Note 3 - Segment Information

12 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

3. 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 executive management in deciding how to allocate resources and assess performance. The Company has two reportable segments based on the nature of their activities and are defined as follows:

Gas Utility - The natural gas distribution segment of the Company generates revenue from its tariff rates and other regulatory mechanisms through which it provides for 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 the LLC.

In order to reconcile to net income as disclosed in the consolidated statements of income, "Corporate and other" rows are included below associated with certain unallocated expenses that represent corporate reporting adjustments.

The accounting policies of the reported segments are the same as those described within Note 1. Information is routinely presented to the CODM, the Company's President and Chief Executive Officer, in a manner that makes significant elements of profitability and cash flows of each segment easily discernible. The CODM evaluates the performance of the reportable segments based on the Gas Utility's operating income (loss) and the Investment in Affiliates' equity in earnings, as well as cash flows, and uses these measures to evaluate segment performance and allocate resources, primarily during the annual budget and forecasting processes. The CODM regularly reviews variances between budgeted and actual results in assessing earnings, operational performance, and allocating resources including personnel and capital allocations that affect each reportable segment. When the CODM reviews balance sheet information, it is at a consolidated level. Intersegment transactions are recorded at cost. 

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

	Gas Utility		Investment in Affiliates			Consolidated Total
For the Year Ended September 30, 2025:
Operating revenues	$	95,231,943	$	—		$	95,231,943
Corporate and other		—		—			102,269
Total revenues		95,231,943		—			95,334,212
Cost of gas - utility		42,550,954		—			42,550,954
Operations and maintenance		19,729,415		181,995			19,911,410
Taxes other than income taxes		2,931,367		2,420			2,933,787
Depreciation and amortization		11,470,641		—			11,470,641
Corporate and other		—		—			19,919
Total operating income (loss)		18,549,566		(184,415	)		18,447,501
Equity in earnings		—		3,234,632			3,234,632
Interest expense		3,706,152		2,837,359			6,543,511
Income before income taxes		17,072,877		216,278			17,289,155
Corporate and other		—		—			82,350
Total income before income taxes	$	17,072,877	$	216,278		$	17,371,505
As of September 30, 2025:
Assets	$	291,571,159	$	21,679,154		$	313,250,313
Corporate and other		—		—			16,589,253
Total assets		291,571,159		21,679,154			329,839,566
Gross additions to utility property		20,730,140		—			20,730,140
Gross investment in affiliates	$	—	$	76,385		$	76,385

	Gas Utility		Investment in Affiliates			Consolidated Total
For the Year Ended September 30, 2024:
Operating revenues	$	84,533,101	$	—		$	84,533,101
Corporate and other		—		—			108,131
Total revenues		84,533,101		—			84,641,232
Cost of gas - utility		35,967,987		—		$	35,967,987
Operations and maintenance		18,215,354		133,486		$	18,348,840
Taxes other than income taxes		2,701,186		3,354		$	2,704,540
Depreciation and amortization		10,518,094		—			10,518,094
Corporate and other		—		—			20,011
Total operating income (loss)		17,130,480		(136,840	)		17,081,760
Equity in earnings		—		3,851,871			3,851,871
Interest expense		3,700,674		2,804,211			6,504,885
Income before income taxes		14,459,009		910,490			15,369,499
Corporate and other		—		—			88,008
Total income before income taxes	$	14,459,009	$	910,490		$	15,457,507
As of September 30, 2024:
Assets	$	280,508,989	$	21,324,361		$	301,833,350
Corporate and other		—		—			18,865,873
Total assets		280,508,989		21,324,361			320,699,223
Gross additions to utility property		22,094,406		—			22,094,406
Gross investment in affiliates	$	—	$	18,258		$	18,258