v3.26.1
Select Balance Sheet Information (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Restricted and Unrestricted 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.
Schedule of Restricted and Unrestricted 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.
Schedule of Receivables
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 
Other10,653 12,094 
Unbilled Receivables21,270 24,868 
Total Receivables200,942 147,142 
Less: Allowance for Credit Losses1,908 1,646 
Receivables, net of allowance for credit losses$199,034 $145,496 
Schedule of Activity in Allowance for Credit Losses
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)20262025
Beginning Balance, January 1$1,646 $1,920 
Additions Charged to Expense729 880 
Reductions for Amounts Written Off, Net of Recoveries(467)(443)
Ending Balance, June 30
$1,908 $2,357 
Schedule of 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 Process26,224 25,381 
Finished Goods42,209 42,497 
Total Inventories$169,980 $158,598 
Schedule of 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 Policies49,872 49,258 
Government Debt Securities
8,687 9,221 
Corporate Debt Securities
931 924 
Mutual Funds20,542 16,727 
Money Market Funds2,607 2,666 
Other Investments27 27 
Total Long-term Investments
82,666 78,823 
Total Investments$137,986 $133,134 
Schedule of Amortized Costs and Fair Value of Debt Securities, Available-for-Sale 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 Securities1,334 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 Securities1,309 12 (1)1,320 
Total Debt Securities
$63,926 $539 $(9)$64,456 
Schedule of Investments Classified by Contractual Maturity Date
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 
Schedule of 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 Progress400,844 233,978 
Total Gross Electric Plant3,862,777 3,604,655 
Less Accumulated Depreciation
897,871 899,401 
Net Electric Plant2,964,906 2,705,254 
Nonelectric Property, Plant and Equipment
Nonelectric Property, Plant and Equipment
412,845 404,922 
Construction Work in Progress14,989 12,389 
Total Gross Nonelectric Property, Plant and Equipment427,834 417,311 
Less Accumulated Depreciation
254,310 245,880 
Net Nonelectric Property, Plant and Equipment173,524 171,431 
Total Net Property, Plant and Equipment
$3,138,430 $2,876,685