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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 55,194 $ 69,640
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 66,508 62,990
Other amortization 10,362 9,425
Provision for credit losses 1,175 (3,263)
Loans originated, held for sale (5,450) (73,931)
Proceeds from sale of loans, held for sale 5,662 75,629
Gain on sales of investment securities, net and equity-method investment 0 (8,123)
Gain on sale of loans, net (130) (1,077)
Deferred income taxes (1,076) (5,255)
Share-based compensation expense 2,031 2,117
Allowance for equity funds used during construction (3,301) (2,409)
Other (988) (2,552)
Changes in assets and liabilities    
Decrease in accounts receivable and unbilled revenues, net 82,423 4,454
Decrease (increase) in fuel oil stock 33,429 (35,333)
Decrease (increase) in regulatory assets (8,898) (5,089)
Increase in regulatory liabilities 11,551 5,520
Increase in accounts, interest and dividends payable 24,748 71,490
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (47,305) (14,928)
Decrease in defined benefit pension and other postretirement benefit plans liability (1,950) (1,309)
Change in other assets and liabilities (43,033) (55,411)
Net cash provided by operating activities 180,952 92,585
Cash flows from investing activities    
Available-for-sale investment securities purchased 0 (291,168)
Principal repayments on available-for-sale investment securities 32,484 104,654
Proceeds from repayments or maturities of held-to-maturity investment securities 17,938 4,547
Purchase of stock from Federal Home Loan Bank (35,960) 0
Redemption of stock from Federal Home Loan Bank 52,520 0
Net decrease (increase) in loans held for investment (68,871) 28,076
Purchase of loans held for investment (13,012) 0
Capital expenditures (124,297) (79,163)
Contributions to low income housing investments (418) 0
Other 2,148 5,340
Net cash used in investing activities (137,468) (227,714)
Cash flows from financing activities    
Net increase in deposit liabilities 60,905 117,060
Net increase (decrease) in short-term borrowings with original maturities of three months or less (88,666) 17,493
Net increase (decrease) in other bank borrowings with original maturities of three months or less (564,430) 49,080
Proceeds from issuance of short-term debt 65,000 0
Proceeds from issuance of other bank borrowings 550,000 0
Proceeds from issuance of long-term debt 150,000 7,312
Repayment of long-term debt (53,878) (13,446)
Withheld shares for employee taxes on vested share-based compensation (2,338) (3,065)
Common stock dividends (39,446) (38,301)
Preferred stock dividends of subsidiaries (473) (473)
Other (5,535) (4,377)
Net cash provided by financing activities 71,139 131,283
Net increase (decrease) in cash, cash equivalents and restricted cash 114,623 (3,846)
Cash, cash equivalents and restricted cash, beginning of period 204,927 311,462
Cash, cash equivalents and restricted cash, end of period 319,550 307,616
Less: Restricted cash (4,216) (5,912)
Cash and cash equivalents, end of period $ 315,334 $ 301,704