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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net Income $ 81,946 $ 61,884
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 51,744 52,096
Depreciation and accretion included in other costs 11,562 8,562
Deferred income taxes 30,589 8,297
Realized loss on commodity contracts and sale of assets (3,801) (883)
Unrealized gain on investments and commodity contracts (1,696) (821)
Employee benefits and compensation (72) 315
Share-based compensation 6,449 4,857
Changes in assets and liabilities:    
Accounts receivable and accrued revenue 26,313 31,866
Propane inventory, storage gas and other inventory 1,661 2,968
Regulatory assets and liabilities, net 5,095 33,492
Prepaid expenses and other current assets (391) (2,765)
Accounts payable and other accrued liabilities 6,475 (11,128)
Income taxes receivable (8,734) (2,799)
Customer deposits and refunds 981 3,076
Accrued compensation (2,331) (5,103)
Other assets and liabilities, net 5,318 (2,203)
Net cash provided by operating activities 217,668 183,347
Investing Activities    
Property, plant and equipment expenditures (259,586) (137,684)
Proceeds from sale of assets 3,142 2,651
Environmental expenditures 166 710
Net cash used in investing activities (256,007) (135,743)
Financing Activities    
Common stock dividends (39,888) (29,509)
Issuance of stock under the Dividend Reinvestment Plan, net of offering fees 56,749 (28)
Tax withholding payments related to net settled stock compensation (1,466) (2,455)
Change in cash overdrafts due to outstanding checks 1,412 (2,157)
Net borrowings (repayments) under line of credit agreements 32,869 (81,697)
Proceeds from long-term debt, net of offering fees (107) 79,840
Repayment of long-term debt (14,525) (16,009)
Net cash provided by (used in) financing activities 35,044 (52,015)
Net Decrease in Cash and Cash Equivalents (3,295) (4,411)
Cash and Cash Equivalents—Beginning of Period 4,904 6,204
Cash and Cash Equivalents—End of Period 1,609 1,793
Payments to Acquire Businesses, Gross 603 0
Accrued compensation (2,331) (5,103)
Net Income 81,946 61,884
Depreciation and amortization 51,744 52,096
Depreciation and accretion included in other costs 11,562 8,562
Deferred Income Tax Expense (Benefit) 30,589 8,297
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property 3,801 883
Unrealized Gain (Loss) on Commodity Contracts 1,696 821
Employee benefits and compensation (72) 315
Share-based compensation 6,449 4,857
Other Noncash Expense (195) 0
Increase (Decrease) in Accounts Receivable (26,313) (31,866)
Increase (Decrease) in Inventories (1,661) (2,968)
Increase (Decrease) in Regulatory Assets and Liabilities (5,095) (33,492)
Increase (Decrease) in Prepaid Expense and Other Assets 391 2,765
Accounts payable and other accrued liabilities 6,475 (11,128)
Increase (Decrease) in Income Taxes Receivable 8,734 2,799
Customer deposits and refunds 981 3,076
Increase (Decrease) in Interest Payable, Net 6,755 1,636
Increase (Decrease) in Other Operating Assets and Liabilities, Net (5,318) 2,203
Net Cash Provided by (Used in) Operating Activities 217,668 183,347
Payments to Acquire Property, Plant, and Equipment 259,586 137,684
Proceeds from sale of assets 3,142 2,651
Environmental expenditures 166 710
Net cash used in investing activities (256,007) (135,743)
Payments of Ordinary Dividends, Common Stock 39,888 29,509
Issuance of stock under the Dividend Reinvestment Plan, net of offering fees 56,749 (28)
Payment, Tax Withholding, Share-based Payment Arrangement 1,466 2,455
Change in cash overdrafts due to outstanding checks 1,412 (2,157)
Net borrowings (repayments) under line of credit agreements 32,869 (81,697)
Proceeds from long-term debt, net of offering fees 107 (79,840)
Repayments of Long-term Debt 14,525 16,009
Net cash provided by (used in) financing activities 35,044 (52,015)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (3,295) (4,411)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 1,609 $ 1,793