Annual Balance Sheet

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Balance Sheet Breakdown
Account Item	Year Ending Dec 2025 (Update)	Year Ending Dec 2024 (Update)	Year Ending Dec 2023 (Update)	Year Ending Dec 2022 (Update)	Year Ending Dec 2021 (Update)	Year Ending Dec 2020 (Update)	Year Ending Dec 2019 (Update)	Year Ending Dec 2018 (Update)	Year Ending Dec 2017 (Update)	Year Ending Dec 2016 (Update)
Cash & Equivalents	18.82	26.66	14.07	6.00	4.96	36.74	1.33	7.14	0.21	0.44
Short Term Investments	0.00	0.00	0.00	11.85	4.44	0.00	0.00	0.00	0.00	0.00
Cash and Short Term Investments	18.82	26.66	14.07	17.84	9.40	36.74	1.33	7.14	0.21	0.44
Accounts Receivable - Trade, Gross	126.05	108.92	103.44	79.23	78.46	72.49	63.10	71.16	39.14	32.38
Provision for Doubtful Accounts	-3.77	-3.68	-3.59	-4.44	-3.57	-5.32	-0.92	-0.95	-1.04	-0.76
Accounts Receivable - Trade, Net	122.28	105.24	99.85	74.79	74.89	67.18	62.18	70.21	38.10	31.61
Receivables - Other	0.00	0.07	0.05	3.90	0.24	0.10	5.69	2.16	4.74	17.87
Total Receivables, Net	122.28	105.31	99.90	78.69	75.12	67.28	67.87	72.37	42.84	49.48
Inventories - Raw Materials	16.41	15.14	17.57	14.62	12.16	8.62	6.43	5.78	4.80	4.29
Inventories - Other	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	41.39	41.25
Total Inventory	16.41	15.14	17.57	14.62	12.16	8.62	6.43	5.78	46.18	45.54
Prepaid Expenses	7.55	7.29	5.77	5.45	5.32	5.56	5.41	6.06	5.60	3.74
Unbilled Utility Revenues	26.62	28.45	23.52	20.66	27.15	25.84	20.48	23.59	26.41	24.39
Other Current Assets	39.40	50.50	45.14	14.03	8.90	13.09	20.93	16.53	34.22	43.30
Other Current Assets, Total	66.02	78.95	68.66	34.69	36.04	38.92	41.41	40.12	60.63	67.69
Total Current Assets	231.07	233.35	205.98	151.29	138.05	157.12	122.46	131.47	155.46	166.88
Construction in Progress - Gross	255.48	304.93	237.13	181.65	167.92	150.15	119.55	78.06	63.84	63.35
Other Property/Plant/Equipment - Gross	6.09	8.03	7.98	9.54	10.48	11.15	13.17	0.00	0.00	0.00
Property/Plant/Equipment, Total - Gross	261.58	312.96	245.11	191.18	178.39	161.29	132.72	78.06	63.84	63.35
Property/Plant/Equipment, Total - Net	319.64	362.78	288.05	228.09	219.20	196.61	163.01	103.41	87.91	84.19
Goodwill, Net	0.00	0.00	1.12	1.12	1.12	1.12	1.12	1.12	1.12	1.12
Intangibles - Gross	34.74	34.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accumulated Intangible Amortization	-29.81	-28.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Intangibles, Net	4.93	5.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Utility Plant - Gross	2,660.36	2,409.26	2,279.62	2,178.35	2,052.35	1,930.22	1,839.42	1,780.11	1,674.53	1,620.33
Utility Plant Accumulated Depreciation	-623.85	-619.87	-624.47	-606.23	-594.26	-568.33	-543.26	-561.86	-533.37	-532.75
Utility Plant, Net	2,036.51	1,789.40	1,655.15	1,572.12	1,458.09	1,361.90	1,296.16	1,218.26	1,141.16	1,087.57
Total Utility Plant, Net	2,036.51	1,789.40	1,655.15	1,572.12	1,458.09	1,361.90	1,296.16	1,218.26	1,141.16	1,087.57
Note Receivable - Long Term	29.00	40.43	51.49	62.53	65.11	60.82	50.89	41.86	0.00	0.00
Other Long Term Assets	93.95	68.37	44.34	19.23	19.41	14.05	7.70	5.32	31.09	130.74
Other Long Term Assets, Total	93.95	68.37	44.34	19.23	19.41	14.05	7.70	5.32	31.09	130.74
Total Assets	2,715.09	2,500.21	2,246.12	2,034.37	1,900.98	1,791.60	1,641.33	1,501.43	1,416.73	1,470.49
Accounts Payable	86.02	88.59	68.71	84.85	65.90	63.79	55.62	59.53	50.98	43.72
Accrued Expenses	40.67	42.42	39.86	37.45	39.98	33.87	30.26	23.94	20.31	21.42
Notes Payable/Short Term Debt	0.00	124.00	42.00	255.50	31.00	0.00	5.00	0.00	59.00	90.00
Current Portion of Long Term Debt/Capital Leases	8.21	0.39	0.35	0.40	0.38	0.36	0.34	40.32	0.32	0.33
Customer Advances	11.74	5.66	1.35	0.90	0.26	1.80	11.17	7.53	3.91	2.26
Income Taxes Payable	1.17	0.48	0.49	1.85	4.66	6.78	0.10	0.36	0.23	0.15
Other Current Liabilities	26.81	23.98	13.87	15.57	13.39	11.97	13.51	14.91	21.91	20.06
Other Current liabilities, Total	39.71	30.13	15.71	18.32	18.31	20.56	24.77	22.80	26.05	22.47
Total Current Liabilities	174.61	285.53	166.62	396.52	155.57	118.57	116.00	146.59	156.66	177.94
Long Term Debt	923.70	805.38	867.06	468.55	586.68	574.55	481.00	376.59	321.04	320.98
Total Long Term Debt	923.70	805.38	867.06	468.55	586.68	574.55	481.00	376.59	321.04	320.98
Total Debt	931.91	929.77	909.41	724.45	618.05	574.91	486.34	416.91	380.36	411.31
Deferred Income Tax - Long Term Liability	194.12	180.17	161.58	149.68	140.29	131.17	125.30	114.22	115.70	224.53
Deferred Income Tax	194.12	180.17	161.58	149.68	140.29	131.17	125.30	114.22	115.70	224.53
Pension Benefits - Underfunded	36.56	33.82	32.65	33.64	75.24	111.07	68.47	68.90	68.70	60.97
Other Long Term Liabilities	340.52	275.26	242.11	276.44	257.26	214.57	249.03	236.92	224.68	191.77
Other Liabilities, Total	377.08	309.08	274.76	310.08	332.50	325.64	317.50	305.82	293.39	252.74
Total Liabilities	1,669.51	1,580.16	1,470.01	1,324.83	1,215.04	1,149.93	1,039.80	943.21	886.79	976.20
Common Stock	425.15	355.14	263.18	260.16	258.44	256.67	255.57	253.69	529.95	494.30
Common Stock, Total	425.15	355.14	263.18	260.16	258.44	256.67	255.57	253.69	529.95	494.30
Retained Earnings (Accumulated Deficit)	620.43	564.91	512.93	449.39	427.51	385.01	345.96	304.53	0.00	0.00
Total Equity	1,045.58	920.05	776.11	709.55	685.95	641.67	601.53	558.22	529.95	494.30
Total Liabilities & Shareholders' Equity	2,715.09	2,500.21	2,246.12	2,034.37	1,900.98	1,791.60	1,641.33	1,501.43	1,416.73	1,470.49
Shares Outstanding – Common Stock Primary Issue	39.08	38.15	36.98	36.96	36.94	36.89	36.85	36.76	36.68	36.57
Total Common Shares Outstanding	39.08	38.15	36.98	36.96	36.94	36.89	36.85	36.76	36.68	36.57
Treasury Shares – Common Primary Issue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employees	900.00	846.00	815.00	811.00	808.00	841.00	841.00	817.00	758.00	736.00
Number of Common Shareholders	1,648.00	1,739.00	1,854.00	1,950.00	2,011.00	2,081.00	2,135.00	2,204.00	2,300.00	2,400.00
Accumulated Intangible Amortization	29.81	28.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Deferred Revenue - Current	11.74	5.66	1.35	0.90	0.26	1.80	11.17	7.53	3.91	2.26
Deferred Revenue - Long Term	77.98	69.86	67.43	64.35	66.73	63.37	63.99	66.31	67.47	69.72
Total Current Assets less Inventory	214.67	218.21	188.40	136.67	125.89	148.50	116.03	125.69	109.28	121.34
Quick Ratio	1.23	0.76	1.13	0.34	0.81	1.25	1.00	0.86	0.70	0.68
Current Ratio	1.32	0.82	1.24	0.38	0.89	1.33	1.06	0.90	0.99	0.94
Net Debt	913.09	903.11	895.34	706.60	608.65	538.17	485.01	409.77	380.15	410.88
Tangible Book Value	1,040.66	914.15	774.99	708.43	684.83	640.56	600.41	557.11	528.83	493.18
Tangible Book Value per Share	26.63	23.96	20.96	19.17	18.54	17.36	16.29	15.16	14.42	13.49
Total Long Term Debt, Supplemental	0.00	0.00	0.00	0.00	0.00	444.27	284.70	324.98	325.27	325.58
Long Term Debt Maturing within 1 Year	0.00	0.00	0.00	0.00	0.00	0.36	0.34	40.32	0.32	0.33
Long Term Debt Maturing in Year 2	0.00	0.00	0.00	0.00	0.00	0.38	0.37	0.35	40.32	0.33
Long Term Debt Maturing in Year 3	0.00	0.00	0.00	0.00	0.00	0.41	0.39	0.37	0.35	40.32
Long Term Debt Maturing in Year 4	0.00	0.00	0.00	0.00	0.00	0.43	0.41	0.39	0.37	0.35
Long Term Debt Maturing in Year 5	0.00	0.00	0.00	0.00	0.00	0.45	0.43	0.40	0.39	0.37
Long Term Debt Maturing in 2-3 Years	0.00	0.00	0.00	0.00	0.00	0.79	0.76	0.71	40.67	40.65
Long Term Debt Maturing in 4-5 Years	0.00	0.00	0.00	0.00	0.00	0.88	0.83	0.79	0.76	0.71
Long Term Debt Maturing in Year 6 & Beyond	0.00	0.00	0.00	0.00	0.00	442.25	282.77	283.15	283.52	283.89
Total Operating Leases	6.47	8.47	8.48	9.98	10.96	11.65	13.59	9.00	7.95	8.65
Operating Lease Payments Due in Year 1	2.32	2.42	2.16	2.26	2.55	2.56	2.71	2.82	2.25	2.45
Operating Lease Payments Due in Year 2	2.19	2.37	2.07	2.18	2.14	2.32	2.53	2.53	1.93	2.11
Operating Lease Payments Due in Year 3	1.82	2.09	1.82	1.92	1.82	1.83	2.22	1.50	1.72	1.68
Operating Lease Payments Due in Year 4	0.62	1.79	1.56	1.68	1.65	1.50	1.78	1.01	0.82	1.35
Operating Lease Payments Due in Year 5	0.00	0.62	1.31	1.45	1.46	1.32	1.50	0.55	0.89	0.34
Operating Lease Payments Due in 2-3 Years	4.01	4.46	3.88	4.09	3.96	4.14	4.75	4.03	3.65	3.79
Operating Lease Payments Due in 4-5 Years	0.62	2.40	2.86	3.13	3.11	2.83	3.28	1.55	1.71	1.69
Standardized Operating Lease Payments Due in Year 6 and Beyond	-0.48	-0.82	-0.43	0.50	1.35	2.12	2.85	0.61	0.34	0.72
Pension Obligation - Domestic	238.22	230.24	236.56	221.49	295.84	309.39	261.56	220.60	231.75	201.15
Post-Retirement Obligation	1.66	1.88	1.97	2.01	2.69	5.91	7.40	7.89	8.49	8.80
Plan Assets - Domestic	243.25	217.16	205.31	186.91	233.52	213.15	192.48	162.53	173.65	150.87
Plan Assets - Post-Retirement	16.02	14.46	12.83	11.24	13.77	12.31	11.27	10.01	11.05	10.54
Funded Status - Domestic	5.03	-13.08	-31.25	-34.58	-62.32	-96.24	-69.08	-58.07	-58.10	-50.28
Funded Status - Post-Retirement	14.36	12.57	10.86	9.23	11.09	6.41	3.88	2.12	2.56	1.74
Accumulated Obligation - Domestic	191.66	186.68	192.99	181.38	243.41	253.11	216.00	183.04	190.44	166.00
Accumulated Obligation - Post-Retirement	1.66	1.88	1.97	2.01	2.69	5.91	7.40	7.89	8.49	8.80
Unfunded Plan Obligations	37.50	34.76	33.59	30.81	36.09	36.60	29.70	24.52	24.06	20.78
Total Funded Status	-18.10	-35.27	-53.98	-56.16	-87.32	-126.44	-94.91	-80.46	-79.60	-69.32
Discount Rate - Domestic	5.70	5.16	5.41	2.89	2.55	3.43	4.43	4.43	3.76	4.44
Discount Rate - Post-Retirement	5.40	5.04	5.34	2.46	2.20	3.12	4.20	4.20	3.52	3.97
Expected Rate of Return - Domestic	0.00	6.00	5.75	5.75	6.00	6.25	0.00	0.00	0.00	0.00
Accrued Liabilities - Domestic	-73.23	-67.95	-64.39	-58.96	-67.92	-67.03	-55.95	-45.75	-44.80	-67.42
Other Assets, Net - Domestic	-5.03	13.08	31.25	39.06	62.32	96.24	69.08	58.07	58.10	42.95
Other Assets, Net - Post-Retirement	-14.36	-12.57	-10.86	-9.23	-11.09	-6.41	-3.88	-2.12	-2.56	-9.29
Net Assets Recognized on Balance Sheet	-92.62	-67.45	-44.00	-29.13	-16.70	22.80	9.25	10.20	10.74	-33.77
Equity % - Domestic	57.00	56.00	56.00	56.00	56.00	59.00	56.00	53.00	57.00	57.00
Equity % - Post-Retirement	59.00	59.00	60.00	59.00	60.00	63.00	61.00	59.00	59.00	58.00
Debt Securities % - Domestic	38.00	39.00	39.00	39.00	38.00	36.00	39.00	43.00	39.00	38.00
Debt Securities % - Post-Retirement	40.00	40.00	39.00	39.00	39.00	36.00	38.00	39.00	37.00	39.00
Real Estate % - Domestic	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.00	4.00	5.00
Other Investments % - Domestic	5.00	5.00	5.00	5.00	6.00	5.00	5.00	0.00	0.00	0.00
Other Investments % - Post-Retirement	1.00	1.00	1.00	2.00	1.00	1.00	1.00	2.00	4.00	3.00
Total Plan Obligations	277.37	266.88	272.12	254.31	334.62	351.90	298.65	253.00	264.31	230.73
Total Plan Assets	259.27	231.62	218.13	198.15	247.30	225.46	203.75	172.54	184.70	161.41

For a more complete picture of our financial results, please review our SEC Filings

Source: LSEG

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