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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 13,202 $ 69,690
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,494 33,401
Change in value of life insurance contracts (356) (1,667)
Allowance for equity funds used during construction (1,797) (1,742)
Changes in operating assets and liabilities:    
Receivables and accrued and unbilled revenue (2,537) 21,523
Accounts payable (21,044) (20,043)
Other current assets (4,788) (6,028)
Other current liabilities 14,262 17,409
Other changes in noncurrent assets and liabilities 4,985 (86,028)
Net cash provided by operating activities 38,421 26,515
Investing activities:    
Utility plant expenditures (110,103) (109,806)
Life insurance proceeds 0 1,426
Purchase of life insurance contracts 0 (1,426)
Other 207 0
Net cash used in investing activities (109,896) (109,806)
Financing activities:    
Short-term borrowings 170,000 170,000
Repayment of short-term borrowings (90,000) (70,000)
Repayment of long-term debt (214) (206)
Advances and contributions in aid of construction 9,497 4,522
Refunds of advances for construction (2,317) (2,351)
Repurchase of common stock (1,109) (1,142)
Issuance of common stock 743 769
Dividends paid (20,226) (16,164)
Distribution to noncontrolling interest (451) 0
Other 0 1,160
Net cash provided by financing activities 65,923 86,588
Change in cash, cash equivalents, and restricted cash (5,552) 3,297
Cash, cash equivalents, and restricted cash at beginning of period 95,687 84,966
Cash, cash equivalents, and restricted cash at end of period 90,135 88,263
Supplemental information:    
Cash paid for interest (net of amounts capitalized) 4,103 3,359
Supplemental disclosure of non-cash activities:    
Accrued payables for investments in utility plant 48,093 37,498
Utility plant contribution by developers $ 3,706 $ 8,417