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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 151,866 $ 185,207
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 200,722 190,075
Other amortization 32,744 28,916
Provision for credit losses 10,053 (692)
Loans originated, held for sale (37,288) (120,195)
Proceeds from sale of loans, held for sale 36,086 126,357
Gain on sales of investment securities, net and equity-method investment 0 (8,123)
Gain on sale of loans, net (701) (1,630)
Deferred income taxes (5,594) (21,631)
Share-based compensation expense 8,281 7,337
Allowance for equity funds used during construction (11,073) (7,431)
Other (5,315) (5,392)
Changes in assets and liabilities    
Decrease (increase) in accounts receivable and unbilled revenues, net 41,494 (159,619)
Decrease (increase) in fuel oil stock 38,587 (127,413)
Decrease in regulatory assets 13,908 34,278
Increase in regulatory liabilities 32,454 29,294
Increase in accounts, interest and dividends payable 70,850 39,009
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (24,860) 73,279
Decrease in defined benefit pension and other postretirement benefit plans liability (6,722) (4,228)
Change in other assets and liabilities (70,354) (44,411)
Net cash provided by operating activities 475,138 212,987
Cash flows from investing activities    
Available-for-sale investment securities purchased 0 (366,177)
Principal repayments on available-for-sale investment securities 117,042 285,519
Proceeds from repayments or maturities of held-to-maturity investment securities 52,823 10,433
Purchase of stock from Federal Home Loan Bank (76,040) (93,000)
Redemption of stock from Federal Home Loan Bank 84,600 88,000
Net increase in loans held for investment (283,126) (395,185)
Proceeds from sale of commercial loans 94,665 0
Purchase of loans held for investment (26,195) (77,274)
Capital expenditures (342,364) (236,278)
Contributions to low income housing investments (418) (740)
Acquisition of business 0 (25,706)
Other 9,375 15,646
Net cash used in investing activities (369,638) (794,762)
Cash flows from financing activities    
Net increase (decrease) in deposit liabilities (43,655) 86,673
Net increase (decrease) in short-term borrowings with original maturities of three months or less (137,650) 117,127
Net increase (decrease) in other bank borrowings with original maturities of three months or less (596,810) 320,735
Proceeds from issuance of short-term debt 65,000 0
Repayment of short-term debt (100,000) 0
Proceeds from issuance of other bank borrowings 1,000,000 0
Repayment of other bank borrowings (250,000) 0
Proceeds from issuance of long-term debt 625,000 67,312
Repayment of long-term debt (64,317) (16,752)
Withheld shares for employee taxes on vested share-based compensation (2,356) (3,158)
Net proceeds from issuance of common stock 437 0
Common stock dividends (112,957) (114,917)
Preferred stock dividends of subsidiaries (1,417) (1,417)
Other (9,409) (6,112)
Net cash provided by financing activities 371,866 449,491
Net increase (decrease) in cash, cash equivalents and restricted cash 477,366 (132,284)
Cash, cash equivalents and restricted cash, beginning of period 204,927 311,462
Cash, cash equivalents and restricted cash, end of period 682,293 179,178
Less: Restricted cash (15,164) (3,898)
Cash and cash equivalents $ 667,129 $ 175,280