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Note 16 - Regulatory Assets and Liabilities | 3 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Schedule of Regulatory Assets and Liabilities [Text Block] |
16. | Regulatory Assets and Liabilities
The Company’s regulated operations follow the accounting and reporting requirements of ASC 980, Regulated Operations. A regulated company may defer 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 customer rates. Additionally, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for current collection in customer rates of costs that are expected to be incurred in the future (regulatory liabilities). In the event the provisions of ASC 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 ASC 980 no longer applied. Regulatory assets included in the Company’s accompanying balance sheets are as follows:
|  | December 31, 2023 |  |  | September 30, 2023 |
Assets: |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |
Regulatory assets: |  |  |  |  |  |  |  |
Accrued WNA revenues |  | $ | 1,587,816 |  |  | $ | 414,689 |
Under-recovery of gas costs |  |  | — |  |  |  | 1,383,340 |
Under-recovery of RNG revenues |  |  | 1,085,177 |  |  |  | 797,804 |
Accrued pension |  |  | 182,263 |  |  |  | 243,017 |
Other deferred expenses |  |  | 12,762 |  |  |  | 15,426 |
Total current |  |  | 2,868,018 |  |  |  | 2,854,276 |
Other Non-Current Assets: |  |  |  |  |  |  |  |
Regulatory assets: |  |  |  |  |  |  |  |
Premium on early retirement of debt |  |  | 1,227,512 |  |  |  | 1,256,059 |
Accrued pension |  |  | 3,786,265 |  |  |  | 3,786,265 |
Other deferred expenses |  |  | 336,414 |  |  |  | 347,121 |
Total non-current |  |  | 5,350,191 |  |  |  | 5,389,445 |
Total regulatory assets |  | $ | 8,218,209 |  |  | $ | 8,243,721 |
Regulatory liabilities included in the Company’s accompanying balance sheets are as follows:
|  | December 31, 2023 |  |  | September 30, 2023 |
Liabilities and Stockholders' Equity: |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |
Regulatory liabilities: |  |  |  |  |  |  |  |
Over-recovery of gas costs |  | $ | 663,505 |  |  | $ | — |
Over-recovery of SAVE Plan revenues |  |  | 176,935 |  |  |  | 146,861 |
Rate refund |  |  | 652,018 |  |  |  | 652,018 |
Deferred income taxes |  |  | 591,765 |  |  |  | 527,034 |
Supplier refunds |  |  | 203,437 |  |  |  | 275,649 |
Other deferred liabilities |  |  | 23,365 |  |  |  | 31,154 |
Total current |  |  | 2,311,025 |  |  |  | 1,632,716 |
Deferred Credits and Other Non-Current Liabilities: |  |  |  |  |  |  |  |
Asset retirement obligations |  |  | 10,855,794 |  |  |  | 10,792,831 |
Regulatory cost of retirement obligations |  |  | 13,404,991 |  |  |  | 13,029,376 |
Regulatory liabilities: |  |  |  |  |  |  |  |
Deferred income taxes |  |  | 16,101,834 |  |  |  | 16,249,776 |
Deferred postretirement medical |  |  | 1,781,917 |  |  |  | 1,781,917 |
Total non-current |  |  | 42,144,536 |  |  |  | 41,853,900 |
Total regulatory liabilities |  | $ | 44,455,561 |  |  | $ | 43,486,616 |
As of December 31, 2023 and September 30, 2023, the Company had regulatory assets in the amount of $8,218,209 and $8,243,721, respectively, on which the Company did not earn a return during the recovery period.

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- Definition The entire disclosure for detailed information about regulatory assets and liabilities, including current and noncurrent assets created when regulatory agencies permit the deferral of costs to the balance sheet that would otherwise be required to appear on the company's income statement and would be charged against current expenses or revenues, as well as current and noncurrent liabilities created when regulatory agencies permit. + References No definition available. + Details
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