| 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 | |||||||||||
224,543 | 191,988 | 239,738 | 234,182 | 201,790 | 233,239 | 221,300 | 196,563 | 143,069 | 123,975 | 104,353 | 97,918 |
Income from discontinued operations | |||||||||||
- | - | - | - | - | 19,355 | 18,429 | 14,726 | 1,386 | 7,596 | 4,203 | - |
Income from continuing operations | |||||||||||
- | - | - | - | - | 213,884 | 202,871 | 181,837 | 141,683 | 116,379 | 100,150 | - |
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
156,476 | 146,673 | 136,724 | 133,008 | 128,737 | 126,535 | 123,985 | 116,180 | 108,300 | 111,716 | 111,111 | 94,300 |
Deferred income taxes | |||||||||||
-10,436 | -14,950 | 13,780 | 17,250 | 16,506 | 31,477 | 26,699 | 77,217 | 72,110 | 70,229 | 43,710 | 45,768 |
Provision for doubtful accounts | |||||||||||
5,306 | 5,305 | 4,986 | 5,505 | 5,765 | 5,838 | 4,708 | 4,785 | 4,854 | 4,156 | 5,739 | 6,811 |
Stock-based compensation | |||||||||||
7,368 | 7,567 | 6,342 | 5,390 | 5,860 | 6,819 | 5,066 | 5,550 | 3,852 | 3,871 | 3,502 | 3,871 |
Loss on interest rate swap agreements | |||||||||||
-23,742 | -59,779 | - | - | - | - | - | - | - | - | - | - |
Loss on debt extinguishment | |||||||||||
-18,528 | - | - | - | 678 | - | - | - | - | - | - | - |
Settlement of interest rate swap agreements | |||||||||||
83,520 | - | - | - | - | - | - | - | - | - | - | - |
Gain on sale of other assets | |||||||||||
923 | 714 | 484 | 378 | 468 | -4 | 148 | 1,090 | 649 | 2,547 | 464 | 1,599 |
(Gain) loss on sale of utility system and market-based business unit | |||||||||||
405 | - | -774 | 744 | - | - | 1,025 | - | 5,058 | - | 1,009 | 4,118 |
Net change in receivables, inventory and prepayments | |||||||||||
4,335 | 18,024 | 6,458 | 3,974 | 6,520 | 20,299 | -4,466 | 4,937 | 3,864 | 4,745 | 606 | 10,081 |
Equity (earnings) loss in joint venture | |||||||||||
- | - | - | - | -35,177 | -3,989 | -2,665 | - | - | - | - | - |
Net change in payables, accrued interest, accrued taxes and other accrued liabilities | |||||||||||
5,108 | 567 | -763 | 4,756 | -3,469 | 470 | -13,425 | 12,815 | 421 | -18,415 | -6,042 | -6,228 |
Pension and other postretirement benefits contributions | |||||||||||
-8,597 | -14,216 | -16,240 | -9,505 | -16,184 | - | - | - | - | - | - | - |
Change in income tax receivable | |||||||||||
- | - | - | - | - | -7,873 | -8,209 | 16,082 | -33,600 | 33,600 | - | 200 |
Other | |||||||||||
-5,668 | -4,547 | -2,919 | -10,673 | -4,278 | 11,702 | -1,338 | 452 | 3,208 | 2,327 | 3,549 | 4,936 |
Net cash flows from operating activities | |||||||||||
- | - | - | - | - | 364,888 | 365,409 | 375,823 | 352,041 | 244,717 | 252,542 | - |
Operating cash flows used in discontinued operations, net | |||||||||||
- | - | - | - | - | -1,100 | 2,410 | -7,416 | 14,806 | 18,375 | 5,298 | - |
Net cash flows from operating activities | |||||||||||
338,523 | 368,522 | 381,318 | 396,163 | 370,794 | 363,788 | 367,819 | 368,407 | 366,847 | 263,092 | 257,840 | 221,506 |
Cash flows from investing activities: | |||||||||||
Property, plant and equipment additions, including the debt component of allowance for funds used during construction of $873 and $1,030 | |||||||||||
550,273 | 495,737 | 478,089 | 382,996 | 364,689 | 328,605 | 307,908 | 347,098 | 325,808 | 308,134 | 273,159 | 267,418 |
Acquisitions of utility systems, net | |||||||||||
59,687 | 145,693 | 5,860 | 9,423 | 28,989 | 14,616 | 14,997 | 121,248 | 8,515 | 8,625 | 3,373 | 14,659 |
Release of funds previously restricted for construction activity | |||||||||||
- | - | - | - | 47 | - | 23,531 | 67,498 | 46,330 | 92,984 | 99,599 | 46,885 |
Additions to funds restricted for construction activity | |||||||||||
- | - | - | - | - | - | 6 | 2,165 | 149 | 145,157 | 129,600 | 23,195 |
Net proceeds from the sale of other assets | |||||||||||
2,893 | 716 | 1,342 | 7,746 | 648 | 558 | 5,315 | 3,819 | 13,404 | 4,605 | 2,163 | 20,831 |
Proceeds from note receivable | |||||||||||
- | - | - | - | - | - | - | - | 5,289 | 3,713 | 920 | - |
Investment in joint venture | |||||||||||
- | - | - | - | - | - | 14,700 | 33,856 | 5,087 | - | - | - |
Other | |||||||||||
-2,464 | -899 | -2,223 | -1,464 | 1,079 | -279 | -76 | 1,512 | 946 | 6,304 | 4,135 | 1,215 |
Net cash flows used in investing activities | |||||||||||
- | - | - | - | - | -342,384 | -308,689 | -434,562 | -275,482 | -366,918 | -307,585 | - |
Investing cash flows from discontinued operations, net | |||||||||||
- | - | - | - | - | 49,883 | 87,126 | 69,887 | -9,422 | -16,534 | -12,329 | - |
Net cash flows used in investing activities | |||||||||||
-604,603 | -639,815 | -480,384 | -383,209 | -394,062 | -292,501 | -221,563 | -364,675 | -284,904 | -383,452 | -319,914 | -238,771 |
Cash flows from financing activities: | |||||||||||
Customers' advances and contributions in aid of construction | |||||||||||
9,092 | 7,458 | 7,312 | 7,263 | 5,904 | 6,064 | 5,114 | 6,821 | 3,558 | 6,568 | 3,112 | 6,365 |
Repayments of customers' advances | |||||||||||
6,825 | 6,217 | 6,536 | 3,763 | 3,977 | 4,028 | 4,303 | 5,958 | 3,686 | 7,545 | 2,547 | 5,928 |
Net proceeds of short-term debt | |||||||||||
10,275 | 11,799 | -2,885 | -10,186 | -1,677 | -18,342 | -43,643 | -27,388 | 18,103 | 62,237 | -52,103 | 23,671 |
Proceeds from long-term debt | |||||||||||
1,434,506 | 1,331,868 | 591,024 | 503,586 | 560,544 | 317,699 | 263,834 | 300,109 | 52,513 | 272,754 | 194,225 | 52,741 |
Repayments of long-term debt | |||||||||||
1,048,471 | 914,125 | 359,068 | 373,087 | 400,407 | 253,192 | 300,323 | 202,203 | 96,072 | 160,750 | 20,654 | 39,038 |
Extinguishment of long-term debt | |||||||||||
25,237 | - | - | - | - | - | - | - | - | - | - | - |
Change in cash overdraft position | |||||||||||
1,993 | -12,678 | 9,012 | -8,076 | -739 | -322 | 9,872 | -10,929 | 14,503 | -6,976 | 4,284 | 1,951 |
Issuance of common stock under dividend reinvestment plan | |||||||||||
- | - | - | 1,388 | 677 | - | 10,290 | 13,190 | 12,607 | 12,530 | 11,892 | 33,297 |
Proceeds from issuance of common stock under dividend reinvestment plan | |||||||||||
8,959 | 5,163 | 1,453 | - | - | - | - | - | - | - | - | - |
Proceeds from stock issued to finance acquisition | |||||||||||
1,263,099 | - | - | - | - | - | - | - | - | - | - | - |
Issuance of common stock from private placement | |||||||||||
673,642 | - | - | - | - | - | - | - | - | - | - | - |
Proceeds from forward equity agreement | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 11,011 |
Proceeds from exercised stock options | |||||||||||
1,898 | 1,459 | 2,873 | 4,260 | 7,540 | 7,296 | 25,698 | 14,598 | 6,603 | 5,678 | 1,692 | 2,281 |
Share-based compensation windfall tax benefits | |||||||||||
- | - | - | 1,332 | 1,842 | 1,422 | 2,420 | - | - | 386 | 130 | 219 |
Repurchase of common stock | |||||||||||
1,867 | 2,555 | 2,167 | 3,028 | 25,247 | 15,756 | 12,823 | 1,464 | 1,163 | 770 | 304 | 397 |
Dividends paid on common stock | |||||||||||
188,512 | 150,736 | 140,660 | 130,923 | 121,248 | 112,106 | 102,889 | 93,423 | 87,133 | 80,907 | 74,729 | 68,504 |
Other | |||||||||||
-1,177 | -720 | -851 | -1,186 | -853 | -793 | - | - | - | - | - | - |
Net cash flows from (used in) financing activities | |||||||||||
- | - | - | - | - | -72,058 | -146,753 | -6,647 | -80,167 | 103,205 | 64,998 | - |
Financing cash flows used in discontinued operations, net | |||||||||||
- | - | - | - | - | -149 | 34 | 232 | 494 | 1,220 | 4,001 | - |
Net cash flows from financing activities | |||||||||||
2,131,375 | 270,716 | 99,507 | -12,420 | 22,359 | -72,207 | -146,719 | -6,415 | -79,673 | 104,425 | 68,999 | 17,669 |
Net change in cash and cash equivalents | |||||||||||
1,865,295 | -577 | 441 | 534 | -909 | -920 | -463 | -2,683 | 2,270 | -15,935 | 6,925 | 404 |
Cash paid during the year for: | |||||||||||
Interest, net of amounts capitalized | |||||||||||
89,228 | 93,630 | 81,771 | 72,662 | 74,724 | 72,441 | 75,452 | 74,152 | 71,640 | 68,942 | 63,437 | 64,368 |
Income taxes | |||||||||||
970 | 2,103 | 3,177 | 2,739 | 6,902 | 4,348 | 6,995 | 9,319 | 5,431 | 49,800 | 19,029 | 20,984 |
Non-cash investing activities: | |||||||||||
Property, plant and equipment additions purchased at the period end, but not yet paid for | |||||||||||
60,628 | 65,285 | 45,385 | 35,145 | 25,612 | 31,050 | 30,974 | - | - | - | - | - |
Non-cash utility property contributions | |||||||||||
30,693 | 24,660 | 39,220 | 26,234 | 27,992 | 43,642 | 26,188 | - | - | - | - | - |