v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Balance Sheet Impact of Leases
We combine lease and non-lease components for all lease agreements.
ClassificationMarch 31, 2025December 31, 2024
(dollars in thousands)
Right-of-use assets—Finance leases  
Right-of-use assets$302,732 $302,732 
Less: Accumulated provision for depreciation(284,735)(283,417)
Total finance lease assets$17,997 $19,315 
Lease liabilities—Finance leases
Obligations under finance leases$33,173 $33,173 
Long-term debt and finance leases due within one year10,413 10,413 
Total finance lease liabilities$43,586 $43,586 
ClassificationMarch 31, 2025December 31, 2024
(dollars in thousands)
Right-of-use assets—Operating leases  
Electric plant in service, net$7,211 $7,723 
Total operating lease assets$7,211 $7,723 
Lease liabilities—Operating leases
Capitalization—Other$5,242 $5,715 
Other current liabilities1,915 1,954 
Total operating lease liabilities$7,157 $7,669 
Schedule of Lease Cost
 Three Months Ended
Lease CostClassificationMarch 31, 2025March 31, 2024
 (dollars in thousands)
Finance lease cost:   
Amortization of leased assetsDepreciation and amortization$2,604 $2,338 
Interest on lease liabilitiesInterest expense1,134 1,400 
Operating lease cost:
Inventory(1) & production expense
641 538 
    Total leased cost $4,379 $4,276 
(1) The majority of our operating lease costs relate to our railcar leases and such costs are added to the cost of our fossil-fuel inventories and are recognized in fuel expense as the inventories are consumed.
Summary of Lease Terms and Discount Rates
March 31, 2025December 31, 2024
Lease Term and Discount Rate:  
Weighted-average remaining lease term (in years)  
Finance leases4.124.37
Operating leases4.825.01
Weighted-average discount rate:
Finance leases11.05 %11.05 %
Operating leases6.34 %6.34 %
Schedule of Cash Paid For Amounts Included in The Measurement of Lease Liabilities
Three Months Ended March 31,
20252024
(dollars in thousands)
Other Information:  
Cash paid for amounts included in the measurement of lease liabilities  
Operating cash flows from operating leases$641 $632 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $17 
Schedule of Maturities of Finance Lease Liabilities
Maturity analysis of our finance and operating lease liabilities as of March 31, 2025 is as follows:
(dollars in thousands)
Year Ending December 31,Finance LeasesOperating LeasesTotal
2025$14,949 $1,725 $16,674 
202614,949 2,096 17,045 
202714,949 1,819 16,768 
20283,052 1,709 4,761 
20293,052 263 3,315 
Thereafter4,579 723 5,302 
Total lease payments$55,530 $8,335 $63,865 
Less: imputed interest(11,944)(1,178)(13,122)
Present value of lease liabilities$43,586 $7,157 $50,743 
Schedule of Maturities of Operating Lease Liabilities
Maturity analysis of our finance and operating lease liabilities as of March 31, 2025 is as follows:
(dollars in thousands)
Year Ending December 31,Finance LeasesOperating LeasesTotal
2025$14,949 $1,725 $16,674 
202614,949 2,096 17,045 
202714,949 1,819 16,768 
20283,052 1,709 4,761 
20293,052 263 3,315 
Thereafter4,579 723 5,302 
Total lease payments$55,530 $8,335 $63,865 
Less: imputed interest(11,944)(1,178)(13,122)
Present value of lease liabilities$43,586 $7,157 $50,743 
Schedule of Lease Income
Lease income recognized during the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended March 31,
20252024
(dollars in thousands)
Lease income$1,284 $1,387