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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 20,109 $ 35,044
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 58,932 55,733
Change in value of life insurance contracts 7,169 (2,275)
Allowance for equity funds used during construction (2,017) (1,392)
Changes in operating assets and liabilities:    
Receivables and unbilled revenue (31,513) (23,187)
Water Arrearages Payment Program 20,836 0
Accounts payable (11,116) (4,859)
Other current assets 418 (2,581)
Other current liabilities 316 3,075
Other changes in noncurrent assets and liabilities 26,776 8,092
Net cash provided by operating activities 89,910 67,650
Investing activities:    
Utility plant expenditures (144,588) (138,522)
Life insurance proceeds 6,688 0
Purchase of life insurance contracts (6,688) 0
Business acquisition, net of cash acquired 0 (6,451)
Asset acquisition 6,319 0
Return of investment 0 1,000
Net cash used in investing activities (150,907) (143,973)
Financing activities:    
Short-term borrowings 55,000 125,000
Repayment of short-term borrowings (20,000) (350,000)
Issuance of long-term debt, net of debt issuance costs of $0 for 2022 and $1,064 for 2021 0 278,936
Repayment of long-term debt (1,313) (1,272)
Advances and contributions in aid of construction 13,142 13,953
Refunds of advances for construction (4,508) (5,722)
Repurchase of common stock (1,786) (1,524)
Issuance of common stock 31,268 62,603
Dividends paid (26,881) (23,283)
Distribution to noncontrolling interest (348) 0
Net cash provided by financing activities 44,574 98,691
Change in cash, cash equivalents, and restricted cash (16,423) 22,368
Cash, cash equivalents, and restricted cash at beginning of period 80,653 45,129
Cash, cash equivalents, and restricted cash at end of period 64,230 67,497
Supplemental information:    
Cash paid for interest (net of amounts capitalized) 18,618 19,554
Supplemental disclosure of non-cash activities:    
Accrued payables for investments in utility plant 56,522 53,325
Utility plant contribution by developers $ 9,866 $ 13,563