Goodwill

6 Months Ended

Jun. 30, 2020

Goodwill [Abstract]

Goodwill

Note 4 – Goodwill 

The following table summarizes the changes in the Company’s goodwill, by business segment:

	Regulated Water		Regulated Natural Gas		Other		Consolidated
Balance at December 31, 2019	$	58,981	$	-	$	4,841	$	63,822
Goodwill acquired		118		2,269,437		-		2,269,555
Reclassification to utility plant acquisition adjustment		(91)		-		-		(91)
Other		249		-		-		249
Balance at June 30, 2020	$	59,257	$	2,269,437	$	4,841	$	2,333,535

On March 16, 2020, the Company completed the Peoples Gas Acquisition, which resulted in initial goodwill of $2,269,437, subject to adjustment over the one year measurement period. Refer to Note 3 – Acquisitions for information about the goodwill attributed to our Regulated Natural Gas segment.

The reclassification of goodwill to utility plant acquisition adjustment results from a mechanism approved by the applicable utility commission. The mechanism provides for the transfer over time, and the recovery through customer rates, of goodwill associated with some acquisition upon achieving specific objectives.