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Investments
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Investments INVESTMENTS
Investments include gas reserves, financial investments in life insurance policies, and equity method investments. The following table summarizes other investments:
NW HoldingsNW Natural
June 30,December 31,June 30,December 31,
In thousands202620252025202620252025
Investments in life insurance policies$34,197 $46,221 $45,606 $34,197 $46,221 $45,606 
Investments in gas reserves, non-current14,099 16,803 15,443 14,099 16,803 15,443 
Investment in unconsolidated affiliates20,702 19,199 19,627 — — — 
Total other investments$68,998 $82,223 $80,676 $48,296 $63,024 $61,049 

Investment in Life Insurance Policies
Other investments include financial investments in life insurance policies, which are accounted for at cash surrender value, net of policy loans. See Note 13 in the 2025 Form 10-K.

NW Natural Gas Reserves
NW Natural has invested $188 million through the gas reserves program in the Jonah Field located in Wyoming as of June 30, 2026. Gas reserves are stated at cost, net of regulatory amortization, with the associated deferred tax benefits of $1.1 million, $1.9 million, and $1.8 million, which are recorded as liabilities in the June 30, 2026, June 30, 2025, and December 31, 2025 consolidated balance sheets, respectively. NW Natural's investment is included in NW Holdings' and NW Natural's consolidated balance sheets under other current assets and other investments (non-current portion) with the maximum loss exposure limited to the investment balance. The amount of gas reserves included in other current assets was $2.6 million, $2.7 million, and $2.6 million as of June 30, 2026, June 30, 2025, and December 31, 2025, respectively. See Note 13 in the 2025 Form 10-K.

Investments in Unconsolidated Affiliates
In December 2021, NWN Water purchased a 37.3% ownership stake in Avion Water Company, Inc. (Avion Water), an investor-owned water utility for $14.5 million. NWN Water subsequently increased its ownership stake in Avion Water as follows:
In millionsAmountOwnership %
July 2022$1.0 40.3 %
June 2023$1.0 43.1 %
January 2024$1.0 45.6 %
February 2025$1.0 47.9 %
January 2026$1.0 50.0 %

Avion Water operates in Bend, Oregon and the surrounding communities, serving approximately 17,000 connections and employing 41 people. The carrying value of the equity method investment is $10.1 million higher than the underlying equity in the net assets of the investee at June 30, 2026 due to equity method goodwill. NWN Water's share in the earnings of Avion Water is included in other income (expense), net.