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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ 126,281 $ (1,424,119) $ 201,128
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations      
Loss (income) from discontinued operations 0 103,486 (53,362)
Depreciation of property, plant and equipment 260,024 261,701 254,990
Other amortization 38,895 31,832 27,316
Loss on sale of subsidiaries and equity-method investment and impairment loss on assets sold and held for sale 12,376 39,642 644
Deferred income tax expense (benefit) (10,630) (486,188) 9,352
Share-based compensation expense 3,426 3,591 6,776
Allowance for equity funds used during construction (15,013) (13,786) (15,164)
Other (6,359) (13,790) (2,989)
Changes in assets and liabilities      
Decrease (increase) in accounts receivable and unbilled revenues, net (51,351) 96,700 (71,643)
Decrease (increase) in fuel oil stock (15,579) 49,361 43,388
Increase in materials and supplies (14,458) (4,177) (34,887)
Increase in regulatory assets (30,462) (22,743) (10,613)
Increase in regulatory liabilities 96,043 48,433 54,470
Increase in accounts, interest and dividends payable 7,032 6,862 34,290
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (4,563) (25,525) (9,858)
Change in defined benefit pension and other postretirement benefit plans asset/liability (8,788) (9,358) (8,215)
Increase in wildfire related claims 47,750 1,840,000 75,000
Change in other assets and liabilities (43,551) (53,812) (57,255)
Net cash provided by operating activities-continuing operations 391,073 428,110 443,368
Net cash provided by operating activities-discontinued operations 0 59,371 108,103
Net cash provided by operating activities 391,073 487,481 551,471
Cash flows from investing activities      
Capital expenditures (341,202) (344,251) (442,727)
Proceeds from sale of subsidiaries 13,781 0 0
Other, net 5,246 10,330 6,558
Net cash used in investing activities-continuing operations (322,175) (333,921) (436,169)
Net cash provided by investing activities-discontinued operations 0 592,239 178,770
Net cash used in investing activities (322,175) 258,318 (257,399)
Cash flows from financing activities      
Net decrease in short-term borrowings with original maturities of three months or less 0 0 (137,650)
Proceeds from issuance of short-term debt 0 50,000 65,000
Repayment of short-term debt (50,000) 0 (100,000)
Proceeds from issuance of long-term debt 510,000 5,475 625,000
Repayment of long-term debt and funds transferred for repayment of long-term debt (733,564) (97,698) (167,080)
Withheld shares for employee taxes on vested share-based compensation (178) (1,074) (2,371)
Net proceeds from issuance of common stock 0 556,612 1,223
Common stock dividends 0 0 (73,957)
Preferred stock dividends of subsidiaries (1,890) (1,890) (1,890)
Redemption of preferred stock of subsidiaries (35,368) 0 0
Other (20,004) (13,867) (5,133)
Net cash provided by (used in) financing activities-continuing operations (331,004) 497,558 203,142
Net cash used in financing activities-discontinued operations 0 (342,853) (7,567)
Net cash provided by (used in) financing activities (331,004) 154,705 195,575
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations (262,106) 900,504 489,647
Cash, cash equivalents and restricted cash from continuing operations, January 1 1,242,852 259,119 48,778
Cash, cash equivalents and restricted cash from discontinued operations, January 1 352,226 435,455 156,149
Cash, cash equivalents and restricted cash from discontinued operations, January 1 0    
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31 980,746 1,595,078 694,574
Less: Cash from discontinued operations 0 (352,226) (435,455)
Cash, cash equivalents and restricted cash from continuing operations, December 31 980,746 1,242,852 259,119
Less: Restricted cash (478,968) (492,317) (15,028)
Cash and cash equivalents from continuing operations, December 31 $ 501,778 $ 750,535 $ 244,091