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Aqua America 10-Q 2014
wtr-20140930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON DC  20549

FORM 10-Q

(Mark One) 

 QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. 

For the quarterly period ended September 30, 2014 

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 

For the transition period from_______________ to _______________

Commission File Number 1-6659 

AQUA AMERICA, INC. 

(Exact name of registrant as specified in its charter) 

 

 

 

 

 

Pennsylvania

23-1702594

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

 

762 W. Lancaster Avenue, Bryn Mawr, Pennsylvania

19010 -3489

(Address of principal executive offices)

(Zip Code)

 

 

(610) 527-8000

(Registrant’s telephone number, including area code)

 

(Former Name, former address and former fiscal year, if changed since last report.)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes    No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12(b)-2 of the Exchange Act.:   

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer    (do not check if a  smaller reporting company)

Smaller reporting company

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   No  

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of  

October 24,  2014:  176,633,848

  

 


 

Table of Contents

AQUA AMERICA, INC. AND SUBSIDIARIES

 

 

TABLE OF CONTENTS

 

 

 

Page

Part I – Financial Information 

 

 

Item 1.  Financial Statements: 

 

 

 

Consolidated Balance Sheets (unaudited) – September 30, 2014 and December 31, 2013 

2

 

 

Consolidated Statements of Net Income (unaudited) -
Three Months Ended September 30, 2014 and 2013
 

 

 

Consolidated Statements of Net Income (unaudited)
Nine Months Ended September 30, 2104 and 2013
 

 

 

Consolidated Statements of Comprehensive Income (unaudited) –
Three and Nine Months Ended September 30, 2014 and 2013
 

5

 

 

Consolidated Statements of Capitalization (unaudited) –
September 30, 2014 and December 31, 2013
 

6

 

 

Consolidated Statement of Equity (unaudited) –
Nine Months Ended September 30, 2014
 

7

 

 

Consolidated Statements of Cash Flow (unaudited) –
Nine Months Ended September 30, 2014 and 2013
 

8

 

 

Notes to Consolidated Financial Statements (unaudited) 

9

 

 

Item 2.  Management’s Discussion and Analysis of Financial
Condition and Results of Operations
 

26

 

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk 

34

 

 

Item 4.  Controls and Procedures 

34

 

Part II – Other Information 

 

 

Item 1.  Legal Proceedings 

34

 

 

Item 1A.  Risk Factors 

35

 

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds 

36

 

 

Item 6.  Exhibits 

36

 

 

Signatures 

37

 

 

Exhibit Index 

38

 

1

 


 

Table of Contents

AQUA AMERICA, INC. AND SUBSIDIARIES 

 

CONSOLIDATED BALANCE SHEETS 

(In thousands of dollars, except per share amounts) 

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

Assets

 

2014

 

2013

Property, plant and equipment, at cost

 

$

5,594,967 

 

$

5,350,868 

Less: accumulated depreciation

 

 

1,281,152 

 

 

1,212,300 

Net property, plant and equipment

 

 

4,313,815 

 

 

4,138,568 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 

4,843 

 

 

5,058 

Accounts receivable and unbilled revenues, net

 

 

105,744 

 

 

94,704 

Deferred income taxes

 

 

42,606 

 

 

40,038 

Inventory, materials and supplies

 

 

12,583 

 

 

11,353 

Prepayments and other current assets

 

 

11,317 

 

 

18,954 

Assets of discontinued operations held for sale

 

 

30,428 

 

 

30,747 

Total current assets

 

 

207,521 

 

 

200,854 

 

 

 

 

 

 

 

Regulatory assets

 

 

658,619 

 

 

585,140 

Deferred charges and other assets, net

 

 

52,231 

 

 

50,290 

Investment in joint venture

 

 

44,650 

 

 

48,695 

Funds restricted for construction activity

 

 

47 

 

 

47 

Goodwill

 

 

30,298 

 

 

28,223 

Total assets

 

$

5,307,181 

 

$

5,051,817 

Liabilities and Equity

 

 

 

 

 

 

Aqua America stockholders' equity:

 

 

 

 

 

 

Common stock at $.50 par value, authorized 300,000,000 shares, issued 178,462,611 and 177,928,922 as of September 30, 2014 and December 31, 2013

 

$

89,231 

 

$

88,964 

Capital in excess of par value

 

 

753,814 

 

 

743,335 

Retained earnings

 

 

812,412 

 

 

729,272 

Treasury stock, at cost, 1,763,171 and 1,178,323 shares as of September 30, 2014 and December 31, 2013

 

 

(41,055)

 

 

(27,082)

Accumulated other comprehensive income

 

 

731 

 

 

346 

Total Aqua America stockholders' equity

 

 

1,615,133 

 

 

1,534,835 

 

 

 

 

 

 

 

Noncontrolling interest

 

 

227 

 

 

208 

Total equity

 

 

1,615,360 

 

 

1,535,043 

 

 

 

 

 

 

 

Long-term debt, excluding current portion

 

 

1,560,426 

 

 

1,468,583 

Commitments and contingencies (See Note 13)

 

 

 -

 

 

 -

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of long-term debt

 

 

86,580 

 

 

86,288 

Loans payable

 

 

6,997 

 

 

36,740 

Accounts payable

 

 

48,864 

 

 

65,815 

Accrued interest

 

 

20,911 

 

 

13,615 

Accrued taxes

 

 

11,147 

 

 

14,176 

Other accrued liabilities

 

 

32,224 

 

 

33,596 

Liabilities of discontinued operations held for sale

 

 

28,669 

 

 

29,649 

Total current liabilities

 

 

235,392 

 

 

279,879 

 

 

 

 

 

 

 

Deferred credits and other liabilities:

 

 

 

 

 

 

Deferred income taxes and investment tax credits

 

 

972,082 

 

 

866,211 

Customers' advances for construction

 

 

77,215 

 

 

73,892 

Regulatory liabilities

 

 

279,666 

 

 

281,014 

Other

 

 

71,116 

 

 

81,552 

Total deferred credits and other liabilities

 

 

1,400,079 

 

 

1,302,669 

 

 

 

 

 

 

 

Contributions in aid of construction

 

 

495,924 

 

 

465,643 

Total liabilities and equity

 

$

5,307,181 

 

$

5,051,817 

 

 

 

 

 

 

 

See notes to consolidated financial statements beginning on page 9 of this report.

 

 

  

2

 


 

Table of Contents

AQUA AMERICA, INC. AND SUBSIDIARIES 

 

CONSOLIDATED STATEMENTS OF NET INCOME

(In thousands, except per share amounts)

(UNAUDITED)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

September 30,

 

 

2014

 

2013

 

 

 

 

 

 

 

Operating revenues

 

$

210,535 

 

$

202,320 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Operations and maintenance

 

 

72,374 

 

 

71,631 

Depreciation

 

 

29,482 

 

 

29,980 

Amortization

 

 

806 

 

 

1,185 

Taxes other than income taxes

 

 

12,815 

 

 

13,384 

Total operating expenses

 

 

115,477 

 

 

116,180 

 

 

 

 

 

 

 

Operating income

 

 

95,058 

 

 

86,140 

 

 

 

 

 

 

 

Other expense (income):

 

 

 

 

 

 

Interest expense, net

 

 

18,990 

 

 

19,350 

Allowance for funds used during construction

 

 

(1,195)

 

 

(426)

Gain on sale of other assets

 

 

(75)

 

 

(138)

Equity loss (earnings) in joint venture

 

 

736 

 

 

(78)

Income from continuing operations before income taxes

 

 

76,602 

 

 

67,432 

Provision for income taxes

 

 

8,891 

 

 

4,683 

Income from continuing operations

 

 

67,711 

 

 

62,749 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

Income from discontinued operations before income taxes

 

 

472 

 

 

1,433 

Provision for income taxes

 

 

187 

 

 

565 

Income from discontinued operations

 

 

285 

 

 

868 

Net income attributable to common shareholders

 

$

67,996 

 

$

63,617 

 

 

 

 

 

 

 

Income from continuing operations per share:

 

 

 

 

 

 

Basic

 

$

0.38 

 

$

0.36 

Diluted

 

$

0.38 

 

$

0.35 

 

 

 

 

 

 

 

Income from discontinued operations per share:

 

 

 

 

 

 

Basic

 

$

0.00 

 

$

0.00 

Diluted

 

$

0.00 

 

$

0.00 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

0.38 

 

$

0.36 

Diluted

 

$

0.38 

 

$

0.36 

 

 

 

 

 

 

 

Average common shares outstanding during the period:

 

 

 

 

 

 

Basic

 

 

176,900 

 

 

176,483 

Diluted

 

 

177,908 

 

 

177,575 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.165 

 

$

 -

 

 

 

 

 

 

 

See notes to consolidated financial statements beginning on page 9 of this report.

 

 

 

 

 

 

 

 

 

3

 


 

Table of Contents

AQUA AMERICA, INC. AND SUBSIDIARIES 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF NET INCOME

(In thousands, except per share amounts)

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

September 30,

 

 

2014

 

2013

 

 

 

 

 

 

 

Operating revenues

 

$

588,514 

 

$

574,815 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Operations and maintenance

 

 

214,435 

 

 

209,837 

Depreciation

 

 

91,689 

 

 

88,336 

Amortization

 

 

2,685 

 

 

3,930 

Taxes other than income taxes

 

 

37,943 

 

 

39,884 

 

 

 

346,752 

 

 

341,987 

 

 

 

 

 

 

 

Operating income

 

 

241,762 

 

 

232,828 

 

 

 

 

 

 

 

Other expense (income):

 

 

 

 

 

 

Interest expense, net

 

 

57,393 

 

 

57,833 

Allowance for funds used during construction

 

 

(3,299)

 

 

(1,468)

Loss (gain) on sale of other assets

 

 

133 

 

 

(121)

Equity loss in joint venture

 

 

2,673 

 

 

1,732 

Income from continuing operations before income taxes

 

 

184,862 

 

 

174,852 

Provision for income taxes

 

 

19,932 

 

 

18,235 

Income from continuing operations

 

 

164,930 

 

 

156,617 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

Income from discontinued operations before income taxes

 

 

2,497 

 

 

11,301 

Provision for income taxes

 

 

1,003 

 

 

4,150 

Income from discontinued operations

 

 

1,494 

 

 

7,151 

Net income attributable to common shareholders

 

$

166,424 

 

$

163,768 

 

 

 

 

 

 

 

Income from continuing operations per share:

 

 

 

 

 

 

Basic

 

$

0.93 

 

$

0.89 

Diluted

 

$

0.93 

 

$

0.89 

 

 

 

 

 

 

 

Income from discontinued operations per share:

 

 

 

 

 

 

Basic

 

$

0.01 

 

$

0.04 

Diluted

 

$

0.01 

 

$

0.04 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

Basic

 

$

0.94 

 

$

0.93 

Diluted

 

$

0.94 

 

$

0.93 

 

 

 

 

 

 

 

Average common shares outstanding during the period:

 

 

 

 

 

 

Basic

 

 

176,933 

 

 

175,964 

Diluted

 

 

177,872 

 

 

176,732 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.469 

 

$

0.432 

 

 

 

 

 

 

 

See notes to consolidated financial statements beginning on page 9 of this report.

 

 

 

 

 

 

 

 

 

 

4

 


 

Table of Contents

AQUA AMERICA, INC. AND SUBSIDIARIES 

 

  

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

(In thousands of dollars) 

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

67,996 

 

$

63,617 

 

$

166,424 

 

$

163,768 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (loss) gain on investments, net of tax (benefit) expense of $(33) and $32 for the three months and $73 and $9 for the nine months ended, September 30, respectively

 

 

(62)

 

 

60 

 

 

136 

 

 

18 

Reclassification adjustment for loss reported in net income, net of tax benefit of $134 and $49 for the nine months ended, September 30, respectively (1)

 

 

 -

 

 

 -

 

 

249 

 

 

90 

Comprehensive income

 

$

67,934 

 

$

63,677 

 

$

166,809 

 

$

163,876 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Amount of pre-tax loss of $383 and $139 reclassified from accumulated other comprehensive income to loss on sale of other assets on the consolidated statements of net income for the nine months ended September 30, 2014 and 2013, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements beginning on page 9 of this report.

 

  

 

 

5

 


 

Table of Contents

AQUA AMERICA, INC. AND SUBSIDIARIES 

 

CONSOLIDATED STATEMENTS OF CAPITALIZATION 

(In thousands of dollars, except per share amounts) 

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

 

2014

 

2013

Aqua America stockholders' equity:

 

 

 

 

 

 

 

    Common stock, $.50 par value

 

 

$

89,231 

 

$

88,964 

    Capital in excess of par value

 

 

 

753,814 

 

 

743,335 

    Retained earnings

 

 

 

812,412 

 

 

729,272 

    Treasury stock, at cost

 

 

 

(41,055)

 

 

(27,082)

    Accumulated other comprehensive income

 

 

731 

 

 

346 

Total Aqua America stockholders' equity

 

 

 

1,615,133 

 

 

1,534,835 

 

 

 

 

 

 

 

 

Noncontrolling interest

 

 

 

227 

 

 

208 

 

 

 

 

 

 

 

 

Total equity

 

 

 

1,615,360 

 

 

1,535,043 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

Long-term debt of subsidiaries (substantially secured by utility plant):

 

 

 

 

 

 

Interest Rate Range

Maturity Date Range

 

 

 

 

 

 

0.00% to  0.99%

2023 to 2033

 

 

5,653 

 

 

5,035 

1.00% to  1.99%

2016 to 2035

 

 

14,681 

 

 

28,615 

2.00% to  2.99%

2024 to 2033

 

 

24,653 

 

 

14,903 

3.00% to  3.99%

2016 to 2047

 

 

168,206 

 

 

167,365 

4.00% to  4.99%

2020 to 2048

 

 

444,332 

 

 

447,296 

5.00% to  5.99%

2015 to 2043

 

 

256,205 

 

 

284,362 

6.00% to  6.99%

2015 to 2036

 

 

64,939 

 

 

64,924 

7.00% to  7.99%

2022 to 2027

 

 

34,583 

 

 

35,056 

8.00% to  8.99%

2021 to 2025

 

 

19,006 

 

 

19,283 

9.00% to  9.99%

2018 to 2026

 

 

27,800 

 

 

28,500 

10.00% to 10.99%

2018

 

 

6,000 

 

 

6,000 

 

 

 

 

1,066,058 

 

 

1,101,339 

 

 

 

 

 

 

 

 

Notes payable to bank under revolving credit agreement, variable rate, due March 2017

 

 

109,000 

 

 

 -

Unsecured notes payable:

 

 

 

 

 

 

 

Bank Note at 1.921% due September 2017

 

 

 

50,000 

 

 

 -

Notes at 3.57% due 2027

 

 

 

50,000 

 

 

50,000 

Notes ranging from 4.62% to 4.87%, due 2016 through 2024

 

 

144,400 

 

 

171,400 

Notes ranging from 5.01% to 5.95%, due 2014 through 2037

 

 

227,548 

 

 

232,132 

 

 

 

 

1,647,006 

 

 

1,554,871 

Current portion of long-term debt

 

 

 

86,580 

 

 

86,288 

Long-term debt, excluding current portion

 

 

1,560,426 

 

 

1,468,583 

Total capitalization

 

 

$

3,175,786 

 

$

3,003,626 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements beginning on page 9 of this report.

 

 

 

 

 

 

 

 

 

 

  

 

6

 


 

Table of Contents

AQUA AMERICA, INC. AND SUBSIDIARIES 

 

CONSOLIDATED STATEMENT OF EQUITY 

(In thousands of dollars)

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Common

 

Excess of

 

Retained

 

Treasury

 

Comprehensive

 

Noncontrolling

 

 

 

 

 

Stock

 

Par Value

 

Earnings

 

Stock

 

Income

 

Interest

 

Total

Balance At December 31, 2013

 

$

88,964 

 

$

743,335 

 

$

729,272 

 

$

(27,082)

 

$

346 

 

$

208 

 

$

1,535,043 

Net income

 

 

 -

 

 

 -

 

 

166,424 

 

 

 -

 

 

 -

 

 

19 

 

 

166,443 

Other comprehensive income, net of income tax of $207

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

385 

 

 

 -

 

 

385 

Dividends

 

 

 -

 

 

 -

 

 

(82,953)

 

 

 -

 

 

 -

 

 

 -

 

 

(82,953)

Repurchase of stock (584,853 shares)         

 

 

 -

 

 

 -

 

 

 -

 

 

(13,973)

 

 

 -

 

 

 -

 

 

(13,973)

Equity compensation plan (212,920 shares)

 

 

107 

 

 

(107)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Exercise of stock options (320,769 shares)

 

 

160 

 

 

4,710 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

4,870 

Stock-based compensation

 

 

 -

 

 

5,137 

 

 

(331)

 

 

 -

 

 

 -

 

 

 -

 

 

4,806 

Employee stock plan tax benefits

 

 

 -

 

 

1,319 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

1,319 

Other  

 

 

 -

 

 

(580)

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(580)

Balance At September 30, 2014

 

$

89,231 

 

$

753,814 

 

$

812,412 

 

$

(41,055)

 

$

731 

 

$

227 

 

$

1,615,360 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements beginning on page 9 of this report.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

7

 


 

Table of Contents

AQUA AMERICA, INC. AND SUBSIDIARIES 

 

CONSOLIDATED STATEMENTS OF CASH FLOW 

(In thousands of dollars) 

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

September 30,

 

 

2014

 

2013

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

166,424 

 

$

163,768 

Income from discontinued operations

 

 

1,494 

 

 

7,151 

Income from continuing operations

 

 

164,930 

 

 

156,617 

Adjustments to reconcile income from continuing operations

 

 

 

 

 

 

to net cash flows from operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

94,374 

 

 

92,266 

Deferred income taxes

 

 

15,055 

 

 

19,852 

Provision for doubtful accounts

 

 

4,648 

 

 

3,337 

Stock-based compensation

 

 

5,145 

 

 

4,043 

Gain on sale of utility system

 

 

 -

 

 

(1,025)

Loss (gain) on sale of other assets

 

 

133 

 

 

(121)

Net increase in receivables, inventory and prepayments

 

 

(13,928)

 

 

(1,322)

Net increase in payables, accrued interest, accrued taxes and other accrued liabilities

 

 

16,241 

 

 

1,771 

Other

 

 

(11,023)

 

 

2,287 

Operating cash flows from continuing operations

 

 

275,575 

 

 

277,705 

Operating cash flows (used in) from discontinued operations, net

 

 

(1,142)

 

 

1,893 

Net cash flows from operating activities

 

 

274,433 

 

 

279,598 

Cash flows from investing activities:

 

 

 

 

 

 

Property, plant and equipment additions, including the debt component of allowance for funds used during construction of $1,033 and $1,352

 

 

(220,739)

 

 

(215,407)

Acquisitions of utility systems and other, net

 

 

(11,677)

 

 

(14,404)

Additions to funds restricted for construction activity

 

 

 -

 

 

(6)

Release of funds previously restricted for construction activity

 

 

 -

 

 

11,952 

Net proceeds from the sale of utility system and other assets

 

 

386 

 

 

3,187 

Investment in joint venture

 

 

 -

 

 

(9,800)

Other

 

 

513 

 

 

(439)

Investing cash flows used in continuing operations

 

 

(231,517)

 

 

(224,917)

Investing cash flows (used in) from discontinued operations, net

 

 

(77)

 

 

50,421 

Net cash flows used in investing activities

 

 

(231,594)

 

 

(174,496)

Cash flows from financing activities:

 

 

 

 

 

 

Customers' advances and contributions in aid of construction

 

 

4,510 

 

 

3,523 

Repayments of customers' advances

 

 

(2,107)

 

 

(1,938)

Net (repayments) proceeds of short-term debt

 

 

(29,743)

 

 

29,403 

Proceeds from long-term debt

 

 

221,058 

 

 

188,321 

Repayments of long-term debt

 

 

(128,395)

 

 

(258,295)

Change in cash overdraft position

 

 

(16,883)

 

 

(11,881)

Proceeds from issuing common stock

 

 

 -

 

 

10,478 

Proceeds from exercised stock options

 

 

4,870 

 

 

24,941 

Stock-based compensation windfall tax benefits

 

 

1,235 

 

 

 -

Repurchase of common stock