As of April 30, 2014, we have determined that we are not the primary beneficiary under variable interest entity (VIE) accounting guidance in any of our equity method investments, as discussed in Note 12 to the condensed consolidated financial statements in this Form 10-Q. Based on our involvement in these investments, we do not have the power to direct the activities of these investments that most significantly impact the VIE's economic performance. As we are not the consolidating investor, we will continue to apply equity method accounting to these investments. Our maximum loss exposure related to these equity method investments is limited to our equity investment in each entity. As of April 30, 2014 and October 31, 2013, our investment balances are as follows.

		April 30,		October 31,
In thousands		2014		2013

Cardinal	$	16,573	$	18,207
Pine Needle		19,278		20,270
SouthStar		39,796		38,372
Hardy Storage		35,584		34,681
Constitution		36,226		16,939
Total equity method investments in non-utility activities	$	147,457	$	128,469

We have also reviewed various lease arrangements, contracts to purchase, sell or deliver natural gas and other agreements in which we hold a variable interest. In these cases, we have determined that we are not the primary beneficiary of the related VIE because we do not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, or the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.