The Company typically accounts for tax equity investments using the proportional amortization method, if certain criteria are met. The election to account for tax equity investments using the proportional amortization method is done so on a tax credit program-by-tax credit program basis. Under the proportional amortization method, the Company amortizes the initial cost of the investment, which is inclusive of any delayed equity contributions, that are unconditional and legally binding or for equity contributions that are contingent on a future event, when that event becomes probable, in proportion to the income tax credits that are allocated to the Company over the period of the investment.

Under the proportional amortization method, the Company amortizes the initial cost of the investment, inclusive of delayed equity contributions, in proportion to the income tax credits that are allocated to the Company over the period of the investment. The net benefits of these investments, which are comprised of income tax credits and operating loss income tax benefits, net of investment amortization, are recognized in the Consolidated Statements of Income as a component of income tax expense. At March 31, 2026 and March 31, 2025, the carrying value of all tax equity investments was $66.2 million and $28.7 million, respectively, and were included in other assets on the Unaudited Consolidated Balance Sheets.

The carrying value of the investments accounted for under the proportional amortization method ("PAM") on March 31, 2026 included $12.5 million of delayed equity contributions described in the chart below.


Year Ending December 31,	Delayed Equity Contributions
	(In Thousands)
2026	$	7,759
2027	4,277
2028	245

Thereafter	237
Total delayed equity contributions	$	12,518

The following table presents income tax credits and other income tax benefits, as well as amortization expense, associated with all tax credit investments for which the Company has elected to apply the PAM.


	Three Months Ended March 31,
	2026		2025
	(In Thousands)
Benefit (expense) included in provision for income taxes
Amortization of tax credit investments	$	(2,074)	$	(1,006)
Tax credit and other tax benefit (expense)	2,764		1,232
Net benefit (expense) included in provision for income taxes	$	690	$	226

There was no material non-income tax related expense associated with these investments recorded outside of income tax expense for the three months ended March 31, 2026. There were no impairment losses recorded on tax equity investments during the three months ended March 31, 2026.