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Note 5 - Other Investments | 3 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] |
5. | Other Investments
Midstream is an approximately 1% equity investment owner of the LLC constructing the MVP. Due to various legal and regulatory delays, the LLC changed its approach in seeking authorization to cross all remaining streams and wetlands on the project route. It requested individual permits from the U.S. Army Corps of Engineers to cross certain streams and wetlands utilizing open cut techniques and has applied to amend the MVP project's CPCN to seek FERC authority to cross certain streams and wetlands utilizing alternative trenchless construction methods. See Note 15 for additional information regarding Midstream's investment in the LLC. The LLC temporarily suspended accruing AFUDC on the project beginning January 1, 2021 and through March 31, 2021 due to a temporary reduction in growth construction activities. Beginning April 1, 2021, the LLC resumed accruing a limited amount of AFUDC associated with certain growth construction activities resuming through October 2021. AFUDC accruals were suspended in November 2021 and will resume when growth construction activities restart. The amount of AFUDC recognized during the current and prior period is included in the tables below. Roanoke Gas will continue to suspend accruing AFUDC on its two gate stations that will interconnect with the MVP until such time as construction activities resume on the respective gate stations. Roanoke Gas recognized $55,981 of AFUDC associated with these gate stations during the fiscal quarter ended December 31, 2020. Midstream is also a less than 1% investor in the MVP Southgate project, which is being accounted for under the cost method. Funding for Midstream's investments in the LLC for both the MVP and Southgate projects is being provided through two variable rate unsecured promissory notes, under a non-revolving credit agreement, maturing in December 2022, and three additional notes as detailed in Note 7. The investments in the LLC are included in the accompanying financial statements as follows:
Balance Sheet location: |  | December 31, 2021 |  |  | September 30, 2021 |
Other Assets: |  |  |  |  |  |  |  |
MVP |  | $ | 66,461,239 |  |  | $ | 64,462,194 |
Southgate |  |  | 410,608 |  |  |  | 405,125 |
Investment in unconsolidated affiliates |  | $ | 66,871,847 |  |  | $ | 64,867,319 |
Current Liabilities: |  |  |  |  |  |  |  |
MVP |  | $ | 1,926,918 |  |  | $ | 2,139,696 |
Southgate |  |  | 2,139 |  |  |  | 941 |
Capital contributions payable |  | $ | 1,929,057 |  |  | $ | 2,140,637 |
|  | Three Months Ended |
Income Statement location: |  | December 31, 2021 |  |  | December 31, 2020 |
Equity in earnings of unconsolidated affiliate |  | $ | 72,127 |  |  | $ | 1,356,683 |
|  | December 31, 2021 |  |  | September 30, 2021 |
Undistributed earnings, net of income taxes, of MVP in retained earnings |  | $ | 8,134,589 |  |  | $ | 8,081,027 |
The change in the investment in unconsolidated affiliates is provided below:
|  | Three Months Ended |
|  | December 31, 2021 |  |  | December 31, 2020 |
Cash investment |  | $ | 2,143,981 |  |  | $ | 2,522,286 |
Change in accrued capital calls |  |  | (211,580 | ) |  |  | (1,064,730 | )
Equity in earnings of unconsolidated affiliate |  |  | 72,127 |  |  |  | 1,356,683 |
Change in investment in unconsolidated affiliates |  | $ | 2,004,528 |  |  | $ | 2,814,239 |
Summary unaudited financial statements of MVP are presented below. Southgate financial statements, which are accounted for under the cost method, are not included:
|  | Income Statements |
|  | Three Months Ended |
|  | December 31, 2021 |  |  | December 31, 2020 |
AFUDC |  | $ | 6,883,069 |  |  | $ | 133,757,314 |
Other expense, net |  |  | (45,063 | ) |  |  | (52,608 | )
Net income |  | $ | 6,838,006 |  |  | $ | 133,704,706 |
|  | Balance Sheets |
|  | December 31, 2021 |  |  | September 30, 2021 |
Assets: |  |  |  |  |  |  |  |
Current assets |  | $ | 192,288,454 |  |  | $ | 208,961,113 |
Construction work in progress |  |  | 6,429,791,662 |  |  |  | 6,281,991,035 |
Other assets |  |  | 2,496,119 |  |  |  | 980,410 |
Total assets |  | $ | 6,624,576,235 |  |  | $ | 6,491,932,558 |
Liabilities and Equity: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 160,282,681 |  |  | $ | 200,441,027 |
Noncurrent liabilities |  |  | 48,000 |  |  |  | 13,000 |
Capital |  |  | 6,464,245,554 |  |  |  | 6,291,478,531 |
Total liabilities and equity |  | $ | 6,624,576,235 |  |  | $ | 6,491,932,558 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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