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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 185,207 $ 193,062
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 190,075 184,389
Other amortization 28,916 24,511
Provision for credit losses (692) (22,367)
Loans originated, held for sale (120,195) (281,744)
Proceeds from sale of loans, held for sale 126,357 304,820
Gain on sales of investment securities, net and equity-method investment (8,123) (528)
Gain on sale of loans, net (1,630) (7,497)
Deferred income taxes (21,631) (13,473)
Share-based compensation expense 7,337 6,727
Allowance for equity funds used during construction (7,431) (6,995)
Other (5,392) (7,046)
Changes in assets and liabilities    
Increase in accounts receivable and unbilled revenues, net (159,619) (58,758)
Increase in fuel oil stock (127,413) (42,612)
Decrease (increase) in regulatory assets 34,278 (4,952)
Increase in regulatory liabilities 29,294 8,806
Increase in accounts, interest and dividends payable 39,009 36,850
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes 73,279 11,133
Decrease in defined benefit pension and other postretirement benefit plans liability (4,228) (5,288)
Change in other assets and liabilities (44,411) (51,833)
Net cash provided by operating activities 212,987 267,205
Cash flows from investing activities    
Available-for-sale investment securities purchased (366,177) (1,318,520)
Principal repayments on available-for-sale investment securities 285,519 449,459
Proceeds from sale of available-for-sale investment securities 0 197,354
Purchases of held-to-maturity investment securities 0 (314,327)
Proceeds from repayments or maturities of held-to-maturity investment securities 10,433 49,074
Purchase of stock from Federal Home Loan Bank (93,000) (32,980)
Redemption of stock from Federal Home Loan Bank 88,000 31,660
Net decrease (increase) in loans held for investment (395,185) 157,619
Proceeds from sale of residential loans 0 17,398
Purchase of loans held for investment (77,274) 0
Capital expenditures (236,278) (219,252)
Contributions to low income housing investments (740) (12,402)
Acquisition of business (25,706) 0
Other 15,646 10,078
Net cash used in investing activities (794,762) (984,839)
Cash flows from financing activities    
Net increase in deposit liabilities 86,673 589,581
Net increase in short-term borrowings with original maturities of three months or less 117,127 27,755
Net increase in other bank borrowings with original maturities of three months or less 320,735 39,635
Repayment of short-term debt 0 (65,000)
Proceeds from issuance of long-term debt 67,312 206,988
Repayment of long-term debt (16,752) (80,607)
Withheld shares for employee taxes on vested share-based compensation (3,158) (2,006)
Common stock dividends (114,917) (111,477)
Preferred stock dividends of subsidiaries (1,417) (1,417)
Other (6,112) (7,462)
Net cash provided by financing activities 449,491 595,990
Net decrease in cash, cash equivalents and restricted cash (132,284) (121,644)
Cash, cash equivalents and restricted cash, beginning of period 311,462 358,979
Cash, cash equivalents and restricted cash, end of period 179,178 237,335
Less: Restricted cash (3,898) (9,412)
Cash and cash equivalents, end of period $ 175,280 $ 227,923