| Select Balance Sheet Information |
Select Balance Sheet Information Cash, Cash Equivalents and Restricted Cash The following table reconciles the amounts presented for cash, both unrestricted and restricted, in the consolidated balance sheets to the amounts presented in the consolidated statements of cash flows as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | (in thousands) | June 30,
2026 | | December 31,
2025 | | | | | | Cash and Cash Equivalents | $ | 278,383 | | | $ | 386,193 | | Restricted Cash(1) | 73,500 | | | — | | | Total Cash, Cash Equivalents and Restricted Cash | $ | 351,883 | | | $ | 386,193 | | (1) Represents the amounts held in the escrow accounts as part of the pending legal settlements of certain class-action lawsuits. These amounts will remain restricted until such time the related settlement agreements receive final court approval and the funds are disbursed to the class members or settlement agreements are terminated, at which point the funds would be returned to the Company. See Note 10, Commitments and Contingencies, for additional information. |
Receivables and Allowance for Credit Losses Receivables as of June 30, 2026 and December 31, 2025 are as follows: | | | | | | | | | | | | | (in thousands) | June 30,
2026 | | December 31,
2025 | | | | | | Receivables | | | | | Trade | $ | 169,019 | | | $ | 110,180 | | | Other | 10,653 | | | 12,094 | | | Unbilled Receivables | 21,270 | | | 24,868 | | | Total Receivables | 200,942 | | | 147,142 | | | Less: Allowance for Credit Losses | 1,908 | | | 1,646 | | | Receivables, net of allowance for credit losses | $ | 199,034 | | | $ | 145,496 | |
The following is a summary of activity in the allowance for credit losses for the six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | (in thousands) | 2026 | | 2025 | | | | | | Beginning Balance, January 1 | $ | 1,646 | | | $ | 1,920 | | | Additions Charged to Expense | 729 | | | 880 | | | Reductions for Amounts Written Off, Net of Recoveries | (467) | | | (443) | | Ending Balance, June 30 | $ | 1,908 | | | $ | 2,357 | |
Inventories Inventories consist of the following as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | (in thousands) | June 30,
2026 | | December 31,
2025 | | | | | Raw Material, Fuel and Supplies | $ | 101,547 | | | $ | 90,720 | | | Work in Process | 26,224 | | | 25,381 | | | Finished Goods | 42,209 | | | 42,497 | | | Total Inventories | $ | 169,980 | | | $ | 158,598 | |
Investments The following is a summary of our investments as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | (in thousands) | June 30,
2026 | | December 31,
2025 | | | | | Short-term Investments | | | | Government Debt Securities | $ | 54,921 | | | $ | 53,915 | | Corporate Debt Securities | 399 | | | 396 | | Total Short-term Investments | 55,320 | | | 54,311 | | Long-term Investments | | | | | Corporate-Owned Life Insurance Policies | 49,872 | | | 49,258 | | Government Debt Securities | 8,687 | | | 9,221 | | Corporate Debt Securities | 931 | | | 924 | | | Mutual Funds | 20,542 | | | 16,727 | | | Money Market Funds | 2,607 | | | 2,666 | | | Other Investments | 27 | | | 27 | | Total Long-term Investments | 82,666 | | | 78,823 | | | Total Investments | $ | 137,986 | | | $ | 133,134 | |
Debt Securities. The following table summarizes the amortized cost and fair value of available-for-sale debt securities and the corresponding amounts of gross unrealized gains and losses as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | | | | | | | | (in thousands) | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized (Losses) | | Fair Value | | | | | | | | | | Government Debt Securities | $ | 63,519 | | | $ | 133 | | | $ | (44) | | | $ | 63,608 | | | Corporate Debt Securities | 1,334 | | | 1 | | | (5) | | | 1,330 | | Total Debt Securities | $ | 64,853 | | | $ | 134 | | | $ | (49) | | | $ | 64,938 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | (in thousands) | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized (Losses) | | Fair Value | | | | | | | | | | Government Debt Securities | $ | 62,617 | | | $ | 527 | | | $ | (8) | | | $ | 63,136 | | | Corporate Debt Securities | 1,309 | | | 12 | | | (1) | | | 1,320 | | Total Debt Securities | $ | 63,926 | | | $ | 539 | | | $ | (9) | | | $ | 64,456 | |
As of June 30, 2026 and December 31, 2025, no unrealized losses on debt securities were deemed to be credit related. The following table summarizes the fair value of available-for-sale debt securities by contractual maturity date as of June 30, 2026: | | | | | | | (in thousands) | June 30, 2026 | | | Due in one year or less | $ | 55,320 | | Due in one to five years | 9,091 | | Due in five to ten years | 527 | | Total Debt Securities | $ | 64,938 | |
Equity Securities. The amount of net unrealized gains and losses during the three and six months ended June 30, 2026 and 2025 on marketable equity securities still held as of June 30, 2026 and 2025 was not material. Property, Plant and Equipment Major classes of property, plant and equipment as of June 30, 2026 and December 31, 2025 include: | | | | | | | | | | | | | (in thousands) | June 30,
2026 | | December 31,
2025 | | | | | | Electric Plant | | | | | Electric Plant in Service | $ | 3,461,933 | | | $ | 3,370,677 | | | Construction Work in Progress | 400,844 | | | 233,978 | | | Total Gross Electric Plant | 3,862,777 | | | 3,604,655 | | Less Accumulated Depreciation | 897,871 | | | 899,401 | | | Net Electric Plant | 2,964,906 | | | 2,705,254 | | | Nonelectric Property, Plant and Equipment | | | | Nonelectric Property, Plant and Equipment | 412,845 | | | 404,922 | | | Construction Work in Progress | 14,989 | | | 12,389 | | | Total Gross Nonelectric Property, Plant and Equipment | 427,834 | | | 417,311 | | Less Accumulated Depreciation | 254,310 | | | 245,880 | | | Net Nonelectric Property, Plant and Equipment | 173,524 | | | 171,431 | | Total Net Property, Plant and Equipment | $ | 3,138,430 | | | $ | 2,876,685 | |
Leases Land Leases. In connection with our Abercrombie Solar project, which is currently under construction in southeastern North Dakota, we have entered into multiple land lease agreements for the property on which the facility will be constructed. The leases commenced on May 1, 2026, and have an initial term of 35 years, with options to extend the lease term for up to an additional 10 years. Total contractual lease payments over the initial 35-year term are $53.9 million. Upon commencement of the leases, we recognized operating lease right-of-use assets and corresponding lease liabilities of $20.1 million during the three months ended June 30, 2026.
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