatives - Other - Current — 568 — 659 Derivatives - Other - Noncurrent — 7,432 — 9,279 Total Derivatives $ 9,903 $ 10,844 $ 4,140 $ 12,996 SJI and SJG enter into derivative contracts with counterparties, some of which are subject to master netting arrangements, which allow net settlements under certain conditions. These derivatives are presented at gross fair values on the consolidated balance sheets. As of December 31, 2021 and 2020, information related to these offsetting arrangements were as follows (in thousands): As of December 31, 2021 Description Gross amounts of recognized assets/liabilities Gross amount offset in the balance sheet Net amounts of assets/liabilities in balance sheet Gross amounts not offset in the balance sheet Net amount Financial Instruments Cash Collateral Posted SJI (includes SJG and all other consolidated subsidiaries): Derivatives - Energy Related Assets $ 117,529 $ — $ 117,529 $ (57,804) (A) $ (32,782) $ 26,943 Derivatives - Energy Related Liabilities $ (76,081) $ — $ (76,081) $ 57,804 (B) $ — $ (18,277) Derivatives - Other $ (8,000) $ — $ (8,000) $ — $ — $ (8,000) SJG: Derivatives - Energy Related Assets $ 9,903 $ — $ 9,903 $ (1,780) (A) $ — $ 8,123 Derivatives - Energy Related Liabilities $ (2,844) $ — $ (2,844) $ 1,780 (B) $ — $ (1,064) Derivatives - Other $ (8,000) $ — $ (8,000) $ — $ — $ (8,000) As of December 31, 2020 Description Gross amounts of recognized assets/liabilities Gross amount offset in the balance sheet Net amounts of assets/liabilities in balance sheet Gross amounts not offset in the balance sheet Net amount Financial Instruments Cash Collateral Posted SJI (includes SJG and all other consolidated subsidiaries): Derivatives - Energy Related Assets $ 48,374 $ — $ 48,374 $ (24,027) (A) $ — $ 24,347 Derivatives - Energy Related Liabilities $ (31,953) $ — $ (31,953) $ 24,027 (B) $ 2,176 $ (5,750) Derivatives - Other $ (9,938) $ — $ (9,938) $ — $ — $ (9,938) SJG: Derivatives - Energy Related Assets $ 4,140 $ — $ 4,140 $ (716) (A) $ — $ 3,424 Derivatives - Energy Related Liabilities $ (3,058) $ — $ (3,058) $ 716 (B) $ 2,176 $ (166) Derivatives - Other $ (9,938) $ — $ (9,938) $ — $ — $ (9,938) (A) The balances at December 31, 2021 and 2020 were related to derivative liabilities which can be net settled against derivative assets. (B) The balances at December 31, 2021 and 2020 were related to derivative assets which can be net settled against derivative liabilities. The effect of derivative instruments on the consolidated statements of income for the year ended December 31 is as follows (in thousands): Derivatives Previously in Cash Flow Hedging Relationships under GAAP (a) 2021 2020 2019 SJI (includes SJG and all other consolidated subsidiaries): Interest Rate Contracts: Losses reclassified from AOCL into income (b) $ (46) $ (46) $ (46) SJG: Interest Rate Contracts: Losses reclassified from AOCL into income (b) $ (46) $ (46) (46) (a) See "Derivative Instruments" in Note 1 (b) Included in Interest Charges Derivatives Not Designated as Hedging Instruments under GAAP 2021 2020 2019 SJI (no balances for SJG; includes all other consolidated subsidiaries): Gains (Losses) on energy-related commodity contracts (a) $ 5,567 $ 385 $ (11,748) Gains (Losses) on interest rate contracts (b) — 4,760 (2,798) Total $ 5,567 $ 5,145 $ (14,546) (a) Included in Operating Revenues - Nonutility (b) Included in Interest Charges Certain of SJI's derivative instruments contain provisions that require immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions in the event of a material adverse change in the credit standing of SJI. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position on December 31, 2021, is not material. The amount SJI would have been required to pay to settle the instruments immediately or post collateral to its counterparties if the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2021 after offsetting asset positions with the same counterparties under master netting arrangements, is also not material. |
FAIR VALUE OF FINANCIAL ASSETS
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES | FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES: GAAP establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below: • Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. For financial assets and financial liabilities measured at fair value on a recurring basis, information about the fair value measurements for each major category is as follows (in thousands): As of December 31, 2021 Total Level 1 Level 2 Level 3 Assets SJI (includes SJG and all other consolidated subsidiaries): Available-for-Sale Securities (A) $ 37 $ 37 $ — $ — Derivatives – Energy Related Assets (B) 117,529 56,260 52,277 8,992 $ 117,566 $ 56,297 $ 52,277 $ 8,992 SJG: Assets Derivatives – Energy Related Assets (B) $ 9,903 $ 4,648 $ 1,617 $ 3,638 $ 9,903 $ 4,648 $ 1,617 $ 3,638 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 76,081 $ 21,879 $ 45,890 $ 8,312 Derivatives – Other (C) 8,000 — 8,000 — $ 84,081 $ 21,879 $ 53,890 $ 8,312 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 2,844 $ 1,780 $ 1,064 $ — Derivatives – Other (C) 8,000 — 8,000 — $ 10,844 $ 1,780 $ 9,064 $ — As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets SJI (includes SJG and all other consolidated subsidiaries): Available-for-Sale Securities (A) $ 32 $ 32 $ — $ — Derivatives – Energy Related Assets (B) 48,374 11,447 23,527 13,400 $ 48,406 $ 11,479 $ 23,527 $ 13,400 SJG: Assets Derivatives – Energy Related Assets (B) $ 4,140 $ 715 $ 32 $ 3,393 $ 4,140 $ 715 $ 32 $ 3,393 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 31,953 $ 8,605 $ 20,954 $ 2,394 Derivatives – Other (C) 9,938 — 9,938 — $ 41,891 $ 8,605 $ 30,892 $ 2,394 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 3,058 $ 2,891 $ 159 $ 8 Derivatives – Other (C) 9,938 — 9,938 — $ 12,996 $ 2,891 $ 10,097 $ 8 Counterparty credit risk and the credit risk of SJI are incorporated and considered in the valuation of all derivative instruments as appropriate. The effect of counterparty credit risk and the credit risk of SJI on the derivative valuations is not significant. (A) Available-for-Sale Securities include securities that are traded in active markets and securities that are not traded publicly. The securities traded in active markets are valued using the quoted principal market close prices that are provided by the trustees and are categorized in Level 1 in the fair value hierarchy. (B) Derivatives – Energy Related Assets and Liabilities are traded in both exchange-based and non-exchange-based markets. Exchange-based contracts are valued using unadjusted quoted market sources in active markets and are categorized in Level 1 in the fair value hierarchy. Certain non-exchange-based contracts are valued using indicative price quotations available through brokers or over-the-counter, on-line exchanges and are categorized in Level 2. These price quotations reflect the average of the bid-ask mid-point prices and are obtained from sources that management believes provide the most liquid market. Management reviews and corroborates the price quotations with at least one additional source to ensure the prices are observable market information, which includes consideration of actual transaction volumes, market delivery points, bid-ask spreads and contract duration. For non-exchange-based derivatives that trade in less liquid markets with limited pricing information, model inputs generally would include both observable and unobservable inputs. In instances where observable data is unavailable, management considers the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 in the fair value hierarchy as the model inputs generally are not observable. Management uses the discounted cash flow model to value Level 3 physical and financial forward contracts, which calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. Inputs to the valuation model are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third party pricing sources. The validity of the mark-to-market valuations and changes in these values from period to period are examined and qualified against historical expectations by the risk management function. If any discrepancies are identified during this process, the mark-to-market valuations or the market pricing information is evaluated further and adjusted, if necessary. (C) Derivatives-Other – Derivative instruments that are used to limit our exposure to changes in interest rates on variable-rate, long-term debt are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment, as a result, these instruments are categorized in Level 2 in the fair value hierarchy. The following table provides quantitative information regarding significant unobservable inputs in Level 3 fair value measurements (in thousands, except for ranges): SJI (includes SJG and all other consolidated subsidiaries): Type Fair Value at December 31, 2021 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contracts - Natural Gas $ 8,916 $ 8,107 Discounted Cash Flow Forward price (per dt) $1.77 - $8.30 [$3.73] (A) Type Fair Value at December 31, 2020 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contracts - Natural Gas $ 12,824 $ 1,764 Discounted Cash Flow Forward price (per dt) $1.44 - $6.77 [$2.67] (A) The unobservable inputs in Level 3 fair value measurements of forward electric contracts as of December 31, 2021 and 2020 are not material. SJG: Type Fair Value at December 31, 2021 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contracts - Natural Gas $ 3,638 $ — Discounted Cash Flow Forward price (per dt) $3.75 - $5.66 [$4.94] (A) Type Fair Value at December 31, 2020 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contracts - Natural Gas $ 3,393 $ 8 Discounted Cash Flow Forward price (per dt) $2.48 - $3.63 [$3.16] (A) (A) Represents the range, along with the weighted average, of forward prices for the sale and purchase of natural gas. (B) Represents the range, along with the weighted average, of the percentage of contracted usage that is loaded during on-peak hours versus off-peak. The changes in fair value measurements of Derivatives – Energy Related Assets and Liabilities during the years ended December 31, using significant unobservable inputs (Level 3), are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 Balance at January 1, 2021 $ 11,006 Other changes in fair value from continuing and new contracts, net (228) Settlements (10,098) Balance at December 31, 2021 $ 680 2020 Balance at January 1, 2020 $ 17,574 Other changes in fair value from continuing and new contracts, net 11,078 Settlements (17,646) Balance at December 31, 2020 $ 11,006 SJG: 2021 Balance at January 1, 2021 $ 3,385 Other changes in fair value from continuing and new contracts, net 3,638 Settlements (3,385) Balance at December 31, 2021 $ 3,638 2020 Balance at January 1, 2020 $ 5,035 Other changes in fair value from continuing and new contracts, net 3,385 Settlements (5,035) Balance at December 31, 2020 $ 3,385 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) | ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL): The following table presents the changes in SJI's AOCL, net of tax, for the years ended December 31, 2021, 2020, and 2019 (in thousands): Postretirement Liability Adjustment Unrealized Gain (Loss) on Derivatives-Other Unrealized Gain (Loss) on Available-for-Sale Securities Other Comprehensive Income (Loss) of Affiliated Companies Total Balance at January 1, 2019 $ (25,626) $ (362) $ (10) $ (97) $ (26,095) Other comprehensive loss before reclassifications (6,498) — — — (6,498) Amounts reclassified from AOCL — 35 — — 35 Net current period other comprehensive (loss) income (6,498) 35 — — (6,463) Balance at December 31, 2019 (32,124) (327) (10) (97) (32,558) Other comprehensive loss before reclassifications (5,692) — — — (5,692) Amounts reclassified from AOCL — 34 — — 34 Net current period other comprehensive (loss) income (5,692) 34 — — (5,658) Balance at December 31, 2020 (37,816) (293) (10) (97) (38,216) Other comprehensive income before reclassifications 11,455 — — — 11,455 Amounts reclassified from AOCL — 32 — — 32 Net current period other comprehensive income 11,455 32 — — 11,487 Balance at December 31, 2021 $ (26,361) $ (261) $ (10) $ (97) $ (26,729) The following table presents the changes in SJG's AOCL, net of tax, for the years ended December 31, 2021, 2020, and 2019 (in thousands): Postretirement Liability Adjustment Unrealized Gain (Loss) on Derivatives-Other Total Balance at January 1, 2019 $ (21,901) $ (456) $ (22,357) Other comprehensive loss before reclassifications (5,553) — (5,553) Amounts reclassified from AOCL — 35 35 Net current period other comprehensive (loss) income (5,553) 35 (5,518) Balance at December 31, 2019 (27,454) (421) (27,875) Other comprehensive loss before reclassifications (3,765) — (3,765) Amounts reclassified from AOCL — 34 34 Net current period other comprehensive (loss) income (3,765) 34 (3,731) Balance at December 31, 2020 (31,219) (387) (31,606) Other comprehensive income before reclassifications 8,598 — 8,598 Amounts reclassified from AOCL — 32 32 Net current period other comprehensive income 8,598 32 8,630 Balance at December 31, 2021 $ (22,621) $ (355) $ (22,976) |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES: At contract inception, SJI and SJG assess the goods and services promised in all of its contracts with customers, and identify a performance obligation for each promise to transfer to a customer a distinct good or service. As applicable for each revenue stream and customer contract type, SJI and SJG follow two approaches: • SJI and SJG have elected the practical expedient in ASC 606, Revenues from Contracts with Customers, for recognizing revenue on contracts with customers on a portfolio of performance obligations with similar characteristics, as we reasonably expect the effects of applying the guidance to the portfolio would not differ materially from applying it to individual contracts. • SJI and SJG apply the accounting guidance for recognizing revenue on contracts with customers on a series of distinct goods and services as one performance obligation, as long as the distinct goods and services are part of a series that are substantially the same and satisfied over time, and the same method would be used to measure progress towards satisfaction of the performance obligation. All performance obligations noted below under "Revenue Recognized Over Time" apply this guidance. Below is a listing of all performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms, and the nature of the goods and services being transferred: Revenue Recognized Over Time: Reportable Segment Performance Obligation Description SJG Utility Operations ETG Utility Operations ELK Utility Operations Wholesale Energy Operations Natural Gas SJG, ETG and, prior to its sale in July 2020 (see Note 1), ELK, sell natural gas to residential, commercial and industrial customers, and price is based on regulated tariff rates which are established by the BPU or the MPSC, as applicable. There is an implied contract with a customer for the purchase, delivery, and sale of gas, and the customer is billed monthly, with payment due within 30 days. Payments are received from certain customers based on a predetermined budget billing schedule. Budget billing does not represent a contract asset or liability but rather just a receivable/liability because there are no further performance obligations required to be satisfied before the Utilities have the right to collect/refund the customer’s consideration. Consideration is due when control of the energy is transferred to the customer and is satisfied with the passage of time. Budget billing liability balances are recorded within the Customer Deposits and Credit Balances line item in the consolidated balance sheets. SJG has direct connections to and long-term gas transmission services on interstate pipeline systems. The sale of gas to third parties from these pipelines prior to entering our service territory is considered OSS. These contracts to sell off-system are at a price, quantity and time period agreed to by both parties determined on a contract by contract basis. SJRG sells natural gas to commercial customers at either a fixed quantity or at variable quantities based on a customer's needs. Payment is due on the 25th of each month for the previous month's deliveries. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably as the customer uses natural gas, which represents satisfaction of the performance obligation. SJG Utility Operations Wholesale Energy Operations Pipeline Transportation Capacity SJG and SJRG sell pipeline transportation capacity on a wholesale basis to various customers on the interstate pipeline system and transport natural gas purchased directly from producers or suppliers to their customers (for SJG, this is known as Capacity Release). These contracts to sell this capacity are at a price, quantity and time period agreed to by both parties determined on a contract by contract basis. Payment is due on the 25th of each month for the previous month's deliveries. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably coinciding with the delivery of gas and the customer obtaining control, which represents satisfaction of the performance obligation. Wholesale Energy Operations Fuel Management Services SJRG currently has several fuel supply management contracts where SJRG has acquired pipeline transportation capacity that allows SJRG to match end users, many of which are merchant generators, with producers looking to find a long-term solution for their supply. Natural gas is sold to the merchant generator daily based on its needs, with payment made either weekly or biweekly depending on the contract. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) coinciding with the delivery of gas and the customer obtaining control, which represents satisfaction of the performance obligation. Retail Services Electricity SJE sells electricity to commercial, industrial and residential customers at fixed prices throughout the life of the contract, with the customer billed monthly and payment due within 30 days. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably coinciding with the delivery of electricity and the customer obtaining control, which represents satisfaction of the performance obligation. Renewables Solar Solar projects earn revenue based on electricity generated. The customer is billed monthly as electricity is being generated, with payment due within 30 days. The performance obligation is satisfied as kilowatt hours of energy are generated (i.e., unit of output), which is when revenue is recognized. Renewables Fuel Cell The fuel cell projects earn revenue based on electricity generated. The customer is billed monthly as electricity is being generated, with payment due within 30 days. The performance obligation is satisfied as kilowatt hours of energy are generated (i.e., unit of output), which is when revenue is recognized. Renewables CHP Marina sold MTF/ACB in February 2020 (see Note 1). Prior to its sale, Marina had a contract with a casino and resort in Atlantic City, NJ to provide cooling, heating and emergency power. There were multiple performance obligations with this contract, including electric, chilled water and hot water, and each of these was considered distinct and separately identifiable performance obligations that were all priced separately. These performance obligations were satisfied over time ratably as they were used by the customer, who was billed monthly. Retail Services Energy Procurement Consulting Services AEP and EnerConnex provide energy procurement consulting services. These businesses match energy suppliers with end users and are paid commissions by energy suppliers. The commissions received on energy procurement contracts (whether received at the beginning of a contract or paid under monthly terms) are earned and recognized over the duration of the underlying contracts as energy usage occurs, which represents satisfaction of the performance obligation. The resulting contract liabilities are not material as of December 31, 2021, 2020 and 2019. Revenue Recognized at a Point in Time: Reportable Segment Performance Obligation Description Renewables SRECs The customer is billed based on a contracted amount of SRECs to be sold, with the price based on the market price of the SRECs at the time of generation. This does not represent variable consideration as the price is known and established at the time of generation and delivery to the customer. The performance obligation is satisfied at the point in time the SREC is delivered to the customer, which is when revenue is recognized. Payment terms are approximately 10 days subsequent to delivery. For all revenue streams listed above, revenue is recognized using the practical expedient in ASC 606, which allows an entity to recognize revenue in the amount that is invoiced, as long as that amount corresponds to the value to the customer ("Invoiced Practical Expedient"). SJI's and SJG's contracts with customers discussed above are at prices that are known to the customer at the time of delivery, either through regulated tariff rates, a fixed contractual price or market prices that are established and tied to each delivery. These amounts match the value to the customer as they are purchasing and obtaining the good or service on the same day at the agreed-upon price. This eliminates any variable consideration in transaction price, and as a result revenue is recognized at this price at the time of delivery. SJI and SJG have determined that the above methods provide a faithful depiction of the transfer of goods or services to the customer. For all above performance obligations, SJI's and SJG's efforts are expended throughout the contract based on seasonality and customer needs. Further, for various contracts among each performance obligation, SJI (specifically SJRG) may have a stand ready obligation to provide goods or services on an as needed basis to the customer. Because the Invoiced Practical Expedient is used for recognizing revenue, SJI and SJG further adopted the practical expedient in ASC 606 that allows both companies to not disclose additional information regarding remaining performance obligations. SJI and SJG disaggregate revenue from contracts with customers into customer type and product line. SJI and SJG have determined that disaggregating revenue into these categories achieves the disclosure objective in ASC 606 to depict how the nature, timing and uncertainty of revenue and cash flows are affected by economic factors. Further, disaggregating revenue into these categories is consistent with information regularly reviewed by the CODM in evaluating the financial performance of SJI's operating segments. SJG only operates in the SJG Utility Operations segment. See Note 8 for further information regarding SJI's operating segments. Disaggregated revenues from contracts with customers are disclosed below, by operating segment, for the years ended December 31, (in thousands). The presentation of disaggregated revenues for the prior periods has been revised to conform to the realignment of our operating segments as discussed in Note 8. 2021 SJG Utility Operations ETG Utility Operations Wholesale Energy Operations Retail Services Renewables Corporate Services and Intersegment Total Customer Type: Residential $ 359,963 $ 225,209 $ — $ 1,997 $ — $ — $ 587,169 Commercial & Industrial 166,287 129,148 1,406,155 8,918 24,038 (21,795) 1,712,751 OSS & Capacity Release 10,720 — — — — — 10,720 Other 3,022 811 — 4,881 — (524) 8,190 $ 539,992 $ 355,168 $ 1,406,155 $ 15,796 $ 24,038 $ (22,319) $ 2,318,830 Product Line: Gas $ 539,992 $ 355,168 $ 1,406,155 $ — $ — $ (21,617) $ 2,279,698 Electric — — — 8,919 — (178) 8,741 Solar — — — — 7,019 — 7,019 Fuel Cells — — — — 15,763 — 15,763 Other — — — 6,877 1,256 (524) 7,609 $ 539,992 $ 355,168 $ 1,406,155 $ 15,796 $ 24,038 $ (22,319) $ 2,318,830 2020 SJG Utility Operations ETG Utility Operations ELK Utility Operations Wholesale Energy Operations Retail Services Renewables Corporate Services and Intersegment Total Customer Type: Residential $ 349,111 $ 223,221 $ 2,179 $ — $ 1,978 $ — $ — $ 576,489 Commercial & Industrial 144,300 114,300 2,544 683,152 22,176 15,617 (10,048) 972,041 OSS & Capacity Release 7,673 — — — — — — 7,673 Other 2,048 1,629 203 — — — — 3,880 $ 503,132 $ 339,150 $ 4,926 $ 683,152 $ 24,154 $ 15,617 $ (10,048) $ 1,560,083 Product Line: Gas $ 503,132 $ 339,150 $ 4,926 $ 683,152 $ — $ — $ (7,544) $ 1,522,816 Electric — — — — 19,907 — (1,971) 17,936 Solar — — — — — 8,426 — 8,426 CHP — — — — — 3,502 — 3,502 Other — — — — 4,247 3,689 (533) 7,403 $ 503,132 $ 339,150 $ 4,926 $ 683,152 $ 24,154 $ 15,617 $ (10,048) $ 1,560,083 2019 SJG Utility Operations ETG Utility Operations ELK Utility Operations Wholesale Energy Operations Retail Services Renewables Corporate Services and Intersegment Total Customer Type: Residential $ 356,646 $ 217,195 $ 3,494 $ — $ 16,206 $ — $ — $ 593,541 Commercial & Industrial 116,959 103,590 4,197 633,720 43,345 48,748 (13,368) 937,191 OSS & Capacity Release 8,951 — — — — — — 8,951 Other 2,456 10,242 166 — — — — 12,864 $ 485,012 $ 331,027 $ 7,857 $ 633,720 $ 59,551 $ 48,748 $ (13,368) $ 1,552,547 Product Line: Gas $ 485,012 $ 331,027 $ 7,857 $ 633,720 $ — $ — $ (5,433) $ 1,452,183 Electric — — — — 56,899 — (7,935) 48,964 Solar — — — — — 15,111 — 15,111 CHP — — — — — 27,993 — 27,993 Other — — — — 2,652 5,644 — 8,296 $ 485,012 $ 331,027 $ 7,857 $ 633,720 $ 59,551 $ 48,748 $ (13,368) $ 1,552,547 The SJG balance is a part of the SJG Utility Operations segment, and is before intercompany eliminations with other SJI entities. Revenues on the consolidated statements of income that are not with contracts with customers consist of (a) revenues from alternative revenue programs at the SJG, ETG and ELK utility operating segments (primarily CIP and WNC), (b) both utility and nonutility realized revenue from derivative contracts at the SJG and ETG Utility Operations, Wholesale Energy Operations, and Retail Services operating segments, and (c) unrealized revenues from derivative contracts at the Wholesale Energy Operations and Retail Services operating segments (see Note 16). The Utilities' rate mechanisms that qualify as alternative revenue programs are described in Note 10. These mechanisms are subject to compliance filings on at least an annual basis, and the tariff rate adjustments are designed to occur over this compliance period. These rate mechanisms satisfy the criteria in ASC 980-605-25-4, as (a) each mechanism is established by order of the BPU for SJG and ETG, and the MPSC for ELK; (b) the amounts recoverable under each program are determined by tracking and are probable of recovery; and (c) the adjustments to tariff rates are designed to recover from or refund to customers within a 24 month period. For each individual rate reconciling mechanism, operating revenues are recognized when allowable costs are greater than the amounts billed in the current period and are reduced when allowable costs are less than amounts billed in the current period. Total revenues arising from alternative revenue programs at SJI were $17.8 million, $38.1 million and $29.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. Total revenues arising from alternative revenue programs at SJG were $13.0 million, $28.0 million and $34.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. The following table provides information about SJI's and SJG's receivables and unbilled revenue from contracts with customers (in thousands): Accounts Receivable (a) Unbilled Revenue (b) SJI (including SJG and all other consolidated subsidiaries): Beginning balance as of January 1, 2021 $ 278,723 $ 85,423 Ending balance as of December 31, 2021 343,835 87,357 Increase (Decrease) $ 65,112 $ 1,934 Beginning balance as of January 1, 2020 $ 253,661 $ 84,821 Ending balance as of December 31, 2020 278,723 85,423 Increase (Decrease) $ 25,062 $ 602 SJG: Beginning balance as of January 1, 2021 $ 88,657 $ 46,837 Ending balance as of December 31, 2021 125,848 43,236 Increase (Decrease) $ 37,191 $ (3,601) Beginning balance as of January 1, 2020 $ 84,940 $ 45,016 Ending balance as of December 31, 2020 88,657 46,837 Increase (Decrease) $ 3,717 $ 1,821 (a) A receivable is SJI's and SJG's right to consideration that is unconditional, as only the passage of time is required before payment is expected from the customer. (b) All unbilled revenue for SJI and SJG arises from contracts with customers. Unbilled revenue relates to SJI's and SJG's right to receive payment for commodity delivered but not yet billed. This represents contract assets that arise from contracts with customers, which is defined in ASC 606 as the right to payment in exchange for goods already transferred to a customer, excluding any amounts presented as a receivable. The unbilled revenue is transferred to accounts receivable when billing occurs and the rights to collection become unconditional. |
ACQUISITIONS & BUSINESS COMBINA
ACQUISITIONS & BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS & BUSINESS COMBINATIONS | ACQUISITIONS & BUSINESS COMBINATIONS During the years ended December 31, 2021 and 2020, SJI completed several acquisitions and business combinations as described below. In each case, the amount of revenues and net income included in the Company’s consolidated statements of income for the year of the acquisition was not material. For the EnerConnex transaction, which was accounted for as a business combination, our results would not have been materiality different for the periods presented prior to the acquisition if the acquisition had occurred at the beginning of those periods. In addition, the amounts of acquisition-related costs were not material for these transactions. Catamaran Joint Venture On August 12, 2020, SJI, through its wholly-owned subsidiary Marina, formed the Catamaran joint venture with a third party partner. Catamaran was formed for the purpose of developing, owning and operating renewable energy projects, and supporting SJI's commitment to clean energy initiatives. The following acquisitions have occurred under the Catamaran joint venture since its initiation: Bronx Midco Catamaran and a third party formed Bronx Midco, of which Catamaran owns 99%. On June 9, 2021, Bronx Midco purchased a fuel cell project totaling 5 MW in Bronx, New York that is in the process of being constructed and is expected to be completed in the second quarter of 2022. Marina, through its ownership in Catamaran, has a 92% ownership interest in Bronx Midco, and, as a result, Marina consolidates the entity as Marina has the power to direct the activities of the entity that most significantly impact the entity’s economic performance. ASC Topic 805, “Business Combinations,” states that a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs, or other economic benefits directly to investors or other owners, members, or participants. As the acquisition did not meet the definition of a business combination under ASC 805, the Company accounted for the transaction as an asset acquisition. In an asset acquisition, goodwill is not recognized, but rather any excess consideration transferred over the fair value of the net assets acquired is allocated on a relative fair value basis to the identifiable net assets. The fuel cell project includes a land lease (see Note 9) and, at the time of the acquisition, working capital. The total expected cost of the fuel cell project is $60.1 million, of which the partners have paid $28.7 million as of December 31, 2021. Of this total, Marina invested $26.4 million as of December 31, 2021. To account for the third party partners' interest in Bronx Midco, Marina recorded $2.3 million of Noncontrolling Interests in Total Equity on the consolidated balance sheets as of December 31, 2021. The major depreciable assets of the Bronx Midco fuel cell project are the fuel cell modules, which will be depreciated over their estimated useful lives of 35 years once placed in service. The lease cost associated with the land lease is being recognized on a straight-line basis over the lease term of 35 years (see Note 9). All assets and financial results of Bronx Midco are included in the Renewables segment. As this project is not yet placed into service, no revenues have been recorded, expenses incurred in the Company's consolidated statements of income in 2021 are not material, and no ITC has been recorded in 2021. Annadale On August 12, 2020, Catamaran purchased 100% ownership in Annadale, an entity that owns two fuel cell projects totaling 7.5 MW in Staten Island, New York. Construction was completed after the acquisition and these fuel cell projects became operational in December 2020. Marina has a 93% ownership interest in Annadale, and Marina consolidates the entity as Marina has the power to direct the activities of the entity that most significantly impact the entity’s economic performance. Since the acquisition of Annadale did not meet the definition of a business combination under ASC 805, the Company accounted for the transaction as an asset acquisition. The acquisition of Annadale included a land lease (see Note 9) and working capital. Marina invested $80.2 million in Annadale as part of the $86.2 million total cost of the fuel cell project, with the remaining $6.0 million being contributed by the noncontrolling minority interest owner, which is recorded as Noncontrolling Interests within Total Equity on the consolidated balance sheets as of December 31, 2021. The acquisition was primarily comprised of $80.6 million in Nonutility Property, Plant & Equipment, $23.9 million in Cash and Cash Equivalents, and $4.3 million in Other Noncurrent Assets, partially offset by $21.2 million in Accounts Payable and Other Current & Noncurrent Liabilities. The major depreciable assets of Annadale are the fuel cell modules, which are being depreciated over their estimated useful lives of 35 years (see Note 1). The land lease is being amortized over the lease term of 35 years (see Note 9). All assets and financial results of Annadale are included in the Renewables segment. EnerConnex Acquisition On August 7, 2020, SJI, through its wholly-owned subsidiary SJEI, completed its acquisition of the remaining 75% of EnerConnex for total consideration of $7.5 million. This acquisition supported the Company's initiative to expand its energy consulting business. EnerConnex does not have any regulated operations. The acquisition of EnerConnex was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805. Under the acquisition method of accounting, the total estimated purchase price of an acquisition is allocated to the net assets based on their estimated fair values. Prior to this transaction, SJEI previously had a 25% investment in EnerConnex that was accounted for under the equity method of accounting. As this was a business combination achieved in stages, an approximately $2.0 million (pre-tax) gain was recorded in 2020 as a result of remeasuring the carrying value of the previously held equity interest in EnerConnex to its acquisition date fair value. This gain was recorded in Other Income on the consolidated statements of income in 2020. The acquisition date fair value of the previously held equity interest was $2.5 million and was determined based on the cash consideration exchanged for the remaining 75% of EnerConnex. The total of the $7.5 million in cash consideration for the remaining 75%, the $2.5 million acquisition date fair value of the previously held interest, and $0.2 million in assumed liabilities served as the total allocable basis shown in the preliminary purchase price allocation below. The purchase price allocation to the assets acquired and liabilities assumed as of the acquisition date for EnerConnex was finalized during 2021 with no significant adjustment and is as follows: EnerConnex Cash $ 415 Accounts Receivable 249 Identifiable Intangible Assets (A) 4,500 Goodwill 4,890 Other Noncurrent Assets 100 Total assets acquired 10,154 Accounts Payable 4 Other Current Liabilities 150 Total liabilities assumed 154 Total net assets acquired $ 10,000 (A) The identifiable intangible asset balances shown in the table above are related to customer relationships acquired in the transaction, and are included in Other Noncurrent Assets on the consolidated balance sheets. See Note 21. All assets and financial results of EnerConnex are included in the Retail Services segment. Solar Projects Acquisitions In 2021, SJI, through its wholly-owned subsidiary Marina, completed its acquisitions of a solar project in New Jersey. Also in 2021, Catamaran completed its acquisition of a solar project in Massachusetts, of which Marina has a 90% ownership interest. On June 30, 2020 and August 21, 2020, SJI acquired three LLCs and a fourth LLC, respectively. The total purchase price for these solar projects/entities, which equaled the fair value of property, plant, and equipment that was acquired in the transactions, was not material. Costs related to these acquisitions were not material. The purchase of these projects/entities is in support of the New Jersey Energy Master Plan. All assets and financial results of these projects/entities are included in the Renewables segment. RNG Dairy Farm Development Rights Acquisition On December 23, 2020, SJI completed its asset acquisition of renewable natural gas development rights in certain dairy farms, previously owned by REV, for total consideration of $10.0 million. The development rights are associated with dairy farms that will be developed as RNG projects. This acquisition is consistent with SJI's commitment to decarbonization, as REV, which we will contract with to assist in developing these RNG projects, specializes in the development, production and transportation of renewable natural gas, liquified natural gas and compressed natural gas. Among its service offerings, REV acquires the rights to build anaerobic digesters on dairy farms to produce RNG for injection into natural gas pipelines. |
GOODWILL AND IDENTIFIABLE INTAN
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS: GOODWILL - Goodwill represents future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration paid or transferred over the fair value of identifiable net assets acquired. Goodwill is not amortized, but instead is subject to impairment testing on an annual basis, and between annual tests whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying amount. The Company performs its annual goodwill impairment test as of October 1 of each fiscal year beginning with a qualitative assessment at the reporting unit level. The reporting unit level is identified by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available, whether segment management regularly reviews the operating results of those components and whether the economic and regulatory characteristics are similar. Factors utilized in the qualitative analysis performed on goodwill in our reporting units include, among other things, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, company specific operating results and other relevant entity-specific events affecting individual reporting units. If sufficient qualitative factors exist, potential goodwill impairment is evaluated quantitatively by comparing the fair value of a reporting unit to the book value, including goodwill. For each reporting unit, the Company estimates the fair value of a reporting unit using a discounted cash flow analysis (an income approach) and, for certain reporting units, management also considers other methods, which include a market multiples analysis, and performs a weighted combination of the income approach and the market approach. Determining the fair value of a reporting unit requires judgment and the use of significant estimates and assumptions. Such estimates and assumptions include, but are not limited to, forecasts of future operating results, discount and growth rates, capital expenditures, tax rates, projected terminal values and, in the cases where market multiples analysis is utilized, implied market multiples for a selected group of peer companies. If the fair value exceeds book value, goodwill of the reporting unit is not considered impaired. If the book value exceeds fair value, an impairment charge is recognized for the excess up until the amount of goodwill allocated to the reporting unit. Changes in estimates or the application of alternative assumptions could produce significantly different results. As a result of the COVID-19 pandemic and the resulting macroeconomic market conditions during 2020, the Company determined it necessary to perform a quantitative goodwill impairment analysis on the goodwill at the ETG reporting unit as of March 31, 2020 and again as of September 30, 2020. There were no impairments recorded as a result of these impairment tests. In 2021, there were no additional triggering events; as such, the Company performed its annual impairment test as of October 1, 2021. In preparing the ETG goodwill impairment test, the fair value of the ETG reporting unit was calculated using a weighted combination of the income approach, which estimates fair value based on discounted cash flows, and the market approach, which estimates fair value based on market comparables within the utility and energy industries. Determining the fair value of the ETG reporting unit requires judgment and the use of significant estimates and assumptions as discussed above. Based on the analysis performed, the fair value of the ETG reporting unit closely approached, but exceeded, its carrying amount. Should economic conditions deteriorate in future periods or remain depressed for a prolonged period of time, estimates of future cash flows and market valuation assumptions may not be sufficient to support the carrying value, requiring impairment charges in the future. The following table summarizes the changes in goodwill for the years ended December 31, 2021 and 2020, respectively (in thousands): 2021 2020 Beginning Balance, January 1 $ 706,960 $ 702,070 Goodwill from EnerConnex Acquisition at Retail Services segment (see Note 20) — 4,890 Ending Balance, December 31 $ 706,960 $ 706,960 As of December 31, 2021 and 2020, $700.2 million was included in the ETG Utility Operations segment and $6.8 million was included in the Retail Services segment. In 2019, as a result of the agreement to sell MTF & ACB (see Note 1), the Company recorded a $3.6 million impairment charge on goodwill due to the purchase price being less than the total carrying value. This impairment charge was taken at the Renewables segment and recorded to Impairment Charges on the consolidated statements of income. The Company concluded, based on the results of its at least annual goodwill impairment assessments performed for all reporting units during the years ended December 31, 2021, 2020 and 2019, that there were no additional goodwill impairments identified. IDENTIFIABLE INTANGIBLE ASSETS - The primary identifiable intangible assets of the Company are customer relationships within the Retail Services segment, interconnection and power purchase agreements at Annadale (collectively "Annadale intangible assets"), and an AMA within the ETG Utility Operations segment. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Considerations may include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company's long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have definite lives (finite-lived intangible assets) are amortized, primarily on a straight-line basis, over their useful lives, generally ranging from 2 to 20 years. The fair value of intangible assets is determined based on quoted market prices in active markets, if available. If quoted market prices are not available, the fair value of intangible assets is determined based upon the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants, or upon estimated replacement cost, if expected future cash flows from the intangible asset are not determinable. No impairment charges were taken on identifiable intangible assets in 2021 and 2020. In 2019, as a result of the agreement to sell MTF & ACB (see Note 1), the Company recorded a $4.8 million impairment charge on identifiable intangible assets due to the purchase price being less than the total carrying value. This impairment charge was taken at the Renewables segment and recorded to Impairment Charges on the consolidated statements of income. SJI's identifiable intangible assets were as follows (in thousands): As of December 31, 2021 Gross Cost Accumulated Amortization Identifiable Intangible Assets, Net Identifiable intangible assets subject to amortization: Customer Relationships $ 8,881 $ (863) $ 8,018 AMA (See Note 1) 19,200 (17,920) 1,280 Annadale Intangible Assets 4,220 (280) $ 3,940 Other 807 (2) 805 Total $ 33,108 $ (19,065) $ 14,043 As of December 31, 2020 Gross Cost Accumulated Amortization Identifiable Intangible Assets, Net Identifiable intangible assets subject to amortization: Customer Relationships $ 6,900 $ (338) $ 6,562 AMA (See Note 1) 19,200 (12,800) 6,400 Annadale Intangible Assets 4,318 (22) 4,296 Total $ 30,418 $ (13,160) $ 17,258 The net identifiable intangible asset balances shown in the table above are included in Other Noncurrent Assets on the consolidated balance sheets as of December 31, 2021 and 2020, respectively. Total SJI amortization expense related to identifiable intangible assets was $5.9 million, $5.4 million, and $6.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, SJI's estimated amortization expense related to identifiable intangible assets for each of the five succeeding fiscal years is as follows (in thousands): Year ended December 31, SJI 2022 $ 2,176 2023 $ 896 2024 $ 896 2025 $ 896 2026 $ 896 The decreases in estimated amortization expense in the table above are due to the AMA ceasing in March 2022 (see Note 1). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS: Merger Agreement On February 23, 2022, South Jersey Industries, Inc. (SJI or the Company) announced that it had signed an agreement and plan of merger (the “Merger Agreement”) with NJ Boardwalk Holdings LLC, a Delaware limited liability company (“Parent”) and Boardwalk Merger Sub, Inc., a New Jersey corporation and a wholly-owned subsidiary of Parent (“Merger Sub”), pursuant to which, Merger Sub will be merged with and into the Company, with the Company surviving the merger as a wholly-owned subsidiary of Parent. Each of Parent and Merger Sub are affiliates of Infrastructure Investments Fund. Following completion of the transaction, SJI intends to delist its shares from the New York Stock Exchange. At the effective time of the merger (the “Effective Time”), each share of SJI’s common stock issued and outstanding immediately before the Effective Time will be converted into the right to receive $36.00 in cash, without interest. SJI’s stockholders will be asked to vote on the adoption of the Merger Agreement and the merger at a special stockholders’ meeting that will be held on a date to be announced. The closing of the merger is subject to customary conditions, including the receipt of regulatory approvals by the BPU, and that the Merger Agreement be adopted by at least a majority of the votes cast by shareholders entitled to vote thereon at the meeting. The Merger Agreement places limitations on SJI’s ability to engage in certain types of transactions without Parent’s consent between the signing of the Merger Agreement and the Effective Time, including limitations on SJI’s ability to issue dividends other than consistent with its past practices, acquire other businesses, issue equity of SJI (except in the ordinary course pursuant to equity compensation plans) and, subject to certain exceptions, incurring certain indebtedness for borrowed money. The Merger Agreement contains certain termination rights, including the right of SJI or Parent to terminate if the merger is not consummated within 12 months after signing, subject to certain extensions and exceptions. Under the terms of the Merger Agreement, the Company may be required to pay Parent a termination fee of $140.0 million if the Merger Agreement is terminated under certain specified circumstances. The Merger Agreement additionally provides that Parent pay the Company a termination fee of $255.0 million under certain specified circumstances. Other Subsequent Events The collective bargaining agreement with the IBEW Local 1293 union that represents SJG employees was finalized in February 2022 and now runs through February 2025. In February 2022, ETG filed an update to its petition with the BPU requesting a base rate revenue increase of $72.9 million. This matter is pending before the BPU. See Note 10. |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I | SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED STATEMENTS OF INCOME (In Thousands) 2021 2020 2019 Management Service Fee Revenues $ 48,220 $ 44,410 $ 34,757 Operating Expenses: Operations 46,870 47,241 42,481 Depreciation 1,020 801 646 Energy and Other Taxes 2,194 1,992 1,842 Total Operating Expenses 50,084 50,034 44,969 Operating Loss (1,864) (5,624) (10,212) Other Income: Equity in Earnings of Subsidiaries 121,324 190,245 118,910 Other 6,236 18,191 10,863 Total Other Income 127,560 208,436 129,773 Interest Charges 55,192 56,692 58,956 Income Taxes (18,010) (11,177) (16,584) Income from Continuing Operations 88,514 157,297 77,189 Equity in Earnings of Discontinued Operations - Net of taxes 51 (255) (272) Net Income 88,565 157,042 76,917 Subtract/Add: Income (Loss) Attributable to Noncontrolling Interests 474 (42) — Net Income Attributable to South Jersey Industries, Inc. $ 88,091 $ 157,084 $ 76,917 The accompanying notes are an integral part of the condensed financial statements. SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands) 2021 2020 2019 Net Income $ 88,565 $ 157,042 $ 76,917 Other Comprehensive Income (Loss) - Net of Tax Postretirement Liability Adjustment, net of tax of $(4,426), $2,316, and $2,539, respectively 11,455 (5,692) (6,498) Reclassification of Unrealized Gain on Derivatives - Other to Net Income, net of tax of $(14), $(12), and $(11), respectively 32 34 35 Total Other Comprehensive Income (Loss) - Net of Tax (A) 11,487 (5,658) (6,463) Comprehensive Income $ 100,052 $ 151,384 $ 70,454 Subtract/Add: Comprehensive Income (Loss) Attributable to Noncontrolling Interests 474 (42) — Comprehensive Income Attributable to South Jersey Industries, Inc. $ 99,578 $ 151,426 $ 70,454 The accompanying notes are an integral part of the condensed financial statements. SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED STATEMENTS OF CHANGES IN EQUITY AND COMPREHENSIVE INCOME (In Thousands) South Jersey Industries, Inc. Years Ended December 31, 2019, 2020 and 2021 Common Stock Premium on Common Stock Treasury Stock AOCL Retained Earnings Total South Jersey Industries, Inc. Equity NCI Total Balance at January 1, 2019 $ 106,883 $ 843,268 $ (292) $ (26,095) $ 343,258 $ 1,267,022 $ — $ 1,267,022 Net Income — — — — 76,917 76,917 — 76,917 Other Comprehensive Loss, Net of Tax — — — (6,463) — (6,463) — (6,463) Common Stock Issued or Granted Through Equity Offering or Stock Plans 8,610 184,634 3 — — 193,247 — 193,247 Cash Dividends Declared - Common Stock ($1.16 per share) — — — — (106,938) (106,938) — (106,938) Balance at December 31, 2019 115,493 1,027,902 (289) (32,558) 313,237 1,423,785 — 1,423,785 Net Income — — — — 157,084 157,084 (42) 157,042 Other Comprehensive Loss, Net of Tax — — — (5,658) — (5,658) — (5,658) Common Stock Issued or Granted Through Equity Offering or Stock Plans 10,247 190,098 (32) — — 200,313 — 200,313 Cash Dividends Declared - Common Stock ($1.19 per share) — — — — (114,643) (114,643) — (114,643) Capital Contributions of Noncontrolling Interest in Subsidiary — — — — — — 6,037 6,037 Balance at December 31, 2020 125,740 1,218,000 (321) (38,216) 355,678 1,660,881 5,995 1,666,876 Net Income — — — — 88,091 88,091 474 88,565 Other Comprehensive Income, Net of Tax — — — 11,487 — 11,487 — 11,487 Common Stock Issued or Granted Through Equity Offering or Stock Plans 20,935 410,538 34 — — 431,507 — 431,507 Contract Liability Adjustment — (69,478) — — — (69,478) — (69,478) Cash Dividends Declared - Common Stock ($1.22 per share) — — — — (133,336) (133,336) — (133,336) Capital Contributions of Noncontrolling Interests in Subsidiaries — — — — — — 3,820 3,820 Balance at December 31, 2021 $ 146,675 $ 1,559,060 $ (287) $ (26,729) $ 310,433 $ 1,989,152 $ 10,289 $ 1,999,441 The accompanying notes are an integral part of the condensed financial statements. SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED STATEMENTS OF CASH FLOWS FOR THE TWELVE MONTHS ENDED DECEMBER 31, (In Thousands) 2021 2020 2019 CASH USED IN OPERATING ACTIVITIES $ (118,847) $ (246,530) $ (12,039) CASH FLOWS FROM INVESTING ACTIVITIES: Net (Advances to) Repayments from Associated Companies (51,572) 124,140 (42,084) Capital Expenditures (19,230) (12,961) (29,944) Other — 56 1,865 Net Cash (Used in) Provided by Investing Activities (70,802) 111,235 (70,163) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Issuance of Long-Term Debt 335,000 400,000 194,657 Principal Repayments of Long-Term Debt (90,000) (250,000) (715,000) Payments for Issuance of Long-Term Debt (14,255) (2,054) (876) Net (Repayments of) Borrowings from Short-Term Credit Facilities (332,000) (98,100) 496,100 Dividends on Common Stock (133,336) (114,643) (106,938) Proceeds from Sale of Common Stock 429,772 200,000 189,032 Payments for the Issuance of Common Stock (2,322) (2,409) — Capital Contributions of Noncontrolling Interests in Subsidiaries 3,820 6,037 — Other — (1,023) — Net Cash Provided by Financing Activities 196,679 137,808 56,975 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 7,030 2,513 (25,227) Cash, Cash Equivalents and Restricted Cash at Beginning of Year 2,620 107 25,334 Cash, Cash Equivalents and Restricted Cash at End of Year $ 9,650 $ 2,620 $ 107 The accompanying notes are an integral part of the condensed financial statements. SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED BALANCE SHEETS (In Thousands) 2021 2020 Assets Property Plant and Equipment: Nonutility Property, Plant and Equipment, at cost $ 8,126 $ 6,649 Accumulated Depreciation (2,414) (2,614) Property, Plant and Equipment - Net 5,712 4,035 Investments: Investments in Subsidiaries 3,166,214 2,958,076 Available-for-Sale Securities 37 32 Total Investments 3,166,251 2,958,108 Current Assets: Cash and Cash Equivalents 9,650 2,620 Receivable from Associated Companies 240,217 190,829 Accounts Receivable 44 43 Other 22,974 19,365 Total Current Assets 272,885 212,857 Other Noncurrent Assets 96,940 65,933 Total Assets $ 3,541,788 $ 3,240,933 Capitalization and Liabilities Equity: Common Stock SJI Par Value $1.25 a share Authorized - 220,000,000 shares (2021 and 2020) Outstanding Shares - 117,340,493 (2021) and 100,591,940 (2020) $ 146,675 $ 125,740 Premium on Common Stock 1,559,060 1,218,000 Treasury Stock (at par) (287) (321) Accumulated Other Comprehensive Loss (26,729) (38,216) Retained Earnings 310,433 355,678 Total South Jersey Industries, Inc. Equity 1,989,152 1,660,881 Noncontrolling Interests 10,289 5,995 Total Equity 1,999,441 1,666,876 Long-Term Debt 1,255,089 964,602 Current Liabilities: Notes Payable - Banks 143,000 475,000 Current Portion of Long-Term Debt 35,000 90,000 Payable to Associated Companies 1,121 3,305 Accounts Payable 5,675 6,112 Other Current Liabilities 47,893 23,396 Total Current Liabilities 232,689 597,813 Other Noncurrent Liabilities 54,569 11,642 Total Capitalization and Liabilities $ 3,541,788 $ 3,240,933 The accompanying notes are an integral part of the condensed financial statements. Notes to Condensed Financial Statements 1. BASIS OF PRESENTATION: Pursuant to rules and regulations of the SEC, the parent company only condensed financial statements of SJI do not reflect all of the information and notes normally included with financial statements prepared in accordance with GAAP in the United States. Therefore, these condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included under Item 8 in this Form 10-K. Dividends were not received from subsidiaries in 2021, 2020 or 2019. On July 1, 2021, pursuant to an intercompany rental agreement, SJG (the lessor) gave possession of the Company's corporate headquarters in Folsom, NJ to SJI (the lessee), This lease is classified as an operating lease by SJI with a lease term of 10 years, which includes the noncancelable period of 5 years plus the first 5-year renewal option. There are nine additional options to renew the lease after the original term expires, totaling an additional 45 years. if renewed. After considering various entity, contract, asset and market factors, SJI concluded that the least term is 10 years as it is not reasonably certain that SJI will exercise renewal options past that point. This resulted in the recognition of an ROU asset and liability, each of $16.8 million, recorded in Other Noncurrent Assets and Other Noncurrent Liabilities, respectively. The weighted average discount rate used for this lease was 3.0% as of December 31, 2021. See additional information in Note 9 to the consolidated financial statements. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (In Thousands) Col. A Col. B Col. C Col. D Col. E Additions Classification Balance at Beginning of Period Charged to Costs and Expenses Regulated Asset (a) Charged to Other Accounts - Describe (b) Deductions - Describe (c) Balance at End of Period December 31, 2021 Valuation Allowance for Deferred Tax Assets $ 7,392 $ 14,176 $ — $ — $ — $ 21,568 Provision for Uncollectibles $ 30,582 $ 10,159 $ 7,012 $ 592 $ 6,582 $ 41,763 December 31, 2020 Valuation Allowance for Deferred Tax Assets $ — $ 7,392 $ — $ — $ — $ 7,392 Provision for Uncollectibles $ 19,829 $ 9,558 $ 10,953 $ 909 $ 10,667 $ 30,582 December 31, 2019 Provision for Uncollectibles $ 18,842 $ 10,432 $ — $ (292) $ 9,153 $ 19,829 SOUTH JERSEY GAS COMPANY SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (In Thousands) Col. A Col. B Col. C Col. D Col. E Additions Classification Balance at Beginning of Period Charged to Costs and Expenses Regulated Asset (a) Charged to Other Accounts - Deductions - Balance at End of Period Provision for Uncollectibles December 31, 2021 $ 17,359 $ 7,794 $ 3,119 $ 160 $ 3,266 $ 25,166 December 31, 2020 $ 14,032 $ 6,209 4,845 $ 424 $ 8,151 $ 17,359 December 31, 2019 $ 13,643 $ 7,193 — $ (292) $ 6,512 $ 14,032 (a) Deferral of incremental costs related to the COVID-19 pandemic as a regulatory asset, resulting from a July 2, 2020 BPU Order. (b) Recoveries of accounts previously written off and minor adjustments. (c) Uncollectible accounts written off. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
GENERAL | GENERAL - SJI provides a variety of energy-related products and services primarily through the following wholly-owned subsidiaries: ▪ SJIU is a holding company that owns SJG and ETG and, until its sale in July 2020, owned ELK. • SJG is a regulated natural gas utility which distributes natural gas in the seven southernmost counties of New Jersey. • ETG is a regulated natural gas utility which distributes natural gas in seven counties in northern and central New Jersey. • ELK is a regulated natural gas utility which distributes natural gas in northern Maryland. On July 31, 2020, SJI sold ELK (see "Sale of ELK" below). ▪ SJE acquires and markets electricity to retail end users. ▪ SJRG markets natural gas storage, commodity and transportation assets along with fuel management services on a wholesale basis in the mid-Atlantic, Appalachian and southern states. ▪ SJEX owns oil, gas and mineral rights in the Marcellus Shale region of Pennsylvania. ▪ Marina develops and operates on-site energy-related projects. Marina includes the Catamaran joint venture that was entered into for the purpose of developing, owning and operating renewable energy projects, and supporting SJI's commitment to clean energy initiatives. Catamaran owns Annadale and Bronx Midco, operators of fuel cell projects in New York, in which Marina, through Catamaran, owns 93% and 92%, respectively. Catamaran also owns a solar generation site in Massachusetts, in which Marina, through Catamaran, owns 90%. The remaining ownership percentages are recorded as Noncontrolling Interests in the consolidated financial statements. Previously, Marina also included MTF and ACB, which were sold in February 2020, and solar projects that were sold in 2020 and 2019 as discussed below under Divestitures. The principal wholly-owned subsidiaries of Marina are: • ACLE, BCLE, SCLE and SXLE own landfill gas-to-energy production facilities in Atlantic, Burlington, Salem and Sussex Counties, respectively, located in New Jersey. ACLE ceased operations on September 30, 2021, while BCLE, SCLE and SXLE ceased operations on June 1, 2020. • Marina owns, directly and through wholly-owned subsidiaries, solar energy projects at rooftop generation sites in New Jersey, including projects that were acquired in 2020 and 2021. ▪ SJESP receives commissions on appliance service contracts from a third party. • Midstream invests in infrastructure and other midstream projects, including the PennEast project for which development ceased in September 2021. See Note 3. • SJEI provides energy procurement and cost reduction services. The significant wholly-owned subsidiaries of SJEI include: • AEP, an aggregator, broker and consultant in the retail energy markets that matches end users with suppliers for the procurement of natural gas and electricity. • EnerConnex, an aggregator, broker and consultant in the retail and wholesale energy markets that matches end users with suppliers for the procurement of natural gas and electricity. On August 7, 2020, SJEI acquired the remaining 75% of EnerConnex, of which SJEI previously held a 25% interest. |
BASIS OF PRESENTATION | BASIS OF PRESENTATION - SJI's consolidated financial statements include the accounts of SJI, its direct and indirect wholly-owned subsidiaries (including SJG) and subsidiaries in which SJI has a controlling interest. All significant intercompany accounts and transactions have been eliminated in consolidation. SJI also reports on a consolidated basis the operations of those entities listed under "Acquisitions" below as of their respective acquisition dates, along with its controlling interest in Catamaran as noted below. In management's opinion, the consolidated financial statements of SJI and SJG reflect all normal recurring adjustments needed to fairly present their respective financial positions, operating results and cash flows at the dates and for the periods presented. |
RECLASSIFICATIONS | Certain prior years' data presented in the financial statements and footnotes have been reclassified to conform to the current year presentation. These reclassifications had no impact on the Company's results of operations, financial position or cash flows. |
IMPAIRMENT OF LONG-LIVED ASSETS | IMPAIRMENT OF LONG-LIVED ASSETS - Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360, Property, Plant and Equipment, where an impairment loss is indicated if the total undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset's carrying amount and fair value, with the difference recorded within Impairment Charges on the consolidated statements of income. Fair values can be determined based on agreements to sell assets as well as by a variety of valuation methods, including third-party appraisals, sales prices of similar assets, and present value techniques. |
EQUITY INVESTMENTS | EQUITY INVESTMENTS - Marketable equity securities that are purchased as long-term investments are classified as Available-for-Sale Securities and carried at their fair value on the consolidated balance sheets. Any unrealized gains or losses are included in AOCL. SJI, through wholly-owned subsidiaries, holds significant variable interests in several companies but is not the primary beneficiary. Consequently, these investments are accounted for under the equity method. SJI includes the operations of these affiliated companies on a pre-tax basis in the statements of consolidated income under Equity in (Losses) Earnings of Affiliated Companies. In the event that losses and/or distributions from these equity method investments exceed the carrying value, and the Company is obligated to provide additional financial support, the excess will be recorded as either a current or non-current liability on the consolidated balance sheets. If we have provided any additional financial support to the investee, such as loans or advances, our share of losses that exceed the carrying amount of our investment are recorded against that amount of financial support. An impairment loss is recorded when there is clear evidence that a decline in value is other than temporary. See discussion of our equity method investments, including PennEast and Energenic and their related impairment losses, in Note 3. |
NONCONTROLLING INTEREST | NONCONTROLLING INTERESTS - Interests held by third parties in consolidated majority-owned subsidiaries are presented as noncontrolling interests, which represents the noncontrolling stockholders’ interests in the underlying net assets of the Company’s consolidated majority-owned subsidiaries. As of December 31, 2021, SJI's noncontrolling interests balances are solely related to the Catamaran projects (see Note 20). |
ESTIMATES AND ASSUMPTIONS | ESTIMATES AND ASSUMPTIONS - The consolidated financial statements were prepared to conform with GAAP. Management makes estimates and assumptions that affect the amounts reported in the consolidated financial statements and related disclosures. Therefore, actual results could differ from those estimates. Significant estimates include amounts related to regulatory accounting, energy derivatives, environmental remediation costs, legal contingencies, pension and other postretirement benefit costs, revenue recognition, goodwill, evaluation of equity method investments for other-than-temporary impairment, income taxes and allowance for credit losses. Estimates may be subject to future uncertainties, including the continued evolution of the COVID-19 pandemic and its impact on our operations and economic conditions, which could affect the fair value of the ETG reporting unit and its goodwill balance (see Note 21), as well as the allowance for credit losses and the total impact and potential recovery of incremental costs associated with COVID-19 (see Notes 7 and 11, respectively). |
REGULATION | REGULATION - The Utilities are subject to the rules and regulations of the BPU. See Note 10 for a discussion of the Utilities' rate structure and regulatory actions. The Utilities maintain their accounts according to the BPU's prescribed Uniform System of Accounts. The Utilities follow the accounting for regulated enterprises prescribed by ASC 980, Regulated Operations , which allows for the deferral of certain costs (regulatory assets) and creation of certain obligations (regulatory liabilities) when it is probable that such items will be recovered from or refunded to customers in future periods. See Note 11 for more information related to regulatory assets and liabilities. |
OPERATING REVENUES | OPERATING REVENUES - Gas and electric revenues are recognized in the period the commodity is delivered to customers. For retail customers (including customers of SJG) that are not billed at the end of the month, we record an estimate to recognize unbilled revenues for gas and electricity delivered from the date of the last meter reading to the end of the month. The Utilities also have revenues that arise from alternative revenue programs, which are discussed in Note 19. For ETG and SJG, unrealized gains and losses on energy-related derivative instruments are recorded in Regulatory Assets or Regulatory Liabilities on the consolidated balance sheets of SJI and SJG (see Note 16) until they become realized, in which case they are recognized in operating revenues. SJRG's gas revenues are recognized in the period the commodity is delivered, and operating revenues for SJRG include realized and unrealized gains and losses on energy-related derivative instruments. See further discussion under "Derivative Instruments." SJRG presents revenues and expenses related to its energy trading activities on a net basis in operating revenues. This net presentation has no effect on operating income or net income. The Company recognizes revenue for commissions received related to SJESP appliance service contracts, along with commissions received related to AEP and EnerConnex energy procurement service contracts, on a monthly basis as the commissions are earned. Marina recognizes revenue for renewable energy projects when output is generated and delivered to the customer, and when renewable energy credits have been transferred to the third party at an agreed upon price. See further information in Note 19. We considered the impact the COVID-19 pandemic has had on operating revenues, noting that SJI and SJG have not seen a significant reduction in revenues as a result of the pandemic. This is due to the delivery of gas and electricity being considered an essential service, with delivery to customers continuing in a timely manner with no delays or operational shutdowns taking place to date. To the extent that the pandemic does impact our ability to deliver in the future, operating revenues could be impacted. Currently, the impact of the pandemic to the collectability of our accounts receivable continues to be monitored, but such receivables have traditionally been included in rate recovery (see Note 11). |
ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES - Accounts receivable are carried at the amount owed by customers. Accounts receivable are recorded gross on the consolidated balance sheets with an allowance for credit losses shown as a separate line item titled Provision for Uncollectibles. Beginning January 1, 2020, an allowance for credit losses was established in accordance with ASC 326, Financial Instruments - Credit Losses , meaning accounts receivables and unbilled revenues are carried at net realizable value based on the allowance for credit loss model, which is based on management's best estimate of expected credit losses to reduce accounts receivable for amounts estimated to be uncollectible. These estimates are based on such data as our accounts receivable aging, collection experience, current and forecasted economic conditions and an assessment of the collectibility of specific accounts. See Note 7. |
NATURAL GAS IN STORAGE | NATURAL GAS IN STORAGE – Natural Gas in Storage is reflected at average cost on the consolidated balance sheets, and represents natural gas that will be utilized in the ordinary course of business. |
ARO | ARO - The amounts included under ARO are primarily related to the legal obligations of SJI and SJG to cut and cap gas distribution pipelines when taking those pipelines out of service in future years. These liabilities are generally recognized upon the acquisition or construction of the asset, or when management has sufficient information to make an estimate of the obligation. The related asset retirement cost is capitalized concurrently by increasing the carrying amount of the related asset by the same amount as the liability and is depreciated over the remaining life of the related asset. Changes in the liability are recorded for the passage of time (accretion) or for revisions to cash flows originally estimated to settle the ARO. |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT - For regulatory purposes, utility plant is stated at original cost, which may be different than costs if the assets were acquired from an unregulated entity. Nonutility property, plant and equipment is stated at cost. The cost of adding, replacing and renewing property is charged to the appropriate plant account. |
DEPRECIATION | DEPRECIATION - We depreciate utility plant on a straight-line basis over the estimated remaining lives of the various property classes. These estimates are periodically reviewed and adjusted as required after BPU approval. The composite annual rate for all SJG depreciable utility property was approximately 2.4% in 2021, 2.5% in 2020, and 2.2% in 2019. The composite rate for all ETG depreciable utility property was approximately 2.5% in 2021, 2.3% in 2020, and 2.4% in 2019. The actual composite rate may differ from the approved rate as the asset mix changes over time. Except for retirements outside of the normal course of business, accumulated depreciation is charged with the cost of depreciable utility property retired, less salvage. All solar and fuel cell assets are included in Nonutility Property, Plant & Equipment on the consolidated balance sheets. Depreciation for solar assets is computed on a straight-line basis over the estimated useful lives of the assets, which range from 20 to 35 years depending on the length of underlying project contracts. All other nonutility property depreciation is computed on a straight-line basis over the estimated useful lives of the property, ranging up to 15 years. Gain or loss on the disposition of nonutility property is recognized in operating income. |
CAPITALIZED SOFTWARE COSTS | CAPITALIZED SOFTWARE COSTS - For implementation costs incurred in a cloud computing arrangement that is a service contract, SJI and SJG capitalize certain costs incurred during the application-development and post-implementation-operation stages (provided the costs result in enhanced functionality to the hosted solution) in accordance with ASC 350-40. These costs are amortized over the life of the cloud computing arrangement. All other costs that do not meet the capitalization criteria per ASC 350-40 are expensed as incurred. |
LEASES | LEASES - SJI, directly and through certain of its subsidiaries, including SJG, is a lessee of real estate (land and building), fleet vehicles, and office equipment. The Company evaluates its contracts at the lease inception date for the purpose of determining whether the contract is, or contains, a lease on the basis of whether or not the contract grants the Company the use of a specifically identified asset for a period of time, as well as whether the contract grants the Company both the right to direct the use of that asset and receive substantially all of the economic benefits from the use of the asset. We measure the right-of-use asset and lease liability at the present value of future lease payments excluding variable payments based on usage or performance. The majority of our leases are comprised of fixed lease payments, with a portion of the Company’s real estate, fleet vehicles, and office equipment leases including lease payments tied to levels of production, maintenance and property taxes, which may be subject to variability. Variable lease costs not included in the measurement of the lease are presented and disclosed as variable lease cost. We also evaluate contracts in which we are the owner of an underlying asset in the same manner as if it was a lease, to determine if we should be considered the lessor of that asset. The discount rate used to classify and measure a lease where SJI is a lessee is the rate implicit in the lease unless that rate cannot be readily determinable. In that case, the Company uses its incremental borrowing rate which is a lease-specific secured borrowing rate that factors in SJI’s credit standing and the lease term. SJI uses its incremental borrowing rate as the rate implicit in its leases is not readily determinable, except for the related party lease with SJG as discussed in Note 9. When measuring a lease, we include options to extend a lease in the lease term when it is reasonably certain that the option will be exercised and exclude all options to terminate the lease when it is reasonably certain that the option will not be exercised. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain that we would exercise such option. The renewal options in the leases generally allow the Company to extend the lease for an additional period of between 1 and 5 years, with the exception of a lease agreement between SJI and SJG (see Note 9). Our lease agreements generally do not include restrictions, financial covenants or residual value guarantees. In addition, other than the intercompany lease between SJI and SJG (see Note 9), the Company has not entered into any related party leases. ASC 842 includes certain practical expedients for arrangements where we are a lessee. We have elected, for all asset classes, the practical expedient to not separate lease components (e.g., costs related to renting the property) from their related non-lease components (e.g., common area maintenance costs), resulting in accounting for them as a single lease component. We have similarly elected, for all asset classes, the balance sheet recognition exemption for all leases with a term of 12 months or less. ASC 842 defines a short-term lease as any lease with a term of 12 months or less which does not include a purchase option that is reasonably certain of being exercised. ASC 842 includes a balance sheet recognition exemption for short-term leases, which the Company has elected for all asset classes. The Company recognizes lease cost for short-term leases on a straight-line basis over the lease term. |
DEBT ISSUANCE COSTS & DEBT DISCOUNTS | DEBT ISSUANCE COSTS & DEBT DISCOUNTS - Debt issuance costs and debt discounts are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt, and are presented as a direct deduction from the carrying amount of the related debt. See Note 14 for total unamortized debt issuance costs and debt discounts that are recorded as a reduction to long-term debt on the consolidated balance sheets of SJI and SJG. |
AFUDC & CAPITALIZED INTEREST | AFUDC & CAPITALIZED INTEREST - SJI and SJG record AFUDC, which represents the estimated debt and equity costs of capital funds that are necessary to finance the construction of new facilities, at the rate of return on the rate base utilized by the BPU to set rates in the Utilities' last base rate proceedings, and amounts are included in Utility Plant on the consolidated balance sheets. These capitalized interest amounts are included in all plant categories, including Construction Work In Progress, in the Utility Plant table above, based on the nature of the underlying projects that qualified for AFUDC and each project's in-service status. For SJG's accelerated infrastructure programs and ETG's infrastructure investment programs, SJG and ETG record AFUDC at a rate prescribed by the programs which are discussed in Note 10. While cash is not realized currently, AFUDC increases the regulated revenue requirement and is included in rate base and recovered over the service life of the asset through a higher rate base and higher depreciation. |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS - SJI accounts for derivative instruments in accordance with ASC 815, Derivatives and Hedging . We record all derivatives, whether designated in hedging relationships or not, on the consolidated balance sheets at fair value unless the derivative contracts qualify for the normal purchase and sale exemption. In general, if the derivative is designated as a fair value hedge, we recognize the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk in earnings. SJI and SJG have no fair value or cash flow hedges. We formally document all relationships between hedging instruments and hedged items, as well as our risk management objectives, strategies for undertaking various hedge transactions and our methods for assessing and testing correlation and hedge ineffectiveness. All hedging instruments are linked to the hedged asset, liability, firm commitment or forecasted transaction. Due to the application of regulatory accounting principles under ASC 980, gains and losses on derivatives related to SJG's and ETG's gas purchases are recorded through the BGSS clause. Initially and on an ongoing basis, we assess whether derivatives designated as hedges are highly effective in offsetting changes in cash flows or fair values of the hedged items. We discontinue hedge accounting prospectively if we decide to discontinue the hedging relationship; determine that the anticipated transaction is no longer likely to occur; or determine that a derivative is no longer highly effective as a hedge. In the event that hedge accounting is discontinued, we will continue to carry the derivative on the balance sheet at its current fair value and recognize subsequent changes in fair value in current period earnings. Unrealized gains and losses on the discontinued hedges that were previously included in AOCL will be reclassified into earnings when the forecasted transaction occurs, or when it is probable that it will not occur. Hedge accounting has been discontinued for all remaining derivatives that were designated as hedging instruments. As a result, unrealized gains and losses on these derivatives, that were previously recorded in AOCL on the consolidated balance sheets, are being recorded into earnings over the remaining lives of the derivative contracts. |
TREASURY STOCK | TREASURY STOCK – SJI uses the par value method of accounting for treasury stock. |
INCOME TAXES | INCOME TAXES - Deferred income taxes are provided for all significant temporary differences between the book and taxable bases of assets and liabilities in accordance with ASC 740, Income Taxes (see Note 4). Certain deferred income taxes are recorded with offsetting regulatory assets or liabilities by the Company to recognize that income taxes will be recovered or refunded through future rates. A valuation allowance is recorded when it is more likely than not that any of SJI's or SJG's deferred tax assets will not be realized (see Note 4). |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS - For purposes of reporting cash flows, highly liquid investments with original maturities of three months or less are considered cash equivalents. |
ACQUISITION ACCOUNTING | ACQUISITION ACCOUNTING - At the time of an acquisition, management will assess whether acquired assets and activities meet the definition of a business. If the definition of a business is met, the Company accounts for the acquisition as a business combination and applies the acquisition method. Operating results from the date of acquisition are included in the acquiring entity's financial statements. The consideration transferred for an acquisition is the fair value of the assets transferred, the liabilities incurred or assumed by the acquirer and the equity interests issued by the acquirer. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. Assets acquired that do not meet the definition of a business are accounted for as an asset acquisition. The purchase price of each asset acquisition is allocated based on the relative fair value of assets acquired. Determining the fair value of assets acquired and liabilities assumed requires judgment. Fair values are determined by using market participant assumptions and typically include the timing and amounts of future cash flows, incurred construction costs, the nature of acquired contracts, discount rates, and expected asset lives. Acquisition-related costs are expensed as incurred. See Note 20. |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME - This measures all changes in common stock equity that result from transactions and events other than transactions with owners. Comprehensive income consists of net income attributable to the Company, changes in the fair value of qualifying hedges, and certain changes in pension and other postretirement benefit plans. SJI and SJG release income tax effects from AOCL on an individual unit of account basis. |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS - Recently Adopted Standards: Standard Description Date of Adoption Application Effect on the Financial Statements of SJI and SJG ASU 2019-12: This ASU removes exceptions related to the incremental approach for intraperiod tax allocation, the requirement to recognize a deferred tax liability for changes in ownership of a foreign subsidiary or equity method investment, and the general methodology for calculating income taxes in an interim period when the year-to-date loss exceeds the anticipated loss. The guidance also adds requirements to reflect changes to tax laws or rates in the annual effective tax rate computation in the interim period in which the changes were enacted, to recognize franchise or other similar taxes that are partially based on income as an income-based tax and any incremental amounts as non-income-based tax, and to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. January 1, 2021 Modified retrospective for amendments related to changes in ownership of a foreign subsidiary or equity method investment; Modified retrospective or retrospective for amendments related to taxes partially based on income; Prospective for all other amendments Adoption of this guidance did not have a material impact on the financial statement results of SJI or SJG. ASU 2020-01: The amendments in this ASU clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments in this ASU also clarify that, for the purposes of applying Topic 815, an entity should not consider whether, upon the settlement of a forward contract or exercise of a purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. January 1, 2021 Prospective Adoption of this guidance did not have a material impact on the financial statement results of SJI or SJG. Standards Not Yet Effective: Standard Description Date of Adoption Application Effect on the Financial Statements of SJI and SJG ASU 2020-04: ASU 2021-01: Reference Rate Reform (Topic 848) The amendments in ASU 2020-04 provide various optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the "discounting transition"). March 12, 2020 through December 31, 2022 An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Prospective for contract modifications and hedging relationships. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. Management does not expect adoption of this guidance to have a material impact on the financial statements of SJI and SJG. Management will adopt the new guidance effective January 1, 2022. ASU 2020-06: Accounting for Convertible Instruments and Contracts in an Entity's Own Equity The amendments in this ASU simplify the accounting for convertible instruments by removing certain separation models in Subtopic 470-20. Under the amendments, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. The amendments also add new convertible instrument disclosure requirements. Additionally, the amendments in this ASU remove certain conditions from the settlement guidance within the derivative scope exception guidance contained in Subtopic 815-40 and further clarify the derivative scope exception guidance. Finally, the amendments in this ASU align the diluted EPS calculation for convertible instruments by requiring that an entity use the if-converted method instead of the treasury stock method when calculated diluted EPS for convertible instruments. January 1, 2022; early adoption permitted, but not before January 1, 2021 Retrospective or Modified Retrospective Management does not expect adoption of this guidance to have a material impact on the financial statements of SJI and SJG. ASU 2021-08: Business Combinations (ASC 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers The amendments to ASC 805 in this ASU require an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired contracts. The standard also provides practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from a business combination. January 1, 2023; early adoption is permitted, including adoption in an interim period Prospectively to business combinations occurring on or after the effective date of the amendments These amendments have not yet been adopted and management is currently evaluating whether to adopt this amendment prior to the effective date. ASU 2021-10: Government Assistance (ASC 832): Disclosures by Business Entities about Government Assistance This ASU requires disclosure in the notes to annual financial statements of government financial assistance from local, (city, town, county, municipal), regional, and federal governments and entities related to those governments. Required disclosure for government assistance transactions includes: 1) information about the nature of transactions and the related accounting policy used to account for the transactions; 2) the line items on the balance sheet and income statement that are affected by the transactions and the amounts applicable to each financial statement line item; and 3) significant terms and conditions of the transactions, including commitments and contingencies. January 1, 2022; early adoption is permitted. Either (1) Prospectively to all transactions that are reflected in financial statements at the date of initial application and to all transactions that are entered into after adoption (2) retrospectively to those transactions Since this ASU is disclosure only, adoption will not have an impact on the financial statement results of SJI or SJG. Management is currently determining the impact that adoption of this guidance will have on the disclosures of SJI and SJG. Revenue Recognized Over Time: Reportable Segment Performance Obligation Description SJG Utility Operations ETG Utility Operations ELK Utility Operations Wholesale Energy Operations Natural Gas SJG, ETG and, prior to its sale in July 2020 (see Note 1), ELK, sell natural gas to residential, commercial and industrial customers, and price is based on regulated tariff rates which are established by the BPU or the MPSC, as applicable. There is an implied contract with a customer for the purchase, delivery, and sale of gas, and the customer is billed monthly, with payment due within 30 days. Payments are received from certain customers based on a predetermined budget billing schedule. Budget billing does not represent a contract asset or liability but rather just a receivable/liability because there are no further performance obligations required to be satisfied before the Utilities have the right to collect/refund the customer’s consideration. Consideration is due when control of the energy is transferred to the customer and is satisfied with the passage of time. Budget billing liability balances are recorded within the Customer Deposits and Credit Balances line item in the consolidated balance sheets. SJG has direct connections to and long-term gas transmission services on interstate pipeline systems. The sale of gas to third parties from these pipelines prior to entering our service territory is considered OSS. These contracts to sell off-system are at a price, quantity and time period agreed to by both parties determined on a contract by contract basis. SJRG sells natural gas to commercial customers at either a fixed quantity or at variable quantities based on a customer's needs. Payment is due on the 25th of each month for the previous month's deliveries. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably as the customer uses natural gas, which represents satisfaction of the performance obligation. SJG Utility Operations Wholesale Energy Operations Pipeline Transportation Capacity SJG and SJRG sell pipeline transportation capacity on a wholesale basis to various customers on the interstate pipeline system and transport natural gas purchased directly from producers or suppliers to their customers (for SJG, this is known as Capacity Release). These contracts to sell this capacity are at a price, quantity and time period agreed to by both parties determined on a contract by contract basis. Payment is due on the 25th of each month for the previous month's deliveries. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably coinciding with the delivery of gas and the customer obtaining control, which represents satisfaction of the performance obligation. Wholesale Energy Operations Fuel Management Services SJRG currently has several fuel supply management contracts where SJRG has acquired pipeline transportation capacity that allows SJRG to match end users, many of which are merchant generators, with producers looking to find a long-term solution for their supply. Natural gas is sold to the merchant generator daily based on its needs, with payment made either weekly or biweekly depending on the contract. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) coinciding with the delivery of gas and the customer obtaining control, which represents satisfaction of the performance obligation. Retail Services Electricity SJE sells electricity to commercial, industrial and residential customers at fixed prices throughout the life of the contract, with the customer billed monthly and payment due within 30 days. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably coinciding with the delivery of electricity and the customer obtaining control, which represents satisfaction of the performance obligation. Renewables Solar Solar projects earn revenue based on electricity generated. The customer is billed monthly as electricity is being generated, with payment due within 30 days. The performance obligation is satisfied as kilowatt hours of energy are generated (i.e., unit of output), which is when revenue is recognized. Renewables Fuel Cell The fuel cell projects earn revenue based on electricity generated. The customer is billed monthly as electricity is being generated, with payment due within 30 days. The performance obligation is satisfied as kilowatt hours of energy are generated (i.e., unit of output), which is when revenue is recognized. Renewables CHP Marina sold MTF/ACB in February 2020 (see Note 1). Prior to its sale, Marina had a contract with a casino and resort in Atlantic City, NJ to provide cooling, heating and emergency power. There were multiple performance obligations with this contract, including electric, chilled water and hot water, and each of these was considered distinct and separately identifiable performance obligations that were all priced separately. These performance obligations were satisfied over time ratably as they were used by the customer, who was billed monthly. Retail Services Energy Procurement Consulting Services AEP and EnerConnex provide energy procurement consulting services. These businesses match energy suppliers with end users and are paid commissions by energy suppliers. The commissions received on energy procurement contracts (whether received at the beginning of a contract or paid under monthly terms) are earned and recognized over the duration of the underlying contracts as energy usage occurs, which represents satisfaction of the performance obligation. The resulting contract liabilities are not material as of December 31, 2021, 2020 and 2019. Revenue Recognized at a Point in Time: Reportable Segment Performance Obligation Description Renewables SRECs The customer is billed based on a contracted amount of SRECs to be sold, with the price based on the market price of the SRECs at the time of generation. This does not represent variable consideration as the price is known and established at the time of generation and delivery to the customer. The performance obligation is satisfied at the point in time the SREC is delivered to the customer, which is when revenue is recognized. Payment terms are approximately 10 days subsequent to delivery. |
FAIR VALUE | GAAP establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below: • Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. (A) Available-for-Sale Securities include securities that are traded in active markets and securities that are not traded publicly. The securities traded in active markets are valued using the quoted principal market close prices that are provided by the trustees and are categorized in Level 1 in the fair value hierarchy. (B) Derivatives – Energy Related Assets and Liabilities are traded in both exchange-based and non-exchange-based markets. Exchange-based contracts are valued using unadjusted quoted market sources in active markets and are categorized in Level 1 in the fair value hierarchy. Certain non-exchange-based contracts are valued using indicative price quotations available through brokers or over-the-counter, on-line exchanges and are categorized in Level 2. These price quotations reflect the average of the bid-ask mid-point prices and are obtained from sources that management believes provide the most liquid market. Management reviews and corroborates the price quotations with at least one additional source to ensure the prices are observable market information, which includes consideration of actual transaction volumes, market delivery points, bid-ask spreads and contract duration. For non-exchange-based derivatives that trade in less liquid markets with limited pricing information, model inputs generally would include both observable and unobservable inputs. In instances where observable data is unavailable, management considers the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 in the fair value hierarchy as the model inputs generally are not observable. Management uses the discounted cash flow model to value Level 3 physical and financial forward contracts, which calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. Inputs to the valuation model are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third party pricing sources. The validity of the mark-to-market valuations and changes in these values from period to period are examined and qualified against historical expectations by the risk management function. If any discrepancies are identified during this process, the mark-to-market valuations or the market pricing information is evaluated further and adjusted, if necessary. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Asset Retirement Obligation Activity | ARO activity was as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 AROs as of January 1, $ 202,092 $ 263,950 Accretion 8,875 8,185 Additions 6,605 6,574 Settlements (8,736) (9,564) Revisions in Estimated Cash Flows (A) 20,194 (67,053) AROs as of December 31, $ 229,030 $ 202,092 SJG: 2021 2020 AROs as of January 1, $ 89,252 $ 96,509 Accretion 3,776 4,121 Additions 3,017 3,729 Settlements (2,221) (2,579) Revisions in Estimated Cash Flows (A) 9,547 (12,528) AROs as of December 31, $ 103,371 $ 89,252 (A) The revisions in estimated cash flows for SJI and SJG for the year ended December 31, 2021 reflect changes in inflation, and for the year ended December 31, 2020 reflect decreases in the estimated retirement costs primarily as a result of changes in contractor costs to settle the ARO liability, along with a decrease to the discount rate. |
Public Utility Property, Plant, and Equipment | Utility Plant balances and Nonutility Property and Equipment as of December 31, 2021 and 2020 were comprised of the following (in thousands): SJI (includes SJG and all other consolidated subsidiaries): SJG 2021 2020 2021 2020 Utility Plant Production Plant $ 241 $ 1,334 $ 25 $ 25 Storage Plant 82,313 90,294 62,140 61,971 Transmission Plant 345,716 338,981 322,051 311,272 Distribution Plant 4,703,918 4,330,797 2,923,016 2,705,893 General Plant 430,940 428,737 264,194 265,185 Other Plant 1,955 1,955 1,855 1,855 Utility Plant In Service 5,565,083 5,192,098 3,573,281 3,346,201 Construction Work In Progress 117,722 73,563 40,079 41,630 Total Utility Plant $ 5,682,805 $ 5,265,661 $ 3,613,360 $ 3,387,831 Accumulated Depreciation (975,619) (914,122) (656,829) (606,925) Net Utility Plant $ 4,707,186 $ 4,351,539 $ 2,956,531 $ 2,780,906 Nonutility Property and Equipment Solar Assets $ 61,478 $ 40,380 N/A N/A Fuel Cell Assets 80,550 80,546 N/A N/A Other Assets 24,711 26,838 N/A N/A Construction Work In Progress (A) 73,764 — Total Nonutility Property and Equipment $ 240,503 $ 147,764 Accumulated Depreciation (35,367) (35,069) Net Nonutility Property and Equipment $ 205,136 $ 112,695 (A) Represents costs incurred for ongoing construction of fuel cells, solar energy projects, and renewable natural gas facilities and equipment at dairy farms. |
Schedule of Asset Management Agreement Contract Purchase | The amounts received by ETG will be credited to its BGSS clause and returned to its ratepayers. The total purchase price was allocated as follows (in thousands): Natural Gas in Storage $ 9,685 Intangible Asset 19,200 Profit Sharing - Other Liabilities (17,546) Total Consideration $ 11,339 |
Schedule of New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS - Recently Adopted Standards: Standard Description Date of Adoption Application Effect on the Financial Statements of SJI and SJG ASU 2019-12: This ASU removes exceptions related to the incremental approach for intraperiod tax allocation, the requirement to recognize a deferred tax liability for changes in ownership of a foreign subsidiary or equity method investment, and the general methodology for calculating income taxes in an interim period when the year-to-date loss exceeds the anticipated loss. The guidance also adds requirements to reflect changes to tax laws or rates in the annual effective tax rate computation in the interim period in which the changes were enacted, to recognize franchise or other similar taxes that are partially based on income as an income-based tax and any incremental amounts as non-income-based tax, and to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. January 1, 2021 Modified retrospective for amendments related to changes in ownership of a foreign subsidiary or equity method investment; Modified retrospective or retrospective for amendments related to taxes partially based on income; Prospective for all other amendments Adoption of this guidance did not have a material impact on the financial statement results of SJI or SJG. ASU 2020-01: The amendments in this ASU clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments in this ASU also clarify that, for the purposes of applying Topic 815, an entity should not consider whether, upon the settlement of a forward contract or exercise of a purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. January 1, 2021 Prospective Adoption of this guidance did not have a material impact on the financial statement results of SJI or SJG. Standards Not Yet Effective: Standard Description Date of Adoption Application Effect on the Financial Statements of SJI and SJG ASU 2020-04: ASU 2021-01: Reference Rate Reform (Topic 848) The amendments in ASU 2020-04 provide various optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the "discounting transition"). March 12, 2020 through December 31, 2022 An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Prospective for contract modifications and hedging relationships. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. Management does not expect adoption of this guidance to have a material impact on the financial statements of SJI and SJG. Management will adopt the new guidance effective January 1, 2022. ASU 2020-06: Accounting for Convertible Instruments and Contracts in an Entity's Own Equity The amendments in this ASU simplify the accounting for convertible instruments by removing certain separation models in Subtopic 470-20. Under the amendments, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. The amendments also add new convertible instrument disclosure requirements. Additionally, the amendments in this ASU remove certain conditions from the settlement guidance within the derivative scope exception guidance contained in Subtopic 815-40 and further clarify the derivative scope exception guidance. Finally, the amendments in this ASU align the diluted EPS calculation for convertible instruments by requiring that an entity use the if-converted method instead of the treasury stock method when calculated diluted EPS for convertible instruments. January 1, 2022; early adoption permitted, but not before January 1, 2021 Retrospective or Modified Retrospective Management does not expect adoption of this guidance to have a material impact on the financial statements of SJI and SJG. ASU 2021-08: Business Combinations (ASC 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers The amendments to ASC 805 in this ASU require an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired contracts. The standard also provides practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from a business combination. January 1, 2023; early adoption is permitted, including adoption in an interim period Prospectively to business combinations occurring on or after the effective date of the amendments These amendments have not yet been adopted and management is currently evaluating whether to adopt this amendment prior to the effective date. ASU 2021-10: Government Assistance (ASC 832): Disclosures by Business Entities about Government Assistance This ASU requires disclosure in the notes to annual financial statements of government financial assistance from local, (city, town, county, municipal), regional, and federal governments and entities related to those governments. Required disclosure for government assistance transactions includes: 1) information about the nature of transactions and the related accounting policy used to account for the transactions; 2) the line items on the balance sheet and income statement that are affected by the transactions and the amounts applicable to each financial statement line item; and 3) significant terms and conditions of the transactions, including commitments and contingencies. January 1, 2022; early adoption is permitted. Either (1) Prospectively to all transactions that are reflected in financial statements at the date of initial application and to all transactions that are entered into after adoption (2) retrospectively to those transactions Since this ASU is disclosure only, adoption will not have an impact on the financial statement results of SJI or SJG. Management is currently determining the impact that adoption of this guidance will have on the disclosures of SJI and SJG. |
STOCK-BASED COMPENSATION PLAN (
STOCK-BASED COMPENSATION PLAN (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of the Nonvested Restricted Stock Awards Outstanding and the Assumptions Used to Estimate the Fair Value of the Awards | The following table summarizes the nonvested restricted stock awards outstanding at December 31, 2021, and the assumptions used to estimate the fair value of the awards: Grants Shares Outstanding Fair Value Per Share Expected Volatility Risk-Free Interest Rate Officers & Key Employees - 2019 - TSR 32,292 $ 32.88 23.2 % 2.40 % 2019 - CEGR, Time 69,265 31.38 N/A N/A 2020 - TSR 38,813 $ 25.51 34.8 % 0.21 % 2020 - CEGR, Time 123,487 $ 25.19 N/A N/A 2021- TSR 42,716 $ 28.11 39.9 % 0.27 % 2021 - CEGR, Time 185,902 $ 25.33 N/A N/A Directors - 2021 54,419 $ 24.75 N/A N/A |
Summary of the Total Stock-Based Compensation Cost for the Period | The following table summarizes the total stock-based compensation cost to SJI for the years ended December 31 (in thousands): 2021 2020 2019 Officers & Key Employees $ 5,069 $ 4,590 $ 4,371 Directors 897 1,207 838 Total Cost 5,966 5,797 5,209 Capitalized (440) (46) (275) Net Expense $ 5,526 $ 5,751 $ 4,934 |
Summary of Information Regarding Restricted Stock Award Activity During the Period Excluding Accrued Dividend Equivalents | The following table summarizes information regarding restricted stock award activity for SJI during 2021, excluding accrued dividend equivalents: Officers & Other Key Employees Directors Weighted Average Fair Value Nonvested Shares Outstanding, January 1, 2021 449,786 38,456 $ 28.88 Granted 243,540 54,419 $ 25.66 Vested (172,019) (38,456) $ 30.37 Cancelled/Forfeited (28,832) — $ 25.71 Nonvested Shares Outstanding, December 31, 2021 492,475 54,419 $ 26.72 |
AFFILIATIONS, DISCONTINUED OP_2
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Summarized Operating Results of the Discontinued Operations | Summarized financial information for the years ended December 31 for PennEast, as derived from their statements of income for 2021, 2020 and 2019, is below (in thousands): 2021 2020 2019 Revenues $ — $ — $ — Gross Profit $ — $ — $ — (Loss) Income from Continuing Operations $ (416,073) $ 34,663 $ 32,291 Net (Loss) Income $ (416,073) $ 34,663 $ 32,291 Net (Loss) Income Attributable to South Jersey Industries, Inc. $ (83,215) $ 6,933 $ 6,458 Summarized financial information as of December 31 for PennEast as derived from their balance sheets for 2021 and 2020, is below (in thousands): 2021 2020 Current Assets $ 1,216 $ 3,079 Noncurrent Assets $ 45,000 $ 456,205 Current Liabilities $ 479 $ 2,789 Noncurrent Liabilities $ 500 $ — Summarized financial information for the years ended December 31 for Energenic, as derived from their statements of income for 2021, 2020 and 2019, is below (in thousands): 2021 2020 2019 Revenues $ 143 $ 144 $ 144 Gross Profit $ 61 $ 64 $ 65 Losses from Continuing Operations $ (16,628) $ (3,797) $ (3,795) Net Losses $ (16,628) $ (3,797) $ (3,795) Net Losses Attributable to South Jersey Industries, Inc. $ (8,314) $ (1,898) $ (1,898) Summarized financial information as of December 31 for Energenic as derived from their balance sheets for 2021 and 2020, is below (in thousands): 2021 2020 Current Assets $ 11,181 $ 10,284 Noncurrent Assets $ 8,764 $ 24,296 Current Liabilities $ 17,456 $ 15,319 Noncurrent Liabilities $ 29,378 $ 29,522 Summarized operating results of the discontinued operations for the years ended December 31, were (in thousands, except per share amounts): 2021 2020 2019 Income (Loss) before Income Taxes: Sand Mining $ 854 $ (49) $ (79) Fuel Oil (789) (272) (263) Income Tax (Expense) Benefits (14) 66 70 Income (Loss) from Discontinued Operations — Net $ 51 $ (255) $ (272) Earnings Per Common Share from Discontinued Operations — Net: Basic and Diluted $ — $ — $ — |
Summary of Financial Information for PennEast | Summarized financial information for the years ended December 31 for all affiliates, as derived from their statements of income for 2021, 2020 and 2019, is below (in thousands): 2021 2020 2019 Revenues $ 136,819 $ 77,266 $ 94,570 Gross Profit $ 30,919 $ 16,278 $ 14,930 (Loss) Income from Continuing Operations $ (424,006) $ 36,906 $ 32,825 Net (Loss) Income $ (424,006) $ 36,906 $ 32,825 Net (Loss) Income Attributable to South Jersey Industries, Inc. $ (90,961) $ 8,294 $ 7,314 Summarized financial information as of December 31 for all affiliates as derived from their balance sheets for 2021 and 2020, is below (in thousands): 2021 2020 Current Assets $ 67,160 $ 38,286 Noncurrent Assets $ 113,685 $ 505,846 Current Liabilities $ 40,214 $ 30,586 Noncurrent Liabilities $ 93,285 $ 49,737 |
Schedule of Related Party Transactions | A summary of related party transactions involving SJG, excluding pass-through items, included in SJG's Operating Revenues were as follows (in thousands): 2021 2020 2019 Operating Revenues/Affiliates: SJRG $ 20,067 $ 7,483 $ 5,039 Marina — 60 394 Other 83 80 80 Total Operating Revenues/Affiliates $ 20,150 $ 7,623 $ 5,513 Related-party transactions involving SJG, excluding pass-through items, included in SJG's Cost of Sales and Operating Expenses were as follows (in thousands): 2021 2020 2019 Costs of Sales/Affiliates (Excluding depreciation and amortization) SJRG $ 5,013 $ 4,969 $ 9,612 Operations Expense/Affiliates: SJI (parent company only) $ 25,919 $ 26,173 $ 22,462 SJIU 4,281 3,825 1,833 Millennium 3,458 3,277 3,146 Other 180 1,516 1,680 Total Operations Expense/Affiliates $ 33,838 $ 34,791 $ 29,121 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) and Effective Income Tax Rate Reconciliation | Total income taxes applicable to operations differ from the tax that would have resulted by applying the statutory Federal income tax rate to pre-tax income for SJI and SJG for the following reasons (in thousands): 2021 2020 2019 SJI (includes SJG and all other consolidated subsidiaries): Tax at Statutory Rate $ 28,481 $ 37,791 $ 20,633 Increase (Decrease) Resulting from: State Income Taxes 11,666 7,896 7,813 Federal and State Valuation Allowance 15,069 7,392 — ESOP Dividend (608) (627) (697) Impairment on Investment in Equity Method Investee 4,172 — — AFUDC (1,327) (1,901) (1,546) Amortization of Excess Deferred Taxes (5,354) (6,174) (3,475) Investment and Other Tax Credits (5,993) (23,439) (953) Other - Net 1,001 1,726 (714) Income Taxes: Continuing Operations 47,107 22,664 21,061 Discontinued Operations 14 (66) (70) Total Income Tax Expense $ 47,121 $ 22,598 $ 20,991 SJG: Tax at Statutory Rate 34,871 30,111 25,245 Increase (Decrease) Resulting from: State Income Taxes 8,311 8,965 9,542 ESOP Dividend (517) (533) (592) AFUDC (461) (821) (591) Amortization of Excess Deferred Taxes (3,075) (3,154) — Other - Net (715) 756 (782) Total Income Tax Expense 38,414 35,324 32,822 The provision for income taxes is comprised of the following (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 2019 Current: Federal $ — $ — $ — State (235) 823 (482) Total Current (235) 823 (482) Deferred: Federal 31,209 3,312 11,171 State 16,133 18,529 10,372 Total Deferred 47,342 21,841 21,543 Income Taxes: Continuing Operations 47,107 22,664 21,061 Discontinued Operations 14 (66) (70) Total Income Tax Expense (Benefit) $ 47,121 $ 22,598 $ 20,991 SJG: Current: Federal $ — $ — $ — State — — — Total Current — — — Deferred: Federal 27,894 23,976 20,744 State 10,520 11,348 12,078 Total Deferred 38,414 35,324 32,822 Total Income Tax Expense $ 38,414 $ 35,324 $ 32,822 |
Schedule of Deferred Tax Assets and Liabilities | The net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes resulted in the following net deferred tax assets and liabilities for SJI and SJG at December 31 (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 Deferred Tax Assets: Net Operating Loss Carryforward $ 179,518 $ 141,252 Investment and Other Tax Credits 251,541 243,827 Deferred State Tax 30,567 24,338 Income Taxes Recoverable Through Rates 88,201 92,739 Pension & Other Post Retirement Benefits 16,575 34,558 Deferred Revenues 5,355 4,530 Provision for Uncollectibles 11,979 8,763 Other 15,461 17,691 Total Deferred Tax Asset 599,197 567,698 Valuation Allowance (22,484) (7,392) Total Deferred Tax Asset, net of Valuation Allowance $ 576,713 $ 560,306 Deferred Tax Liabilities: Book versus Tax Basis of Property $ 586,081 $ 512,357 Deferred Gas Costs - Net 14,102 13,737 Derivatives / Unrealized Gain 2,567 1,215 Environmental Remediation 49,378 50,262 Deferred Regulatory Costs 19,165 13,360 Budget Billing - Customer Accounts 6,310 5,248 Deferred Pension & Other Post Retirement Benefits 21,973 33,307 CIP 5,196 6,178 Equity In Loss Of Affiliated Companies 3,744 16,019 Goodwill Amortization 41,517 28,013 Other 8,176 8,977 Total Deferred Tax Liability $ 758,209 $ 688,673 Deferred Tax Liability - Net $ 181,496 $ 128,367 SJG: Deferred Tax Assets: Net Operating Loss and Tax Credits $ 27,688 $ 35,301 Deferred State Tax 25,039 22,918 Provision for Uncollectibles 6,997 4,887 Income Taxes Recoverable Through Rates 54,900 58,573 Pension & Other Post Retirement Benefits 8,742 20,857 Deferred Revenues 5,479 4,739 Other 2,717 2,813 Total Deferred Tax Assets $ 131,562 $ 150,088 Deferred Tax Liabilities: Book Versus Tax Basis of Property $ 456,216 $ 435,764 Deferred Fuel Costs - Net 18,015 10,189 Environmental Remediation 45,496 46,857 Deferred Regulatory Costs 17,209 15,087 Deferred Pension & Other Post Retirement Benefits 13,064 21,398 Budget Billing - Customer Accounts 6,310 5,248 Section 461 Prepayments 1,528 1,469 CIP 5,196 6,178 Other 11,930 11,507 Total Deferred Tax Liabilities $ 574,964 $ 553,697 Deferred Tax Liability - Net $ 443,402 $ 403,609 |
Summary of Operating Loss Carryforward | As of December 31, 2021, SJI has the following federal and state net operating loss carryforwards (in thousands): Net Operating Loss Carryforwards Expire in: Federal State 2031 $ — $ 11,395 2032 21,541 3,108 2033 57,515 18,557 2034 107,043 13,658 2035 51,385 25,063 2036 102,256 126,344 2037 85,444 96,697 2038 — 127,846 2039 — 129,940 2040 — 82,476 2041 — 132,396 Indefinite 161,029 — $ 586,213 $ 767,480 |
Summary of Tax Credit Carryforwards | As of December 31, 2021, SJI has the following investment tax credit carryforwards (in thousands): Expire in: Investment Tax Credit Carryforwards 2030 $ 11,628 2031 25,664 2032 32,031 2033 45,606 2034 37,699 2035 45,005 2036 11,744 2037 636 2038 93 2039 — 2040 23,814 2041 4,364 $ 238,284 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, is as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 2019 Balance at January 1, $ 2,372 $ 1,566 $ 1,147 Increase as a result of tax positions taken in prior years 14,611 806 419 Balance at December 31, $ 16,983 $ 2,372 $ 1,566 SJG: Balance at January 1, $ 1,129 $ 1,104 $ 1,063 Increase as a result of tax position taken in prior years 14,023 25 41 Balance at December 31, $ 15,152 $ 1,129 $ 1,104 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Shares Issued and Outstanding | The following shares were issued and outstanding at December 31: 2021 2020 2019 Beginning of Year 100,591,940 92,394,155 85,506,218 New Issuances During Year: Settlement of Equity Forward Sale Agreement 4,891,579 — 6,779,661 Stock-Based Compensation Plan 161,990 75,502 108,276 Public Equity Offering 11,694,984 8,122,283 — End of Year 117,340,493 100,591,940 92,394,155 |
Schedule of Convertible Units | The convertible units consisted of the following (in thousands): December 31, 2021 December 31, 2020 Principal amount: 2021 Series B Remarketable Junior Subordinated Notes due 2029 2018 Series A Remarketable Junior Notes due 2031 Principal (A) $ 335,000 $ 287,500 Unamortized debt discount and issuance costs (A) $ 9,110 $ 7,181 Net carrying amount $ 325,890 $ 280,319 Carrying amount of the equity component (B) $ — $ — (A) Included in the consolidated balance sheets within Long-Term Debt. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Reconciliation of Cash and Cash Equivalents | The following table provides SJI's (including SJG) and SJG's balances of Restricted Investments as well as presents a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that total to the amounts shown in the consolidated statements of cash flows (in thousands): As of December 31, 2021 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents $ 28,754 $ 3,360 Restricted Investments 686 686 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 29,440 $ 4,046 As of December 31, 2020 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents $ 34,045 $ 1,598 Restricted Investments 7,786 4,826 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 41,831 $ 6,424 |
Reconciliation of Restricted Cash | The following table provides SJI's (including SJG) and SJG's balances of Restricted Investments as well as presents a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that total to the amounts shown in the consolidated statements of cash flows (in thousands): As of December 31, 2021 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents $ 28,754 $ 3,360 Restricted Investments 686 686 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 29,440 $ 4,046 As of December 31, 2020 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents $ 34,045 $ 1,598 Restricted Investments 7,786 4,826 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 41,831 $ 6,424 |
Schedule of Allowance for Credit Losses | A summary of changes in the allowance for credit losses for the years ended December 31, 2021 and 2020 are as follows (in thousands): 2021 2020 SJI (includes SJG and all other consolidated subsidiaries): Balance at beginning of period $ 30,582 $ 19,829 Provision for expected credit losses 10,159 9,558 Regulated assets (A) 7,012 10,953 Recoveries of accounts previously written off 592 909 Uncollectible accounts written off (6,582) (10,667) Balance at end of period $ 41,763 $ 30,582 SJG: Balance at beginning of period $ 17,359 $ 14,032 Provision for expected credit losses 7,794 6,209 Regulated assets (A) 3,119 4,845 Recoveries of accounts previously written off 160 424 Uncollectible accounts written off (3,266) (8,151) Balance at end of period $ 25,166 $ 17,359 |
Schedule of Estimated Fair Values and Carrying Values of Long-Term Debt | The carrying amounts of SJI's and SJG's financial instruments approximate their fair values at December 31, 2021 and 2020, except as noted below (in thousands): 2021 2020 SJI (includes SJG and all consolidated entities) Estimated fair values of long-term debt $ 3,653,868 $ 3,152,224 Carrying amounts of long-term debt, including current maturities (A) $ 3,255,085 $ 2,919,201 Net of: Unamortized debt issuance costs $ 38,462 $ 29,574 Unamortized debt discounts $ 5,135 $ 5,224 SJG Estimated fair values of long-term debt $ 1,171,657 $ 1,197,052 Carrying amounts of long-term debt, including current maturities $ 1,041,811 $ 1,069,089 Net of: Unamortized debt issuance costs $ 8,726 $ 9,357 (A) SJI Long-Term Debt on the consolidated balance sheet as of December 31, 2021 and December 21, 2020 includes $5.6 million and $3.1 million of finance leases, respectively. See Note 9. |
SEGMENTS OF BUSINESS (Tables)
SEGMENTS OF BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments of Business | Information about SJI’s operations in different reportable operating segments is presented below (in thousands). All prior periods were revised to conform to the new segment alignment noted above. 2021 2020 2019 Operating Revenues: SJI Utilities: SJG Utility Operations $ 618,426 $ 571,787 $ 569,226 ETG Utility Operations 360,024 349,392 325,133 ELK Utility Operations — 4,793 7,949 Subtotal SJI Utilities 978,450 925,972 902,308 Energy Management: Wholesale Energy Operations 993,938 571,590 607,093 Retail Services 17,889 38,251 83,845 Subtotal Energy Management 1,011,827 609,841 690,938 Energy Production: Renewables 24,038 15,617 48,748 Decarbonization — — — Subtotal Energy Production 24,038 15,617 48,748 Corporate & Services 59,480 54,422 43,901 Subtotal 2,073,795 1,605,852 1,685,895 Intersegment Sales (81,799) (64,469) (57,269) Total Operating Revenues $ 1,991,996 $ 1,541,383 $ 1,628,626 2021 2020 2019 Operating Income: SJI Utilities: SJG Utility Operations $ 199,214 $ 171,235 $ 147,494 ETG Utility Operations 95,509 89,638 69,315 ELK Utility Operations — 372 721 Subtotal SJI Utilities 294,723 261,245 217,530 Energy Management: Wholesale Energy Operations 48,406 33,869 439 Retail Services 1,838 (3,153) (2,764) Subtotal Energy Management 50,244 30,716 (2,325) Energy Production: Renewables 4,569 (5,602) (4,248) Decarbonization (120) — — Subtotal Energy Production 4,449 (5,602) (4,248) Midstream — (467) (154) Corporate and Services (296) (3,670) (9,598) Total Operating Income $ 349,120 $ 282,222 $ 201,205 Depreciation and Amortization: SJI Utilities: SJG Utility Operations $ 127,440 $ 101,711 $ 93,910 ETG Utility Operations 70,643 57,967 29,051 ELK Utility Operations — 354 469 Subtotal SJI Utilities 198,083 160,032 123,430 Energy Management: Wholesale Energy Operations 92 69 89 Retail Services 537 — — Subtotal Energy Management 629 69 89 Energy Production: Renewables 5,106 5,647 4,591 Decarbonization — — — Subtotal Energy Production 5,106 5,647 4,591 Corporate and Services 7,834 4,899 5,275 Total Depreciation and Amortization $ 211,652 $ 170,647 $ 133,385 Interest Charges: SJI Utilities: SJG Utility Operations $ 39,133 $ 33,388 $ 31,654 ETG Utility Operations 34,155 29,997 27,352 ELK Utility Operations — 21 8 Subtotal SJI Utilities 73,288 63,406 59,014 Energy Management: Retail Services 180 43 (142) Subtotal Energy Management 180 43 (142) Energy Production: Renewables 4,660 4,001 8,637 Decarbonization 1,513 — — Subtotal Energy Production 6,173 4,001 8,637 Midstream 1,704 2,513 2,262 Corporate and Services 52,636 55,873 57,858 Subtotal 133,981 125,836 127,629 Intersegment Borrowings (6,851) (7,302) (13,152) Total Interest Charges $ 127,130 $ 118,534 $ 114,477 2021 2020 2019 Income Taxes: SJI Utilities: SJG Utility Operations $ 38,414 $ 35,324 $ 32,822 ETG Utility Operations 15,053 12,465 7,761 ELK Utility Operations — 186 146 Subtotal SJI Utilities 53,467 47,975 40,729 Energy Management: Wholesale Energy Operations 14,035 9,666 574 Retail Services 1,537 287 (262) Subtotal Energy Management 15,572 9,953 312 Energy Production: Renewables (8,124) (24,132) (3,308) Decarbonization 146 — — Subtotal Energy Production (7,978) (24,132) (3,308) Midstream (329) (217) (135) Corporate and Services (13,625) (10,915) (16,537) Total Income Taxes $ 47,107 $ 22,664 $ 21,061 Property Additions: SJI Utilities: SJG Utility Operations $ 243,699 $ 266,009 $ 264,235 ETG Utility Operations 224,019 197,730 197,457 ELK Utility Operations — 970 2,762 Subtotal SJI Utilities 467,718 464,709 464,454 Energy Management: Wholesale Energy Operations 6 6 7 Retail Services 55 — 4 Subtotal Energy Management 61 6 11 Energy Production: Renewables 64,906 85,280 229 Decarbonization 29,600 — — Subtotal Energy Production 94,506 85,280 229 Midstream 29 131 46 Corporate and Services 4,254 2,799 1,554 Total Property Additions $ 566,568 $ 552,925 $ 466,294 2021 2020 Identifiable Assets: SJI Utilities: SJG Utility Operations $ 3,767,897 $ 3,522,265 ETG Utility Operations 2,788,465 2,561,067 Subtotal SJI Utilities 6,556,362 6,083,332 Energy Group: Wholesale Energy Operations 278,995 195,882 Retail Services 25,741 29,687 Subtotal Energy Group 304,736 225,569 Energy Services: Renewables 195,791 153,018 Decarbonization 138,787 40,482 Subtotal Energy Services 334,578 193,500 Midstream 8,970 92,208 Corporate and Services 370,899 318,095 Intersegment Assets (266,920) (225,331) Discontinued Operations 47 1,775 Total Identifiable Assets $ 7,308,672 $ 6,689,148 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of ROU Assets and Lease Liabilities Recorded in the Consolidated Balance Sheet | ROU assets and lease liabilities recorded in the consolidated balance sheets as of December 31, are as follows (in thousands): Location on Balance Sheet 2021 2020 ROU assets Operating leases Other Noncurrent Assets $ 16,733 $ 1,929 Finance leases Property Plant and Equipment 5,589 3,018 Total ROU assets $ 22,322 $ 4,947 Lease liabilities Operating leases Other Current/Noncurrent Liabilities $ 16,812 $ 1,917 Finance leases Current Portion of Long Term Debt/ Long Term Debt 5,638 3,053 Total lease liabilities $ 22,450 $ 4,970 |
Schedule of Operating Lease Maturity | The maturities of SJI’s (including SJG and all other consolidated subsidiaries) operating lease and finance lease liabilities as of December 31, 2021 are as follows (in thousands): Operating Leases Finance Leases 2022 $ 1,127 $ 248 2023 1,262 250 2024 1,245 252 2025 1,130 253 2026 896 255 Thereafter 25,614 10,366 Total lease payments 31,274 11,624 Less imputed interest 14,462 5,986 Total lease liabilities $ 16,812 $ 5,638 Included in the consolidated balance sheets Current lease liabilities $ 753 $ 5 Long-term lease liabilities 16,059 5,633 Total lease liabilities $ 16,812 $ 5,638 |
Schedule of Finance Lease Maturity | The maturities of SJI’s (including SJG and all other consolidated subsidiaries) operating lease and finance lease liabilities as of December 31, 2021 are as follows (in thousands): Operating Leases Finance Leases 2022 $ 1,127 $ 248 2023 1,262 250 2024 1,245 252 2025 1,130 253 2026 896 255 Thereafter 25,614 10,366 Total lease payments 31,274 11,624 Less imputed interest 14,462 5,986 Total lease liabilities $ 16,812 $ 5,638 Included in the consolidated balance sheets Current lease liabilities $ 753 $ 5 Long-term lease liabilities 16,059 5,633 Total lease liabilities $ 16,812 $ 5,638 |
Schedule of Lease Cost, Supplemental Cash Flow Information, and Supplemental Non-Cash Disclosures | The total operating lease costs, the components of finance lease costs, and variable lease costs for SJI for the years ended December 31 were as follows (in thousands): 2021 2020 SJI (includes SJG and all other consolidated subsidiaries): Total operating lease cost $ 570 $ 1,339 Finance lease costs: Amortization of ROU assets 71 32 Interest expense 190 56 Variable lease cost 162 680 Total lease cost $ 993 $ 2,107 The supplemental cash flow information related to operating leases for SJI (including SJG and all other consolidated subsidiaries) for the years ended December 31 were as follows (in thousands): 2021 2020 Operating cash flows from operating leases $ 1,076 $ 1,151 Operating cash flows from finance leases $ 190 $ 64 Financing cash flows from finance leases $ 55 $ — 2021 2020 ROU assets obtained in exchange for operating lease liabilities $ 15,028 $ — ROU assets obtained in exchange for finance lease liabilities $ 2,625 $ 3,057 |
Minimum future rentals to be received | The future minimum payments to be recovered by SJG on this operating lease are follows (in thousands): Year ended December 31, 2022 $ 1,965 2023 $ 1,965 2024 $ 1,965 2025 $ 1,965 2026 $ 1,965 Thereafter $ 8,841 Total $ 18,666 |
REGULATORY ASSETS & REGULATOR_2
REGULATORY ASSETS & REGULATORY LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | The Utilities' Regulatory Assets consisted of the following items (in thousands) : December 31, 2021 SJG ETG Total SJI Environmental Remediation Costs: Expended - Net $ 151,630 $ 13,972 $ 165,602 Liability for Future Expenditures 97,964 77,830 175,794 Deferred ARO Costs 47,784 33,872 81,656 Deferred Pension Costs - Unrecognized Prior Service Cost — 30,881 30,881 Deferred Pension and Other Postretirement Benefit Costs 47,504 813 48,317 Deferred Gas Costs - Net 38,234 — 38,234 CIP Receivable 17,776 2,955 20,731 SBC Receivable (excluding RAC) 7,519 — 7,519 Deferred Interest Rate Contracts 8,002 — 8,002 EET/EEP 20,632 5,199 25,831 AFUDC - Equity Related Deferrals 12,199 — 12,199 WNC — 4,269 4,269 Deferred COVID-19 Costs 7,687 10,225 17,912 Other Regulatory Assets 25,814 9,655 35,469 Total Regulatory Assets $ 482,745 $ 189,671 $ 672,416 December 31, 2020 SJG ETG Total SJI Environmental Remediation Costs: Expended - Net $ 157,340 $ 5,196 $ 162,536 Liability for Future Expenditures 101,243 91,837 193,080 Insurance Recovery Receivables — (6,807) (6,807) Deferred ARO Costs 42,365 25,453 67,818 Deferred Pension Costs - Unrecognized Prior Service Cost — 33,898 33,898 Deferred Pension and Other Postretirement Benefit Costs 77,426 8,466 85,892 Deferred Gas Costs - Net 19,178 — 19,178 CIP Receivable 21,013 — 21,013 SBC Receivable (excluding RAC) 3,453 — 3,453 Deferred Interest Rate Contracts 9,938 — 9,938 EET/EEP 18,725 3,062 21,787 AFUDC - Equity Related Deferrals 11,822 — 11,822 WNC — 7,444 7,444 Deferred COVID-19 Costs 4,737 5,818 10,555 Other Regulatory Assets 27,844 4,541 32,385 Total Regulatory Assets $ 495,084 $ 178,908 $ 673,992 |
Schedule of Regulatory Liabilities | The Utilities' Regulatory Liabilities consisted of the following items (in thousands): December 31, 2021 SJG ETG Total SJI Excess Plant Removal Costs $ 12,125 $ 33,988 $ 46,113 Excess Deferred Taxes 206,902 111,003 317,905 Deferred Gas Costs - Net — 28,842 28,842 Other Regulatory Liabilities 3,384 2,707 6,091 Total Regulatory Liabilities $ 222,411 $ 176,540 $ 398,951 December 31, 2020 SJG ETG Total SJI Excess Plant Removal Costs $ 12,666 $ 37,953 $ 50,619 Excess Deferred Taxes 232,694 113,888 346,582 Deferred Gas Costs - Net — 22,291 22,291 Other Regulatory Liabilities — 1,085 1,085 Total Regulatory Liabilities $ 245,360 $ 175,217 $ 420,577 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs | Net periodic benefit cost related to the SJI employee and officer pension and other postretirement benefit plans consisted of the following components (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Pension Benefits 2021 2020 2019 Service Cost $ 5,887 $ 5,871 $ 5,583 Interest Cost 13,028 15,017 17,294 Expected Return on Plan Assets (23,762) (21,929) (20,195) Amortization: Prior Service Cost 98 105 105 Actuarial Loss 12,932 10,845 9,550 Net Periodic Benefit Cost 8,183 9,909 12,337 Settlement, Curtailment and Special Termination Costs 44 781 955 Capitalized Benefit Costs (1,551) (1,969) (2,008) Deferred Benefit Costs (1,168) (1,591) (2,411) Total Net Periodic Benefit Expense $ 5,508 $ 7,130 $ 8,873 SJI (includes SJG and all other consolidated subsidiaries): Other Postretirement Benefits 2021 2020 2019 Service Cost $ 814 $ 681 $ 533 Interest Cost 1,920 2,367 2,884 Expected Return on Plan Assets (5,741) (5,381) (4,571) Amortization: Prior Service Credits (624) (624) (561) Actuarial Loss 1,118 853 1,163 Net Periodic Benefit Credit (2,513) (2,104) (552) Capitalized Benefit Costs (225) (209) (201) Deferred Benefit Costs 1,164 935 357 Total Net Periodic Benefit Income $ (1,574) $ (1,378) $ (396) Net periodic benefit cost related to the SJG employee and officer pension and other postretirement benefit plans consisted of the following components (in thousands): SJG: Pension Benefits 2021 2020 2019 Service Cost $ 3,778 $ 3,797 $ 3,621 Interest Cost 8,481 9,695 11,067 Expected Return on Plan Assets (13,403) (11,903) (11,028) Amortization: Prior Service Cost 88 95 95 Actuarial Loss 11,569 9,364 8,224 Net Periodic Benefit Cost 10,513 11,048 11,979 Capitalized Benefit Costs (1,551) (1,395) (1,437) Affiliate SERP Allocations (4,728) (3,938) (3,541) Deferred Benefit Costs (1,168) (1,591) (2,411) Total Net Periodic Benefit Expense $ 3,066 $ 4,124 $ 4,590 SJG: Other Postretirement Benefits 2021 2020 2019 Service Cost $ 480 $ 396 $ 343 Interest Cost 1,181 1,463 1,863 Expected Return on Plan Assets (4,041) (3,860) (3,220) Amortization: Prior Service Credits (502) (502) (474) Actuarial Loss 884 672 1,042 Net Periodic Benefit Credits (1,998) (1,831) (446) Capitalized Benefit Costs (225) (166) (155) Deferred Benefit Costs 1,164 935 357 Total Net Periodic Benefit Income $ (1,059) $ (1,062) $ (244) |
Activity Within Regulatory Assets and Accumulated Other Comprehensive Income (Loss) | Details of the activity within Regulatory Assets and AOCL associated with Pension and Other Postretirement Benefits are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Regulatory Assets Accumulated Other Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Balance at January 1, 2020 $ 61,584 $ 12,251 $ 51,285 $ 964 Amounts Arising during the Period: Net Actuarial Loss 17,377 1,718 11,459 2,194 Prior Service Credit — (436) — (317) Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,337) (672) (5,244) (180) Prior Service (Credits) Cost (95) 502 (11) 107 Balance at December 31, 2020 72,529 13,363 57,489 2,768 Amounts Arising during the Period: Net Actuarial Gain (19,155) (11,763) (7,465) (1,540) Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,187) (884) (6,740) (233) Prior Service (Credits) Cost (88) 502 (10) 107 Balance at December 31, 2021 $ 47,099 $ 1,218 $ 43,274 $ 1,102 SJG: Regulatory Assets Accumulated Other Comprehensive Loss (pre-tax) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Balance at January 1, 2020 $ 60,668 $ 11,342 $ 42,190 $ — Amounts Arising during the Period: Net Actuarial Loss 10,595 1,014 9,119 — Prior Service Credit (Cost) — (436) — — Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (5,492) (672) (3,872) — Prior Service (Cost) Credit (95) 502 — — Balance at December 31, 2020 65,676 11,750 47,437 — Amounts Arising during the Period: Net Actuarial Gain (14,357) (8,951) (3,350) — Other — — (3,177) — Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,144) (884) (5,423) — Prior Service (Cost) Credit (88) 502 — — Balance at December 31, 2021 $ 45,087 $ 2,417 $ 35,487 $ — |
Estimated Costs That Will be Amortized from Regulatory Assets into Net Periodic Costs | The estimated costs that will be amortized from Regulatory Assets for SJI and SJG into net periodic benefit costs in 2022 are as follows (in thousands): SJI and SJG (amounts are the same for both entities): Pension Benefits Other Postretirement Benefits Prior Service Cost/(Credit) $ 63 $ (502) Net Actuarial Loss $ 2,839 $ 100 |
Estimated Costs That Will be Amortized from Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | The estimated costs that will be amortized from AOCL for SJI and SJG into net periodic benefit costs in 2022 are as follows (in thousands): Pension Benefits Other Postretirement Benefits SJI (includes SJG and all other consolidated subsidiaries): Prior Service Cost/(Credit) $ 7 $ (107) Net Actuarial Loss $ 4,246 $ 40 SJG: Prior Service Cost/(Credit) $ — $ — Net Actuarial Loss $ 3,278 $ — |
Reconciliation of the Plans' Benefit Obligations, Fair Value of Plan Assets and Funded Status | A reconciliation of the plans' benefit obligations, fair value of plan assets, funded status and amounts recognized in SJI's consolidated balance sheets follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 Change in Benefit Obligations: Benefit Obligation at Beginning of Year $ 481,848 $ 439,373 $ 75,540 $ 73,659 Service Cost 5,887 5,871 814 681 Interest Cost 13,028 15,017 1,920 2,367 Actuarial (Gain) Loss (10,823) 48,316 (4,025) 3,933 Retiree Contributions — — — 84 Plan Amendments — — — (753) Benefits Paid (19,193) (19,569) (4,309) (4,431) Settlement (9,173) (7,160) — — Benefit Obligation at End of Year $ 461,574 $ 481,848 $ 69,940 $ 75,540 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 330,987 $ 312,497 $ 87,870 $ 82,522 Actual Return on Plan Assets 39,690 41,344 15,100 5,348 Employer Contributions 9,287 3,875 4,309 4,347 Retiree Contributions — — — 84 Benefits Paid (19,193) (19,569) (4,309) (4,431) Settlement (9,173) (7,160) — — Fair Value of Plan Assets at End of Year $ 351,598 $ 330,987 $ 102,970 $ 87,870 Funded Status at End of Year: $ (109,976) $ (150,861) $ 33,030 $ 12,330 Amounts Related to Unconsolidated Affiliate 30 (495) 228 299 Accrued Net Benefit (Cost) Credit at End of Year $ (109,946) $ (151,356) $ 33,258 $ 12,629 Amounts Recognized in the Statement of Financial Position Consist of: Noncurrent Assets $ — $ — $ 33,258 $ 12,629 Current Liabilities (3,969) (3,704) — — Noncurrent Liabilities (105,977) (147,652) — — Net Amount Recognized at End of Year $ (109,946) $ (151,356) $ 33,258 $ 12,629 Amounts Recognized in Regulatory Assets Consist of: Prior Service Costs (Credits) $ 109 $ 197 $ (4,723) $ (5,225) Net Actuarial Loss 46,990 72,332 5,941 18,588 $ 47,099 $ 72,529 $ 1,218 $ 13,363 Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): Prior Service Costs (Credits) $ 12 $ 22 $ (1,722) $ (1,829) Net Actuarial Loss 43,262 57,467 2,824 4,597 $ 43,274 $ 57,489 $ 1,102 $ 2,768 SJG: Other Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Change in Benefit Obligations : Benefit Obligation at Beginning of Year $ 318,262 $ 286,517 $ 46,189 $ 47,306 Service Cost 3,778 3,797 480 396 Interest Cost 8,481 9,695 1,181 1,463 Actuarial (Gain) Loss (11,714) 27,561 (1,538) (167) Retiree Contributions — — — 13 Plan Amendments 1,800 3,464 — (436) Benefits Paid (13,261) (12,772) (3,496) (2,386) Benefit Obligation at End of Year $ 307,346 $ 318,262 $ 42,816 $ 46,189 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 181,940 $ 170,959 $ 61,869 $ 59,190 Actual Return on Plan Assets 19,399 19,914 11,453 2,679 Employer Contributions 8,862 3,840 3,496 2,373 Retiree Contributions — — — 13 Benefits Paid (13,261) (12,773) (3,496) (2,386) Fair Value of Plan Assets at End of Year $ 196,940 $ 181,940 $ 73,322 $ 61,869 Funded Status at End of Year : Accrued Net Benefit (Cost) Credit at End of Year $ (110,406) $ (136,322) $ 30,506 $ 15,680 Amounts Recognized in the Statement of Financial Position Consist of: Noncurrent Assets $ — $ — $ 30,506 $ 15,680 Current Liabilities (3,935) (3,669) — — Noncurrent Liabilities (106,471) (132,653) — — Net Amount Recognized at End of Year $ (110,406) $ (136,322) $ 30,506 $ 15,680 Amounts Recognized in Regulatory Assets Consist of: Prior Service Costs (Credits) $ 109 $ 197 $ (4,723) $ (5,225) Net Actuarial Loss 44,978 65,479 7,140 16,975 Net Amount Recognized at End of Year $ 45,087 $ 65,676 $ 2,417 $ 11,750 Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: Net Actuarial Loss $ 35,487 $ 47,437 $ — $ — |
Schedule of Weighted-Average Assumptions Used | The weighted-average assumptions used to determine benefit obligations for SJI and SJG at December 31 were: Pension Benefits Other Postretirement Benefits 2021 2020 2021 2020 Discount Rate 3.02 % 2.73 % 2.99 % 2.61 % Rate of Compensation Increase 3.00 % 3.00 % 3.00 % 3.00 % The weighted-average assumptions used to determine net periodic benefit cost (credit) for SJI and SJG for the years ended December 31 were: Pension Benefits Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Discount Rate 2.73 % 3.49 % 4.39 % 2.61 % 3.43 % 4.31 % Expected Long-Term Return on Plan Assets 7.25 % 7.25 % 7.25 % 6.75 % 6.75 % 6.75 % Rate of Compensation Increase 3.00 % 3.00 % 3.50 % 3.00 % 3.00 % 3.50 % |
Fair Value of Plan Assets | The fair values of SJI's and SJG's pension plan assets at December 31, 2021 and 2020 by asset category are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2021 Cash / Cash Equivalents: Cash $ 1,299 $ 1,299 $ — $ — STIF-Type Instrument (a) 6,525 6,525 — — Equity securities: U.S. Large-Cap (b) 100,095 100,095 — — U.S. Mid-Cap (b) 14,730 14,730 — — U.S. Small-Cap (b) 13,639 13,639 — — International (b) 83,831 83,831 — — Fixed Income: Core Plus Fixed Income (c) 49,510 24,363 25,147 — Short Term Fixed (c) 27,039 27,039 — — Long Term Fixed (c) 41,875 41,875 — — Subtotal Fair Value $ 338,543 $ 313,396 $ 25,147 $ — Measured at net asset value practical expedient: Private Equity Fund (d) $ 13,055 Subtotal measured at net asset value practical expedient $ 13,055 Total Fair Value $ 351,598 Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2020 Cash / Cash Equivalents: Cash $ 881 $ 881 $ — $ — STIF-Type Instrument (a) 5,779 5,779 — — Equity securities: U.S. Large-Cap (b) 100,322 100,322 — — U.S. Mid-Cap (b) 17,774 17,774 — — U.S. Small-Cap (b) 14,938 14,938 — — International (b) 86,085 86,085 — — Fixed Income: Core Plus Fixed Income (c) 54,066 27,296 26,770 — Long Term Fixed (c) 41,194 41,194 — — Subtotal Fair Value $ 321,039 $ 294,269 $ 26,770 $ — Measured at net asset value practical expedient: Private Equity Fund (d) $ 9,948 Subtotal measured at net asset value practical expedient $ 9,948 Total Fair Value $ 330,987 SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2021: Cash / Cash Equivalents: Cash $ 213 $ 213 $ — $ — STIF-Type Instrument (a) 4,976 4,976 — — Equity securities: U.S. Large-Cap (b) 54,651 54,651 — — U.S. Mid-Cap (b) 7,632 7,632 — — U.S. Small-Cap (b) 7,580 7,580 — — International (b) 45,634 45,634 — — Fixed Income: Core Plus Fixed Income (c) 27,592 13,578 14,014 — Short Term Fixed (c) 14,931 14,931 — — Long Term Fixed (c) 23,396 23,396 — — Subtotal Fair Value $ 186,605 $ 172,591 $ 14,014 $ — Measured at net asset value practical expedient: Private Equity Fund (d) $ 10,335 Subtotal measured at net asset value practical expedient $ 10,335 Total Fair Value $ 196,940 Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2020: Cash / Cash Equivalents: Cash $ 303 $ 303 $ — $ — STIF-Type Instrument (a) 3,380 3,380 — — Equity securities: U.S. Large-Cap (b) 52,346 52,346 — — U.S. Mid-Cap (b) 8,138 8,138 — — U.S. Small-Cap (b) 8,249 8,249 — — International (b) 44,120 44,120 — — Fixed Income: Core Plus Fixed Income (c) 32,571 16,450 16,121 — Long Term Fixed (c) 24,895 24,895 — — Subtotal Fair Value $ 174,002 $ 157,881 $ 16,121 $ — Measured at net asset value practical expedient: Private Equity Fund (d) $ 7,938 Subtotal measured at net asset value practical expedient $ 7,938 Total Fair Value $ 181,940 (a) This category represents short-term investment funds held for the purpose of funding disbursement payment arrangements. Underlying assets are valued based on quoted prices in active markets. These funds are classified as Level 1 investments. (b) This category of equity investments represents a managed portfolio of common stock investments among several sectors. These common stocks are actively traded on exchanges and price quotes for these shares are readily available. These common stocks are classified as Level 1 investments. (c) This category represents investments using a value-oriented fixed income strategy that invests primarily in a diversified mix of U.S. dollar-denominated investment-grade fixed income securities, with a predominant focus on investment-grade securities across all market sectors and maturities, as well as other alternatives such as high-yield bonds, emerging markets debt, and non-dollar bonds. Those values that can be obtained from quoted prices in active markets are classified as Level 1 investments. For those values where quoted prices are not in active markets, they are based on models using observable market information, and as such are classified as Level 2 investments. (d) This category represents a limited partnership which includes several investments in U.S. leveraged buyout, venture capital, and special situation funds. Fund valuations are reported on a 90 to 120 day lag and, therefore, the value reported herein represents the market value as of June or September 30, 2021 and 2020, respectively, with cash flow changes through December applied. The fund’s investments are stated at fair value, which is generally based on the valuations provided by the general partners or managers of such investments. The fair values of SJI's and SJG's other postretirement benefit plan assets at December 31, 2021 and 2020 by asset category are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2021: Cash / Cash Equivalents: Cash $ 292 $ 292 $ — $ — STIF-Type Instrument (d) 2,780 2,780 — — Equity Securities: U.S. Large-Cap (a) 21,012 21,012 — — U.S. Mid-Cap (a) 4,292 4,292 — — U.S. Small-Cap (a) 7,380 7,380 — — U.S. International (a) 21,079 21,079 — — Fixed Income: Core Plus Fixed Income (c) 14,958 7,243 7,715 — Mutual Funds - Bonds (a) 12,724 12,724 — — Subtotal Fair Value $ 84,517 $ 76,802 $ 7,715 $ — Measured at net asset value practical expedient: Company Owned Life Insurance (b) $ 18,453 Subtotal measured at net asset value practical expedient $ 18,453 Total Fair Value $ 102,970 SJI (includes SJG and all other consolidated subsidiaries): Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2020: Cash $ 2,334 $ 2,334 $ — $ — Equity Securities: U.S. Large-Cap (a) 18,839 18,839 — — U.S. Mid-Cap (a) 4,379 4,379 — — U.S. Small-Cap (a) 3,361 3,361 — U.S. International (a) 20,369 20,369 — Fixed Income: Core Plus Fixed Income (c) 6,431 — 6,431 — Mutual Funds - Bonds (a) 14,881 14,881 0 0 Subtotal Fair Value $ 70,594 $ 64,163 $ 6,431 $ — Measured at net asset value practical expedient: Company Owned Life Insurance (b) $ 17,276 Subtotal measured at net asset value practical expedient $ 17,276 Total Fair Value $ 87,870 SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2021 Cash / Cash Equivalents: Cash $ 170 $ 170 $ — $ — STIF-Type Instrument (d) 2,616 2,616 0 0 Equity Securities: U.S. Large-Cap (a) 16,101 16,101 — — U.S. Mid-Cap (a) 2,652 2,652 — — U.S. Small-Cap (a) 2,115 2,115 — — U.S. International (a) 13,392 13,392 — — Fixed Income: Core Plus Fixed Income (c) 10,273 5,055 5,218 — Mutual Funds - Bonds (a) 8,603 8,603 — — Subtotal Fair Value $ 55,922 $ 50,704 $ 5,218 $ — Measured at net asset value practical expedient: Company Owned Life Insurance (b) $17,400 Subtotal measured at net asset value practical expedient $17,400 Total Fair Value $ 73,322 SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2020 Cash $ 2,083 $ 2,083 $ 0 $ 0 Equity Securities: U.S. Large-Cap (a) 10,764 10,764 — — U.S. Mid-Cap (a) 2,591 2,591 — — U.S. Small-Cap (a) 2,200 2,200 — — U.S. International (a) 12,889 12,889 — — Fixed Income: Core Plus Fixed Income (c) 4,741 — 4,741 — Mutual Funds - Bonds (a) 10,392 10,392 — — Subtotal Fair Value $ 45,660 $ 40,919 $ 4,741 $ — Measured at net asset value practical expedient: Company Owned Life Insurance (b) $ 16,209 Subtotal measured at net asset value practical expedient $ 16,209 Total Fair Value $ 61,869 (a) This category represents a managed portfolio of common stock investments among several sectors. These common stocks are actively traded on exchanges and price quotes for these shares are readily available. These common stocks are classified as Level 1 investments. (b) This category represents company-owned life insurance policies with a nationally known life insurance company. The value of these policies is backed by a series of common/collective trust funds held by the insurance carrier. (c) This category represents investments using a value-oriented fixed income strategy that invests primarily in a diversified mix of U.S. dollar-denominated investment-grade fixed income securities, with a predominant focus on investment-grade securities across all market sectors and maturities, as well as other alternatives such as high-yield bonds, emerging markets debt, and non-dollar bonds. Those values that can be obtained from quoted prices in active markets are classified as Level 1 investments. For those values where quoted prices are not in active markets, they are based on models using observable market information, and as such are classified as Level 2 investments. (d) This category represents short-term investment funds held for the purpose of funding disbursement payment arrangements. Underlying assets are valued based on quoted prices in active markets. These funds are classified as Level 1 investments. |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | SJI (includes SJG and all other consolidated subsidiaries): Guaranteed Private Insurance Equity Real Contract Funds Estate Total Balance at January 1, 2020 $ 2,756 $ — $ — $ 2,756 Actual return on plan assets: Relating to assets still held at the reporting date — — — — Relating to assets sold during the period — — — — Purchases, Sales and Settlements (2,756) — — (2,756) Balance at December 31, 2020 — — — — Actual return on plan assets: Relating to assets still held at the reporting date — — — — Relating to assets sold during the period — — — — Purchases, Sales and Settlements — — — — Balance at December 31, 2021 $ — $ — $ — $ — SJG: Guaranteed Insurance Contract Private Real Total Balance at January 1, 2020 $ 2,216 $ — $ — $ 2,216 Actual return on plan assets: Relating to assets still held at the reporting date — — — — Relating to assets sold during the period — — — — Purchases, Sales and Settlements (2,216) — — (2,216) Balance at December 31, 2020 — — — — Actual return on plan assets: Relating to assets still held at the reporting date — — — — Relating to assets sold during the period — — — — Purchases, Sales and Settlements — — — — Balance at December 31, 2021 $ — $ — $ — $ — |
Schedule of Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Pension Benefits Other Postretirement Benefits 2022 $ 22,834 $ 5,451 2023 $ 23,550 $ 5,271 2024 $ 23,795 $ 4,932 2025 $ 24,008 $ 4,696 2026 $ 24,618 $ 4,448 2027 - 2031 $ 130,850 $ 18,642 SJG: Pension Benefits Other Postretirement Benefits 2022 $ 14,143 $ 3,591 2023 $ 14,658 $ 3,500 2024 $ 15,022 $ 3,285 2025 $ 15,398 $ 3,100 2026 $ 15,792 $ 2,926 2027 - 2031 $ 86,896 $ 11,931 |
LINES OF CREDIT & SHORT-TERM _2
LINES OF CREDIT & SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Line of Credit Facility [Abstract] | |
Schedule of Credit Facilities and Available Liquidity | Credit facilities and available liquidity as of December 31, 2021 were as follows (in thousands): Company Total Facility Usage Available Liquidity Expiration Date SJI: SJI Syndicated Revolving Credit Facility $ 500,000 $ 152,800 (A) $ 347,200 September 2026 SJG: Commercial Paper Program/Revolving Credit Facility 250,000 109,900 (B) 140,100 September 2026 ETG: ETG Revolving Credit Facility 250,000 84,000 (C) 166,000 September 2026 Total $ 1,000,000 $ 346,700 $ 653,300 (A) Includes letters of credit outstanding in the amount of $9.8 million, which is used to enable SJE to market retail electricity as well as for various construction and operating activities. (B) Includes letters of credit outstanding in the amount of $1.9 million, which supports the remediation of environmental conditions at certain locations in SJG's service territory. (C) Includes letters of credit outstanding in the amount of $1.0 million, which supports ETG's construction activity. The weighted average interest rate on these borrowings, which changes daily, were as follows: December 31, 2021 December 31, 2020 December 31, 2019 Weighted average interest rate on borrowings: SJI (inclusive of all subsidiaries' facilities) 1.05 % 1.35 % 2.67 % SJG 0.34 % 0.23 % 1.99 % Average borrowings and maximum amounts outstanding on these facilities for the years ended December 31 were as follows (in thousands): 2021 2020 Average borrowings outstanding, not including letters of credit: SJI (inclusive of all subsidiaries' facilities) $ 190,000 $ 472,900 SJG $ 40,900 $ 116,600 Maximum amounts outstanding, not including letters of credit: SJI (inclusive of all subsidiaries' facilities) $ 452,900 $ 872,200 SJG $ 123,000 $ 187,000 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Outstanding Long-Term Debt at December 31 consisted of the following: 2021 2020 Long-Term Debt (A): SJG: First Mortgage Bonds: (B) 3.28% Series due 2030 (C) $ 150,000 $ 150,000 3.93% Series due 2050 (C) 250,000 250,000 3.98% Series due 2050 (C) 125,000 125,000 3.00% Series due 2024 (D) 30,000 40,000 3.03% Series due 2024 (E) 21,000 28,000 3.63% Series due 2025 (F) 3,637 4,546 4.84% Series due 2026 (G) 12,500 15,000 4.93% Series due 2026 (H) 37,500 45,000 4.03% Series due 2027 (H) 45,000 45,000 4.01% Series due 2030 (I) 34,000 34,000 4.23% Series due 2030 30,000 30,000 3.74% Series due 2032 (J) 35,000 35,000 5.55% Series due 2033 32,000 32,000 6.213% Series due 2034 10,000 10,000 5.45% Series due 2035 10,000 10,000 3.00% Series due 2047 (O) 200,000 200,000 Series A 2006 Bonds at variable rates due 2036 (K) 24,900 24,900 Total SJG Long-Term Debt Outstanding (R) $ 1,050,537 $ 1,078,446 Less SJG Current Maturities (31,084) (52,809) Total SJG Long-Term Debt (R) $ 1,019,453 $ 1,025,637 SJI: 3.71% Series due 2027 (M) $ 75,000 $ 75,000 3.91% Series due 2030 (M) 125,000 125,000 3.71% Series C 2012 Notes due 2022 35,000 35,000 3.47% Series due 2024 25,000 25,000 3.71% Series due 2027 25,000 25,000 3.57% Series 2017A-2 due 2025 25,000 25,000 3.81% Series 2017B-2 due 2028 25,000 25,000 3.43% Series 2018A due 2021 (L) — 90,000 4.07% Series 2018B due 2028 80,000 80,000 4.17% Series 2018C due 2030 80,000 80,000 5.625% Junior Subordinated Notes due 2079 200,000 200,000 5.02% Series A Junior Subordinated Notes (P) 287,500 — Convertible Equity Units (N, P) 335,000 287,500 ETG: First Mortgage Bonds 4.02% Series 2018A-1 due 2028 50,000 50,000 4.22% Series 2018A-2 due 2033 55,000 55,000 4.29% Series 2018A-3 due 2038 150,000 150,000 4.37% Series 2018A-4 due 2048 200,000 200,000 4.52% Series 2018A-5 due 2058 75,000 75,000 2.84% Series 2019 A-1 due 2029 40,000 40,000 2.84% Series 2019 A-2 due 2029 35,000 35,000 2.94% Series 2019 A-3 due 2031 25,000 25,000 2.94% Series 2019 A-4 due 2031 45,000 45,000 3.28% Series 2020 A-1, Tranche A due 2050 (Q) 75,000 75,000 3.38% Series 2020 A-1, Tranche B due 2060 (Q) 50,000 50,000 2.26% Series 2020 A-2, Tranche A due 2031 (Q) 50,000 — 3.08% Series 2020 A-2 Tranche B due 2041 (Q) 25,000 — 3.36% Series 2020 A-2, Tranche C due 2041 (Q) 50,000 — Total SJI Consolidated Long-Term Debt Outstanding (R) $ 3,293,037 2,950,946 Less SJI Consolidated Current Maturities (66,076) (142,801) Total SJI Consolidated Long-Term Debt (R) $ 3,226,961 2,808,145 (A) Long-term debt maturities for SJI for the succeeding five years are as follows (in thousands): 2022: $66,076; 2023: $40,084; 2024: $65,084; 2025: $66,084; and 2026: $41,175. Long-term debt maturities for SJG for the succeeding five years are as follows (in thousands): 2022: $31,084; 2023: $40,084; 2024: $40,084; 2025: $41,084; and 2026: $41,175. (B) SJG has a First Mortgage Indenture, which provides for the issuance by SJG of bonds, notes or other securities that are secured by a lien on substantially all of the operating properties and franchises of SJG. (C) In April 2020, SJG entered into a Note Purchase Agreement which provided for SJG to issue and sell its Senior Secured Notes, Series F, 2020 in the aggregate principal amount of $525.0 million in three Tranches, as follows: (a) Senior Secured Notes, Series F, 2020, Tranche A due April 16, 2030 in the aggregate principal amount of $150.0 million; (b) Senior Secured Notes, Series F, 2020, Tranche B due April 16, 2050 in the aggregate principal amount of $250.0 million; and (c) Senior Secured Notes, Series F, 2020, Tranche C due October 1, 2050 in the aggregate principal amount of $125.0 million. All of the Tranche A Notes and the Tranche B Notes were issued on April 16, 2020, and bear interest at 3.28% and 3.93%, respectively. The Tranche C Notes were issued on October 1, 2020, and bear interest at 3.98%. (D) SJG has $30.0 million remaining of 3.00% MTNs, with $10.0 million due annually with the final payment due September 2024. As such, $10.0 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (E) SJG has $21.0 million remaining of 3.03% MTNs, with $7.0 million due annually with the final payment due November 2024. As such, $7.0 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (F) SJG pays $0.9 million annually toward the principal amount of 3.63% MTNs, with the final payment to be made December 2025. As such, $0.9 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (G) SJG has $12.5 million remaining of 4.84% MTNs, with $2.5 million due annually with the final payment due March 2026. As such, $2.5 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (H) SJG has $37.5 million remaining of 4.93% MTNs, with $7.5 million due annually with the final payment due June 2026. As such, $7.5 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. SJG also has $45.0 million of 4.03% MTNs, with $9.0 million due annually beginning in December 2023 with the final payment due in December 2027. (I) SJG initially entered into $42.0 million of 4.01% MTNs with several due dates, as follows: $8.0 million paid November 2019; $2.0 million due November 2025; $3.0 million due November 2026; $8.0 million due November 2027; and $7.0 million each due November 2028, 2029 and 2030. (J) SJG has $35.0 million of 3.74% MTNs, with $3.175 million due annually beginning April 2022 with final payment due April 2032. As such, $3.175 million of the total outstanding amount on this debt is classified in current portion of long-term debt on the consolidated balance sheets as it is due within one year. (K) These variable rate demand bonds bear interest at a floating rate that resets weekly. The interest rate as of December 31, 2021 was 0.13%. Liquidity support on these bonds is provided under a separate letter of credit facility that was set to expire in August 2021; as such, these bonds were recorded in current portion of long-term debt on the consolidated balance sheets as of December 31, 2020. The letter of credit facility was extended to August 2024; as such these bonds were recorded in long-term debt on the consolidated balance sheets as of December 31, 2021. (L) In April 2021, SJI repaid the $90.0 million principal amount outstanding on its 3.43% Series 2018-A Notes at maturity. (M) On May 27, 2020, SJI entered into a Note Purchase Agreement which provided for the Company to issue an aggregate of $200.0 million of senior unsecured notes in two tranches, as follows: (a) Senior Notes, Series 2020A due July 30, 2027, in the aggregate principal amount of $75.0 million (the "Series 2020A Notes"); and (b) Senior Notes, Series 2020B due July 30, 2030, in the aggregate principal amount of $125.0 million (the "Series 2020B Notes"). The Company issued both tranches of the Notes on July 30, 2020. The Series 2020A Notes bear interest at 3.71% and the Series 2020B Notes bear interest at 3.91%. The proceeds from these issuances were used to pay off a term loan issued earlier in 2020. (N) In March and April 2021, SJI completed a public offering of Equity Units for gross proceeds of $335.0 million (see Note 6). As of December 31, 2021, these Equity Units were not converted into equity. (O) SJG has $200.0 million of 3.00% MTNs with varying principal amounts due annually, beginning with $16.0 million due in 2025. (P) In March 2021, the Company finalized the remarketing of the $287.5 million of Series A Junior Subordinated Notes, which, prior to this remarketing, were convertible equity units. The interest rate on the Series A Junior Subordinated Notes has been reset to 5.02% per year, and this reset rate became effective on April 15, 2021. See Note 6. (Q) On November 10, 2020, ETG entered into a Bond Purchase Agreement which provided for ETG to issue an aggregate of $250.0 million of first mortgage bonds in five tranches, as follows: (i) 3.28% First Mortgage Bonds, Series 2020A-1, Tranche A due November 10, 2050 in the aggregate principal amount of $75.0 million (the “Series 2020A-1, Tranche A Bonds”), (ii) 3.38% First Mortgage Bonds, Series 2020A-1, Tranche B due November 10, 2060 in the aggregate principal amount of $50.0 million (the “Series 2020A-1, Tranche B Bonds”), (iii) 2.26% First Mortgage Bonds, Series 2020A-2, Tranche A due June 15, 2031 in the aggregate principal amount of $50.0 million, (iv) 3.08% First Mortgage Bonds, Series 2020A-2, Tranche B due June 15, 2041 in the aggregate principal amount of $25.0 million, and (v) 3.36% First Mortgage Bonds, Series 2020A-2, Tranche C due June 15, 2051 in the aggregate principal amount of $50.0 million. The two Tranches of Series 2020A-1 Bonds were issued on November 10, 2020. ETG issued the three Tranches of Series 2020A-2 Bonds on June 15, 2021. (R) Total SJI consolidated Long-Term Debt in the table above does not include unamortized debt issuance costs of $38.5 million and $29.6 million as of December 31, 2021 and 2020, respectively, nor does it include $5.1 million and $5.2 million of unamortized debt discounts as of December 31, 2021 and 2020, respectively. These items are recorded as reductions to Long-Term Debt on the consolidated balance sheet. Also not included in the table above are finance leases of $5.6 million and $3.1 million as of December 31, 2021 and 2020, respectively (see Note 9), which is recorded as an increase to Long-Term Debt on the consolidated balance sheets. Total SJG Long-Term Debt in the table above does not include unamortized debt issuance costs of $8.7 million and $9.4 million as of December 31, 2021 and 2020, respectively. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies | The following table details the amounts expended and accrued for SJI's and SJG's environmental remediation during the last two years (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 2020 Beginning of Year $ 193,575 $ 232,885 Change in Accruals 9,111 (22,198) Expenditures (36,605) (17,112) End of Year $ 166,081 $ 193,575 SJG: 2021 2020 Beginning of Year $ 101,243 $ 131,262 Change in Accruals 9,398 (15,273) Expenditures (18,677) (14,746) End of Year $ 91,964 $ 101,243 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | As of December 31, 2021, SJI and SJG had outstanding derivative contracts as follows: SJI Consolidated SJG Derivative contracts intended to limit exposure to market risk to: Expected future purchases of natural gas (in MMdts) 96.7 10.3 Expected future sales of natural gas (in MMdts) 130.2 0.8 Basis and Index related net purchase/(sale) contracts (in MMdts) 72.1 1.5 |
Summary of Interest Rate Swaps | As of December 31, 2021, SJG's active interest rate swaps were as follows: Notional Amount Fixed Interest Rate Start Date Maturity $ 12,500,000 3.530% 12/1/2006 2/1/2036 $ 12,500,000 3.430% 12/1/2006 2/1/2036 |
Fair Value of Derivative Instruments | The fair values of all derivative instruments, none of which are designated as hedging instruments under GAAP, as reflected in the consolidated balance sheets as of December 31, are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): December 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Energy-related commodity contracts: Derivatives - Energy Related - Current $ 95,041 $ 60,002 $ 41,439 $ 27,006 Derivatives - Energy Related - Noncurrent 22,488 16,079 6,935 4,947 Interest rate contracts: Derivatives - Other - Current — 568 — 659 Derivatives - Other - Noncurrent — 7,432 — 9,279 Total Derivatives $ 117,529 $ 84,081 $ 48,374 $ 41,891 SJG: December 31, 2021 December 31, 2020 Assets Liabilities Assets Liabilities Energy-related commodity contracts: Derivatives – Energy Related – Current $ 9,396 $ 2,520 $ 4,053 $ 2,868 Derivatives – Energy Related – Noncurrent 507 324 87 190 Interest rate contracts: Derivatives - Other - Current — 568 — 659 Derivatives - Other - Noncurrent — 7,432 — 9,279 Total Derivatives $ 9,903 $ 10,844 $ 4,140 $ 12,996 |
Offsetting Arrangements | As of December 31, 2021 and 2020, information related to these offsetting arrangements were as follows (in thousands): As of December 31, 2021 Description Gross amounts of recognized assets/liabilities Gross amount offset in the balance sheet Net amounts of assets/liabilities in balance sheet Gross amounts not offset in the balance sheet Net amount Financial Instruments Cash Collateral Posted SJI (includes SJG and all other consolidated subsidiaries): Derivatives - Energy Related Assets $ 117,529 $ — $ 117,529 $ (57,804) (A) $ (32,782) $ 26,943 Derivatives - Energy Related Liabilities $ (76,081) $ — $ (76,081) $ 57,804 (B) $ — $ (18,277) Derivatives - Other $ (8,000) $ — $ (8,000) $ — $ — $ (8,000) SJG: Derivatives - Energy Related Assets $ 9,903 $ — $ 9,903 $ (1,780) (A) $ — $ 8,123 Derivatives - Energy Related Liabilities $ (2,844) $ — $ (2,844) $ 1,780 (B) $ — $ (1,064) Derivatives - Other $ (8,000) $ — $ (8,000) $ — $ — $ (8,000) As of December 31, 2020 Description Gross amounts of recognized assets/liabilities Gross amount offset in the balance sheet Net amounts of assets/liabilities in balance sheet Gross amounts not offset in the balance sheet Net amount Financial Instruments Cash Collateral Posted SJI (includes SJG and all other consolidated subsidiaries): Derivatives - Energy Related Assets $ 48,374 $ — $ 48,374 $ (24,027) (A) $ — $ 24,347 Derivatives - Energy Related Liabilities $ (31,953) $ — $ (31,953) $ 24,027 (B) $ 2,176 $ (5,750) Derivatives - Other $ (9,938) $ — $ (9,938) $ — $ — $ (9,938) SJG: Derivatives - Energy Related Assets $ 4,140 $ — $ 4,140 $ (716) (A) $ — $ 3,424 Derivatives - Energy Related Liabilities $ (3,058) $ — $ (3,058) $ 716 (B) $ 2,176 $ (166) Derivatives - Other $ (9,938) $ — $ (9,938) $ — $ — $ (9,938) (A) The balances at December 31, 2021 and 2020 were related to derivative liabilities which can be net settled against derivative assets. (B) The balances at December 31, 2021 and 2020 were related to derivative assets which can be net settled against derivative liabilities. |
Effect of Derivatives on Income | The effect of derivative instruments on the consolidated statements of income for the year ended December 31 is as follows (in thousands): Derivatives Previously in Cash Flow Hedging Relationships under GAAP (a) 2021 2020 2019 SJI (includes SJG and all other consolidated subsidiaries): Interest Rate Contracts: Losses reclassified from AOCL into income (b) $ (46) $ (46) $ (46) SJG: Interest Rate Contracts: Losses reclassified from AOCL into income (b) $ (46) $ (46) (46) (a) See "Derivative Instruments" in Note 1 (b) Included in Interest Charges Derivatives Not Designated as Hedging Instruments under GAAP 2021 2020 2019 SJI (no balances for SJG; includes all other consolidated subsidiaries): Gains (Losses) on energy-related commodity contracts (a) $ 5,567 $ 385 $ (11,748) Gains (Losses) on interest rate contracts (b) — 4,760 (2,798) Total $ 5,567 $ 5,145 $ (14,546) (a) Included in Operating Revenues - Nonutility (b) Included in Interest Charges |
FAIR VALUE OF FINANCIAL ASSET_2
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities | For financial assets and financial liabilities measured at fair value on a recurring basis, information about the fair value measurements for each major category is as follows (in thousands): As of December 31, 2021 Total Level 1 Level 2 Level 3 Assets SJI (includes SJG and all other consolidated subsidiaries): Available-for-Sale Securities (A) $ 37 $ 37 $ — $ — Derivatives – Energy Related Assets (B) 117,529 56,260 52,277 8,992 $ 117,566 $ 56,297 $ 52,277 $ 8,992 SJG: Assets Derivatives – Energy Related Assets (B) $ 9,903 $ 4,648 $ 1,617 $ 3,638 $ 9,903 $ 4,648 $ 1,617 $ 3,638 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 76,081 $ 21,879 $ 45,890 $ 8,312 Derivatives – Other (C) 8,000 — 8,000 — $ 84,081 $ 21,879 $ 53,890 $ 8,312 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 2,844 $ 1,780 $ 1,064 $ — Derivatives – Other (C) 8,000 — 8,000 — $ 10,844 $ 1,780 $ 9,064 $ — As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets SJI (includes SJG and all other consolidated subsidiaries): Available-for-Sale Securities (A) $ 32 $ 32 $ — $ — Derivatives – Energy Related Assets (B) 48,374 11,447 23,527 13,400 $ 48,406 $ 11,479 $ 23,527 $ 13,400 SJG: Assets Derivatives – Energy Related Assets (B) $ 4,140 $ 715 $ 32 $ 3,393 $ 4,140 $ 715 $ 32 $ 3,393 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 31,953 $ 8,605 $ 20,954 $ 2,394 Derivatives – Other (C) 9,938 — 9,938 — $ 41,891 $ 8,605 $ 30,892 $ 2,394 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 3,058 $ 2,891 $ 159 $ 8 Derivatives – Other (C) 9,938 — 9,938 — $ 12,996 $ 2,891 $ 10,097 $ 8 Counterparty credit risk and the credit risk of SJI are incorporated and considered in the valuation of all derivative instruments as appropriate. The effect of counterparty credit risk and the credit risk of SJI on the derivative valuations is not significant. (A) Available-for-Sale Securities include securities that are traded in active markets and securities that are not traded publicly. The securities traded in active markets are valued using the quoted principal market close prices that are provided by the trustees and are categorized in Level 1 in the fair value hierarchy. (B) Derivatives – Energy Related Assets and Liabilities are traded in both exchange-based and non-exchange-based markets. Exchange-based contracts are valued using unadjusted quoted market sources in active markets and are categorized in Level 1 in the fair value hierarchy. Certain non-exchange-based contracts are valued using indicative price quotations available through brokers or over-the-counter, on-line exchanges and are categorized in Level 2. These price quotations reflect the average of the bid-ask mid-point prices and are obtained from sources that management believes provide the most liquid market. Management reviews and corroborates the price quotations with at least one additional source to ensure the prices are observable market information, which includes consideration of actual transaction volumes, market delivery points, bid-ask spreads and contract duration. For non-exchange-based derivatives that trade in less liquid markets with limited pricing information, model inputs generally would include both observable and unobservable inputs. In instances where observable data is unavailable, management considers the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 in the fair value hierarchy as the model inputs generally are not observable. Management uses the discounted cash flow model to value Level 3 physical and financial forward contracts, which calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. Inputs to the valuation model are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third party pricing sources. The validity of the mark-to-market valuations and changes in these values from period to period are examined and qualified against historical expectations by the risk management function. If any discrepancies are identified during this process, the mark-to-market valuations or the market pricing information is evaluated further and adjusted, if necessary. |
Quantitative Information Regarding Significant Unobservable Inputs | The following table provides quantitative information regarding significant unobservable inputs in Level 3 fair value measurements (in thousands, except for ranges): SJI (includes SJG and all other consolidated subsidiaries): Type Fair Value at December 31, 2021 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contracts - Natural Gas $ 8,916 $ 8,107 Discounted Cash Flow Forward price (per dt) $1.77 - $8.30 [$3.73] (A) Type Fair Value at December 31, 2020 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contracts - Natural Gas $ 12,824 $ 1,764 Discounted Cash Flow Forward price (per dt) $1.44 - $6.77 [$2.67] (A) The unobservable inputs in Level 3 fair value measurements of forward electric contracts as of December 31, 2021 and 2020 are not material. SJG: Type Fair Value at December 31, 2021 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contracts - Natural Gas $ 3,638 $ — Discounted Cash Flow Forward price (per dt) $3.75 - $5.66 [$4.94] (A) Type Fair Value at December 31, 2020 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contracts - Natural Gas $ 3,393 $ 8 Discounted Cash Flow Forward price (per dt) $2.48 - $3.63 [$3.16] (A) (A) Represents the range, along with the weighted average, of forward prices for the sale and purchase of natural gas. (B) Represents the range, along with the weighted average, of the percentage of contracted usage that is loaded during on-peak hours versus off-peak. |
Changes in Fair Value Measurements Using Significant Unobservable Inputs | The changes in fair value measurements of Derivatives – Energy Related Assets and Liabilities during the years ended December 31, using significant unobservable inputs (Level 3), are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2021 Balance at January 1, 2021 $ 11,006 Other changes in fair value from continuing and new contracts, net (228) Settlements (10,098) Balance at December 31, 2021 $ 680 2020 Balance at January 1, 2020 $ 17,574 Other changes in fair value from continuing and new contracts, net 11,078 Settlements (17,646) Balance at December 31, 2020 $ 11,006 SJG: 2021 Balance at January 1, 2021 $ 3,385 Other changes in fair value from continuing and new contracts, net 3,638 Settlements (3,385) Balance at December 31, 2021 $ 3,638 2020 Balance at January 1, 2020 $ 5,035 Other changes in fair value from continuing and new contracts, net 3,385 Settlements (5,035) Balance at December 31, 2020 $ 3,385 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Loss (AOCL) | The following table presents the changes in SJI's AOCL, net of tax, for the years ended December 31, 2021, 2020, and 2019 (in thousands): Postretirement Liability Adjustment Unrealized Gain (Loss) on Derivatives-Other Unrealized Gain (Loss) on Available-for-Sale Securities Other Comprehensive Income (Loss) of Affiliated Companies Total Balance at January 1, 2019 $ (25,626) $ (362) $ (10) $ (97) $ (26,095) Other comprehensive loss before reclassifications (6,498) — — — (6,498) Amounts reclassified from AOCL — 35 — — 35 Net current period other comprehensive (loss) income (6,498) 35 — — (6,463) Balance at December 31, 2019 (32,124) (327) (10) (97) (32,558) Other comprehensive loss before reclassifications (5,692) — — — (5,692) Amounts reclassified from AOCL — 34 — — 34 Net current period other comprehensive (loss) income (5,692) 34 — — (5,658) Balance at December 31, 2020 (37,816) (293) (10) (97) (38,216) Other comprehensive income before reclassifications 11,455 — — — 11,455 Amounts reclassified from AOCL — 32 — — 32 Net current period other comprehensive income 11,455 32 — — 11,487 Balance at December 31, 2021 $ (26,361) $ (261) $ (10) $ (97) $ (26,729) The following table presents the changes in SJG's AOCL, net of tax, for the years ended December 31, 2021, 2020, and 2019 (in thousands): Postretirement Liability Adjustment Unrealized Gain (Loss) on Derivatives-Other Total Balance at January 1, 2019 $ (21,901) $ (456) $ (22,357) Other comprehensive loss before reclassifications (5,553) — (5,553) Amounts reclassified from AOCL — 35 35 Net current period other comprehensive (loss) income (5,553) 35 (5,518) Balance at December 31, 2019 (27,454) (421) (27,875) Other comprehensive loss before reclassifications (3,765) — (3,765) Amounts reclassified from AOCL — 34 34 Net current period other comprehensive (loss) income (3,765) 34 (3,731) Balance at December 31, 2020 (31,219) (387) (31,606) Other comprehensive income before reclassifications 8,598 — 8,598 Amounts reclassified from AOCL — 32 32 Net current period other comprehensive income 8,598 32 8,630 Balance at December 31, 2021 $ (22,621) $ (355) $ (22,976) |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Below is a listing of all performance obligations that arise from contracts with customers, along with details on the satisfaction of each performance obligation, the significant payment terms, and the nature of the goods and services being transferred: Revenue Recognized Over Time: Reportable Segment Performance Obligation Description SJG Utility Operations ETG Utility Operations ELK Utility Operations Wholesale Energy Operations Natural Gas SJG, ETG and, prior to its sale in July 2020 (see Note 1), ELK, sell natural gas to residential, commercial and industrial customers, and price is based on regulated tariff rates which are established by the BPU or the MPSC, as applicable. There is an implied contract with a customer for the purchase, delivery, and sale of gas, and the customer is billed monthly, with payment due within 30 days. Payments are received from certain customers based on a predetermined budget billing schedule. Budget billing does not represent a contract asset or liability but rather just a receivable/liability because there are no further performance obligations required to be satisfied before the Utilities have the right to collect/refund the customer’s consideration. Consideration is due when control of the energy is transferred to the customer and is satisfied with the passage of time. Budget billing liability balances are recorded within the Customer Deposits and Credit Balances line item in the consolidated balance sheets. SJG has direct connections to and long-term gas transmission services on interstate pipeline systems. The sale of gas to third parties from these pipelines prior to entering our service territory is considered OSS. These contracts to sell off-system are at a price, quantity and time period agreed to by both parties determined on a contract by contract basis. SJRG sells natural gas to commercial customers at either a fixed quantity or at variable quantities based on a customer's needs. Payment is due on the 25th of each month for the previous month's deliveries. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably as the customer uses natural gas, which represents satisfaction of the performance obligation. SJG Utility Operations Wholesale Energy Operations Pipeline Transportation Capacity SJG and SJRG sell pipeline transportation capacity on a wholesale basis to various customers on the interstate pipeline system and transport natural gas purchased directly from producers or suppliers to their customers (for SJG, this is known as Capacity Release). These contracts to sell this capacity are at a price, quantity and time period agreed to by both parties determined on a contract by contract basis. Payment is due on the 25th of each month for the previous month's deliveries. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably coinciding with the delivery of gas and the customer obtaining control, which represents satisfaction of the performance obligation. Wholesale Energy Operations Fuel Management Services SJRG currently has several fuel supply management contracts where SJRG has acquired pipeline transportation capacity that allows SJRG to match end users, many of which are merchant generators, with producers looking to find a long-term solution for their supply. Natural gas is sold to the merchant generator daily based on its needs, with payment made either weekly or biweekly depending on the contract. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) coinciding with the delivery of gas and the customer obtaining control, which represents satisfaction of the performance obligation. Retail Services Electricity SJE sells electricity to commercial, industrial and residential customers at fixed prices throughout the life of the contract, with the customer billed monthly and payment due within 30 days. Revenue is currently being recognized over time based upon volumes delivered (i.e., unit of output) or through the passage of time ratably coinciding with the delivery of electricity and the customer obtaining control, which represents satisfaction of the performance obligation. Renewables Solar Solar projects earn revenue based on electricity generated. The customer is billed monthly as electricity is being generated, with payment due within 30 days. The performance obligation is satisfied as kilowatt hours of energy are generated (i.e., unit of output), which is when revenue is recognized. Renewables Fuel Cell The fuel cell projects earn revenue based on electricity generated. The customer is billed monthly as electricity is being generated, with payment due within 30 days. The performance obligation is satisfied as kilowatt hours of energy are generated (i.e., unit of output), which is when revenue is recognized. Renewables CHP Marina sold MTF/ACB in February 2020 (see Note 1). Prior to its sale, Marina had a contract with a casino and resort in Atlantic City, NJ to provide cooling, heating and emergency power. There were multiple performance obligations with this contract, including electric, chilled water and hot water, and each of these was considered distinct and separately identifiable performance obligations that were all priced separately. These performance obligations were satisfied over time ratably as they were used by the customer, who was billed monthly. Retail Services Energy Procurement Consulting Services AEP and EnerConnex provide energy procurement consulting services. These businesses match energy suppliers with end users and are paid commissions by energy suppliers. The commissions received on energy procurement contracts (whether received at the beginning of a contract or paid under monthly terms) are earned and recognized over the duration of the underlying contracts as energy usage occurs, which represents satisfaction of the performance obligation. The resulting contract liabilities are not material as of December 31, 2021, 2020 and 2019. Revenue Recognized at a Point in Time: Reportable Segment Performance Obligation Description Renewables SRECs The customer is billed based on a contracted amount of SRECs to be sold, with the price based on the market price of the SRECs at the time of generation. This does not represent variable consideration as the price is known and established at the time of generation and delivery to the customer. The performance obligation is satisfied at the point in time the SREC is delivered to the customer, which is when revenue is recognized. Payment terms are approximately 10 days subsequent to delivery. |
Disaggregation of Revenue | Disaggregated revenues from contracts with customers are disclosed below, by operating segment, for the years ended December 31, (in thousands). The presentation of disaggregated revenues for the prior periods has been revised to conform to the realignment of our operating segments as discussed in Note 8. 2021 SJG Utility Operations ETG Utility Operations Wholesale Energy Operations Retail Services Renewables Corporate Services and Intersegment Total Customer Type: Residential $ 359,963 $ 225,209 $ — $ 1,997 $ — $ — $ 587,169 Commercial & Industrial 166,287 129,148 1,406,155 8,918 24,038 (21,795) 1,712,751 OSS & Capacity Release 10,720 — — — — — 10,720 Other 3,022 811 — 4,881 — (524) 8,190 $ 539,992 $ 355,168 $ 1,406,155 $ 15,796 $ 24,038 $ (22,319) $ 2,318,830 Product Line: Gas $ 539,992 $ 355,168 $ 1,406,155 $ — $ — $ (21,617) $ 2,279,698 Electric — — — 8,919 — (178) 8,741 Solar — — — — 7,019 — 7,019 Fuel Cells — — — — 15,763 — 15,763 Other — — — 6,877 1,256 (524) 7,609 $ 539,992 $ 355,168 $ 1,406,155 $ 15,796 $ 24,038 $ (22,319) $ 2,318,830 2020 SJG Utility Operations ETG Utility Operations ELK Utility Operations Wholesale Energy Operations Retail Services Renewables Corporate Services and Intersegment Total Customer Type: Residential $ 349,111 $ 223,221 $ 2,179 $ — $ 1,978 $ — $ — $ 576,489 Commercial & Industrial 144,300 114,300 2,544 683,152 22,176 15,617 (10,048) 972,041 OSS & Capacity Release 7,673 — — — — — — 7,673 Other 2,048 1,629 203 — — — — 3,880 $ 503,132 $ 339,150 $ 4,926 $ 683,152 $ 24,154 $ 15,617 $ (10,048) $ 1,560,083 Product Line: Gas $ 503,132 $ 339,150 $ 4,926 $ 683,152 $ — $ — $ (7,544) $ 1,522,816 Electric — — — — 19,907 — (1,971) 17,936 Solar — — — — — 8,426 — 8,426 CHP — — — — — 3,502 — 3,502 Other — — — — 4,247 3,689 (533) 7,403 $ 503,132 $ 339,150 $ 4,926 $ 683,152 $ 24,154 $ 15,617 $ (10,048) $ 1,560,083 2019 SJG Utility Operations ETG Utility Operations ELK Utility Operations Wholesale Energy Operations Retail Services Renewables Corporate Services and Intersegment Total Customer Type: Residential $ 356,646 $ 217,195 $ 3,494 $ — $ 16,206 $ — $ — $ 593,541 Commercial & Industrial 116,959 103,590 4,197 633,720 43,345 48,748 (13,368) 937,191 OSS & Capacity Release 8,951 — — — — — — 8,951 Other 2,456 10,242 166 — — — — 12,864 $ 485,012 $ 331,027 $ 7,857 $ 633,720 $ 59,551 $ 48,748 $ (13,368) $ 1,552,547 Product Line: Gas $ 485,012 $ 331,027 $ 7,857 $ 633,720 $ — $ — $ (5,433) $ 1,452,183 Electric — — — — 56,899 — (7,935) 48,964 Solar — — — — — 15,111 — 15,111 CHP — — — — — 27,993 — 27,993 Other — — — — 2,652 5,644 — 8,296 $ 485,012 $ 331,027 $ 7,857 $ 633,720 $ 59,551 $ 48,748 $ (13,368) $ 1,552,547 |
Contract with Customer, Asset and Liability | The following table provides information about SJI's and SJG's receivables and unbilled revenue from contracts with customers (in thousands): Accounts Receivable (a) Unbilled Revenue (b) SJI (including SJG and all other consolidated subsidiaries): Beginning balance as of January 1, 2021 $ 278,723 $ 85,423 Ending balance as of December 31, 2021 343,835 87,357 Increase (Decrease) $ 65,112 $ 1,934 Beginning balance as of January 1, 2020 $ 253,661 $ 84,821 Ending balance as of December 31, 2020 278,723 85,423 Increase (Decrease) $ 25,062 $ 602 SJG: Beginning balance as of January 1, 2021 $ 88,657 $ 46,837 Ending balance as of December 31, 2021 125,848 43,236 Increase (Decrease) $ 37,191 $ (3,601) Beginning balance as of January 1, 2020 $ 84,940 $ 45,016 Ending balance as of December 31, 2020 88,657 46,837 Increase (Decrease) $ 3,717 $ 1,821 (a) A receivable is SJI's and SJG's right to consideration that is unconditional, as only the passage of time is required before payment is expected from the customer. (b) All unbilled revenue for SJI and SJG arises from contracts with customers. Unbilled revenue relates to SJI's and SJG's right to receive payment for commodity delivered but not yet billed. This represents contract assets that arise from contracts with customers, which is defined in ASC 606 as the right to payment in exchange for goods already transferred to a customer, excluding any amounts presented as a receivable. The unbilled revenue is transferred to accounts receivable when billing occurs and the rights to collection become unconditional. |
ACQUISITIONS & BUSINESS COMBI_2
ACQUISITIONS & BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The purchase price allocation to the assets acquired and liabilities assumed as of the acquisition date for EnerConnex was finalized during 2021 with no significant adjustment and is as follows: EnerConnex Cash $ 415 Accounts Receivable 249 Identifiable Intangible Assets (A) 4,500 Goodwill 4,890 Other Noncurrent Assets 100 Total assets acquired 10,154 Accounts Payable 4 Other Current Liabilities 150 Total liabilities assumed 154 Total net assets acquired $ 10,000 (A) The identifiable intangible asset balances shown in the table above are related to customer relationships acquired in the transaction, and are included in Other Noncurrent Assets on the consolidated balance sheets. See Note 21. |
GOODWILL AND IDENTIFIABLE INT_2
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill | The following table summarizes the changes in goodwill for the years ended December 31, 2021 and 2020, respectively (in thousands): 2021 2020 Beginning Balance, January 1 $ 706,960 $ 702,070 Goodwill from EnerConnex Acquisition at Retail Services segment (see Note 20) — 4,890 Ending Balance, December 31 $ 706,960 $ 706,960 |
Schedule of Identifiable Intangible Assets | SJI's identifiable intangible assets were as follows (in thousands): As of December 31, 2021 Gross Cost Accumulated Amortization Identifiable Intangible Assets, Net Identifiable intangible assets subject to amortization: Customer Relationships $ 8,881 $ (863) $ 8,018 AMA (See Note 1) 19,200 (17,920) 1,280 Annadale Intangible Assets 4,220 (280) $ 3,940 Other 807 (2) 805 Total $ 33,108 $ (19,065) $ 14,043 As of December 31, 2020 Gross Cost Accumulated Amortization Identifiable Intangible Assets, Net Identifiable intangible assets subject to amortization: Customer Relationships $ 6,900 $ (338) $ 6,562 AMA (See Note 1) 19,200 (12,800) 6,400 Annadale Intangible Assets 4,318 (22) 4,296 Total $ 30,418 $ (13,160) $ 17,258 |
Schedule of Future Amortization Expense Related to Identifiable Intangible Assets | As of December 31, 2021, SJI's estimated amortization expense related to identifiable intangible assets for each of the five succeeding fiscal years is as follows (in thousands): Year ended December 31, SJI 2022 $ 2,176 2023 $ 896 2024 $ 896 2025 $ 896 2026 $ 896 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | Jul. 31, 2020USD ($) | Jul. 01, 2018USD ($) | Aug. 31, 2021USD ($) | Jul. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2021USD ($)countyprojectshares | Dec. 31, 2020USD ($)entityshares | Dec. 31, 2019USD ($)project | Jun. 30, 2021 | Aug. 31, 2020 | Aug. 12, 2020 | Aug. 07, 2020 | Aug. 06, 2020 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of solar energy projects | project | 2 | |||||||||||||
Number of business acquired | entity | 3 | |||||||||||||
Gains (loss) on sale of projects | $ 0 | $ 2,578,000 | $ 3,133,000 | |||||||||||
Depreciation expense on reclassified assets | $ 5,300,000 | |||||||||||||
Impairment charges | $ 10,800,000 | |||||||||||||
Number of unsold solar energy sites | project | 2 | |||||||||||||
Useful life (in years) | 15 years | |||||||||||||
Interest capitalized | $ 5,700,000 | $ 7,100,000 | $ 6,000,000 | |||||||||||
Treasury stock held (in shares) | shares | 256,372 | 229,978 | 256,372 | |||||||||||
Income tax credits | $ 3,900,000 | $ 21,300,000 | $ 0 | |||||||||||
Payments to purchase asset management agreement | $ 11,300,000 | |||||||||||||
Intangible asset | 19,200,000 | $ 6,400,000 | 1,300,000 | 6,400,000 | ||||||||||
Profit sharing liabilities | $ 17,546,000 | $ 7,000,000 | $ 3,500,000 | $ 7,000,000 | ||||||||||
New Jersey Division of Taxation | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Energy and Other Taxes | $ 11,000,000 | |||||||||||||
REV LNG | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity interest (as a percent) | 35.00% | 35.00% | 35.00% | |||||||||||
Minimum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Renewal lease term (in years) | 1 year | |||||||||||||
Maximum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Renewal lease term (in years) | 5 years | |||||||||||||
EnerConnex, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity interest acquired (as a percent) | 75.00% | 75.00% | ||||||||||||
Equity interest in acquiree previously held (as a percent) | 25.00% | 25.00% | 25.00% | |||||||||||
South Jersey Gas Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of counties in which entity operates | county | 7 | |||||||||||||
Composite annual rate for all depreciable utility property | 2.40% | 2.50% | 2.20% | |||||||||||
Renewal lease term (in years) | 5 years | |||||||||||||
Interest capitalized | $ 2,900,000 | $ 5,600,000 | $ 4,500,000 | |||||||||||
Refunds received from third party supplier | $ 10,000,000 | |||||||||||||
Catamaran | Bronx Midco LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership by parent (as a percent) | 99.00% | |||||||||||||
Catamaran | Annadale | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership interest (as a percent) | 100.00% | 100.00% | ||||||||||||
Marina Energy LLC | Catamaran | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership by parent (as a percent) | 92.00% | |||||||||||||
Marina Energy LLC | Annadale | Bronx Midco LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership by parent (as a percent) | 92.00% | |||||||||||||
Marina Energy LLC | Annadale | Annadale | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership by parent (as a percent) | 93.00% | 93.00% | 93.00% | |||||||||||
Marina Energy LLC | Solar Energy Projects Acquisition | Annadale | Bronx Midco LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership by parent (as a percent) | 90.00% | |||||||||||||
South Jersey Resources Group, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Refunds received from third party supplier | 11,200,000 | |||||||||||||
Refunds received from third party supplier, amount remaining after remittance | 3,900,000 | |||||||||||||
South Jersey Resources Group, LLC | Operating Revenues | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Refunds received from third party supplier, amount remaining after remittance | 3,800,000 | |||||||||||||
South Jersey Resources Group, LLC | Other Income | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Refunds received from third party supplier, amount remaining after remittance | 100,000 | |||||||||||||
Solar Assets | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gains (loss) on sale of projects | $ 800,000 | 3,100,000 | ||||||||||||
Impairment charges | 2,400,000 | |||||||||||||
Solar Assets | Minimum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Useful life of solar assets (in years) | 20 years | |||||||||||||
Solar Assets | Maximum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Useful life of solar assets (in years) | 35 years | |||||||||||||
Marina Energy LLC | Thermal energy generating property and equipment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Impairment charges | $ 8,400,000 | |||||||||||||
ETG Utility Operations | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of counties in which entity operates | county | 7 | |||||||||||||
Composite annual rate for all depreciable utility property | 2.50% | 2.30% | 2.40% | |||||||||||
Minimum annual fee for long-term asset management contract | $ 4,250,000 | |||||||||||||
ETG Utility Operations | South Jersey Resources Group, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Refunds received from third party supplier, amount remitted | $ 7,100,000 | |||||||||||||
Elkton Gas | South Jersey Resources Group, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Refunds received from third party supplier, amount remitted | $ 200,000 | |||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consideration received on sales or projects | 7,200,000 | $ 24,300,000 | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | MTF and ACB | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consideration received on sales or projects | $ 97,000,000 | |||||||||||||
Gains (loss) on sale of projects | 1,100,000 | |||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Elkton Gas | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consideration received on sales or projects | $ 15,600,000 | |||||||||||||
Gains (loss) on sale of projects | $ 700,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Asset Retirement Obligations Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
AROs, beginning balance | $ 202,092 | $ 263,950 |
Accretion | 8,875 | 8,185 |
Additions | 6,605 | 6,574 |
Settlements | (8,736) | (9,564) |
Revisions in Estimated Cash Flows | 20,194 | (67,053) |
AROs, ending balance | 229,030 | 202,092 |
South Jersey Gas Company | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
AROs, beginning balance | 89,252 | 96,509 |
Accretion | 3,776 | 4,121 |
Additions | 3,017 | 3,729 |
Settlements | (2,221) | (2,579) |
Revisions in Estimated Cash Flows | 9,547 | (12,528) |
AROs, ending balance | $ 103,371 | $ 89,252 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - PPE Utility (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Production Plant | $ 241 | $ 1,334 |
Storage Plant | 82,313 | 90,294 |
Transmission Plant | 345,716 | 338,981 |
Distribution Plant | 4,703,918 | 4,330,797 |
General Plant | 430,940 | 428,737 |
Other Plant | 1,955 | 1,955 |
Utility Plant In Service | 5,565,083 | 5,192,098 |
Construction Work In Progress | 117,722 | 73,563 |
Total Utility Plant | 5,682,805 | 5,265,661 |
Accumulated Depreciation | (975,619) | (914,122) |
Property, Plant and Equipment - Net | 4,707,186 | 4,351,539 |
Nonutility Property and Equipment | 240,503 | 147,764 |
Accumulated Depreciation | (35,367) | (35,069) |
Net Nonutility Property and Equipment | 205,136 | 112,695 |
Solar Assets | ||
Property, Plant and Equipment [Line Items] | ||
Nonutility Property and Equipment | 61,478 | 40,380 |
Fuel Cell Assets | ||
Property, Plant and Equipment [Line Items] | ||
Nonutility Property and Equipment | 80,550 | 80,546 |
Other Assets | ||
Property, Plant and Equipment [Line Items] | ||
Nonutility Property and Equipment | 24,711 | 26,838 |
Construction Work In Progress | ||
Property, Plant and Equipment [Line Items] | ||
Nonutility Property and Equipment | 73,764 | 0 |
South Jersey Gas Company | ||
Property, Plant and Equipment [Line Items] | ||
Production Plant | 25 | 25 |
Storage Plant | 62,140 | 61,971 |
Transmission Plant | 322,051 | 311,272 |
Distribution Plant | 2,923,016 | 2,705,893 |
General Plant | 264,194 | 265,185 |
Other Plant | 1,855 | 1,855 |
Utility Plant In Service | 3,573,281 | 3,346,201 |
Construction Work In Progress | 40,079 | 41,630 |
Total Utility Plant | 3,613,360 | 3,387,831 |
Accumulated Depreciation | (656,829) | (606,925) |
Property, Plant and Equipment - Net | $ 2,956,531 | $ 2,780,906 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Asset Management Agreement (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2018 |
Accounting Policies [Abstract] | |||
Natural Gas in Storage | $ 9,685 | ||
Intangible Asset | $ 1,300 | $ 6,400 | 19,200 |
Profit Sharing - Other Liabilities | $ (3,500) | $ (7,000) | (17,546) |
Total Consideration | $ 11,339 |
STOCK-BASED COMPENSATION PLAN_2
STOCK-BASED COMPENSATION PLAN (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Service period of shares (in years) | 3 years | ||
Expected volatility, measurement period (in years) | 3 years | ||
Previously recorded cost, reversal | $ 1.3 | ||
Unrecognized compensation cost of awards granted under the plan | $ 6 | ||
Weighted average period over which unrecognized compensation cost is to be recognized (in years) | 1 year 7 months 6 days | ||
Officers & Key Employees | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of shares awarded during the period (in shares) | 146,597 | 78,149 | 125,288 |
Market value of shares awarded (in shares) | $ 3.6 | $ 2.2 | $ 3.7 |
Directors | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period of shares | 12 months | ||
Time-based restricted stock | Tranche One | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Service period of shares (in years) | 1 year | ||
Time-based restricted stock | Tranche Two | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Service period of shares (in years) | 2 years | ||
Time-based restricted stock | Tranche Three | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Service period of shares (in years) | 3 years | ||
Time-based restricted stock | Officers & Key Employees | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period of shares | 3 years | ||
Payout limit, percentage | 100.00% | ||
Time-based restricted stock | Officers & Key Employees | Tranche One | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting percentage | 33.00% | ||
Time-based restricted stock | Officers & Key Employees | Tranche Two | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting percentage | 33.00% | ||
Time-based restricted stock | Officers & Key Employees | Tranche Three | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting percentage | 33.00% | ||
Restricted stock | Officers & Key Employees | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of awards granted (in shares) | 243,540 | 225,278 | 184,791 |
Restricted stock | Officers & Key Employees | Minimum | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Percentage of actual amount of shares that ultimately vest of original share units granted | 0.00% | ||
Restricted stock | Officers & Key Employees | Maximum | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Percentage of actual amount of shares that ultimately vest of original share units granted | 200.00% | ||
Restricted stock | Officers & Key Employees | South Jersey Gas Company | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of shares awarded during the period (in shares) | 23,010 | 7,902 | 6,095 |
Restricted stock | Directors | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of awards granted (in shares) | 54,419 | 38,456 | 30,961 |
Percent of shares granted that generally vest | 100.00% | ||
Stock appreciation rights | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of awards granted (in shares) | 0 | 0 | 0 |
Performance shares | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period of shares | 3 years | ||
Performance-based restricted shares | Officers & Key Employees | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period of shares | 3 years | ||
2015 Omnibus Equity Compensation Plan | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Number of options granted (in shares) | 0 | 0 | 0 |
Number of options outstanding (in shares) | 0 | 0 | 0 |
STOCK-BASED COMPENSATION PLAN -
STOCK-BASED COMPENSATION PLAN - Nonvested Restricted Stock Awards and Fair Value Assumptions (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
2019 - TSR | Officers & Key Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares outstanding (in shares) | shares | 32,292 |
Fair value per share (in USD per share) | $ / shares | $ 32.88 |
Expected Volatility | 23.20% |
Risk-Free Interest Rate | 2.40% |
2019 - CEGR, Time | Officers & Key Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares outstanding (in shares) | shares | 69,265 |
Fair value per share (in USD per share) | $ / shares | $ 31.38 |
2020 - TSR | Officers & Key Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares outstanding (in shares) | shares | 38,813 |
Fair value per share (in USD per share) | $ / shares | $ 25.51 |
Expected Volatility | 34.80% |
Risk-Free Interest Rate | 0.21% |
2020 - CEGR, Time | Officers & Key Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares outstanding (in shares) | shares | 123,487 |
Fair value per share (in USD per share) | $ / shares | $ 25.19 |
2021- TSR | Officers & Key Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares outstanding (in shares) | shares | 42,716 |
Fair value per share (in USD per share) | $ / shares | $ 28.11 |
Expected Volatility | 39.90% |
Risk-Free Interest Rate | 0.27% |
2021 - CEGR, Time | Officers & Key Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares outstanding (in shares) | shares | 185,902 |
Fair value per share (in USD per share) | $ / shares | $ 25.33 |
2021 | Directors | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares outstanding (in shares) | shares | 54,419 |
Fair value per share (in USD per share) | $ / shares | $ 24.75 |
STOCK-BASED COMPENSATION PLAN_3
STOCK-BASED COMPENSATION PLAN - Schedule of Stock Based Compensation Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total Cost | $ 5,966 | $ 5,797 | $ 5,209 |
Capitalized | (440) | (46) | (275) |
Net Expense | 5,526 | 5,751 | 4,934 |
Officers & Key Employees | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total Cost | 5,069 | 4,590 | 4,371 |
Directors | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total Cost | $ 897 | $ 1,207 | $ 838 |
STOCK-BASED COMPENSATION PLAN_4
STOCK-BASED COMPENSATION PLAN - Restricted Stock Activity (Details) - Restricted stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted Average Fair Value | |||
Nonvested Shares Outstanding, beginning balance (in USD per share) | $ 28.88 | ||
Granted (in USD per share) | 25.66 | ||
Vested (in USD per share) | 30.37 | ||
Cancelled/forfeited (in USD per share) | 25.71 | ||
Nonvested Shares Outstanding, ending balance (in USD per share) | $ 26.72 | $ 28.88 | |
Officers & Key Employees | |||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||
Nonvested Shares Outstanding, beginning balance (in shares) | 449,786 | ||
Granted (in shares) | 243,540 | 225,278 | 184,791 |
Vested (in shares) | (172,019) | ||
Cancelled/Forfeited (in shares) | (28,832) | ||
Nonvested Shares Outstanding, ending balance (in shares) | 492,475 | 449,786 | |
Directors | |||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||
Nonvested Shares Outstanding, beginning balance (in shares) | 38,456 | ||
Granted (in shares) | 54,419 | 38,456 | 30,961 |
Vested (in shares) | (38,456) | ||
Cancelled/Forfeited (in shares) | 0 | ||
Nonvested Shares Outstanding, ending balance (in shares) | 54,419 | 38,456 |
AFFILIATIONS, DISCONTINUED OP_3
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($) | Feb. 20, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Affiliations [Abstract] | ||||||
Impairment on Investments in Equity Method Investees | $ 87,400,000 | $ 102,872,000 | $ 0 | $ 0 | ||
Investment | 38,509,000 | 106,230,000 | ||||
Impairment Charges | 0 | 0 | 10,745,000 | |||
Net investments in unconsolidated affiliates | 60,600,000 | 28,900,000 | 8,300,000 | |||
Notes receivable due from affiliate | $ 69,900,000 | $ 33,900,000 | ||||
Interest accrual on secured notes receivable (as a percent) | 7.50% | 7.50% | ||||
Net asset - included in investment in affiliates and other noncurrent liabilities | $ 38,500,000 | $ 106,200,000 | ||||
Combined equity contributions and the notes receivable - affiliate | 108,500,000 | 140,100,000 | ||||
PennEast | ||||||
Affiliations [Abstract] | ||||||
Contract extension to construct pipeline (in years) | 2 years | 2 years | ||||
Investment | 8,200,000 | $ 91,300,000 | ||||
Energenic | ||||||
Affiliations [Abstract] | ||||||
Investment | $ 0 | |||||
Millennium Account Services, LLC | ||||||
Affiliations [Abstract] | ||||||
Equity interest (as a percent) | 50.00% | |||||
Potato Creek | ||||||
Affiliations [Abstract] | ||||||
Equity interest (as a percent) | 30.00% | |||||
REV LNG | ||||||
Affiliations [Abstract] | ||||||
Equity interest (as a percent) | 35.00% | 35.00% | ||||
REV LNG | Equity Method Investee | ||||||
Affiliations [Abstract] | ||||||
Notes receivable due from affiliate | $ 62,600,000 | $ 19,300,000 | ||||
Secured Debt | ||||||
Affiliations [Abstract] | ||||||
Notes receivable due from affiliate | 2,000,000 | 12,100,000 | ||||
Unsecured promissory notes | ||||||
Affiliations [Abstract] | ||||||
Notes receivable due from affiliate | $ 5,300,000 | 2,500,000 | ||||
Midstream | PennEast | ||||||
Affiliations [Abstract] | ||||||
Equity interest (as a percent) | 20.00% | |||||
Marina Energy LLC | Notes Receivable | ||||||
Affiliations [Abstract] | ||||||
Impairment Charges | $ 9,100,000 | |||||
Marina Energy LLC | Notes Receivable | Accounts Receivable | ||||||
Affiliations [Abstract] | ||||||
Impairment Charges | 6,400,000 | |||||
Marina Energy LLC | Notes Receivable | Notes Receivable | ||||||
Affiliations [Abstract] | ||||||
Impairment Charges | 2,700,000 | |||||
Marina Energy LLC | Cogeneration Assets | ||||||
Affiliations [Abstract] | ||||||
Impairment Charges | $ 6,400,000 | |||||
Marina Energy LLC | Energenic | ||||||
Affiliations [Abstract] | ||||||
Equity interest (as a percent) | 50.00% | |||||
South Jersey Energy Company | EnergyMark | ||||||
Affiliations [Abstract] | ||||||
Equity interest (as a percent) | 33.00% | |||||
SJRG | EnergyMark | ||||||
Affiliations [Abstract] | ||||||
Total operating revenue, affiliates | $ 25,600,000 | $ 13,700,000 | $ 27,800,000 | |||
Energenic | Cogeneration Assets | ||||||
Affiliations [Abstract] | ||||||
Impairment Charges | $ 12,700,000 |
AFFILIATIONS, DISCONTINUED OP_4
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS - Summary of Financial Information for PennEast (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues | $ 1,991,996 | $ 1,541,383 | $ 1,628,626 |
(Loss) Income from Continuing Operations | 88,514 | 157,297 | 77,189 |
Net (Loss) Income | 88,565 | 157,042 | 76,917 |
Net (Loss) Income Attributable to South Jersey Industries, Inc. | 88,091 | 157,084 | 76,917 |
Statement of Financial Position [Abstract] | |||
Current Assets | 638,962 | 506,828 | |
Current Liabilities | 955,682 | 1,163,632 | |
Noncurrent Liabilities | 1,164,540 | 1,082,240 | |
PennEast | |||
Income Statement [Abstract] | |||
Revenues | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 |
(Loss) Income from Continuing Operations | (416,073) | 34,663 | 32,291 |
Net (Loss) Income | (416,073) | 34,663 | 32,291 |
Net (Loss) Income Attributable to South Jersey Industries, Inc. | (83,215) | 6,933 | 6,458 |
Statement of Financial Position [Abstract] | |||
Current Assets | 1,216 | 3,079 | |
Noncurrent Assets | 45,000 | 456,205 | |
Current Liabilities | 479 | 2,789 | |
Noncurrent Liabilities | 500 | 0 | |
Energenic | |||
Income Statement [Abstract] | |||
Revenues | 143 | 144 | 144 |
Gross Profit | 61 | 64 | 65 |
(Loss) Income from Continuing Operations | (16,628) | (3,797) | (3,795) |
Net (Loss) Income | (16,628) | (3,797) | (3,795) |
Net (Loss) Income Attributable to South Jersey Industries, Inc. | (8,314) | (1,898) | (1,898) |
Statement of Financial Position [Abstract] | |||
Current Assets | 11,181 | 10,284 | |
Noncurrent Assets | 8,764 | 24,296 | |
Current Liabilities | 17,456 | 15,319 | |
Noncurrent Liabilities | 29,378 | 29,522 | |
Affiliates | |||
Income Statement [Abstract] | |||
Revenues | 136,819 | 77,266 | 94,570 |
Gross Profit | 30,919 | 16,278 | 14,930 |
(Loss) Income from Continuing Operations | (424,006) | 36,906 | 32,825 |
Net (Loss) Income | (424,006) | 36,906 | 32,825 |
Net (Loss) Income Attributable to South Jersey Industries, Inc. | (90,961) | 8,294 | $ 7,314 |
Statement of Financial Position [Abstract] | |||
Current Assets | 67,160 | 38,286 | |
Noncurrent Assets | 113,685 | 505,846 | |
Current Liabilities | 40,214 | 30,586 | |
Noncurrent Liabilities | $ 93,285 | $ 49,737 |
AFFILIATIONS, DISCONTINUED OP_5
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS - Operating Results of the Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) before Income Taxes: | |||
Income Tax (Expense) Benefits | $ (14) | $ 66 | $ 70 |
Income (Loss) from Discontinued Operations — Net | $ 51 | $ (255) | $ (272) |
Earnings Per Common Share from Discontinued Operations - Net: | |||
Basic (in USD per share) | $ 0 | $ 0 | $ 0 |
Diluted (in USD per share) | $ 0 | $ 0 | $ 0 |
Sand Mining | |||
Income (Loss) before Income Taxes: | |||
Income (loss) before Income Taxes | $ 854 | $ (49) | $ (79) |
Fuel Oil | |||
Income (Loss) before Income Taxes: | |||
Income (loss) before Income Taxes | $ (789) | $ (272) | $ (263) |
AFFILIATIONS, DISCONTINUED OP_6
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS - Related Party Transactions (Details) - South Jersey Gas Company - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | $ 20,150 | $ 7,623 | $ 5,513 |
Total Operations Expense/Affiliates | 33,838 | 34,791 | 29,121 |
SJRG | |||
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | 20,067 | 7,483 | 5,039 |
Cost of Sales/Affiliates | 5,013 | 4,969 | 9,612 |
Marina | |||
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | 0 | 60 | 394 |
SJI (parent company only) | |||
Related Party Transaction [Line Items] | |||
Total Operations Expense/Affiliates | 25,919 | 26,173 | 22,462 |
SJIU | |||
Related Party Transaction [Line Items] | |||
Total Operations Expense/Affiliates | 4,281 | 3,825 | 1,833 |
Millennium | |||
Related Party Transaction [Line Items] | |||
Total Operations Expense/Affiliates | 3,458 | 3,277 | 3,146 |
Other | |||
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | 83 | 80 | 80 |
Total Operations Expense/Affiliates | $ 180 | $ 1,516 | $ 1,680 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at Statutory Rate | $ 28,481,000 | $ 37,791,000 | $ 20,633,000 |
Increase (Decrease) Resulting from: | |||
State Income Taxes | 11,666,000 | 7,896,000 | 7,813,000 |
Federal and State Valuation Allowance | 15,069,000 | 7,392,000 | 0 |
ESOP Dividend | (608,000) | (627,000) | (697,000) |
Impairment on Investment in Equity Method Investee | 4,172,000 | 0 | 0 |
AFUDC | (1,327,000) | (1,901,000) | (1,546,000) |
Amortization of Excess Deferred Taxes | (5,354,000) | (6,174,000) | (3,475,000) |
Investment and Other Tax Credits | (5,993,000) | (23,439,000) | (953,000) |
Other - Net | 1,001,000 | 1,726,000 | (714,000) |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total Income Taxes | 47,107,000 | 22,664,000 | 21,061,000 |
Discontinued Operations | 14,000 | (66,000) | (70,000) |
Total Income Tax Expense | 47,121,000 | 22,598,000 | 20,991,000 |
Current: | |||
Federal | 0 | 0 | 0 |
State | (235,000) | 823,000 | (482,000) |
Total Current | (235,000) | 823,000 | (482,000) |
Deferred: | |||
Federal | 31,209,000 | 3,312,000 | 11,171,000 |
State | 16,133,000 | 18,529,000 | 10,372,000 |
Total Deferred | 47,342,000 | 21,841,000 | 21,543,000 |
Total Income Taxes | 47,107,000 | 22,664,000 | 21,061,000 |
Discontinued Operations | 14,000 | (66,000) | (70,000) |
Total Income Tax Expense | 47,121,000 | 22,598,000 | 20,991,000 |
Deferred Tax Assets: | |||
Net Operating Loss Carryforward | 179,518,000 | 141,252,000 | |
Investment and Other Tax Credits | 251,541,000 | 243,827,000 | |
Deferred State Tax | 30,567,000 | 24,338,000 | |
Income Taxes Recoverable Through Rates | 88,201,000 | 92,739,000 | |
Pension & Other Post Retirement Benefits | 16,575,000 | 34,558,000 | |
Deferred Revenues | 5,355,000 | 4,530,000 | |
Provision for Uncollectibles | 11,979,000 | 8,763,000 | |
Other | 15,461,000 | 17,691,000 | |
Total Deferred Tax Asset | 599,197,000 | 567,698,000 | |
Valuation Allowance | (22,484,000) | (7,392,000) | |
Total Deferred Tax Asset, net of Valuation Allowance | 576,713,000 | 560,306,000 | |
Deferred Tax Liabilities: | |||
Book versus Tax Basis of Property | 586,081,000 | 512,357,000 | |
Deferred Gas Costs - Net | 14,102,000 | 13,737,000 | |
Derivatives / Unrealized Gain | 2,567,000 | 1,215,000 | |
Environmental Remediation | 49,378,000 | 50,262,000 | |
Deferred Regulatory Costs | 19,165,000 | 13,360,000 | |
Budget Billing - Customer Accounts | 6,310,000 | 5,248,000 | |
Deferred Pension & Other Post Retirement Benefits | 21,973,000 | 33,307,000 | |
CIP | 5,196,000 | 6,178,000 | |
Equity In Loss Of Affiliated Companies | 3,744,000 | 16,019,000 | |
Goodwill Amortization | 41,517,000 | 28,013,000 | |
Other | 8,176,000 | 8,977,000 | |
Total Deferred Tax Liability | 758,209,000 | 688,673,000 | |
Deferred Tax Liability - Net | 181,496,000 | 128,367,000 | |
Valuation allowance | 22,484,000 | 7,392,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Increase as a result of tax positions taken in prior years | 13,900,000 | ||
Accrued interest and penalties on unrecognized tax benefits | 1,900,000 | 900,000 | 800,000 |
Federal | |||
Deferred Tax Assets: | |||
Valuation Allowance | (14,200,000) | ||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 586,213,000 | ||
Investment Tax Credit Carryforwards | 238,284,000 | ||
Research and development credits | 7,700,000 | ||
Valuation allowance | 14,200,000 | ||
Federal | 2030 | |||
Deferred Tax Liabilities: | |||
Investment Tax Credit Carryforwards | 11,628,000 | ||
Federal | 2031 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 0 | ||
Investment Tax Credit Carryforwards | 25,664,000 | ||
Federal | 2032 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 21,541,000 | ||
Investment Tax Credit Carryforwards | 32,031,000 | ||
Federal | 2033 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 57,515,000 | ||
Investment Tax Credit Carryforwards | 45,606,000 | ||
Federal | 2034 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 107,043,000 | ||
Investment Tax Credit Carryforwards | 37,699,000 | ||
Federal | 2035 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 51,385,000 | ||
Investment Tax Credit Carryforwards | 45,005,000 | ||
Federal | 2036 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 102,256,000 | ||
Investment Tax Credit Carryforwards | 11,744,000 | ||
Federal | 2037 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 85,444,000 | ||
Investment Tax Credit Carryforwards | 636,000 | ||
Federal | 2038 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 0 | ||
Investment Tax Credit Carryforwards | 93,000 | ||
Federal | 2039 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 0 | ||
Investment Tax Credit Carryforwards | 0 | ||
Federal | 2040 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 0 | ||
Investment Tax Credit Carryforwards | 23,814,000 | ||
Federal | 2041 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 0 | ||
Investment Tax Credit Carryforwards | 4,364,000 | ||
Federal | Indefinite | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 161,029,000 | ||
State | |||
Deferred Tax Assets: | |||
Valuation Allowance | (7,400,000) | ||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 767,480,000 | ||
Research and development credits | 6,800,000 | ||
Valuation allowance | 7,400,000 | ||
State | 2031 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 11,395,000 | ||
State | 2032 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 3,108,000 | ||
State | 2033 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 18,557,000 | ||
State | 2034 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 13,658,000 | ||
State | 2035 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 25,063,000 | ||
State | 2036 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 126,344,000 | ||
State | 2037 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 96,697,000 | ||
State | 2038 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 127,846,000 | ||
State | 2039 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 129,940,000 | ||
State | 2040 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 82,476,000 | ||
State | 2041 | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 132,396,000 | ||
State | Indefinite | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 0 | ||
South Jersey Gas Company | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at Statutory Rate | 34,871,000 | 30,111,000 | 25,245,000 |
Increase (Decrease) Resulting from: | |||
State Income Taxes | 8,311,000 | 8,965,000 | 9,542,000 |
ESOP Dividend | (517,000) | (533,000) | (592,000) |
AFUDC | (461,000) | (821,000) | (591,000) |
Amortization of Excess Deferred Taxes | (3,075,000) | (3,154,000) | 0 |
Other - Net | (715,000) | 756,000 | (782,000) |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total Income Taxes | 38,414,000 | 35,324,000 | 32,822,000 |
Current: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total Current | 0 | 0 | 0 |
Deferred: | |||
Federal | 27,894,000 | 23,976,000 | 20,744,000 |
State | 10,520,000 | 11,348,000 | 12,078,000 |
Total Deferred | 38,414,000 | 35,324,000 | 32,822,000 |
Total Income Taxes | 38,414,000 | 35,324,000 | 32,822,000 |
Deferred Tax Assets: | |||
Net Operating Loss and Tax Credits | 27,688,000 | 35,301,000 | |
Deferred State Tax | 25,039,000 | 22,918,000 | |
Income Taxes Recoverable Through Rates | 54,900,000 | 58,573,000 | |
Pension & Other Post Retirement Benefits | 8,742,000 | 20,857,000 | |
Deferred Revenues | 5,479,000 | 4,739,000 | |
Provision for Uncollectibles | 6,997,000 | 4,887,000 | |
Other | 2,717,000 | 2,813,000 | |
Total Deferred Tax Asset | 131,562,000 | 150,088,000 | |
Deferred Tax Liabilities: | |||
Book versus Tax Basis of Property | 456,216,000 | 435,764,000 | |
Deferred Gas Costs - Net | 18,015,000 | 10,189,000 | |
Environmental Remediation | 45,496,000 | 46,857,000 | |
Deferred Regulatory Costs | 17,209,000 | 15,087,000 | |
Budget Billing - Customer Accounts | 6,310,000 | 5,248,000 | |
Deferred Pension & Other Post Retirement Benefits | 13,064,000 | 21,398,000 | |
Section 461 Prepayments | 1,528,000 | 1,469,000 | |
CIP | 5,196,000 | 6,178,000 | |
Other | 11,930,000 | 11,507,000 | |
Total Deferred Tax Liability | 574,964,000 | 553,697,000 | |
Deferred Tax Liability - Net | 443,402,000 | 403,609,000 | |
Income taxes due to or from related party | 0 | 0 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 1,129,000 | 1,104,000 | 1,063,000 |
Increase as a result of tax positions taken in prior years | 14,023,000 | 25,000 | 41,000 |
Ending balance | 15,152,000 | 1,129,000 | 1,104,000 |
Accrued interest and penalties on unrecognized tax benefits | 1,900,000 | 900,000 | 800,000 |
South Jersey Gas Company | Federal | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 33,600,000 | 67,700,000 | |
Research and development credits | 3,200,000 | ||
South Jersey Gas Company | State | |||
Deferred Tax Liabilities: | |||
Net Operating Loss Carryforwards | 192,000,000 | 212,800,000 | |
Research and development credits | 3,800,000 | ||
South Jersey Industries Inc. | |||
Deferred Tax Assets: | |||
Valuation Allowance | (22,500,000) | (7,400,000) | |
Deferred Tax Liabilities: | |||
Valuation allowance | 22,500,000 | 7,400,000 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 2,372,000 | 1,566,000 | 1,147,000 |
Increase as a result of tax positions taken in prior years | 14,611,000 | 806,000 | 419,000 |
Ending balance | $ 16,983,000 | $ 2,372,000 | $ 1,566,000 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) | Dec. 31, 2021shares |
Equity [Abstract] | |
Number of authorized shares of Preference Stock (in shares) | 2,500,000 |
COMMON STOCK - SUMMARY OF SHARE
COMMON STOCK - SUMMARY OF SHARES ISSUED AND OUTSTANDING (Details) - shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock [Roll Forward] | ||||
Beginning of Year (in shares) | 100,591,940 | 92,394,155 | 85,506,218 | |
New Issuances During Year: | ||||
Settlement of Equity Forward Sale Agreement (in shares) | 1,899,859 | 4,891,579 | 0 | 6,779,661 |
Stock-Based Compensation Plan (in shares) | 161,990 | 75,502 | 108,276 | |
Public Equity Offering (in shares) | 11,694,984 | 8,122,283 | 0 | |
End of Year (in shares) | 117,340,493 | 100,591,940 | 92,394,155 |
COMMON STOCK - NARRATIVE (Detai
COMMON STOCK - NARRATIVE (Details) | Dec. 27, 2021USD ($)shares | Apr. 15, 2021USD ($)$ / sharesshares | Apr. 01, 2021USD ($)$ / sharesshares | Mar. 25, 2021USD ($)$ / sharesshares | Mar. 22, 2021USD ($)$ / sharesshares | Mar. 31, 2021USD ($)shares | Jun. 30, 2020USD ($)shares | Apr. 30, 2020USD ($)$ / shares | Apr. 30, 2021USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018$ / sharesshares | Oct. 16, 2020shares |
Class of Stock [Line Items] | ||||||||||||||
Par value of common stock (in USD per share) | $ / shares | $ 1.25 | $ 1.25 | ||||||||||||
Common stock, outstanding (in shares) | 117,340,493 | 100,591,940 | 92,394,155 | 85,506,218 | ||||||||||
Common stock, authorized (in shares) | 220,000,000 | 220,000,000 | 120,000,000 | 220,000,000 | ||||||||||
Aggregate stock, authorized (in shares) | 122,500,000 | 222,500,000 | ||||||||||||
Net proceeds from shares | $ | $ 40,600,000 | |||||||||||||
Shares issued at closing (in shares) | 1,899,859 | 4,891,579 | 0 | 6,779,661 | ||||||||||
Gross proceeds from shares | $ | $ 42,300,000 | |||||||||||||
Stated interest rate (as a percent) | 7.50% | 7.50% | ||||||||||||
Quarterly contract adjustment payments (as a percent) | 3.55% | |||||||||||||
Sale of stock, present value of contract adjustment payments on transaction | $ | $ 69,500,000 | |||||||||||||
Interest expense, stock sale contract value adjustment | $ | $ 900,000 | |||||||||||||
Stock sale contract liability, current | $ | 23,800,000 | |||||||||||||
Stock sale contract liability, noncurrent | $ | $ 34,600,000 | |||||||||||||
Incremental shares included in diluted EPS calculation (in shares) | 851,364 | 141,076 | 123,021 | |||||||||||
Series B Junior Subordinated Notes | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 1.65% | |||||||||||||
Effective interest rate (as a percent) | 2.10% | |||||||||||||
Series 2018A, Due 2031 | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 3.70% | |||||||||||||
Series A Junior Subordinated Notes | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 5.02% | |||||||||||||
Senior notes | $ | $ 287,500,000 | |||||||||||||
Effective interest rate (as a percent) | 5.00% | |||||||||||||
Convertible | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Interest expense, coupon | $ | $ 17,900,000 | $ 10,700,000 | $ 10,700,000 | |||||||||||
Capital Units | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares issued at closing (in shares) | 5,750,000 | |||||||||||||
Par value of preferred shares (in USD per share) | $ / shares | $ 50 | |||||||||||||
Capital Units | Series 2018A, Due 2031 | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Undivided beneficial ownership interest (as a percent) | 5.00% | |||||||||||||
ATM Equity Offering Sales Agreement | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Public offering price (in USD per share) | $ / shares | $ 1.25 | $ 24.62 | ||||||||||||
Net proceeds from shares | $ | $ 198,000,000 | $ 200,000,000 | ||||||||||||
Shares issued at closing (in shares) | 8,122,283 | |||||||||||||
Over-Allotment Option | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Public offering price (in USD per share) | $ / shares | $ 22.25 | |||||||||||||
Shares issued at closing (in shares) | 1,537,500 | |||||||||||||
Over-Allotment Option | Capital Units | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Net proceeds from shares | $ | $ 34,000,000 | |||||||||||||
Shares issued at closing (in shares) | 700,000 | 750,000 | ||||||||||||
Stock issued in sale (in shares) | 900,000 | |||||||||||||
Gross proceeds from shares | $ | $ 35,000,000 | |||||||||||||
Public Stock Offering | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Par value of common stock (in USD per share) | $ / shares | $ 1.25 | |||||||||||||
Public offering price (in USD per share) | $ / shares | $ 22.25 | |||||||||||||
Shares issued at closing (in shares) | 362,359 | |||||||||||||
Stock issued in sale (in shares) | 10,250,000 | |||||||||||||
Public Stock Offering | Capital Units | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Public offering price (in USD per share) | $ / shares | $ 50 | |||||||||||||
Net proceeds from shares | $ | $ 291,000,000 | $ 335,000,000 | ||||||||||||
Shares issued at closing (in shares) | 6,000,000 | |||||||||||||
Gross proceeds from shares | $ | $ 300,000,000 | |||||||||||||
Par value of preferred shares (in USD per share) | $ / shares | $ 50 | 50 | ||||||||||||
Quarterly contract adjustment payments (as a percent) | 7.10% | |||||||||||||
Quarterly cash distribution per share (in dollars per share) | $ / shares | $ 0.90625 | |||||||||||||
Public Stock Offering | Capital Units | Series B Junior Subordinated Notes | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Interest in notes issued, percent | 5.00% | |||||||||||||
Public Stock Offering | Common Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Net proceeds from shares | $ | $ 287,500,000 | |||||||||||||
Shares issued at closing (in shares) | 9,800,000 | |||||||||||||
Shares to be received for each stock purchase contract held (in shares) | 1.7035 | 1.7035 | 1.6949 | |||||||||||
Private Placement | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Net proceeds from shares | $ | $ 100,000,000 | |||||||||||||
Shares issued at closing (in shares) | 4,891,579 | |||||||||||||
Number of shares held for forward contract (in shares) | 9,887,641 | |||||||||||||
South Jersey Gas Company | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Par value of common stock (in USD per share) | $ / shares | $ 2.50 | $ 2.50 | ||||||||||||
Common stock, outstanding (in shares) | 2,339,139 | 2,339,139 | ||||||||||||
Common stock, authorized (in shares) | 4,000,000 | 4,000,000 | ||||||||||||
Additional Investment by Shareholder | $ | $ 40,000,000 | $ 109,500,000 | $ 0 |
COMMON STOCK - SUMMARY OF CONVE
COMMON STOCK - SUMMARY OF CONVERTIBLE UNITS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Net carrying amount | $ 3,293,037 | $ 2,950,946 |
Convertible | 2021 Series B Remarketable Junior Subordinated Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Principal | 335,000 | |
Unamortized debt discount and issuance costs | 9,110 | |
Net carrying amount | 325,890 | |
Carrying amount of the equity component | $ 0 | |
Convertible | 2018 Series A Remarketable Junior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Principal | 287,500 | |
Unamortized debt discount and issuance costs | 7,181 | |
Net carrying amount | 280,319 | |
Carrying amount of the equity component | $ 0 |
FINANCIAL INSTRUMENTS - CASH, C
FINANCIAL INSTRUMENTS - CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | $ 28,754 | $ 34,045 | ||
Restricted Investments | 686 | 7,786 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 29,440 | 41,831 | $ 28,381 | $ 31,679 |
South Jersey Gas Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | 3,360 | 1,598 | ||
Restricted Investments | 686 | 4,826 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 4,046 | $ 6,424 | $ 6,751 | $ 3,262 |
FINANCIAL INSTRUMENTS - SCHEDUL
FINANCIAL INSTRUMENTS - SCHEDULE OF ALLOWANCE FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 30,582 | $ 19,829 | |
Provision for expected credit losses | 10,159 | 9,558 | $ 10,432 |
Regulatory assets | 7,012 | 10,953 | |
Recoveries of accounts previously written off | 592 | 909 | |
Uncollectible accounts written off | (6,582) | (10,667) | |
Balance at end of period | 41,763 | 30,582 | 19,829 |
South Jersey Gas Company | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 17,359 | 14,032 | |
Provision for expected credit losses | 7,794 | 6,209 | |
Regulatory assets | 3,119 | 4,845 | |
Recoveries of accounts previously written off | 160 | 424 | |
Uncollectible accounts written off | (3,266) | (8,151) | |
Balance at end of period | $ 25,166 | $ 17,359 | $ 14,032 |
FINANCIAL INSTRUMENTS - NARRATI
FINANCIAL INSTRUMENTS - NARRATIVE (Details) - South Jersey Gas Company - Financing receivable - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term of loans (in years) | 5 years | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Term of loans (in years) | 10 years | |
Level 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term receivables, net of unamortized discount | $ 1.7 | $ 2.5 |
Loans for upgrading equipment for energy efficiency | 55.4 | 46.4 |
Loans for upgrading equipment for energy efficiency, current | 11.1 | 6.4 |
Loans for upgrading equipment for energy efficiency, noncurrent | $ 44.3 | $ 40 |
Level 2 | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans for upgrading equipment for energy efficiency, term (in years) | 2 years | |
Level 2 | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans for upgrading equipment for energy efficiency, term (in years) | 10 years |
FINANCIAL INSTRUMENTS - SCHED_2
FINANCIAL INSTRUMENTS - SCHEDULE OF ESTIMATED FAIR VALUES AND CARRYING VALUES OF LONG-TERM DEBT (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Carrying amounts of long-term debt, including current maturities (A) | $ 3,293,037 | $ 2,950,946 |
Unamortized debt issuance costs | 38,500 | 29,600 |
Unamortized debt discounts | 5,100 | 5,200 |
Finance lease, lease liability | 5,638 | 3,053 |
Level 2 | ||
Debt Instrument [Line Items] | ||
Estimated fair values of long-term debt | 3,653,868 | 3,152,224 |
Carrying amounts of long-term debt, including current maturities (A) | 3,255,085 | 2,919,201 |
Unamortized debt issuance costs | 38,462 | 29,574 |
Unamortized debt discounts | 5,135 | 5,224 |
South Jersey Gas Company | ||
Debt Instrument [Line Items] | ||
Carrying amounts of long-term debt, including current maturities (A) | 1,050,537 | 1,078,446 |
Unamortized debt issuance costs | 8,700 | 9,400 |
South Jersey Gas Company | Level 2 | ||
Debt Instrument [Line Items] | ||
Estimated fair values of long-term debt | 1,171,657 | 1,197,052 |
Carrying amounts of long-term debt, including current maturities (A) | 1,041,811 | 1,069,089 |
Unamortized debt issuance costs | $ 8,726 | $ 9,357 |
SEGMENTS OF BUSINESS (Details)
SEGMENTS OF BUSINESS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | $ 1,991,996 | $ 1,541,383 | $ 1,628,626 |
Total Operating Income | 349,120 | 282,222 | 201,205 |
Total Depreciation and Amortization | 211,652 | 170,647 | 133,385 |
Total Interest Charges | 127,130 | 118,534 | 114,477 |
Total Income Taxes | 47,107 | 22,664 | 21,061 |
Total Property Additions | 566,568 | 552,925 | 466,294 |
Total Identifiable Assets | 7,308,672 | 6,689,148 | |
Discontinued Operations | |||
Segment Reporting Information [Line Items] | |||
Total Identifiable Assets | 47 | 1,775 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 2,073,795 | 1,605,852 | 1,685,895 |
Total Interest Charges | 133,981 | 125,836 | 127,629 |
Operating Segments | Energy Services | |||
Segment Reporting Information [Line Items] | |||
Total Interest Charges | 6,173 | 4,001 | 8,637 |
Intersegment | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | (81,799) | (64,469) | (57,269) |
Total Interest Charges | (6,851) | (7,302) | (13,152) |
Total Identifiable Assets | (266,920) | (225,331) | |
SJG Utility Operations | Operating Segments | SJI Utilities | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 618,426 | 571,787 | 569,226 |
Total Operating Income | 199,214 | 171,235 | 147,494 |
Total Depreciation and Amortization | 127,440 | 101,711 | 93,910 |
Total Interest Charges | 39,133 | 33,388 | 31,654 |
Total Income Taxes | 38,414 | 35,324 | 32,822 |
Total Property Additions | 243,699 | 266,009 | 264,235 |
Total Identifiable Assets | 3,767,897 | 3,522,265 | |
ETG Utility Operations | Operating Segments | SJI Utilities | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 360,024 | 349,392 | 325,133 |
Total Operating Income | 95,509 | 89,638 | 69,315 |
Total Depreciation and Amortization | 70,643 | 57,967 | 29,051 |
Total Interest Charges | 34,155 | 29,997 | 27,352 |
Total Income Taxes | 15,053 | 12,465 | 7,761 |
Total Property Additions | 224,019 | 197,730 | 197,457 |
Total Identifiable Assets | 2,788,465 | 2,561,067 | |
ELK Utility Operations | Operating Segments | SJI Utilities | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 0 | 4,793 | 7,949 |
Total Operating Income | 0 | 372 | 721 |
Total Depreciation and Amortization | 0 | 354 | 469 |
Total Interest Charges | 0 | 21 | 8 |
Total Income Taxes | 0 | 186 | 146 |
Total Property Additions | 0 | 970 | 2,762 |
Subtotal SJI Utilities | Operating Segments | SJI Utilities | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 978,450 | 925,972 | 902,308 |
Total Operating Income | 294,723 | 261,245 | 217,530 |
Total Depreciation and Amortization | 198,083 | 160,032 | 123,430 |
Total Interest Charges | 73,288 | 63,406 | 59,014 |
Total Income Taxes | 53,467 | 47,975 | 40,729 |
Total Property Additions | 467,718 | 464,709 | 464,454 |
Total Identifiable Assets | 6,556,362 | 6,083,332 | |
Wholesale Energy Operations | Operating Segments | Energy Group | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 993,938 | 571,590 | 607,093 |
Total Operating Income | 48,406 | 33,869 | 439 |
Total Depreciation and Amortization | 92 | 69 | 89 |
Total Income Taxes | 14,035 | 9,666 | 574 |
Total Property Additions | 6 | 6 | 7 |
Total Identifiable Assets | 278,995 | 195,882 | |
Retail Services | Operating Segments | Energy Group | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 17,889 | 38,251 | 83,845 |
Total Operating Income | 1,838 | (3,153) | (2,764) |
Total Depreciation and Amortization | 537 | 0 | 0 |
Total Interest Charges | 180 | 43 | (142) |
Total Income Taxes | 1,537 | 287 | (262) |
Total Property Additions | 55 | 0 | 4 |
Total Identifiable Assets | 25,741 | 29,687 | |
Subtotal Energy Management | Operating Segments | Energy Group | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 1,011,827 | 609,841 | 690,938 |
Total Operating Income | 50,244 | 30,716 | (2,325) |
Total Depreciation and Amortization | 629 | 69 | 89 |
Total Interest Charges | 180 | 43 | (142) |
Total Income Taxes | 15,572 | 9,953 | 312 |
Total Property Additions | 61 | 6 | 11 |
Total Identifiable Assets | 304,736 | 225,569 | |
Renewables | Operating Segments | Energy Services | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 24,038 | 15,617 | 48,748 |
Total Operating Income | 4,569 | (5,602) | (4,248) |
Total Depreciation and Amortization | 5,106 | 5,647 | 4,591 |
Total Interest Charges | 4,660 | 4,001 | 8,637 |
Total Income Taxes | (8,124) | (24,132) | (3,308) |
Total Property Additions | 64,906 | 85,280 | 229 |
Total Identifiable Assets | 195,791 | 153,018 | |
Decarbonization | Operating Segments | Energy Services | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 0 | 0 | 0 |
Total Operating Income | (120) | 0 | 0 |
Total Depreciation and Amortization | 0 | 0 | 0 |
Total Interest Charges | 1,513 | 0 | 0 |
Total Income Taxes | 146 | 0 | 0 |
Total Property Additions | 29,600 | 0 | 0 |
Total Identifiable Assets | 138,787 | 40,482 | |
Subtotal Energy Production | Operating Segments | Energy Services | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 24,038 | 15,617 | 48,748 |
Total Operating Income | 4,449 | (5,602) | (4,248) |
Total Depreciation and Amortization | 5,106 | 5,647 | 4,591 |
Total Income Taxes | (7,978) | (24,132) | (3,308) |
Total Property Additions | 94,506 | 85,280 | 229 |
Total Identifiable Assets | 334,578 | 193,500 | |
Midstream | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Operating Income | 0 | (467) | (154) |
Total Interest Charges | 1,704 | 2,513 | 2,262 |
Total Income Taxes | (329) | (217) | (135) |
Total Property Additions | 29 | 131 | 46 |
Total Identifiable Assets | 8,970 | 92,208 | |
Corporate & Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total Operating Revenues | 59,480 | 54,422 | 43,901 |
Total Operating Income | (296) | (3,670) | (9,598) |
Total Depreciation and Amortization | 7,834 | 4,899 | 5,275 |
Total Interest Charges | 52,636 | 55,873 | 57,858 |
Total Income Taxes | (13,625) | (10,915) | (16,537) |
Total Property Additions | 4,254 | 2,799 | $ 1,554 |
Total Identifiable Assets | $ 370,899 | $ 318,095 |
LEASES - Lessee Narrative (Deta
LEASES - Lessee Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)optiondecatherm | Dec. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Number of finance lease | decatherm | 2 | |
Finance lease, ROU asset | $ 5,589 | $ 3,018 |
Finance lease, lease liability | 5,638 | 3,053 |
Operating lease liability | 16,812 | 1,917 |
Intercompany Office Space Lease | ||
Lessee, Lease, Description [Line Items] | ||
Rent income | 1,000 | |
Rent expense | 1,000 | |
Annadale | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease, ROU asset | 3,100 | |
Finance lease, lease liability | $ 3,100 | |
Finance lease term (in years) | 35 years | |
Bronx Midco LLC | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease, ROU asset | 6,700 | |
Finance lease, lease liability | $ 6,700 | |
Term of operating lease (in years) | 35 years | |
South Jersey Industries Inc. | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease, ROU asset | $ 4,800 | |
Finance lease, lease liability | $ 4,800 | |
Finance lease term (in years) | 20 years | |
Marina Energy LLC | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease, ROU asset | $ 1,700 | |
Finance lease, lease liability | $ 1,700 | |
Finance lease term (in years) | 35 years | |
Land Lease For Investment Tax Credit (ITC) | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease, ROU asset | $ 2,600 | |
Finance lease, lease liability | $ 2,600 | |
Finance lease term (in years) | 20 years | |
Real Estate | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 16,500 | $ 1,300 |
Property, Plant and Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Term of operating lease (in years) | 5 years | |
Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liability | $ 300 | $ 600 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal lease term (in years) | 1 year | |
Minimum | Real Estate | ||
Lessee, Lease, Description [Line Items] | ||
Term of operating lease (in years) | 3 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal lease term (in years) | 5 years | |
Maximum | Real Estate | ||
Lessee, Lease, Description [Line Items] | ||
Term of operating lease (in years) | 35 years | |
South Jersey Gas Company | ||
Lessee, Lease, Description [Line Items] | ||
Term of operating lease (in years) | 5 years | |
Term and renewal of operating lease (in years) | 10 years | |
Renewal lease term (in years) | 5 years | |
Number of renewal options | option | 9 | |
Duration of term and all renewal options of operating lease (in years) | 45 years | |
South Jersey Gas Company | Intercompany Office Space Lease | ||
Lessee, Lease, Description [Line Items] | ||
Rent income | $ 1,000 |
LEASES - ROU Assets and Lease L
LEASES - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ROU assets | ||
Operating leases | $ 16,733 | $ 1,929 |
Finance leases | 5,589 | 3,018 |
Total ROU assets | $ 22,322 | $ 4,947 |
Operating lease, right-of-use asset, statement of financial position extensible list | Other | Other |
Finance lease, right-of-use asset, statement of financial position extensible list | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization |
Lease liabilities | ||
Operating leases | $ 16,812 | $ 1,917 |
Finance leases | 5,638 | 3,053 |
Total lease liabilities | $ 22,450 | $ 4,970 |
Operating lease, liability, current, statement of financial position extensible list | Long-term debt, current | Long-term debt, current |
Operating lease, liability, non current, statement of financial position extensible list | Long-Term Debt | Long-Term Debt |
Finance lease, liability, current, statement of financial position extensible list | Other Current Liabilities | Other Current Liabilities |
Finance lease, liability, noncurrent, statement of financial position extensible list | Other | Other |
LEASES - Lease Maturity and Bal
LEASES - Lease Maturity and Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2022 | $ 1,127 | |
2023 | 1,262 | |
2024 | 1,245 | |
2025 | 1,130 | |
2026 | 896 | |
Thereafter | 25,614 | |
Total lease payments | 31,274 | |
Less imputed interest | 14,462 | |
Total lease liabilities | 16,812 | $ 1,917 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2022 | 248 | |
2023 | 250 | |
2024 | 252 | |
2025 | 253 | |
2026 | 255 | |
Thereafter | 10,366 | |
Total lease payments | 11,624 | |
Less imputed interest | 5,986 | |
Total lease liabilities | 5,638 | $ 3,053 |
Operating Leases | ||
Current lease liabilities | 753 | |
Long-term lease liabilities | 16,059 | |
Finance Leases | ||
Current lease liabilities | 5 | |
Long-term lease liabilities | $ 5,633 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Total operating lease cost | $ 570 | $ 1,339 |
Finance lease cost, amortization of ROU assets | 71 | 32 |
Finance lease cost, interest expense | 190 | 56 |
Variable lease cost | 162 | 680 |
Total lease cost | $ 993 | $ 2,107 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,076 | $ 1,151 |
Operating cash flows from finance leases | 190 | 64 |
Financing cash flows from finance leases | 55 | 0 |
ROU assets obtained in exchange for operating lease liabilities | 15,028 | 0 |
ROU assets obtained in exchange for finance lease liabilities | $ 2,625 | $ 3,057 |
LEASES - Supplemental Non-Cash
LEASES - Supplemental Non-Cash Disclosures (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted-average remaining lease term - operating leases | 29 years 2 months 12 days | 4 years 8 months 12 days |
Weighted-average remaining lease term - finance lease | 33 years 8 months 12 days | 34 years 8 months 12 days |
Weighted-average discount rate - operating leases | 4.00% | 3.00% |
Weighted-average discount rate - finance lease | 4.30% | 5.00% |
LEASES - Schedule of Future Min
LEASES - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - South Jersey Gas Company $ in Thousands | Dec. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
2022 | $ 1,965 |
2023 | 1,965 |
2024 | 1,965 |
2025 | 1,965 |
2026 | 1,965 |
Thereafter | 8,841 |
Total | $ 18,666 |
RATES AND REGULATORY ACTIONS (D
RATES AND REGULATORY ACTIONS (Details) $ in Thousands | Dec. 01, 2021USD ($) | Feb. 28, 2022USD ($) | Feb. 24, 2022USD ($) | Dec. 31, 2021USD ($)decathermsite | Nov. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Jul. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jan. 31, 2021USD ($) | Nov. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Jul. 31, 2020USD ($) | Jun. 30, 2020USD ($) | May 31, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jan. 31, 2020USD ($) | Nov. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Jul. 31, 2019USD ($) | Jun. 30, 2019USD ($) | May 31, 2019USD ($) | Apr. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | May 31, 2018USD ($) | Oct. 31, 2016USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)decathermsite | Dec. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Dec. 31, 2019USD ($) |
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Net Utility Plant | $ 4,707,186 | $ 4,707,186 | $ 4,351,539 | |||||||||||||||||||||||||||||||||
Public utilities, funding level | $ 344,700 | |||||||||||||||||||||||||||||||||||
Number of customers purchasing energy commodity from another entity | decatherm | 19,793 | 19,793 | ||||||||||||||||||||||||||||||||||
Minimum | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities budget | $ 45,600 | $ 45,600 | ||||||||||||||||||||||||||||||||||
Maximum | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities budget | 80,300 | 80,300 | ||||||||||||||||||||||||||||||||||
ERIP | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
ERIP costs capitalized | $ 5,100 | |||||||||||||||||||||||||||||||||||
South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (25,900) | |||||||||||||||||||||||||||||||||||
Net Utility Plant | 2,956,531 | 2,956,531 | 2,780,906 | |||||||||||||||||||||||||||||||||
Recovery period (in years) | 3 years | |||||||||||||||||||||||||||||||||||
Investment amount of SHARP | $ 100,300 | |||||||||||||||||||||||||||||||||||
Regulatory assets | 482,745 | 482,745 | 495,084 | |||||||||||||||||||||||||||||||||
Regulatory liabilities | 222,411 | 222,411 | 245,360 | |||||||||||||||||||||||||||||||||
South Jersey Gas Company | Other Regulatory Assets | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Regulatory assets | 25,814 | 25,814 | 27,844 | |||||||||||||||||||||||||||||||||
South Jersey Gas Company | Annual BGSS Filing | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (56,600) | $ (36,200) | $ (59,400) | |||||||||||||||||||||||||||||||||
Litigation settlement, recovery term (in years) | 2 years | |||||||||||||||||||||||||||||||||||
South Jersey Gas Company | Annual BGSS Filing | Pricing dispute, long-term gas supply contract | Settled Litigation | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Amount paid to third party supplier | $ 22,900 | |||||||||||||||||||||||||||||||||||
South Jersey Gas Company | Annual CIP Filing | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 15,300 | 27,400 | ||||||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 5,400 | $ 39,500 | $ 3,500 | |||||||||||||||||||||||||||||||||
Approved rate of return on rate base, percentage | 6.90% | |||||||||||||||||||||||||||||||||||
Approved return on common equity, percentage | 9.60% | |||||||||||||||||||||||||||||||||||
Approved common equity component, percentage | 54.00% | |||||||||||||||||||||||||||||||||||
Regulatory liability, amortization period | 5 years | |||||||||||||||||||||||||||||||||||
New program, term (in years) | 3 years | 3 years | ||||||||||||||||||||||||||||||||||
Public utilities budget | $ 133,300 | $ 81,300 | ||||||||||||||||||||||||||||||||||
Program investment recovery amortization period | 10 years | 7 years | ||||||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | Other Regulatory Assets | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Increase (decrease) in regulatory assets | $ 10,100 | |||||||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | Annual BGSS Filing | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (27,600) | |||||||||||||||||||||||||||||||||||
Monthly bill adjustment basis (as a percent) | 5.00% | |||||||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | AIRP II Investments | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
New program, term (in years) | 5 years | |||||||||||||||||||||||||||||||||||
Authorized replacement investments (up to) | $ 302,500 | |||||||||||||||||||||||||||||||||||
Net Utility Plant | 69,000 | 58,800 | 69,000 | |||||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | SHARP II Investments | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Net Utility Plant | $ 22,800 | 33,300 | $ 28,300 | |||||||||||||||||||||||||||||||||
Investment to be recovered by Sharp II | 27,400 | |||||||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | Annual SBC Filing | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 5,100 | $ 3,900 | ||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | $ 900 | |||||||||||||||||||||||||||||||||||
Stipulation of Settlement | South Jersey Gas Company | Protected Excess Deferred Income Tax | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Regulatory assets | $ 31,600 | |||||||||||||||||||||||||||||||||||
Net regulatory liabilities | 149,400 | |||||||||||||||||||||||||||||||||||
Regulatory liabilities | 181,000 | |||||||||||||||||||||||||||||||||||
Annual CIP Filing | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | (7,600) | |||||||||||||||||||||||||||||||||||
Annual CIP Filing | South Jersey Gas Company | Non-weather | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (8,800) | 10,100 | (32,300) | |||||||||||||||||||||||||||||||||
Annual CIP Filing | South Jersey Gas Company | Weather | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (6,500) | 17,300 | 24,700 | |||||||||||||||||||||||||||||||||
Accelerated Infrastructure Replacement Program II | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | 6,700 | |||||||||||||||||||||||||||||||||||
Regulatory investment to be recovered by AIRP II | 64,500 | |||||||||||||||||||||||||||||||||||
Accelerated Infrastructure Replacement Program II | South Jersey Gas Company | New Jersey Board of Public Utilities | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | 6,700 | 6,400 | ||||||||||||||||||||||||||||||||||
SHARP II Investments | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | 2,900 | |||||||||||||||||||||||||||||||||||
SHARP II Investments | South Jersey Gas Company | New Jersey Board of Public Utilities | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | 2,200 | 3,700 | ||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | 3,000 | |||||||||||||||||||||||||||||||||||
IIP Investments | South Jersey Gas Company | New Jersey Board of Public Utilities | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | $ (742,500) | |||||||||||||||||||||||||||||||||||
Energy Efficiency Tracker | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (1,600) | |||||||||||||||||||||||||||||||||||
Annual EET Rate Adjustment | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 5,900 | $ 1,300 | ||||||||||||||||||||||||||||||||||
Annual EEP Rate Adjustment | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | $ 6,300 | |||||||||||||||||||||||||||||||||||
Annual EEP Rate Adjustment | South Jersey Gas Company | New Jersey Board of Public Utilities | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Net Utility Plant | $ 83,400 | $ 83,400 | ||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | (1,600) | |||||||||||||||||||||||||||||||||||
Remediation Adjustment Clause | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of sites for environmental cleanup | site | 12 | 12 | ||||||||||||||||||||||||||||||||||
Amortization period of environmental remediation costs (in years) | 7 years | |||||||||||||||||||||||||||||||||||
New Jersey Clean Energy Program | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities, funding level | 344,700 | |||||||||||||||||||||||||||||||||||
New Jersey Clean Energy Program | South Jersey Gas Company | Minimum | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities, funding level | 12,700 | |||||||||||||||||||||||||||||||||||
New Jersey Clean Energy Program | South Jersey Gas Company | Maximum | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities, funding level | $ 13,200 | |||||||||||||||||||||||||||||||||||
Societal Benefits Clause | South Jersey Gas Company | New Jersey Board of Public Utilities | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (2,200) | |||||||||||||||||||||||||||||||||||
USF and LL Programs | South Jersey Gas Company | Minimum | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities budget | $ 5,500 | $ 5,500 | ||||||||||||||||||||||||||||||||||
USF and LL Programs | South Jersey Gas Company | Maximum | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities budget | 9,600 | 9,600 | ||||||||||||||||||||||||||||||||||
Annual Tax Act Rider | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities, customer refund term (in years) | 3 years | |||||||||||||||||||||||||||||||||||
Annual Tax Act Rider | South Jersey Gas Company | Protected Excess Deferred Income Tax | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Customer refund amount | 11,600 | $ 1,900 | ||||||||||||||||||||||||||||||||||
Over Collected Tax | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Credits due to customers under conditions of approval | 13,800 | |||||||||||||||||||||||||||||||||||
Unprotected Excess Deferred Income Tax | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Credits due to customers under conditions of approval | $ 27,500 | |||||||||||||||||||||||||||||||||||
Public utilities, customer refund term (in years) | 5 years | |||||||||||||||||||||||||||||||||||
Unprotected Excess Deferred Income Tax | Stipulation of Settlement | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Credits due to customers under conditions of approval | $ 44,700 | |||||||||||||||||||||||||||||||||||
Public utilities, customer refund term (in years) | 5 years | |||||||||||||||||||||||||||||||||||
Unprotected Excess Deferred Income Tax | Annual Tax Act Rider | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 14,900 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities budget | $ 3,000 | |||||||||||||||||||||||||||||||||||
Regulatory assets | 189,671 | 189,671 | 178,908 | |||||||||||||||||||||||||||||||||
Regulatory liabilities | 176,540 | 176,540 | 175,217 | |||||||||||||||||||||||||||||||||
ETG Utility Operations | Minimum | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities, funding level | 10,600 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | Maximum | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities, funding level | 11,500 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | Other Regulatory Assets | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Regulatory assets | 9,655 | 9,655 | $ 4,541 | |||||||||||||||||||||||||||||||||
ETG Utility Operations | Annual BGSS Filing | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Monthly bill adjustment basis (as a percent) | 5.00% | |||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | $ 19,100 | 11,300 | $ (21,100) | |||||||||||||||||||||||||||||||||
ETG Utility Operations | New Jersey Board of Public Utilities | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 34,000 | |||||||||||||||||||||||||||||||||||
Approved rate of return on rate base, percentage | 6.50% | |||||||||||||||||||||||||||||||||||
Approved return on common equity, percentage | 9.60% | |||||||||||||||||||||||||||||||||||
Approved common equity component, percentage | 51.50% | |||||||||||||||||||||||||||||||||||
Investment requested to be recovered through rider recovery mechanism, amount of IIP | $ 518,000 | |||||||||||||||||||||||||||||||||||
Requested recovery of investment costs not yet approved | $ 300,000 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | New Jersey Board of Public Utilities | Subsequent Event | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 72,900 | $ 72,900 | ||||||||||||||||||||||||||||||||||
ETG Utility Operations | New Jersey Board of Public Utilities | IIP Investments | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Net Utility Plant | 64,000 | $ 63,300 | ||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | 7,100 | $ 6,800 | ||||||||||||||||||||||||||||||||||
ETG Utility Operations | South Jersey Gas Company | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities, funding level | $ 9,000 | $ 9,000 | $ 5,400 | |||||||||||||||||||||||||||||||||
ETG Utility Operations | Annual EEP Rate Adjustment | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (500) | $ 2,800 | $ 1,300 | $ 900 | ||||||||||||||||||||||||||||||||
New program, term (in years) | 3 years | 3 years | ||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | $ (200) | $ 1,000 | ||||||||||||||||||||||||||||||||||
Public utilities budget | $ 83,400 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | Annual EEP Rate Adjustment | New Jersey Board of Public Utilities | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities budget | $ 4,200 | |||||||||||||||||||||||||||||||||||
Amortization period of environmental remediation costs (in years) | 10 years | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | Remediation Adjustment Clause | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 6,900 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | WNC/OCP/OSMC Rate Adjustment Petition | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | (5,500) | $ 7,100 | (7,800) | |||||||||||||||||||||||||||||||||
Public utilities, annual revenue | 1,600 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | Annual WNC/CEP/OSMC Rate Adjustment | Weather | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Public utilities, annual revenue | 5,500 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | RAC Rate Adjustment Petition | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ 6,000 | |||||||||||||||||||||||||||||||||||
ETG Utility Operations | Annual RAC Rate Adjustment | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Requested rate increase (decrease), amount | $ (7,900) | $ (3,200) | ||||||||||||||||||||||||||||||||||
ETG Utility Operations | CEP Rate Adjustment | ||||||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||||||
Approved rate increase (decrease) | $ (200) | $ 3,200 | $ (100) |
REGULATORY ASSETS & REGULATOR_3
REGULATORY ASSETS & REGULATORY LIABILITIES - ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
South Jersey Gas Company | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 482,745 | $ 495,084 |
South Jersey Gas Company | Environmental Remediation Costs: Expended - Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 151,630 | 157,340 |
South Jersey Gas Company | Environmental Restoration Costs: Liability for Future Expenditures | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 97,964 | 101,243 |
South Jersey Gas Company | Environmental Remediation Costs: Insurance Recovery Receivables | ||
Regulatory Assets [Line Items] | ||
Insurance Recovery Receivables | 0 | |
South Jersey Gas Company | Deferred ARO Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 47,784 | 42,365 |
South Jersey Gas Company | Deferred Pension Costs - Unrecognized Prior Service Cost | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
South Jersey Gas Company | Deferred Pension and Other Postretirement Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 47,504 | 77,426 |
South Jersey Gas Company | Deferred Gas Costs - Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 38,234 | 19,178 |
South Jersey Gas Company | CIP Receivable | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 17,776 | 21,013 |
South Jersey Gas Company | SBC Receivable (excluding RAC) | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 7,519 | 3,453 |
South Jersey Gas Company | Deferred Interest Rate Contracts | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 8,002 | 9,938 |
South Jersey Gas Company | EET/EEP | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 20,632 | 18,725 |
South Jersey Gas Company | AFUDC - Equity Related Deferrals | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 12,199 | 11,822 |
South Jersey Gas Company | WNC | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
South Jersey Gas Company | Deferred COVID-19 Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 7,687 | 4,737 |
South Jersey Gas Company | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 25,814 | 27,844 |
SJI (parent company only) | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 672,416 | 673,992 |
SJI (parent company only) | Environmental Remediation Costs: Expended - Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 165,602 | 162,536 |
SJI (parent company only) | Environmental Restoration Costs: Liability for Future Expenditures | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 175,794 | 193,080 |
SJI (parent company only) | Environmental Remediation Costs: Insurance Recovery Receivables | ||
Regulatory Assets [Line Items] | ||
Insurance Recovery Receivables | (6,807) | |
SJI (parent company only) | Deferred ARO Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 81,656 | 67,818 |
SJI (parent company only) | Deferred Pension Costs - Unrecognized Prior Service Cost | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 30,881 | 33,898 |
SJI (parent company only) | Deferred Pension and Other Postretirement Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 48,317 | 85,892 |
SJI (parent company only) | Deferred Gas Costs - Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 38,234 | 19,178 |
SJI (parent company only) | CIP Receivable | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 20,731 | 21,013 |
SJI (parent company only) | SBC Receivable (excluding RAC) | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 7,519 | 3,453 |
SJI (parent company only) | Deferred Interest Rate Contracts | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 8,002 | 9,938 |
SJI (parent company only) | EET/EEP | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 25,831 | 21,787 |
SJI (parent company only) | AFUDC - Equity Related Deferrals | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 12,199 | 11,822 |
SJI (parent company only) | WNC | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 4,269 | 7,444 |
SJI (parent company only) | Deferred COVID-19 Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 17,912 | 10,555 |
SJI (parent company only) | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 35,469 | 32,385 |
ETG Utility Operations | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 189,671 | 178,908 |
ETG Utility Operations | Environmental Remediation Costs: Expended - Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 13,972 | 5,196 |
ETG Utility Operations | Environmental Restoration Costs: Liability for Future Expenditures | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 77,830 | 91,837 |
ETG Utility Operations | Environmental Remediation Costs: Insurance Recovery Receivables | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 20,400 | |
Insurance Recovery Receivables | (6,807) | |
ETG Utility Operations | Deferred ARO Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 33,872 | 25,453 |
ETG Utility Operations | Deferred Pension Costs - Unrecognized Prior Service Cost | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 30,881 | 33,898 |
ETG Utility Operations | Deferred Pension and Other Postretirement Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 813 | 8,466 |
ETG Utility Operations | Deferred Gas Costs - Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
ETG Utility Operations | CIP Receivable | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 2,955 | 0 |
ETG Utility Operations | SBC Receivable (excluding RAC) | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
ETG Utility Operations | Deferred Interest Rate Contracts | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
ETG Utility Operations | EET/EEP | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 5,199 | 3,062 |
ETG Utility Operations | AFUDC - Equity Related Deferrals | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 0 | 0 |
ETG Utility Operations | WNC | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 4,269 | 7,444 |
ETG Utility Operations | Deferred COVID-19 Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 10,225 | 5,818 |
ETG Utility Operations | Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 9,655 | $ 4,541 |
REGULATORY ASSETS AND REGULATOR
REGULATORY ASSETS AND REGULATORY LIABILITIES - NARRATIVE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
South Jersey Gas Company | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 482,745 | $ 495,084 |
Deferral of costs related to expected credit losses from uncollectibles | $ 6,800 | |
South Jersey Gas Company | Environmental restoration costs | ||
Regulatory Assets [Line Items] | ||
Original recovery period of expenditures (in years) | 7 years | |
South Jersey Gas Company | Deferred Pension and Other Postretirement Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 47,504 | 77,426 |
South Jersey Gas Company | Judicial Ruling | Pricing dispute, long-term gas supply contract | ||
Regulatory Assets [Line Items] | ||
Amount paid to third party supplier | 21,300 | 22,900 |
ETG Utility Operations | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 189,671 | 178,908 |
ETG Utility Operations | Environmental Remediation Costs: Insurance Recovery Receivables | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 20,400 | |
Increase (decrease) in regulatory assets | 13,600 | |
ETG Utility Operations | Deferred Pension and Other Postretirement Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 813 | $ 8,466 |
Amortization period (in years) | 15 years | |
ETG Utility Operations | Other Postretirement Benefits | ||
Regulatory Assets [Line Items] | ||
Amortization period (in years) | 9 years 2 months 12 days |
REGULATORY ASSETS & REGULATOR_4
REGULATORY ASSETS & REGULATORY LIABILITIES - LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
South Jersey Gas Company | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 222,411 | $ 245,360 |
South Jersey Gas Company | Excess Plant Removal Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 12,125 | 12,666 |
South Jersey Gas Company | Excess Deferred Taxes | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 206,902 | 232,694 |
South Jersey Gas Company | Deferred Gas Costs - Net | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 0 |
South Jersey Gas Company | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 3,384 | 0 |
SJI (parent company only) | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 398,951 | 420,577 |
SJI (parent company only) | Excess Plant Removal Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 46,113 | 50,619 |
SJI (parent company only) | Excess Deferred Taxes | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 317,905 | 346,582 |
SJI (parent company only) | Deferred Gas Costs - Net | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 28,842 | 22,291 |
SJI (parent company only) | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 6,091 | 1,085 |
ETG Utility Operations | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 176,540 | 175,217 |
ETG Utility Operations | Excess Plant Removal Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 33,988 | 37,953 |
ETG Utility Operations | Excess Deferred Taxes | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 111,003 | 113,888 |
ETG Utility Operations | Deferred Gas Costs - Net | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 28,842 | 22,291 |
ETG Utility Operations | Other Regulatory Liabilities | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 2,707 | $ 1,085 |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFITS - NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated percent of employees who will be entitled to annuity payments | 30.00% | ||
Pension Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | $ 5,887 | $ 5,871 | $ 5,583 |
Interest Cost | 13,028 | 15,017 | 17,294 |
Expected Return on Plan Assets | (23,762) | (21,929) | (20,195) |
Amortization: | |||
Prior Service Credits | 98 | 105 | 105 |
Actuarial Loss | 12,932 | 10,845 | 9,550 |
Net Periodic Benefit Credits | 8,183 | 9,909 | 12,337 |
Settlement, Curtailment and Special Termination Costs | 44 | 781 | 955 |
Capitalized Benefit Costs | (1,551) | (1,969) | (2,008) |
Affiliate SERP Allocations | 0 | 0 | |
Deferred Benefit Costs | (1,168) | (1,591) | (2,411) |
Total Net Periodic Benefit Income | 5,508 | 7,130 | 8,873 |
Other Postretirement Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | 814 | 681 | 533 |
Interest Cost | 1,920 | 2,367 | 2,884 |
Expected Return on Plan Assets | (5,741) | (5,381) | (4,571) |
Amortization: | |||
Prior Service Credits | (624) | (624) | (561) |
Actuarial Loss | 1,118 | 853 | 1,163 |
Net Periodic Benefit Credits | (2,513) | (2,104) | (552) |
Capitalized Benefit Costs | (225) | (209) | (201) |
Affiliate SERP Allocations | 0 | (84) | |
Deferred Benefit Costs | 1,164 | 935 | 357 |
Total Net Periodic Benefit Income | $ (1,574) | (1,378) | (396) |
South Jersey Gas Company | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Estimated percent of employees who will be entitled to annuity payments | 28.00% | ||
South Jersey Gas Company | Pension Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | $ 3,778 | 3,797 | 3,621 |
Interest Cost | 8,481 | 9,695 | 11,067 |
Expected Return on Plan Assets | (13,403) | (11,903) | (11,028) |
Amortization: | |||
Prior Service Credits | 88 | 95 | 95 |
Actuarial Loss | 11,569 | 9,364 | 8,224 |
Net Periodic Benefit Credits | 10,513 | 11,048 | 11,979 |
Capitalized Benefit Costs | (1,551) | (1,395) | (1,437) |
Affiliate SERP Allocations | 0 | 0 | |
Deferred Benefit Costs | (1,168) | (1,591) | (2,411) |
Total Net Periodic Benefit Income | 3,066 | 4,124 | 4,590 |
South Jersey Gas Company | Supplemental Employee Retirement Plan | |||
Amortization: | |||
Affiliate SERP Allocations | (4,728) | (3,938) | (3,541) |
South Jersey Gas Company | Other Postretirement Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | 480 | 396 | 343 |
Interest Cost | 1,181 | 1,463 | 1,863 |
Expected Return on Plan Assets | (4,041) | (3,860) | (3,220) |
Amortization: | |||
Prior Service Credits | (502) | (502) | (474) |
Actuarial Loss | 884 | 672 | 1,042 |
Net Periodic Benefit Credits | (1,998) | (1,831) | (446) |
Capitalized Benefit Costs | (225) | (166) | (155) |
Affiliate SERP Allocations | 0 | (13) | |
Deferred Benefit Costs | 1,164 | 935 | 357 |
Total Net Periodic Benefit Income | $ (1,059) | $ (1,062) | $ (244) |
PENSION AND OTHER POSTRETIREM_4
PENSION AND OTHER POSTRETIREMENT BENEFITS - DETAILS OF ACTIVITY WITHIN THE REGULATORY ASSET AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits | ||
Regulatory Assets | ||
Beginning balance | $ 72,529 | $ 61,584 |
Amounts arising during the period: net actuarial (loss) gain | (19,155) | 17,377 |
Amounts arising during the period: prior service credit (cost) | 0 | |
Amounts amortized to net periodic costs: net actuarial loss | (6,187) | (6,337) |
Amounts amortized to net periodic costs: prior service cost | (88) | (95) |
Ending balance | 47,099 | 72,529 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning balance | 57,489 | 51,285 |
Amounts arising during the period: net actuarial (loss) gain | (7,465) | 11,459 |
Amounts arising during the period: prior service credit (cost) | 0 | |
Amounts amortized to net periodic costs: net actuarial loss | (6,740) | (5,244) |
Amortization to net periodic costs: prior service (credits) costs | (10) | (11) |
Ending balance | 43,274 | 57,489 |
Other Postretirement Benefits | ||
Regulatory Assets | ||
Beginning balance | 13,363 | 12,251 |
Amounts arising during the period: net actuarial (loss) gain | (11,763) | 1,718 |
Amounts arising during the period: prior service credit (cost) | (436) | |
Amounts amortized to net periodic costs: net actuarial loss | (884) | (672) |
Amounts amortized to net periodic costs: prior service cost | 502 | 502 |
Ending balance | 1,218 | 13,363 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning balance | 2,768 | 964 |
Amounts arising during the period: net actuarial (loss) gain | (1,540) | 2,194 |
Amounts arising during the period: prior service credit (cost) | (317) | |
Amounts amortized to net periodic costs: net actuarial loss | (233) | (180) |
Amortization to net periodic costs: prior service (credits) costs | 107 | 107 |
Ending balance | 1,102 | 2,768 |
South Jersey Gas Company | Pension Benefits | ||
Regulatory Assets | ||
Beginning balance | 65,676 | 60,668 |
Amounts arising during the period: net actuarial (loss) gain | (14,357) | 10,595 |
Amounts arising during the period: prior service credit (cost) | 0 | |
Amounts arising during the period: other (curtailments, settlements, special termination) | 0 | |
Amounts amortized to net periodic costs: net actuarial loss | (6,144) | (5,492) |
Amounts amortized to net periodic costs: prior service cost | (88) | (95) |
Ending balance | 45,087 | 65,676 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning balance | 47,437 | 42,190 |
Amounts arising during the period: net actuarial (loss) gain | (3,350) | 9,119 |
Amounts arising during the period: prior service credit (cost) | 0 | |
Amounts arising during the period: other (curtailments, settlements, special termination) | (3,177) | |
Amounts amortized to net periodic costs: net actuarial loss | (5,423) | (3,872) |
Amortization to net periodic costs: prior service (credits) costs | 0 | 0 |
Ending balance | 35,487 | 47,437 |
South Jersey Gas Company | Other Postretirement Benefits | ||
Regulatory Assets | ||
Beginning balance | 11,750 | 11,342 |
Amounts arising during the period: net actuarial (loss) gain | (8,951) | 1,014 |
Amounts arising during the period: prior service credit (cost) | (436) | |
Amounts arising during the period: other (curtailments, settlements, special termination) | 0 | |
Amounts amortized to net periodic costs: net actuarial loss | (884) | (672) |
Amounts amortized to net periodic costs: prior service cost | 502 | 502 |
Ending balance | 2,417 | 11,750 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning balance | 0 | 0 |
Amounts arising during the period: net actuarial (loss) gain | 0 | 0 |
Amounts arising during the period: prior service credit (cost) | 0 | |
Amounts arising during the period: other (curtailments, settlements, special termination) | 0 | |
Amounts amortized to net periodic costs: net actuarial loss | 0 | 0 |
Amortization to net periodic costs: prior service (credits) costs | 0 | 0 |
Ending balance | $ 0 | $ 0 |
PENSION AND OTHER POSTRETIREM_5
PENSION AND OTHER POSTRETIREMENT BENEFITS - ESTIMATED COSTS THAT WILL BE AMORTIZED (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Pension Benefits | |
Regulatory Assets into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | $ 63 |
Net Actuarial Loss | 2,839 |
Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | 7 |
Net Actuarial Loss | 4,246 |
Other Postretirement Benefits | |
Regulatory Assets into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | (502) |
Net Actuarial Loss | 100 |
Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | (107) |
Net Actuarial Loss | 40 |
South Jersey Gas Company | Pension Benefits | |
Regulatory Assets into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | 63 |
Net Actuarial Loss | 2,839 |
Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | 0 |
Net Actuarial Loss | 3,278 |
South Jersey Gas Company | Other Postretirement Benefits | |
Regulatory Assets into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | (502) |
Net Actuarial Loss | 100 |
Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | 0 |
Net Actuarial Loss | $ 0 |
PENSION AND OTHER POSTRETIREM_6
PENSION AND OTHER POSTRETIREMENT BENEFITS - RECONCILIATIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in Plan Assets: | |||
Employer Contributions | $ 5,400,000 | $ 0 | $ 0 |
South Jersey Gas Company | |||
Change in Plan Assets: | |||
Employer Contributions | 5,000,000 | 0 | 0 |
Pension Benefits | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 481,848,000 | 439,373,000 | |
Service Cost | 5,887,000 | 5,871,000 | 5,583,000 |
Interest Cost | 13,028,000 | 15,017,000 | 17,294,000 |
Actuarial (Gain) Loss | (10,823,000) | 48,316,000 | |
Retiree Contributions | 0 | 0 | |
Plan Amendments | 0 | 0 | |
Benefits Paid | (19,193,000) | (19,569,000) | |
Settlement | (9,173,000) | (7,160,000) | |
Benefit Obligation at End of Year | 461,574,000 | 481,848,000 | 439,373,000 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 330,987,000 | 312,497,000 | |
Actual Return on Plan Assets | 39,690,000 | 41,344,000 | |
Employer Contributions | 9,287,000 | 3,875,000 | |
Retiree Contributions | 0 | 0 | |
Benefits Paid | (19,193,000) | (19,569,000) | |
Settlement | (9,173,000) | (7,160,000) | |
Fair Value of Plan Assets at End of Year | 351,598,000 | 330,987,000 | 312,497,000 |
Funded status at end of year | (109,946,000) | (151,356,000) | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Noncurrent Assets | 0 | 0 | |
Current Liabilities | (3,969,000) | (3,704,000) | |
Noncurrent Liabilities | (105,977,000) | (147,652,000) | |
Net Amount Recognized at End of Year | (109,946,000) | (151,356,000) | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs (Credits) | 109,000 | 197,000 | |
Net Actuarial Loss | 46,990,000 | 72,332,000 | |
Amount recognized in regulatory assets | 47,099,000 | 72,529,000 | 61,584,000 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Prior Service Costs (Credits) | 12,000 | 22,000 | |
Net Actuarial Loss | 43,262,000 | 57,467,000 | |
Amount recognized in accumulated other comprehensive loss | 43,274,000 | 57,489,000 | 51,285,000 |
Projected benefit obligation | 371,900,000 | 388,300,000 | |
Accumulated benefit obligation | 355,300,000 | 370,200,000 | |
Pension Benefits | South Jersey Industries Inc. | |||
Change in Plan Assets: | |||
Funded status at end of year | (109,976,000) | (150,861,000) | |
Pension Benefits | Amounts Related to Unconsolidated Affiliate | |||
Change in Plan Assets: | |||
Funded status at end of year | 30,000 | (495,000) | |
Pension Benefits | South Jersey Gas Company | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 318,262,000 | 286,517,000 | |
Service Cost | 3,778,000 | 3,797,000 | 3,621,000 |
Interest Cost | 8,481,000 | 9,695,000 | 11,067,000 |
Actuarial (Gain) Loss | (11,714,000) | 27,561,000 | |
Retiree Contributions | 0 | 0 | |
Plan Amendments | 1,800,000 | 3,464,000 | |
Benefits Paid | (13,261,000) | (12,772,000) | |
Benefit Obligation at End of Year | 307,346,000 | 318,262,000 | 286,517,000 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 181,940,000 | 170,959,000 | |
Actual Return on Plan Assets | 19,399,000 | 19,914,000 | |
Employer Contributions | 8,862,000 | 3,840,000 | |
Retiree Contributions | 0 | 0 | |
Benefits Paid | (13,261,000) | (12,773,000) | |
Fair Value of Plan Assets at End of Year | 196,940,000 | 181,940,000 | 170,959,000 |
Funded status at end of year | (110,406,000) | (136,322,000) | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Noncurrent Assets | 0 | 0 | |
Current Liabilities | (3,935,000) | (3,669,000) | |
Noncurrent Liabilities | (106,471,000) | (132,653,000) | |
Net Amount Recognized at End of Year | (110,406,000) | (136,322,000) | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs (Credits) | 109,000 | 197,000 | |
Net Actuarial Loss | 44,978,000 | 65,479,000 | |
Amount recognized in regulatory assets | 45,087,000 | 65,676,000 | 60,668,000 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Net Actuarial Loss | 35,487,000 | 47,437,000 | |
Amount recognized in accumulated other comprehensive loss | 35,487,000 | 47,437,000 | 42,190,000 |
Projected benefit obligation | 209,600,000 | 218,400,000 | |
Accumulated benefit obligation | 201,400,000 | 207,800,000 | |
Other Postretirement Benefits | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 75,540,000 | 73,659,000 | |
Service Cost | 814,000 | 681,000 | 533,000 |
Interest Cost | 1,920,000 | 2,367,000 | 2,884,000 |
Actuarial (Gain) Loss | (4,025,000) | 3,933,000 | |
Retiree Contributions | 0 | 84,000 | |
Plan Amendments | 0 | (753,000) | |
Benefits Paid | (4,309,000) | (4,431,000) | |
Settlement | 0 | 0 | |
Benefit Obligation at End of Year | 69,940,000 | 75,540,000 | 73,659,000 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 87,870,000 | 82,522,000 | |
Actual Return on Plan Assets | 15,100,000 | 5,348,000 | |
Employer Contributions | 4,309,000 | 4,347,000 | |
Retiree Contributions | 0 | 84,000 | |
Benefits Paid | (4,309,000) | (4,431,000) | |
Settlement | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 102,970,000 | 87,870,000 | 82,522,000 |
Funded status at end of year | 33,258,000 | 12,629,000 | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Noncurrent Assets | 33,258,000 | 12,629,000 | |
Current Liabilities | 0 | 0 | |
Noncurrent Liabilities | 0 | 0 | |
Net Amount Recognized at End of Year | 33,258,000 | 12,629,000 | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs (Credits) | (4,723,000) | (5,225,000) | |
Net Actuarial Loss | 5,941,000 | 18,588,000 | |
Amount recognized in regulatory assets | 1,218,000 | 13,363,000 | 12,251,000 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Prior Service Costs (Credits) | (1,722,000) | (1,829,000) | |
Net Actuarial Loss | 2,824,000 | 4,597,000 | |
Amount recognized in accumulated other comprehensive loss | 1,102,000 | 2,768,000 | 964,000 |
Other Postretirement Benefits | South Jersey Industries Inc. | |||
Change in Plan Assets: | |||
Funded status at end of year | 33,030,000 | 12,330,000 | |
Other Postretirement Benefits | Amounts Related to Unconsolidated Affiliate | |||
Change in Plan Assets: | |||
Funded status at end of year | 228,000 | 299,000 | |
Other Postretirement Benefits | South Jersey Gas Company | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 46,189,000 | 47,306,000 | |
Service Cost | 480,000 | 396,000 | 343,000 |
Interest Cost | 1,181,000 | 1,463,000 | 1,863,000 |
Actuarial (Gain) Loss | (1,538,000) | (167,000) | |
Retiree Contributions | 0 | 13,000 | |
Plan Amendments | 0 | (436,000) | |
Benefits Paid | (3,496,000) | (2,386,000) | |
Benefit Obligation at End of Year | 42,816,000 | 46,189,000 | 47,306,000 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 61,869,000 | 59,190,000 | |
Actual Return on Plan Assets | 11,453,000 | 2,679,000 | |
Employer Contributions | 3,496,000 | 2,373,000 | |
Retiree Contributions | 0 | 13,000 | |
Benefits Paid | (3,496,000) | (2,386,000) | |
Fair Value of Plan Assets at End of Year | 73,322,000 | 61,869,000 | 59,190,000 |
Funded status at end of year | 30,506,000 | 15,680,000 | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Noncurrent Assets | 30,506,000 | 15,680,000 | |
Current Liabilities | 0 | 0 | |
Noncurrent Liabilities | 0 | 0 | |
Net Amount Recognized at End of Year | 30,506,000 | 15,680,000 | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs (Credits) | (4,723,000) | (5,225,000) | |
Net Actuarial Loss | 7,140,000 | 16,975,000 | |
Amount recognized in regulatory assets | 2,417,000 | 11,750,000 | 11,342,000 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Net Actuarial Loss | 0 | 0 | |
Amount recognized in accumulated other comprehensive loss | 0 | 0 | 0 |
Supplemental Employee Retirement Plan | |||
Change in Plan Assets: | |||
Employer Contributions | 3,900,000 | 3,900,000 | 4,100,000 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Projected benefit obligation | 89,700,000 | 93,600,000 | |
Accumulated benefit obligation | 88,400,000 | 90,600,000 | |
Supplemental Employee Retirement Plan | South Jersey Gas Company | |||
Change in Benefit Obligations: | |||
Retiree Contributions | 4,728,000 | 3,938,000 | $ 3,541,000 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Projected benefit obligation | 89,700,000 | 93,200,000 | |
Accumulated benefit obligation | $ 88,400,000 | $ 90,200,000 |
PENSION AND OTHER POSTRETIREM_7
PENSION AND OTHER POSTRETIREMENT BENEFITS - WEIGHTED-AVERAGE ASSUMPTIONS (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount Rate | 3.02% | 2.73% | |
Rate of Compensation Increase | 3.00% | 3.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount Rate | 2.73% | 3.49% | 4.39% |
Expected Long-Term Return on Plan Assets | 7.25% | 7.25% | 7.25% |
Rate of Compensation Increase | 3.00% | 3.00% | 3.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount Rate | 2.99% | 2.61% | |
Rate of Compensation Increase | 3.00% | 3.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount Rate | 2.61% | 3.43% | 4.31% |
Expected Long-Term Return on Plan Assets | 6.75% | 6.75% | 6.75% |
Rate of Compensation Increase | 3.00% | 3.00% | 3.50% |
PENSION AND OTHER POSTRETIREM_8
PENSION AND OTHER POSTRETIREMENT BENEFITS - PLAN ASSETS (Details) - Pension Benefits | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Required capitalization for plan asset allocation (less than) | $ 250,000,000 |
Required capitalization for plan asset allocation, small cap (as low as) | $ 50,000,000 |
Minimum | U.S equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation (as a percent) | 40.00% |
Minimum | Fixed income investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation (as a percent) | 25.00% |
Minimum | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation (as a percent) | 0.00% |
Maximum | U.S equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation (as a percent) | 70.00% |
Maximum | Fixed income investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation (as a percent) | 60.00% |
Maximum | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation (as a percent) | 10.00% |
PENSION AND OTHER POSTRETIREM_9
PENSION AND OTHER POSTRETIREMENT BENEFITS - FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 351,598 | $ 330,987 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 330,987 | 312,497 |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 351,598 | 330,987 |
Pension Benefits | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fund valuations lag period | 90 days | |
Pension Benefits | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fund valuations lag period | 120 days | |
Pension Benefits | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 338,543 | 321,039 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 321,039 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 338,543 | 321,039 |
Pension Benefits | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 313,396 | 294,269 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 294,269 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 313,396 | 294,269 |
Pension Benefits | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25,147 | 26,770 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 26,770 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 25,147 | 26,770 |
Pension Benefits | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 2,756 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | (2,756) |
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | Measured at net asset value practical expedient: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13,055 | 9,948 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 9,948 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 13,055 | 9,948 |
Pension Benefits | Cash | Minimum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 0.00% | |
Pension Benefits | Cash | Maximum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 10.00% | |
Pension Benefits | Cash | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 1,299 | 881 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 881 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 1,299 | 881 |
Pension Benefits | Cash | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,299 | 881 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 881 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 1,299 | 881 |
Pension Benefits | Cash | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | Cash | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | STIF-Type Instrument | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6,525 | 5,779 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 5,779 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 6,525 | 5,779 |
Pension Benefits | STIF-Type Instrument | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6,525 | 5,779 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 5,779 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 6,525 | 5,779 |
Pension Benefits | STIF-Type Instrument | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | STIF-Type Instrument | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 0 | 0 |
Pension Benefits | U.S equity securities | Minimum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 40.00% | |
Pension Benefits | U.S equity securities | Maximum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 70.00% | |
Pension Benefits | U.S. Large-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 100,095 | 100,322 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 100,322 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 100,095 | 100,322 |
Pension Benefits | U.S. Large-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 100,095 | 100,322 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 100,322 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 100,095 | 100,322 |
Pension Benefits | U.S. Large-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | U.S. Large-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | U.S. Mid-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,730 | 17,774 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 17,774 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 14,730 | 17,774 |
Pension Benefits | U.S. Mid-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,730 | 17,774 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 17,774 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 14,730 | 17,774 |
Pension Benefits | U.S. Mid-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | U.S. Mid-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | U.S. Small-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13,639 | 14,938 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 14,938 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 13,639 | 14,938 |
Pension Benefits | U.S. Small-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13,639 | 14,938 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 14,938 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 13,639 | 14,938 |
Pension Benefits | U.S. Small-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | U.S. Small-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | International equity securities | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 83,831 | 86,085 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 86,085 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 83,831 | 86,085 |
Pension Benefits | International equity securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 83,831 | 86,085 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 86,085 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 83,831 | 86,085 |
Pension Benefits | International equity securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | International equity securities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 0 | 0 |
Pension Benefits | Fixed income investments | Minimum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 25.00% | |
Pension Benefits | Fixed income investments | Maximum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 60.00% | |
Pension Benefits | Core Plus Fixed Income | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 49,510 | 54,066 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 54,066 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 49,510 | 54,066 |
Pension Benefits | Core Plus Fixed Income | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 24,363 | 27,296 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 27,296 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 24,363 | 27,296 |
Pension Benefits | Core Plus Fixed Income | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 25,147 | 26,770 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 26,770 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 25,147 | 26,770 |
Pension Benefits | Core Plus Fixed Income | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | Guaranteed Insurance Contract | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 2,756 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | (2,756) |
Fair Value of Plan Assets at End of Year | $ 0 | 0 |
Pension Benefits | Other investments | Minimum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 0.00% | |
Pension Benefits | Other investments | Maximum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 10.00% | |
Pension Benefits | Short Term Fixed | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 27,039 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 27,039 | |
Pension Benefits | Short Term Fixed | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27,039 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 27,039 | |
Pension Benefits | Short Term Fixed | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
Pension Benefits | Short Term Fixed | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
Pension Benefits | Long Term Fixed | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41,875 | 41,194 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 41,194 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 41,875 | 41,194 |
Pension Benefits | Long Term Fixed | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 41,875 | 41,194 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 41,194 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 41,875 | 41,194 |
Pension Benefits | Long Term Fixed | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | Long Term Fixed | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | Private Equity Funds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | 0 |
Fair Value of Plan Assets at End of Year | 0 | 0 |
Pension Benefits | Private Equity Funds | Measured at net asset value practical expedient: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13,055 | 9,948 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 9,948 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 13,055 | 9,948 |
Pension Benefits | Real Estate | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | 0 |
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 102,970 | 87,870 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 87,870 | 82,522 |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 102,970 | 87,870 |
Other Postretirement Benefits | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 84,517 | 70,594 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 70,594 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 84,517 | 70,594 |
Other Postretirement Benefits | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 76,802 | 64,163 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 64,163 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 76,802 | 64,163 |
Other Postretirement Benefits | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,715 | 6,431 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 6,431 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,715 | 6,431 |
Other Postretirement Benefits | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | Measured at net asset value practical expedient: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18,453 | 17,276 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 17,276 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 18,453 | 17,276 |
Other Postretirement Benefits | Cash | Minimum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 0.00% | |
Other Postretirement Benefits | Cash | Maximum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 10.00% | |
Other Postretirement Benefits | Cash | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 292 | 2,334 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 2,334 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 292 | 2,334 |
Other Postretirement Benefits | Cash | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 292 | 2,334 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 2,334 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 292 | 2,334 |
Other Postretirement Benefits | Cash | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | Cash | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | STIF-Type Instrument | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,780 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 2,780 | |
Other Postretirement Benefits | STIF-Type Instrument | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,780 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 2,780 | |
Other Postretirement Benefits | STIF-Type Instrument | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
Other Postretirement Benefits | STIF-Type Instrument | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 0 | |
Other Postretirement Benefits | U.S equity securities | Minimum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 55.00% | |
Other Postretirement Benefits | U.S equity securities | Maximum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 75.00% | |
Other Postretirement Benefits | U.S. Large-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 21,012 | 18,839 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 18,839 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 21,012 | 18,839 |
Other Postretirement Benefits | U.S. Large-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21,012 | 18,839 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 18,839 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 21,012 | 18,839 |
Other Postretirement Benefits | U.S. Large-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | U.S. Large-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | U.S. Mid-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,292 | 4,379 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 4,379 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 4,292 | 4,379 |
Other Postretirement Benefits | U.S. Mid-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,292 | 4,379 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 4,379 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 4,292 | 4,379 |
Other Postretirement Benefits | U.S. Mid-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | U.S. Mid-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | U.S. Small-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,380 | 3,361 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 3,361 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,380 | 3,361 |
Other Postretirement Benefits | U.S. Small-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,380 | 3,361 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 3,361 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,380 | 3,361 |
Other Postretirement Benefits | U.S. Small-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | U.S. Small-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | ||
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
Other Postretirement Benefits | International equity securities | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21,079 | 20,369 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 20,369 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 21,079 | 20,369 |
Other Postretirement Benefits | International equity securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21,079 | 20,369 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 20,369 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 21,079 | 20,369 |
Other Postretirement Benefits | International equity securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | International equity securities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | ||
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 0 | |
Other Postretirement Benefits | Fixed income investments | Minimum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 25.00% | |
Other Postretirement Benefits | Fixed income investments | Maximum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 45.00% | |
Other Postretirement Benefits | Core Plus Fixed Income | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 14,958 | 6,431 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 6,431 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 14,958 | 6,431 |
Other Postretirement Benefits | Core Plus Fixed Income | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,243 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,243 | 0 |
Other Postretirement Benefits | Core Plus Fixed Income | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,715 | 6,431 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 6,431 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,715 | 6,431 |
Other Postretirement Benefits | Core Plus Fixed Income | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | Mutual Funds - Bonds | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12,724 | 14,881 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 14,881 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 12,724 | 14,881 |
Other Postretirement Benefits | Mutual Funds - Bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12,724 | 14,881 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 14,881 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 12,724 | 14,881 |
Other Postretirement Benefits | Mutual Funds - Bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
Other Postretirement Benefits | Mutual Funds - Bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 0 | 0 |
Other Postretirement Benefits | Other investments | Minimum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 0.00% | |
Other Postretirement Benefits | Other investments | Maximum | ||
Actual return on plan assets: | ||
Target plan allocation (as a percent) | 10.00% | |
Other Postretirement Benefits | Company Owned Life Insurance | Measured at net asset value practical expedient: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 18,453 | 17,276 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 17,276 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 18,453 | 17,276 |
South Jersey Gas Company | International equity securities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
South Jersey Gas Company | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 196,940 | 181,940 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 181,940 | 170,959 |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 196,940 | 181,940 |
South Jersey Gas Company | Pension Benefits | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 186,605 | 174,002 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 174,002 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 186,605 | 174,002 |
South Jersey Gas Company | Pension Benefits | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 172,591 | 157,881 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 157,881 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 172,591 | 157,881 |
South Jersey Gas Company | Pension Benefits | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,014 | 16,121 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 16,121 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 14,014 | 16,121 |
South Jersey Gas Company | Pension Benefits | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 2,216 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | (2,216) |
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | Measured at net asset value practical expedient: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,335 | 7,938 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 7,938 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 10,335 | 7,938 |
South Jersey Gas Company | Pension Benefits | Cash | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 213 | 303 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 303 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 213 | 303 |
South Jersey Gas Company | Pension Benefits | Cash | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 213 | 303 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 303 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 213 | 303 |
South Jersey Gas Company | Pension Benefits | Cash | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | Cash | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | STIF-Type Instrument | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,976 | 3,380 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 3,380 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 4,976 | 3,380 |
South Jersey Gas Company | Pension Benefits | STIF-Type Instrument | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,976 | 3,380 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 3,380 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 4,976 | 3,380 |
South Jersey Gas Company | Pension Benefits | STIF-Type Instrument | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | STIF-Type Instrument | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | U.S. Large-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54,651 | 52,346 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 52,346 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 54,651 | 52,346 |
South Jersey Gas Company | Pension Benefits | U.S. Large-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 54,651 | 52,346 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 52,346 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 54,651 | 52,346 |
South Jersey Gas Company | Pension Benefits | U.S. Large-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | U.S. Large-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | U.S. Mid-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,632 | 8,138 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 8,138 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,632 | 8,138 |
South Jersey Gas Company | Pension Benefits | U.S. Mid-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,632 | 8,138 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 8,138 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,632 | 8,138 |
South Jersey Gas Company | Pension Benefits | U.S. Mid-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | U.S. Mid-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | U.S. Small-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,580 | 8,249 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 8,249 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,580 | 8,249 |
South Jersey Gas Company | Pension Benefits | U.S. Small-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,580 | 8,249 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 8,249 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 7,580 | 8,249 |
South Jersey Gas Company | Pension Benefits | U.S. Small-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | U.S. Small-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | International equity securities | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45,634 | 44,120 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 44,120 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 45,634 | 44,120 |
South Jersey Gas Company | Pension Benefits | International equity securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45,634 | 44,120 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 44,120 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 45,634 | 44,120 |
South Jersey Gas Company | Pension Benefits | International equity securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | International equity securities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
South Jersey Gas Company | Pension Benefits | Core Plus Fixed Income | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 27,592 | 32,571 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 32,571 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 27,592 | 32,571 |
South Jersey Gas Company | Pension Benefits | Core Plus Fixed Income | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13,578 | 16,450 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 16,450 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 13,578 | 16,450 |
South Jersey Gas Company | Pension Benefits | Core Plus Fixed Income | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,014 | 16,121 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 16,121 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 14,014 | 16,121 |
South Jersey Gas Company | Pension Benefits | Core Plus Fixed Income | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | Guaranteed Insurance Contract | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 2,216 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | (2,216) |
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | Short Term Fixed | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,931 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 14,931 | |
South Jersey Gas Company | Pension Benefits | Short Term Fixed | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14,931 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 14,931 | |
South Jersey Gas Company | Pension Benefits | Short Term Fixed | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
South Jersey Gas Company | Pension Benefits | Short Term Fixed | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
South Jersey Gas Company | Pension Benefits | Long Term Fixed | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23,396 | 24,895 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 24,895 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 23,396 | 24,895 |
South Jersey Gas Company | Pension Benefits | Long Term Fixed | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23,396 | 24,895 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 24,895 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 23,396 | 24,895 |
South Jersey Gas Company | Pension Benefits | Long Term Fixed | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | Long Term Fixed | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | Private Equity Funds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | 0 |
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Pension Benefits | Private Equity Funds | Measured at net asset value practical expedient: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,335 | 7,938 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 7,938 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 10,335 | 7,938 |
South Jersey Gas Company | Pension Benefits | Real Estate | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | 0 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases, Sales and Settlements | 0 | 0 |
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 73,322 | 61,869 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 61,869 | 59,190 |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 73,322 | 61,869 |
South Jersey Gas Company | Other Postretirement Benefits | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 55,922 | 45,660 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 45,660 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 55,922 | 45,660 |
South Jersey Gas Company | Other Postretirement Benefits | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 50,704 | 40,919 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 40,919 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 50,704 | 40,919 |
South Jersey Gas Company | Other Postretirement Benefits | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,218 | 4,741 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 4,741 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 5,218 | 4,741 |
South Jersey Gas Company | Other Postretirement Benefits | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | Measured at net asset value practical expedient: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 17,400 | 16,209 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 16,209 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 17,400 | 16,209 |
South Jersey Gas Company | Other Postretirement Benefits | Cash | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 170 | 2,083 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 2,083 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 170 | 2,083 |
South Jersey Gas Company | Other Postretirement Benefits | Cash | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 170 | 2,083 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 2,083 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 170 | 2,083 |
South Jersey Gas Company | Other Postretirement Benefits | Cash | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | Cash | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | STIF-Type Instrument | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,616 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 2,616 | |
South Jersey Gas Company | Other Postretirement Benefits | STIF-Type Instrument | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,616 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 2,616 | |
South Jersey Gas Company | Other Postretirement Benefits | STIF-Type Instrument | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
South Jersey Gas Company | Other Postretirement Benefits | STIF-Type Instrument | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Large-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16,101 | 10,764 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 10,764 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 16,101 | 10,764 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Large-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16,101 | 10,764 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 10,764 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 16,101 | 10,764 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Large-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Large-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Mid-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,652 | 2,591 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 2,591 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 2,652 | 2,591 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Mid-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,652 | 2,591 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 2,591 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 2,652 | 2,591 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Mid-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Mid-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Small-Cap | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,115 | 2,200 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 2,200 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 2,115 | 2,200 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Small-Cap | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,115 | 2,200 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 2,200 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 2,115 | 2,200 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Small-Cap | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | U.S. Small-Cap | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | International equity securities | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13,392 | 12,889 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 12,889 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 13,392 | 12,889 |
South Jersey Gas Company | Other Postretirement Benefits | International equity securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13,392 | 12,889 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 12,889 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 13,392 | 12,889 |
South Jersey Gas Company | Other Postretirement Benefits | International equity securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | International equity securities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | Core Plus Fixed Income | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,273 | 4,741 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 4,741 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 10,273 | 4,741 |
South Jersey Gas Company | Other Postretirement Benefits | Core Plus Fixed Income | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,055 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 5,055 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | Core Plus Fixed Income | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5,218 | 4,741 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 4,741 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 5,218 | 4,741 |
South Jersey Gas Company | Other Postretirement Benefits | Core Plus Fixed Income | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | Mutual Funds - Bonds | Fair Value, Inputs, Level 1, 2 and 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8,603 | 10,392 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 10,392 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 8,603 | 10,392 |
South Jersey Gas Company | Other Postretirement Benefits | Mutual Funds - Bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 8,603 | 10,392 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 10,392 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 8,603 | 10,392 |
South Jersey Gas Company | Other Postretirement Benefits | Mutual Funds - Bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | Mutual Funds - Bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 0 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | 0 | 0 |
South Jersey Gas Company | Other Postretirement Benefits | Company Owned Life Insurance | Measured at net asset value practical expedient: | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 17,400 | 16,209 |
Changes in significant unobservable inputs [Roll forward] | ||
Fair Value of Plan Assets at Beginning of Year | 16,209 | |
Actual return on plan assets: | ||
Fair Value of Plan Assets at End of Year | $ 17,400 | $ 16,209 |
PENSION AND OTHER POSTRETIRE_10
PENSION AND OTHER POSTRETIREMENT BENEFITS - CONTRIBUTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Employer contributions | $ 5,400,000 | $ 0 | $ 0 |
Pension Benefits | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2022 | 22,834,000 | ||
2023 | 23,550,000 | ||
2024 | 23,795,000 | ||
2025 | 24,008,000 | ||
2026 | 24,618,000 | ||
2027 - 2031 | 130,850,000 | ||
Employer contributions | 9,287,000 | 3,875,000 | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2022 | 5,451,000 | ||
2023 | 5,271,000 | ||
2024 | 4,932,000 | ||
2025 | 4,696,000 | ||
2026 | 4,448,000 | ||
2027 - 2031 | 18,642,000 | ||
Employer contributions | 4,309,000 | 4,347,000 | |
Supplemental Employee Retirement Plan | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Employer contributions | 3,900,000 | 3,900,000 | 4,100,000 |
Expected contribution to plan | 3,900,000 | ||
South Jersey Gas Company | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
Employer contributions | 5,000,000 | 0 | $ 0 |
South Jersey Gas Company | Pension Benefits | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2022 | 14,143,000 | ||
2023 | 14,658,000 | ||
2024 | 15,022,000 | ||
2025 | 15,398,000 | ||
2026 | 15,792,000 | ||
2027 - 2031 | 86,896,000 | ||
Employer contributions | 8,862,000 | 3,840,000 | |
South Jersey Gas Company | Other Postretirement Benefits | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2022 | 3,591,000 | ||
2023 | 3,500,000 | ||
2024 | 3,285,000 | ||
2025 | 3,100,000 | ||
2026 | 2,926,000 | ||
2027 - 2031 | 11,931,000 | ||
Employer contributions | $ 3,496,000 | $ 2,373,000 |
PENSION AND OTHER POSTRETIRE_11
PENSION AND OTHER POSTRETIREMENT BENEFITS - DEFINED CONTRIBUTION PLAN (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / employees | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expensed and contributed | $ | $ 4 | $ 4.6 | $ 3.4 |
Employees eligible for defined benefit pension plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching percentage of participants' contributions | 50.00% | ||
Percentage of base compensation (up to) | 6.00% | ||
Employees ineligible for defined benefit pension plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching percentage of participants' contributions | 50.00% | ||
Percentage of base compensation (up to) | 8.00% | ||
Year-end contribution (in dollars per employee) | $ / employees | 1,500 | ||
Service threshold to determine year-end contribution (up to, more than) | 10 years | ||
Year-end contribution (in dollars per employee) | $ / employees | 2,000 | ||
South Jersey Gas Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expensed and contributed | $ | $ 1.2 | $ 1.6 | $ 1.2 |
LINES OF CREDIT AND SHORT-TERM
LINES OF CREDIT AND SHORT-TERM BORROWINGS - SCHEDULE OF CREDIT FACILITIES AND AVAILABLE LIQUIDITY (Details) - USD ($) | Dec. 31, 2021 | Sep. 01, 2021 |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Total Facility | $ 1,000,000,000 | |
Usage | 346,700,000 | |
Available Liquidity | 653,300,000 | |
South Jersey Industries Inc. | Line of Credit | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Total Facility | 500,000,000 | |
Usage | 152,800,000 | |
Available Liquidity | 347,200,000 | |
Letters of credit outstanding | 9,800,000 | |
South Jersey Industries Inc. | Line of Credit | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total Facility | $ 500,000,000 | |
South Jersey Gas Company | Line of Credit | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | 1,900,000 | |
South Jersey Gas Company | Line of Credit | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total Facility | $ 200,000,000 | |
South Jersey Gas Company | Commercial Paper and Letters of Credit | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total Facility | 250,000,000 | |
Usage | 109,900,000 | |
Available Liquidity | 140,100,000 | |
ETG/SJIU | Line of Credit | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | 1,000,000 | |
ETG/SJIU | Line of Credit | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Total Facility | 250,000,000 | |
Usage | 84,000,000 | |
Available Liquidity | $ 166,000,000 |
LINES OF CREDIT AND SHORT-TER_2
LINES OF CREDIT AND SHORT-TERM BORROWINGS - NARRATIVE (Details) | Sep. 01, 2021USD ($) | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) |
Master Revolving Credit Facility (the "Credit Agreement") | Various Lenders | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | $ 50,000,000 | ||
Revolving Credit Facility | Master Revolving Credit Facility (the "Credit Agreement") | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | 1,000,000,000 | ||
Additional aggregate borrowing capacity | 250,000,000 | ||
Increase maximum borrowing capacity | 1,250,000,000 | ||
Swingline Loan | Master Revolving Credit Facility (the "Credit Agreement") | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | 100,000,000 | ||
Letter of Credit | Master Revolving Credit Facility (the "Credit Agreement") | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | 350,000,000 | ||
South Jersey Industries Inc. | Revolving Credit Facility | Master Revolving Credit Facility (the "Credit Agreement") | |||
Line of Credit Facility [Line Items] | |||
Maximum current borrowing capacity | 500,000,000 | ||
South Jersey Gas Company | Revolving Credit Facility | Master Revolving Credit Facility (the "Credit Agreement") | |||
Line of Credit Facility [Line Items] | |||
Maximum current borrowing capacity | 250,000,000 | ||
ETG Utility Operations | Revolving Credit Facility | Master Revolving Credit Facility (the "Credit Agreement") | |||
Line of Credit Facility [Line Items] | |||
Maximum current borrowing capacity | $ 250,000,000 | ||
Unsecured debt | South Jersey Gas commercial paper program | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | $ 250,000,000 | ||
Unsecured debt | South Jersey Industries Inc. | Unsecured Term Loan | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | $ 150,000,000 | ||
Unsecured debt | South Jersey Gas Company | South Jersey Gas commercial paper program | |||
Line of Credit Facility [Line Items] | |||
Fixed maturities of notes, which may not exceed specified number of days | 270 days | ||
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | $ 1,000,000,000 | ||
Line of Credit | Revolving Credit Facility | Master Revolving Credit Facility (the "Credit Agreement") | |||
Line of Credit Facility [Line Items] | |||
Term of agreement (in years) | 5 years | ||
Line of Credit | South Jersey Industries Inc. | Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | $ 500,000,000 | ||
Line of Credit | South Jersey Industries Inc. | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | $ 500,000,000 | ||
Line of Credit | South Jersey Gas Company | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | 200,000,000 | ||
Line of Credit | ETG Utility Operations | Master Revolving Credit Facility (the "Credit Agreement") | |||
Line of Credit Facility [Line Items] | |||
Debt covenant, ratio of indebtedness to total capitalization, maximum | 0.70 | ||
Line of Credit | ETG Utility Operations | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Amount of facility | $ 200,000,000 |
LINES OF CREDIT AND SHORT-TER_3
LINES OF CREDIT AND SHORT-TERM - WEIGHTED AVERAGE INTEREST RATES, AVERAGE BORROWINGS, AND MAXIMUM AMOUNTS OUTSTANDING (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |||
Maximum amounts outstanding | $ 452,900 | $ 872,200 | |
South Jersey Gas Company | |||
Line of Credit Facility [Line Items] | |||
Maximum amounts outstanding | $ 123,000 | $ 187,000 | |
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rate on borrowings (as a percent) | 1.05% | 1.35% | 2.67% |
Average borrowings outstanding, not including LOC | $ 190,000 | $ 472,900 | |
Line of Credit | South Jersey Gas Company | |||
Line of Credit Facility [Line Items] | |||
Weighted average interest rate on borrowings (as a percent) | 0.34% | 0.23% | 1.99% |
Average borrowings outstanding, not including LOC | $ 40,900 | $ 116,600 |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) | Mar. 22, 2021USD ($) | Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Nov. 30, 2019USD ($) | Apr. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Mar. 25, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 10, 2020USD ($)tranche | Oct. 01, 2020 | May 27, 2020USD ($)tranche | Apr. 30, 2020USD ($)tranche |
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 7.50% | 7.50% | ||||||||||
Total Long-Term Debt Outstanding | $ 3,293,037,000 | $ 2,950,946,000 | ||||||||||
Less Current Maturities | (66,076,000) | (142,801,000) | ||||||||||
Total Long-Term Debt | 3,226,961,000 | 2,808,145,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
2022 | 66,076,000 | |||||||||||
2023 | 40,084,000 | |||||||||||
2024 | 65,084,000 | |||||||||||
2025 | 66,084,000 | |||||||||||
2026 | 41,175,000 | |||||||||||
Long-term debt outstanding | 3,293,037,000 | 2,950,946,000 | ||||||||||
Long-term debt, current | 66,076,000 | 142,801,000 | ||||||||||
Net proceeds from shares | $ 40,600,000 | |||||||||||
Debt discount | 5,100,000 | 5,200,000 | ||||||||||
Unamortized debt issuance costs | 38,500,000 | 29,600,000 | ||||||||||
Finance lease, lease liability | $ 5,638,000 | 3,053,000 | ||||||||||
Covenant, indebtedness to capitalization maximum | 0.70 | |||||||||||
Series 2018A due 2021, 3.42 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.43% | 3.43% | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Repayments of senior debt | $ 90,000,000 | |||||||||||
Series A Junior Subordinated Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 5.02% | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Senior notes | $ 287,500,000 | |||||||||||
Interest rate at period end (as a percent) | 5.00% | |||||||||||
South Jersey Gas Company | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-Term Debt Outstanding | $ 1,050,537,000 | 1,078,446,000 | ||||||||||
Less Current Maturities | (31,084,000) | (52,809,000) | ||||||||||
Total Long-Term Debt | 1,019,453,000 | 1,025,637,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
2022 | 31,084,000 | |||||||||||
2023 | 40,084,000 | |||||||||||
2024 | 40,084,000 | |||||||||||
2025 | 41,084,000 | |||||||||||
2026 | 41,175,000 | |||||||||||
Long-term debt outstanding | 1,050,537,000 | 1,078,446,000 | ||||||||||
Long-term debt, current | 31,084,000 | 52,809,000 | ||||||||||
Unamortized debt issuance costs | $ 8,700,000 | 9,400,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2030, 3.28 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.28% | |||||||||||
Total Long-Term Debt Outstanding | $ 150,000,000 | 150,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 150,000,000 | 150,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2050, 3.93 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.93% | |||||||||||
Total Long-Term Debt Outstanding | $ 250,000,000 | 250,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 250,000,000 | 250,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2050, 3.98 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.98% | |||||||||||
Total Long-Term Debt Outstanding | $ 125,000,000 | 125,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 125,000,000 | 125,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2024, 3.00 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.00% | |||||||||||
Total Long-Term Debt Outstanding | $ 30,000,000 | 40,000,000 | ||||||||||
Less Current Maturities | (10,000,000) | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Annual payment | 10,000,000 | |||||||||||
Long-term debt outstanding | 30,000,000 | 40,000,000 | ||||||||||
Long-term debt, current | $ 10,000,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2024, 3.03 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.03% | |||||||||||
Total Long-Term Debt Outstanding | $ 21,000,000 | 28,000,000 | ||||||||||
Less Current Maturities | (7,000,000) | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Annual payment | 7,000,000 | |||||||||||
Long-term debt outstanding | 21,000,000 | 28,000,000 | ||||||||||
Long-term debt, current | $ 7,000,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2025, 3.63 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.63% | |||||||||||
Total Long-Term Debt Outstanding | $ 3,637,000 | 4,546,000 | ||||||||||
Less Current Maturities | (900,000) | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | 3,637,000 | 4,546,000 | ||||||||||
Long-term debt, current | 900,000 | |||||||||||
Payment towards principal | $ 900,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2026, 4.84 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.84% | |||||||||||
Total Long-Term Debt Outstanding | $ 12,500,000 | 15,000,000 | ||||||||||
Less Current Maturities | (2,500,000) | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Annual payment | 2,500,000 | |||||||||||
Long-term debt outstanding | 12,500,000 | 15,000,000 | ||||||||||
Long-term debt, current | $ 2,500,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2026, 4.93 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.93% | |||||||||||
Total Long-Term Debt Outstanding | $ 37,500,000 | 45,000,000 | ||||||||||
Less Current Maturities | (7,500,000) | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Annual payment | 7,500,000 | |||||||||||
Long-term debt outstanding | 37,500,000 | 45,000,000 | ||||||||||
Long-term debt, current | $ 7,500,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2027, 4.03 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.03% | |||||||||||
Total Long-Term Debt Outstanding | $ 45,000,000 | 45,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 45,000,000 | 45,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2030, 4.01 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.01% | |||||||||||
Total Long-Term Debt Outstanding | $ 34,000,000 | 34,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | 42,000,000 | |||||||||||
Long-term debt outstanding | $ 34,000,000 | 34,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2030, 4.23 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.23% | |||||||||||
Total Long-Term Debt Outstanding | $ 30,000,000 | 30,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 30,000,000 | 30,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2032, 3.74 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.74% | |||||||||||
Total Long-Term Debt Outstanding | $ 35,000,000 | 35,000,000 | ||||||||||
Less Current Maturities | (3,175,000) | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Annual payment | 3,175,000 | |||||||||||
Long-term debt outstanding | 35,000,000 | 35,000,000 | ||||||||||
Long-term debt, current | $ 3,175,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2033, 5.55 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 5.55% | |||||||||||
Total Long-Term Debt Outstanding | $ 32,000,000 | 32,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 32,000,000 | 32,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2034, 6.213 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 6.213% | |||||||||||
Total Long-Term Debt Outstanding | $ 10,000,000 | 10,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 10,000,000 | 10,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2035, 5.45 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 5.45% | |||||||||||
Total Long-Term Debt Outstanding | $ 10,000,000 | 10,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 10,000,000 | 10,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2047, 3.00 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.00% | |||||||||||
Total Long-Term Debt Outstanding | $ 200,000,000 | 200,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Annual payment | 16,000,000 | |||||||||||
Long-term debt outstanding | $ 200,000,000 | 200,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series Due 2023, 4.03 Percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.03% | |||||||||||
Total Long-Term Debt Outstanding | $ 45,000,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Annual payment | 9,000,000 | |||||||||||
Long-term debt outstanding | 45,000,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Medium-Term Note, 4.01%, Due November 2018 and November 2019 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Repayments of senior debt | $ 8,000,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Medium-Term Note, 4.01%, Due November 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-Term Debt Outstanding | 2,000,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | 2,000,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Medium-Term Note, 4.01%, Due November 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-Term Debt Outstanding | 3,000,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | 3,000,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Medium-Term Note, 4.01%, Due November 2027 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-Term Debt Outstanding | 8,000,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | 8,000,000 | |||||||||||
South Jersey Gas Company | First Mortgage Bonds | Medium-Term Note, 4.01%, Due November 2028, November 2029 and November 2030 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-Term Debt Outstanding | 7,000,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | 7,000,000 | |||||||||||
South Jersey Gas Company | Unsecured debt | Series A 2006 Bonds at variable rates due 2036 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-Term Debt Outstanding | 24,900,000 | 24,900,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 24,900,000 | 24,900,000 | ||||||||||
Interest rate at period end (as a percent) | 0.13% | |||||||||||
South Jersey Gas Company | Senior notes | Senior Secured Notes, Series F, 2020 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | $ 525,000,000 | |||||||||||
Number of tranches | tranche | 3 | |||||||||||
South Jersey Gas Company | Senior notes | Senior Secured Notes, Series F, 2020 | Tranche A | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.28% | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | $ 150,000,000 | |||||||||||
South Jersey Gas Company | Senior notes | Senior Secured Notes, Series F, 2020 | Tranche B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.93% | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | $ 250,000,000 | |||||||||||
South Jersey Gas Company | Senior notes | Senior Secured Notes, Series F, 2020 | Tranche C | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.98% | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | $ 125,000,000 | |||||||||||
South Jersey Industries Inc. | Unsecured debt | South Jersey Industries Term Loan at variable rates due 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-Term Debt Outstanding | $ 335,000,000 | 287,500,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 335,000,000 | 287,500,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series due 2027, 3.71 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.71% | |||||||||||
Total Long-Term Debt Outstanding | $ 75,000,000 | 75,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 75,000,000 | 75,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series due 2027, 3.71 percent | Tranche A | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.71% | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | $ 75,000,000 | |||||||||||
South Jersey Industries Inc. | Senior notes | Series due 2030, 3.91 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.91% | |||||||||||
Total Long-Term Debt Outstanding | $ 125,000,000 | 125,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 125,000,000 | 125,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series due 2030, 3.91 percent | Tranche B | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.91% | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | $ 125,000,000 | |||||||||||
South Jersey Industries Inc. | Senior notes | Series C 2012 Notes due 2022, 3.71 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.71% | |||||||||||
Total Long-Term Debt Outstanding | $ 35,000,000 | 35,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 35,000,000 | 35,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series due 2024, 3.47 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.47% | |||||||||||
Total Long-Term Debt Outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series due 2027, 3.71 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.71% | |||||||||||
Total Long-Term Debt Outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series 2017A-2 due 2025, 3.57 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.57% | |||||||||||
Total Long-Term Debt Outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series 2017B-2 due 2028, 3.81 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.81% | |||||||||||
Total Long-Term Debt Outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series 2018A due 2021, 3.42 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.43% | |||||||||||
Total Long-Term Debt Outstanding | $ 0 | 90,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 0 | 90,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series 2018B due 2028, 4.07 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.07% | |||||||||||
Total Long-Term Debt Outstanding | $ 80,000,000 | 80,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 80,000,000 | 80,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series 2018C due 2030, 4.17 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.17% | |||||||||||
Total Long-Term Debt Outstanding | $ 80,000,000 | 80,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 80,000,000 | 80,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Junior Subordinated Notes due 2079, 5.626 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 5.625% | |||||||||||
Total Long-Term Debt Outstanding | $ 200,000,000 | 200,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 200,000,000 | 200,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series A Junior Subordinated Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 5.02% | |||||||||||
Total Long-Term Debt Outstanding | $ 287,500,000 | 0 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 287,500,000 | 0 | ||||||||||
South Jersey Industries Inc. | Senior notes | Senior Unsecured Notes | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | $ 200,000,000 | |||||||||||
Number of tranches | tranche | 2 | |||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2018A-1 due 2028, 4.02 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.02% | |||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | 50,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 50,000,000 | 50,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2018A-2 due 2033, 4.22 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.22% | |||||||||||
Total Long-Term Debt Outstanding | $ 55,000,000 | 55,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 55,000,000 | 55,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2018A-3 due 2038, 4.29 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.29% | |||||||||||
Total Long-Term Debt Outstanding | $ 150,000,000 | 150,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 150,000,000 | 150,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2018A-4 due 2048, 4.37 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.37% | |||||||||||
Total Long-Term Debt Outstanding | $ 200,000,000 | 200,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 200,000,000 | 200,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2018A-5 due 2058, 4.52 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 4.52% | |||||||||||
Total Long-Term Debt Outstanding | $ 75,000,000 | 75,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 75,000,000 | 75,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2019A-1 due 2029, 2.84 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 2.84% | |||||||||||
Total Long-Term Debt Outstanding | $ 40,000,000 | 40,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 40,000,000 | 40,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2019 A-2 due 2029, 2.84 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 2.84% | |||||||||||
Total Long-Term Debt Outstanding | $ 35,000,000 | 35,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 35,000,000 | 35,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2019 A-3 due 2031, 2.94 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 2.94% | |||||||||||
Total Long-Term Debt Outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 25,000,000 | 25,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2019 A-4 due 2031, 2.94 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 2.94% | |||||||||||
Total Long-Term Debt Outstanding | $ 45,000,000 | 45,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 45,000,000 | 45,000,000 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2020 A-1, Tranche A due 2050, 3.28 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.28% | 3.28% | ||||||||||
Total Long-Term Debt Outstanding | $ 75,000,000 | 75,000,000 | $ 75,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 75,000,000 | 75,000,000 | $ 75,000,000 | |||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2020 A-1, Tranche B due 2060, 3.38 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.38% | 3.38% | ||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2020 A-2, Tranche A due 2031, 2.26 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 2.26% | 2.26% | ||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | 0 | $ 50,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 50,000,000 | 0 | $ 50,000,000 | |||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2020 A-2, Tranche B due 2041, 3.08 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.08% | 3.08% | ||||||||||
Total Long-Term Debt Outstanding | $ 25,000,000 | 0 | $ 25,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 25,000,000 | 0 | 25,000,000 | |||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2020 A-2, Tranche C due 2041, 3.36 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.36% | |||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | 0 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 50,000,000 | $ 0 | ||||||||||
ETG Utility Operations | First Mortgage Bonds | Bond Purchase Agreement | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Principal amount issued | $ 250,000,000 | |||||||||||
Number of tranches | tranche | 5 | |||||||||||
ETG Utility Operations | First Mortgage Bonds | Series 2020 A-2, Tranche C due 2051, 3.36 percent | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate (as a percent) | 3.36% | |||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Long-term debt outstanding | $ 50,000,000 | |||||||||||
Capital Units | Public Stock Offering | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||
Net proceeds from shares | $ 291,000,000 | $ 335,000,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | 492 Months Ended | |||
Dec. 31, 2021USD ($)employeesitedecatherm$ / shares | Dec. 31, 2020USD ($)employee | Dec. 31, 2020USD ($)employee | Mar. 22, 2021$ / shares | Dec. 31, 2018$ / shares | |
Commitment and Contingencies [Line Items] | |||||
Maximum purchase amount under contract (in dts/d) | decatherm | 526,400 | ||||
Minimum length of contract term (in years) | 5 years | ||||
Maximum length of contract term (in years) | 11 years | ||||
Accrual for pending litigation | $ 11,300 | $ 4,100 | $ 4,100 | ||
Entity Number of Employees | employee | 1,173 | 1,130 | 1,130 | ||
Guarantor obligations | $ 143,100 | ||||
Accrued environmental remediation costs | $ 629,600 | ||||
Accrued environmental remediation costs spent | 36,605 | $ 17,112 | 463,500 | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Beginning of Year | 193,575 | 232,885 | |||
Change in Accruals | 9,111 | (22,198) | |||
Expenditures | (36,605) | (17,112) | (463,500) | ||
End of Year | 166,081 | 193,575 | 193,575 | ||
REV LNG | |||||
Commitment and Contingencies [Line Items] | |||||
Equity method investments, committed capital contribution loans | $ 62,600 | 19,300 | 19,300 | ||
Capital Units | |||||
Commitment and Contingencies [Line Items] | |||||
Corporate Unit, stated value per share (in USD per share) | $ / shares | $ 50 | ||||
Capital Units | Public Stock Offering | |||||
Commitment and Contingencies [Line Items] | |||||
Corporate Unit, stated value per share (in USD per share) | $ / shares | $ 50 | $ 50 | |||
Minimum | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Environmental remediation costs to clean up SJG's sights | $ 73,600 | ||||
Maximum | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Environmental remediation costs to clean up SJG's sights | 137,900 | ||||
Parental guarantee | |||||
Commitment and Contingencies [Line Items] | |||||
Guaranteed amount | $ 11,300 | ||||
Contract term (in years) | 1 year | ||||
South Jersey Resources Group, LLC | |||||
Commitment and Contingencies [Line Items] | |||||
Amount of monthly fees paid to supplier | $ 6,800 | ||||
ETG Utility Operations | |||||
Commitment and Contingencies [Line Items] | |||||
Amount of monthly fees paid to supplier | 5,500 | ||||
South Jersey Gas Company | |||||
Commitment and Contingencies [Line Items] | |||||
Amount of monthly fees paid to supplier | 800 | ||||
Accrual for pending litigation | $ 10,000 | $ 1,200 | $ 1,200 | ||
Entity Number of Employees | employee | 432 | 441 | 441 | ||
Accrued environmental remediation costs | $ 510,500 | ||||
Accrued environmental remediation costs spent | $ 18,677 | $ 14,746 | 418,500 | ||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Beginning of Year | 101,243 | 131,262 | |||
Change in Accruals | 9,398 | (15,273) | |||
Expenditures | (18,677) | (14,746) | (418,500) | ||
End of Year | $ 91,964 | $ 101,243 | $ 101,243 | ||
South Jersey Gas Company | Unionized Collective Bargaining Agreements | |||||
Commitment and Contingencies [Line Items] | |||||
Employees represented by labor unions | employee | 289 | 303 | 303 | ||
South Jersey Gas Company | Environmental restoration costs | Majority of the environmental remediation | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Number of sites affected by environmental remediation | site | 6 | ||||
South Jersey Gas Company | Environmental restoration costs | Minimum | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Estimates of undiscounted future costs | $ 92,000 | ||||
South Jersey Gas Company | Environmental restoration costs | Minimum | Majority of the environmental remediation | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Estimates of undiscounted future costs | 83,600 | ||||
South Jersey Gas Company | Environmental restoration costs | Maximum | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Estimates of undiscounted future costs | 154,300 | ||||
South Jersey Gas Company | Environmental restoration costs | Maximum | Majority of the environmental remediation | |||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||
Estimates of undiscounted future costs | 146,100 | ||||
ETG Utility Operations | |||||
Commitment and Contingencies [Line Items] | |||||
Minimal annual fee for AMA contract | $ 4,250 | ||||
ETG Utility Operations | Unionized Collective Bargaining Agreements | |||||
Commitment and Contingencies [Line Items] | |||||
Employees represented by labor unions | employee | 233 | 167 | 167 | ||
Environmental restoration costs | South Jersey Gas Company | |||||
Commitment and Contingencies [Line Items] | |||||
Number of sites for environmental cleanup | site | 12 | ||||
Environmental restoration costs | ETG Utility Operations | |||||
Commitment and Contingencies [Line Items] | |||||
Number of sites for environmental cleanup | site | 5 |
DERIVATIVE INSTRUMENTS - OUTSTA
DERIVATIVE INSTRUMENTS - OUTSTANDING CONTRACTS (Details) $ in Thousands, MMcfe in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)MMcfe | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Unrealized gain (loss) on energy-related commodity contracts | $ | $ 0 | $ 4,760 | $ (2,798) |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gains (losses) on energy-related commodity contracts | $ | $ 5,567 | 385 | $ (11,748) |
Energy Related Derivative, Natural Gas | Not Designated as Hedging Instrument | Purchases | |||
Derivative [Line Items] | |||
Notional derivative amount | 96.7 | ||
Energy Related Derivative, Natural Gas | Not Designated as Hedging Instrument | Sales | |||
Derivative [Line Items] | |||
Notional derivative amount | 130.2 | ||
Energy Related Derivative, Natural Gas | South Jersey Gas Company | Not Designated as Hedging Instrument | Purchases | |||
Derivative [Line Items] | |||
Notional derivative amount | 10.3 | ||
Energy Related Derivative, Natural Gas | South Jersey Gas Company | Not Designated as Hedging Instrument | Sales | |||
Derivative [Line Items] | |||
Notional derivative amount | 0.8 | ||
Basis And Index Contracts | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional derivative amount | 72.1 | ||
Basis And Index Contracts | South Jersey Gas Company | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional derivative amount | 1.5 | ||
Energy Related Derivative | |||
Derivative [Line Items] | |||
Unrealized gain (loss) on energy-related commodity contracts | $ | $ 22,100 | 2,400 | |
Energy Related Derivative | South Jersey Gas Company | |||
Derivative [Line Items] | |||
Unrealized gain (loss) on energy-related commodity contracts | $ | $ 7,100 | $ 1,100 |
DERIVATIVE INSTRUMENTS - INTERE
DERIVATIVE INSTRUMENTS - INTEREST RATE SWAPS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Unrealized (loss) on derivatives | $ 0 | $ (4,760,000) | $ 2,798,000 |
Interest rate contract | |||
Derivative [Line Items] | |||
Fair value of interest rate derivatives terminated | 8,200,000 | ||
South Jersey Gas Company | Interest Rate Swap, 12,500,000, Contract 1 | |||
Derivative [Line Items] | |||
Notional Amount | $ 12,500,000 | ||
Fixed Interest Rate | 3.53% | ||
South Jersey Gas Company | Interest Rate Swap, 12,500,000, Contract 2 | |||
Derivative [Line Items] | |||
Notional Amount | $ 12,500,000 | ||
Fixed Interest Rate | 3.43% | ||
South Jersey Gas Company | Interest rate contract | |||
Derivative [Line Items] | |||
Unrealized (loss) on derivatives | $ 8,000,000 | $ 9,900,000 |
DERIVATIVE INSTRUMENTS - FAIR V
DERIVATIVE INSTRUMENTS - FAIR VALUES OF ALL DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Energy-related commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 117,529 | $ 48,374 |
Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 117,529 | 48,374 |
Liabilities | 84,081 | 41,891 |
Not Designated as Hedging Instrument | Energy-related commodity contracts | Derivatives – Energy Related – Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 95,041 | 41,439 |
Liabilities | 60,002 | 27,006 |
Not Designated as Hedging Instrument | Energy-related commodity contracts | Derivatives – Energy Related – Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 22,488 | 6,935 |
Liabilities | 16,079 | 4,947 |
Not Designated as Hedging Instrument | Interest rate contract | Derivatives - Other - Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 568 | 659 |
Not Designated as Hedging Instrument | Interest rate contract | Derivatives - Other - Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 7,432 | 9,279 |
South Jersey Gas Company | Energy-related commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 9,903 | 4,140 |
Liabilities | 0 | 0 |
South Jersey Gas Company | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 9,903 | 4,140 |
Liabilities | 10,844 | 12,996 |
South Jersey Gas Company | Not Designated as Hedging Instrument | Energy-related commodity contracts | Derivatives – Energy Related – Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 9,396 | 4,053 |
Liabilities | 2,520 | 2,868 |
South Jersey Gas Company | Not Designated as Hedging Instrument | Energy-related commodity contracts | Derivatives – Energy Related – Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 507 | 87 |
Liabilities | 324 | 190 |
South Jersey Gas Company | Not Designated as Hedging Instrument | Interest rate contract | Derivatives - Other - Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 568 | 659 |
South Jersey Gas Company | Not Designated as Hedging Instrument | Interest rate contract | Derivatives - Other - Noncurrent | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Liabilities | $ 7,432 | $ 9,279 |
DERIVATIVE INSTRUMENTS - OFFSET
DERIVATIVE INSTRUMENTS - OFFSETTING ARRANGEMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Energy Related Derivative | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets/liabilities | $ 117,529 | $ 48,374 |
Gross amount offset in the balance sheet | 0 | 0 |
Net amounts of assets/liabilities in balance sheet | 117,529 | 48,374 |
Gross amounts not offset in the balance sheet, Financial Instruments | (57,804) | (24,027) |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | (32,782) | 0 |
Net amount | 26,943 | 24,347 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized assets/liabilities | (76,081) | (31,953) |
Gross amount offset in the balance sheet | 0 | 0 |
Net amounts of assets/liabilities in balance sheet | (76,081) | (31,953) |
Gross amounts not offset in the balance sheet, Financial Instruments | 57,804 | 24,027 |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | 2,176 |
Net amount | (18,277) | (5,750) |
Other Contract | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized assets/liabilities | (8,000) | (9,938) |
Gross amount offset in the balance sheet | 0 | 0 |
Net amounts of assets/liabilities in balance sheet | (8,000) | (9,938) |
Gross amounts not offset in the balance sheet, Financial Instruments | 0 | 0 |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | 0 |
Net amount | (8,000) | (9,938) |
South Jersey Gas Company | Energy Related Derivative | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts of recognized assets/liabilities | 9,903 | 4,140 |
Gross amount offset in the balance sheet | 0 | 0 |
Net amounts of assets/liabilities in balance sheet | 9,903 | 4,140 |
Gross amounts not offset in the balance sheet, Financial Instruments | (1,780) | (716) |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | 0 |
Net amount | 8,123 | 3,424 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized assets/liabilities | (2,844) | (3,058) |
Gross amount offset in the balance sheet | 0 | 0 |
Net amounts of assets/liabilities in balance sheet | (2,844) | (3,058) |
Gross amounts not offset in the balance sheet, Financial Instruments | 1,780 | 716 |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | 2,176 |
Net amount | (1,064) | (166) |
South Jersey Gas Company | Other Contract | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts of recognized assets/liabilities | (8,000) | (9,938) |
Gross amount offset in the balance sheet | 0 | 0 |
Net amounts of assets/liabilities in balance sheet | (8,000) | (9,938) |
Gross amounts not offset in the balance sheet, Financial Instruments | 0 | 0 |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | 0 |
Net amount | $ (8,000) | $ (9,938) |
DERIVATIVE INSTRUMENTS - EFFECT
DERIVATIVE INSTRUMENTS - EFFECTS OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Contracts [Abstract] | |||
Losses reclassified from AOCL into income | $ (32) | $ (34) | $ (35) |
Total | 5,567 | 5,145 | (14,546) |
Interest rate contract | Non-Utility Revenue | |||
Interest Rate Contracts [Abstract] | |||
Losses reclassified from AOCL into income | (46) | (46) | (46) |
Not Designated as Hedging Instrument | |||
Interest Rate Contracts [Abstract] | |||
Gains (losses) on energy-related commodity contracts | 5,567 | 385 | (11,748) |
Gains (losses) on interest rate contracts | 0 | 4,760 | (2,798) |
South Jersey Gas Company | |||
Interest Rate Contracts [Abstract] | |||
Losses reclassified from AOCL into income | (32) | (34) | (35) |
South Jersey Gas Company | Interest rate contract | Non-Utility Revenue | |||
Interest Rate Contracts [Abstract] | |||
Losses reclassified from AOCL into income | $ (46) | $ (46) | $ (46) |
FAIR VALUE OF FINANCIAL ASSET_3
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / decatherm | Dec. 31, 2020USD ($)$ / decatherm | |
Assets | ||
Available-for-Sale Securities | $ 37 | $ 32 |
Changes in significant unobservable inputs [Roll forward] | ||
Balance at beginning of period | 11,006 | 17,574 |
Other changes in fair value from continuing and new contracts, net | (228) | 11,078 |
Settlements | (10,098) | (17,646) |
Balance at end of period | 680 | 11,006 |
Measurement at fair value on recurring basis | ||
Assets | ||
Available-for-Sale Securities | 37 | 32 |
Derivatives - Energy Related Assets | 117,529 | 48,374 |
Assets | 117,566 | 48,406 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 76,081 | 31,953 |
Derivatives - Other | 8,000 | 9,938 |
Liabilities | 84,081 | 41,891 |
Measurement at fair value on recurring basis | Level 1 | ||
Assets | ||
Available-for-Sale Securities | 37 | 32 |
Derivatives - Energy Related Assets | 56,260 | 11,447 |
Assets | 56,297 | 11,479 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 21,879 | 8,605 |
Derivatives - Other | 0 | 0 |
Liabilities | 21,879 | 8,605 |
Measurement at fair value on recurring basis | Level 2 | ||
Assets | ||
Available-for-Sale Securities | 0 | 0 |
Derivatives - Energy Related Assets | 52,277 | 23,527 |
Assets | 52,277 | 23,527 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 45,890 | 20,954 |
Derivatives - Other | 8,000 | 9,938 |
Liabilities | 53,890 | 30,892 |
Measurement at fair value on recurring basis | Level 3 | ||
Assets | ||
Available-for-Sale Securities | 0 | 0 |
Derivatives - Energy Related Assets | 8,992 | 13,400 |
Assets | 8,992 | 13,400 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 8,312 | 2,394 |
Derivatives - Other | 0 | 0 |
Liabilities | 8,312 | 2,394 |
Natural Gas (in MMdts) | Level 3 | Forward Contract | Discounted Cash Flow | ||
Liabilities | ||
Assets | 8,916 | 12,824 |
Liabilities | $ 8,107 | $ 1,764 |
Natural Gas (in MMdts) | Level 3 | Forward Contract | Minimum | Discounted Cash Flow | Forward price (per dt) | ||
Liabilities | ||
Derivative, measurement input | $ / decatherm | 1.77 | 1.44 |
Natural Gas (in MMdts) | Level 3 | Forward Contract | Maximum | Discounted Cash Flow | Forward price (per dt) | ||
Liabilities | ||
Derivative, measurement input | $ / decatherm | 8.30 | 6.77 |
Natural Gas (in MMdts) | Level 3 | Forward Contract | Weighted Average | Discounted Cash Flow | Forward price (per dt) | ||
Liabilities | ||
Derivative, measurement input | $ / decatherm | 3.73 | 2.67 |
South Jersey Gas Company | ||
Changes in significant unobservable inputs [Roll forward] | ||
Balance at beginning of period | $ 3,385 | $ 5,035 |
Other changes in fair value from continuing and new contracts, net | 3,638 | 3,385 |
Settlements | (3,385) | (5,035) |
Balance at end of period | 3,638 | 3,385 |
South Jersey Gas Company | Measurement at fair value on recurring basis | ||
Assets | ||
Derivatives - Energy Related Assets | 9,903 | 4,140 |
Assets | 9,903 | 4,140 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 2,844 | 3,058 |
Derivatives - Other | 8,000 | 9,938 |
Liabilities | 10,844 | 12,996 |
South Jersey Gas Company | Measurement at fair value on recurring basis | Level 1 | ||
Assets | ||
Derivatives - Energy Related Assets | 4,648 | 715 |
Assets | 4,648 | 715 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 1,780 | 2,891 |
Derivatives - Other | 0 | 0 |
Liabilities | 1,780 | 2,891 |
South Jersey Gas Company | Measurement at fair value on recurring basis | Level 2 | ||
Assets | ||
Derivatives - Energy Related Assets | 1,617 | 32 |
Assets | 1,617 | 32 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 1,064 | 159 |
Derivatives - Other | 8,000 | 9,938 |
Liabilities | 9,064 | 10,097 |
South Jersey Gas Company | Measurement at fair value on recurring basis | Level 3 | ||
Assets | ||
Derivatives - Energy Related Assets | 3,638 | 3,393 |
Assets | 3,638 | 3,393 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 0 | 8 |
Derivatives - Other | 0 | 0 |
Liabilities | 0 | 8 |
South Jersey Gas Company | Natural Gas (in MMdts) | Level 3 | Forward Contract | Discounted Cash Flow | ||
Liabilities | ||
Assets | 3,638 | 3,393 |
Liabilities | $ 0 | $ 8 |
South Jersey Gas Company | Natural Gas (in MMdts) | Level 3 | Forward Contract | Minimum | Discounted Cash Flow | Forward price (per dt) | ||
Liabilities | ||
Derivative, measurement input | $ / decatherm | 3.75 | 2.48 |
South Jersey Gas Company | Natural Gas (in MMdts) | Level 3 | Forward Contract | Maximum | Discounted Cash Flow | Forward price (per dt) | ||
Liabilities | ||
Derivative, measurement input | $ / decatherm | 5.66 | 3.63 |
South Jersey Gas Company | Natural Gas (in MMdts) | Level 3 | Forward Contract | Weighted Average | Discounted Cash Flow | Forward price (per dt) | ||
Liabilities | ||
Derivative, measurement input | $ / decatherm | 4.94 | 3.16 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) - SUMMARY OF CHANGES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,666,876 | $ 1,423,785 | $ 1,267,022 |
Other Comprehensive Income (Loss) - Net of Tax | 11,487 | (5,658) | (6,463) |
Ending balance | 1,999,441 | 1,666,876 | 1,423,785 |
Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (38,216) | (32,558) | (26,095) |
Other comprehensive income (loss) before reclassifications | 11,455 | (5,692) | (6,498) |
Amounts reclassified from AOCL | 32 | 34 | 35 |
Other Comprehensive Income (Loss) - Net of Tax | 11,487 | (5,658) | (6,463) |
Ending balance | (26,729) | (38,216) | (32,558) |
Postretirement Liability Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (37,816) | (32,124) | (25,626) |
Other comprehensive income (loss) before reclassifications | 11,455 | (5,692) | (6,498) |
Amounts reclassified from AOCL | 0 | 0 | 0 |
Other Comprehensive Income (Loss) - Net of Tax | 11,455 | (5,692) | (6,498) |
Ending balance | (26,361) | (37,816) | (32,124) |
Unrealized Gain (Loss) on Derivatives-Other | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (293) | (327) | (362) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCL | 32 | 34 | 35 |
Other Comprehensive Income (Loss) - Net of Tax | 32 | 34 | 35 |
Ending balance | (261) | (293) | (327) |
Unrealized Gain (Loss) on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (10) | (10) | (10) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCL | 0 | 0 | 0 |
Other Comprehensive Income (Loss) - Net of Tax | 0 | 0 | 0 |
Ending balance | (10) | (10) | (10) |
Other Comprehensive Income (Loss) of Affiliated Companies | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (97) | (97) | (97) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCL | 0 | 0 | 0 |
Other Comprehensive Income (Loss) - Net of Tax | 0 | 0 | 0 |
Ending balance | (97) | (97) | (97) |
South Jersey Gas Company | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Other comprehensive income (loss) before reclassifications | 8,598 | (3,765) | (5,553) |
Amounts reclassified from AOCL | 32 | 34 | 35 |
Other Comprehensive Income (Loss) - Net of Tax | 8,630 | (3,731) | (5,518) |
South Jersey Gas Company | Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (31,606) | (27,875) | (22,357) |
Other Comprehensive Income (Loss) - Net of Tax | 8,630 | (3,731) | (5,518) |
Ending balance | (22,976) | (31,606) | (27,875) |
South Jersey Gas Company | Postretirement Liability Adjustment | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (31,219) | (27,454) | (21,901) |
Other comprehensive income (loss) before reclassifications | 8,598 | (3,765) | (5,553) |
Amounts reclassified from AOCL | 0 | 0 | 0 |
Other Comprehensive Income (Loss) - Net of Tax | 8,598 | (3,765) | (5,553) |
Ending balance | (22,621) | (31,219) | (27,454) |
South Jersey Gas Company | Unrealized Gain (Loss) on Derivatives-Other | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (387) | (421) | (456) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCL | 32 | 34 | 35 |
Other Comprehensive Income (Loss) - Net of Tax | 32 | 34 | 35 |
Ending balance | $ (355) | $ (387) | $ (421) |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues from alternative revenue programs | $ 17.8 | $ 38.1 | $ 29 |
SJG Utility Operations | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues from alternative revenue programs | $ 13 | $ 28 | $ 34.8 |
REVENUES - Disaggregated Revenu
REVENUES - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Utility | $ 2,318,830 | $ 1,560,083 | $ 1,552,547 |
Gas | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 2,279,698 | 1,522,816 | 1,452,183 |
Electric | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 8,741 | 17,936 | 48,964 |
Solar | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 7,019 | 8,426 | 15,111 |
Fuel Cells | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 15,763 | 3,502 | 27,993 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 7,609 | 7,403 | 8,296 |
Residential | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 587,169 | 576,489 | 593,541 |
Commercial & Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 1,712,751 | 972,041 | 937,191 |
OSS & Capacity Release | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 10,720 | 7,673 | 8,951 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 8,190 | 3,880 | 12,864 |
SJG Utility Operations | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 539,992 | 503,132 | 485,012 |
SJG Utility Operations | Gas | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 539,992 | 503,132 | 485,012 |
SJG Utility Operations | Residential | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 359,963 | 349,111 | 356,646 |
SJG Utility Operations | Commercial & Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 166,287 | 144,300 | 116,959 |
SJG Utility Operations | OSS & Capacity Release | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 10,720 | 7,673 | 8,951 |
SJG Utility Operations | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 3,022 | 2,048 | 2,456 |
ETG Utility Operations | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 355,168 | 339,150 | 331,027 |
ETG Utility Operations | Gas | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 355,168 | 339,150 | 331,027 |
ETG Utility Operations | Residential | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 225,209 | 223,221 | 217,195 |
ETG Utility Operations | Commercial & Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 129,148 | 114,300 | 103,590 |
ETG Utility Operations | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 811 | 1,629 | 10,242 |
ELK Utility Operations | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 4,926 | 7,857 | |
ELK Utility Operations | Gas | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 4,926 | 7,857 | |
ELK Utility Operations | Residential | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 2,179 | 3,494 | |
ELK Utility Operations | Commercial & Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 2,544 | 4,197 | |
ELK Utility Operations | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 203 | 166 | |
Wholesale Energy Operations | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 1,406,155 | 683,152 | 633,720 |
Wholesale Energy Operations | Gas | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 1,406,155 | 683,152 | 633,720 |
Wholesale Energy Operations | Commercial & Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 1,406,155 | 683,152 | 633,720 |
Retail Services | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 15,796 | 24,154 | 59,551 |
Retail Services | Electric | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 8,919 | 19,907 | 56,899 |
Retail Services | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 6,877 | 4,247 | 2,652 |
Retail Services | Residential | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 1,997 | 1,978 | 16,206 |
Retail Services | Commercial & Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 8,918 | 22,176 | 43,345 |
Retail Services | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 4,881 | ||
Renewables | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 24,038 | 15,617 | 48,748 |
Renewables | Solar | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 7,019 | 8,426 | 15,111 |
Renewables | Fuel Cells | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 15,763 | 3,502 | 27,993 |
Renewables | Other | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 1,256 | 3,689 | 5,644 |
Renewables | Commercial & Industrial | Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 24,038 | 15,617 | 48,748 |
Corporate & Services | Intersegment | |||
Disaggregation of Revenue [Line Items] | |||
Utility | (22,319) | (10,048) | (13,368) |
Corporate & Services | Gas | Intersegment | |||
Disaggregation of Revenue [Line Items] | |||
Utility | (21,617) | (7,544) | (5,433) |
Corporate & Services | Electric | Intersegment | |||
Disaggregation of Revenue [Line Items] | |||
Utility | (178) | (1,971) | (7,935) |
Corporate & Services | Solar | Intersegment | |||
Disaggregation of Revenue [Line Items] | |||
Utility | 0 | ||
Corporate & Services | Other | Intersegment | |||
Disaggregation of Revenue [Line Items] | |||
Utility | (524) | (533) | 0 |
Corporate & Services | Commercial & Industrial | Intersegment | |||
Disaggregation of Revenue [Line Items] | |||
Utility | (21,795) | $ (10,048) | $ (13,368) |
Corporate & Services | Other | Intersegment | |||
Disaggregation of Revenue [Line Items] | |||
Utility | $ (524) |
REVENUES - Receivables and Unbi
REVENUES - Receivables and Unbilled Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable | |||
Disaggregation of Revenue [Line Items] | |||
Contracts with customers, asset | $ 343,835 | $ 278,723 | $ 253,661 |
Increase (decrease) in contracts with customers, asset | 65,112 | 25,062 | |
Unbilled Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Contracts with customers, asset | 87,357 | 85,423 | 84,821 |
Increase (decrease) in contracts with customers, asset | 1,934 | 602 | |
SJG Utility Operations | Accounts Receivable | |||
Disaggregation of Revenue [Line Items] | |||
Contracts with customers, asset | 125,848 | 88,657 | 84,940 |
Increase (decrease) in contracts with customers, asset | 37,191 | 3,717 | |
SJG Utility Operations | Unbilled Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Contracts with customers, asset | 43,236 | 46,837 | $ 45,016 |
Increase (decrease) in contracts with customers, asset | $ (3,601) | $ 1,821 |
ACQUISITIONS & BUSINESS COMBI_3
ACQUISITIONS & BUSINESS COMBINATIONS - Narrative (Details) $ in Thousands | Dec. 23, 2020USD ($) | Aug. 12, 2020USD ($)projectMW | Aug. 07, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2021 | Jun. 09, 2021MW | Aug. 31, 2020 | Aug. 06, 2020 | Jul. 31, 2020 |
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Carrying costs of property and equipment under operating lease, net of accumulated depreciation | $ 205,136 | $ 112,695 | |||||||||
Cash and cash equivalents | 28,754 | 34,045 | |||||||||
Other | 206,699 | 143,650 | |||||||||
Remeasurement gain | $ 0 | 1,971 | $ 0 | ||||||||
Catamaran | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Number of megawatts produced by fuel cell projects | MW | 5 | ||||||||||
Annadale | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Number of megawatts produced by fuel cell projects | MW | 7.5 | ||||||||||
Number of fuel cell projects | project | 2 | ||||||||||
Marina Energy LLC | Annadale | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Useful life of fuel cell modules (in years) | 35 years | ||||||||||
Finance lease term (in years) | 35 years | ||||||||||
Catamaran | Marina Energy LLC | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Ownership by parent (as a percent) | 92.00% | ||||||||||
Annadale | Marina Energy LLC | Annadale | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Ownership by parent (as a percent) | 93.00% | 93.00% | 93.00% | ||||||||
EnerConnex, LLC | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Equity interest acquired (as a percent) | 75.00% | 75.00% | |||||||||
Consideration paid | $ 7,500 | ||||||||||
Equity interest in acquiree previously held (as a percent) | 25.00% | 25.00% | |||||||||
Remeasurement gain | 2,000 | ||||||||||
Fair value of the previously held equity interest | $ 2,500 | ||||||||||
Bronx Midco LLC | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Amount invested | $ 60,100 | ||||||||||
Bronx Midco LLC | Catamaran | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Ownership interest (as a percent) | 99.00% | ||||||||||
Amount invested | 28,700 | ||||||||||
Bronx Midco LLC | Marina Energy LLC | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Amount invested | 26,400 | ||||||||||
Non-controlling interest | $ 2,300 | ||||||||||
Useful life of fuel cell modules (in years) | 35 years | ||||||||||
Finance lease term (in years) | 35 years | ||||||||||
Bronx Midco LLC | Catamaran | Marina Energy LLC | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Ownership by parent (as a percent) | 92.00% | ||||||||||
Annadale | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Amount invested | $ 86,200 | ||||||||||
Non-controlling interest | $ 6,000 | ||||||||||
Finance lease term (in years) | 35 years | ||||||||||
Annadale | Catamaran | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Ownership interest (as a percent) | 100.00% | 100.00% | |||||||||
Annadale | Marina Energy LLC | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Amount invested | $ 80,200 | ||||||||||
Annadale | Marina Energy LLC | Annadale | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Carrying costs of property and equipment under operating lease, net of accumulated depreciation | 80,600 | ||||||||||
Cash and cash equivalents | 23,900 | ||||||||||
Other | 4,300 | ||||||||||
Accounts payable and other current & noncurrent liabilities | $ 21,200 | ||||||||||
Solar Project, New Jersey | Catamaran | Annadale | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Ownership by parent (as a percent) | 90.00% | ||||||||||
Dairy Farm Development Rights Previously Owned by REV LNG | |||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Consideration for dairy farm development rights | $ 10,000 |
ACQUISITIONS & BUSINESS COMBI_4
ACQUISITIONS & BUSINESS COMBINATIONS - EnerConnex Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 07, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 706,960 | $ 706,960 | $ 702,070 | |
EnerConnex, LLC | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 415 | |||
Accounts Receivable | 249 | |||
Identified Intangible Assets | 4,500 | |||
Goodwill | 4,890 | |||
Other Noncurrent Assets | 100 | |||
Total assets acquired | 10,154 | |||
Accounts Payable | 4 | |||
Other Current Liabilities | 150 | |||
Total liabilities assumed | $ 200 | 154 | ||
Total net assets acquired | $ 10,000 |
GOODWILL AND IDENTIFIABLE INT_3
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS - SUMMARY OF CHANGES IN GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 706,960 | $ 702,070 |
Ending Balance | 706,960 | 706,960 |
EnerConnex, LLC | ||
Goodwill [Roll Forward] | ||
Goodwill from acquisition at corporate & services segment | $ 0 | $ 4,890 |
GOODWILL AND IDENTIFIABLE INT_4
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS - NARRATIVE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Goodwill | $ 706,960,000 | $ 706,960,000 | $ 702,070,000 |
Goodwill impairment | 0 | 0 | 0 |
Impairment of intangible assets | 0 | 0 | 4,800,000 |
Amortization expense | 5,900,000 | 5,400,000 | 6,100,000 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | MTF and ACB | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 3,600,000 | ||
ETG Utility Operations | |||
Goodwill [Line Items] | |||
Goodwill | 700,200,000 | 700,200,000 | |
Corporate Services and Other Operations | |||
Goodwill [Line Items] | |||
Goodwill | $ 6,800,000 | $ 6,800,000 | |
Minimum | |||
Goodwill [Line Items] | |||
Useful life of finite-lived intangible assets (in years) | 2 years | ||
Maximum | |||
Goodwill [Line Items] | |||
Useful life of finite-lived intangible assets (in years) | 20 years |
GOODWILL AND IDENTIFIABLE INT_5
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS - SUMMARY OF INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Cost | $ 33,108 | $ 30,418 |
Accumulated Amortization | (19,065) | (13,160) |
Identifiable Intangible Assets, Net | 14,043 | 17,258 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Cost | 8,881 | 6,900 |
Accumulated Amortization | (863) | (338) |
Identifiable Intangible Assets, Net | 8,018 | 6,562 |
AMA | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Cost | 19,200 | 19,200 |
Accumulated Amortization | (17,920) | (12,800) |
Identifiable Intangible Assets, Net | 1,280 | 6,400 |
Annadale Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Cost | 4,220 | 4,318 |
Accumulated Amortization | (280) | (22) |
Identifiable Intangible Assets, Net | 3,940 | $ 4,296 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Cost | 807 | |
Accumulated Amortization | (2) | |
Identifiable Intangible Assets, Net | $ 805 |
GOODWILL AND IDENTIFIABLE INT_6
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS - FUTURE AMORTIZATION EXPENSE (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 2,176 |
2023 | 896 |
2024 | 896 |
2025 | 896 |
2026 | $ 896 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 23, 2022 | Feb. 28, 2022 | Feb. 24, 2022 | Nov. 30, 2019 |
ETG Utility Operations | New Jersey Board of Public Utilities | ||||
Subsequent Event [Line Items] | ||||
Approved rate increase (decrease) | $ 34 | |||
Subsequent Event | ETG Utility Operations | New Jersey Board of Public Utilities | ||||
Subsequent Event [Line Items] | ||||
Approved rate increase (decrease) | $ 72.9 | $ 72.9 | ||
Subsequent Event | NJ Boardwalk Holdings LLC | ||||
Subsequent Event [Line Items] | ||||
Merger agreement, sale price per share (in dollars per share) | $ 36 | |||
Merger agreement, termination period | 12 months | |||
Merger agreement, contingent termination fee, payable | $ 140 | |||
Merger agreement, contingent termination fee, receivable | $ 255 |
Schedule I (Details)
Schedule I (Details) | Jul. 01, 2021USD ($)option | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Oct. 16, 2020shares | Dec. 31, 2018USD ($)shares |
Income Statement [Abstract] | ||||||
Operating Revenues | $ 1,991,996,000 | $ 1,541,383,000 | $ 1,628,626,000 | |||
Operating Expenses: | ||||||
Operations | 265,140,000 | 272,171,000 | 276,093,000 | |||
Depreciation | 131,778,000 | 118,715,000 | 99,753,000 | |||
Energy and Other Taxes | 1,435,000 | 11,918,000 | 11,996,000 | |||
Total Operating Expenses | 1,642,876,000 | 1,259,161,000 | 1,427,421,000 | |||
Operating Income (Loss) | 349,120,000 | 282,222,000 | 201,205,000 | |||
Other Income: | ||||||
Total Other Income | 4,592,000 | 7,979,000 | 4,208,000 | |||
Interest Charges | 127,130,000 | 118,534,000 | 114,477,000 | |||
Income Taxes | 47,107,000 | 22,664,000 | 21,061,000 | |||
Income from Continuing Operations | 88,514,000 | 157,297,000 | 77,189,000 | |||
Equity in Earnings of Discontinued Operations - Net of taxes | 51,000 | (255,000) | (272,000) | |||
Net Income | 88,565,000 | 157,042,000 | 76,917,000 | |||
Subtract/Add: Income (Loss) Attributable to Noncontrolling Interests | 474,000 | (42,000) | 0 | |||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Net Income | 88,565,000 | 157,042,000 | 76,917,000 | |||
Other Comprehensive Income (Loss) - Net of Tax | ||||||
Postretirement Liability Adjustment | 11,455,000 | (5,692,000) | (6,498,000) | |||
Losses reclassified from AOCL into income | 32,000 | 34,000 | 35,000 | |||
Other Comprehensive Income (Loss) - Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Comprehensive Income | 100,052,000 | 151,384,000 | 70,454,000 | |||
Subtract/Add: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 474,000 | (42,000) | 0 | |||
Comprehensive Income Attributable to South Jersey Industries, Inc. | 99,578,000 | 151,426,000 | 70,454,000 | |||
Postretirement Liability Adjustment, tax | (4,426,000) | 2,316,000 | 2,539,000 | |||
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, tax | (14,000) | (12,000) | (11,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,666,876,000 | 1,423,785,000 | 1,267,022,000 | |||
Net Income | 88,565,000 | 157,042,000 | 76,917,000 | |||
Other Comprehensive Income (Loss), Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 431,507,000 | 200,313,000 | 193,247,000 | |||
Cash Dividends Declared - Common Stock | (133,336,000) | (114,643,000) | (106,938,000) | |||
Ending balance | $ 1,999,441,000 | $ 1,666,876,000 | $ 1,423,785,000 | |||
Cash Dividends Declared - Common Stock (in USD per share) | $ / shares | $ 1.22 | $ 1.19 | $ 1.16 | |||
Statement of Cash Flows [Abstract] | ||||||
CASH USED IN OPERATING ACTIVITIES | $ 273,113,000 | $ 311,639,000 | $ 121,052,000 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Capital Expenditures | (532,026,000) | (486,451,000) | (504,212,000) | |||
Proceeds from Company-Owned Life Insurance | 0 | 0 | 1,694,000 | |||
Net Cash Used in Investing Activities | (645,497,000) | (507,751,000) | (477,648,000) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from Issuance of Long-Term Debt | 460,000,000 | 1,050,000,000 | 429,657,000 | |||
Principal Repayments of Long-Term Debt | (117,909,000) | (667,909,000) | (733,909,000) | |||
Payments for Issuance of Long-Term Debt | (17,632,000) | (8,191,000) | (2,744,000) | |||
Net (Repayments of) Borrowings from Short-Term Credit Facilities | (262,400,000) | (252,300,000) | 578,200,000 | |||
Dividends on Common Stock | (133,336,000) | (114,643,000) | (106,938,000) | |||
Proceeds from Sale of Common Stock | 429,772,000 | 200,000,000 | 189,032,000 | |||
Payments for the Issuance of Common Stock | (2,322,000) | (2,409,000) | 0 | |||
Capital Contributions of Noncontrolling Interests in Subsidiary | 3,820,000 | 6,037,000 | 0 | |||
Other | 0 | (1,023,000) | 0 | |||
Net Cash Provided by Financing Activities | 359,993,000 | 209,562,000 | 353,298,000 | |||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (12,391,000) | 13,450,000 | (3,298,000) | |||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 41,831,000 | 28,381,000 | 31,679,000 | |||
Cash, Cash Equivalents and Restricted Cash at End of Year | 29,440,000 | 41,831,000 | 28,381,000 | |||
Property Plant and Equipment: | ||||||
Nonutility Property, Plant and Equipment, at cost | 240,503,000 | 147,764,000 | ||||
Accumulated Depreciation | 35,367,000 | 35,069,000 | ||||
Investments: | ||||||
Debt Securities, Available-for-sale | 37,000 | 32,000 | ||||
Total Investments | 39,232,000 | 114,048,000 | ||||
Current Assets: | ||||||
Cash and Cash Equivalents | 28,754,000 | 34,045,000 | ||||
Other | 25,269,000 | 29,081,000 | ||||
Total Current Assets | 638,962,000 | 506,828,000 | ||||
Other | 206,699,000 | 143,650,000 | ||||
Total Assets | 7,308,672,000 | 6,689,148,000 | ||||
Equity [Abstract] | ||||||
Common Stock | 146,675,000 | 125,740,000 | ||||
Premium on Common Stock | 1,559,060,000 | 1,218,000,000 | ||||
Treasury Stock (at par) | (287,000) | (321,000) | ||||
Accumulated Other Comprehensive Loss | (26,729,000) | (38,216,000) | ||||
Retained Earnings | 310,433,000 | 355,678,000 | ||||
Total South Jersey Industries, Inc. Equity | 1,989,152,000 | 1,660,881,000 | ||||
Noncontrolling Interests | 10,289,000 | 5,995,000 | ||||
Total Equity | 1,999,441,000 | 1,666,876,000 | $ 1,423,785,000 | $ 1,267,022,000 | ||
Long-Term Debt | 3,189,009,000 | 2,776,400,000 | ||||
Current Liabilities: | ||||||
Notes Payable - Banks | 334,000,000 | 596,400,000 | ||||
Current Portion of Long-Term Debt | 66,076,000 | 142,801,000 | ||||
Accounts Payable | 330,164,000 | 256,589,000 | ||||
Other Current Liabilities | 54,311,000 | 31,369,000 | ||||
Total Current Liabilities | 955,682,000 | 1,163,632,000 | ||||
Other Noncurrent Liabilities | 188,971,000 | 147,501,000 | ||||
Total Capitalization and Liabilities | $ 7,308,672,000 | $ 6,689,148,000 | ||||
Common stock, par value (in USD per share) | $ / shares | $ 1.25 | $ 1.25 | ||||
Common stock, authorized (in shares) | shares | 220,000,000 | 220,000,000 | 120,000,000 | 220,000,000 | ||
Common Stock, outstanding (in shares) | shares | 117,340,493 | 100,591,940 | 92,394,155 | 85,506,218 | ||
Operating lease right-of-use asset | $ 16,733,000 | $ 1,929,000 | ||||
Long-term lease liabilities | $ 16,059,000 | |||||
Weighted-average discount rate - operating leases | 4.00% | 3.00% | ||||
Total South Jersey Industries, Inc. Equity | ||||||
Other Income: | ||||||
Net Income | $ 88,091,000 | $ 157,084,000 | $ 76,917,000 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Other Comprehensive Income (Loss) - Net of Tax | ||||||
Other Comprehensive Income (Loss) - Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,660,881,000 | 1,423,785,000 | 1,267,022,000 | |||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Other Comprehensive Income (Loss), Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 431,507,000 | 200,313,000 | 193,247,000 | |||
Cash Dividends Declared - Common Stock | (133,336,000) | (114,643,000) | (106,938,000) | |||
Ending balance | 1,989,152,000 | 1,660,881,000 | 1,423,785,000 | |||
Equity [Abstract] | ||||||
Total Equity | 1,989,152,000 | 1,660,881,000 | 1,423,785,000 | $ 1,267,022,000 | ||
Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 125,740,000 | 115,493,000 | 106,883,000 | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 20,935,000 | 10,247,000 | 8,610,000 | |||
Ending balance | 146,675,000 | 125,740,000 | 115,493,000 | |||
Equity [Abstract] | ||||||
Total Equity | 146,675,000 | 125,740,000 | 115,493,000 | 106,883,000 | ||
Premium on Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,218,000,000 | 1,027,902,000 | 843,268,000 | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 410,538,000 | 190,098,000 | 184,634,000 | |||
Ending balance | 1,559,060,000 | 1,218,000,000 | 1,027,902,000 | |||
Equity [Abstract] | ||||||
Total Equity | 1,559,060,000 | 1,218,000,000 | 1,027,902,000 | 843,268,000 | ||
Treasury Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (321,000) | (289,000) | (292,000) | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 34,000 | (32,000) | 3,000 | |||
Ending balance | (287,000) | (321,000) | (289,000) | |||
Equity [Abstract] | ||||||
Total Equity | (287,000) | (321,000) | (289,000) | (292,000) | ||
AOCL | ||||||
Other Comprehensive Income (Loss) - Net of Tax | ||||||
Other Comprehensive Income (Loss) - Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (38,216,000) | (32,558,000) | (26,095,000) | |||
Other Comprehensive Income (Loss), Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Ending balance | (26,729,000) | (38,216,000) | (32,558,000) | |||
Equity [Abstract] | ||||||
Total Equity | (26,729,000) | (38,216,000) | (32,558,000) | (26,095,000) | ||
Retained Earnings | ||||||
Other Income: | ||||||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 355,678,000 | 313,237,000 | 343,258,000 | |||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Cash Dividends Declared - Common Stock | (133,336,000) | (114,643,000) | (106,938,000) | |||
Ending balance | 310,433,000 | 355,678,000 | 313,237,000 | |||
Equity [Abstract] | ||||||
Total Equity | 310,433,000 | 355,678,000 | 313,237,000 | 343,258,000 | ||
NCI | ||||||
Other Income: | ||||||
Net Income | 474,000 | (42,000) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Net Income | 474,000 | (42,000) | ||||
Other Comprehensive Income (Loss) - Net of Tax | ||||||
Other Comprehensive Income (Loss) - Net of Tax | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 5,995,000 | 0 | 0 | |||
Net Income | 474,000 | (42,000) | ||||
Other Comprehensive Income (Loss), Net of Tax | 0 | |||||
Ending balance | 10,289,000 | 5,995,000 | 0 | |||
Equity [Abstract] | ||||||
Total Equity | 10,289,000 | 5,995,000 | 0 | 0 | ||
Parent Company | ||||||
Income Statement [Abstract] | ||||||
Operating Revenues | 48,220,000 | 44,410,000 | 34,757,000 | |||
Operating Expenses: | ||||||
Operations | 46,870,000 | 47,241,000 | 42,481,000 | |||
Depreciation | 1,020,000 | 801,000 | 646,000 | |||
Energy and Other Taxes | 2,194,000 | 1,992,000 | 1,842,000 | |||
Total Operating Expenses | 50,084,000 | 50,034,000 | 44,969,000 | |||
Operating Income (Loss) | (1,864,000) | (5,624,000) | (10,212,000) | |||
Other Income: | ||||||
Equity in Earnings of Subsidiaries | 121,324,000 | 190,245,000 | 118,910,000 | |||
Other | 6,236,000 | 18,191,000 | 10,863,000 | |||
Total Other Income | 127,560,000 | 208,436,000 | 129,773,000 | |||
Interest Charges | 55,192,000 | 56,692,000 | 58,956,000 | |||
Income Taxes | (18,010,000) | (11,177,000) | (16,584,000) | |||
Income from Continuing Operations | 88,514,000 | 157,297,000 | 77,189,000 | |||
Equity in Earnings of Discontinued Operations - Net of taxes | 51,000 | (255,000) | (272,000) | |||
Net Income | 88,565,000 | 157,042,000 | 76,917,000 | |||
Subtract/Add: Income (Loss) Attributable to Noncontrolling Interests | 474,000 | (42,000) | 0 | |||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Net Income | 88,565,000 | 157,042,000 | 76,917,000 | |||
Other Comprehensive Income (Loss) - Net of Tax | ||||||
Postretirement Liability Adjustment | 11,455,000 | (5,692,000) | (6,498,000) | |||
Losses reclassified from AOCL into income | 32,000 | 34,000 | 35,000 | |||
Other Comprehensive Income (Loss) - Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Comprehensive Income | 100,052,000 | 151,384,000 | 70,454,000 | |||
Subtract/Add: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 474,000 | 0 | ||||
Comprehensive Income Attributable to South Jersey Industries, Inc. | 99,578,000 | 151,426,000 | 70,454,000 | |||
Postretirement Liability Adjustment, tax | (4,426,000) | 2,316,000 | 2,539,000 | |||
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, tax | (14,000) | (12,000) | (11,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,666,876,000 | 1,423,785,000 | 1,267,022,000 | |||
Net Income | 88,565,000 | 157,042,000 | 76,917,000 | |||
Other Comprehensive Income (Loss), Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 431,507,000 | 200,313,000 | 193,247,000 | |||
Capital Contributions of Noncontrolling Interests in Subsidiaries | 3,820,000 | 6,037,000 | ||||
Income from Equity Method Investments | 69,478,000 | |||||
Cash Dividends Declared - Common Stock | (133,336,000) | (114,643,000) | (106,938,000) | |||
Ending balance | $ 1,999,441,000 | $ 1,666,876,000 | $ 1,423,785,000 | |||
Cash Dividends Declared - Common Stock (in USD per share) | $ / shares | $ 1.22 | $ 1.19 | $ 1.16 | |||
Statement of Cash Flows [Abstract] | ||||||
CASH USED IN OPERATING ACTIVITIES | $ (118,847,000) | $ (246,530,000) | $ (12,039,000) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Net (Advances to) Repayments from Associated Companies | (51,572,000) | 124,140,000 | (42,084,000) | |||
Capital Expenditures | (19,230,000) | (12,961,000) | (29,944,000) | |||
Proceeds from Company-Owned Life Insurance | 0 | 56,000 | 1,865,000 | |||
Net Cash Used in Investing Activities | (70,802,000) | 111,235,000 | (70,163,000) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from Issuance of Long-Term Debt | 335,000,000 | 400,000,000 | 194,657,000 | |||
Principal Repayments of Long-Term Debt | (90,000,000) | (250,000,000) | (715,000,000) | |||
Payments for Issuance of Long-Term Debt | (14,255,000) | (2,054,000) | (876,000) | |||
Net (Repayments of) Borrowings from Short-Term Credit Facilities | (332,000,000) | (98,100,000) | 496,100,000 | |||
Dividends on Common Stock | (133,336,000) | (114,643,000) | (106,938,000) | |||
Proceeds from Sale of Common Stock | 429,772,000 | 200,000,000 | 189,032,000 | |||
Payments for the Issuance of Common Stock | (2,322,000) | (2,409,000) | 0 | |||
Capital Contributions of Noncontrolling Interests in Subsidiary | 3,820,000 | 6,037,000 | 0 | |||
Other | 0 | (1,023,000) | 0 | |||
Net Cash Provided by Financing Activities | 196,679,000 | 137,808,000 | 56,975,000 | |||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | 7,030,000 | 2,513,000 | (25,227,000) | |||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 2,620,000 | 107,000 | 25,334,000 | |||
Cash, Cash Equivalents and Restricted Cash at End of Year | 9,650,000 | 2,620,000 | 107,000 | |||
Property Plant and Equipment: | ||||||
Nonutility Property, Plant and Equipment, at cost | 8,126,000 | 6,649,000 | ||||
Accumulated Depreciation | 2,414,000 | 2,614,000 | ||||
Property, Plant and Equipment - Net | 5,712,000 | 4,035,000 | ||||
Investments: | ||||||
Investments in Subsidiaries | 3,166,214,000 | 2,958,076,000 | ||||
Debt Securities, Available-for-sale | 37,000 | 32,000 | ||||
Total Investments | 3,166,251,000 | 2,958,108,000 | ||||
Current Assets: | ||||||
Cash and Cash Equivalents | 9,650,000 | 2,620,000 | ||||
Receivable from Associated Companies | 240,217,000 | 190,829,000 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | 44,000 | 43,000 | ||||
Other | 22,974,000 | 19,365,000 | ||||
Total Current Assets | 272,885,000 | 212,857,000 | ||||
Other | 96,940,000 | 65,933,000 | ||||
Total Assets | 3,541,788,000 | 3,240,933,000 | ||||
Equity [Abstract] | ||||||
Common Stock | 146,675,000 | 125,740,000 | ||||
Premium on Common Stock | 1,559,060,000 | 1,218,000,000 | ||||
Treasury Stock (at par) | (287,000) | (321,000) | ||||
Accumulated Other Comprehensive Loss | (26,729,000) | (38,216,000) | ||||
Retained Earnings | 310,433,000 | 355,678,000 | ||||
Total South Jersey Industries, Inc. Equity | 1,989,152,000 | 1,660,881,000 | ||||
Noncontrolling Interests | 10,289,000 | 5,995,000 | ||||
Total Equity | 1,999,441,000 | 1,666,876,000 | 1,423,785,000 | 1,267,022,000 | ||
Long-Term Debt | 1,255,089,000 | 964,602,000 | ||||
Current Liabilities: | ||||||
Notes Payable - Banks | 143,000,000 | 475,000,000 | ||||
Current Portion of Long-Term Debt | 35,000,000 | 90,000,000 | ||||
Payable to Associated Companies | 1,121,000 | 3,305,000 | ||||
Accounts Payable | 5,675,000 | 6,112,000 | ||||
Other Current Liabilities | 47,893,000 | 23,396,000 | ||||
Total Current Liabilities | 232,689,000 | 597,813,000 | ||||
Other Noncurrent Liabilities | 54,569,000 | 11,642,000 | ||||
Total Capitalization and Liabilities | $ 3,541,788,000 | $ 3,240,933,000 | ||||
Common stock, authorized (in shares) | shares | 220,000,000 | |||||
Common Stock, outstanding (in shares) | shares | 117,340,493 | 100,591,940 | ||||
Dividends received from subsidiaries | $ 0 | $ 0 | 0 | |||
Total lease period | 10 years | |||||
Term of contract | 5 years | |||||
Renewal term | 5 years | |||||
Number of options to renew | option | 9 | |||||
Additional term of contract, if renewed | 45 years | |||||
Operating lease right-of-use asset | $ 16,800,000 | |||||
Long-term lease liabilities | $ 16,800,000 | |||||
Weighted-average discount rate - operating leases | 3.00% | |||||
Parent Company | Total South Jersey Industries, Inc. Equity | ||||||
Other Income: | ||||||
Net Income | $ 88,091,000 | 157,084,000 | 76,917,000 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Other Comprehensive Income (Loss) - Net of Tax | ||||||
Other Comprehensive Income (Loss) - Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,660,881,000 | 1,423,785,000 | 1,267,022,000 | |||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Other Comprehensive Income (Loss), Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 431,507,000 | 200,313,000 | 193,247,000 | |||
Capital Contributions of Noncontrolling Interests in Subsidiaries | 0 | |||||
Income from Equity Method Investments | 69,478,000 | |||||
Cash Dividends Declared - Common Stock | (133,336,000) | (114,643,000) | (106,938,000) | |||
Ending balance | 1,989,152,000 | 1,660,881,000 | 1,423,785,000 | |||
Equity [Abstract] | ||||||
Total Equity | 1,989,152,000 | 1,660,881,000 | 1,423,785,000 | 1,267,022,000 | ||
Parent Company | Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 125,740,000 | 115,493,000 | 106,883,000 | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 20,935,000 | 10,247,000 | 8,610,000 | |||
Ending balance | 146,675,000 | 125,740,000 | 115,493,000 | |||
Equity [Abstract] | ||||||
Total Equity | 146,675,000 | 125,740,000 | 115,493,000 | 106,883,000 | ||
Parent Company | Premium on Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,218,000,000 | 1,027,902,000 | 843,268,000 | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 410,538,000 | 190,098,000 | 184,634,000 | |||
Income from Equity Method Investments | 69,478,000 | |||||
Ending balance | 1,559,060,000 | 1,218,000,000 | 1,027,902,000 | |||
Equity [Abstract] | ||||||
Total Equity | 1,559,060,000 | 1,218,000,000 | 1,027,902,000 | 843,268,000 | ||
Parent Company | Treasury Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (321,000) | (289,000) | (292,000) | |||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 34,000 | (32,000) | 3,000 | |||
Ending balance | (287,000) | (321,000) | (289,000) | |||
Equity [Abstract] | ||||||
Total Equity | (287,000) | (321,000) | (289,000) | (292,000) | ||
Parent Company | AOCL | ||||||
Other Comprehensive Income (Loss) - Net of Tax | ||||||
Other Comprehensive Income (Loss) - Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (38,216,000) | (32,558,000) | (26,095,000) | |||
Other Comprehensive Income (Loss), Net of Tax | 11,487,000 | (5,658,000) | (6,463,000) | |||
Ending balance | (26,729,000) | (38,216,000) | (32,558,000) | |||
Equity [Abstract] | ||||||
Total Equity | (26,729,000) | (38,216,000) | (32,558,000) | (26,095,000) | ||
Parent Company | Retained Earnings | ||||||
Other Income: | ||||||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 355,678,000 | 313,237,000 | 343,258,000 | |||
Net Income | 88,091,000 | 157,084,000 | 76,917,000 | |||
Cash Dividends Declared - Common Stock | (133,336,000) | (114,643,000) | (106,938,000) | |||
Ending balance | 310,433,000 | 355,678,000 | 313,237,000 | |||
Equity [Abstract] | ||||||
Total Equity | 310,433,000 | 355,678,000 | 313,237,000 | 343,258,000 | ||
Parent Company | NCI | ||||||
Other Income: | ||||||
Net Income | 474,000 | (42,000) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||
Net Income | 474,000 | (42,000) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 5,995,000 | 0 | 0 | |||
Net Income | 474,000 | (42,000) | ||||
Capital Contributions of Noncontrolling Interests in Subsidiaries | 3,820,000 | 6,037,000 | ||||
Ending balance | 10,289,000 | 5,995,000 | 0 | |||
Equity [Abstract] | ||||||
Total Equity | $ 10,289,000 | $ 5,995,000 | $ 0 | $ 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance for Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 7,392 | $ 0 | |
Charged to Costs and Expenses | 14,176 | 7,392 | |
Regulated Asset | 0 | 0 | |
Charged to Other Accounts | 0 | 0 | |
Deductions | 0 | 0 | |
Balance at End of Period | 21,568 | 7,392 | $ 0 |
Provision for Uncollectibles | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 30,582 | 19,829 | 18,842 |
Charged to Costs and Expenses | 10,159 | 9,558 | 10,432 |
Regulated Asset | 7,012 | 10,953 | 0 |
Charged to Other Accounts | 592 | 909 | (292) |
Deductions | 6,582 | 10,667 | 9,153 |
Balance at End of Period | 41,763 | 30,582 | 19,829 |
South Jersey Gas Company | Provision for Uncollectibles | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 17,359 | 14,032 | 13,643 |
Charged to Costs and Expenses | 7,794 | 6,209 | 7,193 |
Regulated Asset | 3,119 | 4,845 | 0 |
Charged to Other Accounts | 160 | 424 | (292) |
Deductions | 3,266 | 8,151 | 6,512 |
Balance at End of Period | $ 25,166 | $ 17,359 | $ 14,032 |