Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 22, 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 1-6659 | |
Entity Registrant Name | ESSENTIAL UTILITIES, INC. | |
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 | |
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 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 252,742,882 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000078128 | |
Common Stock [Member] | ||
Title of 12(b) Security | Common stock, $0.50 par value | |
Trading Symbol | WTRG | |
Security Exchange Name | NYSE | |
Tangible Equity Units [Member] | ||
Title of 12(b) Security | 6.00% Tangible Equity Units | |
Trading Symbol | WTRU | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Property, plant and equipment, at cost | $ 12,293,056 | $ 11,620,019 |
Less: accumulated depreciation | 2,336,287 | 2,107,142 |
Net property, plant and equipment | 9,956,769 | 9,512,877 |
Current assets: | ||
Cash and cash equivalents | 9,736 | 4,827 |
Accounts receivable, net | 108,210 | 154,775 |
Unbilled revenues | 63,479 | 118,538 |
Inventory - materials and supplies | 35,023 | 21,669 |
Inventory - gas stored | 78,787 | 36,732 |
Prepayments and other current assets | 29,871 | 38,594 |
Regulatory assets | 27,398 | 5,085 |
Total current assets | 352,504 | 380,220 |
Regulatory assets | 1,404,837 | 1,362,788 |
Deferred charges and other assets, net | 118,910 | 56,002 |
Funds restricted for construction activity | 1,288 | 1,268 |
Goodwill | 2,340,836 | 2,324,547 |
Operating lease right-of-use assets | 55,386 | 60,334 |
Intangible assets | 5,955 | 7,241 |
Total assets | 14,236,485 | 13,705,277 |
Stockholders' equity: | ||
Common stock at $0.50 par value, authorized 600,000,000 shares, issued 255,981,932 and 248,571,355 as of September 30, 2021 and December 31, 2020 | 127,990 | 124,285 |
Capital in excess of par value | 3,698,095 | 3,379,057 |
Retained earnings | 1,385,631 | 1,261,862 |
Treasury stock, at cost, 3,240,349 and 3,180,887 shares as of September 30, 2021 and December 31, 2020 | (83,854) | (81,327) |
Total stockholders' equity | 5,127,862 | 4,683,877 |
Long-term debt, excluding current portion | 5,638,961 | 5,545,890 |
Less: debt issuance costs | 40,247 | 38,146 |
Long-term debt, excluding current portion, net of debt issuance costs | 5,598,714 | 5,507,744 |
Commitments and contingencies (See Note 14) | ||
Current liabilities: | ||
Current portion of long-term debt | 63,418 | 84,353 |
Loans payable | 46,582 | 78,198 |
Accounts payable | 163,836 | 177,489 |
Book overdraft | 20,749 | 44,003 |
Accrued interest | 70,461 | 39,408 |
Accrued taxes | 37,502 | 37,172 |
Regulatory liabilities | 171 | 19,866 |
Other accrued liabilities | 113,310 | 123,384 |
Total current liabilities | 516,029 | 603,873 |
Deferred credits and other liabilities: | ||
Deferred income taxes and investment tax credits | 1,352,425 | 1,258,098 |
Customers' advances for construction | 110,939 | 99,014 |
Regulatory liabilities | 778,416 | 773,310 |
Asset retirement obligations | 1,363 | 1,336 |
Operating lease liabilities | 50,086 | 55,642 |
Pension and other postretirement benefit liabilities | 61,690 | 91,896 |
Other | 50,856 | 56,713 |
Total deferred credits and other liabilities | 2,405,775 | 2,336,009 |
Contributions in aid of construction | 588,105 | 573,774 |
Total liabilities and equity | $ 14,236,485 | $ 13,705,277 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 255,981,932 | 248,571,355 |
Treasury stock, shares | 3,240,349 | 3,180,887 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Consolidated Statements Of Operations And Comprehensive Income [Abstract] | ||||
Operating revenues | $ 361,860 | $ 348,647 | $ 1,342,457 | $ 988,700 |
Operating expenses: | ||||
Operations and maintenance | 139,355 | 136,174 | 391,945 | 371,415 |
Purchased gas | 25,488 | 16,744 | 202,538 | 72,934 |
Depreciation | 72,606 | 68,175 | 217,007 | 181,666 |
Amortization | 1,901 | 1,766 | 4,616 | 4,412 |
Taxes other than income taxes | 21,058 | 20,555 | 63,219 | 56,424 |
Total operating expenses | 260,408 | 243,414 | 879,325 | 686,851 |
Operating income | 101,452 | 105,233 | 463,132 | 301,849 |
Other expense (income): | ||||
Interest expense | 52,132 | 49,861 | 154,937 | 136,650 |
Interest income | (565) | (114) | (1,290) | (5,346) |
Allowance for funds used during construction | (6,082) | (3,543) | (13,922) | (8,721) |
Gain on sale of other assets | (320) | (233) | (623) | (358) |
Equity loss in joint venture | 3,626 | 3,283 | ||
Other | 4,019 | (4,127) | (1,393) | (3,170) |
Income before income taxes | 52,268 | 59,763 | 325,423 | 179,511 |
Provision for income taxes | 1,765 | 4,031 | 10,317 | (2,631) |
Net income | 50,503 | 55,732 | 315,106 | 182,142 |
Comprehensive income | $ 50,503 | $ 55,732 | $ 315,106 | $ 182,142 |
Net income per common share: | ||||
Basic | $ 0.20 | $ 0.22 | $ 1.23 | $ 0.73 |
Diluted | $ 0.19 | $ 0.22 | $ 1.23 | $ 0.71 |
Average common shares outstanding during the period: | ||||
Basic | 258,773 | 254,280 | 256,051 | 248,212 |
Diluted | 259,437 | 255,162 | 256,763 | 255,139 |
Consolidated Statements Of Capi
Consolidated Statements Of Capitalization - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Stockholders' equity: | ||
Common stock, $0.50 par value | $ 127,990 | $ 124,285 |
Capital in excess of par value | 3,698,095 | 3,379,057 |
Retained earnings | 1,385,631 | 1,261,862 |
Treasury stock, at cost | (83,854) | (81,327) |
Total stockholders' equity | 5,127,862 | 4,683,877 |
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Long-term debt of subsidiaries | 3,091,789 | 3,014,280 |
Total long-term debt | 5,702,379 | 5,630,243 |
Current portion of long-term debt | 63,418 | 84,353 |
Long-term debt, excluding current portion | 5,638,961 | 5,545,890 |
Less: debt issuance costs | 40,247 | 38,146 |
Long-term debt, excluding current portion, net of debt issuance costs | 5,598,714 | 5,507,744 |
Total capitalization | 10,726,576 | 10,191,621 |
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 | 2,341 | 2,805 |
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 | 9,578 | 10,260 |
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 | 313,458 | 265,557 |
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 | 1,361,263 | 1,316,872 |
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 | 1,310,107 | 1,315,812 |
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 | 17,222 | 17,804 |
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 | 33,868 | 33,955 |
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 | 29,212 | 29,890 |
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 | 2,940 | 4,425 |
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 | 16,900 |
Revolving Credit Agreement, Due 2023 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Notes payable to bank under revolving credit agreement, variable rate, due 2023 | 15,000 | 385,000 |
Amortizing notes at 3.00% due 2022 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 30,590 | 60,502 |
Notes at 2.40% due 2031 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | 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% to 3.59% due 2029 through 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 ranging from 5.64% to 5.95%, due 2021 through 2034 [Member] | ||
Long-term debt of subsidiaries (substantially collateralized by utility plant): | ||
Unsecured notes payable | $ 40,000 | $ 45,461 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Capitalization (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Common stock, par value | $ 0.50 | $ 0.50 |
Revolving Credit Agreement, Due 2023 [Member] | ||
Maturity date | 2023 | 2023 |
Amortizing notes at 3.00% due 2022 [Member] | ||
Interest rate | 3.00% | 3.00% |
Maturity date | 2022 | 2022 |
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 3.01% due 2029 [Member] | ||
Interest rate | 3.01% | 3.01% |
Maturity date | 2029 | 2029 |
Notes at 3.59% due 2050 [Member] | ||
Interest rate | 3.59% | 3.59% |
Maturity date | 2050 | 2050 |
Notes at 4.28%, due 2049 [Member] | ||
Interest rate | 4.28% | 4.28% |
Maturity date | 2049 | 2049 |
Notes at 5.64% due 2021 [Member] | ||
Interest rate | 5.64% | 5.64% |
Maturity date | 2021 | 2021 |
Notes at 5.95% due 2034 [Member] | ||
Interest rate | 5.95% | 5.95% |
Maturity date | 2034 | 2034 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 0.00% To 0.99% [Member] | ||
Interest rate | 0.00% | 0.00% |
Maturity date | 2023 | 2023 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 1.00% To 1.99% [Member] | ||
Interest rate | 1.00% | 1.00% |
Maturity date | 2021 | 2021 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 2.00% To 2.99% [Member] | ||
Interest rate | 2.00% | 2.00% |
Maturity date | 2022 | 2022 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 3.00% To 3.99% [Member] | ||
Interest rate | 3.00% | 3.00% |
Maturity date | 2021 | 2021 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 4.00% To 4.99% [Member] | ||
Interest rate | 4.00% | 4.00% |
Maturity date | 2021 | 2021 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 5.00% To 5.99% [Member] | ||
Interest rate | 5.00% | 5.00% |
Maturity date | 2021 | 2021 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 6.00% To 6.99% [Member] | ||
Interest rate | 6.00% | 6.00% |
Maturity date | 2022 | 2022 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 7.00% To 7.99% [Member] | ||
Interest rate | 7.00% | 7.00% |
Maturity date | 2022 | 2022 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 8.00% To 8.99% [Member] | ||
Interest rate | 8.00% | 8.00% |
Maturity date | 2021 | 2021 |
Minimum [Member] | Long-Term Debt Of Subsidiaries 9.00% To 9.99% [Member] | ||
Interest rate | 9.00% | 9.00% |
Maturity date | 2021 | 2021 |
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 | 2033 | 2033 |
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 | 2043 | 2043 |
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% |
Maturity date | 2025 | 2025 |
Maximum [Member] | Long-Term Debt Of Subsidiaries 9.00% To 9.99% [Member] | ||
Interest rate | 9.99% | 9.99% |
Maturity date | 2026 | 2026 |
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, 2019 | $ 111,935 | $ 2,636,555 | $ 1,210,072 | $ (77,702) | $ 3,880,860 |
Net income | 51,781 | 51,781 | |||
Dividends declared | (52,205) | (52,205) | |||
Issuance of common stock from private placement | 10,831 | 719,304 | 730,135 | ||
Issuance of common stock from stock purchase contracts | 1,168 | (1,168) | |||
Issuance of common stock under dividend reinvestment plan | 43 | 4,019 | 4,062 | ||
Repurchase of stock | (4,339) | (4,339) | |||
Equity compensation plan | 112 | (112) | |||
Exercise of stock options | 28 | 922 | 950 | ||
Stock-based compensation | 2,072 | (147) | 1,925 | ||
Other | (6) | (6) | |||
Balance at Mar. 31, 2020 | 124,117 | 3,361,586 | 1,209,501 | (82,041) | 4,613,163 |
Balance at Dec. 31, 2019 | 111,935 | 2,636,555 | 1,210,072 | (77,702) | 3,880,860 |
Net income | 182,142 | ||||
Balance at Sep. 30, 2020 | 124,228 | 3,372,376 | 1,220,790 | (81,641) | 4,635,753 |
Balance at Mar. 31, 2020 | 124,117 | 3,361,586 | 1,209,501 | (82,041) | 4,613,163 |
Net income | 74,629 | 74,629 | |||
Dividends declared | (57,414) | (57,414) | |||
Expenses incurred for private placement issuance of common stock | (834) | (834) | |||
Issuance of common stock under dividend reinvestment plan | 50 | 3,949 | 3,999 | ||
Repurchase of stock | (4) | (4) | |||
Equity compensation plan | 2 | (2) | |||
Exercise of stock options | 2 | 115 | 117 | ||
Stock-based compensation | 1,918 | (94) | 1,824 | ||
Other | (37) | 91 | 54 | ||
Balance at Jun. 30, 2020 | 124,171 | 3,366,695 | 1,226,622 | (81,954) | 4,635,534 |
Net income | 55,732 | 55,732 | |||
Dividends declared | (61,460) | (61,460) | |||
Issuance of common stock under dividend reinvestment plan | 52 | 4,209 | 4,261 | ||
Repurchase of stock | (2) | (2) | |||
Equity compensation plan | 3 | (3) | |||
Exercise of stock options | 2 | 146 | 148 | ||
Stock-based compensation | 2,082 | (104) | 1,978 | ||
Other | (753) | 315 | (438) | ||
Balance at Sep. 30, 2020 | 124,228 | 3,372,376 | 1,220,790 | (81,641) | 4,635,753 |
Retained earnings | 1,261,862 | ||||
Balance at Dec. 31, 2020 | 124,285 | 3,379,057 | 1,261,862 | (81,327) | 4,683,877 |
Net income | 183,689 | 183,689 | |||
Dividends declared | (61,520) | (61,520) | |||
Issuance of common stock under dividend reinvestment plan | 49 | 4,112 | 4,161 | ||
Repurchase of stock | (3,262) | (3,262) | |||
Equity compensation plan | 97 | (97) | |||
Exercise of stock options | 10 | 704 | 714 | ||
Stock-based compensation | 2,631 | (174) | 2,457 | ||
Other | (31) | 256 | 225 | ||
Balance at Mar. 31, 2021 | 124,441 | 3,386,376 | 1,383,857 | (84,333) | 4,810,341 |
Balance at Dec. 31, 2020 | 124,285 | 3,379,057 | 1,261,862 | (81,327) | 4,683,877 |
Net income | 315,106 | ||||
Balance at Sep. 30, 2021 | 127,990 | 3,698,095 | 1,385,631 | (83,854) | 5,127,862 |
Balance at Mar. 31, 2021 | 124,441 | 3,386,376 | 1,383,857 | (84,333) | 4,810,341 |
Net income | 80,914 | 80,914 | |||
Dividends declared | (61,584) | (61,584) | |||
Issuance of common stock under dividend reinvestment plan | 46 | 4,049 | 4,095 | ||
Repurchase of stock | (17) | (17) | |||
Equity compensation plan | 2 | (2) | |||
Exercise of stock options | 11 | 781 | 792 | ||
Stock-based compensation | 2,316 | (146) | 2,170 | ||
Other | (148) | 252 | 104 | ||
Balance at Jun. 30, 2021 | 124,500 | 3,393,372 | 1,403,041 | (84,098) | 4,836,815 |
Net income | 50,503 | 50,503 | |||
Dividends declared | (67,758) | (67,758) | |||
Issuance of common stock from stock purchase contracts | 3,350 | 296,389 | 299,739 | ||
Issuance of common stock under dividend reinvestment plan | 64 | (64) | |||
Issuance of common stock from forward equity sale agreement | 46 | 4,295 | 4,341 | ||
Repurchase of stock | (8) | (8) | |||
Equity compensation plan | 2 | (2) | |||
Exercise of stock options | 28 | 1,759 | 1,787 | ||
Stock-based compensation | 2,328 | (155) | 2,173 | ||
Other | 18 | 252 | 270 | ||
Balance at Sep. 30, 2021 | $ 127,990 | $ 3,698,095 | $ 1,385,631 | $ (83,854) | 5,127,862 |
Retained earnings | $ 1,385,631 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Consolidated Statements Of Equity (Parenthetical) [Abstract] | ||||||
Dividend declared per common share | $ 0.2682 | $ 0.2507 | $ 0.2507 | $ 0.2507 | $ 0.2343 | $ 0.2343 |
Issuance of common stock from private placement, shares | 21,661,095 | |||||
Issuance of common stock from stock purchase contracts , shares | 6,700,000 | 2,335,654 | ||||
Issuance of common stock under dividend reinvestment plan, shares | 127,749 | 90,654 | 98,904 | 104,637 | 100,148 | 86,969 |
Issuance of common stock from forward equity sale agreement , shares | 92,993 | |||||
Repurchase of stock, shares | 176 | 364 | 76,105 | 44 | 100 | 81,722 |
Equity compensation plan, shares | 5,337 | 4,874 | 192,407 | 6,088 | 4,594 | 223,495 |
Exercise of stock options, shares | 54,672 | 22,786 | 20,201 | 4,270 | 3,411 | 56,106 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 315,106 | $ 182,142 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Depreciation and amortization | 221,623 | 186,078 |
Deferred income taxes | 12,645 | 1,120 |
Provision for doubtful accounts | 21,220 | 23,598 |
Stock-based compensation | 7,343 | 5,842 |
Gain on sale of utility systems and other assets | (1,208) | (339) |
Net change in receivables, inventory and prepayments | (20,488) | 24,886 |
Net change in payables, accrued interest, accrued taxes and other accrued liabilities | 16,181 | 12,431 |
Pension and other postretirement benefits contributions | (15,109) | (16,100) |
Other | 4,539 | 997 |
Net cash flows from operating activities | 561,852 | 420,655 |
Cash flows from investing activities: | ||
Property, plant and equipment additions, including the debt component of allowance for funds used during construction of $2,885 and $2,957 | (675,845) | (554,141) |
Acquisitions of utility systems, net | (36,325) | (3,467,032) |
Net proceeds from the sale of other assets | 1,420 | 1,063 |
Other | (120) | 465 |
Net cash flows used in investing activities | (710,870) | (4,019,645) |
Cash flows from financing activities: | ||
Customers' advances and contributions in aid of construction | 12,473 | 7,475 |
Repayments of customers' advances | (3,091) | (3,992) |
Net repayments of short-term debt | (31,616) | (160,420) |
Proceeds from long-term debt | 795,153 | 2,957,663 |
Repayments of long-term debt | (717,816) | (1,647,354) |
Change in cash overdraft position | (23,255) | 18,166 |
Proceeds from issuance of common stock under dividend reinvestment plan | 12,597 | 12,322 |
Proceeds from issuance of common stock from private placement | 729,301 | |
Proceeds from issuance of common stock from forward equity sale agreement | 299,739 | |
Proceeds from exercised stock options | 3,293 | 1,215 |
Repurchase of common stock | (3,287) | (4,345) |
Dividends paid on common stock | (190,862) | (171,079) |
Other | 599 | (390) |
Net cash flows from financing activities | 153,927 | 1,738,562 |
Net change in cash and cash equivalents | 4,909 | (1,860,428) |
Cash and cash equivalents at beginning of period | 4,827 | 1,868,922 |
Cash and cash equivalents at end of period | 9,736 | 8,494 |
Non-cash investing activities: | ||
Property, plant and equipment additions purchased at the period end, but not yet paid for | 78,727 | 96,982 |
Non-cash customer advances and contributions in aid of construction | $ 30,075 | $ 28,321 |
Consolidated Statements Of Ca_3
Consolidated Statements Of Cash Flow (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Consolidated Statements Of Cash Flow [Abstract] | ||
Debt component of allowance for funds used during construction | $ 2,885 | $ 2,957 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated balance sheets and statements of capitalization of Essential Utilities, Inc. and subsidiaries (collectively, the “Company”, “we”, “us” or “our”) at September 30, 2021, the unaudited consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2021 and 2020, and the unaudited consolidated statements of cash flows and consolidated statements of equity for the nine months ended September 30, 2021 and 2020, have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim reporting and the rules and regulations for reporting on Quarterly Reports on Form 10-Q. Because they cover interim periods, the statements and related notes to the financial statements do not include all disclosures and notes normally provided in annual financial statements and, therefore, should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments, consisting of only recurring accruals, which are necessary to present a fair statement of its consolidated financial position, consolidated changes in equity, consolidated results of operations, and consolidated cash flow for the periods presented, have been made. The preparation of financial statements often requires the selection of specific accounting methods and policies. Further, significant estimates and judgments may be required in selecting and applying those methods and policies in the recognition of the assets and liabilities in its consolidated balance sheets, the revenues and expenses in its consolidated statements of operations and comprehensive income, and the information that is contained in its summary of significant accounting policies and notes to consolidated financial statements. Making these estimates and judgments requires the analysis of information concerning events that may not yet be complete and of facts and circumstances that may change over time. Accordingly, actual amounts or future results can differ materially from those estimates that the Company includes currently in its consolidated financial statements, summary of significant accounting policies, and notes. In the preparation of these financial statements and related disclosures, we have assessed the impact that the COVID-19 pandemic has had on our estimates, assumptions, forecasts, and accounting policies. Because of the essential nature of our business, we do not believe the COVID-19 pandemic had a material impact on our estimates, assumptions and forecasts used in the preparation of our financial statements, although we continue to monitor this closely. As the COVID-19 pandemic is continuing to evolve, future events and effects related to the COVID-19 pandemic cannot be determined with precision, and actual results could significantly differ from our estimates or forecasts. There have been no changes to the summary of significant accounting policies previously identified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 2 – Revenue Recognition The following table presents our revenues disaggregated by major source and customer class: Three Months Ended Three Months Ended September 30, 2021 September 30, 2020 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Water Revenues Wastewater Revenues Natural Gas Revenues Other RevenuesRevenues from contracts with customers: Residential $ 148,247 $ 25,147 $ 49,838 $ - $ 157,387 $ 24,175 $ 46,913 $ -Commercial 42,318 5,839 9,534 - 41,693 4,794 7,993 -Fire protection 8,866 - - - 8,535 - - -Industrial 8,217 401 415 - 9,022 388 1,407 -Gas transportation & storage - - 27,794 - - - 26,248 -Other water 14,539 - - - 9,524 - - -Other wastewater - 2,495 - - - 1,462 - -Customer rate credits - - - - (3,757) (323) - -Other utility - - 7,488 3,241 - - 5,763 6,548 Revenues from contracts with customers 222,187 33,882 95,069 3,241 222,404 30,496 88,324 6,548 Alternative revenue program 527 22 - - (341) (143) - -Other and eliminations - - - 6,932 - - 556 803 Consolidated$ 222,714 $ 33,904 $ 95,069 $ 10,173 $ 222,063 $ 30,353 $ 88,880 $ 7,351 Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 Water Revenues Wastewater Revenues Natural Gas RevenuesOther Revenues Water Revenues Wastewater Revenues Natural Gas Revenues Other RevenuesRevenues from contracts with customers: Residential $ 425,519 $ 73,820 $ 347,790 $ - $ 431,022 $ 70,421 $ 156,004 $ -Commercial 113,473 16,102 65,404 - 108,311 14,186 23,887 -Fire protection 26,830 - - - 26,437 - - -Industrial 22,954 1,256 1,894 - 22,597 1,230 3,721 -Gas transportation & storage - - 143,387 - - - 75,951 -Other water 37,696 - - - 23,378 - - -Other wastewater - 6,808 - - - 3,449 - -Customer rate credits - - - - (3,757) (323) - -Other utility - - 22,639 10,556 - - 12,672 16,088 Revenues from contracts with customers 626,472 97,986 581,114 10,556 607,988 88,963 272,235 16,088 Alternative revenue program 1,357 18 206 - (281) (248) 154 -Other and eliminations - - - 24,748 - - 1,409 2,392 Consolidated$ 627,829 $ 98,004 $ 581,320 $ 35,304 $ 607,707 $ 88,715 $ 273,798 $ 18,480 On March 16, 2020, the Company completed the Peoples Gas Acquisition, which expanded the Company’s regulated utility business, to include natural gas distribution. The natural gas revenues of Peoples are included for the period since the date of the acquisition. 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 consist 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 represent 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; 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: 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. 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 Financial Accounting Standards Board’s (“FASB”) accounting guidance for recognizing revenue from contracts with customers. Other and Eliminations – Other and eliminations consist of our market-based revenues, which comprises: our non-regulated natural gas operations, Aqua Infrastructure and Aqua Resources (described below) and intercompany eliminations for revenue billed between our subsidiaries. Our non-regulated natural gas operations consist of utility service line protection solutions and repair services to households and the operations of gas marketing and production entities. Revenue is recognized and the performance obligation is satisfied over time as the service is delivered. Aqua Infrastructure is the holding company for our former 49% investment in a joint venture that operated a private pipeline system to supply raw water to natural gas well drilling operations in the Marcellus Shale of north central Pennsylvania. Prior to our October 30, 2020 sale of our investment in the joint venture, the joint venture earned revenues through providing non-utility raw water supply services to natural gas drilling companies which enter into water supply contracts. The performance obligation was to deliver non-potable water to the joint venture’s customers. Aqua Infrastructure’s share of the revenues recognized by the joint venture was reflected, net, in equity earnings in joint venture on our consolidated statements of operations and comprehensive income. Aqua Resources earned revenues by providing non-regulated water and wastewater services through an operating and maintenance contract which concluded in 2020, and continues to earn revenue through third party water and sewer service line protection and repair services. For the contract operations and maintenance business, the performance obligations were performing agreed upon contract services to operate the water and wastewater system. For the 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. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3 – Acquisitions Peoples Gas Acquisition On March 16, 2020 (the “Closing Date”), the Company completed the acquisition of Peoples Natural Gas (the “Peoples Gas Acquisition”), which expanded the Company’s regulated utility business to include natural gas distribution, serving approximately 750,000 natural gas utility customers in western Pennsylvania, West Virginia and Kentucky. The Company paid cash consideration of $3,465,344, which was subject to adjustment based upon the terms of the purchase agreement. Purchase price adjustments included the completion of a closing balance sheet, which was provided to the seller, and an adjustment for utility capital expenditures made by the seller during the period between November 1, 2018 and the Closing Date. In November 2021, the dispute between the parties regarding the adjustment for utility capital expenditures was resolved in accordance with the provisions of the purchase agreement and an inconsequential payment will be made between the parties. The purchase price paid by the Company was determined as follows: Base purchase price$ 4,275,000 Adjustments: Estimated change in working capital 43,935 Certain estimated capital expenditures 247,500 Assumption of indebtedness (1,101,091)Cash consideration$ 3,465,344 The assumption of $1,101,091 of indebtedness as of the Closing Date, consisted of $920,091 of senior notes and $181,000 of short-term debt. The acquisition was financed through a series of financing transactions which included the issuance of common stock from a public offering and a private placement, a tangible equity unit offering, and short and long-term debt. The Company accounted for the Peoples Gas Acquisition as a business combination using the acquisition method of accounting. The purchase price was allocated to the net tangible and intangible assets based upon their estimated fair values at the date of the acquisition. The purchase price allocation was preliminary and was subject to revision through the end of the measurement period on March 15, 2021. During the first quarter of 2021, the Company recorded an adjustment to increase goodwill by $16,400 primarily reflecting an adjustment to deferred income taxes and the valuation of accounts receivable. Goodwill recorded for the Peoples Gas Acquisition is not expected to be deductible for tax purposes. The following table summarizes the purchase price allocation as of the acquisition date and measurement period adjustments as of March 15, 2021: Amounts Amounts Previously Measurement Recognized as of Recognized as of Period Acquisition Date Acquisition Date (a) Adjustments (as Adjusted)Property, plant and equipment, net$ 2,476,551 $ - $ 2,476,551 Current assets 242,531 (9,197) 233,334 Regulatory assets 286,751 (22,293) 264,458 Goodwill 2,261,047 16,400 2,277,447 Other long-term assets 75,071 - 75,071 Total assets acquired 5,341,951 (15,090) 5,326,861 Current portion of long-term debt 5,136 - 5,136 Loans payable 181,000 - 181,000 Other current liabilities 186,120 (200) 185,920 Long-term debt 999,460 - 999,460 Deferred income taxes 213,647 (20,522) 193,125 Regulatory liabilities 123,029 6,389 129,418 Other long-term liabilities 168,215 (757) 167,458 Total liabilities assumed 1,876,607 (15,090) 1,861,517 Net assets acquired$ 3,465,344 $ - $ 3,465,344 (a)As reported, the Essential Utilities, Inc. Form 10-K for the period ended December 31, 2020. The Company incurred transaction-related expenses for the Peoples Gas Acquisition, which consisted of costs recorded as operations and maintenance expenses in the first quarter of 2020 of $25,397 primarily representing expenses associated with investment banking fees, including bridge financing, employee related costs, obtaining regulatory approvals, legal expenses, and integration planning. There were no further transaction-related expenses for the Peoples Gas Acquisition after the first quarter of 2020. The results of Peoples have been included in our consolidated financial statements as of the Closing Date. Peoples contributed revenues of $280,300 and earnings of $6,131 for the period from the Closing Date to September 30, 2020. The following pro forma summary presents consolidated unaudited information as if the Peoples Gas Acquisition had occurred on January 1, 2019: Three Months Ended Nine Months Ended September 30, 2020 September 30,2020Operating revenues$ 348,647 $ 1,269,768Net income 55,732 264,785 The supplemental pro forma information is not necessarily representative of the actual results that may have occurred for the period or of the results that may occur in the future. This supplemental pro forma information is based upon the historical operating results of Peoples for the period prior to the Closing Date and is adjusted to reflect the effect of non-recurring acquisition-related costs, incurred in 2020 as if they occurred on January 1, 2019. The adjustments include $20,628 ($25,197 pre-tax) of expenses incurred in 2020, primarily associated with investment banking fees, obtaining regulatory approvals, legal expenses and other direct costs of the Peoples Gas Acquisition, adjustments to reflect net acquisition financing as of January 1, 2019 of $10,700 ($14,342 pre-tax), the elimination of interest on debt that was not assumed in the acquisition of $2,448 ($3,442 pre-tax), and the elimination of a management fee charged quarterly to Peoples by its former parent company of $885 ($1,245 pre-tax). Associated with the approval of the Peoples Gas Acquisition from the Pennsylvania Public Utility Commission, the Company committed to addressing the replacement of gathering pipe over a seven year timeframe for an estimated cost of $120,000, which will be recoverable through customer rates. Additionally, the Company committed to provide $23,004 of one-time customer rate credits to its Pennsylvania natural gas utility customers and water and wastewater customers served by Aqua Pennsylvania, Inc. (“Aqua Pennsylvania”). The Company granted $4,080 of customer rate credits to its water and wastewater customers during the third quarter of 2020, and $18,924 to its natural gas utility customers in the fourth quarter of 2020 to satisfy the $23,004 commitment. Water and Wastewater Utility Acquisitions - Completed 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. In December 2020, the Company acquired the wastewater utility system assets of New Garden Township, Pennsylvania, which serves 1,965 customers. The total cash purchase price for the utility system was $29,944. In October 2020, the Company acquired the water and wastewater utility system of Rockwell Utilities, which serves 514 customers in the Village of Lakemoor in Lake County, Illinois. The total cash purchase price for the utility system was $4,859. In June 2020, the Company acquired the wastewater utility system assets of East Norriton Township, Pennsylvania, which serves 4,947 customers. The total cash purchase price for the utility system was $21,000. In January 2020, the Company acquired the water utility system assets of the City of Campbell, Ohio, which serves 3,126 customers. The total cash purchase price for the utility system was $7,472. The purchase price allocation for these acquisitions consisted primarily of acquired property, plant and equipment. The pro forma effect of the utility systems acquired is not material either individually or collectively to the Company’s results of operations. Water and Wastewater Utility Acquisitions – Pending Completion 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.In July 2021, the Company entered into a purchase agreement to acquire the water utility assets of Shenandoah Borough, Pennsylvania which consists of approximately 2,930 customers for $12,000. In April 2021, the Company entered into a purchase agreement to acquire certain water or wastewater utility assets of Oak Brook, Illinois which consists of approximately 2,121 customers for $12,500. In January 2021, the Company entered into purchase agreements to acquire, in separate transactions, the wastewater utility system assets of East Whiteland Township, Pennsylvania and Willistown Township, Pennsylvania which consist of approximately 10,500 customers for $72,400. In September 2020, the Company entered into a purchase agreement to acquire the wastewater utility system assets of Lower Makefield Township, Pennsylvania, which consists of approximately 11,000 customers for $53,000. The purchase price for these pending acquisitions are subject to certain adjustments at closing, and are 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. The closing for the wastewater assets of Lower Makefield Township is expected to occur in the first quarter of 2022, and the closings of our acquisitions of East Whiteland Township and Willistown Township are expected to occur in the second quarter of 2022. The closings of our Shenandoah and Beaver Falls acquisitions are expected to occur in the second half of 2022. The closing of our Oak Brook acquisition is expected to occur in the fourth quarter of 2022. Closing for our utility acquisitions are subject to the timing of the respective regulatory approval processes. 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. In May 2020, Delaware County, Pennsylvania filed a lawsuit alleging that DELCORA does not have the legal authority to establish and fund a customer trust with the net proceeds of the transaction. In December 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) that the establishment of the customer trust was valid. Delaware County appealed this decision to Commonwealth Court of Pennsylvania, where this case is continuing. A three-judge panel heard oral arguments on October 18, 2021; a decision is expected in the next several months. The administrative law judges in the regulatory approval process recommended that the Company’s application be denied, and subsequently, the Company provided exceptions to the recommended decision. On March 25, 2021, the Pennsylvania Public Utility Commission ruled that the case be remanded back to the Office of Administrative Law Judge and vacated the original administrative law judges’ decision. On April 16, 2021, the administrative law judge issued an order staying the proceeding until the Delaware County Court lawsuit is final and unappealable. 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 by the issuance of common stock and by utilizing our revolving credit facility until permanent debt is secured. Closing of our acquisition of DELCORA is expected to occur in 2022, subject to the timing of the regulatory approval process and DELCORA’s above-referenced litigation with Delaware County. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill [Abstract] | |
Goodwill | Note 4 – Goodwill The following table summarizes the changes in the Company’s goodwill, by business segment: Regulated Water Regulated Natural Gas Other ConsolidatedBalance at December 31, 2020 $ 58,659 $ 2,261,047 $ 4,841 $ 2,324,547Goodwill acquired - - - -Measurement period purchase price allocation adjustments - 16,400 - 16,400Reclassification to utility plant acquisition adjustment (111) - - (111)Balance at September 30, 2021 $ 58,548 $ 2,277,447 $ 4,841 $ 2,340,836 The measurement period purchase price allocation adjustments resulted from the completion of the Peoples Gas Acquisition on March 16, 2020, which resulted in goodwill of $2,277,447 which was subject to adjustment over the one year measurement period that ended on March 15, 2021. Refer to Note 3 – Acquisitions for information about the goodwill attributed to our Regulated Natural Gas segment. The reclassification of goodwill to utility plant acquisition adjustment results from a mechanism approved by the applicable utility commission. The mechanism provides for the transfer over time, and the recovery through customer rates, of goodwill associated with some acquisitions upon achieving specific objectives. Goodwill is not amortized but is tested for impairment annually, or more often, if circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. When testing goodwill for impairment, the Company may assess qualitative factors, including macroeconomic conditions, industry and market considerations, 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, 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 carrying amount of goodwill. The Company performed a quantitative assessment for its annual test of the goodwill attributable to its Regulated Natural Gas reporting unit as of July 31, 2021. We estimated the fair value of the reporting unit by weighting results from the market approach and the income approach. Key assumptions in the valuation methodologies for goodwill included growth rates, terminal value, discount rates, and comparable multiples from publicly traded companies in our industry. Based on our analysis, we determined that the fair values of our Regulated Natural Gas reporting unit exceeded their carrying values, indicating none of its goodwill was impaired. The Company performed a qualitative assessment for its Regulated Water and Aqua Resources reporting units as of July 31, 2021, and concluded that it is more likely than not that the fair value of each reporting unit, which has goodwill recorded, exceeded its carrying amount, indicating that none of their goodwill was impaired. |
Disposition
Disposition | 9 Months Ended |
Sep. 30, 2021 | |
Disposition [Abstract] | |
Disposition | Note 5 –Disposition In October 2020, the Company sold its investment in a joint venture. Its investment represented its 49% investment in a joint venture that operates a private pipeline system to supply raw water to natural gas well drilling operations in the Marcellus Shale of north central Pennsylvania. This investment was an unconsolidated affiliate and was accounted for under the equity method of accounting within our Aqua Infrastructure subsidiary. In the third quarter of 2020, we recorded a charge of $3,700 for the write-down of the Company’s investment associated with the sale, which was reported in equity loss in joint venture. |
Capitalization
Capitalization | 9 Months Ended |
Sep. 30, 2021 | |
Capitalization [Abstract] | |
Capitalization | Note 6 – Capitalization 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. Stockholders’ Equity 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 settled the forward equity sale agreement in full 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 acquisitions, working capital and capital expenditures. The forward equity sale agreement has now been completely settled, and there are no additional shares subject to the forward equity sale agreement. Private Placement On March 29, 2019, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Canada Pension Plan Investment Board (the “Investor”), pursuant to which the Company agreed to issue and sell to the Investor in a private placement (the “Private Placement”) 21,661,095 newly issued shares of common stock, par value $0.50 per share (the “Common Stock”). On March 16, 2020, in connection with the closing of the Peoples Gas Acquisition, the Company closed on the Private Placement and received gross proceeds of $749,907, less expenses of $20,606. In June 2021, the Company filed a registration statement on Form S-3 ASR registering the Private Placement shares for resale. The shares issued and sold to the Investor pursuant to the Private Placement were to be priced at the lower of (1) $34.62, which represents a 4.5% discount to the trailing 20 consecutive trading day volume weighted average price of the Common Stock ending on, and including, March 28, 2019, and (2) the volume weighted average price per share in the Company’s subsequent public offering of Common Stock to fund a portion of the Peoples Gas Acquisition. The Stock Purchase Agreement contains customary representations, warranties and covenants of the Company and the Investor, and the parties have agreed to indemnify each other for losses related to breaches of their respective representations and warranties. At the closing of the Private Placement, the Company reimbursed the Investor for reasonable out-of-pocket diligence expenses of $4,000. 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 permanent financing to close the Peoples Gas Acquisition. Each Unit consists of a prepaid stock purchase contract and an amortizing note due April 30, 2022, each issued by the Company. Unless earlier settled or redeemed, each stock purchase contract will automatically settle on April 30, 2022 (subject to postponement in limited circumstances) for between 1.1790 and 1.4442 shares of the Company’s common stock, subject to adjustment, based upon the applicable market value of the common stock, as described in the final prospectus supplement relating to the Units. During the nine months ended September 30, 2021, 107,904 stock purchase contracts were early settled by the holders of the contracts, resulting in the issuance of 127,749 shares of the Company’s common stock. As of September 30, 2021, the balance of stock purchase contracts is 7,603,234. The amortizing notes have an initial principal amount of $8.62909, or $119,081 in aggregate, and bear interest at a rate of 3.00% per year, and pay 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 will constitute a payment of interest and a partial repayment of principal, and which cash payment in the aggregate will be equivalent to 6.00% per year with respect to each $50 stated amount of the Units. The amortizing notes represent unsecured senior obligations of the Company. Long-term Debt and Loans Payable On April 15, 2021, the Company’s operating subsidiary, Aqua Ohio, Inc., issued $100,000 of first mortgage bonds, of which $50,000 is due in 2031 and $50,000 is due in 2051, with interest rates of 2.37% and 3.35%, respectively. The proceeds from these bonds were used for general corporate purposes and to repay existing indebtedness. Further, on April 19, 2021, the Company issued $400,000 of long-term debt, less expenses of $4,010, which is due in 2031 with an interest rate of 2.40%. The Company used the proceeds from this issuance to repay $50,000 of borrowings under the Aqua Pennsylvania revolving credit facility, and the balance was used to repay in full the borrowings under its existing five year unsecured revolving credit agreement. The Company completed the Peoples Gas Acquisition on March 16, 2020, which resulted in the assumption of $1,101,091 of indebtedness, which includes $920,091 of senior notes and $181,000 of short-term debt. The senior notes have maturities ranging from 2020 to 2032 and interest rates that range from 2.90% to 6.42%. The short-term debt assumed at closing was repaid with the proceeds from the Company’s subsequent April 2020 long-term debt issuance. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments [Abstract] | |
Financial Instruments | Note 7 – Financial Instruments 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: lLevel 1: unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access; lLevel 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 lLevel 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. 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 quarter ended September 30, 2021. Financial instruments are recorded at carrying value in the financial statements and approximate fair value 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 September 30, 2021 and December 31, 2020, the carrying amount of the Company’s loans payable was $46,582 and $78,198, 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 September 30, 2021 and December 31, 2020, the carrying amounts of the Company's cash and cash equivalents was $9,736 and $4,827, 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 September 30, 2021 and December 31, 2020, the carrying amount of these securities was $28,895 and $25,780, respectively, which equates to their fair value, and is reported in the consolidated balance sheet in deferred charges and other assets. Unrealized gain and losses on equity securities held in conjunction with our non-qualified pension plan is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Net gain recognized during the period on equity securities $ 196 $ 305 $ 695 $ 244Less: net gain / loss recognized during the period on equity securities sold during the period - - - -Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ 196 $ 305 $ 695 $ 244 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: September 30, December 31, 2021 2020Carrying amount $ 5,702,379 $ 5,630,243Estimated fair value 6,299,160 6,366,030 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 $110,939 as of September 30, 2021, and $99,014 as of December 31, 2020. 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 2031, 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. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Net Income Per Common Share [Abstract] | |
Net Income Per Common Share | Note 8 – Net Income per Common Share Basic net income per common share is based on the weighted average number of common shares outstanding and the minimum number of shares to be issued upon settlement of the stock purchase contracts issued under the tangible equity units. Diluted net income per common share is based on the weighted average number of common shares outstanding, potentially dilutive shares, and the expected number of shares to be issued upon settlement of the stock purchase contracts issued under the tangible equity units, based on the applicable market value of our common stock. 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 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 common share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Average common shares outstanding during the period for basic computation 258,773 254,280 256,051 248,212Effect of dilutive securities: Forward equity sale agreement 223 - 216 -Issuance of common stock from private placement - - - 5,929Tangible equity units - 591 - 615Employee stock-based compensation 441 291 496 383Average common shares outstanding during the period for diluted computation 259,437 255,162 256,763 255,139 For the three and nine months ended September 30, 2020, the average common shares outstanding during the period for diluted computation reflects the impact of the issuance of common stock from the March 16, 2020 private placement as if the shares were issued on January 1, 2020. The average common shares outstanding during the period for basic computation includes the weighted-average impact of 9,022,040 and 9,067,879 shares for the three and nine months ended September 30, 2021, respectively, and 9,091,179 and 9,464,482 shares for the three and nine months ended September 30, 2020, respectively, based on the minimum number of shares of 8,964,213 to be issued in April 2022 upon settlement of the stock purchase contracts issued in April 2019 under the tangible equity units. Further, for the three and nine months ended September 30, 2020, average common shares outstanding during the period for diluted computation includes the impact of the additional shares to be issued in April 2022 upon settlement of the stock purchase contracts based on the threshold appreciation price of $42.41. For the three and nine months ended September 30, 2021 and 2020, all of the Company’s outstanding employee stock options were included in the calculations of diluted net income per share as the calculated cost to exercise employee 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. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 9 – Stock-based Compensation 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 awards, 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 Company 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 of the Company, 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 September 30, 2021, 1,955,579 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 – 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 period, which is generally three years. 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 following table provides compensation costs for stock-based compensation related to PSUs: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 1,285 $ 918 $ 4,216 $ 2,364Income tax benefit 365 252 1,191 660 The following table summarizes the PSU transactions for the nine months ended September 30, 2021: Number Weighted of Average Share Units Fair ValueNonvested share units at beginning of period 283,007 $ 34.57Granted 152,068 43.18Performance criteria adjustment 27,643 53.62Forfeited (5,588) 45.84Share units issued (141,328) 31.36Nonvested share units at end of period 315,802 41.51 A portion of the fair value of PSUs was estimated at the grant date based on the probability of satisfying the market-based conditions using the Monte Carlo valuation method, which assesses probabilities of various outcomes of market conditions. The other portion of the fair value of the PSUs is 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 per unit weighted-average fair value at the date of grant for PSUs granted during the nine months ended September 30, 2021 and 2020 was $43.18 and $55.43, respectively. The fair value of each PSU grant is amortized monthly into compensation expense on a straight-line basis over their respective vesting periods, generally 36 months. The accrual of compensation costs is based on the Company’s 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. Restricted Stock Units – A restricted stock unit (“RSU”) represents the right to receive a share of the Company’s common stock. RSUs are eligible to be earned at the end of a specified restricted period, which is generally three years, beginning on the date of grant. 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 cost and income tax benefit for stock-based compensation related to RSUs: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 724 $ 550 $ 2,089 $ 1,582Income tax benefit 205 148 586 438 The following table summarizes the RSU transactions for the nine months ended September 30, 2021: Number Weighted of Average Stock Units Fair ValueNonvested stock units at beginning of period 163,906 $ 40.80Granted 85,829 44.44Stock units vested and issued (49,692) 35.33Forfeited (3,325) 43.30Nonvested stock units at end of period 196,718 43.72 The per unit weighted-average fair value at the date of grant for RSUs granted during the nine months ended September 30, 2021 and 2020 was $44.44 and $49.40, respectively. 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 10 years from the grant date, subject to satisfaction of designated performance goals. 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 the compensation cost and income tax benefit for stock-based compensation related to stock options: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 94 $ 279 $ 395 $ 1,046Income tax benefit 27 79 113 296 The Company did not grant stock options for the nine months ended September 30, 2021 and 2020. The following table summarizes stock option transactions for the nine months ended September 30, 2021: Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Life (years) ValueOutstanding at beginning of period 948,270 $ 35.22 Granted - - Forfeited (7,219) 35.91 Expired (984) 33.93 Exercised (97,659) 33.72 Outstanding at end of period 842,408 $ 35.22 7.1 9,009,081 Exercisable at end of period 609,410 $ 35.17 7.0 6,650,661 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: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 11 $ 103 $ 117 $ 220Income tax benefit 3 30 34 64 The following table summarizes restricted stock transactions for the nine months ended September 30, 2021: Number Weighted of Average Shares Fair ValueNonvested restricted stock at beginning of period 13,228 $ 34.02Granted 1,068 46.83Vested (13,228) 34.02Nonvested restricted stock at end of period 1,068 $ 46.83 The weighted-average fair value at the date of the grant for restricted stock awards granted during the nine months ended September 30, 2021 and 2020 was $46.83 and $34.02, respectively. Stock Awards – Stock awards represent the issuance of the Company’s common stock, without restriction. The issuance of stock awards results in compensation expense that is equal to the fair market value of the stock on the grant date and is expensed immediately upon grant. The following table provides the compensation cost and income tax benefit for stock-based compensation related to stock awards: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 175 $ 175 $ 525 $ 520Income tax benefit 51 50 152 150 The following table summarizes stock award transactions for the nine months ended September 30, 2021: Number Weighted of Average Stock Awards Fair ValueNonvested stock awards at beginning of period - $ -Granted 11,487 45.71Vested (11,487) (45.71)Nonvested stock awards at end of period - - The weighted-average fair value at the date of grant for stock awards granted during the nine months ended September 30, 2021 and 2020 was $45.71 and $40.54, respectively. |
Pension Plans And Other Postret
Pension Plans And Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2021 | |
Pension Plans And Other Postretirement Benefits [Abstract] | |
Pension Plans And Other Postretirement Benefits | Note 10 – Pension Plans and Other Postretirement Benefits The Company maintains a qualified defined benefit pension plan (the “Pension Plan”), a nonqualified pension plan, and other postretirement benefit plans for certain of its employees. On March 16, 2020, we completed the Peoples Gas Acquisition and assumed the pension and other postretirement benefit plans for its employees. The operating results of Peoples has been included in our consolidated financial statements since the date of acquisition. On April 1, 2020, the Company merged the pension plans acquired in the Peoples Gas Acquisition into the Company’s legacy Pension Plan. The following tables provide the components of net periodic benefit cost for the Company’s pension and other postretirement benefit plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Service cost $ 775 $ 992 $ 2,728 $ 2,783Interest cost 3,351 3,642 9,667 10,003Expected return on plan assets (5,733) (5,676) (17,432) (15,573)Amortization of prior service cost 140 148 419 444Amortization of actuarial loss 555 1,992 2,352 5,976Net periodic benefit cost $ (912) $ 1,098 $ (2,266) $ 3,633 Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Service cost $ 698 $ 662 $ 2,094 $ 1,614Interest cost 840 989 2,520 2,707Expected return on plan assets (1,039) (1,111) (3,117) (2,969)Amortization of prior service credit (108) (116) (324) (348)Amortization of actuarial loss 55 156 165 468Net periodic benefit cost $ 446 $ 580 $ 1,338 $ 1,472 The net periodic benefit cost is based on estimated values and 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. The Company presents the components of net periodic benefit cost other than service cost in the consolidated statements of operations and comprehensive income on the line item “Other”. The Company made cash contributions of $14,775 to its Pension Plan during the first nine months of 2021, which completed the Company’s expected cash contributions for the year. During the second quarter of 2021, the Company remeasured its Pension Plan’s obligations and assets due to a plan amendment, effective May 1, 2021, that ended benefit accrual for a certain group of participants in the Pension Plan. The remeasurement resulted in a decrease in pension benefit obligation and regulatory assets totaling $20,732, of which $17,520 is attributable to the increase in the discount rate assumption from 2.57% at December 31, 2020 to 3.08% at May 1, 2021, and $3,212 is due to the curtailment of benefits. All other assumptions used for the remeasurement were consistent with the valuation as of December 31, 2020. |
Rate Activity
Rate Activity | 9 Months Ended |
Sep. 30, 2021 | |
Rate Activity [Abstract] | |
Rate Activity | Note 11 – Rate Activity On August 20, 2021, the Company’s regulated water and wastewater operating subsidiary in Pennsylvania, Aqua Pennsylvania, filed an application with the Pennsylvania Public Utility Commission designed to increase rates by $97,685 or 17.9% on an annual basis. The Company anticipates a final order to be issued by May 2022. Base rate cases are also underway for our water and wastewater utility operating division in Ohio and our natural gas utility operating division in Kentucky. During the first nine months of 2021, the Company’s water and wastewater utility operating divisions in New Jersey, Ohio, Virginia and Indiana were granted base rate increases designed to increase total operating revenues on an annual basis by $2,643 and one of its gas utility operating divisions in Kentucky was granted a rate increase designed to increase annual revenues by $747. Further, during the first nine months of 2021, the Company received approval to bill infrastructure rehabilitation surcharges designed to increase total operating revenues on an annual basis by $27,025 in its water and wastewater utility operating divisions in Pennsylvania and North Carolina, and by $586 annually in its Kentucky gas division. |
Taxes Other Than Income Taxes
Taxes Other Than Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Taxes Other Than Income Taxes [Abstract] | |
Taxes Other Than Income Taxes | Note 12 – Taxes Other than Income Taxes The following table provides the components of taxes other than income taxes: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Property $ 8,623 $ 8,437 $ 25,907 $ 23,746Gross receipts, excise and franchise 4,223 4,023 11,857 10,724Payroll 5,082 4,788 16,556 13,760Regulatory assessments 951 867 2,637 2,266Pumping fees 1,752 1,941 4,343 4,509Other 427 499 1,919 1,419Total taxes other than income $ 21,058 $ 20,555 $ 63,219 $ 56,424 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Information [Abstract] | |
Segment Information | Note 13 – Segment Information On March 16, 2020, the Company completed the Peoples Gas Acquisition, marking the Company’s entrance into the regulated natural gas business. The operating results of Peoples are included in the consolidated financial statements for the period since the acquisition date. As a result, the Company now has twelve operating segments and two reportable segments. 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, acquired in the Peoples Gas Acquisition, for which the Company provides natural gas distribution services. In addition to the Company’s two reportable segments, we include three of our operating segments within the Other category below. These segments are not quantitatively significant and are comprised of our non-regulated natural gas operations, Aqua Infrastructure, and Aqua Resources. Our 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. Prior to our October 30, 2020 sale of investment in joint venture, Aqua Infrastructure provided non-utility raw water supply services for firms in the natural gas drilling industry. 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, including 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 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. The following table presents information about the Company’s reportable segments, including the operating results and capital expenditures of the Regulated Natural Gas segment for the period since the completion of the Peoples Gas Acquisition on March 16, 2020: Three Months Ended Three Months Ended September 30, 2021 September 30, 2020 Regulated Water Regulated Natural Gas Other Consolidated Regulated Water Regulated Natural Gas Other ConsolidatedOperating revenues $ 259,859 $ 94,752 $ 7,249 $ 361,860 $ 255,725 $ 88,880 $ 4,042 $ 348,647 Operations and maintenance expense 86,923 53,954 (1,522) 139,355 79,313 59,560 (2,699) 136,174 Purchased gas - 20,386 5,102 25,488 - 14,841 1,903 16,744 Depreciation and amortization 45,506 28,194 807 74,507 42,955 25,793 1,193 69,941 Taxes other than income taxes 16,291 4,271 496 21,058 15,906 4,145 504 20,555 Operating income (loss) 111,139 (12,053) 2,366 101,452 117,551 (15,459) 3,141 105,233 Interest expense, net 27,389 18,406 5,772 51,567 27,063 9,333 13,351 49,747 Allowance for funds used during construction (5,407) (675) - (6,082) (3,082) (461) - (3,543)Equity loss in joint venture - - - - - - 3,626 3,626 Other (1,896) 5,329 266 3,699 110 (761) (3,709) (4,360)Income before income taxes 91,053 (35,113) (3,672) 52,268 93,460 (23,570) (10,127) 59,763 Provision for income taxes (benefit) 9,230 (6,821) (644) 1,765 8,081 (1,219) (2,831) 4,031 Net income (loss) $ 81,823 $ (28,292) $ (3,028) $ 50,503 $ 85,379 $ (22,351) $ (7,296) $ 55,732 Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 Regulated Water Regulated Natural Gas Other Consolidated Regulated Water Regulated Natural Gas Other ConsolidatedOperating revenues $ 736,389 $ 579,429 $ 26,639 $ 1,342,457 $ 706,008 $ 273,798 $ 8,894 $ 988,700 Operations and maintenance expense 243,071 157,614 (8,740) 391,945 229,652 120,192 21,571 371,415 Purchased gas - 183,062 19,476 202,538 - 68,807 4,127 72,934 Depreciation and amortization 136,189 83,905 1,529 221,623 127,214 56,026 2,838 186,078 Taxes other than income taxes 47,756 13,356 2,107 63,219 45,292 8,799 2,333 56,424 Operating income (loss) 309,373 141,492 12,267 463,132 303,850 19,974 (21,975) 301,849 Interest expense, net 80,971 56,125 16,551 153,647 78,500 21,260 31,544 131,304 Allowance for funds used during construction (13,091) (831) - (13,922) (7,905) (816) - (8,721)Equity loss in joint venture - - - - - - 3,283 3,283 Other (5,265) 4,462 (1,213) (2,016) 477 (1,516) (2,489) (3,528)Income before income taxes 246,758 81,736 (3,071) 325,423 232,778 1,046 (54,313) 179,511 Provision for income taxes (benefit) 22,056 (11,128) (611) 10,317 18,402 (8,131) (12,902) (2,631)Net income (loss) $ 224,702 $ 92,864 $ (2,460) $ 315,106 $ 214,376 $ 9,177 $ (41,411) $ 182,142 Capital expenditures $ 404,894 $ 269,958 $ 993 $ 675,845 $ 376,064 $ 134,632 $ 43,445 $ 554,141 September 30, December 31, 2021 2020Total assets: Regulated water $ 8,301,201 $ 7,838,034Regulated natural gas 5,748,774 5,303,507Other 186,510 563,736Consolidated $ 14,236,485 $ 13,705,277 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 14 – Commitments and 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 September 30, 2021, the aggregate amount of $18,102 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, the Company has insurance coverage for certain of these loss contingencies, and as of September 30, 2021, estimates that approximately $3,015 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 water customers in one division served by the Company’s Illinois subsidiary. During the second quarter of 2021, an immaterial amount was accrued for the portion of the fine or penalty that we determined to be probable and estimable of being incurred. 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 is vigorously defending against this claim. A claim for the expenses incurred has been submitted to the Company’s insurance carrier for potential recovery of a portion of these costs, and on August 3, 2020, the Company received $2,874 in insurance proceeds. 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 other 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 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 $2,470 at September 30, 2021 and represents a reserve for unpaid claim costs, including an estimate for the cost of incurred but not reported claims. Associated with the approval of the Peoples Gas Acquisition from the Pennsylvania Public Utility Commission, the Company has committed to addressing the replacement of gathering pipe over a seven year timeframe for an estimated cost of $120,000, which will be recoverable through customer rates. Additionally, the Company committed to provide $23,004 of one-time customer rate credits to its Pennsylvania natural gas utility customers and water and wastewater customers served by Aqua Pennsylvania, Inc. In the third quarter of 2020, the Company granted $4,080 of customer rate credits to its water and wastewater customers served by Aqua Pennsylvania and $18,924 was granted to its Pennsylvania natural gas utility customers in the fourth quarter of 2020. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 15 – Income Taxes On March 16, 2020, the Company completed the Peoples Gas Acquisition. On March 31, 2020, the Company changed the method of tax accounting for certain qualifying infrastructure investments at its Peoples Natural Gas subsidiary, its largest natural gas subsidiary in Pennsylvania. This change allows a tax deduction for qualifying utility asset improvement costs that were formerly capitalized for tax purposes. The Company is performing an analysis to determine the ultimate amount of qualifying utility asset improvement costs eligible to be deducted under the IRS’s final tangible property regulations that will be reflected on its 2021 and 2020 Federal Tax Return. As a result, the Company has estimated a portion of its infrastructure investment at Peoples Natural Gas since the acquisition date that will qualify as a utility system repairs deduction for 2021 and 2020. Consistent with the Company’s accounting for differences between book and tax expenditures in Pennsylvania, the Company is utilizing the flow-through method to account for this timing difference. The Company completed its analysis of the income tax benefits for qualifying capital expenditures made prior to March 16, 2020 (“catch-up adjustment”) and recorded a regulatory liability of $160,655 for these tax benefits. In August 2020, the Company filed a petition with the Pennsylvania Public Utility Commission proposing treatment of the catch-up adjustment. On March 11, 2021, the Company and the statutory advocates filed a Joint Petition of Settlement (“Settlement”) representing a settlement of the parties, and, on May 6, 2021, it was approved by the Pennsylvania Public Utility Commission. The Settlement stipulates, among other points, that the catch-up adjustment be provided to utility customers over a five-year period, and the Company can continue to use flow-through accounting for the current tax repair benefit until its next base rate case. The five-year customer surcredit for the catch-up adjustment was initiated in August 2021. In addition, the Company contributed $500 to a customer-bill payment assistance program in July 2021 and in December 2021, will provide $5,000 in relief to past-due accounts for natural gas customers impacted by the COVID-19 pandemic. The Company’s effective tax rate was 3.4% and 3.2% for the three and nine months ended September 30, 2021, respectively. The Company’s effective tax rate was 6.7% and (1.5)% for the three and nine months ended September 30, 2020, respectively. The decrease in the effective tax rate for the third quarter is primarily attributed to an increase in our income tax benefit associated with the tax deduction for qualifying infrastructure. The increase in the effective tax rate for the nine months ended September 30, 2021 over the first nine months of 2020 is due to an increase in income taxed at the statutory Federal and State tax rates partially offset by an increase in the income tax benefit associated with the tax deduction for qualifying infrastructure. The statutory Federal tax rate is 21% for the three and nine months ended September 30, 2021 and 2020. For states with a corporate net income tax, the state corporate net income tax rates range from 2.5% to 9.9% for all periods presented. In determining its interim tax provision, the Company reflects its estimated permanent and flow-through tax differences for the taxable year, including the basis difference for the adoption of the tangible property regulations. Qualifying utility asset improvement costs and the amortization of excess deferred income taxes caused the year-to-date effective tax rate to be significantly different from the statutory rate. In connection with the completion of the Peoples Gas Acquisition, the Company identified changes to acquired deferred tax asset valuation allowances or liabilities related to uncertain tax positions during the one year measurement period, which related to new information obtained about facts and circumstances that existed as of the acquisition date. Those changes are considered a measurement-period adjustment, and an offset was recorded as an adjustment to goodwill. The Company records all other changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions in current-period income tax expense. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 16 – Recent Accounting Pronouncements Pronouncements to be adopted upon the effective date: In August 2020, the FASB issued updated accounting guidance on accounting for convertible instruments and contracts in an entity’s own equity. The updated guidance reduces the number of accounting models for convertible debt and convertible preferred stock instruments and makes certain disclosure amendments intended to improve the information provided to users. Additionally, the guidance also amends the derivative guidance for the “own stock” scope exception, which exempts qualifying instruments from being accounted for as derivatives if certain criteria are met. Further, the standard changes the way certain convertible instruments are treated when calculating earnings per share. The updated accounting guidance is effective for fiscal years beginning after December 15, 2021 with early adoption permitted beginning in 2021. The Company is evaluating the requirements of the updated guidance to determine the impact of adoption. In March 2020, the FASB issued accounting guidance that provides companies with optional guidance, including expedients and exceptions for applying generally accepted accounting principles to contracts and other transactions affected by reference rate reform, such as the London Interbank Offered Rate (LIBOR). In January 2021, the FASB clarified the scope of that accounting standards update with additional guidance for reference rate reform on financial reporting. The accounting guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company is evaluating the impact of this accounting guidance. Pronouncement adopted during the year: In December 2019, the FASB issued updated accounting guidance that simplifies the accounting for income taxes. The updated guidance removes certain exceptions to the general principles of accounting for income taxes to reduce the cost and complexity of its application, including the accounting for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, deferred tax liabilities for equity method investments when a foreign subsidiary becomes an equity method investment or when a foreign equity method investment becomes a subsidiary, and calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the updated guidance clarifies and amends the existing guidance over accounting for franchise taxes and other taxes partially based on income, an entity’s tax basis of goodwill, separate entity financial statements, interim recognition of enactment of tax laws or rate changes, and improvements to the Codification for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. As permitted, we adopted this updated guidance on January 1, 2021, which did not have a material impact on our consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Schedule Of Disaggregation Of Revenue | Three Months Ended Three Months Ended September 30, 2021 September 30, 2020 Water Revenues Wastewater Revenues Natural Gas Revenues Other Revenues Water Revenues Wastewater Revenues Natural Gas Revenues Other RevenuesRevenues from contracts with customers: Residential $ 148,247 $ 25,147 $ 49,838 $ - $ 157,387 $ 24,175 $ 46,913 $ -Commercial 42,318 5,839 9,534 - 41,693 4,794 7,993 -Fire protection 8,866 - - - 8,535 - - -Industrial 8,217 401 415 - 9,022 388 1,407 -Gas transportation & storage - - 27,794 - - - 26,248 -Other water 14,539 - - - 9,524 - - -Other wastewater - 2,495 - - - 1,462 - -Customer rate credits - - - - (3,757) (323) - -Other utility - - 7,488 3,241 - - 5,763 6,548 Revenues from contracts with customers 222,187 33,882 95,069 3,241 222,404 30,496 88,324 6,548 Alternative revenue program 527 22 - - (341) (143) - -Other and eliminations - - - 6,932 - - 556 803 Consolidated$ 222,714 $ 33,904 $ 95,069 $ 10,173 $ 222,063 $ 30,353 $ 88,880 $ 7,351 Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 Water Revenues Wastewater Revenues Natural Gas RevenuesOther Revenues Water Revenues Wastewater Revenues Natural Gas Revenues Other RevenuesRevenues from contracts with customers: Residential $ 425,519 $ 73,820 $ 347,790 $ - $ 431,022 $ 70,421 $ 156,004 $ -Commercial 113,473 16,102 65,404 - 108,311 14,186 23,887 -Fire protection 26,830 - - - 26,437 - - -Industrial 22,954 1,256 1,894 - 22,597 1,230 3,721 -Gas transportation & storage - - 143,387 - - - 75,951 -Other water 37,696 - - - 23,378 - - -Other wastewater - 6,808 - - - 3,449 - -Customer rate credits - - - - (3,757) (323) - -Other utility - - 22,639 10,556 - - 12,672 16,088 Revenues from contracts with customers 626,472 97,986 581,114 10,556 607,988 88,963 272,235 16,088 Alternative revenue program 1,357 18 206 - (281) (248) 154 -Other and eliminations - - - 24,748 - - 1,409 2,392 Consolidated$ 627,829 $ 98,004 $ 581,320 $ 35,304 $ 607,707 $ 88,715 $ 273,798 $ 18,480 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Acquisitions [Abstract] | |
Schedule Of Purchase Price Allocation | Base purchase price$ 4,275,000 Adjustments: Estimated change in working capital 43,935 Certain estimated capital expenditures 247,500 Assumption of indebtedness (1,101,091)Cash consideration$ 3,465,344 |
Preliminary Purchase Price Allocation | Amounts Amounts Previously Measurement Recognized as of Recognized as of Period Acquisition Date Acquisition Date (a) Adjustments (as Adjusted)Property, plant and equipment, net$ 2,476,551 $ - $ 2,476,551 Current assets 242,531 (9,197) 233,334 Regulatory assets 286,751 (22,293) 264,458 Goodwill 2,261,047 16,400 2,277,447 Other long-term assets 75,071 - 75,071 Total assets acquired 5,341,951 (15,090) 5,326,861 Current portion of long-term debt 5,136 - 5,136 Loans payable 181,000 - 181,000 Other current liabilities 186,120 (200) 185,920 Long-term debt 999,460 - 999,460 Deferred income taxes 213,647 (20,522) 193,125 Regulatory liabilities 123,029 6,389 129,418 Other long-term liabilities 168,215 (757) 167,458 Total liabilities assumed 1,876,607 (15,090) 1,861,517 Net assets acquired$ 3,465,344 $ - $ 3,465,344 (a)As reported, the Essential Utilities, Inc. Form 10-K for the period ended December 31, 2020. |
Pro Forma Summary | Three Months Ended Nine Months Ended September 30, 2020 September 30,2020Operating revenues$ 348,647 $ 1,269,768Net income 55,732 264,785 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill [Abstract] | |
Schedule Of Goodwill | Regulated Water Regulated Natural Gas Other ConsolidatedBalance at December 31, 2020 $ 58,659 $ 2,261,047 $ 4,841 $ 2,324,547Goodwill acquired - - - -Measurement period purchase price allocation adjustments - 16,400 - 16,400Reclassification to utility plant acquisition adjustment (111) - - (111)Balance at September 30, 2021 $ 58,548 $ 2,277,447 $ 4,841 $ 2,340,836 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Financial Instruments [Abstract] | |
Summary Of Unrealized Gain And Losses | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Net gain recognized during the period on equity securities $ 196 $ 305 $ 695 $ 244Less: net gain / loss recognized during the period on equity securities sold during the period - - - -Unrealized gain recognized during the reporting period on equity securities still held at the reporting date $ 196 $ 305 $ 695 $ 244 |
Schedule Of Carrying Amounts And Estimated Fair Values Of Long-Term Debt | September 30, December 31, 2021 2020Carrying amount $ 5,702,379 $ 5,630,243Estimated fair value 6,299,160 6,366,030 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Net Income Per Common Share [Abstract] | |
Schedule Of Earnings Per Share | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Average common shares outstanding during the period for basic computation 258,773 254,280 256,051 248,212Effect of dilutive securities: Forward equity sale agreement 223 - 216 -Issuance of common stock from private placement - - - 5,929Tangible equity units - 591 - 615Employee stock-based compensation 441 291 496 383Average common shares outstanding during the period for diluted computation 259,437 255,162 256,763 255,139 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of PSU Transactions | Number Weighted of Average Share Units Fair ValueNonvested share units at beginning of period 283,007 $ 34.57Granted 152,068 43.18Performance criteria adjustment 27,643 53.62Forfeited (5,588) 45.84Share units issued (141,328) 31.36Nonvested share units at end of period 315,802 41.51 |
Summary Of RSU Transactions | Number Weighted of Average Stock Units Fair ValueNonvested stock units at beginning of period 163,906 $ 40.80Granted 85,829 44.44Stock units vested and issued (49,692) 35.33Forfeited (3,325) 43.30Nonvested stock units at end of period 196,718 43.72 |
Summary Of Stock Option Transactions | Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic Shares Price Life (years) ValueOutstanding at beginning of period 948,270 $ 35.22 Granted - - Forfeited (7,219) 35.91 Expired (984) 33.93 Exercised (97,659) 33.72 Outstanding at end of period 842,408 $ 35.22 7.1 9,009,081 Exercisable at end of period 609,410 $ 35.17 7.0 6,650,661 |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 1,285 $ 918 $ 4,216 $ 2,364Income tax benefit 365 252 1,191 660 |
Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 724 $ 550 $ 2,089 $ 1,582Income tax benefit 205 148 586 438 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 94 $ 279 $ 395 $ 1,046Income tax benefit 27 79 113 296 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 11 $ 103 $ 117 $ 220Income tax benefit 3 30 34 64 |
Summary Of Restricted Stock Transactions | Number Weighted of Average Shares Fair ValueNonvested restricted stock at beginning of period 13,228 $ 34.02Granted 1,068 46.83Vested (13,228) 34.02Nonvested restricted stock at end of period 1,068 $ 46.83 |
Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Compensation Costs | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Stock-based compensation within operations and maintenance expenses $ 175 $ 175 $ 525 $ 520Income tax benefit 51 50 152 150 |
Summary Of Nonvested Share Activity | Number Weighted of Average Stock Awards Fair ValueNonvested stock awards at beginning of period - $ -Granted 11,487 45.71Vested (11,487) (45.71)Nonvested stock awards at end of period - - |
Pension Plans And Other Postr_2
Pension Plans And Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Pension Plans And Other Postretirement Benefits [Abstract] | |
Components Of Net Periodic Benefit Costs | Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Service cost $ 775 $ 992 $ 2,728 $ 2,783Interest cost 3,351 3,642 9,667 10,003Expected return on plan assets (5,733) (5,676) (17,432) (15,573)Amortization of prior service cost 140 148 419 444Amortization of actuarial loss 555 1,992 2,352 5,976Net periodic benefit cost $ (912) $ 1,098 $ (2,266) $ 3,633 Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Service cost $ 698 $ 662 $ 2,094 $ 1,614Interest cost 840 989 2,520 2,707Expected return on plan assets (1,039) (1,111) (3,117) (2,969)Amortization of prior service credit (108) (116) (324) (348)Amortization of actuarial loss 55 156 165 468Net periodic benefit cost $ 446 $ 580 $ 1,338 $ 1,472 |
Taxes Other Than Income Taxes (
Taxes Other Than Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Taxes Other Than Income Taxes [Abstract] | |
Components Of Taxes Other Than Income Taxes | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020Property $ 8,623 $ 8,437 $ 25,907 $ 23,746Gross receipts, excise and franchise 4,223 4,023 11,857 10,724Payroll 5,082 4,788 16,556 13,760Regulatory assessments 951 867 2,637 2,266Pumping fees 1,752 1,941 4,343 4,509Other 427 499 1,919 1,419Total taxes other than income $ 21,058 $ 20,555 $ 63,219 $ 56,424 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Information [Abstract] | |
Company's Segment Information, Continuing Operations | Three Months Ended Three Months Ended September 30, 2021 September 30, 2020 Regulated Water Regulated Natural Gas Other Consolidated Regulated Water Regulated Natural Gas Other ConsolidatedOperating revenues $ 259,859 $ 94,752 $ 7,249 $ 361,860 $ 255,725 $ 88,880 $ 4,042 $ 348,647 Operations and maintenance expense 86,923 53,954 (1,522) 139,355 79,313 59,560 (2,699) 136,174 Purchased gas - 20,386 5,102 25,488 - 14,841 1,903 16,744 Depreciation and amortization 45,506 28,194 807 74,507 42,955 25,793 1,193 69,941 Taxes other than income taxes 16,291 4,271 496 21,058 15,906 4,145 504 20,555 Operating income (loss) 111,139 (12,053) 2,366 101,452 117,551 (15,459) 3,141 105,233 Interest expense, net 27,389 18,406 5,772 51,567 27,063 9,333 13,351 49,747 Allowance for funds used during construction (5,407) (675) - (6,082) (3,082) (461) - (3,543)Equity loss in joint venture - - - - - - 3,626 3,626 Other (1,896) 5,329 266 3,699 110 (761) (3,709) (4,360)Income before income taxes 91,053 (35,113) (3,672) 52,268 93,460 (23,570) (10,127) 59,763 Provision for income taxes (benefit) 9,230 (6,821) (644) 1,765 8,081 (1,219) (2,831) 4,031 Net income (loss) $ 81,823 $ (28,292) $ (3,028) $ 50,503 $ 85,379 $ (22,351) $ (7,296) $ 55,732 Nine Months Ended Nine Months Ended September 30, 2021 September 30, 2020 Regulated Water Regulated Natural Gas Other Consolidated Regulated Water Regulated Natural Gas Other ConsolidatedOperating revenues $ 736,389 $ 579,429 $ 26,639 $ 1,342,457 $ 706,008 $ 273,798 $ 8,894 $ 988,700 Operations and maintenance expense 243,071 157,614 (8,740) 391,945 229,652 120,192 21,571 371,415 Purchased gas - 183,062 19,476 202,538 - 68,807 4,127 72,934 Depreciation and amortization 136,189 83,905 1,529 221,623 127,214 56,026 2,838 186,078 Taxes other than income taxes 47,756 13,356 2,107 63,219 45,292 8,799 2,333 56,424 Operating income (loss) 309,373 141,492 12,267 463,132 303,850 19,974 (21,975) 301,849 Interest expense, net 80,971 56,125 16,551 153,647 78,500 21,260 31,544 131,304 Allowance for funds used during construction (13,091) (831) - (13,922) (7,905) (816) - (8,721)Equity loss in joint venture - - - - - - 3,283 3,283 Other (5,265) 4,462 (1,213) (2,016) 477 (1,516) (2,489) (3,528)Income before income taxes 246,758 81,736 (3,071) 325,423 232,778 1,046 (54,313) 179,511 Provision for income taxes (benefit) 22,056 (11,128) (611) 10,317 18,402 (8,131) (12,902) (2,631)Net income (loss) $ 224,702 $ 92,864 $ (2,460) $ 315,106 $ 214,376 $ 9,177 $ (41,411) $ 182,142 Capital expenditures $ 404,894 $ 269,958 $ 993 $ 675,845 $ 376,064 $ 134,632 $ 43,445 $ 554,141 |
Company's Segment Information, Assets | September 30, December 31, 2021 2020Total assets: Regulated water $ 8,301,201 $ 7,838,034Regulated natural gas 5,748,774 5,303,507Other 186,510 563,736Consolidated $ 14,236,485 $ 13,705,277 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | Sep. 30, 2021 |
Aqua Infrastructure [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 49.00% |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Disaggregation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 361,860 | $ 348,647 | $ 1,342,457 | $ 988,700 |
Water [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 222,187 | 222,404 | 626,472 | 607,988 |
Revenue | 222,714 | 222,063 | 627,829 | 607,707 |
Water [Member] | Residential [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 148,247 | 157,387 | 425,519 | 431,022 |
Water [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 42,318 | 41,693 | 113,473 | 108,311 |
Water [Member] | Fire Protection [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 8,866 | 8,535 | 26,830 | 26,437 |
Water [Member] | Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 8,217 | 9,022 | 22,954 | 22,597 |
Water [Member] | Other Water [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 14,539 | 9,524 | 37,696 | 23,378 |
Water [Member] | Customer Rate Credits [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (3,757) | |||
Water [Member] | Alternative Revenue Program [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 527 | (341) | 1,357 | (281) |
Wastewater [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 33,882 | 30,496 | 97,986 | 88,963 |
Revenue | 33,904 | 30,353 | 98,004 | 88,715 |
Wastewater [Member] | Residential [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 25,147 | 24,175 | 73,820 | 70,421 |
Wastewater [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 5,839 | 4,794 | 16,102 | 14,186 |
Wastewater [Member] | Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 401 | 388 | 1,256 | 1,230 |
Wastewater [Member] | Other Wastewater [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 2,495 | 1,462 | 6,808 | 3,449 |
Wastewater [Member] | Customer Rate Credits [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (323) | |||
Wastewater [Member] | Alternative Revenue Program [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 22 | (143) | 18 | (248) |
Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 95,069 | 88,324 | 581,114 | 272,235 |
Revenue | 95,069 | 88,880 | 581,320 | 273,798 |
Natural Gas [Member] | Residential [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 49,838 | 46,913 | 347,790 | 156,004 |
Natural Gas [Member] | Commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 9,534 | 7,993 | 65,404 | 23,887 |
Natural Gas [Member] | Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 415 | 1,407 | 1,894 | 3,721 |
Natural Gas [Member] | Gas Transportation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 27,794 | 26,248 | 143,387 | 75,951 |
Natural Gas [Member] | Other Utility [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 7,488 | 5,763 | 22,639 | 12,672 |
Natural Gas [Member] | Alternative Revenue Program [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 206 | 154 | ||
Natural Gas [Member] | Other And Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 556 | 1,409 | ||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 3,241 | 6,548 | 10,556 | 16,088 |
Revenue | 10,173 | 7,351 | 35,304 | 18,480 |
Other [Member] | Other Utility [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 3,241 | 6,548 | 10,556 | 16,088 |
Other [Member] | Other And Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 6,932 | $ 803 | $ 24,748 | $ 2,392 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Aug. 06, 2021USD ($)customer | Mar. 16, 2020USD ($)customer | Oct. 31, 2021USD ($)customer | Jul. 31, 2021USD ($)customer | Apr. 30, 2021USD ($)customer | Jan. 31, 2021USD ($)customer | Dec. 31, 2020USD ($)customer | Oct. 31, 2020USD ($)customer | Sep. 30, 2020USD ($)customer | Jan. 31, 2020USD ($)customer | Sep. 30, 2019USD ($)customeritem | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||||||||
Goodwill | $ 2,324,547 | $ 2,340,836 | $ 2,324,547 | $ 2,340,836 | $ 2,324,547 | |||||||||||||||||
Operating revenues | 361,860 | $ 348,647 | 1,342,457 | $ 988,700 | ||||||||||||||||||
Net income | 50,503 | $ 80,914 | $ 183,689 | 55,732 | $ 74,629 | $ 51,781 | $ 315,106 | $ 182,142 | ||||||||||||||
Peoples Gas Acquisition [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 750,000 | |||||||||||||||||||||
Total purchase price | $ 3,465,344 | |||||||||||||||||||||
Indebtedness | 1,101,091 | |||||||||||||||||||||
short-term debt | 181,000 | |||||||||||||||||||||
Outstanding debt | 920,091 | |||||||||||||||||||||
Acquisition-related costs | 20,628 | 20,628 | 20,628 | |||||||||||||||||||
Acquisition-related costs, pre-tax | $ 25,197 | 25,197 | 25,197 | |||||||||||||||||||
Adjustments to acquisition financing | 10,700 | |||||||||||||||||||||
Adjustments to acquisition financing, Pre-tax | 14,342 | |||||||||||||||||||||
Adjustments to debt | 2,448 | |||||||||||||||||||||
Adjustments to debt, pre-tax | 3,442 | |||||||||||||||||||||
Elimination of management fee | 885 | |||||||||||||||||||||
Elimination of management fee, pre-tax | 1,245 | |||||||||||||||||||||
Pipeline term | 7 years | |||||||||||||||||||||
Pipeline cost | 120,000 | $ 120,000 | ||||||||||||||||||||
Customer rate credits | $ 23,004 | $ 23,004 | ||||||||||||||||||||
Property, plant and equipment, net | 2,476,551 | |||||||||||||||||||||
Goodwill | 2,277,447 | $ 16,400 | ||||||||||||||||||||
Transaction-related expenses | $ 25,397 | |||||||||||||||||||||
Operating revenues | $ 280,300 | |||||||||||||||||||||
Net income | $ 6,131 | |||||||||||||||||||||
Illinois [Member] | Water Utility System [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 6,500 | |||||||||||||||||||||
Total purchase price | $ 32,100 | |||||||||||||||||||||
Illinois [Member] | Water And Wastewater Utility Systems [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 2,121 | 514 | ||||||||||||||||||||
Total purchase price | $ 12,500 | $ 4,859 | ||||||||||||||||||||
Pennsylvania [Member] | Water Utility System [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 2,930 | |||||||||||||||||||||
Total purchase price | $ 12,000 | |||||||||||||||||||||
Pennsylvania [Member] | Water And Wastewater Utility Systems [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 4,947 | |||||||||||||||||||||
Total purchase price | $ 21,000 | |||||||||||||||||||||
Pennsylvania [Member] | Wastewater Utility System [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 10,500 | 1,965 | 11,000 | |||||||||||||||||||
Total purchase price | $ 72,400 | $ 29,944 | $ 53,000 | |||||||||||||||||||
Delaware [Member] | Wastewater Utility System [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 16,000 | |||||||||||||||||||||
Retail customers | customer | 198,000 | |||||||||||||||||||||
Municipalities | item | 42 | |||||||||||||||||||||
Total purchase price | $ 276,500 | |||||||||||||||||||||
Ohio [Member] | Water And Wastewater Utility Systems [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 3,126 | |||||||||||||||||||||
Total purchase price | $ 7,472 | |||||||||||||||||||||
Texas [Member] | Water Utility System [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 992 | |||||||||||||||||||||
Total purchase price | $ 4,000 | |||||||||||||||||||||
Subsequent Event [Member] | Illinois [Member] | Wastewater Utility System [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of customers | customer | 7,600 | |||||||||||||||||||||
Total purchase price | $ 41,250 | |||||||||||||||||||||
Water And Wastewater Utility Systems [Member] | Customer Rate Credits [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Revenues from contracts with customers | 18,924 | $ 4,080 | ||||||||||||||||||||
Natural Gas Utility [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Customer rate credits | 18,924 | 18,924 | 18,924 | |||||||||||||||||||
Natural Gas Utility [Member] | Peoples Gas Acquisition [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Goodwill | $ 2,277,447 | |||||||||||||||||||||
Natural Gas Utility [Member] | Customer Rate Credits [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Customer rate credits | $ 23,004 | $ 23,004 | $ 23,004 |
Acquisitions (Schedule Of Purch
Acquisitions (Schedule Of Purchase Price Allocation) (Details) - Peoples Gas Acquisition [Member] $ in Thousands | Mar. 16, 2020USD ($) |
Business Acquisition [Line Items] | |
Base purchase price | $ 4,275,000 |
Estimated change in working capital | 43,935 |
Certain estimated capital expenditures | 247,500 |
Assumption of indebtedness | (1,101,091) |
Cash consideration | $ 3,465,344 |
Acquisitions (Preliminary Purch
Acquisitions (Preliminary Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 15, 2021 | Dec. 31, 2020 | Mar. 16, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 2,340,836 | $ 2,324,547 | |||
Peoples Gas Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Property, plant and equipment, net | $ 2,476,551 | ||||
Current assets | 233,334 | ||||
Regulatory assets | 264,458 | ||||
Goodwill | $ 16,400 | 2,277,447 | |||
Other long-term assets | 75,071 | ||||
Total assets acquired | 5,326,861 | ||||
Current portion of long-term debt | 5,136 | ||||
Loans payable | 181,000 | ||||
Other current liabilities | 185,920 | ||||
Long-term debt | 999,460 | ||||
Deferred income taxes | 193,125 | ||||
Regulatory liabilities | 129,418 | ||||
Other long-term liabilities | 167,458 | ||||
Total liabilities assumed | 1,861,517 | ||||
Net assets acquired | 3,465,344 | ||||
Peoples Gas Acquisition [Member] | Scenario, Previously Reported [Member] | |||||
Business Acquisition [Line Items] | |||||
Property, plant and equipment, net | 2,476,551 | ||||
Current assets | 242,531 | ||||
Regulatory assets | 286,751 | ||||
Goodwill | 2,261,047 | ||||
Other long-term assets | 75,071 | ||||
Total assets acquired | 5,341,951 | ||||
Current portion of long-term debt | 5,136 | ||||
Loans payable | 181,000 | ||||
Other current liabilities | 186,120 | ||||
Long-term debt | 999,460 | ||||
Deferred income taxes | 213,647 | ||||
Regulatory liabilities | 123,029 | ||||
Other long-term liabilities | 168,215 | ||||
Total liabilities assumed | 1,876,607 | ||||
Net assets acquired | $ 3,465,344 | ||||
Peoples Gas Acquisition [Member] | Revision of Prior Period, Adjustment [Member] | |||||
Business Acquisition [Line Items] | |||||
Current assets | $ (9,197) | ||||
Regulatory assets | (22,293) | ||||
Goodwill | 16,400 | ||||
Total assets acquired | (15,090) | ||||
Other current liabilities | (200) | ||||
Deferred income taxes | (20,522) | ||||
Regulatory liabilities | 6,389 | ||||
Other long-term liabilities | (757) | ||||
Total liabilities assumed | $ (15,090) |
Acquisitions (Pro Forma Summary
Acquisitions (Pro Forma Summary) (Details) - Peoples Gas Acquisition [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Business Acquisition [Line Items] | ||
Operating revenues | $ 348,647 | $ 1,269,768 |
Net income | $ 55,732 | $ 264,785 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Mar. 16, 2020 |
Goodwill [Line Items] | ||||
Goodwill | $ 2,340,836 | $ 2,324,547 | ||
Peoples Gas Acquisition [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 16,400 | $ 2,277,447 | ||
Natural Gas Utility [Member] | Peoples Gas Acquisition [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 2,277,447 |
Goodwill (Schedule Of Goodwill)
Goodwill (Schedule Of Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Line Items] | |
Balance | $ 2,324,547 |
Goodwill acquired | |
Measurement period purchase price allocation adjustments | 16,400 |
Reclassification to utility plant acquisition adjustment | (111) |
Balance | 2,340,836 |
Water [Member] | Regulated [Member] | |
Goodwill [Line Items] | |
Balance | 58,659 |
Reclassification to utility plant acquisition adjustment | (111) |
Balance | 58,548 |
Natural Gas [Member] | Regulated [Member] | |
Goodwill [Line Items] | |
Balance | 2,261,047 |
Measurement period purchase price allocation adjustments | 16,400 |
Balance | 2,277,447 |
Other [Member] | |
Goodwill [Line Items] | |
Balance | 4,841 |
Goodwill acquired | |
Measurement period purchase price allocation adjustments | |
Reclassification to utility plant acquisition adjustment | |
Balance | $ 4,841 |
Disposition (Details)
Disposition (Details) - Aqua Infrastructure Subsidiary [Member] - USD ($) $ in Thousands | Oct. 30, 2020 | Sep. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Reserve | $ 3,700 | |
Ownership percentage | 49.00% |
Capitalization (Details)
Capitalization (Details) | Aug. 09, 2021USD ($)$ / agreementshares | Apr. 19, 2021USD ($) | Mar. 16, 2020USD ($) | Apr. 23, 2019USD ($)$ / shares | Mar. 29, 2019USD ($)item$ / sharesshares | Aug. 31, 2020USD ($)shares | Sep. 30, 2021USD ($)$ / sharesshares | Mar. 31, 2020shares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Apr. 15, 2021USD ($) | Dec. 31, 2020$ / sharesshares |
Debt Instrument [Line Items] | ||||||||||||
Private Placement | shares | 21,661,095 | |||||||||||
Proceeds from private placement | $ 749,907,000 | |||||||||||
Common stock, par value | $ / shares | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | ||||||||
Common stock, shares authorized | shares | 600,000,000 | 600,000,000 | 600,000,000 | |||||||||
Issuance expense | 20,606,000 | |||||||||||
Private placement discount | 4.50% | |||||||||||
Issuance of common stock from forward equity sale agreement | $ 299,739,000 | $ 4,341,000 | ||||||||||
Issuance of common stock from forward equity sale agreement , shares | shares | 6,700,000 | 92,993 | ||||||||||
Trading days | item | 20 | |||||||||||
Diligence expenses | $ 4,000,000 | |||||||||||
Stock purchase contracts early settled by holders of the contracts | shares | 107,904 | |||||||||||
Shares settled | shares | 7,603,234 | 7,603,234 | ||||||||||
Issuance of common stock from stock purchase contracts , shares | shares | 6,700,000 | 2,335,654 | 127,749 | |||||||||
Private placement price | $ / shares | $ 34.62 | |||||||||||
Repayments of long-term debt | $ 717,816,000 | $ 1,647,354,000 | ||||||||||
Initial Forward Equity Sale Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Forward price | $ / agreement | 46 | |||||||||||
Forward Equity Sale Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from private placement | $ 0 | |||||||||||
Common stock, shares authorized | shares | 6,700,000 | |||||||||||
Forward price | $ / agreement | 44.74 | |||||||||||
Long-Term Debts [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face Amount | $ 400,000,000 | |||||||||||
Debt issuance expense | $ 4,010,000 | |||||||||||
Interest Rate | 2.40% | |||||||||||
Aqua Ohio, Inc [Member] | Mortgage Bonds [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face Amount | $ 100,000,000 | |||||||||||
Aqua Ohio, Inc [Member] | Mortgage Bonds Due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face Amount | $ 50,000,000 | |||||||||||
Interest Rate | 2.37% | |||||||||||
Aqua Ohio, Inc [Member] | Mortgage Bonds Due 2051 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face Amount | $ 50,000,000 | |||||||||||
Interest Rate | 3.35% | |||||||||||
Aqua Pennsylvania, Inc [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt term | 5 years | |||||||||||
Repayments of long-term debt | $ 50,000,000 | |||||||||||
LDC Funding LLC [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Private placement, per share | $ / shares | $ 50 | |||||||||||
Proceeds from tangible equity units | $ 690,000,000 | |||||||||||
Initial principal amount | $ 119,081,000 | |||||||||||
Initial principal amount per share | $ / shares | $ 8.62909 | |||||||||||
Cash installment | $ / shares | $ 0.75000 | |||||||||||
Cash installment rate | 6.00% | |||||||||||
Debt issuance expense | $ 16,358,000 | |||||||||||
Interest Rate | 3.00% | |||||||||||
LDC Funding LLC [Member] | July 30, 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash installment | $ / shares | $ 0.80833 | |||||||||||
LDC Funding LLC [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Conversion to shares | $ / shares | 1.1790 | |||||||||||
LDC Funding LLC [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Conversion to shares | $ / shares | $ 1.4442 | |||||||||||
Peoples Gas Acquisition [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Indebtedness | 1,101,091,000 | |||||||||||
short-term debt | 181,000,000 | |||||||||||
Outstanding debt | $ 920,091,000 | |||||||||||
Peoples Gas Acquisition [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 2.90% | |||||||||||
Indebtedness | $ 920,091,000 | |||||||||||
Peoples Gas Acquisition [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate | 6.42% | |||||||||||
Indebtedness | $ 181,000,000 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 9,736 | $ 4,827 |
Customers' advances for construction | 110,939 | 99,014 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans payable | 46,582 | 78,198 |
Mutual funds | 28,895 | 25,780 |
Cash and cash equivalents | $ 9,736 | $ 4,827 |
Financial Instruments (Summary
Financial Instruments (Summary Of Unrealized Gain And Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financial Instruments [Abstract] | ||||
Net gain recognized during the period on equity securities | $ 196 | $ 305 | $ 695 | $ 244 |
Less: net gain / loss recognized during the period on equity securities sold during the period | ||||
Unrealized gain recognized during the reporting period on equity securities still held at the reporting date | $ 196 | $ 305 | $ 695 | $ 244 |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Carrying Amounts And Estimated Fair Values Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 5,702,379 | $ 5,630,243 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 6,299,160 | $ 6,366,030 |
Net Income Per Common Share (Na
Net Income Per Common Share (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Average common shares outstanding, included in computation | 9,022,040 | 9,091,179 | 9,067,879 | 9,464,482 |
Treshold | $ 42.41 | $ 42.41 | ||
Minimum [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Number Of SharesTo Be Issued Basic Stock Purchase Contracts | 8,964,213 |
Net Income Per Common Share (Sc
Net Income Per Common Share (Schedule Of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Income Per Common Share [Abstract] | ||||
Average common shares outstanding during the period for basic computation | 258,773 | 254,280 | 256,051 | 248,212 |
Effect of dilutive securities: | ||||
Forward equity sale agreement | 223 | 216 | ||
Issuance of common stock from private placement | 5,929 | |||
Tangible equity units | 591 | 615 | ||
Employee stock-based compensation | 441 | 291 | 496 | 383 |
Average common shares outstanding during the period for diluted computation | 259,437 | 255,162 | 256,763 | 255,139 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period specified in grant, in years | 3 years | |||||||
Granted | 5,337 | 4,874 | 192,407 | 6,088 | 4,594 | 223,495 | ||
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 | 0 | ||||||
Amended and Restated Equity Compensation Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized for issuance | 6,250,000 | 6,250,000 | ||||||
Maximum number of shares may be issued pursuant to stock awards, stock units and other stock-based awards | 3,125,000 | |||||||
Maximum number of shares subject to grants to any one individual in any one year | 500,000 | |||||||
Underlying stock option and restricted stock awards available for grant | 1,955,579 | 1,955,579 | ||||||
Performance Share Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period, in years | 3 years | |||||||
Granted | 152,068 | |||||||
Weighted average fair value of stock awards granted | $ 43.18 | $ 55.43 | ||||||
Amortization period of fair value of shares, in months | 36 months | |||||||
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 | 0.00% | |||||||
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 | 200.00% | |||||||
Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted period | 3 years | |||||||
Granted | 85,829 | |||||||
Weighted average fair value of stock awards granted | $ 44.44 | $ 49.40 | ||||||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, Shares | 0 | 0 | ||||||
Vesting period, start, in years | 1 year | |||||||
Vesting period, in years | 10 years | |||||||
Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Stock Options [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Stock Options [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 33.00% | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted | 1,068 | |||||||
Weighted average fair value of stock awards granted | $ 46.83 | $ 34.02 | ||||||
Stock Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted | 11,487 | |||||||
Weighted average fair value of stock awards granted | $ 45.71 | $ 40.54 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of PSU Transactions) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, Number of Share Units | 5,337 | 4,874 | 192,407 | 6,088 | 4,594 | 223,495 | ||
Performance Share Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Nonvested share units at beginning of period, Number of Share Units | 283,007 | 283,007 | ||||||
Granted, Number of Share Units | 152,068 | |||||||
Performance criteria adjustment, Number of Share Units | 27,643 | |||||||
Forfeited, Number of Share Units | (5,588) | |||||||
Share units issued, Number of Share Units | (141,328) | |||||||
Nonvested share units at end of period, Number of Share Units | 315,802 | 315,802 | ||||||
Nonvested share units at beginning of period, Weighted Average Fair Value | $ 34.57 | $ 34.57 | ||||||
Granted, Weighted Average Fair Value | 43.18 | $ 55.43 | ||||||
Performance criteria adjustment, Weighted Average Fair Value | 53.62 | |||||||
Forfeited, Weighted Average Fair Value | 45.84 | |||||||
Share units issued, Weighted Average Fair Value | 31.36 | |||||||
Nonvested share units at end of period, Weighted Average Fair Value | $ 41.51 | $ 41.51 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of RSU Transactions) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, Number of Share Units | 5,337 | 4,874 | 192,407 | 6,088 | 4,594 | 223,495 | ||
Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Nonvested share units at beginning of period, Number of Share Units | 163,906 | 163,906 | ||||||
Granted, Number of Share Units | 85,829 | |||||||
Stock units vested and issued, Number of Share Units | (49,692) | |||||||
Forfeited, Number of Share Units | (3,325) | |||||||
Nonvested share units at end of period, Number of Share Units | 196,718 | 196,718 | ||||||
Nonvested share units at beginning of period, Weighted Average Fair Value | $ 40.80 | $ 40.80 | ||||||
Granted, Weighted Average Fair Value | 44.44 | $ 49.40 | ||||||
Share units vested, Weighted Average Fair Value | 35.33 | |||||||
Forfeited, Weighted Average Fair Value | 43.30 | |||||||
Nonvested share units at end of period, Weighted Average Fair Value | $ 43.72 | $ 43.72 |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary Of Compensation Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation within operations and maintenance expenses | $ 94 | $ 279 | $ 395 | $ 1,046 |
Income tax benefit | 27 | 79 | 113 | 296 |
Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation within operations and maintenance expenses | 1,285 | 918 | 4,216 | 2,364 |
Income tax benefit | 365 | 252 | 1,191 | 660 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation within operations and maintenance expenses | 724 | 550 | 2,089 | 1,582 |
Income tax benefit | 205 | 148 | 586 | 438 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation within operations and maintenance expenses | 11 | 103 | 117 | 220 |
Income tax benefit | 3 | 30 | 34 | 64 |
Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation within operations and maintenance expenses | 175 | 175 | 525 | 520 |
Income tax benefit | $ 51 | $ 50 | $ 152 | $ 150 |
Stock-Based Compensation (Sum_4
Stock-Based Compensation (Summary Of Stock Option Transactions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercised, Shares | (54,672) | (22,786) | (20,201) | (4,270) | (3,411) | (56,106) | ||
Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Outstanding at beginning of period, Shares | 948,270 | 948,270 | ||||||
Granted, Shares | 0 | 0 | ||||||
Forfeited, Shares | (7,219) | |||||||
Expired, Shares | (984) | |||||||
Exercised, Shares | (97,659) | |||||||
Outstanding at end of period, Shares | 842,408 | 842,408 | ||||||
Exercisable at end of period, Shares | 609,410 | 609,410 | ||||||
Outstanding at beginning of period, Weighted Average Exercise Price | $ 35.22 | $ 35.22 | ||||||
Forfeited, Weighted Average Exercise Price | 35.91 | |||||||
Expired, Weighted Average Exercise Price | 33.93 | |||||||
Exercised, Weighted Average Exercise Price | 33.72 | |||||||
Outstanding at end of period, Weighted Average Exercise Price | $ 35.22 | 35.22 | ||||||
Exercisable at end of period, Weighted Average Exercise Price | $ 35.17 | $ 35.17 | ||||||
Outstanding at end of period, Weighted Average Remaining Life (years) | 7 years 1 month 6 days | |||||||
Exercisable at end of period, Weighted Average Remaining Life (years) | 7 years | |||||||
Outstanding at end of period, Aggregate Intrinsic Value | $ 9,009,081 | $ 9,009,081 | ||||||
Exercisable at end of period, Aggregate Intrinsic Value | $ 6,650,661 | $ 6,650,661 |
Stock-Based Compensation (Sum_5
Stock-Based Compensation (Summary Of Nonvested Share Activity) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, Number of Share Units | 5,337 | 4,874 | 192,407 | 6,088 | 4,594 | 223,495 | ||
Stock Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Nonvested share units at beginning of period, Number of Share Units | ||||||||
Granted, Number of Share Units | 11,487 | |||||||
Stock units vested and issued, Number of Share Units | (11,487) | |||||||
Nonvested share units at end of period, Number of Share Units | ||||||||
Nonvested share units at beginning of period, Weighted Average Fair Value | ||||||||
Granted, Weighted Average Fair Value | 45.71 | $ 40.54 | ||||||
Share units vested, Weighted Average Fair Value | 45.71 | |||||||
Nonvested share units at end of period, Weighted Average Fair Value |
Stock-Based Compensation (Sum_6
Stock-Based Compensation (Summary Of Restricted Stock Transactions) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Granted, Number of Share Units | 5,337 | 4,874 | 192,407 | 6,088 | 4,594 | 223,495 | ||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Nonvested share units at beginning of period, Number of Share Units | 13,228 | 13,228 | ||||||
Granted, Number of Share Units | 1,068 | |||||||
Stock units vested and issued, Number of Share Units | (13,228) | |||||||
Nonvested share units at end of period, Number of Share Units | 1,068 | 1,068 | ||||||
Nonvested share units at beginning of period, Weighted Average Fair Value | $ 34.02 | $ 34.02 | ||||||
Granted, Weighted Average Fair Value | 46.83 | $ 34.02 | ||||||
Share units vested, Weighted Average Fair Value | 34.02 | |||||||
Nonvested share units at end of period, Weighted Average Fair Value | $ 46.83 | $ 46.83 |
Pension Plans And Other Postr_3
Pension Plans And Other Postretirement Benefits (Narrative) (Details) - Pension Benefits [Member] $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($)item | May 01, 2021item | |
Defined Benefit Plan Disclosure [Line Items] | |||
Cash contributions made by the Company | $ 14,775 | ||
Curtailment Loss | $ 3,212 | ||
Increase (Decrease) in Obligation, Pension Benefits | 20,732 | ||
Measurement Input, Discount Rate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase (Decrease) in Obligation, Pension Benefits | $ 17,520 | ||
Servicing Asset, Measurement Input | item | 0.0257 | 0.0308 |
Pension Plans And Other Postr_4
Pension Plans And Other Postretirement Benefits (Components Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 775 | $ 992 | $ 2,728 | $ 2,783 |
Interest cost | 3,351 | 3,642 | 9,667 | 10,003 |
Expected return on plan assets | (5,733) | (5,676) | (17,432) | (15,573) |
Amortization of prior service cost (credit) | 140 | 148 | 419 | 444 |
Amortization of actuarial loss | 555 | 1,992 | 2,352 | 5,976 |
Net periodic benefit cost | (912) | 1,098 | (2,266) | 3,633 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 698 | 662 | 2,094 | 1,614 |
Interest cost | 840 | 989 | 2,520 | 2,707 |
Expected return on plan assets | (1,039) | (1,111) | (3,117) | (2,969) |
Amortization of prior service cost (credit) | (108) | (116) | (324) | (348) |
Amortization of actuarial loss | 55 | 156 | 165 | 468 |
Net periodic benefit cost | $ 446 | $ 580 | $ 1,338 | $ 1,472 |
Rate Activity (Details)
Rate Activity (Details) - USD ($) $ in Thousands | Aug. 20, 2021 | Sep. 30, 2021 |
Illinois And North Carolina [Member] | ||
Water And Wastewater Rates [Line Items] | ||
Base rate increase (decrease) | $ 27,025 | |
New Jersey, Ohio And Indiana [Member] | ||
Water And Wastewater Rates [Line Items] | ||
Base rate increase (decrease) | 2,643 | |
Pennsylvania [Member] | ||
Water And Wastewater Rates [Line Items] | ||
Requested rate increase | $ 97,685 | |
Base rate increase designed to increase total operating revenues on an annual basis | 17.90% | |
Kentucky [Member] | ||
Water And Wastewater Rates [Line Items] | ||
Distribution system improvement charges | 586 | |
Base rate increase (decrease) | $ 747 |
Taxes Other Than Income Taxes_2
Taxes Other Than Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Taxes Other Than Income [Line Items] | ||||
Total taxes other than income | $ 21,058 | $ 20,555 | $ 63,219 | $ 56,424 |
Property [Member] | ||||
Taxes Other Than Income [Line Items] | ||||
Total taxes other than income | 8,623 | 8,437 | 25,907 | 23,746 |
Gross Receipts, Excise And Franchise [Member] | ||||
Taxes Other Than Income [Line Items] | ||||
Total taxes other than income | 4,223 | 4,023 | 11,857 | 10,724 |
Payroll [Member] | ||||
Taxes Other Than Income [Line Items] | ||||
Total taxes other than income | 5,082 | 4,788 | 16,556 | 13,760 |
Regulatory Assessments [Member] | ||||
Taxes Other Than Income [Line Items] | ||||
Total taxes other than income | 951 | 867 | 2,637 | 2,266 |
Pumping Fees [Member] | ||||
Taxes Other Than Income [Line Items] | ||||
Total taxes other than income | 1,752 | 1,941 | 4,343 | 4,509 |
Other [Member] | ||||
Taxes Other Than Income [Line Items] | ||||
Total taxes other than income | $ 427 | $ 499 | $ 1,919 | $ 1,419 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2021segmentitem | |
Segment Reporting Information [Line Items] | |
Operating Segments | 12 |
Reportable Segments | 2 |
Other [Member] | |
Segment Reporting Information [Line Items] | |
Operating Segments | item | 3 |
Water And Wastewater Utility Systems [Member] | |
Segment Reporting Information [Line Items] | |
Operating Segments | 8 |
Reportable Segments | 1 |
Natural Gas [Member] | |
Segment Reporting Information [Line Items] | |
Operating Segments | 1 |
Segment Information (Company's
Segment Information (Company's Segment Information, Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | $ 361,860 | $ 348,647 | $ 1,342,457 | $ 988,700 | |||||
Operations and maintenance expense | 139,355 | 136,174 | 391,945 | 371,415 | |||||
Purchased gas | 25,488 | 16,744 | 202,538 | 72,934 | |||||
Depreciation and amortization | 74,507 | 69,941 | 221,623 | 186,078 | |||||
Taxes other than income taxes | 21,058 | 20,555 | 63,219 | 56,424 | |||||
Operating income (loss) | 101,452 | 105,233 | 463,132 | 301,849 | |||||
Interest expense, net | 51,567 | 49,747 | 153,647 | 131,304 | |||||
Allowance for funds used during construction | (6,082) | (3,543) | (13,922) | (8,721) | |||||
Equity earnings in joint venture | 3,626 | 3,283 | |||||||
Other | 3,699 | (4,360) | (2,016) | (3,528) | |||||
Income before income taxes | 52,268 | 59,763 | 325,423 | 179,511 | |||||
Provision for income taxes | 1,765 | 4,031 | 10,317 | (2,631) | |||||
Net income (loss) | 50,503 | $ 80,914 | $ 183,689 | 55,732 | $ 74,629 | $ 51,781 | 315,106 | 182,142 | |
Capital expenditures | 675,845 | 554,141 | |||||||
Total assets | 14,236,485 | 14,236,485 | $ 13,705,277 | ||||||
Water [Member] | Regulated [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | 259,859 | 255,725 | 736,389 | 706,008 | |||||
Operations and maintenance expense | 86,923 | 79,313 | 243,071 | 229,652 | |||||
Depreciation and amortization | 45,506 | 42,955 | 136,189 | 127,214 | |||||
Taxes other than income taxes | 16,291 | 15,906 | 47,756 | 45,292 | |||||
Operating income (loss) | 111,139 | 117,551 | 309,373 | 303,850 | |||||
Interest expense, net | 27,389 | 27,063 | 80,971 | 78,500 | |||||
Allowance for funds used during construction | (5,407) | (3,082) | (13,091) | (7,905) | |||||
Other | (1,896) | 110 | (5,265) | 477 | |||||
Income before income taxes | 91,053 | 93,460 | 246,758 | 232,778 | |||||
Provision for income taxes | 9,230 | 8,081 | 22,056 | 18,402 | |||||
Net income (loss) | 81,823 | 85,379 | 224,702 | 214,376 | |||||
Capital expenditures | 404,894 | 376,064 | |||||||
Total assets | 8,301,201 | 8,301,201 | 7,838,034 | ||||||
Natural Gas [Member] | Regulated [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | 94,752 | 88,880 | 579,429 | 273,798 | |||||
Operations and maintenance expense | 53,954 | 59,560 | 157,614 | 120,192 | |||||
Purchased gas | 20,386 | 14,841 | 183,062 | 68,807 | |||||
Depreciation and amortization | 28,194 | 25,793 | 83,905 | 56,026 | |||||
Taxes other than income taxes | 4,271 | 4,145 | 13,356 | 8,799 | |||||
Operating income (loss) | (12,053) | (15,459) | 141,492 | 19,974 | |||||
Interest expense, net | 18,406 | 9,333 | 56,125 | 21,260 | |||||
Allowance for funds used during construction | (675) | (461) | (831) | (816) | |||||
Other | 5,329 | (761) | 4,462 | (1,516) | |||||
Income before income taxes | (35,113) | (23,570) | 81,736 | 1,046 | |||||
Provision for income taxes | (6,821) | (1,219) | (11,128) | (8,131) | |||||
Net income (loss) | (28,292) | (22,351) | 92,864 | 9,177 | |||||
Capital expenditures | 269,958 | 134,632 | |||||||
Total assets | 5,748,774 | 5,748,774 | 5,303,507 | ||||||
Other [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | 7,249 | 4,042 | 26,639 | 8,894 | |||||
Operations and maintenance expense | (1,522) | (2,699) | (8,740) | 21,571 | |||||
Purchased gas | 5,102 | 1,903 | 19,476 | 4,127 | |||||
Depreciation and amortization | 807 | 1,193 | 1,529 | 2,838 | |||||
Taxes other than income taxes | 496 | 504 | 2,107 | 2,333 | |||||
Operating income (loss) | 2,366 | 3,141 | 12,267 | (21,975) | |||||
Interest expense, net | 5,772 | 13,351 | 16,551 | 31,544 | |||||
Equity earnings in joint venture | 3,626 | 3,283 | |||||||
Other | 266 | (3,709) | (1,213) | (2,489) | |||||
Income before income taxes | (3,672) | (10,127) | (3,071) | (54,313) | |||||
Provision for income taxes | (644) | (2,831) | (611) | (12,902) | |||||
Net income (loss) | (3,028) | $ (7,296) | (2,460) | (41,411) | |||||
Capital expenditures | 993 | $ 43,445 | |||||||
Total assets | $ 186,510 | $ 186,510 | $ 563,736 |
Segment Information (Company'_2
Segment Information (Company's Segment Information, Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 14,236,485 | $ 13,705,277 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 186,510 | 563,736 |
Regulated [Member] | Water [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 8,301,201 | 7,838,034 |
Regulated [Member] | Natural Gas [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 5,748,774 | $ 5,303,507 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Thousands | Aug. 03, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Commitments And Contingencies [Line Items] | ||||
Aggregate amount accrued for loss contingencies | $ 18,102 | |||
Amount probable of recovery through insurance | 3,015 | |||
Insurance reserve for employee medical benefit program | $ 2,470 | |||
Insurance proceeds | $ 2,874 | |||
Peoples Gas Acquisition [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Pipeline term | 7 years | |||
Pipeline cost | $ 120,000 | |||
Customer rate credits | $ 23,004 | |||
Water And Wastewater Utility Systems [Member] | Aqua Pennsylvania, Inc [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Customer rate credits | $ 4,080 | |||
Natural Gas Utility [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Customer rate credits | $ 18,924 | |||
Customer Rate Credits [Member] | Natural Gas Utility [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Customer rate credits | $ 23,004 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Mar. 16, 2021 | Jul. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Income Taxes [Line Items] | ||||||
Effective income tax rate | 3.40% | 6.70% | 3.20% | (1.50%) | ||
Increase (Decrease) in Regulatory Assets and Liabilities | $ 160,655 | |||||
Corporate federal income tax rate | 21.00% | 21.00% | 21.00% | 21.00% | ||
Natural Gas Accounts Receivable [Member] | ||||||
Income Taxes [Line Items] | ||||||
Refunded payments | $ 5,000 | |||||
Payment Assistance Program [Member] | ||||||
Income Taxes [Line Items] | ||||||
Refunded payments | $ 500 |