v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net income (loss) $ 127,848 $ 190,085 $ 51,376
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 146,523 134,139 123,124
Amortization of debt premium and expenses 274 246 262
Changes in normalized deferred income taxes 38,205 40,445 35,627
Change in value of life insurance contracts (3,884) (3,578) (4,919)
Allowance for equity funds used during construction (7,709) (6,902) (5,551)
Stock-based compensation 4,981 3,746 2,993
Changes in operating assets and liabilities:      
Receivables (20,822) (42,276) 42,711
Water Arrearages Payment Program cash received 0 83,039 0
Water Arrearages Payment Program cash returned (78) (25,173) 0
Accrued and unbilled revenue 44 (2,719) (3,859)
Taxes, prepaid expenses, and other assets 672 (5,393) 654
Accounts payable (19,832) 1,743 9,896
Other current liabilities 11,138 2,767 (346)
Other changes in noncurrent assets and liabilities 25,201 (79,302) (34,151)
Net cash provided by operating activities 302,561 290,867 217,817
Investing activities:      
Utility plant expenditures (516,991) (470,800) (383,747)
Business acquisitions, net of cash acquired 0 (1,609) (175)
Asset acquisitions 0 0 (2,816)
Purchase of life insurance (3,364) (3,935) (2,681)
Life insurance proceeds 215 1,426 0
Other 0 48 0
Net cash used in investing activities (520,140) (474,870) (389,419)
Financing activities:      
Short-term borrowings 550,000 505,000 227,792
Repayment of short-term borrowings (625,000) (480,000) (120,000)
Issuance of long-term debt, net of debt issuance costs of $1,777, $184, and $0, respectively 368,223 124,816 0
Advances and contributions in aid of construction 37,509 30,389 21,156
Refunds of advances for construction (9,462) (9,399) (9,355)
Per- and polyfluoroalkyl substances (PFAS) settlement proceeds 40,930 0 0
Retirement of long-term debt (70,903) (889) (1,811)
Repurchase of common stock (1,433) (1,435) (1,844)
Issuance of common stock 4,044 89,033 115,106
Dividends paid (73,853) (65,462) (59,036)
Distribution to noncontrolling interest (790) (489) (465)
Other 0 3,160 0
Net cash provided by financing activities 219,265 194,724 171,543
Change in cash, cash equivalents, and restricted cash 1,686 10,721 (59)
Cash, cash equivalents, and restricted cash at beginning of year 95,687 84,966 85,025
Cash, cash equivalents, and restricted cash at end of year 97,373 95,687 84,966
Cash paid during the year for:      
Interest (net of amounts capitalized) 61,136 55,656 49,145
Supplemental disclosure of investing and financing non-cash activities:      
Accrued payables for investments in utility plant 67,831 56,836 54,382
Utility plant contributed by developers $ 29,165 $ 30,445 $ 24,203

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