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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net income (loss) $ 35,044 $ (15,026)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 55,733 50,251
Change in value of life insurance contracts (2,275) 872
Allowance for equity funds used during construction (1,392) (3,319)
Changes in operating assets and liabilities:    
Receivables and unbilled revenue (23,187) (6,215)
Accounts payable (4,859) 3,405
Other current assets (2,581) (6,759)
Other current liabilities 3,075 (970)
Other changes in noncurrent assets and liabilities 8,092 (2,235)
Net cash provided by operating activities 67,650 20,004
Investing activities:    
Utility plant expenditures (138,522) (133,537)
Business acquisition, net of cash acquired (6,451) (37,655)
Return of investment 1,000 0
Net cash used in investing activities (143,973) (171,192)
Financing activities:    
Short-term borrowings 125,000 270,000
Repayment of short-term borrowings (350,000) (70,000)
Issuance of long-term debt, net of debt issuance costs of $1,064 for 2021 and $0 for 2020 278,936 0
Repayment of long-term debt (1,272) (1,293)
Advances and contributions in aid of construction 13,953 12,569
Refunds of advances for construction (5,722) (4,341)
Repurchase of common stock (1,524) (1,479)
Issuance of common stock 62,603 38,006
Dividends paid (23,283) (20,671)
Net cash provided by financing activities 98,691 222,791
Change in cash, cash equivalents, and restricted cash 22,368 71,603
Cash, cash equivalents, and restricted cash at beginning of period 45,129 43,298
Cash, cash equivalents, and restricted cash at end of period 67,497 114,901
Supplemental information:    
Cash paid for interest (net of amounts capitalized) 19,554 20,433
Supplemental disclosure of non-cash activities:    
Accrued payables for investments in utility plant 53,325 54,049
Utility plant contribution by developers $ 13,563 $ 13,818