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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net income $ 9,356 $ 14,043
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 45,744 42,582
Change in value of life insurance contracts (3,147) 817
Allowance for equity funds used during construction (3,219) (1,621)
Changes in operating assets and liabilities:    
Receivables and unbilled revenue (16,619) (14,431)
Accounts payable 5,928 6,417
Other current assets (5,750) (4,207)
Other current liabilities (396) (4,168)
Other changes in noncurrent assets and liabilities 11,494 10,139
Net cash provided by operating activities 43,391 49,571
Investing activities:    
Utility plant expenditures (121,936) (133,900)
Life insurance proceeds 0 2,054
Purchase of life insurance contracts 0 (2,054)
Net cash used in investing activities (121,936) (133,900)
Financing activities:    
Short-term borrowings 190,000 111,000
Repayment of short-term borrowings (90,000) (61,000)
Issuance of long-term debt, net of expenses of $1,558 for 2019 and $0 for 2018 398,442 0
Repayment of long-term debt (401,358) (12,264)
Advances and contributions in aid of construction 12,755 8,385
Refunds of advances for construction (3,555) (3,498)
Repurchase of common stock (2,203) (1,364)
Issuance of common stock 829 0
Dividends paid (19,000) (18,017)
Net cash provided by financing activities 85,910 23,242
Change in cash, cash equivalents, and restricted cash 7,365 (61,087)
Cash, cash equivalents, and restricted cash at beginning of period 47,715 95,352
Cash, cash equivalents, and restricted cash at end of period 55,080 34,265
Supplemental information:    
Cash paid for interest (net of amounts capitalized) 21,033 17,344
Supplemental disclosure of non-cash activities:    
Accrued payables for investments in utility plant 31,464 30,696
Utility plant contribution by developers $ 11,092 $ 8,653