CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Regulated utility plant, at cost
Water	$ 2,414,314	$ 2,227,311
Electric	229,792	171,127
Total	2,644,106	2,398,438
Non-regulated utility property, at cost	50,397	44,457
Total utility plant, at cost	2,694,503	2,442,895
Less — accumulated depreciation	(653,667)	(648,199)
Utility plant before construction work in progress	2,040,836	1,794,696
Construction work in progress	255,483	304,929
Net utility plant	2,296,319	2,099,625
Other Property and Investments
Other Property and Investments	58,664	50,418
Property Plant and Equipment and Investments Other and Goodwill Net	58,664	50,418
Current Assets
Cash and cash equivalents	18,824	26,661
Accounts receivable — customers, less allowance for doubtful accounts	38,321	37,699
Unbilled receivable (Note 2)	26,621	28,446
Receivable from U.S. government, less allowance for doubtful accounts (Note 2)	46,400	41,000
Other accounts receivable, less allowance for doubtful accounts	6,127	6,415
Income taxes receivable	0	65
Materials and supplies	16,406	15,140
Regulatory assets — current	39,396	50,504
Prepayments and other current assets	7,551	7,286
Contract assets (Note 2)	31,428	20,130
Total current assets	231,074	233,346
Regulatory and Other Assets
Unbilled revenue, receivable from U.S government	1,258	3,423
Receivable from U.S. government (Note 2)	27,660	35,486
Contract assets (Note 2)	79	1,518
Operating lease right-of-use assets	6,093	8,028
Regulatory Asset, Noncurrent	30,073	27,101
Other	63,872	41,264
Total other assets	129,035	116,820
Total Assets	2,715,092	2,500,209
Capitalization
Common shareholder’s equity	1,045,581	920,051
Long-term debt	782,700	640,382
Total capitalization	1,828,281	1,560,433
Current Liabilities
Notes payable to banks	0	124,000
Long-term debt — current	8,209	385
Accounts payable	86,021	88,591
Income taxes payable	1,169	481
Accrued other taxes	12,871	16,694
Accrued employee expenses	16,193	15,523
Accrued interest	9,545	8,133
Contract liabilities (Note 2)	11,735	5,662
Operating lease liabilities	2,062	2,074
Purchase power contract derivative at fair value (Note 5)	15,503	8,823
Other	11,304	15,159
Total current liabilities	174,612	285,525
Other Credits
Note payable to bank, noncurrent	141,000	165,000
Advances for construction	77,976	69,856
Contributions in aid of construction — net	179,277	160,306
Deferred income taxes	194,121	180,173
Regulatory liabilities	60,205	22,926
Unamortized investment tax credits	873	942
Accrued pension and other post-retirement benefits	36,557	33,816
Operating lease liabilities	4,406	6,394
Other	17,784	14,838
Total other credits	712,199	654,251
Commitments and Contingencies
Total liabilities and capitalization	$ 2,715,092	$ 2,500,209