XML 30 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Cash flows from operating activities      
Net income $ 199,714 $ 219,772 $ 203,664
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property, plant and equipment 238,114 229,858 214,036
Other amortization 52,664 48,255 41,593
Provision for credit losses 50,811 23,480 14,745
Loans originated, held for sale (564,525) (285,042) (109,537)
Proceeds from sale of loans, held for sale 567,652 277,119 112,182
Gain on sale of real estate, held for sale 0 (10,762) 0
Gain on sale of investment securities, net (9,275) (653) 0
Gain on sale of loans (23,734) (4,943) (1,493)
Deferred income taxes (1,706) (15,085) (9,368)
Share-based compensation expense 5,810 9,986 7,792
Allowance for equity funds used during construction (8,768) (11,987) (10,877)
Other 1,366 18,568 (521)
Changes in assets and liabilities      
Decrease (increase) in accounts receivable and unbilled revenues, net 2,533 23,933 (66,526)
Decrease (increase) in fuel oil stock 34,202 (11,493) 7,054
Decrease in regulatory assets 1,007 71,262 9,252
Increase (decrease) in regulatory liabilities (16,562) 1,953 37,358
Increase (decrease) in accounts, interest and dividends payable (20,068) (3,054) 21,528
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (35,610) (27,538) 29,429
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability (2,029) (4,482) 20,871
Change in other assets and liabilities (42,189) (36,677) (21,870)
Net cash provided by operating activities 429,407 512,470 499,312
Cash flows from investing activities      
Available-for-sale investment securities purchased (1,361,594) (108,088) (224,335)
Principal repayments on available-for-sale investment securities 478,351 272,949 218,930
Proceeds from sale of available-for-sale investment securities 169,157 19,810 0
Purchases of held-to-maturity investment securities (146,738) (13,057) (103,184)
Proceeds from repayments or maturities of held-to-maturity investment securities 59,894 15,505 5,720
Purchase of stock from Federal Home Loan Bank (27,350) (95,636) (28,292)
Redemption of stock from Federal Home Loan Bank 27,104 97,160 28,040
Net increase in loans held for investment (229,311) (300,210) (189,352)
Proceeds from sale of commercial loans 0 0 7,149
Proceeds from sale of real estate held for sale 0 21,060 0
Capital expenditures (383,895) (457,520) (506,770)
Proceeds from sale of low income housing investments 6,725 1 473
Contributions to low income housing investments (9,403) (6,974) (14,499)
Other, net 3,412 13,291 14,061
Net cash used in investing activities (1,413,648) (541,709) (792,059)
Cash flows from financing activities      
Net increase in deposit liabilities 1,115,055 113,050 165,880
Net increase (decrease) in short-term borrowings with original maturities of three months or less (71,219) 86,718 (18,999)
Proceeds from issuance of short-term debt 165,000 75,000 25,000
Repayment of short-term debt (150,000) (50,000) (50,000)
Net increase (decrease) in other bank borrowings with original maturities of three months or less (25,440) 5,070 71,556
Proceeds from issuance of other bank borrowings 30,000 0 0
Repayment of other bank borrowings (30,000) 0 (50,000)
Proceeds from issuance of long-term debt 415,997 289,349 250,000
Repayment of long-term debt and funds transferred for repayment of long-term debt (178,969) (287,285) (53,887)
Withheld shares for employee taxes on vested share-based compensation (5,700) (997) (996)
Common stock dividends (144,096) (139,463) (134,987)
Preferred stock dividends of subsidiaries (1,890) (1,890) (1,890)
Other (3,203) (1,836) (1,603)
Net cash used in financing activities 1,115,535 87,716 200,074
Net decrease in cash and equivalents 131,294 58,477 (92,673)
Cash, cash equivalents and restricted cash, January 1 227,685 169,208 261,881
Cash, cash equivalents and restricted cash, December 31 358,979 227,685 169,208
Less: Restricted cash (17,558) (30,872) 0
Cash and cash equivalents, December 31 $ 341,421 $ 196,813 $ 169,208