Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | SOUTH JERSEY INDUSTRIES INC | ||
Entity Central Index Key | 91,928 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 79,595,317 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,710,972,523 | ||
South Jersey Gas Company | |||
Entity Information [Line Items] | |||
Entity Registrant Name | SOUTH JERSEY GAS Co | ||
Entity Central Index Key | 1,035,216 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 2,339,139 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Statements of Consolidated Inco
Statements of Consolidated Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues: | |||
Utility | $ 512,482 | $ 453,819 | $ 528,763 |
Nonutility | 730,586 | 582,681 | 430,805 |
Total Operating Revenues | 1,243,068 | 1,036,500 | 959,568 |
Cost of Sales - (Excluding depreciation) | |||
- Utility | 199,660 | 167,154 | 239,763 |
- Nonutility | 646,567 | 413,833 | 319,579 |
Operations | 174,200 | 151,957 | 148,672 |
Impairment Charges | 91,299 | 0 | 0 |
Maintenance | 19,727 | 17,549 | 16,183 |
Depreciation | 100,718 | 90,389 | 72,451 |
Energy and Other Taxes | 6,487 | 6,342 | 6,026 |
Total Operating Expenses | 1,238,658 | 847,224 | 802,674 |
Operating Income | 4,410 | 189,276 | 156,894 |
Other Income and Expense | 15,474 | 9,989 | 9,510 |
Interest Charges | (54,019) | (31,449) | (31,622) |
(Loss) Income Before Income Taxes | (34,135) | 167,816 | 134,782 |
Income Taxes | 24,937 | (54,151) | (1,360) |
Equity in Earnings (Losses) of Affiliated Companies | 5,794 | 5,396 | (27,812) |
(Loss) Income from Continuing Operations | (3,404) | 119,061 | 105,610 |
Loss from Discontinued Operations - (Net of tax benefit) | (86) | (251) | (503) |
Net Income (Loss) | $ (3,490) | $ 118,810 | $ 105,107 |
Basic (Loss) Earnings per Common Share: | |||
Continuing Operations (in USD per share) | $ (0.04) | $ 1.56 | $ 1.54 |
Discontinued Operations (in USD per share) | 0 | 0 | (0.01) |
Basic (Loss) Earnings per Common Share (in USD per share) | $ (0.04) | $ 1.56 | $ 1.53 |
Average Shares of Common Stock Outstanding - Basic (in shares) | 79,541 | 76,362 | 68,735 |
Diluted (Loss) Earnings per Common Share: | |||
Continuing Operations (in USD per share) | $ (0.04) | $ 1.56 | $ 1.53 |
Discontinued Operations (in USD per share) | 0 | 0 | (0.01) |
Diluted (Loss) Earnings per Common Share (in USD per share) | $ (0.04) | $ 1.56 | $ 1.52 |
Average Shares of Common Stock Outstanding - Diluted (in shares) | 79,541 | 76,475 | 68,931 |
South Jersey Gas Company | |||
Operating Revenues: | |||
Total Operating Revenues | $ 517,254 | $ 461,055 | $ 534,290 |
Cost of Sales - (Excluding depreciation) | |||
Cost of Sales - (Excluding depreciation) | 204,432 | 174,390 | 245,290 |
Operations | 98,992 | 95,609 | 107,836 |
Maintenance | 19,727 | 17,549 | 16,183 |
Depreciation | 53,887 | 47,432 | 41,365 |
Energy and Other Taxes | 3,729 | 3,620 | 4,031 |
Total Operating Expenses | 380,767 | 338,600 | 414,705 |
Operating Income | 136,487 | 122,455 | 119,585 |
Other Income and Expense | 6,475 | 3,831 | 3,844 |
Interest Charges | (24,705) | (17,875) | (19,906) |
(Loss) Income Before Income Taxes | 118,257 | 108,411 | 103,523 |
Income Taxes | (45,700) | (39,366) | (36,945) |
Net Income (Loss) | $ 72,557 | $ 69,045 | $ 66,578 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Net Income | $ (3,490) | $ 118,810 | $ 105,107 | ||
Other Comprehensive Income (Loss), Net of Tax: | |||||
Postretirement Liability Adjustment (A) | [1] | (10,920) | (3,197) | 5,518 | |
Unrealized Gain (Loss) on Available-for-Sale Securities (B) | [2] | 0 | 118 | (53) | |
Unrealized Gain on Derivatives - Other (B) | [2] | 1,536 | 197 | 321 | |
Other Comprehensive Loss of Affiliated Companies (B) | [2] | 0 | 0 | (27) | |
Other Comprehensive (Loss) Income - Net of Tax | (9,384) | (2,882) | 5,759 | ||
Comprehensive (Loss) Income | (12,874) | 115,928 | 110,866 | ||
South Jersey Gas Company | |||||
Net Income | 72,557 | 69,045 | 66,578 | ||
Other Comprehensive Income (Loss), Net of Tax: | |||||
Postretirement Liability Adjustment (A) | [3] | (11,090) | (2,197) | 1,617 | |
Unrealized Gain (Loss) on Available-for-Sale Securities (B) | [4] | 0 | 98 | (23) | |
Unrealized Gain on Derivatives - Other (B) | [4] | 27 | 27 | 23 | |
Other Comprehensive (Loss) Income - Net of Tax | (11,063) | (2,072) | 1,617 | [5] | |
Comprehensive Income | $ 61,494 | $ 66,973 | $ 68,195 | ||
Post-Retirement Liability | |||||
Additional Statement Information [Abstract] | |||||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% | ||
Post-Retirement Liability | South Jersey Gas Company | |||||
Additional Statement Information [Abstract] | |||||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% | ||
Unrealized Gain (Loss) | |||||
Additional Statement Information [Abstract] | |||||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% | ||
Unrealized Gain (Loss) | South Jersey Gas Company | |||||
Additional Statement Information [Abstract] | |||||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% | ||
[1] | Determined using a combined average statutory tax rate of 27% for 2017 and 40% for 2016 and 2015. | ||||
[2] | Determined using a combined average statutory tax rate of 39% for 2017 and 40% for 2016 and 2015. | ||||
[3] | Determined using a combined average statutory tax rate of 27% for 2017 and 40% for 2016 and 2015. | ||||
[4] | Determined using a combined average statutory tax rate of 39% for 2017 and 40% for 2016 and 2015. | ||||
[5] | Determined using a combined average statutory tax rate of 27% for 2017 and 40% for 2016 and 2015. |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net Income (Loss) | $ (3,490) | $ 118,810 | $ 105,107 |
Loss from Discontinued Operations | 86 | 251 | 503 |
(Loss) Income from Continuing Operations | (3,404) | 119,061 | 105,610 |
Adjustments to Reconcile Income from Continuing Operations to Net Cash Provided by Operating Activities: | |||
Gain on Sale of Assets | (2,563) | 0 | 0 |
Impairment Charges | 91,299 | 0 | 0 |
Loss on Extinguishment of Debt | 543 | 0 | 0 |
Depreciation and Amortization | 123,486 | 109,818 | 91,042 |
Net Unrealized Loss (Gain) on Derivatives - Energy Related | 13,667 | (26,935) | (8,401) |
Unrealized Loss (Gain) on Derivatives - Other | 677 | (647) | (96) |
Provision for Losses on Accounts Receivable | 6,949 | 6,907 | 14,730 |
CIP Receivable/Payable | 915 | (24,943) | (7,324) |
Deferred Gas Costs - Net of Recoveries | (28,092) | 11,753 | 28,648 |
Deferred SBC Costs - Net of Recoveries | (5,578) | (7,102) | 9,557 |
Stock-Based Compensation Expense | 4,254 | 3,892 | 2,213 |
Deferred and Noncurrent Income Taxes - Net | 10,082 | 55,789 | 3,861 |
Environmental Remediation Costs - Net of Recoveries | (39,860) | (39,731) | (22,057) |
Gas Plant Cost of Removal | (7,062) | (6,070) | (5,096) |
Pension Contribution | (10,000) | 0 | (15,000) |
Changes in: | |||
Accounts Receivable | 21 | (67,160) | 92,624 |
Inventories | 5,589 | 387 | 9,226 |
Prepaid and Accrued Taxes - Net | (23,366) | 4,253 | (9,091) |
Accounts Payable and Other Accrued Liabilities | 58,858 | 112,199 | (103,410) |
Derivatives - Energy Related | 899 | 6,723 | (8,069) |
Other Assets and Liabilities (See Note 1) | (6,989) | 4,477 | 8,796 |
Cash Flows from Discontinued Operations | (4) | (44) | (1,033) |
Net Cash Provided by Operating Activities | 190,321 | 262,627 | 186,730 |
Cash Flows from Investing Activities: | |||
Capital Expenditures (See Note 1) | (272,965) | (279,423) | (343,883) |
Purchase of Available for Sale Securities | 0 | 0 | (6,059) |
Proceeds from Sale of Property, Plant and Equipment | 3,547 | 0 | 0 |
Investment in Long-Term Receivables | (9,324) | (10,886) | (19,033) |
Proceeds from Long-Term Receivables | 9,861 | 10,014 | 8,769 |
Notes Receivable | 22,884 | 9,916 | (9,916) |
Purchase of Company-Owned Life Insurance | (9,180) | (2,398) | (2,328) |
Acquisition of Subsidiary, Net of Cash & Restricted Cash Acquired (See Note 1) | 0 | 0 | 3,133 |
Investment in Affiliate | (29,636) | (12,943) | (20,229) |
Return of Investment in Affiliate | 0 | 4,750 | 0 |
Advances on Notes Receivable - Affiliate | (2,451) | 0 | (2,075) |
Net Repayment of Notes Receivable - Affiliate | 0 | 672 | 4,276 |
Net Cash Used in Investing Activities (See Note 1) | (287,264) | (280,298) | (387,345) |
Cash Flows from Financing Activities: | |||
Net Borrowings from (Repayments of) Short-Term Credit Facilities | 50,300 | (135,600) | 186,000 |
Proceeds from Issuance of Long-Term Debt | 450,000 | 61,000 | 130,000 |
Payments for Issuance of Long-Term Debt | (14,204) | (147) | (64) |
Principal Repayments of Long-Term Debt | (293,309) | (49,366) | (125,009) |
Dividends on Common Stock | (87,308) | (82,380) | (70,158) |
Net Settlement of Restricted Stock (See Note 1) | (751) | (387) | (333) |
Proceeds from Sale of Common Stock | 0 | 214,426 | 63,192 |
Payment of Lease Obligation | 0 | (10,600) | 0 |
Net Cash Provided by (Used in) Financing Activities | 104,728 | (3,054) | 183,628 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 7,785 | (20,725) | (16,987) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (See Note 1) | 31,910 | 52,635 | 69,622 |
Cash, Cash Equivalents and Restricted Cash at End of Year (See Note 1) | 39,695 | 31,910 | 52,635 |
Cash paid (received) during the year for: | |||
Interest (Net of Amounts Capitalized) | 51,456 | 32,372 | 30,915 |
Income Taxes (Refunds) Paid | (8,348) | 194 | 1,828 |
Supplemental Disclosures of Non-Cash Investing Activities | |||
Capital Expenditures acquired on account but unpaid as of year-end | 32,253 | 39,130 | 51,433 |
Notes Receivable from Affiliate Exchanged for Notes Receivable from a Third Party | 0 | 0 | 16,389 |
Notes Receivable Exchanged for Accounts Payable | 3,841 | 10,168 | 0 |
South Jersey Gas Company | |||
Cash Flows from Operating Activities: | |||
Net Income (Loss) | 72,557 | 69,045 | 66,578 |
Adjustments to Reconcile Income from Continuing Operations to Net Cash Provided by Operating Activities: | |||
Depreciation and Amortization | 71,654 | 63,901 | 58,668 |
Unrealized Loss (Gain) on Derivatives - Other | (2,100) | (4,400) | |
Provision for Losses on Accounts Receivable | 6,949 | 6,993 | 14,689 |
CIP Receivable/Payable | 915 | (24,943) | (7,324) |
Deferred Gas Costs - Net of Recoveries | (28,092) | 11,753 | 28,648 |
Deferred SBC Costs - Net of Recoveries | (5,578) | (7,102) | 9,557 |
Environmental Remediation Costs - Net of Recoveries | (39,860) | (39,735) | (22,058) |
Deferred and Noncurrent Income Taxes and Credits - Net | 78,712 | 40,980 | 39,148 |
Deferred and Noncurrent Income Taxes - Net | 78,712 | 40,980 | 39,297 |
Gas Plant Cost of Removal | (7,062) | (6,070) | (5,096) |
Pension Contribution | (7,997) | 0 | (12,020) |
Changes in: | |||
Accounts Receivable | (28,129) | (24,867) | 8,597 |
Inventories | (3,222) | 2,696 | 11,198 |
Prepaid and Accrued Taxes - Net | (20,993) | 3,980 | (7,129) |
Other Prepayments and Current Assets | 1,183 | (448) | (9,717) |
Gas Purchases Payable | 19,526 | 14,879 | (13,423) |
Accounts Payable and Other Accrued Liabilities | (1,753) | 35,982 | (2,264) |
Other Assets | (16,925) | (7,065) | 4,996 |
Other Liabilities (See Note 1) | 14,784 | 2,183 | 1,504 |
Net Cash Provided by Operating Activities | 106,669 | 142,162 | 164,552 |
Cash Flows from Investing Activities: | |||
Capital Expenditures (See Note 1) | (248,864) | (225,287) | (207,785) |
Investment in Long-Term Receivables | (9,324) | (10,886) | (19,033) |
Proceeds from Long-Term Receivables | 9,861 | 10,014 | 8,769 |
Notes Receivable | 0 | 9,916 | (9,916) |
Purchase of Company-Owned Life Insurance | (4,875) | 0 | 0 |
Net Cash Used in Investing Activities (See Note 1) | (253,202) | (216,243) | (227,965) |
Cash Flows from Financing Activities: | |||
Net Borrowings from (Repayments of) Short-Term Credit Facilities | (52,300) | (30,100) | 33,000 |
Proceeds from Issuance of Long-Term Debt | 400,000 | 61,000 | 80,000 |
Payments for Issuance of Long-Term Debt | (2,030) | (63) | (9) |
Principal Repayments of Long-Term Debt | (215,909) | (27,909) | (11,009) |
Dividends on Common Stock | (20,000) | 0 | (40,764) |
Additional Investment by Shareholder | 40,000 | 65,000 | 0 |
Net Cash Provided by (Used in) Financing Activities | 149,761 | 67,928 | 61,218 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 3,228 | (6,153) | (2,195) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (See Note 1) | 1,391 | 7,544 | 9,739 |
Cash, Cash Equivalents and Restricted Cash at End of Year (See Note 1) | 4,619 | 1,391 | 7,544 |
Cash paid (received) during the year for: | |||
Interest (Net of Amounts Capitalized) | 23,729 | 18,497 | 19,373 |
Income Taxes (Refunds) Paid | (8,476) | (1) | (1,665) |
Supplemental Disclosures of Non-Cash Investing Activities | |||
Capital Expenditures acquired on account but unpaid as of year-end | $ 25,889 | $ 25,275 | $ 24,857 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment: | ||
Utility Plant, at original cost | $ 2,652,244 | $ 2,424,134 |
Accumulated Depreciation | (498,161) | (471,222) |
Nonutility Property and Equipment, at cost | 741,027 | 821,942 |
Accumulated Depreciation | (194,913) | (151,084) |
Property, Plant and Equipment - Net | 2,700,197 | 2,623,770 |
Investments: | ||
Available-for-Sale Securities | 36 | 32 |
Restricted Investments | 31,876 | 13,628 |
Investment in Affiliates | 62,292 | 28,906 |
Total Investments | 94,204 | 42,566 |
Current Assets: | ||
Cash and Cash Equivalents | 7,819 | 18,282 |
Accounts Receivable | 202,379 | 222,339 |
Unbilled Revenues | 73,377 | 59,680 |
Provision for Uncollectibles | (13,988) | (12,744) |
Notes Receivable | 0 | 1,454 |
Notes Receivable - Affiliate | 4,913 | 2,461 |
Natural Gas in Storage, average cost | 48,513 | 53,857 |
Materials and Supplies, average cost | 4,239 | 6,753 |
Prepaid Taxes | 41,355 | 17,471 |
Derivatives - Energy Related Assets | 42,139 | 72,391 |
Other Prepayments and Current Assets | 28,247 | 31,369 |
Total Current Assets | 438,993 | 473,313 |
Regulatory and Other Noncurrent Assets: | ||
Regulatory Assets | 469,224 | 410,746 |
Derivatives - Energy Related Assets | 5,988 | 8,502 |
Notes Receivable - Affiliate | 13,275 | 13,275 |
Contract Receivables | 28,721 | 29,037 |
Notes Receivable | 0 | 25,271 |
Goodwill | 3,578 | 4,838 |
Identifiable Intangible Assets | 12,480 | 15,820 |
Other | 98,426 | 83,429 |
Total Regulatory and Other Noncurrent Assets | 631,692 | 590,918 |
Total Assets | 3,865,086 | 3,730,567 |
Common Stock: Par Value $1.25 per share; Authorized 120,000,000 shares; Outstanding Shares: 79,549,080 (2017) and 79,478,055 (2016) | ||
Common Stock Issued or Granted Under Stock Plans | 89 | 10,640 |
Common Stock, Value | 99,436 | 99,347 |
Premium on Common Stock | 709,658 | 706,943 |
Treasury Stock (at par) | (271) | (266) |
Accumulated Other Comprehensive Loss | (36,765) | (27,381) |
Retained Earnings | 510,597 | |
Total Equity | 1,192,409 | 1,289,240 |
Long-Term Debt | 1,122,999 | 808,005 |
Total Capitalization | 2,315,408 | 2,097,245 |
Current Liabilities: | ||
Notes Payable | 346,400 | 296,100 |
Current Portion of Long-Term Debt | 63,809 | 231,909 |
Accounts Payable | 284,899 | 243,669 |
Customer Deposits and Credit Balances | 43,398 | 48,068 |
Environmental Remediation Costs | 66,372 | 46,120 |
Taxes Accrued | 2,932 | 2,082 |
Derivatives - Energy Related Liabilities | 46,938 | 60,082 |
Derivatives - Other Current | 748 | 681 |
Deferred Contract Revenues | 259 | 0 |
Interest Accrued | 9,079 | 6,231 |
Pension Benefits | 2,388 | 2,463 |
Other Current Liabilities | 15,860 | 15,219 |
Total Current Liabilities | 883,082 | 952,624 |
Deferred Credits and Other Noncurrent Liabilities: | ||
Deferred Income Taxes - Net | 86,884 | 343,549 |
Pension and Other Postretirement Benefits | 101,544 | 95,235 |
Environmental Remediation Costs | 106,483 | 108,893 |
Asset Retirement Obligations | 59,497 | 59,427 |
Derivatives - Energy Related Liabilities | 6,025 | 4,540 |
Derivatives - Other Noncurrent | 9,622 | 9,349 |
Regulatory Liabilities | 287,105 | 49,121 |
Other | 9,436 | 10,584 |
Total Deferred Credits and Other Noncurrent Liabilities | 666,596 | 680,698 |
Commitments and Contingencies (Note 15) | ||
Total Capitalization and Liabilities | 3,865,086 | 3,730,567 |
South Jersey Gas Company | ||
Property, Plant and Equipment: | ||
Utility Plant, at original cost | 2,652,244 | 2,424,134 |
Accumulated Depreciation | (498,161) | (471,222) |
Property, Plant and Equipment - Net | 2,154,083 | 1,952,912 |
Investments: | ||
Restricted Investments | 2,912 | 32 |
Total Investments | 2,912 | 32 |
Current Assets: | ||
Cash and Cash Equivalents | 1,707 | 1,359 |
Accounts Receivable | 78,571 | 69,651 |
Accounts Receivable - Related Parties | 988 | 1,355 |
Unbilled Revenues | 54,980 | 41,754 |
Provision for Uncollectibles | (13,799) | (12,570) |
Natural Gas in Storage, average cost | 14,932 | 11,621 |
Materials and Supplies, average cost | 825 | 914 |
Prepaid Taxes | 38,326 | 16,428 |
Derivatives - Energy Related Assets | 7,327 | 5,434 |
Other Prepayments and Current Assets | 12,670 | 13,853 |
Total Current Assets | 196,527 | 149,799 |
Regulatory and Other Noncurrent Assets: | ||
Regulatory Assets | 469,224 | 410,746 |
Long-Term Receivables | 25,851 | 25,758 |
Derivatives - Energy Related Assets | 5 | 373 |
Other | 17,372 | 12,303 |
Total Regulatory and Other Noncurrent Assets | 512,452 | 449,180 |
Total Assets | 2,865,974 | 2,551,923 |
Common Stock: Par Value $1.25 per share; Authorized 120,000,000 shares; Outstanding Shares: 79,549,080 (2017) and 79,478,055 (2016) | ||
Common Stock, Value | 5,848 | 5,848 |
Premium on Common Stock | 355,744 | 315,827 |
Accumulated Other Comprehensive Loss | (25,997) | (14,934) |
Retained Earnings | 585,838 | 533,159 |
Total Equity | 921,433 | 839,900 |
Long-Term Debt | 758,052 | 423,177 |
Total Capitalization | 1,679,485 | 1,263,077 |
Current Liabilities: | ||
Notes Payable | 52,000 | 104,300 |
Current Portion of Long-Term Debt | 63,809 | 215,909 |
Accounts Payable - Commodity | 43,341 | 23,815 |
Accounts Payable - Other | 41,365 | 45,370 |
Accounts Payable - Related Parties | 17,029 | 11,216 |
Customer Deposits and Credit Balances | 41,656 | 45,816 |
Environmental Remediation Costs | 66,040 | 45,018 |
Taxes Accrued | 1,760 | 855 |
Derivatives - Energy Related Liabilities | 9,270 | 1,372 |
Derivatives - Other Current | 389 | 386 |
Interest Accrued | 7,615 | 5,369 |
Pension Benefits | 2,353 | 2,428 |
Other Current Liabilities | 7,027 | 8,011 |
Total Current Liabilities | 353,654 | 509,865 |
Deferred Credits and Other Noncurrent Liabilities: | ||
Deferred Income Taxes - Net | 280,746 | 469,408 |
Pension and Other Postretirement Benefits | 88,871 | 81,800 |
Environmental Remediation Costs | 105,656 | 108,029 |
Asset Retirement Obligations | 58,714 | 58,674 |
Derivatives - Energy Related Liabilities | 170 | 0 |
Derivatives - Other Noncurrent | 6,639 | 6,979 |
Regulatory Liabilities | 287,105 | 49,121 |
Other | 4,934 | 4,970 |
Total Deferred Credits and Other Noncurrent Liabilities | 832,835 | 778,981 |
Total Capitalization and Liabilities | $ 2,865,974 | $ 2,551,923 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value (in USD per share) | $ 1.25 | $ 1.25 | $ 1.25 | ||
Common stock, authorized (in shares) | 120,000,000 | 120,000,000 | |||
Common stock, outstanding (in shares) | 79,549,080 | 79,478,055 | 70,965,622 | 68,334,860 | |
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 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity and Comprehensive Income - USD ($) $ in Thousands | Total | Common Stock | Premium on Common Stock | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Postretirement Liability Adjustment (A) | Unrealized Gain (Loss) on Derivatives-Other (B) | [2] | Unrealized Gain (Loss) on Available- for-Sale Securities (B) | [2] | Other Comprehensive Income (Loss) of Affiliated Companies (B) | [2] | South Jersey Gas Company | South Jersey Gas CompanyCommon Stock | South Jersey Gas CompanyPremium on Common Stock | South Jersey Gas CompanyAccumulated Other Comprehensive Loss | South Jersey Gas CompanyRetained Earnings | South Jersey Gas CompanyPostretirement Liability Adjustment (A) | South Jersey Gas CompanyUnrealized Gain (Loss) on Derivatives-Other (B) | [3] | South Jersey Gas CompanyUnrealized Gain (Loss) on Available- for-Sale Securities (B) | [3] | Post-Retirement Liability | Post-Retirement LiabilitySouth Jersey Gas Company | Unrealized Gain (Loss) | Unrealized Gain (Loss)South Jersey Gas Company | ||||
Balance at Dec. 31, 2014 | $ 932,432 | $ 85,418 | $ 438,384 | $ (330) | $ (30,258) | $ 439,218 | $ 680,568 | $ 5,848 | $ 250,899 | $ (14,479) | $ 438,300 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||
Net Income | 105,107 | 105,107 | 66,578 | 66,578 | |||||||||||||||||||||||||||
Common Stock Issued or Granted Under Stock Plans | 64,399 | 3,289 | 61,076 | 34 | |||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock | (70,158) | (70,158) | (40,764) | (40,764) | |||||||||||||||||||||||||||
Additional Investment by Shareholder | 0 | 0 | |||||||||||||||||||||||||||||
Tax Deficiency from Restricted Stock Plan | (72) | (72) | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2015 | 1,037,539 | 88,707 | 499,460 | (296) | (24,499) | 474,167 | 707,927 | 5,848 | 250,827 | (12,862) | 464,114 | ||||||||||||||||||||
Additional Statement Information [Abstract] | |||||||||||||||||||||||||||||||
Combined average statutory tax rate | 40.00% | 40.00% | 40.00% | 40.00% | |||||||||||||||||||||||||||
Balance at January 1 at Dec. 31, 2014 | (30,258) | $ (27,663) | [1] | $ (2,450) | $ (75) | $ (70) | (14,479) | $ (13,837) | [1] | $ (567) | $ (75) | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||
Changes During Year | 5,759 | 5,759 | 5,518 | [1] | 321 | (53) | (27) | 1,617 | [1] | 1,617 | [1] | 1,617 | [1] | 23 | (23) | ||||||||||||||||
Balance at December 31 at Dec. 31, 2015 | (24,499) | (22,145) | [1] | (2,129) | (128) | (97) | (12,862) | (12,220) | [1] | (544) | (98) | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||
Net Income | 118,810 | 118,810 | 69,045 | 69,045 | |||||||||||||||||||||||||||
Common Stock Issued or Granted Under Stock Plans | 218,153 | 10,640 | 207,483 | 30 | |||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock | (82,380) | (82,380) | 0 | 0 | |||||||||||||||||||||||||||
Additional Investment by Shareholder | 65,000 | 65,000 | |||||||||||||||||||||||||||||
Tax Deficiency from Restricted Stock Plan | 0 | 0 | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2016 | 1,289,240 | 99,347 | 706,943 | (266) | (27,381) | 510,597 | (25,342) | 839,900 | 5,848 | 315,827 | (14,934) | 533,159 | (14,417) | ||||||||||||||||||
Additional Statement Information [Abstract] | |||||||||||||||||||||||||||||||
Combined average statutory tax rate | 40.00% | 40.00% | 40.00% | 40.00% | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||
Changes During Year | (2,882) | (2,882) | (3,197) | [1] | 197 | 118 | 0 | (2,072) | (2,072) | (2,197) | [1] | 27 | 98 | ||||||||||||||||||
Balance at December 31 at Dec. 31, 2016 | (27,381) | (27,381) | (25,342) | [1] | (1,932) | (10) | (97) | (14,934) | (14,934) | (14,417) | [1] | (517) | 0 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||
Excess tax benefit - See Footnote 1 | 122 | ||||||||||||||||||||||||||||||
Net Income | (3,490) | (3,490) | 72,557 | 72,557 | |||||||||||||||||||||||||||
Common Stock Issued or Granted Under Stock Plans | 2,799 | 89 | 2,715 | (5) | |||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock | (87,308) | (87,308) | (20,000) | (20,000) | |||||||||||||||||||||||||||
Additional Investment by Shareholder | 40,000 | 40,000 | |||||||||||||||||||||||||||||
Tax Deficiency from Restricted Stock Plan | (83) | (83) | |||||||||||||||||||||||||||||
Balance at Dec. 31, 2017 | 1,192,409 | $ 99,436 | $ 709,658 | $ (271) | (36,765) | 420,351 | (36,262) | 921,433 | $ 5,848 | $ 355,744 | (25,997) | 585,838 | (25,507) | ||||||||||||||||||
Additional Statement Information [Abstract] | |||||||||||||||||||||||||||||||
Combined average statutory tax rate | 27.00% | 27.00% | 39.00% | 39.00% | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||
Changes During Year | (9,384) | (9,384) | (10,920) | [1] | 1,536 | 0 | 0 | (11,063) | (11,063) | (11,090) | [1] | 27 | 0 | ||||||||||||||||||
Balance at December 31 at Dec. 31, 2017 | (36,765) | $ (36,765) | $ (36,262) | [1] | $ (396) | $ (10) | $ (97) | $ (25,997) | $ (25,997) | $ (25,507) | [1] | $ (490) | $ 0 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||
Excess tax benefit - See Footnote 1 | $ 552 | $ 552 | $ 122 | ||||||||||||||||||||||||||||
[1] | Determined using a combined average statutory tax rate of 27% for 2017 and 40% for 2016 and 2015. | ||||||||||||||||||||||||||||||
[2] | Determined using a combined average statutory tax rate of 39% for 2017 and 40% for 2016 and 2015. | ||||||||||||||||||||||||||||||
[3] | Determined using a combined average statutory tax rate of 39% for 2017 and 40% for 2016 and 2015. |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Equity and Comprehensive Income (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Dividends Declared - Common Share (in USD per share) | $ 1.099 | $ 1.07 | $ 1.02 |
Post-Retirement Liability | |||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% |
Post-Retirement Liability | South Jersey Gas Company | |||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% |
Unrealized Gain (Loss) | |||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% |
Unrealized Gain (Loss) | South Jersey Gas Company | |||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: GENERAL - South Jersey Industries, Inc. (SJI or the Company) currently provides a variety of energy-related products and services primarily through the following wholly-owned subsidiaries: ▪ South Jersey Gas Company (SJG) is a regulated natural gas utility. SJG distributes natural gas in the seven southernmost counties of New Jersey. ▪ South Jersey Energy Company (SJE) acquires and markets natural gas and electricity to retail end users and provides total energy management services to commercial, industrial and residential customers. ▪ South Jersey Resources Group, LLC (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. ▪ South Jersey Exploration, LLC (SJEX) owns oil, gas and mineral rights in the Marcellus Shale region of Pennsylvania. ▪ Marina Energy, LLC (Marina) develops and operates on-site energy-related projects. It currently operates projects in New Jersey, Maryland, Massachusetts and Vermont. The significant wholly-owned subsidiaries of Marina include: • ACB Energy Partners, LLC (ACB) owns and operates a natural gas fueled combined heating, cooling and power facility located in Atlantic City, New Jersey. • AC Landfill Energy, LLC (ACLE), BC Landfill Energy, LLC (BCLE), SC Landfill Energy, LLC (SCLE) and SX Landfill Energy, LLC (SXLE) own and operate landfill gas-to-energy production facilities in Atlantic, Burlington, Salem and Sussex Counties in New Jersey. • MCS Energy Partners, LLC (MCS), NBS Energy Partners, LLC (NBS) and SBS Energy Partners, LLC (SBS) own and operate solar-generation sites located in New Jersey. ▪ South Jersey Energy Service Plus, LLC (SJESP) serviced residential and small commercial HVAC systems, installed small commercial HVAC systems, provided plumbing services and serviced appliances under warranty via a subcontractor arrangement as well as on a time and materials basis. On September 1, 2017, SJESP sold certain assets of its residential and small commercial HVAC and plumbing business to a third party. SJESP will receive commissions paid on service contracts from the third party on a go forward basis. This transaction did not have a material impact on the consolidated financial statements. • SJI Midstream, LLC (Midstream) invests in infrastructure and other midstream projects, including a current project to build an approximately 118 -mile natural gas pipeline in Pennsylvania and New Jersey. In October 2017, SJI announced that it had entered into agreements to acquire the assets of Elizabethtown Gas and Elkton Gas from Pivotal Utility Holdings, Inc., a subsidiary of Southern Company Gas. SJI is acquiring the assets of both companies for total consideration of $1.7 billion . The transaction is expected to close in mid-2018, and is subject to approvals by the New Jersey Board of Public Utilities (BPU) and the Maryland Public Service Commission (PSC), with limited approvals also required from the Federal Energy Regulatory Commission (FERC) and the Federal Communications Commission (FCC), as well as certain anti-trust filings and approvals. In connection with the acquisition, SJI has incurred total fees of $27.4 million during the year ended December 31, 2017. Of these fees, $14.5 million were related to consulting and legal expenses and recorded as Operating Expenses in the statements of consolidated income for the year ended December 31, 2017. The remaining $12.9 million relates to a 364 -day, $2.6 billion senior unsecured bridge facility (the “Bridge Facility”), which was entered into in the fourth quarter of 2017 (see Note 14). Debt issuance costs associated with the Facility totaled $10.4 million and are being amortized over the term of the Facility, with $2.6 million amortized to interest expense in 2017. Also incurred is $2.5 million of ticking fees which are also recorded as interest expense for the year ended December 31, 2017. The interest expenses noted above are recorded in Interest Charges in the statements of consolidated income. All of the above costs are included in the Corporate & Services segment. BASIS OF PRESENTATION - The consolidated financial statements include the accounts of SJI, its wholly-owned subsidiaries and subsidiaries in which SJI has a controlling interest. SJI eliminates all significant intercompany accounts and transactions. In management's opinion, the consolidated financial statements reflect all normal and recurring adjustments needed to fairly present SJI's financial position, operating results and cash flows at the dates and for the periods presented. Certain reclassifications have been made to SJI's and SJG's prior period consolidated statements of cash flows to conform to the current period presentation. Restricted cash is now combined with cash and cash equivalents when reconciling the beginning and end of period balances on the consolidated statements of cash flows of SJI, as well as the statements of cash flows for SJG, to conform to ASU 2016-18, which is described below under "New Accounting Pronouncements." This combination of restricted cash and cash and cash equivalents caused Cash Flows from Investing Activities for both SJI and SJG to be adjusted in order to add restricted cash obtained through an acquisition (SJI only), as well as to remove items relating to capital expenditures and proceeds from restricted investments (SJI only), as well as the sale of restricted investments in a margin account and from escrowed loan proceeds (SJI and SJG). Certain reclassifications have been made to SJI's prior period consolidated statements of cash flows to conform to the current period presentation. Cash paid by an employer when directly withholding shares for tax-withholding purposes is now classified as a financing activity in the consolidated statements of cash flows to conform to ASU 2016-09, which is described below under "New Accounting Pronouncements." This caused SJI's prior period Cash Flows Provided by Operating Activities (Other Assets and Liabilities) to increase by $0.4 million and $0.3 million for 2016 and 2015, respectively, and Net Cash Flows from Financing Activities (Net Settlement of Restricted Stock) to decrease by the same amount. Also, excess tax benefits from restricted stock are now classified along with other income tax cash flows as an operating activity per the new ASU. This caused $0.4 million and $0.1 million to be reclassed out of SJI's and SJG's, respectively, 2015 Cash Flows Provided by Financing Activities (Other) into Cash Flows Provided by Operating Activities (Other Assets and Liabilities). Certain reclassifications have been made to SJI's prior period segments disclosures to conform to the current period presentation. The activities of SJI Midstream, which were presented in the Corporate & Services segment in 2015 and 2016, are now separated into the Midstream segment in 2017. This caused prior period adjustments to Property Additions and Identifiable Assets in Note 8. Certain reclassifications have been made to SJG's related party transactions disclosures to conform to the current period presentation. The operating revenues of "Marina" and "Other" were adjusted for proper presentation of the SJI wholly-owned subsidiaries (Marina) and the SJI affiliates (Other) in Note 3. 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 Accumulated Other Comprehensive Loss. 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. 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. We include the operations of these affiliated companies on a pre-tax basis in the statements of consolidated income under Equity in Earnings (Loss) of Affiliated Companies (see Note 3). An impairment loss is recorded when there is clear evidence that a decline in value is other than temporary. In 2015, the Company recorded a $7.7 million (net of tax) non-cash charge to earnings due to the reduction in the carrying value of an investment in a project entered into by Energenic (see Note 7). No impairment losses were recorded on equity investments during 2017 or 2016. SJG does not hold any equity investments. ESTIMATES AND ASSUMPTIONS - We prepare our consolidated financial statements to conform with accounting principles generally accepted in the United States of America (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, pension and other postretirement benefit costs, and revenue recognition. REGULATION - SJG is subject to the rules and regulations of the New Jersey Board of Public Utilities (BPU). See Note 10 for a detailed discussion of SJG's rate structure and regulatory actions. SJG maintains its accounts according to the BPU's prescribed Uniform System of Accounts. SJG follows the accounting for regulated enterprises prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 980 -”Regulated Operations.” In general, Topic 980 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 a detailed discussion of regulatory assets and liabilities. OPERATING REVENUES - Gas and electric revenues are recognized in the period the commodity is delivered to customers. For SJG and SJE retail customers 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. SJRG's gas revenues are recognized in the period the commodity is delivered. Realized and unrealized gains and losses on energy-related derivative instruments are also recognized in operating revenues for SJRG. 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. We recognize revenues on commissions received related to SJESP appliance service contracts from a third party on a monthly basis as these commissions are earned. Marina recognizes revenue on a monthly basis as services are provided, as lease income is earned, and for on-site energy production that is delivered to its customers. REVENUE-BASED TAXES — SJG collects certain revenue-based energy taxes from its customers. Such taxes include New Jersey State Sales Tax and Public Utilities Assessment (PUA). State sales tax is recorded as a liability when billed to customers and is not included in revenue or operating expenses. The PUA is included in both utility revenue and energy and other taxes and totaled $1.2 million , $1.1 million , and $1.2 million in 2017 , 2016 and 2015 , respectively. ACCOUNTS RECEIVABLE AND PROVISION FOR UNCOLLECTIBLE ACCOUNTS - Accounts receivable are carried at the amount owed by customers. A provision for uncollectible accounts is established based on our collection experience and an assessment of the collectibility of specific accounts. 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. ASSET RETIREMENT OBLIGATIONS - The amounts included under Asset Retirement Obligations (ARO) are primarily related to the legal obligations SJI has 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. The related asset retirement cost is capitalized concurrently by increasing the carrying amount of the related asset by the same amount as the liability. 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): 2017 2016 SJI (includes SJG and all other consolidated subsidiaries): AROs as of January 1, $ 59,427 $ 57,943 Accretion 1,955 1,937 Additions 1,008 1,098 Settlements (2,893 ) (1,551 ) ARO's as of December 31, $ 59,497 $ 59,427 2017 2016 SJG: AROs as of January 1, $ 58,674 $ 57,219 Accretion 1,925 1,908 Additions 1,008 1,098 Settlements (2,893 ) (1,551 ) ARO's as of December 31, $ 58,714 $ 58,674 PROPERTY, PLANT AND EQUIPMENT - For regulatory purposes, utility plant is stated at original cost, which may be different than SJG's cost if the assets were acquired from another regulated 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. SJG Utility Plant balances and SJI Nonutility Property and Equipment as of December 31, 2017 and 2016 were comprised of the following (in thousands): 2017 2016 Utility Plant Production Plant $ 296 $ 296 Storage Plant 61,909 60,661 Transmission Plant 258,598 257,169 Distribution Plant 2,044,421 1,871,703 General Plant 175,599 169,464 Other Plant 1,855 1,855 Utility Plant In Service 2,542,678 2,361,148 Construction Work In Progress 109,566 62,986 Total Utility Plant $ 2,652,244 $ 2,424,134 Nonutility Property and Equipment Solar Assets $ 582,379 $ 652,683 Cogeneration Assets 125,614 124,172 Other Assets 33,034 45,087 Total Nonutility Property and Equipment $ 741,027 $ 821,942 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 depreciable utility property was approximately 2.2% in each of 2017 , 2016 and 2015 . 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. Nonutility property depreciation is computed on a straight-line basis over the estimated useful lives of the property, ranging up to 50 years. Gain or loss on the disposition of nonutility property is recognized in operating income. As of December 31, 2017 , total accumulated depreciation for utility and nonutility property and equipment was $498.2 million and $194.9 million , respectively. DEBT ISSUANCE COSTS - Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. Debt issuance costs are presented as a direct deduction from the carrying amount of the related debt. See Note 14 for the total unamortized debt issuance costs that are recorded as a reduction to long-term debt on the consolidated balance sheets of SJI and SJG. CAPITALIZED INTEREST - SJG capitalizes interest on construction at the rate of return on the rate base utilized by the BPU to set rates in SJG's last base rate proceeding. For SJG's accelerated infrastructure programs, SJG capitalizes interest on construction at a rate prescribed by the programs (see Note 10), and amounts are included in Utility Plant on the consolidated balance sheets. Marina and Midstream capitalize interest on capital projects in progress based on the actual cost of borrowed funds, and amounts are included in Nonutility Property and Equipment on the consolidated balance sheets. Interest Charges are presented net of capitalized interest on the statements of consolidated income. The amount of interest capitalized by SJI (including SJG) for the years ended December 31, 2017 , 2016 and 2015 was $2.0 million , $6.6 million and $4.9 million , respectively. The amount of interest capitalized by SJG for the years ended December 31, 2017 , 2016 and 2015 was $1.6 million , $5.3 million and $2.8 million , respectively. 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. An impairment loss is indicated if the total future estimated 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 by a variety of valuation methods, including third-party appraisals, sales prices of similar assets, and present value techniques. In 2017 , SJI had reason to believe that, due to a significant decline in the market prices of Maryland solar renewable energy credits (SRECs), combined with an increase of operating expenses, the full carrying value of SJI’s Maryland solar facilities may not be recoverable. As a result, SJI performed an impairment test on the respective assets which led to an impairment charge of $43.9 million . Also, during the fourth quarter of 2017, as the Company updated its estimated future cash flows for the rest of its solar portfolio, the Company determined that the expected future undiscounted cash flows for certain individual solar facilities were below their carrying value and the assets were considered impaired. As a result, SJI recorded an additional impairment charge of $27.4 million in 2017. The fair values of the impaired solar facilities were determined using an income approach by applying a discounted cash flow methodology to the future estimated cash flows, which were Level 3 fair value measurements. The key inputs to the methodology were forecasted SREC and electric revenues, operating expenses, salvage values, and discount rates. Also in the fourth quarter of 2017 , SJI observed its landfill gas-to-energy (LFGTE) assets were incurring continuing cash flow losses specifically due to larger than expected decreases in electric generation and increasing operating expenses, and as a result had reason to believe the carrying value of these assets may no longer be recoverable. As a result, SJI performed an impairment test on the respective assets which led to an impairment charge of $16.5 million . The fair values of the LFGTE assets were determined using a combination of market and cost approaches, which considers similar market transactions that are specific to the LFGTE assets. The cost and market approaches used are deemed Level 3 fair value measurements. For the year ended December 31, 2017 , SJI had total long-lived asset impairment charges (pre-tax) of $87.8 million . These impairment charges are recorded within Impairment Charges on the consolidated statements of income and are included within the On-Site Energy Production segment. No impairments on long-lived assets were identified at SJG for the year ended December 31, 2017 . For the years ended December 31, 2016 and 2015 , no impairments on long-lived assets were identified at SJI or SJG. See Note 17 for further information on Fair Value methodology. Marina’s solar energy projects rely on returns from electricity and SRECs. A further decrease in the value of electricity and SRECs due to market conditions and/or legislative changes may negatively impact Marina's return on its investments as well as lead to impairment of the respective assets. DERIVATIVE INSTRUMENTS - SJI accounts for derivative instruments in accordance with FASB ASC Topic 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. We currently have no fair value hedges. If the derivative is designated as a cash flow hedge, we record the effective portion of the hedge in Accumulated Other Comprehensive Loss (AOCL) and recognize it in the income statement when the hedged item affects earnings. We recognize ineffective portions of the cash flow hedges immediately in earnings. We currently have no 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 FASB ASC Topic 980, gains and losses on derivatives related to SJG's gas purchases are recorded through the Basic Gas Supply Service (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 life of the derivative. In March 2017, SJI entered into a new interest rate derivative and amended the existing interest rate derivative linked to unrealized losses previously recorded in AOCL (see Note 16). GAS EXPLORATION AND DEVELOPMENT - SJI capitalizes all costs associated with gas property acquisition, exploration and development activities under the full cost method of accounting. Capitalized costs include costs related to unproved properties, which are not amortized until proved reserves are found or it is determined that the unproved properties are impaired. All costs related to unproved properties are reviewed quarterly to determine if impairment has occurred. No impairment charges were recorded on these costs during the years ended December 31, 2017, 2016 and 2015. As of December 31, 2017 and 2016 , $8.7 million and $8.8 million , respectively, related to interests in proved and unproved properties in Pennsylvania, net of amortization, is included with Nonutility Property and Equipment and Other Noncurrent Assets on the consolidated balance sheets. TREASURY STOCK – SJI uses the par value method of accounting for treasury stock. As of December 31, 2017 and 2016 , SJI held 216,642 and 212,617 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 FASB ASC Topic 740 - “Income Taxes” (See Note 4). A valuation allowance is established when it is determined that it is more likely than not that a deferred tax asset will not be realized. Investment tax credits related to renewable energy facilities of Marina are recognized on the flow-through method. On December 22, 2017, the Tax Cuts and Jobs Act ("Tax Reform") was enacted into law, which changes various corporate income tax provisions within the existing Internal Revenue Code. The law became effective January 1, 2018 but is required to be accounted for in the period of enactment, which for SJI and SJG is the fourth quarter of 2017. See Note 4. 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. IDENTIFIABLE INTANGIBLE ASSETS - The primary identifiable intangible assets of the Company are customer relationships. 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 cost of identifiable intangible assets of $12.5 million and $15.8 million are included in Noncurrent Assets on the consolidated balance sheets as of December 31, 2017 and 2016 , respectively. The decrease in intangible assets of $3.3 million was attributable to a $2.2 million pre-tax impairment charge specific to the LFGTE assets customer relationships, which was primarily driven by revised assumptions for decreased electric production and increased operating expenses, and was recorded in Impairment Charges on the consolidated statements of income, and in the Company's On-Site Energy Production segment. Also contributing to the decrease in intangible assets was amortization expense recorded during 2017 of $1.1 million . GOODWILL - Goodwill represents the excess of the consideration paid 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 performed its annual goodwill impairment test in the fourth quarter of 2017 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. In the absence of sufficient qualitative factors, goodwill impairment is determined using a two-step process. Step one identifies potential impairment by comparing the fair value of a reporting unit to the book value, including goodwill. If the fair value exceeds book value, goodwill of the reporting unit is not considered impaired. If the book value exceeds fair value, proceed to step two, which compares the implied fair value of the reporting unit's goodwill to the book value of the reporting unit goodwill. If the book value of goodwill exceeds the implied fair value, an impairment charge is recognized for the excess. In connection with the annual goodwill impairment assessment, the Company performed a qualitative assessment over its business units and noted that as a result of the continuing cash flow losses incurred at the LFGTE's business unit, the two-step impairment test was necessary. Based on the results of the goodwill impairment test, the Company determined that the carrying value of the LFGTE's reporting unit was higher than the fair value, and accordingly, the Company recognized a pre-tax impairment charge of $1.3 million during the year ended December 31, 2017 , recorded in Impairment Charges on the consolidated statements of income and included in the Company's On-Site Energy Production segment. The Company concluded based on the results of the annual testing performed that, other than the impairment charges noted above, there were no other impairments identified for the years ended December 31, 2017 and 2016 . Goodwill of $3.6 million and $4.8 million is included in the Company's On-Site Energy Production segment and Noncurrent Assets on the consolidated balance sheets as of December 31, 2017 and 2016 , respectively. SJG does not have any goodwill. The following table summarizes the changes in Goodwill for the years ended December 31, 2017 and 2016 , respectively (in thousands): 2017 2016 Beginning Balance, January 1 $ 4,838 $ 8,880 Impairment of Goodwill (see above) (1,260 ) — Fair Value Adjustments During Measurement Period (See Note 3) — (4,042 ) Ending Balance, December 31 $ 3,578 $ 4,838 NEW ACCOUNTING PRONOUNCEMENTS - Other than as described below, no new accounting pronouncement issued or effective during 2017 , 2016 or 2015 had, or is expected to have, a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in FASB ASC 605, Revenue Recognition , and in most industry-specific topics. The new guidance identifies how and when entities should recognize revenue. The new rules establish a core principle requiring the recognition of revenue to depict the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. In connection with this new standard, the FASB has issued several amendments to ASU 2014-09, as follows: • In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . This standard improves the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. • In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . This standard clarifies identifying performance obligations and the licensing implementation guidance. • In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . This standard provides additional guidance on (a) the objective of the collectibility criterion, (b) the presentation of sales tax collected from customers, (c) the measurement date of non-cash consideration received, (d) practical expedients in respect of contract modifications and completed contracts at transition, and (e) disclosure of the effects of the accounting change in the period of adoption. • In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to (Topic 606), Revenue from Contracts with Customers , which amends certain narrow aspects of the guidance, including the disclosure of remaining performance obligations and prior-period performance obligations, as well as other amendments to the guidance on loan guarantee fees, contract costs, refund liab |
STOCK-BASED COMPENSATION PLAN
STOCK-BASED COMPENSATION PLAN | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION PLAN | STOCK-BASED COMPENSATION PLAN: On April 30, 2015, the shareholders of SJI approved the adoption of SJI's 2015 Omnibus Equity Compensation Plan (Plan), replacing the Amended and Restated 1997 Stock-Based Compensation Plan that had terminated on January 26, 2015. Under the Plan, shares may be issued to SJI’s officers (Officers), non-employee directors (Directors) and other key employees. No options were granted or outstanding during the years ended December 31, 2017 , 2016 and 2015 . No stock appreciation rights have been issued under the plans. During the years ended December 31, 2017 , 2016 and 2015 , SJI granted 167,734 , 194,347 and 158,929 restricted shares, respectively, to Officers and other key employees under the plans. Performance-based restricted shares vest over a three -year period and are subject to SJI achieving certain market and earnings-based performance targets, which can cause the actual amount of shares that ultimately vest to range from 0% to 200% of the original shares granted. In 2015, SJI began granting time-based shares of restricted stock, one-third of which vests annually over a three -year period and which are limited to 100% payout. Vesting of time-based grants is contingent upon SJI achieving a return on equity (ROE) of at least 7% during the initial year of the grant and meeting the service requirement. Provided that the 7% ROE requirement is met in the initial year, payout is solely contingent upon the service requirement being met in years two and three of the grant. In 2017 , 2016 , and 2015, Officers and other key employees were granted 53,058 , 58,304 , and 47,678 shares of time-based restricted stock, respectively, which are included in the shares noted above. Grants containing market-based performance targets use SJI's total shareholder return (TSR) relative to a peer group to measure performance. As TSR-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 performance goals. The fair value of TSR-based restricted stock awards on the date of grant is estimated using a Monte Carlo simulation model. Through 2014, grants containing earnings-based targets were based on SJI's earnings growth rate per share (EGR) relative to a peer group to measure performance. In 2015, earnings-based performance targets included pre-defined EGR and ROE goals to measure performance. Beginning in 2016, performance targets include pre-defined compounded earnings annual growth rate (CEGR) for SJI. As EGR-based, ROE-based and 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. SJI granted 30,394 , 35,197 and 26,338 restricted shares to Directors in 2017 , 2016 and 2015 , respectively. Shares issued to Directors vest over 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, 2017 , 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 - 2015 - Time 11,142 $ 29.47 N/A N/A 2016 - TSR 65,206 $ 22.53 18.1 % 1.31 % 2016 - CEGR, Time 101,987 $ 23.52 N/A N/A 2017 - TSR 56,191 $ 32.17 20.8 % 1.47 % 2017 - CEGR, Time 108,267 $ 33.69 N/A N/A Directors - 2017 30,394 $ 33.64 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 requisite service period, the fair value of these awards are equal to the market value of the shares on the date of grant. The following table summarizes the total stock-based compensation cost for the years ended December 31 (in thousands): 2017 2016 2015 Officers & Key Employees $ 3,232 $ 3,051 $ 1,128 Directors 1,022 841 769 Total Cost 4,254 3,892 1,897 Capitalized (288 ) (385 ) (216 ) Net Expense $ 3,966 $ 3,507 $ 1,681 The table above reflects the reversal of approximately $1.1 million , $0.1 million and $1.2 million of previously recorded costs in 2017 , 2016 and 2015 , respectively. These reversals are associated with EPS-based grants for which performance goals were not met. As of December 31, 2017 , there was $5.0 million of total unrecognized compensation cost related to nonvested stock-based compensation awards granted under the plans. That cost is expected to be recognized over a weighted average period of 1.7 years. The following table summarizes information regarding restricted stock award activity during 2017 , excluding accrued dividend equivalents: Officers & Other Key Employees Directors Weighted Average Fair Value Nonvested Shares Outstanding, January 1, 2017 295,515 35,197 $ 24.96 Granted 167,734 30,394 $ 33.24 Vested* (114,199 ) (35,197 ) $ 24.81 Cancelled/Forfeited** (6,257 ) — $ 28.77 Nonvested Shares Outstanding, December 31, 2017 342,793 30,394 $ 28.60 *Based on performance information available at the filing of this Report, management expects to award 15,092 shares associated with the 2015 grants to Officers and other key employees in 2018. ** Represents shares forfeited as a result of separation of employment prior to the satisfaction of service conditions. During the years ended December 31, 2017 and 2016, SJI awarded 65,628 and 13,247 , respectively, shares to its Officers and other key employees at a market value of $2.2 million and $0.3 million , respectively. In 2015, no shares were awarded. Also, during the years ended December 31, 2017 , 2016 and 2015 , SJI granted 30,394 , 35,197 and 26,338 shares to its Directors at a market value of $1.0 million , $0.8 million and $0.8 million , respectively. 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 nonforfeitable 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. SJG - Officers and other key employees of SJG participate in the stock-based compensation plans of SJI. During the years ended December 31, 2017 , 2016 and 2015 , SJG officers and other key employees were granted 24,001 , 33,218 and 26,266 shares of SJI restricted stock, respectively. The cost of outstanding stock awards for SJG during the years ended December 31, 2017 , 2016 and 2015 was $0.4 million and $0.6 million and 0.3 million , respectively. Approximately one-half of these costs were capitalized on SJG's balance sheets to Utility Plant. |
AFFILIATIONS, DISCONTINUED OPER
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
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: Energenic – US, LLC (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. On December 31, 2015, Energenic, Marina and its joint venture partner entered into two Equity Distribution and Purchase Agreements (the "Transaction"), pursuant to which Marina became the sole owner of eight of the Energenic projects ("Marina Projects") and its joint venture partner became the sole owner of seven other Energenic projects ("Partner Projects"). The Transaction has been accounted for as a distribution of member interests by Energenic to its owners and a business combination through the exchange of member interests in various projects between Marina and its joint venture partner. In connection with the exchange, the joint venture partner provided a $19.5 million note payable to Marina. The note and other existing obligations of the joint venture partner to Marina are included in Notes Receivable on the consolidated balance sheets, with approximately $1.5 million being included as a current asset as of December 31, 2016 as it is due within one year. This note is collateralized by security interests in various energy project assets owned by the joint venture partner, as well as personal guarantees from its principals. As part of the transaction, each party is relieved of any guarantees related to the Projects in which it no longer has an ownership interest. The projects that are now wholly-owned by Marina are ACB, ACLE, BCLE, SCLE, SXLE, MCS, NBS and SBS. Through December 31, 2015, Marina’s investment in Energenic was accounted for under the equity method of accounting. As such, Marina’s share of the equity value of the projects was included within Investment in Affiliates on the consolidated balance sheets and Marina’s share of the loss or earnings from the projects was included within Equity in (Loss) Earnings of Affiliated Companies on the statements of consolidated income for the years ended December 31, 2015 and 2014, respectively. As of December 31, 2015, the assets and liabilities of the projects that are now wholly-owned by Marina are consolidated into the consolidated balance sheets. Beginning in 2016, the respective results from operations and cash flows of the projects that are now wholly-owned by Marina are consolidated into the statements of consolidated income and cash flows, respectively. This transaction represents a non-cash investing and financing activity. The results of the acquired projects are included in the On-Site Energy Production segment. The following table summarizes the final purchase price allocation and reflects 100% of the fair values of the assets acquired and the liabilities assumed by the Company in connection with the Transaction. Total consideration for the step acquisition of the remaining interest in the Marina Projects was $46.0 million , which represents the fair value of the Company’s interest in the Partner Projects exchanged ( $31.5 million ) as well as the existing value of the Marina Projects immediately prior to the exchange ( $14.5 million ) (in thousands): Current assets (excluding inventory) $ 7,804 Inventory 3,154 Note Receivable Received 19,504 Fixed Assets 46,460 Intangible Assets: Identifiable Intangibles 16,950 Goodwill 4,838 Non-Current Assets 4,783 Current Liabilities (8,196 ) Note Payable - Affiliate (16,986 ) Long-Term Debt, including current portion (21,642 ) Capital Lease Payable (10,458 ) Other Non-Current Liabilities (181 ) Fair Value of Consolidated Assets and Liabilities of Acquired Projects $ 46,030 The pro forma impact of this transaction on the operations of the Company is not significant. Potato Creek, LLC (Potato Creek) - SJI and a joint venture partner formed Potato Creek, in which SJI has a 30% equity interest. Potato Creek owns and manages the oil, gas and mineral rights of certain real estate in Pennsylvania. PennEast Pipeline Company, LLC (PennEast) - Midstream has a 20% investment in PennEast, which is planning to construct an approximately 118 -mile natural gas pipeline that will extend from Northeastern Pennsylvania into New Jersey. Millennium Account Services, LLC (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. EnergyMark, LLC (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, 2017 and 2016, SJRG had net sales to EnergyMark of $37.5 million and $31.4 million , respectively. The Company made net investments in unconsolidated affiliates of $32.1 million and $7.5 million in 2017 and 2016 , respectively. As of December 31, 2017 and 2016 , the outstanding balance of Notes Receivable – Affiliate was $18.2 million and $15.7 million , respectively. As of December 31, 2017 , approximately $13.6 million of these notes are secured by property, plant and equipment of the affiliates, accrue interest at 7.5% and are to be repaid through 2025 . The remaining $4.6 million of these notes are unsecured and 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, 2017 , the Company had a net asset of approximately $62.3 million included in Investment in Affiliates on the consolidated balance sheets related to equity method investees, in addition to Notes Receivable – Affiliate as discussed above. SJI’s maximum exposure to loss from these entities as of December 31, 2017 is limited to its combined equity contributions and the Notes Receivable-Affiliate in the aggregate amount of $80.5 million . DISCONTINUED OPERATIONS - Discontinued Operations consist of the environmental remediation activities related to the properties of South Jersey Fuel, Inc. (SJF) and the product liability litigation and environmental remediation activities related to the prior business of The Morie Company, Inc. (Morie). SJF is a subsidiary of Energy & Minerals, Inc. (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. Summarized operating results of the discontinued operations for the years ended December 31, were (in thousands, except per share amounts): 2017 2016 2015 Loss before Income Taxes: Sand Mining $ (84 ) $ (205 ) $ (422 ) Fuel Oil (175 ) (179 ) (338 ) Income Tax Benefits 173 133 257 Loss from Discontinued Operations — Net $ (86 ) $ (251 ) $ (503 ) Earnings Per Common Share from Discontinued Operations — Net: Basic and Diluted $ — $ — $ (0.01 ) 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: South Jersey Energy Solutions, LLC (SJES) - a wholly owned subsidiary of SJI that serves as a holding company for all of SJI’s nonutility operating businesses: • SJE - For SJE’s commercial customers, for which SJG performs billing services, SJG purchases the related accounts receivable at book value and charges them a purchase of receivable fee (POR) for potential uncollectible accounts, and assumes all risk associated with collection. • 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 - SJG provides natural gas transportation services to Marina under BPU-approved tariffs. Millennium - Reads SJG's utility customers’ meters on a monthly basis for a fee. Sales of gas to SJRG and SJE comply with Section 284.02 of the Regulations of the Federal Energy Regulatory Commission (FERC). 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. For certain types of transactions, SJG served as central processing agents for the related parties discussed above. Amounts due to and due from these related parties for pass-through items are not considered material to SJG's financial statements as a whole. A summary of related party transactions involving SJG, excluding pass-through items, included in SJG's Operating Revenues were as follows (in thousands): 2017 2016 2015 Operating Revenues/Affiliates (See Note 1): SJRG $ 4,458 $ 6,934 $ 5,342 Marina 314 302 185 Other 86 83 417 Total Operating Revenues/Affiliates $ 4,858 $ 7,319 $ 5,944 Related-party transactions involving SJG, excluding pass-through items, included in SJG's Cost of Sales and Operating Expenses were as follows (in thousands): 2017 2016 2015 Costs of Sales/Affiliates (excluding depreciation) SJRG* $ 24,337 $ 16,306 $ 26,090 Derivative Losses/(Gains) (See Note 1): SJRG $ — $ — $ 64 Operations Expense/Affiliates: SJI $ 22,154 $ 20,296 $ 14,088 Millennium 2,856 2,803 2,746 Other (653 ) (198 ) (412 ) Total Operations Expense/Affiliates $ 24,357 $ 22,901 $ 16,422 *As discussed in Note 1 to the consolidated financial statements, revenues and expenses related to the energy trading activities of the wholesale energy operations at SJRG are presented on a net basis in Operating Revenues - Nonutility on the statements of consolidated income. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES: SJI files a consolidated federal income tax return. State income tax returns are filed on a separate company basis in states where SJI has operations and/or a requirement to file. 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): 2017 2016 2015 SJI (includes SJG and all other consolidated subsidiaries): Tax at Statutory Rate $ (9,915 ) $ 60,624 $ 37,440 Increase (Decrease) Resulting from: State Income Taxes 2,778 6,438 3,985 ESOP Dividend (1,314 ) (1,300 ) (1,298 ) Tax Reform Adjustments (13,521 ) — — Amortization of Investment Tax Credits - Utility — — (149 ) AFUDC (3,094 ) (900 ) (1,109 ) Investment and Other Tax Credits (666 ) (10,706 ) (37,503 ) Other - Net 795 (5 ) (6 ) Income Taxes: Continuing Operations (24,937 ) 54,151 1,360 Discontinued Operations (173 ) (133 ) (257 ) Total Income Tax (Benefit) Expense $ (25,110 ) $ 54,018 $ 1,103 SJG: Tax at Statutory Rate 41,390 37,944 36,233 Increase (Decrease) Resulting from: State Income Taxes 5,955 4,096 4,584 Amortization of Investment Tax Credits — — (149 ) ESOP Dividend (1,182 ) (1,170 ) (1,168 ) AFUDC (1,446 ) (900 ) (1,109 ) Research and Development Credits — (613 ) (1,400 ) Other - Net 983 9 (46 ) Total Income Tax Expense 45,700 39,366 36,945 The provision for Income Taxes is comprised of the following (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2017 2016 2015 Current: Federal $ (34,971 ) $ — $ — State (48 ) (1,638 ) (2,352 ) Total Current (35,019 ) (1,638 ) (2,352 ) Deferred: Federal 5,761 44,246 (4,622 ) State 4,321 11,543 8,483 Total Deferred 10,082 55,789 3,861 Investment Tax Credit - Utility — — (149 ) Income Taxes: Continuing Operations (24,937 ) 54,151 1,360 Discontinued Operations (173 ) (133 ) (257 ) Total Income Tax (Benefit) Expense $ (25,110 ) $ 54,018 $ 1,103 SJG: Current: Federal (33,012 ) — — State — (1,614 ) (2,203 ) Total Current $ (33,012 ) $ (1,614 ) $ (2,203 ) Deferred: Federal 69,550 33,064 30,042 State 9,162 7,916 9,255 Total Deferred $ 78,712 $ 40,980 $ 39,297 Investment Tax Credits — — (149 ) Total Income Tax Expense $ 45,700 $ 39,366 $ 36,945 For the year ended December 31, 2017 , the Company's overall taxes went from an expense in 2016 to a benefit in 2017 primarily due to adjustments made as a result of the Tax Cuts and Jobs Act (discussed below) along with an overall loss before income taxes, as opposed to income in 2016, primarily due to several impairment charges taken (see Note 1), along with an unfavorable court ruling related to a pricing dispute between SJRG and a supplier (see Note 15). These were partially offset with the impact of recording no investment tax credits on renewable energy facilities in 2017 which is consistent with SJI's previously announced strategy of substantially reducing solar development. Investment Tax Credits attributable to SJG are deferred and amortized at the annual rate of 3.0% , which approximates the life of related assets. On December 22, 2017, the Tax Cuts and Jobs Act ("Tax Reform") was enacted into law, which changes various corporate income tax provisions within the existing Internal Revenue Code. The law became effective January 1, 2018 but is required to be accounted for in the period of enactment, which for SJI and SJG is the fourth quarter of 2017. SJI and SJG were impacted in several ways as a result of Tax Reform, including provisions related to the permanent reduction in the U.S. federal corporate income tax rate from 35% to 21% , modification of bonus depreciation and changes to the deductibility of certain business related expenses. As a result of the change in the federal corporate income tax rate, SJI and SJG revalued deferred tax assets and liabilities to reflect the rates expected to be in effect as a result of Tax Reform. This resulted in SJI recording a $13.5 million income tax benefit for the decrease of its net deferred tax liabilities, which was recorded in Income Taxes on the consolidated statements of income for the year ended December 31, 2017. SJG also recorded a $263.8 million decrease in its net deferred tax liabilities, which resulted in an increase to SJG's regulatory liabilities as of December 31, 2017 as such amounts are probable of settlement or recovery through customer rates. The amount and timing of potential settlements of the established net regulatory liability will be determined by the BPU, subject to certain IRS "normalization" provisions. All adjustments related to Tax Reform were recorded in the Corporate & Services segment. The SEC staff issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of Tax Reform. SAB 118 provides a measurement period that should not extend beyond one year from the enactment date of Tax Reform for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of Tax Reform for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of Tax Reform is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of Tax Reform. The Company was able to make reasonable, good faith estimates of certain effects and, therefore, recorded provisional adjustments for the following: the tax rules regarding the appropriate bonus deprecation rate that should be applied to assets placed in service after September 27, 2017, including the information required to compute the applicable depreciable tax basis. Further, Tax Reform is unclear in certain respects and will require interpretations and implementing regulations by the Internal Revenue Service, as well as state tax authorities. Tax Reform could also be subject to potential amendments and technical corrections which could impact the Company’s financial statements. Any required changes to the provisional estimates would result in the recording of regulatory assets or liabilities to the extent such amounts are probable of settlement or recovery through customer rates and a net change to income tax expense for any other amounts. Final adjustments to the provisional amounts are expected to be recorded by the third quarter of 2018. The accounting for all other applicable provisions of Tax Reform is considered complete based on the current interpretation. 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): 2017 2016 Deferred Tax Assets: Net Operating Loss Carryforward $ 152,541 $ 211,004 Investment and Other Tax Credits 214,605 213,946 Derivatives / Unrealized Gain 2,068 — Conservation Incentive Program — — Deferred State Tax 16,905 28,833 Gross Up of Excess Deferred Taxes 76,426 — Pension & Other Post Retirement Benefits 16,624 19,351 Deferred Revenues 5,726 7,669 Provision for Uncollectibles 3,854 5,231 Other 1,949 8,368 Total Deferred Tax Asset $ 490,698 $ 494,402 Deferred Tax Liabilities: Book versus Tax Basis of Property $ 486,854 $ 732,535 Deferred Gas Costs - Net 10,254 2,052 Derivatives / Unrealized Loss — 1,794 Environmental Remediation 31,393 32,885 Deferred Regulatory Costs 3,554 1,554 Budget Billing - Customer Accounts 4,043 3,347 Deferred Pension & Other Post Retirement Benefits 21,349 34,432 Conservation Incentive Program 7,721 11,846 Equity In Loss Of Affiliated Companies 1,377 3,092 Other 11,037 14,414 Total Deferred Tax Liability $ 577,582 $ 837,951 Deferred Tax Liability - Net $ 86,884 $ 343,549 SJG: Deferred Tax Assets: Net Operating Loss and Tax Credits $ 73,785 $ 102,290 Deferred State tax 14,688 24,574 Provision for Uncollectibles 3,811 5,170 Gross Up of Excess Deferred Taxes 76,426 — Pension & Other Post Retirement Benefits 15,031 17,264 Deferred Revenues 6,066 7,696 Other 2,413 3,573 Total Deferred Tax Assets $ 192,220 $ 160,567 Deferred Tax Liabilities: Book Versus Tax Basis of Property $ 386,642 $ 532,330 Deferred Fuel Costs - Net 10,254 2,052 Environmental Remediation 31,637 33,573 Deferred Regulatory Costs 3,554 1,554 Deferred Pension & Other Post Retirement Benefits 21,349 34,432 Budget Billing - Customer Accounts 4,043 3,347 Section 461 Prepayments 866 1,147 Conservation Incentive Program 7,721 11,846 Other 6,900 9,694 Total Deferred Tax Liabilities $ 472,966 $ 629,975 Deferred Tax Liability - Net $ 280,746 $ 469,408 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, 2017 and 2016 , there were no income taxes due to or from SJI. As of December 31, 2017 , SJI has the following federal and state net operating loss carryforwards (in thousands): Net Operating Loss Carryforwards Expire in: Federal State 2031 $ 163,572 $ 45,866 2032 42,988 19,356 2033 56,007 35,271 2034 105,763 28,853 2035 49,572 9,956 2036 72,199 181,189 2037 96,326 74,175 $ 586,427 $ 394,666 As of December 31, 2017 , SJI has the following investment tax credit carryforwards (in thousands): Expire in: Investment Tax Credit Carryforward 2030 $ 11,628 2031 25,664 2032 32,031 2033 45,606 2034 37,699 2035 45,005 2036 11,744 2037 636 $ 210,013 SJI has $1.2 million of federal alternative minimum tax credits which have no expiration date. SJI also has research and development credits of $3.2 million that will expire between 2031 and 2035. As of December 31, 2017 and 2016 , SJG has total federal net operating loss carryforwards of $261.1 million and $263.0 million , respectively, that will expire between 2031 and 2037. SJG has a state net operating loss carryforward of $208.8 million and $80.2 million that will expire between 2036 and 2037. SJG has research and development credits of $2.7 million which will expire between 2031 and 2035. 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. SJI and SJG believe 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): 2017 2016 2015 Balance at January 1, $ 1,445 $ 559 $ 552 Increase as a result of tax positions taken in prior years — 886 7 Balance at December 31, $ 1,445 $ 1,445 $ 559 SJG: Balance at January 1, $ 1,361 $ 559 $ 552 Increase as a result of tax position taken in prior years — 802 7 Balance at December 31, $ 1,361 $ 1,361 $ 559 The total unrecognized tax benefits reflected in the table above exclude $0.8 million of accrued interest and penalties as of December 31, 2017 and $0.7 million as of December 31, 2016 and 2015 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 2017 , 2016 or 2015 . The majority of the increased tax position in 2017 is attributable to research and development credits. The Company does not anticipate any significant changes in the total unrecognized tax benefits within the next 12 months. The unrecognized tax benefits are primarily related to an uncertainty of state income tax issues relating to the Company's nexus in certain states and tax credits. Federal income tax returns from 2013 forward and state income tax returns from 2008 forward are open and subject to examination. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 | |
Common Stock [Abstract] | |
COMMON STOCK | COMMON STOCK: The following shares were issued and outstanding at December 31 (See Note 1): 2017 2016 2015 Beginning of Year 79,478,055 70,965,622 68,334,860 New Issuances During Year: Dividend Reinvestment Plan — 417,095 2,604,424 Stock-Based Compensation Plan 71,025 45,338 26,338 Public Equity Offering — 8,050,000 — End of Year 79,549,080 79,478,055 70,965,622 The par value ( $1.25 per share) of stock issued was recorded in Common Stock and the net excess over par value at December 31, 2017 of approximately $2.7 million was recorded in Premium on Common Stock. In May 2016, SJI issued and sold 8,050,000 shares of its common stock, par value $1.25 per share pursuant to a public offering, raising net proceeds of approximately $203.6 million . The net proceeds from this offering were or will be used for capital expenditures, primarily for regulated businesses, including infrastructure investments at its utility business. There were 2,339,139 shares of SJG's common stock (par value $2.50 per share) outstanding as of December 31, 2017 . SJG did not issue any new shares during the period. SJI owns all of the outstanding common stock of SJG. EARNINGS PER COMMON SHARE (EPS) — Basic EPS is based on the weighted-average number of common shares outstanding. The incremental shares required for inclusion in the denominator for the diluted EPS calculation were 112,590 and 195,139 shares for the years ended December 31, 2016 and 2015, respectively. For the year ended December 31, 2017, incremental shares of 141,750 were not included in the denominator for the diluted EPS calculation because they would have an antidilutive effect on EPS. These shares relate to SJI’s restricted stock as discussed in Note 2. DIVIDENDS PER SHARE - Dividends per share were $1.10 , $1.07 and $1.02 for the years ended December 31, 2017 , 2016 and 2015 , respectively. DIVIDEND REINVESTMENT PLAN (DRP) — SJI offers a DRP which allows participating shareholders to purchase shares of SJI common stock by automatic reinvestment of dividends or optional purchases. Prior to May 1, 2016, shares of common stock offered by the DRP had been issued directly by SJI from its authorized but unissued shares of common stock. SJI raised $10.8 million of equity capital through the DRP in 2016 . Effective May 1, 2016, SJI switched to purchasing 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 2017. SJI does not intend to issue equity capital via the DRP in 2018. SJG RETAINED EARNINGS: Various loan agreements contain potential restrictions regarding the amount of cash dividends or other distributions that SJG may pay on its common stock. As of December 31, 2017 , these loan restrictions did not affect the amount that may be distributed from SJG's retained earnings. SJG declared and paid cash dividends of $20.0 million in 2017 to SJI. Cash dividends were not declared or paid to SJI in 2016. SJG declared and paid cash dividends of $40.8 million in 2015 to SJI. SJG received a $40.0 million and $65.0 million equity infusion from SJI in 2017 and 2016, respectively; there was no equity infusion in 2015. Future equity contributions will occur on an as needed basis. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS: RESTRICTED INVESTMENTS —Marina is required to maintain escrow accounts related to ongoing capital projects. As of December 31, 2017 and 2016 , the escrowed funds, including interest earned, totaled $0.3 million and $1.9 million , respectively, which are recorded in Restricted Investments on the consolidated balance sheets. SJI and SJG maintain margin accounts with selected counterparties to support their risk management activities. 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. As of December 31, 2017 and 2016 , SJI's balances (including SJG) in these accounts totaled $31.6 million and $11.7 million , respectively, held by the counterparty, which is recorded in Restricted Investments on the consolidated balance sheets. As of December 31, 2017, SJG's balance held by the counterparty totaled $2.9 million and was recorded in Restricted Investments on the balance sheets. As of December 31, 2016, SJG's balance held by SJG as collateral was $3.6 million which was recorded in Accounts Payable - Other on the balance sheets. The carrying amounts of the Restricted Investments for both SJI and SJG approximate their fair values at December 31, 2017 and 2016 , which would be included in Level 1 of the fair value hierarchy (see Note 17). The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): As of December 31, 2017 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 7,819 1,707 Restricted Investments 31,876 2,912 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 39,695 $ 4,619 As of December 31, 2016 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 18,282 1,359 Restricted Investments 13,628 32 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 31,910 $ 1,391 INVESTMENT IN AFFILIATES - During 2011, subsidiaries of Energenic, in which Marina has a 50% equity interest, entered into 20 -year contracts to build, own and operate a central energy center and energy distribution system for a new hotel, casino and entertainment complex in Atlantic City, New Jersey. The complex commenced operations in April 2012, and as a result, Energenic subsidiaries began providing full energy services to the complex. In June 2014, the parent company of the hotel, casino and entertainment complex filed petitions in U. S. Bankruptcy Court to facilitate a sale of substantially all of its assets. The complex ceased normal business operations in September 2014. Energenic subsidiaries continued to provide limited energy services to the complex during the shutdown period under a temporary agreement with the trustee. The hotel, casino and entertainment complex was sold in April 2015. As of December 31, 2015, the Energenic subsidiaries were providing limited services to the complex under a short-term agreement with the new owner. However, the Energenic subsidiaries had not been able to secure a permanent or long-term energy services agreement with the new owner. In 2015, management of the Company and Energenic evaluated the carrying value of the investment in this project and a related note receivable. Based on the inability of the Energenic subsidiaries to secure a permanent or long-term energy services agreement, the Company recorded a $7.7 million (net of tax) non-cash charge to earnings during the second quarter of 2015 due to the reduction in the carrying value of the investment in this project recorded by Energenic. This charge is included in Equity in Loss of Affiliated Companies for the year ended December 31, 2015 on the statements of consolidated income. The central energy center and energy distribution system owned by the Energenic subsidiaries was financed in part by the issuance of bonds during 2011. These bonds were collateralized primarily by certain assets of the central energy center and revenue from the energy services agreement with the hotel, casino and entertainment complex. During 2015, due to the cessation of normal business operations of the complex and the inability of the Energenic subsidiaries to meet its obligations under the bonds, the trustee for the bondholders filed suit to foreclose on certain assets of the central energy center. In November 2015 during settlement discussions, the bondholders alleged, among other things, that they were entitled to recover from Energenic itself, any amounts owed under the bonds that were not covered by the collateral, including principal, interest and attorney’s fees. The bondholders’ assertion was based on inconsistent language in the bond documents. In January 2016, Energenic and certain subsidiaries reached a multi-party settlement with the bondholders. This agreement resolves all outstanding litigation and transfers ownership of the bondholders’ collateral to the owners of the entertainment complex. The Company's share of this settlement was $7.5 million , which was accrued by Energenic as of December 31, 2015 and paid in 2016. The Company entered into agreements with its insurance carrier and external legal advisors to recover, net of legal costs, approximately $7.0 million of costs associated with the bondholder settlement discussed above. The Company received $2.1 million in the second quarter of 2016, which is included in Other Income on the statements of consolidated income for the year ended December 31, 2016, and $5.3 million was received in the third quarter of 2016 and is included in Equity in Earnings of Affiliated Companies on the statements of consolidated income for the year ended December 31, 2016, as the loss recorded in the prior year was included in this line item on the statements of consolidated income for the year ended December 31, 2015. As of December 31, 2017, SJI had approximately $13.6 million included in Notes Receivable - Affiliate on the consolidated balance sheets, due from Energenic, which is secured by its cogeneration assets for energy service projects. This note is subject to a reimbursement agreement that secures reimbursement for SJI, from its joint venture partner, of a proportionate share of any amounts that are not repaid. Management will continue to monitor the situation surrounding the cogeneration assets and will evaluate the carrying value of the investment and the note receivable as future events occur. NOTE RECEIVABLE - During 2017, SJI received the remaining balance in connection with an outstanding note receivable with a third party. Cash proceeds received in 2017 were $22.9 million . LONG-TERM 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 to ten years, with no interest. The carrying amounts of such loans were $7.0 million and $9.5 million as of December 31, 2017 and 2016 , respectively. The current portion of these receivables is reflected in Accounts Receivable and the non-current portion is reflected in Contract Receivables on the consolidated balance sheets. The carrying amounts noted above are net of unamortized discounts resulting from imputed interest in the amount of $0.7 million and $0.9 million as of December 31, 2017 and 2016 , respectively. The annual amortization to interest is not material to SJI's or SJG's consolidated financial statements. The carrying amounts of these receivables approximate their fair value at December 31, 2017 and 2016 , which would be included in Level 2 of the fair value hierarchy (see Note 17). CREDIT RISK - As of December 31, 2017 , SJI had approximately $6.5 million , or 13.5% , of current and noncurrent Derivatives–Energy Related Assets transacted with one counterparty. This counterparty is investment-grade rated with a rating of BBB+. 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, 2017 and 2016 , except as noted below. • For Long-Term Debt, 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). • The estimated fair values of SJI's long-term debt (which includes SJG and all consolidated subsidiaries), including current maturities, as of December 31, 2017 and 2016 , were $1,216.1 million and $1,080.8 million , respectively. The carrying amounts of SJI's long-term debt, including current maturities, as of December 31, 2017 and 2016 , were $1,186.8 million and $1,039.9 million , respectively. The carrying amounts as of December 31, 2017 and 2016 are net of unamortized debt issuance costs of $17.4 million and $7.6 million , respectively. • The estimated fair values of SJG's long-term debt, including current maturities, as of December 31, 2017 and 2016 , were $838.5 million and $673.1 million , respectively. The carrying amount of SJG's long-term debt, including current maturities, as of December 31, 2017 and 2016 , was $821.9 million and $639.1 million , respectively. The carrying amounts as of December 31, 2017 and 2016 are net of unamortized debt issuance costs of $7.3 million and $6.0 million , respectively. OTHER FINANCIAL INSTRUMENTS - The carrying amounts of SJI's and SJG's other financial instruments approximate their fair values at December 31, 2017 and 2016 . |
SEGMENTS OF BUSINESS
SEGMENTS OF BUSINESS | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENTS OF BUSINESS | SEGMENTS OF BUSINESS: SJI operates in several different reportable operating segments which reflect the financial information regularly evaluated by the chief operating decision maker. These segments are as follows: • Gas utility operations (SJG) consist primarily of natural gas distribution to residential, commercial and industrial customers. The result of SJG only are included in this operating segment. • Wholesale energy operations include the activities of SJRG and SJEX. • SJE is involved in both retail gas and retail electric activities. ◦ Retail gas and other operations include natural gas acquisition and transportation service business lines. ◦ Retail electric operations consist of electricity acquisition and transportation to commercial, industrial and residential customers. • On-site energy production consists of Marina's thermal energy facility and other energy-related projects. Also included in this segment are the activities of ACB, ACLE, BCLE, SCLE, SXLE, MCS, NBS and SBS. • Appliance service operations includes SJESP, which serviced residential and small commercial HVAC systems, installed small commercial HVAC systems, provided plumbing services and serviced appliances under warranty via a subcontractor arrangement as well as on a time and materials basis. On September 1, 2017, SJESP sold certain assets of its residential and small commercial HVAC and plumbing business to a third party. SJESP will receive commissions paid on service contracts from the third party on a go forward basis. This transaction did not have a material impact on the consolidated financial statements. • Midstream was formed to invest in infrastructure and other midstream projects, including a current project to build a natural gas pipeline in Pennsylvania and New Jersey. • Costs incurred related to the agreement to acquire Elizabethtown Gas and Elkton Gas are recorded in the Corporate & Services segment. SJI groups its nonutility operations into two categories: Energy Group and Energy Services. Energy Group includes wholesale energy, retail gas and other, and retail electric operations. Energy Services includes on-site energy production and appliance service operations. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Intersegment sales and transfers are treated as if the sales or transfers were to third parties at current market prices. Information about SJI’s operations in different reportable operating segments is presented below (in thousands): 2017 2016 2015 Operating Revenues: Gas Utility Operations $ 517,254 $ 461,055 $ 534,290 Energy Group: Wholesale Energy Operations 352,613 220,707 129,098 Retail Gas and Other Operations 111,048 92,371 87,198 Retail Electric Operations 179,534 182,540 150,049 Subtotal Energy Group 643,195 495,618 366,345 Energy Services: On-Site Energy Production 99,517 94,375 63,665 Appliance Service Operations 6,488 7,898 11,186 Subtotal Energy Services 106,005 102,273 74,851 Corporate & Services 45,024 35,147 31,156 Subtotal 1,311,478 1,094,093 1,006,642 Intersegment Sales (68,410 ) (57,593 ) (47,074 ) Total Operating Revenues $ 1,243,068 $ 1,036,500 $ 959,568 2017 2016 2015 Operating Income: Gas Utility Operations $ 136,487 $ 122,455 $ 119,585 Energy Group: Wholesale Energy Operations (36,815 ) 41,667 35,024 Retail Gas and Other Operations (2,468 ) 4,680 (3,218 ) Retail Electric Operations 3,620 7,007 1,042 Subtotal Energy Group (35,663 ) 53,354 32,848 Energy Services: On-Site Energy Production (83,654 ) 13,301 2,027 Appliance Service Operations 217 582 468 Subtotal Energy Services (83,437 ) 13,883 2,495 Corporate and Services (12,977 ) (416 ) 1,966 Total Operating Income $ 4,410 $ 189,276 $ 156,894 Depreciation and Amortization: Gas Utility Operations $ 71,654 $ 63,901 $ 58,668 Energy Group: Wholesale Energy Operations 125 484 435 Retail Gas and Other Operations 323 337 161 Subtotal Energy Group 448 821 596 Energy Services: On-Site Energy Production 46,928 43,395 30,242 Appliance Service Operations 153 301 316 Subtotal Energy Services 47,081 43,696 30,558 Corporate and Services 4,303 1,400 1,220 Total Depreciation and Amortization $ 123,486 $ 109,818 $ 91,042 Interest Charges: Gas Utility Operations $ 24,705 $ 17,875 $ 19,906 Energy Group: Wholesale Energy Operations 3,150 — 441 Retail Gas and Other Operations 250 350 185 Subtotal Energy Group 3,400 350 626 Energy Services: On-Site Energy Production 16,838 11,961 8,169 Corporate and Services 24,804 12,118 11,822 Subtotal 69,747 42,304 40,523 Intersegment Borrowings (15,728 ) (10,855 ) (8,901 ) Total Interest Charges $ 54,019 $ 31,449 $ 31,622 2017 2016 2015 Income Taxes: Gas Utility Operations $ 45,700 $ 39,366 $ 36,945 Energy Group: Wholesale Energy Operations (14,720 ) 15,882 14,410 Retail Gas and Other Operations (544 ) 2,118 (978 ) Retail Electric Operations 1,480 2,862 426 Subtotal Energy Group (13,784 ) 20,862 13,858 Energy Services: On-Site Energy Production (39,262 ) (6,353 ) (49,225 ) Appliance Service Operations 4 232 186 Subtotal Energy Services (39,258 ) (6,121 ) (49,039 ) Corporate and Services (17,595 ) 44 (404 ) Total Income Taxes $ (24,937 ) $ 54,151 $ 1,360 Property Additions (See Note 1): Gas Utility Operations $ 253,545 $ 228,275 $ 218,260 Energy Group: Wholesale Energy Operations 14 7 382 Retail Gas and Other Operations 889 1,642 2,053 Subtotal Energy Group 903 1,649 2,435 Energy Services: On-Site Energy Production (1) 12,588 38,193 139,018 Appliance Service Operations 260 431 379 Subtotal Energy Services 12,848 38,624 139,397 Midstream 218 505 — Corporate and Services 2,233 636 1,902 Total Property Additions $ 269,747 $ 269,689 $ 361,994 (1) The property additions for On-Site Energy Production in 2016 and 2015 do not include the approximately $5.6 million and $40.9 million of Property, Plant and Equipment obtained through the acquisition of eight Energenic projects as discussed in Note 3. 2017 2016 Identifiable Assets (See Note 1): Gas Utility Operations $ 2,865,974 $ 2,551,923 Energy Group: Wholesale Energy Operations 208,785 233,019 Retail Gas and Other Operations 56,935 52,729 Retail Electric Operations 34,923 41,280 Subtotal Energy Group 300,643 327,028 Energy Services: On-Site Energy Production 582,587 767,710 Appliance Service Operations 1,338 2,879 Subtotal Energy Services 583,925 770,589 Discontinued Operations 1,757 1,756 Midstream 63,112 26,636 Corporate and Services 711,038 623,159 Intersegment Assets (661,363 ) (570,524 ) Total Identifiable Assets $ 3,865,086 $ 3,730,567 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
LEASES | LEASES: Marina is considered to be the lessor of certain thermal energy generating property and equipment under an operating lease which expires in May 2027 . As of December 31, 2017 and 2016 , the carrying costs of this property and equipment under operating lease was $74.2 million and $75.9 million , respectively (net of accumulated depreciation of $34.5 million and $31.4 million , respectively), and is included in Nonutility Property and Equipment in the consolidated balance sheets. Minimum future rentals to be received on this operating lease of property and equipment as of December 31, 2017 for each of the next five years and in the aggregate are (in thousands): Year ended December 31, 2018 $ 5,396 2019 5,396 2020 5,396 2021 5,396 2022 5,396 Thereafter 23,834 Total minimum future rentals 50,814 Minimum future rentals do not include additional amounts to be received based on actual use of the leased property. |
RATES AND REGULATORY ACTIONS
RATES AND REGULATORY ACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Public Utilities, General Disclosures [Abstract] | |
RATES AND REGULATORY ACTIONS | RATES AND REGULATORY ACTIONS: BASE RATES - SJG is subject to the rules and regulations of the BPU. In January 2017, 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 2014. In October 2017, SJG settled its base rate case, pursuant to which the BPU granted SJG a base rate increase, effective November 1, 2017, of $39.5 million , which was predicated in part upon a 6.80% rate of return on rate base that included a 9.60% return on common equity. The BPU Order allows SJG to recover revenues associated with certain infrastructure and system improvement investments made and the related expenses incurred since the approval of its previous base rate case proceeding in September 2014. RATE MECHANISMS - SJG's tariff, a schedule detailing the terms, conditions and rate information applicable to its various types of natural gas service, as approved by the BPU, has several primary rate mechanisms as discussed in detail below: Basic Gas Supply Service (BGSS) Clause - The BGSS price structure allows SJG to recover all prudently incurred gas costs. BGSS charges to customers can be either monthly or periodic (annual). Monthly BGSS charges are applicable to large use customers and are referred to as monthly because the rate changes on a monthly basis pursuant to a BPU-approved formula based on commodity market prices. Periodic BGSS charges are applicable to lower usage customers, which include all of SJG's residential customers, and 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 balance sheet as a regulatory asset. If SJG is in a net cumulative overcollected position, amounts due back to customers are reflected on the balance sheet 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 last base rate proceeding. For the preceding three years, regulatory actions regarding the BGSS were as follows: • June 2015 - SJG filed its annual BGSS filing with the BPU, requesting a $28.4 million decrease in gas cost recoveries. • September 2015 - The BPU issued an Order approving, on a provisional basis, SJG’s request for a $28.4 million decrease in gas cost recoveries. • January 2016 - SJG provided a BGSS bill credit of approximately $20.0 million to its residential and small commercial customers. This credit was in addition to the overall rate reduction that was approved by the BPU and took effect in 2015. • June 2016 - SJG filed its annual BGSS filing with the BPU, requesting a $47.1 million decrease in gas cost recoveries. • September 2016 - The BPU issued an Order approving, on a provisional basis, SJG’s request for a $47.1 million decrease in gas cost recoveries, effective October 2016. • December 2016 - SJG provided a BGSS bill credit of approximately $10.0 million to its residential and small commercial customers. The credit was in addition to the overall rate reduction that was approved by the BPU and took effect in October 2016. • April 2017 - SJG provided a BGSS bill credit of approximately $8.0 million to its residential and small commercial customers. The credit was in addition to the overall rate reduction that was approved by the BPU and took effect in October 2016. • June 2017 - SJG filed its annual BGSS filing with the BPU, requesting a $4.7 million decrease in gas cost recoveries. • September 2017 - The BPU issued an Order approving, on a provisional basis, SJG’s request for a $4.7 million decrease in gas cost recoveries associated with the 2017-2018 BGSS year, effective October 2017. Conservation Incentive Program (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. For the preceding three years, regulatory actions regarding the CIP were as follows: • June 2015 - SJG filed its annual CIP filing with the BPU, requesting a decrease in revenues of $11.3 million , which includes a $8.8 million decrease in non-weather related revenues and a $2.5 million decrease in weather related revenues. • September 2015 - The BPU issued an Order approving, on a provisional basis, the 2015-2016 CIP rates filed in June 2015, effective October 1, 2015. • June 2016 - SJG filed its annual CIP filing with the BPU, requesting a $46.5 million increase in revenues, which includes a $9.9 million increase in non-weather related revenues and a $36.6 million increase in weather related revenues. • September 2016 - The BPU issued an Order approving, on a provisional basis, the 2016-2017 CIP rates filed in June 2016, effective October 2016. • June 2017 - SJG filed its annual CIP filing with the BPU requesting a $0.2 million increase in revenues, which included a $1.1 million increase in non-weather related revenues and a $0.9 million decrease in weather related revenues. • September 2017 - The BPU issued an Order approving the 2017-2018 CIP Year rates filed in June 2017, effective October 2017. Accelerated Infrastructure Replacement Program (AIRP) - In February 2013, the BPU issued an Order approving a $141.2 million program to replace cast iron and unprotected bare steel mains and services over a four -year period, with annual investments of approximately $35.3 million . Pursuant to the Order, AIRP investments are to be reviewed and included in rate base in future base rate proceedings. For the preceding three years, regulatory actions regarding AIRP were as follows: • February 2016 - SJG filed a petition with the BPU for approval to continue its AIRP, which was set to expire at the end of 2016. In its petition, SJG requested to extend the AIRP for an additional seven years with program investments totaling approximately $500.0 million . In its Petition, SJG also requested to increase revenues by $13.0 million to reflect in base rates all AIRP investments made from the time of SJG’s last base rate case to the end of the initial AIRP. • October 2016 - The BPU issued an Order approving an extension of the AIRP for a five -year period (“AIRP II”), commencing October 1, 2016, with authorized investments of up to $302.5 million to continue replacing cast iron and unprotected bare steel mains and associated services. The BPU also approved an $11.0 million increase in revenues associated with the roll in of $80.2 million of AIRP investments, inclusive of $5.7 million of Allowance for Funds Used During Construction (AFUDC) into base rates, effective December 1, 2016. • April 2017 - SJG filed a petition, pursuant to the October 2016 BPU approval of the AIRP II, seeking a base rate adjustment to increase annual revenues by approximately $4.5 million to reflect the roll-in of $42.0 million of AIRP II investments made from October 1, 2016 through June 30, 2017. • September 2017 - The BPU issued an Order approving an increase in annual revenues from base rates of $5.0 million to reflect the roll-in of $46.1 million AIRP II investments made from October 2016 through June 2017, effective October 1, 2017. Storm Hardening and Reliability Program (SHARP) - In August 2014, the BPU issued an order approving a $103.5 million Storm Hardening and Reliability Program (“SHARP”) to replace low pressure distribution mains and services with high pressure mains and services in coastal areas that are susceptible to flooding during major storm events over a three -year period. Pursuant to the Order, SHARP investments are to be recovered through annual base rate adjustments. Since SHARP’s initial BPU approval, regulatory actions regarding SHARP included the following: • April 2015 - SJG filed a petition seeking a base rate adjustment to increase annual revenues by approximately $4.0 million to reflect approximately $36.6 million of SHARP investments made from July 2014 through June 2015. • September 2015 - The BPU approved SJG’s request to increase annual revenues from base rates by $4.0 million , effective October 1, 2015. • April 2016 - SJG filed a petition seeking a base rate adjustment to increase annual revenues by approximately $4.3 million to reflect approximately $33.7 million of SHARP investments made from July 2015 through June 2016. • September 2016 - The BPU approved an increase in annual revenues from base rates of $3.9 million to reflect the roll-in of $33.7 million of SHARP investments made from July 2015 through June 2016, effective October 1, 2016. • April 2017 - SJG filed a petition seeking a base rate adjustment to increase annual revenues by approximately $3.98 million to reflect approximately $35.7 million of SHARP investments made from July 2016 through June 2017. • September 2017 - The BPU issued an Order approving an increase in annual revenues from base rates of $3.6 million to reflect the roll-in of $33.3 million SHARP investments made from July 2016 through June 2017, effective October 1, 2017. • November 2017 - SJG filed a petition with the BPU for approval to continue its storm hardening efforts under a second phase of SHARP (“SHARP II”). Phase one of SJG’s initial SHARP expired in June of 2017. In its petition, SJG proposed a three -year program, with a total investment level of approximately $110.25 million , focused on four system enhancement projects within the coastal regions. SJG also proposed to recover the SHARP II through annual base rate adjustments, with no impact to customer bills until October 2019. The related petition is currently pending BPU approval. Energy Efficiency Tracker (EET) - In July 2009, the BPU issued an Order approving a $17.0 million Energy Efficiency Program (EEP I), under which SJG was permitted to invest in energy efficiency programs (EEPs) for residential, commercial and industrial customers over a two -year period. Pursuant to the Order, SJG was also permitted to recover incremental operating and maintenance expenses and earn a return of, and return on, program investments annually through the Energy Efficiency Tracker (“EET”). In June 2013, the BPU authorized SJG to continue to offer EEPs through June 2015 with an approved budget of $24.0 million . Regulatory actions regarding the EET/EEP were as follows: • January 2015 - SJG filed a petition with the BPU seeking to continue offering energy efficiency programs through June 2018 with a proposed budget of $56.0 million and with the same rate recovery mechanism that exists for its current EEPs. • June 2015, SJG filed its annual EET rate adjustment petition, requesting a $7.6 million decrease in revenues to continue recovering the costs of, and the allowed return on, prior investments associated with EEPs. • August 2015, the BPU approved a two -year extension of SJG's EEPs through August 31, 2017, with a program budget of $36.3 million . The BPU’s approval permitted SJG to adjust its EET rate, effective September 1, 2015, to increase annual revenues by $2.6 million , to recover projected costs and the allowed return on the first year of its investments in the EEP extension. • February 2016 - The BPU approved a revenue decrease of $7.9 million associated with the two most recent annual EET rate adjustment filings, effective April 1, 2016. • June 2016 - SJG filed its annual EET rate adjustment petition, requesting a $0.8 million decrease in revenues to continue recovering the costs of, and the allowed return on, prior investments associated with EEPs. • October 2016 - The BPU approved a revenue decrease of $1.6 million associated with SJG's annual EET rate adjustment filing, effective November 10, 2016. • November 2016 - SJG filed a letter petition requesting an extension of its current Energy Efficiency Program (“EEP III”) through December 31, 2018, allowing SJG to spend the remainder of its existing BPU approved budget over the extended term. The BPU approved this extension in January 2017. • January 2017 - The BPU issued an Order approving SJG’s request to extend the expiration date of EEP III from August 2017 to December 2018, without any modification to the subprograms or the amount of the previously authorized budget of $36.3 million , inclusive of operation and maintenance expenses. • June 2017 - SJG filed its Eighth Annual EET Filing, requesting a $3.0 million increase in revenues to continue recovering the costs of, and the allowed return on, prior investments associated with EEPs. • November 2017 - The BPU issued an Order approving a revenue increase of $2.6 million associated with the Eighth Annual EET Filing, effective December 1, 2017. Societal Benefits Clause (SBC) - The SBC allows SJG to recover costs related to several BPU-mandated programs. Within the SBC are a Remediation Adjustment Clause (RAC), a New Jersey Clean Energy Program (NJCEP) and a Universal Service Fund (USF) program. SBC adjustments affect revenue and cash flows but do not directly affect earnings as related costs are deferred and recovered through rates on an on-going basis. For the preceding three years, regulatory actions regarding the SBC, with the exception of USF, which requires separate regulatory filings, were as follows: • July 2015 - SJG made its annual 2015-2016 SBC filing, requesting a $5.0 million decrease in SBC revenues. The BPU approved this filing in April 2016. • July 2016 - SJG made its annual 2016-2017 SBC filing, requesting a $16.0 million increase in SBC revenues. The BPU approved this filing in May 2017. • July 2017 - SJG made its annual 2017-2018 SBC filing, requesting an $8.5 million increase in annual revenues. The BPU approved this filing in January 2018. Remediation Adjustment Clause (RAC) - 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. The net between the amounts actually spent and amounts recovered from customers is recorded as a regulatory asset, "Environmental Remediation Cost Expended - Net." RAC activity affects revenue and cash flows but does not directly affect earnings because of the cost recovery over seven -year amortization periods. As of December 31, 2017 and 2016 , SJG reflected the unamortized remediation costs of $100.3 million and $72.0 million , respectively, on the consolidated balance sheets under Regulatory Assets (see Note 11). Since implementing the RAC in 1992, SJG has recovered $120.4 million through rates. Clean Energy Program Clause (CLEP) - The CLEP recovers costs associated with State mandated New Jersey Clean Energy Programs (NJCEP) related to SJG’s energy efficiency and renewable energy programs. In June of 2015, the BPU approved a NJCEP funding level of $345.0 million through June 2016, of which SJG was responsible for $14.6 million . In June of 2016, the BPU approved a NJCEP funding level of $345.0 million through June 2017, of which SJG was responsible for $14.6 million . In June of 2017, the BPU approved a NJCEP funding level of $344.7 million through June 2018, of which SJG is responsible for 12.7 million . Universal Service Fund (USF) - The USF is a statewide program through which funds for the USF and Lifeline Credit and Tenants Assistance Programs are collected from customers of all New Jersey electric and gas utilities. USF adjustments affect cash flows but do not directly affect revenue or earnings as related costs are deferred and recovered through rates on an on-going basis. Separate regulatory actions regarding the USF were as follows: • June 2015 - SJG made its annual USF filing, along with the State’s other electric and gas utilities, proposing to decrease the statewide gas revenues by $46.4 million . This proposal was designed to decrease SJG’s annual USF revenue by $3.4 million . • September 2015 - The BPU approved the statewide budget of $46.4 million for all the State’s gas utilities. SJG's portion of the total is approximately $5.2 million , which decreased rates effective October 1, 2015, resulting in a $3.4 million decrease to its USF recoveries. • June 2016 - SJG made its annual USF filing, along with the State’s other electric and gas utilities, proposing to increase the statewide gas revenues by $56.0 million . This proposal was designed to increase SJG’s annual USF revenue by $1.1 million . • September 2016 - The BPU approved the statewide budget of $56.0 million for all the State’s gas utilities. SJG's portion of the total is approximately $5.6 million , which increased rates effective October 1, 2016, resulting in a $1.1 million increase to its USF recoveries. • June 2017 - SJG made its annual USF filing, along with the State’s other gas utilities, proposing to decrease the statewide gas revenues by $16.3 million . This proposal was designed to decrease SJG’s annual USF revenue by $2.0 million . • September 2017 - The BPU approved the statewide budget of $38.3 million for all the State’s gas utilities. SJG's portion of the total was approximately $3.2 million , resulting in a $2.2 million decrease to its USF recoveries effective October 1, 2017. The BGSS, CIP and USF approvals discussed above 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. Other Regulatory Matters - Unbundling - This allows all natural gas consumers to select their natural gas commodity supplier. As of December 31, 2017 , 29,141 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. The resulting decrease in utility revenues is offset by a corresponding decrease in gas costs. While customer choice can reduce utility revenues, it does not negatively affect SJG's net income or financial condition. 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. As part of SJG's 2014 base rate case, it was permitted to recover previously deferred pipeline integrity costs incurred from October 2010 through June 2014. In addition, SJG is authorized to defer future program costs, including related carrying costs, for recovery in the next base rate proceeding, subject to review by the BPU. As of December 31, 2017 and 2016 , deferred pipeline integrity costs totaled $0.5 million and $4.0 million , respectively, and are included in regulatory assets (see Note 11). Filings and petitions described above are still pending, unless otherwise indicated. |
REGULATORY ASSETS & REGULATORY
REGULATORY ASSETS & REGULATORY LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
REGULATORY ASSETS & REGULATORY LIABILITIES | REGULATORY ASSETS & REGULATORY LIABILITIES: The discussion under Note 10, Rates and Regulatory Actions, is integral to the following explanations of specific regulatory assets and liabilities. SJI's and SJG's Regulatory Assets consisted of the following items (in thousands): December 31, 2017 December 31, 2016 Environmental Remediation Costs: Expended - Net $ 100,327 $ 71,997 Liability for Future Expenditures 171,696 153,047 Deferred Asset Retirement Obligation Costs 42,368 43,014 Deferred Pension and Other Postretirement Benefit Costs 78,211 85,693 Deferred Gas Costs - Net 16,838 — Conservation Incentive Program Receivable 26,652 27,567 Societal Benefit Costs Receivable 2,484 — Deferred Interest Rate Contracts 7,028 7,365 Energy Efficiency Tracker 2,094 219 Pipeline Supplier Service Charges 708 2,122 Pipeline Integrity Cost 5,280 4,810 AFUDC - Equity Related Deferrals 12,785 12,434 Other Regulatory Assets 2,753 2,478 Total Regulatory Assets $ 469,224 $ 410,746 Except where noted below, all regulatory assets are or will be recovered through utility rate charges, as detailed in the following discussion. SJG is currently permitted to recover interest on Environmental Remediation Costs, Societal Benefit Costs Receivable, Energy Efficiency Tracker and Pipeline Integrity Costs, while the other assets are being recovered without a return on investment. Environmental Remediation Costs - SJG has two regulatory assets associated with environmental costs related to the cleanup of 12 sites where SJG or its predecessors previously operated gas manufacturing plants. The first asset, "Environmental Remediation Cost: Expended - Net," represents what was actually spent to clean up the sites, less recoveries through the RAC and insurance carriers. These costs meet the deferral requirements of GAAP, as the BPU allows SJG to recover such expenditures through the RAC. The other asset, "Environmental Remediation Cost: Liability for Future Expenditures," relates to estimated future expenditures required to complete the remediation of these sites. SJG 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). The BPU allows SJG to recover the deferred costs over seven -year periods after they are spent. The increase from December 31, 2016 is a result of expenditures made during 2017 and an increase in the expected future expenditures for remediation activities, primarily due to a change in the proposed type of remediation at two of the sites currently under remediation. The proposed change results in an increase in contractor costs. Deferred Asset Retirement Obligation (ARO) Costs - This regulatory asset resulted from the recording of ARO and additional utility plant, primarily related to a legal obligation SJG has for certain safety requirements upon the retirement of its gas distribution and transmission system. SJG recovers asset retirement costs through rates charged to customers. All related accumulated accretion and depreciation amounts for these ARO represent timing differences in the recognition of retirement costs that SJG is currently recovering in rates and, as such, SJG is deferring such differences as regulatory assets. Deferred Pension and Other Postretirement Benefit Costs - The BPU authorized SJG to recover costs related to postretirement benefits under the accrual method of accounting consistent with GAAP. SJG's regulatory asset represents the recognition of the underfunded positions of SJG'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 BGSS mechanism. Net undercollected gas costs are classified as a regulatory asset and net overcollected gas costs are classified as a regulatory liability (see Note 10). Derivative contracts used to hedge natural gas purchases are also included in the BGSS, subject to BPU approval (see Note 16). The change in the BGSS from a $17.8 million regulatory liability at December 31, 2016 to a $16.8 million regulatory asset at December 31, 2017 was primarily due to an unfavorable court ruling related to a pricing dispute between SJG and a supplier (see Note 15) and the actual gas commodity costs exceeding recoveries from customers. Conservation Incentive Program (CIP) Receivable - The CIP tracking mechanism adjusts earnings when actual usage per customer experienced during the period varies from an established baseline usage per customer. Actual usage per customer was less than the established baseline during 2017, resulting in an increase in the receivable. This is primarily the result of warm weather experienced in the region. Societal Benefits Costs (SBC) Receivable - This regulatory asset primarily represents the deferred expenses incurred under the New Jersey Clean Energy Program, which is a mechanism designed to recover costs associated with energy efficiency and renewable energy programs. Previous SBC rates produced recoveries greater than SBC costs, which resulted in the regulatory liability. The change from a liability at December 31, 2016 to an asset at December 31, 2017 is due to an increase in rates. Deferred Interest Rate Contracts - These amounts represent the market value of interest rate derivatives as discussed further in Note 16. Energy Efficiency Tracker - This regulatory asset represents cumulative investments less recoveries under the Energy Efficiency Program. Pipeline Supplier Service Charges - This regulatory asset represents costs necessary to maintain adequate supply and system pressures, which are being recovered on a monthly basis through the BGSS over the term of the underlying supplier contracts (see Note 10). Pipeline Integrity Cost - As part of SJG's September 2014 base rate increase, SJG was permitted to recover previously deferred pipeline integrity costs incurred through September 2014. In addition, SJG is authorized to defer future program costs, including related carrying costs, for recovery in SJG's next base rate proceeding, subject to review by the BPU (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. Included in the balance is $1.0 million which is being recovered over a period of three years as approved by the BPU in SJG’s 2014 rate case settlement. The remaining balance is being amortized over the life of the associated utility plant. 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. Regulatory Liabilities consisted of the following items (in thousands): December 31, 2017 December 31, 2016 Excess Plant Removal Costs $ 23,295 $ 28,226 Deferred Revenue - Net — 17,800 Societal Benefit Costs Payable — 3,095 Excess Deferred Taxes 263,810 — Total Regulatory Liabilities $ 287,105 $ 49,121 Excess Plant Removal Costs - SJG accrues and collects for cost of removal of its utility property. This regulatory liability represents customer collections in excess of actual expenditures, which the company will return to customers as a reduction to depreciation expense. The Excess Plant Removal Costs Liability decreased from $28.2 million at December 31, 2016 to $23.3 million at December 31, 2017 due to higher asset removal costs incurred related to the AIRP. Deferred Revenue - Ne t - See discussion under "Deferred Gas Costs - Net" above. Societal Benefit Costs Payable - See discussion under "Societal Benefit Costs Receivable" above. Excess Deferred Taxes - This liability is recognized as a result of Tax Reform. See Note 4. |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS: SJI has several defined benefit pension plans and other postretirement benefit plans. SJG participates in the defined benefit pension plans and other postretirement benefit plans of SJI. Approximately 39% and 56% of SJI's and SJG's current, full-time, regular employees, respectively, will be entitled to annuity payments upon retirement. Participation in the Company's qualified defined benefit pension plans was closed to new employees beginning in 2003; however, employees who are not eligible for these pension plans are eligible to receive an enhanced version of SJI's defined contribution plan. Certain SJI and SJG officers also participate in a non-funded supplemental executive retirement plan (SERP), a non-qualified defined benefit pension plan. The other postretirement benefit plans provide health care and life insurance benefits to some retirees. 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 2017 2016 2015 Service Cost $ 4,989 $ 4,843 $ 5,337 Interest Cost 11,772 12,125 11,168 Expected Return on Plan Assets (14,105 ) (13,508 ) (14,789 ) Amortizations: Prior Service Cost 131 212 212 Actuarial Loss 10,282 9,394 10,608 Net Periodic Benefit Cost 13,069 13,066 12,536 Capitalized Benefit Costs (4,723 ) (4,645 ) (4,805 ) Deferred Benefit Costs (527 ) (645 ) (1,007 ) Total Net Periodic Benefit Expense $ 7,819 $ 7,776 $ 6,724 SJI (includes SJG and all other consolidated subsidiaries): Other Postretirement Benefits 2017 2016 2015 Service Cost $ 910 $ 851 $ 1,116 Interest Cost 2,418 2,615 2,973 Expected Return on Plan Assets (3,411 ) (3,104 ) (2,993 ) Amortizations: Prior Service (Credits) Cost (344 ) (344 ) 608 Actuarial Loss 1,238 1,109 1,342 Net Periodic Benefit Cost 811 1,127 3,046 Capitalized Benefit Costs (46 ) (277 ) (1,043 ) Curtailment Costs (Credit) (106 ) — — Deferred Benefit Costs — — (256 ) Total Net Periodic Benefit Expense $ 659 $ 850 $ 1,747 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 2017 2016 2015 Service Cost $ 4,303 $ 4,144 $ 4,430 Interest Cost 9,925 10,292 9,357 Expected Return on Plan Assets (11,366 ) (11,029 ) (11,914 ) Amortization: Prior Service Cost (Credits) 127 203 203 Actuarial Loss 8,692 7,975 8,969 Net Periodic Benefit Cost 11,681 11,585 11,045 Capitalized Benefit Costs (4,723 ) (4,645 ) (4,805 ) Affiliate SERP Allocations (2,235 ) (1,960 ) (1,688 ) Deferred Benefit Costs (527 ) (644 ) (1,007 ) Total Net Periodic Benefit Expense $ 4,196 $ 4,336 $ 3,545 SJG: Other Postretirement Benefits 2017 2016 2015 Service Cost $ 582 $ 576 $ 726 Interest Cost 1,897 2,120 2,406 Expected Return on Plan Assets (3,101 ) (2,823 ) (2,708 ) Amortization: Prior Service Cost (Credits) (257 ) (257 ) 499 Actuarial Loss 972 945 1,107 Net Periodic Benefit Cost 93 561 2,030 Capitalized Benefit Costs (46 ) (277 ) (1,043 ) Deferred Benefit Costs — — (256 ) Total Net Periodic Benefit Expense $ 47 $ 284 $ 731 Capitalized benefit costs reflected in the tables above relate to SJG’s construction program. Deferred benefit costs relate to the deferral of incremental expenses associated with the adoption of new mortality tables in 2015. Deferred benefit costs will be recovered through rates as part of SJG's recent base rate case settlement (See Note10) 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 Other Comprehensive Loss; however, since SJG recovers 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 the Regulatory Asset and Accumulated Other Comprehensive Loss associated with Pension and Other Postretirement Benefits are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Regulatory Assets Accumulated Other Comprehensive Loss (pre-tax) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Balance at January 1, 2016 $ 64,432 $ 15,347 $ 35,066 $ 2,062 Amounts Arising during the Period: Net Actuarial Gain 9,706 2,584 8,370 829 Prior Service Credit — 257 — 84 Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (5,485 ) (945 ) (3,838 ) (154 ) Prior Service Cost (203 ) — (8 ) — Balance at December 31, 2016 68,450 17,243 39,590 2,821 Amounts Arising during the Period: Net Actuarial Gain (Loss) 2,711 (3,286 ) 18,506 1,614 Prior Service Credit — 257 — 84 Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,066 ) (972 ) (4,160 ) (1,013 ) Prior Service Cost (126 ) — (4 ) — Balance at December 31, 2017 $ 64,969 $ 13,242 $ 53,932 $ 3,506 SJG: Regulatory Assets Accumulated Other Comprehensive Loss (pre-tax) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Balance at January 1, 2016 $ 64,432 $ 15,347 $ 20,463 $ — Amounts Arising during the Period: Net Actuarial Gain 9,706 2,584 6,129 — Prior Service Credit — 257 — — Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (5,485 ) (945 ) (2,490 ) — Prior Service Cost (203 ) — — — Balance at December 31, 2016 68,450 17,243 24,102 — Amounts Arising during the Period: Net Actuarial Gain 2,711 (3,286 ) 17,881 — Prior Service Credit — 257 — — Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,066 ) (972 ) (2,627 ) — Prior Service Cost (126 ) — — — Balance at December 31, 2017 $ 64,969 $ 13,242 $ 39,356 $ — The estimated costs that will be amortized from Regulatory Assets for SJI and SJG into net periodic benefit costs in 2018 are as follows (in thousands): SJI and SJG (costs are the same for both entities): Pension Benefits Other Postretirement Benefits Prior Service Cost/(Credit) $ 124 $ (257 ) Net Actuarial Loss $ 5,847 $ 743 The estimated costs that will be amortized from for SJI and SJG Accumulated Other Comprehensive Loss into net periodic benefit costs in 2018 are as follows (in thousands): Pension Benefits Other Postretirement Benefits SJI (includes SJG and all other consolidated subsidiaries): Prior Service Cost/(Credit) $ 6 $ (87 ) Net Actuarial Loss $ 5,665 $ 213 SJG: Prior Service Cost/(Credit) $ — $ — Net Actuarial Loss $ 4,143 $ — 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 2017 2016 2017 2016 Change in Benefit Obligations: Benefit Obligation at Beginning of Year $ 278,288 $ 254,195 $ 60,350 $ 57,430 Service Cost 4,989 4,843 910 851 Interest Cost 11,772 12,125 2,418 2,615 Actuarial Loss (Gain) 32,893 18,254 1,411 3,121 Retiree Contributions — — 19 81 Plan Amendments — — — — Benefits Paid (11,653 ) (11,129 ) (2,825 ) (3,748 ) Benefit Obligation at End of Year $ 316,289 $ 278,288 $ 62,283 $ 60,350 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 189,542 $ 184,824 $ 50,532 $ 47,759 Actual Return on Plan Assets 25,807 13,569 7,390 2,784 Employer Contributions 12,369 2,278 2,806 3,656 Retiree Contributions — 19 81 Benefits Paid (11,653 ) (11,129 ) (2,825 ) (3,748 ) Fair Value of Plan Assets at End of Year $ 216,065 $ 189,542 $ 57,922 $ 50,532 Funded Status at End of Year: $ (100,224 ) $ (88,746 ) $ (4,361 ) $ (9,818 ) Amounts Related to Unconsolidated Affiliate 135 326 518 540 Accrued Net Benefit Cost at End of Year $ (100,089 ) $ (88,420 ) $ (3,843 ) $ (9,278 ) Amounts Recognized in the Statement of Financial Position Consist of: Current Liabilities $ (2,388 ) $ (2,463 ) $ — $ — Noncurrent Liabilities (97,701 ) (85,957 ) (3,843 ) (9,278 ) Net Amount Recognized at End of Year $ (100,089 ) $ (88,420 ) $ (3,843 ) $ (9,278 ) Amounts Recognized in Regulatory Assets Consist of: Prior Service Costs $ 428 $ 538 $ (2,775 ) $ (3,032 ) Net Actuarial Loss 64,541 67,912 16,017 20,275 $ 64,969 $ 68,450 $ 13,242 $ 17,243 Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): Prior Service Costs $ 47 $ 69 $ (906 ) $ (989 ) Net Actuarial Loss 53,885 39,521 4,412 3,810 $ 53,932 $ 39,590 $ 3,506 $ 2,821 SJG: Other Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Change in Benefit Obligations : Benefit Obligation at Beginning of Year $ 236,356 $ 213,660 $ 48,549 $ 46,518 Service Cost 4,303 4,144 582 576 Interest Cost 9,925 10,292 1,897 2,120 Actuarial Loss (Gain) 27,892 17,463 328 2,292 Retiree Contributions — — 15 70 Plan Amendments — — — — Benefits Paid (9,410 ) (9,203 ) (2,273 ) (3,027 ) Benefit Obligation at End of Year $ 269,066 $ 236,356 $ 49,098 $ 48,549 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 154,729 $ 149,032 $ 45,948 $ 43,428 Actual Return on Plan Assets 18,666 12,656 6,715 2,531 Employer Contributions 10,292 2,244 2,259 2,946 Retiree Contributions — — 14 70 Benefits Paid (9,410 ) (9,203 ) (2,273 ) (3,027 ) Fair Value of Plan Assets at End of Year $ 174,277 $ 154,729 $ 52,663 $ 45,948 Funded Status at End of Year : Accrued Net Benefit Cost at End of Year $ (94,789 ) $ (81,627 ) $ 3,565 $ (2,601 ) Amounts Recognized in the Statement of Financial Position Consist of: Current Liabilities $ (2,353 ) $ (2,428 ) $ — $ — Noncurrent Liabilities (92,436 ) (79,199 ) 3,565 (2,601 ) Net Amount Recognized at End of Year $ (94,789 ) $ (81,627 ) $ 3,565 $ (2,601 ) Amounts Recognized in Regulatory Assets Consist of: Prior Service Costs $ 428 $ 538 $ (2,775 ) $ (3,032 ) Net Actuarial Loss 64,541 67,912 16,017 20,275 Net Amount Recognized at End of Year $ 64,969 $ 68,450 $ 13,242 $ 17,243 Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: Net Actuarial Loss $ 39,356 $ 24,102 $ — $ — The projected benefit obligation (PBO) and accumulated benefit obligation (ABO) of SJI's qualified employee pension plans were $243.9 million and $227.3 million , respectively, as of December 31, 2017 ; and $224.3 million and $208.3 million , respectively, as of December 31, 2016 . The ABO of these plans exceeded the value of the plan assets as of December 31, 2017 and 2016 . The value of these assets were $216.1 million and $189.5 million as of December 31, 2017 and 2016 , respectively, and can be seen in the table above. The PBO and ABO for SJI's non-funded SERP were $72.4 million and $63.9 million , respectively, as of December 31, 2017 ; and $53.9 million and $51.9 million , respectively, as of December 31, 2016 . SJI's SERP obligation is reflected in the tables above and has no assets. The PBO and ABO of SJG's qualified employee pension plans were $197.0 million and $183.5 million , respectively, as of December 31, 2017 ; and $183.2 million and $170.0 million , respectively, as of December 31, 2016 . The ABO of these plans exceeded the value of the plan assets as of December 31, 2017 and 2016 . The value of these assets were $174.3 million and $154.7 million as of December 31, 2017 and 2016 , respectively, and can be seen in the tables above. The PBO and ABO for SJG's non-funded SERP were $72.0 million and $63.6 million , respectively, as of December 31, 2017 ; and $53.2 million and $51.2 million , respectively, as of December 31, 2016 . SJG's SERP obligation is reflected in the tables above and has no assets. The weighted-average assumptions used to determine benefit obligations for SJI and SJG at December 31 were: Pension Benefits Other Postretirement Benefits 2017 2016 2017 2016 Discount Rate 3.73 % 4.30 % 3.63 % 4.13 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % 3.50 % The weighted-average assumptions used to determine net periodic benefit cost for SJI and SJG for the years ended December 31 were: Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Discount Rate 4.30 % 4.83 % 4.25 % 4.13 % 4.73 % 4.20 % Expected Long-Term Return on Plan Assets 7.25 % 7.50 % 7.75 % 6.50 % 6.50 % 6.25 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % In 2014, the Society of Actuaries (SOA) released new mortality tables (RP-2014), which the Company adopted as of December 31, 2014. Since then, the SOA has updated the mortality projection on an annual basis. The Company utilizes the most current projection tables available. The obligations as of December 31, 2017, 2016, and 2015, disclosed herein, reflect the use of the updated projection tables applicable to those years. The discount rates used to determine the benefit obligations at December 31, 2017 and 2016 , 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. The retiree medical plan changed effective January 1, 2016. Retirees are provided a fixed contribution to a health reimbursement account, allowing them to obtain coverage from health-care exchanges, rather than utilizing the Company provided health-care plan. Since the health-care benefits are now a fixed dollar amount under the new plan and will not increase in the future, the plan no longer has health care trend assumptions as of December 31, 2015. As a result, assumed health care cost trend rates no longer have a significant effect on the amounts reported for SJI's and SJG's postretirement health care plans. 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. SJI and SJG have implemented this diversification strategy primarily with commingled common/collective trust funds. The target allocations for pension plan assets are 28 - 48 percent U.S. equity securities, 13 - 25 percent international equity securities, 32 - 42 percent fixed income investments, and 0 - 7 percent to all other types of investments. Equity securities include investments in commingled common/collective trust funds as well as large-cap and mid-cap companies. Fixed income securities include commingled common/collective trust funds, 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, 2017 . 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, 2017 , 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, 2017 and 2016 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, 2017 Cash / Cash Equivalents: Cash $ 72 $ 72 $ — $ — Common/Collective Trust Funds (a) 477 — 477 — STIF-Type Instrument (b) 1,522 — 1,522 — Equity securities: Common/Collective Trust Funds - U.S. (a) 75,699 — 75,699 — Common/Collective Trust Funds - International (a) 39,077 — 39,077 — U.S. Large-Cap (c) 13,526 13,526 — — U.S. Mid-Cap (c) 1,701 1,701 — — U.S. Small-Cap (c) 490 490 — — International (c) 3,260 3,260 — — Fixed Income: Common/Collective Trust Funds (a) 54,106 — 54,106 — Guaranteed Insurance Contract (d) 9,211 — — 9,211 Other types of investments: Private Equity Fund (e) 7,111 — — 7,111 Common/Collective Trust Fund - Real Estate (f) 9,813 — — 9,813 Total $ 216,065 $ 19,049 $ 170,881 $ 26,135 Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2016 Cash / Cash Equivalents: Cash $ 63 $ 63 $ — $ — Common/Collective Trust Funds (a) 460 — 460 — STIF-Type Instrument (b) 1,431 — 1,431 — Equity securities: Common/Collective Trust Funds - U.S. (a) 51,902 — 51,902 — Common/Collective Trust Funds - International (a) 33,096 — 33,096 — U.S. Large-Cap (c) 17,792 17,792 — — U.S. Mid-Cap (c) 2,479 2,479 — — International (c) 3,340 3,340 — — Fixed Income: Common/Collective Trust Funds (a) 54,970 — 54,970 — Guaranteed Insurance Contract (d) 9,714 — — 9,714 Other types of investments: Private Equity Fund (e) 5,100 — — 5,100 Common/Collective Trust Fund - Real Estate (f) 9,195 — — 9,195 Total $ 189,542 $ 23,674 $ 141,859 $ 24,009 SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2017: Cash / Cash Equivalents: Cash $ 58 $ 58 $ — $ — Common/Collective Trust Funds (a) 385 — 385 — STIF-Type Instrument (b) 1,228 — 1,228 — Equity securities: Common/Collective Trust Funds – U.S. (a) 61,057 — 61,057 — Common/Collective Trust Funds – International (a) 31,519 — 31,519 — U.S. Large-Cap (c) 10,910 10,910 — — U.S. Mid-Cap (c) 1,372 1,372 — — U.S. Small-Cap (c) 395 395 — — International (c) 2,629 2,629 — — Fixed Income: Common/Collective Trust Funds (a) 43,640 — 43,640 — Guaranteed Insurance Contract (d) 7,429 — — 7,429 Other types of investments: Private Equity Fund (e) 5,735 — — 5,735 Common/Collective Trust Fund – Real Estate (f) 7,920 — — 7,920 Total $ 174,277 $ 15,364 $ 137,829 $ 21,084 Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2016: Cash / Cash Equivalents: Cash $ 52 $ 52 — $ — Common/Collective Trust Funds (a) 376 — 376 — STIF-Type Instrument (b) 1,168 — 1,168 — Equity securities: Common/Collective Trust Funds – U.S. (a) 42,369 — 42,369 — Common/Collective Trust Funds – International (a) 27,017 — 27,017 — U.S. Large-Cap (c) 14,523 14,523 — — U.S. Mid-Cap (c) 2,024 2,024 — — International (c) 2,727 2,727 — — Fixed Income: Common/Collective Trust Funds (a) 44,873 — 44,873 — Guaranteed Insurance Contract (d) 7,930 — — 7,930 Other types of investments: Private Equity Fund (e) 4,164 — — 4,164 Common/Collective Trust Fund – Real Estate (f) 7,506 — — 7,506 Total $ 154,729 $ 19,326 $ 115,803 $ 19,600 (a) This category represents common/collective trust fund investments through a commingled employee benefit trust (excluding real estate). These commingled funds are not traded publicly; however, the majority of the underlying assets held in these funds are stocks and bonds that are traded on active markets; prices for these assets are readily observable. Also included in these funds are interest rate swaps, asset backed securities, mortgage backed securities and other investments with observable market values. Holdings in the commingled funds are classified as Level 2 investments. (b) 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, or where quoted prices are not available, based on models using observable market information. Since not all values can be obtained from quoted prices in active markets, these funds are classified as Level 2 investments. (c) This category of equity investments represents a managed portfolio of common stock investments in five sectors: telecommunications, electric utilities, gas utilities, water and energy. 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. (d) This category represents SJI’s Group Annuity contracts with a nationally recognized life insurance company. The contracts are the assets of the plan, while the underlying assets of the contracts are owned by the contract holder. Valuation is based on a formula and calculation specified within the contract. Since the valuation is based on the reporting entity’s own assumptions, these contracts are classified as Level 3 investments. (e) 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, 2017 and 2016, 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. Fund investments are illiquid and resale is restricted. These funds are classified as Level 3 investments. (f) This category represents real estate common/collective trust fund investments through a commingled employee benefit trust. These commingled funds are part of a direct investment in a pool of real estate properties. These funds are valued by investment managers on a periodic basis using pricing models that use independent appraisals from sources with professional qualifications. Since these valuation inputs are not highly observable, the real estate funds are classified as Level 3 investments. Fair Value Measurement Using Significant Unobservable Inputs (Level 3) (In thousands) SJI (includes SJG and all other consolidated subsidiaries): Guaranteed Private Insurance Hedge Equity Real Contract Funds Funds Estate Total Balance at January 1, 2016 $ 9,960 $ 4,159 $ 4,312 $ 8,515 $ 26,946 Actual return on plan assets: Relating to assets still held at the reporting date 541 (67 ) (140 ) 680 1,014 Relating to assets sold during the period 14 — 245 — 259 Purchases, Sales and Settlements (801 ) (4,092 ) 683 — (4,210 ) Balance at December 31, 2016 9,714 — 5,100 9,195 24,009 Actual return on plan assets: Relating to assets still held at the reporting date 245 (214 ) 618 649 Relating to assets sold during the period 12 — 491 — 503 Purchases, Sales and Settlements (760 ) 1,734 — 974 Balance at December 31, 2017 $ 9,211 $ — $ 7,111 $ 9,813 $ 26,135 SJG: Guaranteed Insurance Contract Hedge Funds Private Equity Funds Real Estate Total Balance at January 1, 2016 $ 8,031 $ 3,353 $ 3,477 $ 6,866 $ 21,727 Actual return on plan assets: Relating to assets still held at the reporting date 541 (13 ) (71 ) 640 1,097 Relating to assets sold during the period 12 — 200 — 212 Purchases, Sales and Settlements (654 ) (3,340 ) 558 — (3,436 ) Balance at December 31, 2016 $ 7,930 $ — $ 4,164 $ 7,506 $ 19,600 Actual return on plan assets: Relating to assets still held at the reporting date 103 — (224 ) 414 293 Relating to assets sold during the period 9 — 396 — 405 Purchases, Sales and Settlements (613 ) — 1,399 — 786 Balance at December 31, 2017 $ 7,429 $ — $ 5,735 $ 7,920 $ 21,084 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 common/collective trust funds, mutual funds and Company-owned life insurance policies. The target allocations for post-retirement benefit plan assets are 30 - 43 percent U.S. equity securities, 20 - 30 percent international equity securities, and 32 - 42 percent fixed income investments and 0 - 7 percent to all other types of investments. Equity securities include investments in large-cap, mid-cap and small-cap companies within mutual funds or common/collective trust funds. Fixed income securities within the common/collective trust fund include primarily investment grade, U.S. Government and mortgage-backed financial instruments. 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, 2017 and 2016 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, 2017: Cash $ — $ — $ — $ — Equity Securities: Common/Collective Trust Funds - U.S. (a) 15,101 — 15,101 — Common/Collective Trust Funds - International (a) 11,378 — 11,378 — Mutual Fund - U.S. (b) — — — — Mutual Funds - International (b) — — — — Fixed Income: Common/Collective Trust Funds - Bonds (a) 15,272 — 15,272 — Mutual Funds - Bonds (b) — — — — Other Types of Investments: Mutual Funds - REITS (b) 864 864 — — Company Owned Life Insurance (c) 15,307 — 15,307 — Total $ 57,922 $ 864 $ 57,058 $ — Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2016: Cash $ — $ — $ — $ — Equity Securities: Common/Collective Trust Funds - U.S. (a) 14,878 — 14,878 — Common/Collective Trust Funds - International (a) 8,674 — 8,674 — Mutual Fund - U.S. (b) — — — — Mutual Funds - International (b) — — — — Fixed Income: Common/Collective Trust Funds - Bonds (a) 13,537 — 13,537 — Mutual Funds - Bonds (b) — — — — Other Types of Investments: Mutual Funds - REITS (b) — — — — Company Owned Life Insurance (c) 13,443 — 13,443 — Total $ 50,532 $ — $ 50,532 $ — SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2017 Cash $ — $ — $ — $ — Equity Securities: Common/Collective Trust Funds - U.S. (a) 13,572 — 13,572 — Common/Collective Trust Funds - International (a) 10,226 — 10,226 — Mutual Fund - U.S. (b) — — — — Mutual Funds - International (b) — — — — Fixed Income: Common/Collective Trust Funds - Bonds (a) 13,726 — 13,726 — Mutual Funds - Bonds (b) — — — — Other Types of Investments: Mutual Funds - REITS (b) 777 777 — — Company Owned Life Insurance (c) 14,362 — 14,362 — Total $ 52,663 $ 777 $ 51,886 $ — Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2016 Cash $ — $ — $ — $ — Equity Securities: Common/Collective Trust Funds - U.S. (a) 13,372 — 13,372 — Common/Collective Trust Funds - International (a) 7,796 — 7,796 — Mutual Fund - U.S. (b) — — — — Mutual Funds - International (b) — — — — Fixed Income: Common/Collective Trust Funds - Bonds (a) 12,167 — 12,167 — Mutual Funds - Bonds (b) — — — — Other Types of Investments: Mutual Funds - REITS (b) — — — — Company Owned Life Insurance (c) 12,613 — 12,613 — Total $ 45,948 $ — $ 45,948 $ — (a) This category represents common/collective trust fund investments through a commingled employee benefit trust (excluding real estate). These commingled funds are not traded publicly; however, the majority of the underlying assets held in these funds are stocks and bonds that are traded on active markets and prices for these assets are readily observable. Also included in these funds are interest rate swaps, asset backed securities, mortgage backed securities and other investments with observable market values. Holdings in these commingled funds are classified as Level 2 investments. (b) This category represents mutual fund investments. The mutual funds are actively traded on exchanges and price quotes for the shares are readily available. These mutual funds are classified as Level 1 investments. (c) 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 similar to category (a) above. Holdings in these insurance policies are classified as Level 2 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 2018 $ 12,596 $ 4,291 2019 $ 13,535 $ 4,380 2020 $ 14,180 $ 4,499 2021 $ 14,851 $ 4,503 2022 $ 15,937 $ 4,513 2023 - 2027 $ 90,714 $ 20,683 SJG: Pension Benefits Other Postretirement Benefits 2018 $ 10,451 $ 3,434 2019 $ 11,349 $ 3,587 2020 $ 11,917 $ 3,710 2021 $ 12,495 $ 3,726 2022 $ 13,489 $ 3,752 2023 - 2027 $ 77,033 $ 17,172 CONTRIBUTIONS - SJI contributed $10.0 million to the pension plans in January 2017, of which SJG contributed $8.0 million . SJI and SJG did not make contributions to its employee pension plans in 2016. SJI contributed $15.0 million to the pension plans in 2015, of which SJG contributed $12.0 million . Payments related to the unfunded SERP plan for SJI and SJG in 2017, 2016 and 2015 were $ 2.4 million , $2.3 million and $2.0 million , respectively. SERP payments for SJI and SJG are expected to approximate $2.4 million in 2018. Prior to the base rate case settlement in October 2017, SJG also had a regulatory obligation to contribute approximately $3.6 million annually to its other postretirement benefit plans’ trusts, less direct costs incurred. The recent rate case settlement (see Note 11) allows SJG to modify the future requirement level up to a limit that represents full funding of its obligation and to the maximum tax deduction allowed. DEFINED CONTRIBUTION PLAN - SJI and SJG offer an Employees' Retirement Savings Plan (Savings Plan) to eligible employees. For employees eligible for participation in the defined benefit pension plan, SJI and SJG match 50% of participants' contributions 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. Employees not eligible for the pension plans also receive 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 $2.6 million , $2.3 million and $2.1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and $1.6 million , $1.3 million and $1.2 million for SJG for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
LINES OF CREDIT
LINES OF CREDIT | 12 Months Ended |
Dec. 31, 2017 | |
Line of Credit Facility [Abstract] | |
LINES OF CREDIT | LINES OF CREDIT: Credit facilities and available liquidity as of December 31, 2017 were as follows (in thousands): Company Total Facility Usage Available Liquidity Expiration Date SJI: Syndicated Revolving Credit Facility $ 400,000 $ 251,000 (A) $ 149,000 August 2022 (C) Revolving Credit Facility 50,000 50,000 — September 2019 (D) Total SJI 450,000 301,000 149,000 SJG: Commercial Paper Program/Revolving Credit Facility 200,000 52,800 (B) 147,200 August 2022 (E) Uncommitted Bank Line 10,000 — 10,000 August 2018 Total SJG 210,000 52,800 157,200 Total $ 660,000 $ 353,800 $ 306,200 (A) Includes letters of credit outstanding in the amount of $6.6 million . (B) Includes letters of credit outstanding in the amount of $0.8 million . (C) In August 2017, SJI entered into a five year, unsecured $400.0 million revolving credit agreement which is syndicated among several banks. In connection with this agreement, SJI terminated its previous $400.0 million revolving credit agreement. (D) In September 2017, SJI amended an unsecured revolving credit facility for two years. The facility now terminates in September 2019. (E) In August 2017, SJG entered into a five year, unsecured $200.0 million revolving credit agreement which is syndicated among several banks. In connection with this agreement, SJG terminated its previous $200.0 million revolving credit agreement. The SJG facilities are restricted as to use and availability specifically to SJG; however, if necessary, the SJI facilities can also be used to support SJG’s liquidity needs. Borrowings under these credit facilities are at market rates. SJI's weighted average interest rate on these borrowings, which changes daily, was 2.46% , 1.47% and 1.13% at December 31, 2017 , 2016 and 2015 , respectively. SJG's weighted average interest rate on these borrowings, which changes daily, was 1.88% , 0.97% and 0.66% at December 31, 2017 , 2016 and 2015 , respectively. SJI's average borrowings outstanding under these credit facilities (which includes SJG), not including letters of credit, during the years ended December 31, 2017 and 2016 were $276.7 million and $321.9 million , respectively. The maximum amounts outstanding under these credit facilities (which includes SJG), not including letters of credit, during the years ended December 31, 2017 and 2016 were $373.8 million and $467.7 million , respectively. SJG's average borrowings outstanding under its credit facilities, not including letters of credit, during the years ended December 31, 2017 and 2016 were $17.6 million and $71.5 million , respectively. The maximum amount outstanding under these credit facilities, not including letters of credit, during the years ended December 31, 2017 and 2016 were $110.1 million and $141.7 million , respectively. The SJI and SJG principal credit facilities are provided by a syndicate of banks and contain one financial covenant limiting the ratio of indebtedness to total capitalization (as defined in the respective credit agreements) to not more than 0.70 to 1 , measured at the end of each fiscal quarter. However, as of December 31, 2017, several bank facilities for both SJI and SJG, as well as Senior Unsecured Notes issued by SJI, still contained one financial covenant limiting the ratio of indebtedness to total capitalization (as defined in the respective credit agreements) to not more than 0.65 to 1 , measured at the end of each fiscal quarter. As a result, as of December 31, 2017, both SJI and SJG needed to ensure that the ratio of indebtedness to total capitalization (as defined in the respective credit agreements) did not exceed 0.65 to 1 . SJI and SJG were in compliance with these covenants as of December 31, 2017 . All of SJI's bank facilities and Senior Unsecured Notes were amended to the new ratio in January 2018. SJG has a commercial paper program under which SJG may issue short-term, unsecured promissory notes to qualified investors up to a maximum aggregate amount outstanding at any time of $200.0 million . The notes have fixed maturities which vary by note, but may not exceed 270 days from the date of issue. Proceeds from the notes are used for general corporate purposes. SJG uses the commercial paper program in tandem with the new $200.0 million revolving credit facility and does not expect the principal amount of borrowings outstanding under the commercial paper program and the credit facility at any time to exceed an aggregate of $200.0 million . |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT: Outstanding Long-Term Debt at December 31 consisted of the following: 2017 2016 Long-Term Debt (A): South Jersey Gas Company: First Mortgage Bonds: (B) 4.657% Series due 2017 (C) — 15,000 7.97% Series due 2018 10,000 10,000 7.125% Series due 2018 20,000 20,000 5.587% Series due 2019 10,000 10,000 3.00% Series due 2024 (D) 50,000 50,000 3.03% Series due 2024 (E) 35,000 35,000 3.63% Series due 2025 (F) 7,273 8,182 4.84% Series due 2026 (G) 15,000 15,000 4.93% Series due 2026 (H) 45,000 45,000 4.03% Series due 2027 45,000 45,000 4.01% Series due 2030 (I) 50,000 50,000 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 (K) 200,000 — Series A 2006 Bonds at variable rates due 2036 (L) 24,900 24,900 SJG Term Facility (M) 200,000 200,000 Total SJG Long-Term Debt Outstanding (S) $ 829,173 $ 645,082 Less SJG Current Maturities (63,809 ) (215,909 ) Total SJG Long-Term Debt (S) $ 765,364 $ 429,173 Marina Energy LLC: (N) Series A 2001 Bonds at variable rates due 2031 $ — $ 20,000 Series B 2001 Bonds at variable rates due 2021 — 25,000 Series A 2006 Bonds at variable rates due 2036 — 16,400 South Jersey Industries: 2.71% Series B 2012 Notes due 2017 (O) — 16,000 3.05% Series due 2019 60,000 60,000 3.05% Series due 2019 30,000 30,000 3.05% Series due 2019 50,000 50,000 3.46% Series C 2012 Notes due 2022 35,000 35,000 3.22% Series due 2024 (P) 25,000 — 3.46% Series due 2027 (P) 25,000 — Series Notes at variable rates due 2019 (Q) 40,000 40,000 Series Notes at variable rates due 2019 (Q) 60,000 60,000 South Jersey Industries Term Loan at variable rates due 2020 (R) 50,000 50,000 Total SJI Consolidated Long-Term Debt Outstanding (S) $ 1,204,173 $ 1,047,482 Less SJI Consolidated Current Maturities (all at SJG) (63,809 ) (231,909 ) Total SJI Consolidated Long-Term Debt (S) $ 1,140,364 $ 815,573 (A) Long-term debt maturities for SJI for the succeeding five years are as follows (in thousands): 2018: $63,809 ; 2019: $458,909 ; 2020: $67,909 ; 2021: $27,909 ; and 2022: $66,084 . Long-term debt maturities for SJG for the succeeding five years are as follows (in thousands): 2018: $63,809 ; 2019: $218,909 ; 2020: $17,909 ; 2021: $27,909 ; and 2022: $31,084 . (B) In January 2017, SJG entered into a Supplemental Indenture Amending and Restating First Mortgage Indenture (the “New Mortgage”), which amended and restated in its entirety that Indenture of Mortgage dated October 1, 1947. The New Mortgage 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 July 2017, SJG redeemed at maturity $15.0 million of 4.657% Medium Term Notes (MTN's). (D) SJG has $50.0 million of 3.00% MTN's, with $10.0 million due annually beginning September 2020 with the final payment due September 2024. (E) SJG has $35.0 million of 3.03% MTN's, with $7.0 million due annually beginning November 2020 with the final payment due November 2024. (F) SJG pays $0.9 million annually toward the principal amount of 3.63% MTN's, 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 $15.0 million of 4.84% MTN's, with $2.5 million due annually beginning March 2021 with the final payment due March 2026. (H) SJG has $45.0 million of 4.93% MTN's, with $7.5 million due annually beginning June 2021 with the final payment due June 2026. (I) SJG has $50.0 million of 4.01% MTN's with several due dates, as follows: $8.0 million each due November 2018 and 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% MTN's, with $3.175 million due annually beginning April 2022 with final payment due April 2032. (K) In January 2017, SJG issued $200.0 million aggregate principal amount of MTN's, Series E, 2017, due January 2047, with principal repayments beginning in 2025. The MTN's bear interest at an annual rate of 3.0% payable semiannually. Proceeds were used to pay down the $200.0 million multiple-draw term facility referenced in (M) below, which was set to expire in June 2017. (L) These variable rate demand bonds bear interest at a floating rate that resets weekly. The interest rate as of December 31, 2017 was 1.66% . Liquidity support on these bonds is provided under a separate letter of credit facility that expires in August 2018; as such, these bonds are recorded in current portion of long-term debt on the consolidated balance sheets. These bonds contain no financial covenants. (M) SJG had a $200.0 million multiple-draw term facility offered by a syndicate of banks which was set to expire in June 2017. The total amount outstanding under this facility at December 31, 2016 was $200.0 million , which was classified in current portion of long-term debt on the consolidated balance sheets as it was due within one year. This facility bore interest at a floating rate based on LIBOR plus a spread determined by SJG's credit ratings. In January 2017, this facility was paid down using the $200.0 million MTN's referenced in (K) above. In January 2017, SJG entered into an unsecured, $200.0 million multiple-draw term loan credit agreement ("Credit Agreement"), which is syndicated among seven banks. Term loans under the Credit Agreement bear interest at a variable base rate or a variable LIBOR rate, at SJG's election. Under the Credit Agreement, SJG can borrow up to an aggregate of $200.0 million until July 2018, of which SJG borrowed $200.0 million during 2017. All loans under the Credit Agreement become due in January 2019. (N) In May 2017, Marina voluntarily redeemed bonds issued by the New Jersey Economic Development Authority (NJEDA) in an aggregate principal amount of $61.4 million , as follows: Thermal Energy Facilities Revenue Bonds (Marina Energy LLC - 2001 Project) Series A ( $20.0 million ); Thermal Energy Facilities Federally Taxable Revenue Bonds (Marina Energy LLC - 2001 Project) Series B ( $25.0 million ); and Thermal Energy Facilities Revenue Bonds (Marina Energy LLC Project) Series 2006A ( $16.4 million ). In connection with the redemptions, separate related letter of credit reimbursement agreements were terminated (see Note 15). (O) In June 2017, SJI redeemed at maturity $16.0 million of 2.71% Senior Unsecured Notes. (P) In August 2017, SJI entered into a note purchase agreement that provides for the issuance of an aggregate of $100.0 million of MTNs. Pursuant to the agreement, SJI issued $50.0 million aggregate principal amount of MTNs, consisting of (a) $25.0 million aggregate principal amount of 3.22% Senior Notes, Series 2017A-1, due August 2024, and (b) $25.0 million aggregate principal amount of 3.46% Senior Notes, Series 2017B-1, due August 2027. SJI issued the remaining $50.0 million of MTNs in January 2018 (see Note 19). (Q) At December 31, 2017 , the floating rate on these Senior Notes was 3.01% . (R) At December 31, 2017 , the floating rate on this Term Loan was 2.29% . (S) Total SJI consolidated Long-Term Debt in the table above does not include unamortized debt issuance costs of $17.4 million and $7.6 million for the years ended December 31, 2017 and 2016 , respectively. Total SJG Long-Term Debt in the table above does not include unamortized debt issuance costs of $7.3 million and $6.0 million for the years ended December 31, 2017 and 2016 , respectively. In October 2017, SJI entered into a 364 -day, $2.6 billion syndicated, committed Bridge Facility to finance the acquisition of the assets of Elizabethtown Gas Company and Elkton Gas Company discussed in Note 1. In November 2017 and January 2018, as a result of amendments to various outstanding debt agreements, SJI reduced the bridge commitments to $1.7 billion , or the amount of the purchase price for the assets SJI agreed to acquire. SJI incurred $10.4 million of debt issuance costs, which, net of $2.6 million of amortization, are included in the unamortized debt issuance costs disclosed in (S) above. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: GAS SUPPLY CONTRACTS - In the normal course of business, SJG and SJRG 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. SJRG's cumulative obligation for demand charges and reservation fees paid to suppliers for these services is approximately $1.3 million per month. SJG's cumulative obligation for gas supply-related demand charges and reservation fees paid to suppliers for these services averages approximately $6.0 million per month and is recovered on a current basis through the BGSS. SJRG has also committed to purchase a minimum of 604,000 dts/d and up to 954,000 dts/d of natural gas, from various suppliers, for terms ranging from three to ten years at index based prices. PENDING LITIGATION - SJI and SJG are subject to claims arising in the ordinary course of business and other legal proceedings. SJI has been named in, among other actions, certain gas supply and capacity management contract disputes and certain product liability claims related to our former sand mining subsidiary. SJI is currently involved in a pricing dispute related to two long-term gas supply contracts. On May 8, 2017, a jury from the United States District Court for the District of Colorado returned a verdict in favor of the plaintiff supplier. On July 21, 2017, the court entered final judgment against SJG and SJRG. As a result of this ruling, SJG and SJRG have accrued $20.4 million and $53.6 million , respectively, through December 31, 2017. We believe that the amount to be paid by SJG reflects a gas cost that ultimately will be recovered from SJG’s customers through adjusted rates. As such, this amount was recorded as both an Accounts Payable and a reduction of Regulatory Liabilities on the consolidated balance sheets of both SJI and SJG as of December 31, 2017. The amount associated with SJRG was also recorded as an Accounts Payable on the consolidated balance sheets of SJI as of December 31, 2017, with charges of $49.6 million to Cost of Sales - Nonutility on the consolidated statements of income of SJI for the year ended December 31, 2017. SJI also recorded $4.0 million to Interest Charges on the consolidated statements of income for the year ended December 31, 2017. The plaintiff supplier filed a second related lawsuit against SJG and SJRG in the United States District Court for the District of Colorado on December 21, 2017, alleging that SJG and SJRG have continued to breach the gas supply contracts notwithstanding the judgment in the prior lawsuit. The plaintiff supplier is seeking recovery of the amounts disputed by SJI since the earlier judgment, and a declaration regarding the price under the disputed contracts going forward until the contracts terminate in October 2019. SJI moved to stay the second lawsuit pending resolution of the post-judgment motions in the first lawsuit and any appeal of that lawsuit. All legal reserves related to this second lawsuit are recorded as part of the accrued amounts disclosed above. SJI was involved in a dispute in the Court of Common Pleas of Philadelphia related to a three -year capacity management contract with a counterparty. The counterparty claimed that it was owed approximately $13.3 million , plus interest, from SJRG under a sharing credit within the contract. SJI settled with the counterparty for $9.5 million , which amount was recorded to Cost of Sales - Nonutility on SJI's consolidated statements of income for the year ended December 31, 2017. SJI made the payment in September 2017. SJI was also involved in a tariff rate dispute with a counterparty, whereby SJI contended that the counterparty was overcharging for storage demand charges over a ten-year period. In November 2017, SJI received a favorable decision from the FERC on this matter, which resulted in a total pre-tax income impact of $9.3 million . Of this amount, $7.4 million related to the actual overcharges and was recorded as a decrease to Cost of Sales - Nonutility on the consolidated statements of income for the year ended December 31, 2017. The remaining $1.9 million related to interest income and was recorded in Other Income on the consolidated statements of income for the year ended December 31, 2017. SJI received payment from the counterparty in November 2017. 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. For matters other than the disputes that are noted above, SJI has accrued approximately $3.0 million and $3.1 million related to all claims in the aggregate as of December 31, 2017 and 2016, respectively, of which SJG has accrued approximately $0.7 million and $0.6 million as of December 31, 2017 and 2016, respectively. Although SJI and SJG do not presently believe that these matters will have a material adverse effect on its business, given the inherent uncertainties in such situations, SJI and SJG can provide no assurance regarding the outcome of litigation. COLLECTIVE BARGAINING AGREEMENTS — Unionized personnel represent approximately 39% and 56% of SJI's and SJG's workforce at December 31, 2017 , respectively. SJI has collective bargaining agreements with unions that represent these employees: the International Brotherhood of Electrical Workers (IBEW) Local 1293 and the International Association of Machinists and Aerospace Workers (IAM) Local 76. SJG employees represented by the IBEW operate under a collective bargaining agreement that runs through February 2018, for which negotiations are still ongoing. SJG's remaining unionized employees are represented by the IAM and operate under a collective bargaining agreement that runs through August 2021. GUARANTEES - As of December 31, 2017 , 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, 2017 , these guarantees support future firm commitments of SJI's consolidated subsidiaries and $95.7 million of the Accounts Payable already recorded on SJI's consolidated balance sheet. As of December 31, 2017 , SJI had issued $6.0 million of parental guarantees on behalf of an unconsolidated subsidiary. These guarantees generally expire within the next two years and were issued to enable the subsidiary to market retail natural gas. STANDBY LETTERS OF CREDIT — As of December 31, 2017 , SJI provided $6.6 million of standby letters of credit through its revolving credit facility to enable SJE to market retail electricity and for various construction and operating activities. SJG provided a $0.8 million letter of credit under its revolving credit facility to support the remediation of environmental conditions at certain locations in SJG's service territory. SJG has provided $25.1 million of additional letters of credit under a separate facility outside of the revolving credit facility to support variable-rate demand bonds issued through the NJEDA to finance the expansion of SJG’s natural gas distribution system. In May 2017, Marina redeemed its variable-rate demand bonds and the related letters of credit reimbursement agreements, which totaled $62.3 million , were terminated (see Note 14). 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. 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. SJI successfully entered into settlements with all of its historic comprehensive general liability carriers regarding the environmental remediation expenditures at the SJG sites. Also, SJG had purchased a Cleanup Cost Cap Insurance Policy limiting the amount of remediation expenditures that SJG was required to make at 11 of its sites. This policy provided coverage up to $50.0 million , which was exhausted in 2012. Since the early 1980s, SJI accrued environmental remediation costs of $490.7 million , of which $317.9 million was spent as of December 31, 2017 . SJG accrued environmental remediation costs of $473.3 million . of which $301.6 million was spent as of December 31, 2017 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): 2017 2016 Beginning of Year $ 155,013 $ 126,623 Accruals 56,405 60,713 Expenditures (38,563 ) (32,323 ) End of Year $ 172,855 $ 155,013 SJG: 2017 2016 Beginning of Year $ 153,047 $ 123,194 Accruals 55,814 61,933 Expenditures (37,165 ) (32,080 ) End of Year $ 171,696 $ 153,047 The balances are segregated between current and noncurrent on the consolidated balance sheets under the captions Current Liabilities and Deferred Credits and Other Noncurrent Liabilities. Management estimates that undiscounted future costs to clean up SJG's sites will range from $171.7 million to $284.1 million . Six of SJG's sites comprise the majority of these estimates, the sum of the six sites range from a low of $158.2 million to a high of $275.7 million . SJG recorded the lower end of this range 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 remedy selection, regulatory approval of selected remedy and remedial investigative findings. The remediation efforts at SJG's six most significant sites include the following: Site 1 - Several interim remedial actions have been completed at the site. Steps remaining to remediate the balance of the site include selection of the remedial action, confirmation of regulatory compliance of the selected remedy, implementation of the approved remedy, long-term groundwater monitoring, and issuance of a Response Action Outcome. Site 2 - Various remedial investigation activities have been completed at this site and a final site remedy has been approved by the regulatory authority. The remedial action is underway and preparation for the next step is ongoing. Remaining steps to remediate the site include completion of the remedial action, long-term groundwater monitoring, and issuance of a Response Action Outcome. Site 3 - Various remedial investigation activities have been completed at this site and a final site remedy has been approved by the regulatory authority. Steps remaining to remediate the site include implementation of the approved remedy, long term groundwater monitoring, and issuance of a Response Action Outcome. 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 - Remedial investigation activities have been completed at this site and a final site remedy has been proposed to the regulatory authority. Steps remaining to remediate the site include approval of the final remedy, implementation of the approved remedy, and issuance of a Response Action Outcome. Site 6 - The remedial action to address impacted soil was completed in 2017. Steps remaining include long-term groundwater monitoring and issuance of a Response Action Outcome. With Morie's sale in 1996, EMI assumed responsibility for environmental liabilities currently estimated between $0.5 million and $1.0 million . The information available on these sites is sufficient only to establish a range of probable liability and no point within the range is more likely than any other. Therefore, EMI has accrued the lower end of the range. Changes in the accrual are included in the statements of consolidated income under Loss from Discontinued Operations. SJI and SJF estimate their potential exposure for the future remediation of five sites where fuel oil operations existed years ago to range from $0.6 million to $1.1 million . The lower end of this range has been recorded under Current Liabilities and Deferred Credits and Other Noncurrent Liabilities as of December 31, 2017 . ELIZABETHTOWN GAS AND ELKTON GAS PURCHASE AGREEMENTS — In connection with the acquisition of Elizabethtown Gas and Elkton Gas as disclosed in Note 1, the Company entered into purchase agreements with Pivotal Utility Holdings, Inc., a subsidiary of Southern Company Gas (the "Seller"). The purchase agreements provide that the Seller and/or the Company may terminate the purchase agreements under certain circumstances, including (i) by mutual written consent of the Company and the Seller; (ii) by either the Company or the Seller for certain breaches of the purchase agreements that are not cured; (iii) by either the Company or the Seller if the transactions are not consummated on or before the date that is 12 months following the date of the purchase agreements, subject to a three month extension in certain circumstances; or (iv) by the Company or the Seller if any governmental entity has issued an order, decree or ruling or taken any other action restraining, enjoining or otherwise prohibiting the transactions contemplated by the purchase agreements. If the purchase agreements are terminated under any of these circumstances, or approvals by the BPU or FERC are not obtained, the Company will be required to pay the Seller a termination fee of $80.5 million . |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
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. SJI and SJG use a variety of derivative instruments to limit this exposure to market risk in accordance with strict corporate guidelines. These derivative instruments include forward contracts, swap agreements, options contracts and futures contracts. As of December 31, 2017 , 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) 58.8 9.7 Expected future sales of natural gas (in MMdts) 60.3 0.7 Expected future purchases of electricity (in MMmWh) 2.6 — Expected future sales of electricity (in MMmWh) 2.1 — Basis and Index related net purchase (sales) contracts (in MMdts) 47.4 0.3 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 pre-tax (losses) gains were $(13.7) million , $26.9 million and $8.4 million for the years ended December 31, 2017 , 2016 and 2015, respectively. For SJG's contracts, the costs or benefits are recoverable through the BGSS clause, subject to BPU approval. As a result, the net unrealized pre-tax gains and losses for these energy-related commodity contracts are included with realized gains and losses in Regulatory Assets or Regulatory Liabilities on the consolidated balance sheets of both SJI and SJG. As of December 31, 2017 and 2016 , SJG had $2.1 million of unrealized losses and $4.4 million of unrealized gains, respectively, included in its BGSS 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. The retail gas operations of SJE transact commodities on a physical basis and typically does not directly enter into positions that financially settle. SJRG performs this risk management function for SJE and enters into the types of financial transactions noted above. The retail electric operations of SJE use forward physical and financial contracts to mitigate commodity price risk on fixed price electric contracts. 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. SJI, including SJG, has also entered into interest rate derivatives to hedge exposure to increasing interest rates and the impact of those rates on cash flows of variable-rate debt. These interest rate derivatives, some of which had been designated as hedging instruments under GAAP, are measured at fair value and recorded in Derivatives - Other on the consolidated balance sheets. Hedge accounting has been discontinued prospectively for these derivatives. As a result, any unrealized gains and losses on these derivatives, that were previously included in Accumulated Other Comprehensive Loss (AOCL) on the consolidated balance sheets, are being recorded in earnings over the remaining life of the derivative. In March 2017, SJI entered into a new interest rate derivative and amended the existing interest rate derivative linked to unrealized losses previously recorded in AOCL. SJI reclassified $2.4 million of pre-tax unrealized loss in AOCL to Interest Charges on the consolidated statements of income as a result of the prior hedged transactions being deemed probable of not occurring. For SJG interest rate derivatives, the fair value represents the amount SJG would have to pay the counterparty to terminate these contracts as of those dates. SJG previously used derivative transactions known as “Treasury Locks” to hedge against the impact on its cash flows of possible interest rate increases on debt issued in September 2005. The initial $1.4 million cost of the Treasury Locks has been included in AOCL and is being amortized over the 30 -year life of the associated debt issue. As of December 31, 2017 and December 31, 2016 , the unamortized balance was approximately $0.8 million and $0.9 million , respectively. As of December 31, 2017 , SJI's active interest rate swaps were as follows: Notional Amount Fixed Interest Rate Start Date Maturity Obligor $ 20,000,000 3.049% 3/15/2017 3/15/2027 SJI $ 20,000,000 3.049% 3/15/2017 3/15/2027 SJI $ 10,000,000 3.049% 3/15/2017 3/15/2027 SJI $ 12,500,000 3.530% 12/1/2006 2/1/2036 SJG $ 12,500,000 3.430% 12/1/2006 2/1/2036 SJG The unrealized gains and losses on interest rate derivatives that are not designated as cash flow hedges are included in Interest Charges. However, for selected interest rate derivatives at SJG, management believes that, subject to BPU approval, the market value upon termination can be recovered in rates and, therefore, these unrealized losses have been included in Other Regulatory Assets in the consolidated balance sheets. The fair values of all derivative instruments, as reflected in the consolidated balance sheets as of December 31, are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Derivatives not designated as hedging instruments under GAAP December 31, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Energy-related commodity contracts: Derivatives - Energy Related - Current $ 42,139 $ 46,938 $ 72,391 $ 60,082 Derivatives - Energy Related - Non-Current 5,988 6,025 8,502 4,540 Interest rate contracts: Derivatives - Other - Current 748 — 681 Derivatives - Other - Noncurrent 9,622 — 9,349 Total derivatives not designated as hedging instruments under GAAP $ 48,127 $ 63,333 $ 80,893 $ 74,652 Total Derivatives $ 48,127 $ 63,333 $ 80,893 $ 74,652 SJG: Derivatives not designated as hedging instruments under GAAP 2017 2016 Assets Liabilities Assets Liabilities Energy-related commodity contracts: Derivatives – Energy Related – Current $ 7,327 $ 9,270 $ 5,434 $ 1,372 Derivatives – Energy Related – Non-Current 5 170 373 — Interest rate contracts: Derivatives - Other - Current — 389 — 386 Derivatives - Other - Non-Current — 6,639 — 6,979 Total derivatives not designated as hedging instruments under GAAP 7,332 16,468 5,807 8,737 Total Derivatives $ 7,332 $ 16,468 $ 5,807 $ 8,737 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, 2017 and 2016 , information related to these offsetting arrangements were as follows (in thousands): As of December 31, 2017 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 $ 48,127 $ — $ 48,127 $ (24,849 ) (A) $ — $ 23,278 Derivatives - Energy Related Liabilities $ (52,963 ) $ — $ (52,963 ) $ 24,849 (B) $ 8,832 $ (19,282 ) Derivatives - Other $ (10,370 ) $ — $ (10,370 ) $ — $ — $ (10,370 ) SJG: Derivatives - Energy Related Assets $ 7,332 $ — $ 7,332 $ (208 ) (A) $ — $ 7,124 Derivatives - Energy Related Liabilities $ (9,440 ) $ — $ (9,440 ) $ 208 (B) $ 1,543 $ (7,689 ) Derivatives - Other $ (7,028 ) $ — $ (7,028 ) $ — $ — $ (7,028 ) As of December 31, 2016 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 $ 80,893 $ — $ 80,893 $ (38,809 ) (A) $ (3,474 ) $ 38,610 Derivatives - Energy Related Liabilities $ (64,622 ) $ — $ (64,622 ) $ 38,809 (B) $ — $ (25,813 ) Derivatives - Other $ (10,030 ) $ — $ (10,030 ) $ — $ — $ (10,030 ) SJG: Derivatives - Energy Related Assets $ 5,807 $ — $ 5,807 $ (6 ) (A) $ (3,587 ) $ 2,214 Derivatives - Energy Related Liabilities $ (1,372 ) $ — $ (1,372 ) $ 6 (B) $ — $ (1,366 ) Derivatives - Other $ (7,365 ) $ — $ (7,365 ) $ — $ — $ (7,365 ) (A) The balances at December 31, 2017 and 2016 were related to derivative liabilities which can be net settled against derivative assets. (B) The balances at December 31, 2017 and 2016 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 in Cash Flow Hedging Relationships under GAAP 2017 2016 2015 SJI (includes SJG and all other consolidated subsidiaries): Interest Rate Contracts: Losses reclassified from AOCL into income (a) $ (2,524 ) $ (333 ) $ (551 ) SJG: Interest Rate Contracts: Losses reclassified from AOCL into income (a) $ (46 ) $ (46 ) (46 ) (a) Included in Interest Charges Derivatives Not Designated as Hedging Instruments under GAAP 2017 2016 2015 SJI (no balances for SJG; includes all other consolidated subsidiaries): (Losses) gains on energy-related commodity contracts (a) $ (13,667 ) $ 26,935 $ 8,401 (Losses) gains on interest rate contracts (b) (677 ) 647 96 Total $ (14,344 ) $ 27,582 $ 8,497 (a) Included in Operating Revenues - Nonutility (b) Included in Interest Charges Net realized gains (losses) associated with SJG’s energy-related financial commodity contracts of $0.7 million , $(3.0) million and $(9.1) million for the years ended 2017 , 2016 and 2015 , respectively, are not included in the above table. These contracts are part of SJG’s regulated risk management activities that serve to mitigate BGSS costs passed on to its customers. As these transactions are entered into pursuant to, and recoverable through, regulatory riders, any changes in the value of SJG’s energy-related financial commodity contracts are deferred in Regulatory Assets or Liabilities, as applicable, and there is no impact on earnings. Certain of the Company’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 the Company. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position on December 31, 2017 , is $1.5 million . If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2017 , the Company would have been required to settle the instruments immediately or post collateral to its counterparties of approximately $0.6 million after offsetting asset positions with the same counterparties under master netting arrangements. |
FAIR VALUE OF FINANCIAL ASSETS
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Total Level 1 Level 2 Level 3 Assets SJI (includes SJG and all other consolidated subsidiaries): Available-for-Sale Securities (A) $ 36 $ 36 $ — $ — Derivatives – Energy Related Assets (B) 48,127 5,155 21,869 21,103 $ 48,163 $ 5,191 $ 21,869 $ 21,103 SJG: Assets Derivatives – Energy Related Assets (B) $ 7,332 $ 208 $ 230 $ 6,894 $ 7,332 $ 208 $ 230 $ 6,894 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 52,963 $ 10,687 $ 24,283 $ 17,993 Derivatives – Other (C) 10,370 — 10,370 — $ 63,333 $ 10,687 $ 34,653 $ 17,993 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 9,440 $ 1,750 $ 2,848 $ 4,842 Derivatives – Other (C) 7,028 — 7,028 — $ 16,468 $ 1,750 $ 9,876 $ 4,842 As of December 31, 2016 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) 80,893 33,994 11,814 35,085 $ 80,925 $ 34,026 $ 11,814 $ 35,085 SJG: Assets Derivatives – Energy Related Assets (B) $ 5,807 $ 4,767 $ — $ 1,040 $ 5,807 $ 4,767 $ — $ 1,040 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 64,622 $ 16,502 $ 22,070 $ 26,050 Derivatives – Other (C) 10,030 — 10,030 — $ 74,652 $ 16,502 $ 32,100 $ 26,050 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 1,372 $ 6 $ 1,252 $ 114 Derivatives – Other (C) 7,365 — 7,365 — $ 8,737 $ 6 $ 8,617 $ 114 (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. The remaining securities consist of funds that are not publicly traded. These funds, which consist of stocks and bonds that are traded individually in active markets, are valued using quoted prices for similar assets and are categorized in Level 2 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. 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 as the model inputs generally are not observable. Significant Unobservable Inputs - 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 mark-to-market valuations 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. Level 3 valuation methods for natural gas derivative contracts include utilizing another location in close proximity adjusted for certain pipeline charges to derive a basis value. The significant unobservable inputs used in the fair value measurement of certain natural gas contracts consist of forward prices developed based on industry-standard methodologies. Significant increases (decreases) in these forward prices for purchases of natural gas would result in a directionally similar impact to the fair value measurement and for sales of natural gas would result in a directionally opposite impact to the fair value measurement. Level 3 valuation methods for electric represent the value of the contract marked to the forward wholesale curve, as provided by daily exchange quotes for delivered electricity. The significant unobservable inputs used in the fair value measurement of electric contracts consist of fixed contracted electric load profiles; therefore no change in unobservable inputs would occur. Unobservable inputs are updated daily using industry-standard techniques. Management reviews and corroborates the price quotations to ensure the prices are observable which includes consideration of actual transaction volumes, market delivery points, bid-ask spreads and contract duration. (C) Derivatives – Other 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. 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, 2017 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 13,519 $ 15,686 Discounted Cash Flow Forward price (per dt) $1.79 - $12.09 [$3.01] (A) Forward Contract - Electric $ 7,584 $ 2,307 Discounted Cash Flow Fixed electric load profile (on-peak) 36.36% - 100.00% [53.39%] (B) Fixed electric load profile (off-peak) 0.00% - 63.64% [46.61%] (B) Type Fair Value at December 31, 2016 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 23,301 $ 18,109 Discounted Cash Flow Forward price (per dt) $1.03 - $11.33 [$2.71] (A) Forward Contract - Electric $ 11,784 $ 7,941 Discounted Cash Flow Fixed electric load profile (on-peak) 21.43% - 100.00% [55.14%] (B) Fixed electric load profile (off-peak) 0.00% - 78.57% [44.86%] (B) SJG: Type Fair Value at December 31, 2017 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 6,894 $ 4,842 Discounted Cash Flow Forward price (per dt) $2.42 - $6.67 [$5.25] (A) Type Fair Value at December 31, 2016 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 1,040 $ 114 Discounted Cash Flow Forward price (per dt) $3.25 - $6.33 [$5.09] (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 at December 31, 2017 and 2016 , using significant unobservable inputs (Level 3), are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Year Ended December 31, 2017 Balance at January 1, 2017 $ 9,035 Other changes in fair value from continuing and new contracts, net 1,857 Transfers in to/(out of) of Level 3 (A) (954 ) Settlements (6,828 ) Balance at December 31, 2017 $ 3,110 Year Ended December 31, 2016 Balance at January 1, 2016 $ (632 ) Other changes in fair value from continuing and new contracts, net 5,657 Transfers in to/(out of) of Level 3 (A) 4,116 Settlements (106 ) Balance at December 31, 2016 $ 9,035 SJG: Year Ended December 31, 2017 Balance at January 1, 2017 $ 926 Other changes in fair value from continuing and new contracts, net 2,258 Transfers in to/(out of) of Level 3 (A) (206 ) Settlements (926 ) Balance at December 31, 2017 $ 2,052 Year Ended December 31, 2016 Balance at January 1, 2016 $ 183 Other changes in fair value from continuing and new contracts, net 926 Settlements (183 ) Balance at December 31, 2016 $ 926 (A) Transfers between different levels of the fair value hierarchy may occur based on the level of observable inputs used to value the instruments from period to period, and are assessed quarterly by management. During the year ended December 31, 2017 , $1.0 million and $0.2 million of SJI's and SJG's net derivative assets, respectively, were transferred from Level 3 to Level 2, due to increased observability of market data. During the year ended December 31, 2016, $4.1 million of SJI's net derivative assets were transferred from Level 2 to Level 3, due to decreased observability of market data. Total gains for 2017 included in earnings for the year ended December 31, 2017 that are attributable to the change in unrealized gains relating to those assets and liabilities included in Level 3 still held as of December 31, 2017 , are $1.9 million . These gains are included in Operating Revenues-Nonutility on the statements of consolidated income. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) | ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL): The following table summarizes the changes in SJI's AOCL for the year ended December 31, 2017 (in thousands): Postretirement Liability Adjustment (A) Unrealized Gain (Loss) on Derivatives-Other (B) Unrealized Gain (Loss) on Available-for-Sale Securities (B) Other Comprehensive Income (Loss) of Affiliated Companies (B) Total Balance at January 1, 2017 $ (25,342 ) $ (1,932 ) $ (10 ) $ (97 ) $ (27,381 ) Other comprehensive income before reclassifications (10,920 ) — — — (10,920 ) Amounts reclassified from AOCL (C) — 1,536 — — 1,536 Net current period other comprehensive income (10,920 ) 1,536 — — (9,384 ) Balance at December 31, 2017 $ (36,262 ) $ (396 ) $ (10 ) $ (97 ) $ (36,765 ) (A) Determined using a combined average statutory tax rate of 27% for 2017. (B) Determined using a combined average statutory tax rate of 39% for 2017. (C) See table below. The following table provides details about reclassifications out of SJI's AOCL for the year ended December 31, 2017 (in thousands): Amounts Reclassified from AOCL Affected Line Item in the Statements of Consolidated Income For the Year Ended December 31, 2017 Unrealized Loss on Derivatives-Other - interest rate contracts designated as cash flow hedges $ 2,524 Interest Charges Income Taxes (988 ) Income Taxes (a) $ 1,536 (a) Determined using a combined average statutory tax rate of 39% . The following table summarizes the changes in SJG's AOCL for the year ended December 31, 2017 (in thousands): Postretirement Liability Adjustment (A) Unrealized Gain (Loss) on Derivatives-Other (B) Total Balance at January 1, 2017 (14,417 ) (517 ) $ (14,934 ) Other comprehensive loss before reclassifications (11,090 ) — (11,090 ) Amounts reclassified from AOCL (C) — 27 27 Net current period other comprehensive loss (11,090 ) 27 (11,063 ) Balance at December 31, 2017 $ (25,507 ) $ (490 ) $ (25,997 ) (A) Determined using a combined average statutory tax rate of 27% for 2017. (B) Determined using a combined average statutory tax rate of 39% for 2017. (C) See table below. The following table provides details about reclassifications out of SJG's AOCL for the year ended December 31, 2017 (in thousands): Components of AOCL Amounts Reclassified from AOCL Affected Line Item in the Statements of Income For the Year Ended December 31, 2017 Unrealized Loss on Derivatives-Other - Interest Rate Contracts designated as cash flow hedges $ 46 Interest Charges Income Taxes (19 ) Income Taxes (a) $ 27 (a) Determined using a combined average statutory tax rate of 39% . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS: In January 2018, SJI issued the following MTN's: (a) $25.0 million aggregate principal amount of 3.32% Senior Notes, Series 2017A-2, due January 2025 and (b) $25.0 million aggregate principal amount of 3.56% Senior Notes, Series 2017B-2, due January 2028. In January 2018, the BPU issued an Order directing the New Jersey utilities, including SJG, to submit filings by March 2, 2018, proposing the prospective change in rates as a result of Tax Reform, the method to return to customers the rate difference from January 1, 2018 through the effective date of the rate change, and the method by which the excess deferred taxes will be returned to customers. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) (Summarized quarterly results of SJI's and SJG's operations, in thousands except for per share amounts) 2017 Quarter Ended 2016 Quarter Ended SJI (includes SJG and all other consolidated subsidiaries): March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Operating Revenues $ 425,829 $ 244,374 $ 227,127 $ 345,738 $ 333,035 $ 154,402 $ 219,082 $ 329,981 Expenses: Cost of Sales - (Excluding depreciation) 287,143 179,684 168,815 210,585 152,975 98,340 142,988 186,684 Operations, Impairment Charges and Maintenance Including Fixed Charges 85,675 78,681 122,617 152,990 73,042 71,034 69,410 77,858 Income Taxes 21,870 (5,544 ) (24,765 ) (16,498 ) 39,267 (7,189 ) 2,807 19,266 Energy and Other Taxes 2,071 1,551 1,517 1,348 1,925 1,243 1,449 1,725 Total Expenses 396,759 254,372 268,184 348,425 267,209 163,428 216,654 285,533 Other Income and Expense 8,677 2,386 3,509 6,696 2,361 4,228 7,236 1,560 Income (Loss) from Continuing Operations 37,747 (7,612 ) (37,548 ) 4,009 68,187 (4,798 ) 9,664 46,008 Loss from Discontinued Operations - (Net of tax benefit) (30 ) (47 ) (45 ) 36 (118 ) (29 ) (29 ) (75 ) Net Income (Loss) $ 37,717 $ (7,659 ) $ (37,593 ) $ 4,045 $ 68,069 $ (4,827 ) $ 9,635 $ 45,933 Basic Earnings Per Common Share: Continuing Operations $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.96 $ (0.06 ) $ 0.12 $ 0.58 Discontinued Operations — — — — — — — — Basic Earnings Per Common Share $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.96 $ (0.06 ) $ 0.12 $ 0.58 Average Shares of Common Stock Outstanding - Basic 79,519 79,534 79,539 79,549 71,127 75,298 79,478 79,478 Diluted Earnings Per Common Share: Continuing Operations $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.95 $ (0.06 ) $ 0.12 $ 0.58 Discontinued Operations — — — — — — — — Diluted Earnings Per Common Share $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.95 $ (0.06 ) $ 0.12 $ 0.58 Average Shares of Common Stock Outstanding - Diluted 79,641 79,670 79,539 79,705 71,416 75,298 79,635 79,643 2017 Quarter Ended 2016 Quarter Ended SJG: March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Operating Revenues $ 196,814 $ 83,251 $ 66,755 $ 170,434 $ 187,766 $ 68,762 $ 62,025 $ 142,502 Expenses: Cost of Sales (excluding depreciation) 72,424 33,644 29,499 68,865 69,303 19,997 26,395 58,695 Operations and Maintenance Including Fixed Charges 48,327 46,656 47,456 54,872 46,450 42,826 41,303 47,886 Income Taxes 29,911 1,431 (3,688 ) 18,046 27,404 1,415 (2,007 ) 12,554 Energy and Other Taxes 1,295 872 865 697 1,027 560 838 1,195 Total Expenses 151,957 82,603 74,132 142,480 144,184 64,798 66,529 120,330 Other Income and Expense 1,621 1,618 1,606 1,630 836 1,079 1,189 727 Net Income (Loss) $ 46,478 $ 2,266 $ (5,771 ) $ 29,584 $ 44,418 $ 5,043 $ (3,315 ) $ 22,899 The sum of the quarters for basic and diluted earnings per common share for 2016 does not equal the year's total due to the impact of the equity offering on the average shares of common stock outstanding (see Note 6). The sum of the quarters for basic and diluted earnings per common share may not equal the year's total due to rounding. NOTE: Because of the seasonal nature of the business and the volatility from energy-related derivatives, statements for the 3-month periods are not indicative of the results for a full year. |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I | SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED STATEMENTS OF INCOME (In Thousands) 2017 2016 2015 Management Service Fee Revenues $ 34,321 $ 25,463 $ 20,990 Operating Expenses: Operations 45,182 23,852 17,979 Depreciation 311 377 406 Energy and Other Taxes 1,324 1,033 806 Total Operating Expenses 46,817 25,262 19,191 Operating (Loss) Income (12,496 ) 201 1,799 Other Income: Equity in (Losses) Earnings of Subsidiaries (See Note 1) (2,793 ) 119,061 105,610 Other 16,752 11,953 10,145 Total Other Income 13,959 131,014 115,755 Interest Charges 23,818 12,148 11,822 Income Taxes (18,951 ) 6 122 (Loss) Income from Continuing Operations (3,404 ) 119,061 105,610 Equity in Undistributed Earnings of Discontinued Operations (86 ) (251 ) (503 ) Net (Loss) Income $ (3,490 ) $ 118,810 $ 105,107 SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands) 2017 2016 2015 Net (Loss) Income $ (3,490 ) $ 118,810 $ 105,107 Other Comprehensive Income (Loss) - Net of Tax Postretirement Liability Adjustment (A) (10,920 ) (3,197 ) 5,518 Unrealized Gain (Loss) on Available-for-Sale Securities (B) — 118 (53 ) Unrealized Gain on Derivatives - Other (B) 1,536 197 294 Total Other Comprehensive (Loss) Income - Net of Tax (9,384 ) (2,882 ) 5,759 Comprehensive (Loss) Income $ (12,874 ) $ 115,928 $ 110,866 (A) Determined using a combined average statutory tax rate of 27% for 2017 and 40% for 2016 and 2015. (B) Determined using a combined average statutory tax rate of 39% for 2017 and 40% for 2016 and 2015. SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED STATEMENTS OF RETAINED EARNINGS (In Thousands) 2017 2016 2015 Retained Earnings - Beginning $ 510,597 $ 474,167 $ 439,218 Net (Loss) Income (3,490 ) 118,810 105,107 507,107 592,977 544,325 Dividends Declared - Common Stock (87,308 ) (82,380 ) (70,158 ) Excess Tax Benefit on Restricted Stock 552 — — Retained Earnings - Ending $ 420,351 $ 510,597 $ 474,167 SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED STATEMENTS OF CASH FLOWS FOR THE TWELVE MONTHS ENDED DECEMBER 31, (In Thousands) 2017 2016 2015 CASH PROVIDED BY OPERATING ACTIVITIES (See Note 1) $ 17,339 $ 20,507 $ 38,926 CASH FLOWS FROM INVESTING ACTIVITIES: Net (Advances to) Repayments from Associated Companies (16,096 ) 32,300 (118,802 ) Capital Expenditures (801 ) (345 ) (150 ) Purchase of Company Owned Life Insurance (9,180 ) (2,398 ) (2,328 ) Investment in Affiliate (40,000 ) (65,000 ) — Net Cash Used in Investing Activities (66,077 ) (35,443 ) (121,280 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Issuance of Long Term Debt 50,000 — 50,000 Principal Repayments of Long Term Debt (16,000 ) — (114,000 ) Payments for Issuance of Long Term Debt (12,174 ) (84 ) (55 ) Net Borrowings from (Repayments of) Short-Term Credit Facilities 102,600 (105,500 ) 153,000 Dividends on Common Stock (87,308 ) (82,380 ) (70,158 ) Net Settlement of Restricted Stock (See Note 1) (751 ) (387 ) (333 ) Proceeds from Sale of Common Stock — 214,426 63,192 Net Cash Provided by Financing Activities 36,367 26,075 81,646 Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (12,371 ) 11,139 (708 ) Cash, Cash Equivalents and Restricted Cash at Beginning of Year 12,847 1,708 2,416 Cash, Cash Equivalents and Restricted Cash at End of Year $ 476 $ 12,847 $ 1,708 SCHEDULE I - SOUTH JERSEY INDUSTRIES, INC. CONDENSED BALANCE SHEETS (In Thousands) 2017 2016 Assets Property Plant and Equipment: Nonutility Property, Plant and Equipment, at cost $ 3,318 $ 2,685 Accumulated Depreciation (2,194 ) (2,026 ) Property, Plant and Equipment - Net 1,124 659 Investments: Investments in Subsidiaries 1,209,308 1,233,856 Available-for-Sale Securities 36 32 Total Investments 1,209,344 1,233,888 Current Assets: Cash and Cash Equivalents 476 12,847 Receivable from Associated Companies 636,327 550,227 Accounts Receivable 52 49 Other 5,017 — Total Current Assets 641,872 563,123 Other Noncurrent Assets 50,735 44,974 Total Assets $ 1,903,075 $ 1,842,644 Capitalization and Liabilities Equity: Common Stock SJI Par Value $1.25 a share Authorized - 120,000,000 shares Outstanding Shares - 79,549,080 (2017) and 79,478,055 (2016) $ 99,436 $ 99,347 Premium on Common Stock 709,658 706,943 Treasury Stock (at par) (271 ) (266 ) Accumulated Other Comprehensive Loss (36,765 ) (27,381 ) Retained Earnings 420,351 510,597 Total Equity 1,192,409 1,289,240 Long-Term Debt 364,946 323,971 Current Liabilities: Notes Payable - Banks 294,400 191,800 Current Portion of Long-Term Debt — 16,000 Payable to Associated Companies 404 382 Accounts Payable 17,316 211 Other Current Liabilities 7,763 7,707 Total Current Liabilities 319,883 216,100 Other Noncurrent Liabilities 25,837 13,333 Total Capitalization and Liabilities $ 1,903,075 $ 1,842,644 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. Certain reclassifications have been made to SJI's prior period condensed statements of cash flows to conform to the current period presentation. Cash paid by an employer when directly withholding shares for tax-withholding purposes is now classified as a financing activity in the condensed statements of cash flows to conform to ASU 2016-09, which is described under "New Accounting Pronouncements" in Note 1 to the consolidated financial statements. This caused SJI's prior period Cash Flows Provided by Operating Activities to increase by $0.4 million and $0.3 million for 2016 and 2015, respectively, and Net Cash Flows from Financing Activities to decrease by the same amount. Dividends received from subsidiaries were $20.0 million and $40.8 million for 2017 and 2015, respectively. Dividends were not received from subsidiaries in 2016. The following table provides a reconciliation between SJI's equity in earnings from its subsidiaries to total income from continuing operations (in thousands): Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Equity in (Losses) Earnings of Subsidiaries $ (2,793 ) $ 119,061 $ 105,610 Acquisition Costs, net of tax (A) (12,031 ) — — Impact of Tax Adjustments (B) 11,420 — — (Loss) Income From Continuing Operations $ (3,404 ) $ 119,061 $ 105,610 (A) Represents costs incurred on the agreement to acquire the assets of Elizabethtown Gas and Elkton Gas (see Note 1 to the consolidated financial statements). (B) Represents one-time tax adjustments, most notably for Tax Reform, which was signed into law in December 2017. See Note 4 to the consolidated financial statements. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SOUTH JERSEY INDUSTRIES, INC. AND SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In Thousands) Col. A Col. B Col. C Col. D Col. E Additions Classification Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts - Describe (a) Deductions - Describe (b) Balance at End of Period Provision for Uncollectible Accounts for the Year Ended December 31, 2017 $ 12,744 $ 6,949 $ (394 ) $ 5,311 $ 13,988 Provision for Uncollectible Accounts for the Year Ended December 31, 2016 $ 10,252 $ 6,907 $ (47 ) $ 4,368 $ 12,744 Provision for Uncollectible Accounts for the Year Ended December 31, 2015 $ 7,910 $ 14,730 $ (79 ) $ 12,309 $ 10,252 SOUTH JERSEY GAS COMPANY SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In Thousands) Col. A Col. B Col. C Col. D Col. E Additions Classification Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts - Describe (a) Deductions - Describe (b) Balance at End of Period Provision for Uncollectible Accounts for the Year Ended December 31, 2017 $ 12,570 $ 6,949 $ (394 ) $ 5,326 $ 13,799 Provision for Uncollectible Accounts for the Year Ended December 31, 2016 $ 9,778 $ 6,993 $ (47 ) $ 4,154 $ 12,570 Provision for Uncollectible Accounts for the Year Ended December 31, 2015 $ 6,601 $ 14,689 $ (235 ) $ 11,277 $ 9,778 (a) Recoveries of accounts previously written off and minor adjustments. (b) Uncollectible accounts written off. |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
GENERAL | GENERAL - South Jersey Industries, Inc. (SJI or the Company) currently provides a variety of energy-related products and services primarily through the following wholly-owned subsidiaries: ▪ South Jersey Gas Company (SJG) is a regulated natural gas utility. SJG distributes natural gas in the seven southernmost counties of New Jersey. ▪ South Jersey Energy Company (SJE) acquires and markets natural gas and electricity to retail end users and provides total energy management services to commercial, industrial and residential customers. ▪ South Jersey Resources Group, LLC (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. ▪ South Jersey Exploration, LLC (SJEX) owns oil, gas and mineral rights in the Marcellus Shale region of Pennsylvania. ▪ Marina Energy, LLC (Marina) develops and operates on-site energy-related projects. It currently operates projects in New Jersey, Maryland, Massachusetts and Vermont. The significant wholly-owned subsidiaries of Marina include: • ACB Energy Partners, LLC (ACB) owns and operates a natural gas fueled combined heating, cooling and power facility located in Atlantic City, New Jersey. • AC Landfill Energy, LLC (ACLE), BC Landfill Energy, LLC (BCLE), SC Landfill Energy, LLC (SCLE) and SX Landfill Energy, LLC (SXLE) own and operate landfill gas-to-energy production facilities in Atlantic, Burlington, Salem and Sussex Counties in New Jersey. • MCS Energy Partners, LLC (MCS), NBS Energy Partners, LLC (NBS) and SBS Energy Partners, LLC (SBS) own and operate solar-generation sites located in New Jersey. ▪ South Jersey Energy Service Plus, LLC (SJESP) serviced residential and small commercial HVAC systems, installed small commercial HVAC systems, provided plumbing services and serviced appliances under warranty via a subcontractor arrangement as well as on a time and materials basis. On September 1, 2017, SJESP sold certain assets of its residential and small commercial HVAC and plumbing business to a third party. SJESP will receive commissions paid on service contracts from the third party on a go forward basis. This transaction did not have a material impact on the consolidated financial statements. • SJI Midstream, LLC (Midstream) invests in infrastructure and other midstream projects, including a current project to build an approximately 118 -mile natural gas pipeline in Pennsylvania and New Jersey. In October 2017, SJI announced that it had entered into agreements to acquire the assets of Elizabethtown Gas and Elkton Gas from Pivotal Utility Holdings, Inc., a subsidiary of Southern Company Gas. SJI is acquiring the assets of both companies for total consideration of $1.7 billion . The transaction is expected to close in mid-2018, and is subject to approvals by the New Jersey Board of Public Utilities (BPU) and the Maryland Public Service Commission (PSC), with limited approvals also required from the Federal Energy Regulatory Commission (FERC) and the Federal Communications Commission (FCC), as well as certain anti-trust filings and approvals. In connection with the acquisition, SJI has incurred total fees of $27.4 million during the year ended December 31, 2017. Of these fees, $14.5 million were related to consulting and legal expenses and recorded as Operating Expenses in the statements of consolidated income for the year ended December 31, 2017. The remaining $12.9 million relates to a 364 -day, $2.6 billion senior unsecured bridge facility (the “Bridge Facility”), which was entered into in the fourth quarter of 2017 (see Note 14). Debt issuance costs associated with the Facility totaled $10.4 million and are being amortized over the term of the Facility, with $2.6 million amortized to interest expense in 2017. Also incurred is $2.5 million of ticking fees which are also recorded as interest expense for the year ended December 31, 2017. The interest expenses noted above are recorded in Interest Charges in the statements of consolidated income. All of the above costs are included in the Corporate & Services segment. |
BASIS OF PRESENTATION | BASIS OF PRESENTATION - The consolidated financial statements include the accounts of SJI, its wholly-owned subsidiaries and subsidiaries in which SJI has a controlling interest. SJI eliminates all significant intercompany accounts and transactions. In management's opinion, the consolidated financial statements reflect all normal and recurring adjustments needed to fairly present SJI's financial position, operating results and cash flows at the dates and for the periods presented. |
RECLASSIFICATIONS | Certain reclassifications have been made to SJI's and SJG's prior period consolidated statements of cash flows to conform to the current period presentation. Restricted cash is now combined with cash and cash equivalents when reconciling the beginning and end of period balances on the consolidated statements of cash flows of SJI, as well as the statements of cash flows for SJG, to conform to ASU 2016-18, which is described below under "New Accounting Pronouncements." This combination of restricted cash and cash and cash equivalents caused Cash Flows from Investing Activities for both SJI and SJG to be adjusted in order to add restricted cash obtained through an acquisition (SJI only), as well as to remove items relating to capital expenditures and proceeds from restricted investments (SJI only), as well as the sale of restricted investments in a margin account and from escrowed loan proceeds (SJI and SJG). Certain reclassifications have been made to SJI's prior period consolidated statements of cash flows to conform to the current period presentation. Cash paid by an employer when directly withholding shares for tax-withholding purposes is now classified as a financing activity in the consolidated statements of cash flows to conform to ASU 2016-09, which is described below under "New Accounting Pronouncements." This caused SJI's prior period Cash Flows Provided by Operating Activities (Other Assets and Liabilities) to increase by $0.4 million and $0.3 million for 2016 and 2015, respectively, and Net Cash Flows from Financing Activities (Net Settlement of Restricted Stock) to decrease by the same amount. |
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 Accumulated Other Comprehensive Loss. 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. 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. We include the operations of these affiliated companies on a pre-tax basis in the statements of consolidated income under Equity in Earnings (Loss) of Affiliated Companies (see Note 3). An impairment loss is recorded when there is clear evidence that a decline in value is other than temporary. |
ESTIMATES AND ASSUMPTIONS | ESTIMATES AND ASSUMPTIONS - We prepare our consolidated financial statements to conform with accounting principles generally accepted in the United States of America (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, pension and other postretirement benefit costs, and revenue recognition. |
REGULATION | REGULATION - SJG is subject to the rules and regulations of the New Jersey Board of Public Utilities (BPU). See Note 10 for a detailed discussion of SJG's rate structure and regulatory actions. SJG maintains its accounts according to the BPU's prescribed Uniform System of Accounts. SJG follows the accounting for regulated enterprises prescribed by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 980 -”Regulated Operations.” In general, Topic 980 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 a detailed discussion of regulatory assets and liabilities. |
OPERATING REVENUES | OPERATING REVENUES - Gas and electric revenues are recognized in the period the commodity is delivered to customers. For SJG and SJE retail customers 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. SJRG's gas revenues are recognized in the period the commodity is delivered. Realized and unrealized gains and losses on energy-related derivative instruments are also recognized in operating revenues for SJRG. 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. We recognize revenues on commissions received related to SJESP appliance service contracts from a third party on a monthly basis as these commissions are earned. Marina recognizes revenue on a monthly basis as services are provided, as lease income is earned, and for on-site energy production that is delivered to its customers. |
REVENUE-BASED TAXES | REVENUE-BASED TAXES — SJG collects certain revenue-based energy taxes from its customers. Such taxes include New Jersey State Sales Tax and Public Utilities Assessment (PUA). State sales tax is recorded as a liability when billed to customers and is not included in revenue or operating expenses. |
ACCOUNTS RECEIVABLE AND PROVISION FOR UNCOLLETIBLE ACCOUNTS | ACCOUNTS RECEIVABLE AND PROVISION FOR UNCOLLECTIBLE ACCOUNTS - Accounts receivable are carried at the amount owed by customers. A provision for uncollectible accounts is established based on our collection experience and an assessment of the collectibility of specific accounts. |
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. |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS - The amounts included under Asset Retirement Obligations (ARO) are primarily related to the legal obligations SJI has 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. The related asset retirement cost is capitalized concurrently by increasing the carrying amount of the related asset by the same amount as the liability. 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 SJG's cost if the assets were acquired from another regulated 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 depreciable utility property was approximately 2.2% in each of 2017 , 2016 and 2015 . 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. Nonutility property depreciation is computed on a straight-line basis over the estimated useful lives of the property, ranging up to 50 years. Gain or loss on the disposition of nonutility property is recognized in operating income. |
CAPITALIZED INTEREST | CAPITALIZED INTEREST - SJG capitalizes interest on construction at the rate of return on the rate base utilized by the BPU to set rates in SJG's last base rate proceeding. For SJG's accelerated infrastructure programs, SJG capitalizes interest on construction at a rate prescribed by the programs (see Note 10), and amounts are included in Utility Plant on the consolidated balance sheets. Marina and Midstream capitalize interest on capital projects in progress based on the actual cost of borrowed funds, and amounts are included in Nonutility Property and Equipment on the consolidated balance sheets. Interest Charges are presented net of capitalized interest on the statements of consolidated income. |
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. An impairment loss is indicated if the total future estimated 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 by a variety of valuation methods, including third-party appraisals, sales prices of similar assets, and present value techniques. In 2017 , SJI had reason to believe that, due to a significant decline in the market prices of Maryland solar renewable energy credits (SRECs), combined with an increase of operating expenses, the full carrying value of SJI’s Maryland solar facilities may not be recoverable. As a result, SJI performed an impairment test on the respective assets which led to an impairment charge of $43.9 million . Also, during the fourth quarter of 2017, as the Company updated its estimated future cash flows for the rest of its solar portfolio, the Company determined that the expected future undiscounted cash flows for certain individual solar facilities were below their carrying value and the assets were considered impaired. As a result, SJI recorded an additional impairment charge of $27.4 million in 2017. The fair values of the impaired solar facilities were determined using an income approach by applying a discounted cash flow methodology to the future estimated cash flows, which were Level 3 fair value measurements. The key inputs to the methodology were forecasted SREC and electric revenues, operating expenses, salvage values, and discount rates. Also in the fourth quarter of 2017 , SJI observed its landfill gas-to-energy (LFGTE) assets were incurring continuing cash flow losses specifically due to larger than expected decreases in electric generation and increasing operating expenses, and as a result had reason to believe the carrying value of these assets may no longer be recoverable. As a result, SJI performed an impairment test on the respective assets which led to an impairment charge of $16.5 million . The fair values of the LFGTE assets were determined using a combination of market and cost approaches, which considers similar market transactions that are specific to the LFGTE assets. The cost and market approaches used are deemed Level 3 fair value measurements. For the year ended December 31, 2017 , SJI had total long-lived asset impairment charges (pre-tax) of $87.8 million . These impairment charges are recorded within Impairment Charges on the consolidated statements of income and are included within the On-Site Energy Production segment. No impairments on long-lived assets were identified at SJG for the year ended December 31, 2017 . For the years ended December 31, 2016 and 2015 , no impairments on long-lived assets were identified at SJI or SJG. See Note 17 for further information on Fair Value methodology. Marina’s solar energy projects rely on returns from electricity and SRECs. A further decrease in the value of electricity and SRECs due to market conditions and/or legislative changes may negatively impact Marina's return on its investments as well as lead to impairment of the respective assets. |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS - SJI accounts for derivative instruments in accordance with FASB ASC Topic 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. We currently have no fair value hedges. If the derivative is designated as a cash flow hedge, we record the effective portion of the hedge in Accumulated Other Comprehensive Loss (AOCL) and recognize it in the income statement when the hedged item affects earnings. We recognize ineffective portions of the cash flow hedges immediately in earnings. We currently have no 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 FASB ASC Topic 980, gains and losses on derivatives related to SJG's gas purchases are recorded through the Basic Gas Supply Service (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. |
GAS EXPLORATION AND DEVELOPMENT | GAS EXPLORATION AND DEVELOPMENT - SJI capitalizes all costs associated with gas property acquisition, exploration and development activities under the full cost method of accounting. Capitalized costs include costs related to unproved properties, which are not amortized until proved reserves are found or it is determined that the unproved properties are impaired. All costs related to unproved properties are reviewed quarterly to determine if impairment has occurred. |
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 FASB ASC Topic 740 - “Income Taxes” (See Note 4). A valuation allowance is established when it is determined that it is more likely than not that a deferred tax asset will not be realized. Investment tax credits related to renewable energy facilities of Marina are recognized on the flow-through method. |
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. |
IDENTIFIABLE INTANGIBLE ASSETS | IDENTIFIABLE INTANGIBLE ASSETS - The primary identifiable intangible assets of the Company are customer relationships. 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. |
GOODWILL | GOODWILL - Goodwill represents the excess of the consideration paid 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. |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS - Other than as described below, no new accounting pronouncement issued or effective during 2017 , 2016 or 2015 had, or is expected to have, a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the revenue recognition requirements in FASB ASC 605, Revenue Recognition , and in most industry-specific topics. The new guidance identifies how and when entities should recognize revenue. The new rules establish a core principle requiring the recognition of revenue to depict the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. In connection with this new standard, the FASB has issued several amendments to ASU 2014-09, as follows: • In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . This standard improves the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis. • In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing . This standard clarifies identifying performance obligations and the licensing implementation guidance. • In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients . This standard provides additional guidance on (a) the objective of the collectibility criterion, (b) the presentation of sales tax collected from customers, (c) the measurement date of non-cash consideration received, (d) practical expedients in respect of contract modifications and completed contracts at transition, and (e) disclosure of the effects of the accounting change in the period of adoption. • In December 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to (Topic 606), Revenue from Contracts with Customers , which amends certain narrow aspects of the guidance, including the disclosure of remaining performance obligations and prior-period performance obligations, as well as other amendments to the guidance on loan guarantee fees, contract costs, refund liabilities, advertising costs and the clarification of certain examples. The new guidance in ASU 2014-09, as well as all amendments discussed above, is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Management formed an implementation team that evaluated the impact that adoption of this guidance will have on the financial statements of SJI and SJG. This evaluation included assessing the impact of the guidance on our contracts in all our revenue streams by reviewing current accounting policies and practices to identify potential differences that would result from applying the new requirements to our revenue contracts. We expect that the majority of SJI and SJG revenue streams will be within the scope of the new guidance, which includes SJG’s regulated revenue under tariffs, for which no change in current revenue recognition practices is expected. Revenues from contracts that SJI and SJG have with customers are currently recorded as gas or electricity is delivered to the customer, which is consistent with the new guidance under ASC 606. As a result, based on the review of customer contracts to date, SJI is not anticipating this guidance to have a material impact to SJI's or SJG's statements of consolidated income, cash flows or consolidated balance sheets upon adoption. The ASU does include expanded disclosure requirements, which we will include for periods beginning after December 15, 2017 as noted in the ASU. We do not anticipate any significant changes to our business processes, systems or internal controls over financial reporting needed to support recognition and disclosure under the new guidance. We are continuing with our implementation plan and expect to transition to the new guidance beginning in 2018 using the modified retrospective approach. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . This ASU states that inventory for which cost is determined using a method other than last-in, first-out (LIFO) or the retail method should be subsequently measured at the lower of cost or net realizable value (NRV), rather than at the lower of cost or market. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016. Adoption of this guidance did not have an impact on the financial statement results of SJI or SJG. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which enhances the reporting model for financial instruments and includes amendments to address aspects of recognition, measurement, presentation and disclosure. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted for only certain portions of the new guidance. Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG. In March 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which establishes a new lease accounting model for lessees. The new standard requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The new standard also will result in enhanced quantitative and qualitative disclosures, including significant judgments made by management, to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing leases. The accounting for leases by the lessor remains relatively the same. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. Management has formed an implementation team that is inventorying leases and evaluating the impact that adoption of this guidance will have on SJI's and SJG's financial statements, which includes monitoring industry specific developments including the exposure draft issued by the FASB that would introduce a land easement practical expedient to ASC 842. Consistent with the requirements of the standard, SJI and SJG will both transition to the new guidance using the modified retrospective approach. At this time the Company does not plan to early adopt the new guidance. In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships . The amendments in this guidance clarify that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016, with early adoption permitted. Adoption of this guidance did not have an impact on the financial statements of SJI or SJG. In March 2016, the FASB issued ASU 2016-07, Investments- Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, which eliminates the requirement to apply the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016, with early adoption permitted. Adoption of this guidance did not have an impact on the financial statements of SJI or SJG. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies various aspects of accounting for share-based payment arrangements. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016, with early adoption permitted. Adoption of this guidance did not have a material impact on the financial statements of SJI or SJG; however, cash flow presentation was modified for SJI to conform to this guidance, as described under “Basis of Presentation” above. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This standard is intended to provide guidance concerning the classification of certain cash receipts and cash payments in the statement of cash flows and to eliminate the diversity in practice related to such classifications. This standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. Both SJI and SJG early adopted this ASU in the first quarter of 2017, and adoption of this guidance did not have an impact on the financial statements of SJI or SJG. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740); Intra-Entity Transfers of Assets Other Than Inventory. This standard requires recognition of the current and deferred income tax effects of an intra-entity asset transfer, other than inventory, when the transfer occurs, as opposed to current GAAP, which requires companies to defer the income tax effects of intra-entity asset transfers until the asset has been sold to an outside party. The income tax effects of intra-entity inventory transfers will continue to be deferred until the inventory is sold. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods, with early adoption permitted. The standard is required to be adopted on a modified retrospective basis with a cumulative-effect adjustment recorded to retained earnings as of the beginning of the period of adoption. Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This standard is intended to reduce diversity in practice in the classification and presentation of changes in restricted cash on the consolidated statement of cash flows. The ASU requires that the consolidated statement of cash flows explain the change in total cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts. The ASU also requires a reconciliation between the total of cash and equivalents and restricted cash presented on the consolidated statement of cash flows and the cash and cash equivalents balance presented on the consolidated balance sheets. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. Both SJI and SJG early adopted this ASU in the first quarter of 2017. Accordingly, cash flow presentations were modified for both entities to conform to this guidance, as described under “Basis of Presentation” above. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard provides amended and clarifying guidance regarding whether an integrated set of assets and activities acquired is deemed the acquisition of a business (and, thus, accounted for as a business combination) or the acquisition of assets. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The update simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. The amendments in this Update are effective for annual and any interim impairment tests performed in periods beginning after December 31, 2019. Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG. In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This ASU is designed to improve guidance related to the presentation of defined benefit costs in the income statement. In particular, this ASU requires an employer to report the service cost component in the same line item(s) as other compensation costs arising from services rendered by the pertinent employees during the period. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU clarifies and reduces both (i) diversity in practice and (ii) cost and complexity when applying the guidance in Topic 718, to a change to the terms and conditions of a share-based payment award. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This ASU is intended to improve the financial reporting of hedging relationships so that it represents a more faithful portrayal of an entity’s risk management activities (i.e. to help financial statement users understand an entity’s risk exposures and the manner in which hedging strategies are used to manage them), as well as to further simplify the application of the hedge accounting guidance in GAAP. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income . This ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (Tax Reform). Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Reform and will improve the usefulness of information reported to financial statement users. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG. |
FAIR VALUE | (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. The remaining securities consist of funds that are not publicly traded. These funds, which consist of stocks and bonds that are traded individually in active markets, are valued using quoted prices for similar assets and are categorized in Level 2 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. 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 as the model inputs generally are not observable. Significant Unobservable Inputs - 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 mark-to-market valuations 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. Level 3 valuation methods for natural gas derivative contracts include utilizing another location in close proximity adjusted for certain pipeline charges to derive a basis value. The significant unobservable inputs used in the fair value measurement of certain natural gas contracts consist of forward prices developed based on industry-standard methodologies. Significant increases (decreases) in these forward prices for purchases of natural gas would result in a directionally similar impact to the fair value measurement and for sales of natural gas would result in a directionally opposite impact to the fair value measurement. Level 3 valuation methods for electric represent the value of the contract marked to the forward wholesale curve, as provided by daily exchange quotes for delivered electricity. The significant unobservable inputs used in the fair value measurement of electric contracts consist of fixed contracted electric load profiles; therefore no change in unobservable inputs would occur. Unobservable inputs are updated daily using industry-standard techniques. Management reviews and corroborates the price quotations to ensure the prices are observable which includes consideration of actual transaction volumes, market delivery points, bid-ask spreads and contract duration. (C) Derivatives – Other 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. 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. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Asset retirement obligation activity | ARO activity was as follows (in thousands): 2017 2016 SJI (includes SJG and all other consolidated subsidiaries): AROs as of January 1, $ 59,427 $ 57,943 Accretion 1,955 1,937 Additions 1,008 1,098 Settlements (2,893 ) (1,551 ) ARO's as of December 31, $ 59,497 $ 59,427 2017 2016 SJG: AROs as of January 1, $ 58,674 $ 57,219 Accretion 1,925 1,908 Additions 1,008 1,098 Settlements (2,893 ) (1,551 ) ARO's as of December 31, $ 58,714 $ 58,674 |
Public utility property, plant, and equipment | SJG Utility Plant balances and SJI Nonutility Property and Equipment as of December 31, 2017 and 2016 were comprised of the following (in thousands): 2017 2016 Utility Plant Production Plant $ 296 $ 296 Storage Plant 61,909 60,661 Transmission Plant 258,598 257,169 Distribution Plant 2,044,421 1,871,703 General Plant 175,599 169,464 Other Plant 1,855 1,855 Utility Plant In Service 2,542,678 2,361,148 Construction Work In Progress 109,566 62,986 Total Utility Plant $ 2,652,244 $ 2,424,134 Nonutility Property and Equipment Solar Assets $ 582,379 $ 652,683 Cogeneration Assets 125,614 124,172 Other Assets 33,034 45,087 Total Nonutility Property and Equipment $ 741,027 $ 821,942 |
Summary of changes in goodwill | The following table summarizes the changes in Goodwill for the years ended December 31, 2017 and 2016 , respectively (in thousands): 2017 2016 Beginning Balance, January 1 $ 4,838 $ 8,880 Impairment of Goodwill (see above) (1,260 ) — Fair Value Adjustments During Measurement Period (See Note 3) — (4,042 ) Ending Balance, December 31 $ 3,578 $ 4,838 |
STOCK-BASED COMPENSATION PLAN (
STOCK-BASED COMPENSATION PLAN (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [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, 2017 , 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 - 2015 - Time 11,142 $ 29.47 N/A N/A 2016 - TSR 65,206 $ 22.53 18.1 % 1.31 % 2016 - CEGR, Time 101,987 $ 23.52 N/A N/A 2017 - TSR 56,191 $ 32.17 20.8 % 1.47 % 2017 - CEGR, Time 108,267 $ 33.69 N/A N/A Directors - 2017 30,394 $ 33.64 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 for the years ended December 31 (in thousands): 2017 2016 2015 Officers & Key Employees $ 3,232 $ 3,051 $ 1,128 Directors 1,022 841 769 Total Cost 4,254 3,892 1,897 Capitalized (288 ) (385 ) (216 ) Net Expense $ 3,966 $ 3,507 $ 1,681 |
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 during 2017 , excluding accrued dividend equivalents: Officers & Other Key Employees Directors Weighted Average Fair Value Nonvested Shares Outstanding, January 1, 2017 295,515 35,197 $ 24.96 Granted 167,734 30,394 $ 33.24 Vested* (114,199 ) (35,197 ) $ 24.81 Cancelled/Forfeited** (6,257 ) — $ 28.77 Nonvested Shares Outstanding, December 31, 2017 342,793 30,394 $ 28.60 *Based on performance information available at the filing of this Report, management expects to award 15,092 shares associated with the 2015 grants to Officers and other key employees in 2018. ** Represents shares forfeited as a result of separation of employment prior to the satisfaction of service conditions. |
AFFILIATIONS, DISCONTINUED OP34
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of the fair value of the assets acquired and the liabilities assumed | The following table summarizes the final purchase price allocation and reflects 100% of the fair values of the assets acquired and the liabilities assumed by the Company in connection with the Transaction. Total consideration for the step acquisition of the remaining interest in the Marina Projects was $46.0 million , which represents the fair value of the Company’s interest in the Partner Projects exchanged ( $31.5 million ) as well as the existing value of the Marina Projects immediately prior to the exchange ( $14.5 million ) (in thousands): Current assets (excluding inventory) $ 7,804 Inventory 3,154 Note Receivable Received 19,504 Fixed Assets 46,460 Intangible Assets: Identifiable Intangibles 16,950 Goodwill 4,838 Non-Current Assets 4,783 Current Liabilities (8,196 ) Note Payable - Affiliate (16,986 ) Long-Term Debt, including current portion (21,642 ) Capital Lease Payable (10,458 ) Other Non-Current Liabilities (181 ) Fair Value of Consolidated Assets and Liabilities of Acquired Projects $ 46,030 |
Summarized operating results of the discontinued operations | Summarized operating results of the discontinued operations for the years ended December 31, were (in thousands, except per share amounts): 2017 2016 2015 Loss before Income Taxes: Sand Mining $ (84 ) $ (205 ) $ (422 ) Fuel Oil (175 ) (179 ) (338 ) Income Tax Benefits 173 133 257 Loss from Discontinued Operations — Net $ (86 ) $ (251 ) $ (503 ) Earnings Per Common Share from Discontinued Operations — Net: Basic and Diluted $ — $ — $ (0.01 ) |
South Jersey Gas Company | |
Related Party Transaction [Line Items] | |
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): 2017 2016 2015 Operating Revenues/Affiliates (See Note 1): SJRG $ 4,458 $ 6,934 $ 5,342 Marina 314 302 185 Other 86 83 417 Total Operating Revenues/Affiliates $ 4,858 $ 7,319 $ 5,944 Related-party transactions involving SJG, excluding pass-through items, included in SJG's Cost of Sales and Operating Expenses were as follows (in thousands): 2017 2016 2015 Costs of Sales/Affiliates (excluding depreciation) SJRG* $ 24,337 $ 16,306 $ 26,090 Derivative Losses/(Gains) (See Note 1): SJRG $ — $ — $ 64 Operations Expense/Affiliates: SJI $ 22,154 $ 20,296 $ 14,088 Millennium 2,856 2,803 2,746 Other (653 ) (198 ) (412 ) Total Operations Expense/Affiliates $ 24,357 $ 22,901 $ 16,422 *As discussed in Note 1 to the consolidated financial statements, revenues and expenses related to the energy trading activities of the wholesale energy operations at SJRG are presented on a net basis in Operating Revenues - Nonutility on the statements of consolidated income. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
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): 2017 2016 2015 SJI (includes SJG and all other consolidated subsidiaries): Tax at Statutory Rate $ (9,915 ) $ 60,624 $ 37,440 Increase (Decrease) Resulting from: State Income Taxes 2,778 6,438 3,985 ESOP Dividend (1,314 ) (1,300 ) (1,298 ) Tax Reform Adjustments (13,521 ) — — Amortization of Investment Tax Credits - Utility — — (149 ) AFUDC (3,094 ) (900 ) (1,109 ) Investment and Other Tax Credits (666 ) (10,706 ) (37,503 ) Other - Net 795 (5 ) (6 ) Income Taxes: Continuing Operations (24,937 ) 54,151 1,360 Discontinued Operations (173 ) (133 ) (257 ) Total Income Tax (Benefit) Expense $ (25,110 ) $ 54,018 $ 1,103 SJG: Tax at Statutory Rate 41,390 37,944 36,233 Increase (Decrease) Resulting from: State Income Taxes 5,955 4,096 4,584 Amortization of Investment Tax Credits — — (149 ) ESOP Dividend (1,182 ) (1,170 ) (1,168 ) AFUDC (1,446 ) (900 ) (1,109 ) Research and Development Credits — (613 ) (1,400 ) Other - Net 983 9 (46 ) Total Income Tax Expense 45,700 39,366 36,945 The provision for Income Taxes is comprised of the following (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2017 2016 2015 Current: Federal $ (34,971 ) $ — $ — State (48 ) (1,638 ) (2,352 ) Total Current (35,019 ) (1,638 ) (2,352 ) Deferred: Federal 5,761 44,246 (4,622 ) State 4,321 11,543 8,483 Total Deferred 10,082 55,789 3,861 Investment Tax Credit - Utility — — (149 ) Income Taxes: Continuing Operations (24,937 ) 54,151 1,360 Discontinued Operations (173 ) (133 ) (257 ) Total Income Tax (Benefit) Expense $ (25,110 ) $ 54,018 $ 1,103 SJG: Current: Federal (33,012 ) — — State — (1,614 ) (2,203 ) Total Current $ (33,012 ) $ (1,614 ) $ (2,203 ) Deferred: Federal 69,550 33,064 30,042 State 9,162 7,916 9,255 Total Deferred $ 78,712 $ 40,980 $ 39,297 Investment Tax Credits — — (149 ) Total Income Tax Expense $ 45,700 $ 39,366 $ 36,945 |
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): 2017 2016 Deferred Tax Assets: Net Operating Loss Carryforward $ 152,541 $ 211,004 Investment and Other Tax Credits 214,605 213,946 Derivatives / Unrealized Gain 2,068 — Conservation Incentive Program — — Deferred State Tax 16,905 28,833 Gross Up of Excess Deferred Taxes 76,426 — Pension & Other Post Retirement Benefits 16,624 19,351 Deferred Revenues 5,726 7,669 Provision for Uncollectibles 3,854 5,231 Other 1,949 8,368 Total Deferred Tax Asset $ 490,698 $ 494,402 Deferred Tax Liabilities: Book versus Tax Basis of Property $ 486,854 $ 732,535 Deferred Gas Costs - Net 10,254 2,052 Derivatives / Unrealized Loss — 1,794 Environmental Remediation 31,393 32,885 Deferred Regulatory Costs 3,554 1,554 Budget Billing - Customer Accounts 4,043 3,347 Deferred Pension & Other Post Retirement Benefits 21,349 34,432 Conservation Incentive Program 7,721 11,846 Equity In Loss Of Affiliated Companies 1,377 3,092 Other 11,037 14,414 Total Deferred Tax Liability $ 577,582 $ 837,951 Deferred Tax Liability - Net $ 86,884 $ 343,549 SJG: Deferred Tax Assets: Net Operating Loss and Tax Credits $ 73,785 $ 102,290 Deferred State tax 14,688 24,574 Provision for Uncollectibles 3,811 5,170 Gross Up of Excess Deferred Taxes 76,426 — Pension & Other Post Retirement Benefits 15,031 17,264 Deferred Revenues 6,066 7,696 Other 2,413 3,573 Total Deferred Tax Assets $ 192,220 $ 160,567 Deferred Tax Liabilities: Book Versus Tax Basis of Property $ 386,642 $ 532,330 Deferred Fuel Costs - Net 10,254 2,052 Environmental Remediation 31,637 33,573 Deferred Regulatory Costs 3,554 1,554 Deferred Pension & Other Post Retirement Benefits 21,349 34,432 Budget Billing - Customer Accounts 4,043 3,347 Section 461 Prepayments 866 1,147 Conservation Incentive Program 7,721 11,846 Other 6,900 9,694 Total Deferred Tax Liabilities $ 472,966 $ 629,975 Deferred Tax Liability - Net $ 280,746 $ 469,408 |
Summary of operating loss carryforward | As of December 31, 2017 , SJI has the following federal and state net operating loss carryforwards (in thousands): Net Operating Loss Carryforwards Expire in: Federal State 2031 $ 163,572 $ 45,866 2032 42,988 19,356 2033 56,007 35,271 2034 105,763 28,853 2035 49,572 9,956 2036 72,199 181,189 2037 96,326 74,175 $ 586,427 $ 394,666 |
Summary of tax credit carryforwards | As of December 31, 2017 , SJI has the following investment tax credit carryforwards (in thousands): Expire in: Investment Tax Credit Carryforward 2030 $ 11,628 2031 25,664 2032 32,031 2033 45,606 2034 37,699 2035 45,005 2036 11,744 2037 636 $ 210,013 |
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): 2017 2016 2015 Balance at January 1, $ 1,445 $ 559 $ 552 Increase as a result of tax positions taken in prior years — 886 7 Balance at December 31, $ 1,445 $ 1,445 $ 559 SJG: Balance at January 1, $ 1,361 $ 559 $ 552 Increase as a result of tax position taken in prior years — 802 7 Balance at December 31, $ 1,361 $ 1,361 $ 559 |
South Jersey Gas Company | |
Related Party Transaction [Line Items] | |
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): 2017 2016 2015 SJI (includes SJG and all other consolidated subsidiaries): Tax at Statutory Rate $ (9,915 ) $ 60,624 $ 37,440 Increase (Decrease) Resulting from: State Income Taxes 2,778 6,438 3,985 ESOP Dividend (1,314 ) (1,300 ) (1,298 ) Tax Reform Adjustments (13,521 ) — — Amortization of Investment Tax Credits - Utility — — (149 ) AFUDC (3,094 ) (900 ) (1,109 ) Investment and Other Tax Credits (666 ) (10,706 ) (37,503 ) Other - Net 795 (5 ) (6 ) Income Taxes: Continuing Operations (24,937 ) 54,151 1,360 Discontinued Operations (173 ) (133 ) (257 ) Total Income Tax (Benefit) Expense $ (25,110 ) $ 54,018 $ 1,103 SJG: Tax at Statutory Rate 41,390 37,944 36,233 Increase (Decrease) Resulting from: State Income Taxes 5,955 4,096 4,584 Amortization of Investment Tax Credits — — (149 ) ESOP Dividend (1,182 ) (1,170 ) (1,168 ) AFUDC (1,446 ) (900 ) (1,109 ) Research and Development Credits — (613 ) (1,400 ) Other - Net 983 9 (46 ) Total Income Tax Expense 45,700 39,366 36,945 The provision for Income Taxes is comprised of the following (in thousands): SJI (includes SJG and all other consolidated subsidiaries): 2017 2016 2015 Current: Federal $ (34,971 ) $ — $ — State (48 ) (1,638 ) (2,352 ) Total Current (35,019 ) (1,638 ) (2,352 ) Deferred: Federal 5,761 44,246 (4,622 ) State 4,321 11,543 8,483 Total Deferred 10,082 55,789 3,861 Investment Tax Credit - Utility — — (149 ) Income Taxes: Continuing Operations (24,937 ) 54,151 1,360 Discontinued Operations (173 ) (133 ) (257 ) Total Income Tax (Benefit) Expense $ (25,110 ) $ 54,018 $ 1,103 SJG: Current: Federal (33,012 ) — — State — (1,614 ) (2,203 ) Total Current $ (33,012 ) $ (1,614 ) $ (2,203 ) Deferred: Federal 69,550 33,064 30,042 State 9,162 7,916 9,255 Total Deferred $ 78,712 $ 40,980 $ 39,297 Investment Tax Credits — — (149 ) Total Income Tax Expense $ 45,700 $ 39,366 $ 36,945 |
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): 2017 2016 Deferred Tax Assets: Net Operating Loss Carryforward $ 152,541 $ 211,004 Investment and Other Tax Credits 214,605 213,946 Derivatives / Unrealized Gain 2,068 — Conservation Incentive Program — — Deferred State Tax 16,905 28,833 Gross Up of Excess Deferred Taxes 76,426 — Pension & Other Post Retirement Benefits 16,624 19,351 Deferred Revenues 5,726 7,669 Provision for Uncollectibles 3,854 5,231 Other 1,949 8,368 Total Deferred Tax Asset $ 490,698 $ 494,402 Deferred Tax Liabilities: Book versus Tax Basis of Property $ 486,854 $ 732,535 Deferred Gas Costs - Net 10,254 2,052 Derivatives / Unrealized Loss — 1,794 Environmental Remediation 31,393 32,885 Deferred Regulatory Costs 3,554 1,554 Budget Billing - Customer Accounts 4,043 3,347 Deferred Pension & Other Post Retirement Benefits 21,349 34,432 Conservation Incentive Program 7,721 11,846 Equity In Loss Of Affiliated Companies 1,377 3,092 Other 11,037 14,414 Total Deferred Tax Liability $ 577,582 $ 837,951 Deferred Tax Liability - Net $ 86,884 $ 343,549 SJG: Deferred Tax Assets: Net Operating Loss and Tax Credits $ 73,785 $ 102,290 Deferred State tax 14,688 24,574 Provision for Uncollectibles 3,811 5,170 Gross Up of Excess Deferred Taxes 76,426 — Pension & Other Post Retirement Benefits 15,031 17,264 Deferred Revenues 6,066 7,696 Other 2,413 3,573 Total Deferred Tax Assets $ 192,220 $ 160,567 Deferred Tax Liabilities: Book Versus Tax Basis of Property $ 386,642 $ 532,330 Deferred Fuel Costs - Net 10,254 2,052 Environmental Remediation 31,637 33,573 Deferred Regulatory Costs 3,554 1,554 Deferred Pension & Other Post Retirement Benefits 21,349 34,432 Budget Billing - Customer Accounts 4,043 3,347 Section 461 Prepayments 866 1,147 Conservation Incentive Program 7,721 11,846 Other 6,900 9,694 Total Deferred Tax Liabilities $ 472,966 $ 629,975 Deferred Tax Liability - Net $ 280,746 $ 469,408 |
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): 2017 2016 2015 Balance at January 1, $ 1,445 $ 559 $ 552 Increase as a result of tax positions taken in prior years — 886 7 Balance at December 31, $ 1,445 $ 1,445 $ 559 SJG: Balance at January 1, $ 1,361 $ 559 $ 552 Increase as a result of tax position taken in prior years — 802 7 Balance at December 31, $ 1,361 $ 1,361 $ 559 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Common Stock [Abstract] | |
Common stock shares issued and outstanding | The following shares were issued and outstanding at December 31 (See Note 1): 2017 2016 2015 Beginning of Year 79,478,055 70,965,622 68,334,860 New Issuances During Year: Dividend Reinvestment Plan — 417,095 2,604,424 Stock-Based Compensation Plan 71,025 45,338 26,338 Public Equity Offering — 8,050,000 — End of Year 79,549,080 79,478,055 70,965,622 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): As of December 31, 2017 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 7,819 1,707 Restricted Investments 31,876 2,912 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 39,695 $ 4,619 As of December 31, 2016 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 18,282 1,359 Restricted Investments 13,628 32 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 31,910 $ 1,391 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): As of December 31, 2017 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 7,819 1,707 Restricted Investments 31,876 2,912 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 39,695 $ 4,619 As of December 31, 2016 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 18,282 1,359 Restricted Investments 13,628 32 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 31,910 $ 1,391 |
South Jersey Gas Company | |
Related Party Transaction [Line Items] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): As of December 31, 2017 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 7,819 1,707 Restricted Investments 31,876 2,912 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 39,695 $ 4,619 As of December 31, 2016 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 18,282 1,359 Restricted Investments 13,628 32 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 31,910 $ 1,391 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): As of December 31, 2017 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 7,819 1,707 Restricted Investments 31,876 2,912 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 39,695 $ 4,619 As of December 31, 2016 Balance Sheet Line Item SJI SJG Cash and Cash Equivalents 18,282 1,359 Restricted Investments 13,628 32 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 31,910 $ 1,391 |
SEGMENTS OF BUSINESS (Tables)
SEGMENTS OF BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments of Business | Information about SJI’s operations in different reportable operating segments is presented below (in thousands): 2017 2016 2015 Operating Revenues: Gas Utility Operations $ 517,254 $ 461,055 $ 534,290 Energy Group: Wholesale Energy Operations 352,613 220,707 129,098 Retail Gas and Other Operations 111,048 92,371 87,198 Retail Electric Operations 179,534 182,540 150,049 Subtotal Energy Group 643,195 495,618 366,345 Energy Services: On-Site Energy Production 99,517 94,375 63,665 Appliance Service Operations 6,488 7,898 11,186 Subtotal Energy Services 106,005 102,273 74,851 Corporate & Services 45,024 35,147 31,156 Subtotal 1,311,478 1,094,093 1,006,642 Intersegment Sales (68,410 ) (57,593 ) (47,074 ) Total Operating Revenues $ 1,243,068 $ 1,036,500 $ 959,568 2017 2016 2015 Operating Income: Gas Utility Operations $ 136,487 $ 122,455 $ 119,585 Energy Group: Wholesale Energy Operations (36,815 ) 41,667 35,024 Retail Gas and Other Operations (2,468 ) 4,680 (3,218 ) Retail Electric Operations 3,620 7,007 1,042 Subtotal Energy Group (35,663 ) 53,354 32,848 Energy Services: On-Site Energy Production (83,654 ) 13,301 2,027 Appliance Service Operations 217 582 468 Subtotal Energy Services (83,437 ) 13,883 2,495 Corporate and Services (12,977 ) (416 ) 1,966 Total Operating Income $ 4,410 $ 189,276 $ 156,894 Depreciation and Amortization: Gas Utility Operations $ 71,654 $ 63,901 $ 58,668 Energy Group: Wholesale Energy Operations 125 484 435 Retail Gas and Other Operations 323 337 161 Subtotal Energy Group 448 821 596 Energy Services: On-Site Energy Production 46,928 43,395 30,242 Appliance Service Operations 153 301 316 Subtotal Energy Services 47,081 43,696 30,558 Corporate and Services 4,303 1,400 1,220 Total Depreciation and Amortization $ 123,486 $ 109,818 $ 91,042 Interest Charges: Gas Utility Operations $ 24,705 $ 17,875 $ 19,906 Energy Group: Wholesale Energy Operations 3,150 — 441 Retail Gas and Other Operations 250 350 185 Subtotal Energy Group 3,400 350 626 Energy Services: On-Site Energy Production 16,838 11,961 8,169 Corporate and Services 24,804 12,118 11,822 Subtotal 69,747 42,304 40,523 Intersegment Borrowings (15,728 ) (10,855 ) (8,901 ) Total Interest Charges $ 54,019 $ 31,449 $ 31,622 2017 2016 2015 Income Taxes: Gas Utility Operations $ 45,700 $ 39,366 $ 36,945 Energy Group: Wholesale Energy Operations (14,720 ) 15,882 14,410 Retail Gas and Other Operations (544 ) 2,118 (978 ) Retail Electric Operations 1,480 2,862 426 Subtotal Energy Group (13,784 ) 20,862 13,858 Energy Services: On-Site Energy Production (39,262 ) (6,353 ) (49,225 ) Appliance Service Operations 4 232 186 Subtotal Energy Services (39,258 ) (6,121 ) (49,039 ) Corporate and Services (17,595 ) 44 (404 ) Total Income Taxes $ (24,937 ) $ 54,151 $ 1,360 Property Additions (See Note 1): Gas Utility Operations $ 253,545 $ 228,275 $ 218,260 Energy Group: Wholesale Energy Operations 14 7 382 Retail Gas and Other Operations 889 1,642 2,053 Subtotal Energy Group 903 1,649 2,435 Energy Services: On-Site Energy Production (1) 12,588 38,193 139,018 Appliance Service Operations 260 431 379 Subtotal Energy Services 12,848 38,624 139,397 Midstream 218 505 — Corporate and Services 2,233 636 1,902 Total Property Additions $ 269,747 $ 269,689 $ 361,994 (1) The property additions for On-Site Energy Production in 2016 and 2015 do not include the approximately $5.6 million and $40.9 million of Property, Plant and Equipment obtained through the acquisition of eight Energenic projects as discussed in Note 3. 2017 2016 Identifiable Assets (See Note 1): Gas Utility Operations $ 2,865,974 $ 2,551,923 Energy Group: Wholesale Energy Operations 208,785 233,019 Retail Gas and Other Operations 56,935 52,729 Retail Electric Operations 34,923 41,280 Subtotal Energy Group 300,643 327,028 Energy Services: On-Site Energy Production 582,587 767,710 Appliance Service Operations 1,338 2,879 Subtotal Energy Services 583,925 770,589 Discontinued Operations 1,757 1,756 Midstream 63,112 26,636 Corporate and Services 711,038 623,159 Intersegment Assets (661,363 ) (570,524 ) Total Identifiable Assets $ 3,865,086 $ 3,730,567 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of minimum future rental receivables on operating lease | Minimum future rentals to be received on this operating lease of property and equipment as of December 31, 2017 for each of the next five years and in the aggregate are (in thousands): Year ended December 31, 2018 $ 5,396 2019 5,396 2020 5,396 2021 5,396 2022 5,396 Thereafter 23,834 Total minimum future rentals 50,814 |
REGULATORY ASSETS & REGULATOR40
REGULATORY ASSETS & REGULATORY LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Schedule of Regulatory Assets | SJI's and SJG's Regulatory Assets consisted of the following items (in thousands): December 31, 2017 December 31, 2016 Environmental Remediation Costs: Expended - Net $ 100,327 $ 71,997 Liability for Future Expenditures 171,696 153,047 Deferred Asset Retirement Obligation Costs 42,368 43,014 Deferred Pension and Other Postretirement Benefit Costs 78,211 85,693 Deferred Gas Costs - Net 16,838 — Conservation Incentive Program Receivable 26,652 27,567 Societal Benefit Costs Receivable 2,484 — Deferred Interest Rate Contracts 7,028 7,365 Energy Efficiency Tracker 2,094 219 Pipeline Supplier Service Charges 708 2,122 Pipeline Integrity Cost 5,280 4,810 AFUDC - Equity Related Deferrals 12,785 12,434 Other Regulatory Assets 2,753 2,478 Total Regulatory Assets $ 469,224 $ 410,746 |
Schedule of Regulatory Liabilities | Regulatory Liabilities consisted of the following items (in thousands): December 31, 2017 December 31, 2016 Excess Plant Removal Costs $ 23,295 $ 28,226 Deferred Revenue - Net — 17,800 Societal Benefit Costs Payable — 3,095 Excess Deferred Taxes 263,810 — Total Regulatory Liabilities $ 287,105 $ 49,121 |
South Jersey Gas Company | |
Related Party Transaction [Line Items] | |
Schedule of Regulatory Assets | SJI's and SJG's Regulatory Assets consisted of the following items (in thousands): December 31, 2017 December 31, 2016 Environmental Remediation Costs: Expended - Net $ 100,327 $ 71,997 Liability for Future Expenditures 171,696 153,047 Deferred Asset Retirement Obligation Costs 42,368 43,014 Deferred Pension and Other Postretirement Benefit Costs 78,211 85,693 Deferred Gas Costs - Net 16,838 — Conservation Incentive Program Receivable 26,652 27,567 Societal Benefit Costs Receivable 2,484 — Deferred Interest Rate Contracts 7,028 7,365 Energy Efficiency Tracker 2,094 219 Pipeline Supplier Service Charges 708 2,122 Pipeline Integrity Cost 5,280 4,810 AFUDC - Equity Related Deferrals 12,785 12,434 Other Regulatory Assets 2,753 2,478 Total Regulatory Assets $ 469,224 $ 410,746 |
PENSION AND OTHER POSTRETIREM41
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
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 2017 2016 2015 Service Cost $ 4,989 $ 4,843 $ 5,337 Interest Cost 11,772 12,125 11,168 Expected Return on Plan Assets (14,105 ) (13,508 ) (14,789 ) Amortizations: Prior Service Cost 131 212 212 Actuarial Loss 10,282 9,394 10,608 Net Periodic Benefit Cost 13,069 13,066 12,536 Capitalized Benefit Costs (4,723 ) (4,645 ) (4,805 ) Deferred Benefit Costs (527 ) (645 ) (1,007 ) Total Net Periodic Benefit Expense $ 7,819 $ 7,776 $ 6,724 SJI (includes SJG and all other consolidated subsidiaries): Other Postretirement Benefits 2017 2016 2015 Service Cost $ 910 $ 851 $ 1,116 Interest Cost 2,418 2,615 2,973 Expected Return on Plan Assets (3,411 ) (3,104 ) (2,993 ) Amortizations: Prior Service (Credits) Cost (344 ) (344 ) 608 Actuarial Loss 1,238 1,109 1,342 Net Periodic Benefit Cost 811 1,127 3,046 Capitalized Benefit Costs (46 ) (277 ) (1,043 ) Curtailment Costs (Credit) (106 ) — — Deferred Benefit Costs — — (256 ) Total Net Periodic Benefit Expense $ 659 $ 850 $ 1,747 |
Activity Within Regulatory Assets and Accumulated Other Comprehensive Income (Loss) | Details of the activity within the Regulatory Asset and Accumulated Other Comprehensive Loss associated with Pension and Other Postretirement Benefits are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Regulatory Assets Accumulated Other Comprehensive Loss (pre-tax) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Balance at January 1, 2016 $ 64,432 $ 15,347 $ 35,066 $ 2,062 Amounts Arising during the Period: Net Actuarial Gain 9,706 2,584 8,370 829 Prior Service Credit — 257 — 84 Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (5,485 ) (945 ) (3,838 ) (154 ) Prior Service Cost (203 ) — (8 ) — Balance at December 31, 2016 68,450 17,243 39,590 2,821 Amounts Arising during the Period: Net Actuarial Gain (Loss) 2,711 (3,286 ) 18,506 1,614 Prior Service Credit — 257 — 84 Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,066 ) (972 ) (4,160 ) (1,013 ) Prior Service Cost (126 ) — (4 ) — Balance at December 31, 2017 $ 64,969 $ 13,242 $ 53,932 $ 3,506 |
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 2017 2016 2017 2016 Change in Benefit Obligations: Benefit Obligation at Beginning of Year $ 278,288 $ 254,195 $ 60,350 $ 57,430 Service Cost 4,989 4,843 910 851 Interest Cost 11,772 12,125 2,418 2,615 Actuarial Loss (Gain) 32,893 18,254 1,411 3,121 Retiree Contributions — — 19 81 Plan Amendments — — — — Benefits Paid (11,653 ) (11,129 ) (2,825 ) (3,748 ) Benefit Obligation at End of Year $ 316,289 $ 278,288 $ 62,283 $ 60,350 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 189,542 $ 184,824 $ 50,532 $ 47,759 Actual Return on Plan Assets 25,807 13,569 7,390 2,784 Employer Contributions 12,369 2,278 2,806 3,656 Retiree Contributions — 19 81 Benefits Paid (11,653 ) (11,129 ) (2,825 ) (3,748 ) Fair Value of Plan Assets at End of Year $ 216,065 $ 189,542 $ 57,922 $ 50,532 Funded Status at End of Year: $ (100,224 ) $ (88,746 ) $ (4,361 ) $ (9,818 ) Amounts Related to Unconsolidated Affiliate 135 326 518 540 Accrued Net Benefit Cost at End of Year $ (100,089 ) $ (88,420 ) $ (3,843 ) $ (9,278 ) Amounts Recognized in the Statement of Financial Position Consist of: Current Liabilities $ (2,388 ) $ (2,463 ) $ — $ — Noncurrent Liabilities (97,701 ) (85,957 ) (3,843 ) (9,278 ) Net Amount Recognized at End of Year $ (100,089 ) $ (88,420 ) $ (3,843 ) $ (9,278 ) Amounts Recognized in Regulatory Assets Consist of: Prior Service Costs $ 428 $ 538 $ (2,775 ) $ (3,032 ) Net Actuarial Loss 64,541 67,912 16,017 20,275 $ 64,969 $ 68,450 $ 13,242 $ 17,243 Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): Prior Service Costs $ 47 $ 69 $ (906 ) $ (989 ) Net Actuarial Loss 53,885 39,521 4,412 3,810 $ 53,932 $ 39,590 $ 3,506 $ 2,821 |
Fair Value of Plan Assets | The fair values of SJI's and SJG's other postretirement benefit plan assets at December 31, 2017 and 2016 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, 2017: Cash $ — $ — $ — $ — Equity Securities: Common/Collective Trust Funds - U.S. (a) 15,101 — 15,101 — Common/Collective Trust Funds - International (a) 11,378 — 11,378 — Mutual Fund - U.S. (b) — — — — Mutual Funds - International (b) — — — — Fixed Income: Common/Collective Trust Funds - Bonds (a) 15,272 — 15,272 — Mutual Funds - Bonds (b) — — — — Other Types of Investments: Mutual Funds - REITS (b) 864 864 — — Company Owned Life Insurance (c) 15,307 — 15,307 — Total $ 57,922 $ 864 $ 57,058 $ — Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2016: Cash $ — $ — $ — $ — Equity Securities: Common/Collective Trust Funds - U.S. (a) 14,878 — 14,878 — Common/Collective Trust Funds - International (a) 8,674 — 8,674 — Mutual Fund - U.S. (b) — — — — Mutual Funds - International (b) — — — — Fixed Income: Common/Collective Trust Funds - Bonds (a) 13,537 — 13,537 — Mutual Funds - Bonds (b) — — — — Other Types of Investments: Mutual Funds - REITS (b) — — — — Company Owned Life Insurance (c) 13,443 — 13,443 — Total $ 50,532 $ — $ 50,532 $ — The fair values of SJI's and SJG's pension plan assets at December 31, 2017 and 2016 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, 2017 Cash / Cash Equivalents: Cash $ 72 $ 72 $ — $ — Common/Collective Trust Funds (a) 477 — 477 — STIF-Type Instrument (b) 1,522 — 1,522 — Equity securities: Common/Collective Trust Funds - U.S. (a) 75,699 — 75,699 — Common/Collective Trust Funds - International (a) 39,077 — 39,077 — U.S. Large-Cap (c) 13,526 13,526 — — U.S. Mid-Cap (c) 1,701 1,701 — — U.S. Small-Cap (c) 490 490 — — International (c) 3,260 3,260 — — Fixed Income: Common/Collective Trust Funds (a) 54,106 — 54,106 — Guaranteed Insurance Contract (d) 9,211 — — 9,211 Other types of investments: Private Equity Fund (e) 7,111 — — 7,111 Common/Collective Trust Fund - Real Estate (f) 9,813 — — 9,813 Total $ 216,065 $ 19,049 $ 170,881 $ 26,135 Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2016 Cash / Cash Equivalents: Cash $ 63 $ 63 $ — $ — Common/Collective Trust Funds (a) 460 — 460 — STIF-Type Instrument (b) 1,431 — 1,431 — Equity securities: Common/Collective Trust Funds - U.S. (a) 51,902 — 51,902 — Common/Collective Trust Funds - International (a) 33,096 — 33,096 — U.S. Large-Cap (c) 17,792 17,792 — — U.S. Mid-Cap (c) 2,479 2,479 — — International (c) 3,340 3,340 — — Fixed Income: Common/Collective Trust Funds (a) 54,970 — 54,970 — Guaranteed Insurance Contract (d) 9,714 — — 9,714 Other types of investments: Private Equity Fund (e) 5,100 — — 5,100 Common/Collective Trust Fund - Real Estate (f) 9,195 — — 9,195 Total $ 189,542 $ 23,674 $ 141,859 $ 24,009 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | SJI (includes SJG and all other consolidated subsidiaries): Guaranteed Private Insurance Hedge Equity Real Contract Funds Funds Estate Total Balance at January 1, 2016 $ 9,960 $ 4,159 $ 4,312 $ 8,515 $ 26,946 Actual return on plan assets: Relating to assets still held at the reporting date 541 (67 ) (140 ) 680 1,014 Relating to assets sold during the period 14 — 245 — 259 Purchases, Sales and Settlements (801 ) (4,092 ) 683 — (4,210 ) Balance at December 31, 2016 9,714 — 5,100 9,195 24,009 Actual return on plan assets: Relating to assets still held at the reporting date 245 (214 ) 618 649 Relating to assets sold during the period 12 — 491 — 503 Purchases, Sales and Settlements (760 ) 1,734 — 974 Balance at December 31, 2017 $ 9,211 $ — $ 7,111 $ 9,813 $ 26,135 |
Schedule of Future Benefit Payments | 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 2018 $ 12,596 $ 4,291 2019 $ 13,535 $ 4,380 2020 $ 14,180 $ 4,499 2021 $ 14,851 $ 4,503 2022 $ 15,937 $ 4,513 2023 - 2027 $ 90,714 $ 20,683 |
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 2018 are as follows (in thousands): SJI and SJG (costs are the same for both entities): Pension Benefits Other Postretirement Benefits Prior Service Cost/(Credit) $ 124 $ (257 ) Net Actuarial Loss $ 5,847 $ 743 |
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 for SJI and SJG Accumulated Other Comprehensive Loss into net periodic benefit costs in 2018 are as follows (in thousands): Pension Benefits Other Postretirement Benefits SJI (includes SJG and all other consolidated subsidiaries): Prior Service Cost/(Credit) $ 6 $ (87 ) Net Actuarial Loss $ 5,665 $ 213 SJG: Prior Service Cost/(Credit) $ — $ — Net Actuarial Loss $ 4,143 $ — |
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 2017 2016 2017 2016 Discount Rate 3.73 % 4.30 % 3.63 % 4.13 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % 3.50 % The weighted-average assumptions used to determine net periodic benefit cost for SJI and SJG for the years ended December 31 were: Pension Benefits Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Discount Rate 4.30 % 4.83 % 4.25 % 4.13 % 4.73 % 4.20 % Expected Long-Term Return on Plan Assets 7.25 % 7.50 % 7.75 % 6.50 % 6.50 % 6.25 % Rate of Compensation Increase 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % 3.50 % |
South Jersey Gas Company | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Periodic Benefit Costs | 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 2017 2016 2015 Service Cost $ 4,303 $ 4,144 $ 4,430 Interest Cost 9,925 10,292 9,357 Expected Return on Plan Assets (11,366 ) (11,029 ) (11,914 ) Amortization: Prior Service Cost (Credits) 127 203 203 Actuarial Loss 8,692 7,975 8,969 Net Periodic Benefit Cost 11,681 11,585 11,045 Capitalized Benefit Costs (4,723 ) (4,645 ) (4,805 ) Affiliate SERP Allocations (2,235 ) (1,960 ) (1,688 ) Deferred Benefit Costs (527 ) (644 ) (1,007 ) Total Net Periodic Benefit Expense $ 4,196 $ 4,336 $ 3,545 SJG: Other Postretirement Benefits 2017 2016 2015 Service Cost $ 582 $ 576 $ 726 Interest Cost 1,897 2,120 2,406 Expected Return on Plan Assets (3,101 ) (2,823 ) (2,708 ) Amortization: Prior Service Cost (Credits) (257 ) (257 ) 499 Actuarial Loss 972 945 1,107 Net Periodic Benefit Cost 93 561 2,030 Capitalized Benefit Costs (46 ) (277 ) (1,043 ) Deferred Benefit Costs — — (256 ) Total Net Periodic Benefit Expense $ 47 $ 284 $ 731 |
Activity Within Regulatory Assets and Accumulated Other Comprehensive Income (Loss) | SJG: Regulatory Assets Accumulated Other Comprehensive Loss (pre-tax) Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits Balance at January 1, 2016 $ 64,432 $ 15,347 $ 20,463 $ — Amounts Arising during the Period: Net Actuarial Gain 9,706 2,584 6,129 — Prior Service Credit — 257 — — Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (5,485 ) (945 ) (2,490 ) — Prior Service Cost (203 ) — — — Balance at December 31, 2016 68,450 17,243 24,102 — Amounts Arising during the Period: Net Actuarial Gain 2,711 (3,286 ) 17,881 — Prior Service Credit — 257 — — Amounts Amortized to Net Periodic Costs: Net Actuarial Loss (6,066 ) (972 ) (2,627 ) — Prior Service Cost (126 ) — — — Balance at December 31, 2017 $ 64,969 $ 13,242 $ 39,356 $ — |
Reconciliation of the Plans' Benefit Obligations, Fair Value of Plan Assets and Funded Status | SJG: Other Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Change in Benefit Obligations : Benefit Obligation at Beginning of Year $ 236,356 $ 213,660 $ 48,549 $ 46,518 Service Cost 4,303 4,144 582 576 Interest Cost 9,925 10,292 1,897 2,120 Actuarial Loss (Gain) 27,892 17,463 328 2,292 Retiree Contributions — — 15 70 Plan Amendments — — — — Benefits Paid (9,410 ) (9,203 ) (2,273 ) (3,027 ) Benefit Obligation at End of Year $ 269,066 $ 236,356 $ 49,098 $ 48,549 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 154,729 $ 149,032 $ 45,948 $ 43,428 Actual Return on Plan Assets 18,666 12,656 6,715 2,531 Employer Contributions 10,292 2,244 2,259 2,946 Retiree Contributions — — 14 70 Benefits Paid (9,410 ) (9,203 ) (2,273 ) (3,027 ) Fair Value of Plan Assets at End of Year $ 174,277 $ 154,729 $ 52,663 $ 45,948 Funded Status at End of Year : Accrued Net Benefit Cost at End of Year $ (94,789 ) $ (81,627 ) $ 3,565 $ (2,601 ) Amounts Recognized in the Statement of Financial Position Consist of: Current Liabilities $ (2,353 ) $ (2,428 ) $ — $ — Noncurrent Liabilities (92,436 ) (79,199 ) 3,565 (2,601 ) Net Amount Recognized at End of Year $ (94,789 ) $ (81,627 ) $ 3,565 $ (2,601 ) Amounts Recognized in Regulatory Assets Consist of: Prior Service Costs $ 428 $ 538 $ (2,775 ) $ (3,032 ) Net Actuarial Loss 64,541 67,912 16,017 20,275 Net Amount Recognized at End of Year $ 64,969 $ 68,450 $ 13,242 $ 17,243 Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: Net Actuarial Loss $ 39,356 $ 24,102 $ — $ — |
Fair Value of Plan Assets | SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2017: Cash / Cash Equivalents: Cash $ 58 $ 58 $ — $ — Common/Collective Trust Funds (a) 385 — 385 — STIF-Type Instrument (b) 1,228 — 1,228 — Equity securities: Common/Collective Trust Funds – U.S. (a) 61,057 — 61,057 — Common/Collective Trust Funds – International (a) 31,519 — 31,519 — U.S. Large-Cap (c) 10,910 10,910 — — U.S. Mid-Cap (c) 1,372 1,372 — — U.S. Small-Cap (c) 395 395 — — International (c) 2,629 2,629 — — Fixed Income: Common/Collective Trust Funds (a) 43,640 — 43,640 — Guaranteed Insurance Contract (d) 7,429 — — 7,429 Other types of investments: Private Equity Fund (e) 5,735 — — 5,735 Common/Collective Trust Fund – Real Estate (f) 7,920 — — 7,920 Total $ 174,277 $ 15,364 $ 137,829 $ 21,084 Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2016: Cash / Cash Equivalents: Cash $ 52 $ 52 — $ — Common/Collective Trust Funds (a) 376 — 376 — STIF-Type Instrument (b) 1,168 — 1,168 — Equity securities: Common/Collective Trust Funds – U.S. (a) 42,369 — 42,369 — Common/Collective Trust Funds – International (a) 27,017 — 27,017 — U.S. Large-Cap (c) 14,523 14,523 — — U.S. Mid-Cap (c) 2,024 2,024 — — International (c) 2,727 2,727 — — Fixed Income: Common/Collective Trust Funds (a) 44,873 — 44,873 — Guaranteed Insurance Contract (d) 7,930 — — 7,930 Other types of investments: Private Equity Fund (e) 4,164 — — 4,164 Common/Collective Trust Fund – Real Estate (f) 7,506 — — 7,506 Total $ 154,729 $ 19,326 $ 115,803 $ 19,600 (a) This category represents common/collective trust fund investments through a commingled employee benefit trust (excluding real estate). These commingled funds are not traded publicly; however, the majority of the underlying assets held in these funds are stocks and bonds that are traded on active markets; prices for these assets are readily observable. Also included in these funds are interest rate swaps, asset backed securities, mortgage backed securities and other investments with observable market values. Holdings in the commingled funds are classified as Level 2 investments. (b) 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, or where quoted prices are not available, based on models using observable market information. Since not all values can be obtained from quoted prices in active markets, these funds are classified as Level 2 investments. (c) This category of equity investments represents a managed portfolio of common stock investments in five sectors: telecommunications, electric utilities, gas utilities, water and energy. 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. (d) This category represents SJI’s Group Annuity contracts with a nationally recognized life insurance company. The contracts are the assets of the plan, while the underlying assets of the contracts are owned by the contract holder. Valuation is based on a formula and calculation specified within the contract. Since the valuation is based on the reporting entity’s own assumptions, these contracts are classified as Level 3 investments. (e) 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, 2017 and 2016, 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. Fund investments are illiquid and resale is restricted. These funds are classified as Level 3 investments. (f) This category represents real estate common/collective trust fund investments through a commingled employee benefit trust. These commingled funds are part of a direct investment in a pool of real estate properties. These funds are valued by investment managers on a periodic basis using pricing models that use independent appraisals from sources with professional qualifications. Since these valuation inputs are not highly observable, the real estate funds are classified as Level 3 investments. SJG: Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2017 Cash $ — $ — $ — $ — Equity Securities: Common/Collective Trust Funds - U.S. (a) 13,572 — 13,572 — Common/Collective Trust Funds - International (a) 10,226 — 10,226 — Mutual Fund - U.S. (b) — — — — Mutual Funds - International (b) — — — — Fixed Income: Common/Collective Trust Funds - Bonds (a) 13,726 — 13,726 — Mutual Funds - Bonds (b) — — — — Other Types of Investments: Mutual Funds - REITS (b) 777 777 — — Company Owned Life Insurance (c) 14,362 — 14,362 — Total $ 52,663 $ 777 $ 51,886 $ — Asset Category Total Level 1 Level 2 Level 3 As of December 31, 2016 Cash $ — $ — $ — $ — Equity Securities: Common/Collective Trust Funds - U.S. (a) 13,372 — 13,372 — Common/Collective Trust Funds - International (a) 7,796 — 7,796 — Mutual Fund - U.S. (b) — — — — Mutual Funds - International (b) — — — — Fixed Income: Common/Collective Trust Funds - Bonds (a) 12,167 — 12,167 — Mutual Funds - Bonds (b) — — — — Other Types of Investments: Mutual Funds - REITS (b) — — — — Company Owned Life Insurance (c) 12,613 — 12,613 — Total $ 45,948 $ — $ 45,948 $ — (a) This category represents common/collective trust fund investments through a commingled employee benefit trust (excluding real estate). These commingled funds are not traded publicly; however, the majority of the underlying assets held in these funds are stocks and bonds that are traded on active markets and prices for these assets are readily observable. Also included in these funds are interest rate swaps, asset backed securities, mortgage backed securities and other investments with observable market values. Holdings in these commingled funds are classified as Level 2 investments. (b) This category represents mutual fund investments. The mutual funds are actively traded on exchanges and price quotes for the shares are readily available. These mutual funds are classified as Level 1 investments. (c) 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 similar to category (a) above. Holdings in these insurance policies are classified as Level 2 investments. |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | SJG: Guaranteed Insurance Contract Hedge Funds Private Equity Funds Real Estate Total Balance at January 1, 2016 $ 8,031 $ 3,353 $ 3,477 $ 6,866 $ 21,727 Actual return on plan assets: Relating to assets still held at the reporting date 541 (13 ) (71 ) 640 1,097 Relating to assets sold during the period 12 — 200 — 212 Purchases, Sales and Settlements (654 ) (3,340 ) 558 — (3,436 ) Balance at December 31, 2016 $ 7,930 $ — $ 4,164 $ 7,506 $ 19,600 Actual return on plan assets: Relating to assets still held at the reporting date 103 — (224 ) 414 293 Relating to assets sold during the period 9 — 396 — 405 Purchases, Sales and Settlements (613 ) — 1,399 — 786 Balance at December 31, 2017 $ 7,429 $ — $ 5,735 $ 7,920 $ 21,084 |
Schedule of Future Benefit Payments | SJG: Pension Benefits Other Postretirement Benefits 2018 $ 10,451 $ 3,434 2019 $ 11,349 $ 3,587 2020 $ 11,917 $ 3,710 2021 $ 12,495 $ 3,726 2022 $ 13,489 $ 3,752 2023 - 2027 $ 77,033 $ 17,172 |
LINES OF CREDIT (Tables)
LINES OF CREDIT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Summary of Credit Facilities and Available Liquidity | Credit facilities and available liquidity as of December 31, 2017 were as follows (in thousands): Company Total Facility Usage Available Liquidity Expiration Date SJI: Syndicated Revolving Credit Facility $ 400,000 $ 251,000 (A) $ 149,000 August 2022 (C) Revolving Credit Facility 50,000 50,000 — September 2019 (D) Total SJI 450,000 301,000 149,000 SJG: Commercial Paper Program/Revolving Credit Facility 200,000 52,800 (B) 147,200 August 2022 (E) Uncommitted Bank Line 10,000 — 10,000 August 2018 Total SJG 210,000 52,800 157,200 Total $ 660,000 $ 353,800 $ 306,200 (A) Includes letters of credit outstanding in the amount of $6.6 million . (B) Includes letters of credit outstanding in the amount of $0.8 million . (C) In August 2017, SJI entered into a five year, unsecured $400.0 million revolving credit agreement which is syndicated among several banks. In connection with this agreement, SJI terminated its previous $400.0 million revolving credit agreement. (D) In September 2017, SJI amended an unsecured revolving credit facility for two years. The facility now terminates in September 2019. (E) In August 2017, SJG entered into a five year, unsecured $200.0 million revolving credit agreement which is syndicated among several banks. In connection with this agreement, SJG terminated its previous $200.0 million revolving credit agreement. |
South Jersey Gas Company | |
Related Party Transaction [Line Items] | |
Summary of Credit Facilities and Available Liquidity | Credit facilities and available liquidity as of December 31, 2017 were as follows (in thousands): Company Total Facility Usage Available Liquidity Expiration Date SJI: Syndicated Revolving Credit Facility $ 400,000 $ 251,000 (A) $ 149,000 August 2022 (C) Revolving Credit Facility 50,000 50,000 — September 2019 (D) Total SJI 450,000 301,000 149,000 SJG: Commercial Paper Program/Revolving Credit Facility 200,000 52,800 (B) 147,200 August 2022 (E) Uncommitted Bank Line 10,000 — 10,000 August 2018 Total SJG 210,000 52,800 157,200 Total $ 660,000 $ 353,800 $ 306,200 (A) Includes letters of credit outstanding in the amount of $6.6 million . (B) Includes letters of credit outstanding in the amount of $0.8 million . (C) In August 2017, SJI entered into a five year, unsecured $400.0 million revolving credit agreement which is syndicated among several banks. In connection with this agreement, SJI terminated its previous $400.0 million revolving credit agreement. (D) In September 2017, SJI amended an unsecured revolving credit facility for two years. The facility now terminates in September 2019. (E) In August 2017, SJG entered into a five year, unsecured $200.0 million revolving credit agreement which is syndicated among several banks. In connection with this agreement, SJG terminated its previous $200.0 million revolving credit agreement. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Schedule of Long-term Debt | Outstanding Long-Term Debt at December 31 consisted of the following: 2017 2016 Long-Term Debt (A): South Jersey Gas Company: First Mortgage Bonds: (B) 4.657% Series due 2017 (C) — 15,000 7.97% Series due 2018 10,000 10,000 7.125% Series due 2018 20,000 20,000 5.587% Series due 2019 10,000 10,000 3.00% Series due 2024 (D) 50,000 50,000 3.03% Series due 2024 (E) 35,000 35,000 3.63% Series due 2025 (F) 7,273 8,182 4.84% Series due 2026 (G) 15,000 15,000 4.93% Series due 2026 (H) 45,000 45,000 4.03% Series due 2027 45,000 45,000 4.01% Series due 2030 (I) 50,000 50,000 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 (K) 200,000 — Series A 2006 Bonds at variable rates due 2036 (L) 24,900 24,900 SJG Term Facility (M) 200,000 200,000 Total SJG Long-Term Debt Outstanding (S) $ 829,173 $ 645,082 Less SJG Current Maturities (63,809 ) (215,909 ) Total SJG Long-Term Debt (S) $ 765,364 $ 429,173 Marina Energy LLC: (N) Series A 2001 Bonds at variable rates due 2031 $ — $ 20,000 Series B 2001 Bonds at variable rates due 2021 — 25,000 Series A 2006 Bonds at variable rates due 2036 — 16,400 South Jersey Industries: 2.71% Series B 2012 Notes due 2017 (O) — 16,000 3.05% Series due 2019 60,000 60,000 3.05% Series due 2019 30,000 30,000 3.05% Series due 2019 50,000 50,000 3.46% Series C 2012 Notes due 2022 35,000 35,000 3.22% Series due 2024 (P) 25,000 — 3.46% Series due 2027 (P) 25,000 — Series Notes at variable rates due 2019 (Q) 40,000 40,000 Series Notes at variable rates due 2019 (Q) 60,000 60,000 South Jersey Industries Term Loan at variable rates due 2020 (R) 50,000 50,000 Total SJI Consolidated Long-Term Debt Outstanding (S) $ 1,204,173 $ 1,047,482 Less SJI Consolidated Current Maturities (all at SJG) (63,809 ) (231,909 ) Total SJI Consolidated Long-Term Debt (S) $ 1,140,364 $ 815,573 (A) Long-term debt maturities for SJI for the succeeding five years are as follows (in thousands): 2018: $63,809 ; 2019: $458,909 ; 2020: $67,909 ; 2021: $27,909 ; and 2022: $66,084 . Long-term debt maturities for SJG for the succeeding five years are as follows (in thousands): 2018: $63,809 ; 2019: $218,909 ; 2020: $17,909 ; 2021: $27,909 ; and 2022: $31,084 . (B) In January 2017, SJG entered into a Supplemental Indenture Amending and Restating First Mortgage Indenture (the “New Mortgage”), which amended and restated in its entirety that Indenture of Mortgage dated October 1, 1947. The New Mortgage 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 July 2017, SJG redeemed at maturity $15.0 million of 4.657% Medium Term Notes (MTN's). (D) SJG has $50.0 million of 3.00% MTN's, with $10.0 million due annually beginning September 2020 with the final payment due September 2024. (E) SJG has $35.0 million of 3.03% MTN's, with $7.0 million due annually beginning November 2020 with the final payment due November 2024. (F) SJG pays $0.9 million annually toward the principal amount of 3.63% MTN's, 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 $15.0 million of 4.84% MTN's, with $2.5 million due annually beginning March 2021 with the final payment due March 2026. (H) SJG has $45.0 million of 4.93% MTN's, with $7.5 million due annually beginning June 2021 with the final payment due June 2026. (I) SJG has $50.0 million of 4.01% MTN's with several due dates, as follows: $8.0 million each due November 2018 and 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% MTN's, with $3.175 million due annually beginning April 2022 with final payment due April 2032. (K) In January 2017, SJG issued $200.0 million aggregate principal amount of MTN's, Series E, 2017, due January 2047, with principal repayments beginning in 2025. The MTN's bear interest at an annual rate of 3.0% payable semiannually. Proceeds were used to pay down the $200.0 million multiple-draw term facility referenced in (M) below, which was set to expire in June 2017. (L) These variable rate demand bonds bear interest at a floating rate that resets weekly. The interest rate as of December 31, 2017 was 1.66% . Liquidity support on these bonds is provided under a separate letter of credit facility that expires in August 2018; as such, these bonds are recorded in current portion of long-term debt on the consolidated balance sheets. These bonds contain no financial covenants. (M) SJG had a $200.0 million multiple-draw term facility offered by a syndicate of banks which was set to expire in June 2017. The total amount outstanding under this facility at December 31, 2016 was $200.0 million , which was classified in current portion of long-term debt on the consolidated balance sheets as it was due within one year. This facility bore interest at a floating rate based on LIBOR plus a spread determined by SJG's credit ratings. In January 2017, this facility was paid down using the $200.0 million MTN's referenced in (K) above. In January 2017, SJG entered into an unsecured, $200.0 million multiple-draw term loan credit agreement ("Credit Agreement"), which is syndicated among seven banks. Term loans under the Credit Agreement bear interest at a variable base rate or a variable LIBOR rate, at SJG's election. Under the Credit Agreement, SJG can borrow up to an aggregate of $200.0 million until July 2018, of which SJG borrowed $200.0 million during 2017. All loans under the Credit Agreement become due in January 2019. (N) In May 2017, Marina voluntarily redeemed bonds issued by the New Jersey Economic Development Authority (NJEDA) in an aggregate principal amount of $61.4 million , as follows: Thermal Energy Facilities Revenue Bonds (Marina Energy LLC - 2001 Project) Series A ( $20.0 million ); Thermal Energy Facilities Federally Taxable Revenue Bonds (Marina Energy LLC - 2001 Project) Series B ( $25.0 million ); and Thermal Energy Facilities Revenue Bonds (Marina Energy LLC Project) Series 2006A ( $16.4 million ). In connection with the redemptions, separate related letter of credit reimbursement agreements were terminated (see Note 15). (O) In June 2017, SJI redeemed at maturity $16.0 million of 2.71% Senior Unsecured Notes. (P) In August 2017, SJI entered into a note purchase agreement that provides for the issuance of an aggregate of $100.0 million of MTNs. Pursuant to the agreement, SJI issued $50.0 million aggregate principal amount of MTNs, consisting of (a) $25.0 million aggregate principal amount of 3.22% Senior Notes, Series 2017A-1, due August 2024, and (b) $25.0 million aggregate principal amount of 3.46% Senior Notes, Series 2017B-1, due August 2027. SJI issued the remaining $50.0 million of MTNs in January 2018 (see Note 19). (Q) At December 31, 2017 , the floating rate on these Senior Notes was 3.01% . (R) At December 31, 2017 , the floating rate on this Term Loan was 2.29% . (S) Total SJI consolidated Long-Term Debt in the table above does not include unamortized debt issuance costs of $17.4 million and $7.6 million for the years ended December 31, 2017 and 2016 , respectively. Total SJG Long-Term Debt in the table above does not include unamortized debt issuance costs of $7.3 million and $6.0 million for the years ended December 31, 2017 and 2016 , respectively. |
South Jersey Gas Company | |
Related Party Transaction [Line Items] | |
Schedule of Long-term Debt | Outstanding Long-Term Debt at December 31 consisted of the following: 2017 2016 Long-Term Debt (A): South Jersey Gas Company: First Mortgage Bonds: (B) 4.657% Series due 2017 (C) — 15,000 7.97% Series due 2018 10,000 10,000 7.125% Series due 2018 20,000 20,000 5.587% Series due 2019 10,000 10,000 3.00% Series due 2024 (D) 50,000 50,000 3.03% Series due 2024 (E) 35,000 35,000 3.63% Series due 2025 (F) 7,273 8,182 4.84% Series due 2026 (G) 15,000 15,000 4.93% Series due 2026 (H) 45,000 45,000 4.03% Series due 2027 45,000 45,000 4.01% Series due 2030 (I) 50,000 50,000 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 (K) 200,000 — Series A 2006 Bonds at variable rates due 2036 (L) 24,900 24,900 SJG Term Facility (M) 200,000 200,000 Total SJG Long-Term Debt Outstanding (S) $ 829,173 $ 645,082 Less SJG Current Maturities (63,809 ) (215,909 ) Total SJG Long-Term Debt (S) $ 765,364 $ 429,173 Marina Energy LLC: (N) Series A 2001 Bonds at variable rates due 2031 $ — $ 20,000 Series B 2001 Bonds at variable rates due 2021 — 25,000 Series A 2006 Bonds at variable rates due 2036 — 16,400 South Jersey Industries: 2.71% Series B 2012 Notes due 2017 (O) — 16,000 3.05% Series due 2019 60,000 60,000 3.05% Series due 2019 30,000 30,000 3.05% Series due 2019 50,000 50,000 3.46% Series C 2012 Notes due 2022 35,000 35,000 3.22% Series due 2024 (P) 25,000 — 3.46% Series due 2027 (P) 25,000 — Series Notes at variable rates due 2019 (Q) 40,000 40,000 Series Notes at variable rates due 2019 (Q) 60,000 60,000 South Jersey Industries Term Loan at variable rates due 2020 (R) 50,000 50,000 Total SJI Consolidated Long-Term Debt Outstanding (S) $ 1,204,173 $ 1,047,482 Less SJI Consolidated Current Maturities (all at SJG) (63,809 ) (231,909 ) Total SJI Consolidated Long-Term Debt (S) $ 1,140,364 $ 815,573 (A) Long-term debt maturities for SJI for the succeeding five years are as follows (in thousands): 2018: $63,809 ; 2019: $458,909 ; 2020: $67,909 ; 2021: $27,909 ; and 2022: $66,084 . Long-term debt maturities for SJG for the succeeding five years are as follows (in thousands): 2018: $63,809 ; 2019: $218,909 ; 2020: $17,909 ; 2021: $27,909 ; and 2022: $31,084 . (B) In January 2017, SJG entered into a Supplemental Indenture Amending and Restating First Mortgage Indenture (the “New Mortgage”), which amended and restated in its entirety that Indenture of Mortgage dated October 1, 1947. The New Mortgage 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 July 2017, SJG redeemed at maturity $15.0 million of 4.657% Medium Term Notes (MTN's). (D) SJG has $50.0 million of 3.00% MTN's, with $10.0 million due annually beginning September 2020 with the final payment due September 2024. (E) SJG has $35.0 million of 3.03% MTN's, with $7.0 million due annually beginning November 2020 with the final payment due November 2024. (F) SJG pays $0.9 million annually toward the principal amount of 3.63% MTN's, 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 $15.0 million of 4.84% MTN's, with $2.5 million due annually beginning March 2021 with the final payment due March 2026. (H) SJG has $45.0 million of 4.93% MTN's, with $7.5 million due annually beginning June 2021 with the final payment due June 2026. (I) SJG has $50.0 million of 4.01% MTN's with several due dates, as follows: $8.0 million each due November 2018 and 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% MTN's, with $3.175 million due annually beginning April 2022 with final payment due April 2032. (K) In January 2017, SJG issued $200.0 million aggregate principal amount of MTN's, Series E, 2017, due January 2047, with principal repayments beginning in 2025. The MTN's bear interest at an annual rate of 3.0% payable semiannually. Proceeds were used to pay down the $200.0 million multiple-draw term facility referenced in (M) below, which was set to expire in June 2017. (L) These variable rate demand bonds bear interest at a floating rate that resets weekly. The interest rate as of December 31, 2017 was 1.66% . Liquidity support on these bonds is provided under a separate letter of credit facility that expires in August 2018; as such, these bonds are recorded in current portion of long-term debt on the consolidated balance sheets. These bonds contain no financial covenants. (M) SJG had a $200.0 million multiple-draw term facility offered by a syndicate of banks which was set to expire in June 2017. The total amount outstanding under this facility at December 31, 2016 was $200.0 million , which was classified in current portion of long-term debt on the consolidated balance sheets as it was due within one year. This facility bore interest at a floating rate based on LIBOR plus a spread determined by SJG's credit ratings. In January 2017, this facility was paid down using the $200.0 million MTN's referenced in (K) above. In January 2017, SJG entered into an unsecured, $200.0 million multiple-draw term loan credit agreement ("Credit Agreement"), which is syndicated among seven banks. Term loans under the Credit Agreement bear interest at a variable base rate or a variable LIBOR rate, at SJG's election. Under the Credit Agreement, SJG can borrow up to an aggregate of $200.0 million until July 2018, of which SJG borrowed $200.0 million during 2017. All loans under the Credit Agreement become due in January 2019. (N) In May 2017, Marina voluntarily redeemed bonds issued by the New Jersey Economic Development Authority (NJEDA) in an aggregate principal amount of $61.4 million , as follows: Thermal Energy Facilities Revenue Bonds (Marina Energy LLC - 2001 Project) Series A ( $20.0 million ); Thermal Energy Facilities Federally Taxable Revenue Bonds (Marina Energy LLC - 2001 Project) Series B ( $25.0 million ); and Thermal Energy Facilities Revenue Bonds (Marina Energy LLC Project) Series 2006A ( $16.4 million ). In connection with the redemptions, separate related letter of credit reimbursement agreements were terminated (see Note 15). (O) In June 2017, SJI redeemed at maturity $16.0 million of 2.71% Senior Unsecured Notes. (P) In August 2017, SJI entered into a note purchase agreement that provides for the issuance of an aggregate of $100.0 million of MTNs. Pursuant to the agreement, SJI issued $50.0 million aggregate principal amount of MTNs, consisting of (a) $25.0 million aggregate principal amount of 3.22% Senior Notes, Series 2017A-1, due August 2024, and (b) $25.0 million aggregate principal amount of 3.46% Senior Notes, Series 2017B-1, due August 2027. SJI issued the remaining $50.0 million of MTNs in January 2018 (see Note 19). (Q) At December 31, 2017 , the floating rate on these Senior Notes was 3.01% . (R) At December 31, 2017 , the floating rate on this Term Loan was 2.29% . (S) Total SJI consolidated Long-Term Debt in the table above does not include unamortized debt issuance costs of $17.4 million and $7.6 million for the years ended December 31, 2017 and 2016 , respectively. Total SJG Long-Term Debt in the table above does not include unamortized debt issuance costs of $7.3 million and $6.0 million for the years ended December 31, 2017 and 2016 , respectively. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
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): 2017 2016 Beginning of Year $ 155,013 $ 126,623 Accruals 56,405 60,713 Expenditures (38,563 ) (32,323 ) End of Year $ 172,855 $ 155,013 |
South Jersey Gas Company | |
Related Party Transaction [Line Items] | |
Schedule of Environmental Loss Contingencies | SJG: 2017 2016 Beginning of Year $ 153,047 $ 123,194 Accruals 55,814 61,933 Expenditures (37,165 ) (32,080 ) End of Year $ 171,696 $ 153,047 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments | As of December 31, 2017 , 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) 58.8 9.7 Expected future sales of natural gas (in MMdts) 60.3 0.7 Expected future purchases of electricity (in MMmWh) 2.6 — Expected future sales of electricity (in MMmWh) 2.1 — Basis and Index related net purchase (sales) contracts (in MMdts) 47.4 0.3 |
Fair Value of Derivative Instruments | The fair values of all derivative instruments, as reflected in the consolidated balance sheets as of December 31, are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Derivatives not designated as hedging instruments under GAAP December 31, 2017 December 31, 2016 Assets Liabilities Assets Liabilities Energy-related commodity contracts: Derivatives - Energy Related - Current $ 42,139 $ 46,938 $ 72,391 $ 60,082 Derivatives - Energy Related - Non-Current 5,988 6,025 8,502 4,540 Interest rate contracts: Derivatives - Other - Current 748 — 681 Derivatives - Other - Noncurrent 9,622 — 9,349 Total derivatives not designated as hedging instruments under GAAP $ 48,127 $ 63,333 $ 80,893 $ 74,652 Total Derivatives $ 48,127 $ 63,333 $ 80,893 $ 74,652 |
Summary of Interest Rate Swaps | As of December 31, 2017 , SJI's active interest rate swaps were as follows: Notional Amount Fixed Interest Rate Start Date Maturity Obligor $ 20,000,000 3.049% 3/15/2017 3/15/2027 SJI $ 20,000,000 3.049% 3/15/2017 3/15/2027 SJI $ 10,000,000 3.049% 3/15/2017 3/15/2027 SJI $ 12,500,000 3.530% 12/1/2006 2/1/2036 SJG $ 12,500,000 3.430% 12/1/2006 2/1/2036 SJG |
Offsetting Arrangements | As of December 31, 2017 and 2016 , information related to these offsetting arrangements were as follows (in thousands): As of December 31, 2017 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 $ 48,127 $ — $ 48,127 $ (24,849 ) (A) $ — $ 23,278 Derivatives - Energy Related Liabilities $ (52,963 ) $ — $ (52,963 ) $ 24,849 (B) $ 8,832 $ (19,282 ) Derivatives - Other $ (10,370 ) $ — $ (10,370 ) $ — $ — $ (10,370 ) SJG: Derivatives - Energy Related Assets $ 7,332 $ — $ 7,332 $ (208 ) (A) $ — $ 7,124 Derivatives - Energy Related Liabilities $ (9,440 ) $ — $ (9,440 ) $ 208 (B) $ 1,543 $ (7,689 ) Derivatives - Other $ (7,028 ) $ — $ (7,028 ) $ — $ — $ (7,028 ) As of December 31, 2016 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 $ 80,893 $ — $ 80,893 $ (38,809 ) (A) $ (3,474 ) $ 38,610 Derivatives - Energy Related Liabilities $ (64,622 ) $ — $ (64,622 ) $ 38,809 (B) $ — $ (25,813 ) Derivatives - Other $ (10,030 ) $ — $ (10,030 ) $ — $ — $ (10,030 ) SJG: Derivatives - Energy Related Assets $ 5,807 $ — $ 5,807 $ (6 ) (A) $ (3,587 ) $ 2,214 Derivatives - Energy Related Liabilities $ (1,372 ) $ — $ (1,372 ) $ 6 (B) $ — $ (1,366 ) Derivatives - Other $ (7,365 ) $ — $ (7,365 ) $ — $ — $ (7,365 ) (A) The balances at December 31, 2017 and 2016 were related to derivative liabilities which can be net settled against derivative assets. (B) The balances at December 31, 2017 and 2016 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 in Cash Flow Hedging Relationships under GAAP 2017 2016 2015 SJI (includes SJG and all other consolidated subsidiaries): Interest Rate Contracts: Losses reclassified from AOCL into income (a) $ (2,524 ) $ (333 ) $ (551 ) SJG: Interest Rate Contracts: Losses reclassified from AOCL into income (a) $ (46 ) $ (46 ) (46 ) (a) Included in Interest Charges Derivatives Not Designated as Hedging Instruments under GAAP 2017 2016 2015 SJI (no balances for SJG; includes all other consolidated subsidiaries): (Losses) gains on energy-related commodity contracts (a) $ (13,667 ) $ 26,935 $ 8,401 (Losses) gains on interest rate contracts (b) (677 ) 647 96 Total $ (14,344 ) $ 27,582 $ 8,497 (a) Included in Operating Revenues - Nonutility (b) Included in Interest Charges |
South Jersey Gas Company | |
Derivative [Line Items] | |
Schedule of Derivative Instruments | As of December 31, 2017 , 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) 58.8 9.7 Expected future sales of natural gas (in MMdts) 60.3 0.7 Expected future purchases of electricity (in MMmWh) 2.6 — Expected future sales of electricity (in MMmWh) 2.1 — Basis and Index related net purchase (sales) contracts (in MMdts) 47.4 0.3 |
Fair Value of Derivative Instruments | SJG: Derivatives not designated as hedging instruments under GAAP 2017 2016 Assets Liabilities Assets Liabilities Energy-related commodity contracts: Derivatives – Energy Related – Current $ 7,327 $ 9,270 $ 5,434 $ 1,372 Derivatives – Energy Related – Non-Current 5 170 373 — Interest rate contracts: Derivatives - Other - Current — 389 — 386 Derivatives - Other - Non-Current — 6,639 — 6,979 Total derivatives not designated as hedging instruments under GAAP 7,332 16,468 5,807 8,737 Total Derivatives $ 7,332 $ 16,468 $ 5,807 $ 8,737 |
Offsetting Arrangements | As of December 31, 2017 and 2016 , information related to these offsetting arrangements were as follows (in thousands): As of December 31, 2017 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 $ 48,127 $ — $ 48,127 $ (24,849 ) (A) $ — $ 23,278 Derivatives - Energy Related Liabilities $ (52,963 ) $ — $ (52,963 ) $ 24,849 (B) $ 8,832 $ (19,282 ) Derivatives - Other $ (10,370 ) $ — $ (10,370 ) $ — $ — $ (10,370 ) SJG: Derivatives - Energy Related Assets $ 7,332 $ — $ 7,332 $ (208 ) (A) $ — $ 7,124 Derivatives - Energy Related Liabilities $ (9,440 ) $ — $ (9,440 ) $ 208 (B) $ 1,543 $ (7,689 ) Derivatives - Other $ (7,028 ) $ — $ (7,028 ) $ — $ — $ (7,028 ) As of December 31, 2016 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 $ 80,893 $ — $ 80,893 $ (38,809 ) (A) $ (3,474 ) $ 38,610 Derivatives - Energy Related Liabilities $ (64,622 ) $ — $ (64,622 ) $ 38,809 (B) $ — $ (25,813 ) Derivatives - Other $ (10,030 ) $ — $ (10,030 ) $ — $ — $ (10,030 ) SJG: Derivatives - Energy Related Assets $ 5,807 $ — $ 5,807 $ (6 ) (A) $ (3,587 ) $ 2,214 Derivatives - Energy Related Liabilities $ (1,372 ) $ — $ (1,372 ) $ 6 (B) $ — $ (1,366 ) Derivatives - Other $ (7,365 ) $ — $ (7,365 ) $ — $ — $ (7,365 ) (A) The balances at December 31, 2017 and 2016 were related to derivative liabilities which can be net settled against derivative assets. (B) The balances at December 31, 2017 and 2016 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 in Cash Flow Hedging Relationships under GAAP 2017 2016 2015 SJI (includes SJG and all other consolidated subsidiaries): Interest Rate Contracts: Losses reclassified from AOCL into income (a) $ (2,524 ) $ (333 ) $ (551 ) SJG: Interest Rate Contracts: Losses reclassified from AOCL into income (a) $ (46 ) $ (46 ) (46 ) (a) Included in Interest Charges Derivatives Not Designated as Hedging Instruments under GAAP 2017 2016 2015 SJI (no balances for SJG; includes all other consolidated subsidiaries): (Losses) gains on energy-related commodity contracts (a) $ (13,667 ) $ 26,935 $ 8,401 (Losses) gains on interest rate contracts (b) (677 ) 647 96 Total $ (14,344 ) $ 27,582 $ 8,497 (a) Included in Operating Revenues - Nonutility (b) Included in Interest Charges |
FAIR VALUE OF FINANCIAL ASSET46
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
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, 2017 Total Level 1 Level 2 Level 3 Assets SJI (includes SJG and all other consolidated subsidiaries): Available-for-Sale Securities (A) $ 36 $ 36 $ — $ — Derivatives – Energy Related Assets (B) 48,127 5,155 21,869 21,103 $ 48,163 $ 5,191 $ 21,869 $ 21,103 SJG: Assets Derivatives – Energy Related Assets (B) $ 7,332 $ 208 $ 230 $ 6,894 $ 7,332 $ 208 $ 230 $ 6,894 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 52,963 $ 10,687 $ 24,283 $ 17,993 Derivatives – Other (C) 10,370 — 10,370 — $ 63,333 $ 10,687 $ 34,653 $ 17,993 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 9,440 $ 1,750 $ 2,848 $ 4,842 Derivatives – Other (C) 7,028 — 7,028 — $ 16,468 $ 1,750 $ 9,876 $ 4,842 As of December 31, 2016 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) 80,893 33,994 11,814 35,085 $ 80,925 $ 34,026 $ 11,814 $ 35,085 SJG: Assets Derivatives – Energy Related Assets (B) $ 5,807 $ 4,767 $ — $ 1,040 $ 5,807 $ 4,767 $ — $ 1,040 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 64,622 $ 16,502 $ 22,070 $ 26,050 Derivatives – Other (C) 10,030 — 10,030 — $ 74,652 $ 16,502 $ 32,100 $ 26,050 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 1,372 $ 6 $ 1,252 $ 114 Derivatives – Other (C) 7,365 — 7,365 — $ 8,737 $ 6 $ 8,617 $ 114 (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. The remaining securities consist of funds that are not publicly traded. These funds, which consist of stocks and bonds that are traded individually in active markets, are valued using quoted prices for similar assets and are categorized in Level 2 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. 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 as the model inputs generally are not observable. Significant Unobservable Inputs - 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 mark-to-market valuations 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. Level 3 valuation methods for natural gas derivative contracts include utilizing another location in close proximity adjusted for certain pipeline charges to derive a basis value. The significant unobservable inputs used in the fair value measurement of certain natural gas contracts consist of forward prices developed based on industry-standard methodologies. Significant increases (decreases) in these forward prices for purchases of natural gas would result in a directionally similar impact to the fair value measurement and for sales of natural gas would result in a directionally opposite impact to the fair value measurement. Level 3 valuation methods for electric represent the value of the contract marked to the forward wholesale curve, as provided by daily exchange quotes for delivered electricity. The significant unobservable inputs used in the fair value measurement of electric contracts consist of fixed contracted electric load profiles; therefore no change in unobservable inputs would occur. Unobservable inputs are updated daily using industry-standard techniques. Management reviews and corroborates the price quotations to ensure the prices are observable which includes consideration of actual transaction volumes, market delivery points, bid-ask spreads and contract duration. (C) Derivatives – Other 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. |
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, 2017 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 13,519 $ 15,686 Discounted Cash Flow Forward price (per dt) $1.79 - $12.09 [$3.01] (A) Forward Contract - Electric $ 7,584 $ 2,307 Discounted Cash Flow Fixed electric load profile (on-peak) 36.36% - 100.00% [53.39%] (B) Fixed electric load profile (off-peak) 0.00% - 63.64% [46.61%] (B) Type Fair Value at December 31, 2016 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 23,301 $ 18,109 Discounted Cash Flow Forward price (per dt) $1.03 - $11.33 [$2.71] (A) Forward Contract - Electric $ 11,784 $ 7,941 Discounted Cash Flow Fixed electric load profile (on-peak) 21.43% - 100.00% [55.14%] (B) Fixed electric load profile (off-peak) 0.00% - 78.57% [44.86%] (B) SJG: Type Fair Value at December 31, 2017 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 6,894 $ 4,842 Discounted Cash Flow Forward price (per dt) $2.42 - $6.67 [$5.25] (A) Type Fair Value at December 31, 2016 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 1,040 $ 114 Discounted Cash Flow Forward price (per dt) $3.25 - $6.33 [$5.09] (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 Measurements Using Significant Unobservable Inputs | The changes in fair value measurements of Derivatives – Energy Related Assets and Liabilities at December 31, 2017 and 2016 , using significant unobservable inputs (Level 3), are as follows (in thousands): SJI (includes SJG and all other consolidated subsidiaries): Year Ended December 31, 2017 Balance at January 1, 2017 $ 9,035 Other changes in fair value from continuing and new contracts, net 1,857 Transfers in to/(out of) of Level 3 (A) (954 ) Settlements (6,828 ) Balance at December 31, 2017 $ 3,110 Year Ended December 31, 2016 Balance at January 1, 2016 $ (632 ) Other changes in fair value from continuing and new contracts, net 5,657 Transfers in to/(out of) of Level 3 (A) 4,116 Settlements (106 ) Balance at December 31, 2016 $ 9,035 SJG: Year Ended December 31, 2017 Balance at January 1, 2017 $ 926 Other changes in fair value from continuing and new contracts, net 2,258 Transfers in to/(out of) of Level 3 (A) (206 ) Settlements (926 ) Balance at December 31, 2017 $ 2,052 Year Ended December 31, 2016 Balance at January 1, 2016 $ 183 Other changes in fair value from continuing and new contracts, net 926 Settlements (183 ) Balance at December 31, 2016 $ 926 (A) Transfers between different levels of the fair value hierarchy may occur based on the level of observable inputs used to value the instruments from period to period, and are assessed quarterly by management. During the year ended December 31, 2017 , $1.0 million and $0.2 million of SJI's and SJG's net derivative assets, respectively, were transferred from Level 3 to Level 2, due to increased observability of market data. During the year ended December 31, 2016, $4.1 million of SJI's net derivative assets were transferred from Level 2 to Level 3, due to decreased observability of market data. |
South Jersey Gas Company | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
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, 2017 Total Level 1 Level 2 Level 3 Assets SJI (includes SJG and all other consolidated subsidiaries): Available-for-Sale Securities (A) $ 36 $ 36 $ — $ — Derivatives – Energy Related Assets (B) 48,127 5,155 21,869 21,103 $ 48,163 $ 5,191 $ 21,869 $ 21,103 SJG: Assets Derivatives – Energy Related Assets (B) $ 7,332 $ 208 $ 230 $ 6,894 $ 7,332 $ 208 $ 230 $ 6,894 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 52,963 $ 10,687 $ 24,283 $ 17,993 Derivatives – Other (C) 10,370 — 10,370 — $ 63,333 $ 10,687 $ 34,653 $ 17,993 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 9,440 $ 1,750 $ 2,848 $ 4,842 Derivatives – Other (C) 7,028 — 7,028 — $ 16,468 $ 1,750 $ 9,876 $ 4,842 As of December 31, 2016 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) 80,893 33,994 11,814 35,085 $ 80,925 $ 34,026 $ 11,814 $ 35,085 SJG: Assets Derivatives – Energy Related Assets (B) $ 5,807 $ 4,767 $ — $ 1,040 $ 5,807 $ 4,767 $ — $ 1,040 SJI (includes SJG and all other consolidated subsidiaries): Liabilities Derivatives – Energy Related Liabilities (B) $ 64,622 $ 16,502 $ 22,070 $ 26,050 Derivatives – Other (C) 10,030 — 10,030 — $ 74,652 $ 16,502 $ 32,100 $ 26,050 SJG: Liabilities Derivatives – Energy Related Liabilities (B) $ 1,372 $ 6 $ 1,252 $ 114 Derivatives – Other (C) 7,365 — 7,365 — $ 8,737 $ 6 $ 8,617 $ 114 (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. The remaining securities consist of funds that are not publicly traded. These funds, which consist of stocks and bonds that are traded individually in active markets, are valued using quoted prices for similar assets and are categorized in Level 2 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. 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 as the model inputs generally are not observable. Significant Unobservable Inputs - 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 mark-to-market valuations 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. Level 3 valuation methods for natural gas derivative contracts include utilizing another location in close proximity adjusted for certain pipeline charges to derive a basis value. The significant unobservable inputs used in the fair value measurement of certain natural gas contracts consist of forward prices developed based on industry-standard methodologies. Significant increases (decreases) in these forward prices for purchases of natural gas would result in a directionally similar impact to the fair value measurement and for sales of natural gas would result in a directionally opposite impact to the fair value measurement. Level 3 valuation methods for electric represent the value of the contract marked to the forward wholesale curve, as provided by daily exchange quotes for delivered electricity. The significant unobservable inputs used in the fair value measurement of electric contracts consist of fixed contracted electric load profiles; therefore no change in unobservable inputs would occur. Unobservable inputs are updated daily using industry-standard techniques. Management reviews and corroborates the price quotations to ensure the prices are observable which includes consideration of actual transaction volumes, market delivery points, bid-ask spreads and contract duration. (C) Derivatives – Other 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. |
Quantitative Information Regarding Significant Unobservable Inputs | SJG: Type Fair Value at December 31, 2017 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 6,894 $ 4,842 Discounted Cash Flow Forward price (per dt) $2.42 - $6.67 [$5.25] (A) Type Fair Value at December 31, 2016 Valuation Technique Significant Unobservable Input Range [Weighted Average] Assets Liabilities Forward Contract - Natural Gas $ 1,040 $ 114 Discounted Cash Flow Forward price (per dt) $3.25 - $6.33 [$5.09] (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 Measurements Using Significant Unobservable Inputs | SJG: Year Ended December 31, 2017 Balance at January 1, 2017 $ 926 Other changes in fair value from continuing and new contracts, net 2,258 Transfers in to/(out of) of Level 3 (A) (206 ) Settlements (926 ) Balance at December 31, 2017 $ 2,052 Year Ended December 31, 2016 Balance at January 1, 2016 $ 183 Other changes in fair value from continuing and new contracts, net 926 Settlements (183 ) Balance at December 31, 2016 $ 926 (A) Transfers between different levels of the fair value hierarchy may occur based on the level of observable inputs used to value the instruments from period to period, and are assessed quarterly by management. During the year ended December 31, 2017 , $1.0 million and $0.2 million of SJI's and SJG's net derivative assets, respectively, were transferred from Level 3 to Level 2, due to increased observability of market data. During the year ended December 31, 2016, $4.1 million of SJI's net derivative assets were transferred from Level 2 to Level 3, due to decreased observability of market data. |
ACCUMULATED OTHER COMPREHENSI47
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Summary of Changes | The following table summarizes the changes in SJI's AOCL for the year ended December 31, 2017 (in thousands): Postretirement Liability Adjustment (A) Unrealized Gain (Loss) on Derivatives-Other (B) Unrealized Gain (Loss) on Available-for-Sale Securities (B) Other Comprehensive Income (Loss) of Affiliated Companies (B) Total Balance at January 1, 2017 $ (25,342 ) $ (1,932 ) $ (10 ) $ (97 ) $ (27,381 ) Other comprehensive income before reclassifications (10,920 ) — — — (10,920 ) Amounts reclassified from AOCL (C) — 1,536 — — 1,536 Net current period other comprehensive income (10,920 ) 1,536 — — (9,384 ) Balance at December 31, 2017 $ (36,262 ) $ (396 ) $ (10 ) $ (97 ) $ (36,765 ) (A) Determined using a combined average statutory tax rate of 27% for 2017. (B) Determined using a combined average statutory tax rate of 39% for 2017. (C) See table below. The following table provides details about reclassifications out of SJI's AOCL for the year ended December 31, 2017 (in thousands): Amounts Reclassified from AOCL Affected Line Item in the Statements of Consolidated Income For the Year Ended December 31, 2017 Unrealized Loss on Derivatives-Other - interest rate contracts designated as cash flow hedges $ 2,524 Interest Charges Income Taxes (988 ) Income Taxes (a) $ 1,536 (a) Determined using a combined average statutory tax rate of 39% . |
South Jersey Gas Company | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Summary of Changes | The following table summarizes the changes in SJG's AOCL for the year ended December 31, 2017 (in thousands): Postretirement Liability Adjustment (A) Unrealized Gain (Loss) on Derivatives-Other (B) Total Balance at January 1, 2017 (14,417 ) (517 ) $ (14,934 ) Other comprehensive loss before reclassifications (11,090 ) — (11,090 ) Amounts reclassified from AOCL (C) — 27 27 Net current period other comprehensive loss (11,090 ) 27 (11,063 ) Balance at December 31, 2017 $ (25,507 ) $ (490 ) $ (25,997 ) (A) Determined using a combined average statutory tax rate of 27% for 2017. (B) Determined using a combined average statutory tax rate of 39% for 2017. (C) See table below. The following table provides details about reclassifications out of SJG's AOCL for the year ended December 31, 2017 (in thousands): Components of AOCL Amounts Reclassified from AOCL Affected Line Item in the Statements of Income For the Year Ended December 31, 2017 Unrealized Loss on Derivatives-Other - Interest Rate Contracts designated as cash flow hedges $ 46 Interest Charges Income Taxes (19 ) Income Taxes (a) $ 27 (a) Determined using a combined average statutory tax rate of 39% . |
Quarterly Financial Data (Una48
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | |
Summary of Quarterly Results | 2017 Quarter Ended 2016 Quarter Ended SJI (includes SJG and all other consolidated subsidiaries): March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Operating Revenues $ 425,829 $ 244,374 $ 227,127 $ 345,738 $ 333,035 $ 154,402 $ 219,082 $ 329,981 Expenses: Cost of Sales - (Excluding depreciation) 287,143 179,684 168,815 210,585 152,975 98,340 142,988 186,684 Operations, Impairment Charges and Maintenance Including Fixed Charges 85,675 78,681 122,617 152,990 73,042 71,034 69,410 77,858 Income Taxes 21,870 (5,544 ) (24,765 ) (16,498 ) 39,267 (7,189 ) 2,807 19,266 Energy and Other Taxes 2,071 1,551 1,517 1,348 1,925 1,243 1,449 1,725 Total Expenses 396,759 254,372 268,184 348,425 267,209 163,428 216,654 285,533 Other Income and Expense 8,677 2,386 3,509 6,696 2,361 4,228 7,236 1,560 Income (Loss) from Continuing Operations 37,747 (7,612 ) (37,548 ) 4,009 68,187 (4,798 ) 9,664 46,008 Loss from Discontinued Operations - (Net of tax benefit) (30 ) (47 ) (45 ) 36 (118 ) (29 ) (29 ) (75 ) Net Income (Loss) $ 37,717 $ (7,659 ) $ (37,593 ) $ 4,045 $ 68,069 $ (4,827 ) $ 9,635 $ 45,933 Basic Earnings Per Common Share: Continuing Operations $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.96 $ (0.06 ) $ 0.12 $ 0.58 Discontinued Operations — — — — — — — — Basic Earnings Per Common Share $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.96 $ (0.06 ) $ 0.12 $ 0.58 Average Shares of Common Stock Outstanding - Basic 79,519 79,534 79,539 79,549 71,127 75,298 79,478 79,478 Diluted Earnings Per Common Share: Continuing Operations $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.95 $ (0.06 ) $ 0.12 $ 0.58 Discontinued Operations — — — — — — — — Diluted Earnings Per Common Share $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.95 $ (0.06 ) $ 0.12 $ 0.58 Average Shares of Common Stock Outstanding - Diluted 79,641 79,670 79,539 79,705 71,416 75,298 79,635 79,643 2017 Quarter Ended 2016 Quarter Ended SJG: March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Operating Revenues $ 196,814 $ 83,251 $ 66,755 $ 170,434 $ 187,766 $ 68,762 $ 62,025 $ 142,502 Expenses: Cost of Sales (excluding depreciation) 72,424 33,644 29,499 68,865 69,303 19,997 26,395 58,695 Operations and Maintenance Including Fixed Charges 48,327 46,656 47,456 54,872 46,450 42,826 41,303 47,886 Income Taxes 29,911 1,431 (3,688 ) 18,046 27,404 1,415 (2,007 ) 12,554 Energy and Other Taxes 1,295 872 865 697 1,027 560 838 1,195 Total Expenses 151,957 82,603 74,132 142,480 144,184 64,798 66,529 120,330 Other Income and Expense 1,621 1,618 1,606 1,630 836 1,079 1,189 727 Net Income (Loss) $ 46,478 $ 2,266 $ (5,771 ) $ 29,584 $ 44,418 $ 5,043 $ (3,315 ) $ 22,899 |
South Jersey Gas Company | |
Condensed Income Statements, Captions [Line Items] | |
Summary of Quarterly Results | (Summarized quarterly results of SJI's and SJG's operations, in thousands except for per share amounts) 2017 Quarter Ended 2016 Quarter Ended SJI (includes SJG and all other consolidated subsidiaries): March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Operating Revenues $ 425,829 $ 244,374 $ 227,127 $ 345,738 $ 333,035 $ 154,402 $ 219,082 $ 329,981 Expenses: Cost of Sales - (Excluding depreciation) 287,143 179,684 168,815 210,585 152,975 98,340 142,988 186,684 Operations, Impairment Charges and Maintenance Including Fixed Charges 85,675 78,681 122,617 152,990 73,042 71,034 69,410 77,858 Income Taxes 21,870 (5,544 ) (24,765 ) (16,498 ) 39,267 (7,189 ) 2,807 19,266 Energy and Other Taxes 2,071 1,551 1,517 1,348 1,925 1,243 1,449 1,725 Total Expenses 396,759 254,372 268,184 348,425 267,209 163,428 216,654 285,533 Other Income and Expense 8,677 2,386 3,509 6,696 2,361 4,228 7,236 1,560 Income (Loss) from Continuing Operations 37,747 (7,612 ) (37,548 ) 4,009 68,187 (4,798 ) 9,664 46,008 Loss from Discontinued Operations - (Net of tax benefit) (30 ) (47 ) (45 ) 36 (118 ) (29 ) (29 ) (75 ) Net Income (Loss) $ 37,717 $ (7,659 ) $ (37,593 ) $ 4,045 $ 68,069 $ (4,827 ) $ 9,635 $ 45,933 Basic Earnings Per Common Share: Continuing Operations $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.96 $ (0.06 ) $ 0.12 $ 0.58 Discontinued Operations — — — — — — — — Basic Earnings Per Common Share $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.96 $ (0.06 ) $ 0.12 $ 0.58 Average Shares of Common Stock Outstanding - Basic 79,519 79,534 79,539 79,549 71,127 75,298 79,478 79,478 Diluted Earnings Per Common Share: Continuing Operations $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.95 $ (0.06 ) $ 0.12 $ 0.58 Discontinued Operations — — — — — — — — Diluted Earnings Per Common Share $ 0.47 $ (0.10 ) $ (0.47 ) $ 0.05 $ 0.95 $ (0.06 ) $ 0.12 $ 0.58 Average Shares of Common Stock Outstanding - Diluted 79,641 79,670 79,539 79,705 71,416 75,298 79,635 79,643 2017 Quarter Ended 2016 Quarter Ended SJG: March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 Operating Revenues $ 196,814 $ 83,251 $ 66,755 $ 170,434 $ 187,766 $ 68,762 $ 62,025 $ 142,502 Expenses: Cost of Sales (excluding depreciation) 72,424 33,644 29,499 68,865 69,303 19,997 26,395 58,695 Operations and Maintenance Including Fixed Charges 48,327 46,656 47,456 54,872 46,450 42,826 41,303 47,886 Income Taxes 29,911 1,431 (3,688 ) 18,046 27,404 1,415 (2,007 ) 12,554 Energy and Other Taxes 1,295 872 865 697 1,027 560 838 1,195 Total Expenses 151,957 82,603 74,132 142,480 144,184 64,798 66,529 120,330 Other Income and Expense 1,621 1,618 1,606 1,630 836 1,079 1,189 727 Net Income (Loss) $ 46,478 $ 2,266 $ (5,771 ) $ 29,584 $ 44,418 $ 5,043 $ (3,315 ) $ 22,899 |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)countymishares | Dec. 31, 2016USD ($)shares | |
Accounting Policies [Abstract] | ||||||
Length of natural gas pipeline (in miles) | mi | 100 | |||||
Public Utilities Assessment (PUA) included in utility revenue and energy and other taxes | $ 1,200,000 | $ 1,100,000 | $ 1,200,000 | |||
Composite annual rate for all depreciable utility property | 2.20% | 2.20% | 2.20% | |||
Useful life | 50 years | |||||
Impairment of nonutility property and equipment and other noncurrent assets | $ 0 | $ 0 | $ 0 | |||
Amount of costs related to interests in proved and unproved properties in Pennsylvania, net of amortization | $ 8,700,000 | $ 8,800,000 | ||||
Treasury stock held (in shares) | shares | 216,642 | 212,617 | ||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net cash provided by (used in) financing activities | 104,728,000 | (3,054,000) | 183,628,000 | |||
Impairment losses | 0 | 0 | ||||
Interest capitalized | 2,000,000 | 6,600,000 | 4,900,000 | |||
Intangible assets | $ 12,480,000 | $ 15,820,000 | ||||
Increase (decrease) in intangible assets | (3,300,000) | |||||
Increase (decrease) adjustment related to purchase price allocations | (2,200,000) | |||||
Amortization expense | 1,100,000 | 0 | ||||
Goodwill | 4,838,000 | 8,880,000 | 8,880,000 | 3,578,000 | 4,838,000 | |
Utilities Operating Expense, Impairments | 87,800,000 | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
AROs (beginning balance) | 59,427,000 | 57,943,000 | ||||
Accretion | 1,955,000 | 1,937,000 | ||||
Additions | 1,008,000 | 1,098,000 | ||||
Settlements | (2,893,000) | (1,551,000) | ||||
AROs (ending balance) | 59,497,000 | 59,427,000 | 57,943,000 | |||
Goodwill [Roll Forward] | ||||||
Beginning Balance | 4,838,000 | 8,880,000 | ||||
Impairment of Goodwill | (1,260,000) | 0 | ||||
Fair Value Adjustments During Measurement Period (See Note 3) | 0 | (4,042,000) | ||||
Ending Balance | 3,578,000 | 4,838,000 | 8,880,000 | |||
Noncurrent Assets | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Intangible assets | 12,500,000 | 15,800,000 | ||||
Goodwill | 4,800,000 | 4,800,000 | $ 3,600,000 | $ 4,800,000 | ||
Goodwill [Roll Forward] | ||||||
Beginning Balance | 4,800,000 | |||||
Ending Balance | $ 3,600,000 | 4,800,000 | ||||
Minimum | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Useful life of intangible assets | 2 years | |||||
Maximum | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Useful life of intangible assets | 20 years | |||||
Energenic | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Impairment losses | $ 7,700,000 | 7,700,000 | ||||
Accounting Standards Update 2016-09, Statutory Tax Withholding Component | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net cash provided by (used in) financing activities | (400,000) | (300,000) | ||||
Accounting Standards Update 2016-09, Excess Tax Benefit Component | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net cash provided by operating activities | 400,000 | |||||
Net cash provided by (used in) financing activities | (400,000) | |||||
South Jersey Gas Company | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of counties in which entity operates | county | 7 | |||||
Net cash provided by operating activities | $ 106,669,000 | 142,162,000 | 164,552,000 | |||
Net cash provided by (used in) financing activities | 149,761,000 | 67,928,000 | 61,218,000 | |||
Interest capitalized | 1,600,000 | 5,300,000 | 2,800,000 | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
AROs (beginning balance) | 58,674,000 | 57,219,000 | ||||
Accretion | 1,925,000 | 1,908,000 | ||||
Additions | 1,008,000 | 1,098,000 | ||||
Settlements | (2,893,000) | (1,551,000) | ||||
AROs (ending balance) | 58,714,000 | $ 58,674,000 | 57,219,000 | |||
South Jersey Gas Company | Accounting Standards Update 2016-09, Excess Tax Benefit Component | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net cash provided by operating activities | 100,000 | |||||
Net cash provided by (used in) financing activities | $ (100,000) | |||||
Maryland Solar Assets | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Utilities Operating Expense, Impairments | 43,900,000 | |||||
Solar Assets | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Utilities Operating Expense, Impairments | 27,400,000 | |||||
Landfill | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Utilities Operating Expense, Impairments | $ 16,500,000 |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PPE Utility (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Public Utilities, Property, Plant and Equipment, Plant in Service | $ 2,652,244 | $ 2,424,134 |
Accumulated depreciation for nonutility property and equipment | (194,913) | (151,084) |
Accumulated Depreciation | (498,161) | (471,222) |
Nonutility Property and Equipment, at cost | 741,027 | 821,942 |
Solar Assets | ||
Property, Plant and Equipment [Line Items] | ||
Nonutility Property and Equipment, at cost | 582,379 | 652,683 |
Cogeneration Assets | ||
Property, Plant and Equipment [Line Items] | ||
Nonutility Property and Equipment, at cost | 125,614 | 124,172 |
Property, Plant and Equipment, Other Types | ||
Property, Plant and Equipment [Line Items] | ||
Nonutility Property and Equipment, at cost | 33,034 | 45,087 |
South Jersey Gas Company | ||
Property, Plant and Equipment [Line Items] | ||
Production Plant | 296 | 296 |
Storage Plant | 61,909 | 60,661 |
Transmission Plant | 258,598 | 257,169 |
Distribution Plant | 2,044,421 | 1,871,703 |
General Plant | 175,599 | 169,464 |
Other Plant | 1,855 | 1,855 |
Utility Plant In Service | 2,542,678 | 2,361,148 |
Construction Work In Progress | 109,566 | 62,986 |
Public Utilities, Property, Plant and Equipment, Plant in Service | 2,652,244 | 2,424,134 |
Accumulated Depreciation | $ (498,161) | $ (471,222) |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Acquisition (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2017 | |
Business Acquisition [Line Items] | |||||
Payments to acquire productive assets, gross | $ 272,965 | $ 279,423 | $ 343,883 | ||
Unamortized debt issuance costs | 17,400 | 7,600 | |||
Interest Charges | $ 54,019 | $ 31,449 | $ 31,622 | ||
Elizabethtown Gas and Elkton Gas | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire productive assets, gross | $ 1,700,000 | ||||
Unamortized debt issuance costs | 12,900 | ||||
Interest Charges | 2,600 | ||||
Ticking fees | 2,500 | ||||
Amortization of debt issuance costs | 10,400 | ||||
Acquisition Costs, net of tax (A) | $ 27,400 | ||||
Elizabethtown Gas and Elkton Gas | Bridge Loan | |||||
Business Acquisition [Line Items] | |||||
Term of agreement | 364 days | ||||
Short-term Debt | $ 2,600,000 | $ 1,700,000 | |||
Operating Expense | Elizabethtown Gas and Elkton Gas | |||||
Business Acquisition [Line Items] | |||||
Acquisition Costs, net of tax (A) | $ 14,500 |
STOCK-BASED COMPENSATION PLAN52
STOCK-BASED COMPENSATION PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Service period of shares | 3 years | ||||
Fair Value Per Share (in USD per share) | $ 24.96 | $ 24.96 | $ 28.60 | $ 24.96 | |
Expected volatility, measurement period | 3 years | ||||
Net Expense | $ 3,966 | $ 3,507 | $ 1,681 | ||
Capitalized | $ (288) | $ (385) | (216) | ||
Unrecognized compensation cost of awards granted under the plan | $ 5,000 | ||||
Weighted average period over which unrecognized compensation cost is to be recognized (in years) | 1 year 8 months 12 days | ||||
Weighted Average Fair Value | |||||
Nonvested Shares Outstanding, beginning balance (in USD per share) | $ 24.96 | ||||
Granted (in USD per share) | 33.24 | ||||
Vested (in USD per share) | 24.81 | ||||
Cancelled/Forfeited (in USD per share) | 28.77 | ||||
Nonvested Shares Outstanding, ending balance (in USD per share) | $ 28.60 | $ 24.96 | |||
South Jersey Gas Company | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Net Expense | $ 400 | $ 600 | 300 | ||
Total Cost | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Net Expense | 4,254 | 3,892 | 1,897 | ||
EPS | Total Cost | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Net Expense | $ (1,100) | $ (100) | $ (1,200) | ||
Officers and other key employees | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Number of awards granted (in shares) | 167,734 | 194,347 | 158,929 | ||
Actual amount of shares that ultimately vest of the original share units granted, minimum | 0.00% | ||||
Actual amount of shares that ultimately vest of the original share units granted, maximum | 200.00% | ||||
Shares Outstanding (in shares) | 295,515 | 295,515 | 342,793 | 295,515 | |
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Nonvested Shares Outstanding, beginning balance (in shares) | 295,515 | ||||
Granted (in shares) | 167,734 | 194,347 | 158,929 | ||
Vested (in shares) | (114,199) | ||||
Cancelled/Forfeited (in shares) | (6,257.4) | ||||
Nonvested Shares Outstanding, ending balance (in shares) | 342,793 | 295,515 | |||
Expected number of shares to be awarded (in shares) | 15,092 | ||||
Weighted Average Fair Value | |||||
Number of shares awarded during the period (in shares) | 65,628 | 13,247 | 0 | ||
Market value of shares awarded (in shares) | $ 2,200 | $ 300 | |||
Officers and other key employees | South Jersey Gas Company | |||||
Weighted Average Fair Value | |||||
Number of shares awarded during the period (in shares) | 24,001 | 33,218 | 26,266 | ||
Officers and other key employees | Total Cost | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Net Expense | $ 3,232 | $ 3,051 | $ 1,128 | ||
Officers and other key employees | 2015 - Time | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares Outstanding (in shares) | 11,142 | 11,142 | |||
Fair Value Per Share (in USD per share) | $ 29.47 | $ 29.47 | |||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Nonvested Shares Outstanding, ending balance (in shares) | 11,142 | ||||
Weighted Average Fair Value | |||||
Nonvested Shares Outstanding, ending balance (in USD per share) | $ 29.47 | ||||
Officers and other key employees | 2016 - TSR | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares Outstanding (in shares) | 65,206 | 65,206 | |||
Fair Value Per Share (in USD per share) | $ 22.53 | $ 22.53 | |||
Expected Volatility | 18.10% | ||||
Risk-Free Interest Rate | 1.31% | ||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Nonvested Shares Outstanding, ending balance (in shares) | 65,206 | ||||
Weighted Average Fair Value | |||||
Nonvested Shares Outstanding, ending balance (in USD per share) | $ 22.53 | ||||
Officers and other key employees | 2016 - CEGR, Time | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares Outstanding (in shares) | 101,987 | 101,987 | |||
Fair Value Per Share (in USD per share) | $ 23.52 | $ 23.52 | |||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Nonvested Shares Outstanding, ending balance (in shares) | 101,987 | ||||
Weighted Average Fair Value | |||||
Nonvested Shares Outstanding, ending balance (in USD per share) | $ 23.52 | ||||
Officers and other key employees | 2017 - TSR | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares Outstanding (in shares) | 56,191 | 56,191 | |||
Fair Value Per Share (in USD per share) | $ 32.17 | $ 32.17 | |||
Expected Volatility | 20.80% | ||||
Risk-Free Interest Rate | 1.47% | ||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Nonvested Shares Outstanding, ending balance (in shares) | 56,191 | ||||
Weighted Average Fair Value | |||||
Nonvested Shares Outstanding, ending balance (in USD per share) | $ 32.17 | ||||
Officers and other key employees | 2017 - CEGR, Time | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares Outstanding (in shares) | 108,267 | 108,267 | |||
Fair Value Per Share (in USD per share) | $ 33.69 | $ 33.69 | |||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Nonvested Shares Outstanding, ending balance (in shares) | 108,267 | ||||
Weighted Average Fair Value | |||||
Nonvested Shares Outstanding, ending balance (in USD per share) | $ 33.69 | ||||
Directors | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Number of awards granted (in shares) | 30,394 | ||||
Vesting period of shares | 12 months | ||||
Shares Outstanding (in shares) | 35,197 | 35,197 | 30,394 | 35,197 | |
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Nonvested Shares Outstanding, beginning balance (in shares) | 35,197 | ||||
Granted (in shares) | 30,394 | ||||
Vested (in shares) | (35,197) | ||||
Cancelled/Forfeited (in shares) | 0 | ||||
Nonvested Shares Outstanding, ending balance (in shares) | 30,394 | 35,197 | |||
Weighted Average Fair Value | |||||
Market value of shares awarded (in shares) | $ 1,000 | $ 800 | 800 | ||
Directors | Total Cost | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Net Expense | $ 1,022 | $ 841 | $ 769 | ||
Directors | 2016 | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares Outstanding (in shares) | 30,394 | 30,394 | |||
Fair Value Per Share (in USD per share) | $ 33.64 | $ 33.64 | |||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Nonvested Shares Outstanding, ending balance (in shares) | 30,394 | ||||
Weighted Average Fair Value | |||||
Nonvested Shares Outstanding, ending balance (in USD per share) | $ 33.64 | ||||
Stock appreciation rights | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Number of awards granted (in shares) | 0 | 0 | 0 | ||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Granted (in shares) | 0 | 0 | 0 | ||
Performance-based restricted shares | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Return on equity award threshold | 7.00% | ||||
Performance-based restricted shares | Officers and other key employees | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Vesting period of shares | 3 years | ||||
Restricted stock | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Return on equity award threshold | 7.00% | ||||
Restricted stock | Tranche Two | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Service period of shares | 2 years | ||||
Restricted stock | Tranche Three | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Service period of shares | 3 years | ||||
Restricted stock | Officers and other key employees | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Number of awards granted (in shares) | 53,058 | 58,304 | 47,678 | ||
Vesting period of shares | 3 years | ||||
Payout limit, percentage | 100.00% | ||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Granted (in shares) | 53,058 | 58,304 | 47,678 | ||
Restricted stock | Directors | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Number of awards granted (in shares) | 30,394 | 35,197 | 26,338 | ||
Percent of shares granted that generally vest | 100.00% | ||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | |||||
Granted (in shares) | 30,394 | 35,197 | 26,338 | ||
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 |
AFFILIATIONS, DISCONTINUED OP53
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS - AFFILIATIONS (Details) $ in Thousands | Dec. 31, 2015USD ($)agreementinvestment | Dec. 31, 2017USD ($)mi | Dec. 31, 2016USD ($) | Sep. 30, 2017 | Dec. 31, 2011 |
Affiliations [Abstract] | |||||
Notes receivable from affiliate | $ 18,200 | $ 15,700 | |||
Notes receivable from affiliate, current | $ 4,913 | 2,461 | |||
Length of natural gas pipeline (in miles) | mi | 100 | ||||
Net investments in unconsolidated affiliates | $ 32,100 | 7,500 | |||
Notes receivable secured by property, plant, and equipment of affiliates | $ 13,600 | ||||
Interest accrual on secured notes receivable | 7.50% | ||||
Unsecured notes receivable | $ 4,600 | ||||
Net asset - included in investment in affiliates and other noncurrent liabilities | 62,300 | ||||
Combined equity contributions and the notes receivable - affiliate | 80,500 | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Goodwill | $ 8,880 | $ 3,578 | 4,838 | ||
Energenic | |||||
Affiliations [Abstract] | |||||
Equity interest | 50.00% | ||||
Potato Creek | |||||
Affiliations [Abstract] | |||||
Equity interest | 30.00% | ||||
PennEast | |||||
Affiliations [Abstract] | |||||
Length of natural gas pipeline (in miles) | mi | 118 | ||||
Millennium Account Services, LLC | |||||
Affiliations [Abstract] | |||||
Equity interest | 50.00% | ||||
Marina Energy LLC | Energenic | |||||
Affiliations [Abstract] | |||||
Equity interest | 50.00% | ||||
Number of distribution and purchase agreements | agreement | 2 | ||||
Number of investments owned | investment | 8 | ||||
Notes receivable from affiliate | $ 19,500 | ||||
Notes receivable from affiliate, current | $ 1,500 | ||||
Percentage of fair value of assets acquired and liabilities assumed | 100.00% | ||||
Consideration received | $ 46,000 | ||||
Fair value of the interest in Partner Projects exchanged | 14,500 | ||||
Equity Method Investment, Summarized Financial Information [Abstract] | |||||
Current assets (excluding inventory) | 7,804 | ||||
Inventory | 3,154 | ||||
Note Receivable Received | 19,504 | ||||
Fixed Assets | 46,460 | ||||
Identifiable Intangibles | 16,950 | ||||
Goodwill | 4,838 | ||||
Noncurrent assets | 4,783 | ||||
Current liabilities | (8,196) | ||||
Note Payable - Affiliate | (16,986) | ||||
Long-Term Debt, including current portion | (21,642) | ||||
Capital Lease Payable | (10,458) | ||||
Other Non-Current Liabilities | (181) | ||||
Fair Value of Consolidated Assets and Liabilities of Acquired Projects | $ 46,030 | ||||
Marina Energy LLC | Energenic | Co-venturer | |||||
Affiliations [Abstract] | |||||
Number of investments owned | investment | 7 | ||||
Fair value of the interest in Partner Projects exchanged | $ 31,500 | ||||
Midstream | PennEast | |||||
Affiliations [Abstract] | |||||
Equity interest | 20.00% |
AFFILIATIONS, DISCONTINUED OP54
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS - OPERATING RESULTS OF DISCONTINUED OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss before Income Taxes: | |||||||||||
Income Tax Benefits | $ 173 | $ 133 | $ 257 | ||||||||
Loss from Discontinued Operations - (Net of tax benefit) | $ 36 | $ (45) | $ (47) | $ (30) | $ (75) | $ (29) | $ (29) | $ (118) | $ (86) | $ (251) | $ (503) |
Earnings Per Common Share from Discontinued Operations - Net | |||||||||||
Basic and Diluted (in USD per share) | $ 0 | $ 0 | $ (0.01) | ||||||||
Sand Mining | |||||||||||
Loss before Income Taxes: | |||||||||||
Loss before Income Taxes | $ (84) | $ (205) | $ (422) | ||||||||
Fuel Oil | |||||||||||
Loss before Income Taxes: | |||||||||||
Loss before Income Taxes | $ (175) | $ (179) | $ (338) |
AFFILIATIONS, DISCONTINUED OP55
AFFILIATIONS, DISCONTINUED OPERATIONS AND RELATED-PARTY TRANSACTIONS - RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
South Jersey Gas Company | |||
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | $ 4,858 | $ 7,319 | $ 5,944 |
Total Operations Expense/Affiliates | 24,357 | 22,901 | 16,422 |
South Jersey Gas Company | SJRG | |||
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | 4,458 | 6,934 | 5,342 |
Cost of Sales/Affiliates | 24,337 | 16,306 | 26,090 |
Derivative Losses/(Gains) | 0 | 0 | 64 |
South Jersey Gas Company | Marina | |||
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | 314 | 302 | 185 |
South Jersey Gas Company | Other | |||
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | 86 | 83 | 417 |
Total Operations Expense/Affiliates | (653) | (198) | (412) |
South Jersey Gas Company | SJI | |||
Related Party Transaction [Line Items] | |||
Total Operations Expense/Affiliates | 22,154 | 20,296 | 14,088 |
South Jersey Gas Company | Millennium | |||
Related Party Transaction [Line Items] | |||
Total Operations Expense/Affiliates | $ 2,856 | 2,803 | $ 2,746 |
EnergyMark | South Jersey Energy Company | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 33.00% | ||
EnergyMark | SJRG | |||
Related Party Transaction [Line Items] | |||
Total Operating Revenues/Affiliates | $ 37,500 | $ 31,400 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||||||||||||
Annual amortization rate of investment tax credits | 3.00% | |||||||||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||||||||
Tax at Statutory Rate | $ (9,915) | $ 60,624 | $ 37,440 | |||||||||||
Increase (Decrease) Resulting from: | ||||||||||||||
State Income Taxes | 2,778 | 6,438 | 3,985 | |||||||||||
ESOP Dividend | (1,314) | (1,300) | (1,298) | |||||||||||
Tax Reform Adjustments | (13,521) | 0 | 0 | |||||||||||
Amortization of Investment Tax Credits - Utility | 0 | 0 | (149) | |||||||||||
AFUDC | (3,094) | (900) | (1,109) | |||||||||||
Investment and Other Tax Credits | (666) | (10,706) | (37,503) | |||||||||||
Other - Net | 795 | (5) | (6) | |||||||||||
Income Taxes: Continuing Operations | $ (16,498) | $ (24,765) | $ (5,544) | $ 21,870 | $ 19,266 | $ 2,807 | $ (7,189) | $ 39,267 | (24,937) | 54,151 | 1,360 | |||
Income Taxes: Discontinued Operations | (173) | (133) | (257) | |||||||||||
Total Income Tax (Benefit) Expense | (25,110) | 54,018 | 1,103 | |||||||||||
Current: | ||||||||||||||
Federal | (34,971) | 0 | 0 | |||||||||||
State | (48) | (1,638) | (2,352) | |||||||||||
Total Current | (35,019) | (1,638) | (2,352) | |||||||||||
Deferred: | ||||||||||||||
Federal | 5,761 | 44,246 | (4,622) | |||||||||||
State | 4,321 | 11,543 | 8,483 | |||||||||||
Total Deferred | 10,082 | 55,789 | 3,861 | |||||||||||
Investment Tax Credit - Utility | 0 | 0 | (149) | |||||||||||
Income Taxes: Continuing Operations | (16,498) | (24,765) | (5,544) | 21,870 | 19,266 | 2,807 | (7,189) | 39,267 | (24,937) | 54,151 | 1,360 | |||
Income Taxes: Discontinued Operations | (173) | (133) | (257) | |||||||||||
Deferred Tax Assets: | ||||||||||||||
Net Operating Loss Carryforward | $ 152,541 | $ 211,004 | ||||||||||||
Investment and Other Tax Credits | 214,605 | 213,946 | ||||||||||||
Derivatives / Unrealized Gain | 2,068 | 0 | ||||||||||||
Conservation Incentive Program | 0 | 0 | ||||||||||||
Deferred State Tax | 16,905 | 28,833 | ||||||||||||
Gross Up of Excess Deferred Taxes | 76,426 | 0 | ||||||||||||
Pension & Other Post Retirement Benefits | 16,624 | 19,351 | ||||||||||||
Deferred Revenues | 5,726 | 7,669 | ||||||||||||
Provision for Uncollectibles | 3,854 | 5,231 | ||||||||||||
Other | 1,949 | 8,368 | ||||||||||||
Total Deferred Tax Asset | 490,698 | 494,402 | ||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Book versus Tax Basis of Property | 486,854 | 732,535 | ||||||||||||
Deferred Gas Costs - Net | 10,254 | 2,052 | ||||||||||||
Derivatives / Unrealized Loss | 0 | 1,794 | ||||||||||||
Environmental Remediation | 31,393 | 32,885 | ||||||||||||
Deferred Regulatory Costs | 3,554 | 1,554 | ||||||||||||
Budget Billing - Customer Accounts | 4,043 | 3,347 | ||||||||||||
Deferred Pension & Other Post Retirement Benefits | 21,349 | 34,432 | ||||||||||||
Conservation Incentive Program | 7,721 | 11,846 | ||||||||||||
Equity In Loss Of Affiliated Companies | 1,377 | 3,092 | ||||||||||||
Other | 11,037 | 14,414 | ||||||||||||
Total Deferred Tax Liability | 577,582 | 837,951 | ||||||||||||
Deferred Tax Liability - Net | 86,884 | 343,549 | ||||||||||||
Research and development credits | 3,200 | |||||||||||||
Unrecognized tax benefits | 1,445 | 1,445 | 1,445 | 559 | 1,445 | 559 | 552 | 1,445 | 1,445 | $ 559 | ||||
Accrued interest and penalties on unrecognized tax benefits | 800 | 700 | 700 | |||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||||
Balance (beginning) | 1,445 | 559 | 1,445 | 559 | 552 | |||||||||
Increase as a result of tax positions taken in prior years | 0 | 886 | 7 | |||||||||||
Balance (ending) | 1,445 | 1,445 | 1,445 | 1,445 | 559 | |||||||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | 13,500 | |||||||||||||
Federal | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 586,427 | |||||||||||||
Investment Tax Credit Carryforward | 210,013 | |||||||||||||
Alternative minimum tax credits | 1,200 | |||||||||||||
Federal | 2030 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Investment Tax Credit Carryforward | 11,628 | |||||||||||||
Federal | 2031 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 163,572 | |||||||||||||
Investment Tax Credit Carryforward | 25,664 | |||||||||||||
Federal | 2032 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 42,988 | |||||||||||||
Investment Tax Credit Carryforward | 32,031 | |||||||||||||
Federal | 2033 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 56,007 | |||||||||||||
Investment Tax Credit Carryforward | 45,606 | |||||||||||||
Federal | 2034 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 105,763 | |||||||||||||
Investment Tax Credit Carryforward | 37,699 | |||||||||||||
Federal | 2035 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 49,572 | |||||||||||||
Investment Tax Credit Carryforward | 45,005 | |||||||||||||
Federal | 2036 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 72,199 | |||||||||||||
Investment Tax Credit Carryforward | 11,744 | |||||||||||||
Federal | 2037 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 96,326 | |||||||||||||
Investment Tax Credit Carryforward | 636 | |||||||||||||
State | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 394,666 | |||||||||||||
State | 2031 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 45,866 | |||||||||||||
State | 2032 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 19,356 | |||||||||||||
State | 2033 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 35,271 | |||||||||||||
State | 2034 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 28,853 | |||||||||||||
State | 2035 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 9,956 | |||||||||||||
State | 2036 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 181,189 | |||||||||||||
State | 2037 | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 74,175 | |||||||||||||
South Jersey Gas Company | ||||||||||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||||||||
Tax at Statutory Rate | 41,390 | 37,944 | 36,233 | |||||||||||
Increase (Decrease) Resulting from: | ||||||||||||||
State Income Taxes | 5,955 | 4,096 | 4,584 | |||||||||||
ESOP Dividend | (1,182) | (1,170) | (1,168) | |||||||||||
Amortization of Investment Tax Credits - Utility | 0 | 0 | (149) | |||||||||||
AFUDC | (1,446) | (900) | (1,109) | |||||||||||
Research and Development Credits | 0 | (613) | (1,400) | |||||||||||
Other - Net | 983 | 9 | (46) | |||||||||||
Income Taxes: Continuing Operations | 18,046 | (3,688) | 1,431 | 29,911 | 12,554 | (2,007) | 1,415 | 27,404 | 45,700 | 39,366 | 36,945 | |||
Current: | ||||||||||||||
Federal | (33,012) | 0 | 0 | |||||||||||
State | 0 | (1,614) | (2,203) | |||||||||||
Total Current | (33,012) | (1,614) | (2,203) | |||||||||||
Deferred: | ||||||||||||||
Federal | 69,550 | 33,064 | 30,042 | |||||||||||
State | 9,162 | 7,916 | 9,255 | |||||||||||
Total Deferred | 78,712 | 40,980 | 39,297 | |||||||||||
Investment Tax Credit - Utility | 0 | 0 | (149) | |||||||||||
Income Taxes: Continuing Operations | 18,046 | $ (3,688) | $ 1,431 | 29,911 | 12,554 | $ (2,007) | $ 1,415 | 27,404 | 45,700 | 39,366 | 36,945 | |||
Deferred Tax Assets: | ||||||||||||||
Net Operating Loss and Tax Credits | 73,785 | 102,290 | ||||||||||||
Deferred State Tax | 14,688 | 24,574 | ||||||||||||
Gross Up of Excess Deferred Taxes | 76,426 | 0 | ||||||||||||
Pension & Other Post Retirement Benefits | 15,031 | 17,264 | ||||||||||||
Deferred Revenues | 6,066 | 7,696 | ||||||||||||
Provision for Uncollectibles | 3,811 | 5,170 | ||||||||||||
Other | 2,413 | 3,573 | ||||||||||||
Total Deferred Tax Asset | 192,220 | 160,567 | ||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Book versus Tax Basis of Property | 386,642 | 532,330 | ||||||||||||
Deferred Gas Costs - Net | 10,254 | 2,052 | ||||||||||||
Environmental Remediation | 31,637 | 33,573 | ||||||||||||
Deferred Regulatory Costs | 3,554 | 1,554 | ||||||||||||
Budget Billing - Customer Accounts | 4,043 | 3,347 | ||||||||||||
Deferred Pension & Other Post Retirement Benefits | 21,349 | 34,432 | ||||||||||||
Section 461 Prepayments | 866 | 1,147 | ||||||||||||
Conservation Incentive Program | 7,721 | 11,846 | ||||||||||||
Other | 6,900 | 9,694 | ||||||||||||
Total Deferred Tax Liability | 472,966 | 629,975 | ||||||||||||
Deferred Tax Liability - Net | 280,746 | 469,408 | ||||||||||||
Research and development credits | 2,700 | |||||||||||||
Unrecognized tax benefits | 1,361 | 1,361 | 1,361 | 559 | 1,361 | 559 | 552 | 1,361 | 1,361 | 559 | ||||
Accrued interest and penalties on unrecognized tax benefits | 800 | 700 | $ 700 | |||||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||||||||||||
Balance (beginning) | $ 1,361 | $ 559 | 1,361 | 559 | 552 | |||||||||
Increase as a result of tax positions taken in prior years | 0 | 802 | 7 | |||||||||||
Balance (ending) | $ 1,361 | $ 1,361 | 1,361 | $ 1,361 | $ 559 | |||||||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Liability, Provisional Income Tax Expense | $ 263,800 | |||||||||||||
South Jersey Gas Company | Federal | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | 261,100 | 263,000 | ||||||||||||
South Jersey Gas Company | State | ||||||||||||||
Deferred Tax Liabilities: | ||||||||||||||
Net Operating Loss Carryforwards | $ 208,800 | $ 80,200 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) | Dec. 31, 2017shares |
Equity [Abstract] | |
Number of authorized shares of Preference Stock (in shares) | 2,500,000 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||||
Common Stock, outstanding (in shares) | 79,478,055 | 70,965,622 | 68,334,860 | 79,549,080 | 79,478,055 | |
Par value of common stock (in USD per share) | $ 1.25 | $ 1.25 | $ 1.25 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning of Year (in shares) | 79,478,055 | 70,965,622 | 68,334,860 | |||
New Issuances During Year: | ||||||
Dividend Reinvestment Plan (in shares) | 0 | 417,095 | 2,604,424 | |||
Stock-Based Compensation Plan (in shares) | 71,025 | 45,338 | 26,338 | |||
Public Equity Offering (in shares) | 8,050,000 | 0 | 8,050,000 | 0 | ||
End of Year (in shares) | 79,549,080 | 79,478,055 | 70,965,622 | |||
Net excess over par value recorded in premium on common stock | $ 2,700 | |||||
Proceeds from issuance of common stock | $ 203,600 | $ 0 | $ 214,426 | $ 63,192 | ||
Incremental shares included in diluted earnings per share (in shares) | 141,750 | 112,590 | 195,139 | |||
Dividend per share (in USD per share) | $ 1.099 | $ 1.07 | $ 1.02 | |||
Equity capital raised through Dividend Reinvestment Plan | $ 10,800 | |||||
South Jersey Gas Company | ||||||
Class of Stock [Line Items] | ||||||
Dividends, Cash | $ 20,000 | 0 | $ 40,800 | |||
Additional Investment by Shareholder | $ 40,000 | $ 65,000 | $ 0 | |||
Common Stock, outstanding (in shares) | 2,339,139 | 2,339,139 | 2,339,139 | 2,339,139 | ||
Par value of common stock (in USD per share) | $ 2.50 | $ 2.50 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning of Year (in shares) | 2,339,139 | |||||
New Issuances During Year: | ||||||
End of Year (in shares) | 2,339,139 | 2,339,139 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2017USD ($)counterparty | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2011 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Restricted Investments | $ 31,876,000 | $ 13,628,000 | |||||
Equity investment impairments | 0 | $ 0 | |||||
Investment in Affiliate | 62,292,000 | 28,906,000 | |||||
Notes Receivable | $ (22,884,000) | (9,916,000) | 9,916,000 | ||||
Number of counterparties | counterparty | 1 | ||||||
Carrying amount of long-term debt, including current maturities | $ 1,204,173,000 | 1,047,482,000 | |||||
Unamortized debt issuance costs | 17,400,000 | 7,600,000 | |||||
Derivatives-Energy Related Assets | Supplier concentration risk | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Current and noncurrent derivatives | $ 6,500,000 | ||||||
Percentage of current and noncurrent derivatives | 13.50% | ||||||
Energenic | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Equity interest | 50.00% | ||||||
Contract term | 20 years | ||||||
Equity investment impairments | $ 7,700,000 | 7,700,000 | |||||
Share of settlement | 7,500,000 | ||||||
Associated costs | 7,000,000 | ||||||
Notes receivable due from Affiliate | $ 13,600,000 | ||||||
Energenic | Other Income | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Proceeds received | $ 2,100,000 | ||||||
Energenic | Equity in Earnings of Affiliated Companies | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Proceeds received | $ 5,300,000 | ||||||
Marina | Energenic | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Equity interest | 50.00% | ||||||
South Jersey Gas Company | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Margin accounts with selected counterparties to support risk management activities | 3,600,000 | ||||||
Restricted Investments | $ 2,912,000 | 32,000 | |||||
Notes Receivable | 0 | (9,916,000) | $ 9,916,000 | ||||
Carrying amount of long-term debt, including current maturities | 829,173,000 | 645,082,000 | |||||
Unamortized debt issuance costs | $ 7,300,000 | 6,000,000 | |||||
South Jersey Gas Company | Minimum | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Term of loans | 5 years | ||||||
South Jersey Gas Company | Maximum | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Term of loans | 10 years | ||||||
South Jersey Gas Company | Unnamed Counterparty | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Restricted Investments | $ 2,900,000 | ||||||
Level 1 | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Margin accounts with selected counterparties to support risk management activities | 31,600,000 | 11,700,000 | |||||
Level 1 | Marina | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Restricted investments held in escrow | 300,000 | 1,900,000 | |||||
Level 2 | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Fair value of long-term debt, including current maturities | 1,216,100,000 | 1,080,800,000 | |||||
Carrying amount of long-term debt, including current maturities | 1,186,800,000 | 1,039,900,000 | |||||
Level 2 | South Jersey Gas Company | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Fair value of long-term debt, including current maturities | 838,500,000 | 673,100,000 | |||||
Carrying amount of long-term debt, including current maturities | 821,900,000 | 639,100,000 | |||||
Level 2 | South Jersey Gas Company | Financing receivable | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Long-term receivables, net of unamortized discount | 7,000,000 | 9,500,000 | |||||
Imputed interest on long term receivables | $ (700,000) | $ (900,000) |
FINANCIAL INSTRUMENTS - RESTRIC
FINANCIAL INSTRUMENTS - RESTRICTED CASH (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | $ 7,819 | $ 18,282 | ||
Restricted Investments | 31,876 | 13,628 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 39,695 | 31,910 | $ 52,635 | $ 69,622 |
South Jersey Gas Company | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | 1,707 | 1,359 | ||
Restricted Investments | 2,912 | 32 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 4,619 | $ 1,391 | $ 7,544 | $ 9,739 |
SEGMENTS OF BUSINESS (Details)
SEGMENTS OF BUSINESS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)category | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)investment | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Operating Segments | category | 2 | ||||||||||
Operating Revenues | $ 345,738 | $ 227,127 | $ 244,374 | $ 425,829 | $ 329,981 | $ 219,082 | $ 154,402 | $ 333,035 | $ 1,243,068 | $ 1,036,500 | $ 959,568 |
Operating Income (Loss) | 4,410 | 189,276 | 156,894 | ||||||||
Depreciation and Amortization | 123,486 | 109,818 | 91,042 | ||||||||
Interest Charges | 54,019 | 31,449 | 31,622 | ||||||||
Income Taxes | (16,498) | $ (24,765) | $ (5,544) | $ 21,870 | 19,266 | $ 2,807 | $ (7,189) | $ 39,267 | (24,937) | 54,151 | 1,360 |
Property Additions | 269,747 | 269,689 | 361,994 | ||||||||
Identifiable Assets | 3,865,086 | 3,730,567 | 3,865,086 | 3,730,567 | |||||||
Midstream | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable Assets | 63,112 | 26,636 | 63,112 | 26,636 | |||||||
Marina Energy LLC | Energenic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, Plant and Equipment obtained through acquisition | 5,600 | $ 40,900 | |||||||||
Number of acquired projects (in investments) | investment | 8 | ||||||||||
Gas Utility Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 517,254 | 461,055 | $ 534,290 | ||||||||
Operating Income (Loss) | 136,487 | 122,455 | 119,585 | ||||||||
Depreciation and Amortization | 71,654 | 63,901 | 58,668 | ||||||||
Interest Charges | 24,705 | 17,875 | 19,906 | ||||||||
Income Taxes | 45,700 | 39,366 | 36,945 | ||||||||
Property Additions | 253,545 | 228,275 | 218,260 | ||||||||
Identifiable Assets | 2,865,974 | 2,551,923 | 2,865,974 | 2,551,923 | |||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 1,311,478 | 1,094,093 | 1,006,642 | ||||||||
Interest Charges | 69,747 | 42,304 | 40,523 | ||||||||
Operating Segments | Midstream | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property Additions | 218 | 505 | 0 | ||||||||
Operating Segments | Energy Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 643,195 | 495,618 | 366,345 | ||||||||
Operating Income (Loss) | (35,663) | 53,354 | 32,848 | ||||||||
Depreciation and Amortization | 448 | 821 | 596 | ||||||||
Interest Charges | 3,400 | 350 | 626 | ||||||||
Income Taxes | (13,784) | 20,862 | 13,858 | ||||||||
Property Additions | 903 | 1,649 | 2,435 | ||||||||
Identifiable Assets | 300,643 | 327,028 | 300,643 | 327,028 | |||||||
Operating Segments | Energy Group | Wholesale Energy Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 352,613 | 220,707 | 129,098 | ||||||||
Operating Income (Loss) | (36,815) | 41,667 | 35,024 | ||||||||
Depreciation and Amortization | 125 | 484 | 435 | ||||||||
Interest Charges | 3,150 | 0 | 441 | ||||||||
Income Taxes | (14,720) | 15,882 | 14,410 | ||||||||
Property Additions | 14 | 7 | 382 | ||||||||
Identifiable Assets | 208,785 | 233,019 | 208,785 | 233,019 | |||||||
Operating Segments | Energy Group | Retail Gas and Other Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 111,048 | 92,371 | 87,198 | ||||||||
Operating Income (Loss) | (2,468) | 4,680 | (3,218) | ||||||||
Depreciation and Amortization | 323 | 337 | 161 | ||||||||
Interest Charges | 250 | 350 | 185 | ||||||||
Income Taxes | (544) | 2,118 | (978) | ||||||||
Property Additions | 889 | 1,642 | 2,053 | ||||||||
Identifiable Assets | 56,935 | 52,729 | 56,935 | 52,729 | |||||||
Operating Segments | Energy Group | Retail Electric Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 179,534 | 182,540 | 150,049 | ||||||||
Operating Income (Loss) | 3,620 | 7,007 | 1,042 | ||||||||
Income Taxes | 1,480 | 2,862 | 426 | ||||||||
Identifiable Assets | 34,923 | 41,280 | 34,923 | 41,280 | |||||||
Operating Segments | Energy Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 106,005 | 102,273 | 74,851 | ||||||||
Operating Income (Loss) | (83,437) | 13,883 | 2,495 | ||||||||
Depreciation and Amortization | 47,081 | 43,696 | 30,558 | ||||||||
Income Taxes | (39,258) | (6,121) | (49,039) | ||||||||
Property Additions | 12,848 | 38,624 | 139,397 | ||||||||
Identifiable Assets | 583,925 | 770,589 | 583,925 | 770,589 | |||||||
Operating Segments | Energy Services | On-Site Energy Production | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 99,517 | 94,375 | 63,665 | ||||||||
Operating Income (Loss) | (83,654) | 13,301 | 2,027 | ||||||||
Depreciation and Amortization | 46,928 | 43,395 | 30,242 | ||||||||
Interest Charges | 16,838 | 11,961 | 8,169 | ||||||||
Income Taxes | (39,262) | (6,353) | (49,225) | ||||||||
Property Additions | 12,588 | 38,193 | 139,018 | ||||||||
Identifiable Assets | 582,587 | 767,710 | 582,587 | 767,710 | |||||||
Operating Segments | Energy Services | Appliance Service Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 6,488 | 7,898 | 11,186 | ||||||||
Operating Income (Loss) | 217 | 582 | 468 | ||||||||
Depreciation and Amortization | 153 | 301 | 316 | ||||||||
Income Taxes | 4 | 232 | 186 | ||||||||
Property Additions | 260 | 431 | 379 | ||||||||
Identifiable Assets | 1,338 | 2,879 | 1,338 | 2,879 | |||||||
Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 45,024 | 35,147 | 31,156 | ||||||||
Operating Income (Loss) | (12,977) | (416) | 1,966 | ||||||||
Depreciation and Amortization | 4,303 | 1,400 | 1,220 | ||||||||
Interest Charges | 24,804 | 12,118 | 11,822 | ||||||||
Income Taxes | (17,595) | 44 | (404) | ||||||||
Property Additions | 2,233 | 636 | 1,902 | ||||||||
Identifiable Assets | 711,038 | 623,159 | 711,038 | 623,159 | |||||||
Intersegment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (68,410) | (57,593) | (47,074) | ||||||||
Interest Charges | (15,728) | (10,855) | $ (8,901) | ||||||||
Identifiable Assets | (661,363) | (570,524) | (661,363) | (570,524) | |||||||
Discontinued Operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable Assets | $ 1,757 | $ 1,756 | $ 1,757 | $ 1,756 |
LEASES - OPERATING (Details)
LEASES - OPERATING (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
2,018 | $ 5,396 | |
2,019 | 5,396 | |
2,020 | 5,396 | |
2,021 | 5,396 | |
2,022 | 5,396 | |
Thereafter | 23,834 | |
Total minimum future rentals | 50,814 | |
Thermal energy generating property and equipment | ||
Property Subject to or Available for Operating Lease, Net [Abstract] | ||
Property and equipment under operating lease | 74,200 | $ 75,900 |
Accumulated depreciation of property and equipment under operating lease | $ 34,500 | $ 31,400 |
RATES AND REGULATORY ACTIONS (D
RATES AND REGULATORY ACTIONS (Details) $ in Thousands | Nov. 01, 2017USD ($) | Oct. 01, 2016USD ($) | Feb. 29, 2016USD ($) | Nov. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Apr. 30, 2017USD ($) | Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Feb. 29, 2016USD ($) | Aug. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Feb. 28, 2013USD ($) | Jul. 31, 2009USD ($) | Dec. 31, 2017USD ($)sitecustomer | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2013USD ($) |
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Amount of AIRP | $ 141,200 | ||||||||||||||||||||||||||||||
Term of AIRP | 4 years | ||||||||||||||||||||||||||||||
Annual investment amount of AIRP | $ 35,300 | ||||||||||||||||||||||||||||||
Investment amount of SHARP | $ 110,250 | $ 103,500 | |||||||||||||||||||||||||||||
Investment Requested to be Recovered through SHARP, Term | 3 years | 3 years | |||||||||||||||||||||||||||||
Regulatory assets | $ 469,224 | $ 410,746 | $ 410,746 | ||||||||||||||||||||||||||||
Number of customers purchasing energy commodity from another entity | customer | 29,141 | ||||||||||||||||||||||||||||||
Energy Efficiency Tracker | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | $ (800) | ||||||||||||||||||||||||||||||
Approved request for revenue increase (decrease) | $ (7,900) | $ (7,900) | |||||||||||||||||||||||||||||
Regulatory assets | $ 2,094 | 219 | 219 | ||||||||||||||||||||||||||||
Environmental Remediation Costs: Expended - Net | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Regulatory assets | 100,327 | 71,997 | 71,997 | ||||||||||||||||||||||||||||
Deferred pipeline integrity costs | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Regulatory assets | $ 500 | 4,000 | 4,000 | ||||||||||||||||||||||||||||
New Jersey Board of Public Utilities | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | $ 11,000 | ||||||||||||||||||||||||||||||
Roll of AIRP investments into base rates | 80,200 | ||||||||||||||||||||||||||||||
Approved budget | $ 56,000 | ||||||||||||||||||||||||||||||
South Jersey Gas Company | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Investment amount of SHARP | $ 36,600 | ||||||||||||||||||||||||||||||
Number of sites for environmental cleanup (in sites) | site | 12 | ||||||||||||||||||||||||||||||
South Jersey Gas Company | Energy Efficiency Tracker | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | (1,600) | ||||||||||||||||||||||||||||||
South Jersey Gas Company | Storm Hardening and Reliability Program | Building | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Investments during the period | $ 35,700 | $ 33,700 | |||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | $ 39,500 | ||||||||||||||||||||||||||||||
Approved rate of return on rate base, percentage | 6.80% | ||||||||||||||||||||||||||||||
Approved return on common equity, percentage | 9.60% | ||||||||||||||||||||||||||||||
Authorized replacement investments (up to) | $ 302,500 | ||||||||||||||||||||||||||||||
Approved budget | 5,600 | ||||||||||||||||||||||||||||||
Increase (decrease) in Universal Service Fund recoveries | $ 1,100 | ||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | SHARP Investments | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | $ 3,600 | ||||||||||||||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Net | 33,300 | ||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | Annual BGSS Filing | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | (4,700) | ||||||||||||||||||||||||||||||
Public Utilities, Bill Credit | $ 8,000 | ||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | $ (4,700) | ||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | EET Rate Adjustment Petition | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | $ 2,600 | ||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | 3,000 | ||||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | Storm Hardening and Reliability Program | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | 3,900 | ||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | 3,980 | $ 4,300 | |||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | AIRP II Investments | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | 5,000 | ||||||||||||||||||||||||||||||
Public Utilities, Property, Plant and Equipment, Net | 46,100 | 42,000 | |||||||||||||||||||||||||||||
South Jersey Gas Company | New Jersey Board of Public Utilities | Annual SBC Filing | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | $ 8,500 | ||||||||||||||||||||||||||||||
Accelerated Infrastructure Replacement Program | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | $ 4,500 | 13,000 | |||||||||||||||||||||||||||||
Amount of AIRP | $ 500,000 | ||||||||||||||||||||||||||||||
Extension period of AIRP, requested and then received | 7 years | 5 years | |||||||||||||||||||||||||||||
Basic Gas Supply Service | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | $ (28,400) | ||||||||||||||||||||||||||||||
Amount of increase (decrease) in regulatory costs approved | $ (28,400) | ||||||||||||||||||||||||||||||
Basic Gas Supply Service | New Jersey Board of Public Utilities | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved requested rate increase (decrease) | $ (47,100) | ||||||||||||||||||||||||||||||
Basic Gas Supply Service | South Jersey Gas Company | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Bill credits | 10,000 | 10,000 | $ 20,000 | ||||||||||||||||||||||||||||
Basic Gas Supply Service | South Jersey Gas Company | New Jersey Board of Public Utilities | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | (47,100) | ||||||||||||||||||||||||||||||
Conservation Incentive Program | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | 200 | 46,500 | (11,300) | ||||||||||||||||||||||||||||
Conservation Incentive Program | Non-weather | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | 1,100 | 9,900 | (8,800) | ||||||||||||||||||||||||||||
Conservation Incentive Program | Weather | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | 900 | 36,600 | (2,500) | ||||||||||||||||||||||||||||
Allowance for Funds Used Under Construction | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Approved base rate increase | $ 5,700 | ||||||||||||||||||||||||||||||
Storm Hardening and Reliability Program | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Amount of increase (decrease) in regulatory costs approved | 4,000 | ||||||||||||||||||||||||||||||
Storm Hardening and Reliability Program | South Jersey Gas Company | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | $ 4,000 | ||||||||||||||||||||||||||||||
Energy Efficiency Tracker | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | (7,600) | $ 56,000 | |||||||||||||||||||||||||||||
Amount of increase (decrease) in regulatory costs approved | $ 2,600 | ||||||||||||||||||||||||||||||
Amount of regulatory costs available for recovery | $ 36,300 | $ 17,000 | |||||||||||||||||||||||||||||
Contract term | 2 years | ||||||||||||||||||||||||||||||
Extension period | 2 years | ||||||||||||||||||||||||||||||
Energy Efficiency Tracker | South Jersey Gas Company | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Amount of regulatory costs available for recovery | $ 24,000 | ||||||||||||||||||||||||||||||
Societal Benefits Clause | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Requested increase (decrease) in rates | $ 16,000 | $ (5,000) | |||||||||||||||||||||||||||||
Remediation Adjustment Clause | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Number of sites for environmental cleanup (in sites) | site | 12 | ||||||||||||||||||||||||||||||
Amortization period | 7 years | ||||||||||||||||||||||||||||||
Regulated costs recovered | 120,400 | ||||||||||||||||||||||||||||||
Remediation Adjustment Clause | Environmental Remediation Costs: Expended - Net | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Regulatory assets | $ 100,300 | $ 72,000 | $ 72,000 | ||||||||||||||||||||||||||||
New Jersey Clean Energy Program | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Amount of statewide funding approved | 344,700 | 345,000 | 345,000 | 344,700 | 345,000 | 345,000 | |||||||||||||||||||||||||
Regulatory costs entity is expensing | 12,700 | 14,600 | 14,600 | 12,700 | 14,600 | 14,600 | |||||||||||||||||||||||||
Universal Service Fund | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Amount of statewide funding approved | 38,300 | 46,400 | |||||||||||||||||||||||||||||
Amount of statewide costs proposed | 16,300 | 56,000 | (46,400) | 16,300 | 56,000 | (46,400) | |||||||||||||||||||||||||
Universal Service Fund | South Jersey Gas Company | |||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | |||||||||||||||||||||||||||||||
Amount of increase (decrease) in regulatory costs approved | 3,200 | 5,200 | |||||||||||||||||||||||||||||
Amount of proposed impact of annual costs | $ (2,200) | $ (2,000) | $ 1,100 | $ (3,400) | $ (2,000) | $ 1,100 | $ (3,400) | $ (3,400) |
REGULATORY ASSETS & REGULATOR64
REGULATORY ASSETS & REGULATORY LIABILITIES - ASSETS (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)siteasset | Dec. 31, 2016USD ($) | |
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 469,224 | $ 410,746 |
Environmental Remediation Costs: Expended - Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 100,327 | 71,997 |
Environmental Restoration Costs: Liability for Future Expenditures | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 171,696 | 153,047 |
Deferred Asset Retirement Obligation Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 42,368 | 43,014 |
Deferred Pension and Other Postretirement Benefit Costs | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 78,211 | 85,693 |
Deferred Gas Costs - Net | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 16,838 | 0 |
Conservation Incentive Program Receivable | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 26,652 | 27,567 |
Societal Benefit Costs Receivable | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 2,484 | 0 |
Deferred Interest Rate Contracts | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 7,028 | 7,365 |
Energy Efficiency Tracker | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 2,094 | 219 |
Pipeline Supplier Service Charges | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 708 | 2,122 |
Pipeline Integrity Cost | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 5,280 | 4,810 |
AFUDC - Equity Related Deferrals | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | 12,785 | 12,434 |
Other Regulatory Assets | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 2,753 | $ 2,478 |
South Jersey Gas Company | ||
Regulatory Assets [Line Items] | ||
Number regulatory assets associated with environmental costs related to the cleanup of 12 sites where SJG or their predecessors previously operated gas manufacturing plants (in regulatory assets) | asset | 2 | |
Number of sites where SJG or their predecessors previously operated gas manufacturing plants (in sites) | site | 12 | |
South Jersey Gas Company | Environmental restoration costs | ||
Regulatory Assets [Line Items] | ||
Regulatory costs, original recovery period of expenditures | 7 years | |
South Jersey Gas Company | Allowance for Funds Used Under Construction, Equity Related Deferrals, settlement | ||
Regulatory Assets [Line Items] | ||
Total Regulatory Assets | $ 1,000 | |
Regulatory costs, original recovery period of expenditures | 3 years |
REGULATORY ASSETS & REGULATOR65
REGULATORY ASSETS & REGULATORY LIABILITIES - LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 287,105 | $ 49,121 |
Regulatory assets | 469,224 | 410,746 |
Deferred Revenues - Net | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 17,800 | |
Regulatory assets | 16,800 | |
Excess Plant Removal Costs | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 23,295 | 28,226 |
Deferred Revenue - Net | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 17,800 |
Societal Benefit Costs Payable | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | 0 | 3,095 |
Energy Efficiency Tracker | ||
Regulatory Liabilities [Line Items] | ||
Total Regulatory Liabilities | $ 263,810 | $ 0 |
PENSION AND OTHER POSTRETIREM66
PENSION AND OTHER POSTRETIREMENT BENEFITS - NET PERIODIC BENEFIT COST (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of employees entitled to annuity payments upon retirement | 39.00% | ||
Pension Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | $ 4,989 | $ 4,843 | $ 5,337 |
Interest Cost | 11,772 | 12,125 | 11,168 |
Expected Return on Plan Assets | (14,105) | (13,508) | (14,789) |
Amortizations: | |||
Prior Service (Credits) Cost | 131 | 212 | 212 |
Actuarial Loss | 10,282 | 9,394 | 10,608 |
Net Periodic Benefit Cost | 13,069 | 13,066 | 12,536 |
Capitalized Benefit Costs | (4,723) | (4,645) | (4,805) |
Affiliate SERP Allocations | 0 | 0 | |
Deferred Benefit Costs | (527) | (645) | (1,007) |
Total Net Periodic Benefit Expense | 7,819 | 7,776 | 6,724 |
Other Postretirement Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | 910 | 851 | 1,116 |
Interest Cost | 2,418 | 2,615 | 2,973 |
Expected Return on Plan Assets | (3,411) | (3,104) | (2,993) |
Amortizations: | |||
Prior Service (Credits) Cost | (344) | (344) | 608 |
Actuarial Loss | 1,238 | 1,109 | 1,342 |
Net Periodic Benefit Cost | 811 | 1,127 | 3,046 |
Capitalized Benefit Costs | (46) | (277) | (1,043) |
Affiliate SERP Allocations | (19) | (81) | |
Curtailment Costs (Credit) | (106) | 0 | 0 |
Deferred Benefit Costs | 0 | 0 | (256) |
Total Net Periodic Benefit Expense | $ 659 | 850 | 1,747 |
South Jersey Gas Company | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of employees entitled to annuity payments upon retirement | 56.00% | ||
South Jersey Gas Company | Pension Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | $ 4,303 | 4,144 | 4,430 |
Interest Cost | 9,925 | 10,292 | 9,357 |
Expected Return on Plan Assets | (11,366) | (11,029) | (11,914) |
Amortizations: | |||
Prior Service (Credits) Cost | 127 | 203 | 203 |
Actuarial Loss | 8,692 | 7,975 | 8,969 |
Net Periodic Benefit Cost | 11,681 | 11,585 | 11,045 |
Capitalized Benefit Costs | (4,723) | (4,645) | (4,805) |
Affiliate SERP Allocations | 0 | 0 | |
Deferred Benefit Costs | (527) | (644) | (1,007) |
Total Net Periodic Benefit Expense | 4,196 | 4,336 | 3,545 |
South Jersey Gas Company | Supplemental Employee Retirement Plan | |||
Amortizations: | |||
Affiliate SERP Allocations | (2,235) | (1,960) | (1,688) |
South Jersey Gas Company | Other Postretirement Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | 582 | 576 | 726 |
Interest Cost | 1,897 | 2,120 | 2,406 |
Expected Return on Plan Assets | (3,101) | (2,823) | (2,708) |
Amortizations: | |||
Prior Service (Credits) Cost | (257) | (257) | 499 |
Actuarial Loss | 972 | 945 | 1,107 |
Net Periodic Benefit Cost | 93 | 561 | 2,030 |
Capitalized Benefit Costs | (46) | (277) | (1,043) |
Affiliate SERP Allocations | (15) | (70) | |
Deferred Benefit Costs | 0 | 0 | (256) |
Total Net Periodic Benefit Expense | $ 47 | $ 284 | $ 731 |
PENSION AND OTHER POSTRETIREM67
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, 2017 | Dec. 31, 2016 | |
Pension Benefits | ||
Regulatory Assets | ||
Beginning Balance | $ 68,450 | $ 64,432 |
Amounts Arising during the Period: Net Actuarial (Loss) Gain | 2,711 | 9,706 |
Amounts Arising during the Period: Prior Service Credit | 0 | 0 |
Amounts Amortized to Net Periodic Costs: Net Actuarial Loss | (6,066) | (5,485) |
Amounts Amortized to Net Periodic Costs: Prior Service Cost | (126) | (203) |
Ending Balance | 64,969 | 68,450 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning Balance | 39,590 | 35,066 |
Amounts Arising during the Period: Net Actuarial (Loss) Gain | 18,506 | 8,370 |
Amounts Arising during the Period: Prior Service Credit | 0 | 0 |
Amounts Amortized to Net Periodic Costs: Net Actuarial Loss | (4,160) | (3,838) |
Amounts Amortized to Net Periodic Costs: Prior Service Cost | (4) | (8) |
Ending Balance | 53,932 | 39,590 |
Other Postretirement Benefits | ||
Regulatory Assets | ||
Beginning Balance | 17,243 | 15,347 |
Amounts Arising during the Period: Net Actuarial (Loss) Gain | (3,286) | 2,584 |
Amounts Arising during the Period: Prior Service Credit | 257 | 257 |
Amounts Amortized to Net Periodic Costs: Net Actuarial Loss | (972) | (945) |
Amounts Amortized to Net Periodic Costs: Prior Service Cost | 0 | 0 |
Ending Balance | 13,242 | 17,243 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning Balance | 2,821 | 2,062 |
Amounts Arising during the Period: Net Actuarial (Loss) Gain | 1,614 | 829 |
Amounts Arising during the Period: Prior Service Credit | 84 | 84 |
Amounts Amortized to Net Periodic Costs: Net Actuarial Loss | (1,013) | (154) |
Amounts Amortized to Net Periodic Costs: Prior Service Cost | 0 | 0 |
Ending Balance | 3,506 | 2,821 |
South Jersey Gas Company | Pension Benefits | ||
Regulatory Assets | ||
Beginning Balance | 68,450 | 64,432 |
Amounts Arising during the Period: Net Actuarial (Loss) Gain | 2,711 | 9,706 |
Amounts Arising during the Period: Prior Service Credit | 0 | 0 |
Amounts Amortized to Net Periodic Costs: Net Actuarial Loss | (6,066) | (5,485) |
Amounts Amortized to Net Periodic Costs: Prior Service Cost | (126) | (203) |
Ending Balance | 64,969 | 68,450 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning Balance | 24,102 | 20,463 |
Amounts Arising during the Period: Net Actuarial (Loss) Gain | 17,881 | 6,129 |
Amounts Arising during the Period: Prior Service Credit | 0 | 0 |
Amounts Amortized to Net Periodic Costs: Net Actuarial Loss | (2,627) | (2,490) |
Amounts Amortized to Net Periodic Costs: Prior Service Cost | 0 | 0 |
Ending Balance | 39,356 | 24,102 |
South Jersey Gas Company | Other Postretirement Benefits | ||
Regulatory Assets | ||
Beginning Balance | 17,243 | 15,347 |
Amounts Arising during the Period: Net Actuarial (Loss) Gain | (3,286) | 2,584 |
Amounts Arising during the Period: Prior Service Credit | 257 | 257 |
Amounts Amortized to Net Periodic Costs: Net Actuarial Loss | (972) | (945) |
Amounts Amortized to Net Periodic Costs: Prior Service Cost | 0 | 0 |
Ending Balance | 13,242 | 17,243 |
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 | 0 | 0 |
Amounts Amortized to Net Periodic Costs: Net Actuarial Loss | 0 | 0 |
Amounts Amortized to Net Periodic Costs: Prior Service Cost | 0 | 0 |
Ending Balance | $ 0 | $ 0 |
PENSION AND OTHER POSTRETIREM68
PENSION AND OTHER POSTRETIREMENT BENEFITS - ESTIMATED COSTS THAT WILL BE AMORTIZED (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Pension Benefits | |
Regulatory Assets into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | $ 124 |
Net Actuarial Loss | 5,847 |
Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | 6 |
Net Actuarial Loss | 5,665 |
Other Postretirement Benefits | |
Regulatory Assets into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | (257) |
Net Actuarial Loss | 743 |
Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | (87) |
Net Actuarial Loss | 213 |
South Jersey Gas Company | Pension Benefits | |
Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | 0 |
Net Actuarial Loss | 4,143 |
South Jersey Gas Company | Other Postretirement Benefits | |
Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Costs | |
Prior Service Cost/(Credit) | 0 |
Net Actuarial Loss | $ 0 |
PENSION AND OTHER POSTRETIREM69
PENSION AND OTHER POSTRETIREMENT BENEFITS - RECONCILIATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | $ (2,388) | $ (2,463) | |
Noncurrent Liabilities | (101,544) | (95,235) | |
South Jersey Gas Company | |||
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | (2,353) | (2,428) | |
Noncurrent Liabilities | (88,871) | (81,800) | |
Pension Benefits | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 278,288 | 254,195 | |
Service Cost | 4,989 | 4,843 | $ 5,337 |
Interest Cost | 11,772 | 12,125 | 11,168 |
Actuarial Loss (Gain) | 32,893 | 18,254 | |
Retiree Contributions | 0 | 0 | |
Plan Amendments | 0 | 0 | |
Benefit Obligation at End of Year | 316,289 | 278,288 | 254,195 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 189,542 | 184,824 | |
Actual Return on Plan Assets | 25,807 | 13,569 | |
Employer Contributions | 12,369 | 2,278 | |
Retiree Contributions | 0 | ||
Benefits Paid | (11,653) | (11,129) | |
Fair Value of Plan Assets at End of Year | 216,065 | 189,542 | 184,824 |
Funded Status at End of Year | (100,224) | (88,746) | |
Accrued Net Benefit Cost at End of Year | (100,089) | (88,420) | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | (2,388) | (2,463) | |
Noncurrent Liabilities | (97,701) | (85,957) | |
Net Amount Recognized at End of Year | (100,089) | (88,420) | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs | 428 | 538 | |
Net Actuarial Loss | 64,541 | 67,912 | |
Amount Recognized in Regulatory Assets | 64,969 | 68,450 | 64,432 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Prior Service Costs | 47 | 69 | |
Net Actuarial Loss | 53,885 | 39,521 | |
Amount Recognized in Accumulated Other Comprehensive Loss | 53,932 | 39,590 | 35,066 |
Projected benefit obligation | 243,900 | 224,300 | |
Accumulated benefit obligation | 227,300 | 208,300 | |
Benefits Paid | (11,653) | (11,129) | |
Pension Benefits | South Jersey Gas Company | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 236,356 | 213,660 | |
Service Cost | 4,303 | 4,144 | 4,430 |
Interest Cost | 9,925 | 10,292 | 9,357 |
Actuarial Loss (Gain) | 27,892 | 17,463 | |
Retiree Contributions | 0 | 0 | |
Plan Amendments | 0 | 0 | |
Benefit Obligation at End of Year | 269,066 | 236,356 | 213,660 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 154,729 | 149,032 | |
Actual Return on Plan Assets | 18,666 | 12,656 | |
Employer Contributions | 10,292 | 2,244 | |
Retiree Contributions | 0 | 0 | |
Benefits Paid | (9,410) | (9,203) | |
Fair Value of Plan Assets at End of Year | 174,277 | 154,729 | 149,032 |
Funded Status at End of Year | (94,789) | (81,627) | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | (2,353) | (2,428) | |
Noncurrent Liabilities | (92,436) | (79,199) | |
Net Amount Recognized at End of Year | (94,789) | (81,627) | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs | 428 | 538 | |
Net Actuarial Loss | 64,541 | 67,912 | |
Amount Recognized in Regulatory Assets | 64,969 | 68,450 | 64,432 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Net Actuarial Loss | 39,356 | 24,102 | |
Amount Recognized in Accumulated Other Comprehensive Loss | 39,356 | 24,102 | 20,463 |
Projected benefit obligation | 197,000 | 183,200 | |
Accumulated benefit obligation | 183,500 | 170,000 | |
Benefits Paid | (9,410) | (9,203) | |
Pension Benefits | Amounts Related to Unconsolidated Affiliate | |||
Change in Plan Assets: | |||
Funded Status at End of Year | 135 | 326 | |
Other Postretirement Benefits | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 60,350 | 57,430 | |
Service Cost | 910 | 851 | 1,116 |
Interest Cost | 2,418 | 2,615 | 2,973 |
Actuarial Loss (Gain) | 1,411 | 3,121 | |
Retiree Contributions | 19 | 81 | |
Plan Amendments | 0 | 0 | |
Benefit Obligation at End of Year | 62,283 | 60,350 | 57,430 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 50,532 | 47,759 | |
Actual Return on Plan Assets | 7,390 | 2,784 | |
Employer Contributions | 2,806 | 3,656 | |
Retiree Contributions | 19 | 81 | |
Benefits Paid | (2,825) | (3,748) | |
Fair Value of Plan Assets at End of Year | 57,922 | 50,532 | 47,759 |
Funded Status at End of Year | (4,361) | (9,818) | |
Accrued Net Benefit Cost at End of Year | (3,843) | (9,278) | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | 0 | 0 | |
Noncurrent Liabilities | (3,843) | (9,278) | |
Net Amount Recognized at End of Year | (3,843) | (9,278) | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs | (2,775) | (3,032) | |
Net Actuarial Loss | 16,017 | 20,275 | |
Amount Recognized in Regulatory Assets | 13,242 | 17,243 | 15,347 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Prior Service Costs | (906) | (989) | |
Net Actuarial Loss | 4,412 | 3,810 | |
Amount Recognized in Accumulated Other Comprehensive Loss | 3,506 | 2,821 | 2,062 |
Benefits Paid | (2,825) | (3,748) | |
Other Postretirement Benefits | South Jersey Gas Company | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 48,549 | 46,518 | |
Service Cost | 582 | 576 | 726 |
Interest Cost | 1,897 | 2,120 | 2,406 |
Actuarial Loss (Gain) | 328 | 2,292 | |
Retiree Contributions | 15 | 70 | |
Plan Amendments | 0 | 0 | |
Benefit Obligation at End of Year | 49,098 | 48,549 | 46,518 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 45,948 | 43,428 | |
Actual Return on Plan Assets | 6,715 | 2,531 | |
Employer Contributions | 2,259 | 2,946 | |
Retiree Contributions | 14 | 70 | |
Benefits Paid | (2,273) | (3,027) | |
Fair Value of Plan Assets at End of Year | 52,663 | 45,948 | 43,428 |
Funded Status at End of Year | 3,565 | (2,601) | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | 0 | 0 | |
Noncurrent Liabilities | 3,565 | (2,601) | |
Net Amount Recognized at End of Year | 3,565 | (2,601) | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs | (2,775) | (3,032) | |
Net Actuarial Loss | 16,017 | 20,275 | |
Amount Recognized in Regulatory Assets | 13,242 | 17,243 | 15,347 |
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 |
Benefits Paid | (2,273) | (3,027) | |
Other Postretirement Benefits | Amounts Related to Unconsolidated Affiliate | |||
Change in Plan Assets: | |||
Funded Status at End of Year | 518 | 540 | |
Supplemental Employee Retirement Plan | |||
Change in Plan Assets: | |||
Employer Contributions | 2,400 | 2,300 | 2,000 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Projected benefit obligation | 72,400 | 53,900 | |
Accumulated benefit obligation | 63,900 | 51,900 | |
Supplemental Employee Retirement Plan | South Jersey Gas Company | |||
Change in Benefit Obligations: | |||
Retiree Contributions | 2,235 | 1,960 | $ 1,688 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of (pre-tax): | |||
Projected benefit obligation | 72,000 | 53,200 | |
Accumulated benefit obligation | $ 63,600 | $ 51,200 |
PENSION AND OTHER POSTRETIREM70
PENSION AND OTHER POSTRETIREMENT BENEFITS - WEIGHTED-AVERAGE ASSUMPTIONS (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount Rate | 3.73% | 4.30% | |
Rate of Compensation Increase | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount Rate | 4.30% | 4.83% | 4.25% |
Expected Long-Term Return on Plan Assets | 7.25% | 7.50% | 7.75% |
Rate of Compensation Increase | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount Rate | 3.63% | 4.13% | |
Rate of Compensation Increase | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount Rate | 4.13% | 4.73% | 4.20% |
Expected Long-Term Return on Plan Assets | 6.50% | 6.50% | 6.25% |
Rate of Compensation Increase | 3.50% | 3.50% | 3.50% |
PENSION AND OTHER POSTRETIREM71
PENSION AND OTHER POSTRETIREMENT BENEFITS - PLAN ASSETS (Details) - Pension Benefits | Dec. 31, 2017USD ($) |
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 | 28.00% |
Minimum | International equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation | 13.00% |
Minimum | Fixed income securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation | 32.00% |
Minimum | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation | 0.00% |
Maximum | U.S. equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation | 48.00% |
Maximum | International equity securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation | 25.00% |
Maximum | Fixed income securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation | 42.00% |
Maximum | Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target plan allocation | 7.00% |
PENSION AND OTHER POSTRETIREM72
PENSION AND OTHER POSTRETIREMENT BENEFITS - FAIR VALUE OF PLAN ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 189,542 | $ 184,824 | $ 216,065 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 189,542 | 184,824 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | $ 216,065 | 189,542 | |
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 | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 23,674 | 23,674 | 19,049 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 23,674 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 19,049 | 23,674 | |
Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 141,859 | 141,859 | 170,881 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 141,859 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 170,881 | 141,859 | |
Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 24,009 | 26,946 | $ 26,135 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 24,009 | 26,946 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 649 | 1,014 | |
Relating to assets sold during the period | 503 | 259 | |
Purchases, Sales and Settlements | 974 | (4,210) | |
Fair Value of Plan Assets at End of Year | 26,135 | 24,009 | |
Pension Benefits | U.S. equity securities | Minimum | |||
Actual return on plan assets: | |||
Target plan allocation | 28.00% | ||
Pension Benefits | U.S. equity securities | Maximum | |||
Actual return on plan assets: | |||
Target plan allocation | 48.00% | ||
Pension Benefits | Common/Collective Trust Funds - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 51,902 | 51,902 | $ 75,699 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 51,902 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 75,699 | 51,902 | |
Pension Benefits | Common/Collective Trust Funds - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 51,902 | 51,902 | 75,699 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 51,902 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 75,699 | 51,902 | |
Pension Benefits | Common/Collective Trust Funds - U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 17,792 | 17,792 | 13,526 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 17,792 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 13,526 | 17,792 | |
Pension Benefits | U.S. Large-Cap | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 17,792 | 17,792 | 13,526 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 17,792 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 13,526 | 17,792 | |
Pension Benefits | U.S. Large-Cap | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,479 | 2,479 | 1,701 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 2,479 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 1,701 | 2,479 | |
Pension Benefits | U.S. Mid-Cap | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,479 | 2,479 | 1,701 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 2,479 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 1,701 | 2,479 | |
Pension Benefits | U.S. Mid-Cap | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 490 | 490 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 490 | ||
Pension Benefits | U.S. Small-Cap | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 490 | 490 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 490 | ||
Pension Benefits | U.S. Small-Cap | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 0 | ||
Pension Benefits | U.S. Small-Cap | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 0 | ||
Pension Benefits | International equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3,340 | 3,340 | $ 3,260 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 3,340 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 3,260 | 3,340 | |
Pension Benefits | International equity securities | Minimum | |||
Actual return on plan assets: | |||
Target plan allocation | 13.00% | ||
Pension Benefits | International equity securities | Maximum | |||
Actual return on plan assets: | |||
Target plan allocation | 25.00% | ||
Pension Benefits | International equity securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 3,340 | 3,340 | $ 3,260 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 3,340 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 3,260 | 3,340 | |
Pension Benefits | International equity securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 33,096 | 33,096 | 39,077 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 33,096 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 39,077 | 33,096 | |
Pension Benefits | Common/Collective Trust Funds - International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 33,096 | 33,096 | 39,077 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 33,096 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 39,077 | 33,096 | |
Pension Benefits | Common/Collective Trust Funds - International | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 54,970 | 54,970 | 54,106 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 54,970 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 54,106 | 54,970 | |
Pension Benefits | Common/Collective Trust Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 54,970 | 54,970 | 54,106 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 54,970 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 54,106 | 54,970 | |
Pension Benefits | Common/Collective Trust Funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 9,714 | 9,714 | 9,211 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 9,714 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 9,211 | 9,714 | |
Pension Benefits | Guaranteed Insurance Contract | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 9,714 | 9,960 | $ 9,211 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 9,714 | 9,960 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 245 | 541 | |
Relating to assets sold during the period | 12 | 14 | |
Purchases, Sales and Settlements | (760) | (801) | |
Fair Value of Plan Assets at End of Year | 9,211 | 9,714 | |
Pension Benefits | Other investments | Minimum | |||
Actual return on plan assets: | |||
Target plan allocation | 0.00% | ||
Pension Benefits | Other investments | Maximum | |||
Actual return on plan assets: | |||
Target plan allocation | 7.00% | ||
Pension Benefits | Private Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 5,100 | 5,100 | $ 7,111 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 5,100 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 7,111 | 5,100 | |
Pension Benefits | Private Equity Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 5,100 | 4,312 | 7,111 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 5,100 | 4,312 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | (214) | (140) | |
Relating to assets sold during the period | 491 | 245 | |
Purchases, Sales and Settlements | 1,734 | 683 | |
Fair Value of Plan Assets at End of Year | 7,111 | 5,100 | |
Pension Benefits | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 9,195 | 9,195 | 9,813 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 9,195 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 9,813 | 9,195 | |
Pension Benefits | Real Estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Real Estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Real Estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 9,195 | 8,515 | 9,813 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 9,195 | 8,515 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 618 | 680 | |
Relating to assets sold during the period | 0 | 0 | |
Purchases, Sales and Settlements | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 9,813 | 9,195 | |
Pension Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 63 | 63 | 72 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 63 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 72 | 63 | |
Pension Benefits | Cash | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 63 | 63 | 72 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 63 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 72 | 63 | |
Pension Benefits | Cash | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 460 | 460 | 477 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 460 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 477 | 460 | |
Pension Benefits | Common/Collective Trust Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 460 | 460 | 477 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 460 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 477 | 460 | |
Pension Benefits | Common/Collective Trust Funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,431 | 1,431 | 1,522 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 1,431 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 1,522 | 1,431 | |
Pension Benefits | STIF-Type Instrument | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,431 | 1,431 | 1,522 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 1,431 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 1,522 | 1,431 | |
Pension Benefits | STIF-Type Instrument | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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, Hedge Funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 4,159 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 0 | 4,159 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | (67) | ||
Relating to assets sold during the period | 0 | 0 | |
Purchases, Sales and Settlements | (4,092) | ||
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 | 50,532 | 47,759 | 57,922 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 50,532 | 47,759 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 57,922 | 50,532 | |
Other Postretirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 864 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 864 | 0 | |
Other Postretirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 50,532 | 50,532 | 57,058 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 50,532 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 57,058 | 50,532 | |
Other Postretirement Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | $ 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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. equity securities | Minimum | |||
Actual return on plan assets: | |||
Target plan allocation | 30.00% | ||
Other Postretirement Benefits | U.S. equity securities | Maximum | |||
Actual return on plan assets: | |||
Target plan allocation | 43.00% | ||
Other Postretirement Benefits | Common/Collective Trust Funds - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 14,878 | 14,878 | $ 15,101 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 14,878 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 15,101 | 14,878 | |
Other Postretirement Benefits | Common/Collective Trust Funds - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 14,878 | 14,878 | 15,101 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 14,878 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 15,101 | 14,878 | |
Other Postretirement Benefits | Common/Collective Trust Funds - U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 Fund - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 Fund - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 Fund - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 Fund - U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | $ 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Minimum | |||
Actual return on plan assets: | |||
Target plan allocation | 20.00% | ||
Other Postretirement Benefits | International equity securities | Maximum | |||
Actual return on plan assets: | |||
Target plan allocation | 30.00% | ||
Other Postretirement Benefits | Common/Collective Trust Funds - International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 8,674 | 8,674 | $ 11,378 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 8,674 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 11,378 | 8,674 | |
Other Postretirement Benefits | Common/Collective Trust Funds - International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 8,674 | 8,674 | 11,378 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 8,674 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 11,378 | 8,674 | |
Other Postretirement Benefits | Common/Collective Trust Funds - International | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - International | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | $ 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Fixed income investments | Minimum | |||
Actual return on plan assets: | |||
Target plan allocation | 32.00% | ||
Other Postretirement Benefits | Fixed income investments | Maximum | |||
Actual return on plan assets: | |||
Target plan allocation | 42.00% | ||
Other Postretirement Benefits | Common/Collective Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 13,537 | 13,537 | $ 15,272 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 13,537 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 15,272 | 13,537 | |
Other Postretirement Benefits | Common/Collective Trust Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 13,537 | 13,537 | 15,272 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 13,537 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 15,272 | 13,537 | |
Other Postretirement Benefits | Common/Collective Trust Funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | $ 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0.00% | ||
Other Postretirement Benefits | Other investments | Maximum | |||
Actual return on plan assets: | |||
Target plan allocation | 7.00% | ||
Other Postretirement Benefits | Mutual Funds - REITS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | $ 864 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 864 | 0 | |
Other Postretirement Benefits | Mutual Funds - REITS | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 864 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 864 | 0 | |
Other Postretirement Benefits | Mutual Funds - REITS | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - REITS | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Company Owned Life Insurance | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 13,443 | 13,443 | 15,307 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 13,443 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 15,307 | 13,443 | |
Other Postretirement Benefits | Company Owned Life Insurance | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Company Owned Life Insurance | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 13,443 | 13,443 | 15,307 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 13,443 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 15,307 | 13,443 | |
Other Postretirement Benefits | Company Owned Life Insurance | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | U.S. Small-Cap | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 154,729 | 149,032 | 174,277 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 154,729 | 149,032 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 174,277 | 154,729 | |
South Jersey Gas Company | Pension Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 19,326 | 19,326 | 15,364 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 19,326 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 15,364 | 19,326 | |
South Jersey Gas Company | Pension Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 115,803 | 115,803 | 137,829 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 115,803 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 137,829 | 115,803 | |
South Jersey Gas Company | Pension Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 19,600 | 21,727 | 21,084 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 19,600 | 21,727 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 293 | 1,097 | |
Relating to assets sold during the period | 405 | 212 | |
Purchases, Sales and Settlements | 786 | (3,436) | |
Fair Value of Plan Assets at End of Year | 21,084 | 19,600 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 42,369 | 42,369 | 61,057 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 42,369 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 61,057 | 42,369 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 42,369 | 42,369 | 61,057 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 42,369 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 61,057 | 42,369 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds - U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 14,523 | 14,523 | 10,910 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 14,523 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 10,910 | 14,523 | |
South Jersey Gas Company | Pension Benefits | U.S. Large-Cap | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 14,523 | 14,523 | 10,910 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 14,523 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 10,910 | 14,523 | |
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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,024 | 2,024 | 1,372 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 2,024 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 1,372 | 2,024 | |
South Jersey Gas Company | Pension Benefits | U.S. Mid-Cap | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,024 | 2,024 | 1,372 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 2,024 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 1,372 | 2,024 | |
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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,727 | 2,727 | 395 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 2,727 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 395 | 2,727 | |
South Jersey Gas Company | Pension Benefits | U.S. Small-Cap | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,727 | 2,727 | 395 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 2,727 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 395 | 2,727 | |
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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,629 | 2,629 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 2,629 | ||
South Jersey Gas Company | Pension Benefits | International equity securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 2,629 | 2,629 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 2,629 | ||
South Jersey Gas Company | Pension Benefits | International equity securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 0 | ||
South Jersey Gas Company | Pension Benefits | International equity securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 0 | ||
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds - International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 27,017 | 27,017 | 31,519 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 27,017 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 31,519 | 27,017 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds - International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 27,017 | 27,017 | 31,519 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 27,017 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 31,519 | 27,017 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds - International | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 44,873 | 44,873 | 43,640 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 44,873 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 43,640 | 44,873 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 44,873 | 44,873 | 43,640 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 44,873 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 43,640 | 44,873 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,930 | 7,930 | 7,429 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 7,930 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 7,429 | 7,930 | |
South Jersey Gas Company | Pension Benefits | Guaranteed Insurance Contract | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 7,930 | 8,031 | 7,429 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 7,930 | 8,031 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 103 | 541 | |
Relating to assets sold during the period | 9 | 12 | |
Purchases, Sales and Settlements | (613) | (654) | |
Fair Value of Plan Assets at End of Year | 7,429 | 7,930 | |
South Jersey Gas Company | Pension Benefits | Private Equity Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 4,164 | 4,164 | 5,735 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 4,164 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 5,735 | 4,164 | |
South Jersey Gas Company | Pension Benefits | Private Equity Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 4,164 | 3,477 | 5,735 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 4,164 | 3,477 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | (224) | (71) | |
Relating to assets sold during the period | 396 | 200 | |
Purchases, Sales and Settlements | 1,399 | 558 | |
Fair Value of Plan Assets at End of Year | 5,735 | 4,164 | |
South Jersey Gas Company | Pension Benefits | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,506 | 7,506 | 7,920 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 7,506 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 7,920 | 7,506 | |
South Jersey Gas Company | Pension Benefits | Real Estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Real Estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Real Estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,506 | 6,866 | 7,920 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 7,506 | 6,866 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 414 | 640 | |
Relating to assets sold during the period | 0 | 0 | |
Purchases, Sales and Settlements | 0 | 0 | |
Fair Value of Plan Assets at End of Year | 7,920 | 7,506 | |
South Jersey Gas Company | Pension Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 52 | 52 | 58 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 52 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 58 | 52 | |
South Jersey Gas Company | Pension Benefits | Cash | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 52 | 52 | 58 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 52 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 58 | 52 | |
South Jersey Gas Company | Pension Benefits | Cash | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 376 | 376 | 385 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 376 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 385 | 376 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 376 | 376 | 385 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 376 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 385 | 376 | |
South Jersey Gas Company | Pension Benefits | Common/Collective Trust Funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,168 | 1,168 | 1,228 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 1,168 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 1,228 | 1,168 | |
South Jersey Gas Company | Pension Benefits | STIF-Type Instrument | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 1,168 | 1,168 | 1,228 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 1,168 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 1,228 | 1,168 | |
South Jersey Gas Company | Pension Benefits | STIF-Type Instrument | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Fixed Income, Hedge Funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 3,353 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 0 | 3,353 | |
Actual return on plan assets: | |||
Relating to assets still held at the reporting date | 0 | (13) | |
Relating to assets sold during the period | 0 | 0 | |
Purchases, Sales and Settlements | 0 | (3,340) | |
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 | 45,948 | 43,428 | 52,663 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 45,948 | 43,428 | |
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 52,663 | 45,948 | |
South Jersey Gas Company | Other Postretirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 777 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 777 | 0 | |
South Jersey Gas Company | Other Postretirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 45,948 | 45,948 | 51,886 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 45,948 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 51,886 | 45,948 | |
South Jersey Gas Company | Other Postretirement Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 13,372 | 13,372 | 13,572 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 13,372 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 13,572 | 13,372 | |
South Jersey Gas Company | Other Postretirement Benefits | Common/Collective Trust Funds - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 13,372 | 13,372 | 13,572 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 13,372 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 13,572 | 13,372 | |
South Jersey Gas Company | Other Postretirement Benefits | Common/Collective Trust Funds - U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 Fund - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 Fund - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 Fund - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 Fund - U.S. | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,796 | 7,796 | 10,226 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 7,796 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 10,226 | 7,796 | |
South Jersey Gas Company | Other Postretirement Benefits | Common/Collective Trust Funds - International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Common/Collective Trust Funds - International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 7,796 | 7,796 | 10,226 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 7,796 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 10,226 | 7,796 | |
South Jersey Gas Company | Other Postretirement Benefits | Common/Collective Trust Funds - International | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - International | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - REITS | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 777 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 777 | 0 | |
South Jersey Gas Company | Other Postretirement Benefits | Mutual Funds - REITS | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 777 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 777 | 0 | |
South Jersey Gas Company | Other Postretirement Benefits | Mutual Funds - REITS | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 - REITS | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 12,613 | 12,613 | 14,362 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 12,613 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 14,362 | 12,613 | |
South Jersey Gas Company | Other Postretirement Benefits | Company Owned Life Insurance | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 12,613 | 12,613 | 14,362 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 12,613 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 14,362 | 12,613 | |
South Jersey Gas Company | Other Postretirement Benefits | Company Owned Life Insurance | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Corporate Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 12,167 | 12,167 | 13,726 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 12,167 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 13,726 | 12,167 | |
South Jersey Gas Company | Other Postretirement Benefits | Corporate Debt Securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 | Corporate Debt Securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 12,167 | 12,167 | 13,726 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value of Plan Assets at Beginning of Year | 12,167 | ||
Actual return on plan assets: | |||
Fair Value of Plan Assets at End of Year | 13,726 | 12,167 | |
South Jersey Gas Company | Other Postretirement Benefits | Corporate Debt Securities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | $ 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [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 AND OTHER POSTRETIREM73
PENSION AND OTHER POSTRETIREMENT BENEFITS - CONTRIBUTIONS (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||
Pension contribution | $ 10,000,000 | $ 0 | $ 15,000,000 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions To Defined Pension Plan | $ 10,000,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||
2,018 | 12,596,000 | |||
2,019 | 13,535,000 | |||
2,020 | 14,180,000 | |||
2,021 | 14,851,000 | |||
2,022 | 15,937,000 | |||
2023- 2027 | 90,714,000 | |||
Pension contribution | 0 | 15,000,000 | ||
Employer contributions | 12,369,000 | 2,278,000 | ||
Other Postretirement Benefits | ||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||
2,018 | 4,291,000 | |||
2,019 | 4,380,000 | |||
2,020 | 4,499,000 | |||
2,021 | 4,503,000 | |||
2,022 | 4,513,000 | |||
2023- 2027 | 20,683,000 | |||
Employer contributions | 2,806,000 | 3,656,000 | ||
Expected contribution to plan | 3,600,000 | |||
Supplemental Employee Retirement Plan | ||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||
Employer contributions | 2,400,000 | 2,300,000 | 2,000,000 | |
Expected contribution to plan | 2,400,000 | |||
South Jersey Gas Company | ||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||
Pension contribution | 7,997,000 | 0 | 12,020,000 | |
South Jersey Gas Company | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions To Defined Pension Plan | $ 8,000,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||
2,018 | 10,451,000 | |||
2,019 | 11,349,000 | |||
2,020 | 11,917,000 | |||
2,021 | 12,495,000 | |||
2,022 | 13,489,000 | |||
2023- 2027 | 77,033,000 | |||
Pension contribution | $ 12,000,000 | |||
Employer contributions | 10,292,000 | 2,244,000 | ||
South Jersey Gas Company | Other Postretirement Benefits | ||||
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | ||||
2,018 | 3,434,000 | |||
2,019 | 3,587,000 | |||
2,020 | 3,710,000 | |||
2,021 | 3,726,000 | |||
2,022 | 3,752,000 | |||
2023- 2027 | 17,172,000 | |||
Employer contributions | $ 2,259,000 | $ 2,946,000 |
PENSION AND OTHER POSTRETIREM74
PENSION AND OTHER POSTRETIREMENT BENEFITS - DEFINED CONTRIBUTION PLAN (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)$ / employees | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expensed and contributed for matching provision of Savings Plan | $ | $ 2.6 | $ 2.3 | $ 2.1 |
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 for matching provision of Savings Plan | $ | $ 1.6 | $ 1.3 | $ 1.2 |
LINES OF CREDIT (Details)
LINES OF CREDIT (Details) | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Aug. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |||||
Total Facility | $ 660,000,000 | ||||
Usage | 353,800,000 | ||||
Available Liquidity | $ 306,200,000 | ||||
Weighted average borrowing cost | 2.46% | 1.47% | 1.13% | ||
Average borrowings outstanding | $ 276,700,000 | $ 321,900,000 | |||
Maximum amounts outstanding | $ 373,800,000 | $ 467,700,000 | |||
Financial covenant, ratio of indebtedness to consolidated total capitalization (not more than) | 0.65 | ||||
Letters of credit | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | $ 6,600,000 | ||||
South Jersey Gas Company | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | 210,000,000 | ||||
Usage | 52,800,000 | ||||
Available Liquidity | 157,200,000 | ||||
Letters of credit outstanding | $ 800,000 | ||||
Weighted average interest rate | 1.88% | 0.97% | 0.66% | ||
Average borrowings outstanding | $ 17,600,000 | $ 71,500,000 | |||
Maximum amounts outstanding | $ 110,100,000 | $ 141,700,000 | |||
Financial covenant, ratio of indebtedness to consolidated total capitalization (not more than) | 700 | ||||
South Jersey Gas Company | Syndicated Revolving Credit Facility | Term facility | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | $ 200,000,000 | ||||
South Jersey Gas Company | Syndicated Revolving Credit Facility | Term facility | August 2017 to August 2022 | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | $ 200,000,000 | ||||
Term of agreement | 5 years | ||||
South Jersey Gas Company | Letters of credit | |||||
Line of Credit Facility [Line Items] | |||||
Letters of credit outstanding | $ 6,600,000 | ||||
South Jersey Industries Inc. | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | 450,000,000 | ||||
Usage | 301,000,000 | ||||
Available Liquidity | 149,000,000 | ||||
South Jersey Industries Inc. | Term facility | Term facility | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | $ 400,000,000 | ||||
South Jersey Industries Inc. | Term facility | Term facility | August 2017 to August 2022 | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | $ 400,000,000 | ||||
Term of agreement | 5 years | ||||
South Jersey Industries Inc. | Syndicated Revolving Credit Facility | Term facility | |||||
Line of Credit Facility [Line Items] | |||||
Term of agreement | 2 years | ||||
Term facility | South Jersey Gas Company | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | 10,000,000 | ||||
Usage | 0 | ||||
Available Liquidity | 10,000,000 | ||||
Syndicated Revolving Credit Facility | South Jersey Gas Company | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | 200,000,000 | ||||
Usage | 52,800,000 | ||||
Available Liquidity | 147,200,000 | ||||
Syndicated Revolving Credit Facility | South Jersey Industries Inc. | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | 400,000,000 | ||||
Usage | 251,000,000 | ||||
Available Liquidity | 149,000,000 | ||||
Revolving Credit Facility | South Jersey Industries Inc. | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | 50,000,000 | ||||
Usage | 50,000,000 | ||||
Available Liquidity | 0 | ||||
South Jersey Gas commercial paper program | South Jersey Gas Company | |||||
Line of Credit Facility [Line Items] | |||||
Total Facility | $ 200,000,000 | ||||
Fixed maturities of notes, which may not exceed specified number of days | 270 days |
LONG-TERM DEBT (Details)
LONG-TERM DEBT (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2017 | Jul. 31, 2017 | May 31, 2017 | Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | $ 1,204,173,000 | $ 1,047,482,000 | |||||||||
Less SJI Consolidated Current Maturities (all at SJG) | (63,809,000) | (231,909,000) | |||||||||
Total Long-Term Debt | 1,140,364,000 | 815,573,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
2,018 | 63,809,000 | ||||||||||
2,019 | 458,909,000 | ||||||||||
2,020 | 67,909,000 | ||||||||||
2,021 | 27,909,000 | ||||||||||
2,022 | 66,084,000 | ||||||||||
Amount of facility | 660,000,000 | ||||||||||
Unamortized debt issuance costs | 17,400,000 | 7,600,000 | |||||||||
Interest Expense | $ 54,019,000 | 31,449,000 | $ 31,622,000 | ||||||||
Senior notes | Series Notes at variable rates due 2019 (Q) | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Interest rate at period end | 3.01% | ||||||||||
South Jersey Gas Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | $ 829,173,000 | 645,082,000 | |||||||||
Less SJI Consolidated Current Maturities (all at SJG) | (63,809,000) | (215,909,000) | |||||||||
Total Long-Term Debt | 765,364,000 | 429,173,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
2,018 | 63,809,000 | ||||||||||
2,019 | 218,909,000 | ||||||||||
2,020 | 17,909,000 | ||||||||||
2,021 | 27,909,000 | ||||||||||
2,022 | 31,084,000 | ||||||||||
Amount of facility | 210,000,000 | ||||||||||
Unamortized debt issuance costs | 7,300,000 | 6,000,000 | |||||||||
Interest Expense | 24,705,000 | 17,875,000 | $ 19,906,000 | ||||||||
South Jersey Gas Company | Term facility | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Amount of facility | 10,000,000 | ||||||||||
South Jersey Gas Company | Unsecured term loan | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Line of credit balance | $ 200,000,000 | ||||||||||
South Jersey Gas Company | Credit Agreement | Unsecured term loan | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Amount of facility | $ 200,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2017 (C) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 4.657% | ||||||||||
Total Long-Term Debt Outstanding | $ 0 | 15,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series Due 2016, 4.6 Percent | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 4.657% | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Amount of debt retired | $ 15,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 7.97% | ||||||||||
Total Long-Term Debt Outstanding | $ 10,000,000 | 10,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 7.125% | ||||||||||
Total Long-Term Debt Outstanding | $ 20,000,000 | 20,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.587% | ||||||||||
Total Long-Term Debt Outstanding | $ 10,000,000 | 10,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2024 (D) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.00% | ||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | 50,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Annual payment | $ 10,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2024 (E) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.03% | ||||||||||
Total Long-Term Debt Outstanding | $ 35,000,000 | 35,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Annual payment | $ 7,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2025 (F) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.63% | ||||||||||
Total Long-Term Debt Outstanding | $ 7,273,000 | 8,182,000 | |||||||||
Less SJI Consolidated Current Maturities (all at SJG) | (900,000) | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Payment towards principal | $ 900,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2026 (G) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 4.84% | ||||||||||
Total Long-Term Debt Outstanding | $ 15,000,000 | 15,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Annual payment | $ 2,500,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2026 (H) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 4.93% | ||||||||||
Total Long-Term Debt Outstanding | $ 45,000,000 | 45,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Annual payment | $ 7,500,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 4.03% | ||||||||||
Total Long-Term Debt Outstanding | $ 45,000,000 | 45,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2030 (I) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 4.01% | ||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | 50,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | MTN, 4.01%, Due November 2018 and November 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | 8,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | MTN, 4.01%, due November 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | 2,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | MTN, 4.01%, due November 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | 3,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | MTN, 4.01%, due November 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | 8,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | MTN, 4.01%, due November 2028, November 2029 and November 2030 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | $ 7,000,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2030 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 4.23% | ||||||||||
Total Long-Term Debt Outstanding | $ 30,000,000 | 30,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2032 (J) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.74% | ||||||||||
Total Long-Term Debt Outstanding | $ 35,000,000 | 35,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Annual payment | $ 3,175,000 | ||||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2033 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.55% | ||||||||||
Total Long-Term Debt Outstanding | $ 32,000,000 | 32,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2034 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 6.213% | ||||||||||
Total Long-Term Debt Outstanding | $ 10,000,000 | 10,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series due 2035 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.45% | ||||||||||
Total Long-Term Debt Outstanding | $ 10,000,000 | 10,000,000 | |||||||||
South Jersey Gas Company | First Mortgage Bonds | Series E, 2017, due January 2047 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.00% | ||||||||||
Total Long-Term Debt Outstanding | $ 200,000,000 | 0 | |||||||||
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] | |||||||||||
Interest rate at period end | 1.66% | ||||||||||
South Jersey Gas Company | Loans payable | Term facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | $ 200,000,000 | 200,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Repayments of multiple-draw term facility | $ 200,000,000 | ||||||||||
Amount of facility | 200,000,000 | ||||||||||
South Jersey Gas Company | Medium-term notes | Series E, 2017, due January 2047 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.00% | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Private placement | $ 200,000,000 | ||||||||||
Marina Energy LLC | Unsecured debt | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Amount of debt retired | $ 62,300,000 | ||||||||||
Redemption amount | 61,400,000 | ||||||||||
Marina Energy LLC | Unsecured debt | Series A 2001 Bonds at variable rates due 2031 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | 0 | 20,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Redemption amount | 20,000,000 | ||||||||||
Marina Energy LLC | Unsecured debt | Series B 2001 Bonds at variable rates due 2021 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | 0 | 25,000,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Redemption amount | 25,000,000 | ||||||||||
Marina Energy LLC | Unsecured debt | Series A 2006 Bonds at variable rates due 2036 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | 0 | 16,400,000 | |||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Redemption amount | $ 16,400,000 | ||||||||||
South Jersey Industries Inc. | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Amount of facility | 450,000,000 | ||||||||||
South Jersey Industries Inc. | Unsecured debt | South Jersey Industries Term Loan at variable rates due 2020 (R) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | 50,000,000 | |||||||||
South Jersey Industries Inc. | Unsecured debt | Term loan due 2015 | Term facility | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Interest rate at period end | 2.29% | ||||||||||
South Jersey Industries Inc. | Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Private placement | $ 100,000,000 | ||||||||||
South Jersey Industries Inc. | Senior notes | Series B 2012 Notes due 2017 (O) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 2.71% | 2.71% | |||||||||
Total Long-Term Debt Outstanding | $ 0 | 16,000,000 | |||||||||
Less SJI Consolidated Current Maturities (all at SJG) | $ (16,000,000) | ||||||||||
South Jersey Industries Inc. | Senior notes | Series due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.05% | ||||||||||
Total Long-Term Debt Outstanding | $ 60,000,000 | 60,000,000 | |||||||||
South Jersey Industries Inc. | Senior notes | Series due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.05% | ||||||||||
Total Long-Term Debt Outstanding | $ 30,000,000 | 30,000,000 | |||||||||
South Jersey Industries Inc. | Senior notes | Series due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.05% | ||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | 50,000,000 | |||||||||
South Jersey Industries Inc. | Senior notes | Series C 2012 Notes due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.46% | ||||||||||
Total Long-Term Debt Outstanding | $ 35,000,000 | 35,000,000 | |||||||||
South Jersey Industries Inc. | Senior notes | Series 2017A-1, Due August 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.22% | ||||||||||
Total Long-Term Debt Outstanding | $ 25,000,000 | 0 | |||||||||
South Jersey Industries Inc. | Senior notes | Series 2017B-1, Due August 2027 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.46% | ||||||||||
Total Long-Term Debt Outstanding | $ 25,000,000 | 0 | |||||||||
South Jersey Industries Inc. | Senior notes | Series Notes at variable rates due 2019 (Q) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | 40,000,000 | 40,000,000 | |||||||||
South Jersey Industries Inc. | Senior notes | Series Notes at variable rates due 2019 (Q) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | $ 60,000,000 | $ 60,000,000 | |||||||||
Subsequent event | South Jersey Industries Inc. | Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Long-Term Debt Outstanding | $ 50,000,000 | ||||||||||
Elizabethtown Gas and Elkton Gas | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Unamortized debt issuance costs | $ 12,900,000 | ||||||||||
Amortization of debt issuance costs | 10,400,000 | ||||||||||
Interest Expense | $ 2,600,000 | ||||||||||
Bridge Loan | Elizabethtown Gas and Elkton Gas | |||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||
Term of agreement | 364 days | ||||||||||
Short-term Debt | $ 2,600,000,000 | $ 1,700,000,000 |
COMMITMENTS AND CONTINGENCIES77
COMMITMENTS AND CONTINGENCIES (Details) | May 08, 2017USD ($) | Nov. 30, 2017USD ($) | May 31, 2017USD ($) | Dec. 31, 2017USD ($)sitedecatherm / daycontract | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)sitedecatherm / daycontract | Dec. 31, 2012USD ($) | Dec. 31, 1996USD ($) |
Commitment and Contingencies [Line Items] | |||||||||
Minimum purchase amount under contract (in dts/d) | decatherm / day | 604,000 | 604,000 | |||||||
Maximum purchase amount under contract (in dts/d) | decatherm / day | 954,000 | 954,000 | |||||||
Minimum length of contract term | 3 years | ||||||||
Maximum length of contract term | 10 years | ||||||||
Cost of Sales - Nonutility | $ 646,567,000 | $ 413,833,000 | $ 319,579,000 | ||||||
Interest Charges | $ 54,019,000 | 31,449,000 | 31,622,000 | ||||||
Capacity management contract, term | 3 years | ||||||||
Accrual for pending litigation | $ 3,000,000 | 3,100,000 | $ 3,000,000 | ||||||
Percentage of workforce that is unionized | 39.00% | 39.00% | |||||||
Guarantor obligations | $ 95,700,000 | $ 95,700,000 | |||||||
Letter of credit provided | 660,000,000 | 660,000,000 | |||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Beginning of Year | 155,013,000 | 126,623,000 | |||||||
Accruals | 56,405,000 | 60,713,000 | 490,700,000 | ||||||
Expenditures | (38,563,000) | (32,323,000) | (317,900,000) | ||||||
End of Year | 172,855,000 | 155,013,000 | 126,623,000 | 172,855,000 | |||||
Letters of credit | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Letter of credit provided | $ 6,600,000 | $ 6,600,000 | |||||||
Environmental restoration costs | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
EMI's assumed responsibility for environment liabilities, minimum | $ 500,000 | ||||||||
EMI's assumed responsibility for environment liabilities, maximum | $ 1,000,000 | ||||||||
Environmental restoration costs | Fuel Oil | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Number of sites affected by environmental remediation | site | 5 | 5 | |||||||
Environmental restoration costs | Minimum | Fuel Oil | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Estimates of undiscounted future costs | $ 600,000 | $ 600,000 | |||||||
Environmental restoration costs | Maximum | Fuel Oil | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Estimates of undiscounted future costs | 1,100,000 | 1,100,000 | |||||||
Parental guarantee | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Guaranteed Amount | $ 6,000,000 | $ 6,000,000 | |||||||
Contract term | 2 years | ||||||||
Pricing dispute, long-term gas supply contract | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Number of long-term gas supply contracts | contract | 2 | 2 | |||||||
Settled litigation | Dispute, long-term supply contract | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Cost of Sales - Nonutility | $ 7,400,000 | ||||||||
Interest Charges | 1,900,000 | ||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 9,300,000 | ||||||||
South Jersey Resources Group, LLC | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Amount of monthly fees paid to supplier | $ 1,300,000 | ||||||||
South Jersey Resources Group, LLC | Judicial ruling | Pricing dispute, long-term gas supply contract | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 53,600,000 | ||||||||
Cost of Sales - Nonutility | 49,600,000 | ||||||||
Interest Charges | 4,000,000 | ||||||||
South Jersey Resources Group, LLC | Pending litigation | Dispute, long-term management contract | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Damages sought | 13,300,000 | ||||||||
South Jersey Resources Group, LLC | Settled litigation | Dispute, long-term management contract | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Litigation Settlement, Amount Awarded to Other Party | 9,500,000 | ||||||||
South Jersey Gas Company | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Amount of monthly fees paid to supplier | 6,000,000 | ||||||||
Interest Charges | 24,705,000 | 17,875,000 | 19,906,000 | ||||||
Accrual for pending litigation | $ 700,000 | 600,000 | $ 700,000 | ||||||
Percentage of workforce that is unionized | 56.00% | 56.00% | |||||||
Letter of credit provided | $ 210,000,000 | $ 210,000,000 | |||||||
Letters of credit outstanding | $ 800,000 | $ 800,000 | |||||||
Number of sites for environmental cleanup (in number of sites) | site | 12 | 12 | |||||||
Number of sites covered by insurance | site | 11 | 11 | |||||||
Insurance policy limit | $ 50,000,000 | ||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Beginning of Year | $ 153,047,000 | 123,194,000 | |||||||
Accruals | 55,814,000 | 61,933,000 | $ 473,300,000 | ||||||
Expenditures | (37,165,000) | (32,080,000) | (301,600,000) | ||||||
End of Year | 171,696,000 | $ 153,047,000 | $ 123,194,000 | 171,696,000 | |||||
South Jersey Gas Company | Letters of credit | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Letters of credit outstanding | 6,600,000 | 6,600,000 | |||||||
South Jersey Gas Company | Variable-rate demand bonds | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Letter of credit provided | $ 25,100,000 | $ 25,100,000 | |||||||
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 | 6 | |||||||
South Jersey Gas Company | Environmental restoration costs | Minimum | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Estimates of undiscounted future costs | $ 171,700,000 | $ 171,700,000 | |||||||
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 | 158,200,000 | 158,200,000 | |||||||
South Jersey Gas Company | Environmental restoration costs | Maximum | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Estimates of undiscounted future costs | 284,100,000 | 284,100,000 | |||||||
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 | 275,700,000 | 275,700,000 | |||||||
South Jersey Gas Company | Judicial ruling | Pricing dispute, long-term gas supply contract | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 20,400,000 | ||||||||
Marina Energy LLC | Unsecured debt | |||||||||
Commitment and Contingencies [Line Items] | |||||||||
Amount of debt retired | $ 62,300,000 | ||||||||
Elizabethtown Gas and Elkton Gas | |||||||||
Accrual for Environmental Loss Contingencies [Roll Forward] | |||||||||
Liabilities arising from contingencies, amount recognized | $ 80,500,000 | $ 80,500,000 |
DERIVATIVE INSTRUMENTS - OUTSTA
DERIVATIVE INSTRUMENTS - OUTSTANDING CONTRACTS (Details) $ in Thousands, MWh in Millions | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($)MWh | Dec. 31, 2017USD ($)MMcfe | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2005USD ($) | |
Derivative [Line Items] | ||||||
(Losses) gains on energy-related commodity contracts (a) | $ (13,667) | $ 26,935 | $ 8,401 | |||
Unrealized Gain (Loss) on Derivatives | (677) | 647 | 96 | |||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | (2,400) | |||||
Derivatives not designated as hedging instruments under GAAP | ||||||
Derivative [Line Items] | ||||||
(Losses) gains on energy-related commodity contracts (a) | (13,700) | 26,900 | $ 8,400 | |||
South Jersey Gas Company | ||||||
Derivative [Line Items] | ||||||
Unrealized Gain (Loss) on Derivatives | 2,100 | 4,400 | ||||
Interest Rate Cash Flow Hedge, Cost | $ 1,400 | |||||
Interest Rate Cash Flow Hedge, Unamortized Balance | $ 800 | $ 800 | $ 800 | $ 900 | ||
Expected future purchases | ||||||
Derivative [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Energy Measure | 2.6 | 58,800 | ||||
Expected future purchases | South Jersey Gas Company | ||||||
Derivative [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Energy Measure | 0 | 9,700 | ||||
Expected future sales | ||||||
Derivative [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Energy Measure | 2.1 | 60,300 | ||||
Expected future sales | South Jersey Gas Company | ||||||
Derivative [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Energy Measure | 0 | 700 | ||||
Basis and index related purchase and sales contracts | ||||||
Derivative [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMcfe | 47,400 | |||||
Basis and index related purchase and sales contracts | South Jersey Gas Company | ||||||
Derivative [Line Items] | ||||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMcfe | 300 |
DERIVATIVE INSTRUMENTS (Details
DERIVATIVE INSTRUMENTS (Details) | Dec. 31, 2017USD ($) |
Marina Energy LLC | Interest Rate Swap, 14,500,000 | |
Derivative [Line Items] | |
Notional Amount | $ 20,000,000 |
Fixed Interest Rate | 3.049% |
Marina Energy LLC | Interest Rate Swap, 500,000 | |
Derivative [Line Items] | |
Notional Amount | $ 20,000,000 |
Fixed Interest Rate | 3.049% |
Marina Energy LLC | Interest Rate Swap, 330,000 | |
Derivative [Line Items] | |
Notional Amount | $ 10,000,000 |
Fixed Interest Rate | 3.049% |
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% |
DERIVATIVE INSTRUMENTS - FAIR V
DERIVATIVE INSTRUMENTS - FAIR VALUES OF ALL DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Commodity contract | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 48,127 | $ 80,893 |
Liabilities | 0 | 0 |
Derivatives not designated as hedging instruments under GAAP | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 48,127 | 80,893 |
Liabilities | 63,333 | 74,652 |
Derivatives not designated as hedging instruments under GAAP | Commodity contract | Derivatives – Energy Related – Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 42,139 | 72,391 |
Liabilities | 46,938 | 60,082 |
Derivatives not designated as hedging instruments under GAAP | Commodity contract | Derivatives – Energy Related – Non-Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 5,988 | 8,502 |
Liabilities | 6,025 | 4,540 |
Derivatives not designated as hedging instruments under GAAP | Interest rate contract | Derivatives - Other - Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | |
Liabilities | 748 | 681 |
Derivatives not designated as hedging instruments under GAAP | Interest rate contract | Derivatives - Other - Non-Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | |
Liabilities | 9,622 | 9,349 |
South Jersey Gas Company | Commodity contract | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 7,332 | 5,807 |
Liabilities | 0 | 0 |
South Jersey Gas Company | Derivatives not designated as hedging instruments under GAAP | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 7,332 | 5,807 |
Liabilities | 16,468 | 8,737 |
South Jersey Gas Company | Derivatives not designated as hedging instruments under GAAP | Commodity contract | Derivatives – Energy Related – Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 7,327 | 5,434 |
Liabilities | 9,270 | 1,372 |
South Jersey Gas Company | Derivatives not designated as hedging instruments under GAAP | Commodity contract | Derivatives – Energy Related – Non-Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 5 | 373 |
Liabilities | 170 | 0 |
South Jersey Gas Company | Derivatives not designated as hedging instruments under GAAP | Interest rate contract | Derivatives - Other - Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 389 | 386 |
South Jersey Gas Company | Derivatives not designated as hedging instruments under GAAP | Interest rate contract | Derivatives - Other - Non-Current | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 0 | 0 |
Liabilities | $ 6,639 | $ 6,979 |
DERIVATIVE INSTRUMENTS - OFFSET
DERIVATIVE INSTRUMENTS - OFFSETTING ARRANGEMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Commodity contract | ||
Offsetting Derivative Assets [Abstract] | ||
Assets | $ 48,127 | $ 80,893 |
Net amounts of assets/liabilities in balance sheet | 48,127 | 80,893 |
Gross amounts not offset in the balance sheet, Financial Instruments | (24,849) | (38,809) |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | (3,474) |
Net amount | 23,278 | 38,610 |
Offsetting Derivative Liabilities [Abstract] | ||
Net amounts of assets/liabilities in balance sheet | (52,963) | (64,622) |
Gross amounts not offset in the balance sheet, Financial Instruments | 24,849 | 38,809 |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 8,832 | 0 |
Net amount | (19,282) | (25,813) |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (52,963) | (64,622) |
Liabilities | 0 | 0 |
Other Contract | ||
Offsetting Derivative Liabilities [Abstract] | ||
Net amounts of assets/liabilities in balance sheet | (10,370) | (10,030) |
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 | (10,370) | (10,030) |
Derivative Liability, Fair Value, Gross Liability | (10,370) | (10,030) |
Liabilities | 0 | 0 |
South Jersey Gas Company | Commodity contract | ||
Offsetting Derivative Assets [Abstract] | ||
Assets | 7,332 | 5,807 |
Net amounts of assets/liabilities in balance sheet | 7,332 | 5,807 |
Gross amounts not offset in the balance sheet, Financial Instruments | (208) | (6) |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | (3,587) |
Net amount | 7,124 | 2,214 |
Offsetting Derivative Liabilities [Abstract] | ||
Net amounts of assets/liabilities in balance sheet | (9,440) | (1,372) |
Gross amounts not offset in the balance sheet, Financial Instruments | 208 | 6 |
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 1,543 | 0 |
Net amount | (7,689) | (1,366) |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (9,440) | (1,372) |
Liabilities | 0 | 0 |
South Jersey Gas Company | Other Contract | ||
Offsetting Derivative Liabilities [Abstract] | ||
Net amounts of assets/liabilities in balance sheet | (7,028) | (7,365) |
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 | (7,028) | (7,365) |
Derivative Liability, Fair Value, Gross Liability | (7,028) | (7,365) |
Liabilities | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS - EFFECT
DERIVATIVE INSTRUMENTS - EFFECTS OF DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest Rate Contracts [Abstract] | |||
(Losses) gains on energy-related commodity contracts (a) | $ (13,667) | $ 26,935 | $ 8,401 |
(Losses) gains on interest rate contracts (b) | (677) | 647 | 96 |
Total | (14,344) | 27,582 | 8,497 |
Net realized gains (losses) on commodity contracts | 700 | (3,000) | (9,100) |
Fair value derivative instruments with credit-risk-related features | 1,500 | ||
Additional collateral, aggregate fair value | 600 | ||
Designated as Hedging Instrument | |||
Interest Rate Contracts [Abstract] | |||
Losses reclassified from AOCL into income | (2,524) | (333) | (551) |
South Jersey Gas Company | Designated as Hedging Instrument | |||
Interest Rate Contracts [Abstract] | |||
Losses reclassified from AOCL into income | $ (46) | $ (46) | $ (46) |
FAIR VALUE OF FINANCIAL ASSET83
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)$ / decatherm | Dec. 31, 2016USD ($)$ / decatherm | |
Changes in significant unobservable inputs [Roll forward] | ||
Balance at beginning of period | $ 9,035 | $ (632) |
Other changes in fair value from continuing and new contracts, net | 1,857 | 5,657 |
Transfers in to/(out of) of Level 3 | (954) | |
Transfers in to/(out of) of Level 3 (A) | 4,116 | |
Settlements | (6,828) | (106) |
Balance at end of period | $ 3,110 | $ 9,035 |
Level 3 | Forward Contract | Minimum | ||
Liabilities | ||
Forward price (in USD per dt) | $ / decatherm | 1.79 | 1.03 |
Level 3 | Forward Contract | Maximum | ||
Liabilities | ||
Forward price (in USD per dt) | $ / decatherm | 12.09 | 11.33 |
Level 3 | Forward Contract | Weighted Average | ||
Liabilities | ||
Forward price (in USD per dt) | $ / decatherm | 3.01 | 2.71 |
Measurement at fair value on recurring basis | ||
Assets | ||
Available-for-Sale Securities | $ 36 | $ 32 |
Derivatives - Energy Related Assets | 48,127 | 80,893 |
Assets | 48,163 | 80,925 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 52,963 | 64,622 |
Derivatives - Other | 10,370 | 10,030 |
Liabilities | 63,333 | 74,652 |
Measurement at fair value on recurring basis | Level 1 | ||
Assets | ||
Available-for-Sale Securities | 36 | 32 |
Derivatives - Energy Related Assets | 5,155 | 33,994 |
Assets | 5,191 | 34,026 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 10,687 | 16,502 |
Derivatives - Other | 0 | 0 |
Liabilities | 10,687 | 16,502 |
Measurement at fair value on recurring basis | Level 2 | ||
Assets | ||
Available-for-Sale Securities | 0 | 0 |
Derivatives - Energy Related Assets | 21,869 | 11,814 |
Assets | 21,869 | 11,814 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 24,283 | 22,070 |
Derivatives - Other | 10,370 | 10,030 |
Liabilities | 34,653 | 32,100 |
Measurement at fair value on recurring basis | Level 3 | ||
Assets | ||
Available-for-Sale Securities | 0 | 0 |
Derivatives - Energy Related Assets | 21,103 | 35,085 |
Assets | 21,103 | 35,085 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 17,993 | 26,050 |
Derivatives - Other | 0 | 0 |
Liabilities | 17,993 | 26,050 |
South Jersey Gas Company | ||
Changes in significant unobservable inputs [Roll forward] | ||
Balance at beginning of period | 926 | 183 |
Other changes in fair value from continuing and new contracts, net | 2,258 | 926 |
Transfers in to/(out of) of Level 3 | (206) | |
Settlements | (926) | (183) |
Balance at end of period | $ 2,052 | $ 926 |
South Jersey Gas Company | Level 3 | Forward Contract | Minimum | ||
Liabilities | ||
Forward price (in USD per dt) | $ / decatherm | 2.42 | 3.25 |
South Jersey Gas Company | Level 3 | Forward Contract | Maximum | ||
Liabilities | ||
Forward price (in USD per dt) | $ / decatherm | 6.67 | 6.33 |
South Jersey Gas Company | Level 3 | Forward Contract | Weighted Average | ||
Liabilities | ||
Forward price (in USD per dt) | $ / decatherm | 5.25 | 5.09 |
South Jersey Gas Company | Measurement at fair value on recurring basis | ||
Assets | ||
Derivatives - Energy Related Assets | $ 7,332 | $ 5,807 |
Assets | 7,332 | 5,807 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 9,440 | 1,372 |
Derivatives - Other | 7,028 | 7,365 |
Liabilities | 16,468 | 8,737 |
South Jersey Gas Company | Measurement at fair value on recurring basis | Level 1 | ||
Assets | ||
Derivatives - Energy Related Assets | 208 | 4,767 |
Assets | 208 | 4,767 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 1,750 | 6 |
Derivatives - Other | 0 | 0 |
Liabilities | 1,750 | 6 |
South Jersey Gas Company | Measurement at fair value on recurring basis | Level 2 | ||
Assets | ||
Derivatives - Energy Related Assets | 230 | 0 |
Assets | 230 | 0 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 2,848 | 1,252 |
Derivatives - Other | 7,028 | 7,365 |
Liabilities | 9,876 | 8,617 |
South Jersey Gas Company | Measurement at fair value on recurring basis | Level 3 | ||
Assets | ||
Derivatives - Energy Related Assets | 6,894 | 1,040 |
Assets | 6,894 | 1,040 |
Liabilities | ||
Derivatives - Energy Related Liabilities | 4,842 | 114 |
Derivatives - Other | 0 | 0 |
Liabilities | 4,842 | 114 |
Natural Gas (in MMdts) | Level 3 | Forward Contract | ||
Liabilities | ||
Assets | 13,519 | 23,301 |
Liabilities | 15,686 | 18,109 |
Natural Gas (in MMdts) | South Jersey Gas Company | Level 3 | Forward Contract | ||
Liabilities | ||
Assets | 6,894 | 1,040 |
Liabilities | 4,842 | 114 |
Electricity (in MMmwh) | Level 3 | Forward Contract | ||
Liabilities | ||
Assets | 7,584 | 11,784 |
Liabilities | $ 2,307 | $ 7,941 |
Electricity (in MMmwh) | Level 3 | Forward Contract | Minimum | On-peak | ||
Liabilities | ||
Fixed electric load profile | 36.36% | 21.43% |
Electricity (in MMmwh) | Level 3 | Forward Contract | Minimum | Off-peak | ||
Liabilities | ||
Fixed electric load profile | 0.00% | 0.00% |
Electricity (in MMmwh) | Level 3 | Forward Contract | Maximum | On-peak | ||
Liabilities | ||
Fixed electric load profile | 100.00% | 100.00% |
Electricity (in MMmwh) | Level 3 | Forward Contract | Maximum | Off-peak | ||
Liabilities | ||
Fixed electric load profile | 63.64% | 78.57% |
Electricity (in MMmwh) | Level 3 | Forward Contract | Weighted Average | On-peak | ||
Liabilities | ||
Fixed electric load profile | 53.39% | 55.14% |
Electricity (in MMmwh) | Level 3 | Forward Contract | Weighted Average | Off-peak | ||
Liabilities | ||
Fixed electric load profile | 46.61% | 44.86% |
ACCUMULATED OTHER COMPREHENSI84
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | $ 1,289,240 | $ 1,037,539 | $ 932,432 | ||
Other comprehensive income before reclassifications | (10,920) | ||||
Amounts reclassified from AOCL | 1,536 | ||||
Other Comprehensive (Loss) Income - Net of Tax | (9,384) | (2,882) | 5,759 | ||
Balance | 1,192,409 | 1,289,240 | 1,037,539 | ||
Postretirement Liability Adjustment (A) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | (25,342) | ||||
Other comprehensive income before reclassifications | (10,920) | ||||
Amounts reclassified from AOCL | 0 | ||||
Other Comprehensive (Loss) Income - Net of Tax | [1] | (10,920) | (3,197) | 5,518 | |
Balance | (36,262) | (25,342) | |||
Unrealized Gain (Loss) on Derivatives-Other (B) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | (1,932) | ||||
Other comprehensive income before reclassifications | 0 | ||||
Amounts reclassified from AOCL | 1,536 | ||||
Other Comprehensive (Loss) Income - Net of Tax | 1,536 | ||||
Balance | (396) | (1,932) | |||
Unrealized Gain (Loss) on Available- for-Sale Securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | (10) | ||||
Other comprehensive income before reclassifications | 0 | ||||
Amounts reclassified from AOCL | 0 | ||||
Other Comprehensive (Loss) Income - Net of Tax | 0 | ||||
Balance | (10) | (10) | |||
Other Comprehensive Income (Loss) of Affiliated Companies (B) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | (97) | ||||
Other comprehensive income before reclassifications | 0 | ||||
Amounts reclassified from AOCL | 0 | ||||
Other Comprehensive (Loss) Income - Net of Tax | 0 | ||||
Balance | (97) | (97) | |||
Accumulated Other Comprehensive Loss | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | (27,381) | (24,499) | (30,258) | ||
Other Comprehensive (Loss) Income - Net of Tax | (9,384) | (2,882) | 5,759 | ||
Balance | (36,765) | (27,381) | (24,499) | ||
South Jersey Gas Company | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | 839,900 | 707,927 | 680,568 | ||
Other comprehensive income before reclassifications | (11,090) | ||||
Amounts reclassified from AOCL | 27 | ||||
Other Comprehensive (Loss) Income - Net of Tax | (11,063) | (2,072) | 1,617 | [1] | |
Balance | 921,433 | 839,900 | 707,927 | ||
South Jersey Gas Company | Postretirement Liability Adjustment (A) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | (14,417) | ||||
Other comprehensive income before reclassifications | (11,090) | ||||
Amounts reclassified from AOCL | 0 | ||||
Other Comprehensive (Loss) Income - Net of Tax | [1] | (11,090) | (2,197) | 1,617 | |
Balance | (25,507) | (14,417) | |||
South Jersey Gas Company | Unrealized Gain (Loss) on Derivatives-Other (B) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | (517) | ||||
Other comprehensive income before reclassifications | 0 | ||||
Amounts reclassified from AOCL | 27 | ||||
Other Comprehensive (Loss) Income - Net of Tax | 27 | ||||
Balance | (490) | (517) | |||
South Jersey Gas Company | Accumulated Other Comprehensive Loss | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance | (14,934) | (12,862) | (14,479) | ||
Other Comprehensive (Loss) Income - Net of Tax | (11,063) | (2,072) | 1,617 | [1] | |
Balance | $ (25,997) | $ (14,934) | $ (12,862) | ||
Post-Retirement Liability | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% | ||
Post-Retirement Liability | South Jersey Gas Company | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% | ||
Unrealized Gain (Loss) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% | ||
Unrealized Gain (Loss) | South Jersey Gas Company | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% | ||
[1] | Determined using a combined average statutory tax rate of 27% for 2017 and 40% for 2016 and 2015. |
ACCUMULATED OTHER COMPREHENSI85
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) - RECLASSIFICATIONS OUT OF AOCL (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income Taxes | $ (16,498) | $ (24,765) | $ (5,544) | $ 21,870 | $ 19,266 | $ 2,807 | $ (7,189) | $ 39,267 | $ (24,937) | $ 54,151 | $ 1,360 |
Net Income | (4,045) | 37,593 | 7,659 | (37,717) | (45,933) | (9,635) | 4,827 | (68,069) | 3,490 | (118,810) | (105,107) |
Amounts Reclassified from AOCL | Unrealized Loss on Derivatives-Other - interest rate contracts designated as cash flow hedges | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income Taxes | (988) | ||||||||||
Net Income | 1,536 | ||||||||||
Amounts Reclassified from AOCL | Interest rate contract | Unrealized Loss on Derivatives-Other - interest rate contracts designated as cash flow hedges | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest Charges | 2,524 | ||||||||||
South Jersey Gas Company | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income Taxes | 18,046 | (3,688) | 1,431 | 29,911 | 12,554 | (2,007) | 1,415 | 27,404 | 45,700 | 39,366 | 36,945 |
Net Income | $ (29,584) | $ 5,771 | $ (2,266) | $ (46,478) | $ (22,899) | $ 3,315 | $ (5,043) | $ (44,418) | (72,557) | $ (69,045) | $ (66,578) |
South Jersey Gas Company | Amounts Reclassified from AOCL | Unrealized Gain (Loss) on Derivatives-Other (B) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income Taxes | (19) | ||||||||||
South Jersey Gas Company | Amounts Reclassified from AOCL | Unrealized Loss on Derivatives-Other - interest rate contracts designated as cash flow hedges | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Income | 27 | ||||||||||
South Jersey Gas Company | Amounts Reclassified from AOCL | Interest rate contract | Unrealized Gain (Loss) on Derivatives-Other (B) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest Charges | $ 46 | ||||||||||
Unrealized Gain (Loss) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% | ||||||||
Unrealized Gain (Loss) | South Jersey Gas Company | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% | ||||||||
Post-Retirement Liability | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% | ||||||||
Post-Retirement Liability | South Jersey Gas Company | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent event - Medium-term notes | Jan. 31, 2018USD ($) |
Series 2017A-2, Due January 2025 | |
Subsequent Event [Line Items] | |
Private placement | $ 25,000,000 |
Stated interest rate | 3.32% |
Series 2017B-2, Due January 2028 | |
Subsequent Event [Line Items] | |
Private placement | $ 25,000,000 |
Stated interest rate | 3.56% |
Quarterly Financial Data (Una87
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Revenues | $ 345,738 | $ 227,127 | $ 244,374 | $ 425,829 | $ 329,981 | $ 219,082 | $ 154,402 | $ 333,035 | $ 1,243,068 | $ 1,036,500 | $ 959,568 |
Expenses: | |||||||||||
Cost of Sales - (Excluding depreciation) | 210,585 | 168,815 | 179,684 | 287,143 | 186,684 | 142,988 | 98,340 | 152,975 | |||
Operations, Impairment Charges and Maintenance Including Fixed Charges | 152,990 | 122,617 | 78,681 | 85,675 | 77,858 | 69,410 | 71,034 | 73,042 | |||
Income Taxes | (16,498) | (24,765) | (5,544) | 21,870 | 19,266 | 2,807 | (7,189) | 39,267 | (24,937) | 54,151 | 1,360 |
Energy and Other Taxes | 1,348 | 1,517 | 1,551 | 2,071 | 1,725 | 1,449 | 1,243 | 1,925 | 6,487 | 6,342 | 6,026 |
Total Expenses | 348,425 | 268,184 | 254,372 | 396,759 | 285,533 | 216,654 | 163,428 | 267,209 | |||
Other Income and Expense | 6,696 | 3,509 | 2,386 | 8,677 | 1,560 | 7,236 | 4,228 | 2,361 | |||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 4,009 | (37,548) | (7,612) | 37,747 | 46,008 | 9,664 | (4,798) | 68,187 | (3,404) | 119,061 | 105,610 |
Loss from Discontinued Operations - (Net of tax benefit) | 36 | (45) | (47) | (30) | (75) | (29) | (29) | (118) | (86) | (251) | (503) |
Net Income (Loss) | $ 4,045 | $ (37,593) | $ (7,659) | $ 37,717 | $ 45,933 | $ 9,635 | $ (4,827) | $ 68,069 | $ (3,490) | $ 118,810 | $ 105,107 |
Basic Earnings Per Common Share: | |||||||||||
Continuing Operations (in USD per share) | $ 0.05 | $ (0.47) | $ (0.10) | $ 0.47 | $ 0.58 | $ 0.12 | $ (0.06) | $ 0.96 | $ (0.04) | $ 1.56 | $ 1.54 |
Discontinued Operations (in USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 |
Basic (Loss) Earnings per Common Share (in USD per share) | $ 0.05 | $ (0.47) | $ (0.10) | $ 0.47 | $ 0.58 | $ 0.12 | $ (0.06) | $ 0.96 | $ (0.04) | $ 1.56 | $ 1.53 |
Average Shares of Common Stock Outstanding - Basic (in shares) | 79,549 | 79,539 | 79,534 | 79,519 | 79,478 | 79,478 | 75,298 | 71,127 | 79,541 | 76,362 | 68,735 |
Diluted Earnings Per Common Share: | |||||||||||
Continuing Operations (in USD per share) | $ 0.05 | $ (0.47) | $ (0.10) | $ 0.47 | $ 0.58 | $ 0.12 | $ (0.06) | $ 0.95 | $ (0.04) | $ 1.56 | $ 1.53 |
Discontinued Operations (in USD per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 |
Diluted (Loss) Earnings per Common Share (in USD per share) | $ 0.05 | $ (0.47) | $ (0.10) | $ 0.47 | $ 0.58 | $ 0.12 | $ (0.06) | $ 0.95 | $ (0.04) | $ 1.56 | $ 1.52 |
Average Shares of Common Stock Outstanding - Diluted (in shares) | 79,705 | 79,539 | 79,670 | 79,641 | 79,643 | 79,635 | 75,298 | 71,416 | 79,541 | 76,475 | 68,931 |
South Jersey Gas Company | |||||||||||
Operating Revenues | $ 170,434 | $ 66,755 | $ 83,251 | $ 196,814 | $ 142,502 | $ 62,025 | $ 68,762 | $ 187,766 | $ 517,254 | $ 461,055 | $ 534,290 |
Expenses: | |||||||||||
Cost of Sales - (Excluding depreciation) | 68,865 | 29,499 | 33,644 | 72,424 | 58,695 | 26,395 | 19,997 | 69,303 | 204,432 | 174,390 | 245,290 |
Operations, Impairment Charges and Maintenance Including Fixed Charges | 54,872 | 47,456 | 46,656 | 48,327 | 47,886 | 41,303 | 42,826 | 46,450 | |||
Income Taxes | 18,046 | (3,688) | 1,431 | 29,911 | 12,554 | (2,007) | 1,415 | 27,404 | 45,700 | 39,366 | 36,945 |
Energy and Other Taxes | 697 | 865 | 872 | 1,295 | 1,195 | 838 | 560 | 1,027 | 3,729 | 3,620 | 4,031 |
Total Expenses | 142,480 | 74,132 | 82,603 | 151,957 | 120,330 | 66,529 | 64,798 | 144,184 | |||
Other Income and Expense | 1,630 | 1,606 | 1,618 | 1,621 | 727 | 1,189 | 1,079 | 836 | |||
Net Income (Loss) | $ 29,584 | $ (5,771) | $ 2,266 | $ 46,478 | $ 22,899 | $ (3,315) | $ 5,043 | $ 44,418 | $ 72,557 | $ 69,045 | $ 66,578 |
Schedule I (Details)
Schedule I (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
May 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Operating Expenses: | |||||||||||||||||
Operations | $ 174,200 | $ 151,957 | $ 148,672 | ||||||||||||||
Depreciation | 100,718 | 90,389 | 72,451 | ||||||||||||||
Energy and Other Taxes | $ 1,348 | $ 1,517 | $ 1,551 | $ 2,071 | $ 1,725 | $ 1,449 | $ 1,243 | $ 1,925 | 6,487 | 6,342 | 6,026 | ||||||
Operating Income | 4,410 | 189,276 | 156,894 | ||||||||||||||
Other Income: | |||||||||||||||||
Equity in (Losses) Earnings of Subsidiaries (See Note 1) | 5,794 | 5,396 | (27,812) | ||||||||||||||
Total Other Income | 15,474 | 9,989 | 9,510 | ||||||||||||||
Tax Reform Adjustments | (13,521) | 0 | 0 | ||||||||||||||
Interest Charges | 54,019 | 31,449 | 31,622 | ||||||||||||||
Income Taxes | (16,498) | (24,765) | (5,544) | 21,870 | 19,266 | 2,807 | (7,189) | 39,267 | (24,937) | 54,151 | 1,360 | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 4,009 | (37,548) | (7,612) | 37,747 | 46,008 | 9,664 | (4,798) | 68,187 | (3,404) | 119,061 | 105,610 | ||||||
Equity in Undistributed Earnings of Discontinued Operations | 36 | (45) | (47) | (30) | (75) | (29) | (29) | (118) | (86) | (251) | (503) | ||||||
Net Income (Loss) | 4,045 | (37,593) | (7,659) | 37,717 | 45,933 | 9,635 | (4,827) | 68,069 | (3,490) | 118,810 | 105,107 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||
Net Income | 4,045 | (37,593) | (7,659) | 37,717 | 45,933 | 9,635 | (4,827) | 68,069 | (3,490) | 118,810 | 105,107 | ||||||
Other Comprehensive (Loss) Income - Net of Tax | |||||||||||||||||
Postretirement Liability Adjustment (A) | [1] | (10,920) | (3,197) | 5,518 | |||||||||||||
Other Comprehensive (Loss) Income - Net of Tax | (9,384) | (2,882) | 5,759 | ||||||||||||||
Retained Earnings [Roll Forward] | |||||||||||||||||
Retained Earnings - Beginning | 510,597 | 510,597 | |||||||||||||||
Net Income | 4,045 | $ (37,593) | $ (7,659) | 37,717 | 45,933 | $ 9,635 | $ (4,827) | 68,069 | (3,490) | 118,810 | 105,107 | ||||||
Dividends Declared - Common Stock | (87,308) | (82,380) | (70,158) | ||||||||||||||
Retained Earnings - Ending | 510,597 | 510,597 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Acquisition of Subsidiary, Net of Cash & Restricted Cash Acquired (See Note 1) | 0 | 0 | 3,133 | ||||||||||||||
Capital Expenditures (See Note 1) | (272,965) | (279,423) | (343,883) | ||||||||||||||
Purchase of Company-Owned Life Insurance | (9,180) | (2,398) | (2,328) | ||||||||||||||
Net Cash Used in Investing Activities (See Note 1) | (287,264) | (280,298) | (387,345) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Proceeds from Issuance of Long Term Debt | 450,000 | 61,000 | 130,000 | ||||||||||||||
Principal Repayments of Long Term Debt | (293,309) | (49,366) | (125,009) | ||||||||||||||
Payments for Issuance of Long Term Debt | (14,204) | (147) | (64) | ||||||||||||||
Net Borrowings from (Repayments of) Short-Term Credit Facilities | 50,300 | (135,600) | 186,000 | ||||||||||||||
Dividends on Common Stock | (87,308) | (82,380) | (70,158) | ||||||||||||||
Proceeds from Sale of Common Stock | $ 203,600 | 0 | 214,426 | 63,192 | |||||||||||||
Net Cash Provided by (Used in) Financing Activities | 104,728 | (3,054) | 183,628 | ||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 7,785 | (20,725) | (16,987) | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (See Note 1) | 18,282 | 18,282 | |||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 39,695 | $ 31,910 | $ 52,635 | $ 69,622 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year (See Note 1) | 7,819 | 18,282 | 7,819 | 18,282 | |||||||||||||
Property Plant and Equipment: | |||||||||||||||||
Nonutility Property, Plant and Equipment, at cost | 741,027 | 821,942 | |||||||||||||||
Accumulated Depreciation | (194,913) | (151,084) | |||||||||||||||
Property, Plant and Equipment - Net | 2,700,197 | 2,623,770 | |||||||||||||||
Investments: | |||||||||||||||||
Available-for-Sale Securities | 36 | 32 | |||||||||||||||
Total Investments | 94,204 | 42,566 | |||||||||||||||
Current Assets: | |||||||||||||||||
Cash and Cash Equivalents | 7,819 | 18,282 | 18,282 | 18,282 | 18,282 | 7,819 | 18,282 | ||||||||||
Other | 28,247 | 31,369 | |||||||||||||||
Total Current Assets | 438,993 | 473,313 | |||||||||||||||
Other Noncurrent Assets | 98,426 | 83,429 | |||||||||||||||
Total Assets | 3,865,086 | 3,730,567 | |||||||||||||||
Equity: | |||||||||||||||||
Common Stock SJI, Par Value $1.25, Authorized 120,000,000 shares, Outstanding - 79,549,080 (2017) shares and 79,478,055 (2016) | 99,436 | 99,347 | 88,707 | ||||||||||||||
Premium on Common Stock | 709,658 | 706,943 | |||||||||||||||
Treasury Stock (at par) | (271) | (266) | |||||||||||||||
Accumulated Other Comprehensive Loss | (36,765) | (27,381) | |||||||||||||||
Retained Earnings | 510,597 | 510,597 | 510,597 | 510,597 | 510,597 | ||||||||||||
Total Equity | 1,192,409 | 1,289,240 | $ 1,037,539 | $ 932,432 | |||||||||||||
Long-Term Debt | 1,204,173 | 1,047,482 | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Notes Payable - Banks | 346,400 | 296,100 | |||||||||||||||
Current Portion of Long-Term Debt | 63,809 | 231,909 | |||||||||||||||
Accounts Payable | 284,899 | 243,669 | |||||||||||||||
Other Current Liabilities | 15,860 | 15,219 | |||||||||||||||
Total Current Liabilities | 883,082 | 952,624 | |||||||||||||||
Other Noncurrent Liabilities | 9,436 | 10,584 | |||||||||||||||
Total Capitalization and Liabilities | $ 3,865,086 | $ 3,730,567 | |||||||||||||||
Common stock, par value (in USD per share) | $ 1.25 | $ 1.25 | $ 1.25 | ||||||||||||||
Common stock, authorized (in shares) | 120,000,000 | 120,000,000 | |||||||||||||||
Common Stock, outstanding (in shares) | 79,549,080 | 79,478,055 | 70,965,622 | 68,334,860 | |||||||||||||
Accounting Standards Update 2016-09, Statutory Tax Withholding Component | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (400) | (300) | |||||||||||||||
Parent Company | |||||||||||||||||
Income Statement [Abstract] | |||||||||||||||||
Management Service Fee Revenues | 34,321 | 25,463 | 20,990 | ||||||||||||||
Operating Expenses: | |||||||||||||||||
Operations | 45,182 | 23,852 | 17,979 | ||||||||||||||
Depreciation | 311 | 377 | 406 | ||||||||||||||
Energy and Other Taxes | 1,324 | 1,033 | 806 | ||||||||||||||
Total Operating Expenses | 46,817 | 25,262 | 19,191 | ||||||||||||||
Operating Income | (12,496) | 201 | 1,799 | ||||||||||||||
Other Income: | |||||||||||||||||
Equity in (Losses) Earnings of Subsidiaries (See Note 1) | (2,793) | 119,061 | 105,610 | ||||||||||||||
Other | 16,752 | 11,953 | 10,145 | ||||||||||||||
Acquisition Costs, net of tax (A) | (12,031) | 0 | 0 | ||||||||||||||
Total Other Income | 13,959 | 131,014 | 115,755 | ||||||||||||||
Tax Reform Adjustments | 11,420 | 0 | 0 | ||||||||||||||
Interest Charges | 23,818 | 12,148 | 11,822 | ||||||||||||||
Income Taxes | (18,951) | 6 | 122 | ||||||||||||||
(Loss) Income from Continuing Operations | (3,404) | 119,061 | 105,610 | ||||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (3,404) | 119,061 | 105,610 | ||||||||||||||
Equity in Undistributed Earnings of Discontinued Operations | (86) | (251) | (503) | ||||||||||||||
Net Income (Loss) | (3,490) | 118,810 | 105,107 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||
Net Income | (3,490) | 118,810 | 105,107 | ||||||||||||||
Other Comprehensive (Loss) Income - Net of Tax | |||||||||||||||||
Postretirement Liability Adjustment (A) | (10,920) | (3,197) | 5,518 | ||||||||||||||
Unrealized Gain (Loss) on Available-for-Sale Securities (B) | 0 | 118 | (53) | ||||||||||||||
Unrealized Gain on Derivatives - Other (B) | 1,536 | 197 | 294 | ||||||||||||||
Other Comprehensive (Loss) Income - Net of Tax | (9,384) | (2,882) | 5,759 | ||||||||||||||
Comprehensive Income | (12,874) | 115,928 | 110,866 | ||||||||||||||
Retained Earnings [Roll Forward] | |||||||||||||||||
Retained Earnings - Beginning | 510,597 | 474,167 | 510,597 | 474,167 | 439,218 | ||||||||||||
Net Income | (3,490) | 118,810 | 105,107 | ||||||||||||||
Retained Earnings After Net Income Before Dividends Declared | $ 507,107 | $ 592,977 | $ 544,325 | ||||||||||||||
Dividends Declared - Common Stock | (87,308) | (82,380) | (70,158) | ||||||||||||||
Excess Tax Benefit on Restricted Stock | 552 | 0 | 0 | ||||||||||||||
Retained Earnings - Ending | 420,351 | 510,597 | 420,351 | 510,597 | 474,167 | ||||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES (See Note 1) | 17,339 | 20,507 | 38,926 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Acquisition of Subsidiary, Net of Cash & Restricted Cash Acquired (See Note 1) | (16,096) | 32,300 | (118,802) | ||||||||||||||
Capital Expenditures (See Note 1) | (801) | (345) | (150) | ||||||||||||||
Purchase of Company-Owned Life Insurance | (9,180) | (2,398) | (2,328) | ||||||||||||||
Investment in Affiliate | (40,000) | (65,000) | 0 | ||||||||||||||
Net Cash Used in Investing Activities (See Note 1) | (66,077) | (35,443) | (121,280) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Proceeds from Issuance of Long Term Debt | 50,000 | 0 | 50,000 | ||||||||||||||
Principal Repayments of Long Term Debt | (16,000) | 0 | (114,000) | ||||||||||||||
Payments for Issuance of Long Term Debt | (12,174) | (84) | (55) | ||||||||||||||
Net Borrowings from (Repayments of) Short-Term Credit Facilities | 102,600 | (105,500) | 153,000 | ||||||||||||||
Dividends on Common Stock | (87,308) | (82,380) | (70,158) | ||||||||||||||
Net Settlement of Restricted Stock (See Note 1) | (751) | (387) | (333) | ||||||||||||||
Proceeds from Sale of Common Stock | 0 | 214,426 | 63,192 | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 36,367 | 26,075 | 81,646 | ||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (12,371) | 11,139 | (708) | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Year (See Note 1) | 12,847 | 12,847 | |||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 476 | 12,847 | 1,708 | $ 2,416 | |||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Year (See Note 1) | 476 | 12,847 | 476 | 12,847 | |||||||||||||
Property Plant and Equipment: | |||||||||||||||||
Nonutility Property, Plant and Equipment, at cost | 3,318 | 2,685 | |||||||||||||||
Accumulated Depreciation | (2,194) | (2,026) | |||||||||||||||
Property, Plant and Equipment - Net | 1,124 | 659 | |||||||||||||||
Investments: | |||||||||||||||||
Investments in Subsidiaries | 1,209,308 | 1,233,856 | |||||||||||||||
Available-for-Sale Securities | 36 | 32 | |||||||||||||||
Total Investments | 1,209,344 | 1,233,888 | |||||||||||||||
Current Assets: | |||||||||||||||||
Cash and Cash Equivalents | 476 | 12,847 | 12,847 | 12,847 | 12,847 | 476 | 12,847 | ||||||||||
Receivable from Associated Companies | 636,327 | 550,227 | |||||||||||||||
Accounts Receivable | 52 | 49 | |||||||||||||||
Other | 5,017 | 0 | |||||||||||||||
Total Current Assets | 641,872 | 563,123 | |||||||||||||||
Other Noncurrent Assets | 50,735 | 44,974 | |||||||||||||||
Total Assets | 1,903,075 | 1,842,644 | |||||||||||||||
Equity: | |||||||||||||||||
Common Stock SJI, Par Value $1.25, Authorized 120,000,000 shares, Outstanding - 79,549,080 (2017) shares and 79,478,055 (2016) | 99,436 | 99,347 | |||||||||||||||
Premium on Common Stock | 709,658 | 706,943 | |||||||||||||||
Treasury Stock (at par) | (271) | (266) | |||||||||||||||
Accumulated Other Comprehensive Loss | (36,765) | (27,381) | |||||||||||||||
Retained Earnings | $ 420,351 | $ 510,597 | $ 510,597 | $ 474,167 | 510,597 | 474,167 | 439,218 | 420,351 | 510,597 | $ 474,167 | $ 439,218 | ||||||
Total Equity | 1,192,409 | 1,289,240 | |||||||||||||||
Long-Term Debt | 364,946 | 323,971 | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Notes Payable - Banks | 294,400 | 191,800 | |||||||||||||||
Current Portion of Long-Term Debt | 0 | 16,000 | |||||||||||||||
Payable to Associated Companies | 404 | 382 | |||||||||||||||
Accounts Payable | 17,316 | 211 | |||||||||||||||
Other Current Liabilities | 7,763 | 7,707 | |||||||||||||||
Total Current Liabilities | 319,883 | 216,100 | |||||||||||||||
Other Noncurrent Liabilities | 25,837 | 13,333 | |||||||||||||||
Total Capitalization and Liabilities | $ 1,903,075 | $ 1,842,644 | |||||||||||||||
Common stock, par value (in USD per share) | $ 1.25 | $ 1.25 | |||||||||||||||
Common stock, authorized (in shares) | 120,000,000 | 120,000,000 | |||||||||||||||
Common Stock, outstanding (in shares) | 79,549,080 | 79,478,055 | |||||||||||||||
Dividends received from subsidiaries | $ 20,000 | 0 | 40,800 | ||||||||||||||
Parent Company | Accounting Standards Update 2016-09, Statutory Tax Withholding Component | |||||||||||||||||
Statement of Cash Flows [Abstract] | |||||||||||||||||
CASH PROVIDED BY OPERATING ACTIVITIES (See Note 1) | $ 400 | $ 300 | |||||||||||||||
Post-Retirement Liability | |||||||||||||||||
Other Comprehensive (Loss) Income - Net of Tax | |||||||||||||||||
Combined average statutory tax rate | 27.00% | 40.00% | 40.00% | ||||||||||||||
Unrealized Gain (Loss) | |||||||||||||||||
Other Comprehensive (Loss) Income - Net of Tax | |||||||||||||||||
Combined average statutory tax rate | 39.00% | 40.00% | 40.00% | ||||||||||||||
[1] | Determined using a combined average statutory tax rate of 27% for 2017 and 40% for 2016 and 2015. |
Schedule II - Valuation and Q89
Schedule II - Valuation and Qualifying Accounts (Details) - Provision for Uncollectible Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 12,744 | $ 10,252 | $ 7,910 |
Charged to Costs and Expenses | 6,949 | 6,907 | 14,730 |
Charged to Other Accounts | (394) | (47) | (79) |
Deductions | 5,311 | 4,368 | 12,309 |
Balance at End of Period | 13,988 | 12,744 | 10,252 |
South Jersey Gas Company | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 12,570 | 9,778 | 6,601 |
Charged to Costs and Expenses | 6,949 | 6,993 | 14,689 |
Charged to Other Accounts | (394) | (47) | (235) |
Deductions | 5,326 | 4,154 | 11,277 |
Balance at End of Period | $ 13,799 | $ 12,570 | $ 9,778 |