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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES:      
Net Income $ 183,008 $ 186,840 $ 155,215
Items not affecting cash:      
Depreciation and depletion 195,020 187,467 179,644
Amortization of debt issuance costs, discount and deferred hedge gain 5,321 5,250 4,911
Stock-based compensation costs 5,488 5,350 4,149
Equity portion of allowance for funds used during construction (14,191) (11,092) (6,895)
Loss (gain) on disposition of assets 482 (47) 37
Deferred income taxes (8,992) 525 (7,574)
Changes in current assets and liabilities:      
Accounts receivable (46,282) (30,442) (824)
Inventories (26,744) (19,604) (7,085)
Other current assets (3,833) (6,835) (3,477)
Accounts payable 50,537 7,494 16,043
Accrued expenses 16,846 26,055 5,909
Regulatory assets (20,512) (69,616) 14,749
Regulatory liabilities (7,034) (27,674) 22,773
Other noncurrent assets 3,994 2,313 (5,396)
Other noncurrent liabilities (25,866) (36,006) (20,030)
Cash Provided by Operating Activities 307,242 219,978 352,149
INVESTING ACTIVITIES:      
Property, plant, and equipment additions (515,140) (434,328) (405,762)
Investment in equity securities (1,719) (1,505) (42)
Cash Used in Investing Activities (516,859) (435,833) (405,804)
FINANCING ACTIVITIES:      
Dividends on common stock (140,062) (128,483) (120,350)
Proceeds from issuance of common stock, net 276,971 196,246 0
Issuance of long-term debt 0 99,915 150,000
Payment for Debt Extinguishment or Debt Prepayment Cost 0 (955) 0
Line of credit borrowings (repayments), net 77,000 151,000 (67,000)
(Repayments) issuances of short-term borrowings 0 (100,000) 100,000
Treasury stock activity 603 707 (1,391)
Financing costs (1,194) (909) (2,578)
Cash Provided by Financing Activities 213,318 217,521 58,681
Net Increase in Cash, Cash Equivalents, and Restricted Cash 3,701 1,666 5,026
Cash, Cash Equivalents, and Restricted Cash, beginning of period 18,762 17,096 12,070
Cash, Cash Equivalents, and Restricted Cash, end of period $ 22,463 $ 18,762 $ 17,096