v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net (loss) income $ (12,887) $ 20,109
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 60,744 58,932
Change in value of life insurance contracts (2,620) 7,169
Allowance for equity funds used during construction (2,759) (2,017)
Changes in operating assets and liabilities:    
Receivables and unbilled revenue (2,187) (31,513)
Water Arrearages Payment Program 0 20,836
Accounts payable (836) (11,116)
Other current assets (1,557) 418
Other current liabilities (6,828) 316
Other changes in noncurrent assets and liabilities 6,451 26,776
Net cash provided by operating activities 37,521 89,910
Investing activities:    
Utility plant expenditures (177,189) (144,588)
Life insurance proceeds 0 6,688
Purchase of life insurance contracts 0 (6,688)
Asset acquisition (102) (6,319)
Net cash used in investing activities (177,291) (150,907)
Financing activities:    
Short-term borrowings, net of issuance costs of $1,552 for 2023 and $0 for 2022 148,448 55,000
Repayment of short-term borrowings (90,000) (20,000)
Repayment of long-term debt (1,333) (1,313)
Advances and contributions in aid of construction 9,129 13,142
Refunds of advances for construction (4,791) (4,508)
Repurchase of common stock (1,650) (1,786)
Issuance of common stock, net 113,921 31,268
Dividends paid (29,027) (26,881)
Distribution to noncontrolling interest (288) (348)
Net cash provided by financing activities 144,409 44,574
Change in cash, cash equivalents, and restricted cash 4,639 (16,423)
Cash, cash equivalents, and restricted cash at beginning of period 85,025 80,653
Cash, cash equivalents, and restricted cash at end of period 89,664 64,230
Supplemental information:    
Cash paid for interest (net of amounts capitalized) 23,677 18,618
Supplemental disclosure of non-cash activities:    
Accrued payables for investments in utility plant 49,452 56,522
Utility plant contribution by developers $ 15,312 $ 9,866

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