Immaterial Restatement of Prior Period Financial Statements

3 Months Ended

Mar. 31, 2023

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 Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, through a restatement of the opening retained earnings balance for the year ended December 31, 2020. The Company believes the error is immaterial to the previously issued Financial Statements for prior periods.

The corrections to the Company’s retained earnings and total equity as of March 31, 2022, reported in note 4, were as follows:

	As of March 31, 2022
	As Previously Reported		Corrections		As Corrected
	(In thousands)
Retained earnings	$	513,593	$	(11,063)	$	502,530
Total equity	$	1,169,878	$	(11,063)	$	1,158,815