IMMATERIAL RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

IMMATERIAL RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

IMMATERIAL RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

Subsequent to the issuance of the Company's Consolidated Financial Statements for the year ended December 31, 2021, during the fourth quarter of 2022, the Company identified an immaterial error for a regulatory liability and corresponding decreases to operating revenue and deferred income taxes that were not recorded in 2019 associated with customer refunds. The error does not impact customer billings or cash refunded to customers.

The Company corrected the error in the accompanying Consolidated Financial Statements through a restatement of the opening retained earnings balance for the year ended December 31, 2020. The Company believes the correction of the error is immaterial to the previously issued Consolidated Financial Statements for prior periods.

The corrections to the Company's Consolidated Balance Sheet as of December 31, 2021 were as follows:

Consolidated Balance Sheet

	December 31, 2021
	As Previously Reported		Corrections		As Corrected
	(In thousands)
CAPITALIZATION AND LIABILITIES
Capitalization:
Retained earnings	$	525,936	$	(11,063)	$	514,873
Total equity	$	1,182,980	$	(11,063)	$	1,171,917
Total capitalization	$	2,238,774	$	(11,063)	$	2,227,711
Current liabilities:
Regulatory balancing accounts	$	17,547	$	15,361	$	32,908
Total current liabilities	$	256,576	$	15,361	$	271,937
Deferred income taxes	$	298,945	$	(4,298)	$	294,647

The Company also corrected corresponding December 31, 2021 amounts included in Note 4 and Note 10.

The corrections to the Company's Consolidated Statements of Equity for the years ended December 31, 2021 and 2020 were as follows:

	As of December 31, 2021
	As Previously Reported		Corrections		As Corrected
	(In thousands)
Retained earnings	$	525,936	$	(11,063)	$	514,873
Total equity	$	1,182,980	$	(11,063)	$	1,171,917

	As of December 31, 2020
	As Previously Reported		Corrections		As Corrected
	(In thousands)
Retained earnings	$	472,209	$	(11,063)	$	461,146
Total equity	$	921,344	$	(11,063)	$	910,281

	As of December 31, 2019
	As Previously Reported		Corrections		As Corrected
	(In thousands)
Retained earnings	$	417,146	$	(11,063)	$	406,083
Total equity	$	779,906	$	(11,063)	$	768,843