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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 30,450 $ 27,144
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 66,541 65,766
Other amortization 8,906 10,796
Loss on sale of a subsidiary 0 13,211
Deferred income tax benefit (4,055) (316)
Share-based compensation expense 1,202 754
Allowance for equity funds used during construction (3,764) (3,585)
Other (3,491) (2,809)
Changes in assets and liabilities    
Decrease in accounts receivable and unbilled revenues, net 36,366 378
Increase in fuel oil stock (10,958) (15,352)
Increase in materials and supplies (2,161) (8,943)
Decrease in regulatory assets 1,012 5,985
Increase (decrease) in regulatory liabilities (539) 27,619
Increase in accounts, interest and dividends payable 35,362 21,744
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (45,457) (54,036)
Change in defined benefit pension and other postretirement benefit plans asset/liability (2,073) (1,499)
Change in other assets and liabilities (46,310) (37,192)
Net cash provided by operating activities 61,031 49,665
Cash flows from investing activities    
Proceeds from sale of subsidiaries 0 5,781
Capital expenditures (103,535) (86,538)
Other, net 1,623 2,264
Net cash used in investing activities (101,912) (78,493)
Cash flows from financing activities    
Repayment of long-term debt (5,042) (98,067)
Withheld shares for employee taxes on vested share-based compensation (128) (178)
Preferred stock dividends of subsidiaries 0 (473)
Other (2,887) (3,488)
Net cash used in financing activities (8,057) (102,206)
Net decrease in cash, cash equivalents and restricted cash (48,938) (131,034)
Cash, cash equivalents and restricted cash, beginning of period 980,746 1,242,852
Cash, cash equivalents and restricted cash, end of period 931,808 1,111,818
Less: Restricted cash (478,968) (482,480)
Cash and cash equivalents, end of period $ 452,840 $ 629,338