XML 27 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities:      
Net income before noncontrolling interest $ 61,515 $ 23,627 $ 38,767
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 91,622 68,489 56,907
Deferred income taxes (5,497) (1,249) (9,486)
Share-based compensation 3,553 3,406 2,117
Gain on sale of real estate investments (948) (929) 0
Allowance for equity funds used during construction (1,249) 0 0
Other non-cash, net 0 20 414
Changes in operating assets and liabilities, net of acquired assets and liabilities:      
Accounts receivable and accrued unbilled utility revenue (18,918) (3,860) (2,003)
Accounts payable and other current liabilities (357) 1,946 2,130
Accrued groundwater extraction charges, purchased water and power 1,973 2,853 (688)
Tax receivable and accrued taxes (3,557) (6,044) 5,841
Postretirement benefits (2,965) (4,000) 203
Regulatory asset related to balancing and memorandum accounts (14,459) 30,838 (6,488)
Up-front service concession payment (5,000) 0 0
Other noncurrent assets and noncurrent liabilities 751 7,439 1,923
Other changes, net (2,413) 7,469 1,706
Net cash provided by operating activities 104,051 130,005 91,343
Investing activities:      
Company-funded (195,323) (164,325) (135,973)
Contributions in aid of construction (17,096) (13,563) (8,454)
Additions to real estate investment (435) (137) (123)
Payments for business/asset acquisition and water rights 0 (835,465) (2,496)
Cost to retire utility plant, net of salvage (2,556) (5,026) (3,909)
Proceeds from sale of real estate investments and utility property 1,151 745 0
Proceeds from sale of equity investments 0 0 4,112
Net cash used in investing activities (214,259) (1,017,771) (146,843)
Financing activities:      
Borrowings from lines of credit 276,174 105,349 76,000
Repayments of lines of credit (218,289) (192,055) (1,000)
Long-term borrowings 85,000 590,000 0
Long-term borrowings held as restricted cash 4,000 5,000 0
Repayments of long-term borrowings (28,931) (1,400) 0
Debt issuance costs (829) (4,918) 0
Dividends paid (36,509) (34,134) (23,074)
Receipts of advances and contributions in aid of construction 23,874 18,904 10,890
Refunds of advances for construction (2,767) (2,911) (2,700)
Issuance of common stock, net of issuance costs 0 (10) 411,385
Other changes, net (190) 1,163 (3,078)
Net cash provided by financing activities 101,533 484,988 468,423
Net change in cash, cash equivalents and restricted cash (8,675) (402,778) 412,923
Cash, cash equivalents and restricted cash, beginning of year 17,944 420,722 7,799
Cash, cash equivalents and restricted cash, end of year 9,269 17,944 420,722
Less restricted cash, end of year 4,000 5,000 0
Cash and cash equivalents, end of year 5,269 12,944 420,722
Cash paid during the year for:      
Interest 59,955 32,138 27,038
Income taxes 10,380 16,448 13,750
Supplemental disclosure of non-cash activities:      
Increase (decrease) in accrued payables for construction costs capitalized 1,448 (516) 340
Utility property installed by developers $ 9,779 $ 3,077 $ 1,747