Assets Held for Sale

6 Months Ended

Jun. 30, 2023

Assets Held for Sale [Abstract]

Assets Held for Sale

Note 4 – Assets Held for Sale

In the fourth quarter of 2022, the Company decided to market for sale the assets of its regulated natural gas system in West Virginia that serves approximately 13,000 customers and is part of the Company’s Regulated Natural Gas segment. On December 31, 2022, the Company entered into a definitive agreement with Hope Gas, Inc. for the sale of its membership interests in its West Virginia assets for cash at closing of $37,000. The purchase price is subject to certain adjustments at closing and is subject to applicable regulatory approvals. Closing on the sale is expected later in 2023, and completion of this transaction will conclude the Company’s operations in West Virginia. Based on an assessment of the sale price and the carrying value of the planned disposition, there is no anticipated impairment expected to be recognized because of this sale agreement. These assets and liabilities do not qualify as discontinued operations, are reported as held for sale in the Company’s consolidated balance sheet, and consist of the following:

	June 30, 2023		December 31, 2022
Inventory - gas stored	$	592	$	2,807
Other current assets		1,778		3,284
Regulatory assets		5,008		5,076
Current assets held for sale	$	7,378	$	11,167
Property, plant and equipment, net		33,804		30,267
Regulatory assets and other		615		1,857
Non-current assets held for sale	$	34,419	$	32,124
Current liabilities related to assets held for sale	$	3,081	$	3,263
Regulatory liabilities		529		649
Other long-term liabilities		274		325
Non-current liabilities related to assets held for sale	$	803	$	974