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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ (1,424,119) $ 201,128 $ 243,028
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations      
Loss (income) from discontinued operations 103,486 (53,362) (79,989)
Depreciation of property, plant and equipment 261,701 254,990 244,477
Other amortization 31,832 27,316 25,928
Loss (gains) on sale of equity-method investment 0 644 (8,123)
Deferred income tax expense (benefit) (486,188) 9,352 (33,157)
Share-based compensation expense 3,591 6,776 7,450
Allowance for equity funds used during construction (13,786) (15,164) (10,574)
Asset impairment 39,642 0 0
Other (13,790) (2,989) (5,323)
Changes in assets and liabilities      
Decrease (increase) in accounts receivable and unbilled revenues, net 96,700 (71,643) (147,327)
Decrease (increase) in fuel oil stock 49,361 43,388 (87,569)
Increase in materials and supplies (4,177) (34,887) (7,960)
Decrease (increase) in regulatory assets (22,743) (10,613) 34,600
Increase in regulatory liabilities 48,433 54,470 44,888
Increase in accounts, interest and dividends payable 6,862 34,290 23,083
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (25,525) (9,858) 120,738
Change in defined benefit pension and other postretirement benefit plans asset/liability (9,358) (8,215) (4,564)
Increase in wildfire tort-related claims 1,840,000 75,000 0
Change in other assets and liabilities (53,812) (57,255) (25,924)
Net cash provided by operating activities-continuing operations 428,110 443,368 333,682
Net cash provided by operating activities-discontinued operations 59,371 108,103 120,794
Net cash provided by operating activities 487,481 551,471 454,476
Cash flows from investing activities      
Capital expenditures (344,251) (442,727) (339,333)
Acquisition of business 0 0 (25,706)
Other, net 10,330 6,558 14,184
Net cash used in investing activities-continuing operations (333,921) (436,169) (350,855)
Net cash provided by (used in) investing activities-discontinued operations 592,239 178,770 (777,827)
Net cash used in investing activities 258,318 (257,399) (1,128,682)
Cash flows from financing activities      
Net decrease in short-term borrowings with original maturities of three months or less 0 (137,650) 83,652
Proceeds from issuance of short-term debt 50,000 65,000 35,000
Repayment of short-term debt 0 (100,000) 0
Proceeds from issuance of long-term debt 5,475 625,000 227,312
Repayment of long-term debt and funds transferred for repayment of long-term debt (97,698) (167,080) (221,910)
Withheld shares for employee taxes on vested share-based compensation (1,074) (2,371) (3,165)
Net proceeds from issuance of common stock 556,612 1,223 0
Common stock dividends 0 (73,957) (111,229)
Preferred stock dividends of subsidiaries (1,890) (1,890) (1,890)
Other (13,867) (5,133) (2,041)
Net cash provided by financing activities-continuing operations 497,558 203,142 5,729
Net cash provided by (used in) financing activities-discontinued operations (342,853) (7,567) 561,942
Net cash provided by (used in) financing activities 154,705 195,575 567,671
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations 900,504 489,647 (106,535)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, January 1 694,574 204,927 311,462
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31 1,595,078 694,574 204,927
Less: Restricted cash (492,317) (15,028) (5,050)
Less: Cash from discontinued operations (352,226) (435,455) (156,149)
Cash and cash equivalents $ 750,535 $ 244,091 $ 43,728