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Business Description And Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounts Receivable and Allowance for Doubtful Accounts

Following is a summary of accounts receivable as of December 31 (in thousands):

 

 

 

2022

 

 

2021

 

Billed Accounts Receivable

 

$

267,571

 

 

$

181,027

 

Unbilled Revenue

 

 

243,574

 

 

 

142,738

 

Less Allowance for Credit Losses

 

 

(2,953

)

 

 

(2,113

)

Accounts Receivable, net

 

$

508,192

 

 

$

321,652

 
Financing Receivable, Current, Allowance for Credit Loss

Changes to allowance for credit losses for the years ended December 31, were as follows (in thousands):

 

 

 

Balance at
Beginning of Year

 

 

Additions
Charged to Costs and Expenses

 

 

 

Recoveries and
Other Additions

 

 

Write-offs and
Other Deductions

 

 

Balance at
End of Year

 

2022

 

$

2,113

 

 

$

9,110

 

 

 

$

3,529

 

 

$

(11,799

)

 

$

2,953

 

2021

 

$

7,003

 

 

$

2,444

 

 

 

$

3,560

 

 

$

(10,894

)

 

$

2,113

 

2020

 

$

2,444

 

 

$

8,927

 

 

 

$

4,728

 

 

$

(9,096

)

 

$

7,003

 
Materials, Supplies and Fuel

The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of December 31 (in thousands):

 

 

 

2022

 

 

2021

 

Materials and supplies

 

$

99,734

 

 

$

86,400

 

Fuel

 

 

3,115

 

 

 

1,267

 

Natural gas in storage

 

 

104,572

 

 

 

63,312

 

Total materials, supplies and fuel

 

$

207,421

 

 

$

150,979

 
Property, Plant and Equipment (AFUDC) The following table presents AFUDC amounts (in thousands) for the years ended December 31:

 

 

 

Income Statement Location

 

2022

 

 

2021

 

 

2020

 

AFUDC Borrowed

 

Interest expense incurred net of amounts
capitalized (including amortization of debt
issuance costs, premiums and discounts)

 

$

5,638

 

 

$

4,068

 

 

$

5,617

 

AFUDC Equity

 

Other income (expense), net

 

 

644

 

 

 

593

 

 

 

318

 
Goodwill As of December 31, 2022 and 2021, Goodwill balances were as follows (in thousands):

 

 

 

Electric Utilities

 

 

Gas Utilities

 

 

Total

 

Goodwill

 

$

257,244

 

 

$

1,042,210

 

 

$

1,299,454

 
Intangible Assets Changes to intangible assets for the years ended December 31, were as follows (in thousands):

 

 

 

2022

 

 

2021

 

 

2020

 

Intangible assets, net, beginning balance

 

$

10,770

 

 

$

11,944

 

 

$

13,266

 

Amortization expense (a)

 

 

(1,181

)

 

 

(1,174

)

 

 

(1,322

)

Intangible assets, net, ending balance

 

$

9,589

 

 

$

10,770

 

 

$

11,944

 

 

(a)
Amortization expense for existing intangible assets is expected to be $1.2 million for each year of the next five years.
Schedule of Accrued Liabilities

The following amounts by major classification are included in Accrued liabilities on the accompanying Consolidated Balance Sheets as of December 31 (in thousands):

 

 

 

2022

 

 

2021

 

Accrued employee compensation, benefits and withholdings

 

$

62,890

 

 

$

74,387

 

Accrued property taxes

 

 

52,430

 

 

 

50,874

 

Customer deposits and prepayments

 

 

47,655

 

 

 

48,814

 

Accrued interest

 

 

33,798

 

 

 

33,680

 

Other (none of which is individually significant)

 

 

46,684

 

 

 

37,004

 

Total accrued liabilities

 

$

243,457

 

 

$

244,759

 
Earnings Per Share of Common Stock

A reconciliation of share amounts used to compute earnings per share is as follows for the years ended December 31 (in thousands):

 

 

 

2022

 

 

2021

 

 

2020

 

Net income available for common stock

 

$

258,387

 

 

$

236,744

 

 

$

227,608

 

Weighted average shares - basic

 

 

64,858

 

 

 

63,219

 

 

 

62,378

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

Equity compensation

 

 

163

 

 

 

106

 

 

 

61

 

Weighted average shares - diluted

 

 

65,021

 

 

 

63,325

 

 

 

62,439

 

Net income available for common stock, per share - Diluted

 

$

3.97

 

 

$

3.74

 

 

$

3.65

 
Antidilutive Securities

The following securities were excluded from the diluted earnings per share computation for the years ended December 31 because of their anti-dilutive nature (in thousands):

 

 

 

2022

 

 

2021

 

 

2020

 

Equity compensation

 

 

-

 

 

 

13

 

 

 

60

 

Anti-dilutive shares excluded from computation of earnings per share

 

 

-

 

 

 

13

 

 

 

60