Note 5 – Assets and Liabilities Held for Sale

At December 31, 2014, the Company was involved in final negotiations for the sale of its Pennsylvania utilities, Clarion and Walker, to Utility Pipeline, LTD. Clarion and Walker have historically been reported as a component of the Company’s Natural Gas Operations segment and have, collectively, contributed $212,774, $46,092, and $56,388 to the Company’s pre-tax income from continuing operations for the years ended December 31, 2014, 2013, and 2012, respectively. The Company does not believe that the sale of Clarion and Walker constitutes a strategic shift that will have a major effect on its operations or financial results and as such, neither of the subsidiaries have classified as discontinued operations in the Company’s financial statements, but instead have been classified as assets and liabilities held for sale at December 31, 2014. See Note 25 – Subsequent Events for more information regarding this transaction.

The following table summarizes the major classes of asset and liabilities classified as held for sale at December 31, 2014.

	December 31,
	2014

Current Assets:
Accounts receivable, net		49,069
Unbilled gas		22,151
Inventory		3,622
Prepayments and other		5,401
Regulatory assets, current		203,241
Total current assets		283,484
Non-Current Assets:
Property, plant & equipment, net		407,247
Goodwill		111,705
Total non-current assets		518,952

Total assets held for sale	$	802,436

Current Liabilities:
Accounts payable		36,184
Accrued liabilities		21,632
Other current liabilities		3,600
Total liabilities held for sale	$	61,416