| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | |||||||||||
621,000 | 565,000 | 426,000 | 468,000 | 476,000 | 423,000 | 369,000 | 358,070 | 309,613 | 267,827 | -233,083 | -562,421 |
Adjustments to reconcile to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
582,000 | 545,000 | 492,000 | 470,000 | 440,000 | 424,000 | 407,000 | 381,503 | 351,821 | 330,264 | 309,874 | 312,776 |
Provision for deferred income taxes | |||||||||||
- | - | - | - | - | - | - | 200,440 | 195,494 | 152,760 | 134,232 | 95,643 |
Deferred income taxes and amortization of investment tax credits | |||||||||||
208,000 | 195,000 | 462,000 | 295,000 | 312,000 | 254,000 | 250,000 | -1,518 | 1,542 | 1,561 | -1,413 | -1,338 |
Provision for losses on accounts receivable | |||||||||||
28,000 | 33,000 | 29,000 | 27,000 | 32,000 | 37,000 | 27,000 | 26,701 | 19,952 | 18,267 | 20,999 | 17,267 |
Allowance for other funds used during construction | |||||||||||
- | - | - | - | - | - | - | - | 13,131 | 9,644 | 8,342 | 14,497 |
(Gain) on asset dispositions and purchases | |||||||||||
-34,000 | 20,000 | 16,000 | 10,000 | 3,000 | 2,000 | -1,000 | 839 | 993 | -111 | 295 | 374 |
Impairment charge | |||||||||||
0 | 57,000 | 0 | 0 | - | - | - | - | - | - | 428,036 | 750,000 |
Pension and non-pension postretirement benefits | |||||||||||
17,000 | 23,000 | 57,000 | 54,000 | 61,000 | 24,000 | 78,000 | 87,289 | 71,439 | 89,342 | 105,133 | 50,309 |
Other non-cash, net | |||||||||||
41,000 | -20,000 | 54,000 | 36,000 | 53,000 | 14,000 | 1,000 | -1,328 | 44,521 | 9,033 | 21,000 | -200 |
Stock-based compensation expense | |||||||||||
- | - | - | - | - | - | - | 11,470 | 10,008 | 10,334 | 7,602 | 4,534 |
Changes in assets and liabilities: | |||||||||||
Receivables and unbilled revenues | |||||||||||
25,000 | 17,000 | -21,000 | 31,000 | 84,000 | 62,000 | 79,000 | 34,528 | 34,819 | 35,977 | 18,751 | 20,702 |
Accounts payable | |||||||||||
- | - | - | - | - | - | - | -10,572 | 37,824 | 6,487 | 52 | 2,978 |
Taxes accrued, including income taxes | |||||||||||
- | - | - | - | - | - | - | 48,440 | 4,274 | 39,577 | -13,321 | 13,460 |
Taxes receivable, including income taxes | |||||||||||
- | - | - | - | - | - | - | 1,922 | 1,199 | -17,920 | 17,920 | -23,111 |
Other current assets | |||||||||||
- | - | - | - | - | - | - | 5,223 | 1,305 | -7,788 | 6,737 | 11,194 |
Pension and postretirement benefit contributions | |||||||||||
31,000 | 22,000 | 48,000 | 53,000 | 57,000 | 52,000 | 98,000 | 129,410 | 186,730 | 137,257 | 127,446 | 105,053 |
Accounts payable and accrued liabilities | |||||||||||
66,000 | 25,000 | 38,000 | 60,000 | 80,000 | 27,000 | 15,000 | - | - | - | - | - |
Other assets and liabilities, net | |||||||||||
72,000 | -22,000 | -64,000 | 20,000 | 9,000 | -38,000 | 73,000 | - | - | - | - | - |
Impact of Freedom Industries settlement activities | |||||||||||
4,000 | 40,000 | 22,000 | -65,000 | 0 | - | - | - | - | - | - | - |
Interest accrued | |||||||||||
- | - | - | - | - | - | - | -5,647 | -1,417 | 746 | 6,499 | 2,790 |
Change in book overdraft | |||||||||||
- | - | - | - | - | - | - | 34,172 | 0 | 0 | - | - |
Other current liabilities | |||||||||||
- | - | - | - | - | - | - | 14,092 | 4,547 | 8,916 | -9,963 | -4,920 |
Net cash provided by operating activities | |||||||||||
1,383,000 | 1,386,000 | 1,449,000 | 1,289,000 | 1,195,000 | 1,097,000 | 896,000 | 955,598 | 808,357 | 774,933 | 596,156 | 552,169 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Capital expenditures | |||||||||||
1,654,000 | 1,586,000 | 1,434,000 | 1,311,000 | 1,160,000 | 956,000 | 980,000 | 928,574 | 924,858 | 765,636 | 785,265 | 1,008,806 |
Acquisitions, net of cash acquired | |||||||||||
235,000 | 398,000 | 177,000 | 204,000 | 197,000 | 9,000 | 24,000 | 44,560 | 7,220 | 1,642 | 18,144 | 12,512 |
Proceeds from sale of assets | |||||||||||
48,000 | 35,000 | 15,000 | 9,000 | 5,000 | 14,000 | 1,000 | 561,739 | 9,972 | 239 | 1,237 | 12,604 |
Removal costs from property, plant and equipment retirements, net | |||||||||||
104,000 | 87,000 | 76,000 | 84,000 | 107,000 | 78,000 | 65,000 | 57,101 | 53,134 | 43,695 | 29,900 | 24,793 |
Net funds restricted | |||||||||||
- | - | - | - | - | -15,000 | -15,000 | -86,140 | -62,843 | -63,991 | -129,711 | -2,457 |
Other | |||||||||||
- | - | - | - | - | - | - | - | - | - | 1,250 | 2,617 |
Net cash used in investing activities | |||||||||||
-1,945,000 | -2,036,000 | -1,672,000 | -1,590,000 | -1,459,000 | -1,014,000 | -1,053,000 | -382,356 | -912,397 | -746,743 | -703,611 | -1,033,667 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from long-term debt | |||||||||||
1,530,000 | 1,358,000 | 1,395,000 | 553,000 | 565,000 | 501,000 | 404,000 | 315,430 | 12,510 | 268,559 | 542,926 | 279,941 |
Repayments of long-term debt | |||||||||||
495,000 | 526,000 | 896,000 | 144,000 | 132,000 | 240,000 | 496,000 | 471,954 | 70,045 | 272,700 | 178,131 | 241,500 |
Proceeds from short-term borrowings with maturities greater than three months | |||||||||||
- | - | - | - | 60,000 | 35,000 | 221,000 | - | 0 | - | - | - |
Repayments of short-term borrowings with maturities greater than three months | |||||||||||
- | - | - | - | 60,000 | 256,000 | - | - | - | - | - | - |
Net short-term borrowings with maturities less than three months | |||||||||||
-178,000 | 60,000 | 55,000 | 221,000 | 180,000 | 41,000 | 139,000 | -211,064 | 303,024 | 93,029 | -352,005 | 258,684 |
Issuance of common stock | |||||||||||
0 | 183,000 | 0 | 0 | - | - | - | - | - | - | 242,301 | 0 |
Proceeds from issuances of employee stock plans and direct stock purchase plan, net of taxes paid of $11 and $6 for the three months ended March 31, 2020 and 2019, respectively | |||||||||||
15,000 | 16,000 | 15,000 | 13,000 | 39,000 | 21,000 | 26,000 | 27,860 | 13,866 | 6,711 | 2,089 | 836 |
Advances and contributions for construction, net of refunds of $30, $22 and $22 in 2019, 2018 and 2017, respectively | |||||||||||
26,000 | 21,000 | 28,000 | 16,000 | 26,000 | 26,000 | 19,000 | 31,909 | 22,298 | 7,042 | 21,211 | 3,078 |
Debt issuance costs and make-whole premium on early debt redemption | |||||||||||
15,000 | 22,000 | 47,000 | 5,000 | - | - | - | - | - | - | - | - |
Change in bank overdraft position | |||||||||||
- | - | - | - | - | - | - | -34,812 | -16,862 | 17,173 | -7,508 | -188 |
Capital contributions | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 245,000 |
Debt issuance costs | |||||||||||
- | - | - | - | 7,000 | 5,000 | 4,000 | 7,393 | 552 | 6,619 | 13,165 | 4,008 |
Make-whole premium on early debt redemption | |||||||||||
- | - | - | - | 0 | - | - | - | - | - | - | - |
Redemption of preferred stock | |||||||||||
- | - | - | - | - | - | - | 4,376 | 1,888 | 228 | 218 | 229 |
Dividends paid | |||||||||||
353,000 | 319,000 | 289,000 | 261,000 | 239,000 | 216,000 | 149,000 | 213,459 | 157,855 | 150,301 | 137,331 | 64,055 |
Anti-dilutive share repurchases | |||||||||||
36,000 | 45,000 | 54,000 | 65,000 | 126,000 | - | - | - | - | - | - | - |
Taxes paid related to employee stock plans | |||||||||||
- | - | - | - | -16,000 | 6,000 | - | - | - | - | - | - |
Other | |||||||||||
- | - | - | - | - | - | - | 4,843 | 639 | 0 | 0 | - |
Net cash provided by financing activities | |||||||||||
494,000 | 726,000 | 207,000 | 328,000 | 290,000 | -87,000 | 160,000 | -563,016 | 105,135 | -37,334 | 120,169 | 477,559 |
Net increase (decrease) in cash, cash equivalents and restricted funds | |||||||||||
-68,000 | 76,000 | -16,000 | 27,000 | - | -4,000 | 3,000 | 10,226 | 1,095 | -9,144 | 12,714 | -3,939 |
Cash paid during the year for: | |||||||||||
Interest, net of capitalized amount | |||||||||||
383,000 | 332,000 | 338,000 | 327,000 | 309,000 | 301,000 | 318,000 | 329,331 | 331,944 | 329,417 | 303,958 | 294,508 |
Income taxes, net of refunds of $4, $0 and $0 in 2019, 2018 and 2017, respectively | |||||||||||
12,000 | 38,000 | 30,000 | 16,000 | 12,000 | 16,000 | 8,000 | 5,352 | 14,269 | -30,108 | 11,205 | -22,161 |
Non-cash investing activity: | |||||||||||
Capital expenditures acquired on account but unpaid as of the end of period | |||||||||||
235,000 | 181,000 | 204,000 | 171,000 | 224,000 | 186,000 | 129,000 | 159,119 | 104,816 | 112,313 | 59,219 | 72,657 |
Acquisition financed by treasury stock | |||||||||||
0 | 0 | 33,000 | 0 | 0 | - | - | - | - | - | - | - |
Advances and contributions | |||||||||||
- | - | - | - | - | - | - | 12,279 | 23,504 | 27,566 | 77,094 | 83,041 |
Long-term debt issued | |||||||||||
- | - | - | - | - | - | - | 68,746 | 0 | 122,775 | 179,931 | - |