Segment Information

12 Months Ended

Sep. 30, 2020

SEGMENT INFORMATION

Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and assess performance. The Company uses operating income and equity in earnings to assess segment performance.

Intersegment transactions are recorded at cost.

The reportable segments disclosed herein are defined as follows:

Gas Utility - The natural gas segment of the Company generates revenue from its tariff rates and other regulatory mechanisms through which it provides the sale and distribution of natural gas to its residential, commercial and industrial customers.

Investment in Affiliates - The investment in affiliates segment reflects the income generated through the activities of the Company's investment in MVP and Southgate projects.

Parent and Other - Parent and other include the unregulated activities of the Company as well as certain corporate eliminations.

Information related to the segments of the Company are provided below:


	Gas Utility		Investment in Affiliates		Parent and Other		Consolidated Total
For the Year Ended September 30, 2020:
Operating revenues	$	62,408,925	$	—	$	666,466	$	63,075,391
Depreciation	7,890,725		—		—		7,890,725
Operating income (loss)	12,429,613		(220,194)		308,763		12,518,182
Equity in earnings	—		4,814,874		—		4,814,874
Interest expense	2,730,822		1,368,336		—		4,099,158
Income before income taxes	10,350,946		3,233,233		286,015		13,870,194

As of September 30, 2020:
Total assets	$	211,994,364	$	57,660,105	$	12,025,038	$	281,679,507
Gross additions to utility property	22,916,339		—		—		22,916,339
Gross investment in MVP and Southgate	—		7,864,859		—		7,864,859


	Gas Utility		Investment in Affiliates		Parent and Other		Consolidated Total
For the Year Ended September 30, 2019:
Operating revenues	$	67,306,260	$	—	$	720,265	$	68,026,525
Depreciation	7,454,274		—		—		7,454,274
Operating income (loss)	11,458,679		(153,149)		289,934		11,595,464
Equity in earnings	—		3,020,348		—		3,020,348
Interest expense	2,404,518		1,214,033		—		3,618,551
Income before income taxes	9,400,869		1,657,988		290,286		11,349,143

As of September 30, 2019:
Total assets	$	195,969,019	$	47,429,368	$	14,955,309	$	258,353,696
Gross additions to utility property	21,884,317		—		—		21,884,317
Gross investment in MVP and Southgate	—		20,965,907		—		20,965,907