v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income (loss) $ 51,376 $ 95,263 $ 100,979
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 123,124 117,364 111,581
Amortization of debt premium and expenses 262 369 366
Changes in normalized deferred income taxes 35,627 26,880 25,200
Change in value of life insurance contracts (4,919) 7,161 (3,800)
Allowance for equity funds used during construction (5,551) (4,127) (3,186)
Stock-based compensation 2,993 5,161 6,805
Gain on sale of non-utility properties 0 0 (94)
(Recovery) write-off of capital costs (536) 702 524
Changes in operating assets and liabilities:      
Receivables 42,711 (40,687) (12,833)
Water Arrearages Payment Program cash received 0 20,836 0
Water Arrearages Payment Program cash returned 0 (3,609) 0
Unbilled revenue (3,859) (381) 1,309
Taxes, prepaid expenses, and other assets 654 (5,104) (2,745)
Accounts payable 9,896 (7,626) (2,938)
Other current liabilities (346) 7,941 1,141
Other changes in noncurrent assets and liabilities (33,615) 23,629 9,409
Net cash provided by operating activities 217,817 243,772 231,718
Investing activities:      
Utility plant expenditures (383,747) (327,757) (293,194)
Proceeds from sale of non-utility properties 0 0 108
Business acquisitions, net of cash acquired (175) 0 (6,451)
Asset acquisitions (2,816) (7,766) 0
Return of investment 0 0 1,000
Purchase of life insurance (2,681) (6,688) (2,335)
Life insurance proceeds 0 6,688 0
Net cash used in investing activities (389,419) (335,523) (300,872)
Financing activities:      
Short-term borrowings 227,792 150,000 200,000
Repayment of short-term borrowings (120,000) (115,000) (535,000)
Issuance of long-term debt, net of debt issuance costs of $0 for 2023, $0 for 2022, and $1,064 for 2021 0 0 278,936
Advances and contributions in aid of construction 21,156 25,822 28,171
Refunds of advances for construction (9,355) (9,468) (10,634)
Retirement of long-term debt (1,811) (5,423) (5,353)
Repurchase of common stock (1,844) (2,013) (1,767)
Issuance of common stock 115,106 106,739 197,723
Dividends paid (59,036) (54,186) (47,398)
Distribution to noncontrolling interest (465) (348) 0
Net cash provided by financing activities 171,543 96,123 104,678
Change in cash, cash equivalents, and restricted cash (59) 4,372 35,524
Cash, cash equivalents, and restricted cash at beginning of year 85,025 80,653 45,129
Cash, cash equivalents, and restricted cash at end of year 84,966 85,025 80,653
Cash paid during the year for:      
Interest (net of amounts capitalized) 49,145 43,768 41,621
Income taxes (net of refunds) (3,532) 0 3,661
Supplemental disclosure of investing and financing non-cash activities:      
Accrued payables for investments in utility plant 54,382 51,511 57,768
Utility plant contributed by developers 24,203 20,379 19,531
Litigation proceeds for TCP contamination reclassified from liability to depreciable plant and equipment $ 0 $ 0 $ 9,302

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