General

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

General.    The consolidated financial statements included in this report have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the information furnished in this report reflects all adjustments (which include only normal recurring adjustments) and estimates necessary to fairly state, in all material respects, our financial condition and results of operations for the three-month and six-month periods ended June 30, 2023 and 2022. Examples of estimates used include items related to (i) our asset retirement obligations, such as closure and post-closure cost estimates, timing of expenditures, escalation factors and discount rates, and (ii) depreciation rates, such as determining the depreciable service lives. Actual results may differ from those estimates. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make the information presented not misleading.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC. The results of operations for the three-month and six-month periods ended June 30, 2023 are not necessarily indicative of results to be expected for the full year. As noted in our 2022 Form 10-K, our revenues consist primarily of sales to our 38 electric distribution cooperative members and, thus, the receivables on the consolidated balance sheets are principally from our members. See "Notes to Consolidated Financial Statements" in our 2022 Form 10-K.

During the quarter ended June 30, 2023, we identified a misstatement in the amounts presented in the net cash flows (used in) provided by operating activities and net cash flow used in investing activities presented in the unaudited Consolidated Statement of Cash Flows for the three months ended March 31, 2023. The error resulted in a $26,100,000 understatement of the depreciation and amortization, including nuclear fuel adjustment included in adjustments to reconcile net margin to net cash provided by operating activities section of the cash flows from operating activities and an offsetting $26,100,000 understatement of cash used for property additions included in cash flows from investing activities. After correction of this misstatement the balances presented for the quarter ended March 31, 2023 were as follows:

	(dollars in thousands)
Depreciation and amortization, including nuclear fuel	$	92,645
Net cash used in operating activities	(64,810)
Property additions	(285,233)
Net cash used in investing activities	(200,535)

The errors identified did not have any impact on the overall change in cash, cash equivalents and restricted cash and did not affect the unaudited Consolidated Balance Sheets or the unaudited Consolidated Statements of Revenues and Expenses for any periods presented. The misstatement was corrected in the unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and we do not believe the error is material to the consolidated financial statements taken as a whole.