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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 243,028 $ 248,056 $ 199,714
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property, plant and equipment 256,069 246,158 238,114
Other amortization 38,772 32,544 52,664
Provision for credit losses 2,037 (25,825) 50,811
Loans originated, held for sale (128,195) (340,986) (564,525)
Proceeds from sale of loans, held for sale 136,504 364,848 567,652
Gain on sale of investment securities, net (8,123) (528) (9,275)
Gain on sale of loans (1,692) (9,305) (23,734)
Deferred income taxes (32,502) (5,398) (1,706)
Share-based compensation expense 10,366 9,135 5,810
Allowance for equity funds used during construction (10,574) (9,534) (8,768)
Other (7,580) (7,060) 1,366
Changes in assets and liabilities      
Decrease (increase) in accounts receivable and unbilled revenues, net (151,551) (73,811) 2,533
Decrease (increase) in fuel oil stock (87,569) (45,819) 34,202
Decrease (increase) in regulatory assets 34,600 (13,874) 1,007
Increase (decrease) in regulatory liabilities 44,888 15,358 (16,562)
Increase (decrease) in accounts, interest and dividends payable 28,169 9,925 (20,068)
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes 121,636 41,331 (35,610)
Decrease in defined benefit pension and other postretirement benefit plans liability (5,191) (6,660) (2,029)
Change in other assets and liabilities (28,616) (52,882) (42,189)
Net cash provided by operating activities 454,476 375,673 429,407
Cash flows from investing activities      
Available-for-sale investment securities purchased (366,177) (1,464,644) (1,361,594)
Principal repayments on available-for-sale investment securities 342,354 583,238 478,351
Proceeds from sale of available-for-sale investment securities 0 197,354 169,157
Purchases of held-to-maturity investment securities 0 (349,579) (146,738)
Proceeds from repayments or maturities of held-to-maturity investment securities 29,432 53,654 59,894
Purchase of stock from Federal Home Loan Bank (173,768) (33,022) (27,350)
Redemption of stock from Federal Home Loan Bank 157,208 31,702 27,104
Net decrease (increase) in loans held for investment (661,492) 72,489 (229,311)
Proceeds from sale of residential loans 0 59,844 0
Purchase of loans held for investment (102,504) 0 0
Proceeds from sale of real estate held for sale 3,806 0 0
Capital expenditures (344,037) (314,524) (383,895)
Proceeds from sale of low income housing investments 0 0 6,725
Contributions to low income housing investments (844) (16,131) (9,403)
Acquisition of business (25,706) 0 0
Other, net 13,046 27 3,412
Net cash used in investing activities (1,128,682) (1,179,592) (1,413,648)
Cash flows from financing activities      
Net increase (decrease) in deposit liabilities (2,516) 785,255 1,115,055
Net decrease in short-term borrowings with original maturities of three months or less 83,652 (10,493) (71,219)
Proceeds from issuance of short-term debt 35,000 0 165,000
Repayment of short-term debt 0 (65,000) (150,000)
Net increase (decrease) in other bank borrowings with original maturities of three months or less 606,815 (1,365) (25,440)
Proceeds from issuance of other bank borrowings 0 0 30,000
Repayment of other bank borrowings 0 0 (30,000)
Proceeds from issuance of long-term debt 227,312 285,886 415,997
Repayment of long-term debt and funds transferred for repayment of long-term debt (221,910) (82,262) (178,969)
Withheld shares for employee taxes on vested share-based compensation (3,165) (2,006) (5,700)
Common stock dividends (153,229) (148,643) (144,096)
Preferred stock dividends of subsidiaries (1,890) (1,890) (1,890)
Other (2,398) (3,080) (3,203)
Net cash used in financing activities 567,671 756,402 1,115,535
Net increase (decrease) in cash and equivalents (106,535) (47,517) 131,294
Cash, cash equivalents and restricted cash, January 1 311,462 358,979 227,685
Cash, cash equivalents and restricted cash, December 31 204,927 311,462 358,979
Less: Restricted cash (5,050) (5,911) (17,558)
Cash and cash equivalents, December 31 $ 199,877 $ 305,551 $ 341,421