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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities      
Net Income $ 56,580 $ 58,124 $ 44,675
Adjustments to reconcile net income to net operating cash:      
Depreciation and amortization 40,802 36,599 32,159
Depreciation and accretion included in operations expenses 8,535 8,122 7,334
Deferred income taxes, net [1] 21,226 11,085 31,257
Realized loss on sale of assets/investments/commodity contracts 5,497 3,179 695
Unrealized loss (gain) on investments/commodity contracts 429 (1,001) (385)
Employee benefits and compensation 856 1,577 1,887
Share-based compensation 2,813 2,490 2,367
Other, net 0 (750) (79)
Changes in assets and liabilities:      
Accounts receivable and accrued revenue (16,311) (19,506) (27,013)
Propane inventory, storage gas and other inventory 2,107 (9,036) (2,531)
Regulatory assets/liabilities, net 2,250 (2,855) (7,523)
Prepaid expenses and other current assets (7,421) (7,001) (1,387)
Accounts payable and other accrued liabilities 35,907 15,596 19,599
Income taxes receivable (payable) (522) 8,110 2,466
Customer deposits and refunds (596) 5,513 2,065
Accrued compensation 708 2,488 358
Other assets and liabilities, net (6,082) (2,645) (1,803)
Net cash provided by operating activities 146,778 110,089 104,141
Investing Activities      
Property, plant and equipment expenditures (269,767) (175,329) (169,861)
Proceeds from sale of assets 782 708 174
Acquisitions, net of cash acquired (16,654) (11,945) 0
Environmental expenditures (625) (329) (350)
Net cash used in investing activities (286,264) (186,895) (170,037)
Financing Activities      
Common stock dividends (22,043) (19,928) (17,482)
Issuance of stock for Dividend Reinvestment Plan (706) 89 811
Proceeds from issuance of common stock, net of expenses 0 (10) [2] 57,360 [2]
Payments Related to Tax Withholding for Share-based Compensation (1,210) (692) (770)
Change in cash overdrafts due to outstanding checks (5,943) 1,738 3,920
Net borrowing under line of credit agreements 49,432 39,338 32,526
Proceeds from issuance of long-term debt 154,819 69,807 0
Repayment of long-term debt and capital lease obligation (34,388) (12,100) (9,146)
Net cash provided by financing activities 139,961 78,242 67,219
Net Increase in Cash and Cash Equivalents 475 1,436 1,323
Cash and Cash Equivalents — Beginning of Period 5,614 4,178 2,855
Cash and Cash Equivalents — End of Period $ 6,089 $ 5,614 $ 4,178
[1] (1) Includes $3.5 million, $873,000 and $2.1 million of deferred state income taxes for the years 2018, 2017 and 2016, 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.