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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating Activities      
Net Income $ 58,124 $ 44,675 $ 41,140
Adjustments to reconcile net income to net operating cash:      
Depreciation and amortization 36,599 32,159 29,972
Depreciation and accretion included in operations expenses 8,122 7,334 6,978
Deferred income taxes, net [1] 11,085 31,257 20,520
Realized (gain) loss on sale of assets/investments 3,179 695 (340)
Unrealized (gain) loss on investments/commodity contracts (1,001) (385) 96
Employee benefits and compensation 1,577 1,887 1,235
Share-based compensation 2,490 2,367 1,937
Other, net (750) (79) 47
Changes in assets and liabilities:      
Accounts receivable and accrued revenue (19,506) (27,013) 17,097
Propane inventory, storage gas and other inventory (9,036) (2,531) 1,527
Regulatory assets/liabilities, net (2,855) (7,523) 3,883
Prepaid expenses and other current assets (7,001) (1,387) (759)
Accounts payable and other accrued liabilities 15,596 19,599 (11,324)
Income taxes receivable (payable) 8,110 2,466 (4,967)
Customer deposits and refunds 5,513 2,065 1,976
Accrued compensation 2,488 358 (331)
Other assets and liabilities, net (2,645) (1,803) (3,972)
Net cash provided by operating activities 110,089 104,141 104,715
Investing Activities      
Property, plant and equipment expenditures (175,329) (169,861) (143,599)
Proceeds from sale of assets 708 174 164
Acquisitions, net of cash acquired (11,945) 0 (20,930)
Environmental expenditures (329) (350) (174)
Net cash used in investing activities (186,895) (170,037) (164,539)
Financing Activities      
Common stock dividends (19,928) (17,482) (15,924)
Issuance of stock for Dividend Reinvestment Plan 89 811 813
Proceeds from issuance of common stock, net of expenses (10) [2] 57,360 [2] 0
Payments Related to Tax Withholding for Share-based Compensation (692) (770) (592)
Change in cash overdrafts due to outstanding checks 1,738 3,920 2,450
Net borrowing under line of credit agreements 39,338 32,526 82,178
Proceeds from issuance of long-term debt 69,807 0 0
Repayment of long-term debt and capital lease obligation (12,100) (9,146) (10,820)
Net cash provided by financing activities 78,242 67,219 58,105
Net Increase (Decrease) in Cash and Cash Equivalents 1,436 1,323 (1,719)
Cash and Cash Equivalents — Beginning of Period 4,178 2,855 4,574
Cash and Cash Equivalents — End of Period $ 5,614 $ 4,178 $ 2,855
[1] (1)Includes $873,000, $2.1 million and $2.1 million of deferred state income taxes for the years 2017, 2016 and 2015, respectively.
[2] On September 22, 2016, we completed a public offering of 960,488 shares of our common stock at a price per share of $62.26. The net proceeds from the sale of common stock, after deducting underwriting commissions and expenses, were approximately $57.4 million.