XML 22 R11.htm IDEA: XBRL DOCUMENT v3.23.1
Property, Plant and Equipment
3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and EquipmentIn September 2022, Gulf South Pipeline Company, LLC (Gulf South), a wholly owned subsidiary of the Company, submitted an application with the FERC seeking authorization to reclassify 13.54 billion cubic feet (Bcf) of working gas capacity as additional base gas. The reclassification was necessary to reflect changing operational practices and was supported, among other things, by an operational study of certain storage assets. In the first quarter 2023, Gulf South had accumulated the required natural gas of approximately 13.54 Bcf to achieve the increased base gas capacity requirements and the FERC comment period closed with no protests or subject to any comments. As of March 31, 2023, as a result of the operational need for the base gas, Gulf South reclassified the approximately 13.54 Bcf of natural gas at its carrying value of $47.8 million to Property, Plant and Equipment, of which $40.9 million of the natural gas had been recorded in Gas Stored Underground within Current Assets, and $6.9 million had been recorded in Gas Stored Underground within Other Assets. The application was approved by the FERC in April 2023.