v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present our assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 classified by the input method used to measure fair value:
(in thousands)Level 1Level 2Level 3
June 30, 2026
Assets:
Investments:
Money Market Funds$2,607 $— $— 
Mutual Funds20,542 — — 
Corporate Debt Securities— 1,330 — 
Government Debt Securities
— 63,608 — 
Derivative Instruments— 857 — 
Total Assets23,149 65,795 — 
Liabilities:
Derivative Instruments— 3,409 — 
Total Liabilities$— $3,409 $— 
December 31, 2025
Assets:
Investments:
Money Market Funds$2,666 $— $— 
Mutual Funds16,727 — — 
Corporate Debt Securities— 1,320 — 
Government Debt Securities
— 63,136 — 
Derivative Instruments— 124 — 
Total Assets19,393 64,580 — 
Liabilities:
Derivative Instruments— 2,717 — 
Total Liabilities$— $2,717 $— 
Level 1 fair value measurements are based on quoted prices (unadjusted) in active markets for identical assets that we have the ability to access at the measurement date.
The level 2 fair value measurements for government and corporate debt securities are determined based on valuations provided by third parties which utilize industry-accepted valuation models and observable market inputs to determine valuation. Some valuations or model inputs used by the pricing service may be based on broker quotes.
The level 2 fair value measurements for derivative instruments are determined by using inputs such as forward electric commodity prices, adjusted for location differences. These inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace.
In addition to assets recorded at fair value on a recurring basis, we also hold financial instruments that are not recorded at fair value in the consolidated balance sheets but for which disclosure of the fair value of these financial instruments is provided.
The following reflects the carrying value and estimated fair value of these assets and liabilities as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(in thousands)Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Assets:
Cash and Cash Equivalents$278,383 $278,383 $386,193 $386,193 
Restricted Cash73,500 73,500 — — 
Total Assets
351,883 351,883 386,193 386,193 
Liabilities:
Short-Term Debt53,847 53,847 60,242 60,242 
Long-Term Debt1,212,866 1,086,036 1,043,517 923,639 
Total Liabilities
$1,266,713 $1,139,883 $1,103,759 $983,881 
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
Cash Equivalents: The carrying amount approximates fair value because of the short-term maturity of these instruments. Fair value is determined based on quoted prices in active markets, a Level 1 fair value input.
Short-Term Debt: The carrying amount approximates fair value because the debt obligations are short-term in nature and balances outstanding are subject to variable rates of interest which reset frequently, a Level 2 fair value input.
Long-Term Debt: The fair value of long-term debt is estimated based on current market indications for borrowings of similar maturities with similar terms, a Level 2 fair value input.