Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations

Discontinued Operations

B. Discontinued Operations

On December 17, 2013, the Company and its wholly-owned subsidiary Distribution Holdco, LLC (Holdco) completed the disposition of their ownership interests in Equitable Gas Company, LLC (Equitable Gas) and Equitable Homeworks, LLC (Homeworks) to PNG Companies LLC (the Equitable Gas Transaction). The transaction remains subject to certain post-closing adjustments. Equitable Gas and Homeworks comprised substantially all of the Company’s previously reported Distribution segment.  The financial information of Equitable Gas and Homeworks is reflected as discontinued operations for all periods presented in these financial statements.  Prior periods have been recast to reflect this presentation.

The following table summarizes the components of discontinued operations activity:

	Three Months Ended
	March 31,
	2014		2013
	(Thousands)
Operating revenues	$	–	$	154,046
(Loss) income from discontinued operations before income taxes	(181)		54,206
Income tax (benefit) expense	(77)		19,165
(Loss) income from discontinued operations, net of tax	$	(104)	$	35,041

The Company incurred $2.1 million of transaction costs related to the Equitable Gas Transaction during the three months ended March 31, 2013, which are included in the results of discontinued operations.