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Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Revenues $ 897,360 $ 895,685 $ 1,794,518 $ 1,823,922
Expenses        
Total expenses 2,616,335 802,706 3,437,074 1,637,425
Operating income (loss)        
Total operating income (loss) (1,718,975) 92,979 (1,642,556) 186,497
Retirement defined benefits credit—other than service costs 1,281 1,153 2,563 2,305
Interest expense, net—other than on deposit liabilities and other bank borrowings (32,400) (29,832) (63,991) (58,630)
Allowance for borrowed funds used during construction 1,344 1,295 2,730 2,426
Allowance for equity funds used during construction 3,336 3,772 6,976 7,073
Interest income 3,134 0 6,267 0
Loss before income taxes (1,742,280) 69,367 (1,688,011) 139,671
Income tax expense (benefit) (447,269) 14,284 (435,595) 29,394
Net income (loss) (1,295,011) 55,083 (1,252,416) 110,277
Preferred stock dividends of subsidiaries 473 473 946 946
Net income (loss) for common stock $ (1,295,484) $ 54,610 $ (1,253,362) $ 109,331
Basic earnings (loss) per common share (in dollars per share) $ (11.74) $ 0.50 $ (11.37) $ 1.00
Diluted earnings (loss) per common share (in dollars per share) $ (11.74) $ 0.50 $ (11.37) $ 1.00
Weighted-average number of common shares outstanding:        
Basic (in shares) 110,303 109,573 110,260 109,544
Diluted (in shares) 110,303 109,780 110,260 109,870
Electric utility        
Revenues        
Revenues $ 792,331 $ 794,191 $ 1,580,909 $ 1,624,552
Expenses        
Total expenses 2,436,771 720,566 3,161,994 1,475,052
Operating income (loss)        
Total operating income (loss) (1,644,440) 73,625 (1,581,085) 149,500
Loss before income taxes (1,658,653) 58,868 (1,607,753) 119,976
Income tax expense (benefit) (429,758) 13,070 (418,578) 26,670
Net income (loss) (1,228,895) 45,798 (1,189,175) 93,306
Preferred stock dividends of subsidiaries 499 499 998 998
Net income (loss) for common stock (1,229,394) 45,299 (1,190,173) 92,308
Bank        
Revenues        
Revenues 101,943 96,885 207,087 190,742
Expenses        
Total expenses 159,329 72,017 238,941 142,354
Operating income (loss)        
Total operating income (loss) (57,386) 24,868 (31,854) 48,388
Loss before income taxes (57,106) 25,055 (31,293) 48,762
Income tax expense (benefit) (11,319) 4,851 (6,440) 9,996
Net income (loss) (45,787) 20,204 (24,853) 38,766
Preferred stock dividends of subsidiaries 0 0 0 0
Net income (loss) for common stock (45,787) 20,204 (24,853) 38,766
Other        
Revenues        
Revenues 3,086 4,609 6,522 8,628
Expenses        
Total expenses 20,235 10,123 36,139 20,019
Operating income (loss)        
Total operating income (loss) (17,149) (5,514) (29,617) (11,391)
Loss before income taxes (26,521) (14,556) (48,965) (29,067)
Income tax expense (benefit) (6,192) (3,637) (10,577) (7,272)
Net income (loss) (20,329) (10,919) (38,388) (21,795)
Preferred stock dividends of subsidiaries (26) (26) (52) (52)
Net income (loss) for common stock $ (20,303) $ (10,893) $ (38,336) $ (21,743)