QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL DATA (UNAUDITED)

Schedule of Quarterly Financial Information

In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for the fair statement of our results of operations for such periods have been included (dollars in thousands):

		First		Second		Third		Fourth
Statement of Operations Data		Quarter		Quarter		Quarter		Quarter			Total
2019
Operating revenues	$	339,917	$	314,588	$	399,053	$	331,914		$	1,385,472
Operating margins		40,517		34,945		77,347		13,616			166,425
Net margins attributable to the Association		6,989		(1,385)		55,145		(15,440)	(1)		45,309
2018
Operating revenues	$	318,508	$	327,513	$	398,157	$	276,659		$	1,320,837
Operating margins		40,299		41,716		81,393		(2,015)			161,393
Net margins attributable to the Association		8,094		4,378		46,398		(16,136)	(2)		42,734

(1) In the fourth quarter of 2019, we recognized $6.2 million of previously deferred non-member electric sales revenue.

In the fourth quarter of 2018, we deferred $51.7 million of non-member electric sales revenue.