v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease and Non-lease Components for all Lease Agreements
We combine lease and non-lease components for all lease agreements.
ClassificationJune 30, 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(286,492)(283,417)
Total finance lease assets$16,240 $19,315 
Lease liabilities—Finance leases
Obligations under finance leases$27,531 $33,173 
Long-term debt and finance leases due within one year10,989 10,413 
Total finance lease liabilities$38,520 $43,586 
ClassificationJune 30, 2025December 31, 2024
(dollars in thousands)
Right-of-use assets—Operating leases  
Electric plant in service, net$6,736 $7,723 
Total operating lease assets$6,736 $7,723 
Lease liabilities—Operating leases
Capitalization—Other$4,804 $5,715 
Other current liabilities1,878 1,954 
Total operating lease liabilities$6,682 $7,669 
Schedule of Lease Cost
 
Three Months Ended
Six Months Ended
Lease CostClassificationJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
 (dollars in thousands)
Finance lease cost:   
Amortization of leased assetsDepreciation and amortization$2,603 $2,338 $5,207 $4,676 
Interest on lease liabilitiesInterest expense1,134 1,399 2,268 2,799 
Operating lease cost:
Inventory(1) & production expense
592 582 1,233 1,120 
    Total leased cost $4,329 $4,319 $8,708 $8,595 
(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.
Schedule of Lease Terms and Discount Rates
June 30, 2025December 31, 2024
Lease Term and Discount Rate:  
Weighted-average remaining lease term (in years)  
Finance leases3.944.37
Operating leases4.715.01
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
Six Months Ended June 30,
20252024
(dollars in thousands)
Other Information:  
Cash paid for amounts included in the measurement of lease liabilities  
Operating cash flows from finance leases$2,408 $2,925 
Operating cash flows from operating leases$1,233 $1,214 
Financing cash flows from finance leases$5,067 $4,550 
Right-of-use assets obtained in exchange for new operating lease liabilities$13 $2,791 
Schedule of Maturities of Finance Lease Liabilities
Maturity analysis of our finance and operating lease liabilities as of June 30, 2025 is as follows:
(dollars in thousands)
Year Ending December 31,Finance LeasesOperating LeasesTotal
2025$7,475 $1,136 $8,611 
202614,949 2,101 17,050 
202714,949 1,824 16,773 
20283,052 1,713 4,765 
20293,052 263 3,315 
Thereafter4,579 723 5,302 
Total lease payments$48,056 $7,760 $55,816 
Less: imputed interest(9,536)(1,078)(10,614)
Present value of lease liabilities$38,520 $6,682 $45,202 
Schedule of Maturities of Operating Lease Liabilities
Maturity analysis of our finance and operating lease liabilities as of June 30, 2025 is as follows:
(dollars in thousands)
Year Ending December 31,Finance LeasesOperating LeasesTotal
2025$7,475 $1,136 $8,611 
202614,949 2,101 17,050 
202714,949 1,824 16,773 
20283,052 1,713 4,765 
20293,052 263 3,315 
Thereafter4,579 723 5,302 
Total lease payments$48,056 $7,760 $55,816 
Less: imputed interest(9,536)(1,078)(10,614)
Present value of lease liabilities$38,520 $6,682 $45,202 
Schedule of Lease Income
Lease income recognized during the three and six months ended June 30, 2025 and 2024 was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(dollars in thousands)
Lease income$1,312 $1,392 $2,596 $2,779