v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net income $ 116,368 $ 170,621
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 109,725 100,541
Change in value of life insurance contracts (3,099) (4,921)
Allowance for equity funds used during construction (5,840) (5,252)
Changes in operating assets and liabilities:    
Receivables and accrued and unbilled revenue (33,493) (64,252)
Water Arrearages Payment Program cash received 0 83,039
Water Arrearages Payment Program cash returned 0 (25,173)
Accounts payable 7,218 10,053
Other current assets (2,143) (6,311)
Other current liabilities 27,870 36,571
Other changes in noncurrent assets and liabilities 38,050 (72,134)
Net cash provided by operating activities 254,656 222,782
Investing activities:    
Utility plant expenditures (364,702) (332,164)
Life insurance proceeds 0 1,426
Purchase of life insurance contracts (3,364) (3,935)
Asset acquisition 0 (252)
Other 207 48
Net cash used in investing activities (367,859) (334,877)
Financing activities:    
Short-term borrowings 420,000 370,000
Repayment of short-term borrowings (280,000) (290,000)
Repayment of long-term debt (679) (679)
Advances and contributions in aid of construction 28,282 19,124
Refunds of advances for construction (7,117) (7,104)
Per- and polyfluoroalkyl substances (PFAS) settlement proceeds 34,826 0
Repurchase of common stock (1,326) (1,339)
Issuance of common stock 1,904 88,461
Dividends paid (55,974) (48,808)
Distribution to noncontrolling interest (790) (489)
Other 0 3,160
Net cash provided by financing activities 139,126 132,326
Change in cash, cash equivalents, and restricted cash 25,923 20,231
Cash, cash equivalents, and restricted cash at beginning of period 95,687 84,966
Cash, cash equivalents, and restricted cash at end of period 121,610 105,197
Supplemental information:    
Cash paid for interest (net of amounts capitalized) 37,678 32,099
Supplemental disclosure of non-cash activities:    
Accrued payables for investments in utility plant 60,512 57,419
Utility plant contribution by developers $ 23,430 $ 22,013

Source

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