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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income $ 100,979 $ 96,831 $ 63,116
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 111,581 100,935 91,288
Amortization of debt premium and expenses 366 412 744
Changes in normalized deferred income taxes 25,200 34,440 15,346
Change in value of life insurance contracts (3,800) (4,293) (5,104)
Allowance for equity funds used during construction (3,186) (4,976) (6,685)
Stock-based compensation 6,805 4,590 6,731
Gain on sale of non-utility properties (94) 0 (28)
Write-off of capital costs 524 0 698
Changes in operating assets and liabilities:      
Receivables (12,833) (18,343) (4,580)
Unbilled revenue 1,309 1,148 (1,452)
Taxes, prepaid expenses, and other assets (2,745) (3,647) (3,545)
Accounts payable (2,938) 373 10,719
Other current liabilities 1,141 (6,097) 1,282
Other changes in noncurrent assets and liabilities 9,409 (83,449) 264
Net cash provided by operating activities 231,718 117,924 168,794
Investing activities:      
Utility plant expenditures (293,194) (298,651) (273,770)
Proceeds from sale of non-utility properties 108 0 28
Business Acquisition, net of cash acquired (6,451) (40,483) 0
Payment for investments 0 (4,600) 0
Return of investment 1,000 0 0
Purchase of life insurance (2,335) (2,335) (2,216)
Net cash used in investing activities (300,872) (346,069) (275,958)
Financing activities:      
Short-term borrowings 200,000 335,000 260,000
Repayment of short-term borrowings (535,000) (140,100) (150,000)
Issuance of long-term debt, net of debt issuance costs of $1,064 for 2021, $0 for 2020, and $1,796 for 2019. 278,936 0 398,204
Advances and contributions in aid of construction 28,171 27,292 27,774
Refunds of advances for construction (10,634) (10,203) (7,566)
Retirement of long-term debt (5,353) (22,141) (405,568)
Repurchase of common stock (1,767) (1,679) (2,497)
Issuance of common stock 197,723 83,575 20,423
Dividends paid (47,398) (41,768) (38,023)
Net cash provided by financing activities 104,678 229,976 102,747
Change in cash, cash equivalents, and restricted cash 35,524 1,831 (4,417)
Cash, cash equivalents, and restricted cash at beginning of year 45,129 43,298 47,715
Cash, cash equivalents, and restricted cash at end of year 80,653 45,129 43,298
Cash paid during the year for:      
Interest (net of amounts capitalized) 41,621 40,792 40,980
Income taxes 3,661 4,700 0
Supplemental disclosure of investing and financing non-cash activities:      
Accrued payables for investments in utility plant 57,768 54,987 40,794
Utility plant contributed by developers 19,531 28,672 16,288
Litigation proceeds for TCP contamination reclassified from liability to depreciable plant and equipment $ 9,302 $ 445 $ 13,968