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Share Name | Share Symbol | Market | Type |
---|---|---|---|
South Jersey Industries Inc | NYSE:SJI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.09 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________________ to ______________________ |
Commission
File Number |
Exact name of registrant as
specified in its charter |
State of
Incorporation |
I.R.S. Employer Identification No. | ||||||||
1-6364 | South Jersey Industries, Inc. | New Jersey | 22-1901645 | ||||||||
000-22211 | South Jersey Gas Co | New Jersey | 21-0398330 |
Address of principal executive offices
|
City
|
State
|
Zip Code
|
Registrant's telephone number, including area code
|
||||||||||||||||
South Jersey Industries, Inc.
|
1 South Jersey Plaza
|
Folsom
|
New Jersey | 08037 |
(609)
|
561-9000
|
||||||||||||||
South Jersey Gas Co
|
1 South Jersey Plaza
|
Folsom
|
New Jersey | 08037 |
(609)
|
561-9000
|
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
Common Stock - $1.25 par value per share | SJI | New York Stock Exchange | ||||||
5.625% Junior Subordinated Notes due 2079 | SJIJ | New York Stock Exchange | ||||||
Corporate Units | SJIV | New York Stock Exchange |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
None | N/A | N/A |
South Jersey Industries, Inc.: | |||||||||||||||||
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||
South Jersey Gas Co: | |||||||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | ||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
PART I | FINANCIAL INFORMATION | Page No. | ||||||
Item 1. | Financial Statements (Unaudited) | |||||||
South Jersey Industries, Inc. | ||||||||
South Jersey Gas Company | ||||||||
South Jersey Industries, Inc. and South Jersey Gas Company - Combined
|
||||||||
Note 10. Lines of Credit & Short-Term Borrowings
|
||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | OTHER INFORMATION | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 6. | ||||||||
ACB | ACB Energy Partners, LLC | ||||
ACLE | AC Landfill Energy, LLC | ||||
ADIT | Accumulated Deferred Income Taxes | ||||
AEP | Applied Energy Partners, LLC | ||||
AFUDC | Allowance for Funds During Construction | ||||
AIRP | Accelerated Infrastructure Replacement Program | ||||
AMA | Asset Management Agreement | ||||
Annadale | Annadale Community Clean Energy Projects LLC | ||||
AOCL | Accumulated Other Comprehensive Loss | ||||
ARO | Asset Retirement Obligation | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
ATM | At-The-Market | ||||
BCLE | BC Landfill Energy, LLC | ||||
BGSS | Basic Gas Supply Service | ||||
BPU | New Jersey Board of Public Utilities | ||||
Bronx Midco | Bronx Midco, LLC | ||||
CARES Act | Coronavirus Aid, Relief and Economic Security Act of 2020 | ||||
Catamaran |
Catamaran Renewables, LLC
|
||||
CEGR | Compounded Earnings Annual Growth Rate | ||||
CEP | Clean Energy Program (ETG) | ||||
CHP | Combined Heat and Power | ||||
CIP | Conservation Incentive Program | ||||
CLEP | Clean Energy Program (SJG) | ||||
CODM | Chief Operating Decision Maker | ||||
COVID-19 | Novel coronavirus | ||||
DRP | Dividend Reinvestment Plan | ||||
dt | Decatherm | ||||
dts/d | Decatherms per day | ||||
EDIT | Excess Deferred Income Taxes | ||||
EEP | Energy Efficiency Program | ||||
EET | Energy Efficiency Tracker | ||||
EGR | Earnings Growth Rate | ||||
ELK | Elkton Gas Company | ||||
EMI | Energy & Minerals, Inc. | ||||
EnerConnex | EnerConnex, LLC | ||||
Energenic | Energenic US, LLC | ||||
EnergyMark | EnergyMark, LLC | ||||
EPS | Earnings Per Share | ||||
ERIP | Early Retirement Incentive Program | ||||
ERISA | Employee Retirement Income Security Act of 1974 | ||||
ETG | Elizabethtown Gas Company | ||||
ETG/ELK Acquisition | The Company's acquisition of the assets of Elizabethtown Gas Company and Elkton Gas Company effective July 1, 2018, from Pivotal Utility Holdings, Inc., a subsidiary of Southern Company Gas | ||||
FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission | ||||
GAAP | Generally Accepted Accounting Principles for financial reporting in the United States | ||||
IAM | International Association of Machinists and Aerospace Workers | ||||
IBEW | International Brotherhood of Electrical Workers | ||||
IIP | Infrastructure Investment Programs | ||||
ITC | Investment Tax Credit | ||||
LIBOR | London Interbank Offer Rate | ||||
LMP | Locational Marginal Price | ||||
Marina | Marina Energy, LLC | ||||
Midstream | SJI Midstream, LLC | ||||
Millennium | Millennium Account Services, LLC | ||||
MPSC | Maryland Public Service Commission | ||||
MMdts | One million decatherms | ||||
MMmWh | One million megawatt hours | ||||
Morie | The Morie Company, Inc. | ||||
MTF | Marina Thermal Facility | ||||
MTN | Medium Term Notes | ||||
MW | Megawatt | ||||
MWh | Megawatt-hours | ||||
NCI | Noncontrolling Interest | ||||
NOL | Net Operating Loss | ||||
Non-GAAP | The financial measures that are not prepared in accordance with U.S. GAAP | ||||
NPA | Note Purchase Agreement | ||||
NJEDA | New Jersey Economic Development Authority | ||||
NYMEX | New York Mercantile Exchange | ||||
OSMC | On-System Margin Sharing Credit | ||||
OSS | Off-System Sales | ||||
PennEast | PennEast Pipeline, LLC | ||||
Potato Creek | Potato Creek, LLC | ||||
RAC | Remediation Adjustment Clause | ||||
REV | REV LNG, LLC | ||||
RNG | Renewable Natural Gas | ||||
ROE | Return on Equity | ||||
ROU | Right of Use | ||||
SBC | Societal Benefits Clause | ||||
SCLE | SC Landfill Energy, LLC | ||||
SEC | Securities and Exchange Commission | ||||
SERP | Supplemental Executive Retirement Plan | ||||
SHARP | Storm Hardening and Reliability Program | ||||
SJE | South Jersey Energy Company | ||||
SJEI | SJI Energy Investments, LLC | ||||
SJES | South Jersey Energy Solutions, LLC | ||||
SJESP | South Jersey Energy Service Plus, LLC | ||||
SJEX | South Jersey Exploration, LLC | ||||
SJF | South Jersey Fuel, Inc. | ||||
SJG | South Jersey Gas Co or South Jersey Gas Company | ||||
SJI | South Jersey Industries, Inc., or the Company |
SJIU | SJI Utilities, Inc. | ||||
SJRG | South Jersey Resources Group, LLC | ||||
SRECs | Solar Renewable Energy Credits | ||||
SXLE | SX Landfill Energy, LLC | ||||
Tax Reform | Tax Cuts and Jobs Act which was enacted into law on December 22, 2017 | ||||
TIC | Transportation Initiation Clause | ||||
TSA | Transition Services Agreement | ||||
TSR | Total Shareholder Return | ||||
Utilities | Represents SJI's three utility businesses: SJG, ETG, and until its sale, ELK | ||||
UTUA |
Uniform Transitional Utility Assessment
|
||||
UWUA | United Workers Union of America | ||||
VSIP | Voluntary Separation Incentive Program | ||||
WNC | Weather Normalization Clause |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||
Utility | $ | 106,123 | $ | 103,383 | $ | 653,009 | $ | 636,110 | ||||||||||||||||||
Nonutility | 259,508 | 158,166 | 698,750 | 419,515 | ||||||||||||||||||||||
Total Operating Revenues | 365,631 | 261,549 | 1,351,759 | 1,055,625 | ||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Cost of Sales - (Excluding depreciation and amortization) | ||||||||||||||||||||||||||
- Utility | 24,128 | 29,277 | 183,927 | 210,167 | ||||||||||||||||||||||
- Nonutility | 264,237 | 146,752 | 677,507 | 379,583 | ||||||||||||||||||||||
Operations and Maintenance | 61,198 | 63,307 | 194,182 | 197,311 | ||||||||||||||||||||||
Depreciation | 33,081 | 27,977 | 97,924 | 81,877 | ||||||||||||||||||||||
Energy and Other Taxes | (8,040) | 2,730 | (1,245) | 9,228 | ||||||||||||||||||||||
Total Operating Expenses | 374,604 | 270,043 | 1,152,295 | 878,166 | ||||||||||||||||||||||
Operating (Loss) Income | (8,973) | (8,494) | 199,464 | 177,459 | ||||||||||||||||||||||
Other Income and Expense | 2,225 | 5,143 | 7,885 | 7,621 | ||||||||||||||||||||||
Interest Charges | (31,468) | (27,762) | (94,112) | (88,887) | ||||||||||||||||||||||
(Loss) Income Before Income Taxes | (38,216) | (31,113) | 113,237 | 96,193 | ||||||||||||||||||||||
Income Taxes | 11,727 | 19,467 | (25,340) | (13,725) | ||||||||||||||||||||||
Equity in Earnings (Loss) of Affiliated Companies | 659 | 1,302 | (81,589) | 5,710 | ||||||||||||||||||||||
(Loss) Income from Continuing Operations | (25,830) | (10,344) | 6,308 | 88,178 | ||||||||||||||||||||||
Loss from Discontinued Operations - (Net of tax benefit) | (127) | (58) | (278) | (178) | ||||||||||||||||||||||
Net (Loss) Income | (25,957) | (10,402) | 6,030 | 88,000 | ||||||||||||||||||||||
Less: Income Attributable to Noncontrolling Interest | 173 | — | 390 | — | ||||||||||||||||||||||
Net (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (26,130) | $ | (10,402) | $ | 5,640 | $ | 88,000 | ||||||||||||||||||
Basic (Loss) Earnings Per Common Share: | ||||||||||||||||||||||||||
Continuing Operations | $ | (0.23) | $ | (0.10) | $ | 0.06 | $ | 0.92 | ||||||||||||||||||
Discontinued Operations | — | — | — | — | ||||||||||||||||||||||
Net (Loss) Income | (0.23) | (0.10) | 0.06 | 0.92 | ||||||||||||||||||||||
Less: Income Attributable to Noncontrolling Interest | — | — | — | — | ||||||||||||||||||||||
Net (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (0.23) | $ | (0.10) | $ | 0.06 | $ | 0.92 | ||||||||||||||||||
Average Shares of Common Stock Outstanding - Basic | 112,448 | 100,587 | 108,108 | 95,599 | ||||||||||||||||||||||
Diluted (Loss) Earnings Per Common Share: | ||||||||||||||||||||||||||
Continuing Operations | $ | (0.23) | $ | (0.10) | $ | 0.06 | $ | 0.92 | ||||||||||||||||||
Discontinued Operations | — | — | — | — | ||||||||||||||||||||||
Net (Loss) Income | (0.23) | (0.10) | 0.06 | 0.92 | ||||||||||||||||||||||
Less: Income Attributable to Noncontrolling Interest | — | — | — | — | ||||||||||||||||||||||
Net (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (0.23) | $ | (0.10) | $ | 0.06 | $ | 0.92 | ||||||||||||||||||
Average Shares of Common Stock Outstanding - Diluted | 112,448 | 100,587 | 109,589 | 95,724 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net (Loss) Income | $ | (25,957) | $ | (10,402) | $ | 6,030 | $ | 88,000 | ||||||||||||||||||
Other Comprehensive (Loss) Income, Net of Tax: | ||||||||||||||||||||||||||
Reclassification of Unrealized Gain on Derivatives - Other to Net (Loss) Income, net of tax of $(3), $(3), $(10) and $(10), respectively
|
9 | 9 | 25 | 25 | ||||||||||||||||||||||
Other Comprehensive Income - Net of Tax | 9 | 9 | 25 | 25 | ||||||||||||||||||||||
Comprehensive (Loss) Income | (25,948) | (10,393) | 6,055 | 88,025 | ||||||||||||||||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest | 173 | — | 390 | — | ||||||||||||||||||||||
Comprehensive (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (26,121) | $ | (10,393) | $ | 5,665 | $ | 88,025 |
Nine Months Ended
September 30, |
|||||||||||
2021 | 2020 | ||||||||||
Net Cash Provided by Operating Activities | $ | 273,927 | $ | 254,200 | |||||||
Cash Flows from Investing Activities: | |||||||||||
Capital Expenditures | (373,516) | (344,828) | |||||||||
Cash Paid for Acquisitions, Net of Cash Acquired | — | (10,932) | |||||||||
Proceeds from Business Dispositions and Sale of Property, Plant & Equipment | — | 119,948 | |||||||||
Investment in Contract Receivables | (16,429) | (18,787) | |||||||||
Proceeds from Contract Receivables | 10,494 | 10,457 | |||||||||
Investment in Affiliates | (13,155) | (1,353) | |||||||||
Advances to Affiliates | (26,615) | — | |||||||||
Net Repayment of Notes Receivable - Affiliates | — | 2,504 | |||||||||
Acquisition/Divestiture Working Capital Settlement | (267) | — | |||||||||
Investment in Subsidiary, Net of Cash Acquired | (14,683) | (54,328) | |||||||||
Net Cash Used in Investing Activities | (434,171) | (297,319) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Net Repayments of Short-Term Credit Facilities | (453,900) | (251,700) | |||||||||
Proceeds from Issuance of Long-Term Debt | 460,000 | 800,000 | |||||||||
Principal Repayments of Long-Term Debt | (110,000) | (660,000) | |||||||||
Payments for Issuance of Long-Term Debt | (16,304) | (6,810) | |||||||||
Dividends on Common Stock | (64,460) | (54,553) | |||||||||
Proceeds from Sale of Common Stock | 329,772 | 200,000 | |||||||||
Payments for the Issuance of Common Stock | (2,318) | (1,897) | |||||||||
Capital Contributions of Noncontrolling Interest in Subsidiary | 1,072 | — | |||||||||
Net Cash Provided by Financing Activities | 143,862 | 25,040 | |||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (16,382) | (18,079) | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 41,831 | 28,381 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 25,449 | $ | 10,302 |
September 30,
2021 |
December 31,
2020 |
||||||||||
Assets | |||||||||||
Property, Plant and Equipment: | |||||||||||
Utility Plant, at original cost | $ | 5,566,423 | $ | 5,265,661 | |||||||
Accumulated Depreciation | (970,861) | (914,122) | |||||||||
Nonutility Property and Equipment, at cost | 183,294 | 147,764 | |||||||||
Accumulated Depreciation | (37,427) | (35,069) | |||||||||
Property, Plant and Equipment - Net | 4,741,429 | 4,464,234 | |||||||||
Investments: | |||||||||||
Available-for-Sale Securities | 32 | 32 | |||||||||
Restricted | 34 | 7,786 | |||||||||
Investment in Affiliates | 36,157 | 106,230 | |||||||||
Total Investments | 36,223 | 114,048 | |||||||||
Current Assets: | |||||||||||
Cash and Cash Equivalents | 25,415 | 34,045 | |||||||||
Accounts Receivable | 272,286 | 278,723 | |||||||||
Unbilled Revenues | 26,783 | 85,423 | |||||||||
Provision for Uncollectibles | (43,065) | (30,582) | |||||||||
Notes Receivable - Affiliate | 4,340 | 2,847 | |||||||||
Natural Gas in Storage, average cost | 65,325 | 39,440 | |||||||||
Materials and Supplies, average cost | 1,066 | 2,561 | |||||||||
Prepaid Taxes | 47,505 | 23,851 | |||||||||
Derivatives - Energy Related Assets | 141,690 | 41,439 | |||||||||
Other Prepayments and Current Assets | 30,311 | 29,081 | |||||||||
Total Current Assets | 571,656 | 506,828 | |||||||||
Regulatory and Other Noncurrent Assets: | |||||||||||
Regulatory Assets | 669,487 | 673,992 | |||||||||
Derivatives - Energy Related Assets | 37,307 | 6,935 | |||||||||
Notes Receivable - Affiliate | 54,956 | 31,073 | |||||||||
Contract Receivables | 47,127 | 41,428 | |||||||||
Goodwill | 706,960 | 706,960 | |||||||||
Other | 158,866 | 143,650 | |||||||||
Total Regulatory and Other Noncurrent Assets | 1,674,703 | 1,604,038 | |||||||||
Total Assets | 7,024,011 | $ | 6,689,148 |
September 30,
2021 |
December 31,
2020 |
||||||||||
Capitalization and Liabilities | |||||||||||
Equity: | |||||||||||
Common Stock | $ | 140,561 | $ | 125,740 | |||||||
Premium on Common Stock | 1,463,655 | 1,218,000 | |||||||||
Treasury Stock (at par) | (280) | (321) | |||||||||
Accumulated Other Comprehensive Loss | (38,191) | (38,216) | |||||||||
Retained Earnings | 262,842 | 355,678 | |||||||||
Total South Jersey Industries, Inc. Equity | 1,828,587 | 1,660,881 | |||||||||
Noncontrolling Interest | 7,457 | 5,995 | |||||||||
Total Equity | 1,836,044 | 1,666,876 | |||||||||
Long-Term Debt | 3,195,869 | 2,776,400 | |||||||||
Total Capitalization | 5,031,913 | 4,443,276 | |||||||||
Current Liabilities: | |||||||||||
Notes Payable | 142,500 | 596,400 | |||||||||
Current Portion of Long-Term Debt | 66,076 | 142,801 | |||||||||
Accounts Payable | 300,955 | 256,589 | |||||||||
Customer Deposits and Credit Balances | 37,833 | 35,899 | |||||||||
Environmental Remediation Costs | 41,150 | 45,265 | |||||||||
Taxes Accrued | 5,471 | 6,025 | |||||||||
Derivatives - Energy Related Liabilities | 106,244 | 27,006 | |||||||||
Deferred Contract Revenues | 764 | 479 | |||||||||
Derivatives - Other Current | 560 | 659 | |||||||||
Dividends Payable | 34,016 | — | |||||||||
Interest Accrued | 36,442 | 21,140 | |||||||||
Pension Benefits | 3,704 | 3,704 | |||||||||
Other Current Liabilities | 43,065 | 27,665 | |||||||||
Total Current Liabilities | 818,780 | 1,163,632 | |||||||||
Deferred Credits and Other Noncurrent Liabilities: | |||||||||||
Deferred Income Taxes - Net | 173,242 | 149,534 | |||||||||
Pension and Other Postretirement Benefits | 128,984 | 135,023 | |||||||||
Environmental Remediation Costs | 131,124 | 148,310 | |||||||||
Asset Retirement Obligations | 205,355 | 202,092 | |||||||||
Derivatives - Energy Related Liabilities | 25,124 | 4,947 | |||||||||
Derivatives - Other Noncurrent | 7,467 | 9,279 | |||||||||
Regulatory Liabilities | 418,422 | 420,577 | |||||||||
Other | 83,600 | 12,478 | |||||||||
Total Deferred Credits and Other Noncurrent Liabilities | 1,173,318 | 1,082,240 | |||||||||
Commitments and Contingencies (Note 11) | |||||||||||
Total Capitalization and Liabilities | $ | 7,024,011 | $ | 6,689,148 |
Common Stock | Premium on Common Stock | Treasury Stock | AOCL | Retained Earnings | Total South Jersey Industries, Inc. Equity | NCI | Total Equity | |||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 125,740 | $ | 1,218,000 | $ | (321) | $ | (38,216) | $ | 355,678 | $ | 1,660,881 | $ | 5,995 | $ | 1,666,876 | ||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | 128,598 | 128,598 | 129 | 128,727 | ||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | — | 8 | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 2,475 | 37,771 | 57 | — | — | 40,303 | — | 40,303 | ||||||||||||||||||||||||||||||||||||||||||
Contract Liability Adjustment (see Note 4) | — | (62,219) | — | — | — | (62,219) | — | (62,219) | ||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock ($0.303 per share)
|
— | — | — | — | (30,453) | (30,453) | — | (30,453) | ||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 128,215 | $ | 1,193,552 | $ | (264) | $ | (38,208) | $ | 453,823 | $ | 1,737,118 | $ | 6,124 | $ | 1,743,242 | ||||||||||||||||||||||||||||||||||
Net (Loss)/Income | — | — | — | — | (96,828) | (96,828) | 88 | (96,740) | ||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | — | 8 | — | 8 | — | 8 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 12,342 | 276,029 | (4) | — | — | 288,367 | — | 288,367 | ||||||||||||||||||||||||||||||||||||||||||
Contract Liability Adjustment (see Note 4) | — | (7,259) | — | — | — | (7,259) | — | (7,259) | ||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock ($0.303 per share)
|
— | — | — | — | (34,007) | (34,007) | — | (34,007) | ||||||||||||||||||||||||||||||||||||||||||
Capital Contributions of Noncontrolling Interest in Subsidiary | — | — | — | — | — | — | 1,213 | 1,213 | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 140,557 | $ | 1,462,322 | $ | (268) | $ | (38,200) | $ | 322,988 | $ | 1,887,399 | $ | 7,425 | $ | 1,894,824 | ||||||||||||||||||||||||||||||||||
Net (Loss)/Income | — | — | — | — | (26,130) | (26,130) | 173 | (25,957) | ||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | — | 9 | — | 9 | — | 9 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 4 | 1,333 | (12) | — | — | 1,325 | — | 1,325 | ||||||||||||||||||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock ($0.303 per share)
|
— | — | — | — | (34,016) | (34,016) | — | (34,016) | ||||||||||||||||||||||||||||||||||||||||||
Capital Contributions of Non-Controlling Interest in Subsidiary | — | — | — | — | — | — | (141) | (141) | ||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 140,561 | $ | 1,463,655 | $ | (280) | $ | (38,191) | $ | 262,842 | $ | 1,828,587 | $ | 7,457 | $ | 1,836,044 |
Common Stock | Premium on Common Stock | Treasury Stock | AOCL | Retained Earnings | NCI | Total Equity | ||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 115,493 | $ | 1,027,902 | $ | (289) | $ | (32,558) | $ | 313,237 | $ | — | $ | 1,423,785 | ||||||||||||||||||||||||||||||
Net Income | — | — | — | — | 101,041 | — | 101,041 | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | — | 8 | — | — | 8 | |||||||||||||||||||||||||||||||||||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 62 | (352) | 15 | — | — | — | (275) | |||||||||||||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock ($0.30 per share)
|
— | — | — | — | (27,276) | — | (27,276) | |||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 115,555 | $ | 1,027,550 | $ | (274) | $ | (32,550) | $ | 387,002 | $ | — | $ | 1,497,283 | ||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | (2,639) | — | (2,639) | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | — | 8 | — | — | 8 | |||||||||||||||||||||||||||||||||||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 10,178 | 188,813 | (37) | — | — | — | 198,954 | |||||||||||||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock ($0.30 per share)
|
— | — | — | — | (27,277) | — | (27,277) | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 125,733 | $ | 1,216,363 | $ | (311) | $ | (32,542) | $ | 357,086 | $ | — | $ | 1,666,329 | ||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | (10,402) | — | (10,402) | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | — | 9 | — | — | 9 | |||||||||||||||||||||||||||||||||||||
Common Stock Issued or Granted Through Equity Offering or Stock Plans | 2 | 1,459 | (3) | — | — | — | 1,458 | |||||||||||||||||||||||||||||||||||||
Cash Dividends Declared - Common Stock ($0.30 per share)
|
— | — | — | — | (29,677) | — | (29,677) | |||||||||||||||||||||||||||||||||||||
Capital Contributions of Non-Controlling Interest in Subsidiary | — | — | — | — | — | 4,236 | 4,236 | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 125,735 | $ | 1,217,822 | $ | (314) | $ | (32,533) | $ | 317,007 | $ | 4,236 | $ | 1,631,953 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Operating Revenues | $ | 69,958 | $ | 66,190 | $ | 412,572 | $ | 394,066 | ||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||
Cost of Sales (Excluding depreciation and amortization) | 16,630 | 20,575 | 109,878 | 126,655 | ||||||||||||||||||||||
Operations and Maintenance | 33,922 | 33,162 | 105,729 | 104,197 | ||||||||||||||||||||||
Depreciation | 20,222 | 17,339 | 59,787 | 51,038 | ||||||||||||||||||||||
Energy and Other Taxes | 1,145 | 1,194 | 3,828 | 3,879 | ||||||||||||||||||||||
Total Operating Expenses | 71,919 | 72,270 | 279,222 | 285,769 | ||||||||||||||||||||||
Operating (Loss) Income | (1,961) | (6,080) | 133,350 | 108,297 | ||||||||||||||||||||||
Other Income and Expense | 1,245 | 1,515 | 4,346 | 3,349 | ||||||||||||||||||||||
Interest Charges | (9,444) | (8,271) | (28,782) | (23,832) | ||||||||||||||||||||||
(Loss) Income Before Income Taxes | (10,160) | (12,836) | 108,914 | 87,814 | ||||||||||||||||||||||
Income Taxes | 2,460 | 3,293 | (26,683) | (23,157) | ||||||||||||||||||||||
Net (Loss) Income | $ | (7,700) | $ | (9,543) | $ | 82,231 | $ | 64,657 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net (Loss) Income | $ | (7,700) | $ | (9,543) | $ | 82,231 | $ | 64,657 | ||||||||||||||||||
Other Comprehensive Income - Net of Tax: | ||||||||||||||||||||||||||
Reclassification of Unrealized Gain on Derivatives - Other to Net Income, net of tax of $(3), $(3), $(10) and $(10), respectively
|
9 | 9 | 25 | 25 | ||||||||||||||||||||||
Other Comprehensive Income - Net of Tax | 9 | 9 | 25 | 25 | ||||||||||||||||||||||
Comprehensive (Loss) Income | $ | (7,691) | $ | (9,534) | $ | 82,256 | $ | 64,682 | ||||||||||||||||||
Nine Months Ended
September 30, |
|||||||||||
2021 | 2020 | ||||||||||
Net Cash Provided by Operating Activities | 177,812 | 158,813 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital Expenditures | (188,869) | (188,173) | |||||||||
Investment in Contract Receivables | (16,429) | (18,787) | |||||||||
Proceeds from Contract Receivables | 10,494 | 10,457 | |||||||||
Net Cash Used in Investing Activities | (194,804) | (196,503) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Net Borrowings from (Repayments of) Short-Term Credit Facilities | 33,500 | (63,400) | |||||||||
Proceeds from Issuance of Long-Term Debt | — | 400,000 | |||||||||
Principal Repayments of Long-Term Debt | (20,000) | (410,000) | |||||||||
Payments for Issuance of Long-Term Debt | (912) | (3,434) | |||||||||
Additional Investment by Shareholder | — | 109,500 | |||||||||
Net Cash Provided by Financing Activities | 12,588 | 32,666 | |||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (4,404) | (5,024) | |||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 6,424 | 6,751 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 2,020 | $ | 1,727 |
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Property, Plant and Equipment: | |||||||||||
Utility Plant, at original cost | $ | 3,557,492 | $ | 3,387,831 | |||||||
Accumulated Depreciation | (648,065) | (606,925) | |||||||||
Property, Plant and Equipment - Net | 2,909,427 | 2,780,906 | |||||||||
Investments: | |||||||||||
Restricted Investments | 34 | 4,826 | |||||||||
Total Investments | 34 | 4,826 | |||||||||
Current Assets: | |||||||||||
Cash and Cash Equivalents | 1,986 | 1,598 | |||||||||
Accounts Receivable | 83,031 | 88,657 | |||||||||
Accounts Receivable - Related Parties | 1,852 | 3,989 | |||||||||
Unbilled Revenues | 8,288 | 46,837 | |||||||||
Provision for Uncollectibles | (23,874) | (17,359) | |||||||||
Natural Gas in Storage, average cost | 22,880 | 14,050 | |||||||||
Materials and Supplies, average cost | 619 | 619 | |||||||||
Prepaid Taxes | 25,120 | 19,522 | |||||||||
Derivatives - Energy Related Assets | 30,758 | 4,053 | |||||||||
Other Prepayments and Current Assets | 17,400 | 12,710 | |||||||||
Total Current Assets | 168,060 | 174,676 | |||||||||
Regulatory and Other Noncurrent Assets: | |||||||||||
Regulatory Assets | 480,084 | 495,084 | |||||||||
Contract Receivables | 47,127 | 41,428 | |||||||||
Derivatives - Energy Related Assets | 1,458 | 87 | |||||||||
Other | 30,856 | 25,258 | |||||||||
Total Regulatory and Other Noncurrent Assets | 559,525 | 561,857 | |||||||||
Total Assets | $ | 3,637,046 | $ | 3,522,265 |
September 30, 2021 | December 31, 2020 | ||||||||||
Capitalization and Liabilities | |||||||||||
Equity: | |||||||||||
Common Stock | $ | 5,848 | $ | 5,848 | |||||||
Other Paid-In Capital and Premium on Common Stock | 465,244 | 465,244 | |||||||||
Accumulated Other Comprehensive Loss | (31,581) | (31,606) | |||||||||
Retained Earnings | 946,471 | 864,240 | |||||||||
Total Equity | 1,385,982 | 1,303,726 | |||||||||
Long-Term Debt | 1,018,467 | 1,016,280 | |||||||||
Total Capitalization | 2,404,449 | 2,320,006 | |||||||||
Current Liabilities: | |||||||||||
Notes Payable | 81,000 | 47,500 | |||||||||
Current Portion of Long-Term Debt | 31,084 | 52,809 | |||||||||
Accounts Payable - Commodity | 28,456 | 22,199 | |||||||||
Accounts Payable - Other | 39,759 | 44,186 | |||||||||
Accounts Payable - Related Parties | 6,812 | 11,049 | |||||||||
Derivatives - Energy Related Liabilities | 2,834 | 2,868 | |||||||||
Derivatives - Other Current | 560 | 659 | |||||||||
Customer Deposits and Credit Balances | 23,676 | 23,637 | |||||||||
Environmental Remediation Costs | 26,120 | 23,067 | |||||||||
Taxes Accrued | 3,627 | 3,942 | |||||||||
Pension Benefits | 3,669 | 3,669 | |||||||||
Interest Accrued | 13,459 | 10,961 | |||||||||
Other Current Liabilities | 7,235 | 7,798 | |||||||||
Total Current Liabilities | 268,291 | 254,344 | |||||||||
Regulatory and Other Noncurrent Liabilities: | |||||||||||
Regulatory Liabilities | 223,180 | 245,360 | |||||||||
Deferred Income Taxes - Net | 427,297 | 403,609 | |||||||||
Environmental Remediation Costs | 68,089 | 78,176 | |||||||||
Asset Retirement Obligations | 92,075 | 89,252 | |||||||||
Pension and Other Postretirement Benefits | 118,302 | 116,973 | |||||||||
Derivatives - Energy Related Liabilities | — | 190 | |||||||||
Derivatives - Other Noncurrent | 7,467 | 9,279 | |||||||||
Other | 27,896 | 5,076 | |||||||||
Total Regulatory and Other Noncurrent Liabilities | 964,306 | 947,915 | |||||||||
Commitments and Contingencies (Note 11) | |||||||||||
Total Capitalization and Liabilities | $ | 3,637,046 | $ | 3,522,265 |
Common Stock | Other Paid-In Capital and Premium on Common Stock | AOCL | Retained Earnings | Total | |||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 5,848 | $ | 465,244 | $ | (31,606) | $ | 864,240 | $ | 1,303,726 | |||||||||||||||||||
Net Income | — | — | — | 83,618 | 83,618 | ||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | 8 | — | 8 | ||||||||||||||||||||||||
Balance at March 31, 2021 | 5,848 | 465,244 | (31,598) | 947,858 | 1,387,352 | ||||||||||||||||||||||||
Net Income | — | — | — | 6,313 | 6,313 | ||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | 8 | — | 8 | ||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 5,848 | $ | 465,244 | $ | (31,590) | $ | 954,171 | $ | 1,393,673 | |||||||||||||||||||
Net Loss | — | — | — | (7,700) | (7,700) | ||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | 9 | — | 9 | ||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 5,848 | $ | 465,244 | $ | (31,581) | $ | 946,471 | $ | 1,385,982 |
Common Stock | Other Paid-In Capital and Premium on Common Stock | AOCL | Retained Earnings | Total | |||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 5,848 | $ | 355,744 | $ | (27,875) | $ | 756,181 | $ | 1,089,898 | |||||||||||||||||||
Net Income | — | — | — | 70,522 | 70,522 | ||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | 8 | — | 8 | ||||||||||||||||||||||||
Balance at March 31, 2020 | 5,848 | 355,744 | (27,867) | 826,703 | 1,160,428 | ||||||||||||||||||||||||
Net Income | — | — | — | 3,678 | 3,678 | ||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | 8 | — | 8 | ||||||||||||||||||||||||
Additional Investment by Shareholder | — | 9,500 | — | — | 9,500 | ||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 5,848 | $ | 365,244 | $ | (27,859) | $ | 830,381 | $ | 1,173,614 | |||||||||||||||||||
Net Loss | — | — | — | (9,543) | (9,543) | ||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | — | — | 9 | — | 9 | ||||||||||||||||||||||||
Additional Investment by Shareholder | 100,000 | 100,000 | |||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 5,848 | $ | 465,244 | $ | (27,850) | $ | 820,838 | $ | 1,264,080 |
Standard | Description | Date of Adoption | Application | Effect on the Financial Statements of SJI and SJG | ||||||||||||||||||||||
ASU 2019-12:
Simplifying the Accounting for Income Taxes |
This ASU removes exceptions related to the incremental approach for intraperiod tax allocation, the requirement to recognize a deferred tax liability for changes in ownership of a foreign subsidiary or equity method investment, and the general methodology for calculating income taxes in an interim period when the year-to-date loss exceeds the anticipated loss. The guidance also adds requirements to reflect changes to tax laws or rates in the annual effective tax rate computation in the interim period in which the changes were enacted, to recognize franchise or other similar taxes that are partially based on income as an income-based tax and any incremental amounts as non-income-based tax, and to evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. | January 1, 2021 | Modified retrospective for amendments related to changes in ownership of a foreign subsidiary or equity method investment; Modified retrospective or retrospective for amendments related to taxes partially based on income; Prospective for all other amendments |
Adoption of this guidance did not have a material impact on the financial statement results of SJI or SJG.
|
||||||||||||||||||||||
ASU 2020-01:
Clarifying the Interactions between Topic 321 (Investments - Equity Securities), Topic 323 (Investments - Equity Method and Joint Ventures), and Topic 815 (Derivatives and Hedging)
|
The amendments in this ASU clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments in this ASU also clarify that for the purposes of applying Topic 815, an entity should not consider whether, upon the settlement of a forward contract or exercise of a purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825.
|
January 1, 2021 | Prospective |
Adoption of this guidance did not have a material impact on the financial statement results of SJI or SJG.
|
||||||||||||||||||||||
Standard | Description | Date of Adoption | Application | Effect on the Financial Statements of SJI and SJG | ||||||||||||||||||||||
ASU 2020-04:
Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting
ASU 2021-01: Reference Rate Reform (Topic 848)
|
The amendments in ASU 2020-04 provide various optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.
The amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the "discounting transition").
|
March 12, 2020 through December 31, 2022
An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. |
Prospective for contract modifications and hedging relationships. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic.
|
Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG, including forming an implementation team that is evaluating the impact of the guidance on our current contracts. Management is also evaluating timing of adoption.
|
ASU 2020-06: Accounting for Convertible Instruments and Contracts in an Entity's Own Equity |
The amendments in this ASU simplify the accounting for convertible instruments by removing certain separation models in Subtopic 470-20. Under the amendments, embedded conversion features are no longer separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives under Topic 815, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. The amendments also add new convertible instrument disclosure requirements. Additionally, the amendments in this ASU remove certain conditions from the settlement guidance within the derivative scope exception guidance contained in Subtopic 815-40 and further clarify the derivative scope exception guidance. Finally, the amendments in this ASU align the diluted EPS calculation for convertible instruments by requiring that an entity use the if-converted method instead of the treasury stock method when calculated diluted EPS for convertible instruments.
|
January 1, 2022; early adoption permitted, but not before January 1, 2021. | Retrospective or Modified Retrospective |
Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG
|
||||||||||||||||||||||
ASU 2021-08: Business Combinations (ASC 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers |
The new standard requires an acquirer to account for revenue contracts acquired in a business combination in accordance with ASC 606 as if it had originated the contracts. The acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired contracts. The standard also provides practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from a business combination.
|
January 1, 2023; early adoption is permitted, including adoption in an interim period | Prospectively to business combinations occurring on or after the effective date of the amendments |
Management is currently determining the impact that adoption of this guidance will have on the financial statements of SJI and SJG
|
||||||||||||||||||||||
Grants | Shares Outstanding | Fair Value Per Share | Expected Volatility | Risk-Free Interest Rate | |||||||||||||||||||||||||
Officers & Key Employees - | 2019 - TSR | 32,292 | $ | 32.88 | 23.2 | % | 2.40 | % | |||||||||||||||||||||
2019 - CEGR, Time | 69,265 | $ | 31.38 | N/A | N/A | ||||||||||||||||||||||||
2020 - TSR | 38,813 | $ | 25.51 | 34.8 | % | 0.21 | % | ||||||||||||||||||||||
2020 - CEGR, Time | 123,686 | $ | 25.19 | N/A | N/A | ||||||||||||||||||||||||
2021 - TSR | 42,716 | $ | 28.11 | 39.9 | % | 0.27 | % | ||||||||||||||||||||||
2021 - CEGR, Time | 186,746 | $ | 25.33 | N/A | N/A | ||||||||||||||||||||||||
Directors - | 2021 | 54,419 | $ | 24.75 | N/A | N/A | |||||||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Officers & Key Employees | $ | 1,123 | $ | 1,220 | $ | 3,804 | $ | 3,671 | ||||||||||||
Directors | 317 | 302 | 561 | 899 | ||||||||||||||||
Total Cost | 1,440 | 1,522 | 4,365 | 4,570 | ||||||||||||||||
Capitalized | (33) | (12) | (101) | (35) | ||||||||||||||||
Net Expense | $ | 1,407 | $ | 1,510 | $ | 4,264 | $ | 4,535 |
Officers and Other Key Employees | Directors |
Weighted
Average Fair Value |
|||||||||||||||
Nonvested Shares Outstanding, January 1, 2021 | 449,786 | 38,456 | $ | 28.88 | |||||||||||||
Granted | 243,540 | 54,419 | $ | 25.66 | |||||||||||||
Cancelled/Forfeited | (27,790) | — | $ | 25.72 | |||||||||||||
Vested | (172,019) | (38,456) | $ | 30.37 | |||||||||||||
Nonvested Shares Outstanding, September 30, 2021
|
493,517 | 54,419 | $ | 26.71 |
Nine Months Ended
September 30, |
|||||||||||
2021 | 2020 | ||||||||||
Revenues | $ | — | $ | — | |||||||
Gross Profit | $ | — | $ | — | |||||||
(Loss) Income from Continuing Operations | $ | (414,593) | $ | 26,375 | |||||||
Net (Loss) Income | $ | (414,593) | $ | 26,375 | |||||||
Net (Loss) Income Attributable to South Jersey Industries, Inc. | $ | (82,919) | $ | 5,275 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating Revenues/Affiliates: | |||||||||||||||||||||||
SJRG | $ | 907 | $ | 595 | $ | 7,662 | $ | 2,192 | |||||||||||||||
Marina | — | — | — | 60 | |||||||||||||||||||
Other | 21 | 20 | 62 | 59 | |||||||||||||||||||
Total Operating Revenue/Affiliates | $ | 928 | $ | 615 | $ | 7,724 | $ | 2,311 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Costs of Sales/Affiliates (Excluding depreciation and amortization) | |||||||||||||||||||||||
SJRG | $ | 954 | $ | 1,808 | $ | 4,924 | $ | 3,404 | |||||||||||||||
Operations Expense/Affiliates: | |||||||||||||||||||||||
SJI (parent company only) | $ | 5,832 | $ | 5,909 | $ | 17,082 | $ | 17,463 | |||||||||||||||
SJIU | 1,045 | 743 | 2,957 | 2,616 | |||||||||||||||||||
Millennium | 857 | 814 | 2,598 | 2,461 | |||||||||||||||||||
Other | 18 | 453 | 163 | 1,335 | |||||||||||||||||||
Total Operations Expense/Affiliates | $ | 7,752 | $ | 7,919 | $ | 22,800 | $ | 23,875 |
2021 | |||||
Beginning Balance, January 1 | 100,591,940 | ||||
New Issuances During the Period: | |||||
Public Equity Offering | 11,694,984 | ||||
Stock-Based Compensation Plan | 161,571 | ||||
Ending Balance, September 30 | 112,448,495 |
September 30, 2021 | December 31, 2020 | |||||||||||||
Principal amount: |
2021 Series B Remarketable Junior Subordinated Notes due 2029
|
2018 Series A Remarketable Junior Notes due 2031 | ||||||||||||
Principal (A) | $ | 335,000 | $ | 287,500 | ||||||||||
Unamortized debt discount and issuance costs (A) | 9,418 | 7,181 | ||||||||||||
Net carrying amount | $ | 325,582 | $ | 280,319 | ||||||||||
Carrying amount of the equity component (B) | $ | — | $ | — |
As of September 30, 2021 | |||||||||||
Balance Sheet Line Item | SJI | SJG | |||||||||
Cash and Cash Equivalents | $ | 25,415 | $ | 1,986 | |||||||
Restricted Investments | 34 | 34 | |||||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 25,449 | $ | 2,020 |
As of December 31, 2020 | |||||||||||
Balance Sheet Line Item | SJI | SJG | |||||||||
Cash and Cash Equivalents | $ | 34,045 | $ | 1,598 | |||||||
Restricted Investments | 7,786 | 4,826 | |||||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 41,831 | $ | 6,424 |
Three Months Ended
September 30, |
Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | |||||||||||||||||||||||
Balance at beginning of period | $ | 42,233 | $ | 30,410 | $ | 30,582 | $ | 19,829 | |||||||||||||||
Provision for expected credit losses | 2,375 | 5,416 | 7,621 | 19,994 | |||||||||||||||||||
Regulated assets (a) | (293) | — | 8,982 | — | |||||||||||||||||||
Recoveries of accounts previously written off | 414 | 126 | 772 | 688 | |||||||||||||||||||
Uncollectible accounts written off | (1,664) | (2,935) | (4,892) | (7,494) | |||||||||||||||||||
Balance at end of period | $ | 43,065 | $ | 33,017 | $ | 43,065 | $ | 33,017 | |||||||||||||||
SJG: | |||||||||||||||||||||||
Balance at beginning of period | $ | 21,706 | $ | 14,472 | $ | 17,359 | $ | 14,032 | |||||||||||||||
Provision for expected credit losses | 1,411 | 4,783 | 5,529 | 8,255 | |||||||||||||||||||
Regulated assets (a) | 1,059 | — | 3,030 | — | |||||||||||||||||||
Recoveries of accounts previously written off | 400 | 4 | 503 | 295 | |||||||||||||||||||
Uncollectible accounts written off | (702) | (2,422) | (2,547) | (5,745) | |||||||||||||||||||
Balance at end of period | $ | 23,874 | $ | 16,837 | $ | 23,874 | $ | 16,837 |
September 30, 2021 | December 31, 2020 | ||||||||||
SJI (includes SJG and all consolidated entities) | |||||||||||
Estimated fair values of long-term debt | $ | 3,604,517 | $ | 3,152,224 | |||||||
Carrying amounts of long-term debt, including current maturities (A) | $ | 3,261,945 | $ | 2,919,201 | |||||||
Net of: | |||||||||||
Unamortized debt issuance costs | $ | 39,465 | $ | 29,574 | |||||||
Unamortized debt discounts | $ | 5,157 | $ | 5,224 | |||||||
SJG | |||||||||||
Estimated fair values of long-term debt | $ | 1,171,515 | $ | 1,197,052 | |||||||
Carrying amounts of long-term debt, including current maturities | $ | 1,049,551 | $ | 1,069,089 | |||||||
Net of: | |||||||||||
Unamortized debt issuance costs | $ | 8,895 | $ | 9,357 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||
SJI Utilities: | |||||||||||||||||||||||
SJG Utility Operations | $ | 69,958 | $ | 66,190 | $ | 412,572 | $ | 394,066 | |||||||||||||||
ETG Utility Operations | 37,072 | 37,503 | 248,098 | 239,503 | |||||||||||||||||||
ELK Utility Operations | — | 285 | — | 4,792 | |||||||||||||||||||
Subtotal SJI Utilities | 107,030 | 103,978 | 660,670 | 638,361 | |||||||||||||||||||
Energy Management:
|
|||||||||||||||||||||||
Wholesale Energy Operations | 247,402 | 143,338 | 669,067 | 373,308 | |||||||||||||||||||
Retail Services | 5,360 | 8,836 | 13,382 | 32,735 | |||||||||||||||||||
Subtotal Energy Management | 252,762 | 152,174 | 682,449 | 406,043 | |||||||||||||||||||
Energy Production:
|
|||||||||||||||||||||||
Renewables | 7,352 | 6,317 | 17,980 | 15,459 | |||||||||||||||||||
Subtotal Energy Production | 7,352 | 6,317 | 17,980 | 15,459 | |||||||||||||||||||
Corporate and Services | 13,577 | 10,835 | 39,416 | 36,740 | |||||||||||||||||||
Subtotal | 380,721 | 273,304 | 1,400,515 | 1,096,603 | |||||||||||||||||||
Intersegment Sales | (15,090) | (11,755) | (48,756) | (40,978) | |||||||||||||||||||
Total Operating Revenues | $ | 365,631 | $ | 261,549 | $ | 1,351,759 | $ | 1,055,625 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating (Loss) Income: | |||||||||||||||||||||||
SJI Utilities: | |||||||||||||||||||||||
SJG Utility Operations | $ | (1,961) | $ | (6,080) | $ | 133,350 | $ | 108,297 | |||||||||||||||
ETG Utility Operations | 5,634 | (3,163) | 66,521 | 57,274 | |||||||||||||||||||
ELK Utility Operations | — | (374) | — | 373 | |||||||||||||||||||
Subtotal SJI Utilities | 3,673 | (9,617) | 199,871 | 165,944 | |||||||||||||||||||
Energy Management: | |||||||||||||||||||||||
Wholesale Energy Operations | (15,534) | 2,768 | (5,393) | 16,272 | |||||||||||||||||||
Retail Services | 849 | (1,573) | 763 | (2,238) | |||||||||||||||||||
Subtotal Energy Management | (14,685) | 1,195 | (4,630) | 14,034 | |||||||||||||||||||
Energy Production: | |||||||||||||||||||||||
Renewables | 1,787 | 2,455 | 4,920 | 143 | |||||||||||||||||||
Decarbonization | (63) | — | (71) | — | |||||||||||||||||||
Subtotal Energy Production | 1,724 | 2,455 | 4,849 | 143 | |||||||||||||||||||
Corporate and Services | 315 | (2,527) | (626) | (2,662) | |||||||||||||||||||
Total Operating (Loss) Income | $ | (8,973) | $ | (8,494) | $ | 199,464 | $ | 177,459 | |||||||||||||||
Depreciation and Amortization: | |||||||||||||||||||||||
SJI Utilities: | |||||||||||||||||||||||
SJG Utility Operations | $ | 30,252 | $ | 25,762 | $ | 89,786 | $ | 76,216 | |||||||||||||||
ETG Utility Operations | 14,665 | 10,391 | 53,657 | 30,370 | |||||||||||||||||||
ELK Utility Operations | — | 52 | — | 354 | |||||||||||||||||||
Subtotal SJI Utilities | 44,917 | 36,205 | 143,443 | 106,940 | |||||||||||||||||||
Energy Management: | |||||||||||||||||||||||
Wholesale Energy Operations | 25 | 14 | 69 | 44 | |||||||||||||||||||
Retail Services | 117 | — | 353 | — | |||||||||||||||||||
Subtotal Energy Management | 142 | 14 | 422 | 44 | |||||||||||||||||||
Energy Production: | |||||||||||||||||||||||
Renewables | 1,172 | 30 | 3,573 | 36 | |||||||||||||||||||
Subtotal Energy Production | 1,172 | 30 | 3,573 | 36 | |||||||||||||||||||
Corporate and Services | 1,858 | 1,267 | 4,271 | 3,704 | |||||||||||||||||||
Total Depreciation and Amortization | $ | 48,089 | $ | 37,516 | $ | 151,709 | $ | 110,724 | |||||||||||||||
Interest Charges: | |||||||||||||||||||||||
SJI Utilities: | |||||||||||||||||||||||
SJG Utility Operations | $ | 9,444 | $ | 8,271 | $ | 28,782 | $ | 23,832 | |||||||||||||||
ETG Utility Operations | 8,651 | 7,398 | 25,098 | 22,321 | |||||||||||||||||||
ELK Utility Operations | — | 2 | — | 21 | |||||||||||||||||||
Subtotal SJI Utilities | 18,095 | 15,671 | 53,880 | 46,174 | |||||||||||||||||||
Energy Management: | |||||||||||||||||||||||
Retail Services | 36 | — | 135 | — | |||||||||||||||||||
Subtotal Energy Management | 36 | — | 135 | — | |||||||||||||||||||
Energy Production: | |||||||||||||||||||||||
Renewables | 1,078 | 277 | 3,491 | 2,974 | |||||||||||||||||||
Decarbonization | 286 | — | 853 | — |
Subtotal Energy Production: | 1,364 | 277 | 4,344 | 2,974 | |||||||||||||||||||
Midstream | 322 | 677 | 1,627 | 1,837 | |||||||||||||||||||
Corporate and Services | 13,406 | 12,490 | 39,744 | 43,332 | |||||||||||||||||||
Subtotal | 33,223 | 29,115 | 99,730 | 94,317 | |||||||||||||||||||
Intersegment Borrowings | (1,755) | (1,353) | (5,618) | (5,430) | |||||||||||||||||||
Total Interest Charges | $ | 31,468 | $ | 27,762 | $ | 94,112 | $ | 88,887 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Income Taxes: | |||||||||||||||||||||||
SJI Utilities: | |||||||||||||||||||||||
SJG Utility Operations | $ | (2,460) | $ | (3,293) | $ | 26,683 | $ | 23,157 | |||||||||||||||
ETG Utility Operations | 132 | (2,475) | 11,320 | 7,869 | |||||||||||||||||||
ELK Utility Operations | — | (4) | — | 186 | |||||||||||||||||||
Subtotal SJI Utilities | (2,328) | (5,772) | 38,003 | 31,212 | |||||||||||||||||||
Energy Management: | |||||||||||||||||||||||
Wholesale Energy Operations | (4,043) | 858 | (907) | 4,583 | |||||||||||||||||||
Retail Services | 248 | 40 | 542 | 168 | |||||||||||||||||||
Subtotal Energy Management | (3,795) | 898 | (365) | 4,751 | |||||||||||||||||||
Energy Production: | |||||||||||||||||||||||
Renewables | (2,134) | (11,191) | (2,301) | (10,897) | |||||||||||||||||||
Decarbonization | 205 | — | 329 | — | |||||||||||||||||||
Subtotal Energy Production | (1,929) | (11,191) | (1,972) | (10,897) | |||||||||||||||||||
Midstream | (107) | (58) | (197) | (174) | |||||||||||||||||||
Corporate and Services | (3,568) | (3,344) | (10,129) | (11,167) | |||||||||||||||||||
Total Income Taxes | $ | (11,727) | $ | (19,467) | $ | 25,340 | $ | 13,725 | |||||||||||||||
Property Additions: | |||||||||||||||||||||||
SJI Utilities: | |||||||||||||||||||||||
SJG Utility Operations | $ | 64,988 | $ | 73,481 | $ | 186,948 | $ | 181,440 | |||||||||||||||
ETG Utility Operations | 58,923 | 45,452 | 158,953 | 149,578 | |||||||||||||||||||
ELK Utility Operations | — | 112 | — | 971 | |||||||||||||||||||
Subtotal SJI Utilities | 123,911 | 119,045 | 345,901 | 331,989 | |||||||||||||||||||
Energy Management: | |||||||||||||||||||||||
Wholesale Energy Operations | 4 | 2 | 6 | 2 | |||||||||||||||||||
Subtotal Energy Management | 4 | 2 | 6 | 2 | |||||||||||||||||||
Energy Production: | |||||||||||||||||||||||
Renewables | 6,471 | 59,866 | 24,458 | 62,751 | |||||||||||||||||||
Decarbonization | 8,140 | — | 10,014 | — | |||||||||||||||||||
Subtotal Energy Production | 14,611 | 59,866 | 34,472 | 62,751 | |||||||||||||||||||
Midstream | 11 | 29 | 19 | 115 | |||||||||||||||||||
Corporate and Services | 747 | 715 | 3,105 | 2,076 | |||||||||||||||||||
Total Property Additions | $ | 139,284 | $ | 179,657 | $ | 383,503 | $ | 396,933 |
September 30, 2021 | December 31, 2020 | ||||||||||
Identifiable Assets: | |||||||||||
SJI Utilities: | |||||||||||
SJG Utility Operations | $ | 3,637,046 | $ | 3,522,265 | |||||||
ETG Utility Operations | 2,717,842 | 2,561,067 | |||||||||
Subtotal SJI Utilities | 6,354,888 | 6,083,332 | |||||||||
Energy Management: | |||||||||||
Wholesale Energy Operations | 272,955 | 195,882 | |||||||||
Retail Services | 26,581 | 29,687 | |||||||||
Subtotal Energy Management | 299,536 | 225,569 | |||||||||
Energy Production: | |||||||||||
Renewables | 164,486 | 153,018 | |||||||||
Decarbonization | 89,910 | 40,482 | |||||||||
Subtotal Energy Production | 254,396 | 193,500 | |||||||||
Midstream | 8,795 | 92,208 | |||||||||
Discontinued Operations | 1,811 | 1,775 | |||||||||
Corporate and Services | 320,268 | 318,095 | |||||||||
Intersegment Assets | (215,683) | (225,331) | |||||||||
Total Identifiable Assets | $ | 7,024,011 | $ | 6,689,148 |
September 30, 2021 | |||||||||||
SJG | ETG | Total SJI | |||||||||
Environmental Remediation Costs: | |||||||||||
Expended - Net | $ | 153,080 | $ | 13,909 | $ | 166,989 | |||||
Liability for Future Expenditures | 100,209 | 77,565 | 177,774 | ||||||||
Insurance Recovery Receivables | — | (6,807) | (6,807) | ||||||||
Deferred ARO Costs | 46,412 | 30,807 | 77,219 | ||||||||
Deferred Pension Costs - Unrecognized Prior Service Cost | — | 31,692 | 31,692 | ||||||||
Deferred Pension and Other Postretirement Benefit Costs | 77,426 | 8,466 | 85,892 | ||||||||
Deferred Gas Costs - Net | 20,301 | — | 20,301 | ||||||||
CIP Receivable | 6,827 | — | 6,827 | ||||||||
SBC Receivable (excluding RAC) | 5,018 | — | 5,018 | ||||||||
Deferred Interest Rate Contracts | 8,027 | — | 8,027 | ||||||||
EET/EEP | 17,764 | 5,472 | 23,236 | ||||||||
Pipeline Supplier Service Charges | 365 | — | 365 | ||||||||
Pipeline Integrity Cost | 6,612 | — | 6,612 | ||||||||
AFUDC - Equity Related Deferrals | 12,155 | — | 12,155 | ||||||||
WNC | — | 5,497 | 5,497 | ||||||||
Other Regulatory Assets | 25,888 | 22,802 | 48,690 | ||||||||
Total Regulatory Assets | $ | 480,084 | $ | 189,403 | $ | 669,487 |
December 31, 2020 | |||||||||||
SJG | ETG | Total SJI | |||||||||
Environmental Remediation Costs: | |||||||||||
Expended - Net | $ | 157,340 | $ | 5,196 | $ | 162,536 | |||||
Liability for Future Expenditures | 101,243 | 91,837 | 193,080 | ||||||||
Insurance Recovery Receivables | — | (6,807) | (6,807) | ||||||||
Deferred ARO Costs | 42,365 | 25,453 | 67,818 | ||||||||
Deferred Pension Costs - Unrecognized Prior Service Cost | — | 33,898 | 33,898 | ||||||||
Deferred Pension and Other Postretirement Benefit Costs | 77,426 | 8,466 | 85,892 | ||||||||
Deferred Gas Costs - Net | 19,178 | — | 19,178 | ||||||||
CIP Receivable | 21,013 | — | 21,013 | ||||||||
SBC Receivable (excluding RAC) | 3,453 | — | 3,453 | ||||||||
Deferred Interest Rate Contracts | 9,938 | — | 9,938 | ||||||||
EET/EEP | 18,725 | 3,062 | 21,787 | ||||||||
Pipeline Supplier Service Charges | 434 | — | 434 | ||||||||
Pipeline Integrity Cost | 6,091 | — | 6,091 | ||||||||
AFUDC - Equity Related Deferrals | 11,822 | — | 11,822 | ||||||||
WNC | — | 7,444 | 7,444 | ||||||||
Other Regulatory Assets | 26,056 | 10,359 | 36,415 | ||||||||
Total Regulatory Assets | $ | 495,084 | $ | 178,908 | $ | 673,992 |
September 30, 2021 | |||||||||||
SJG | ETG | Total SJI | |||||||||
Excess Plant Removal Costs | $ | 12,160 | $ | 33,992 | $ | 46,152 | |||||
Excess Deferred Taxes | 211,020 | 111,724 | 322,744 | ||||||||
Deferred Gas Costs - Net | — | 44,482 | 44,482 | ||||||||
Amounts to be Refunded to Customers | — | 3,379 | 3,379 | ||||||||
Other Regulatory Liabilities | — | 1,665 | 1,665 | ||||||||
Total Regulatory Liabilities | $ | 223,180 | $ | 195,242 | $ | 418,422 |
December 31, 2020 | ||||||||||||||
SJG | ETG | Total SJI | ||||||||||||
Excess Plant Removal Costs | $ | 12,666 | $ | 37,953 | $ | 50,619 | ||||||||
Excess Deferred Taxes | 232,694 | 113,888 | 346,582 | |||||||||||
Deferred Gas Costs - Net | — | 15,322 | 15,322 | |||||||||||
Amounts to be Refunded to Customers | — | 6,969 | 6,969 | |||||||||||
Other Regulatory Liabilities | — | 1,085 | 1,085 | |||||||||||
Total Regulatory Liabilities | $ | 245,360 | $ | 175,217 | $ | 420,577 |
Pension Benefits | |||||||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Service Cost | $ | 1,519 | $ | 974 | $ | 4,701 | $ | 4,349 | |||||||||||||||
Interest Cost | 3,404 | 3,862 | 9,876 | 11,388 | |||||||||||||||||||
Expected Return on Plan Assets | (6,154) | (5,569) | (17,821) | (16,473) | |||||||||||||||||||
Amortizations: | |||||||||||||||||||||||
Prior Service Cost | 25 | 26 | 73 | 79 | |||||||||||||||||||
Actuarial Loss | 3,325 | 2,647 | 9,713 | 8,077 | |||||||||||||||||||
Net Periodic Benefit Cost | 2,119 | 1,940 | 6,542 | 7,420 | |||||||||||||||||||
Capitalized Benefit Cost | (577) | (410) | (1,708) | (1,470) | |||||||||||||||||||
Deferred Benefit Cost | (339) | (377) | (971) | (1,193) | |||||||||||||||||||
Total Net Periodic Benefit Expense | $ | 1,203 | $ | 1,153 | $ | 3,863 | $ | 4,757 |
Other Postretirement Benefits | |||||||||||||||||||||||
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Service Cost | $ | 212 | $ | 182 | $ | 638 | $ | 511 | |||||||||||||||
Interest Cost | 475 | 560 | 1,424 | 1,775 | |||||||||||||||||||
Expected Return on Plan Assets | (1,436) | (1,345) | (4,308) | (4,036) | |||||||||||||||||||
Amortizations: | |||||||||||||||||||||||
Prior Service Cost | (156) | (180) | (468) | (468) | |||||||||||||||||||
Actuarial Loss | 273 | 255 | 817 | 640 | |||||||||||||||||||
Net Periodic Benefit Cost | (632) | (528) | (1,897) | (1,578) | |||||||||||||||||||
Capitalized Benefit Cost | (108) | 57 | (320) | (157) | |||||||||||||||||||
Deferred Benefit Cost | 337 | (90) | 1,010 | 701 | |||||||||||||||||||
Total Net Periodic Benefit Expense | $ | (403) | $ | (561) | $ | (1,207) | $ | (1,034) |
Company | Total Facility | Usage | Available Liquidity | Expiration Date | |||||||||||||||||||||||||
SJI: | |||||||||||||||||||||||||||||
SJI Syndicated Revolving Credit Facility | $ | 500,000 | $ | 61,300 | (A) | $ | 438,700 | September 2026 | |||||||||||||||||||||
SJG: | |||||||||||||||||||||||||||||
Commercial Paper Program/Revolving Credit Facility | 250,000 | 82,900 | (B) | 167,100 | September 2026 | ||||||||||||||||||||||||
ETG: | |||||||||||||||||||||||||||||
ETG Revolving Credit Facility | 250,000 | 11,000 | (C) | 239,000 | September 2026 | ||||||||||||||||||||||||
Total | $ | 1,000,000 | $ | 155,200 | $ | 844,800 |
September 30, 2021 | September 30, 2020 | ||||||||||
Weighted average interest rate on borrowings: | |||||||||||
SJI (inclusive of SJG, ETG and SJIU) | 0.69 | % | 1.26 | % | |||||||
SJG | 0.18 | % | 0.23 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Average borrowings outstanding, not including LOC: | |||||||||||||||||||||||
SJI (inclusive of all subsidiaries' facilities) | $ | 83,500 | $ | 359,600 | $ | 169,000 | $ | 516,800 | |||||||||||||||
SJG | $ | 47,000 | $ | 154,400 | $ | 24,200 | $ | 149,000 | |||||||||||||||
Maximum amounts outstanding, not including LOC: | |||||||||||||||||||||||
SJI (inclusive of all subsidiaries' facilities) | $ | 159,800 | $ | 546,700 | $ | 452,900 | $ | 872,200 | |||||||||||||||
SJG | $ | 87,300 | $ | 187,000 | $ | 87,300 | $ | 187,000 |
SJI Consolidated | SJG | |||||||
Derivative contracts intended to limit exposure to market risk to: | ||||||||
Expected future purchases of natural gas (in MMdts) | 72.8 | 12.5 | ||||||
Expected future sales of natural gas (in MMdts) | 116.8 | 0.4 | ||||||
Basis and Index related net purchase contracts (in MMdts) | 82.6 | 1.3 |
Notional Amount | Fixed Interest Rate | Start Date | Maturity | |||||||||||||||||
$ | 12,500,000 | 3.530% | 12/1/2006 | 2/1/2036 | ||||||||||||||||
$ | 12,500,000 | 3.430% | 12/1/2006 | 2/1/2036 |
SJI (includes SJG and all other consolidated subsidiaries): | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments under GAAP | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||
Energy-related commodity contracts: | ||||||||||||||||||||||||||
Derivatives - Energy Related - Current | $ | 141,690 | $ | 106,244 | $ | 41,439 | $ | 27,006 | ||||||||||||||||||
Derivatives - Energy Related - Non-Current | 37,307 | 25,124 | 6,935 | 4,947 | ||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Derivatives - Other - Current | — | 560 | — | 659 | ||||||||||||||||||||||
Derivatives - Other - Noncurrent | — | 7,467 | — | 9,279 | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments under GAAP | $ | 178,997 | $ | 139,395 | $ | 48,374 | $ | 41,891 | ||||||||||||||||||
Total Derivatives | $ | 178,997 | $ | 139,395 | $ | 48,374 | $ | 41,891 |
SJG: | ||||||||||||||||||||||||||
Derivatives not designated as hedging instruments under GAAP | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||
Energy-related commodity contracts: | ||||||||||||||||||||||||||
Derivatives – Energy Related – Current | $ | 30,758 | $ | 2,834 | $ | 4,053 | $ | 2,868 | ||||||||||||||||||
Derivatives – Energy Related – Non-Current | 1,458 | — | 87 | 190 | ||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||
Derivatives – Other - Current | — | 560 | — | 659 | ||||||||||||||||||||||
Derivatives – Other - Noncurrent | — | 7,467 | — | 9,279 | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments under GAAP | $ | 32,216 | $ | 10,861 | $ | 4,140 | $ | 12,996 | ||||||||||||||||||
Total Derivatives | $ | 32,216 | $ | 10,861 | $ | 4,140 | $ | 12,996 |
As of September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Description | Gross amounts of recognized assets/liabilities | Gross amount offset in the balance sheet | Net amounts of assets/liabilities in balance sheet | Gross amounts not offset in the balance sheet | Net amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Posted/(Received) | |||||||||||||||||||||||||||||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | ||||||||||||||||||||||||||||||||||||||
Derivatives - Energy Related Assets | $ | 178,997 | $ | — | $ | 178,997 | $ | (86,407) | (A) | $ | (45,782) | $ | 46,808 | |||||||||||||||||||||||||
Derivatives - Energy Related Liabilities | $ | (131,368) | $ | — | $ | (131,368) | $ | 86,407 | (B) | $ | — | $ | (44,961) | |||||||||||||||||||||||||
Derivatives - Other | $ | (8,027) | $ | — | $ | (8,027) | $ | — | $ | — | $ | (8,027) | ||||||||||||||||||||||||||
SJG: | ||||||||||||||||||||||||||||||||||||||
Derivatives - Energy Related Assets | $ | 32,216 | $ | — | $ | 32,216 | $ | (1,025) | (A) | $ | (13,661) | $ | 17,530 | |||||||||||||||||||||||||
Derivatives - Energy Related Liabilities | $ | (2,834) | $ | — | $ | (2,834) | $ | 1,025 | (B) | $ | — | $ | (1,809) | |||||||||||||||||||||||||
Derivatives - Other | $ | (8,027) | $ | — | $ | (8,027) | $ | — | $ | — | $ | (8,027) |
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Description | Gross amounts of recognized assets/liabilities | Gross amount offset in the balance sheet | Net amounts of assets/liabilities in balance sheet | Gross amounts not offset in the balance sheet | Net amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Posted/(Received) | |||||||||||||||||||||||||||||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | ||||||||||||||||||||||||||||||||||||||
Derivatives - Energy Related Assets | $ | 48,374 | $ | — | $ | 48,374 | $ | (24,027) | (A) | $ | — | $ | 24,347 | |||||||||||||||||||||||||
Derivatives - Energy Related Liabilities | $ | (31,953) | $ | — | $ | (31,953) | $ | 24,027 | (B) | $ | 2,176 | $ | (5,750) | |||||||||||||||||||||||||
Derivatives - Other | $ | (9,938) | $ | — | $ | (9,938) | $ | — | $ | — | $ | (9,938) | ||||||||||||||||||||||||||
SJG: | ||||||||||||||||||||||||||||||||||||||
Derivatives - Energy Related Assets | $ | 4,140 | $ | — | $ | 4,140 | $ | (716) | (A) | $ | — | $ | 3,424 | |||||||||||||||||||||||||
Derivatives - Energy Related Liabilities | $ | (3,058) | $ | — | $ | (3,058) | $ | 716 | (B) | $ | 2,176 | $ | (166) | |||||||||||||||||||||||||
Derivatives - Other | $ | (9,938) | $ | — | $ | (9,938) | $ | — | $ | — | $ | (9,938) |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
Derivatives Previously in Cash Flow Hedging Relationships under GAAP | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | ||||||||||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||||||||||
Losses reclassified from AOCL into income (a) | $ | (12) | $ | (12) | $ | (35) | $ | (35) | ||||||||||||||||||
SJG: | ||||||||||||||||||||||||||
Interest Rate Contracts: | ||||||||||||||||||||||||||
Losses reclassified from AOCL into income (a) | $ | (12) | $ | (12) | $ | (35) | $ | (35) |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments under GAAP | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
SJI (no balances for SJG; includes all other consolidated subsidiaries): | ||||||||||||||||||||||||||
Losses on energy-related commodity contracts (a) | $ | (19,815) | $ | (6,246) | $ | (35,089) | $ | (7,807) | ||||||||||||||||||
Gains (Losses) on interest rate contracts (b) | — | 342 | — | (4,040) | ||||||||||||||||||||||
Total | $ | (19,815) | $ | (5,904) | $ | (35,089) | $ | (11,847) |
As of September 30, 2021 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Available-for-Sale Securities (A) | $ | 32 | $ | 32 | $ | — | $ | — | |||||||||||||||
Derivatives – Energy Related Assets (B) | 178,997 | 112,683 | 55,409 | 10,905 | |||||||||||||||||||
$ | 179,029 | $ | 112,715 | $ | 55,409 | $ | 10,905 | ||||||||||||||||
SJG: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivatives – Energy Related Assets (B) | $ | 32,216 | $ | 21,020 | $ | 3,938 | $ | 7,258 | |||||||||||||||
$ | 32,216 | $ | 21,020 | $ | 3,938 | $ | 7,258 | ||||||||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Energy Related Liabilities (B) | $ | 131,368 | $ | 39,306 | $ | 71,031 | $ | 21,031 | |||||||||||||||
Derivatives – Other (C) | 8,027 | — | 8,027 | — | |||||||||||||||||||
$ | 139,395 | $ | 39,306 | $ | 79,058 | $ | 21,031 | ||||||||||||||||
SJG: | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Energy Related Liabilities (B) | $ | 2,834 | $ | 1,025 | $ | 1,668 | $ | 141 | |||||||||||||||
Derivatives – Other (C) | 8,027 | — | 8,027 | — | |||||||||||||||||||
$ | 10,861 | $ | 1,025 | $ | 9,695 | $ | 141 |
As of December 31, 2020 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Available-for-Sale Securities (A) | $ | 32 | $ | 32 | $ | — | $ | — | |||||||||||||||
Derivatives – Energy Related Assets (B) | 48,374 | 11,447 | 23,527 | 13,400 | |||||||||||||||||||
$ | 48,406 | $ | 11,479 | $ | 23,527 | $ | 13,400 | ||||||||||||||||
SJG: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivatives – Energy Related Assets (B) | $ | 4,140 | $ | 715 | $ | 32 | $ | 3,393 | |||||||||||||||
$ | 4,140 | $ | 715 | $ | 32 | $ | 3,393 | ||||||||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Energy Related Liabilities (B) | $ | 31,953 | $ | 8,605 | $ | 20,954 | $ | 2,394 | |||||||||||||||
Derivatives – Other (C) | 9,938 | — | 9,938 | — | |||||||||||||||||||
$ | 41,891 | $ | 8,605 | $ | 30,892 | $ | 2,394 | ||||||||||||||||
SJG: | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives – Energy Related Liabilities (B) | $ | 3,058 | $ | 2,891 | $ | 159 | $ | 8 | |||||||||||||||
Derivatives – Other (C) | 9,938 | — | 9,938 | — | |||||||||||||||||||
$ | 12,996 | $ | 2,891 | $ | 10,097 | $ | 8 |
Type | Fair Value at September 30, 2021 | Valuation Technique | Significant Unobservable Input |
Range
[Weighted Average] |
||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Forward Contract - Natural Gas | $10,729 | $20,745 | Discounted Cash Flow |
Forward price (per dt)
|
$1.85 - $12.31 [$5.12]
|
(A) | ||||||||||||||
Forward Contract - Electric
|
$176 | $286 | Discounted Cash Flow | Fixed electric load profile (on-peak) |
45.16% - 100.00% [93.20%]
|
(B) | ||||||||||||||
Fixed electric load profile (off-peak) |
0.00% - 54.84% [6.80%]
|
(B) |
Type | Fair Value at December 31, 2020 | Valuation Technique | Significant Unobservable Input |
Range
[Weighted Average] |
||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Forward Contract - Natural Gas | $12,824 | $1,764 | Discounted Cash Flow |
Forward price (per dt)
|
$1.44 - $6.77 [$2.67]
|
(A) | ||||||||||||||
Forward Contract - Electric | $576 | $630 | Discounted Cash Flow | Fixed electric load profile (on-peak) |
40.34% - 100.00% [65.69%]
|
(B) | ||||||||||||||
Fixed electric load profile (off-peak) |
0.00% - 59.66% [34.31%]
|
(B) |
Type | Fair Value at September 30, 2021 | Valuation Technique | Significant Unobservable Input |
Range
[Weighted Average] |
||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Forward Contract - Natural Gas | $ | 7,258 | $ | 141 | Discounted Cash Flow |
Forward price (per dt)
|
$4.51 - $9.97 [$7.49]
|
(A) |
Type | Fair Value at December 31, 2020 | Valuation Technique | Significant Unobservable Input |
Range
[Weighted Average] |
||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Forward Contract - Natural Gas | $ | 3,393 | $ | 8 | Discounted Cash Flow |
Forward price (per dt)
|
$2.48 - $3.63 [$3.16]
|
(A) |
Three Months Ended
September 30, 2021 |
Nine Months Ended September 30, 2021 | ||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | |||||||||||
Balance at beginning of period | $ | 4,956 | $ | 11,006 | |||||||
Other Changes in Fair Value from Continuing and New Contracts, Net | (13,860) | (12,547) | |||||||||
Settlements | (1,222) | (8,585) | |||||||||
Balance at end of period | $ | (10,126) | $ | (10,126) | |||||||
SJG: | |||||||||||
Balance at beginning of period | $ | 4,721 | $ | 3,385 | |||||||
Other Changes in Fair Value from Continuing and New Contracts, Net | 2,396 | 7,117 | |||||||||
Settlements | — | (3,385) | |||||||||
Balance at end of period | $ | 7,117 | $ | 7,117 |
Three Months Ended
September 30, 2020 |
Nine Months Ended
September 30, 2020 |
||||||||||
SJI (includes SJG and all other consolidated subsidiaries): | |||||||||||
Balance at beginning of period | $ | 12,251 | $ | 17,574 | |||||||
Other Changes in Fair Value from Continuing and New Contracts, Net | (3,198) | 3,819 | |||||||||
Settlements | (2,644) | (14,984) | |||||||||
Balance at end of period | $ | 6,409 | $ | 6,409 | |||||||
SJG: | |||||||||||
Balance at beginning of period | $ | 4,365 | $ | 5,035 | |||||||
Other Changes in Fair Value from Continuing and New Contracts, Net | (61) | 4,304 | |||||||||
Settlements | — | (5,035) | |||||||||
Balance at end of period | $ | 4,304 | $ | 4,304 |
Three Months Ended
September 30, 2021 |
||||||||||||||||||||||||||
SJG Utility Operations | ETG Utility Operations | Wholesale Energy Operations | Retail Services | Renewables | Corporate Services and Intersegment | Total | ||||||||||||||||||||
Customer Type: | ||||||||||||||||||||||||||
Residential | $ | 33,075 | $ | 18,993 | $ | — | $ | 488 | $ | — | $ | — | $ | 52,556 | ||||||||||||
Commercial & Industrial | 27,538 | 18,269 | 406,985 | 2,846 | 7,352 | (1,333) | 461,657 | |||||||||||||||||||
OSS & Capacity Release | 2,504 | — | — | — | — | — | 2,504 | |||||||||||||||||||
Other | 668 | 376 | — | 1,502 | — | (180) | 2,366 | |||||||||||||||||||
$ | 63,785 | $ | 37,638 | $ | 406,985 | $ | 4,836 | $ | 7,352 | $ | (1,513) | $ | 519,083 | |||||||||||||
Product/Service Line: | ||||||||||||||||||||||||||
Gas | $ | 63,785 | $ | 37,638 | $ | 406,985 | $ | — | $ | — | $ | (1,294) | $ | 507,114 | ||||||||||||
Electric | — | — | — | 2,846 | — | (39) | 2,807 | |||||||||||||||||||
Solar | — | — | — | — | 1,961 | — | 1,961 | |||||||||||||||||||
Landfills | — | — | — | — | 328 | — | 328 | |||||||||||||||||||
Fuel Cells | — | — | — | — | 5,063 | — | 5,063 | |||||||||||||||||||
Other | — | — | — | 1,990 | — | (180) | 1,810 | |||||||||||||||||||
$ | 63,785 | $ | 37,638 | $ | 406,985 | $ | 4,836 | $ | 7,352 | $ | (1,513) | $ | 519,083 |
Nine Months Ended
September 30, 2021 |
|||||||||||||||||||||||||||||
SJG Utility Operations | ETG Utility Operations | Wholesale Energy Operations | Retail Services | Renewables | Corporate Services and Intersegment | Total | |||||||||||||||||||||||
Customer Type: | |||||||||||||||||||||||||||||
Residential | $ | 250,697 | $ | 156,254 | $ | 1,482 | $ | — | $ | — | $ | 408,433 | |||||||||||||||||
Commercial & Industrial | 119,565 | 89,464 | 1,032,181 | 6,409 | 17,980 | (8,955) | 1,256,644 | ||||||||||||||||||||||
OSS & Capacity Release | 7,053 | — | — | — | — | — | 7,053 | ||||||||||||||||||||||
Other | 2,086 | 748 | — | 3,469 | — | (385) | 5,918 | ||||||||||||||||||||||
$ | 379,401 | $ | 246,466 | $ | 1,032,181 | $ | 11,360 | $ | 17,980 | $ | (9,340) | $ | 1,678,048 | ||||||||||||||||
Product/Service Line: | |||||||||||||||||||||||||||||
Gas | $ | 379,401 | $ | 246,466 | $ | 1,032,181 | $ | — | $ | — | $ | (8,790) | $ | 1,649,258 | |||||||||||||||
Electric | — | — | — | 6,409 | — | (165) | 6,244 | ||||||||||||||||||||||
Solar | — | — | — | — | 4,776 | — | 4,776 | ||||||||||||||||||||||
CHP | — | — | — | — | — | — | — | ||||||||||||||||||||||
Landfills | — | — | — | — | 1,037 | — | 1,037 | ||||||||||||||||||||||
Fuel Cells | — | — | — | — | 12,167 | — | 12,167 | ||||||||||||||||||||||
Other | — | — | — | 4,951 | — | (385) | 4,566 | ||||||||||||||||||||||
$ | 379,401 | $ | 246,466 | $ | 1,032,181 | $ | 11,360 | $ | 17,980 | $ | (9,340) | $ | 1,678,048 |
Three Months Ended
September 30, 2020
|
||||||||||||||||||||||||||||||||
SJG Utility Operations | ETG Utility Operations | ELK Utility Operations | Wholesale Energy Operations | Retail Services | Renewables | Corporate Services and Intersegment | Total | |||||||||||||||||||||||||
Customer Type: | ||||||||||||||||||||||||||||||||
Residential | $ | 40,900 | $ | 20,974 | $ | 77 | $ | — | $ | 491 | $ | — | $ | — | $ | 62,442 | ||||||||||||||||
Commercial & Industrial | 24,625 | 16,998 | 185 | 197,580 | 5,466 | 6,317 | (919) | 250,252 | ||||||||||||||||||||||||
OSS & Capacity Release | 1,859 | — | — | — | — | — | 1,859 | |||||||||||||||||||||||||
Other | 381 | 191 | 23 | — | — | — | — | 595 | ||||||||||||||||||||||||
$ | 67,765 | $ | 38,163 | $ | 285 | $ | 197,580 | $ | 5,957 | $ | 6,317 | $ | (919) | $ | 315,148 | |||||||||||||||||
Product/Service Line: | ||||||||||||||||||||||||||||||||
Gas | $ | 67,765 | $ | 38,163 | $ | 285 | $ | 197,580 | $ | — | $ | — | $ | (595) | $ | 303,198 | ||||||||||||||||
Electric | — | — | — | — | 4,814 | — | (324) | 4,490 | ||||||||||||||||||||||||
Solar | — | — | — | — | — | 5,429 | — | 5,429 | ||||||||||||||||||||||||
CHP | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Landfills | — | — | — | — | — | 888 | — | 888 | ||||||||||||||||||||||||
Other | — | — | — | — | 1,143 | — | — | 1,143 | ||||||||||||||||||||||||
$ | 67,765 | $ | 38,163 | $ | 285 | $ | 197,580 | $ | 5,957 | $ | 6,317 | $ | (919) | $ | 315,148 |
Nine Months Ended
September 30, 2020 |
||||||||||||||||||||||||||||||||
SJG Utility Operations | ETG Utility Operations | ELK Utility Operations | Wholesale Energy Operations | Retail Services | Renewables | Corporate Services and Intersegment | Total | |||||||||||||||||||||||||
Customer Type: | ||||||||||||||||||||||||||||||||
Residential | $ | 244,114 | $ | 153,496 | $ | 2,179 | $ | — | $ | 1,485 | $ | — | $ | — | $ | 401,274 | ||||||||||||||||
Commercial & Industrial | 100,689 | 74,752 | 2,544 | 456,427 | 18,838 | 15,459 | (4,238) | 664,471 | ||||||||||||||||||||||||
OSS & Capacity Release | 5,931 | — | — | — | — | — | — | 5,931 | ||||||||||||||||||||||||
Other | 1,393 | 4,162 | 203 | — | — | — | — | 5,758 | ||||||||||||||||||||||||
$ | 352,127 | $ | 232,410 | $ | 4,926 | $ | 456,427 | $ | 20,323 | $ | 15,459 | $ | (4,238) | $ | 1,077,434 | |||||||||||||||||
Product/ Service Line: | ||||||||||||||||||||||||||||||||
Gas | $ | 352,127 | $ | 232,410 | $ | 4,926 | $ | 456,427 | $ | — | $ | — | $ | (2,252) | $ | 1,043,638 | ||||||||||||||||
Electric | — | — | — | — | 17,462 | — | (1,986) | 15,476 | ||||||||||||||||||||||||
Solar | — | — | — | — | — | 8,725 | — | 8,725 | ||||||||||||||||||||||||
CHP | — | — | — | — | — | 3,502 | — | 3,502 | ||||||||||||||||||||||||
Landfills | — | — | — | — | — | 3,232 | — | 3,232 | ||||||||||||||||||||||||
Other | — | — | — | — | 2,861 | — | — | 2,861 | ||||||||||||||||||||||||
$ | 352,127 | $ | 232,410 | $ | 4,926 | $ | 456,427 | $ | 20,323 | $ | 15,459 | $ | (4,238) | $ | 1,077,434 |
Accounts Receivable (A) | Unbilled Revenue (B) | |||||||
SJI (including SJG and all other consolidated subsidiaries): | ||||||||
Beginning balance as of January 1, 2021 | $ | 278,723 | $ | 85,423 | ||||
Ending balance as of September 30, 2021 | 272,286 | 26,783 | ||||||
Increase (Decrease) | $ | (6,437) | $ | (58,640) | ||||
Beginning balance as of January 1, 2020 | $ | 253,661 | $ | 84,821 | ||||
Ending balance as of September 30, 2020 | 167,534 | 22,712 | ||||||
Increase (Decrease) | $ | (86,127) | $ | (62,109) | ||||
SJG: | ||||||||
Beginning balance as of January 1, 2021 | $ | 88,657 | $ | 46,837 | ||||
Ending balance as of September 30, 2021 | 83,031 | 8,288 | ||||||
Increase (Decrease) | $ | (5,626) | $ | (38,549) | ||||
Beginning balance as of January 1, 2020 | $ | 84,940 | $ | 45,016 | ||||
Ending balance as of September 30, 2020 | 62,447 | 9,985 | ||||||
Increase (Decrease) | $ | (22,493) | $ | (35,031) |
As of September 30, 2021 | |||||||||||||||||
Gross Cost | Accumulated Amortization | Identifiable Intangible Assets, Net | |||||||||||||||
Identifiable intangible assets subject to amortization: | |||||||||||||||||
Customer Relationships | $ | 8,818 | $ | (652) | $ | 8,166 | |||||||||||
AMA | $ | 19,200 | $ | (16,640) | $ | 2,560 | |||||||||||
Annadale Intangible Assets | $ | 4,220 | $ | (215) | $ | 4,005 | |||||||||||
Total | $ | 32,238 | $ | (17,507) | $ | 14,731 |
As of December 31, 2020
|
|||||||||||||||||
Gross Cost | Accumulated Amortization | Identifiable Intangible Assets, Net | |||||||||||||||
Identifiable intangible assets subject to amortization: | |||||||||||||||||
Customer Relationships | $ | 6,900 | $ | (338) | $ | 6,562 | |||||||||||
AMA | $ | 19,200 | $ | (12,800) | $ | 6,400 | |||||||||||
Annadale Intangible Assets | $ | 4,318 | $ | (22) | $ | 4,296 | |||||||||||
Total | $ | 30,418 | $ | (13,160) | $ | 17,258 |
Year ended December 31, | SJI | ||||
2021 (remaining three months) | $ | 1,493 | |||
2022 | $ | 2,136 | |||
2023 | $ | 856 | |||
2024 | $ | 856 | |||
2025 | $ | 856 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Loss) Income from Continuing Operations | $ | (25,830) | $ | (10,344) | $ | 6,308 | $ | 88,178 | |||||||||||||||
Minus/Plus:
|
|||||||||||||||||||||||
Unrealized Mark-to-Market Losses on Derivatives
|
19,815 | 5,904 | 35,089 | 11,847 | |||||||||||||||||||
Income Attributable to Noncontrolling Interest | (238) | — | (540) | — | |||||||||||||||||||
Impairment of Equity Method Investment (A) | — | — | 87,370 | — | |||||||||||||||||||
Acquisition/Sale Net Costs (B)
|
924 | (77) | 1,602 | 1,241 | |||||||||||||||||||
Other Costs (C)
|
(10,960) | 77 | (10,960) | 977 | |||||||||||||||||||
Income Taxes (D) | (2,519) | (1,564) | (20,971) | (3,484) | |||||||||||||||||||
Additional Tax Adjustments (E) | — | — | 14,176 | 1,214 | |||||||||||||||||||
Economic Earnings | $ | (18,808) | $ | (6,004) | $ | 112,074 | $ | 99,973 | |||||||||||||||
(Loss) Earnings per Share from Continuing Operations | $ | (0.23) | $ | (0.10) | $ | 0.06 | $ | 0.92 | |||||||||||||||
Minus/Plus: | |||||||||||||||||||||||
Unrealized Mark-to-Market Losses on Derivatives
|
0.17 | 0.06 | 0.32 | 0.12 | |||||||||||||||||||
Income Attributable to Noncontrolling Interest
|
— | — | (0.01) | — | |||||||||||||||||||
Impairment of Equity Method Investment (A) | — | — | 0.80 | — | |||||||||||||||||||
Acquisition/Sale Net Costs (B)
|
0.01 | — | 0.01 | 0.01 | |||||||||||||||||||
Other Costs (C)
|
(0.10) | — | (0.10) | 0.01 | |||||||||||||||||||
Income Taxes (D) | (0.02) | (0.02) | (0.19) | (0.03) | |||||||||||||||||||
Additional Tax Adjustments (E) | — | — | 0.13 | 0.01 | |||||||||||||||||||
Economic Earnings per Share
|
$ | (0.17) | $ | (0.06) | $ | 1.02 | $ | 1.04 |
Three Months Ended September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Loss) Income from Continuing Operations | $ | (7,700) | $ | (9,543) | $ | 82,231 | $ | 64,657 | |||||||||||||||
Plus: | |||||||||||||||||||||||
Additional Tax Adjustments (E) | — | — | — | 1,214 | |||||||||||||||||||
Economic Earnings | $ | (7,700) | $ | (9,543) | $ | 82,231 | $ | 65,871 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Losses on Energy Related Commodity Contracts | $ | (19,815) | $ | (6,246) | $ | (35,089) | $ | (7,807) | ||||||||||||
Gains (Losses) on Interest Rate Contracts | — | 342 | — | (4,040) | ||||||||||||||||
Total unrealized mark-to-market losses on derivatives | (19,815) | (5,904) | (35,089) | (11,847) | ||||||||||||||||
Income Attributable to Noncontrolling Interest | 238 | — | 540 | — | ||||||||||||||||
Impairment of Equity Method Investment (A) | — | — | (87,370) | — | ||||||||||||||||
Acquisition/Sale Net Costs (B) | (924) | 77 | (1,602) | (1,241) | ||||||||||||||||
Other Costs (C) | 10,960 | (77) | 10,960 | (977) | ||||||||||||||||
Income Taxes (D) | 2,519 | 1,564 | 20,971 | 3,484 | ||||||||||||||||
Additional Tax Adjustments (E) | — | — | (14,176) | (1,214) | ||||||||||||||||
Total reconciling items between losses from continuing operations and economic earnings | $ | (7,022) | $ | (4,340) | $ | (105,766) | $ | (11,795) |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Utility Operating Revenues: | ||||||||||||||||||||
Firm Sales - | ||||||||||||||||||||
Residential | $ | 32,750 | $ | 35,711 | $ | 243,945 | $ | 252,114 | ||||||||||||
Commercial | 10,753 | 9,308 | 56,904 | 52,830 | ||||||||||||||||
Industrial | 231 | 218 | 2,411 | 1,797 | ||||||||||||||||
Cogeneration & Electric Generation | 2,126 | 1,186 | 3,444 | 2,226 | ||||||||||||||||
Firm Transportation - | ||||||||||||||||||||
Residential | 1,002 | 1,045 | 7,410 | 6,986 | ||||||||||||||||
Commercial | 5,945 | 5,115 | 30,962 | 26,492 | ||||||||||||||||
Industrial | 7,758 | 6,310 | 22,222 | 18,574 | ||||||||||||||||
Cogeneration & Electric Generation | 1,060 | 862 | 3,849 | 3,377 | ||||||||||||||||
Total Firm Revenues | 61,625 | 59,755 | 371,147 | 364,396 | ||||||||||||||||
Interruptible Sales | 40 | 1 | 185 | 16 | ||||||||||||||||
Interruptible Transportation | 370 | 207 | 1,153 | 823 | ||||||||||||||||
Off-System Sales | 7,169 | 5,214 | 37,189 | 24,748 | ||||||||||||||||
Capacity Release | 496 | 839 | 2,150 | 3,529 | ||||||||||||||||
Other | 258 | 174 | 748 | 554 | ||||||||||||||||
69,958 | 66,190 | 412,572 | 394,066 | |||||||||||||||||
Less: Intercompany Sales | (907) | (595) | (7,662) | (2,252) | ||||||||||||||||
Total Utility Operating Revenues | 69,051 | 65,595 | 404,910 | 391,814 | ||||||||||||||||
Less: | ||||||||||||||||||||
Cost of Sales - Utility | 16,630 | 20,575 | 109,878 | 126,655 | ||||||||||||||||
Less: Intercompany Cost of Sales | (907) | (595) | (7,662) | (2,252) | ||||||||||||||||
Total Cost of Sales - Utility (Excluding Depreciation & Amortization) (A) | 15,723 | 19,980 | 102,216 | 124,403 | ||||||||||||||||
Less: Depreciation & Amortization (A) | 30,083 | 25,600 | 89,279 | 75,710 | ||||||||||||||||
Total GAAP Gross Margin | 23,245 | 20,015 | 213,415 | 191,701 | ||||||||||||||||
Add: Depreciation & Amortization (A) | 30,083 | 25,600 | 89,279 | 75,710 | ||||||||||||||||
Less: Conservation Recoveries (B) | 1,587 | 978 | 7,803 | 7,853 | ||||||||||||||||
Less: RAC Recoveries (B) | 6,965 | 6,233 | 20,893 | 18,699 | ||||||||||||||||
Less: EET Recoveries (B) | 1,190 | 1,896 | 3,528 | 4,260 | ||||||||||||||||
Less: Revenue Taxes | 279 | 182 | 1,045 | 918 | ||||||||||||||||
Utility Margin (C) | $ | 43,307 | $ | 36,326 | $ | 269,425 | $ | 235,681 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Utility Margin: | ||||||||||||||||||||
Residential | $ | 23,630 | $ | 25,109 | $ | 181,330 | $ | 144,977 | ||||||||||||
Commercial and Industrial | 15,111 | 13,695 | 76,233 | 60,771 | ||||||||||||||||
Cogeneration and Electric Generation | 1,136 | 1,120 | 3,558 | 3,471 | ||||||||||||||||
Interruptible | 15 | 8 | 94 | 41 | ||||||||||||||||
Off-System Sales & Capacity Release | 237 | 222 | 1,170 | 1,178 | ||||||||||||||||
Other Revenues | 523 | 457 | 1,502 | 1,118 | ||||||||||||||||
Margin Before Weather Normalization & Decoupling | 40,652 | 40,611 | 263,887 | 211,556 | ||||||||||||||||
CIP Mechanism | 1,011 | (5,770) | 885 | 19,593 | ||||||||||||||||
EET Mechanism | 1,644 | 1,485 | 4,653 | 4,532 | ||||||||||||||||
Utility Margin (C) | $ | 43,307 | $ | 36,326 | $ | 269,425 | $ | 235,681 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Utility Operating Revenues: | ||||||||||||||||||||
Firm & Interruptible Sales - | ||||||||||||||||||||
Residential | $ | 18,060 | $ | 20,388 | $ | 155,593 | $ | 157,263 | ||||||||||||
Commercial & Industrial | 9,408 | 8,233 | 54,498 | 44,606 | ||||||||||||||||
Firm & Interruptible Transportation - | ||||||||||||||||||||
Residential | 225 | 238 | 1,588 | 1,510 | ||||||||||||||||
Commercial & Industrial | 9,006 | 8,453 | 35,698 | 31,962 | ||||||||||||||||
Other | 373 | 191 | 721 | 4,162 | ||||||||||||||||
Total Firm & Interruptible Revenues | 37,072 | 37,503 | 248,098 | 239,503 | ||||||||||||||||
Less: Total Cost of Sales - Utility (Excluding Depreciation & Amortization) (A) | 8,406 | 9,142 | 81,711 | 83,186 | ||||||||||||||||
Less: Depreciation & Amortization (A) | 14,557 | 10,187 | 53,369 | 29,368 | ||||||||||||||||
Total GAAP Gross Margin | 14,109 | 18,174 | 113,018 | 126,949 | ||||||||||||||||
Add: Depreciation & Amortization (A) | 14,557 | 10,187 | 53,369 | 29,368 | ||||||||||||||||
Less: Regulatory Rider Expenses (B) | 2,280 | 2,012 | 16,872 | 11,060 | ||||||||||||||||
Utility Margin (C) | $ | 26,386 | $ | 26,349 | $ | 149,515 | $ | 145,257 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
Utility Margin: | ||||||||||||||||||||
Residential | $ | 13,634 | $ | 14,281 | $ | 101,168 | $ | 93,849 | ||||||||||||
Commercial & Industrial | 14,623 | 13,870 | 64,396 | 57,419 | ||||||||||||||||
Regulatory Rider Expenses (B) | (1,871) | (1,802) | (16,049) | (6,011) | ||||||||||||||||
Utility Margin (C) | $ | 26,386 | $ | 26,349 | $ | 149,515 | $ | 145,257 | ||||||||||||
Three Months Ended September 30,
2021 vs. 2020 |
Nine Months Ended September 30,
2021 vs. 2020 |
||||||||||
SJI Utilities: | |||||||||||
SJG Utility Operations | $ | 760 | $ | 1,532 | |||||||
ETG Utility Operations | 1,212 | 7,157 | |||||||||
ELK Utility Operations | (422) | (1,393) | |||||||||
Subtotal SJI Utilities | 1,550 | 7,296 | |||||||||
Nonutility: | |||||||||||
Energy Management: | |||||||||||
Wholesale Energy Operations | 394 | (384) | |||||||||
Retail Services | (1,072) | (1,299) | |||||||||
Subtotal Energy Management | (678) | (1,683) | |||||||||
Energy Production: | |||||||||||
Renewables | (107) | (6,513) | |||||||||
Decarbonization | 64 | 72 | |||||||||
Subtotal Energy Production | (43) | (6,441) | |||||||||
Midstream | (18) | (193) | |||||||||
Corporate & Services and Intercompany Eliminations | (2,920) | (2,108) | |||||||||
Total Operations and Maintenance Expense | $ | (2,109) | $ | (3,129) | |||||||
Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | ||||||||||
Net Cash Provided by Operating Activities | $ | 273,927 | $ | 254,200 | |||||||
Net Cash Used in Investing Activities | $ | (434,171) | $ | (297,319) | |||||||
Net Cash Provided by Financing Activities | $ | 143,862 | $ | 25,040 |
Company | Total Facility | Usage | Available Liquidity | Expiration Date | |||||||||||||||||||||||||
SJI: | |||||||||||||||||||||||||||||
SJI Syndicated Revolving Credit Facility | $ | 500,000 | $ | 61,300 | (A) | $ | 438,700 | September 2026 | |||||||||||||||||||||
SJG: | |||||||||||||||||||||||||||||
Commercial Paper Program/Revolving Credit Facility | 250,000 | 82,900 | (B) | 167,100 | September 2026 | ||||||||||||||||||||||||
ETG: | |||||||||||||||||||||||||||||
ETG Revolving Credit Facility | 250,000 | 11,000 | (C) | 239,000 | September 2026 | ||||||||||||||||||||||||
Total | $ | 1,000,000 | $ | 155,200 | $ | 844,800 |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Equity | 35.0 | % | 32.2 | % | |||||||
Long-Term Debt | 62.2 | % | 56.4 | % | |||||||
Short-Term Debt | 2.8 | % | 11.4 | % | |||||||
Total | 100.0 | % | 100.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Utility Throughput – dts: | |||||||||||||||||||||||
Firm Sales - | |||||||||||||||||||||||
Residential | 1,435 | 2,004 | 17,474 | 15,983 | |||||||||||||||||||
Commercial | 622 | 732 | 4,392 | 4,003 | |||||||||||||||||||
Industrial | 5 | 11 | 180 | 139 | |||||||||||||||||||
Cogeneration & Electric Generation | 434 | 399 | 684 | 608 | |||||||||||||||||||
Firm Transportation - | |||||||||||||||||||||||
Residential | 50 | 79 | 676 | 689 | |||||||||||||||||||
Commercial | 682 | 746 | 4,428 | 4,077 | |||||||||||||||||||
Industrial | 2,348 | 2,235 | 7,569 | 7,201 | |||||||||||||||||||
Cogeneration & Electric Generation | 1,181 | 1,361 | 2,864 | 2,800 | |||||||||||||||||||
Total Firm Throughput | 6,757 | 7,567 | 38,267 | 35,500 | |||||||||||||||||||
Interruptible Sales | — | 8 | 1 | ||||||||||||||||||||
Interruptible Transportation | 246 | 170 | 839 | 686 | |||||||||||||||||||
Off-System Sales | 1,322 | 2,199 | 9,387 | 8,931 | |||||||||||||||||||
Capacity Release | 20,267 | 20,570 | 49,989 | 59,360 | |||||||||||||||||||
Total Throughput - Utility | 28,592 | 30,506 | 98,490 | 104,478 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income Impact: | |||||||||||||||||||||||
CIP – Weather Related | $ | — | $ | — | $ | 5.5 | $ | 11.0 | |||||||||||||||
CIP – Usage Related | 0.7 | (4.2) | (4.9) | 3.2 | |||||||||||||||||||
Total Net Income Impact | $ | 0.7 | $ | (4.2) | $ | 0.6 | $ | 14.2 | |||||||||||||||
Weather Compared to 20-Year Average | 70.4% Colder | 19.6% Colder | 5.1% Warmer | 12.6% Warmer | |||||||||||||||||||
Weather Compared to Prior Year | 64.0% Warmer | 72.9% Colder | 5.4% Colder | 5.1% Warmer |
Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | ||||||||||
Net Cash Provided by Operating Activities | $ | 177,812 | $ | 158,813 | |||||||
Net Cash Used in Investing Activities | $ | (194,804) | $ | (196,503) | |||||||
Net Cash Provided by Financing Activities | $ | 12,588 | $ | 32,666 |
As of September 30, 2021 | As of December 31, 2020 | ||||||||||
Common Equity | 55.1 | % | 53.8 | % | |||||||
Long-Term Debt | 41.7 | % | 44.2 | % | |||||||
Short-Term Debt | 3.2 | % | 2.0 | % | |||||||
Total | 100.0 | % | 100.0 | % |
Assets | |||||||||||||||||||||||
Source of Fair Value |
Maturity
< 1 Year |
Maturity
1 -3 Years |
Maturity
Beyond 3 Years |
Total | |||||||||||||||||||
Prices actively quoted | $ | 91,415 | $ | 19,849 | $ | 1,419 | $ | 112,683 | |||||||||||||||
Prices provided by other external sources | 40,334 | 13,634 | 1,441 | 55,409 | |||||||||||||||||||
Prices based on internal models or other valuation methods | 9,941 | 807 | 157 | 10,905 | |||||||||||||||||||
Total | $ | 141,690 | $ | 34,290 | $ | 3,017 | $ | 178,997 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Source of Fair Value |
Maturity
<1 Year |
Maturity
1 -3 Years |
Maturity
Beyond 3 Years |
Total | |||||||||||||||||||
Prices actively quoted | $ | 38,632 | $ | 673 | $ | 1 | $ | 39,306 | |||||||||||||||
Prices provided by other external sources | 52,590 | 17,275 | 1,166 | 71,031 | |||||||||||||||||||
Prices based on internal models or other valuation methods | 15,022 | 5,616 | 393 | 21,031 | |||||||||||||||||||
Total | $ | 106,244 | $ | 23,564 | $ | 1,560 | $ | 131,368 |
Net Derivatives — Energy Related Assets, January 1, 2021 | $ | 16,421 | |||
Contracts Settled During the Nine Months Ended September 30, 2021, Net
|
(10,665) | ||||
Other Changes in Fair Value from Continuing and New Contracts, Net | 41,873 | ||||
Net Derivatives — Energy Related Assets, September 30, 2021
|
$ | 47,629 |
Notional Amount | Fixed Interest Rate | Start Date | Maturity | |||||||||||||||||
$ | 12,500,000 | 3.530% | 12/1/2006 | 2/1/2036 | ||||||||||||||||
$ | 12,500,000 | 3.430% | 12/1/2006 | 2/1/2036 |
Assets | ||||||||||||||||||||
Source of Fair Value |
Maturity
< 1 Year |
Maturity
1 - 3 Years |
Total | |||||||||||||||||
Prices actively quoted | $ | 19,562 | $ | 1,458 | $ | 21,020 | ||||||||||||||
Prices provided by other external sources | 3,938 | — | 3,938 | |||||||||||||||||
Prices based on internal models or other valuable methods | 7,258 | — | 7,258 | |||||||||||||||||
Total | $ | 30,758 | $ | 1,458 | $ | 32,216 |
Liabilities | ||||||||||||||||||||
Maturity | Maturity | |||||||||||||||||||
Source of Fair Value | < 1 Year | 1 - 3 Years | Total | |||||||||||||||||
Prices actively quoted | $ | 1,025 | $ | — | $ | 1,025 | ||||||||||||||
Prices provided by other external sources | 1,668 | — | 1,668 | |||||||||||||||||
Prices based on internal models or other valuable methods | 141 | — | 141 | |||||||||||||||||
Total | $ | 2,834 | $ | — | $ | 2,834 |
Net Derivatives — Energy Related Assets, January 1, 2021 | $ | 1,082 | |||
Contracts Settled During the Nine Months ended September 30, 2021, Net
|
(927) | ||||
Other Changes in Fair Value from Continuing and New Contracts, Net | 29,227 | ||||
Net Derivatives — Energy Related Assets, September 30, 2021
|
$ | 29,382 |
Exhibit No. | Description | |||||||
Five-Year Revolving Credit Agreement, dated as of September 1, 2021, among SJI, SJG and ETG, the several lenders from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent. (incorporated by reference from Exhibit 10.1 of Form 8-K of SJI filed as of September 3, 2021). | ||||||||
Certification of SJI's Principal Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act. | ||||||||
Certification of SJI's Principal Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act. | ||||||||
Certification of SJG's Principal Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act. | ||||||||
Certification of SJG's Principal Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act. | ||||||||
Certification of SJI's Principal Executive Officer Pursuant to Rule 13a-14(b) of the Exchange Act as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code). | ||||||||
Certification of SJI's Principal Financial Officer Pursuant to Rule 13a-14(b) of the Exchange Act as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code). | ||||||||
Certification of SJG's Principal Executive Officer Pursuant to Rule 13a-14(b) of the Exchange Act as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code). | ||||||||
Certification of SJG's Principal Financial Officer Pursuant to Rule 13a-14(b) of the Exchange Act as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code). | ||||||||
Fourth Amendment to the Note Purchase Agreement dated as of June 28, 2012, by and among South Jersey Industries, Inc. and the institutions signatory thereto, dated as of August 31, 2021 (incorporated by reference from Exhibit 99.1 of Form 8-K of SJI filed as of September 3, 2021). | ||||||||
Fourth Amendment to the Note Purchase Agreement dated as of August 16, 2017, by and among South Jersey Industries, Inc. and the institutions signatory thereto, dated as of August 31, 2021 (incorporated by reference from Exhibit 99.2 of Form 8-K of SJI filed as of September 3, 2021). | ||||||||
Third Amendment to the Note Purchase Agreement dated as of April 25, 2018, by and among South Jersey Industries, Inc. and the institutions signatory thereto, dated as of August 31, 2021 (incorporated by reference from Exhibit 99.3 of Form 8-K of SJI filed as of September 3, 2021). | ||||||||
First Amendment to the Note Purchase Agreement dated as of May 27, 2020, by and among South Jersey Industries, Inc. and the institutions signatory thereto, dated as of August 31, 2021 (incorporated by reference from Exhibit 99.4 of Form 8-K of SJI filed as of September 3, 2021). | ||||||||
101 |
The following financial statements from South Jersey Industries, Inc.’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2021, filed with the Securities and Exchange Commission on November 4, 2021 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of (Loss)/Income; (ii) the Condensed Consolidated Statements of Comprehensive (Loss)/Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Balance Sheets; (v) the Condensed Consolidated Statements of Equity; and (vi) the Notes to Condensed Consolidated Financial Statements. The following financial statements from South Jersey Gas’ Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2021, filed with the Securities and Exchange Commission on November 4, 2021 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Statements of Income; (ii) the Condensed Statements of Comprehensive Income; (iii) the Condensed Statements of Cash Flows; (iv) the Condensed Balance Sheets; and (v) the Condensed Statements of Equity.
|
|||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
SOUTH JERSEY INDUSTRIES, INC. | |||||||||||
Dated: | November 4, 2021 | By: | /s/ Steven R. Cocchi | ||||||||
Steven R. Cocchi | |||||||||||
Senior Vice President & Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
SOUTH JERSEY GAS COMPANY | |||||||||||
Dated: | November 4, 2021 | By: | /s/ Steven R. Cocchi | ||||||||
Steven R. Cocchi | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
1 Year South Jersey Industries Chart |
1 Month South Jersey Industries Chart |
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