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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 248,056 $ 199,714 $ 219,772
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property, plant and equipment 246,158 238,114 229,858
Other amortization 32,544 52,664 48,255
Provision for credit losses (25,825) 50,811 23,480
Loans originated, held for sale (340,986) (564,525) (285,042)
Proceeds from sale of loans, held for sale 364,848 567,652 277,119
Gain on sale of real estate, held for sale 0 0 (10,762)
Gain on sale of investment securities, net (528) (9,275) (653)
Gain on sale of loans (9,305) (23,734) (4,943)
Deferred income taxes (5,398) (1,706) (15,085)
Share-based compensation expense 9,135 5,810 9,986
Allowance for equity funds used during construction (9,534) (8,768) (11,987)
Other (7,060) 1,366 18,568
Changes in assets and liabilities      
Decrease (increase) in accounts receivable and unbilled revenues, net (73,811) 2,533 23,933
Decrease (increase) in fuel oil stock (45,819) 34,202 (11,493)
Decrease (increase) in regulatory assets (13,874) 1,007 71,262
Increase (decrease) in regulatory liabilities 15,358 (16,562) 1,953
Increase (decrease) in accounts, interest and dividends payable 9,925 (20,068) (3,054)
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes 41,331 (35,610) (27,538)
Decrease in defined benefit pension and other postretirement benefit plans liability (6,660) (2,029) (4,482)
Change in other assets and liabilities (52,882) (42,189) (36,677)
Net cash provided by operating activities 375,673 429,407 512,470
Cash flows from investing activities      
Available-for-sale investment securities purchased (1,464,644) (1,361,594) (108,088)
Principal repayments on available-for-sale investment securities 583,238 478,351 272,949
Proceeds from sale of available-for-sale investment securities 197,354 169,157 19,810
Purchases of held-to-maturity investment securities (349,579) (146,738) (13,057)
Proceeds from repayments or maturities of held-to-maturity investment securities 53,654 59,894 15,505
Purchase of stock from Federal Home Loan Bank (33,022) (27,350) (95,636)
Redemption of stock from Federal Home Loan Bank 31,702 27,104 97,160
Net decrease (increase) in loans held for investment 72,489 (229,311) (300,210)
Proceeds from sale of residential loans 59,844 0 0
Proceeds from sale of real estate held for sale 0 0 21,060
Capital expenditures (314,524) (383,895) (457,520)
Proceeds from sale of low income housing investments 0 6,725 1
Contributions to low income housing investments (16,131) (9,403) (6,974)
Other, net 27 3,412 13,291
Net cash used in investing activities (1,179,592) (1,413,648) (541,709)
Cash flows from financing activities      
Net increase in deposit liabilities 785,255 1,115,055 113,050
Net increase (decrease) in short-term borrowings with original maturities of three months or less (10,493) (71,219) 86,718
Proceeds from issuance of short-term debt 0 165,000 75,000
Repayment of short-term debt (65,000) (150,000) (50,000)
Net increase (decrease) in other bank borrowings with original maturities of three months or less (1,365) (25,440) 5,070
Proceeds from issuance of other bank borrowings 0 30,000 0
Repayment of other bank borrowings 0 (30,000) 0
Proceeds from issuance of long-term debt 285,886 415,997 289,349
Repayment of long-term debt and funds transferred for repayment of long-term debt (82,262) (178,969) (287,285)
Withheld shares for employee taxes on vested share-based compensation (2,006) (5,700) (997)
Common stock dividends (148,643) (144,096) (139,463)
Preferred stock dividends of subsidiaries (1,890) (1,890) (1,890)
Other (3,080) (3,203) (1,836)
Net cash used in financing activities 756,402 1,115,535 87,716
Net increase (decrease) in cash and equivalents (47,517) 131,294 58,477
Cash, cash equivalents and restricted cash, January 1 358,979 227,685 169,208
Cash, cash equivalents and restricted cash, December 31 311,462 358,979 227,685
Less: Restricted cash (5,911) (17,558) (30,872)
Cash and cash equivalents, December 31 $ 305,551 $ 341,421 $ 196,813