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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities:      
Net income $ 96,831 $ 63,116 $ 65,584
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 100,935 91,288 85,707
Amortization of debt premium and expenses 412 744 1,099
Changes in normalized deferred income taxes 34,440 15,346 20,909
Change in value of life insurance contracts (4,293) (5,104) 2,334
Allowance for equity funds used during construction (4,976) (6,685) (3,954)
Stock-based compensation 4,590 6,731 3,141
Gain on sale of non-utility properties 0 (28) (50)
Write-off of capital costs 0 698 410
Changes in operating assets and liabilities:      
Receivables (18,343) (4,580) 20,422
Unbilled revenue 1,148 (1,452) (3,671)
Taxes, prepaid expenses, and other assets (3,647) (3,545) (587)
Accounts payable 373 10,719 4,701
Other current liabilities (6,097) 1,282 (4,382)
Other changes in noncurrent assets and liabilities (83,449) 264 (12,644)
Net cash provided by operating activities 117,924 168,794 179,019
Investing activities:      
Utility plant expenditures (298,651) (273,770) (271,707)
Proceeds from sale of non-utility assets 0 28 59
Business Acquisition, net of cash acquired (40,483) 0 0
Payment for investments (4,600) 0 0
Life insurance benefits 0 0 3,491
Purchase of life insurance (2,335) (2,216) (4,925)
Net cash used in investing activities (346,069) (275,958) (273,082)
Financing activities:      
Short-term borrowings 335,000 260,000 151,000
Repayment of short-term borrowings (140,100) (150,000) (361,000)
Issuance of long-term debt, net of debt issuance costs of $0 for 2020, $1,796 for 2019, and $617 for 2018 0 398,204 299,383
Advances and contributions in aid of construction 27,292 27,774 18,612
Refunds of advances for construction (10,203) (7,566) (7,297)
Retirement of long-term debt (22,141) (405,568) (16,532)
Repurchase of common stock (1,679) (2,497) (1,645)
Issuance of common stock 83,575 20,423 0
Dividends paid (41,768) (38,023) (36,043)
Net cash provided by financing activities 229,976 102,747 46,478
Change in cash, cash equivalents, and restricted cash 1,831 (4,417) (47,585)
Cash, cash equivalents, and restricted cash at beginning of year 43,298 47,715 95,300
Cash, cash equivalents, and restricted cash at end of year 45,129 43,298 47,715
Cash paid during the year for:      
Interest (net of amounts capitalized) 40,792 40,980 35,941
Income taxes 4,700 0 0
Supplemental disclosure of investing and financing non-cash activities:      
Accrued payables for investments in utility plant 54,987 40,794 38,807
Utility plant contributed by developers 28,672 16,288 20,609
Litigation proceeds for TCP and MTBE contamination reclassified from liability to depreciable plant and equipment $ 445 $ 13,968 $ 32,315