Discontinued Operations

9 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On April 1, 2013, we completed the sale of substantially all of our natural gas distribution assets and certain related nonregulated assets located in Georgia to Liberty Energy (Georgia) Corp., an affiliate of Algonquin Power & Utilities Corp. for a cash price of approximately $153 million. In connection with the sale, we recognized a net of tax gain of $5.3 million.

For the three months ended June 30, 2013, net income from discontinued operations includes the aforementioned gain on sale, while for the nine months ended June 30, 2013, net income from discontinued operations includes the operating results of our Georgia operations and the gain on sale. As required under generally accepted accounting principles, the operating results from our discontinued Georgia operations have been aggregated and reported on the condensed consolidated statements of income as income from discontinued operations, net of income tax. Expenses related to general corporate overhead and interest expense allocated to their operations are not included in discontinued operations.

The table below sets forth statement of income data related to discontinued operations. At June 30, 2014 and September 30, 2013 we did not have any assets or liabilities held for sale.

	Three Months Ended   June 30				Nine Months Ended   June 30
	2014		2013		2014		2013
	(In thousands)
Operating revenues	$	—	$	—	$	—	$	37,962
Purchased gas cost	—		—		—		21,464
Gross profit	—		—		—		16,498
Operating expenses	—		—		—		5,858
Operating income	—		—		—		10,640
Other nonoperating income	—		—		—		548
Income from discontinued operations before income taxes	—		—		—		11,188
Income tax expense	—		—		—		3,986
Income from discontinued operations	—		—		—		7,202
Gain on sale of discontinued operations, net of tax	—		5,294		—		5,294
Net income from discontinued operations	$	—	$	5,294	$	—	$	12,496