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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income (loss) $ (1,252,416) $ 110,277
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation of property, plant and equipment 136,888 133,232
Other amortization 24,602 21,609
Provision for credit losses (4,069) 1,218
Loans originated, held for sale (57,381) (14,912)
Proceeds from sale of loans, held for sale 57,259 14,596
Gain on sale of loans, net (788) (360)
Deferred income tax expense (benefit) (455,510) (1,309)
Share-based compensation expense 3,075 5,919
Allowance for equity funds used during construction (6,976) (7,073)
Goodwill impairment 82,190 0
Other 1,537 (3,710)
Changes in assets and liabilities    
Decrease in accounts receivable and unbilled revenues, net 99,756 103,695
Decrease in fuel oil stock 1,188 47,963
Decrease (increase) in materials and supplies 1,324 (11,662)
Increase in regulatory assets (23,425) (10,620)
Increase in regulatory liabilities 16,716 22,782
Increase in accounts, interest and dividends payable 19,857 34,946
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (44,470) (45,171)
Decrease in defined benefit pension and other postretirement benefit plans liability (4,784) (4,304)
Increase in Wildfire tort-related claims 1,637,000 0
Change in other assets and liabilities (38,126) (25,499)
Net cash provided by operating activities 193,447 371,617
Cash flows from investing activities    
Principal repayments on available-for-sale investment securities 52,545 68,279
Proceeds from repayments or maturities of held-to-maturity investment securities 29,417 35,604
Purchase of stock from Federal Home Loan Bank (36,121) (62,400)
Redemption of stock from Federal Home Loan Bank 21,645 70,960
Net decrease (increase) in loans held for investment 119,072 (208,042)
Proceeds from sale of commercial loans 31,067 66,655
Purchase of loans held for investment 0 (26,195)
Capital expenditures (179,865) (235,875)
Other (4,237) 8,160
Net cash provided by (used in) investing activities 33,523 (282,854)
Cash flows from financing activities    
Net decrease in deposit liabilities (109,305) (104,771)
Net decrease in short-term borrowings with original maturities of three months or less 0 (91,438)
Net decrease in other bank borrowings with original maturities of three months or less 0 (596,810)
Proceeds from issuance of short-term debt 0 65,000
Repayment of short-term debt 0 (100,000)
Proceeds from issuance of other bank borrowings 320,000 1,000,000
Repayment of other bank borrowings (550,000) (250,000)
Proceeds from issuance of long-term debt 4,673 250,000
Repayment of long-term debt (9,888) (62,426)
Withheld shares for employee taxes on vested share-based compensation (1,074) (2,356)
Common stock dividends 0 (78,893)
Preferred stock dividends of subsidiaries (946) (946)
Other (8,174) (1,662)
Net cash used in financing activities (354,714) 25,698
Net increase (decrease) in cash, cash equivalents and restricted cash (127,744) 114,461
Cash, cash equivalents and restricted cash, beginning of period 694,574 204,927
Cash, cash equivalents and restricted cash, end of period 566,830 319,388
Less: Restricted cash (16,422) (5,104)
Cash and cash equivalents $ 550,408 $ 314,284