NEW JERSEY RESOURCES CORPNJR
NEW JERSEY RESOURCES CORP Segments Disclosure
15. REPORTABLE SEGMENT DATA
The Company has four reportable segments which are determined based upon a combination of factors, including the nature of business activities, product and service offerings and the regulatory environment in which the businesses operate. NJNG consists of regulated utility operations that provide energy and off-system, capacity and storage management operations primarily to residential and commercial customers; CEV consists of capital investments in clean energy projects, primarily in commercial solar installations; ES consists of unregulated wholesale and retail energy operations and asset management services; S&T consists of the Company’s investments in natural gas transportation and storage facilities.
The accounting policies of the Company as described in Note 2. Summary of Significant Accounting Policies are the same as those of the reportable segments. Intercompany transactions are eliminated in consolidation.
The CODM, the CEO of the Company, uses net income, NFE, as well as various other financial and operational metrics as measures of profitability. Net income is the measure of segment profit or loss that most closely aligns with GAAP. Performance is evaluated based upon profitability and budget and/or forecast-to-actual variances when making decisions about the allocation of resources and capital to segment operations.
Information related to the Company’s various reportable segments, as of September 30, is detailed below:
| (Thousands) | NJNG | CEV | ES | S&T | Total | ||||||||||||
| 2025 | |||||||||||||||||
| Operating revenues attributable to reportable segments | $ | 1,301,496 | $ | 112,501 | $ | 453,457 | $ | 106,372 | $ | 1,973,826 | |||||||
| Intercompany revenues | 1,121 | — | — | 41 | 1,162 | ||||||||||||
| Reconciliation to consolidated revenue | |||||||||||||||||
Corporate and other (1) | 61,424 | ||||||||||||||||
| Total operating revenues | $ | 2,036,412 | |||||||||||||||
| Natural gas purchases | 528,992 | — | 372,431 | 1,006 | 902,429 | ||||||||||||
| Operation and maintenance | 230,876 | 56,167 | 16,089 | 46,930 | 350,062 | ||||||||||||
| Regulatory rider expenses | 87,199 | — | — | — | 87,199 | ||||||||||||
| Depreciation and amortization | 140,368 | 24,105 | 187 | 23,010 | 187,670 | ||||||||||||
| Gain on sale of assets | — | (56,187) | — | — | (56,187) | ||||||||||||
Interest income (2) | 2,552 | 685 | 157 | 9,147 | 12,541 | ||||||||||||
Other segment income (expense), net (3) | 25,236 | 16,971 | 1,365 | (731) | 42,841 | ||||||||||||
| Interest expense, net of capitalized interest | 69,893 | 26,702 | 13,097 | 23,170 | 132,862 | ||||||||||||
| Income tax provision | 59,536 | 18,214 | 12,297 | 5,985 | 96,032 | ||||||||||||
| Equity in earnings of affiliates | — | — | — | 3,813 | 3,813 | ||||||||||||
| Net income attributable to reportable segments | $ | 213,541 | $ | 61,156 | $ | 40,878 | $ | 18,541 | $ | 334,116 | |||||||
| Reconciliation to consolidated net income | |||||||||||||||||
Corporate and other (1) | 1,511 | ||||||||||||||||
| Total net income | $ | 335,627 | |||||||||||||||
| (Thousands) | NJNG | CEV | ES | S&T | Total | ||||||||||||
| 2024 | |||||||||||||||||
| Operating revenues attributable to reportable segments | $ | 1,018,482 | $ | 130,563 | $ | 490,266 | $ | 94,851 | $ | 1,734,162 | |||||||
| Intercompany revenues | 1,350 | — | (4,875) | 1,358 | (2,167) | ||||||||||||
| Reconciliation to consolidated revenue | |||||||||||||||||
Corporate and other (1) | $ | 64,544 | |||||||||||||||
| Total operating revenues | $ | 1,796,539 | |||||||||||||||
| Natural gas purchases | 414,635 | — | 305,938 | 1,028 | 721,601 | ||||||||||||
| Operation and maintenance | 225,260 | 44,042 | 24,969 | 43,083 | 337,354 | ||||||||||||
| Regulatory rider expenses | 60,327 | — | — | — | 60,327 | ||||||||||||
| Depreciation and amortization | 112,492 | 27,869 | 205 | 24,900 | 165,466 | ||||||||||||
Interest income (2) | 2,448 | — | 452 | 10,172 | 13,072 | ||||||||||||
Other segment income (expense), net (3) | 17,915 | 14,961 | 578 | 35 | 33,489 | ||||||||||||
| Interest expense, net of capitalized interest | 62,288 | 28,545 | 15,233 | 23,441 | 129,507 | ||||||||||||
| Income tax provision | 31,793 | 11,406 | 33,331 | 4,551 | 81,081 | ||||||||||||
| Equity in earnings of affiliates | — | — | — | 2,816 | 2,816 | ||||||||||||
| Net income attributable to reportable segments | $ | 133,400 | 33,662 | 106,745 | 12,229 | $ | 286,036 | ||||||||||
| Reconciliation to consolidated net income | |||||||||||||||||
Corporate and other (1) | 3,739 | ||||||||||||||||
| Total net income | $ | 289,775 | |||||||||||||||
| 2023 | |||||||||||||||||
| Operating revenues attributable to reportable segments | $ | 1,011,284 | $ | 124,131 | $ | 681,446 | $ | 88,700 | $ | 1,905,561 | |||||||
| Intercompany revenues | 1,349 | — | 10,170 | 4,159 | 15,678 | ||||||||||||
| Reconciliation to consolidated revenue | |||||||||||||||||
Corporate and other (1) | $ | 41,755 | |||||||||||||||
| Total operating revenues | $ | 1,962,994 | |||||||||||||||
| Natural gas purchases | 425,457 | — | 558,932 | 1,601 | 985,990 | ||||||||||||
| Operation and maintenance | 226,780 | 40,089 | 19,351 | 34,648 | 320,868 | ||||||||||||
| Regulatory rider expenses | 50,542 | — | — | — | 50,542 | ||||||||||||
| Depreciation and amortization | 102,326 | 25,320 | 221 | 24,185 | 152,052 | ||||||||||||
Interest income (2) | 1,713 | — | 1,119 | 6,957 | 9,789 | ||||||||||||
Other segment income (expense), net (3) | 11,833 | 6,622 | 360 | (107) | 18,708 | ||||||||||||
| Interest expense, net of capitalized interest | 56,595 | 28,569 | 11,400 | 25,803 | 122,367 | ||||||||||||
| Income tax provision (benefit) | 33,065 | (7,683) | 24,343 | 3,444 | 53,169 | ||||||||||||
| Equity in earnings of affiliates | — | — | — | 3,126 | 3,126 | ||||||||||||
| Net income attributable to reportable segments | $ | 131,414 | 44,458 | 78,848 | 13,154 | 267,874 | |||||||||||
| Reconciliation to consolidated net income | |||||||||||||||||
Corporate and other (1) | $ | (3,150) | |||||||||||||||
| Total net income | $ | 264,724 | |||||||||||||||
(1)Corporate and other includes HSO and intercompany eliminations.
(2)Interest income is included in other income, net on the Consolidated Statements of Operations.
(3)Includes other income, net less interest income on the Consolidated Statements of Operations.
The Company’s capital expenditures and assets for the various reportable segments, as of September 30, are detailed below:
| (Thousands) | NJNG | CEV | ES | S&T | Total | ||||||||||||
| 2025 | |||||||||||||||||
| Capital expenditures | $ | 437,635 | 238,185 | — | 27,763 | $ | 703,583 | ||||||||||
| Segment assets | $ | 5,198,116 | 1,308,969 | 98,429 | 1,033,439 | $ | 7,638,953 | ||||||||||
| Corporate and other | $ | (60,178) | |||||||||||||||
| Total assets | $ | 7,578,775 | |||||||||||||||
| 2024 | |||||||||||||||||
| Capital expenditures | $ | 419,453 | 104,287 | — | 45,338 | $ | 569,078 | ||||||||||
| Segment assets | $ | 4,789,835 | 1,157,573 | 108,710 | 1,025,457 | $ | 7,081,575 | ||||||||||
| Corporate and other | $ | (99,930) | |||||||||||||||
| Total assets | $ | 6,981,645 | |||||||||||||||
(1)Corporate and other includes HSO and intercompany eliminations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 20, 2025 | Showing above |
| 2021 | Nov 18, 2021 | |
| 2020 | Nov 30, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.