New jersey resources corporation (NJR)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09
CASH FLOWS USED IN OPERATING ACTIVITIES
Net Income (Loss) Attributable to Parent

88,505

89,361

18,086

-8,402

73,573

86,248

-16,255

-14,274

140,266

123,699

-36,523

18,957

114,702

34,929

25,400

-17,363

73,353

50,282

4,197

-7,460

60,903

123,320

-24,420

-14,274

172,971

7,693

-20,021

29,155

45,469

60,206

-8,693

-10,320

54,535

57,357

-7,511

20,374

63,927

24,509

1,515

-10,177

74,217

51,902

Adjustments to reconcile net income to cash flows from operating activities
Unrealized gain on derivative instruments

3,773

41,766

-28,234

24,646

-10,225

10,932

-866

-2,658

11,609

-34,855

-31,293

15,981

54,855

-28,302

11,027

-55,875

-3,170

1,135

19,671

-1,188

-68,475

88,673

17,276

6,584

13,260

-65,654

-14,266

44,149

-38,801

18,335

-18,193

-32,949

-12,121

27,474

16,627

4,546

-3,646

-54,403

33,578

-25,394

12,575

6,633

Realized and unrealized gains on investments in equity securities

-

0

-

-

-

257

0

0

0

5,332

0

0

4,706

2,581

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation and amortization

30,784

27,758

24,438

23,149

22,311

21,832

21,067

20,320

22,460

21,854

21,493

20,760

20,328

19,260

19,851

18,671

17,744

16,482

16,235

15,574

15,204

14,386

13,728

13,620

12,828

12,566

12,344

11,942

11,721

11,303

10,917

10,687

10,439

9,600

9,755

8,076

8,915

8,454

8,564

8,361

8,164

8,103

Amortization of acquired wholesale energy contracts

3,819

134

611

467

6,976

370

409

-98

14,520

3,391

762

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Allowance for equity used during construction

5,321

2,732

357

2,533

1,851

1,751

1,801

1,679

1,199

852

1,129

1,152

1,002

584

416

1,602

1,142

1,215

454

1,357

761

1,253

408

551

390

213

111

593

727

606

321

178

97

42

848

753

481

18

691

557

533

384

Allowance for doubtful accounts

521

430

701

537

506

643

907

678

523

471

1,107

397

289

230

446

297

539

334

716

447

732

964

819

480

791

414

798

488

779

562

1,943

403

620

966

1,500

793

1,209

1,363

1,030

561

869

847

Non cash lease expense

995

861

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-2,928

3,246

-29,921

-45,429

25,070

-8,733

-1,761

-10,818

14,718

13,451

-6,582

15,822

15,940

16,262

6,066

3,675

-28,186

46,166

9,170

5,188

-4,321

35,897

-2,805

-1,744

39,476

-16,506

17,669

8,767

-7,594

22,233

-35,911

9,668

-16,804

37,724

12,924

28,484

-6,731

357

-871

20,350

20,323

28,656

Deferred income tax benefit due to tax legislation

-

-

-

-

-

-

-1,952

-15,252

-967

-57,565

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Manufactured gas plant remediation costs

2,317

2,974

4,296

5,229

1,760

2,593

2,547

6,405

2,072

5,147

4,011

3,219

2,085

1,619

3,036

2,414

1,136

1,520

2,060

2,656

1,081

1,008

1,005

1,546

713

1,132

840

2,072

2,313

941

1,840

1,161

2,865

2,099

3,297

5,091

4,830

897

899

1,170

276

1,479

Equity in earnings, net of distributions received from equity investees

1,428

1,332

1,456

864

1,006

830

790

663

15

257

128

-129

1,564

-1,101

-1,114

-1,159

-1,122

-1,139

-2,754

180

-1,943

-2,146

-1,225

262

-105

-1,521

-4,349

2,885

-136

-1,699

-2,590

-357

-1,141

-2,711

-3,261

457

1,111

-1,098

-3,100

39

1,262

960

Cost of removal - asset retirement obligations

61

61

64

64

65

65

205

-241

2

332

121

121

44

198

304

33

33

33

567

64

298

105

896

93

117

47

771

789

0

137

284

544

27

341

115

255

165

291

133

396

242

38

Contributions to postemployment benefit plans

3,486

2,256

2,163

4,085

243

1,666

1,651

3,060

181

1,467

1,437

2,756

172

1,712

1,034

158

2,023

30,144

3,312

32

2,365

69

1,335

1,270

789

1,559

1,490

1,436

1,615

21,487

1,428

1,464

1,444

21,538

1,905

1,523

1,660

6,408

11,701

1,679

1,637

4,550

Tax benefit from stock-based compensation

-5

-798

-11

-5

-5

-1,279

-159

0

-10

-2,831

-16

-53

-43

-1,188

-54

-41

-25

-1,635

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in:
Components of working capital

-120,767

117,241

12,930

-56,917

-134,982

206,728

-32,477

-91,649

-162,406

189,528

-43,924

-4,388

-119,249

150,480

30,311

79,226

-88,280

102,068

6,473

-45,784

-117,595

75,089

-2,257

12,817

-241,355

145,315

38,224

-22,418

-43,635

88,145

-14,757

78,547

-113,345

144,912

-38,437

4,551

-230,792

220,930

-18,908

-36,154

226,901

-136,542

Other noncurrent assets

2,570

-1,312

13,491

-3,423

-3,773

-9,710

23,933

-3,331

-7,424

-31,038

13,952

-3,350

-14,757

-9,823

-27,548

7,821

-4,476

20,270

-16,144

16,824

-25,907

-13,489

5,251

-9,697

-7,465

1,427

-12,103

7,805

-19,299

14,101

29,286

2,943

-5,698

-5,992

4,870

4,283

-10,583

-5,651

6,366

-27,409

13,216

4,302

Other noncurrent liabilities

-1,303

1,398

22,649

757

6,001

8,718

765

14,423

-6,587

5,388

-9,747

10,665

-3,012

15

11,680

7,493

-2,010

4,173

-8,509

15,782

3,724

16,844

10,290

8,363

-7,463

9,534

-11,217

3,717

5,757

2,782

20,527

-3,614

5,427

4,591

-7,824

9,944

8,770

854

4,593

-28,296

29,971

-4,577

Cash flows from operating activities

222,209

-43,064

23,560

-5,997

276,542

-104,755

5,729

80,086

335,973

-23,502

24,950

51,292

217,868

-46,064

46,031

-21,406

154,179

-36,174

8,213

56,228

285,657

40,849

-18,312

-6,981

452,259

-68,817

-11,145

16,758

153,348

-44,967

-8,836

-44,707

182,089

-77,465

22,880

46,212

312,864

-131,855

-16,529

-89,051

297,194

-52,199

CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES
Expenditures for:
Payments to acquire PP&E

-

-

-

-

-

-

76,153

61,032

35,057

34,638

51,273

34,072

27,365

31,396

64,316

35,425

33,861

42,465

44,171

37,969

24,543

34,114

37,873

30,410

29,694

30,277

36,828

22,278

18,507

32,869

32,361

29,536

22,985

19,395

23,730

26,313

16,889

26,692

36,924

21,958

17,412

10,326

Solar and wind equipment

-

-

-

-

-

-

35,005

29,424

40,605

18,387

27,442

32,053

43,120

46,785

33,327

44,854

25,876

45,006

39,414

23,218

33,025

55,345

43,974

46,166

20,486

24,917

19,369

14,891

9,545

15,320

14,483

13,457

14,175

47,611

54,460

5,996

10,473

1,060

2,641

0

0

0

Midstream and other

-

-

-

-

-

-

1,765

1,720

1,846

1,313

1,501

417

345

171

430

397

272

797

119

29

50

11

543

159

272

205

510

234

144

154

766

109

370

89

1,126

2,056

282

85

457

367

76

17

Cost of removal

9,551

7,936

7,983

15,078

8,738

8,396

4,960

9,591

20,340

12,752

9,142

8,163

7,379

7,459

7,724

1,262

13,505

6,575

8,964

7,780

8,700

2,634

5,622

7,776

5,790

5,124

5,415

6,863

13,047

1,276

1,544

3,869

4,442

2,323

294

4,470

2,099

1,506

949

1,820

3,335

1,097

Acquisition of assets, net of cash acquired of $5.1 million

155,521

368,126

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distribution from equity investees in excess of equity in earnings

489

643

955

319

535

619

602

1,200

522

793

570

906

585

688

436

784

576

555

-

-

-

-

-194

880

69

395

972

1,459

190

458

0

0

0

0

-

-

-

-

-

-

-

-

Investments in equity investees

757

509

1,406

1,239

1,457

0

1,655

3,319

3,975

7,202

2,973

13,559

5,902

4,636

2,487

2,741

3,102

2,846

3,467

1,049

717

547

555

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4,300

Cash paid related to acquisition

-

-

-

-

-

-

0

0

0

10,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Deposits to) withdrawal from restricted cash construction fund

-

-

-

-

-

-

-

-

-

-

-

35

-1,337

0

10

18

-6

-1,001

-

-

-

-

12

-15

0

-85

-56

0

5

-5

928

10

-108

-28

9

-29

-28

-10

445

0

0

0

Proceeds from sale of property, net of closing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

748

-

-

-

-

0

10

0

6,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of investments in equity securities, net

-

-

-

-

-

-

0

0

0

6,616

0

0

3,421

3,218

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-445

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash flows (used in) from investing activities

-256,955

-494,175

-177,587

-147,536

136,206

-93,682

-118,936

-85,369

-91,902

-76,883

-148,724

-87,393

-69,325

-86,541

-107,858

-83,913

-76,034

-95,385

-92,783

-68,733

-68,007

-92,206

-88,773

-83,606

-56,173

-54,043

-61,094

-42,325

-41,058

-49,156

-58,882

-46,981

-41,864

-69,390

-77,223

-38,806

-29,715

-29,333

-40,695

-24,145

-20,823

-15,740

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from term loan

0

350,000

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of term loan

0

212,900

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of long-term debt

5,911

3,853

203,637

2,996

7,282

4,723

31,769

128,371

3,656

1,690

54,400

1,794

38,944

2,716

5,489

1,993

3,131

2,676

29,812

2,717

2,787

1,723

3,622

13,947

63,441

1,576

3,145

1,975

2,449

1,384

3,169

1,485

2,173

1,198

104,401

1,771

2,346

21,573

2,066

1,479

1,858

1,346

Proceeds from long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

150,000

0

100,000

0

0

125,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from (payments of) short-term debt, net

75,864

228,159

-73,850

53,400

-325,800

219,750

94,850

-93,800

-222,300

107,200

2,600

25,500

-46,700

162,900

-122,925

92,125

-58,500

144,650

66,350

-146,000

-108,196

-46,804

126,500

111,300

-440,400

138,000

68,700

8,800

-106,300

114,600

-20,200

108,700

-125,300

157,250

21,350

-9,600

-193,525

193,525

-16,700

65,600

-102,100

57,400

Proceeds from sale-leaseback transaction

0

4,000

0

0

0

9,895

0

0

0

7,820

0

0

0

9,587

0

0

0

7,107

0

0

0

7,216

0

0

0

7,576

0

0

0

7,076

0

0

0

6,522

0

0

0

5,901

0

0

0

4,925

Payments of common stock dividends

29,847

26,974

26,329

25,980

25,938

25,812

24,501

23,875

23,852

23,607

22,079

22,011

21,967

21,931

20,670

20,660

20,591

20,524

19,306

19,216

19,017

18,993

17,742

17,658

17,647

17,617

16,611

16,706

593

33,320

15,222

15,771

15,749

14,946

14,903

14,830

14,894

14,023

13,977

11,765

14,146

13,249

Proceeds from issuance of common stock - public equity offering

0

212,900

3,518

13,199

0

0

3,564

3,696

6,030

3,846

3,690

4,071

5,115

4,616

3,837

3,953

4,413

3,807

3,640

5,349

3,937

24,373

3,212

4,404

4,200

3,557

27,258

3,659

1,084

5,838

3,198

3,472

3,916

3,248

3,197

3,210

4,283

3,014

73

43

3,262

3,109

Proceeds from waiver discount issuance of common stock

0

0

0

32,852

16,575

7,964

0

18,987

0

22,690

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock - DRP

5,195

3,572

-

-

5,773

3,749

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of treasury stock

-

-

-

-

-

-

-

-

-

-

0

0

0

6,355

0

0

0

1,008

1,544

5,100

0

3,945

1,135

0

4,387

0

-

-

-

-

0

3,968

1,083

3,717

2,971

0

7,222

0

1,581

3,340

15,735

8,994

Tax withholding payments related to net settled stock compensation

-350

-3,543

-400

-97

-520

-6,087

-130

-205

-101

-13,319

-193

-241

-187

-4,167

-6,906

178

139

3,042

-4,282

1,297

23

816

-1,297

254

94

0

63

31

17

62

558

0

160

62

1,652

8

279

68

765

-326

6

224

Cash flows from (used in) financing activities

44,951

551,361

131,402

96,656

-337,192

204,736

113,552

1,432

-243,879

102,940

62,519

5,525

-102,683

141,934

4,565

198,247

-77,948

128,314

19,318

-20,659

-126,040

60,940

105,916

84,353

-396,581

129,940

73,348

21,431

-109,552

92,872

65,165

90,948

-140,229

147,221

969

-22,983

-213,425

166,912

-33,486

48,733

-130,571

42,069

Change in cash, cash equivalents and restricted cash

10,205

14,122

-22,625

-56,877

75,556

6,299

345

-3,851

192

2,555

-61,255

-30,576

45,860

9,329

-57,262

92,928

197

-3,245

-65,252

-33,164

91,610

9,583

-1,169

-6,234

-495

7,080

1,109

-4,136

2,738

-1,251

-2,553

-740

-4

366

-53,374

-15,577

69,724

5,724

-90,710

-64,463

145,800

-25,870

CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables

-77,090

164,622

-35,410

-134,285

-55,139

161,039

1,767

-145,463

-41,033

192,253

30,487

-110,921

-14,772

152,180

-1,457

-26,596

-11,034

27,784

-41,095

-170,081

12,418

166,229

-85,607

-257,364

114,455

180,484

-48,475

-124,522

102,389

142,852

-72

-16,825

-93,934

74,161

-48,093

-9,273

-52,452

159,291

148,442

44,092

27,411

-153,756

Inventories

-107,539

17,055

37,568

73,977

-183,871

58,061

48,374

65,057

-131,456

2,561

981

58,318

-76,275

13,954

47,555

41,910

-70,251

26,772

46,171

45,183

-197,607

-8,385

56,891

78,934

-146,677

-32,278

30,963

117,614

-147,815

54,993

49,787

40,319

-117,112

-1,808

46,847

54,036

-170,606

29,360

20,521

-105,238

157,556

-34,096

Recovery of gas costs

29,842

-7,951

863

-119

13,847

1,142

-1,915

-8,264

-3,158

-17,102

-4,520

-5,006

7,144

2,472

30,265

-11,019

8,514

11,882

-870

-2,375

-13,719

-2,015

-18,740

12,591

-1,353

-5,513

-1,106

-5,536

913

-371

-1,719

-7,772

47,621

-26,444

-4,789

-8,020

-16,575

-11,734

150,217

-27,892

-27,286

-22,351

Gas purchases payable

-55,008

44,086

-7,971

-44,516

-80,207

58,663

23,146

9,113

-24,356

43,284

8,734

-9,230

-26,613

47,772

15,700

3,661

-24,253

-7,071

-7,154

-72,198

-40,736

65,563

-50,895

-134,580

124,274

13,673

-14,517

-1,331

29,909

58,354

28,957

-18,232

-54,213

-26,728

9,433

14,141

-37,094

35,809

191,266

-170,444

-19,673

99,141

Prepaid expenses

-11,880

12,482

-

-

8,210

-4,048

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gas purchases payable - related parties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

-1

-3

-406

152

-105

-29

184

14

97

33

-130

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid and accrued taxes

6,868

15,390

-7,839

14,665

-21,582

17,027

24,247

-38,872

28,297

-12,418

33,186

-48,649

17,875

7,954

3,807

-44,576

70,948

-27,794

-13,098

-44,232

25,061

14,108

-7,271

-38,760

34,715

32,449

-28,241

-26,841

24,907

21,993

34,411

-58,400

48,243

-1,218

-24,345

-63,155

45,294

33,515

-24,524

-35,606

30,922

18,777

Accounts payable and other

-265

-27,080

34,139

4,070

11,545

-47,498

35,209

22,754

7,986

-25,527

17,059

6,054

2,378

-12,405

8,305

1,065

-2,537

-22,489

12,115

8,627

18,396

-53,852

26,277

4,447

14,044

-10,052

7,111

-1,315

-16,368

11,298

-13,172

14,327

2,167

-6,740

-7,388

15,271

-143

-3,271

621

-9,484

-2,005

11,159

Restricted broker margin accounts

4,217

34,976

-35,096

15,309

7,746

-9,963

-1,477

-333

-7,470

-21,694

-4,744

-1,118

54,605

-26,173

-87,467

36,237

19,333

-6,855

14,986

20,173

-63,257

46,550

-1,713

2,284

25,416

-46,745

-11,412

36,956

-23,384

13,188

20,986

-6,071

-17,717

3,468

4,731

12,169

4,244

-52,957

59,640

29,053

-38,729

-14,496

Customers' credit balances and deposits

-10,245

2,457

7,623

1,331

-11,467

2,304

1,113

7,951

-14,789

6,093

6,996

-108

-13,381

616

9,510

2,308

-9,830

10,056

4,239

37

-20,166

14,345

2,680

4,081

-12,807

3,988

6,840

-320

-19,682

-10,897

9,994

7,003

-9,696

-72,625

38,160

61,576

-21,422

-56,495

1,603

-33,323

18,886

31,574

Other current assets

-8,533

862

405

-1,469

-11,994

11,067

1,534

-2,366

2,909

1,554

-9,639

170

-482

-362

1,232

1,151

-517

-5,219

13,507

-6,209

582

6,158

14,291

16,031

-22,171

-3,935

16,607

-2,825

-3,740

-15,393

18,362

1,452

18,864

-4,840

-11,811

7,810

-280

614

-1,072

-16,996

36,123

-16,020

Increase (Decrease) in Operating Capital

-

-

-

-

-

-

-32,477

-91,649

-162,406

189,528

-43,924

-4,388

-119,249

150,480

30,311

79,226

-88,280

102,068

6,473

-45,784

-117,595

75,089

-2,257

12,817

-241,355

145,315

38,224

-22,418

-43,635

88,145

-14,757

78,547

-113,345

144,912

-38,437

4,551

-230,792

220,930

-18,908

-36,154

226,901

-136,542

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Interest (net of amounts capitalized)

17,934

14,938

8,264

14,653

11,452

16,002

9,526

11,530

14,007

9,758

14,234

8,550

13,425

8,153

10,504

5,845

10,244

5,403

9,884

1,378

11,570

1,376

10,039

1,198

9,517

1,704

9,293

914

9,241

966

7,752

594

7,769

555

7,545

606

7,789

1,383

4,239

1,482

7,659

1,285

Income taxes

1,193

0

4,097

7,547

873

130

1,382

1,210

3,176

-191

-2,699

2,253

589

-7,020

-4,439

235

486

202

5,972

8,099

12,491

2,228

9,665

4,134

8,511

137

2,500

5,428

4,106

5

2,517

6,722

679

135

1,027

91

3,954

93

366

36

23,775

0

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES
Accrued capital expenditures

3,066

14,864

-1,418

2,458

9,894

19,791

540

15,534

-11,549

26,034

-11,057

9,542

-5,158

28,442

26,776

442

-58

21,721

-1,362

3,257

14,674

12,107

-4,662

12,970

-74

1,421

2,631

-271

-4,529

-4,934

8,365

-5,149

-8,159

13,200

-

-

-

-

-

-

-

-

Utility Plant
Payments to acquire PP&E

62,491

69,861

-

-

70,603

51,359

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Solar Equipment
Payments to acquire PP&E

24,087

45,699

-

-

20,394

32,126

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Midstream and Other Property
Payments to acquire PP&E

5,037

2,687

-

-

3,366

2,420

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-