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NJR > SEC Filings for NJR > Form 10-Q on 6-Feb-2014All Recent SEC Filings

Show all filings for NEW JERSEY RESOURCES CORP

Form 10-Q for NEW JERSEY RESOURCES CORP


6-Feb-2014

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
(Continued)

Accumulated Other Comprehensive Income

The following table presents the changes in the components of accumulated other
comprehensive income, net of related tax effects:
                                          Available for sale                           Postemployment
(Thousands)                                   securities        Cash flow hedges     benefit obligation      Total
Balance as of September 30, 2013         $     5,400          $      12             $     (7,033 )        $  (1,621 )
Other comprehensive income, net of tax
Other comprehensive (loss), before
reclassifications, net of tax of $214,
$56, $-, $270                                   (310 )              (96 )                      -               (406 )
Losses reclassified from accumulated
other comprehensive income, net of tax
of $-, $(36) $(111), $(147)                        -     (1)         62    (2)               161     (3)        223
Net current-period other comprehensive
(loss) income, net of tax of $214, $20,
$(111), $123                                    (310 )              (34 )                    161               (183 )
Balance as of December 31, 2013          $     5,090          $     (22 )           $     (6,872 )        $  (1,804 )

Balance as of September 30, 2012         $     4,921          $      51             $    (15,743 )        $ (10,771 )
Other comprehensive income, net of tax
Other comprehensive (loss), before
reclassifications, net of tax of $221,
$35, $-, $256                                   (320 )              (60 )                      -               (380 )
Losses reclassified from accumulated
other comprehensive income, net of tax
of $-, $(29) $(203), $(232)                        -     (1)         50    (2)               413     (3)        463
Net current-period other comprehensive
(loss) income, net of tax of $221, $6,
$(203), $24                                     (320 )              (10 )                    413                 83
Balance as of December 31, 2012          $     4,601          $      41             $    (15,330 )        $ (10,688 )

(1) Reclassified to other income in the Unaudited Condensed Consolidated Statements of Operations.

(2) Consists of realized losses related to foreign currency derivatives, which are reclassified to gas purchases in the Unaudited Condensed Consolidated Statements of Operations.

(3) Included in the computation of net periodic pension cost, a component of operations and maintenance expense in the Unaudited Condensed Consolidated Statements of Operations.

9. DEBT

NJR and NJNG finance working capital requirements and capital expenditures through the issuance of various long-term debt and other financing arrangements, including a commercial paper program and unsecured credit and private placement debt shelf facilities. Amounts available under credit facilities are reduced by bank or commercial paper borrowings, as applicable, and any outstanding letters of credit. Neither NJNG nor the results of its operations are obligated or pledged to support the NJR credit or debt shelf facilities.

A summary of NJR's credit facility and NJNG's commercial paper program and credit facility are as follows:

                                                                     September 30,
(Thousands)                                    December 31, 2013          2013         Expiration Dates
NJR
Bank revolving credit facility (1)            $         325,000     $      325,000     August 2017
Notes outstanding at end of period            $         223,100     $       97,000
Weighted average interest rate at end of
period                                                     1.09 %             1.00 %
Amount available at end of period (2)         $         101,900     $      210,110
Bank term loan (3)                            $         100,000     $      100,000     September 2014
Loan outstanding at end of period             $         100,000     $      100,000
Weighted average interest rate at end of
period                                                     0.72 %             0.74 %
Amount available at end of period             $               -     $            -
Bank letter of credit facility (3) (4)        $          10,000     $       10,000     June 2014
NJNG
Bank credit facility dedicated to EDA Bonds
(1) (4)                                       $         100,000     $      100,000     August 2015
Bank revolving credit facility (1)            $         250,000     $      250,000          August 2014
Commercial paper outstanding at end of period $         180,500     $      168,600
Weighted average interest rate at end of
period                                                     0.15 %             0.13 %
Amount available at end of period (5)         $          69,500     $       81,400

(1) Committed credit facilities, which require commitment fees on the unused amounts.

(2) Letters of credit outstanding total $19.8 million and $17.9 million as of December 31, 2013 and September 30, 2013, respectively, which reduces amount available by the same amount.

(3) Uncommitted.

(4) There were no borrowings outstanding as of December 31, 2013 and September 30, 2013, respectively.

(5) Letters of credit outstanding total $731,000 and $266,000 as of December 31, 2013 and September 30, 2013, respectively, which reduces the amount available by the same amount.


New Jersey Resources Corporation
Part I

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)

On January 24, 2014, NJR entered into an agreement for an additional $50 million unsecured committed credit line, which was to expire on the earlier of February 23, 2014, or the effective date of an increase of the revolving credit commitments under the NJR Credit Facility. The additional credit line was put in place primarily to provide additional working capital to NJRES to meet any potential margin calls that may arise in NJRES' normal course of business. Effective January 31, 2014, NJR utilized the accordion option available under the NJR Credit Facility to increase the amount of credit available from $325 million to $425 million and the additional credit line was thereby terminated on the same date.

NJR Long-term Debt

On May 12, 2011, NJR entered into an unsecured, uncommitted $100 million private placement shelf note agreement allowing NJR to issue senior notes during a two-year issuance period, which expired on May 10, 2013. As of December 31, 2013, NJR had two series of notes outstanding under this agreement, $25 million at 1.94 percent, which will mature on September 15, 2015 and $25 million at 2.51 percent, which will mature on September 15, 2018.

On September 26, 2013, NJR entered into a second unsecured, uncommitted $100 million private placement shelf note agreement allowing NJR to issue senior notes during a three-year issuance period ending September 26, 2016. As of December 31, 2013, $100 million remains available for borrowing under this facility.

On June 30, 2011, NJR entered into an unsecured, uncommitted $75 million private placement shelf note agreement allowing NJR to issue senior notes during a three-year issuance period ending June 30, 2014. As of December 31, 2013, NJR had $50 million at 3.25 percent outstanding under this agreement, which will mature on September 17, 2022.

NJNG Long-term Debt

On April 15, 2013, NJNG issued $50 million of 3.15 percent senior secured notes due April 15, 2028, in the private placement market pursuant to a note purchase agreement entered into on February 8, 2013. Interest is payable semi-annually. The proceeds were used to refinance short-term debt and will fund capital expenditure requirements.

NJNG received $7.6 million and $7.1 million in December 2013 and 2012, respectively, in connection with the sale-leaseback of its natural gas meters. NJNG records a capital lease obligation that is paid over the term of the lease and has the option to purchase the meters back at fair value upon expiration of the lease.

10. EMPLOYEE BENEFIT PLANS



Pension and Other Postemployment Benefit Plans

The components of the net periodic cost for pension benefits, including the
Company's Pension Equalization Plan, and OPEB costs (principally health care and
life insurance) for employees and covered dependents were as follows:
                                          Pension                  OPEB
                                    Three Months Ended      Three Months Ended
                                       December 31,            December 31,
(Thousands)                           2013        2012        2013        2012
Service cost                      $    1,536    $ 1,718   $      981    $ 1,171
Interest cost                          2,516      2,235        1,433      1,287
Expected return on plan assets        (3,869 )   (3,706 )     (1,044 )     (913 )
Recognized actuarial loss              1,399      1,911          625        964
Prior service cost amortization           28         27          (89 )        7
Recognized net initial obligation          -          -            3        (89 )
Net periodic benefit cost         $    1,610    $ 2,185   $    1,909    $ 2,427

The Company does not expect to be required to make additional contributions to fund the pension plans over the next three fiscal years based on current actuarial assumptions; however, funding requirements are uncertain and can depend significantly on changes in actuarial assumptions, returns on plan assets, interest rates and changes in the demographics of eligible employees and covered dependents. In addition, as in the past, the Company may elect to make contributions in excess of the minimum required amount to the plans. NJR made a discretionary contribution of $20 million to the pension plans during fiscal 2013. There have been no discretionary contributions made during the three months ended December 31, 2013.


New Jersey Resources Corporation

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