(11) OTHER COMPREHENSIVE INCOME We record deferred gains (losses) in AOCI related to interest rate swaps designated as cash flow hedges, commodity contracts designated as cash flow hedges, and the amortization of components of our defined benefit plans. Deferred gains (losses) for our commodity contracts designated as cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate swaps are recognized in earnings as they are amortized. The following table details reclassifications out of AOCI and into Net income. The amounts in parentheses below indicate decreases to Net income in the Consolidated Statements of Income for the period, net of tax:
|
|
|
|
|
|
|
|
|
Location on the Consolidated |
Amount Reclassified from AOCI |
|
|
Statements of Income |
December 31, 2025 |
|
December 31, 2024 |
|
|
|
(in millions) |
|
Gains and (losses) on cash flow hedges: |
|
|
|
|
|
Interest rate swaps |
Interest expense |
$ |
(2.9 |
) |
$ |
(2.9 |
) |
Commodity contracts |
Fuel, purchased power, and cost of natural gas sold |
|
(1.0 |
) |
|
(3.5 |
) |
|
|
|
(3.9 |
) |
|
(6.4 |
) |
Income tax |
Income tax benefit (expense) |
|
0.9 |
|
|
1.4 |
|
Total reclassification adjustments related to cash flow hedges, net of tax |
|
$ |
(3.0 |
) |
$ |
(5.0 |
) |
|
|
|
|
|
|
Amortization of components of defined benefit plans: |
|
|
|
|
|
Prior service cost |
Operations and maintenance |
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
Actuarial gain (loss) |
Operations and maintenance |
|
0.8 |
|
|
(0.2 |
) |
|
|
|
0.8 |
|
|
(0.2 |
) |
Income tax |
Income tax benefit (expense) |
|
(0.2 |
) |
|
0.1 |
|
Total reclassification adjustments related to defined benefit plans, net of tax |
|
$ |
0.6 |
|
$ |
(0.1 |
) |
|
|
|
|
|
|
Total reclassifications |
|
$ |
(2.4 |
) |
$ |
(5.1 |
) |
Balances by classification included within AOCI, net of tax on the accompanying Consolidated Balance Sheets were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives Designated as
Cash Flow Hedges |
|
|
|
|
|
|
Interest Rate Swaps |
|
Commodity Derivatives |
|
Employee Benefit Plans |
|
Total |
|
|
(in millions) |
|
As of December 31, 2023 |
$ |
(6.1 |
) |
$ |
(2.5 |
) |
$ |
(6.2 |
) |
$ |
(14.8 |
) |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
before reclassifications |
|
— |
|
|
(0.5 |
) |
|
0.8 |
|
|
0.3 |
|
Amounts reclassified from AOCI |
|
2.3 |
|
|
2.7 |
|
|
0.1 |
|
|
5.1 |
|
As of December 31, 2024 |
$ |
(3.8 |
) |
$ |
(0.3 |
) |
$ |
(5.3 |
) |
$ |
(9.4 |
) |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
before reclassifications |
|
— |
|
|
(2.7 |
) |
|
— |
|
|
(2.7 |
) |
Amounts reclassified from AOCI |
|
2.2 |
|
|
0.8 |
|
|
(0.6 |
) |
|
2.4 |
|
As of December 31, 2025 |
$ |
(1.6 |
) |
$ |
(2.2 |
) |
$ |
(5.9 |
) |
$ |
(9.7 |
) |
|