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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 110,277 $ 122,654
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 133,232 126,112
Other amortization 21,609 19,134
Provision for credit losses 1,218 (506)
Loans originated, held for sale (14,912) (108,695)
Proceeds from sale of loans, held for sale 14,596 114,299
Gain on sales of investment securities, net and equity-method investment 0 (8,123)
Gain on sale of loans, net (360) (1,449)
Deferred income taxes (1,309) (14,683)
Share-based compensation expense 5,919 5,593
Allowance for equity funds used during construction (7,073) (4,879)
Other (3,710) (3,858)
Changes in assets and liabilities    
Decrease (increase) in accounts receivable and unbilled revenues, net 103,695 (101,641)
Decrease (increase) in fuel oil stock 47,963 (119,890)
Decrease (increase) in regulatory assets (10,620) 12,956
Increase in regulatory liabilities 22,782 11,288
Increase in accounts, interest and dividends payable 34,946 62,115
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (45,171) 22,173
Decrease in defined benefit pension and other postretirement benefit plans liability (4,304) (2,698)
Change in other assets and liabilities (37,161) (55,260)
Net cash provided by operating activities 371,617 74,642
Cash flows from investing activities    
Available-for-sale investment securities purchased 0 (366,177)
Principal repayments on available-for-sale investment securities 68,279 209,094
Proceeds from repayments or maturities of held-to-maturity investment securities 35,604 7,932
Purchase of stock from Federal Home Loan Bank (62,400) (18,720)
Redemption of stock from Federal Home Loan Bank 70,960 15,520
Net increase in loans held for investment (208,042) (212,744)
Proceeds from sale of commercial loans 66,655 0
Purchase of loans held for investment (26,195) 0
Capital expenditures (235,875) (147,749)
Other 8,160 15,813
Net cash used in investing activities (282,854) (497,031)
Cash flows from financing activities    
Net increase (decrease) in deposit liabilities (104,771) 81,324
Net increase (decrease) in short-term borrowings with original maturities of three months or less (91,438) 70,019
Net increase (decrease) in other bank borrowings with original maturities of three months or less (596,810) 153,305
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 250,000 67,312
Repayment of long-term debt (62,426) (15,030)
Withheld shares for employee taxes on vested share-based compensation (2,356) (3,079)
Common stock dividends (78,893) (76,602)
Preferred stock dividends of subsidiaries (946) (946)
Other (1,662) (318)
Net cash provided by (used in) financing activities 25,698 275,985
Net increase (decrease) in cash, cash equivalents and restricted cash 114,461 (146,404)
Cash, cash equivalents and restricted cash, beginning of period 204,927 311,462
Cash, cash equivalents and restricted cash, end of period 319,388 165,058
Less: Restricted cash (5,104) (5,386)
Cash and cash equivalents $ 314,284 $ 159,672