Assets Held for Sale and Dispositions

9 Months Ended

Sep. 30, 2023

Assets Held for Sale and Dispositions [Abstract]

Assets Held for Sale and Dispositions

Note 4 – Assets Held for Sale and Dispositions

On December 31, 2022, the Company entered into a definitive agreement with Hope Gas, Inc. for the sale of its regulated natural gas utility assets in West Virginia, which served approximately 13,000 customers or about 2% of the Company’s regulated natural gas customers (“Peoples Gas West Virginia”). The Peoples Gas West Virginia sale closed on October 1, 2023 for an estimated purchase price of $39,965, subject to working capital and other adjustments. The sale of Peoples Gas West Virginia had no major effect on the Company’s operations and did not meet the requirements to be classified as a discontinued operation. The assets and liabilities of Peoples Gas West Virginia were reported as held for sale in the accompanying consolidated balance sheet, carried at the lower of its carrying amount or fair value less costs to sell, and consisted of the following:

	September 30, 2023		December 31, 2022
Inventory - gas stored	$	1,197	$	2,807
Other current assets		1,334		3,284
Regulatory assets		4,930		5,076
Current assets held for sale	$	7,461	$	11,167
Property, plant and equipment, net		35,232		30,267
Regulatory assets and other		2,095		1,857
Non-current assets held for sale	$	37,327	$	32,124
Current liabilities related to assets held for sale	$	2,669	$	3,263
Regulatory liabilities		509		649
Other long-term liabilities		249		325
Non-current liabilities related to assets held for sale	$	758	$	974

In October 2023, the Company entered into an agreement to sell its interest in three non-utility local microgrid and distributed energy projects for $165,000. Balances associated with these projects are included in deferred charges and other assets, net, in the consolidated balance sheets as of September 30, 2023, and December 31, 2022. The sale is subject to various closing conditions and regulatory approvals and is expected to be completed in late 2023 or early 2024.