Immaterial Restatement of Prior Period Financial Statements

3 Months Ended

Mar. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Immaterial Restatement of Prior Period Financial Statements

Subsequent to the issuance of the Company's Condensed Consolidated Financial Statements for the quarter ended March 31, 2018, the Company identified an immaterial computational error related to the amount of authorized revenue recorded pursuant to the Company's pension and health care cost recovery balancing accounts. In accordance with the 2015 GRC, the Company adjusts the revenue and corresponding balancing accounts quarterly to reflect actual pension and health care costs, subject to certain limitations prescribed by the 2015 GRC. The error does not impact the billings to customers or the cash collected from customers in this GRC period, which ends on December 31, 2019. As provided for in the 2015 GRC, the amounts included in the balancing account will be recovered from or refunded to customers during the next GRC period.

The Company corrected the error in the accompanying Condensed Consolidated Financial Statements for the three months ended March 31, 2018. The Company believes the correction of the error is immaterial to the previously issued Condensed Consolidated Financial Statements.

The corrections to the Company's Condensed Consolidated Statement of Income for the three months ended March 31, 2018 were as follows:

Condensed Consolidated Statement of Income



	For the three months ended March 31, 2018
	As Previously Reported			Corrections		As Corrected
	(In thousands, except per share data)
Operating revenue	$	132,247		$	2,306	$	134,553
Operating expenses:
Income tax (benefit) expense	(229		)	523		294
Total operating expenses	124,194			523		124,717
Net operating income	8,053			1,783		9,836
Net loss	$	(2,545	)	$	1,783	$	(762	)
Loss per share:
Basic	$	(0.05	)	$	0.03	$	(0.02	)
Diluted	$	(0.05	)	$	0.03	$	(0.02	)

The corrections to the Company's retained earnings and total stockholders’ equity as of January 1, 2018 and March 31, 2018 were as follows:



	January 1, 2018
	As Previously Reported		Corrections		As Corrected
	(In thousands)
Retained earnings	$	356,753	$	5,759	$	362,512
Total common stockholders' equity	693,462		5,759		699,221



	March 31, 2018
	As Previously Reported		Corrections		As Corrected
	(In thousands)
Retained earnings	$	345,205	$	7,542	$	352,747
Total common stockholders' equity	681,311		7,542		688,853

The corrections to the Company's Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2018 were as follows:

Condensed Consolidated Statement of Cash Flows



	For the three months ended March 31, 2018
	As Previously Reported			Corrections			As Corrected
	(In thousands)
Operating activities:
Net loss	$	(2,545	)	$	1,783		$	(762	)
Other changes in noncurrent assets and liabilities	6,283			(1,783		)	4,500
Net cash provided by operating activities	$	28,252		$	—		$	28,252