v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 153,650 $ 53,702
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation of property, plant and equipment 133,083 131,759
Other amortization 17,730 20,908
Loss on sale of a subsidiary and impairment loss on assets held for sale 3,716 13,389
Deferred income tax expense (benefit) 50,159 (3,869)
Share-based compensation expense 3,812 3,531
Allowance for equity funds used during construction (8,151) (7,287)
Other (4,995) (2,793)
Changes in assets and liabilities    
Decrease (increase) in accounts receivable and unbilled revenues, net (72,479) 13,892
Increase in fuel oil stock (75,800) (16,536)
Increase in materials and supplies (7,926) (12,890)
Increase in regulatory assets (7,730) (1,608)
Increase in regulatory liabilities 21,269 42,433
Increase in accounts, interest and dividends payable 84,246 13,354
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (16,524) (38,938)
Change in defined benefit pension and other postretirement benefit plans asset/liability (4,195) (3,710)
Settlement payment (478,750) 0
Decrease in wildfire-related claims (136,157) 0
Change in other assets and liabilities (5,327) (20,921)
Net cash provided by (used in) operating activities (350,369) 184,416
Cash flows from investing activities    
Proceeds from sale of subsidiaries 0 5,781
Capital expenditures (242,090) (161,493)
Other, net 2,023 3,222
Net cash used in investing activities (240,067) (152,490)
Cash flows from financing activities    
Repayment of long-term debt (145,085) (630,808)
Withheld shares for employee taxes on vested share-based compensation (128) (178)
Preferred stock dividends of subsidiaries 0 (946)
Other (6,147) (5,958)
Net cash used in financing activities (151,360) (637,890)
Net decrease in cash, cash equivalents and restricted cash (741,796) (605,964)
Cash, cash equivalents and restricted cash, beginning of period 980,746 1,242,852
Cash, cash equivalents and restricted cash, end of period 238,950 636,888
Less: Restricted cash (218) (482,603)
Cash and cash equivalents, end of period $ 238,732 $ 154,285