Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 1-6659 | ||
Entity Registrant Name | ESSENTIAL UTILITIES, INC. | ||
Entity Central Index Key | 0000078128 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-1702594 | ||
Entity Address, Address Line One | 762 W Lancaster Avenue | ||
Entity Address, City or Town | Bryn Mawr | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19010-3489 | ||
City Area Code | 610 | ||
Local Phone Number | 527-8000 | ||
Title of 12(b) Security | Common stock, par value $0.50 per share | ||
Trading Symbol | WTRG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 10,535,546,923 | ||
Entity Common Stock, Shares Outstanding | 273,298,409 | ||
Documents Incorporated by Reference | (1) Portions of the definitive Proxy Statement, relating to the 2024 annual meeting of shareholders of registrant, to be filed within 120 days after the end of the fiscal year covered by this Form 10-K, have been incorporated by reference into Part III of this Form 10-K | ||
Auditor Firm ID | 238 | ||
Auditor Location | Philadelphia, Pennsylvania | ||
Auditor Name | PricewaterhouseCoopers LLP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Property, plant and equipment, at cost | $ 14,977,021 | $ 13,737,387 |
Less: accumulated depreciation | 2,879,949 | 2,606,441 |
Net property, plant and equipment | 12,097,072 | 11,130,946 |
Current assets: | ||
Cash and cash equivalents | 4,612 | 11,398 |
Accounts receivable, net | 144,300 | 206,324 |
Unbilled revenues | 101,436 | 170,504 |
Inventory - materials and supplies | 47,494 | 46,592 |
Inventory - gas stored | 65,173 | 153,143 |
Current assets held for sale | 11,167 | |
Prepayments and other current assets | 99,884 | 39,759 |
Regulatory assets | 29,080 | 19,272 |
Total current assets | 491,979 | 658,159 |
Regulatory assets | 1,766,892 | 1,342,753 |
Deferred charges and other assets, net | 102,388 | 166,653 |
Funds restricted for construction activity | 1,381 | 1,342 |
Goodwill | 2,340,738 | 2,340,792 |
Non-current assets held for sale | 32,124 | |
Operating lease right-of-use assets | 37,416 | 41,734 |
Intangible assets | 3,593 | 4,604 |
Total assets | 16,841,459 | 15,719,107 |
Essential Utilities stockholders' equity: | ||
Common stock at $0.50 par value, authorized 600,000,000 shares, issued 276,595,228 and 266,973,321 as of December 31, 2023 and December 31, 2022 | 138,297 | 133,486 |
Capital in excess of par value | 4,137,696 | 3,793,262 |
Retained earnings | 1,706,675 | 1,534,331 |
Treasury stock, at cost, 3,299,191 and 3,236,237 shares as of December 31, 2023 and December 31, 2022 | (86,485) | (83,693) |
Total stockholders' equity | 5,896,183 | 5,377,386 |
Long-term debt, excluding current portion | 6,870,593 | 6,418,039 |
Less: debt issuance costs | 44,508 | 46,982 |
Long-term debt, excluding current portion, net of debt issuance costs | 6,826,085 | 6,371,057 |
Commitments and contingencies (See Note 9) | ||
Current liabilities: | ||
Current portion of long-term debt | 67,415 | 199,356 |
Loans payable | 160,123 | 228,500 |
Accounts payable | 221,191 | 238,843 |
Book overdraft | 13,358 | 28,694 |
Accrued interest | 53,084 | 47,063 |
Accrued taxes | 40,641 | 34,393 |
Liabilities related to assets held for sale | 3,263 | |
Regulatory liabilities | 31,270 | 35,276 |
Dividends payable | 83,929 | 75,808 |
Other accrued liabilities | 126,916 | 130,673 |
Total current liabilities | 797,927 | 1,021,869 |
Deferred credits and other liabilities: | ||
Deferred income taxes and investment tax credits | 1,628,324 | 1,345,766 |
Customers' advances for construction | 128,755 | 114,732 |
Regulatory liabilities | 820,910 | 778,754 |
Asset retirement obligations | 848 | 843 |
Operating lease liabilities | 34,425 | 37,666 |
Non-current liabilities related to assets held for sale | 974 | |
Pension and other postretirement benefit liabilities | 38,850 | 31,244 |
Other | 24,086 | 28,562 |
Total deferred credits and other liabilities | 2,676,198 | 2,338,541 |
Contributions in aid of construction | 645,066 | 610,254 |
Total liabilities and equity | $ 16,841,459 | $ 15,719,107 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 276,595,228 | 266,973,321 |
Treasury stock, shares | 3,299,191 | 3,236,237 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements Of Operations And Comprehensive Income [Abstract] | |||
Operating revenues | $ 2,053,824 | $ 2,288,032 | $ 1,878,144 |
Operating expenses: | |||
Operations and maintenance | 575,518 | 613,649 | 550,580 |
Purchased gas | 352,306 | 601,995 | 340,262 |
Depreciation | 338,655 | 315,811 | 292,191 |
Amortization | 5,040 | 5,366 | 5,761 |
Taxes other than income taxes | 90,208 | 90,024 | 86,641 |
Total operating expenses | 1,361,727 | 1,626,845 | 1,275,435 |
Operating income | 692,097 | 661,187 | 602,709 |
Other expense (income): | |||
Interest expense | 283,362 | 238,116 | 207,709 |
Interest income | (3,401) | (3,675) | (2,384) |
Allowance for funds used during construction | (16,967) | (23,665) | (20,792) |
Gain on sale of other assets | (65) | (991) | (976) |
Other | (2,613) | 494 | (2,848) |
Income before income taxes | 431,781 | 450,908 | 422,000 |
Income tax benefit | (66,445) | (14,329) | (9,612) |
Net income | 498,226 | 465,237 | 431,612 |
Comprehensive income | $ 498,226 | $ 465,237 | $ 431,612 |
Net income per common share: | |||
Basic | $ 1.86 | $ 1.77 | $ 1.68 |
Diluted | $ 1.86 | $ 1.77 | $ 1.67 |
Average common shares outstanding during the period: | |||
Basic | 267,171 | 262,246 | 257,487 |
Diluted | 267,659 | 262,868 | 258,180 |
Consolidated Statements Of Capi
Consolidated Statements Of Capitalization - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Essential Utilities stockholders' equity: | ||
Common stock, $.50 par value | $ 138,297 | $ 133,486 |
Capital in excess of par value | 4,137,696 | 3,793,262 |
Retained earnings | 1,706,675 | 1,534,331 |
Treasury stock, at cost | (86,485) | (83,693) |
Total stockholders' equity | 5,896,183 | 5,377,386 |
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 3,163,008 | 3,062,395 |
Total long term debt | 6,938,008 | 6,617,395 |
Current portion of long-term debt | 67,415 | 199,356 |
Long-term debt, excluding current portion | 6,870,593 | 6,418,039 |
Less: debt issuance costs | 44,508 | 46,982 |
Long-term debt, excluding current portion, net of debt issuance costs | 6,826,085 | 6,371,057 |
Total capitalization | 12,722,268 | 11,748,443 |
Long-Term Debt Of Subsidiaries 0.00% To 0.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 2,935 | 1,875 |
Long-Term Debt Of Subsidiaries 1.00% To 1.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 7,538 | 8,369 |
Long-Term Debt Of Subsidiaries 2.00% To 2.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 207,917 | 209,755 |
Long-Term Debt Of Subsidiaries 3.00% To 3.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 1,313,932 | 1,351,432 |
Long-Term Debt Of Subsidiaries 4.00% To 4.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 1,245,727 | 1,403,313 |
Long-Term Debt Of Subsidiaries 5.00% To 5.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 312,745 | 14,357 |
Long Term Debt Of Subsidiaries 6.00% to 6.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 31,000 | 31,000 |
Long Term Debt Of Subsidiaries 7.00% to 7.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 28,125 | 28,378 |
Long Term Debt Of Subsidiaries 8.00% to 8.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 1,289 | 2,116 |
Long Term Debt Of Subsidiaries 9.00% to 9.99% [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 11,800 | 11,800 |
Notes payable to bank under revolving credit agreement, variable rate, due 2027 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Notes payable to bank under revolving credit agreement, variable rate, due 2027 | 720,000 | 490,000 |
Notes At 2.40% Due 2031 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 400,000 | 400,000 |
Notes At 2.704% Due 2030 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 500,000 | 500,000 |
Notes Ranging From 3.01% and 3.59% due 2029 and 2050 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 1,125,000 | 1,125,000 |
Notes At 4.28%, Due 2049 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 500,000 | 500,000 |
Notes At 5.30%, Due 2052 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 500,000 | 500,000 |
Notes At 5.95%, Due 2023 through 2034 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | $ 30,000 | $ 40,000 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Capitalization (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common stock, par value | $ 0.50 | $ 0.50 | |
Notes payable to bank under revolving credit agreement, variable rate, due 2027 [Member] | |||
Maturity date | 2027 | 2027 | |
Notes At 2.40% Due 2031 [Member] | |||
Interest rate | 2.40% | 2.40% | |
Maturity date | 2031 | 2031 | |
Notes At 2.704% Due 2030 [Member] | |||
Interest rate | 2.704% | 2.704% | |
Maturity date | 2030 | 2030 | |
Notes At 4.28%, Due 2049 [Member] | |||
Interest rate | 4.28% | 4.28% | |
Maturity date | 2049 | 2049 | |
Notes At 5.30%, Due 2052 [Member] | |||
Interest rate | 5.30% | 5.30% | |
Maturity date | 2052 | 2052 | |
Notes At 5.95%, Due 2023 through 2034 [Member] | |||
Interest rate | 5.95% | 5.95% | |
Minimum [Member] | Long-Term Debt Of Subsidiaries 0.00% To 0.99% [Member] | |||
Interest rate | 0% | 0% | |
Maturity date | 2023 | 2023 | |
Minimum [Member] | Long-Term Debt Of Subsidiaries 1.00% To 1.99% [Member] | |||
Interest rate | 1% | 1% | |
Maturity date | 2023 | 2023 | |
Minimum [Member] | Long-Term Debt Of Subsidiaries 2.00% To 2.99% [Member] | |||
Interest rate | 2% | 2% | |
Maturity date | 2024 | 2024 | |
Minimum [Member] | Long-Term Debt Of Subsidiaries 3.00% To 3.99% [Member] | |||
Interest rate | 3% | 3% | |
Maturity date | 2023 | 2023 | |
Minimum [Member] | Long-Term Debt Of Subsidiaries 4.00% To 4.99% [Member] | |||
Interest rate | 4% | 4% | |
Maturity date | 2023 | 2023 | |
Minimum [Member] | Long-Term Debt Of Subsidiaries 5.00% To 5.99% [Member] | |||
Interest rate | 5% | 5% | |
Maturity date | 2023 | 2023 | |
Minimum [Member] | Long Term Debt Of Subsidiaries 6.00% to 6.99% [Member] | |||
Interest rate | 6% | 6% | |
Maturity date | 2026 | 2026 | 2026 |
Minimum [Member] | Long Term Debt Of Subsidiaries 7.00% to 7.99% [Member] | |||
Interest rate | 7% | 7% | |
Maturity date | 2025 | 2025 | |
Minimum [Member] | Long Term Debt Of Subsidiaries 8.00% to 8.99% [Member] | |||
Interest rate | 8% | 8% | |
Maturity date | 2025 | 2025 | |
Minimum [Member] | Long Term Debt Of Subsidiaries 9.00% to 9.99% [Member] | |||
Interest rate | 9% | 9% | |
Maturity date | 2026 | 2026 | |
Minimum [Member] | Notes Ranging From 3.01% and 3.59% due 2029 and 2050 [Member] | |||
Interest rate | 3.01% | 3.01% | |
Maturity date | 2029 | 2029 | |
Minimum [Member] | Notes At 5.95%, Due 2023 through 2034 [Member] | |||
Maturity date | 2023 | 2023 | |
Maximum [Member] | Long-Term Debt Of Subsidiaries 0.00% To 0.99% [Member] | |||
Interest rate | 0.99% | 0.99% | |
Maturity date | 2033 | 2033 | |
Maximum [Member] | Long-Term Debt Of Subsidiaries 1.00% To 1.99% [Member] | |||
Interest rate | 1.99% | 1.99% | |
Maturity date | 2039 | 2039 | |
Maximum [Member] | Long-Term Debt Of Subsidiaries 2.00% To 2.99% [Member] | |||
Interest rate | 2.99% | 2.99% | |
Maturity date | 2058 | 2058 | |
Maximum [Member] | Long-Term Debt Of Subsidiaries 3.00% To 3.99% [Member] | |||
Interest rate | 3.99% | 3.99% | |
Maturity date | 2056 | 2056 | |
Maximum [Member] | Long-Term Debt Of Subsidiaries 4.00% To 4.99% [Member] | |||
Interest rate | 4.99% | 4.99% | |
Maturity date | 2059 | 2059 | |
Maximum [Member] | Long-Term Debt Of Subsidiaries 5.00% To 5.99% [Member] | |||
Interest rate | 5.99% | 5.99% | |
Maturity date | 2061 | 2061 | |
Maximum [Member] | Long Term Debt Of Subsidiaries 6.00% to 6.99% [Member] | |||
Interest rate | 6.99% | 6.99% | |
Maturity date | 2036 | 2036 | |
Maximum [Member] | Long Term Debt Of Subsidiaries 7.00% to 7.99% [Member] | |||
Interest rate | 7.99% | 7.99% | |
Maturity date | 2027 | 2027 | |
Maximum [Member] | Long Term Debt Of Subsidiaries 8.00% to 8.99% [Member] | |||
Interest rate | 8.99% | 8.99% | |
Maximum [Member] | Long Term Debt Of Subsidiaries 9.00% to 9.99% [Member] | |||
Interest rate | 9.99% | 9.99% | |
Maximum [Member] | Notes Ranging From 3.01% and 3.59% due 2029 and 2050 [Member] | |||
Interest rate | 3.59% | 3.59% | |
Maturity date | 2050 | 2050 | |
Maximum [Member] | Notes At 5.95%, Due 2023 through 2034 [Member] | |||
Maturity date | 2034 | 2034 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2020 | $ 124,285 | $ 3,379,057 | $ 1,261,862 | $ (81,327) | $ 4,683,877 |
Net income | 431,612 | 431,612 | |||
Dividends declared and paid | (258,650) | (258,650) | |||
Issuance of common stock from stock purchase contracts | 64 | (64) | |||
Issuance of common stock under dividend reinvestment plan | 187 | 16,612 | 16,799 | ||
Issuance of common stock from at-the-market sale agreements | 3,350 | 296,389 | 299,739 | ||
Repurchase of stock | (3,291) | (3,291) | |||
Equity compensation plan | 103 | (103) | |||
Exercise of stock options | 61 | 4,111 | 4,172 | ||
Stock-based compensation | 9,998 | (623) | 9,375 | ||
Other | (186) | 1,003 | 817 | ||
Balance at Dec. 31, 2021 | 128,050 | 3,705,814 | 1,434,201 | (83,615) | 5,184,450 |
Net income | 465,237 | 465,237 | |||
Dividends declared and paid | (288,632) | (288,632) | |||
Dividends declared | (75,808) | (75,808) | |||
Issuance of common stock from stock purchase contracts | 4,515 | (4,515) | |||
Issuance of common stock under dividend reinvestment plan | 184 | 16,435 | 16,619 | ||
Issuance of common stock from at-the-market sale agreements | 661 | 62,379 | 63,040 | ||
Repurchase of stock | (1,192) | (1,192) | |||
Equity compensation plan | 41 | (41) | |||
Exercise of stock options | 35 | 2,440 | 2,475 | ||
Stock-based compensation | 12,094 | (667) | 11,427 | ||
Other | (1,344) | 1,114 | (230) | ||
Balance at Dec. 31, 2022 | 133,486 | 3,793,262 | 1,534,331 | (83,693) | 5,377,386 |
Net income | 498,226 | 498,226 | |||
Dividends declared and paid | (240,999) | (240,999) | |||
Dividends declared | (83,929) | (83,929) | |||
Issuance of common stock under dividend reinvestment plan | 215 | 15,790 | 16,005 | ||
Issuance of common stock from at-the-market sale agreements | 4,470 | 318,513 | 322,983 | ||
Repurchase of stock | (3,981) | (3,981) | |||
Equity compensation plan | 122 | (122) | |||
Exercise of stock options | 4 | 283 | 287 | ||
Stock-based compensation | 11,330 | (954) | 10,376 | ||
Other | (1,360) | 1,189 | (171) | ||
Balance at Dec. 31, 2023 | $ 138,297 | $ 4,137,696 | $ 1,706,675 | $ (86,485) | $ 5,896,183 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statement Of Equity (Parenthetical) [Abstract] | |||
Dividend paid per common share | $ 1.1882 | $ 1.1104 | $ 1.0378 |
Dividend declared per common share | $ 0.3071 | $ 0.287 | |
Issuance of common stock from stock purchase contracts, shares | 9,029,461 | 127,749 | |
Issue of common shares under dividend reinvestment plan | 430,487 | 368,278 | 374,824 |
Stock issued during period, shares, new issues, forward equity sale agreement | 8,938,839 | 1,321,994 | 6,700,000 |
Repurchase of stock, shares | 89,785 | 25,037 | 76,732 |
Equity compensation plan, shares | 244,407 | 81,516 | 206,163 |
Exercise of stock options, shares | 8,174 | 69,684 | 122,297 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 498,226 | $ 465,237 | $ 431,612 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Depreciation and amortization | 343,695 | 321,177 | 297,952 |
Deferred income taxes | (79,845) | (23,045) | (8,514) |
Provision for doubtful accounts | 23,209 | 27,631 | 27,336 |
Stock-based compensation | 11,323 | 12,206 | 10,078 |
Gain on sale of utility system and other assets | (65) | (991) | (1,589) |
Net change in receivables, deferred purchased gas costs, inventory and prepayments | 189,989 | (223,335) | (109,605) |
Net change in payables, accrued interest, accrued taxes and other accrued liabilities | (14,559) | 53,761 | 5,190 |
Pension and other postretirement benefits contributions | (20,343) | (22,027) | (15,135) |
Other | (18,043) | (10,308) | 7,354 |
Net cash flows from operating activities | 933,587 | 600,306 | 644,679 |
Cash flows from investing activities: | |||
Property, plant and equipment additions, including the debt component of allowance for funds used during construction of $5,241, $6,047, and $4,510 | (1,199,103) | (1,062,763) | (1,020,519) |
Acquisitions of utility systems and other, net | (45,303) | (116,891) | (36,326) |
Net proceeds from the sale of utility systems and other assets | 41,758 | 1,081 | 1,819 |
Other | (19,080) | 271 | (1,032) |
Net cash flows used in investing activities | (1,221,728) | (1,178,302) | (1,056,058) |
Cash flows from financing activities: | |||
Customers' advances and contributions in aid of construction | 23,982 | 11,714 | 15,264 |
Repayments of customers' advances | (8,471) | (5,006) | (7,725) |
Net proceeds (repayments) of short-term debt | (68,377) | 163,500 | (13,350) |
Proceeds from long-term debt | 1,207,619 | 1,646,742 | 1,095,171 |
Repayments of long-term debt | (876,379) | (977,175) | (769,546) |
Change in cash overdraft position | (15,336) | (53,028) | 37,719 |
Proceeds from issuance of common stock under dividend reinvestment plan | 16,005 | 16,619 | 16,799 |
Proceeds from issuance of common stock from forward equity sale agreement | 299,739 | ||
Proceeds from issuance of common stock from at-the-market sale agreement | 322,983 | 63,040 | |
Proceeds from exercised stock options | 287 | 2,475 | 4,172 |
Repurchase of common stock | (3,981) | (1,192) | (3,291) |
Dividends paid on common stock | (316,806) | (288,632) | (258,650) |
Other | (171) | (230) | 817 |
Net cash flows from financing activities | 281,355 | 578,827 | 417,119 |
Net increase (decrease) in cash and cash equivalents | (6,786) | 831 | 5,740 |
Cash and cash equivalents at beginning of year | 11,398 | 10,567 | 4,827 |
Cash and cash equivalents at end of year | 4,612 | 11,398 | 10,567 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 272,532 | 225,820 | 201,792 |
Income taxes | 7,839 | 11,269 | 5,692 |
Non-cash investing activities: | |||
Property, plant and equipment additions purchased at the period end, but not yet paid | 102,770 | 102,129 | 95,945 |
Non-cash utility property contributions | $ 56,297 | $ 35,698 | $ 36,882 |
Consolidated Statements Of Ca_3
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements Of Cash Flows [Abstract] | |||
Debt component of allowance for funds used during construction | $ 5,241 | $ 6,047 | $ 4,510 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies Nature of Operations ─ Essential Utilities, Inc. (“Essential Utilities,” the “Company,” “we,” “our”, or “us”) is the holding company for regulated utilities providing water, wastewater, or natural gas services concentrated in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. One of our largest operating subsidiaries is Aqua Pennsylvania, Inc., which accounted for approximately 56 % of our Regulated Water segment’s operating revenues and approximately 68 % of our Regulated Water segment’s income for 2023. As of December 31, 2023, Aqua Pennsylvania provided water or wastewater services to approximately one-half of the total number of Regulated Water customers we serve. Aqua Pennsylvania’s service territory is located in the suburban areas north and west of the City of Philadelphia and in 27 other counties in Pennsylvania. The Company’s other regulated water or wastewater utility subsidiaries provide similar services in seven additional states. Our Peoples subsidiaries provide natural gas service to approximately 744,000 customers in western Pennsylvania and Kentucky. Approximately 95 % of the total number of natural gas utility customers we serve are in western Pennsylvania. The Company also operates market-based activities, conducted through its non-regulated subsidiaries, that provide utility service line protection solutions and repair services to households and gas marketing and production activities. In December 2022, the Company signed an agreement to sell its regulated natural gas utility assets in West Virginia, which represented approximately two percent of the Company’s regulated natural gas customers. The sale closed on October 1, 2023, and concluded our regulated utility operations in West Virginia. In October 2023, the Company entered into an agreement to sell its interest in three non-utility local microgrid and distribution energy projects. This sale was completed in January 2024 . See Note 6 – Assets Held for Sale and Dispositions for further information. Regulation ─ Most of the operating companies that are regulated public utilities are subject to regulation by the utility commissions of the states in which they operate. The respective utility commissions have jurisdiction with respect to rates, service, accounting procedures, issuance of securities, acquisitions and other matters. Some of the operating companies that are regulated public utilities are subject to rate regulation by county or city government. Regulated public utilities follow the Financial Accounting Standards Board’s (“FASB”) accounting guidance for regulated operations, which provides for the recognition of regulatory assets and liabilities as allowed by regulators for costs or credits that are reflected in current rates or are considered probable of being included in future rates. Costs, for which the Company has received or expects to receive prospective rate recovery, are deferred as a regulatory asset and amortized over the period of rate recovery in accordance with the FASB’s accounting guidance for regulated operations. The regulatory assets or liabilities are then relieved as the cost or credit is reflected in Company’s rates charged for utility service. If, as a result of a change in circumstances, it is determined that a regulated operating company no longer meets the criteria to apply regulatory accounting, the operating company would have to discontinue regulatory accounting and write-off the respective regulatory assets and liabilities. See Note 6 - Regulatory Assets and Liabilities for further information regarding the Company’s regulatory assets. The Company makes significant judgments and estimates to record regulatory assets and liabilities. For each regulatory jurisdiction with regulated operations, the Company evaluates at the end of each reporting period, whether the regulatory assets and liabilities continue to meet the probable criteria for future recovery or refund. The evaluation considers factors such as regulatory orders or guidelines, in the same regulatory jurisdiction, of a specific matter or a similar matter, as provided to the Company in the past or to other regulated utilities. In addition, the evaluation may be impacted by changes in the regulatory environment and pending or new legislation that could impact the ability to recover costs through regulated rates. There may be multiple participants to rate or transactional regulatory proceedings who might offer different views on various aspects of such proceedings, and in these instances, may challenge the prudence of our business policies and practices, seek cost disallowances or request other relief. Use of Estimates in Preparation of Consolidated Financial Statements ─ The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basis of Presentation – The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Property, Plant and Equipment and Depreciation ─ Property, plant and equipment consist primarily of utility plant. The cost of additions includes contracted cost, direct labor and fringe benefits, materials, overheads, and for additions meeting certain criteria, allowance for funds used during construction. Utility systems acquired are typically recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. Further, utility systems acquired under fair value regulations would be recorded based on the valuation of the utility plant as approved by the respective utility commission. The difference between the estimated original cost, less applicable accumulated depreciation, and the purchase price may be recorded as an acquisition adjustment within utility plant as permitted by the applicable regulatory jurisdiction. At December 31, 2023 and 2022, utility plant includes a net credit acquisition adjustment of $ 6,444 and $ 6,076 , respectively, which is generally being amortized from 10 to 53 years. Amortization of the acquisition adjustments totaled $ 2,103 in 2023, $ 2,788 in 2022, and $ 2,842 in 2021. Utility expenditures for maintenance and repairs, including major maintenance projects and minor renewals, are charged to operating expenses when incurred in accordance with the system of accounts prescribed by the utility commissions of the states in which the company operates. The cost of new units of property and betterments are capitalized. Utility expenditures for water main cleaning and relining of pipes are deferred and are presented in net property, plant and equipment in accordance with the FASB’s accounting guidance for regulated operations. As of December 31, 2023, $ 1,635 of these costs have been incurred since the last respective rate proceeding and the Company expects to recover these costs in future rates. The cost of software upgrades and enhancements are capitalized if they result in added functionality, which enables the software to perform tasks it was previously incapable of performing. Information technology costs associated with major system installations, conversions and improvements, such as software training, data conversion and business process reengineering costs, are deferred as a regulatory asset if the Company expects to recover these costs in future rates. If these costs are not deferred, then these costs are charged to operating expenses when incurred. As of December 31, 2023, $ 44,238 of these costs have been deferred since the last respective rate proceeding as a regulatory asset, and the deferral is reported as a component of net property, plant and equipment. When units of utility property are replaced, retired or abandoned, the recorded value thereof is credited to the asset account and such value, together with the net cost of removal, is charged to accumulated depreciation. To the extent the Company anticipates recovery of the cost of removal or other retirement costs through rates after the retirement costs are incurred, a regulatory asset is recorded as those costs are incurred. In some cases, the Company recovers retirement costs through rates during the life of the associated asset and before the costs are incurred. These amounts, which are not yet utilized, result in a regulatory liability being reported based on the amounts previously recovered through customer rates. The straight-line remaining life method is used to compute depreciation on utility plant. Generally, the straight-line method is used with respect to transportation and mechanical equipment, office equipment and laboratory equipment. Impairment of Long-Lived Assets - Long-lived assets of the Company, which consist primarily of utility plant in service, operating lease right-of-use assets and intangible assets, are reviewed for impairment when changes in circumstances or events occur. These circumstances or events could include a decline in the market value or physical condition of a long-lived asset, an adverse change in the manner in which long-lived assets are used or planned to be used, a change in historical trends, operating cash flows associated with the long-lived assets, changes in macroeconomic conditions, industry and market conditions, or overall financial performance. When these circumstances or events occur, the Company determines whether it is more likely than not that the fair value of those assets is less than their carrying amount. If the Company determines that it is more likely than not (that is, the likelihood of more than 50 percent), the Company would recognize an impairment charge if it is determined that the carrying amount of an asset exceeds the sum of the undiscounted estimated cash flows. In this circumstance, the Company would recognize an impairment charge equal to the difference between the carrying amount and the fair value of the asset. Fair value is estimated to be the present value of future net cash flows associated with the asset, discounted using a discount rate commensurate with the risk and remaining life of the asset. During the years ended December 31, 2022 and 2021, the Company recorded an impairment loss to write down a portion of the operating lease right-of-use asset for office space not used in operations to fair value. Refer to Note 10 – Leases , for further details. Regulatory assets are reviewed for the continued application of the FASB accounting guidance for regulated operations. The Company’s review determines whether there have been changes in circumstances or events, such as regulatory disallowances, or abandonments, that have occurred that require adjustments to the carrying value of these assets. Adjustments to the carrying value of these assets would be made in instances where their inclusion in the rate-making process is unlikely. For utility plant in service, we would recognize an impairment loss for any amount disallowed by the respective utility commission. Allowance for Funds Used During Construction ─ The allowance for funds used during construction (“AFUDC”) represents the capitalized cost of funds used to finance the construction of utility plant. In general, AFUDC is applied to construction projects requiring more than one month to complete. No AFUDC is applied to projects funded by customer advances for construction, contributions in aid of construction, or applicable state-revolving fund loans. AFUDC includes the net cost of borrowed funds and a rate of return on other funds when used and is recovered through rates as the utility plant is depreciated. The amount of AFUDC related to equity funds in 2023 was $ 11,726 , 2022 was $ 17,618 , and 2021 was $ 16,282 . No interest was capitalized by our market-based businesses. Lease Accounting ─ The Company evaluates the contracts it enters into to determine whether such contracts contain leases. A contract contains a lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We enter into operating lease contracts for the right to utilize certain land, office facilities, office equipment, and vehicles from third parties. For contracts that extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our consolidated balance sheet. The present value of each lease is based on the future minimum lease payments in accordance with Accounting Standards Codification (“ASC”) 842 and is determined by discounting these payments using an incremental borrowing rate. Recognition of Revenues ─ The Company recognizes revenue as utility services are provided to our customers, which happens over time as the services are delivered and the performance obligation is satisfied. The Company’s utility revenues recognized in an accounting period includes amounts billed to customers on a cycle basis and unbilled amounts based on estimated usage from the last billing to the end of the accounting period. Unbilled amounts are calculated by deriving estimates based on an average usage of the prior month. The Company’s actual results could differ from these estimates, which would result in operating revenues being adjusted in the period that the revision to our estimates are determined. Generally, payment is due within 30 days once a bill is issued to a customer. Sales tax and other taxes we collect on behalf of government authorities, concurrent with our revenue-producing activities, are primarily excluded from revenue. The following table presents our revenues disaggregated by major source and customer class for the years ended December 31: 2023 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 641,351 $ 139,188 $ 519,406 $ - Commercial 180,731 35,530 111,272 - Fire protection 41,257 - - - Industrial 33,949 2,087 3,232 - Gas transportation - - 184,598 - Other water 51,527 - - - Other wastewater - 10,589 - - Other utility - - 43,163 14,863 Revenues from contracts with customers 948,815 187,394 861,671 14,863 Alternative revenue program 2,236 68 2,088 - Other and eliminations - - - 36,689 Consolidated $ 951,051 $ 187,462 $ 863,759 $ 51,552 2022 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 607,473 $ 122,612 $ 720,490 $ - Commercial 168,460 30,340 149,653 - Fire protection 38,970 - - - Industrial 32,581 1,755 5,636 - Gas transportation - - 205,825 - Other water 55,389 - - - Other wastewater - 10,676 - - Other utility - - 61,393 11,478 Revenues from contracts with customers 902,873 165,383 1,142,997 11,478 Alternative revenue program 3,309 ( 71 ) 365 - Other and eliminations - - - 61,698 Consolidated $ 906,182 $ 165,312 $ 1,143,362 $ 73,176 2021 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 561,996 $ 99,931 $ 530,338 $ - Commercial 151,071 22,060 99,596 - Fire protection 35,984 - - - Industrial 30,230 1,729 3,427 - Gas transportation - - 198,195 - Other water 53,488 - - - Other wastewater - 8,860 - - Customer rate credits - - ( 5,000 ) - Other utility - - 32,812 13,358 Revenues from contracts with customers 832,769 132,580 859,368 13,358 Alternative revenue program 1,760 ( 264 ) 534 - Other and eliminations - - - 38,039 Consolidated $ 834,529 $ 132,316 $ 859,902 $ 51,397 Revenues from Contracts with Customers – These revenues are composed of four main categories: water, wastewater, natural gas, and other. Water revenues represent revenues earned for supplying customers with water service. Wastewater revenues represent revenues earned for treating wastewater and releasing it into the environment. Natural gas revenues represent revenues earned for the gas commodity and delivery of natural gas to customers. Other revenues are associated fees that relate to our utility businesses but are not water, wastewater, or natural gas revenues. Refer to the description below for a discussion of the performance obligation for each of these revenue streams. Tariff Revenues – These revenues are categorized by customer class: residential, commercial, fire protection, industrial, gas transportation, other water, and other wastewater. The rates that generate these revenues are approved by the respective state utility commission, and revenues are billed cyclically and accrued for when unbilled. The regulated natural gas rates are set and adjusted for increases or decreases in our purchased gas costs through purchased gas adjustment mechanisms. Purchased gas adjustment mechanisms provide us with a means to recover purchased gas costs on an ongoing basis without filing a rate case. Other water and other wastewater revenues consists primarily of fines, penalties, surcharges, and availability lot fees. Our performance obligation for tariff revenues is to provide potable water, wastewater treatment service, or delivery and sale of natural gas to customers. This performance obligation is satisfied over time as the services are rendered. The amounts that the Company has a right to invoice for tariff revenues reflect the right to consideration from the customers in an amount that corresponds directly with the value transferred to the customer for the performance completed to date. Other Utility Revenues – Other utility revenues represent revenues earned primarily from: antenna revenues, which represents fees received from telecommunication operators that have put cellular antennas on our water towers; operation and maintenance and billing contracts, which represent fees earned from municipalities for our operation of their water or wastewater treatment services or performing billing services; and fees earned from developers for accessing our water mains, miscellaneous service revenue from gas distribution operations, gas processing and handling revenue, sales of natural gas at market-based rates and contracted fixed prices, sales of gas purchased from third parties, and other gas marketing activities. The performance obligations vary for these revenues, but all are primarily recognized over time as the service is delivered. Alternative Revenue Program: o Water / Wastewater Revenues – These revenues represent the difference between the actual billed utility volumetric water and wastewater revenues for Aqua Illinois and the revenues set in the last Aqua Illinois rate case. In accordance with the Illinois Commerce Commission, we recognize revenues based on the target amount established in the last rate case, and then record either a regulatory asset or liability based on the cumulative annual difference between the target and actual amounts billed, which results in either a payment from customers or a refund due to customers. The cumulative annual difference is either refunded to customers or collected from customers over a nine-month period. o Natural Gas Revenues – These revenues represent the weather-normalization adjustment (“WNA”) mechanism in place for our natural gas customers served in Kentucky. The WNA serves to minimize the effects of weather on the Company’s results for its residential and small commercial natural gas customers. This regulatory mechanism adjusts revenues earned for the variance between actual and normal weather and can have either positive (warmer than normal) or negative (colder than normal) effects on revenues. Customer bills are adjusted in the December through April billing months, with rates adjusted for the difference between actual revenues and revenues calculated under this mechanism billed to the customers. These revenue programs represent a contract between the utility and its regulators, not customers, and therefore are not within the scope of the FASB’s accounting guidance for recognizing revenue from contracts with customers. Other and Eliminations – Other and eliminations consist of market-based revenues, which are earned through our non-regulated natural gas operations and Aqua Resources, and intercompany activities for revenue billed between our subsidiaries. Our non-regulated natural gas operations consist of utility service line protection solutions and repair services for households and the operation of gas marketing and production entities. Revenue is recognized and the performance obligation is satisfied over time as the service is delivered. Aqua Resources earned revenues and continues to earn revenue through third-party water and sewer service line protection and repair services. For the service line protection business, the performance obligations are allowing the use of our logo to a third-party water and sewer service line repair provider. Revenues are primarily recognized over time as service is delivered. Cash and Cash Equivalents ─ The Company considers all highly liquid investments with an original maturity of three months or less, which are not restricted for construction activity, to be cash equivalents. The Company had a book overdraft, which represents transactions that have not cleared the bank accounts at the end of the period, for specific disbursement cash accounts of $ 13,358 and $ 28,694 at December 31, 2023 and 2022, respectively. The Company transfers cash on an as-needed basis to fund these items as they clear the bank in subsequent periods. The balance of the book overdraft is reported as book overdraft and the change in the book overdraft balance is reported as cash flows from financing activities, due to our ability to fund the overdraft with the Company’s credit facility. Accounts Receivable ─ Accounts receivable are recorded at the invoiced amounts, which consists of billed and unbilled revenues. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in our existing accounts receivable and is determined based on lifetime expected credit losses and the aging of account balances. The Company reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. Inventories – Materials and Supplies – Inventories are stated at cost. Cost is determined using the first-in, first-out method. Inventory – Gas Stored – The Company accounts for gas in storage inventory using the weighted average cost of gas method. Assets Held for Sale ─ When the Company makes a decision to sell an asset or to stop some part of its business, the Company assesses if such assets should be classified as an asset held for sale. Assets held for sale are measured at the lower of their carrying amount or fair value less cost to sell. For long-lived assets or disposal groups that are classified as held for sale but do not meet the criteria for discontinued operations, the assets and liabilities are presented separately on the consolidated balance sheet of the initial period in which it is classified as held for sale. The major classes of assets and liabilities classified as held for sale are disclosed in the notes to the consolidated financial statements. See “Note 3 – Assets Held for Sale and Dispositions” . Goodwill ─ Goodwill represents the excess cost over the fair value of net tangible and identifiable intangible assets acquired through acquisitions. Goodwill is not amortized but is tested for impairment annually, or more often, if circumstances indicate a possible impairment may exist. When testing goodwill for impairment, we may assess qualitative factors, including macroeconomic conditions, industry and market considerations, changes to regulatory environment, recent regulatory and legislative proceedings, cost factors, overall financial performance, and entity specific events, for some or all of our reporting units to determine whether it’s more likely than not that the fair value of a reporting unit is less than its carrying amount. Alternatively, based on our assessment of the qualitative factors previously noted or at our discretion, we may perform a quantitative goodwill impairment test by determining the fair value of a reporting unit. If we perform a quantitative test and determine that the fair value of a reporting unit is less than its carrying amount, we would record an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the reporting unit’s carrying amount of goodwill. Impairment testing for goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (also known as a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. We assigned assets and liabilities to each reporting unit based on either specific identification or by using judgment for the remaining assets and liabilities that are not specific to a reporting unit. Goodwill was assigned to the reporting units based on a combination of specific identification and relative fair values. Determining the fair value of our reporting units involves the use of significant estimates and assumptions and considerable management judgment. We base our fair value estimates on assumptions we believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty. We estimated the fair value of reporting units by weighting results from the market approach and the income approach. These valuation approaches consider a number of factors that include, but are not limited to, prospective financial information, growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in our industry. Changes in market conditions, changes in the regulatory environment, pending or new legislation that could impact the ability to recover costs through regulated rates or other factors outside of our control, could cause us to change key assumptions and our judgment about a reporting unit’s prospects. Similarly, in a specific period, a reporting unit could significantly underperform relative to its historical or projected future operating results. Either situation could result in a meaningfully different estimate of the fair value of our reporting units, and a consequent future impairment charge. During the fourth quarter of 2023, as part of the annual goodwill assessment as of October 1, 2023, we elected to perform a quantitative goodwill impairment assessment on the goodwill attributable to our Regulated Natural Gas reporting unit and a qualitative assessment for our Regulated Water and Other reporting units. Based on our analysis, we determined that no ne of the goodwill of our reporting units was impaired. The following table summarizes the changes in the Company’s goodwill: Regulated Water Regulated Natural Gas Other Consolidated Balance at December 31, 2021 $ 58,527 $ 2,277,447 $ 4,841 $ 2,340,815 Goodwill acquired - - - - Reclassifications to utility plant acquisition adjustment ( 23 ) - - ( 23 ) Balance at December 31, 2022 58,504 2,277,447 4,841 2,340,792 Goodwill acquired - - - - Reclassifications to utility plant acquisition adjustment ( 54 ) - - ( 54 ) Balance at December 31, 2023 $ 58,450 $ 2,277,447 $ 4,841 $ 2,340,738 The reclassification of goodwill to utility plant acquisition adjustment results from either a regulatory order or a mechanism approved by the applicable utility commission. A regulatory order may provide for the one-time transfer of certain acquired goodwill. The mechanism provides for the transfer over time, and the recovery through customer rates, of goodwill associated with some acquisitions upon achieving specific objectives. Intangible assets – The Company’s intangible assets consist of customer relationships for our non-regulated natural gas operations and non-compete agreements with certain former employees of Peoples. These intangible assets are amortized on a straight-line basis over their estimated useful lives of fifteen years for the customer relationships and five years for the non-compete agreements. Derivative Instruments – The Company’s natural gas commodity price risk, driven mainly by price fluctuations of natural gas, is mitigated by its purchased-gas cost adjustment mechanisms. The Company also uses derivative instruments to economically hedge the cost of anticipated natural gas purchases during the winter heating months that seeks to offset the risk to the Company’s utility customers from upward market price volatility. These strategies include requirements contracts, spot purchase contracts and underground storage to meet regulated customers’ natural gas requirements that may have fixed or variable pricing. The variable price contracts qualify as derivative instruments; however, because the contract price is the prevailing price at the future transaction date the contract has no determinable fair value. The fixed price contracts and firm commitments to purchase a fixed quantity of gas in the future qualify for the normal purchases and normal sales exception that is allowed for contracts that are probable of delivery in the normal course of business and, as such, are accounted for under the accrual basis and are not recorded at fair value in the Company’s consolidated financial statements. Deferred Charges and Other Assets ─ Deferred charges and other assets consist primarily of assets held to compensate employees in the future who participate in the Company’s deferred compensation plan, and prepaid pension and other post-retirement benefit plans assets, which amounted to $ 26,442 and $ 43,025 as of December 31, 2023; and $ 24,962 and $ 43,827 as of December 31, 2022, respectively. The assets of the deferred compensation plan are invested in mutual funds which are carried on the consolidated balance sheet at fair market value, and changes in fair value are included in other expense (income), refer to Note 12 – Fair Value of Financial Instruments for further details. Refer to Note 16 – Pension Plans and Other Post-Retirement Benefit Plans for further information on the prepaid pension and other post-retirement benefit plan assets. As of December 31, 2022, deferred charges and other assets also included the non-current portion of the Company’s interest in three non-utility local microgrid and distributed energy projects amounting to $ 63,204 . In October 2023, the Company entered to an agreement to sell their interests in these projects for $ 165,000 . As of December 31, 2023, the balances associated with these projects of $ 63,182 are included in prepayments and other current assets in the consolidated balance sheets. In January 2024, the sale was completed. Refer to Note 3 – Assets Held for Sale and Dispositions for further details. Income Taxes ─ The Company accounts for some income and expense items in different time periods for financial and tax reporting purposes. Deferred income taxes are provided on specific temporary differences between the tax basis of the assets and liabilities, and the amounts at which they are carried in the consolidated financial statements. The income tax effect of temporary differences not currently included in rates is recorded as deferred taxes with an offsetting regulatory asset or liability. These deferred income taxes are based on the enacted tax rates expected to be in effect when such temporary differences are projected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized. Investment tax credits are deferred and amortized over the estimated useful lives of the related properties. Judgment is required in evaluating the Company’s Federal and state tax positions. Despite management’s belief that the Company’s tax return positions are fully supportable, the Company establishes re |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions [Abstract] | |
Acquisitions | Note 2 – Acquisitions Water and Wastewater Utility Acquisitions – Pending Completion In December 2023, the Company entered into a purchase agreement to acquire North Versailles wastewater assets in North Versailles Township, Pennsylvania which serves approximately 4,400 customers for between $ 25,000 and $ 30,000 . In September 2023, the Company entered into a purchase agreement to acquire Greenville Municipal Water Authority’s water system in Greenville, Pennsylvania which serves approximately 3,000 customers for $ 18,000 . In June 2023, the Company entered into a purchase agreement to acquire Westfield HOA wastewater assets, which serves approximately 200 customers within Westfield Homeowners Subdivision in Glenview, Illinois for $ 50 . In April 2023, the Company entered into a purchase agreement to acquire Greenville Sanitary Authority’s wastewater utility assets, which serves approximately 2,300 customers in Greenville, Pennsylvania for $ 18,000 . In October 2021, the Company entered into a purchase agreement to acquire the wastewater utility assets of the City of Beaver Falls, Pennsylvania which consists of approximately 7,600 customers for $ 41,250 . The purchase price for each of these pending acquisitions is subject to certain adjustments at closing, and is subject to regulatory approval, including the final determination of the fair value of the rate base acquired. We plan to finance the purchase price of these acquisitions by utilizing our revolving credit facility until permanent debt and common equity are secured. These pending acquisitions are expected to close in 2024 or 2025. Closing for our utility acquisitions are subject to the timing of the respective regulatory approval processes. DELCORA Purchase Agreement In September 2019, the Company entered into a purchase agreement to acquire the wastewater utility system assets of the Delaware County Regional Water Quality Control Authority (“DELCORA”), which consists of approximately 16,000 customers, or the equivalent of 198,000 retail customers, in 42 municipalities in Southeast Pennsylvania for $ 276,500 . There are several legal proceedings involving the Company as a result of the purchase agreement: In 2020, Delaware County, Pennsylvania (the “County”) filed a lawsuit alleging that DELCORA did not have the legal authority to establish and fund a customer trust with the net proceeds of the transaction (the “County Lawsuit”). In 2020, the judge in the Delaware County Court lawsuit issued an order that (1) the County cannot interfere with the purchase agreement between DELCORA and the Company; (2) the County cannot terminate DELCORA prior to the closing of the transaction; and (3) the establishment of the customer trust was valid. The County appealed this decision to the Commonwealth Court of Pennsylvania. On March 3, 2022, the Commonwealth Court issued a decision finding that the County can dissolve DELCORA if it so chooses, but the purchase agreement must be upheld regardless of who is operating the system. The case was remanded back to the trial court for the entry of an order consistent with the Commonwealth Court’s opinion and the order was issued in September 2022 (“Remand Order”). Since then, the County has challenged the Remand Order that has resulted in the Remand Order being on appeal to the Commonwealth Court. The Commonwealth Court has scheduled oral argument on this appeal for April 2024. On January 25, 2023, DELCORA filed in the Delaware Court of Common Pleas a complaint for Declaratory Judgment against the Company and the County seeking resolution of whether the County Ordinance dissolving DELCORA is a final action prohibiting DELCORA from carrying out the material transaction of the Asset Purchase Agreement and, in the event that DELCORA retains the ability to close the transaction, whether DELCORA is permitted to exist as a trust (the “DELCORA Complaint”). The Company filed preliminary objections to the DELCORA complaint, which were scheduled for a hearing on October 12, 2023. However, prior to the scheduled hearing, the Court notified the parties that the hearing was canceled and would be re-listed after the parties receive the benefit of the Commonwealth Court’s decision on the appeal addressed above. The administrative law judges (“ALJ”) in the regulatory approval process (the “PUC Process”) recommended that the Company’s application to acquire DELCORA be denied, and subsequently, the Company provided exceptions to the recommended decision. On March 30, 2021, the Pennsylvania Public Utility Commission (“PUC”) ruled that the case be remanded back to the ALJ and vacated the original administrative law judges’ recommended decision (“2021 Order”). This 2021 Order was also appealed to the Commonwealth Court by the County on April 29, 2021. A decision was issued by the Commonwealth Court on September 12, 2022, which dismissed the appeal of the County. After the PUC issued the 2021 Order, on April 16, 2021, the ALJ issued an order staying the proceeding until the County Lawsuit is final and unappealable. On March 25, 2022, the Company sent a letter notifying the PUC of the March 3, 2022, Commonwealth Court decision (that originated in Delaware County Court of Common Pleas) and requested that the PUC move forward with processing the application. On July 14, 2022, the Commission moved to lift the stay imposed by the ALJ, and required the ALJ to establish a schedule on remand for the proceeding. The ALJ established a procedural schedule for the remand proceeding, which was subsequently stayed. On August 17, 2022, the Receiver for the City of Chester filed suit in Delaware County Common Pleas Court against DELCORA premised upon the claimed reversionary interest of the City of Chester in some of DELCORA’s assets. The Company intervened in that matter and filed preliminary objections. Following a hearing on the Company’s preliminary objections, the Receiver for the City of Chester discontinued the case without prejudice. On January 26, 2023, several parties involved in the PUC case filed a joint motion for stay based on the DELCORA Complaint and referenced the City of Chester’s bankruptcy filing in which the City of Chester has asserted reversionary contract interests regarding some of DELCORA’s wastewater assets. On February 6, 2023, the ALJ stayed the PUC Process. On May 23, 2023, the United States Bankruptcy Court issued an order in the City of Chester’s bankruptcy filing staying the PUC Process until relief from the stay is granted by the Bankruptcy Court. The Company appealed the Bankruptcy Court stay order to the United States District Court for the Eastern District of Pennsylvania and is awaiting the Court decision whether oral argument will be scheduled or a decision rendered based solely on the briefing. On June 16, 2023, the Company filed a Complaint against DELCORA in the Delaware County Court of Common Pleas requesting a declaratory judgment and injunctive relief regarding breach of the Asset Purchase Agreement in acting outside the ordinary course of business by attempting to enter into a new agreement with Philadelphia Water Department (“PWD”) for the treatment of wastewater without the Company’s consent. DELCORA filed an answer, new matter and counterclaim against the Company, alleging that the Company has tortiously interfered with DELCORA’s contract with PWD. The Company filed preliminary objections to the counterclaim, and DELCORA filed an amended counterclaim. The Company filed preliminary objections to the amended counterclaim, and on October 9, 2023, DELCORA filed a second amended counterclaim, to which the Company filed preliminary objections. The preliminary objections remain pending before the Court. The purchase price for this pending acquisition is subject to certain adjustments at closing, and is subject to regulatory approval, including the final determination of the fair value of the rate base acquired. We plan to finance the purchase price of this acquisition with a mix of equity and debt financing, utilizing our revolving credit facility until permanent debt is secured. Closing of our acquisition of DELCORA is subject to the timing of the above-described regulatory approval process and on-going litigation. Water and Wastewater Utility Acquisitions - Completed In July 2023, the Company completed the following water utility asset acquisitions: Shenandoah Borough, Pennsylvania, which serves approximately 2,900 customers for $ 12,291 ; La Rue, an Ohio municipality, which serves approximately 300 customers for $ 2,253 ; and, Southern Oaks Water System, which serves approximately 800 customers in Texas for $ 3,321 . Additionally, in July 2023, the Company completed their acquisition of a portion of the water and wastewater utility assets of the Village of Frankfort, an Illinois municipality, which serves approximately 1,500 customers for $ 1,424 . In June 2023, the Company acquired the wastewater utility assets of Union Rome, Ohio, which serves approximately 4,300 customers for a cash purchase price of $ 25,547 . In March 2023, the Company acquired the North Heidelberg Sewer Company in Berks County, Pennsylvania, which serves approximately 300 customer connections for a cash purchase price of $ 136 . In November 2022, the Company acquired certain water utility assets of Oak Brook, Illinois, which serve 2,037 customers for a cash purchase price of $ 12,500 . On July 29, 2022, the Pennsylvania Public Utility Commission issued an order (the “PUC Order”) approving the Company’s acquisition of the municipal wastewater assets of East Whiteland Township, Chester County, Pennsylvania, which serves 4,018 customers (the “East Whiteland Wastewater Assets”). On August 12, 2022, the Company acquired the East Whiteland Wastewater Assets for a cash purchase price of $ 54,374 . Subsequently on August 25, 2022, the Office of Consumer Advocate (“OCA”) filed an appeal of the PUC Order to the Pennsylvania Commonwealth Court. On July 31, 2023, a decision was issued by the Pennsylvania Commonwealth Court, in which the Pennsylvania Commonwealth Court agreed with the OCA and reversed the PUC order which approved the acquisition. On September 26, 2023, the Pennsylvania Commonwealth Court denied our motion for reargument. On October 26, 2023, the Company, the Pennsylvania Public Utility Commission, and East Whiteland Township filed an appeal to the Pennsylvania Supreme Court. East Whiteland Township filed to Supplement its Petition for Allowance of Appeal on January 2, 2024. On January 16, 2024, the Company, the OCA and the PUC filed Answers to East Whiteland Township’s Petition. The Company is currently waiting to see if the Supreme Court will grant allocatur. Management believes the final resolution of this matter is not expected to have a material adverse effect on the Company’s financial position, results of operations, or cash flows. In March 2022, the Company acquired the wastewater system of Lower Makefield Township, which serves 11,323 customer connections in Lower Makefield, Falls, and Middletown townships, and Yardley Borough, Bucks County, Pennsylvania, for a cash purchase price of $ 53,000 . The purchase price allocation for these acquisitions consisted primarily of property, plant and equipment. In August 2021, the Company acquired the water utility system assets of The Commons Water Supply, Inc., which serves 992 customers in Harris County, Texas, and the wastewater utility system assets of the Village of Bourbonnais, which serves approximately 6,500 customers in Kankakee County, Illinois. The total cash purchase prices for these utility systems were $ 4,000 and $ 32,100 , respectively. The purchase price allocation for these acquisitions consisted primarily of property, plant and equipment. The operating revenues included in the consolidated financial statements of the Company during the period owned by the Company for these utility systems acquired in 2023 are $ 3,290 . The operating revenues included in the consolidated financial statements of the Company during the period owned by the Company for the utility systems acquired in 2022 were $ 18,039 in 2023 and $ 11,393 in 2022. The operating revenues included in the consolidated financial statements of the Company during the period owned by the Company for the utility systems acquired in 2021 were $ 7,930 in 2023, $ 7,421 in 2022, and $ 2,462 in 2021. The pro forma effect of the utility systems acquired is not material either individually or collectively to the Company’s results of operations. |
Assets Held for Sale and Dispos
Assets Held for Sale and Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Assets Held for Sale and Disposition [Abstract] | |
Assets Held for Sale and Disposition | Note 3 – Assets Held for Sale and Dispositions In December 2022, the Company entered into a definitive agreement with Hope Gas, Inc. for the sale of its regulated natural gas utility assets in West Virginia, which served approximately 13,000 customers or about 2 % of the Company’s regulated natural gas customers (“Peoples Gas West Virginia”). The Peoples Gas West Virginia sale closed on October 1, 2023 for an estimated purchase price of $ 39,965 , subject to working capital and other adjustments. The sale of Peoples Gas West Virginia had no major effect on the Company’s operations and did not meet the requirements to be classified as discontinued operations. The assets and liabilities of Peoples Gas West Virginia were reported as held for sale in the accompanying consolidated balance sheet, and consist of the following as of December 31, 2022. Inventory - gas stored $ 2,807 Other current assets 3,284 Regulatory assets 5,076 Current assets held for sale $ 11,167 Property, plant and equipment, net 30,267 Regulatory assets and other 1,857 Non-current assets held for sale $ 32,124 Current liabilities related to assets held for sale $ 3,263 Regulatory liabilities 649 Other long-term liabilities 325 Non-current liabilities related to assets held for sale $ 974 In October 2023, the Company entered into an agreement to sell its interest in three non-utility local microgrid and distributed energy projects for $ 165,000 . As of December 31, 2023, balances associated with these projects are included in prepayments and other current assets in the consolidated balance sheets totaling $ 63,182 . As of December 31, 2022, balances associated with these projects are included in deferred charges and other assets, and prepayments and other current assets, amounting to $ 63,204 and $ 2,517 , respectively. The sale was subject to various closing conditions and regulatory approvals and was completed in January 2024. The sale of these projects had no major effect on the Company’s operations and did not meet the requirements to be classified as discontinued operations. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant And Equipment [Abstract] | |
Property, Plant And Equipment | Note 4 – Property, Plant and Equipment December 31, 2023 2022 Approximate Range of Useful Lives Weighted Average Useful Life Regulated Water segment: Utility plant and equipment Mains and accessories $ 4,523,718 $ 4,213,197 26 - 90 years 73 years Services, hydrants, treatment plants and reservoirs 3,140,497 2,910,496 5 - 89 years 56 years Operations structures and water tanks 413,147 388,596 15 - 80 years 48 years Miscellaneous pumping and purification equipment 1,237,967 1,131,975 7 - 76 years 41 years Meters, transportation and other operating equipment 1,104,643 1,045,053 5 - 84 years 28 years Land and other non-depreciable assets 143,752 133,618 - - Utility plant and equipment - regulated water segment 10,563,724 9,822,935 - - Utility construction work in progress 315,973 366,777 - - Net utility plant acquisition adjustment ( 6,444 ) ( 6,076 ) 10 - 53 years 22 years Non-utility plant and equipment 20,019 20,561 17 - 64 years 58 years Property, Plant and Equipment - Regulated Water segment 10,893,272 10,204,197 Regulated Natural Gas segment: Natural gas transmission 429,465 398,658 5 - 93 years 67 years Natural gas storage 62,157 61,639 5 - 85 years 44 years Natural gas gathering and processing 147,700 144,337 5 - 77 years 59 years Natural gas distribution 2,733,054 2,206,434 25 - 78 years 63 years Meters, transportation and other operating equipment 613,653 568,305 5 - 61 years 23 years Land and other non-depreciable assets 4,139 4,187 - - Utility plant and equipment - Regulated Natural Gas segment 3,990,168 3,383,560 Utility construction work-in-progress 93,581 149,630 - - Property, plant and equipment - Regulated Natural Gas segment 4,083,749 3,533,190 Total property, plant and equipment $ 14,977,021 $ 13,737,387 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable [Abstract] | |
Accounts Receivable | Note 5 – Accounts Receivable December 31, 2023 2022 Billed utility revenue $ 199,986 $ 265,504 Other 4,887 4,801 204,873 270,305 Less allowance for doubtful accounts 60,573 63,981 Net accounts receivable $ 144,300 $ 206,324 As of December 31, 2023, the Company’s utility customers are located principally in the following states: 66 % in Pennsylvania, 9 % in Ohio, 6 % in North Carolina, 5 % in Texas, and 5 % in Illinois. No single customer accounted for more than one percent of the Company's utility operating revenues during the years ended December 31, 2023, 2022, and 2021. The following table summarizes the changes in the Company’s allowance for doubtful accounts: 2023 2022 2021 Balance at January 1, $ 63,981 $ 58,073 $ 40,099 Amounts charged to expense 23,209 27,631 27,336 Accounts written off ( 27,759 ) ( 22,507 ) ( 19,731 ) Recoveries of accounts written off and other (a) 1,142 784 10,369 Balance at December 31, $ 60,573 $ 63,981 $ 58,073 (a) Recoveries of accounts written off and other in 2021 includes measurement period adjustments of $ 12,851 from the Peoples Gas Acquisition before the measurement period ended. |
Regulatory Assets And Liabiliti
Regulatory Assets And Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets And Liabilities [Abstract] | |
Regulatory Assets And Liabilities | Note 6 – Regulatory Assets and Liabilities Regulatory assets represent costs that are probable to be fully recovered from customers in future rates while regulatory liabilities represent amounts that are expected to be refunded to customers in future rates or amounts recovered from customers in advance of incurring the costs. Except for income taxes and utility plant retirement costs, regulatory assets and regulatory liabilities are excluded from the Company’s rate base and do not earn a return. The components of regulatory assets and regulatory liabilities are as follows: December 31, 2023 December 31, 2022 Regulatory Regulatory Regulatory Regulatory Assets Liabilities Assets Liabilities Income taxes $ 1,553,111 $ 599,088 $ 1,164,294 $ 571,110 Purchased gas costs 21,019 29,807 15,435 28,955 Utility plant retirement costs 38,148 68,815 36,440 64,212 Post-retirement benefits 80,000 153,816 51,810 142,390 Accrued vacation 1,877 - 3,231 - Water tank painting 17,044 - 10,385 - Fair value adjustment of long-term debt assumed in acquisition 38,482 - 49,954 - Debt refinancing 12,674 - 13,906 - Rate case filing expenses and other 33,617 654 16,570 7,363 $ 1,795,972 $ 852,180 $ 1,362,025 $ 814,030 Items giving rise to deferred state income taxes, as well as a portion of deferred Federal income taxes related to specific differences between tax and book depreciation expense, are recognized in the rate setting process on a cash basis or as a reduction in current income tax expense and will be recovered as they reverse. Amounts include differences that arise between specific utility asset improvement costs capitalized for book and deducted as an expense for tax purposes. Additionally, the recording of AFUDC for equity funds results in the recognition of a regulatory asset for income taxes, which represents amounts due related to the revenue requirement. The Company records regulatory assets when a valuation allowance is recorded on deferred tax assets, associated with state NOLs that the Company does not believe are more likely than not to be realized, and are expected to be fully recovered from customers in future rates. Regulatory liabilities are refundable in future rate filings based on the difference between the amount of the income tax benefits that were incorporated into the Company’s cost of service in its latest rate case as compared to the actual income tax benefits recognized. A portion of the regulatory liability for income taxes is related to Aqua Pennsylvania’s income tax accounting change for the tax benefits realized on the Company’s 2012 tax return, which have not yet reduced current income tax expense due to a rate order requiring a ten year amortization period which began in 2013. Beginning in 2013, the Company amortized $ 38,000 , annually, of its deferred income tax benefits, which reduced current income tax expense. In 2022, the amortization period for this regulatory liability was extended for an additional three years . A portion of the income taxes regulatory liability is also related to Peoples Natural Gas’ income tax accounting change for the tax benefits expected to be realized for the periods prior to adoption on March 16, 2020. The Company recorded a regulatory liability for this catch-up adjustment in the amount of $ 160,655 in 2020, and it remained on the consolidated balance sheet as of December 31, 2020. In May 2021, the Company received a regulatory order directing the Company to refund the catch-up adjustment to its utility customers over a five-year period, which was initiated by the Company in August 2021. In 2022, the Company made a similar change for its Peoples Gas and Aqua New Jersey subsidiaries, resulting in the recognition of a regulatory liability for each of these subsidiaries for the tax benefits prior to the year of adoption. The regulatory asset or liability for purchased gas costs reflects the differences between actual purchased gas costs and the levels of recovery for these costs in current rates. The unrecovered costs are recovered and the over-recovered costs are refunded in future periods, typically within a year, through quarterly and annual filings with the applicable state regulatory agency. The regulatory asset for utility plant retirement costs, including cost of removal, represents costs already incurred that are expected to be recovered in future rates over a five year recovery period. The regulatory liability for utility plant retirement costs represents amounts recovered through rates during the life of the associated asset and before the costs are incurred. The regulatory asset for accrued vacation represents costs that would otherwise be charged to operations and maintenance expense for vacation that is earned by employees, which is recovered as a cost of service. The regulatory asset for post-retirement benefits, which includes pension and other post-retirement benefits, primarily reflects a regulatory asset that has been recorded for the costs that would otherwise be charged to stockholders’ equity for the underfunded status of the Company’s pension and other post-retirement benefit plans. The Company also has a regulatory asset related to post-retirement benefits costs that represent costs already incurred which are now being or anticipated to be recovered in rates over a period ranging from approximately 10 to 37 years. The regulatory liability for post-retirement benefits represents costs recovered in rates in excess of post-retirement benefits expense. Expenses associated with water tank painting are deferred and amortized over a period of time as approved in the regulatory process. Water tank painting costs are generally being amortized over a period ranging from 10 to 20 years. The regulatory liability for water tank painting costs represents amounts recovered through rates and before the costs are incurred. The Company recorded a fair value adjustment for fixed rate, long-term debt assumed in acquisitions that matures in various years ranging from 2024 to 2033. The regulatory asset or liability results from the rate setting process continuing to recognize the historical interest cost of the assumed debt. The regulatory asset for debt refinancing represents a portion of a make whole payment of $ 25,237 incurred in 2019 for the Company’s redemption of $ 313,500 of the Company’s outstanding notes that had maturities ranging from 2019-2037 and interest rates ranging from 3.57 - 5.83 %. The Company deferred a portion of the make whole payment as it represents an amount by which we expect to receive prospective rate recovery. The regulatory asset related to rate case filing expenses and other represents the costs associated with filing for rate increases that are deferred and amortized over periods that generally range from one year to five year s, and costs incurred by the Company for which it has received or expects to receive rate recovery. Other regulatory assets also include the financial impacts of customer-owned lead service line replacement costs and regulatory balancing accounts. Regulatory balancing accounts represent the difference between revenues recognized and authorized revenue requirements until they are recovered from customers, and low-income customer assistance programs. The regulatory asset related to the costs incurred for information technology software projects and water main cleaning and relining projects are described in Note 1 – Summary of Significant Accounting Policies – Property, Plant and Equipment and Depreciation . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | Note 7 – Income Taxes Income tax benefit for the years ended December 31, is comprised of the following: Years Ended December 31, 2023 2022 2021 Current: Federal $ 1,913 $ - $ ( 5,132 ) State 11,487 8,716 4,034 13,400 8,716 ( 1,098 ) Deferred: Federal ( 103,617 ) ( 8,258 ) 3,036 State 23,772 ( 14,787 ) ( 11,550 ) ( 79,845 ) ( 23,045 ) ( 8,514 ) Total income tax benefit $ ( 66,445 ) $ ( 14,329 ) $ ( 9,612 ) The statutory Federal tax rate is 21 % for 2023, 2022, and 2021. For states with a corporate net income tax, the state corporate net income tax rates range from 2.5 % to 9.99 % for all years presented. The Company’s effective income tax rate for 2023, 2022, and 2021 was ( 15.4 )%, ( 3.2 )%, and ( 2.3 )%, respectively. The Company remains subject to examination by federal and state tax authorities for the 2020 through 2023 tax years. The differences between income taxes expected at the federal statutory rate and the reported income tax benefit are described below: Years Ended December 31, 2023 2022 2021 Computed Federal tax expense at statutory rate $ 90,674 $ 94,691 $ 88,620 Decrease in Federal tax expense related to the flow through benefit of repair deductions ( 117,370 ) ( 72,302 ) ( 58,929 ) Amortization of deferred benefit from repair method changes ( 18,454 ) ( 21,012 ) ( 15,155 ) State income taxes, net of Federal tax benefit ( 15,115 ) ( 3,972 ) ( 4,132 ) Amortization of excess deferred income taxes ( 8,324 ) ( 8,425 ) ( 11,715 ) Impact of acquisitions and reorganizations - - ( 4,632 ) Net change in unrecognized tax benefit ( 4,796 ) 718 2,270 Valuation allowance for deferred tax assets 8,148 - - Other, net ( 1,208 ) ( 4,027 ) ( 5,939 ) Actual income tax benefit $ ( 66,445 ) $ ( 14,329 ) $ ( 9,612 ) A valuation allowance for state deferred tax assets in the amount of $ 10,969 is included in state income taxes, net of federal tax benefit above. Certain prior year amounts have been reclassified for consistency with the current year presentation. In 2012, Aqua Pennsylvania changed its tax method of accounting for qualifying utility system repairs, which provides for a tax deduction for qualifying utility asset improvement costs that were previously being capitalized and depreciated for book and tax purposes. In compliance with a rate order issued by the Pennsylvania Public Utility Commission, the tax deduction is accounted for using a flow-through method of accounting for income tax benefits, which results in a reduction in current income tax expense through the recognition of income tax benefits due to the income tax accounting method change. In 2019, the Pennsylvania Public Utility Commission issued a rate order to Aqua Pennsylvania and commencing in 2020, the base rates were designed to include annual tax benefits for qualifying utility system improvement costs equal to a deduction of $ 158,865 , subject to a $ 3,000 collar either above or below this target amount. In May 2022, Aqua Pennsylvania received a rate order that adjusted this target to $ 159,060 and revised the collar amount to $ 4,000 , beginning with the 2022 fiscal year. To the extent actual tax benefits are outside this range, tax benefits will either be deferred or accrued, and settled in the next rate filing. In March 2020 and June 2022, the Company filed applications for automatic tax accounting method changes for certain qualifying infrastructure investments at its Peoples Natural Gas and Peoples Gas Company subsidiaries, respectively. These method changes result in tax deductions for qualifying utility asset improvement costs that were formerly capitalized for tax purposes. The Company uses the flow-through method to account for these timing differences. For Peoples Natural Gas, the Company calculated the income tax benefits for qualifying capital expenditures made prior to the date of its acquisition on March 16, 2020 (“catch-up adjustment”) and recognized a regulatory liability of $ 160,655 for these income tax benefits. On May 6, 2021, the Pennsylvania Public Utility Commission approved a settlement order which stipulates, among other points, that the catch-up adjustment be provided by a surcredit to utility customers over a five-year period beginning August 2021, and the Company can continue to use flow-through accounting for the current tax repair benefit until its next base rate case. For each year in 2023 and 2022, there was a $ 22,848 reduction to income tax expense to reflect the benefit to Peoples Natural Gas customers through the surcredit. For Peoples Gas Company, the Company calculated the catch-up adjustment from periods prior to the 2021 tax year and recognized a regulatory liability of $ 13,808 for these income tax benefits. On its 2022 tax return, both the Peoples Natural Gas and Peoples Gas Divisions filed for accounting method changes to deduct costs incurred for mandatory relocations. The Company calculated the catch-up adjustment from periods prior to the 2022 tax year and recognized a regulatory liability of $ 14,251 for their income tax benefits. In addition, the Peoples Natural Gas and Peoples Gas Divisions intend to file an accounting method change on its 2023 tax return to adopt the Internal Revenue Service Revenue Procedure 2023-15, a natural gas safe harbor that was issued in April 2023 to determine the amount of tax-deductible repairs. In the fourth quarter, the Company updated its calculation of the catch-up adjustment that should be returned to customers for periods prior to March 16, 2020 for the Peoples Natural Gas Division, and periods prior to the 2021 tax year for the Peoples Gas Division and deferred an additional tax benefit of $ 25,883 and $ 7,785 , respectively. The Company will file an updated tax repair surcredit calculation with the Pennsylvania Public Utility Commission to determine the treatment of these tax benefits when the final calculations of the deductions have been determined. The following table provides the changes in the Company’s unrecognized tax benefits: 2023 2022 2021 Balance at January 1, $ 18,217 $ 20,201 $ 19,194 Impact of current year activity 7,219 ( 900 ) 1,007 Effect of Pennsylvania tax rate change - ( 1,084 ) - Decrease for prior year tax positions ( 17,538 ) - - Balance at December 31, $ 7,898 $ 18,217 $ 20,201 The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. From time to time, the Company may be assessed interest and penalties by taxing authorities, which would be recorded as income tax expense. During the years ended December 31, 2023, 2022, and 2021, there were expenses of $ 23 , $ 118 , and $ 409 for interest and penalties related to uncertain tax positions. As of December 31, 2023 and 2022 the Company recognized liabilities of $ 144 and $ 620 , respectively, for interest and penalties related to its uncertain tax positions. On its 2012 Federal tax return, filed in September 2013, Aqua Pennsylvania filed a change in accounting method to adopt the IRS temporary tangible property regulations. This method change allowed the Company to take a current year deduction for expenses that were previously capitalized for tax purposes. Since the filing of the 2012 tax return, the IRS has issued final regulations. While the Company maintains the belief that the deduction taken on its tax return is appropriate, the methodology for determining the deduction has not been agreed to by the taxing authorities. Provisions for uncertain tax positions were recorded to reflect the possible challenge of the Company ’ s methodology for determining its repair deduction as required by the FASB ’ s accounting guidance for income taxes. Should the taxing authority challenge the Company ’ s tax treatment, and ultimately disallow a portion of the repair deduction, the Company expects Federal net operating loss carryforwards to offset any resulting liability, and state net operating loss carryforwards will offset a portion of any resulting liability. The unrecognized tax benefits relate to the income tax accounting change, and the tax position is attributable to a temporary difference. The Company does not anticipate material changes to its unrecognized tax benefits within the next year. As a result of the regulatory treatment afforded by the income tax accounting change in Pennsylvania and despite this position being a temporary difference, as of December 31, 2023 and 2022, $ 6,918 and $ 35,267 , respectively, of these tax benefits would have an impact on the Company’s effective income tax rate in the event the Company does sustain all, or a portion, of its tax position. In April 2023, the Internal Revenue Service issued Revenue Procedure 2023-15 which provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized for tax purposes. The Company evaluated the safe harbor and intends to adopt the methodology on its 2023 tax return. In the second quarter of 2023, based on the tax legislative guidance that was issued, the Company reevaluated the uncertain tax positions related to the Regulated Water Segment and ultimately released a portion of its historical income tax reserves. Concurrently, the Company deferred this tax benefit from the reserve release as a regulatory liability, as the accounting treatment is expected to be determined in the next rate case. The following table provides the components of net deferred tax liability: December 31, 2023 2022 Deferred tax assets: Customers' advances for construction $ 20,332 $ 27,009 Costs expensed for book not deducted for tax, principally accrued expenses 29,135 23,585 Post-retirement benefits 1,368 - Tax effect of regulatory liabilities for post-retirement benefits 49,199 41,602 Tax attributes and credit carryforwards 458,001 235,838 Operating lease liabilities 11,529 13,558 Other 1,378 9,613 570,942 351,205 Less valuation allowance ( 149,486 ) ( 38,940 ) 421,456 312,265 Deferred tax liabilities: Utility plant, principally due to depreciation and differences in the basis of fixed assets due to variation in tax and book accounting 1,662,741 1,495,526 Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences 348,646 128,975 Post-retirement benefits - 6,130 Operating lease right-of-use assets 10,301 12,250 Tax effect of regulatory assets for post-retirement benefits 28,092 15,150 2,049,780 1,658,031 Net deferred tax liability $ 1,628,324 $ 1,345,766 Certain prior year amounts have been reclassified for consistency with the current year presentation. At December 31, 2023, the Company has cumulative Federal NOLs of $ 1,280,694 . The Company believes the Federal NOLs are more likely than not to be recovered and require no valuation allowance. The Company’s Federal NOLs will begin to expire in 2032. At December 31, 2023, the Company has a cumulative state NOL of $ 2,534,987 , a portion of which is offset by a valuation allowance from previous years. During the fourth quarter of 2023, the Company determined that it does not believe a portion of its Regulated natural gas segment state NOLs are more likely than not to be realized due to its continuous investments in qualifying infrastructure resulting in the recording of a valuation allowance of $ 1,381,943 . The Company recorded a regulatory asset for the portion of the valuation allowance that is expected to be fully recovered from customers in future rates. At December 31, 2023, the Company has a cumulative state valuation allowance of $ 1,950,378 . The state NOL began expiring in 2023. At December 31, 2023, the Company’s Federal and state NOL carryforwards are reduced by an unrecognized tax position, on a gross basis, of $ 18,264 and $ 13,566 , respectively, which results from the Company’s presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amounts of the Company’s Federal and state NOL carryforwards prior to being reduced by the unrecognized tax positions are $ 1,262,430 and $ 2,521,421 , respectively. The Company records its unrecognized tax benefit as a component of its net deferred income tax liability. At December 31, 2023, the Company has a cumulative Federal charitable contribution of $ 48,014 , of which a valuation allowance of $ 38,798 has been recorded as the Company determined it is more likely than not they will expire before they are utilized within the carryforward period. At December 31, 2023, the Company has a cumulative state charitable contribution of $ 77,263 of which a valuation allowance of $ 71,354 has been recorded as the Company does not believe these state charitable contributions are more likely than not to be realized. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law, which among other things, implements a 15% minimum tax on book income of certain large corporations, and a 1% excise tax on net stock repurchases after December 31, 2022. The alternative minimum tax would not be applicable in our next fiscal year because it is based on a three-year average annual adjusted financial statement income in excess of $1,000,000. We are continuing to assess the future impact of the provisions of the IRA on our consolidated financial statements. As a regulated utility, taxes have been traditionally recognized by state public utility commissions as appropriate for inclusion in establishing rates. On July 8, 2022, Pennsylvania enacted House Bill 1342 into law, which among other things, reduces Pennsylvania’s corporate income tax rate from 9.99 % to 8.99 % beginning January 1, 2023, and an additional 0.5 % annually through 2031, when it reaches to 4.99 %. For the year ended December 31, 2022, the Company evaluated the impacts of the tax rate change and recorded a reduction to our deferred tax liabilities of $ 244,537 with a corresponding reduction primarily to our regulatory assets. |
Taxes Other Than Income Taxes
Taxes Other Than Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Taxes Other Than Income Taxes [Abstract] | |
Taxes Other Than Income Taxes | Note 8 – Taxes Other than Income Taxes The following table provides the components of taxes other than income taxes: Years Ended December 31, 2023 2022 2021 Property $ 32,790 $ 33,703 $ 33,946 Gross receipts, excise and franchise 17,985 16,828 15,777 Payroll 21,628 21,343 21,789 Regulatory assessments 7,451 6,771 6,968 Pumping fees 6,405 7,881 5,761 Other 3,949 3,498 2,400 Total taxes other than income taxes $ 90,208 $ 90,024 $ 86,641 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 9 – Commitments and Contingencies Commitments – The Company maintains agreements with other water purveyors for the purchase of water to supplement its water supply, particularly during periods of peak demand. The agreements stipulate purchases of minimum quantities of water to the year 2029. The estimated annual commitments related to such purchases through 2028 are expected to average $ 3,397 , and the aggregate of the years remaining approximates $ 1,081 . The Company has entered into purchase obligations, in the ordinary course of business, that include agreements for water treatment processes at some of its wells in a small number of its divisions. The 20 year term agreement provides for the use of treatment equipment and media used in the treatment process and are subject to adjustment based on changes in the Consumer Price Index. The future contractual cash obligations related to these agreements are as follows: 2024 2025 2026 2027 2028 Thereafter $ 1,136 $ 1,151 $ 1,176 $ 1,203 $ 1,230 $ 1,733 The Company’s natural gas supply is provided by sources on the interstate pipeline system and from local western Pennsylvania gas well production. The Company has various interstate pipeline service agreements that provide for firm transportation capacity, firm storage capacity, and other services and include capacity reservation charges based upon the maximum daily and annual contract quantities set forth in the agreements. Some of these agreements have minimum volume obligations and are transacted at applicable tariff and negotiated rates to the year 2034. The estimated annual commitments related to such purchases through 2028 are expected to average $ 232,760 , and the aggregate of the years remaining beyond 2028 approximates $ 1,355,659 . The purchased water, water treatment, and purchased gas expenses under these agreements were as follows: Years Ended December 31, 2023 2022 2021 Purchased water under long-term agreements $ 6,752 $ 5,559 $ 5,867 Water treatment expense under contractual agreement 1,103 1,061 1,017 Purchased natural gas under long-term agreements 352,306 601,995 340,262 Contingencies – The Company is routinely involved in various disputes, claims, lawsuits and other regulatory and legal matters, including both asserted and unasserted legal claims, in the ordinary course of business. The status of each such matter, referred to herein as a loss contingency, is reviewed and assessed in accordance with applicable accounting rules regarding the nature of the matter, the likelihood that a loss will be incurred, and the amounts involved. As of December 31, 2023, the aggregate amount of $ 24,643 is accrued for loss contingencies and is reported in the Company’s consolidated balance sheet as other accrued liabilities and other liabilities. These accruals represent management’s best estimate of probable loss (as defined in the accounting guidance) for loss contingencies or the low end of a range of losses if no single probable loss can be estimated. For some loss contingencies, the Company is unable to estimate the amount of the probable loss or range of probable losses. Further, Essential Utilities has insurance coverage for certain of these loss contingencies, and as of December 31, 2023, estimates that approximately $ 1,340 of the amount accrued for these matters are probable of recovery through insurance, which amount is also reported in the Company’s consolidated balance sheet as deferred charges and other assets, net. During a portion of 2019, the Company initiated a do not consume advisory for some of its customers in one division served by the Company’s Illinois subsidiary. The do not consume advisory was lifted in 2019, and, in 2022, the water system was determined to be in compliance with the federal Lead and Copper Rule. D uring the third quarter of 2023, an amount was accrued for the penalty and other fees that will be paid as a result of a conditional settlement that was reached with the regulators. The settlement is the subject of court approval. In addition, on September 3, 2019, two individuals, on behalf of themselves and those similarly situated, commenced an action against the Company’s Illinois subsidiary in the State court in Will County, Illinois related to this do not consume advisory. The complaint seeks class action certification, attorney's fees, and "damages, including, but not limited to, out of pocket damages, and discomfort, aggravation, and annoyance” based upon the water provided by the Company’s subsidiary to a discrete service area in University Park Illinois. The complaint contains allegations of damages as a result of supplied water that exceeded the standards established by the federal Lead and Copper Rule. The complaint is in the discovery phase and class certification has not been granted. The Company has an accrual for the amount of loss asserted in the complaint that we determined to be probable and estimable of being incurred. The Company is vigorously defending against this claim. The Company submitted a claim for the expenses incurred to its insurance carrier for potential recovery of a portion of these costs and is currently in litigation with one of its carriers seeking to enforce its claims. The Company continues to assess the potential loss contingency on this matter. While the final outcome of this claim cannot be predicted with certainty, and unfavorable outcomes could negatively impact the Company, at this time in the opinion of management, the final resolution of this matter is not expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Although the results of legal proceedings cannot be predicted with certainty, other than disclosed above, there are no pending legal proceedings to which the Company or any of its subsidiaries is a party or to which any of its properties is the subject that are material or are expected to have a material effect on the Company’s financial position, results of operations or cash flows. In addition to the aforementioned loss contingencies, the Company self-insures a portion of its employee medical benefit program, and maintains stop-loss coverage to limit the exposure arising from these claims. The Company’s reserve for these claims totaled $ 1,846 and $ 2,327 at December 31, 2023 and 2022, respectively, and represents a reserve for unpaid claim costs, including an estimate for the cost of incurred but not reported claims. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 10 – Leases The Company leases land, office facilities, office equipment, and vehicles for use in its operations, which are accounted for as operating leases. Leases with a term of 12 months or less are not recorded on the balance sheet; rather, lease expense is recognized over the lease term. Our leases have remaining lives of 1 to 71 years. Some of the Company’s leases can be extended on a month-to-month basis, which allow us to terminate the lease at any given month without penalty while others include options to extend the leases for up to 50 years. The renewal of a month-to-month lease is at our sole discretion. The Company accounts for lease and non-lease components of lease arrangements separately. For calculating lease liabilities, we may deem lease terms to include options to extend or terminate the lease when it’s reasonably certain that we will exercise that option. The Company’s lease agreements do not contain significant residual value guarantees, restrictions or covenants. Lease liabilities and corresponding right-of-use assets are recorded based on the present value of the lease payments over the expected lease term, including leases with variable payments that are based on a market rate or an index and net of any impairment. All other variable payments are expensed as incurred. Since the Company’s lease agreements do not provide an implicit interest rate, we utilize our incremental borrowing rate to determine the discount rate used to present value the lease payments. On January 6, 2022, the Company entered into an amendment to an office lease that provided for the partial termination of the Company’s obligations with respect to a portion of the leased premises of approximately 37,000 rentable square feet. The Company paid a termination fee of $ 2,812 , reduced its remaining lease payments by $ 1,753 and recognized a loss on the partial termination of the lease of $ 1,801 . During the fourth quarter of 2021, the Company determined that there were impairment indicators that required the Company to review a portion of office space that was no longer used by the Company in its operations for impairment. Accordingly, the Company performed undiscounted cash flow analyses on the related right-of-use asset group and determined that such right-of-use asset was impaired. This resulted in a non-cash impairment charge of $ 4,695 , representing the excess of the right-of-use asset over its fair value, and is included within operations and maintenance expense in the consolidated statements of operations and comprehensive income. Years Ended December 31, 2023 2022 2021 Components of lease expense were as follows: Operating lease cost $ 9,307 $ 9,359 $ 9,716 Years Ended December 31, 2023 2022 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,149 $ 9,270 December 31, 2023 2022 Supplemental balance sheet information related to leases was as follows: Operating leases: Operating lease right-of-use assets $ 37,416 $ 41,734 Other accrued liabilities $ 7,360 9,316 Operating lease liabilities 34,425 37,666 Total operating lease liabilities $ 41,785 $ 46,982 December 31, 2023 2022 Weighted average remaining lease term: Operating leases 10.1 years 9.7 years Weighted average discount rate: Operating leases 4.87 % 3.42 % Maturities of operating lease liabilities and a reconciliation of the operating lease liabilities reported on our consolidated balance sheets as of December 31, 2023 are as follows: Operating Leases 2024 $ 9,037 2025 8,955 2026 7,211 2027 7,122 2028 6,811 Thereafter 13,902 Total operating lease payments $ 53,038 Total operating lease payments $ 53,038 Less operating lease liabilities 41,785 Present value adjustment $ 11,253 |
Long-Term Debt And Loans Payabl
Long-Term Debt And Loans Payable | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt And Loans Payable [Abstract] | |
Long-Term Debt And Loans Payable | Note 11 – Long-term Debt and Loans Payable Long-term Debt – The consolidated statements of capitalization provide a summary of long-term debt as of December 31, 2023 and 2022. The supplemental indentures with respect to specific issues of the first mortgage bonds restrict the ability of Aqua Pennsylvania and other operating subsidiaries of the Company to declare dividends, in cash or property, or repurchase or otherwise acquire the stock of these companies. Loan agreements for Aqua Pennsylvania and other operating subsidiaries of the Company have restrictions on minimum net assets. As of December 31, 2023, restrictions on the net assets of the Company were $ 4,553,903 of the total $ 5,896,183 in net assets. Included in this amount were restrictions on Aqua Pennsylvania’s net assets of $ 1,747,255 of their total net assets of $ 2,354,604 . As of December 31, 2023, $ 2,393,249 of Aqua Pennsylvania’s retained earnings of $ 2,413,249 and $ 335,892 of the retained earnings of $ 514,416 of other subsidiaries were free of these restrictions. Some supplemental indentures also prohibit Aqua Pennsylvania and some other subsidiaries of the Company from making loans to, or purchasing the stock of, the Company. Sinking fund payments are required by the terms of specific issues of long-term debt. Excluding amounts due under the Company’s revolving credit agreement, the future sinking fund payments and debt maturities of the Company’s long-term debt are as follows: Interest Rate Range 2024 2025 2026 2027 2028 Thereafter 0.00 % to 0.99 % $ 309 $ 197 $ 179 $ 146 $ 146 $ 1,958 1.00 % to 1.99 % 748 759 769 780 791 3,691 2.00 % to 2.99 % 1,619 1,427 1,304 1,111 906 1,101,550 3.00 % to 3.99 % 51,710 1,178 740 208,797 416 2,176,091 4.00 % to 4.99 % 1,658 120,027 1,562 1,567 1,571 1,619,342 5.00 % to 5.99 % 10,611 202 202 202 3,202 828,326 6.00 % to 6.99 % - - 5,000 20,000 - 6,000 7.00 % to 7.99 % - 23,000 - 5,125 - - 8.00 % to 8.99 % 760 529 - - - - 9.00 % to 9.99 % - - 11,800 - - - Total $ 67,415 $ 147,319 $ 21,556 $ 237,728 $ 7,032 $ 5,736,958 On January 8, 2024, the Company issued $ 500,000 of long-term debt (the “2024 Senior Notes”), less expenses of $ 4,610 , due in 2034 with an interest rate of 5.375 %. The Company used the net proceeds from the issuance of 2024 Senior Notes (1) to repay a portion of the borrowings under the Company’s existing five year unsecured revolving credit facility, and (2) for general corporate purposes. In August 2023, the Company’s subsidiary, Aqua Pennsylvania, issued $ 225,000 in aggregate principal amount of first mortgage bonds. The bonds consisted of $ 175,000 of 5.48 % first mortgage bonds due in 2053; and $ 50,000 of 5.56 % first mortgage bonds due in 2061. In January 2023 and October 2022, Aqua Pennsylvania issued $ 75,000 and $ 125,000 of first mortgage bonds, due in 2043 and 2052 , and with interest rates of 5.60 % and 4.50 %, respectively. The proceeds from these bonds were used to repay existing indebtedness and for general corporate purposes. On May 20, 2022, the Company issued $ 500,000 of long-term debt (the “Senior Notes”), less expenses of $ 5,815 , due in 2052 with an interest rate of 5.30 %. The Company used the net proceeds from the issuance of Senior Notes (1) to repay $ 49,700 of borrowings under Aqua Pennsylvania’s 364-day revolving credit facility and $ 410,000 of borrowings under the Company’s existing five year unsecured revolving credit facility, and (2) for general corporate purposes. The weighted average cost of long-term debt at December 31, 2023 and 2022 was 4.14 % and 3.94 %, respectively. The weighted average cost of fixed rate long-term debt at December 31, 2023 and 2022 was 3.86 % and 3.78 %, respectively. On December 14, 2022, the Company entered into a five year $ 1,000,000 unsecured revolving credit facility, which replaced the Company’s prior five year $ 1,000,000 unsecured revolving credit facility. The Company’s new unsecured revolving credit facility was used to repay all indebtedness and fees under our prior unsecured revolving credit facility, and for other general corporate purposes. The facility includes a $ 100,000 sublimit for daily demand loan. Funds borrowed under this facility are classified as long-term debt and are used to provide working capital as well as support for letters of credit for insurance policies and other financing arrangements. As of December 31, 2023, the Company has the following sublimits and available capacity under the credit facility: $ 100,000 letter of credit sublimit, $ 83,162 of letters of credit available capacity, $ 0 borrowed under the swing-line commitment, $ 263,162 was available for borrowing and $ 720,000 of funds borrowed under the agreement. Interest under the facility is equal to either (i) Term simple secured overnight financing rate (SOFR), plus applicable margin; or (ii) an Alternate Base Rate (which is based at the highest of the (a) New York Federal Reserve Bank rate, plus 0.5 %, (b) the prime rate, and, (c) the daily SOFR, plus 1.0 %,) plus applicable margin. The applicable margin for an Alternate Base Rate loan will be up to 0.5 % and for a SOFR loan will be up to 1.5 %, in each case depending on the debt ratings in effect as of such date. The Company may elect either the Term SOFR or the Alternate Base Rate at the time of the drawdown, and loans may be converted from one rate to another at any time, subject or certain conditions. A facility fee is charged on the total commitment amount of the agreement. Under these facilities the average cost of borrowings was 6.30 % and 3.11 %, and the average borrowing was $ 537,983 and $ 297,021 , during 2023 and 2022, respectively. The Company is obligated to comply with covenants under some of its loan and debt agreements. These covenants contain a number of restrictive financial covenants, which among other things limit, subject to specific exceptions, the Company’s ratio of consolidated total indebtedness to consolidated total capitalization, and require a minimum level of earnings coverage over interest expense. During 2023, the Company was in compliance with its debt covenants under its loan and debt agreements. Failure to comply with the Company’s debt covenants could result in an event of default, which could result in the Company being required to repay or finance its borrowings before their due date, possibly limiting the Company’s future borrowings, and increasing its borrowing costs. Loans Payable – On June 29, 2023, Aqua Pennsylvania and Peoples Natural Gas Companies amended the terms of their respective $ 100,000 and $ 300,000 , 364 -day revolving credit agreements, as follows: (1) extended the maturity dates to June 27, 2024; and (2) updated the adjustment on the Bloomberg Short-Term Bank Yield Index (BSBY) Rate. The funds borrowed under these agreements are classified as loans payable and are used to provide working capital. As of December 31, 2023 and 2022, funds borrowed under the Aqua Pennsylvania revolving credit agreement were $ 23,123 and $ 20,000 , respectively. Interest under this facility is based, at the borrower’s option, on the prime rate, an adjusted overnight bank funding rate, or an adjusted Bloomberg Short-Term Bank Yield Index (BSBY) floating rate. This agreement restricts short-term borrowings of Aqua Pennsylvania. A commitment fee of 0.05 % is charged on the total commitment amount of Aqua Pennsylvania’s revolving credit agreement. The average cost of borrowing under the facility was 5.36 % and 2.40 %, and the average borrowing was $ 19,275 and $ 31,555 , during 2023 and 2022, respectively. The maximum amount outstanding at the end of any one month was $ 54,472 and $ 55,000 in 2023 and 2022, respectively. As of December 31, 2023 and 2022, funds borrowed under the Peoples Natural Gas Companies revolving credit agreement were $ 137,000 and $ 208,500 , respectively. Interest under this facility is based, at the borrower’ option, at the prime rate, an adjusted overnight bank funding rate, or an adjusted BSBY floating rate. A commitment fee of 0.08 % is charged on the total commitment amount of Peoples’ revolving credit agreement. The average cost of borrowing under the facility was 5.97 % and 2.30 %, and the average borrowing was $ 78,952 and $ 97,458 , during 2023 and 2022, respectively. The maximum amount outstanding at the end of any one month was $ 161,500 and $ 234,000 in 2023 and 2022, respectively. At December 31, 2023 and 2022, the Company had other combined short-term lines of credit of $ 35,500 . Funds borrowed under these lines are classified as loans payable and are used to provide working capital. As of December 31, 2023 and 2022, funds borrowed under the short-term lines of credit were $ 0 . The average borrowing under the lines was $ 0 and $ 0 during 2023 and 2022, respectively. The maximum amount outstanding at the end of any one month was $ 0 and $ 0 in 2023 and 2022, respectively. Interest under the lines is based at the Company’s option, depending on the line, on the prime rate, an adjusted Euro-Rate, an adjusted federal funds rate or at rates offered by the banks. The average cost of borrowings under all lines during 2023 and 2022 was 0 % and 0 %, respectively. Interest Income and Expense– Interest income of $ 3,401 , $ 3,675 , and $ 2,384 was recognized for the years ended December 31, 2023, 2022, and 2021, respectively. Interest expense was $ 283,362 , $ 238,116 , and $ 207,709 in 2023, 2022, and 2021, including amounts capitalized for borrowed funds of $ 5,241 , $ 6,047 , and $ 4,510 , respectively. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | Note 12 – Fair Value of Financial Instruments Financial instruments are recorded at carrying value in the financial statements and approximate fair value, with the exception of long-term debt, as of the dates presented. The fair value of these instruments is disclosed below in accordance with current accounting guidance related to financial instruments. The fair value of loans payable is determined based on its carrying amount and utilizing Level 1 methods and assumptions. As of December 31, 2023 and 2022, the carrying amount of the Company’s loans payable was $ 160,123 and $ 228,500 , respectively, which equates to their estimated fair value. The fair value of cash and cash equivalents is determined based on Level 1 methods and assumptions. As of December 31, 2023 and 2022, the carrying amounts of the Company's cash and cash equivalents were $ 4,612 and $ 11,398 , respectively, which equates to their fair value. The Company’s assets underlying the deferred compensation and non-qualified pension plans are determined by the fair value of mutual funds, which are based on quoted market prices from active markets utilizing Level 1 methods and assumptions. As of December 31, 2023 and 2022, the carrying amount of these securities was $ 26,442 and $ 24,962 , respectively, which equates to their fair value, and is reported in the consolidated balance sheet in deferred charges and other assets. Unrealized gains and losses on equity securities held in conjunction with our non-qualified pension plan is as follows: Years ended December 31, 2023 2022 2021 Net gain (loss) recognized during the period on equity securities $ 582 $ ( 895 ) $ 607 Less: net gain (loss) recognized during the period on equity securities sold during the period - - - Unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date $ 582 $ ( 895 ) $ 607 The net gain (loss) recognized on equity securities is presented on the consolidated statements of operations and comprehensive income on the line item “Other.” The carrying amounts and estimated fair values of the Company’s long-term debt is as follows: December 31, 2023 2022 Carrying amount $ 6,938,009 $ 6,617,395 Estimated fair value 5,980,722 5,528,131 The fair value of long-term debt has been determined by discounting the future cash flows using current market interest rates for similar financial instruments of the same duration utilizing level 2 methods and assumptions. The Company’s customers’ advances for construction have a carrying value of $ 128,755 and $ 114,732 at December 31, 2023 and 2022, respectively. Their relative fair values cannot be accurately estimated because future refund payments depend on several variables, including new customer connections, customer consumption levels and future rates. Portions of these non-interest bearing instruments are payable annually through 2033 and amounts not paid by the respective contract expiration dates become non-refundable. The fair value of these amounts would, however, be less than their carrying value due to the non-interest bearing feature. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders’ Equity [Abstract] | |
Stockholders’ Equity | Note 13 – Stockholders’ Equity At December 31, 2023, the Company had 600,000,000 shares of common stock authorized; par value $ 0.50 . Shares outstanding and treasury shares held were as follows: December 31, 2023 2022 2021 Shares outstanding 273,296,037 263,737,084 252,867,623 Treasury shares 3,299,191 3,236,237 3,234,765 At-the-Market Offering On October 14, 2022, the Company entered into at-the market sales agreements (“ATM”) with third-party sales agents, under which the Company may offer and sell shares of its common stock, from time to time, at its option, having an aggregate gross offering price of up to $ 500,000 pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333-255235). The Company intends to use the net proceeds from the sales of shares through the ATM for working capital, capital expenditures, water and wastewater utility acquisitions, and repaying outstanding indebtedness. As of December 31, 2022, the Company issued 1,321,994 shares of common stock under the ATM for proceeds of $ 63,040 , net of expenses. During the year ended December 31, 2023, the Company sold 8,938,839 shares of common stock, in exchange for net proceeds of $ 322,983 , under the ATM. As of December 31, 2023, approximately $ 110,000 remained available for sale under the ATM. Forward Equity Sale In August 2020, the Company entered into a forward equity sale agreement for 6,700,000 shares of common stock with a third party (the “forward purchaser”). In connection with the forward equity sale agreement, the forward purchaser borrowed an equal number of shares of the Company’s common stock from stock lenders and sold the borrowed shares to the public. The Company did not receive any proceeds from the sale of its common stock by the forward purchaser until settlement of the shares underlying the forward equity sale agreement. The actual proceeds to be received by the Company would have varied depending upon the settlement date, the number of shares designated for settlement on that settlement date and the method of settlement. The forward equity sale agreement was accounted for as an equity instrument and was recorded at a fair value of $ 0 at inception. The fair value was not adjusted as the Company continued to meet the accounting requirements for equity instruments. On August 9, 2021, the Company completely settled forward equity sale agreements by physical share settlement. The Company issued 6,700,000 shares and received cash proceeds of $ 299,739 at a forward price of $ 44.74 per share. Pursuant to the agreement, the forward price was computed based upon the initial forward price of $ 46.00 per share, adjusted for a floating interest rate factor equal to a specified daily rate less a spread and scheduled dividends during the term of the agreement. The Company used the proceeds received upon settlement of the forward equity sale agreement to fund general corporate purposes, including for water and wastewater utility acquisitions, working capital and capital expenditures. There are no remaining shares subject to the forward equity sale agreement. Common Stock / Tangible Equity Unit Issuances On April 23, 2019, the Company issued $ 690,000 , less expenses of $ 16,358 , of its tangible equity units (the “Units”), with a stated amount of $ 50 per unit. This issuance was part of the financing of the Peoples Gas Acquisition. The Company recorded the issuance of the purchase contract portion of the Units as additional paid-in-capital of $ 570,919 , less allocable issuance costs of $ 13,530 , in our financial statements. The Company recorded the amortizing notes portion of the Units of $ 119,081 as long-term debt and recorded allocable issuance costs of $ 2,828 as debt issuance costs. Each Unit consisted of a prepaid stock purchase contract and an amortizing note, each issued by the Company. The amortizing notes had an initial principal amount of $ 8.62909 , or $ 119,081 in aggregate, and yielded interest at a rate of 3.00 % per year, and paid equal quarterly cash installments of $ 0.75000 per amortizing note (except for the July 30, 2019 installment payment, which was $ 0.80833 per amortizing note), that constituted a payment of interest and a partial repayment of principal. This cash payment in the aggregate was equivalent to 6.00 % per year with respect to each $ 50 stated amount of the Units. The amortizing notes represented unsecured senior obligations of the Company. Certain holders of the tangible equity units had early settled their prepaid stock purchase contracts prior to the due date, and, in exchange, the Company issued shares of its common stock. During 2022, 981,919 stock purchase contracts were early settled by the holders of the contracts prior to the mandatory settlement date, resulting in the issuance of 1,166,107 shares of the Company’s common stock. On May 2, 2022, the remaining 6,621,315 stock purchase contracts were each mandatorily settled for 1.18758 shares of the Company’s common stock, and in the aggregate the Company issued 7,863,354 shares of its common stock. Additionally, the final quarterly installment payment was made, which resulted in the complete pay-off of the amortizing notes. At December 31, 2023, the Company had 1,770,819 shares of authorized but unissued Series Preferred Stock, $ 1.00 par value. In April 2021, the Company filed a universal shelf registration, through a filing with the Securities and Exchange Commission (“SEC”), to allow for the potential future offer and sale by the Company, from time to time, in one or more public offerings, of an indeterminate amount of our common stock, preferred stock, debt securities and other securities specified therein at indeterminate prices. The Company has an acquisition shelf registration statement on file with the SEC which permits the offering, from time to time, of an aggregate of $ 500,000 in shares of common stock and shares of preferred stock in connection with acquisitions. The balance remaining available for use under the acquisition shelf registration as of December 31, 2023 is $ 487,155 . The form and terms of any securities issued under the universal shelf registration statement and the acquisition shelf registration statement will be determined at the time of issuance. The Company has a Dividend Reinvestment and Direct Stock Purchase Plan (“Plan”) that allows reinvested dividends to be used to purchase shares of common stock at a five percent discount from the current market value. Under the direct stock purchase program, shares are issued throughout the year. The shares issued under the Plan are either shares purchased by the Company’s transfer agent in the open-market or original issue shares. In 2023, 2022 and 2021, the Company sold 430,487 , 368,278 and 374,824 original issue shares of common stock through the dividend reinvestment portion of the Plan, for net proceeds of $ 16,005 , $ 16,619 and $ 16,799 , respectively. The Company recorded a regulatory asset for its underfunded status of its pension and other post-retirement benefit plans that would otherwise be charged to other comprehensive income, as it anticipates recovery of its costs through customer rates. |
Net Income per Common Share and
Net Income per Common Share and Equity per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Net Income Per Common Share and Equity per Commn Share [Abstract] | |
Net Income per Common Share and Equity per Common Share | Note 14 – Net Income per Common Share and Equity per Common Share Basic net income per share is based on the weighted average number of common shares outstanding and the weighted average minimum number of shares issued upon settlement of the stock purchase contracts issued under the tangible equity units. Diluted net income per share is based on the weighted average number of common shares outstanding and potentially dilutive shares. The dilutive effect of employee stock-based compensation and shares issuable under the forward equity sale agreement (from the date the Company entered into the forward equity sale agreement to the settlement date) are included in the computation of diluted net income per common share. The dilutive effect of stock-based compensation and shares issuable under the forward equity sale agreement are calculated by using the treasury stock method and expected proceeds upon exercise or issuance of the stock-based compensation and settlement of the forward equity sale agreement. The treasury stock method assumes that the proceeds from stock-based compensation and settlement of the forward equity sale agreement are used to purchase the Company’s common stock at the average market price during the period. The following table summarizes the shares, in thousands, used in computing basic and diluted net income per share: Years ended December 31, 2023 2022 2021 Average common shares outstanding during the period for basic computation 267,171 262,246 257,487 Effect of dilutive securities: Forward equity sale agreement - - 189 Employee stock-based compensation 488 622 504 Average common shares outstanding during the period for diluted computation 267,659 262,868 258,180 The number of outstanding employee stock options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was 148,725 and 77,506 for the year ended December 31, 2023 and 2022, respectively. For the year ended December 31, 2021 , all of the Company’s employee stock options were included in the calculation of diluted net income per share as the calculated cost to exercise the stock options was less than the average market price of the Company’s common stock during these periods. Additionally, the dilutive effect of performance share units and restricted share units granted are included in the Company’s calculation of diluted net income per share. On May 2, 2022, all of the remaining stock purchase contracts under the tangible equity units were mandatorily settled. For the year ended December 31, 2022, the weighted average impact of 2,932,010 shares was included in the basic computation of the average common shares outstanding based on the number of shares that were issued upon settlement of the stock purchase contracts under the tangible equity units. For the year ended December 31, 2021, the minimum settlement amount of the stock purchase contracts under the tangible equity units of 9,041,687 shares was considered outstanding for the basic computation of the average common shares outstanding. Equity per common share was $ 21.57 and $ 20.39 at December 31, 2023 and 2022, respectively. These amounts were computed by dividing Essential Utilities stockholders’ equity by the number of shares of common stock outstanding at the end of each year. |
Employee Stock and Incentive Pl
Employee Stock and Incentive Plan | 12 Months Ended |
Dec. 31, 2023 | |
Employee Stock and Incentive Plan [Abstract] | |
Employee Stock and Incentive Plan | Note 15 – Employee Stock and Incentive Plan Under the Company’s Amended and Restated Equity Compensation Plan, (the “Plan”) approved by the Company’s shareholders on May 2, 2019, to replace the 2004 Equity Compensation Plan, stock options, stock units, stock awards, stock appreciation rights, dividend equivalents, and other stock-based awards may be granted to employees, non-employee directors, and consultants and advisors. The Plan authorizes 6,250,000 shares for issuance under the plan. A maximum of 3,125,000 shares under the Plan may be issued pursuant to stock award, stock units and other stock-based awards, subject to adjustment as provided in the Plan. During any calendar year, no individual may be granted (i) stock options and stock appreciation rights under the Plan for more than 500,000 shares of common stock in the aggregate or (ii) stock awards, stock units or other stock-based awards under the Plan for more than 500,000 shares of Company stock in the aggregate, subject to adjustment as provided in the Plan. Awards to employees and consultants under the Plan are made by a committee of the Board of Directors, except that with respect to awards to the Chief Executive Officer, the committee recommends those awards for approval by the non-employee directors of the Board of Directors. In the case of awards to non-employee directors, the Board of Directors makes such awards. At December 31, 2023, 1,527,080 shares were still available for issuance under the Plan. No further grants may be made under the Company’s 2004 Equity Compensation Plan. Performance Share Units – During 2023, 2022 and 2021, the Company granted performance share units. A performance share unit (“PSU”) represents the right to receive a share of the Company’s common stock if specified performance goals are met over the three-year performance period specified in the grant, subject to exceptions through the respective vesting periods, which is generally three year s. Each grantee is granted a target award of PSUs and may earn between 0 % and 200 % of the target amount depending on the Company’s performance against the performance goals. The performance goals of the 2023, 2022 and 2021 PSU grants consisted of the following metrics: Metric 1 – Company’s total shareholder return (“TSR”) compared to the TSR for a specific peer group of investor-owned utilities (a market-based condition) 38.46 % Metric 2 – Achievement of a targeted cumulative level of rate base growth as a result of acquisitions (a performance-based condition) 30.77 % Metric 3 – Achievement of targets for maintaining consolidated operations and maintenance expenses over the three-year measurement period (a performance-based condition) 30.77 % The following table provides the compensation expense and income tax benefit for PSUs: Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expense $ 6,942 $ 7,950 $ 7,150 Income tax benefit 1,741 1,997 2,038 The following table summarizes nonvested PSU transactions for the year ended December 31, 2023: Number of Share Units Weighted Average Fair Value Nonvested share units at beginning of period 556,462 $ 42.77 Granted 162,030 45.06 Performance criteria adjustment ( 1,230 ) 43.97 Forfeited ( 17,276 ) 44.18 Share units issued ( 168,549 ) 53.77 Nonvested share units at end of period 531,437 40.03 A portion of the fair value of PSUs was estimated at the grant date based on the probability of satisfying the market-based conditions associated with the PSUs using the Monte Carlo valuation method, which assesses the probabilities of various outcomes of market conditions. The other portion of the fair value of the PSUs associated with performance-based conditions was based on the fair market value of the Company’s stock at the grant date, regardless of whether the market-based condition is satisfied. The fair value of each PSU grant is amortized into compensation expense on a straight-line basis over their respective vesting periods, generally 36 months. The accrual of compensation costs is based on an estimate of the final expected value of the award and is adjusted as required for the portion based on the performance-based condition. The Company assumes that forfeitures will be minimal, and recognizes forfeitures as they occur, which results in a reduction in compensation expense. As the payout of the PSUs includes dividend equivalents, no separate dividend yield assumption is required in calculating the fair value of the PSUs. The recording of compensation expense for PSUs has no impact on net cash flows. The following table provides the assumptions used in the pricing model for the grant, the resulting grant date fair value of PSUs, and the intrinsic value and fair value of PSUs that vested during the year: Years ended December 31, 2023 2022 2021 Expected term (years) 3.0 3.0 3.0 Risk-free interest rate 4.43 % 1.75 % 0.24 % Expected volatility 33.8 % 31.9 % 32.1 % Weighted average fair value of PSUs granted $ 45.06 $ 42.33 $ 43.18 Intrinsic value of vested PSUs $ 7,483 $ - $ 6,050 Fair value of vested PSUs $ 9,692 $ - $ 5,321 As of December 31, 2023, $ 9,676 of unrecognized compensation costs related to PSUs is expected to be recognized over a weighted average period of approximately 1.8 years. The aggregate intrinsic value of PSUs as of December 31, 2023 was $ 19,849 . The aggregate intrinsic value of PSUs is based on the number of nonvested share units and the market value of the Company’s common stock as of the period end date. Restricted Stock Units – A restricted stock unit (“RSU”) represents the right to receive a share of the Company’s common stock and is valued based on the fair market value of the Company’s stock on the date of grant. RSUs are eligible to be earned at the end of a specified restricted period, generally three year s, beginning on the date of grant. In some cases, the right to receive the shares is subject to specific performance goals established at the time the grant is made. The Company assumes that forfeitures will be minimal, and recognizes forfeitures as they occur, which results in a reduction in compensation expense. As the payout of the RSUs includes dividend equivalents, no separate dividend yield assumption is required in calculating the fair value of the RSUs. The following table provides the compensation expense and income tax benefit for RSUs: Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expense $ 2,877 $ 2,927 $ 3,360 Income tax benefit 722 736 953 The following table summarizes nonvested RSU transactions for the year ended December 31, 2023: Number of Stock Units Weighted Average Fair Value Nonvested stock units at beginning of period 180,306 $ 45.94 Granted 75,414 45.53 Stock units vested ( 55,886 ) 49.01 Forfeited ( 7,617 ) 45.33 Nonvested stock units at end of period 192,217 45.06 The following table summarizes the value of RSUs: Years ended December 31, 2023 2022 2021 Weighted average fair value of RSUs granted $ 45.53 $ 44.74 $ 44.44 Intrinsic value of vested RSUs 2,427 3,090 2,108 Fair value of vested RSUs 2,665 2,483 1,726 As of December 31, 2023, $ 3,433 of unrecognized compensation costs related to RSUs is expected to be recognized over a weighted average period of approximately 1.8 years. The aggregate intrinsic value of RSUs as of December 31, 2023 was $ 7,179 . The aggregate intrinsic value of RSUs is based on the number of nonvested stock units and the market value of the Company’s common stock as of the period end date. Stock Options – A stock option represents the option to purchase a number of shares of common stock of the Company as specified in the stock option grant agreement at the exercise price per share as determined by the closing market price of our common stock on the grant date. Stock options are exercisable in installments of 33 % annually, starting one year from the grant date and expire ten year s from the grant date. The vesting of stock options granted in 2023 and 2022 are subject to the achievement of the following performance goal: the Company achieves at least an adjusted return on equity equal to 150 basis points below the return on equity granted by the Pennsylvania Public Utility Commission during the Company’s Pennsylvania subsidiary’s last rate proceeding. The adjusted return on equity equals net income, excluding net income or loss from acquisitions which have not yet been incorporated into a rate application as of the last year end, divided by equity which excludes equity applicable to acquisitions which are not yet incorporated in a rate application during the award period. The Company did no t grant stock options for the year ended December 31, 2021. The fair value of each stock option is amortized into compensation expense using the graded vesting method, which results in the recognition of compensation costs over the requisite service period for each separately vesting tranche of the stock options as though the stock options were, in substance, multiple stock option grants. The following table provides compensation expense and income tax benefit for stock options: Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expenses $ 650 $ 451 $ 480 Income tax benefit 162 140 136 Options under the plans were issued at the closing market price of the stock on the day of the grant. The fair value of options was estimated at the grant date using the Black-Scholes option-pricing model, which relies on assumptions that require management’s judgment. The following table provides the assumptions used in the pricing model for grants and the resulting grant date fair value of stock options granted in the period reported: 2023 2022 Expected term (years) 5.5 5.5 Risk-free interest rate 4.03 % 1.92 % Expected volatility 27.80 % 26.50 % Dividend yield 2.53 % 2.37 % Grant date fair value per option $ 11.37 $ 9.34 Historical information was the principal basis for the selection of the expected term and dividend yield. The expected volatility is based on a weighted-average combination of historical and implied volatilities over a period that approximates the expected term of the option. The risk-free interest rate was selected based upon the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. The Company assumes that forfeitures will be minimal, and recognizes forfeitures as they occur, which results in a reduction in compensation expense. The following table summarizes stock option transactions for the year ended December 31, 2023: Shares Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic Value Outstanding, beginning of year 820,061 36.29 Granted 74,632 45.39 Forfeited ( 3,258 ) 45.32 Expired / Cancelled ( 819 ) 37.09 Exercised ( 8,174 ) 35.13 Outstanding at end of year 882,442 $ 37.03 5.5 $ 1,458 Exercisable at end of year 761,220 $ 35.72 5.0 $ 1,458 The intrinsic value of stock options is the amount by which the market price of the stock on a given date, such as at the end of the period or on the day of exercise, exceeded the closing market price of stock on the date of grant. The following table summarizes the intrinsic value of stock options exercised and the fair value of stock options which vested: Years ended December 31, 2023 2022 2021 Intrinsic value of options exercised $ 64 $ 960 $ 1,709 Fair value of options vested 236 1,203 1,485 The following table summarizes information about the options outstanding and options exercisable as of December 31, 2023: Options Outstanding Options Exercisable Shares Weighted Average Remaining Life (years) Weighted Average Exercise Price Shares Weighted Average Exercise Price Range of prices: $ 30.00 - 33.99 53,442 3.2 $ 30.47 53,442 $ 30.47 $ 34.00 - 34.99 89,139 4.2 34.51 89,139 34.51 $ 35.00 - 35.99 591,136 5.2 35.93 591,136 35.93 $ 36.00 and above 148,725 8.6 45.28 27,503 45.18 882,442 5.5 $ 37.03 761,220 $ 35.72 As of December 31, 2023, there was $ 496 of total unrecognized compensation costs related to nonvested stock options granted under the plans. The cost is expected to be recognized over a weighted average period of approximately 1.4 years. Restricted Stock – Restricted stock awards provide the grantee with the rights of a shareholder, including the right to receive dividends and to vote such shares, but not the right to sell or otherwise transfer the shares during the restriction period. Restricted stock awards result in compensation expense that is equal to the fair market value of the stock on the date of the grant and is amortized ratably over the restriction period. The Company expects forfeitures of restricted stock to be de minimis. The following table provides the compensation cost and income tax benefit for stock-based compensation related to restricted stock: Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expense $ 43 $ 50 $ 130 Income tax benefit 12 15 37 The following table summarizes restricted stock transactions for the year ended December 31, 2023: Number of Shares Weighted Average Fair Value Nonvested shares at beginning of period 1,170 $ 42.75 Granted 1,412 35.42 Vested ( 1,170 ) 42.75 Nonvested shares at end of period 1,412 $ 35.42 Stock Awards – Stock awards represent the issuance of the Company’s common stock, without restriction. Stock awards are granted to the Company’s non-employee directors. The issuance of stock awards results in compensation expense which is equal to the fair market value of the stock on the grant date, and is expensed immediately upon grant. The following table provides compensation cost and income tax benefit for stock-based compensation related to stock awards: Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expense $ 810 $ 715 $ 700 Income tax benefit 228 207 202 The following table summarizes the value of stock awards: Years ended December 31, 2023 2022 2021 Intrinsic and fair value of stock awards vested $ 810 $ 715 $ 700 Weighted average fair value of stock awards granted 41.58 46.44 47.46 The following table summarizes stock award transactions for year ended December 31, 2023: Number of Stock Awards Weighted Average Fair Value Nonvested stock awards at beginning of period - $ - Granted 19,488 41.58 Vested ( 19,488 ) 41.58 Nonvested stock awards at end of period - - |
Pension Plans And Other Post-Re
Pension Plans And Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Pension Plans And Other Post-Retirement Benefits [Abstract] | |
Pension Plans And Other Post-Retirement Benefits | Note 16 – Pension Plans and Other Post-retirement Benefits The Company maintains a qualified, defined benefit pension plan that covers its full-time employees who were hired prior to the date their respective pension plan was closed to new participants. Retirement benefits under the plan are generally based on the employee’s total years of service and compensation during the last five years of employment. The Company’s policy is to fund the plan annually at a level which is deductible for income tax purposes and which provides assets sufficient to meet its pension obligations over time. To offset some limitations imposed by the Internal Revenue Code with respect to payments under qualified plans, the Company has a non-qualified Supplemental Pension Benefit Plan for Salaried Employees in order to prevent some employees from being penalized by these limitations, and to provide certain retirement benefits based on employee’s years of service and compensation. The net pension costs and obligations of the qualified and non-qualified plans are included in the tables which follow. Employees hired after their respective pension plan was closed, may participate in a defined contribution plan that provides a Company matching contribution on amounts contributed by participants and an annual profit-sharing contribution based upon a percentage of the eligible participants’ compensation. The Company’s qualified defined benefit pension plan has a permanent lump sum option to the form of benefit payments offered to participants upon retirement or termination. The plan paid $ 30,347 and $ 17,757 to participants who elected this option during 2023 and 2022, respectively. During 2023, we made lump-sum pension benefit distributions exceeding the cumulative amount of service and interest cost components of the net periodic pension cost for the year, which is the settlement accounting threshold. The settlement loss of $ 5,173 was recorded as a regulatory asset, as it is probable of recovery in future rates, and will be amortized into pension benefit costs. A settlement loss is the recognition of unrecognized pension benefit costs that would have been incurred in subsequent periods. In addition to providing pension benefits, the Company offers post-retirement benefits other than pensions to employees retiring with a minimum level of service and hired before their respective plan closed to new participants. These benefits include continuation of medical and prescription drug benefits, or a cash contribution toward such benefits, for eligible retirees and life insurance benefits for eligible retirees. The Company funds these benefits through various trust accounts. The benefits of retired officers and other eligible retirees are paid by the Company and not from plan assets due to limitations imposed by the Internal Revenue Code. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated: Pension Benefits Other Post-retirement Benefits Years: 2024 $ 26,611 $ 5,287 2025 27,306 5,546 2026 27,098 5,819 2027 28,755 6,086 2028 27,446 6,272 2029-2033 124,461 32,778 The changes in the benefit obligation and fair value of plan assets, the funded status of the plans and the assumptions used in the measurement of the company’s benefit obligation are as follows: Pension Benefits Other Post-retirement Benefits 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at January 1, $ 324,690 $ 452,947 $ 83,501 $ 114,651 Service cost 1,507 2,587 1,347 1,911 Interest cost 16,007 13,806 4,476 3,369 Actuarial loss/(gain) 20,418 ( 105,107 ) 5,008 ( 31,995 ) Plan participants' contributions - - 106 145 Benefits paid ( 18,577 ) ( 19,339 ) ( 2,936 ) ( 4,580 ) Plan amendments - 2,121 - - Participants' directed transfer of benefit to other plans - ( 4,568 ) - - Settlements ( 30,347 ) ( 17,757 ) - - Benefit obligation at December 31, 313,698 324,690 91,502 83,501 Change in plan assets: Fair value of plan assets at January 1, 333,176 433,121 85,994 107,308 Actual return on plan assets 7,648 ( 83,297 ) 12,060 ( 19,589 ) Employer contributions 20,343 20,390 - 1,636 Participants' contributions - - 106 145 Benefits paid ( 18,517 ) ( 19,281 ) ( 3,155 ) ( 3,506 ) Settlements ( 30,347 ) ( 17,757 ) - - Fair value of plan assets at December 31, 312,303 333,176 95,005 85,994 Funded status of plan: Net asset / (liability) recognized at December 31, $ ( 1,395 ) $ 8,486 $ 3,503 $ 2,493 The following table provides the net liability recognized on the consolidated balance sheets at December 31: Pension Benefits Other Post-retirement Benefits 2023 2022 2023 2022 Non-current asset $ 16,325 $ 24,389 $ 26,700 $ 19,438 Current liability ( 1,334 ) ( 761 ) ( 733 ) ( 843 ) Noncurrent liability ( 16,386 ) ( 15,142 ) ( 22,464 ) ( 16,102 ) Net asset / (liability) recognized $ ( 1,395 ) $ 8,486 $ 3,503 $ 2,493 The following table provides selected information about plans with accumulated benefit obligation and projected benefit obligation in excess of plan assets: December 31, December 31, 2023 2022 Pension Benefits Other Post-retirement Benefits Pension Benefits Other Post-retirement Benefits Selected information for plans with projected benefit obligation in excess of plan assets: Projected benefit obligation $ 17,720 $ N/A $ 16,041 $ N/A Fair value of plan assets - N/A - N/A Selected information for plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation 14,843 35,154 12,126 29,009 Fair value of plan assets - 11,957 - 12,064 The following table provides the components of net periodic benefit costs for the years ended December 31: Pension Benefits Other Post-retirement Benefits 2023 2022 2021 2023 2022 2021 Service cost $ 1,507 $ 2,587 $ 3,503 $ 1,347 $ 1,911 $ 2,793 Interest cost 16,007 13,806 13,018 4,476 3,369 3,358 Expected return on plan assets ( 22,223 ) ( 22,004 ) ( 23,165 ) ( 4,372 ) ( 4,502 ) ( 4,155 ) Amortization of prior service cost (credit) 684 536 559 - - ( 432 ) Amortization of actuarial loss (gain) 2,962 2,043 2,907 ( 1,317 ) ( 1,336 ) 219 Net periodic benefit cost/(credit) $ ( 1,063 ) $ ( 3,032 ) $ ( 3,178 ) $ 134 $ ( 558 ) $ 1,783 The Company records the underfunded/overfunded status of its pension and other post-retirement benefit plans on its consolidated balance sheets and records a regulatory asset/liability for these costs that would otherwise be charged to stockholders’ equity, as the Company anticipates recoverability of the costs through customer rates to be probable. Changes in the plans’ funded status will affect the assets and liabilities recorded on the balance sheet. Due to the Company’s regulatory treatment, the recognition of the funded status is recorded as a regulatory asset pursuant to the FASB’s accounting guidance for regulated operations. The following table provides the amounts recognized in regulatory assets and regulatory liabilities that have not been recognized as components of net periodic benefit cost as of December 31: Pension Benefits Other Post-retirement Benefits 2023 2022 2023 2022 Net actuarial loss (gain) $ 84,030 $ 56,737 $ ( 21,257 ) $ ( 19,894 ) Prior service cost (credit) 1,866 2,550 - - Total recognized in regulatory assets $ 85,896 $ 59,287 $ ( 21,257 ) $ ( 19,894 ) Accounting for pensions and other post-retirement benefits requires an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover and medical costs. Each assumption is reviewed annually with assistance from the Company’s actuarial consultant who provides guidance in establishing the assumptions. The assumptions are selected to represent the average expected experience over time and may differ in any one year from actual experience due to changes in capital markets and the overall economy. These differences will impact the amount of pension and other post-retirement benefit expense that the Company recognizes. The significant assumptions related to the Company’s benefit obligations are as follows: Pension Benefits Other Post-retirement Benefits 2023 2022 2023 2022 Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31, Discount rate 5.17 % 5.51 % 5.09 % 5.45 % Rate of compensation increase 3.0 - 4.0 % 3.0 - 4.0 % n/a n/a Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations as of December 31, Health care cost trend rate n/a n/a 6.25 % 6.50 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) n/a n/a 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate n/a n/a 2029 2029 n/a – Assumption is not applicable. The significant assumptions related to the Company’s net periodic benefit costs are as follows: Pension Benefits Other Post-retirement Benefits 2023 2022 2021 2023 2022 2021 Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs for Years Ended December 31, Discount rate * 5.51 % 2.91 % 2.57 % 5.45 % 2.96 % 2.68 % Expected return on plan assets 6.80 % 5.40 % 5.60 % 4.28 %- 6.8 % 3.4 %- 5.4 % 5.60 % Rate of compensation increase 3.0 - 4.0 % 3.0 - 4.0 % 3.0 - 4.0 % n/a n/a n/a Assumed Health Care Cost Trend Rates Used to Determine Net Periodic Benefit Costs for Years Ended December 31, Health care cost trend rate n/a n/a n/a 6.50 % 6.25 % 6.3 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) n/a n/a n/a 5.0 % 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2029 2027 2025 n/a – Assumption is not applicable . * In 2023 and 2022, the Company remeasured its qualified pension plan assets and liabilities in accordance with settlement accounting rules. The discount rate used for the remeasurement and for the calculation of the net periodic benefit cost for the remainder of the year in 2023 and 2022 was 5.20 % and 5.58 %, respectively. The Company’s discount rate assumption, which is utilized to calculate the present value of the projected benefit payments of our post-retirement benefits, was determined by selecting a hypothetical portfolio of high-quality corporate bonds appropriate to match the projected benefit payments of the plans. The selected bond portfolio was derived from a universe of Aa-graded corporate bonds. The discount rate was then developed as the rate that equates the market value of the bonds purchased to the discounted value of the plan’s benefit payments. The Company’s pension expense and liability (benefit obligations) increases as the discount rate is reduced. The Company’s expected return on plan assets is determined by evaluating the asset class return expectations with its advisors as well as actual, long-term, historical results of our asset returns. The Company’s market related value of plan assets is equal to the fair value of the plan’s assets as of the last day of its fiscal year, and is a determinant for the expected return on plan assets which is a component of post-retirement benefits expense. The Company’s pension expense increases as the expected return on plan assets decreases. For 2023, the Company used a 6.8 % expected return on plan assets assumption. The Company believes its actual long-term asset allocation on average will approximate the targeted allocation. The Company’s investment strategy is to earn a reasonable rate of return while maintaining risk at acceptable levels. Risk is managed through fixed income investments to manage interest rate exposures that impact the valuation of liabilities and through the diversification of investments across and within various asset categories. Over time, as the plan’s funded status increases, the target allocation of return-seeking assets (e.g., equities and other instruments with a similar risk profile) may decline and the target allocation of liability-hedging assets (e.g., fixed income and other instruments with a similar risk profile) may increase. Investment returns are compared to a total plan benchmark constructed by applying the plan’s asset allocation target weightings to passive index returns representative of the respective asset classes in which the plan invests. The Retirement and Employee Benefits Committee meets quarterly to review plan investments and management monitors investment performance quarterly through a performance report prepared by an external consulting firm. The target allocation by asset class as of December 31, 2023, along with the actual allocation of the Company’s pension plan assets, are as follows: Percentage of Plan Assets at December 31, Target Allocation 2023 2022 Return seeking assets 20 to 40 % 38 % 56 % Liability hedging assets 30 to 70 % 62 % 44 % Total 100 % 100 % 100 % The fair value of the Company’s pension plans’ assets at December 31, 2023 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Common stock $ 14,115 $ - $ - $ - $ 14,115 Return seeking assets: Global equities - - - 9,226 9,226 Hedge / diversifying strategies - - - 57,608 57,608 Credit - - - 37,798 37,798 Liability hedging assets - - - 186,317 186,317 Cash and cash equivalents 7,239 - - - 7,239 Total pension assets $ 21,354 $ - $ - $ 290,949 $ 312,303 (a) Assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value of the Company’s pension plans’ assets at December 31, 2022 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Common stock $ 18,037 $ - $ - $ - $ 18,037 Return seeking assets: Global equities - - - 15,163 15,163 Hedge / diversifying strategies - - - 102,038 102,038 Credit - - - 52,048 52,048 Liability hedging assets - - - 114,220 114,220 Cash and cash equivalents 31,670 - - - 31,670 Total pension assets $ 49,707 $ - $ - $ 283,469 $ 333,176 Equity securities include our common stock in the amounts of $ 14,115 or 4.5 % and $ 18,037 or 5.4 % of total pension plans’ assets as of December 31, 2023 and 2022, respectively. The target allocation by asset class as of December 31, 2023, and actual asset allocation of the Company’s other post-retirement benefit plans, are as follows: Percentage of Plan Assets at December 31, Target Allocation 2023 2022 Return seeking assets 50 to 70 % 68 % 62 % Liability hedging assets 30 to 50 % 32 % 38 % Total 100 % 100 % 100 % The fair value of the Company’s other post-retirement benefit plans’ assets at December 31, 2023 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Return seeking assets: Global equities $ 34,209 $ - $ - $ 19,890 $ 54,099 Real estate securities 7,041 - - 3,653 10,694 Liability hedging assets 16,949 - - 9,473 26,422 Cash and cash equivalents 3,790 - - - 3,790 Total other post-retirement assets $ 61,989 $ - $ - $ 33,016 $ 95,005 (a) Assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value of the Company’s other post-retirement benefit plans’ assets at December 31, 2022 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Return seeking assets: Global equities $ 27,258 $ - $ - $ 16,024 $ 43,282 Real estate securities 6,386 - - 3,311 9,697 Liability hedging assets 15,131 - - 9,159 24,290 Cash and cash equivalents 8,725 - - - 8,725 Total other post-retirement assets $ 57,500 $ - $ - $ 28,494 $ 85,994 Valuation Techniques Used to Determine Fair Value Common Stocks - Investments in common stocks are valued using unadjusted quoted prices obtained from active markets. Return Seeking Assets – Investments in return seeking assets consists of the following: o Global equities, which consist of common and preferred shares of stock, traded on U.S. or foreign exchanges that are valued using unadjusted quoted prices obtained from active markets, or commingled fund vehicles, consisting of such securities valued using NAV, which are not classified within the fair value hierarchy. o Real estate securities, which consist of securities, traded on U.S. or foreign exchanges that are valued using unadjusted quoted prices obtained from active markets, or for real estate commingle fund vehicles that are not publicly quoted, the fund administrators value the funds using the NAV per fund share, derived from the quoted prices in active markets of the underlying securities and are not classified within the fair value hierarchy. o Hedge / diversifying strategies, which consist of a multi-manager fund vehicle having underlying exposures that collectively seek to provide low correlation of return to equity and fixed income markets, thereby offering diversification. As a multi-manager fund investment, NAV is derived from underlying manager NAVs, which are derived from the quoted prices in active markets of the underlying securities and are not classified within the fair value hierarchy. o Credit, which consist of certain opportunistic, return-oriented credits which primarily include below investment grade bonds (i.e. high yield bonds), bank loans, and securitized debt. Credits are valued using the NAV per fund share, derived from either quoted prices in active markets of the underlying securities, or less active markets, or quotes of similar assets, and are not classified within the fair value hierarchy. Liability Hedging Assets – Investments in liability hedging assets consist of funds investing in high-quality fixed income securities (i.e. U.S. Treasury securities and government bonds), and for funds for which market quotations are readily available, are valued at the last reported closing price on the primary market or exchange on which they are traded. Funds for which market quotations are not readily available, are valued using the NAV per fund share, derived from the quoted prices in active markets of the underlying securities and are not classified within the fair value hierarchy. Cash and Cash Equivalents – Investments in cash and cash equivalents are comprised of both uninvested cash and money market funds. The uninvested cash is valued based on its carrying value, and the money market funds are valued utilizing the net asset value per unit obtained from published market prices. Funding requirements for qualified defined benefit pension plans are determined by government regulations and not by accounting pronouncements. In accordance with funding rules and the Company’s funding policy, during 2024 our pension contribution is expected to be $ 9,393 . The Company has a 401(k) savings plan, which is a defined contribution plan and covers substantially all employees. The Company makes matching contributions that are based on a percentage of an employee’s contribution, subject to specific limitations, as well as, non-discretionary contributions based on eligible hourly wages for certain union employees, discretionary year-end contributions based on an employee’s eligible compensation, and employer profit sharing contributions. Participants may diversify their Company matching account balances into other investments offered under the 401(k) savings plan. The Company’s contributions, which are recorded as compensation expense, were $ 23,519 , $ 21,758 , and $ 19,569 , for the years ended December 31, 2023, 2022, and 2021, respectively. |
Rate Activity
Rate Activity | 12 Months Ended |
Dec. 31, 2023 | |
Rate Activity [Abstract] | |
Rate Activity | Note 17 – Rate Activity On January 19, 2024, Aqua New Jersey filed an application with the New Jersey Board of Public Utilities designed to increase water rates by $ 8,328 or 17.3 % on an annual basis. The Company anticipates a final order to be issued by August 2024. On January 2, 2024, Aqua Illinois filed an application with the Illinois Commerce Commission designed to increase water and wastewater rates by $ 19,196 or 18.9 % on an annual basis. The Company anticipates a final order to be issued by December 2024. On December 29, 2023, Peoples Natural Gas filed an application with the Pennsylvania Public Utility Commission designed to increase natural gas rates by $ 156,024 or 18.7 % on an annual basis. The Company anticipates a final order to be issued by September 2024. On December 13, 2023, the Company’s regulated water and wastewater utility operating divisions in Ohio received an order from the Public Utilities Commission of Ohio which will increase operating revenues by $ 4,850 annually. New rates for water and sewer service went into effect on December 13, 2023. On September 28, 2023, the Company’s regulated water and wastewater operating subsidiary in Texas, Aqua Texas, received a final order from the Public Utility Commission of Texas approving infrastructure rehabilitation surcharges designed to increase revenues by $ 8,388 annually. The rates authorized on March 28, 2023 and implemented on an interim basis effective April 1, 2023 did not change with the final order. On July 27, 2023, the Company’s regulated water and wastewater operating subsidiary in Virginia, Aqua Virginia, filed an application with the State Corporation Commission designed to increase revenues by $ 6,911 or 29.5 % on an annual basis. On June 5, 2023, the Company’s regulated water and wastewater operating subsidiary in North Carolina, Aqua North Carolina, received an order from the North Carolina Utilities Commission designed to increase rates by $ 14,001 in the first year of new rates being implemented, then by an additional $ 3,743 and $ 4,130 in the second and third years, respectively. In February 2023, the Company had implemented interim rates, based on an estimate of the final outcome of the order, and no refunds or additional billings are required for the difference between interim and final approved rates. On September 21, 2022, the Company’s regulated water and wastewater utility operating divisions in Ohio received an order from the Public Utilities Commission of Ohio which increased operating revenues by $ 5,483 annually. New rates for water and sewer service went into effect on September 21, 2022. On May 16, 2022, the Company’s regulated water and wastewater operating subsidiary in Pennsylvania, Aqua Pennsylvania, received an order from the Pennsylvania Public Utility Commission that allowed base rate increases that would increase total annual operating revenues by $ 69,251 . New rates went into effect on May 19, 2022. At the time the rate order was received, the rates in effect also included $ 35,470 in Distribution System Improvement Charges (“DSIC”), which was 7.2 % above prior base rates. Consequently, the aggregate annual base rates increased by $ 104,721 since the last base rate increase and DSIC was reset to zero. On January 3, 2022, the Company’s natural gas operating division in Kentucky received an order from the Kentucky Public Service Commission resulting in an increase of $ 5,238 in annual revenues, and new rates went into effect on January 4, 2022. On June 7, 2022, an additional $ 260 was approved and made effective by the Commission, resulting from a rehearing requested by the operating division. In addition to the Texas, North Carolina, Ohio, Pennsylvania, and Kentucky rate awards noted above, the Company’s operating subsidiaries were allowed annualized rate increases of $ 1,703 in 2023, $ 1,378 in 2022, and $ 3,390 in 2021, represented by three , two , and six rate decisions, respectively. Revenues recognized in aggregate from all of the rate increases realized in the year of grant were approximately $ 10,109 , $ 51,163 , and $ 2,995 in 2023, 2022, and 2021, respectively. Eight states in which the Company operates permit water and wastewater utilities to add a surcharge to their water or wastewater bills to offset the additional depreciation and capital costs related to infrastructure system replacement and rehabilitation projects completed and placed into service between base rate filings. Additionally, Pennsylvania and Kentucky allow for the use of an infrastructure rehabilitation surcharge for natural gas utility systems. The surcharge for infrastructure system replacements and rehabilitations is typically adjusted periodically based on additional qualified capital expenditures completed or anticipated in a future period, is capped as a percentage of base rates, generally at 5 % to 12.75 %, and is reset to zero when new base rates that reflect the costs of those additions become effective or when a utility’s earnings exceed a regulatory benchmark. During 2023, the Company received approval to bill infrastructure rehabilitation surcharges designed to increase total operating revenues on an annual basis by $ 18,814 in its water and wastewater utility operating divisions in Pennsylvania, New Jersey, Illinois and Texas, and $ 21,272 in its gas utility operating divisions in Pennsylvania and Kentucky. The surcharge for infrastructure system replacements and rehabilitations provided revenues in 2023, 2022, and 2021 of $ 20,261 , $ 26,902 , and $ 33,771 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information [Abstract] | |
Segment Information | Note 18 – Segment Information The Company has eleven operating segments and has two reportable segments, the Regulated Water segment and the Regulated Natural Gas segment. The Regulated Water segment is comprised of eight operating segments representing its water and wastewater regulated utility companies, which are organized by the states where the Company provides water and wastewater services. The eight water and wastewater utility operating segments are aggregated into one reportable segment, because each of these operating segments has the following similarities: economic characteristics, nature of services, production processes, customers, water distribution or wastewater collection methods, and the nature of the regulatory environment. The Regulated Natural Gas segment is comprised of one operating segment representing natural gas utility companies for which the Company provides natural gas distribution services. In addition to the Company’s two reportable segments, it includes two operating segments within the Other category below. These segments are not quantitatively significant and are comprised of its non-regulated natural gas operations and Aqua Resources. Non-regulated natural gas operations consist of utility service line protection solutions and repair services to households and the operation of gas marketing and production entities. Aqua Resources offers, through a third party, water and sewer service line protection solutions and repair services to households. In addition to these segments, Other is comprised of business activities not included in the reportable segments, corporate costs that have not been allocated to the Regulated Water and Regulated Natural Gas segments, and intersegment eliminations. Corporate costs include general and administrative expenses, and interest expense. The Company reports these corporate costs within Other as they relate to corporate-focused responsibilities and decisions and are not included in internal measures of segment operating performance used by the Company to measure the underlying performance of the operating segments. The following table presents information about the Company’s reportable segments: 2023 Regulated Water Regulated Natural Gas Other and Eliminations Consolidated Operating revenues $ 1,153,376 $ 863,759 $ 36,689 $ 2,053,824 Operations and maintenance expense $ 368,843 $ 209,073 $ ( 2,398 ) $ 575,518 Purchased gas $ - $ 327,548 $ 24,758 $ 352,306 Depreciation and amortization $ 217,593 $ 125,263 $ 839 $ 343,695 Interest expense, net (a) $ 124,680 $ 92,320 $ 62,961 $ 279,961 Allowance for funds used during construction $ ( 14,786 ) $ ( 2,181 ) $ - $ ( 16,967 ) Provision for income taxes (benefit) $ 57,546 $ ( 113,353 ) $ ( 10,638 ) $ ( 66,445 ) Net income (loss) $ 340,961 $ 200,563 $ ( 43,298 ) $ 498,226 Capital expenditures $ 668,720 $ 527,538 $ 2,845 $ 1,199,103 Total assets $ 9,386,347 $ 6,965,350 $ 489,762 $ 16,841,459 2022 Regulated Water Regulated Natural Gas Other and Eliminations Consolidated Operating revenues $ 1,082,972 $ 1,143,362 $ 61,698 $ 2,288,032 Operations and maintenance expense $ 370,850 $ 239,506 $ 3,293 $ 613,649 Purchased gas $ - $ 551,009 $ 50,986 $ 601,995 Depreciation and amortization $ 201,392 $ 118,955 $ 830 $ 321,177 Interest expense, net (a) $ 111,938 $ 87,186 $ 35,317 $ 234,441 Allowance for funds used during construction $ ( 20,950 ) $ ( 2,715 ) $ - $ ( 23,665 ) Provision for income taxes (benefit) $ 47,510 $ ( 61,942 ) $ 103 $ ( 14,329 ) Net income (loss) $ 314,352 $ 185,276 $ ( 34,391 ) $ 465,237 Capital expenditures $ 576,314 $ 479,335 $ 7,114 $ 1,062,763 Total assets $ 8,792,633 $ 6,528,654 $ 397,820 $ 15,719,107 2021 Regulated Water Regulated Natural Gas Other and Eliminations Consolidated Operating revenues $ 980,203 $ 859,902 $ 38,039 $ 1,878,144 Operations and maintenance expense $ 332,598 $ 226,194 $ ( 8,212 ) $ 550,580 Purchased gas $ - $ 313,390 $ 26,872 $ 340,262 Depreciation and amortization $ 182,074 $ 113,238 $ 2,640 $ 297,952 Interest expense, net (a) $ 108,356 $ 75,628 $ 21,341 $ 205,325 Allowance for funds used during construction $ ( 19,258 ) $ ( 1,534 ) $ - $ ( 20,792 ) Provision for income taxes (benefit) $ 26,633 $ ( 40,013 ) $ 3,768 $ ( 9,612 ) Net income (loss) $ 293,703 $ 148,193 $ ( 10,284 ) $ 431,612 Capital expenditures $ 621,595 $ 397,419 $ 1,505 $ 1,020,519 Total assets $ 8,403,586 $ 5,960,602 $ 294,090 $ 14,658,278 (a) The regulated water and regulated natural gas segments report interest expense that includes long-term debt that was pushed-down to the regulated operating subsidiaries from Essential Utilities, Inc. |
Schedule 1 - Condensed Parent C
Schedule 1 - Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Parent Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule I - Condensed Financial Information Of Parent Company | December 31, 2023 2022 Assets Current assets: Accounts receivable, net $ 284 $ 575 Accounts receivable - affiliates 907,302 1,601,064 Prepayments and other current assets 15,383 14,256 Total current assets 922,969 1,615,895 Deferred charges and other assets, net 66,826 69,455 Notes receivable - affiliates 2,765,670 2,276,670 Deferred income tax asset 183,179 42,206 Investment in subsidiaries 6,517,312 6,512,224 Total assets $ 10,455,956 $ 10,516,450 Liabilities and Equity Stockholders' equity $ 5,896,183 $ 5,377,386 Long-term debt, excluding current portion, net of debt issuance costs 3,740,427 3,503,636 Current liabilities: Accrued interest 21,635 20,923 Accounts payable - affiliates 562,101 1,418,574 Dividends payable 83,929 75,808 Other accrued liabilities 24,462 21,234 Total current liabilities 692,127 1,536,539 Other liabilities 127,219 98,889 Total liabilities and equity $ 10,455,956 $ 10,516,450 The accompanying condensed notes are an integral part of these condensed financial statements. Years ended December 31, 2023 2022 2021 Other income $ 2,985 $ 5,368 $ 8,388 Operating expense and other expenses 6,479 10,724 5,821 Operating income (loss) ( 3,494 ) ( 5,356 ) 2,567 Interest expense 64,031 35,817 21,729 Interest income ( 348 ) ( 107 ) ( 9 ) Other (income) expense ( 584 ) 893 ( 609 ) Loss before equity in earnings of subsidiaries and income taxes ( 66,593 ) ( 41,959 ) ( 18,544 ) Equity in earnings of subsidiaries 547,617 495,556 445,951 Income before income taxes 481,024 453,597 427,407 Income tax benefit ( 17,202 ) ( 11,640 ) ( 4,205 ) Net income $ 498,226 $ 465,237 $ 431,612 Comprehensive income $ 498,226 $ 465,237 $ 431,612 Net income per common share: Basic $ 1.86 $ 1.77 $ 1.68 Diluted $ 1.86 $ 1.77 $ 1.67 Average common shares outstanding during the period: Basic 267,171 262,246 257,487 Diluted 267,659 262,868 258,180 The accompanying condensed notes are an integral part of these condensed financial statements. Years ended December 31, 2023 2022 2021 Net cash flows used in operating activities $ ( 179,556 ) $ ( 169,778 ) $ ( 239,320 ) Cash flows from investing activities: Acquisitions of utility systems and other, net ( 32,431 ) ( 116,627 ) ( 36,237 ) Decrease (increase) in investment in subsidiaries ( 36,740 ) ( 162,662 ) ( 53,467 ) Other 554 299 ( 987 ) Net cash flows used in investing activities ( 68,617 ) ( 278,990 ) ( 90,691 ) Cash flows from financing activities: Proceeds from long-term debt 906,856 1,522,157 995,458 Repayments of long-term debt ( 677,000 ) ( 865,469 ) ( 725,033 ) Proceeds from issuance of common stock from at-the market sale agreement 322,983 63,040 - Proceeds from issuance of common stock under dividend reinvestment plan 16,005 16,619 16,799 Proceeds from exercised stock options 287 2,475 4,172 Proceeds from issuance of common stock from forward equity sale agreement - - 299,739 Repurchase of common stock ( 3,981 ) ( 1,192 ) ( 3,291 ) Dividends paid on common stock ( 316,806 ) ( 288,632 ) ( 258,650 ) Other ( 171 ) ( 230 ) 817 Net cash flows from financing activities 248,173 448,768 330,011 Net change in cash and cash equivalents - - - Cash and cash equivalents at beginning of year - - - Cash and cash equivalents at end of year $ - $ - $ - See Note 1 - Basis of Presentation The accompanying condensed notes are an integral part of these condensed financial statements. Essential Utilities, Inc. Schedule 1 – Condensed Parent Company Financial Statements Notes to Condensed Financial Statements (In thousands, except per share amounts) Note 1 – Basis of Presentation – The accompanying condensed financial statements of Essential Utilities, Inc. (the “Parent”) should be read in conjunction with the consolidated financial statements and notes thereto of Essential Utilities, Inc. and subsidiaries (collectively, the “Registrant”) included in Part II, Item 8 of the Annual Report. The Parent’s significant accounting policies are consistent with those of the Registrant. The Parent borrows from third parties and provides funds to its subsidiaries, in support of their operations. Amounts owed to the Parent for borrowings under this facility are reflected as inter-company receivables on the condensed balance sheets. The interest rate charged to the subsidiaries is sufficient to cover the Parent’s interest costs under its associated borrowings. As of December 31, 2023 and 2022, the Parent had a current accounts receivable – affiliates balance of $ 907,302 and $ 1,601,064 , respectively. As of December 31, 2023 and 2022, the Parent had a notes receivable – affiliates balance of $ 2,765,670 and $ 2,276,670 , respectively. The changes in these balances represent non-cash adjustments that are recorded through the Parent’s investment in subsidiaries. In the ordinary course of business, the Parent indemnifies a third-party for surety bonds issued on behalf of subsidiary companies, guarantees the performance of one of its regulated utilities in a jurisdiction that requires such guarantees, and guarantees several projects associated with the treatment of water in a jurisdiction. Note 2 – Dividends from subsidiaries – Dividends in the amount of $ 0 , $ 0 , and $ 0 were paid to the Parent by its wholly-owned subsidiaries during the years ended December 31, 2023, 2022, and 2021, respectively. Note 3 – Long-term debt – The Parent has long-term debt under unsecured note purchase agreements with investors in addition to its $ 1,000,000 revolving credit agreement. Excluding amounts due under the revolving credit agreement, the debt maturities of the Parent’s long-term debt are as follows: Year Debt Maturity 2024 $ - 2025 - 2026 - 2027 - 2028 - Thereafter 3,025,000 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations | Nature of Operations ─ Essential Utilities, Inc. (“Essential Utilities,” the “Company,” “we,” “our”, or “us”) is the holding company for regulated utilities providing water, wastewater, or natural gas services concentrated in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. One of our largest operating subsidiaries is Aqua Pennsylvania, Inc., which accounted for approximately 56 % of our Regulated Water segment’s operating revenues and approximately 68 % of our Regulated Water segment’s income for 2023. As of December 31, 2023, Aqua Pennsylvania provided water or wastewater services to approximately one-half of the total number of Regulated Water customers we serve. Aqua Pennsylvania’s service territory is located in the suburban areas north and west of the City of Philadelphia and in 27 other counties in Pennsylvania. The Company’s other regulated water or wastewater utility subsidiaries provide similar services in seven additional states. Our Peoples subsidiaries provide natural gas service to approximately 744,000 customers in western Pennsylvania and Kentucky. Approximately 95 % of the total number of natural gas utility customers we serve are in western Pennsylvania. The Company also operates market-based activities, conducted through its non-regulated subsidiaries, that provide utility service line protection solutions and repair services to households and gas marketing and production activities. In December 2022, the Company signed an agreement to sell its regulated natural gas utility assets in West Virginia, which represented approximately two percent of the Company’s regulated natural gas customers. The sale closed on October 1, 2023, and concluded our regulated utility operations in West Virginia. In October 2023, the Company entered into an agreement to sell its interest in three non-utility local microgrid and distribution energy projects. This sale was completed in January 2024 . See Note 6 – Assets Held for Sale and Dispositions for further information. |
Regulation | Regulation ─ Most of the operating companies that are regulated public utilities are subject to regulation by the utility commissions of the states in which they operate. The respective utility commissions have jurisdiction with respect to rates, service, accounting procedures, issuance of securities, acquisitions and other matters. Some of the operating companies that are regulated public utilities are subject to rate regulation by county or city government. Regulated public utilities follow the Financial Accounting Standards Board’s (“FASB”) accounting guidance for regulated operations, which provides for the recognition of regulatory assets and liabilities as allowed by regulators for costs or credits that are reflected in current rates or are considered probable of being included in future rates. Costs, for which the Company has received or expects to receive prospective rate recovery, are deferred as a regulatory asset and amortized over the period of rate recovery in accordance with the FASB’s accounting guidance for regulated operations. The regulatory assets or liabilities are then relieved as the cost or credit is reflected in Company’s rates charged for utility service. If, as a result of a change in circumstances, it is determined that a regulated operating company no longer meets the criteria to apply regulatory accounting, the operating company would have to discontinue regulatory accounting and write-off the respective regulatory assets and liabilities. See Note 6 - Regulatory Assets and Liabilities for further information regarding the Company’s regulatory assets. The Company makes significant judgments and estimates to record regulatory assets and liabilities. For each regulatory jurisdiction with regulated operations, the Company evaluates at the end of each reporting period, whether the regulatory assets and liabilities continue to meet the probable criteria for future recovery or refund. The evaluation considers factors such as regulatory orders or guidelines, in the same regulatory jurisdiction, of a specific matter or a similar matter, as provided to the Company in the past or to other regulated utilities. In addition, the evaluation may be impacted by changes in the regulatory environment and pending or new legislation that could impact the ability to recover costs through regulated rates. There may be multiple participants to rate or transactional regulatory proceedings who might offer different views on various aspects of such proceedings, and in these instances, may challenge the prudence of our business policies and practices, seek cost disallowances or request other relief. |
Use Of Estimates In Preparation Of Consolidated Financial Statements | Use of Estimates in Preparation of Consolidated Financial Statements ─ The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Basis Of Presentation | Basis of Presentation – The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. |
Property, Plant And Equipment And Depreciation | Property, Plant and Equipment and Depreciation ─ Property, plant and equipment consist primarily of utility plant. The cost of additions includes contracted cost, direct labor and fringe benefits, materials, overheads, and for additions meeting certain criteria, allowance for funds used during construction. Utility systems acquired are typically recorded at estimated original cost of utility plant when first devoted to utility service and the applicable depreciation is recorded to accumulated depreciation. Further, utility systems acquired under fair value regulations would be recorded based on the valuation of the utility plant as approved by the respective utility commission. The difference between the estimated original cost, less applicable accumulated depreciation, and the purchase price may be recorded as an acquisition adjustment within utility plant as permitted by the applicable regulatory jurisdiction. At December 31, 2023 and 2022, utility plant includes a net credit acquisition adjustment of $ 6,444 and $ 6,076 , respectively, which is generally being amortized from 10 to 53 years. Amortization of the acquisition adjustments totaled $ 2,103 in 2023, $ 2,788 in 2022, and $ 2,842 in 2021. Utility expenditures for maintenance and repairs, including major maintenance projects and minor renewals, are charged to operating expenses when incurred in accordance with the system of accounts prescribed by the utility commissions of the states in which the company operates. The cost of new units of property and betterments are capitalized. Utility expenditures for water main cleaning and relining of pipes are deferred and are presented in net property, plant and equipment in accordance with the FASB’s accounting guidance for regulated operations. As of December 31, 2023, $ 1,635 of these costs have been incurred since the last respective rate proceeding and the Company expects to recover these costs in future rates. The cost of software upgrades and enhancements are capitalized if they result in added functionality, which enables the software to perform tasks it was previously incapable of performing. Information technology costs associated with major system installations, conversions and improvements, such as software training, data conversion and business process reengineering costs, are deferred as a regulatory asset if the Company expects to recover these costs in future rates. If these costs are not deferred, then these costs are charged to operating expenses when incurred. As of December 31, 2023, $ 44,238 of these costs have been deferred since the last respective rate proceeding as a regulatory asset, and the deferral is reported as a component of net property, plant and equipment. When units of utility property are replaced, retired or abandoned, the recorded value thereof is credited to the asset account and such value, together with the net cost of removal, is charged to accumulated depreciation. To the extent the Company anticipates recovery of the cost of removal or other retirement costs through rates after the retirement costs are incurred, a regulatory asset is recorded as those costs are incurred. In some cases, the Company recovers retirement costs through rates during the life of the associated asset and before the costs are incurred. These amounts, which are not yet utilized, result in a regulatory liability being reported based on the amounts previously recovered through customer rates. The straight-line remaining life method is used to compute depreciation on utility plant. Generally, the straight-line method is used with respect to transportation and mechanical equipment, office equipment and laboratory equipment. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - Long-lived assets of the Company, which consist primarily of utility plant in service, operating lease right-of-use assets and intangible assets, are reviewed for impairment when changes in circumstances or events occur. These circumstances or events could include a decline in the market value or physical condition of a long-lived asset, an adverse change in the manner in which long-lived assets are used or planned to be used, a change in historical trends, operating cash flows associated with the long-lived assets, changes in macroeconomic conditions, industry and market conditions, or overall financial performance. When these circumstances or events occur, the Company determines whether it is more likely than not that the fair value of those assets is less than their carrying amount. If the Company determines that it is more likely than not (that is, the likelihood of more than 50 percent), the Company would recognize an impairment charge if it is determined that the carrying amount of an asset exceeds the sum of the undiscounted estimated cash flows. In this circumstance, the Company would recognize an impairment charge equal to the difference between the carrying amount and the fair value of the asset. Fair value is estimated to be the present value of future net cash flows associated with the asset, discounted using a discount rate commensurate with the risk and remaining life of the asset. During the years ended December 31, 2022 and 2021, the Company recorded an impairment loss to write down a portion of the operating lease right-of-use asset for office space not used in operations to fair value. Refer to Note 10 – Leases , for further details. Regulatory assets are reviewed for the continued application of the FASB accounting guidance for regulated operations. The Company’s review determines whether there have been changes in circumstances or events, such as regulatory disallowances, or abandonments, that have occurred that require adjustments to the carrying value of these assets. Adjustments to the carrying value of these assets would be made in instances where their inclusion in the rate-making process is unlikely. For utility plant in service, we would recognize an impairment loss for any amount disallowed by the respective utility commission. |
Allowance For Funds Used During Construction | Allowance for Funds Used During Construction ─ The allowance for funds used during construction (“AFUDC”) represents the capitalized cost of funds used to finance the construction of utility plant. In general, AFUDC is applied to construction projects requiring more than one month to complete. No AFUDC is applied to projects funded by customer advances for construction, contributions in aid of construction, or applicable state-revolving fund loans. AFUDC includes the net cost of borrowed funds and a rate of return on other funds when used and is recovered through rates as the utility plant is depreciated. The amount of AFUDC related to equity funds in 2023 was $ 11,726 , 2022 was $ 17,618 , and 2021 was $ 16,282 . No interest was capitalized by our market-based businesses. |
Lease Accounting | Lease Accounting ─ The Company evaluates the contracts it enters into to determine whether such contracts contain leases. A contract contains a lease if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. We enter into operating lease contracts for the right to utilize certain land, office facilities, office equipment, and vehicles from third parties. For contracts that extend for a period greater than 12 months, we recognize a right of use asset and a corresponding lease liability on our consolidated balance sheet. The present value of each lease is based on the future minimum lease payments in accordance with Accounting Standards Codification (“ASC”) 842 and is determined by discounting these payments using an incremental borrowing rate. |
Recognition Of Revenues | Recognition of Revenues ─ The Company recognizes revenue as utility services are provided to our customers, which happens over time as the services are delivered and the performance obligation is satisfied. The Company’s utility revenues recognized in an accounting period includes amounts billed to customers on a cycle basis and unbilled amounts based on estimated usage from the last billing to the end of the accounting period. Unbilled amounts are calculated by deriving estimates based on an average usage of the prior month. The Company’s actual results could differ from these estimates, which would result in operating revenues being adjusted in the period that the revision to our estimates are determined. Generally, payment is due within 30 days once a bill is issued to a customer. Sales tax and other taxes we collect on behalf of government authorities, concurrent with our revenue-producing activities, are primarily excluded from revenue. The following table presents our revenues disaggregated by major source and customer class for the years ended December 31: 2023 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 641,351 $ 139,188 $ 519,406 $ - Commercial 180,731 35,530 111,272 - Fire protection 41,257 - - - Industrial 33,949 2,087 3,232 - Gas transportation - - 184,598 - Other water 51,527 - - - Other wastewater - 10,589 - - Other utility - - 43,163 14,863 Revenues from contracts with customers 948,815 187,394 861,671 14,863 Alternative revenue program 2,236 68 2,088 - Other and eliminations - - - 36,689 Consolidated $ 951,051 $ 187,462 $ 863,759 $ 51,552 2022 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 607,473 $ 122,612 $ 720,490 $ - Commercial 168,460 30,340 149,653 - Fire protection 38,970 - - - Industrial 32,581 1,755 5,636 - Gas transportation - - 205,825 - Other water 55,389 - - - Other wastewater - 10,676 - - Other utility - - 61,393 11,478 Revenues from contracts with customers 902,873 165,383 1,142,997 11,478 Alternative revenue program 3,309 ( 71 ) 365 - Other and eliminations - - - 61,698 Consolidated $ 906,182 $ 165,312 $ 1,143,362 $ 73,176 2021 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 561,996 $ 99,931 $ 530,338 $ - Commercial 151,071 22,060 99,596 - Fire protection 35,984 - - - Industrial 30,230 1,729 3,427 - Gas transportation - - 198,195 - Other water 53,488 - - - Other wastewater - 8,860 - - Customer rate credits - - ( 5,000 ) - Other utility - - 32,812 13,358 Revenues from contracts with customers 832,769 132,580 859,368 13,358 Alternative revenue program 1,760 ( 264 ) 534 - Other and eliminations - - - 38,039 Consolidated $ 834,529 $ 132,316 $ 859,902 $ 51,397 |
Revenues from Contracts with Customers | Revenues from Contracts with Customers – These revenues are composed of four main categories: water, wastewater, natural gas, and other. Water revenues represent revenues earned for supplying customers with water service. Wastewater revenues represent revenues earned for treating wastewater and releasing it into the environment. Natural gas revenues represent revenues earned for the gas commodity and delivery of natural gas to customers. Other revenues are associated fees that relate to our utility businesses but are not water, wastewater, or natural gas revenues. Refer to the description below for a discussion of the performance obligation for each of these revenue streams. Tariff Revenues – These revenues are categorized by customer class: residential, commercial, fire protection, industrial, gas transportation, other water, and other wastewater. The rates that generate these revenues are approved by the respective state utility commission, and revenues are billed cyclically and accrued for when unbilled. The regulated natural gas rates are set and adjusted for increases or decreases in our purchased gas costs through purchased gas adjustment mechanisms. Purchased gas adjustment mechanisms provide us with a means to recover purchased gas costs on an ongoing basis without filing a rate case. Other water and other wastewater revenues consists primarily of fines, penalties, surcharges, and availability lot fees. Our performance obligation for tariff revenues is to provide potable water, wastewater treatment service, or delivery and sale of natural gas to customers. This performance obligation is satisfied over time as the services are rendered. The amounts that the Company has a right to invoice for tariff revenues reflect the right to consideration from the customers in an amount that corresponds directly with the value transferred to the customer for the performance completed to date. Other Utility Revenues – Other utility revenues represent revenues earned primarily from: antenna revenues, which represents fees received from telecommunication operators that have put cellular antennas on our water towers; operation and maintenance and billing contracts, which represent fees earned from municipalities for our operation of their water or wastewater treatment services or performing billing services; and fees earned from developers for accessing our water mains, miscellaneous service revenue from gas distribution operations, gas processing and handling revenue, sales of natural gas at market-based rates and contracted fixed prices, sales of gas purchased from third parties, and other gas marketing activities. The performance obligations vary for these revenues, but all are primarily recognized over time as the service is delivered. Alternative Revenue Program: o Water / Wastewater Revenues – These revenues represent the difference between the actual billed utility volumetric water and wastewater revenues for Aqua Illinois and the revenues set in the last Aqua Illinois rate case. In accordance with the Illinois Commerce Commission, we recognize revenues based on the target amount established in the last rate case, and then record either a regulatory asset or liability based on the cumulative annual difference between the target and actual amounts billed, which results in either a payment from customers or a refund due to customers. The cumulative annual difference is either refunded to customers or collected from customers over a nine-month period. o Natural Gas Revenues – These revenues represent the weather-normalization adjustment (“WNA”) mechanism in place for our natural gas customers served in Kentucky. The WNA serves to minimize the effects of weather on the Company’s results for its residential and small commercial natural gas customers. This regulatory mechanism adjusts revenues earned for the variance between actual and normal weather and can have either positive (warmer than normal) or negative (colder than normal) effects on revenues. Customer bills are adjusted in the December through April billing months, with rates adjusted for the difference between actual revenues and revenues calculated under this mechanism billed to the customers. These revenue programs represent a contract between the utility and its regulators, not customers, and therefore are not within the scope of the FASB’s accounting guidance for recognizing revenue from contracts with customers. Other and Eliminations – Other and eliminations consist of market-based revenues, which are earned through our non-regulated natural gas operations and Aqua Resources, and intercompany activities for revenue billed between our subsidiaries. Our non-regulated natural gas operations consist of utility service line protection solutions and repair services for households and the operation of gas marketing and production entities. Revenue is recognized and the performance obligation is satisfied over time as the service is delivered. Aqua Resources earned revenues and continues to earn revenue through third-party water and sewer service line protection and repair services. For the service line protection business, the performance obligations are allowing the use of our logo to a third-party water and sewer service line repair provider. Revenues are primarily recognized over time as service is delivered. |
Cash And Cash Equivalents | Cash and Cash Equivalents ─ The Company considers all highly liquid investments with an original maturity of three months or less, which are not restricted for construction activity, to be cash equivalents. The Company had a book overdraft, which represents transactions that have not cleared the bank accounts at the end of the period, for specific disbursement cash accounts of $ 13,358 and $ 28,694 at December 31, 2023 and 2022, respectively. The Company transfers cash on an as-needed basis to fund these items as they clear the bank in subsequent periods. The balance of the book overdraft is reported as book overdraft and the change in the book overdraft balance is reported as cash flows from financing activities, due to our ability to fund the overdraft with the Company’s credit facility. |
Accounts Receivable | Accounts Receivable ─ Accounts receivable are recorded at the invoiced amounts, which consists of billed and unbilled revenues. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in our existing accounts receivable and is determined based on lifetime expected credit losses and the aging of account balances. The Company reviews the allowance for doubtful accounts quarterly. Account balances are written off against the allowance when it is probable the receivable will not be recovered. When utility customers request extended payment terms, credit is extended based on regulatory guidelines, and collateral is not required. |
Inventories | Inventories – Materials and Supplies – Inventories are stated at cost. Cost is determined using the first-in, first-out method. Inventory – Gas Stored – The Company accounts for gas in storage inventory using the weighted average cost of gas method. |
Assets Held for Sale | Assets Held for Sale ─ When the Company makes a decision to sell an asset or to stop some part of its business, the Company assesses if such assets should be classified as an asset held for sale. Assets held for sale are measured at the lower of their carrying amount or fair value less cost to sell. For long-lived assets or disposal groups that are classified as held for sale but do not meet the criteria for discontinued operations, the assets and liabilities are presented separately on the consolidated balance sheet of the initial period in which it is classified as held for sale. The major classes of assets and liabilities classified as held for sale are disclosed in the notes to the consolidated financial statements. See “Note 3 – Assets Held for Sale and Dispositions” . |
Goodwill | Goodwill ─ Goodwill represents the excess cost over the fair value of net tangible and identifiable intangible assets acquired through acquisitions. Goodwill is not amortized but is tested for impairment annually, or more often, if circumstances indicate a possible impairment may exist. When testing goodwill for impairment, we may assess qualitative factors, including macroeconomic conditions, industry and market considerations, changes to regulatory environment, recent regulatory and legislative proceedings, cost factors, overall financial performance, and entity specific events, for some or all of our reporting units to determine whether it’s more likely than not that the fair value of a reporting unit is less than its carrying amount. Alternatively, based on our assessment of the qualitative factors previously noted or at our discretion, we may perform a quantitative goodwill impairment test by determining the fair value of a reporting unit. If we perform a quantitative test and determine that the fair value of a reporting unit is less than its carrying amount, we would record an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the reporting unit’s carrying amount of goodwill. Impairment testing for goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (also known as a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. We assigned assets and liabilities to each reporting unit based on either specific identification or by using judgment for the remaining assets and liabilities that are not specific to a reporting unit. Goodwill was assigned to the reporting units based on a combination of specific identification and relative fair values. Determining the fair value of our reporting units involves the use of significant estimates and assumptions and considerable management judgment. We base our fair value estimates on assumptions we believe to be reasonable at the time, but such assumptions are subject to inherent uncertainty. We estimated the fair value of reporting units by weighting results from the market approach and the income approach. These valuation approaches consider a number of factors that include, but are not limited to, prospective financial information, growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in our industry. Changes in market conditions, changes in the regulatory environment, pending or new legislation that could impact the ability to recover costs through regulated rates or other factors outside of our control, could cause us to change key assumptions and our judgment about a reporting unit’s prospects. Similarly, in a specific period, a reporting unit could significantly underperform relative to its historical or projected future operating results. Either situation could result in a meaningfully different estimate of the fair value of our reporting units, and a consequent future impairment charge. During the fourth quarter of 2023, as part of the annual goodwill assessment as of October 1, 2023, we elected to perform a quantitative goodwill impairment assessment on the goodwill attributable to our Regulated Natural Gas reporting unit and a qualitative assessment for our Regulated Water and Other reporting units. Based on our analysis, we determined that no ne of the goodwill of our reporting units was impaired. The following table summarizes the changes in the Company’s goodwill: Regulated Water Regulated Natural Gas Other Consolidated Balance at December 31, 2021 $ 58,527 $ 2,277,447 $ 4,841 $ 2,340,815 Goodwill acquired - - - - Reclassifications to utility plant acquisition adjustment ( 23 ) - - ( 23 ) Balance at December 31, 2022 58,504 2,277,447 4,841 2,340,792 Goodwill acquired - - - - Reclassifications to utility plant acquisition adjustment ( 54 ) - - ( 54 ) Balance at December 31, 2023 $ 58,450 $ 2,277,447 $ 4,841 $ 2,340,738 The reclassification of goodwill to utility plant acquisition adjustment results from either a regulatory order or a mechanism approved by the applicable utility commission. A regulatory order may provide for the one-time transfer of certain acquired goodwill. The mechanism provides for the transfer over time, and the recovery through customer rates, of goodwill associated with some acquisitions upon achieving specific objectives. |
Intangible Assets | Intangible assets – The Company’s intangible assets consist of customer relationships for our non-regulated natural gas operations and non-compete agreements with certain former employees of Peoples. These intangible assets are amortized on a straight-line basis over their estimated useful lives of fifteen years for the customer relationships and five years for the non-compete agreements. |
Derivative Instruments | Derivative Instruments – The Company’s natural gas commodity price risk, driven mainly by price fluctuations of natural gas, is mitigated by its purchased-gas cost adjustment mechanisms. The Company also uses derivative instruments to economically hedge the cost of anticipated natural gas purchases during the winter heating months that seeks to offset the risk to the Company’s utility customers from upward market price volatility. These strategies include requirements contracts, spot purchase contracts and underground storage to meet regulated customers’ natural gas requirements that may have fixed or variable pricing. The variable price contracts qualify as derivative instruments; however, because the contract price is the prevailing price at the future transaction date the contract has no determinable fair value. The fixed price contracts and firm commitments to purchase a fixed quantity of gas in the future qualify for the normal purchases and normal sales exception that is allowed for contracts that are probable of delivery in the normal course of business and, as such, are accounted for under the accrual basis and are not recorded at fair value in the Company’s consolidated financial statements. |
Deferred Charges and Other Assets | Deferred Charges and Other Assets ─ Deferred charges and other assets consist primarily of assets held to compensate employees in the future who participate in the Company’s deferred compensation plan, and prepaid pension and other post-retirement benefit plans assets, which amounted to $ 26,442 and $ 43,025 as of December 31, 2023; and $ 24,962 and $ 43,827 as of December 31, 2022, respectively. The assets of the deferred compensation plan are invested in mutual funds which are carried on the consolidated balance sheet at fair market value, and changes in fair value are included in other expense (income), refer to Note 12 – Fair Value of Financial Instruments for further details. Refer to Note 16 – Pension Plans and Other Post-Retirement Benefit Plans for further information on the prepaid pension and other post-retirement benefit plan assets. As of December 31, 2022, deferred charges and other assets also included the non-current portion of the Company’s interest in three non-utility local microgrid and distributed energy projects amounting to $ 63,204 . In October 2023, the Company entered to an agreement to sell their interests in these projects for $ 165,000 . As of December 31, 2023, the balances associated with these projects of $ 63,182 are included in prepayments and other current assets in the consolidated balance sheets. In January 2024, the sale was completed. Refer to Note 3 – Assets Held for Sale and Dispositions for further details. |
Income Taxes | Income Taxes ─ The Company accounts for some income and expense items in different time periods for financial and tax reporting purposes. Deferred income taxes are provided on specific temporary differences between the tax basis of the assets and liabilities, and the amounts at which they are carried in the consolidated financial statements. The income tax effect of temporary differences not currently included in rates is recorded as deferred taxes with an offsetting regulatory asset or liability. These deferred income taxes are based on the enacted tax rates expected to be in effect when such temporary differences are projected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized. Investment tax credits are deferred and amortized over the estimated useful lives of the related properties. Judgment is required in evaluating the Company’s Federal and state tax positions. Despite management’s belief that the Company’s tax return positions are fully supportable, the Company establishes reserves when it believes that its tax positions are likely to be challenged and it may not fully prevail in these challenges. The Company’s provision for income taxes includes interest, penalties and reserves for uncertain tax positions. |
Customers' Advances For Construction And Contributions in Aid Of Construction | Customers’ Advances for Construction and Contributions in Aid of Construction ─ Utility mains, other utility property or, in some instances, cash advances to reimburse the Company for its costs to construct utility mains or other utility property, are contributed to the Company by customers, real estate developers and builders in order to extend utility service to their properties. The value of these contributions is recorded as customers’ advances for construction. Over time, the amount of non-cash contributed property will vary based on the timing of the contribution of the non-cash property and the volume of non-cash contributed property received in connection with development in our service territories. The Company makes refunds on these advances over a specific period of time based on operating revenues related to the property, or as new customers are connected to and take service from the applicable water main. After all refunds are made, any remaining balance is transferred to contributions in aid of construction for our regulated water business. Contributions in aid of construction include direct non-refundable contributions and the portion of customers' advances for construction that become non - refundable. For our regulated gas business, non-refundable contributions are netted against the cost of the related utility mains or other utility property. Based on regulatory conventions in states where the Company operates, generally our subsidiaries depreciate contributed property and amortize contributions in aid of construction at the composite rate of the related property. Contributions in aid of construction and customers’ advances for construction are deducted from the Company’s rate base for rate-making purposes, and therefore, no return is earned on contributed property. |
Stock-Based Compensation | Stock-Based Compensation ─ The Company records compensation expense in the financial statements for stock-based awards based on the grant date fair value of those awards. Stock-based compensation expense includes an estimate for pre-vesting forfeitures and is recognized over the requisite service periods of the awards on either a straight-line basis, or the graded vesting method, which is generally commensurate with the vesting term. |
Fair Value Measurements | Fair Value Measurements – The Company follows the FASB’s accounting guidance for fair value measurements and disclosures, which defines fair value and establishes a framework for using fair value to measure assets and liabilities. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access; Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in non-active markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or Level 3: inputs that are unobservable and significant to the fair value measurement. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Additionally, assets that are measured at fair value using the net asset value (“NAV”) per share practical expedient are not classified in the fair value hierarchy. There have been no changes in the valuation techniques used to measure fair value or asset or liability transfers between the levels of the fair value hierarchy for the years ended December 31, 2023 and 2022. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements ─ Pronouncements to be adopted upon the effective date: In December 2023, the FASB issued ASU 2023-09, "Income Taxes ( Topic 740 ): Improvements to Income Tax Disclosures". The ASU enhances the transparency and decision usefulness of income tax disclosures and is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280) . The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any addi tional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the timing and impact of adopting the updated provisions. Pronouncements adopted during the fiscal year: In October 2021, the FASB issued accounting guidance on accounting for acquired revenue contracts with customers in a business combination. The guidance specifies for all acquired revenue contracts, regardless of their timing of payment, the circumstances in which the acquirer should recognize contract assets and contract liabilities that are acquired in a business combination, as well as how to measure those contract assets and contract liabilities. The updated accounting guidance is effective for fiscal years beginning after December 15, 2022 with early adoption permitted. The Company adopted this guidance effective January 1, 2023, and will apply it prospectively to business combinations occurring on or after that date. Recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company . |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Disaggregation Of Revenue | 2023 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 641,351 $ 139,188 $ 519,406 $ - Commercial 180,731 35,530 111,272 - Fire protection 41,257 - - - Industrial 33,949 2,087 3,232 - Gas transportation - - 184,598 - Other water 51,527 - - - Other wastewater - 10,589 - - Other utility - - 43,163 14,863 Revenues from contracts with customers 948,815 187,394 861,671 14,863 Alternative revenue program 2,236 68 2,088 - Other and eliminations - - - 36,689 Consolidated $ 951,051 $ 187,462 $ 863,759 $ 51,552 2022 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 607,473 $ 122,612 $ 720,490 $ - Commercial 168,460 30,340 149,653 - Fire protection 38,970 - - - Industrial 32,581 1,755 5,636 - Gas transportation - - 205,825 - Other water 55,389 - - - Other wastewater - 10,676 - - Other utility - - 61,393 11,478 Revenues from contracts with customers 902,873 165,383 1,142,997 11,478 Alternative revenue program 3,309 ( 71 ) 365 - Other and eliminations - - - 61,698 Consolidated $ 906,182 $ 165,312 $ 1,143,362 $ 73,176 2021 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Revenues from contracts with customers: Residential $ 561,996 $ 99,931 $ 530,338 $ - Commercial 151,071 22,060 99,596 - Fire protection 35,984 - - - Industrial 30,230 1,729 3,427 - Gas transportation - - 198,195 - Other water 53,488 - - - Other wastewater - 8,860 - - Customer rate credits - - ( 5,000 ) - Other utility - - 32,812 13,358 Revenues from contracts with customers 832,769 132,580 859,368 13,358 Alternative revenue program 1,760 ( 264 ) 534 - Other and eliminations - - - 38,039 Consolidated $ 834,529 $ 132,316 $ 859,902 $ 51,397 |
Summary Of Changes In Goodwill | Regulated Water Regulated Natural Gas Other Consolidated Balance at December 31, 2021 $ 58,527 $ 2,277,447 $ 4,841 $ 2,340,815 Goodwill acquired - - - - Reclassifications to utility plant acquisition adjustment ( 23 ) - - ( 23 ) Balance at December 31, 2022 58,504 2,277,447 4,841 2,340,792 Goodwill acquired - - - - Reclassifications to utility plant acquisition adjustment ( 54 ) - - ( 54 ) Balance at December 31, 2023 $ 58,450 $ 2,277,447 $ 4,841 $ 2,340,738 |
Assets Held for Sale and Disp_2
Assets Held for Sale and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Assets Held for Sale and Disposition [Abstract] | |
Schedule Of Disposal Groups Including Discontinued Operations | Inventory - gas stored $ 2,807 Other current assets 3,284 Regulatory assets 5,076 Current assets held for sale $ 11,167 Property, plant and equipment, net 30,267 Regulatory assets and other 1,857 Non-current assets held for sale $ 32,124 Current liabilities related to assets held for sale $ 3,263 Regulatory liabilities 649 Other long-term liabilities 325 Non-current liabilities related to assets held for sale $ 974 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | December 31, 2023 2022 Approximate Range of Useful Lives Weighted Average Useful Life Regulated Water segment: Utility plant and equipment Mains and accessories $ 4,523,718 $ 4,213,197 26 - 90 years 73 years Services, hydrants, treatment plants and reservoirs 3,140,497 2,910,496 5 - 89 years 56 years Operations structures and water tanks 413,147 388,596 15 - 80 years 48 years Miscellaneous pumping and purification equipment 1,237,967 1,131,975 7 - 76 years 41 years Meters, transportation and other operating equipment 1,104,643 1,045,053 5 - 84 years 28 years Land and other non-depreciable assets 143,752 133,618 - - Utility plant and equipment - regulated water segment 10,563,724 9,822,935 - - Utility construction work in progress 315,973 366,777 - - Net utility plant acquisition adjustment ( 6,444 ) ( 6,076 ) 10 - 53 years 22 years Non-utility plant and equipment 20,019 20,561 17 - 64 years 58 years Property, Plant and Equipment - Regulated Water segment 10,893,272 10,204,197 Regulated Natural Gas segment: Natural gas transmission 429,465 398,658 5 - 93 years 67 years Natural gas storage 62,157 61,639 5 - 85 years 44 years Natural gas gathering and processing 147,700 144,337 5 - 77 years 59 years Natural gas distribution 2,733,054 2,206,434 25 - 78 years 63 years Meters, transportation and other operating equipment 613,653 568,305 5 - 61 years 23 years Land and other non-depreciable assets 4,139 4,187 - - Utility plant and equipment - Regulated Natural Gas segment 3,990,168 3,383,560 Utility construction work-in-progress 93,581 149,630 - - Property, plant and equipment - Regulated Natural Gas segment 4,083,749 3,533,190 Total property, plant and equipment $ 14,977,021 $ 13,737,387 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable [Abstract] | |
Net Accounts Receivable | December 31, 2023 2022 Billed utility revenue $ 199,986 $ 265,504 Other 4,887 4,801 204,873 270,305 Less allowance for doubtful accounts 60,573 63,981 Net accounts receivable $ 144,300 $ 206,324 |
Allowance For Doubtful Accounts | 2023 2022 2021 Balance at January 1, $ 63,981 $ 58,073 $ 40,099 Amounts charged to expense 23,209 27,631 27,336 Accounts written off ( 27,759 ) ( 22,507 ) ( 19,731 ) Recoveries of accounts written off and other (a) 1,142 784 10,369 Balance at December 31, $ 60,573 $ 63,981 $ 58,073 (a) Recoveries of accounts written off and other in 2021 includes measurement period adjustments of $ 12,851 from the Peoples Gas Acquisition before the measurement period ended. |
Regulatory Assets And Liabili_2
Regulatory Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Assets And Liabilities [Abstract] | |
Components Of Regulatory Assets And Regulatory Liabilities | December 31, 2023 December 31, 2022 Regulatory Regulatory Regulatory Regulatory Assets Liabilities Assets Liabilities Income taxes $ 1,553,111 $ 599,088 $ 1,164,294 $ 571,110 Purchased gas costs 21,019 29,807 15,435 28,955 Utility plant retirement costs 38,148 68,815 36,440 64,212 Post-retirement benefits 80,000 153,816 51,810 142,390 Accrued vacation 1,877 - 3,231 - Water tank painting 17,044 - 10,385 - Fair value adjustment of long-term debt assumed in acquisition 38,482 - 49,954 - Debt refinancing 12,674 - 13,906 - Rate case filing expenses and other 33,617 654 16,570 7,363 $ 1,795,972 $ 852,180 $ 1,362,025 $ 814,030 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule Of Provision For Income Taxes | Years Ended December 31, 2023 2022 2021 Current: Federal $ 1,913 $ - $ ( 5,132 ) State 11,487 8,716 4,034 13,400 8,716 ( 1,098 ) Deferred: Federal ( 103,617 ) ( 8,258 ) 3,036 State 23,772 ( 14,787 ) ( 11,550 ) ( 79,845 ) ( 23,045 ) ( 8,514 ) Total income tax benefit $ ( 66,445 ) $ ( 14,329 ) $ ( 9,612 ) |
Schedule Of Reasons For Differences Between Statutory Federal Income Tax Rate To Income Before Income Tax Expense | Years Ended December 31, 2023 2022 2021 Computed Federal tax expense at statutory rate $ 90,674 $ 94,691 $ 88,620 Decrease in Federal tax expense related to the flow through benefit of repair deductions ( 117,370 ) ( 72,302 ) ( 58,929 ) Amortization of deferred benefit from repair method changes ( 18,454 ) ( 21,012 ) ( 15,155 ) State income taxes, net of Federal tax benefit ( 15,115 ) ( 3,972 ) ( 4,132 ) Amortization of excess deferred income taxes ( 8,324 ) ( 8,425 ) ( 11,715 ) Impact of acquisitions and reorganizations - - ( 4,632 ) Net change in unrecognized tax benefit ( 4,796 ) 718 2,270 Valuation allowance for deferred tax assets 8,148 - - Other, net ( 1,208 ) ( 4,027 ) ( 5,939 ) Actual income tax benefit $ ( 66,445 ) $ ( 14,329 ) $ ( 9,612 ) |
Unrecognized Tax Benefits Table | 2023 2022 2021 Balance at January 1, $ 18,217 $ 20,201 $ 19,194 Impact of current year activity 7,219 ( 900 ) 1,007 Effect of Pennsylvania tax rate change - ( 1,084 ) - Decrease for prior year tax positions ( 17,538 ) - - Balance at December 31, $ 7,898 $ 18,217 $ 20,201 |
Schedule Of Deferred Tax Assets And Liabilities | December 31, 2023 2022 Deferred tax assets: Customers' advances for construction $ 20,332 $ 27,009 Costs expensed for book not deducted for tax, principally accrued expenses 29,135 23,585 Post-retirement benefits 1,368 - Tax effect of regulatory liabilities for post-retirement benefits 49,199 41,602 Tax attributes and credit carryforwards 458,001 235,838 Operating lease liabilities 11,529 13,558 Other 1,378 9,613 570,942 351,205 Less valuation allowance ( 149,486 ) ( 38,940 ) 421,456 312,265 Deferred tax liabilities: Utility plant, principally due to depreciation and differences in the basis of fixed assets due to variation in tax and book accounting 1,662,741 1,495,526 Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences 348,646 128,975 Post-retirement benefits - 6,130 Operating lease right-of-use assets 10,301 12,250 Tax effect of regulatory assets for post-retirement benefits 28,092 15,150 2,049,780 1,658,031 Net deferred tax liability $ 1,628,324 $ 1,345,766 |
Taxes Other Than Income Taxes (
Taxes Other Than Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Taxes Other Than Income Taxes [Abstract] | |
Components Of Taxes Other Than Income Taxes | Years Ended December 31, 2023 2022 2021 Property $ 32,790 $ 33,703 $ 33,946 Gross receipts, excise and franchise 17,985 16,828 15,777 Payroll 21,628 21,343 21,789 Regulatory assessments 7,451 6,771 6,968 Pumping fees 6,405 7,881 5,761 Other 3,949 3,498 2,400 Total taxes other than income taxes $ 90,208 $ 90,024 $ 86,641 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Purchase Obligations | 2024 2025 2026 2027 2028 Thereafter $ 1,136 $ 1,151 $ 1,176 $ 1,203 $ 1,230 $ 1,733 |
Schedule Of Long Term Agreements [Table Text Block] | Years Ended December 31, 2023 2022 2021 Purchased water under long-term agreements $ 6,752 $ 5,559 $ 5,867 Water treatment expense under contractual agreement 1,103 1,061 1,017 Purchased natural gas under long-term agreements 352,306 601,995 340,262 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components Of Lease Expense | Years Ended December 31, 2023 2022 2021 Components of lease expense were as follows: Operating lease cost $ 9,307 $ 9,359 $ 9,716 Years Ended December 31, 2023 2022 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,149 $ 9,270 December 31, 2023 2022 Supplemental balance sheet information related to leases was as follows: Operating leases: Operating lease right-of-use assets $ 37,416 $ 41,734 Other accrued liabilities $ 7,360 9,316 Operating lease liabilities 34,425 37,666 Total operating lease liabilities $ 41,785 $ 46,982 December 31, 2023 2022 Weighted average remaining lease term: Operating leases 10.1 years 9.7 years Weighted average discount rate: Operating leases 4.87 % 3.42 % |
Maturities Of Operating Lease Liabilities | Operating Leases 2024 $ 9,037 2025 8,955 2026 7,211 2027 7,122 2028 6,811 Thereafter 13,902 Total operating lease payments $ 53,038 Total operating lease payments $ 53,038 Less operating lease liabilities 41,785 Present value adjustment $ 11,253 |
Long-Term Debt And Loans Paya_2
Long-Term Debt And Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long Term Debt And Loans Payable [Abstract] | |
Schedule Of Long-Term Debt Future Sinking Fund Payments And Debt Maturities | Interest Rate Range 2024 2025 2026 2027 2028 Thereafter 0.00 % to 0.99 % $ 309 $ 197 $ 179 $ 146 $ 146 $ 1,958 1.00 % to 1.99 % 748 759 769 780 791 3,691 2.00 % to 2.99 % 1,619 1,427 1,304 1,111 906 1,101,550 3.00 % to 3.99 % 51,710 1,178 740 208,797 416 2,176,091 4.00 % to 4.99 % 1,658 120,027 1,562 1,567 1,571 1,619,342 5.00 % to 5.99 % 10,611 202 202 202 3,202 828,326 6.00 % to 6.99 % - - 5,000 20,000 - 6,000 7.00 % to 7.99 % - 23,000 - 5,125 - - 8.00 % to 8.99 % 760 529 - - - - 9.00 % to 9.99 % - - 11,800 - - - Total $ 67,415 $ 147,319 $ 21,556 $ 237,728 $ 7,032 $ 5,736,958 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Of Financial Instruments [Abstract] | |
Summary Of Unrealized Gains And Losses On Equity Securities | Years ended December 31, 2023 2022 2021 Net gain (loss) recognized during the period on equity securities $ 582 $ ( 895 ) $ 607 Less: net gain (loss) recognized during the period on equity securities sold during the period - - - Unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date $ 582 $ ( 895 ) $ 607 |
Schedule Of Carrying Amounts And Estimated Fair Values Of Long-Term Debt | December 31, 2023 2022 Carrying amount $ 6,938,009 $ 6,617,395 Estimated fair value 5,980,722 5,528,131 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders’ Equity [Abstract] | |
Shares Outstanding And Treasury Shares Held | December 31, 2023 2022 2021 Shares outstanding 273,296,037 263,737,084 252,867,623 Treasury shares 3,299,191 3,236,237 3,234,765 |
Net Income per Common Share a_2
Net Income per Common Share and Equity per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Income Per Common Share and Equity per Commn Share [Abstract] | |
Schedule Of Earnings Per Share | Years ended December 31, 2023 2022 2021 Average common shares outstanding during the period for basic computation 267,171 262,246 257,487 Effect of dilutive securities: Forward equity sale agreement - - 189 Employee stock-based compensation 488 622 504 Average common shares outstanding during the period for diluted computation 267,659 262,868 258,180 |
Employee Stock And Incentive _2
Employee Stock And Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Performance Goals | Metric 1 – Company’s total shareholder return (“TSR”) compared to the TSR for a specific peer group of investor-owned utilities (a market-based condition) 38.46 % Metric 2 – Achievement of a targeted cumulative level of rate base growth as a result of acquisitions (a performance-based condition) 30.77 % Metric 3 – Achievement of targets for maintaining consolidated operations and maintenance expenses over the three-year measurement period (a performance-based condition) 30.77 % |
Summary Of Compensation Costs | Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expense $ 6,942 $ 7,950 $ 7,150 Income tax benefit 1,741 1,997 2,038 |
Summary Of Nonvested PSU Transactions | Number of Share Units Weighted Average Fair Value Nonvested share units at beginning of period 556,462 $ 42.77 Granted 162,030 45.06 Performance criteria adjustment ( 1,230 ) 43.97 Forfeited ( 17,276 ) 44.18 Share units issued ( 168,549 ) 53.77 Nonvested share units at end of period 531,437 40.03 |
Assumptions Used In The Pricing Model | Years ended December 31, 2023 2022 2021 Expected term (years) 3.0 3.0 3.0 Risk-free interest rate 4.43 % 1.75 % 0.24 % Expected volatility 33.8 % 31.9 % 32.1 % Weighted average fair value of PSUs granted $ 45.06 $ 42.33 $ 43.18 Intrinsic value of vested PSUs $ 7,483 $ - $ 6,050 Fair value of vested PSUs $ 9,692 $ - $ 5,321 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expense $ 2,877 $ 2,927 $ 3,360 Income tax benefit 722 736 953 |
Summary Of Nonvested RSU Transactions | Number of Stock Units Weighted Average Fair Value Nonvested stock units at beginning of period 180,306 $ 45.94 Granted 75,414 45.53 Stock units vested ( 55,886 ) 49.01 Forfeited ( 7,617 ) 45.33 Nonvested stock units at end of period 192,217 45.06 |
Summary Of Value Of Restricted Stock Units | Years ended December 31, 2023 2022 2021 Weighted average fair value of RSUs granted $ 45.53 $ 44.74 $ 44.44 Intrinsic value of vested RSUs 2,427 3,090 2,108 Fair value of vested RSUs 2,665 2,483 1,726 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expenses $ 650 $ 451 $ 480 Income tax benefit 162 140 136 |
Assumptions Used In The Pricing Model | 2023 2022 Expected term (years) 5.5 5.5 Risk-free interest rate 4.03 % 1.92 % Expected volatility 27.80 % 26.50 % Dividend yield 2.53 % 2.37 % Grant date fair value per option $ 11.37 $ 9.34 |
Summary Of Stock Option Transactions | Shares Weighted Average Exercise Price Weighted Average Remaining Life (years) Aggregate Intrinsic Value Outstanding, beginning of year 820,061 36.29 Granted 74,632 45.39 Forfeited ( 3,258 ) 45.32 Expired / Cancelled ( 819 ) 37.09 Exercised ( 8,174 ) 35.13 Outstanding at end of year 882,442 $ 37.03 5.5 $ 1,458 Exercisable at end of year 761,220 $ 35.72 5.0 $ 1,458 |
Summary Of Stock Options Exercised And Vested | Years ended December 31, 2023 2022 2021 Intrinsic value of options exercised $ 64 $ 960 $ 1,709 Fair value of options vested 236 1,203 1,485 |
Summary Of Options Outstanding And Options Excercisable | Options Outstanding Options Exercisable Shares Weighted Average Remaining Life (years) Weighted Average Exercise Price Shares Weighted Average Exercise Price Range of prices: $ 30.00 - 33.99 53,442 3.2 $ 30.47 53,442 $ 30.47 $ 34.00 - 34.99 89,139 4.2 34.51 89,139 34.51 $ 35.00 - 35.99 591,136 5.2 35.93 591,136 35.93 $ 36.00 and above 148,725 8.6 45.28 27,503 45.18 882,442 5.5 $ 37.03 761,220 $ 35.72 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expense $ 43 $ 50 $ 130 Income tax benefit 12 15 37 |
Summary Of Value Of Restricted Stock Awards | Number of Shares Weighted Average Fair Value Nonvested shares at beginning of period 1,170 $ 42.75 Granted 1,412 35.42 Vested ( 1,170 ) 42.75 Nonvested shares at end of period 1,412 $ 35.42 |
Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Years ended December 31, 2023 2022 2021 Stock-based compensation within operations and maintenance expense $ 810 $ 715 $ 700 Income tax benefit 228 207 202 |
Summary Of Value Of Stock Awards | Years ended December 31, 2023 2022 2021 Intrinsic and fair value of stock awards vested $ 810 $ 715 $ 700 Weighted average fair value of stock awards granted 41.58 46.44 47.46 |
Summary Of Nonvested Share Activity | Number of Stock Awards Weighted Average Fair Value Nonvested stock awards at beginning of period - $ - Granted 19,488 41.58 Vested ( 19,488 ) 41.58 Nonvested stock awards at end of period - - |
Pension Plans And Other Post-_2
Pension Plans And Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Benefit Payments Of Expected Future Service | Pension Benefits Other Post-retirement Benefits Years: 2024 $ 26,611 $ 5,287 2025 27,306 5,546 2026 27,098 5,819 2027 28,755 6,086 2028 27,446 6,272 2029-2033 124,461 32,778 |
Schedule Of Changes In Benefit Obligation And Fair Value Of Plan Assets | Pension Benefits Other Post-retirement Benefits 2023 2022 2023 2022 Change in benefit obligation: Benefit obligation at January 1, $ 324,690 $ 452,947 $ 83,501 $ 114,651 Service cost 1,507 2,587 1,347 1,911 Interest cost 16,007 13,806 4,476 3,369 Actuarial loss/(gain) 20,418 ( 105,107 ) 5,008 ( 31,995 ) Plan participants' contributions - - 106 145 Benefits paid ( 18,577 ) ( 19,339 ) ( 2,936 ) ( 4,580 ) Plan amendments - 2,121 - - Participants' directed transfer of benefit to other plans - ( 4,568 ) - - Settlements ( 30,347 ) ( 17,757 ) - - Benefit obligation at December 31, 313,698 324,690 91,502 83,501 Change in plan assets: Fair value of plan assets at January 1, 333,176 433,121 85,994 107,308 Actual return on plan assets 7,648 ( 83,297 ) 12,060 ( 19,589 ) Employer contributions 20,343 20,390 - 1,636 Participants' contributions - - 106 145 Benefits paid ( 18,517 ) ( 19,281 ) ( 3,155 ) ( 3,506 ) Settlements ( 30,347 ) ( 17,757 ) - - Fair value of plan assets at December 31, 312,303 333,176 95,005 85,994 Funded status of plan: Net asset / (liability) recognized at December 31, $ ( 1,395 ) $ 8,486 $ 3,503 $ 2,493 |
Schedule Of Net Liability Recognized On Consolidated Balance Sheets | Pension Benefits Other Post-retirement Benefits 2023 2022 2023 2022 Non-current asset $ 16,325 $ 24,389 $ 26,700 $ 19,438 Current liability ( 1,334 ) ( 761 ) ( 733 ) ( 843 ) Noncurrent liability ( 16,386 ) ( 15,142 ) ( 22,464 ) ( 16,102 ) Net asset / (liability) recognized $ ( 1,395 ) $ 8,486 $ 3,503 $ 2,493 |
Schedule Of Accumulated And Projected Benefit Obligations | December 31, December 31, 2023 2022 Pension Benefits Other Post-retirement Benefits Pension Benefits Other Post-retirement Benefits Selected information for plans with projected benefit obligation in excess of plan assets: Projected benefit obligation $ 17,720 $ N/A $ 16,041 $ N/A Fair value of plan assets - N/A - N/A Selected information for plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation 14,843 35,154 12,126 29,009 Fair value of plan assets - 11,957 - 12,064 |
Components Of Net Periodic Benefit Costs | Pension Benefits Other Post-retirement Benefits 2023 2022 2021 2023 2022 2021 Service cost $ 1,507 $ 2,587 $ 3,503 $ 1,347 $ 1,911 $ 2,793 Interest cost 16,007 13,806 13,018 4,476 3,369 3,358 Expected return on plan assets ( 22,223 ) ( 22,004 ) ( 23,165 ) ( 4,372 ) ( 4,502 ) ( 4,155 ) Amortization of prior service cost (credit) 684 536 559 - - ( 432 ) Amortization of actuarial loss (gain) 2,962 2,043 2,907 ( 1,317 ) ( 1,336 ) 219 Net periodic benefit cost/(credit) $ ( 1,063 ) $ ( 3,032 ) $ ( 3,178 ) $ 134 $ ( 558 ) $ 1,783 |
Schedule Of Net Periodic Benefit Cost Not Yet Recognized | Pension Benefits Other Post-retirement Benefits 2023 2022 2023 2022 Net actuarial loss (gain) $ 84,030 $ 56,737 $ ( 21,257 ) $ ( 19,894 ) Prior service cost (credit) 1,866 2,550 - - Total recognized in regulatory assets $ 85,896 $ 59,287 $ ( 21,257 ) $ ( 19,894 ) |
Schedule Of Assumptions Related To Pension And Other Postretirement benefit Plans | The significant assumptions related to the Company’s benefit obligations are as follows: Pension Benefits Other Post-retirement Benefits 2023 2022 2023 2022 Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31, Discount rate 5.17 % 5.51 % 5.09 % 5.45 % Rate of compensation increase 3.0 - 4.0 % 3.0 - 4.0 % n/a n/a Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations as of December 31, Health care cost trend rate n/a n/a 6.25 % 6.50 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) n/a n/a 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate n/a n/a 2029 2029 n/a – Assumption is not applicable. The significant assumptions related to the Company’s net periodic benefit costs are as follows: Pension Benefits Other Post-retirement Benefits 2023 2022 2021 2023 2022 2021 Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs for Years Ended December 31, Discount rate * 5.51 % 2.91 % 2.57 % 5.45 % 2.96 % 2.68 % Expected return on plan assets 6.80 % 5.40 % 5.60 % 4.28 %- 6.8 % 3.4 %- 5.4 % 5.60 % Rate of compensation increase 3.0 - 4.0 % 3.0 - 4.0 % 3.0 - 4.0 % n/a n/a n/a Assumed Health Care Cost Trend Rates Used to Determine Net Periodic Benefit Costs for Years Ended December 31, Health care cost trend rate n/a n/a n/a 6.50 % 6.25 % 6.3 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) n/a n/a n/a 5.0 % 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2029 2027 2025 n/a – Assumption is not applicable . * In 2023 and 2022, the Company remeasured its qualified pension plan assets and liabilities in accordance with settlement accounting rules. The discount rate used for the remeasurement and for the calculation of the net periodic benefit cost for the remainder of the year in 2023 and 2022 was 5.20 % and 5.58 %, respectively. |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Fair Value Of Plan Assets | The fair value of the Company’s pension plans’ assets at December 31, 2023 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Common stock $ 14,115 $ - $ - $ - $ 14,115 Return seeking assets: Global equities - - - 9,226 9,226 Hedge / diversifying strategies - - - 57,608 57,608 Credit - - - 37,798 37,798 Liability hedging assets - - - 186,317 186,317 Cash and cash equivalents 7,239 - - - 7,239 Total pension assets $ 21,354 $ - $ - $ 290,949 $ 312,303 (a) Assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value of the Company’s pension plans’ assets at December 31, 2022 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Common stock $ 18,037 $ - $ - $ - $ 18,037 Return seeking assets: Global equities - - - 15,163 15,163 Hedge / diversifying strategies - - - 102,038 102,038 Credit - - - 52,048 52,048 Liability hedging assets - - - 114,220 114,220 Cash and cash equivalents 31,670 - - - 31,670 Total pension assets $ 49,707 $ - $ - $ 283,469 $ 333,176 |
Schedule Of Target Asset Allocations | Percentage of Plan Assets at December 31, Target Allocation 2023 2022 Return seeking assets 20 to 40 % 38 % 56 % Liability hedging assets 30 to 70 % 62 % 44 % Total 100 % 100 % 100 % |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule Of Fair Value Of Plan Assets | The fair value of the Company’s other post-retirement benefit plans’ assets at December 31, 2023 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Return seeking assets: Global equities $ 34,209 $ - $ - $ 19,890 $ 54,099 Real estate securities 7,041 - - 3,653 10,694 Liability hedging assets 16,949 - - 9,473 26,422 Cash and cash equivalents 3,790 - - - 3,790 Total other post-retirement assets $ 61,989 $ - $ - $ 33,016 $ 95,005 (a) Assets that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The fair value of the Company’s other post-retirement benefit plans’ assets at December 31, 2022 by asset class are as follows: Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Return seeking assets: Global equities $ 27,258 $ - $ - $ 16,024 $ 43,282 Real estate securities 6,386 - - 3,311 9,697 Liability hedging assets 15,131 - - 9,159 24,290 Cash and cash equivalents 8,725 - - - 8,725 Total other post-retirement assets $ 57,500 $ - $ - $ 28,494 $ 85,994 |
Schedule Of Target Asset Allocations | Percentage of Plan Assets at December 31, Target Allocation 2023 2022 Return seeking assets 50 to 70 % 68 % 62 % Liability hedging assets 30 to 50 % 32 % 38 % Total 100 % 100 % 100 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information [Abstract] | |
Company's Segment Information, Continuing Operations | 2023 Regulated Water Regulated Natural Gas Other and Eliminations Consolidated Operating revenues $ 1,153,376 $ 863,759 $ 36,689 $ 2,053,824 Operations and maintenance expense $ 368,843 $ 209,073 $ ( 2,398 ) $ 575,518 Purchased gas $ - $ 327,548 $ 24,758 $ 352,306 Depreciation and amortization $ 217,593 $ 125,263 $ 839 $ 343,695 Interest expense, net (a) $ 124,680 $ 92,320 $ 62,961 $ 279,961 Allowance for funds used during construction $ ( 14,786 ) $ ( 2,181 ) $ - $ ( 16,967 ) Provision for income taxes (benefit) $ 57,546 $ ( 113,353 ) $ ( 10,638 ) $ ( 66,445 ) Net income (loss) $ 340,961 $ 200,563 $ ( 43,298 ) $ 498,226 Capital expenditures $ 668,720 $ 527,538 $ 2,845 $ 1,199,103 Total assets $ 9,386,347 $ 6,965,350 $ 489,762 $ 16,841,459 2022 Regulated Water Regulated Natural Gas Other and Eliminations Consolidated Operating revenues $ 1,082,972 $ 1,143,362 $ 61,698 $ 2,288,032 Operations and maintenance expense $ 370,850 $ 239,506 $ 3,293 $ 613,649 Purchased gas $ - $ 551,009 $ 50,986 $ 601,995 Depreciation and amortization $ 201,392 $ 118,955 $ 830 $ 321,177 Interest expense, net (a) $ 111,938 $ 87,186 $ 35,317 $ 234,441 Allowance for funds used during construction $ ( 20,950 ) $ ( 2,715 ) $ - $ ( 23,665 ) Provision for income taxes (benefit) $ 47,510 $ ( 61,942 ) $ 103 $ ( 14,329 ) Net income (loss) $ 314,352 $ 185,276 $ ( 34,391 ) $ 465,237 Capital expenditures $ 576,314 $ 479,335 $ 7,114 $ 1,062,763 Total assets $ 8,792,633 $ 6,528,654 $ 397,820 $ 15,719,107 2021 Regulated Water Regulated Natural Gas Other and Eliminations Consolidated Operating revenues $ 980,203 $ 859,902 $ 38,039 $ 1,878,144 Operations and maintenance expense $ 332,598 $ 226,194 $ ( 8,212 ) $ 550,580 Purchased gas $ - $ 313,390 $ 26,872 $ 340,262 Depreciation and amortization $ 182,074 $ 113,238 $ 2,640 $ 297,952 Interest expense, net (a) $ 108,356 $ 75,628 $ 21,341 $ 205,325 Allowance for funds used during construction $ ( 19,258 ) $ ( 1,534 ) $ - $ ( 20,792 ) Provision for income taxes (benefit) $ 26,633 $ ( 40,013 ) $ 3,768 $ ( 9,612 ) Net income (loss) $ 293,703 $ 148,193 $ ( 10,284 ) $ 431,612 Capital expenditures $ 621,595 $ 397,419 $ 1,505 $ 1,020,519 Total assets $ 8,403,586 $ 5,960,602 $ 294,090 $ 14,658,278 (a) The regulated water and regulated natural gas segments report interest expense that includes long-term debt that was pushed-down to the regulated operating subsidiaries from Essential Utilities, Inc. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) item county customer segment state | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of non-utility local microgrid and distribution energy projects sold | item | 3 | |||
Number of operating segments | segment | 11 | |||
Number of reportable segments | segment | 2 | |||
Operating revenues | $ 2,053,824,000 | $ 2,288,032,000 | $ 1,878,144,000 | |
Net utility plant acquisition adjustment | 6,444,000 | 6,076,000 | ||
Amortization of the acquisition adjustments | 2,103,000 | 2,788,000 | 2,842,000 | |
Utility expenditures expected to be recovered | 1,635,000 | |||
Deferred cost reported as a component of net property, plant and equipment | 44,238,000 | |||
Amount of AFUDC related to equity funds | 11,726,000 | 17,618,000 | 16,282,000 | |
Capitalized interest | 0 | 0 | ||
Overdraft for certain disbursement cash accounts | 13,358,000 | 28,694,000 | ||
Impaired goodwill | 0 | |||
Goodwill | 2,340,738,000 | 2,340,792,000 | 2,340,815,000 | |
Consideration for sale of business unit | $ 165,000,000 | |||
Prepayments and other current assets | 99,884,000 | 39,759,000 | ||
Total net assets | 5,896,183,000 | |||
Prepaid Pension [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred Compensation Plan Assets | 26,442,000 | 24,962,000 | ||
Other Post-Retirement Benefit Plan Assets [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred Compensation Plan Assets | $ 43,025,000 | 43,827,000 | ||
Customer Relationships [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortized Period | 15 years | |||
Noncompete Agreements [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortized Period | 5 years | |||
Natural Gas Utility [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percent of regulated natural gas customers sold | 2% | |||
Aqua Pennsylvania, Inc [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of operating revenue from largest operating subsidiary | 56% | |||
Number of counties providing operating services | county | 27 | |||
Western Pennsylvania [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of customers served | 95% | |||
Western Pennsylvania and Kentucky [Member] | Peoples Gas Acquisition [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of customers | customer | 744,000 | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortized Period | 10 years | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Amortized Period | 53 years | |||
Regulated [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of states providing services in other than Pennsylvania | state | 7 | |||
Regulated [Member] | Aqua Pennsylvania, Inc [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of operating revenue from largest operating subsidiary | 68% | |||
Regulated [Member] | Regulated Water [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill | $ 58,450,000 | 58,504,000 | $ 58,527,000 | |
Disposal Group, Not Discontinued Operations [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred Compensation Plan Assets | 63,204,000 | |||
Consideration for sale of business unit | $ 165,000,000 | |||
Prepayments and other current assets | $ 63,182,000 | $ 2,517,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 2,053,824 | $ 2,288,032 | $ 1,878,144 |
Regulated Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 948,815 | 902,873 | 832,769 |
Revenue | 951,051 | 906,182 | 834,529 |
Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 187,394 | 165,383 | 132,580 |
Revenue | 187,462 | 165,312 | 132,316 |
Regulated Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 861,671 | 1,142,997 | 859,368 |
Revenue | 863,759 | 1,143,362 | 859,902 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 14,863 | 11,478 | 13,358 |
Revenue | 51,552 | 73,176 | 51,397 |
Other [Member] | Other And Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 36,689 | 61,698 | 38,039 |
Residential [Member] | Regulated Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 641,351 | 607,473 | 561,996 |
Residential [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 139,188 | 122,612 | 99,931 |
Residential [Member] | Regulated Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 519,406 | 720,490 | 530,338 |
Commercial [Member] | Regulated Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 180,731 | 168,460 | 151,071 |
Commercial [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 35,530 | 30,340 | 22,060 |
Commercial [Member] | Regulated Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 111,272 | 149,653 | 99,596 |
Fire Protection [Member] | Regulated Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 41,257 | 38,970 | 35,984 |
Industrial [Member] | Regulated Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 33,949 | 32,581 | 30,230 |
Industrial [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 2,087 | 1,755 | 1,729 |
Industrial [Member] | Regulated Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 3,232 | 5,636 | 3,427 |
Gas Transportation [Member] | Regulated Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 184,598 | 205,825 | 198,195 |
Other Water [Member] | Regulated Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 51,527 | 55,389 | 53,488 |
Other Wastewater [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 10,589 | 10,676 | 8,860 |
Customer Rate Credits [Member] | Regulated Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | (5,000) | ||
Other Utility [Member] | Regulated Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 43,163 | 61,393 | 32,812 |
Other Utility [Member] | Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 14,863 | 11,478 | 13,358 |
Alternative Revenue Program [Member] | Regulated Water [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,236 | 3,309 | 1,760 |
Alternative Revenue Program [Member] | Wastewater [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 68 | (71) | (264) |
Alternative Revenue Program [Member] | Regulated Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 2,088 | $ 365 | $ 534 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Summary Of Changes In Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Balance | $ 2,340,792 | $ 2,340,815 |
Reclassifications to utility plant acquisition adjustment | (54) | (23) |
Balance | 2,340,738 | 2,340,792 |
Other Segment [Member] | ||
Goodwill [Line Items] | ||
Balance | 4,841 | 4,841 |
Balance | 4,841 | 4,841 |
Regulated [Member] | Regulated Water [Member] | ||
Goodwill [Line Items] | ||
Balance | 58,504 | 58,527 |
Reclassifications to utility plant acquisition adjustment | (54) | (23) |
Balance | 58,450 | 58,504 |
Regulated [Member] | Regulated Natural Gas [Member] | ||
Goodwill [Line Items] | ||
Balance | 2,277,447 | 2,277,447 |
Balance | $ 2,277,447 | $ 2,277,447 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 USD ($) customer | Sep. 30, 2023 USD ($) customer | Jul. 31, 2023 USD ($) customer | Jun. 30, 2023 USD ($) customer | Apr. 30, 2023 USD ($) customer | Mar. 31, 2023 USD ($) customer | Nov. 30, 2022 USD ($) customer | Aug. 31, 2022 USD ($) customer | Mar. 31, 2022 USD ($) customer | Oct. 31, 2021 USD ($) customer | Aug. 31, 2021 USD ($) customer | Sep. 30, 2019 USD ($) customer item | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||||||||||||
Goodwill | $ 2,340,738 | $ 2,340,738 | $ 2,340,792 | $ 2,340,815 | |||||||||||
Net income (loss) | 498,226 | 465,237 | 431,612 | ||||||||||||
Acquisition, 2021 [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Operating revenues included in the consolidated financial statements | 7,930 | 7,421 | 2,462 | ||||||||||||
Acquisition 2022 [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Operating revenues included in the consolidated financial statements | 18,039 | 11,393 | |||||||||||||
Acquisition 2023 [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Operating revenues included in the consolidated financial statements | 3,290 | ||||||||||||||
Water And Wastewater Utility Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 11,323 | ||||||||||||||
Total purchase price | $ 53,000 | ||||||||||||||
Shenandoah Borough [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 2,900 | ||||||||||||||
Total purchase price | $ 12,291 | ||||||||||||||
La Rue [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 300,000 | ||||||||||||||
Total purchase price | $ 2,253 | ||||||||||||||
Southern Oaks Water System [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 800 | ||||||||||||||
Total purchase price | $ 3,321 | ||||||||||||||
Village Of Frankfort [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 1,500 | ||||||||||||||
Total purchase price | $ 1,424 | ||||||||||||||
Union Rome [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 4,300 | ||||||||||||||
Total purchase price | $ 25,547 | ||||||||||||||
North Heidelberg Sewer Company [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 300 | ||||||||||||||
Total purchase price | $ 136 | ||||||||||||||
Delaware [Member] | Wastewater Utility System [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of municipalities | item | 42 | ||||||||||||||
Number of customers | customer | 16,000 | ||||||||||||||
Retail customers | customer | 198,000 | ||||||||||||||
Total purchase price | $ 276,500 | ||||||||||||||
Beaver Falls, Pennsylvania [Member] | Wastewater Utility System [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 7,600 | ||||||||||||||
Total purchase price | $ 41,250 | ||||||||||||||
Oak Brook, Illinois [Member] | Water And Wastewater Utility Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 2,037 | ||||||||||||||
Total purchase price | $ 12,500 | ||||||||||||||
Harris County, Texas [Member] | Wastewater Utility System [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 992 | ||||||||||||||
Total purchase price | $ 4,000 | ||||||||||||||
Kankakee County, Illinois [Member] | Wastewater Utility System [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 6,500 | ||||||||||||||
Total purchase price | $ 32,100 | ||||||||||||||
East Whiteland Township [Member] | Water And Wastewater Utility Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 4,018 | ||||||||||||||
Total purchase price | $ 54,374 | ||||||||||||||
North Versailles, Pennsylvania [Member] | Water And Wastewater Utility Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 4,400 | ||||||||||||||
Greenville Pennsylvania [Member] | Water And Wastewater Utility Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 2,300 | ||||||||||||||
Total purchase price | $ 18,000 | ||||||||||||||
Wastewater [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenues from contracts with customers | 187,394 | 165,383 | 132,580 | ||||||||||||
Regulated Natural Gas [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenues from contracts with customers | 861,671 | 1,142,997 | 859,368 | ||||||||||||
Other [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenues from contracts with customers | 14,863 | $ 11,478 | $ 13,358 | ||||||||||||
Minimum [Member] | North Versailles, Pennsylvania [Member] | Water And Wastewater Utility Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total purchase price | $ 25,000 | 25,000 | |||||||||||||
Maximum [Member] | North Versailles, Pennsylvania [Member] | Water And Wastewater Utility Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total purchase price | $ 30,000 | $ 30,000 | |||||||||||||
Wastewater Utility Systems In Various States [Member] | Greenville Pennsylvania [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 3,000 | ||||||||||||||
Total purchase price | $ 18,000 | ||||||||||||||
Wastewater Utility Systems In Various States [Member] | Glenview Illinois [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of customers | customer | 200 | ||||||||||||||
Total purchase price | $ 50 |
Assets Held for Sale and Disp_3
Assets Held for Sale and Dispositions (Narrative) (Details) $ in Thousands | Dec. 31, 2022 USD ($) customer | Dec. 31, 2023 USD ($) | Oct. 31, 2023 USD ($) |
Discontinued Operations And Other Dispositions [Line Items] | |||
Consideration for sale of business unit | $ 165,000 | ||
Prepayments and other current assets | $ 39,759 | $ 99,884 | |
Disposal Group, Not Discontinued Operations [Member] | |||
Discontinued Operations And Other Dispositions [Line Items] | |||
Consideration for sale of business unit | $ 165,000 | ||
Balance included in current assets | 63,204 | ||
Prepayments and other current assets | $ 2,517 | $ 63,182 | |
West Virginia [Member] | Regulated Natural Gas Utility Assets [Member] | |||
Discontinued Operations And Other Dispositions [Line Items] | |||
Number of customers | customer | 13,000 | ||
Percent of company's regulated natural gas customers | 2% | ||
Total purchase price | $ 39,965 |
Assets Held for Sale and Disp_4
Assets Held for Sale and Dispositions (Schedule Of Disposal Groups Including Discontinued Operations) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Discontinued Operations And Other Dispositions [Line Items] | |
Current assets held for sale | $ 11,167 |
Non-current assets held for sale | 32,124 |
Current liabilities related to assets held for sale | 3,263 |
Non-current liabilities related to assets held for sale | 974 |
Regulated Natural Gas Utility Assets [Member] | |
Discontinued Operations And Other Dispositions [Line Items] | |
Inventory - gas stored | 2,807 |
Other current assets | 3,284 |
Regulatory assets | 5,076 |
Current assets held for sale | 11,167 |
Property, plant and equipment, net | 30,267 |
Regulatory assets and other | 1,857 |
Non-current assets held for sale | 32,124 |
Current liabilities related to assets held for sale | 3,263 |
Regulatory liabilities | 649 |
Other long-term liabilities | 325 |
Non-current liabilities related to assets held for sale | $ 974 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Net utility plant acquisition adjustment | $ 6,444 | $ 6,076 |
Total property, plant and equipment | 14,977,021 | 13,737,387 |
Regulated [Member] | Regulated Water [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 10,893,272 | 10,204,197 |
Regulated [Member] | Regulated Water [Member] | Mains And Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 4,523,718 | 4,213,197 |
Regulated [Member] | Regulated Water [Member] | Services, Hydrants, Treatment Plants And Reservoirs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 3,140,497 | 2,910,496 |
Regulated [Member] | Regulated Water [Member] | Operations Structures And Water Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 413,147 | 388,596 |
Regulated [Member] | Regulated Water [Member] | Miscellaneous Pumping And Purification Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 1,237,967 | 1,131,975 |
Regulated [Member] | Regulated Water [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 1,104,643 | 1,045,053 |
Regulated [Member] | Regulated Water [Member] | Land And Other Non-Depreciable Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 143,752 | 133,618 |
Regulated [Member] | Regulated Water [Member] | Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 10,563,724 | 9,822,935 |
Regulated [Member] | Regulated Water [Member] | Utility Construction Work In progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility construction work in progress | 315,973 | 366,777 |
Regulated [Member] | Regulated Water [Member] | Net Utility Plant Acquisition Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Net utility plant acquisition adjustment | (6,444) | (6,076) |
Regulated [Member] | Regulated Water [Member] | Non-Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Non-utility plant and equipment | $ 20,019 | 20,561 |
Regulated [Member] | Regulated Water [Member] | Minimum [Member] | Mains And Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 26 years | |
Regulated [Member] | Regulated Water [Member] | Minimum [Member] | Services, Hydrants, Treatment Plants And Reservoirs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Regulated Water [Member] | Minimum [Member] | Operations Structures And Water Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 15 years | |
Regulated [Member] | Regulated Water [Member] | Minimum [Member] | Miscellaneous Pumping And Purification Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 7 years | |
Regulated [Member] | Regulated Water [Member] | Minimum [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Regulated Water [Member] | Minimum [Member] | Net Utility Plant Acquisition Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 10 years | |
Regulated [Member] | Regulated Water [Member] | Minimum [Member] | Non-Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 17 years | |
Regulated [Member] | Regulated Water [Member] | Maximum [Member] | Mains And Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 90 years | |
Regulated [Member] | Regulated Water [Member] | Maximum [Member] | Services, Hydrants, Treatment Plants And Reservoirs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 89 years | |
Regulated [Member] | Regulated Water [Member] | Maximum [Member] | Operations Structures And Water Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 80 years | |
Regulated [Member] | Regulated Water [Member] | Maximum [Member] | Miscellaneous Pumping And Purification Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 76 years | |
Regulated [Member] | Regulated Water [Member] | Maximum [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 84 years | |
Regulated [Member] | Regulated Water [Member] | Maximum [Member] | Net Utility Plant Acquisition Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 53 years | |
Regulated [Member] | Regulated Water [Member] | Maximum [Member] | Non-Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 64 years | |
Regulated [Member] | Regulated Water [Member] | Weighted Average [Member] | Mains And Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 73 years | |
Regulated [Member] | Regulated Water [Member] | Weighted Average [Member] | Services, Hydrants, Treatment Plants And Reservoirs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 56 years | |
Regulated [Member] | Regulated Water [Member] | Weighted Average [Member] | Operations Structures And Water Tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 48 years | |
Regulated [Member] | Regulated Water [Member] | Weighted Average [Member] | Miscellaneous Pumping And Purification Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 41 years | |
Regulated [Member] | Regulated Water [Member] | Weighted Average [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 28 years | |
Regulated [Member] | Regulated Water [Member] | Weighted Average [Member] | Net Utility Plant Acquisition Adjustment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 22 years | |
Regulated [Member] | Regulated Water [Member] | Weighted Average [Member] | Non-Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 58 years | |
Regulated [Member] | Regulated Natural Gas [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Non-utility plant and equipment | $ 4,083,749 | 3,533,190 |
Regulated [Member] | Regulated Natural Gas [Member] | Natural Gas Transmission [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 429,465 | 398,658 |
Regulated [Member] | Regulated Natural Gas [Member] | Natural Gas Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 62,157 | 61,639 |
Regulated [Member] | Regulated Natural Gas [Member] | Natural Gas Gathering And Processing [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 147,700 | 144,337 |
Regulated [Member] | Regulated Natural Gas [Member] | Natural Gas Distribution [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 2,733,054 | 2,206,434 |
Regulated [Member] | Regulated Natural Gas [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 613,653 | 568,305 |
Regulated [Member] | Regulated Natural Gas [Member] | Land And Other Non-Depreciable Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 4,139 | 4,187 |
Regulated [Member] | Regulated Natural Gas [Member] | Utility Plant And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility plant and equipment | 3,990,168 | 3,383,560 |
Regulated [Member] | Regulated Natural Gas [Member] | Utility Construction Work In progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Utility construction work in progress | $ 93,581 | $ 149,630 |
Regulated [Member] | Regulated Natural Gas [Member] | Minimum [Member] | Natural Gas Transmission [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Minimum [Member] | Natural Gas Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Minimum [Member] | Natural Gas Gathering And Processing [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Minimum [Member] | Natural Gas Distribution [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 25 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Minimum [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 5 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Maximum [Member] | Natural Gas Transmission [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 93 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Maximum [Member] | Natural Gas Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 85 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Maximum [Member] | Natural Gas Gathering And Processing [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 77 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Maximum [Member] | Natural Gas Distribution [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 78 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Maximum [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 61 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Weighted Average [Member] | Natural Gas Transmission [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 67 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Weighted Average [Member] | Natural Gas Storage [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 44 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Weighted Average [Member] | Natural Gas Gathering And Processing [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 59 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Weighted Average [Member] | Natural Gas Distribution [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 63 years | |
Regulated [Member] | Regulated Natural Gas [Member] | Weighted Average [Member] | Meters, Transportation And Operating Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | 23 years |
Accounts Receivable (Narrative)
Accounts Receivable (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recoveries of accounts written off and other | $ 1,142 | $ 784 | $ 10,369 |
Number of customers who accounted for more than 1% of operating revenues | item | 0 | 0 | 0 |
Pennsylvania [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Utility customers by geographic operating segment, percentage | 66% | ||
Ohio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Utility customers by geographic operating segment, percentage | 9% | ||
North Carolina [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Utility customers by geographic operating segment, percentage | 6% | ||
Texas [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Utility customers by geographic operating segment, percentage | 5% | ||
Illinois [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Utility customers by geographic operating segment, percentage | 5% | ||
Peoples Gas Acquisition [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Recoveries of accounts written off and other | $ 12,851 |
Accounts Receivable (Net Accoun
Accounts Receivable (Net Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable [Abstract] | ||||
Billed utility revenue | $ 199,986 | $ 265,504 | ||
Other | 4,887 | 4,801 | ||
Gross accounts receivable | 204,873 | 270,305 | ||
Less allowance for doubtful accounts | 60,573 | 63,981 | $ 58,073 | $ 40,099 |
Net accounts receivable | $ 144,300 | $ 206,324 |
Accounts Receivable (Allowance
Accounts Receivable (Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable [Abstract] | |||
Balance at January 1 | $ 63,981 | $ 58,073 | $ 40,099 |
Amounts charged to expense | 23,209 | 27,631 | 27,336 |
Accounts written off | (27,759) | (22,507) | (19,731) |
Recoveries of accounts written off and other | 1,142 | 784 | 10,369 |
Balance at December 31 | $ 60,573 | $ 63,981 | $ 58,073 |
Regulatory Assets And Liabili_3
Regulatory Assets And Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
May 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Amortization of deferred repair tax adjustment | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | $ 38,000 | ||||
Amortization period | 10 years | |||||||||||
Additional amortization period | 3 years | |||||||||||
Corporate federal income tax rate | 21% | 21% | 21% | |||||||||
Redemption of debt | $ 313,500 | $ 876,379 | $ 977,175 | $ 769,546 | ||||||||
Make whole payment | $ 25,237 | |||||||||||
Regulatory Assets | 1,795,972 | 1,362,025 | ||||||||||
Regulatory Liabilities | $ 852,180 | 814,030 | ||||||||||
Catch-Up Adjustment [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Liabilities | $ 160,655 | |||||||||||
Minimum [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory asset recovery period | 10 years | |||||||||||
Water tank painting costs amortization period | 10 years | |||||||||||
Rate case filing expense amortization period | 1 year | |||||||||||
Redemption percentage | 3.57% | |||||||||||
Maximum [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory asset recovery period | 37 years | |||||||||||
Water tank painting costs amortization period | 20 years | |||||||||||
Rate case filing expense amortization period | 5 years | |||||||||||
Redemption percentage | 5.83% | |||||||||||
Income Taxes [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Assets | $ 1,553,111 | 1,164,294 | ||||||||||
Regulatory Liabilities | 599,088 | 571,110 | ||||||||||
Utility Plant Retirement Costs [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 38,148 | 36,440 | ||||||||||
Regulatory Liabilities | 68,815 | 64,212 | ||||||||||
Postretirement Benefits [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 80,000 | 51,810 | ||||||||||
Regulatory Liabilities | 153,816 | 142,390 | ||||||||||
Accrued Vacation [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 1,877 | 3,231 | ||||||||||
Water Tank Painting [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 17,044 | 10,385 | ||||||||||
Fair Value Adjustment Of Long-Term Debt Assumed In Acquisition [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 38,482 | 49,954 | ||||||||||
Rate Case Filing Expenses And Other [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Assets | 33,617 | 16,570 | ||||||||||
Regulatory Liabilities | $ 654 | 7,363 | ||||||||||
Peoples Gas Acquisition [Member] | ||||||||||||
Regulatory Assets And Liabilities [Line Items] | ||||||||||||
Regulatory Liabilities | $ 13,808 |
Regulatory Assets And Liabili_4
Regulatory Assets And Liabilities (Components Of Regulatory Assets And Regulatory Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | $ 1,795,972 | $ 1,362,025 |
Regulatory Liabilities | 852,180 | 814,030 |
Income Taxes [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 1,553,111 | 1,164,294 |
Regulatory Liabilities | 599,088 | 571,110 |
Purchased Gas Costs [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 21,019 | 15,435 |
Regulatory Liabilities | 29,807 | 28,955 |
Utility Plant Retirement Costs [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 38,148 | 36,440 |
Regulatory Liabilities | 68,815 | 64,212 |
Postretirement Benefits [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 80,000 | 51,810 |
Regulatory Liabilities | 153,816 | 142,390 |
Accrued Vacation [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 1,877 | 3,231 |
Water Tank Painting [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 17,044 | 10,385 |
Fair Value Adjustment Of Long-Term Debt Assumed In Acquisition [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 38,482 | 49,954 |
Debt Refinancing [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 12,674 | 13,906 |
Rate Case Filing Expenses And Other [Member] | ||
Regulatory Of Assets And Liabilities [Line Items] | ||
Regulatory Assets | 33,617 | 16,570 |
Regulatory Liabilities | $ 654 | $ 7,363 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Jul. 08, 2022 | Mar. 16, 2020 | May 31, 2022 | May 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2024 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||||||||||
Corporate federal income tax rate | 21% | 21% | 21% | ||||||||
Catch-up adjustment | $ 160,655,000 | ||||||||||
Effective income tax rate | (15.40%) | (3.20%) | (2.30%) | ||||||||
Valuation allowance for state deferred tax assets | $ 10,969,000 | $ 10,969,000 | |||||||||
Reduction in income tax expense, benefit through surcredit | 22,848,000 | $ 22,848,000 | |||||||||
Catch-up adjustment amount | 14,251,000 | ||||||||||
Deferred income tax benefits | 79,845,000 | 23,045,000 | $ 8,514,000 | ||||||||
Unrecognized tax benefits | 7,898,000 | $ 18,217,000 | 7,898,000 | 18,217,000 | 20,201,000 | $ 19,194,000 | |||||
Interest and penalties expense | 23,000 | 118,000 | $ 409,000 | ||||||||
Interest and penalties accrued | 144,000 | 620,000 | 144,000 | 620,000 | |||||||
Regulatory Liabilities | 852,180,000 | 814,030,000 | 852,180,000 | 814,030,000 | |||||||
Cumulative Federal charitable contribution amount | 48,014,000 | 48,014,000 | |||||||||
Cumulative Federal charitable contribution valuation allowance | 38,798,000 | 38,798,000 | |||||||||
Cumulative state charitable contribution | 77,263,000 | 77,263,000 | |||||||||
Cumulative state charitable contribution valuation allowance | 71,354,000 | 71,354,000 | |||||||||
valuation allowance | 149,486,000 | 38,940,000 | 149,486,000 | 38,940,000 | |||||||
Cumulative state valuation allowance | $ 1,950,378,000 | ||||||||||
Decrease in deferred income tax liability | 244,537,000 | ||||||||||
Periods Prior To March 16, 2020 [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Deferred income tax benefits | 25,883,000 | ||||||||||
Periods Prior To The 2021 [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Deferred income tax benefits | 7,785,000 | ||||||||||
Federal [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating loss carryforwards | 1,280,694,000 | 1,280,694,000 | |||||||||
Operating loss carryforwards, valuation allowance | 0 | 0 | |||||||||
Operating loss carryforwards before unrecognized tax position | 1,262,430,000 | ||||||||||
Unrecognized tax benefits | 18,264,000 | 18,264,000 | |||||||||
State [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Deferred tax assets operating loss carryforward | 2,534,987,000 | 2,534,987,000 | |||||||||
Operating loss carryforwards before unrecognized tax position | 2,521,421,000 | ||||||||||
Unrecognized tax benefits | 13,566,000 | 13,566,000 | |||||||||
Pennsylvania [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Net income tax benefits | $ 6,918,000 | 35,267,000 | |||||||||
Reduction in state income tax expense | $ 4,000,000 | $ 158,865,000 | |||||||||
Target | $ 159,060,000 | $ 3,000,000 | |||||||||
Minimum [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
State corporate net income tax rates | 2.50% | ||||||||||
Income Taxes | 0.50% | 9.99% | |||||||||
Maximum [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
State corporate net income tax rates | 9.99% | ||||||||||
Income Taxes | 4.99% | 8.99% | |||||||||
Regulated Natural Gas [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Recorded valuation allowance | 1,381,943,000 | ||||||||||
Peoples Gas Acquisition [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Regulatory Liabilities | 13,808,000 | 13,808,000 | |||||||||
Income Taxes [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Regulatory Liabilities | 599,088,000 | 571,110,000 | $ 599,088,000 | 571,110,000 | |||||||
Purchased Gas Costs [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Regulatory Liabilities | 29,807,000 | 28,955,000 | 29,807,000 | 28,955,000 | |||||||
Utility Plant Retirement Costs [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Regulatory Liabilities | 68,815,000 | 64,212,000 | 68,815,000 | 64,212,000 | |||||||
Postretirement Benefits [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Regulatory Liabilities | 153,816,000 | 142,390,000 | 153,816,000 | 142,390,000 | |||||||
Rate Case Filing Expenses And Other [Member] | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Regulatory Liabilities | $ 654,000 | $ 7,363,000 | $ 654,000 | $ 7,363,000 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 1,913 | $ (5,132) | |
State | 11,487 | $ 8,716 | 4,034 |
Total current income taxes | 13,400 | 8,716 | (1,098) |
Deferred: | |||
Federal | (103,617) | (8,258) | 3,036 |
State | 23,772 | (14,787) | (11,550) |
Total deferred income taxes | (79,845) | (23,045) | (8,514) |
Total income tax benefit | $ (66,445) | $ (14,329) | $ (9,612) |
Income Taxes (Schedule Of Reaso
Income Taxes (Schedule Of Reasons For Differences Between Statutory Federal Income Tax Rate To Income Before Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
Computed Federal tax expense at statutory rate | $ 90,674 | $ 94,691 | $ 88,620 |
Decrease in Federal tax expense related to the flow through benefit of repair deductions | (117,370) | (72,302) | (58,929) |
Amortization of deferred benefit from repair method changes | (18,454) | (21,012) | (15,155) |
State income taxes, net of Federal tax benefit | (15,115) | (3,972) | (4,132) |
Amortization of excess deferred income tax | (8,324) | (8,425) | (11,715) |
Impact of acquisitions and reorganizations | (4,632) | ||
Net change in unrecognized tax benefit | (4,796) | 718 | 2,270 |
Valuation allowance for deferred tax assets | 8,148 | ||
Other, net | (1,208) | (4,027) | (5,939) |
Total income tax benefit | $ (66,445) | $ (14,329) | $ (9,612) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
Balance at January 1, | $ 18,217 | $ 20,201 | $ 19,194 |
Impact of current year activity on tax provision | 7,219 | (900) | 1,007 |
Effect of Federal tax rate change | (1,084) | ||
Decrease for prior year tax positions | (17,538) | ||
Balance at December 31, | $ 7,898 | $ 18,217 | $ 20,201 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes [Abstract] | ||
Customers’ advances for construction | $ 20,332 | $ 27,009 |
Costs expensed for book not deducted for tax, principally accrued expenses | 29,135 | 23,585 |
Post-retirement benefits | 1,368 | |
Tax effect of regulatory liabilities for post-retirement benefits | 49,199 | 41,602 |
Tax attributes and credit carryforwards | 458,001 | 235,838 |
Operating lease liabilities | 11,529 | 13,558 |
Other | 1,378 | 9,613 |
Total gross deferred tax assets | 570,942 | 351,205 |
Less valuation allowance | (149,486) | (38,940) |
Net deferred tax assets | 421,456 | 312,265 |
Utility plant, principally due to depreciation and differences in the basis of fixed assets due to variation in tax and book accounting | 1,662,741 | 1,495,526 |
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences | 348,646 | 128,975 |
Post-retirement benefits | 6,130 | |
Operating lease right-of-use assets | 10,301 | 12,250 |
Tax effect of regulatory assets for post-retirement benefits | 28,092 | 15,150 |
Total gross deferred tax liabilities | 2,049,780 | 1,658,031 |
Net deferred tax liability | $ 1,628,324 | $ 1,345,766 |
Taxes Other Than Income Taxes_2
Taxes Other Than Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | $ 90,208 | $ 90,024 | $ 86,641 |
Property [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 32,790 | 33,703 | 33,946 |
Gross Receipts, Excise And Franchise [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 17,985 | 16,828 | 15,777 |
Payroll [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 21,628 | 21,343 | 21,789 |
Regulatory Assessments [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 7,451 | 6,771 | 6,968 |
Pumping Fees [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | 6,405 | 7,881 | 5,761 |
Other [Member] | |||
Taxes Other Than Income Taxes [Line Items] | |||
Total taxes other than income taxes | $ 3,949 | $ 3,498 | $ 2,400 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments And Contingencies [Line Items] | ||
Estimated annual commitments to purchase water through the next five years | $ 3,397 | |
Aggregate amount of the commitments for the remaining years | $ 1,081 | |
Purchase Obligation Term | 20 years | |
Amount probable of recovery through insurance | $ 1,340 | |
Contingent liability for self-insured employee medical benefit program | 1,846 | $ 2,327 |
Recorded Unconditional Purchase Obligation Due after Fifth Year | 1,733 | |
Loss Contingency Accrual | 24,643 | |
Public Utilities, Inventory, Fuel [Member] | ||
Commitments And Contingencies [Line Items] | ||
Estimated commitments through 2027 | 232,760 | |
Recorded Unconditional Purchase Obligation Due after Fifth Year | $ 1,355,659 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Purchase Obligations) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments And Contingencies [Abstract] | |
2024 | $ 1,136 |
2025 | 1,151 |
2026 | 1,176 |
2027 | 1,203 |
2028 | 1,230 |
Thereafter | $ 1,733 |
Commitments And Contingencies_4
Commitments And Contingencies (Schedule Of Rent Expense Under Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies [Abstract] | |||
Long Term Purchase Agreement | $ 6,752 | $ 5,559 | $ 5,867 |
Purchased water under long-term agreements | 1,103 | 1,061 | 1,017 |
Water treatment expense under contractual agreement | $ 352,306 | $ 601,995 | $ 340,262 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 06, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Renewal term | 50 years | |||
lease obligation | $ 53,038 | |||
Net Rentable Area | ft² | 37,000 | |||
Liabilities Subject to Compromise, Early Contract Termination Fees | $ 2,812 | |||
Operating Lease, Payments | 1,753 | $ 9,149 | $ 9,270 | |
Gain (Loss) on Termination of Lease | $ 1,801 | |||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 1 year | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 71 years | |||
Peoples Gas Acquisition [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Impairment Loss | $ 4,695 |
Leases (Components Of Lease Exp
Leases (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 9,307 | $ 9,359 | $ 9,716 | |
Operating cash flows from operating leases | $ 1,753 | 9,149 | 9,270 | |
Operating lease right-of-use assets | 37,416 | 41,734 | ||
Other accrued liabilities | $ 7,360 | $ 9,316 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities Current | Accrued Liabilities Current | ||
Operating lease liabilities | $ 34,425 | $ 37,666 | ||
Total operating lease liabilities | $ 41,785 | $ 46,982 | ||
Weighted average remaining lease term | 10 years 1 month 6 days | 9 years 8 months 12 days | ||
Weighted average discount rate: | 4.87% | 3.42% |
Leases (Maturities Of Operating
Leases (Maturities Of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 9,037 | |
2025 | 8,955 | |
2026 | 7,211 | |
2027 | 7,122 | |
2028 | 6,811 | |
Thereafter | 13,902 | |
Total operating lease payments | 53,038 | |
Less operating lease liabilities | 41,785 | $ 46,982 |
Present value adjustment | $ 11,253 |
Long-Term Debt And Loans Paya_3
Long-Term Debt And Loans Payable (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 08, 2024 | Jun. 29, 2023 | Dec. 14, 2022 | May 20, 2022 | Jan. 31, 2023 | Oct. 31, 2022 | May 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2023 | |
Debt Instrument [Line Items] | |||||||||||
Aqua Pennsylvania's retainied earnings including minority interest | $ 1,706,675,000 | $ 1,534,331,000 | |||||||||
Restricted assets | 4,553,903,000 | ||||||||||
Total net assets | $ 5,896,183,000 | ||||||||||
Weighted average cost of long-term debt | 4.14% | 3.94% | |||||||||
Weighted average cost of fixed rate long-term debt | 3.86% | 3.78% | |||||||||
Average borrowings cost percentage | 6.30% | 3.11% | |||||||||
Interest income | $ 3,401,000 | $ 3,675,000 | $ 2,384,000 | ||||||||
Interest cost | 283,362,000 | 238,116,000 | 207,709,000 | ||||||||
Capitalized amount | 5,241,000 | 6,047,000 | 4,510,000 | ||||||||
Make whole payment | $ 25,237,000 | ||||||||||
Regulatory assets | $ 1,766,892,000 | 1,342,753,000 | |||||||||
New York Federal Reserve Bank rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 0.50% | ||||||||||
Prime Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 1.50% | ||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 1% | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving credit agreement | $ 410,000,000 | ||||||||||
Term of debt | 5 years | ||||||||||
Available capacity borrowed | $ 537,983,000 | 297,021,000 | |||||||||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, issued | $ 1,000,000,000 | $ 1,000,000,000 | |||||||||
Term of debt | 5 years | 5 years | |||||||||
Sublimit for daily demand loans | $ 100,000,000 | 83,162,000 | |||||||||
Available barrowing capacity credit sublimit | 100,000,000 | ||||||||||
Available capacity borrowed | 720,000,000 | ||||||||||
Aqua Pennsylvanias [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aqua Pennsylvania retained earning excluding minority interest | 2,393,249,000 | ||||||||||
Aqua Pennsylvania's retainied earnings including minority interest | 2,413,249,000 | ||||||||||
Restricted net assets | 1,747,255,000 | ||||||||||
Total net assets | $ 2,354,604,000 | ||||||||||
Debt instrument, issued | $ 75,000,000 | $ 125,000,000 | |||||||||
Interest rate | 5.60% | 4.50% | |||||||||
Debt maturity | 2043 | 2052 | |||||||||
Average borrowings cost percentage | 5.36% | 2.40% | |||||||||
Commitment fee percentage | 0.05% | 0.05% | |||||||||
Maximum amount outstanding at the end of any one month | $ 54,472,000 | $ 55,000,000 | |||||||||
Average borrowing amount | 19,275,000 | 31,555,000 | |||||||||
Aqua Pennsylvanias [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of Debt | $ 49,700,000 | ||||||||||
Other Subsidiaries [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aqua Pennsylvania's retainied earnings including minority interest | 335,892,000 | ||||||||||
Other Subsidiaries [Member] | Restriction Free [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aqua Pennsylvania's retainied earnings including minority interest | 514,416,000 | ||||||||||
Swing-Line Commitment [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Swing-line commitment | 0 | ||||||||||
Available capacity borrowed | 263,162,000 | ||||||||||
Unsecured Revolving Credit Facility With Four Banks [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available capacity borrowed | 23,123,000 | 20,000,000 | |||||||||
Peoples Natural Gas Companies Revolving Credit [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available capacity borrowed | $ 137,000,000 | $ 208,500,000 | |||||||||
Average borrowings cost percentage | 5.97% | 2.30% | |||||||||
Maximum amount outstanding at the end of any one month | $ 161,500,000 | $ 234,000,000 | |||||||||
Average borrowing amount | $ 78,952,000 | $ 97,458,000 | |||||||||
Commitment fee | 0.08% | ||||||||||
Short-Term Line Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Average borrowings cost percentage | 0% | 0% | |||||||||
Maximum amount outstanding at the end of any one month | $ 0 | $ 0 | |||||||||
Short-term lines of credit | $ 35,500,000 | 35,500,000 | 35,500,000 | ||||||||
Funds borrowed under credit facility | 0 | 0 | |||||||||
Average borrowing amount | $ 0 | $ 0 | |||||||||
Amended Unsecured Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term of debt | 364 days | ||||||||||
Amended Unsecured Facility [Member] | Peoples Gas Acquisition [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Funds borrowed under credit facility | $ 300,000,000 | ||||||||||
First Mortgage Bonds [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, issued | $ 225,000,000 | ||||||||||
First Mortgage Bonds Due In 2053 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, issued | $ 175,000,000 | ||||||||||
Interest rate | 5.48% | ||||||||||
First Mortgage Bonds Due In 2061 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, issued | $ 50,000,000 | ||||||||||
Interest rate | 5.56% | ||||||||||
Notes At 5.30%, Due 2052 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance expense | 5,815,000 | ||||||||||
Senior unsecured notes | $ 500,000,000 | ||||||||||
Interest rate | 5.30% | 5.30% | 5.30% | ||||||||
Debt maturity | 2052 | ||||||||||
Unsecured notes payable | $ 500,000,000 | $ 500,000,000 | |||||||||
Notes At 5.375% Due 2034 [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance expense | $ 4,610,000 | ||||||||||
Interest rate | 5.375% | ||||||||||
Debt maturity | 2034 | ||||||||||
Unsecured notes payable | $ 500,000,000 | ||||||||||
Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption percentage | 3.57% | ||||||||||
Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption percentage | 5.83% | ||||||||||
Aqua Pennsylvania, Inc [Member] | Amended Unsecured Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Funds borrowed under credit facility | $ 100,000,000 |
Long-Term Debt And Loans Paya_4
Long-Term Debt And Loans Payable (Schedule Of Long-Term Debt Future Sinking Fund Payments And Debt Maturities) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 67,415 |
2025 | 147,319 |
2026 | 21,556 |
2027 | 237,728 |
2028 | 7,032 |
Thereafter | 5,736,958 |
Long-Term Debt Interest Rate Range 0.00% To 0.99% [Member] | |
Debt Instrument [Line Items] | |
2024 | 309 |
2025 | 197 |
2026 | 179 |
2027 | 146 |
2028 | 146 |
Thereafter | 1,958 |
Long-Term Debt Interest Rate Range 1.00% To 1.99% [Member] | |
Debt Instrument [Line Items] | |
2024 | 748 |
2025 | 759 |
2026 | 769 |
2027 | 780 |
2028 | 791 |
Thereafter | 3,691 |
Long-Term Debt Interest Rate Range 2.00% To 2.99% [Member] | |
Debt Instrument [Line Items] | |
2024 | 1,619 |
2025 | 1,427 |
2026 | 1,304 |
2027 | 1,111 |
2028 | 906 |
Thereafter | 1,101,550 |
Long-Term Debt Interest Rate Range 3.00% To 3.99% [Member] | |
Debt Instrument [Line Items] | |
2024 | 51,710 |
2025 | 1,178 |
2026 | 740 |
2027 | 208,797 |
2028 | 416 |
Thereafter | 2,176,091 |
Long-Term Debt Interest Rate Range 4.00% To 4.99% [Member] | |
Debt Instrument [Line Items] | |
2024 | 1,658 |
2025 | 120,027 |
2026 | 1,562 |
2027 | 1,567 |
2028 | 1,571 |
Thereafter | 1,619,342 |
Long-Term Debt Interest Rate Range 5.00% To 5.99% [Member] | |
Debt Instrument [Line Items] | |
2024 | 10,611 |
2025 | 202 |
2026 | 202 |
2027 | 202 |
2028 | 3,202 |
Thereafter | 828,326 |
Long-Term Debt Interest Rate Range 6.00% To 6.99% [Member] | |
Debt Instrument [Line Items] | |
2026 | 5,000 |
2027 | 20,000 |
Thereafter | 6,000 |
Long-Term Debt Interest Rate Range 7.00% To 7.99% [Member] | |
Debt Instrument [Line Items] | |
2025 | 23,000 |
2027 | 5,125 |
Long-Term Debt Interest Rate Range 8.00% To 8.99% [Member] | |
Debt Instrument [Line Items] | |
2024 | 760 |
2025 | 529 |
Long-Term Debt Interest Rate Range 9.00% To 9.99% [Member] | |
Debt Instrument [Line Items] | |
2026 | $ 11,800 |
Minimum [Member] | Long-Term Debt Interest Rate Range 0.00% To 0.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 0% |
Minimum [Member] | Long-Term Debt Interest Rate Range 1.00% To 1.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 1% |
Minimum [Member] | Long-Term Debt Interest Rate Range 2.00% To 2.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 2% |
Minimum [Member] | Long-Term Debt Interest Rate Range 3.00% To 3.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 3% |
Minimum [Member] | Long-Term Debt Interest Rate Range 4.00% To 4.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 4% |
Minimum [Member] | Long-Term Debt Interest Rate Range 5.00% To 5.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 5% |
Minimum [Member] | Long-Term Debt Interest Rate Range 6.00% To 6.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 6% |
Minimum [Member] | Long-Term Debt Interest Rate Range 7.00% To 7.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 7% |
Minimum [Member] | Long-Term Debt Interest Rate Range 8.00% To 8.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 8% |
Minimum [Member] | Long-Term Debt Interest Rate Range 9.00% To 9.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 9% |
Maximum [Member] | Long-Term Debt Interest Rate Range 0.00% To 0.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 0.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 1.00% To 1.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 1.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 2.00% To 2.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 2.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 3.00% To 3.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 3.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 4.00% To 4.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 4.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 5.00% To 5.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 5.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 6.00% To 6.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 6.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 7.00% To 7.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 7.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 8.00% To 8.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 8.99% |
Maximum [Member] | Long-Term Debt Interest Rate Range 9.00% To 9.99% [Member] | |
Debt Instrument [Line Items] | |
Interest Rate Range | 9.99% |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 4,612 | $ 11,398 |
Customers' advances for construction | 128,755 | 114,732 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable | 160,123 | 228,500 |
Cash and cash equivalents | 4,612 | 11,398 |
Mutual funds | $ 26,442 | $ 24,962 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Summary Of Unrealized Gains And Losses On Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Of Financial Instruments [Abstract] | |||
Net gain (loss) recognized during the period on equity securities | $ 582 | $ (895) | $ 607 |
Unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date | $ 582 | $ (895) | $ 607 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 6,938,009 | $ 6,617,395 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 5,980,722 | $ 5,528,131 |
Stockholders_ Equity (Narrative
Stockholders’ Equity (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Oct. 14, 2022 USD ($) | May 02, 2022 item shares | Aug. 09, 2021 USD ($) $ / shares shares | Apr. 23, 2019 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Aug. 31, 2020 USD ($) shares | Feb. 28, 2015 USD ($) | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common stock, authorized | shares | 600,000,000 | 600,000,000 | 600,000,000 | |||||||
Common stock, par value | $ / shares | $ 0.50 | $ 0.50 | $ 0.50 | |||||||
Preferred stock, shares authorized | shares | 1,770,819 | |||||||||
Preferred stock, par value | $ / shares | $ 1 | |||||||||
Common and preferred shares authorized | $ 500,000,000 | |||||||||
Sale Of Stock, Shares | shares | 7,863,354 | |||||||||
Share Price | $ / shares | $ 44.74 | |||||||||
Available For Sale Securities, Equity Shares | shares | 6,700,000 | |||||||||
Fair value of equity instruments | $ 0 | |||||||||
Stock Purchase Contracts Settled | shares | 1,166,107 | |||||||||
Stock Purchase Contracts Settled, Issuance Of Common Shares | shares | 6,700,000 | |||||||||
Stock purchase contracts settled, ratio | item | 1.18758 | |||||||||
Stock Purchase Contracts, Initial Principal Amount | $ / shares | $ 8.62909 | |||||||||
Stock Purchase Contracts, Aggregate Initial Principal Amount | $ 119,081,000 | |||||||||
Stock Purchase Contracts, Interest Rate | 3% | |||||||||
Stock Purchase Contracts, Quarterly Cash Installments | $ / shares | $ 0.75000 | |||||||||
Stock Purchase Contracts, Cash Installments | $ / shares | $ 0.80833 | |||||||||
Stock Purchase Contracts, Interest And Partial Repayment | 6% | |||||||||
Stock Purchase Contracts, Initial Forward Price | $ / shares | $ 46 | |||||||||
Stock Purchase Contracts | shares | 6,621,315 | 981,919 | ||||||||
Issuance of common stock from forward equity sale agreement | $ 500,000,000 | |||||||||
Proceeds From Shares Issued, Gross | $ 299,739,000 | $ 570,919,000 | ||||||||
Proceeds From Shares Issued, Issuance Costs | $ 13,530,000 | |||||||||
Direct Stock Purchase Plan discount from current market value | 5% | |||||||||
Issue of common shares under dividend reinvestment plan | shares | 430,487 | 368,278 | 374,824 | |||||||
Common stock sold under dividend reinvestment plan | $ 16,005,000 | $ 16,619,000 | $ 16,799,000 | |||||||
Shares available for issuance under acquisition shelf registration | 487,155,000 | |||||||||
Long-Term [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Debt issued | 119,081,000 | |||||||||
Debt issuance costs | $ 2,828,000 | |||||||||
Tangible Equity Units [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common stock issued | $ 690,000,000 | |||||||||
Private Placement expenses | $ 16,358,000 | |||||||||
Share Price | $ / shares | $ 50 | $ 50 | ||||||||
At-The Market Sales Agreements [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Sale Of Stock, Shares | shares | 1,321,994 | 8,938,839 | ||||||||
Common stock issued | $ 63,040,000 | $ 322,983,000 | ||||||||
Stock remaining available for sale, amount | $ 110,000,000 |
Stockholders_ Equity (Shares Ou
Stockholders’ Equity (Shares Outstanding And Treasury Shares Held) (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Stockholders’ Equity [Abstract] | |||
Shares outstanding | 273,296,037 | 263,737,084 | 252,867,623 |
Treasury shares | 3,299,191 | 3,236,237 | 3,234,765 |
Net Income Per Common Share A_3
Net Income Per Common Share And Equity Per Common Share (Narrative) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income Per Common Share and Equity per Commn Share [Abstract] | |||
Employee stock options excluded from calculations of diluted net income per share | 148,725 | 77,506 | |
Weighted average impact | 2,932,010 | 9,041,687 | |
Equity per common share | $ 21.57 | $ 20.39 |
Net Income Per Common Share a_4
Net Income Per Common Share and Equity per Common Share (Schedule Of Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income Per Common Share and Equity per Commn Share [Abstract] | |||
Average common shares outstanding during the period for basic computation | 267,171 | 262,246 | 257,487 |
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements | 189 | ||
Dilutive effect of employee stock-based compensation | 488 | 622 | 504 |
Average common shares outstanding during the period for diluted computation | 267,659 | 262,868 | 258,180 |
Employee Stock And Incentive _3
Employee Stock And Incentive Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted | 0 | ||
The Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for issuance | 6,250,000 | ||
Maximum number of shares available for issuance may be issued as restricted stock | 3,125,000 | ||
Maximum number of shares subject to grants to any one individual in any one year | 500,000 | ||
Number of shares still available for issuance | 1,527,080 | ||
2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Underlying stock option and restricted stock awards available for grant | 0 | ||
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period specified in grant, in years | 3 years | ||
Unrecognized compensation costs | $ 9,676 | ||
Period over which unrecognized compensation cost will be recognized | 1 year 9 months 18 days | ||
Aggregate intrinsic value | $ 19,849 | ||
Performance Share Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target award amount the grantee may earn | 0% | ||
Performance Share Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target award amount the grantee may earn | 200% | ||
Amortization period of fair value of shares, in months | 36 months | ||
Vesting period, in years | 3 years | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 3,433 | ||
Period over which unrecognized compensation cost will be recognized | 1 year 9 months 18 days | ||
Vesting period, in years | 3 years | ||
Aggregate intrinsic value | $ 7,179 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 496 | ||
Period over which unrecognized compensation cost will be recognized | 1 year 4 months 24 days | ||
Return on equity | 1.50% | ||
Granted | 74,632 | ||
Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33% | ||
Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, in years | 1 year | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period, in years | 10 years |
Employee Stock And Incentive _4
Employee Stock And Incentive Plan (Schedule Of Performance Goals) (Details) - Performance Share Units [Member] | 36 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Metric 1 | 38.46% |
Metric 2 | 30.77% |
Metric 3 | 30.77% |
Employee Stock And Incentive _5
Employee Stock And Incentive Plan (Summary Of Compensation Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | $ 23,519 | $ 21,758 | $ 19,569 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 650 | 451 | 480 |
Income tax benefit | 162 | 140 | 136 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 6,942 | 7,950 | 7,150 |
Income tax benefit | 1,741 | 1,997 | 2,038 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 2,877 | 2,927 | 3,360 |
Income tax benefit | 722 | 736 | 953 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 43 | 50 | 130 |
Income tax benefit | 12 | 15 | 37 |
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation within opertions and maintenance expense | 810 | 715 | 700 |
Income tax benefit | $ 228 | $ 207 | $ 202 |
Employee Stock And Incentive _6
Employee Stock And Incentive Plan (Summary Of Value Of Stock Awards) (Details) - Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of restricted stock awards vested | $ 810 | $ 715 | $ 700 |
Weighted average fair value of stock awards granted | $ 41.58 | $ 46.44 | $ 47.46 |
Employee Stock and Incentive _7
Employee Stock and Incentive Plan (Summary Of Nonvested PSU Transactions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 244,407 | 81,516 | 206,163 |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock units at beginning of period, Number of Share Units | 556,462 | ||
Granted, Number of Share Units | 162,030 | ||
Performance criteria adjustment, Number of Share Units | (1,230) | ||
Forfeited, Number of Share Units | (17,276) | ||
Share units issued, Number of Share Units | (168,549) | ||
Nonvested stock units at end of period, Number of Share Units | 531,437 | 556,462 | |
Nonvested stock units at beginning of period, Weighted Average Fair Value | $ 42.77 | ||
Granted, Weighted Average Fair Value | 45.06 | ||
Performance criteria adjustment, Weighted Average Fair Value | 43.97 | ||
Forfeited, Weighted Average Fair Value | 44.18 | ||
Share units issued, Weighted Average Fair Value | 53.77 | ||
Nonvested stock units at end of period, Weighted Average Fair Value | $ 40.03 | $ 42.77 |
Employee Stock And Incentive _8
Employee Stock And Incentive Plan (Summary Of Nonvested RSU Transactions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 244,407 | 81,516 | 206,163 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock units at beginning of period, Number of Share Units | 180,306 | ||
Granted, Number of Share Units | 75,414 | ||
Vested, Number of Share Units | (55,886) | ||
Forfeited, Number of Share Units | (7,617) | ||
Nonvested stock units at end of period, Number of Share Units | 192,217 | 180,306 | |
Nonvested stock units at beginning of period, Weighted Average Fair Value | $ 45.94 | ||
Granted, Weighted Average Fair Value | 45.53 | $ 44.74 | $ 44.44 |
Vested, Weighted Average Fair Value | 49.01 | ||
Forfeited, Weighted Average Fair Value | 45.33 | ||
Nonvested stock units at end of period, Weighted Average Fair Value | $ 45.06 | $ 45.94 |
Employee Stock And Incentive _9
Employee Stock And Incentive Plan (Summary Of Nonvested Share Activity – Restricted Stock) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 244,407 | 81,516 | 206,163 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock units at beginning of period, Number of Share Units | 1,170 | ||
Granted, Number of Share Units | 1,412 | ||
Vested, Number of Share Units | (1,170) | ||
Nonvested stock units at end of period, Number of Share Units | 1,412 | 1,170 | |
Nonvested stock units at beginning of period, Weighted Average Fair Value | $ 42.75 | ||
Granted, Weighted Average Fair Value | 35.42 | ||
Vested, Weighted Average Fair Value | 42.75 | ||
Nonvested stock units at end of period, Weighted Average Fair Value | $ 35.42 | $ 42.75 |
Employee Stock And Incentive_10
Employee Stock And Incentive Plan (Assumptions Used In The Pricing Model) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 5 years 6 months | 5 years 6 months | |
Risk-free interest rate | 4.03% | 1.92% | |
Expected volatility | 27.80% | 26.50% | |
Dividend yield | 2.53% | 2.37% | |
Grant date fair value | $ 11.37 | $ 9.34 | |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 3 years | 3 years | 3 years |
Risk-free interest rate | 4.43% | 1.75% | 0.24% |
Expected volatility | 33.80% | 31.90% | 32.10% |
Grant date fair value | $ 45.06 | $ 42.33 | $ 43.18 |
Intrinsic value of vested PSUs | $ 7,483 | $ 6,050 | |
Fair value of vested PSUs | $ 9,692 | $ 5,321 |
Employee Stock And Incentive_11
Employee Stock And Incentive Plan (Summary Of Value Of Restricted Stock Units) (Details) - Restricted Stock Units [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value of stock awards granted | $ 45.53 | $ 44.74 | $ 44.44 |
Intrinsic value of vested RSUs | $ 2,427 | $ 3,090 | $ 2,108 |
Fair value of vested RSUs | $ 2,665 | $ 2,483 | $ 1,726 |
Employee Stock And Incentive_12
Employee Stock And Incentive Plan (Summary Of Stock Option Transactions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercised, Shares | (8,174) | (69,684) | (122,297) |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of period, Shares | 820,061 | ||
Granted | 74,632 | ||
Forfeited, Shares | (3,258) | ||
Expired / Cancelled, Shares | (819) | ||
Exercised, Shares | (8,174) | ||
Outstanding at end of period, Shares | 882,442 | 820,061 | |
Exercisable at end of period, Shares | 761,220 | ||
Outstanding at beginning of period, Weighted Average Exercise Price | $ 36.29 | ||
Granted, Weighted Average Exercise Price | 45.39 | ||
Forfeited, Weighted Average Exercise Price | 45.32 | ||
Expired / Cancelled, Weighted Average Exercise Price | 37.09 | ||
Exercised, Weighted Average Exercise Price | 35.13 | ||
Outstanding at end of period, Weighted Average Exercise Price | 37.03 | $ 36.29 | |
Exercisable at end of period, Weighted Average Exercise Price | $ 35.72 | ||
Outstanding at end of period, Weighted Average Remaining Life (years) | 5 years 6 months | ||
Exercisable at end of period, Weighted Average Remaining Life (years) | 5 years | ||
Outstanding at end of period, Aggregate Intrinsic Value | $ 1,458 | ||
Exercisable at end of period, Aggregate Intrinsic Value | $ 1,458 |
Employee Stock And Incentive_13
Employee Stock And Incentive Plan (Summary Of Options Outstanding And Options Exercisable) (Details) - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 882,442 |
Options Outstanding, Weighted Average Remaining Life | 5 years 6 months |
Options Outstanding, Weighted Average Exercise Price | $ 37.03 |
Options Exercisable, Shares | shares | 761,220 |
Options Exercisable, Weighted Average Exercise Price | $ 35.72 |
$30.00 - 33.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of prices, Lower limit | 30 |
Range of prices, Upper limit | $ 33.99 |
Options Outstanding, Shares | shares | 53,442 |
Options Outstanding, Weighted Average Remaining Life | 3 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 30.47 |
Options Exercisable, Shares | shares | 53,442 |
Options Exercisable, Weighted Average Exercise Price | $ 30.47 |
$34.00 - 34.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of prices, Lower limit | 34 |
Range of prices, Upper limit | $ 34.99 |
Options Outstanding, Shares | shares | 89,139 |
Options Outstanding, Weighted Average Remaining Life | 4 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 34.51 |
Options Exercisable, Shares | shares | 89,139 |
Options Exercisable, Weighted Average Exercise Price | $ 34.51 |
$35.00 - 35.99 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of prices, Lower limit | 35 |
Range of prices, Upper limit | $ 35.99 |
Options Outstanding, Shares | shares | 591,136 |
Options Outstanding, Weighted Average Remaining Life | 5 years 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $ 35.93 |
Options Exercisable, Shares | shares | 591,136 |
Options Exercisable, Weighted Average Exercise Price | $ 35.93 |
$36.00 and above [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of prices, Lower limit | $ 36 |
Options Outstanding, Shares | shares | 148,725 |
Options Outstanding, Weighted Average Remaining Life | 8 years 7 months 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 45.28 |
Options Exercisable, Shares | shares | 27,503 |
Options Exercisable, Weighted Average Exercise Price | $ 45.18 |
Employee Stock And Incentive_14
Employee Stock And Incentive Plan (Summary Of Stock Options Exercised And Vested) (Details) - Stock Options [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 64 | $ 960 | $ 1,709 |
Fair value of options vested | $ 236 | $ 1,203 | $ 1,485 |
Employee Stock And Incentive_15
Employee Stock And Incentive Plan (Summary Of Nonvested Share Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Number of Share Units | 244,407 | 81,516 | 206,163 |
Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested stock units at beginning of period, Number of Share Units | |||
Granted, Number of Share Units | 19,488 | ||
Vested, Number of Share Units | (19,488) | ||
Nonvested stock units at end of period, Number of Share Units | |||
Nonvested stock units at beginning of period, Weighted Average Fair Value | |||
Granted, Weighted Average Fair Value | 41.58 | $ 46.44 | $ 47.46 |
Vested, Weighted Average Fair Value | 41.58 | ||
Nonvested stock units at end of period, Weighted Average Fair Value |
Pension Plans And Other Post-_3
Pension Plans And Other Post-Retirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Lump sum paid | $ 30,347 | $ 17,757 | |
Expected return on plan assets | 6.80% | ||
2024 expected contribution | $ 9,393 | ||
Matching contribution, annual profit sharing compensation expense | 23,519 | $ 21,758 | $ 19,569 |
Settlement loss recorded as regulatory asset | $ 5,173 | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.80% | 5.40% | 5.60% |
Fair value of plan assets | $ 312,303 | $ 333,176 | $ 433,121 |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95,005 | 85,994 | $ 107,308 |
Aqua America Common Stock [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 14,115 | $ 18,037 | |
Percentage of plan assets | 4.50% | 5.40% |
Pension Plans And Other Post-_4
Pension Plans And Other Post-Retirement Benefits (Schedule Of Benefit Payments Of Expected Future Service) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 26,611 |
2025 | 27,306 |
2026 | 27,098 |
2027 | 28,755 |
2028 | 27,446 |
2029-2033 | 124,461 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 5,287 |
2025 | 5,546 |
2026 | 5,819 |
2027 | 6,086 |
2028 | 6,272 |
2029-2033 | $ 32,778 |
Pension Plans And Other Post-_5
Pension Plans And Other Post-Retirement Benefits (Schedule Of Changes In Benefit Obligation And Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | $ 324,690 | $ 452,947 | |
Service cost | 1,507 | 2,587 | $ 3,503 |
Interest cost | 16,007 | 13,806 | 13,018 |
Actuarial (gain)/loss | 20,418 | (105,107) | |
Plan participants' contributions | |||
Benefits paid | (18,577) | (19,339) | |
Plan amendments | 2,121 | ||
Participants' directed transfer of benefit to other plans | (4,568) | ||
Settlements | (30,347) | (17,757) | |
Benefit obligation at December 31 | 313,698 | 324,690 | 452,947 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 333,176 | 433,121 | |
Actual return on plan assets | 7,648 | (83,297) | |
Employer contributions | 20,343 | 20,390 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | |||
Benefits paid | (18,517) | (19,281) | |
Settlements | (30,347) | (17,757) | |
Fair value of plan assets at December 31 | 312,303 | 333,176 | 433,121 |
Funded status of plan: | |||
Net asset / (liability) recognized at December 31, | (1,395) | 8,486 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | 83,501 | 114,651 | |
Service cost | 1,347 | 1,911 | 2,793 |
Interest cost | 4,476 | 3,369 | 3,358 |
Actuarial (gain)/loss | 5,008 | (31,995) | |
Plan participants' contributions | 106 | 145 | |
Benefits paid | (2,936) | (4,580) | |
Plan amendments | |||
Participants' directed transfer of benefit to other plans | |||
Settlements | |||
Benefit obligation at December 31 | 91,502 | 83,501 | 114,651 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 85,994 | 107,308 | |
Actual return on plan assets | 12,060 | (19,589) | |
Employer contributions | 1,636 | ||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 106 | 145 | |
Benefits paid | (3,155) | (3,506) | |
Settlements | |||
Fair value of plan assets at December 31 | 95,005 | 85,994 | $ 107,308 |
Funded status of plan: | |||
Net asset / (liability) recognized at December 31, | $ 3,503 | $ 2,493 |
Pension Plans And Other Post-_6
Pension Plans And Other Post-Retirement Benefits (Schedule Of Net Liability Recognized On Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-Current Asset | $ 16,325 | $ 24,389 |
Current liability | (1,334) | (761) |
Noncurrent liability | (16,386) | (15,142) |
Net asset / (liability) recognized | (1,395) | 8,486 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-Current Asset | 26,700 | 19,438 |
Current liability | (733) | (843) |
Noncurrent liability | (22,464) | (16,102) |
Net asset / (liability) recognized | $ 3,503 | $ 2,493 |
Pension Plans And Other Post-_7
Pension Plans And Other Post-Retirement Benefits (Schedule Of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 17,720 | $ 16,041 |
Accumulated benefit obligation | 14,843 | 12,126 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 35,154 | 29,009 |
Fair value of plan assets | $ 11,957 | $ 12,064 |
Pension Plans And Other Post-_8
Pension Plans And Other Post-Retirement Benefits (Components Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,507 | $ 2,587 | $ 3,503 |
Interest cost | 16,007 | 13,806 | 13,018 |
Expected return on plan assets | (22,223) | (22,004) | (23,165) |
Amortization of prior service cost (credit) | 684 | 536 | 559 |
Amortization of actuarial loss (gain) | 2,962 | 2,043 | 2,907 |
Net periodic benefit cost | (1,063) | (3,032) | (3,178) |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,347 | 1,911 | 2,793 |
Interest cost | 4,476 | 3,369 | 3,358 |
Expected return on plan assets | (4,372) | (4,502) | (4,155) |
Amortization of prior service cost (credit) | (432) | ||
Amortization of actuarial loss (gain) | (1,317) | (1,336) | 219 |
Net periodic benefit cost | $ 134 | $ (558) | $ 1,783 |
Pension Plans And Other Post-_9
Pension Plans And Other Post-Retirement Benefits (Schedule Of Net Periodic Benefit Cost Not Yet Recognized) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 84,030 | $ 56,737 |
Prior service cost (credit) | 1,866 | 2,550 |
Total recognized in regulatory assets | 85,896 | 59,287 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | (21,257) | (19,894) |
Total recognized in regulatory assets | $ (21,257) | $ (19,894) |
Pension Plans And Other Post_10
Pension Plans And Other Post-Retirement Benefits (Schedule Of Assumptions Related To Pension And Other Postretirement Benefit Plans) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.80% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.51% | 2.91% | 2.57% |
Expected return on plan assets | 6.80% | 5.40% | 5.60% |
Pension Benefits [Member] | Remeasurement And For Calculation Of Net Periodic Benefit Cost For Remainder Of Year [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.20% | 5.58% | |
Pension Benefits [Member] | Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.17% | 5.51% | |
Pension Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3% | 3% | 3% |
Pension Benefits [Member] | Minimum [Member] | Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3% | 3% | |
Pension Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 4% | 4% | 4% |
Pension Benefits [Member] | Maximum [Member] | Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 4% | 4% | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.45% | 2.96% | 2.68% |
Health care cost trend rate | 6.50% | 6.25% | 6.30% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5% | 5% | 5% |
Year that the rate reaches the ultimate trend rate | 2029 | 2027 | 2025 |
Other Postretirement Benefits [Member] | Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.09% | 5.45% | |
Health care cost trend rate | 6.25% | 6.50% | |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5% | 5% | |
Year that the rate reaches the ultimate trend rate | 2029 | 2029 | |
Other Postretirement Benefits [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 4.28% | 3.40% | 5.60% |
Other Postretirement Benefits [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.80% | 5.40% |
Pension Plans And Other Post_11
Pension Plans And Other Post-Retirement Benefits (Schedule Of Target Asset Allocations) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100% | |
Percentage of Plan Assets | 100% | 100% |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100% | |
Percentage of Plan Assets | 100% | |
Return Seeking Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 38% | 56% |
Return Seeking Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 68% | 62% |
Liability Hedging Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 62% | 44% |
Liability Hedging Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 32% | 38% |
Minimum [Member] | Return Seeking Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 20% | |
Minimum [Member] | Return Seeking Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50% | |
Minimum [Member] | Liability Hedging Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30% | |
Minimum [Member] | Liability Hedging Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30% | |
Maximum [Member] | Return Seeking Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 40% | |
Maximum [Member] | Return Seeking Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70% | |
Maximum [Member] | Liability Hedging Assets [Member] | Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70% | |
Maximum [Member] | Liability Hedging Assets [Member] | Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50% |
Pension Plans And Other Post_12
Pension Plans And Other Post-Retirement Benefits (Schedule Of Fair Value Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | $ 312,303 | $ 333,176 | $ 433,121 |
Pension Benefits [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 21,354 | 49,707 | |
Pension Benefits [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 290,949 | 283,469 | |
Pension Benefits [Member] | Common stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 14,115 | 18,037 | |
Pension Benefits [Member] | Common stocks [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 14,115 | 18,037 | |
Pension Benefits [Member] | International equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 9,226 | 15,163 | |
Pension Benefits [Member] | International equities [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 9,226 | 15,163 | |
Pension Benefits [Member] | Hedge / Diversifying Strategies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 57,608 | 102,038 | |
Pension Benefits [Member] | Hedge / Diversifying Strategies [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 57,608 | 102,038 | |
Pension Benefits [Member] | Credit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 37,798 | 52,048 | |
Pension Benefits [Member] | Credit [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 37,798 | 52,048 | |
Pension Benefits [Member] | Liability Hedging Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 186,317 | 114,220 | |
Pension Benefits [Member] | Liability Hedging Assets [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 186,317 | 114,220 | |
Pension Benefits [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 7,239 | 31,670 | |
Pension Benefits [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 7,239 | 31,670 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 95,005 | 85,994 | $ 107,308 |
Other Postretirement Benefits [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 61,989 | 57,500 | |
Other Postretirement Benefits [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 33,016 | 28,494 | |
Other Postretirement Benefits [Member] | International equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 54,099 | 43,282 | |
Other Postretirement Benefits [Member] | International equities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 34,209 | 27,258 | |
Other Postretirement Benefits [Member] | International equities [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 19,890 | 16,024 | |
Other Postretirement Benefits [Member] | Real estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 10,694 | 9,697 | |
Other Postretirement Benefits [Member] | Real estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 7,041 | 6,386 | |
Other Postretirement Benefits [Member] | Real estate [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 3,653 | 3,311 | |
Other Postretirement Benefits [Member] | Liability Hedging Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 26,422 | 24,290 | |
Other Postretirement Benefits [Member] | Liability Hedging Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 16,949 | 15,131 | |
Other Postretirement Benefits [Member] | Liability Hedging Assets [Member] | Assets Measured At NAV [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 9,473 | 9,159 | |
Other Postretirement Benefits [Member] | Cash And Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | 3,790 | 8,725 | |
Other Postretirement Benefits [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets | $ 3,790 | $ 8,725 |
Rate Activity (Details)
Rate Activity (Details) $ in Thousands | 12 Months Ended | |||||||||||||
Jan. 19, 2024 USD ($) | Jan. 02, 2024 USD ($) | Dec. 29, 2023 USD ($) | Dec. 13, 2023 USD ($) | Sep. 28, 2023 USD ($) | Jul. 27, 2023 USD ($) | Jun. 05, 2023 USD ($) | Sep. 21, 2022 USD ($) | Jun. 07, 2022 USD ($) | May 16, 2022 USD ($) | Jan. 03, 2022 USD ($) | Dec. 31, 2023 USD ($) item state | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | |
Water And Wastewater Rates [Line Items] | ||||||||||||||
Income tax benefit | $ (66,445) | $ (14,329) | $ (9,612) | |||||||||||
Number Of States | state | 8 | |||||||||||||
Infrastructure rehabilitation surcharge percentage, reset level upon new base rates | 0% | |||||||||||||
Infrastructure rehabilitation surcharges | $ 20,261 | 26,902 | 33,771 | |||||||||||
North Carolina [Member] | Year 1 [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 14,001 | |||||||||||||
North Carolina [Member] | Year 2 [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | 3,743 | |||||||||||||
North Carolina [Member] | Year 3 [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 4,130 | |||||||||||||
Pennsylvania [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 156,024 | $ 69,251 | ||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 18.70% | |||||||||||||
Distribution system improvement charges | $ 35,470 | |||||||||||||
Distribution system improvement charges over base rate | 7.20% | |||||||||||||
Base rate increase designed to increase total operating revenues on an annual basis | $ 104,721 | |||||||||||||
Kentucky [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 260 | $ 5,238 | ||||||||||||
Ohio [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 4,850 | $ 5,483 | ||||||||||||
Texas [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Infrastructure rehabilitation surcharges designed to increase total operating revenues on an annual basis | $ 8,388 | |||||||||||||
Virginia [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 6,911 | |||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 29.50% | |||||||||||||
Other Subsidiaries [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 1,703 | $ 1,378 | $ 3,390 | |||||||||||
Number of rate decisions | item | 3 | 2 | 6 | |||||||||||
Revenues realized | $ 10,109 | $ 51,163 | $ 2,995 | |||||||||||
Minimum [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Infrastructure rehabilitation surcharges, capped percentage | 5% | |||||||||||||
Maximum [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Infrastructure rehabilitation surcharges, capped percentage | 12.75% | |||||||||||||
Subsequent Event [Member] | New Jersey [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 8,328 | |||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 17.30% | |||||||||||||
Subsequent Event [Member] | Illinois [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 19,196 | |||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 18.90% | |||||||||||||
Regulated Water [Member] | Pennsylvania [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Distribution system improvement charges reset level upon new base rates | $ 18,814 | |||||||||||||
Regulated Water [Member] | New Jersey [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Distribution system improvement charges reset level upon new base rates | 18,814 | |||||||||||||
Regulated Water [Member] | Texas [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Distribution system improvement charges reset level upon new base rates | 18,814 | |||||||||||||
Regulated Water [Member] | Illinois [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Distribution system improvement charges reset level upon new base rates | 18,814 | |||||||||||||
Regulated Natural Gas [Member] | Pennsylvania [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Distribution system improvement charges reset level upon new base rates | 21,272 | |||||||||||||
Regulated Natural Gas [Member] | Kentucky [Member] | ||||||||||||||
Water And Wastewater Rates [Line Items] | ||||||||||||||
Distribution system improvement charges reset level upon new base rates | $ 21,272 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting Information [Line Items] | |
Operating Segments | 11 |
Reportable Segments | 2 |
Wastewater Utility Systems In Various States [Member] | |
Segment Reporting Information [Line Items] | |
Operating Segments | 8 |
Reportable Segments | 1 |
Regulated Natural Gas [Member] | |
Segment Reporting Information [Line Items] | |
Reportable Segments | 1 |
Other [Member] | |
Segment Reporting Information [Line Items] | |
Operating Segments | 2 |
Segment Information (Company's
Segment Information (Company's Segment Information, Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 2,053,824 | $ 2,288,032 | $ 1,878,144 |
Operations and maintenance expense | 575,518 | 613,649 | 550,580 |
Purchased gas | 352,306 | 601,995 | 340,262 |
Depreciation and amortization | 343,695 | 321,177 | 297,952 |
Interest expense, net | 279,961 | 234,441 | 205,325 |
Allowance for funds used during construction | (16,967) | (23,665) | (20,792) |
Provision for income taxes (benefit) | (66,445) | (14,329) | (9,612) |
Net income (loss) | 498,226 | 465,237 | 431,612 |
Capital expenditures | 1,199,103 | 1,062,763 | 1,020,519 |
Total assets | 16,841,459 | 15,719,107 | 14,658,278 |
Other And Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 36,689 | 61,698 | 38,039 |
Operations and maintenance expense | (2,398) | 3,293 | (8,212) |
Purchased gas | 24,758 | 50,986 | 26,872 |
Depreciation and amortization | 839 | 830 | 2,640 |
Interest expense, net | 62,961 | 35,317 | 21,341 |
Provision for income taxes (benefit) | (10,638) | 103 | 3,768 |
Net income (loss) | (43,298) | (34,391) | (10,284) |
Capital expenditures | 2,845 | 7,114 | 1,505 |
Total assets | 489,762 | 397,820 | 294,090 |
Operating Segments [Member] | Regulated Water [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,153,376 | 1,082,972 | 980,203 |
Operations and maintenance expense | 368,843 | 370,850 | 332,598 |
Depreciation and amortization | 217,593 | 201,392 | 182,074 |
Interest expense, net | 124,680 | 111,938 | 108,356 |
Allowance for funds used during construction | (14,786) | (20,950) | (19,258) |
Provision for income taxes (benefit) | 57,546 | 47,510 | 26,633 |
Net income (loss) | 340,961 | 314,352 | 293,703 |
Capital expenditures | 668,720 | 576,314 | 621,595 |
Total assets | 9,386,347 | 8,792,633 | 8,403,586 |
Operating Segments [Member] | Regulated Natural Gas [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 863,759 | 1,143,362 | 859,902 |
Operations and maintenance expense | 209,073 | 239,506 | 226,194 |
Purchased gas | 327,548 | 551,009 | 313,390 |
Depreciation and amortization | 125,263 | 118,955 | 113,238 |
Interest expense, net | 92,320 | 87,186 | 75,628 |
Allowance for funds used during construction | (2,181) | (2,715) | (1,534) |
Provision for income taxes (benefit) | (113,353) | (61,942) | (40,013) |
Net income (loss) | 200,563 | 185,276 | 148,193 |
Capital expenditures | 527,538 | 479,335 | 397,419 |
Total assets | $ 6,965,350 | $ 6,528,654 | $ 5,960,602 |
Schedule 1 - Condensed Parent_2
Schedule 1 - Condensed Parent Company Financial Statements (Narrative) (Details) - Parent Company [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Dividends paid to parent by wholly-owned subsidiaries | $ 0 | $ 0 | $ 0 |
Revolving credit agreement | 1,000,000 | ||
Current accounts receivable – affiliates | 907,302 | 1,601,064 | |
Notes receivable – affiliates | $ 2,765,670 | $ 2,276,670 |
Schedule 1 - Condensed Parent_3
Schedule 1 - Condensed Parent Company Financial Statements (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Accounts receivable, net | $ 144,300 | $ 206,324 | |
Prepayments and other current assets | 99,884 | 39,759 | |
Total current assets | 491,979 | 658,159 | |
Deferred charges and other assets, net | 102,388 | 166,653 | |
Total assets | 16,841,459 | 15,719,107 | $ 14,658,278 |
Stockholders' equity | 5,896,183 | 5,377,386 | |
Long-term debt, excluding current portion, net of debt issuance costs | 6,826,085 | 6,371,057 | |
Current portion of long-term debt | 67,415 | 199,356 | |
Accrued interest | 53,084 | 47,063 | |
Accounts payable | 221,191 | 238,843 | |
Dividends payable | 83,929 | 75,808 | |
Other accrued liabilities | 126,916 | 130,673 | |
Total current liabilities | 797,927 | 1,021,869 | |
Other liabilities | 24,086 | 28,562 | |
Total liabilities and equity | 16,841,459 | 15,719,107 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Accounts receivable, net | 284 | 575 | |
Accounts receivable - affiliates | 907,302 | 1,601,064 | |
Prepayments and other current assets | 15,383 | 14,256 | |
Total current assets | 922,969 | 1,615,895 | |
Deferred charges and other assets, net | 66,826 | 69,455 | |
Notes receivable – affiliates | 2,765,670 | 2,276,670 | |
Deferred income tax asset | 183,179 | 42,206 | |
Investment in subsidiaries | 6,517,312 | 6,512,224 | |
Total assets | 10,455,956 | 10,516,450 | |
Stockholders' equity | 5,896,183 | 5,377,386 | |
Long-term debt, excluding current portion, net of debt issuance costs | 3,740,427 | 3,503,636 | |
Accrued interest | 21,635 | 20,923 | |
Accounts payable | 562,101 | 1,418,574 | |
Dividends payable | 83,929 | 75,808 | |
Other accrued liabilities | 24,462 | 21,234 | |
Total current liabilities | 692,127 | 1,536,539 | |
Other liabilities | 127,219 | 98,889 | |
Total liabilities and equity | $ 10,455,956 | $ 10,516,450 |
Schedule 1 - Condensed Parent_4
Schedule 1 - Condensed Parent Company Financial Statements (Condensed Statements of Income and Comprehensive Income) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | |||
Operating income | $ 692,097 | $ 661,187 | $ 602,709 |
Interest expense | 283,362 | 238,116 | 207,709 |
Other (income) expense | (2,613) | 494 | (2,848) |
Income before income taxes | 431,781 | 450,908 | 422,000 |
Income tax benefit | (66,445) | (14,329) | (9,612) |
Net income | 498,226 | 465,237 | 431,612 |
Comprehensive income | $ 498,226 | $ 465,237 | $ 431,612 |
Basic | $ 1.86 | $ 1.77 | $ 1.68 |
Diluted | $ 1.86 | $ 1.77 | $ 1.67 |
Basic | 267,171 | 262,246 | 257,487 |
Diluted | 267,659 | 262,868 | 258,180 |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Other income | $ 2,985 | $ 5,368 | $ 8,388 |
Operating expense and other expenses | 6,479 | 10,724 | 5,821 |
Operating income | (3,494) | (5,356) | 2,567 |
Interest expense | 64,031 | 35,817 | 21,729 |
Interest income | (348) | (107) | (9) |
Other (income) expense | (584) | 893 | (609) |
Income before income taxes | (66,593) | (41,959) | (18,544) |
Equity in earnings of subsidiaries | 547,617 | 495,556 | 445,951 |
Income before income taxes | 481,024 | 453,597 | 427,407 |
Income tax benefit | (17,202) | (11,640) | (4,205) |
Net income | 498,226 | 465,237 | 431,612 |
Comprehensive income | $ 498,226 | $ 465,237 | $ 431,612 |
Basic | $ 1.86 | $ 1.77 | $ 1.68 |
Diluted | $ 1.86 | $ 1.77 | $ 1.67 |
Basic | 267,171 | 262,246 | 257,487 |
Diluted | 267,659 | 262,868 | 258,180 |
Schedule 1 - Condensed Parent_5
Schedule 1 - Condensed Parent Company Financial Statements (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash flows used in operating activities | $ 933,587 | $ 600,306 | $ 644,679 | ||
Acquisitions of utility systems and other, net | (45,303) | (116,891) | (36,326) | ||
Other | (19,080) | 271 | (1,032) | ||
Net cash flows used in investing activities | (1,221,728) | (1,178,302) | (1,056,058) | ||
Proceeds from long-term debt | 1,207,619 | 1,646,742 | 1,095,171 | ||
Repayments of long-term debt | $ (313,500) | (876,379) | (977,175) | (769,546) | |
Proceeds from issuance of common stock from at-the-market sale agreement | 322,983 | 63,040 | |||
Proceeds from exercised stock options | 287 | 2,475 | 4,172 | ||
Proceeds from issuance of common stock from forward equity sale agreement | 299,739 | ||||
Repurchase of common stock | (3,981) | (1,192) | (3,291) | ||
Dividends paid on common stock | (316,806) | (288,632) | (258,650) | ||
Other | (171) | (230) | 817 | ||
Net cash flows from financing activities | 281,355 | 578,827 | 417,119 | ||
Net increase (decrease) in cash and cash equivalents | (6,786) | 831 | 5,740 | ||
Cash and cash equivalents at beginning of year | 11,398 | 10,567 | 4,827 | ||
Cash and cash equivalents at end of year | 4,612 | 11,398 | 10,567 | $ 4,827 | |
Parent Company [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash flows used in operating activities | (179,556) | (169,778) | (239,320) | ||
Acquisitions of utility systems and other, net | (32,431) | (116,627) | (36,237) | ||
Decrease (increase) in investment in subsidiaries | (36,740) | (162,662) | (53,467) | ||
Other | 554 | 299 | (987) | ||
Net cash flows used in investing activities | (68,617) | (278,990) | (90,691) | ||
Proceeds from long-term debt | 906,856 | 1,522,157 | 995,458 | ||
Repayments of long-term debt | (677,000) | (865,469) | (725,033) | ||
Proceeds from issuance of common stock from at-the-market sale agreement | 322,983 | 63,040 | |||
Proceeds from issuance of common stock under dividend reinvestment plan | 16,005 | 16,619 | 16,799 | ||
Proceeds from exercised stock options | 287 | 2,475 | 4,172 | ||
Proceeds from issuance of common stock from forward equity sale agreement | 299,739 | ||||
Repurchase of common stock | (3,981) | (1,192) | (3,291) | ||
Dividends paid on common stock | (316,806) | (288,632) | (258,650) | ||
Other | (171) | (230) | 817 | ||
Net cash flows from financing activities | 248,173 | 448,768 | 330,011 | ||
Net increase (decrease) in cash and cash equivalents | |||||
Cash and cash equivalents at beginning of year | |||||
Cash and cash equivalents at end of year |
Schedule 1 - Condensed Parent_6
Schedule 1 - Condensed Parent Company Financial Statements (Debt Maturities Of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 67,415 |
2025 | 147,319 |
2026 | 21,556 |
2027 | 237,728 |
2028 | 7,032 |
Thereafter | 5,736,958 |
Parent Company [Member] | |
Debt Instrument [Line Items] | |
2024 | |
2025 | |
2026 | |
2027 | |
2028 | |
Thereafter | $ 3,025,000 |
Insider Trading Arrangements (D
Insider Trading Arrangements (Details) | 3 Months Ended |
Dec. 31, 2023 shares | |
Christopher Luning, Adoption [Member] | |
Insider Trading Arrangements [Line Items] | |
Name | Christopher Luning |
Title | Executive Vice President & General Counsel |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | November 28, 2023 |
Rule 10b5-1 Arrangement Terminated | false |
Aggregate Available | 30,000 |
Christopher Luning, Termination [Member] | |
Insider Trading Arrangements [Line Items] | |
Name | Christopher Luning |
Title | Executive Vice President & General Counsel |
Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | October 3, 2023 |
Aggregate Available | 16,770 |
Matthew Rhodes, Adoption [Member] | |
Insider Trading Arrangements [Line Items] | |
Name | Matthew Rhodes |
Title | Executive Vice President, Strategy and Corporate Development |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 12, 2023 |
Rule 10b5-1 Arrangement Terminated | false |
Aggregate Available | 7,982 |
Matthew Rhodes, Termination [Member] | |
Insider Trading Arrangements [Line Items] | |
Name | Matthew Rhodes |
Title | Executive Vice President, Strategy and Corporate Development |
Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | December 1, 2023 |
Aggregate Available | 7,982 |
Robert Rubin [Member] | |
Insider Trading Arrangements [Line Items] | |
Name | Robert Rubin |
Title | Senior Vice President, Controller and Chief Accounting Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | November 20, 2023 |
Rule 10b5-1 Arrangement Terminated | false |
Aggregate Available | 19,831 |
Daniel Schuller [Member] | |
Insider Trading Arrangements [Line Items] | |
Name | Daniel Schuller |
Title | Executive Vice President and Chief Financial Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | December 18, 2023 |
Rule 10b5-1 Arrangement Terminated | false |
Aggregate Available | 7,327 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arrangements [Line Items] | |
Material Terms of Trading Arrangement | During the quarter ended December 31, 2023, none of the Company’s directors or executive officers adopted , modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”, except for as follows: Name & Title Character of Trading Arrangement Date of Adoption/ Termination Aggregate Number of Shares of Common Stock to be Purchased/Sold Pursuant to Trading Arrangement Duration of Plan (1) Christopher Luning , Executive Vice President & General Counsel Rule 10b5-1(c) Trading Arrangement Terminated - October 3, 2023 Up to 16,770 shares to be sold 1/3/2023 - 7/1/2024 Matthew Rhodes , Executive Vice President, Strategy and Corporate Development Rule 10b5-1(c) Trading Arrangement Terminated - December 1, 2023 Up to 7,982 shares to be sold 1/3/2023 - 6/3/2024 Christopher Luning , Executive Vice President & General Counsel Rule 10b5-1(c) Trading Arrangement Adopted - November 28, 2023 Up to 30,000 shares to be sold 3/5/2024 - 3/31/2025 Matthew Rhodes , Executive Vice President, Strategy and Corporate Development Rule 10b5-1(c) Trading Arrangement Adopted - December 12, 2023 Up to 7,982 shares to be sold 3/8/2024 - 6/3/2024 Robert Rubin , Senior Vice President, Controller and Chief Accounting Officer Rule 10b5-1(c) Trading Arrangement Adopted - November 20, 2023 Up to 19,831 shares to be sold 3/5/2024 - 10/31/2024 Daniel Schuller , Executive Vice President and Chief Financial Officer Rule 10b5-1(c) Trading Arrangement Adopted - December 18, 2023 Up to 7,327 shares to be sold 3/15/2024 - 12/31/2024 (1) Each trading arrangement marked as a “Rule 10b5-1(c) Trading Arrangement” only permits transactions after the indicated duration start date and, in any case, upon expiration of the applicable mandatory cooling-off period under the Rule, and until the earlier of the indicated duration end date or completion of all sales contemplated in the Rule 10b5-1(c) Trading Arrangement. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |