Regulatory Assets

12 Months Ended

Dec. 31, 2011

Regulatory Assets.

Regulatory Assets

10.Regulatory Assets

The following table summarizes the Company’s regulatory assets, net of amortization, as of December 31, 2011 and 2010.  The Company believes that it will continue to be subject to rate regulation that will provide for the recovery of its regulatory assets.

	December 31,
Description	2011	2010
	(Thousands)
Deferred taxes	$  89,224	$ 91,004
Deferred purchased gas costs	3,132	12,466
Other post-retirement benefits other than pensions	4,168	7,327
Other recoverable costs	703	3,862
Total regulatory assets	97,227	114,659
Amounts classified as other current assets	3,132	13,710
Total long-term regulatory assets	$  94,095	$100,949

The regulatory asset associated with deferred taxes primarily represents deferred income taxes recoverable through future rates once the taxes become current.  Deferred purchased gas costs are included in prepaid expenses and other in the Consolidated Balance Sheets.

The Company amortized $0.7 million and $1.4 million for the years ended December 31, 2010 and 2009, respectively, for post-retirement benefits other than pensions which had been previously deferred.  The Company recognizes expenses for on-going post-retirement benefits other than pensions which are subject to recovery in approved rates. The regulatory asset for other post-retirement benefits other than pension is expected to be recovered in rates within approximately 6 years.

As of December 31, 2011 the Company also had a regulatory liability of $2.1 million included in other current liabilities in the Consolidated Balance Sheets related to the over-recovery of costs associated with the Company’s program to assist low-income customers.

The regulatory assets for deferred taxes and other post-retirement benefits do not earn a return on investment.