v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Utility plant:    
Land $ 64,379 $ 56,621
Depreciable plant and equipment 5,471,263 4,977,217
Construction work in progress 333,824 329,439
Intangible assets 39,776 37,212
Total utility plant 5,909,242 5,400,489
Less accumulated depreciation and amortization (1,329,652) (1,241,785)
Net utility plant 4,579,590 4,158,704
Current assets:    
Cash and cash equivalents 51,820 50,121
Restricted cash 45,553 45,566
Receivables:    
Customers, net 56,322 58,585
Regulatory balancing accounts 72,511 55,917
Other, net 49,004 33,976
Accrued and unbilled revenue, net 39,674 39,718
Materials and supplies 19,784 20,511
Taxes, prepaid expenses, and other assets 19,760 19,742
Total current assets 354,428 324,136
Other assets:    
Regulatory assets 339,865 357,406
Goodwill 37,063 37,063
Other 360,219 302,974
Total other assets 737,147 697,443
TOTAL ASSETS 5,671,165 5,180,283
Capitalization:    
Common stock, $0.01 par value; 136,000 shares authorized, 59,638 and 59,484 outstanding in 2025 and 2024, respectively 596 595
Additional paid-in capital 973,454 966,975
Retained earnings 729,276 674,918
Accumulated other comprehensive loss (13,922) (7,217)
Noncontrolling interest 2,571 3,015
Total equity 1,691,975 1,638,286
Long-term debt, net 1,471,968 1,104,571
Total capitalization 3,163,943 2,742,857
Current liabilities:    
Current maturities of long-term debt, net 2,270 72,422
Short-term borrowings 130,000 205,000
Accounts payable 175,729 167,533
Regulatory balancing accounts 25,458 22,648
Accrued other taxes 6,048 6,084
Accrued interest 12,976 8,406
Other accrued liabilities 65,683 56,271
Total current liabilities 418,164 538,364
Deferred income taxes 450,946 411,083
Regulatory liabilities 929,814 814,551
Pension 94,226 81,665
Advances for construction 210,638 202,614
Contributions in aid of construction 297,016 294,970
Other long-term liabilities 106,418 94,179
Contingencies and commitments (Note 15)
TOTAL CAPITALIZATION AND LIABILITIES $ 5,671,165 $ 5,180,283

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