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Tax Equity Investments
 6 Months Ended
Jun. 30, 2026
Schedule of Investments [Abstract]  
Tax Equity Investments Tax Equity Investments
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.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.
As of June 30, 2026 and December 31, 2025, the carrying value of all tax equity investments was $65.8 million and $71.4 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 June 30, 2026 included $9.6 million of delayed equity contributions described in the chart below.
As of June 30, 2026, the Company's delayed equity contributions were estimated to be paid as follows:
Year Ending December 31,Delayed Equity Contributions
(In Thousands)
2026$4,869 
20274,277 
2028245 
Thereafter237 
Total delayed equity contributions$9,628 
The following table presents income tax credits and other income tax benefits, as well as amortization expense, associated with the tax credit investments accounted for under the PAM.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In Thousands)
Benefit (expense) included in provision for income taxes
Amortization of tax credit investments$(2,073)$(908)$(4,147)$(1,914)
Tax credit and other tax benefit (expense)2,757 1,235 5,521 2,467 
Net benefit (expense) included in provision for income taxes$684 $327 $1,374 $553 
There was no material non-income tax related expense associated with these investments recorded outside of income tax expense for the three and six months ended June 30, 2026. There were no impairment losses recorded on tax equity investments during the three and six months ended June 30, 2026.