v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income (loss) $ 95,263 $ 100,979 $ 96,831
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 117,364 111,581 100,935
Amortization of debt premium and expenses 369 366 412
Changes in normalized deferred income taxes 26,880 25,200 34,440
Change in value of life insurance contracts 7,161 (3,800) (4,293)
Allowance for equity funds used during construction (4,127) (3,186) (4,976)
Stock-based compensation 5,161 6,805 4,590
Gain on sale of non-utility properties 0 (94) 0
Write-off of capital costs 702 524 0
Changes in operating assets and liabilities:      
Receivables (40,687) (12,833) (18,343)
Water Arrearages Payment Program cash received 20,836 0 0
Water Arrearages Payment Program cash returned (3,609) 0 0
Unbilled revenue (381) 1,309 1,148
Taxes, prepaid expenses, and other assets (5,104) (2,745) (3,647)
Accounts payable (7,626) (2,938) 373
Other current liabilities 7,941 1,141 (6,097)
Other changes in noncurrent assets and liabilities 23,629 9,409 (83,449)
Net cash provided by operating activities 243,772 231,718 117,924
Investing activities:      
Utility plant expenditures (327,757) (293,194) (298,651)
Proceeds from sale of non-utility properties 0 108 0
Business Acquisition, net of cash acquired 0 (6,451) (40,483)
Asset acquisition (7,766) 0 0
Payment for investments 0 0 (4,600)
Return of investment 0 1,000 0
Purchase of life insurance (6,688) (2,335) (2,335)
Life insurance proceeds 6,688 0 0
Net cash used in investing activities (335,523) (300,872) (346,069)
Financing activities:      
Short-term borrowings 150,000 200,000 335,000
Repayment of short-term borrowings (115,000) (535,000) (140,100)
Issuance of long-term debt, net of debt issuance costs of $0 for 2022, $1,064 for 2021, and $0 for 2020. 0 278,936 0
Advances and contributions in aid of construction 25,822 28,171 27,292
Refunds of advances for construction (9,468) (10,634) (10,203)
Retirement of long-term debt (5,423) (5,353) (22,141)
Repurchase of common stock (2,013) (1,767) (1,679)
Issuance of common stock 106,739 197,723 83,575
Dividends paid (54,186) (47,398) (41,768)
Distribution to noncontrolling interest (348) 0 0
Net cash provided by financing activities 96,123 104,678 229,976
Change in cash, cash equivalents, and restricted cash 4,372 35,524 1,831
Cash, cash equivalents, and restricted cash at beginning of year 80,653 45,129 43,298
Cash, cash equivalents, and restricted cash at end of year 85,025 80,653 45,129
Cash paid during the year for:      
Interest (net of amounts capitalized) 43,768 41,621 40,792
Income taxes 0 3,661 4,700
Supplemental disclosure of investing and financing non-cash activities:      
Accrued payables for investments in utility plant 51,511 57,768 54,987
Utility plant contributed by developers 20,379 19,531 28,672
Litigation proceeds for TCP contamination reclassified from liability to depreciable plant and equipment $ 0 $ 9,302 $ 445

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