v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 125,886 $ 116,368
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 105,735 109,725
Change in value of life insurance contracts (79) (3,099)
Allowance for equity funds used during construction (6,642) (5,840)
Changes in operating assets and liabilities:    
Receivables and accrued and unbilled revenue (30,259) (33,493)
Accounts payable 13,437 7,218
Other current assets (654) (2,143)
Other current liabilities 14,864 27,870
Other changes in noncurrent assets and liabilities 39,951 38,050
Net cash provided by operating activities 262,239 254,656
Investing activities:    
Utility plant expenditures (424,771) (364,702)
Life insurance proceeds 1,614 0
Purchase of life insurance contracts (3,363) (3,364)
Other 21 207
Net cash used in investing activities (426,499) (367,859)
Financing activities:    
Short-term borrowings 655,000 420,000
Repayment of short-term borrowings (610,000) (280,000)
Repayment of long-term debt (29) (679)
Advances and contributions in aid of construction 28,935 28,282
Refunds of advances for construction (7,601) (7,117)
Per- and polyfluoroalkyl substances (PFAS) settlement proceeds 18,471 34,826
Repurchase of common stock (1,092) (1,326)
Issuance of common stock 145,912 1,904
Dividends paid (61,002) (55,974)
Payment for purchase of noncontrolling interest (10,756) 0
Distribution to noncontrolling interest 0 (790)
Net cash provided by financing activities 157,838 139,126
Change in cash, cash equivalents, and restricted cash (6,422) 25,923
Cash, cash equivalents, and restricted cash at beginning of period 97,373 95,687
Cash, cash equivalents, and restricted cash at end of period 90,951 121,610
Supplemental disclosures of cash flow information:    
Cash paid for interest (net of amounts capitalized) 45,042 37,678
Supplemental disclosure of investing and financing non-cash activities:    
Accrued payables for investments in utility plant 81,645 60,512
Utility plant contributed by developers 28,637 23,430
Reclassification of net utility plant to financing receivable $ 13,151 $ 0