v3.24.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income (loss) $ (1,356,347) $ 151,866
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation of property, plant and equipment 204,887 200,722
Other amortization 37,123 32,744
Provision for credit losses (3,821) 10,053
Loans originated, held for sale (83,552) (37,288)
Proceeds from sale of loans, held for sale 85,389 36,086
Gain on sale of loans, net (1,151) (701)
Deferred income tax benefit (513,917) (5,594)
Share-based compensation expense 3,161 8,281
Allowance for equity funds used during construction (10,276) (11,073)
Goodwill impairment 82,190 0
Asset impairment 39,642 0
Other (7,660) (5,315)
Changes in assets and liabilities    
Decrease in accounts receivable and unbilled revenues, net 48,772 41,494
Decrease in fuel oil stock 38,152 38,587
Decrease (increase) in materials and supplies 440 (20,006)
Decrease (increase) in regulatory assets (13,263) 13,908
Increase in regulatory liabilities 33,461 32,454
Increase in accounts, interest and dividends payable 46,289 70,850
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (35,021) (24,860)
Decrease in defined benefit pension and other postretirement benefit plans liability (6,694) (6,722)
Increase in wildfire tort-related claims 1,840,000 75,000
Change in other assets and liabilities (76,893) (125,348)
Net cash provided by (used in) operating activities 350,911 475,138
Cash flows from investing activities    
Principal repayments on available-for-sale investment securities 79,742 117,042
Proceeds from repayments or maturities of held-to-maturity investment securities 53,032 52,823
Purchase of stock from Federal Home Loan Bank (36,121) (76,040)
Redemption of stock from Federal Home Loan Bank 21,645 84,600
Net decrease (increase) in loans held for investment 110,788 (283,126)
Proceeds from sale of commercial loans 40,186 94,665
Purchase of loans held for investment 0 (26,195)
Capital expenditures (258,645) (342,364)
Contributions to low income housing investments (33,545) (418)
Other (1,142) 9,375
Net cash used in investing activities (24,060) (369,638)
Cash flows from financing activities    
Net decrease in deposit liabilities (146,568) (43,655)
Net decrease in short-term borrowings with original maturities of three months or less 0 (137,650)
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 5,204 625,000
Repayment of long-term debt (12,865) (64,317)
Withheld shares for employee taxes on vested share-based compensation (1,074) (2,356)
Net proceeds from issuance of common stock 556,724 437
Common stock dividends 0 (112,957)
Preferred stock dividends of subsidiaries (1,417) (1,417)
Other (18,149) (9,409)
Net cash provided by (used in) financing activities 151,855 371,866
Net increase in cash, cash equivalents and restricted cash 478,706 477,366
Cash, cash equivalents and restricted cash, beginning of period 694,574 204,927
Cash, cash equivalents and restricted cash, end of period 1,173,280 682,293
Less: Restricted cash (13,645) (15,164)
Cash and cash equivalents $ 1,159,635 $ 667,129