v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net margins including noncontrolling interest $ 23,661 $ 24,289
Adjustments to reconcile net margins to net cash provided by operating activities:    
Depreciation, amortization and depletion 141,196 219,582
Gain on sale of non-utility assets (3,887) 0
Amortization of intangible asset 10,568 10,562
Amortization of NRECA Retirement Security Plan prepayment 0 4,029
Amortization of debt issuance costs 1,944 1,639
Accretion of asset retirement obligations 3,384 5,089
Settlement of asset retirement and environmental remediation obligations (41,384) (8,912)
Deposits (refunds) associated with generator interconnection requests (6,564) 1,486
Provision for rate refund, including accrued interest 40,612 0
Rate stabilization revenue (50,700) (145,469)
Capital credit allocations from cooperatives and income from coal mines under refund distributions 1,525 1,923
Amortization of transmission credits (7,277) (8,050)
Changes in operating assets and liabilities:    
Accounts receivable (52,729) (7,128)
Coal inventory 32,976 (29,541)
Materials and supplies 4,128 (1,773)
Accounts payable and accrued expenses 15,390 (7,813)
Accrued interest 19,280 20,911
Accrued property taxes (3,418) (3,563)
Change in environmental remediation obligation (6,353) 0
Deferred membership withdrawal 208,437 86,033
Other 2,535 (12,617)
Net cash provided by operating activities 333,324 150,677
Investing activities    
Purchases of plant (187,635) (281,782)
Sale of electric plant 7,308 5,917
Sale of non-utility assets 16,044 0
Changes in deferred charges 292 (6,009)
Net cash used in investing activities (163,991) (281,874)
Financing activities    
Changes in Member advances 9,582 424
Payments of long-term debt (257,178) (80,823)
Proceeds from issuance of long-term debt 5,737 137,000
Debt issuance costs (1,389) (1,106)
Change in short-term borrowings, net 181,662 84,292
Retirement of patronage capital (49,119) (19,234)
Equity distribution to noncontrolling interest (932) (559)
Other (397) (570)
Net cash provided by (used in) financing activities (112,034) 119,424
Net increase (decrease) in cash, cash equivalents and restricted cash and investments 57,299 (11,773)
Cash, cash equivalents and restricted cash and investments – beginning 180,805 233,537
Cash, cash equivalents and restricted cash and investments – ending 238,104 221,764
Supplemental cash flow information:    
Cash paid for interest 97,387 92,988
Supplemental disclosure of noncash investing and financing activities:    
Change in plant expenditures included in accounts payable 1,937 798
Lease asset additions $ 1,141 $ 927