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Note 14 - Regulatory Assets and Liabilities

3 Months Ended

Dec. 31, 2021

Schedule of Regulatory Assets and Liabilities [Text Block]

14.

Regulatory Assets and Liabilities

The Company’s regulated operations follow the accounting and reporting requirements of FASB ASC No. 980, Regulated Operations. The economic effects of regulation can result in a regulated company deferring costs that have been or are expected to be recovered from customers in a period different from the period in which the costs would ordinarily be charged to expense by an unregulated enterprise. When this situation occurs, costs are deferred as assets in the condensed consolidated balance sheet (regulatory assets) and amortized into expense over periods when such amounts are reflected in rates. Additionally, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for current collection in rates of costs that are expected to be incurred in the future (regulatory liabilities). In the event the provisions of FASB ASC No. 980 no longer apply to any or all regulatory assets or liabilities, the Company would write off such amounts and include the effects in the condensed consolidated statements of income and comprehensive income in the period which FASB ASC No. 980 no longer applied.

Regulatory assets included in the Company’s accompanying balance sheets are as follows:

	December 31, 2021		September 30, 2021
Assets:
Current Assets:
Regulatory assets:
Accrued WNA revenues	$	1,252,121	$	8,104
Under-recovery of gas costs		4,225,105		5,048,164
Under-recovery of SAVE Plan revenues		97,458		305,502
Accrued pension and postretirement medical		155,011		206,679
Other deferred expenses		84,315		88,004
Total current		5,814,010		5,656,453
Utility Property:
In service:
Other		11,945		11,945
Construction work in progress:
AFUDC		386,189		386,189
Other Assets:
Regulatory assets:
Premium on early retirement of debt		1,455,886		1,484,433
Accrued pension and postretirement medical		5,154,713		5,154,713
Other deferred expenses		127,033		130,613
Total non-current		6,737,632		6,769,759

Total regulatory assets	$	12,949,776	$	12,824,346

Regulatory liabilities included in the Company’s accompanying balance sheets are as follows:

	December 31, 2021		September 30, 2021
Liabilities and Stockholders' Equity:
Current Liabilities:
Regulatory liabilities:
Deferred income taxes	$	332,361	$	329,959
Other deferred liabilities		388,786		—
Total current		721,147		329,959
Deferred Credits and Other Liabilities:
Asset retirement obligations		7,740,028		7,628,958
Regulatory cost of retirement obligations		13,953,370		13,640,567
Regulatory Liabilities:
Deferred income taxes		12,789,608		12,891,242
Total non-current		34,483,006		34,160,767

Total regulatory liabilities	$	35,204,153	$	34,490,726

As of December 31, 2021 and September 30, 2021, the Company had regulatory assets in the amount of $12,937,831 and $12,812,401, respectively, on which the Company did not earn a return during the recovery period.