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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 41,226 $ 32,395
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 59,606 57,847
Deferred income taxes 8,642 1,278
Stock-based compensation 2,674 2,813
Allowance for equity funds used during construction (823) (1,145)
Changes in operating assets and liabilities:    
Accounts receivable and accrued unbilled utility revenue (15,275) (9,746)
Accounts payable and other current liabilities (9,400) (1,952)
Accrued groundwater extraction charges, purchased water and power 13,192 8,102
Tax receivable and payable, and other accrued taxes 118 3,617
Postretirement benefits (1,420) (1,080)
Regulatory assets and liabilities excluding cost of removal, income tax temporary differences and postretirement benefits 4,931 8,621
Other changes, net 546 (218)
Net cash provided by operating activities 104,017 100,532
Investing activities:    
Company-funded (204,440) (158,368)
Contributions in aid of construction (11,963) (11,779)
Cost to retire utility plant, net of salvage (1,471) (1,434)
Proceeds from sale of real estate investments 0 40,628
Other changes, net 0 (29)
Net cash used in investing activities (217,874) (130,982)
Financing activities:    
Borrowings from lines of credit 114,959 151,668
Repayments of lines of credit (73,243) (106,556)
Long-term borrowings 0 25,000
Repayments of long-term borrowings (1,738) (41,488)
Issuance of common stock, net of issuance costs 83,713 32,302
Dividends paid (28,746) (25,724)
Receipts of advances and contributions in aid of construction 30,293 10,054
Refunds of advances for construction (2,760) (1,341)
Other changes, net 114 (384)
Net cash provided by financing activities 122,592 43,531
Net change in cash and cash equivalents 8,735 13,081
Cash and cash equivalents, beginning of period 11,114 9,723
Cash and cash equivalents, end of period 19,849 22,804
Cash paid (refunded) during the period for:    
Interest 40,867 38,100
Interest, net of amounts capitalized 37,895 36,509
Income taxes (2,370) 702
Supplemental disclosure of non-cash activities:    
Accrued payables for additions to utility plant 36,941 29,125
Utility property installed by developers 1,459 748
Proceeds receivable from sale of real estate investments 0 2,801
Accrued selling expenses on sale of real estate investments $ 0 $ 2,386