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Tax Equity Investments | 9 Months Ended
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Sep. 30, 2025
Schedule of Investments [Abstract] |
Tax Equity Investments | Tax Equity Investments The Company typically accounts for tax equity investments using the proportional amortization method, if certain criteria are met. The election to account for tax equity investments using the proportional amortization method is done so on a tax credit program-by-tax credit program basis. Under the proportional amortization method, the Company amortizes the initial cost of the investment, which is inclusive of any delayed equity contributions, that are unconditional and legally binding or for equity contributions that are contingent on a future event, when that event becomes probable, in proportion to the income tax credits that are allocated to the Company over the period of the investment. Under the proportional amortization method, the Company amortizes the initial cost of the investment, inclusive of delayed equity contributions, in proportion to the income tax credits that are allocated to the Company over the period of the investment. The net benefits of these investments, which are comprised of income tax credits and operating loss income tax benefits, net of investment amortization, are recognized in the Consolidated Statements of Income as a component of income tax expense. At September 30, 2025 and December 31, 2024 the carrying value of all tax equity investments was $72.4 million and $29.6 million, respectively, and were included in other assets on the Unaudited Consolidated Balance Sheets. The carrying value of the investments accounted for under the proportional amortization method ("PAM") on September 30, 2025 included $22.2 million of delayed equity contributions described in the chart below. The delayed equity contributions were included in other liabilities on the Unaudited Consolidated Balance Sheets. As of September 30, 2025, the Company's delayed equity contributions were estimated to be paid as follows:
|  | Delayed Equity Contributions
|  | (In Thousands)
2025 |  | $ | 9,423 |
2026 |  | 7,970 |
2027 |  | 4,277 |
2028 |  | 245 |
Thereafter |  | 237 |
Total delayed equity contributions |  | $ | 22,152 |
The following table presents income tax credits and other income tax benefits, as well as amortization expense, associated with all tax credit investments.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In Thousands)
Provision for Income Taxes: |  |  |  |  |  |  |  |
Amortization of tax credit investments |  | $ | (852) |  |  | $ | (1,003) |  |  | $ | (3,025) |  |  | $ | (3,022) |
Tax credit and other tax benefit (expense) |  | 2,163 |  |  | 1,247 |  |  | 4,869 |  |  | 3,742 |
Total benefit (provision) for income taxes |  | $ | 1,311 |  |  | $ | 244 |  |  | $ | 1,844 |  |  | $ | 720 |
There was no material non-income tax related expense associated with these investments recorded outside of income tax expense for the three and nine months ended September 30, 2025 and 2024. There were no impairment losses recorded on tax equity investments during the three and nine months ended September 30, 2025 and 2024.

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- Definition The entire disclosure of investment that generates income tax credit and other income tax benefit under tax credit program elected to be accounted for using proportional amortization method. Includes, but is not limited to, investment under tax credit program not meeting condition for accounting under proportional amortization method. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-1A + Details
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- References No definition available. + Details
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