Dominion Power 2005 Annual Report Download - page 98
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Notes to Consolidated Financial Statements, Continued
Note 31. Subsequent Event
On March 1, 2006, we entered into an agreement with Equitable
Resources, Inc. to sell two of our wholly-owned regulated gas distri-
bution subsidiaries, The Peoples Natural Gas Company and Hope
Gas, Inc., for $969.6 million plus adjustments to reflect capital
expenditures and changes in working capital. The transaction is
expected to close by the first quarter of 2007, subject to state
regulatory approvals in Pennsylvania and West Virginia, as well as
approval under the federal Hart-Scott-Rodino Act. The carrying
amounts of the major classes of assets and liabilities to be
disposed of are as follows:
At December 31, 2005 2004
(millions)
Assets
Current assets $ 438 $ 291
Property, plant and equipment, net 694 662
Deferred charges and other assets 107 89
Total assets $1,239 $1,042
Liabilities
Current liabilities $ 323 $ 200
Deferred credits and other liabilities 209 194
Total liabilities $ 532 $ 394
96 Dominion 2005